2/4  BIS - Central bankers' speeches  Let me now go back to the specific topics of this year's edition of the conference and briefly describe the papers that will be presented in these seven sessions: First, Enrique Mendoza and Vincenzo Quadrini's paper addresses a potential mechanism behind the observed decline in global interest rates.
It suggests that the low levels measured for the long-term neutral interest rate (r*) are a temporary result of high rate of growth in emerging economies jointly with a change in their financial structure, thus predicting that r* may become higher in the future as this mechanism runs its course.