For a variety of reasons, this question has proved difficult to answer: Some researchers have found that separating liabilities from assets helps to explain variations in consumption over time; others have not.
We expect them to be acknowledged, just as we expect that all of you, people of influence, resolve and knowledge will help our nation to overcome that feature of temporariness, of not being persistent in either financial reforms or in its presence on the world political scene. Thank you. BIS central bankers’ speeches  3