Second, in a growing economy and with complex financial needs of existing and new firms, the corporate debt market provides a better, more cost effective access to funds. Among the steps taken to bring liquidity into the market is introduction of credit derivatives which help bond holders to insure themselves against risk of default.
We are fortunate to be joined today by Professor Kenneth Rogoff, who will be talking about globalisation and monetary policy, providing a general overview and looking at some recent issues. Professor Rogoff has produced remarkable research in the area of international macroeconomics and monetary policy and is therefore the ideal speaker for this morning’s presentation.