Unfortunately, simply accounting for the external sources of money growth and then mechanically correcting for cross-border portfolio flows or M&A activity, on the presumption of their likely remote direct effects on consumer prices, is not an advisable option. Rather, these transactions have to be analysed with respect to their information 21 content concerning their potential wealth effects on residents’ income and on asset prices.
Benjamin E Diokno: Philippine identification system - paving the way towards financial inclusion Speech by Mr Benjamin E Diokno, Governor of Bangko Sentral ng Pilipinas (BSP, the central bank of the Philippines), at the Roundtable Discussion on "Championing and Accelerating Good Digital ID for All" during the World Bank Group/IMF Annual Meetings, Washington DC, 17 October 2019. * * * Good morning!