But before I get to this topic, let me also express how much I truly welcome the efforts of SharePHIL in making the investing public aware of their rights, duties and responsibilities as stockholders of corporations and institutions. One cannot overemphasize how valuable this agenda is.
In terms of understanding the interplay of cyclical factors, there are no shortcuts in following a datadependent approach. It is essential to maintain an integrated analytical framework that jointly analyses the inflation cycle, the economic cycle and the financial cycle, in recognition of the interactions and inter-dependencies across economic, monetary and financial developments in determining the dynamics of nominal and real variables.