*  *  *  I would like to express my sincere gratitude to the hosts for inviting me to the ADBI– Bank Negara Malaysia Conference, and especially to this timely session: Macroeconomic Frameworks to Support Financial Stability.
In this presentation, I will touch on the issues of financial stability and central bank policies, based on two episodes of financial crisis: one dating from 20 years ago in Japan, and the other from two years ago in the United States.