There is some evidence to suggest that as emerging country bond markets have developed, particularly in Asia, more issuers have been able to raise funds in their local currencies. This leaves the foreign exchange risk associated with the capital flows more with the investor rather than a local bank or corporate, which is a good development.
This conference also has an important contribution to make in promoting employment and business between the various sectors of Israel’s population. Employment is not the only issue when dealing with poverty. In the case of extremely lowpaid employees, the solution lies in the system of negative income tax, or earned income tax credit (EITC), which would raise the return on labor.