firms  Hedge Funds  10 8 6 4 2 0 -2 -4 -6 -8 -10 -12 -14  Asset Managers  Source: Czech and Roberts-Sklar (2017) Notes: Based on Zen database maintained by the Financial Conduct Authority (FCA) which includes transaction-level information on trading in sterling corporate bonds for all firms regulated in the UK, or branches of UK firms regulated in the EEA. Dataset covers the period between 1 September 2011 and 31 December 2016. Hashed/dashed bars indicate no statistically significant coefficient. Source: Hoggarth et. al. (2016) Notes: Quarterly gross capital inflows are divided by annual GDP and averaged over four quarters. 13  All speeches are available online at www.bankofengland.co.uk/speeches  13  References Adrian, Tobias (2017) ’Shadow Banking and Market Based Finance’ speech given in Helsinki Allard, J and Blavy, R (2011) ‘Market Phoenixes and Banking Ducks: are recoveries faster in market-based financial systems?’ IMF working paper Bank of England (2014) ‘Procyclicality and structural trends in investment allocation by insurance companies and pension funds’ discussion paper by the Bank of England and the Procyclicality working group Baranova, Y, Coen, J, Lowe, P, Noss, J and Silvestri, L (2017) ‘Simulating stress across the financial system: the resilience of corporate bond markets and the role of investment funds’ Bank of England Financial Stability Paper No.
Bandid Nijathaworn: Some thoughts on IMF reform on crisis prevention and crisis resolution Speech by Mr Bandid Nijathaworn, Deputy Governor of the Bank of Thailand, presented to the G-20 Workshop on Reform of Bretton Woods Institutions, Tokyo, 28 February 2006. *  *  *  Thank you Chairman, First, let me thank the Ministry of Finance of Japan for inviting me to this workshop on the reform of the Bretton Woods Institutions. This workshop is another reminder that the work on IMF reform is still ongoing. Next year will be a full ten years since the height of the Asian financial crisis. Over the past decade, many important ideas on the reform of the IMF have been advanced, but still there is no consensus on how the reform should move forward. I see today’s workshop as another opportunity to contribute to this ongoing debate. And whatever the outcome may be, the reform will certainly mark a critical turning point for the global economy, as the Bretton Woods Institutions attempt to adapt their roles and responsibilities to the forces of globalization. Today, I have been asked to speak on IMF crisis prevention and crisis resolution. Given the limitation of time, and the fact that the recommendations on these two issues have been many and are well-known, I thought the best way for me to add value to today’s discussion is to share with you our thoughts on the subject, as well as to make three specific points.