Given the cross-border nature of MMFs, it is important we work together internationally to ensure that we are aligned in our objectives, and adhering to common principles, even if the precise implementation varies a little to reflect the specific nature of each jurisdiction’s markets. The dash for cash provided an unwelcome reminder that the post financial crisis did not finish the job and left a dangerous gap in our exposure to the risk of financial instability. We must finish the task this time. Thank you. I am grateful to Imane Bakkar, Adam Brinley-Codd, Alice Carr, Geoff Coppins, Edward Denbee, Steven Dodkins, Lee Foulger, Karen Jude, Clare Macallan, Nick McLaren, Jon Relleen and Konstantin Wiemer for their assistance in helping me prepare these remarks. 1 The International Accounting Standard 7Opens in a new window defines cash equivalents as “short-term, highly  liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value”. 6/6  BIS central bankers' speeches
Ravi Menon: Economic dynamism amidst demographic change Transcript of remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the IPS Singapore Perspectives 2018, Singapore, 22 January 2018. * * * Ladies and gentlemen, good morning. I want to first thank IPS for the opportunity to share my thoughts with this large audience. I would also like to commend IPS for convening a conference on what is an important, existential topic: the implications of demographic change. I will focus my presentation on the economic implications of demographic change: what it means for economic growth and economic dynamism. The two are different. My presentation will centre around two broad themes. First, I will describe our demographic trilemma – the constraints and the choices we need to make. Second, I would like to argue that demographics is not destiny – why economic dynamism is not a numbers game and how we can remain dynamic amidst this demographic challenge. 1 / 17  BIS central bankers' speeches  Let’s start with the total fertility rate, or TFR. By the way, we must be one of the few countries in the world where most people know what TFR stands for! It is indeed an existential issue for us. The TFR is the starting point of all demographic analysis. Singapore has had a sustained decline in its TFR. Our TFR fell from around 1.8 in the 1980s (which is already below the replacement level of 2.1) to about 1.3 in the early 2000s.