Number of hits for “financial frictions” in EconLit 100  100  90  90  80  80  70  70  60  60  50  50  40  40  30  30  20  20  10  10  0  0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12  10  BIS central bankers’ speeches  References Banerjee, R., S. Cecchetti and B. Hofmann, (2013), “Flexible inflation targeting: Performance and challenges”, in Reichlin, L. and R. Baldwin, (ed. ), “Is Inflation Targeting Dead? Central Banking After the Crisis”, Centre for Economic Policy Research. Bean, C., (2013), “Nominal income targets: an old wine in a new bottle”, speech at the Institute for Economic Affairs Conference on the State of the Economy, London, 27 February. Bech, M.L., L. Gambacorta and E. Kharroubi, (2012), “Monetary policy in a downturn: Are financial crises special?”, BIS Working Papers No. 388. Bernanke, B.S.,T. Laubach, F.S. Mishkin and A.S. Posen (1999), Inflation Targeting – Lessons from the International Experience, Princeton University Press. Bernanke, B.S., (2004), “The Great Moderation”, speech at the Eastern Economic Association, Washington, 20 February. Bini Smaghi, L., (2013) “Who killed the inflation target?”, in Reichlin, L. and R. Baldwin, (ed. ), “Is Inflation Targeting Dead? Central Banking After the Crisis”, Centre for Economic Policy Research. Brunnermeier, M.K., T.M. Eisenbach and Y. Sannikov, (2012), “Macroeconomics with Financial Frictions: A Survey”, NBER Working Paper 18102.
This MoU sets a framework of cooperation among OIC member countries in key economic activities, with the objective of enhancing the opportunities for economic growth and development. Today’s Seminar is indeed a testimony to the continued efforts by both the IDB and Malaysia in enhancing the cooperation and deepening of business relationship. As all of us are aware, infrastructure development is a critical component to unlock potential economic activities, thus supporting sustainable economic growth of a nation. Malaysia has placed great emphasis on infrastructure development as part of its economic transformation, diversifying from agriculture to manufacturing and, in more recent years, in the services sector as well. Over the last ten years, the Government of Malaysia has allocated a total of nearly RM100 billion for infrastructure development mainly in transport, energy and public utilities. The Malaysian government has also encouraged the participation of the private sector in the development of infrastructure through privatization and the public-private partnership (PPP) policies. On the global front, the estimated value of infrastructure development is estimated to be USD35 trillion over the next 20 years. For the Asian region alone, a study done by the Asian Development Bank (ADB) reveals that the region needs USD750 billion per year over the year 2010–2020 to meet the rising needs of infrastructure development. Out of this, the needs for the ASEAN region have been estimated to be over USD60 billion per year. Considering the vast opportunities of infrastructure projects regionally and globally, Malaysian contractors should seize the opportunity for further expansion of their business.