Developments after the end of large capital inflow episodes – stylised facts  It goes without saying that each country has its own particular features and this is why each current account reversal, each episode of massive capital inflows, each sudden stop in capital inflows and each financial crisis has particular features. However, they do have some things in common, irrespective of the country or the period of occurrence. We show particular interest in such common features in terms of the dynamics of selected indicators, such as GDP, real exchange rate, inflation and current account both before and after the end of an episode of large capital inflows. Certain patterns relating to the dynamics of the aforementioned indicators can be identified based on the results described in the literature, the latest ones belonging to Reinhart and Reinhart (2008). Since the pattern of these dynamics during the episode of heavy capital inflows has been described both in general and in the particular case of Romania, the focus will be on a matter of utmost interest these days, namely the likely trajectory of the abovementioned indicators after the cycle of large capital inflows ends. Following the methodology of various other works, Figure I sets out the developments in current account, GDP, exchange rate and inflation in a stylised manner four years ahead and four years after the end of the episode of large capital inflows.
2/3  BIS - Central bankers' speeches  One area of promise is the voluntary carbon credit market. It is expected to play an increasingly important role, especially in Asia. The demand for credits will come from sectors where it is quite difficult to reduce emissions due to prohibitively high costs or the lack of proven technology. At the same time, activities like reforestation, mangrove restoration, and the early retirement of coal-fired power plants can potentially generate good carbon credits. We will showcase efforts by Singapore to work with global stakeholders to foster a sound and vibrant voluntary carbon credit market in Asia. This Pavilion is a result of the close partnerships among Singapore businesses, NGOs, academics, civil society groups, and the government. Please also join me in expressing appreciation to the organising team. I wish you a fruitful time at the Singapore Pavilion and at COP27. 3/3  BIS - Central bankers' speeches