samchain/econo-pairs-v1 huggingface dataset:
In providing the comprehensive range of the whole spectrum of financial products and services that are in accordance with these principles, Islamic finance has been able to provide the total financial solution to consumers and businesses. The recent growth of Islamic finance has been fuelled by a sustained phase of innovation. The scope of financial business has also increased in sophistication, particularly in the areas of private equity, project finance, sukuk origination as well as fund and wealth management. To sustain this trend, further in-depth applied research is needed to develop more financial products that create such links with the real economy in terms of the operating models, risk management and supporting infrastructure. The second value proposition of Islamic finance lies in its merit as a potent tool for enhancing financial inclusion and for being beneficial to all members of society. Its immense potential in advancing social-economic development is mirrored by the continuing efforts to introduce Islamic finance offerings in emerging economies, particularly in Asia, the Middle East and  BIS central bankers’ speeches  1  African nations in recent years. In bringing unserved communities into the economic mainstream through the financial intermediation process, it can contribute towards poverty alleviation, job creation and more equitable economic growth. A recent study has however revealed that, despite being a promising financial segment, the availability of microfinance in Muslim-majority economies is either non-existent or still at very early stages.

They have maintained, and in many cases increased, their strength during a prolonged period of financial crisis, at a time of far-reaching change to the banking industry worldwide and important regulatory reforms at home. A large part of this programme of reform has aimed at enabling our banking system to build further on its strengths and to channel them more efficiently. An important theme in the reform programme is the removal of barriers to competition with the aim of driving efficiency and energy in the banking sector. One of the outcomes has been the considerable progress made recently towards the consolidation of banks into institutions of a size and scope that can make them more capable of deploying their strengths in an increasingly globalised environment. The complementary theme in the reform programme is improving and expanding safety measures, not with the aim of sustaining weak institutions, but in order to prevent systemic contagion should a bank run into difficulties and to provide a greater measure of protection to the small depositor. In 1999 we clarified our role as lender of last resort, a measure of some importance in times of economic or financial uncertainty. We have made progress in implementing our risk-based supervisory approach, which is intended to produce a more focused and accurate assessment of the areas of greatest risk to individual institutions - and to take pre-emptive actions.
Durmuş Yılmaz: Turkey beyond 2008 Speech by Mr Durmus Yılmaz, Governor of the Central Bank of the Republic of Turkey, at the Annual Investment Conference "Turkey beyond 2008", organised by the Foreign Economic Relations Board (DEIK) and The Turkish-American Business Council (TAIK), New York, 17 March 2008. *  *  *  Dear Guests, As you all may know, the Turkish economy used to experience boom-and-bust cycles throughout the 1990s. The economic crisis in 2001 was the low point of this period, when the economy contracted more than 5 percent. Since then, Turkey has put in place a very intense and ambitious structural reform agenda, coupled with sound monetary and fiscal policies, to establish macroeconomic and financial stability and to improve the business environment. Central Bank independence that was granted by Law in 2001 was one of the milestones of this agenda. The introduction of free-floating exchange rate regime in 2001 and inflationtargeting regime in 2002 were other key steps. The Central Bank of Turkey has also experienced a comprehensive institutional change towards a better communication policy and clearly defined accountability measures. We have experienced a significant disinflation process since 2001. The consumer price index came down from 68.5% in 2001 to 8.4% in 2007. I should call your attention to the fact that the list of countries that lowered inflation in 2007 was quite short, thanks to global inflationary pressures in food and other commodities.

By drawing explicitly on the information embedded in the network, PageRank produced dramatically improved web search capabilities. By now, the graduate project had become a company called Google. The vast, growing multi-dimensional cats-cradle of global information could now be sliced and diced in fractions of a second. Navigating the web no longer required a specialist pilot; it could be mapped by a novice. The World Wide Web had been given an instantaneous backrub. That has yielded vast productivity improvements. Google itself is today valued at around $ billion, having gained in value by on average $ million every week of its life. Applications of Google’s network mapping technology grow by the day. For example, Google indicators produced from the analysis of the popularity of search terms such as “estate agents” or “motor vehicles” have outperformed some existing indicators of house prices and motor sales.19 And what has allowed the World Wide Web to be Googled in this way? A common language. (d)  Lowering barriers to entry  Creating a common language also has the potential to transform the industrial organisation of an industry. It does so by simultaneously expanding the frontiers of a global network and by lowering the barriers to entering it. This allows new companies, with innovative and superior product offerings, to quickly erode the market share of incumbents. Higher productivity and growth have been the fruits.20 Global supply chains are one example. Prior to GS1 standards, small suppliers faced an uphill struggle connecting to global supply chains.
The genius of Wren’s ceiling was its inspired interlocking beams, individually insufficient to span the Sheldonian’s diameter, but collectively arranged so that each could support another, perfectly balancing the forces of those pushing down with others pushing up, resting, ultimately, on the foundations Wren began in 1664. And this is the architecture of Europe: a single market whose participants are interlinked, relying on and complementing each other. Just as Wren’s wooden lattice supports Robert Streater’s art, this market network supports the creativity of Europe. Of course, the weight of the ceiling doesn’t disappear but rests on hidden foundations. So too does the single market rely on invisible supports, some of which are the responsibility of the Bank of England and European regulatory authorities. While these foundations have worked well thus far, they may in time need to be buttressed to realise the full creative potential of the peoples of the United Kingdom and Europe. BIS central bankers’ speeches  9  Charts Chart 1: UK trade is two-thirds of GDP  Chart 2: UK receives largest share of EU FDI(a)  Source: OECD  (a) EU-15 countries’ share of average annual FDI inflows into the EU: 1993 to latest. Source: UNCTAD. Chart 3: Global activity of UK financial system unmatched in the European Union…  Chart 4: … and UK financial system is very large relative to GDP(a)  Notes: Bars show share of global activity for cross-border lending, interest rate OTC derivatives and foreign exchange and share of global assets for all other categories.

Source: The Conference Board Total Economy Database. (a) Indicator based on responses to the following question in the World Economic Forum Executive Opinion Survey: “To what extent does FDI bring new technology into your country? (1 = not at all; 7 = to a great extent – FDI is a key source of new technology)”. Source: WEF Global Competitiveness Report 2014. 12  BIS central bankers’ speeches
That is why today’s conference is conceived to bring together academic research and central bank practice. The conference structure reflects an understanding that the global financial cycle affects the euro area and its monetary policy, which in turn affects the financial cycle in Europe beyond the euro area. Therefore, the first session of the conference is on the current phase of the global financial cycle which is to a large extent driven by the US monetary policy. We recall from the 2007/2008 crisis how the financial disruptions originated and triggered a full-scale global crisis. The second session is focused on the euro area financial cycle, as influenced by the global financial cycle, and its implications for asset prices and financial stability. Since the ECB policies also shape the financial cycle in Europe outside the euro area through economic and financial channels, although divergences do exist, our third session is devoted to the financial cycle in the non-euro area EU member states. By way of example from Bulgaria, the BNB recent research and relevant estimates for the local financial cycle indeed show that we are currently in the upward phase of accumulation of cyclical risk. We have, correspondingly, decided to activate and then raised the rate of our countercyclical capital buffer. Turning to actual policy reactions in dealing with financial cycles, our conference ends with a panel where Governors will share with us their views. Dear colleagues and guests, In conclusion, let me sum up my main points.

Lars Nyberg: The financial market turmoil Speech by Mr Lars Nyberg, Deputy Governor of the Sveriges Riksbank, to the Riksdag Committee on Finance, Stockholm, 22 November 2007. *  *  *  I would like to begin by thanking you for the invitation to come here to discuss how we at the Riksbank view the recent unrest in the financial markets. I shall begin by talking about the background to the market turbulence and about the spark that ignited the actual chain of events. Then I shall go on to discuss developments during the autumn and what we can learn from what has happened – as far as is possible at this early stage. In conclusion, I shall talk about the risks we see before us. Rapid changes in the credit market In recent years there have been major changes in the international credit markets. New agents have entered the market at the same time as new instruments have been introduced at a rapid pace. At the core of the changes in the credit market is a phenomenon called securitisation. This has to a great extent been practised by US mortgage institutions and banks since the 1970s. So it is not a new phenomenon. In brief, securitisation entails a number of loans, such as mortgages or credit card accounts, being placed in a specially-created company, which is then financed by issuing bonds on the market. These bonds are usually called Asset Backed Securities (ABS). Managed properly, there are considerable advantages to securitisation.
•  There was early sale of “good” assets at fire sale prices, which will lead to lower recovery ratio for bond holders. 6  A report by Tryggvi Thór Herbertsson and Frederic Mishkin was particularly influential in this regard. See Mishkin, Frederic S., and Tryggvi T. Herbertsson, (2006). Financial stability in Iceland, Iceland Chamber of Commerce. (http://www.vi.is/files/555877819Financial%20Stability%20in%20Iceland%20Screen%20Version.pdf). BIS Review 9/2010  7  •  UK authorities froze and ring-fenced assets. •  Further research will throw light on the UK decision to close Singer & Friedlander, which brought down Kaupthing – however, a lender of last resort (LOLR) loan in Sweden. •  A consequence of all of this is the dispute with UK and Dutch authorities over the settlement of deposit insurance claims related to Landsbanki branches. This problem is still negatively affecting the economic resurrection of Iceland. It is a big topic in its own right, but I am not going to say more about it here, as involves international relations, European legal issues, and balance of payments and debt sustainability issues, and as such, is far beyond the scope of my topic today. Bank resolution on the Icelandic side has been somewhat more orderly. It was shaped by the initial goal of securing continued banking operations in the country. First, we have the Emergency Act of 6 October 2008, under which the FME acquired broad-based intervention rights; deposits were assigned higher priority than other unsecured claims; and government capital injections received parliamentary approval.

10  BIS Review 9/2010  •  Key proposals (e.g., the De Larosière and Turner reports) 11 do not go far enough and do not measure up to the Icelandic experience (wrongly seen as primarily a supervisory failure, which it was only in part). •  Do we need a system of FX swap lines or an FX liquidity pool to provide insurance against a run on cross-border banking (as we have domestically through central bank liquidity provisions and LOLR)? •  The crisis showed that, when all is said and done, “banks are international in life, but national in death!” 12 Will reforms change this, or will we regress? The question remains open. Concluding remarks I told you in the beginning that this is a complex saga with many twists. I have only covered a small part of it. However, be sure that there is more to come. I am currently reading a newly published biography of Snorri Sturluson. 13 He and other Icelanders wrote about events that occurred here in Norway and Iceland, in some cases more than two centuries earlier. We might thus be writing about the Icelandic financial crisis for centuries as well! If history is any judge, then we are probably better at it than we were this time at managing, regulating and supervising a cross-border banking system. For the sake of all of us, let us at least hope so. Thank you very much. 11  De Larosiére, Jacques (chair), (2009).
I expect that it will be widely read throughout the Federal Reserve System as we continue our effort to evaluate potential long-run monetary policy implementation frameworks. The remarks that follow are my own personal views and do not necessarily reflect those of the Federal Reserve Bank of New York or the Federal Reserve System. As good and comprehensive as Ulrich’s paper is, it cannot cover everything. In my discussion I want to highlight topics on which we need additional insights, in the hope of encouraging further discussion and research that will help us make good decisions regarding monetary policy implementation. Three questions I will discuss are: •  Are some types of money market activity superior to others? •  How should we think of broad-based liquidity provision by central banks given the issue of stigma and taking into account the new liquidity regulations? •  How can we reconcile a desire for a “short” or “lean” balance sheet with asset purchase programs that derive their accommodation from holding assets for a long period of time? For each of these topics, I will try to bring a U.S. perspective that can hopefully complement Ulrich’s approach. While I commend Ulrich for seeking to identify universal principles, I believe he would agree that some features of monetary policy implementation frameworks can be dependent on country-specific factors, such as legal restrictions or the organization of the financial system.

An important development, which researchers should take into account when thinking about liquidity provision and moral hazard, is new liquidity regulation. 16 Ulrich is not an optimist when it comes to the ability of regulations to mitigate moral hazard. As exhibited in Figure 6, he notes that “…managing liquidity risk is a core activity of banking, and it seems unlikely that centralizing this subtle activity through liquidity regulation can be done without efficiency costs. Therefore liquidity regulation must not be overburdened, and central banks providing some well-designed and rule based economic counterincentives to an excessive reliance on the [lender of last resort] is an important contribution to reduce the burden put on regulation.” I agree with Ulrich there, and would emphasize that banks’ core functions can be strengthened through the aims and standards set by regulation. 17 But the task is not just calibrating the combination of well-designed regulation and appropriate incentives for taking recourse to the lender of last resort. Ulrich seems to ignore the importance of prudential supervision and its potential contribution to mitigating moral hazard. 18 Regulation involves the development and promulgation of the rules under which banks and other regulated financial intermediaries operate. Prudential supervision involves the monitoring and oversight of regulated institutions to assess whether they are in compliance with law and regulation and whether they are engaged in unsafe or unsound practices, and it ensures that firms are taking corrective actions to address any such practices. 19 Regulation cannot be subtle, although its implementation, through supervision, likely can be.
On the external balance, the more diversified exports and markets has allowed the balance of payments position to remain sound. Thus, despite the fall in  2  BIS central bankers’ speeches  commodity prices, the trade and current account is expected to remain positive, sustained by manufactured exports while the financial account is expected to adjust in an orderly manner. During this same period, the financial sector restructuring, rationalisation and reforms, the institutional development, the strengthening of the regulatory, supervisory and legal framework and the development of the domestic financial markets have also diversified the financial sector and has enhanced its ability to disperse external shocks throughout the system. In particular, the financial reforms also involved the transition to greater market orientation and more liberalised financial system which has allowed for greater flexibility to adjust to the effects of shifts in global liquidity. The now deep and robust financial system is also underpinned by high levels of capitalisation and sufficient levels of liquidity. This has ensured that financial intermediation continues to be effective in providing support to economic activity. It is therefore not the recent policies nor the new measures that have placed Malaysia on a stronger position to manage the external challenges. Rather it is the economic restructuring and financial reforms and development undertaken during the recent two decades and the building of several layers of buffers that has allowed us to weather the current challenging operating environment.

The most pressing challenge, therefore for the global economy, is to generate an economic recovery that is balanced and sustainable. Although the growth momentum has improved in a number of major economies, the growth has thus far been modest. In addition, weaknesses in several major economies continue to point to a global economy that remains vulnerable to downside risks. While the growth performance in most emerging economies is projected to moderate, collectively emerging market economies remain an important driver of growth of the world economy. A less robust external sector, BIS central bankers’ speeches  1  slower domestic demand and specific domestic factors are amongst the reasons for this growth performance. In Asia, the growth for 2015 is projected to be sustained at 6.4%, while growth in the ASEAN-5 is projected to be in the region of 5%. A further phenomenon affecting the global economic performance is the significant decline in global oil prices. While this has partially offset the weaker-than-expected growth momentum in some of the advanced countries, it has, in different degrees, adversely affected the oil exporting economies resulting in divergent growth performance across and within regions. Overall, however, the global economy is expected to benefit from the lower oil prices. A further recent development is the consequences of the unprecedented and divergent monetary policies being pursued in the major economies which have now resulted in significant policy spillovers to other parts of the world.
Our cooperative journey to the SDDS Plus began in 2013, when, after the achieved national consensus on the usefulness of the accession to this standard, we officially informed the IMF of the efforts that we will make in the medium-term period to meet the membership criteria. Then, in the next years, we worked on the production, promotion and publication of the required data.

Anita Angelovska Bezhoska: The Republic of Macedonia has accessed the highest statistical data dissemination standard of the IMF - SDDS Plus Address by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of Macedonia, at the event marking the adherence of the Republic of Macedonia to the IMF’s Special Data Dissemination Standard (SDDS) Plus, Skopje, 1 February 2019. * * * Dear ladies and gentlemen,  It is my great pleasure that the idea which at the national level was initiated by the National Bank of the Republic of Macedonia several years ago, and accepted and actively supported by the State Statistical Office and the Ministry of Finance, today is already a reality. On 28 January this year, the Republic of Macedonia officially became a member of the highest statistical standard of the International Monetary Fund – SDDS Plus. We have jointly succeeded our country to become part of an international data dissemination initiative, which so far included only seventeen countries, including the United States, Canada, France, Germany, Austria, Italy, Sweden, Japan... The Republic of Macedonia is the eighteenth country in the world, the second from Southeast Europe, and the first among the countries of the region that are still not members of the European Union. This successful project is a clear confirmation of the commitment of the three institutions for the continuous upgrading of national statistics and their harmonization with the latest, highest international statistical standards. What actually does this standard represent?