samchain/econo-pairs-v1 huggingface dataset:
Another key difference compared with other advanced monetary unions like the United States is the lack of a central fiscal instrument to act countercyclically at the federal level. I fully acknowledge the political difficulties in building such an instrument in the euro area. Similar difficulties also exist when discussing the completion of the banking union and the establishment of a genuine capital markets union. At the same time, we should remain fully committed to the goal of achieving a genuine Economic and Monetary Union. Ignoring the need to fix the remaining institutional weaknesses of EMU would seriously damage what has already been achieved through the commitment and hard work of everyone involved. As I argued in this Committee eight years ago, we need to show “a clear trajectory for the future evolution” of EMU and thus frame the “expectations of both citizens and financial markets”. Allow me to take a longer-term perspective to draw the last lesson. While the euro area did not have a fiscal policy response comparable with that of other advanced economies, the ECB’s response was fully comparable with that of the other major central banks. Thanks to its independence, the ECB has been able to adapt its policy response and reaction function. Preserving this key asset will allow the ECB to adapt to future circumstances and ensure the effectiveness of its measures. This is all the more important considering that the desirability and relevance of central bank independence are increasingly being challenged around the world.

SPEECHES & INTERVIEWS  Governor's Speech at the Launching of Financial Crime Exhibition Speaker: Tan Sri Nor Shamsiah Mohd Yunus / Venue: Kuala Lumpur / Language: English / Speech/Interview Date: 26 Sep 2022 /  Welcome to the launch of the Financial Crime Exhibition. First of all, I would like to express my appreciation and gratitude to the Inspector- General of the Police for joining us at the launch of this virtual exhibition. Scams and cybercrimes have been on the rise of late, not just in Malaysia but all around the world. This is a concerning development which Bank Negara Malaysia (BNM) takes seriously. This is especially so where these cases concern financial scams. We have been and will continue to step up efforts to combat financial scams, and in doing so collaborate with other stakeholders. These include rolling out preventive measures, pursuing more effective and coordinated enforcement actions, and raising public awareness. BNM requires banks in Malaysia to adopt high standards of security, especially for Internet and mobile banking services. From time to time, BNM also issues security advisories to the financial industry highlighting the latest modus operandi (tactics) of scammers and additional security measures that banks need to implement to protect their customers' savings. The reality, however, is that methods used by criminals will continue to evolve. BNM therefore continuously intensifies efforts and take steps to combat scams by introducing additional controls and safeguards from time to time.
In Baranova, Y., Coen, J., Lowe, P., Noss, J., & Silvestri, L. 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. 42, July 2017, 3-6. Bridges, J., Jackson, C., & McGregor, D. (2017). Down in the slumps: the role of credit in five decades of recessions. Bank of England Staff Working Paper No. 659. Brooke, M., Bush, O., Edwards, R., Ellis, J., Francis, B., Harimohan, R., Neiss, K. & Siegert C. (2015). Measuring the macroeconomic costs and benefits of higher UK bank capital requirements. Bank of England Financial Stability Paper No. 35, December 2015. Brunnermeier, M. K. (2009). Deciphering the liquidity and credit crunch 2007–2008. The Journal of economic perspectives, 23(1), 77100. Brunnermeier, M. K., & Sannikov, Y. (2014). A macroeconomic model with a financial sector. The American Economic Review, 104(2), 379-421. Brunnermeier, M. K., Eisenbach, T. M., & Sannikov, Y. (2012). Macroeconomics with financial frictions: A survey. National Bureau of Economic Research Working Paper 18102. Bunn, P. & Rostom, M. (2015). Household debt and spending in the United Kingdom. Bank of England Staff Working Paper No. 554. Calomiris, C. W. (2017). Reforming Financial Regulation After Dodd-Frank. Manhattan Institute. Carlson, M., Shan, H., & Warusawitharana, M. (2013). Capital ratios and bank lending: A matched bank approach. Journal of Financial Intermediation, 22(4), 663-687. Carney, M. (2017a). The Promise of FinTech – Something New Under the Sun?

I have always been uncomfortable with this usage of a 2 percent equilibrium real rate assumption because it ignores the possibility that the equilibrium rate changes in response to technology shocks or in response to changes in how monetary policy is transmitted via the financial system to the real economy. For example, in the late 1990s, when trend productivity growth shifted upward, it seemed logical that this would also push up the equilibrium shortterm real interest rate. That is because higher productivity growth, by raising the return on capital, spurs greater investment, thereby driving the equilibrium rate higher. Similarly, if stock prices rose sharply in response to higher productivity growth, this should also lead to a higher equilibrium real rate through the effect of greater stock market wealth on consumer spending. Higher stock prices meant that financial conditions were easier. This needed to be offset by a somewhat higher fed funds rate target. Financial conditions also appear to have become more important in terms of their influence on business cycles. On the one hand, the fed funds rate has been more stable and the range of the fed funds rate over the cycle has been smaller. However, on the other hand, relative to what has happened to the fed funds rate target, financial conditions have become more volatile.
Defaults increase when, as now, the deterioration in activity weakens the financial position of bank customers, particularly in the case of households whose members lose their job. Thus, following a long economic boom that brought doubtful assets ratios to historically low levels, the year 2008 saw a sharp rise in such ratios, and the persistence of difficulties in the real sector of our economy suggests that pressures have not yet dissipated. This is a risk that banks must be mindful of and manage appropriately. The diminished pace of activity and the increase in bad debts, which are general trends across Spanish banks and savings banks, exerted pressure on their income statements already in 2008. The recurring income inherent in a traditional banking model, which is therefore less reliant on financial market developments, explains why, despite the difficult economic circumstances, bank results were positive, in clear contrast to those reported by many of the institutions in other developed countries’ banking systems. But Spanish banks’ results will come under considerable pressure in the future. In the short term, as a result of the foreseeable increase in bad debts. In the medium term, because competition for funds will squeeze operating margins and this pressure will not be readily offset as it was in the past by the generation of higher volumes of business. And I do not believe that the ongoing deleveraging of the financial sector, and of the economy in general, taking place both in Spain and globally, should be viewed as transitory.

Migration path, five years after In 2011 Bank Negara Malaysia had developed a comprehensive roadmap in its Financial Sector Blueprint to drive the migration to e-payments with measurable targets to be achieved by 2020. Over the last 5 years, Bank Negara has worked with the payments industry to put in place conducive regulatory frameworks, agree on market incentive structures and build enhancements to e-payment infrastructure and services. Our aim is to provide an enabling environment for individuals and businesses to migrate away from paper based payment methods and adopt e-payments instruments. The results have been encouraging. Since the implementation of the Pricing Reform Framework in May 2013 and the e-Payment Incentive Fund (ePIF) Framework in January 2015, cheques which had only declined at a marginal rate of 2% on average from 2011 to 2013, had declined at a higher rate of 10% in 2014. The decline in cheque usage had accelerated to 16% for the first 9 months of this year. Consequently, the number of cheques cleared is projected to fall from about 207 million in 2010 to 149 million by the end of 2015. If such decline rate is sustained, the target of reducing cheques to 100 million per year by 2020 would be achieved. The reduction of about 100 million cheques above saves a minimum of RM300m not taking into account other savings in terms of efficiency and security. Similar trend was observed in the number of electronic fund transfer transactions.
In spite of the island-wide CIT system introduced by the Central Bank and LankaClear, some banks prefer to send physical cheques through courier services to Colombo from outstation areas, where LankaClear regional offices operate. We are not certain yet whether bank customers get the T+1 facility for which the system was intended. 4  BIS Review 13/2008  Although the main purpose of the CIT system is to clear outstation cheque transactions, it is noted that the full benefits of this technology are not passed on to customers by way of speedy cheque clearing due to reluctance by some banks to upgrade their cheque imaging technologies partly because of the cost of acquiring new machines or for reasons known only to banks themselves. What is clear is that sophisticated and modern IT development has not been customer centric, aiming at reducing their transaction costs or enhancing service. The situation has improved after much persuasion by the Central Bank, but not through initiatives taken by banks. 8. Staying ahead  8.1 The banking sector is being driven by globalization, consolidation and convergence across the world with the pressure focused on achieving increased shareholder value through measurable investments in technology, cost reduction and performance management. Customers today require easily accessible services operating on a global platform, while investors strive for optimizing and maximizing returns. Successful banking institutions stay ahead and set the trends by adapting to market shifts, being proactive, keeping up with customer demands, and implementing change.

It also seeks to enhance regional connectivity by reducing behind-the-border non-tariff trade barriers and promoting consistency in regulation across all the member countries. Singapore views the TPP, along with the RCEP, as complementary tracks that will lead towards increased regional integration, and eventually, to a Free Trade Agreement of the Asia Pacific. The recent decision by Japan to join the TPP will further reinforce the TPP as a platform for broader economic integration across the Pacific. With Japan’s inclusion, the TPP’s membership has now expanded to 12 countries. This represents nearly 40 per cent of the global economy and one-third of world trade. As you all know, joining the TPP is a key element of the three-arrow strategy embodied in Abenomics. The prognosis for Japan has improved considerably compared to six months ago. After stagnating for much of last year, the Japanese economy rebounded strongly in the first quarter of this year, with GDP growth of 3.5 per cent on a pick-up in consumer spending. Growth forecast for the whole of this year has been progressively raised, with room for further upward revision. Sentiments have improved strongly since the announcements of aggressive monetary and fiscal policy measures to revive the Japanese economy. The sharp depreciation of the Yen has also helped to boost expectations for GDP growth and corporate profits. One example of this is Toyota Motor. It has reported consolidated operating profit of 1.3 trillion yen for the 2012 business year, about 3.7 times that of the previous year.
Our monetary policy, with the negative interest rate and our willingness to intervene in the foreign exchange market as necessary, is not designed to give Switzerland an unfair advantage in international trade – to support an expansion of the current account surplus in any mercantilist sense. Rather, it is a necessary response to excessive upward pressure on the Swiss franc due to its perceived safe-haven status and is intended to ensure price stability. After all, the Swiss franc remains highly valued – even if, at first glance, the current account seems to suggest otherwise. Let me begin by putting the debate on the current account into context. I will then analyse the key factors for the current account surplus in Switzerland in more detail and draw some conclusions for our monetary policy. Basis for the current account First, I would like to remind you of the definition of the current account. Definition of the current account The current account balance corresponds to receipts minus expenses from trade in goods and services, net labour and investment income, as well as the net current transfers of an economy. 2 Equation 1 describes this relationship. The trade account has a surplus when a country exports more goods and services than it imports. And vice versa, a country has a trade account deficit when it imports more goods and services than it exports. Net investment income receipts include, in particular, interest on foreign bonds and dividends on foreign equity held by resident investors.

Retail activity, which was buoyant in May, fell back in June partly due to poor weather conditions. In aggregate, activity was up over the last two months. The construction and civil engineering sector1 recovered in the second quarter of 1997 primarily as a result of seasonal factors. Employment levels held steady in industry, except for the automobile sector, where there was a further contraction, and the building, retail and market services sectors. Wherever possible, companies sought to enhance workforce flexibility via temporary staff and overtime, in order to cope with fluctuating demand and organize themselves for the summer vacation period. __________________ 1  Unadjusted data. BIS Review 70/1997
Our current forecast – which is scheduled for review in June, September and December – is for Spanish GDP to grow by 2.8% over the course of 2015, and by 2.7% in 2016. As to employment, the March figures reinforce our view that the unemployment rate should continue to fall, down to around 20% of the labour force by the fourth quarter of 2016. In Europe, the figures appear to support the view that the risks of deflation have been averted and that the economies of the Monetary Union and of the European Union as a whole are recovering and gaining momentum. If the Spanish economy is to benefit from these changes and likewise enjoy sustained higher growth, it will be essential to persevere with the reforms geared to adding market flexibility and boosting investment. Admittedly, however, the European and international financial context is unprecedented. The US exit from quantitative easing, with the interest rate rises that the markets expect, and the proliferation of negative interest rates on various financial and government debt markets, make for an unprecedented scenario that poses undoubted risks to financial stability with potentially highly volatile movements in financial asset prices. But if the risk of deflation in the euro area has finally been averted, and the US economic recovery continues apace, we may expect the financial markets to return to normal and yield curves to move back in step with normal, sustained economic growth. 4  BIS central bankers’ speeches

Ladies and Gentlemen, in recognition of the need to provide a conducive regulatory environment which promotes sustainability, accountability and transparency in the conduct of micro finance business, the Bank of Zambia, in consultation with other key stakeholders in the microfinance sector, introduced the Banking and Financial Services (Microfinance Regulations) of 2006 which came into force on 31 January 2006. While the Regulations may be focusing on deposit taking microfinance institutions and relatively large non-deposit taking microfinance institutions, it is envisaged that several other smaller players in the industry will continue to be regulated under the Cooperative Societies Act and the Money Lenders Act. The Bank of Zambia will be holding a workshop for microfinance institutions and other stakeholders during the second half of 2006 to highlight the salient features of these Regulations and the importance of operating microfinance institutions to properly register their businesses. Ladies and Gentlemen, we are aware that lending of small sums of money to a large number of individuals maybe costly, and this may compel microfinance institutions to charge high lending interest rates than commercial banks and other financial institutions. However, it is also important to note that high lending interest rates can lead to high levels of delinquency. It is in this regard that the Bank of Zambia is concerned about the levels of lending interest rates charged by most financial institutions in Zambia, microfinance institutions included.
The economic conditions for wage formation in the years ahead I will now briefly present the Riksbank’s assessment of economic development in recent years. I will refer to the most recently published forecast from April. Of course, quite a lot has happened since then, but, at the same time, two months later you don’t normally know a great deal more about developments two to three years ahead. In any event, we will be publishing an updated assessment in the Monetary Policy Report in July. The international recovery is proceeding at a good rate For the world as a whole, we expect to see a GDP growth of over 4 per cent per year for the next three years. This is a high growth rate from an historical perspective (see Figure 4). But  4  BIS central bankers’ speeches  developments across the world are divided, with weaker growth taking place in the developed economies and stronger growth in emerging economies. The recovery of the United States and Europe is continuing at a fairly moderate pace. In the United States, GDP is now back to the level it was at before the crisis (see Figure 5). But the labour market has yet to recover. In the euro area, it seems likely to take a couple more years until GDP has returned to the same level as before the crisis. Growth in Europe is being restrained by the fiscal problems in several countries and the tightening of fiscal policies (see Figure 5).

The Bank has also strived to increase its customer base as well as provide convenient banking services by increasing its branches and agencies to 13 and ATM machines to 44 at end June 2009. Chairperson, I have stated at various fora that it is important for banks in Zambia to take initiatives which support growth and development of our economy. I am glad to note that Stanbic Bank Zambia Limited has embarked on this project of constructing a new Head Office at a bigger site and away from the Central Business District or town center. This reflects the bank’s growth and rising demand for convenient facilities. I must congratulate the management of the bank for their relentless efforts to facilitate its journey towards providing efficient and convenient banking services to a fast growing market. I must however, warn that the journey entails more challenges and responsibilities including the challenges of adoption of new technology and the responsibilities of serving a growing number of customers which must be addressed. I have no doubt you will rise to the occasion and deliver. As you are no doubt aware, congestion and inadequate parking space along Cairo Road has posed serious challenges for all banks whose head quarters are located in the city centre. The decision by Stanbic Zambia Limited to relocate to this very convenient area is a positive development as it will go a long way not only in decongesting Cairo Road but also in making it easier for Stanbic to service its cherished customers.
So BIS Review 29/1998 ˝  -2-  that although we know that in principle at the macro-economic level free trade and competition are a powerful positive sum game - and although we have seen it clearly enough in practice - there are always likely to be visible - and vocal - losers. And that is bound to provoke outbursts of popular resistance. Against that background establishing and maintaining free trade to the extent that that has been achieved in the EU is in itself a remarkable achievement. But the EU has already in many areas gone well beyond just free trade, in establishing the single market. That involves more than the free movement of goods and services within Europe. It involves also the free movement of both labour and capital, as well as supporting European legislation to avoid market distortions from, for example, state aids, or government procurement, or restrictive practices within the private sector. This further pooling of sovereignty has essentially the same purpose - it is designed to reinforce the macro-economic benefits from free trade and competition and act as a stimulus to growth and employment by allocating resources still more effectively based on comparative advantage, enabling savings to flow to where they can be most productively invested and production to be located where it can be most effectively carried on to satisfy consumer demand. The advent of the euro represents a massive new step in the same direction.

The Government is committed to this course as a matter of national economic self interest. But these same policies are calculated, too, to make us a more prosperous and active trading partner for Europe as a whole, and to ensure that we do not have any avoidable disruptive effect on the policies or on the economy of the euro participants. More than this they are calculated to foster sustainable economic convergence as the necessary precursor to our eventual adherence to the euro club. But thirdly - and of particular relevance to this conference - we can contribute, directly and positively, to the strength of the euro through the City of London’s financial markets. The potential benefits to Europe of the euro derive importantly, as I have said, from the exchange rate certainty which it will provide across the euro area; they derive importantly, too, from the greater transparency and liquidity and competition of unified financial markets in the euro-denominated instruments rather than the fragmented markets denominated in the various national currencies that we have now. Providing transparent and liquid, competitive, innovative and well-regulated financial markets is one of the things which the City of London does particularly well.