samchain/econo-pairs-v1 huggingface dataset:
Collateral which the banks in many cases were lacking during the crisis, or at any rate to the extent needed to compensate for the enormous decline in funding on the international capital markets experienced by many banks – in Sweden and abroad. So central banks were forced to change the regulations so that the banks could pledge collateral with a less reliable value. But this solution is not sustainable in the long run, as it exposes the central bank – and ultimately taxpayers – to unacceptable risks. In practice, it means that the central bank is forced to act as dumping ground for bad assets as soon as there are problems in the financial markets. Of course, we want to avoid such situations in the future, and this is why the Basel Committee has produced a number of regulations aimed at making the banks less sensitive to liquidity problems. So what do the regulations entail? In future, a certain part of the borrowing must be longer term. Moreover, it must come from more stable sources of funding. In concrete terms, the regulations mean that one multiplies the amount the bank borrows from each type of funding source by a stability factor – in roughly the same way as for risk adjustment of the value of assets when calculating capital requirements. This gives a stability-adjusted funding profile for each institution that should better match the maturities for the banks’ lending.

As consumers embrace the digital era, insurers will need to rethink their distribution strategies and partner relationships as digital and remote options are rapidly replacing commonplace functions and tasks. Digital technology can be deployed effectively to accommodate customers’ priorities in ways that would promote customer support and loyalty whilst significantly enhancing the consumer experience and satisfaction. In many ways, the human capital and technology imperatives share characteristics that are borderless. We are living in a globalised world, with significantly greater capital and labour mobility than in any other period in history. For multinational organisations, this enables ideas and innovations to transcend borders and be more easily replicated to great positive effect, to grow successful businesses and transform the economies in which they operate. This is where foreign partners of local entities with international presence have enormous potential to make a significant contribution to the development of local economies. As international entities that actively operate in more developed insurance markets, foreign insurers should bring new and proven systems, technology and experiences which can enhance their domestic operations and benefit the wider economy of the host country. This is the fundamental value of foreign direct investments. We know of successful cases in Europe where digitisation has been transformational, where a higher adoption of straight-through  BIS central bankers’ speeches  3  processing, paperless documentation, usage of customer analytics and electronic payments have all led to improved efficiency and higher service value for insurers.
To this point, the recently introduced alternative procedure for the simplification of the auditing of the financial statements of very small businesses should support these efforts and facilitate the timely transmission of the financial statements to the credit institutions. It is of utmost importance that a timely flow of up-to-date customers' financials is maintained by banks at all times. Unquestionably, this will be beneficial for both parties, banks and clients, as any events signalling a deterioration of the client's financial standing will be captured early on. Consequently the most suitable restructuring solution may be sought, which could ensure the continuation of a healthy and economically viable business relationship. Conclusion To sum up, the world's economies have been through a lot in recent years, from the challenge of the pandemic, to the impact of the war in Ukraine. It is up to us to come through these challenges unscathed or even stronger, wiser and better prepared for a brighter future. We have done it before, we can do it again. After all, to quote Gever Tulley (an American writer, speaker, educator, and entrepreneur) - persistence and resilience only come from having been given the chance to work through difficult problems. Thank you for your attention. 4/4  BIS - Central bankers' speeches

Ladies and Gentlemen, it is also our expectation that the bank will continue to support the SME sector in Zambia, as the SME sector is key to sustainable economic growth and development of the country. You will agree with me that SMEs have the potential to create many productive jobs and contribute significantly to our economy, if well supported. It is our expectation that Absa Group Limited, through Barclays Zambia, will continue with its efforts and strategies that promote financial system stability, support monetary policy, enhance financial inclusion and gender mainstreaming for sustainable development in line with the Bank of Zambia’s strategic objectives. Today, as we commission this site, it is my hope that the facility will be of highest standards and that the new premises will provide an environment for the provision of innovative financial solutions to the public as an endorsement of the Absa Group brand promise “Bringing Possibilities to Life.” Master of Ceremonies, distinguished guests, ladies and gentlemen, with these remarks, please join me in applauding the Board, management, and staff of Barclays Bank Zambia, and Absa Group Limited, for this initiative that will introduce convenience and world class banking services and facilities to its clientele. The timing of this project is also a good indication that the Absa Group is opportunity focused rather than challenges. We hope this will rub on to the other players in our economy as well. Thank you and God bless.
The FOMC has carefully laid out a clear and transparent normalization strategy and is implementing that strategy, and I believe that the confidence engendered by this clarity and transparency has been of great importance in maintaining market stability, both in the United States and globally. Experience so far has shown that the Federal Reserve’s monetary policy implementation framework has continued to provide appropriate control over the federal funds rate, even as the FOMC has moved to reduce the size of the balance sheet gradually and predictably. This stability has supported the orderly functioning of the broader set of dollar money market rates that are important to financial conditions in the United States and around the world. Then, I will discuss the recent technical adjustment to the rate of interest paid on reserves (IOR). The Federal Reserve made the adjustment to provide greater comfort that the effective federal funds rate would remain within the target range set by the FOMC. 3 I will discuss how this adjustment has had exactly the intended effect on money market conditions, and how it has reinforced my certainty that the Federal Reserve is well positioned to maintain the public’s high 1  I would like to thank James Egelhof, Jacqueline Yen and Samuel Zief for their assistance in the preparation of these remarks, Vivek Manjunath for his assistance with data, and colleagues in the Federal Reserve System for numerous insightful comments and suggestions. 2 See Powell, “Monetary Policy Influences on Global Financial Conditions and International Capital Flows,” May 8, 2018.

I expect that the Desk will conduct operational readiness exercises during periods of no reinvestment to ensure it remains prepared to reinvest if needed. 13 Flexibility When Needed: The Technical Adjustment All of this news is encouraging, and it confirms the efficacy of the FOMC’s plan to normalize the stance of policy. I’d like to turn back to overnight rates for a moment, to speak about the recent technical adjustment to the IOR rate and try to answer a few questions that have emerged. Although they remained within the FOMC’s target range, rates paid on the bulk of federal funds trading had ticked up, as can be seen in Figure 5. By April 2018, the effective federal funds rate was five basis points below the top of the range. This rise raised a question as to whether the effective federal funds rate might print above the top of the FOMC’s target range, absent a change in our operational settings. The target range is an important feature of the FOMC’s public communications, and maintaining federal funds rates within it is therefore taken quite seriously. Public confidence in our ability to maintain rates within the target range is important for ensuring that expectations for  12  Philadelphia Fed President Harker used this expression first in relation to balance sheet normalization. See June 2018 FOMC minutes. The Markets Group conducts small-value exercises in both domestic and foreign financial markets for the purpose of testing operational readiness.
loans to households foreign-currency-denominated loans lei-denominated loans 26.8  40 35 30  19.6  22.7  20.7  20  16.6  15.4  12.7  13.3 11.3  15  5  35.9  18.6 19.5  25  10  39.3  11.8 10.2  4.8  6.3  7.4  9.4  11.4  14.1  17.3 16.4  2006  2007  19.7  16.6  0 2004  2005  2008  Source: National Bank of Romania, National Institute of Statistics  Government credit hovered around relatively low levels during the period under review (Chart 5). 8  BIS Review 5/2010  Chart 5 Government credit percent of GDP  4.0 3.4  3.5 3.0 2.3  2.5 2.0 1.5  1.2  1.1  1.0  2004  2005  2006  1.0 0.5 0.0 2007  2008  Source: National Bank of Romania, National Institute of Statistics  Banks came to rely heavily on external financing, while the mismatch between foreign currency-denominated assets and forex liabilities of both companies and households widened. In 2004, the difference between forex-denominated deposits and loans in the corporate sector stood at around lei –5 billion, increasing sevenfold by March 2009, i.e. lei –34 billion. As for households, the differences stood at lei +5 billion and lei –28 billion respectively (Chart 6).

But before I hand you over to the MoneyPACIFIC team for their presentation I truly believe your goals and objectives in your respective designations can be greatly complemented with our agenda of financial literacy and that this latest resource will be of use to the pursuit of youth and women empowerment, assist the micro-entreprenuers, complement student learnings from the existing national education curricula, and overall greatly assist us in all our diverse capacities as financial consumers. Manuia le tātou fa’amoemoe. Thank you. 2  BIS central bankers’ speeches
It serves as a networking effort while creating opportunities to exchange views, explore mutually beneficial opportunities, and most importantly, implement positive changes in the financial systems. It is not too far-fetched to envisage the generation of breakthrough thinking for future collaboration that is solution-driven; practical; and innovative. Collective effort is also key to success and the industry should aim to work closely with other key stakeholders. These include government agencies, civil societies and the public to increase awareness and encourage more active participation in supporting further development and offerings of sustainable financial solutions in the market. Strong technical know-how in dealing with the changing dynamics of the financial landscape and the arising risks is also essential for industry players to navigate itself in this journey. To end, I wish to reiterate that “sustainability is indeed a journey, and one that is best navigated collectively”. Sustainable development can be best served by re-connecting finance and element of value creation that is reinforced by bringing benefit to society, environment and prosperity. On that note, I wish all of you a beneficial and productive session today. 1 Around 30 least developed and other vulnerable countries are exposed to debt distress – limiting their ability to  invest in the sustainable development goals (SDGs). 2 Countries home to most people in the world and global growth in real wages is only 1.8% – the lowest since  2008 (Source: United Nation (2019).

Abdul Rasheed Ghaffour: Unlocking full potential of Islamic finance through sustainability Welcoming remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the RFI Roundtable on Responsible Finance "Unlocking Full Potential of Islamic Finance through Sustainability", Kuala Lumpur, 23 September 2019. * * * It is my great pleasure to welcome all of you to the RFI Roundtable on Responsible Finance. I would like to thank the RFI foundation and Dubai Islamic Economy Development Centre (DIEDC) for organising such gathering of policymakers and captains of the financial services industry. The chosen theme “Unlocking full potential of Islamic finance through sustainability” is indeed very apt and timely. We are now in an environment where global aspirations are at risk – indebtedness is high1, inequality has widened2, effects of climate change continue to accelerate3. Doing nothing is not a responsible option! Despite the growing focus in sustainable finance, I am certain many within this room would agree that this transition in the financial system, more so the Islamic financial system, is happening not at the desired pace, scale and intensity. For the next five to ten minutes, allow me to highlight the catalytic role that Islamic finance can play in advancing sustainability agenda. Shariah embeds inherent features that make it natural for Islamic financial institutions to play such role. The three main features: i. First, impact-driven.
China, the rest of Southeast Asia, Eastern Europe, India, most of Latin America and significant swathes of Africa are eager to improve the lot of their people through full participation in the global economy. In doing so, they have become serious competitors for capital, including that plentiful and affordable capital we at the Federal Reserve have created. In a cyberized, globalized world, those with the means to create jobs will gravitate to those places that provide the best prospect for a return on the investment of the abundant capital on business’ balance sheets or available to them in the marketplace or from eager bankers. Just as many people and firms within the United States have relocated to Texas from other states, investment will flow to countries anywhere in the world where it is most welcome. Our fiscal authorities must not only figure out the way to contain the nation’s runaway deficits and public debt accumulation, but they must do so in a manner that is competitive with others who seek access to our money, and do so in a manner that does not pull the rug out from under the meager recovery we are experiencing. The Committee of 12 and the president have an awesome task. Essentially, they must reboot our entire system of economic incentives and come forward with an updated tax and spending and regulatory regime that incentivizes businesses to invest in the United States and create jobs for American workers rather than gravitate to foreign shores.

It takes a long view to recognise returns beyond profits where social and environmental gains are also equally valued. This will represent a major paradigm shift in many institutions. For this, strong and visionary leadership that sets the tone from the top, starting from the board and senior management, is certainly crucial. Far-sighted leadership to transform culture, systems and people will be central to this paradigm shift. To facilitate the process, the recently issued Strategy Paper on VBI will be complemented with an implementation guidance that is currently being developed by the Bank in collaboration with the industry. Second, VBI will require greater stakeholder activism through increased transparency on its adoption. This is a new initiative and it is imperative that our efforts go hand in hand with creating greater awareness and understanding of key stakeholders. The public sector and advocacy groups play an important role. But customers and business ventures should also play their roles wisely and use the power of their wallets to make informed choices. To catalyse this change, a value-based scorecard will be introduced to realign behaviours and expectations towards the desire to impact the community and the environment in a positive way. The scorecard will capture important dimensions of qualitative performance that are geared towards creating sustainable outcomes by Islamic financial institutions. The third critical area is adopting a collaborative approach to implementing VBI which will be key to mobilising change.
This is due to increasing competition from fintech companies that are able to serve SMEs and the underserved market more effectively as compared to a traditional credit intermediating bank. Tawreeq, for example, a UAE-Luxembourg fintech platform, – offers supply chain finance solutions including Shariah-compliant trade finance securitisation – to SMEs and their corporate partners. How do we lessen the risk of being overtaken by such competitors? One way is for the Islamic finance industry, to tap into the expertise of fintech companies – by exploring mutually beneficial partnerships – to develop innovative financial solutions for the international business community. In Malaysia, the Regulatory Sandbox is supportive for industry players to explore innovative ideas and test prototype of technology solutions for trade finance. Increasing trade flow of halal products – also offers large opportunities for takaful operators to develop innovative solutions for trade-related risks. A good example is trade credit takaful. This however, necessitates the development of requisite expertise within the takaful industry and the need to increase awareness among traders on benefits of trade credit protection. Global large infrastructure financing needs The third and final trend that I would like to highlight today is the large infrastructure development taking place to cater to the needs of increasing global population. Global infrastructure development financing needs is expected to reach USD94 trillion by 2040 and close to USD52 trillion in Asia alone 7.

In particular, job growth has picked up in Buffalo, and the Capital Region continues to see sturdy growth coupled with significant manufacturing job gains. However, not all parts of upstate New York are seeing the same degree of economic progress. There has been little to no growth in the center of the state, and Utica and Binghamton continue to see employment declines. Binghamton stands out as being particularly challenged, as its economy has yet to see any meaningful recovery from the Great Recession. Steep manufacturing job losses have weighed heavily on the area, though these losses appear to be nearing an end. I had the opportunity to visit Binghamton earlier this summer, and I was encouraged by what I saw. The region is making serious efforts to boost economic growth, with Binghamton University playing a key role in fostering local business activity. And, like many places dealing with steep manufacturing job losses, there is a large swath of displaced workers that need assistance returning to the labor market. This has proved challenging and remains a priority. Update on Puerto Rico On balance, I think it’s fair to say that the economic news from much of the Second District has been quite positive. An important exception, though, has been the fiscal crisis faced by the Commonwealth of Puerto Rico, home to 3.5 million U.S. citizens. Unfortunately, Puerto Rico continues to struggle under the weight of economic stagnation, employment declines and outmigration.
New wealth statistics may also help to tackle our shortage of knowledge about other types of wealth that resemble the funded collective pension wealth that I 2 Nilsson et al. (2014) discuss the significance of collective pension saving in the Swedish financial system. 3 The annual ceiling is set to 7.5 income base amounts. For 2019, the ceiling was at a labour income of SEK 43,300  a month. 4 The annual income cut-off point has been set at SEK 511,500 for 2021. This corresponds to monthly labour income of SEK 42,600. 5 The Inquiry’s terms of reference can be accessed at https://www.regeringen.se/rattsliga-dokument/kommittedirektiv/2021/01/dir.-20214/ . 3 [6]  have discussed so far. Two examples that come to mind are the wealth created by individual pension saving and the wealth created by saving in life insurance. It is currently unclear how these types of wealth are distributed, as they are the result of the decisions of private individuals. International comparison So what about abroad? Is there hidden wealth in other countries as well? Figure 2 presents an international comparison for a selection of countries. I have retrieved data from OECD (2019).6 The blue bars show wealth in pension scheme funds in relation to GDP. The red bars show wealth in buffer funds for national pension systems. As is shown in the figure, there is very substantial wealth in the Danish pension scheme agreements. In the United States, Canada and Australia, there is also very considerable amounts in funded pension scheme agreements.

Economic and monetary developments Since our last meeting, the Governing Council has left key ECB rates unchanged: the main refinancing rate currently stands at 0.75%; the rate on the deposit facility stands at 0%; and the rate on the marginal lending facility stands at 1.50%. Economic activity contracted for a third consecutive quarter in the fourth quarter of 2012. Available indicators signal further weakness at the beginning of 2013, with domestic demand remaining dampened. This is due to weak consumer and investor sentiment and to the necessary balance sheet adjustments in both the public and private sectors. Foreign demand also remains subdued. Economic weakness in the early part of 2013 is expected to be followed by a very gradual recovery later in the year. Strengthening global demand, our accommodative monetary policy stance and the improvement in financial market confidence across euro area countries should all work their way through to spending and investment decisions and support the recovery. Even though we have yet to see sustained improvement in the real economy, survey indicators have confirmed earlier evidence of a stabilisation of business and consumer confidence, albeit at low levels. Taking a somewhat longer view, the improvement in financial market confidence since last summer has been significant. As regards the exchange rate, let me be clear that the exchange rate is not a policy target, but it is important for growth and price stability.