samchain/econo-pairs-v1 huggingface dataset:
Fahad Bin Abdullah Al-Mubarak: Combatting money laundering and terrorism financing Speech by H E Dr Fahad Bin Abdullah Al-Mubarak, Governor of the Saudi Arabian Monetary Agency and Chairman of Anti-Money Laundering Permanent Committee, to the 51th Plenary Meeting of Middle East & North Africa Financial Action Task Force (MENAFATF), Jeddah, 28 April 2012. *  *  *  Ladies and Gentlemen, I am pleased to welcome you in the Kingdom of Saudi Arabia. It also gives me pleasure to meet you all in this important regional meeting which is the 51th Meeting of MENAFATF. The meeting encompasses many essential and important issues of common interest and ways that would, in turn, promote cooperation to better levels. All peoples count on the unique role played by your Task Force to protect countries of this region against repercussions of money laundering and financing terrorism crimes. I wish your meeting all success and wish you all a good stay in Jeddah. Dear Audience, Increasing attention has been paid to anti-money laundering and counter-terrorism financing systems over the past years. This has been due to the great progress witnessed in financial and banking systems, diversity of communication means, simplicity of money movement and advanced payment systems. However, the speed factor in conducting commercial transactions, existence of indirect financial operations and unreal existence of dealers have led to great risks. Some of these risks are: potential abuse of these developments in performing illegal objectives.

There is no doubt that the updated recommendations will enhance the level and methods of protection of the economic system against such type of crimes threatening it. In conclusion, I would like to express my thanks and gratitude for your respected group for its achievements accomplished during its short life, wishing you continued success. I thank the organizers for their efforts. I also welcome you again in the Kingdom of Saudi Arabia and I hope that your meetings in this session will be a success. 2  BIS central bankers’ speeches
To be sure, it has increased their fragility, especially with respect to their public finances. It is no surprise that most of the countries with the largest deficits and the largest increase in debt after the crisis have been those in which the financial sector played an increasing role, also as a source of fiscal revenue. As the financial industry becomes less profitable, and provides less tax revenue, the gap has to be filled by other sources of taxation, or lower public expenditures, which may be politically difficult to accept. These aspects may not have been fully incorporated in the projections for the adjustment of public finances in many advanced economies, unless it is expected that the financial sector will return to its pre-crisis peak, which is a risky assumption. More generally, this crisis has shown the vulnerability of public finances to volatile structures in the economy. In good times, volatile sources of income, such as those from the financial sector or the housing market, may overestimate the soundness of public finances, while the adjustment costs in the downturn may be enormous. A case in point is that of Ireland, which during the pre-crisis years was able to reduce taxes and increase expenditures for an amount of about 12% of GDP (in the period 2003–2008), thanks to the rise in revenues from the financial sector and from housing.

Northern New Jersey is above where it was in 2019. And New York City has also shown remarkable progress, with employment closing in on pre-Covid levels.1 Nationally, we are also seeing improvements on the supply side of the labor market. As you'll recall, when businesses reopened after the 2020 pandemic shutdowns, many faced a dire shortage of workers. Since then, we have seen a rebound in labor force participation, with the 25-to 54-year-old age group slightly above pre-pandemic levels. Although overall participation is below where it was before Covid, economists at the New York Fed have found that this shortfall is more than fully accounted for by the aging—or what I prefer to call "maturing"—of the workforce.2 This increase in labor force participation has helped alleviate some of the imbalance in the labor market. But with baby boomers increasingly reaching retirement age, population aging will continue to put downward pressure on participation in the medium term. Increases in the labor force from immigration, which has picked up from its pandemic lows, can partially offset this, but it is unlikely to to fully undo impact. By continuing use our site, the you agree to our Terms of Use and Privacy Statement. You can learn more about how we use cookies by reviewing our Privacy Statement. The Force Is a Balance Achieving balance on the inflation side of our mandate has been more challenging. Last June, inflation spiked to a 40-year high of 7 percent, as measured by the personal consumption expenditures (PCE) price index.
In our supervisory processes, we spend quite a bit of resources and time in continuously monitoring individual institutions. By adopting Regtech, we can enhance the overall risk management and compliance quality of banks. And that in turn leads to better management of the overall risk in the financial system. The HKMA’s Regtech initiatives 1/6  BIS central bankers' speeches  10. So given the importance that we attach to promoting Regtech adoption here, what have we done so far? In the past few years, we have been facilitating the collective efforts by the banking industry, the technology community, and other stakeholders in pursuing their Regtech journey. Let me highlight a few initiatives here. 11. One example is that the HKMA is a pioneer in the introduction of Sandbox and Chatroom, and a number of Regtech projects and ideas have benefitted from those arrangements. Over the years, we have seen a surge in the popularity of Regtech in Hong Kong, as shown by the fact that the number of Sandbox and Chatroom cases focusing on Regtech has increased fivefold since we launched those arrangements several years ago. A growing number of Regtech firms are now showing interest in the Hong Kong market, and we have indeed met a wide range of Regtech firms in our Chatroom sessions. 12. We also complemented those efforts by regular publications such as our “Regtech Watch”. That newsletter is a useful channel for us to introduce banks to potential Regtech use cases. 13.

This is especially the case at board and senior management level, where leaders are often not fully on board with Regtech adoption because they do not fully understand its potential benefits. Regtech promotion 31. So those are some of the key challenges that we need to overcome. Before talking about the solutions, let me share our vision for Regtech in Hong Kong – what we call “Regtech 2025” – which is the underlying theme for the White Paper. 32. Regtech 2025 requires us to achieve 4 key goals by the year 2025. We can crystallise 3/6  BIS central bankers' speeches  these goals in four action-driven verbs : Lead, Adopt, Grow, and Nurture. In terms of “Lead”: Hong Kong aims to become one of the global leaders in Regtech by the year 2025 In terms of “Adopt”: we want to ensure that Regtech will be extensively adopted by the Hong Kong banking sector in the next few years As regards “Grow”: not only do we want wide adoption of Regtech among banks, we also want Hong Kong to become a breeding ground for growing Regtech solutions for financial institutions And finally on “Nurture”: we want to ensure that Hong Kong will emerge as a hub for nurturing Regtech talent 33. With these four key goals in mind, the White Paper sets out 16 recommendations across five core areas, all designed to accelerate Regtech adoption. 34. We can summarise the five core areas using the following framework: 35.
TCW index and expected growth difference against other countries 1.5 1.0  140 Sweden - TCW countries difference expectations/growth  135  TCW index  0.5  130  0.0  125  -0.5  120  -1.0  115  -1.5 110 Mar-96 Nov-96 Jul-97 Mar-98 Nov-98 Jul-99 Mar-00 Nov-00 Jul-01 Sources: Consensus Forecast and The Riksbank  In the more recent discussion in the media and on the markets, attention has focused on more specific flows. This discussion is not always completely accurate. One reason for this is that it is not the individual flows, but rather the complete picture including all of the flows, various currency strategies, etc. that determines developments. We have little knowledge of the extent to which the players in the economy take exchange rate positions when they buy and sell various types of securities. We know from financial theory that large fluctuations in financial prices can often occur without any connection to large flows. Concern about the government finances can hardly have been a crucial factor in the latter 1990s. Neither is it probable that the short-term interest rate differential played a sizeable part, though an effect at times cannot be ruled out. In the more recent discussion, attention has focused on more specific flows. There were periods last year, for example, when the paths of the Stockholm stock exchange and the Swedish krona were rather closely related. It looks as if the krona tended to fall when foreign investors quit the market.

One possibility I consider worth testing would be to wait for some months before the Board evaluates the measures comprehensively and publishes more detailed minutes. This, in any event, is a matter to which the Board intends to return later this autumn with the aim of establishing a procedure for preparing these matters and providing information about them in ways that are appropriate to the current exchange rate regime. At the same time, it should be underscored that the arrangements we lay down will not be set in concrete. There must be some latitude for unforeseen circumstances. It is worth mentioning that when the Executive Board came into being in January 1999 and chose to work with public minutes, the interval before they were published was comparatively long, 6 to 8 weeks. Since then it has proved possible to reduce the lag to only a fortnight without giving rise to serious detrimental effects. Conclusion The main message in my address today has been that in the current monetary policy regime the exchange rate ought to be regarded mainly as one of a number of forecast variables. The problem here is that, like other currencies, the Swedish krona is difficult to forecast in the time perspective that is relevant for monetary policy, namely a couple of years ahead. The situation is complicated, moreover, in that the exchange rate is a variable that in certain situations monetary policy can conceivably affect directly. We try to use all the available information in order to arrive at our forecast.
And, on the other hand, Bernanke B. and M. Gertler, 2001, ‘Should central banks respond to movements in asset prices’, American Economic Review, vol 91, no.2; Issing, O. ,2004, ‘Financial integration, asset prices and monetary policy’; Kohn, D., 2006, ‘Monetary policy and asset prices’, Remarks at ‘Monetary Policy: A Journey from Theory to Practice”, a ECB colloquium held in honour of O. Issing; and Posen, A., 2006, ‘Why central banks should not burst bubbles’, Institute of International Economics Working Paper 01/2006. For example, the MPC Minutes February 2002, December 2002 and February 2003. 29  10  For example, Borio, C. and P. Lowe, 2002, ‘Asset price, financial and monetary stability: exploring the nexus’, BIS Working Papers number 114. BIS Review 46/2006  Summary It is next to certain that my views on many of the issues covered in these remarks will continue to develop as the MPC confronts new challenges. It would be hard to be serious about policymaking without learning. But for the time being, two key threads run through what I have said. The first is the absolutely vital task of anchoring medium-to-long term inflation expectations in line with a clear target. That just cannot be taken for granted. The second is the importance of clear and clean communications about objectives. On that front, we should not kid ourselves that households and firms are studying our every utterance or examining in detail the economy in which they live and work.

Reflecting the achievements of this university, our models have a well-defined steady state equilibrium for the real economy; well-defined steady state nominal properties, typically an inflation rate; and forward-looking rational expectations, that is to say modelconsistent expectations. The second of these characteristics means that a nominal target is always achieved in the medium-to-long run. And the third means that the model’s agents know that; ie they know now and behave – set wages and prices – accordingly, so that in these mainstream models the target is achieved over cyclical frequencies too. Typically, nominal things enter via inflation expectations, and they are pinned down in the stylised, model economy by a policy rule of the kind I sketched earlier, expressed in terms of an official interest rate (the price of base money). But just in case it were thought that the “problem” of models promising the policymaker success stems from the crime of ignoring money quantities, I should make it clear that that is not so. It would not make a fundamental difference in policymakers’ modern-macro models if nominal stuff entered via a money quantity, with the policy rule being specified as a money-supply growth rate. So-called velocity shocks to the demand for money would cause deviations from an inflation target in the short run, but everything would ultimately settle down nicely – because that assumption would be built in to the model’s long-run properties (in this instance via a demand-formoney equation that was imposed as stable over the long run). I’m exaggerating a bit.
BIS central bankers’ speeches  7  Household-level data, which looks at all sources of income, suggests an even more striking inter-generational divide. Chart 19 plots average real disposable income across three household types: pensioners and working age adults with and without children. Since 2007, pensioners have seen their real disposable incomes rise by 9%. Over the same period, incomes for working age households with children have increased by 3% while those for working age adult households without children have fallen by 3%. 10 These aged-related disparities in income are mirrored, and amplified, when we look at the distribution of wealth. Chart 20 looks at the evolution of wealth across the age distribution since 2007, while Chart 21 shows a breakdown of the gains. All of the £ trillion rise in wealth since 2007 has been harvested by those over the age of 45, two thirds by those over the age of 65. By contrast, those aged 16–34 have seen their wealth decline by around 10% over the period. Given this evidence, it seems likely perceptions of recovery will differ radically according to age. Those over 50 have seen material gains in both income and, notably, wealth. For them, recovery will have felt tangible. By contrast, those under-40 have seen their disposable incomes and wealth fall. For them, recovery is likely to have felt invisible. Whose recovery? To a significant extent, those over the age of 50. (d)  Housing tenure distribution  Finally, consider the impact of housing tenure.

As this has been the system for a very extended length of time, one ends up with a lot of people being paid a lot and doing very little. As such, people don’t move on in jobs or move out of jobs if they are not competent as might happen with a proper pay system. However, a problem identified is halfway solved as the saying goes. And I am happy to note that outsiders and stakeholders who have had to work with the Bank of Thailand lately are very receptive to the change and are saying much nicer things about us and our work. I also sense that the staff are seeing that things are better and will probably give enough support to the restructure. BIS Review 86/2000  4  Ladies and gentlemen, To get back to the topic of the economy: two years ago I said that we would reduce interest rates as the basic strategy for saving the country. This we have done and now the 14-day RP, the monetary instrument we use to transmit monetary policy to the general economy, is at only 1.5%. The lowest lending rate is 7.5% - what a difference from when I talked to you two years ago. The currency is now at around 42 baht to the dollar, which some people consider weak. Yet when compared to the 22 competitor countries, it has not much depreciated in the last two years.
The most important result of international efforts aiming at sound financial markets was the approval of modern risk management techniques as a part of regular financial intermediation process. In this context the Basel II, the new capital adequacy framework, is a very important outcome of the action taken in the international arena. Although, the main aim of the original Basel Accord, which was applying institutionalized and international standards to the global financial system, has not changed in the Basel II Accord, the Basel II puts more emphasis on the risk management aspect of the financial intermediation process. It is expected that a sound and resilient risk management in the banking sector would also lead to more efficient risk management in the real sector. Therefore, in this way, as the financial system becomes more stable, less pro-cyclical and reinforced against shocks, more sources will be available for the real sector. However, it should also be considered that healthy and efficient risk management requires more than the three main pillars of the Basel II Accord. A good understanding of the risks that a financial institution might encounter, a clear definition of risk taking procedures, compliance of risk taking decisions with the strategic goals of the institution, ensuring the risks are within the limits that were set by the management and adequate capital for given risk structure are other essential elements for a more significant advance in risk management in financial institutions.

Interest rates were more and more determined in the markets, and some measures were taken regarding the supervision of the banking sector. However, before taking the necessary actions for strengthening the domestic financial markets, such as measures for more transparent balance sheets and more careful risk management in the intermediation process, the capital account was liberalized at the end of the 1980s. The Turkish economy with an inefficient banking sector became open to intensive capital movements. In my view, the Turkish economy turned into an open one before it became strong enough to cope with capital movements that would occur in the 90s. The sequencing of reforms for the Turkish economy in general and its financial system in particular should have been set differently. What went wrong in the Turkish economy in the 90s? Policies did not concentrate on ensuring and maintaining macroeconomic stability; different priorities, delayed reforms, loose fiscal policy and accommodative monetary policy led to dynamic instability throughout these years. As a result, inflation climbed to 79 percent on average, budget deficit widened so much that the public sector borrowing requirement reached 15.5 percent of the GNP by 1999, the output growth was very low on average and volatile compared to other emerging markets. So, poor macroeconomic fundamentals and a fully liberalized capital account brought about vulnerability of the economy to external shocks and the Turkish economy faced severe financial crises and turbulences in the 90s. Such an environment had also important implications on the financial system.
SPEECH  This Is the Way May 09, 2023 John C. Williams, President and Chief Executive Officer Remarks at the Economic Club of New York, New York City As prepared for delivery  Thank you for that kind introduction. As chair of the Economic Club of New York, I often have the honor of introducing speakers to our forums. It's a special privilege for me to speak to the Club today. I'm also pleased to be here during my favorite month of the year. The weather is warmer… Baseball season is well underway… And it's the month when people around the world celebrate "Star Wars," one of the all-time great franchises. I am often asked whether I am fan of "Star Trek" or "Star Wars," and my definitive answer is, "yes." Now, I promise I won't spend my time talking about the weather or baseball. What I do want to talk about is inflation. Inflation remains too high, and high inflation is hardest on those who can least afford to pay higher prices for food, shelter, and transportation. The Federal Reserve is committed to bringing inflation down. As the Mandalorian would say, "Price stability. "This is the way." Before I continue, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System.

"7 In addition, the FOMC indicated it will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities, according to the framework announced a year ago.8 The FOMC also said that the "Committee will closely monitor incoming information and assess the implications for monetary policy." I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment, and inflation. Always in Motion Is the Future Because of the lag between policy actions and their effects, it will take time for the FOMC's actions to restore balance to the economy and return inflation to our 2 percent target. I expect inflation to decline to around 3-1/4 percent this year, before returning to our longer-run goal of 2 percent over the next two years. As tighter monetary policy continues to take effect, I expect real GDP to grow modestly this year, with growth then picking up somewhat next year. And I anticipate slow growth will continue to cool the labor market, with unemployment gradually rising to about 4 to 4-1/2 percent over the next year. Knowledge Lights Our Way I am confident we are on the path to restoring price stability. As always, I'll be monitoring the totality of the data and what it implies for the achievement of our goals. To paraphrase wiseyouphilosopher Yoda, little more knowledge lights way."