samchain/econo-pairs-v1 huggingface dataset:
But, if you look closely, you’d see that excess reserves actually  1  An extended effort to evaluate potential long-run monetary policy implementation frameworks was announced in the July 2015 Federal Open Market Committee (FOMC) meeting minutes. This effort was previously discussed at the dinner address for the Bank of England-Federal Reserve Bank of New York Conference on Money Markets and Monetary Policy Implementation. 2  Congress had agreed to give the Federal Reserve the authority to pay interest on reserves in 2006, but this authority was to take effect on 2011. The effective date of the authority was moved forward to October 1, 2008, with the passage of the Emergency Economic Stabilization Act of 2008. 3  The FOMC published its Policy Normalization Principles and Plans on September 16, 2014. BIS central bankers’ speeches  1  started expanding earlier and control of the federal funds rate deteriorated. 4 So what happened? In reviewing the events of the second half of 2007 and most of 2008, it is clear that the Federal Reserve faced a tension between the need to provide liquidity to ease money market strains and the need to keep control of the interest rate target within its earlier framework. Demand for dollar liquidity increased in many money markets and some of that demand came from banks headquartered outside of the United States. A by-product of the Federal Reserve’s efforts to provide liquidity to the financial system is that the supply of reserves, which can only be held by banks, increased.

I am not claiming that the current framework is perfect, or that it is necessarily better than the old framework augmented with the new tools used to directly absorb excess reserves, but it is useful to have flexibility in how to implement monetary policy. We have now seen in practice that changes in administered rates can effectively move market rates – both because effective competition helps bring administered and market rates closer together and because the mere existence of administered-rate facilities, like the RRPs I mentioned earlier, can affect competition between private borrowers and investors even when these facilities see little usage. As we learn more about the practical aspects of using these mechanisms to influence money market rates in the United States, a much wider range of potential operating frameworks becomes viable. It will now be important to make sure that all the costs and benefits of different approaches are considered carefully to get the most effective framework for monetary policy implementation. In particular, there are important trade-offs that may need to be considered in a framework that can flexibly provide liquidity for monetary policy implementation and broader transmission. It is possible, for example, that financial market participants may anticipate that the central bank will make liquidity plentiful during times of stress and that this could reduce their incentives to manage their liquidity conservatively. For banks, new Basel III liquidity regulation, such as the liquidity coverage ratio and the net stable funding ratio, partially mitigates this concern.
As this new era of RMB internationalisation has just begun, we still have a long, long way to go as the offshore RMB markets continue to grow and mature, while the capital account controls in Mainland China are being gradually relaxed or lifted. In the early stages of this new era, the primary task of Hong Kong is to develop the CNH market and at the same time work with other financial centres such as Sydney, London or Paris to grow the pie, leading to win-win outcomes. As we move into the more mature stages of the internationalisation of RMB, the available policy headroom should be quite ample for the markets to flourish. At that time, the 2nd and 3rd elements of PIPs, i.e. Infrastructure and People/Products, would matter a great deal more if Hong Kong wishes to retain its competitive edge over the others. It will be up to our industry, financial firms and market practitioners to out compete the other centres in terms of product innovation and distribution of various financial products and services that best serve the needs of their clients. I am sure that the TMA, with the support of its members and the financial industry, will continue to play a leading role in developing the professionalism of the practitioners and in facilitating product innovation. Thank you. BIS central bankers’ speeches  3  4  BIS central bankers’ speeches  BIS central bankers’ speeches  5  6  BIS central bankers’ speeches

Addressing the problems and challenges at an earlier stage will contain the deterioration, and will enhance the prospect for a positive solution. As our economy evolves and transitions towards higher value added activities, the financial support services that is being provided by the financial institutions also needs to evolve. Financial institutions have to recognise that SMEs will increasingly become specialised and diversified, and will require a much more customised and differentiated financial services. Financial institutions will also need to broaden their dimension to look beyond the traditional business activities and be positioned be able to provide financial services to businesses in new areas of growth such as green technology, medical sciences, and information technology. Today, the true value of companies is also not just measured by their tangible assets, but also includes their intellectual capital. The adoption of more dynamic methodologies to assess the businesses value should therefore be beyond collateral and historical performance. For this, financial institutions have to continuously be ahead of innovation and the new growth areas to be able to take into consideration the new related risks in their assessment. Technology will also have a vital role to support efficient services and greater outreach. Financial institutions should also encourage technological enhancements by SMEs through the provision of financing, including adoption of end-to-end supply chain management solutions and greater expansion into regional production networks. On this note, let me take this opportunity to congratulate Institute of Bankers Malaysia for the launch of this book. I applaud the initiative undertaken.
Table 6 Sectoral short-termism estimates for the US and UK Full Sample 1985–2004 Industry  1985–1994  1995–2004  x  Significant? x  Significant? x  Significant? Consumer  0.939  Yes  1.007  No  0.94  Yes  Energy and Utilities  0.939  Yes  1.05  No  0.934  Yes  Financials  0.965  Yes  1.087  No  0.963  Yes  Health  0.940  Yes  0.857  No  0.940  Yes  IT  0.902  Yes  0.957  No  0.892  Yes  Industrials  0.926  Yes  1.018  No  0.925  Yes  Materials  0.875  Yes  0.871  Yes  0.874  Yes  Notes: The significance columns refer to a test of x<1 at the 5% confidence level. 5. Short-termism and public policy  These tests of short-termism point to two key conclusions. First, there is statistically significant evidence of short-termism in the pricing of companies’ equities. This is true across all industrial sectors. Moreover, there is evidence of short-termism having increased over the recent past. Myopia is mounting. Second, estimates of short-termism are economically as well as statistically significant. Empirical evidence points to excess discounting of between 5% and 10% per year.

This amount will also be 1.4 million rubles. We would like to continue the discussion of this topic with deputies. In our opinion, we are fully prepared to generally extend the insurance system to them in the medium term. I will now speak on another type of insurance — OSAGO. Last year, a key reform in OSAGO (compulsory third-party liability motor insurance) was accomplished. It involved the customisation of insurance premiums. This reform was complex and implemented in several stages. We discussed every stage of it with you, at parliament proceedings, and in the course of various panel discussions. Finally, last year, we switched to this scheme of significant 4/6  BIS central bankers' speeches  customisation of insurance premiums. In our opinion, this solution is really the fairest one for people — a good driver should not pay for those whose driving involves risks and causes accidents. This approach is in line with the concept of balanced development in this segment. We can see that the number of complaints regarding OSAGO decreased already by a quarter last year. Moreover, a similar reduction was recorded in complaints about the calculation of the bonus-malus coefficient. This was an acute issue, and we also discussed it here, in the Parliament. Furthermore, although prices for components and imported spare parts were up, insurance rates remained the same, and OSAGO was affordable.
We also intend to introduce Internet Banking Guidelines and Security Standards for mobile Central Bank of Sri Lanka – ROAD MAP 2017  Sri Lanka needs to strengthen the AMF/CFT regime by effectively implementing Financial Action Task Force (FATF) recommendations in order to upgrade the country rating. If Sri Lanka fails to achieve the expected level of compliance, the country may be considered as a high risk country, resulting in adverse implications on the financial sector. In order to overcome such challenges and hence to ensure compliance, the Central Bank will focus on a number of strategic actions in the medium-term. I would also like to note that the Microfinance Act came into effect on 15 July 2016. In line with this, the Department of Supervision of Microfinance Institutions (DSMI) was 24  established at the Central Bank of Sri  management model, where the  Lanka to carry out the responsibilities, as  operational managers form the first line  stipulated in the Microfinance Act No. of defense, and the Risk Management  06 of 2016 and implement policies  and Internal Audit Departments  approved by the Monetary Board to  constitute the second and third lines of  ensure good governance, transparency  defense, respectively. and stability of Microfinance Institutions  Moreover, in view of the need to build a  (MFIs).

It is calibrated to ensure that a bank has enough highly liquid assets to meet its outflows for the first week of a liquidity crisis without recourse to the market for renewed wholesale funding, in order to allow the authorities time to explore options for an orderly resolution. It was designed as one component of a wider crisis management regime, and not as a means for a bank to manage its precautionary buffer for addressing liquidity strain on a going concern basis 3 . Chart 4 shows how actual liquid reserves fell in line with minimum requirement levels until 1981, and continued to decline afterwards, albeit more slowly. Clearly, over this same period, banks also diversified their liquid asset holdings to include other currencies, and started using repo markets extensively. So the chart may exaggerate the decline somewhat. Nonetheless, the overall historical pattern has clearly been one of a marked secular decline in cushions of high quality liquid assets. Similar trends also prevailed in countries other than the UK, such as the US, Canada and Sweden. 4 And focusing on the past decade, whilst holdings of very high quality liquid assets have remained relatively stable, they have not increased to match banks’ rising vulnerability to liquidity risk described above. 3  See Financial Services Authority: “Review of the liquidity requirements for banks and building societies” Discussion Paper 07/7. December 2007. The UK regime is under review. 4  See Goodhart, C.A.E. (2008), “Liquidity and Money Market Operations: A Proposal”, London School of Economics, mimeo.
Fundanga: Islamic banking – building partnerships for development Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, to the Islamic Banking Conference “Building partnerships for development”, Lusaka, 20 October 2008. *  *  *  The Guest Speaker, Mr. Ahmad Zaini Bin Othman Chief Executive Officers of Banks and Non bank financial institutions; Distinguished invited guests; Colleagues; Ladies and gentlemen; On behalf of the Bank of Zambia and indeed on my own behalf, I would like to extend a very warm welcome to you all to this important conference on Islamic Banking. To our Guest Speaker, Mr Ahmed Zaini Othman, I wish to extend a special welcome to you to Zambia and in particular to Lusaka, the capital city. Like the rest of Zambia, Lusaka is a city of tranquility with an easygoing African charm. The city is not short of interesting sites and places to visit. I therefore urge you to find time or indeed stay an extra day or more to sample this special menu that Lusaka offers. I also wish to extend my sincere thanks to Standard Chartered Bank Zambia Plc, the Islamic Council of Zambia and the Eastern Province Chamber of Commerce and Industry for graciously accepting to make presentations at this conference. Ladies and Gentlemen, the Bank of Zambia is honoured and delighted to host the first Islamic Banking Conference in Zambia that begins today, the 20th and ends on 21st October, 2008.

The latest data for January also shows continuation of a broad-based economic recovery in all sectors. BIS Review 41/2010  1  •  Our manufacturing production index rose at 28.6 percent;  •  Exports grew at 31.4 percent;  •  Private consumption expanded at 4.7 percent;  •  Number of inbound tourists are now exceeding 1.6 million for the second consecutive months; and  •  Farm income has improved noticeably from mid-2009. All of these have been instrumental in reducing the unemployment rate of our economy from the peak of 2.4 percent during the crisis to a near historic low level of 0.9 percent, with some sectors such as electronics and automobile industries now starting to experience labor shortages. These are exactly the picture of the economy that we are hoping and looking for: growth that is based on confidence of consumers and investors that feel secure enough about their jobs and business prospects. So much so that it leads to the renewal of consumption and investment activities, especially the consumption of durable products such as cars, refrigerators, and televisions as well as the purchase of new home and new investment projects. Going forward, the prospect of the Thai economy remains robust. The momentum of the recovery is expected to continue into both 2010 and 2011.
A long-term, credible commitment to meet the inflation target also reduces uncertainty when assessing future income, which ultimately determines the (fundamental) value of various types of asset, such as shares. The larger the risk that one will not receive one’s invested funds plus the desired return on the investment, the greater the compensation one requires for investing/lending one’s money. Compare, for instance, with the situation in Sweden during parts of the 1980s (after deregulation) when the system of tax relief on interest, combined with inflation shocks, meant that in principle one could earn money by borrowing while it cost money to save! The conditions for making wise economic decisions will thus become better when the price stability target has been met. The same reasoning can be applied to wage-setting. During the 1970s and 1980s wage-earners were repeatedly forced to make large demands for nominal wage increases as inflation was “eating up” their purchasing power. Real wage increases were almost non-existent, while nominal wage increases pushed up prices, resulting in recurring cost crises. A low, stable inflation rate provides entirely different conditions for more stable and better developments in real wages. Monetary policy and the stock market As I have the privilege of speaking to a group of shareholders, I would like to take the opportunity to make a small digression into the connection between monetary policy and the stock market. I have already mentioned that a low, stable inflation rate creates good conditions for favourable economic growth and long-term developments in the stock market.

I will leave this for the presentation by Kate Sweetman, the main author of this study. Broadly, the Asian Leadership Index demystifies that attributes leaders in Asia must develop if they are to engage the people they lead. The Asian Leadership Index does not propose a new leadership model. Rather, it identifies a number of areas for behavioural change that are needed based on the attributes that respondents indicated are currently missing in their leaders, reinforced with suggestions on how leaders might move forward with greater influence and impact. In conducting this research, it is hoped that it generates thinking on these leadership issues and contribute towards the development of the new generation of effective leaders in Asia. BIS central bankers’ speeches  1
So the FPC will have to repeat its assessment of risks from the non-bank financial sector at least annually. In this area, as in the banking sector, it has to keep risk under close and regular review. And it has to be prepared to act. But that, of course, is the nature of preserving financial stability and preventing a reoccurrence of the illusions I described earlier. 6  BIS central bankers’ speeches

Islamic corporate governance serves through its underlying principles of economic well-being of the Ummah, universal brotherhood, justice, accountabilities and equitable distribution of income. Therefore, while the virtues of Islam have always advocated good corporate governance, the challenge to us lies in its application. For Islamic banking institutions, good corporate governance should have already been embedded in all aspects of their operations. Closely linked to the corporate governance issue is the role of market discipline. Central to the effectiveness of the corporate governance arrangements is the empowerment of shareholders. This would mean providing the conditions under which shareholders have both the incentive and the means to act to discipline Management. The market for corporate control is an important way in which shareholders exercise, in effect, an ultimate discipline over bank Management on the premise of allocating capital where sound management is practised. Third, greater transparency and disclosure of information Transparency and disclosure is essential particularly in a rapidly changing environment. While the comprehensive and timely availability of financial information will increase market discipline, the disclosure of information needs to be complemented with the ability of the market players to analyse, and appropriately interpret the information. Closely related to this issue is the need to strengthen the framework for consumer protection to provide an avenue for redress due to lack of transparency.
But in recent months, the spotlight of the Treasury Select Committee (TSC) has swung onto this area, and we have all been enjoying the debate! Many hours have been spent highlighting the biblical scale of the reporting requirements, the wickedness of the risk margin calculations, the mystical nature of the Ultimate Forward Rate…I could extend this list tenfold. Then we have had a rather more pointed exchange about whether we at the PRA have been over-zealous in our implementation of Solvency II, perhaps damaging competition, or making life too difficult for insurance companies, or denying the nation of vital new infrastructure by being too cautious about insurers’ investment strategies, or all three! All of these are important topics, and in the course of the debate I am as guilty of focusing on them as anyone else. Indeed, I will double-down by talking about some of them again today. So for those of us inside the insurance beltway, this is a very useful and timely debate and I think it is a great thing that the TSC has taken an interest. Can we make our implementation of Solvency II work better? In my opinion, despite some inevitable differences of view, there is in fact a strong degree of agreement between us, the TSC and the industry about the answer to that question. Where is the policyholder? However, in all the blizzard of insurance and regulatory jargon, I think something has been missing from our discussions. Where is the policyholder?

It is just as important to avoid an inflation rate that is too low, as it is to avoid an inflation rate that is too high. Economic policy in the euro area The introduction of the euro on 1 January 1999 also meant the introduction of a single monetary policy in the eleven member countries. Greece joined as the twelfth country on 1 January 2001. The population of the euro area is a little more than 300 million and the euro area economy accounted for about 16 per cent of world GDP last year.1 Price stability is the primary objective of the single monetary policy in the euro area. The Governing Council of the European Central Bank has defined price stability as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2 per cent. The project will be completed in January and February 2002. On 1 January, euro banknotes and coins will be put into circulation. During a changeover period, national currencies can be used as a means of payment alongside the euro. This period is no longer than two months in any of the member countries. As from the beginning of March, the euro will be the only legal tender in all euro area countries, and all prices will be in euros. The objective of monetary policy in the euro area is price stability in the euro area as a whole.
In the UK, relatively strong business investment growth in the past few years has only restored it to a level still shy of its pre-crisis share of GDP (Chart 12), and it is tracking below past cycles (Chart 13). 13  A fall in expected growth rates will tend to push down on expected future earnings, lowering equity prices and increasing the equity yield. At the same time, a fall in growth expectations will tend to be reflected in a lower expected path of risk-free rates, pushing down on bond yields. So a decline in growth expectations will tend to widen the spread between equity and bond yields. Since equity prices depend on earnings expectations at all future horizons, the equity yield (and hence the equity-bond yield spread) will be particularly sensitive to expectations about growth rates at long horizons  BIS central bankers’ speeches  7  Chart 9 Consistent downward revisions to GDP growth forecasts Actual GDP growth 2012 2014 2016  2011 2013 2015 2016  Per cent 8.0 Dotted lines = Emerging economies Solid lines = Advanced economies 6.0  4.0  2.0  0.0 2010  2011  2012  2013  2014  2015  2016  Source: IMF World Economic Outlook. Each line shows how forecasts for a particular calendar year have evolved over time. The diamond shows the eventual outturn.

4. Conclusion  Above the central arch of this Court Room is a weather vane. Originally installed in 1805, it played a central role in the Bank’s management of a different type of uncertainty – meteorological. When the wind blew from the east, ships would be able to travel up the Thames, meaning London’s merchants would need credit to purchase the cargo. When it blew from the west, credit would need to be withdrawn. This Regency forecasting model helped the Bank of England to provide an anchor of stability. Today, while the economy is more complex and our models less reliable, the Bank has identified the clouds on the horizon and can see that the wind has now changed direction. 12  BIS central bankers’ speeches  Over the past few months, working closely with the Chancellor and with HM Treasury, we put in place contingency plans for the initial market shocks. They are working well. Over the coming weeks, the Bank will consider a host of other measures and policies to promote monetary and financial stability. In short, the Bank of England has a plan to achieve our objectives, and by doing so support growth, jobs and wages during a time of considerable uncertainty. Part of that plan is ruthless truth telling. And one uncomfortable truth is that there are limits to what the Bank of England can do. In particular, monetary policy cannot immediately or fully offset the economic implications of a large, negative shock.