samchain/econo-pairs-v1 huggingface dataset:
José De Gregorio: Chile’s approach to external turbulences and threats Speech by Mr José De Gregorio, Governor of the Central Bank of Chile, at the “Economic and Entrepreneurial Vision 2011–2012”, organized by the Manufacturers Association SOFOFA and Universidad del Desarrollo, Santiago, 19 October 2011. *  *  *  I thank the valuable comments of Luis Álvarez, Luis Óscar Herrera and Enrique Orellana. In the past several years we have endured macroeconomic turbulences of unbelievable magnitude, as well as new challenges. The years 2007 and 2008 saw a sharp increase in inflation, then came the global financial crisis and the recession of 2009, to be topped off by an earthquake and a tsunami in February 2010. Today we can say that we weathered this string of difficulties but we remain on the alert, because the threats from the world economy are far from over. These days, our greatest concern is the state of the developed economies and its ramifications on the emerging world and particularly Chile. In mid-2009, the world economy began to recover from the effects of the international financial crisis. However, such recovery featured two different speeds (figure 1). The emerging economies have grown strongly and have had to deal with risks of inflationary pressures and fast credit growth, while the developed economies have recovered slowly. Since the middle of last year, we have stated in our Monetary Policy and Financial Stability Reports that there are many risks still latent.

year  -0,5  0,0  vs. 15 July  Chile: Nominal interest rates (percent) 6,5  6,5  6,0  6,0  5,5  5,5  5,0  5,0  4,5  4,5  4,0  4,0  jun.11 Jun.11  BCP-2  ago.11 Aug.11  BCP-5  oct.11 Oct.11  BCP-10  (1) Change in nominal interest rates of 10-yr generic bonds, unless otherwise stated. Changes at 18 October 2011. (2) 10-yr BCP rates calculated by the Central Bank of Chile. Variations at 17 October 2011. (3) 15-yr generic bond rates. Sources: Central Bank of Chile and Bloomberg. 14  BIS central bankers’ speeches
Singapore’s investing public should seek good financial advisers who are prepared to even advise them against buying an unsuitable product. They should be prepared to pay a fee for such advice. Investor education Even with the best of disclosure and transparency, investors can make informed decisions only if they have the knowledge and skills to do so. This brings me to the fourth area of investor protection – education. The centerpiece of Singapore’s investor education efforts is the MoneySENSE national financial programme. It was launched in 2003 to raise consumer understanding of basic money management, financial planning, and investment products. Through various seminars and media initiatives, MoneySENSE has reached a large segment of the population since its launch. In the last year alone, MoneySENSE events attracted close to 100,000 attendees while media initiatives reached more than two million people. These events are conducted by industry practitioners, academics, and investor advocates. To-date, Money SENSE has published more than 230 educational articles on its website and in the media. More than 30 consumer guides have been issued and are available online. While we have made steady progress, much more needs to be done. Most Singaporeans have sound savings habits and are generally responsible in managing credit, but many still do not have a good understanding of common investment products. Every month, MAS receives, on average, about 10 complaints from the public involving the sale of investment products. I read many of these letters.

Trades that give a false or misleading appearance of market activity, actions to rig the prices of securities or futures, are all prohibited under our law and severely dealt with. MAS works closely with the Commercial Affairs Department to take enforcement actions ranging from civil penalties to criminal action. Last year saw the fruition of MAS’ first civil penalty court action. We secured civil penalties against a fund manager who was found by the High Court to have window-dressed his portfolio by creating a false appearance relating to the price of one of the component shares. The fund manager and its CEO were ordered to pay a civil penalty of $ each to MAS, as well as costs of the court action. The decision was upheld by the Court of Appeal. The assistance that we sought, and obtained, from our foreign counterparts was vital to our success in this case. Similarly, MAS stands ready to assist our international counterparts in their enforcement efforts. Earlier this year, the Australian authorities successfully prosecuted a former fund manager of an Australian bank for insider trading. MAS had referred this case to the Australian Securities and Investment Commission (ASIC) and provided ongoing assistance during ASIC’s investigations. Infrastructure – sound and stable The final component of the capital market ecosystem is the infrastructure that supports the trading of securities and futures. Capital market participants trade either on a multilateral basis through organised exchanges, or bilaterally with each other over-the-counter or OTC.
This phenomenon has been supported by the progressive financial liberalisation, the development of domestic financial markets, the greater use of domestic currency to facilitate bilateral trade activities and the development of the payments and settlement systems. The economic and financial regional integration has also been reinforced by a higher level of regional cooperation. Earlier regional cooperation had focused mainly on trade, investment and development. This decade has seen the cooperation shift to efforts to address financial stability issues, including in surveillance, crisis management, liquidity support arrangements, financial supervision and financial market development. The approach in forging greater financial integration in Asia will be different from that adopted by Europe. The region does not have centralised institutions to coordinate financial integration but has leveraged on the existing intra-regional groupings and networks to forge greater cooperation and collaboration in areas of common interest. The region has its own monetary and financial stability committee that is supported by arrangements for regional surveillance to identify risks and vulnerabilities to the region. Also in place is an integrated crisis management framework that will be operationalised in the event of an imminent financial crisis in the region. Recently the region successfully organised two schemes for reserve pooling, the Asian Bond Fund and the ASEAN+3 Chiang Mai Multilateralised Swap arrangement as a liquidity support facility.

It is in this context that the West was hit by oil shocks in 1973 and 1979 unleashing upward pressure on inflation and slowing real economic growth across major economies. Fast forward to 2020s, the pandemic and the war in Ukraine acted like two large supply shocks that put out of balance the global economy. Prices have gone up, and economic activity is slowing. Just like in the 1970s, the risk is that supply shocks spill over to the demand side, initiating a process that could push the world economy into a high inflation regime. Contrary to the 1970s, however, many central banks are more resolute than ever to pursue their mandate of price stability. Looking at the demand side, indicators of wage responsiveness are on the rise, but not to the extent that would fuel a wage/price cycle like in the 1970s. Indeed, despite a tight labour market, organised labour does not exert the influence it had fifty years ago: the  2/4  BIS - Central bankers' speeches  labour share of income has declined by around 15 percentage points from the mid1970s to 55%. A caveat on the labour supply. Today we still have to understand fully the make-up of our laboursupply post-COVID. Active ageing has still to come back to the 2019 levels, many young people are changing jobs more often, with some professions being shunned, people are taking time to decide what job they want to go for.
Liquidity, profitability and capitalisation indicators are at good levels, while the ratio of non-performing loans has trended down. The Bank of Albania has continued to work for the regulation and prudent supervision of the banking system, pursuant to the legal obligations, as well as to sustain its steady development. Also, we have cooperated with: (i)  other public agencies, to improve the legal framework, align regulatory practices, and identify measures for withstanding systemic shocks;  (ii)  international financial institutions, to develop loan restructuring programmes; and,  BIS central bankers’ speeches  1  (iii)  foreign regulatory institutions and parent banking groups operating in Albania, to exchange information. I would like to reiterate that the banking system is solid, liquid and well capitalised for conducting its intermediary function. However, credit growth continues to appear sluggish, due to tight bank lending policies. Maintaining and strengthening banking system soundness is to everyone’s benefit, as this is the only system that, with its funds, may sustain long-term economic growth. Lending is expected to improve slightly during 2015. The Bank of Albania, however, expects an increasingly active role of the banking system in lending and will also take all the needed measures to encourage it. At the conclusion of discussions, the Bank of Albania shares the view that economic policies are performing overall in the right direction.

Increase in consumption and private investments, owing to the improved financing terms, confidence and private sector balance sheets, was, and is expected to continue to be, the main driver of the economy’s performance. On the other hand, the public sector has been and remains committed in the path to fiscal consolidation, whereas the external environment continues to face problems and pose challenges to the increase of Albanian exports. In the short run, the increase in consumption and private investments is sufficient to generate initial triggers for economic growth, but the long-term growth of the Albanian economy should rely more on the improvement of its competitive profile and growth of exports. Therefore, we deem that the acceleration of structural reforms has a unique role in supporting economic growth. Inflation continued to stand below our target. Internal inflationary pressures have been upward, but the fall in prices in global markets decelerated the return of inflation to target at home. The monetary policy stance of the Bank of Albania has become strongly accommodative. This policy stance aims at reducing the financing costs of the private sector, in order to sustain the return of the economy to equilibrium and of inflation to target, in the medium-term horizon. In our view, the indicators of economic activity and inflation are performing in the right direction; however, the sustainable accomplishment of targets will need time and will imply keeping low interest rates for some quarters ahead. Overall, the main indicators in banking system activity improved.
Ravi Menon: Introducing Zhou Xiaochuan Opening remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at MAS Lecture 2019 by Zhou Xiaochuan, Singarpre, 19 September 2019. * * * Dr Zhou Xiaochuan, President, China Society for Finance and Banking, and former Governor, People’s Bank of China Mr Tharman Shanmugaratnam, Senior Minister and Chairman, MAS Mr Goh Chok Tong, Emeritus Senior Minister and Senior Advisor to MAS Distinguished guests, friends and colleagues, good morning. Welcome to the tenth MAS Lecture. Since its launch in 2000, the MAS Lecture has featured leading members of the international financial community to share their perspectives on the economic and financial issues of the day. I have been trying to get Dr Zhou to speak at the MAS Lecture almost since the time I became MD MAS eight years ago. On at least a couple of occasions, Dr Zhou actually agreed to deliver the Lecture, only to be prevented from doing so by pressing issues back home in China. And now, the stars have finally aligned to bring Dr Zhou to Singapore and to deliver the MAS Lecture. Perhaps, there is a deeper significance as to why the stars conspired to make Dr Zhou deliver the MAS Lecture in 2019 and not earlier. This year marks the 10th anniversary of China’s bold move to gradually internationalise the RMB. It was in 2009 that the People’s Bank of China launched a cross-border RMB trade settlement pilot scheme.

The week of 12–18 March 2018 is internationally known as the Money Week. Initiated by Child and Youth Finance International, with the support of the Organisation for Economic Co-operation and Development (OECD), and adopted by more than 23.000 organisations across the globe, the Money Week is an annual financial awareness campaign built to inspire children and young people to learn about money matters, livelihoods and entrepreneurship. The celebration of this Week aims at raising the awareness of the younger generation to be responsible future citizens and capable of making well-informed financial decisions Following the tradition from the previous years, the Bank of Albania, in cooperation with the Albanian Association of Banks, with the support of the Ministry of Education, Sports, and Youth, like many other institutions worldwide, will organize various activities to involve children and young people, teaching them how to manage money, to save money, to think financially, to understand the changes in the economic systems where they live, to earn income through entrepreneurship, and set the foundations for their future through financial literacy. In the light of these objectives, during the Week, a number of activities will be organised such as lectures, contests, and visits to commercial banks and the Museum, aimed at including as many students as possible. This year’s motto “Money: You reap what you sow” highlights the importance of money matters as a necessary means to achieve and maintain welfare.
Distinguished speakers, dear friends, collaborators and guests, let me once more, as a host, to thank you for the precious time you dedicated, joining us in the celebration of the 60-th anniversary of central banking in the Republic of Macedonia, as well as for your participation in the today's conference. I wish you pleasant work and fruitful discussion, beneficial for all of us. Thank you. 4  BIS Review 100/2006

It has been acknowledged that at least part of the deficit may be structural rather than cyclical in nature. Although official projections suggest that the combination of cyclical recovery and disciplined containment of government spending should restore fiscal balance in due course, scepticism is understandable; this is an extraordinarily difficult field for forecasters, since the balance is the difference between two very large numbers, each comprised of many varied components. The air of uncertainty gives rise to rumours – of sweeping expenditure cuts, of asset sales, of new taxes, of higher tax rates or whatever – and to fears that Hong Kong may not be able to preserve its distinctive edge as a place with an uncomplicated tax system and low rates of tax. Concerns which arise under any of the above headings may find expression through the financial markets. Conclusions What can one conclude from all of this? •  First, a number of reasons have been enumerated as to why fiscal deficits may be a worry, both for economies generally and for Hong Kong in particular. There can be no doubt that Hong Kong's fiscal position is a matter for concern, but monetary factors should not necessarily be paramount to that concern. •  Secondly, and in the same broad context, one should beware of simplistic assertions or hypotheses about the monetary implications or, more specifically, the exchange rate implications of fiscal deficits.
Such a turn of events would have had severe effects on the real economy. In this respect, it is important to refrain from drawing too-sweeping conclusions from the banking collapse in Iceland, as the international part of Iceland’s banking system was so large and domestic banking operations were actually kept up and running at considerable cost. International cooperation on crisis management grew markedly in scope, particularly through collaboration among the G20 countries and at the International Monetary Fund. It encompassed a common perspective on fiscal measures to support the banking system and stimulate demand, and the provision of support to specific countries. Later on, emphasis shifted to the reform of the financial regulatory framework. That work is still underway. BIS central bankers’ speeches  1  But in spite of these measures, by late 2008 and early 2009 the recession on both sides of the Atlantic had become the deepest since the interwar years, and on a global level it was the most extensive and synchronised contraction in history. All of this affected the Icelandic economy, of course, but added to it were the collapse of Iceland’s banks, the plunge in asset prices, and the inevitable adjustment of domestic demand following the overheating in 2005–2007 – an adjustment that had begun before the banks fell. The contraction from the peak in Q4/2007 to the trough in Q1/2010 was the deepest Iceland has seen, at least in the post-war period. GDP contracted by nearly 12½%.

Már Guðmundsson: Recent economic and financial developments in Iceland Speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at the 53rd Annual General Meeting of the Central Bank of Iceland, Reykjavík, 27 March 2014. *  *  *  Mr. President, Prime Minister, Minister of Finance and Economic Affairs, Chairman of the Supervisory Board, former Governors, Directors, Ambassadors, Ladies and Gentlemen: This Annual General Meeting is the Bank’s sixth one since a large part of the Icelandic financial system collapsed, ushering in the deepest economic contraction Iceland has seen since measurements began after World War II. It is also the last Annual General Meeting in my current term as Governor. For this reason, and because we stand at a turning point in the resurrection of Iceland’s economy and financial system, it is appropriate to look back, assess the progress made, and identify the challenges ahead. Iceland’s financial crisis was part of the global crisis that peaked in September 2008, when the US investment bank Lehman Brothers failed, triggering a worldwide run on banks’ foreign funding. Had it not been for the coordinated response by leading central banks around the world, which provided collateralised US dollar liquidity to international banks, both directly and through foreign currency swaps, many of those banks would have gone under. Iceland was a participant in this cooperative effort only to a very limited degree. But its commercial banks were highly dependent on foreign funding, which was much shorter-term than the foreign assets in which they had invested.
Jaime Caruana: The Basel II initiative Remarks by Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the IIF Spring Membership Meeting, Madrid, 31 March - 1 April 2005. *  *  *  I would like to begin first by thanking for his kind introduction. It is an honour for me to participate once again in an event sponsored by the Institute for International Finance. It is doubly a pleasure for me to do so here in the city of Madrid. Although the title of this session is “regulation and consolidation in the financial industry”, I will not speak about consolidation in my intervention, because I believe that the role of the banking supervisor in such issues is minor compared to the role of the market. Structural changes in the financial sector, such as consolidation, should, in my opinion, be market-driven phenomena that respond to market needs - such as economies of scale, IT synergies, the benefits of diversification, gaining access to a larger client base, etc. This is particularly relevant in the EU context, where we are aiming for a truly single market. In this respect, I support all the steps the Commission is taking to remove remaining internal barriers and restrictions in pursuit of this goal. The banking supervisor’s role in issues related to consolidation is tightly defined by both the letter and spirit of EU banking legislation.

Maja Kadievska-Vojnovik: Rules and regulation update Speech by Ms Maja Kadievska-Vojnovik, Vice-Governor of the National Bank of the Republic of Macedonia, at the Erste Group Bank workshop “Rules and regulation update”, Skopje, 1 December 2014. *  *  *  Dear Governor Bogov, Dear Guest Speakers from Erste Group Bank, Dear representatives from financial regulatory agencies, Dear colleagues, Please, let me thank you Governor Bogov for supporting the idea of organizing such an event that summarizes financial regulatory reform after six years of the global financial crisis and also I would like to give my appreciation to the guest lecturers from Erste Group Bank for their quick response to help us to better understand it. This workshop is distinctive, in my opinion, as it will point at numerous regulatory changes aimed at supporting the vision of a financial system that would be both globally integrated and adequately regulated over the medium-to-long-term. Why we are here today? Probably, some of you have already asked this question. Why? The subject and the presentations of today’s workshop are of great importance, having in mind that, we, the Central Bank with its unique foreign reserves management function, and other institutional investors (banks, pension funds, insurance companies) that are supervised by the regulators participating in this workshop, all of us, are investors on the European and global financial markets. In that regard, understanding of the regulations that are changing the financial markets landscape is of greatest significance for each market participant.