samchain/econo-pairs-v1 huggingface dataset:
Strengthening financial market infrastructures is another important initiative underway to make the financial system more resilient and robust. In this regard, there are two important strands of work underway. First, there is strong momentum both in the United States and abroad to require that standardized OTC derivative products be cleared through central counterparties (CCPs) and that the information associated with all OTC derivatives trades be reported to trade repositories, with this information then being available to regulators around the world. Second, the Committee on Payment and Settlement Systems (CPSS) and the International Organization of Securities Commission (IOSCO) are undertaking a review of international standards for financial market infrastructures. This review will lead to a comprehensive set of  BIS Review 131/2010  7  recommendations as to what constitutes best practice with respect to the operations of financial market infrastructures. These recommendations will apply to a broad array of financial market infrastructures, including CCPs and trade repositories. The final report will be completed during the first half of 2011. The goal will be to have these standards endorsed by the Financial Stability Board and the G-20 leaders. With those endorsements, it should be possible to harden the recommendations into more substantial standards. In all of the reforms that we are implementing it is important that we pay close attention to the shadow banking system.

11. According to a market knowledge study called the ‘FinScope Demand – Side Survey’ which was conducted in 2005 to review the inclusiveness of the Zambian financial system, two thirds (or 66.3%) of the Zambian adult population do not have access to financial services and only one third (or 33.7%) use banks, other formal and informal financial services and products (such as those offered by microfinance and savings clubs). Furthermore, only 15% of the adult population access commercial bank services. A huge market therefore exists to tap if transaction costs are reduced. 12. Finally, Honourable Guest of Honour, let me congratulate NATSAVE for its participation in addressing the issue of increased access to financial services for the people of Lukulu despite the challenges of physical access and resultant higher transaction costs. I thank you. 2  BIS Review 69/2009
Lars Heikensten: Monetary policy and wage formation in Sweden  Speech by Mr Lars Heikensten, First Deputy Governor of the Sveriges Riksbank, at the Office of Labour Market Policy Evaluation (IFAU), in Stockholm, on 5 May 2000. *  *  *  Let me start by thanking you for inviting me to this seminar. Few things are more important for the Swedish economy today than to ensure that we have a well-functioning wage formation system and labour market. In my introductory speech today I will discuss four issues. First, I will present the argument for adopting price stability as the Riksbank’s chief objective and say some words about the Swedish debate on this matter. Then I will comment on developments during the last decade, when we abandoned the high-inflation policy of the 1970s and 1980s. My third subject will be the current monetary policy situation and the choices that we now have to make. Lastly, I will comment briefly on wage formation and the labour market in the light of this situation. Discussion of the price stability objective In the early 1990s, there was a shift in Sweden’s economic policy towards establishment of a low-inflation regime. A few years later, price stability was established as the objective of monetary policy. This change was the result of a realization among policymakers that the policy of high inflation and recurring devaluations that had been pursued in recent decades had failed.

BIS Review 39/2000  2  Let us make a comparison between the period starting with the recession of the early 1970s up to 1989, when annual inflation averaged over 9.5%, and the period from 1993, ie the end of the last recession, up to now, with an average inflation rate of just over 1.5%. Broadly speaking, the latter period presents a brighter picture. The total rate of investment, measured in terms of year-on-year changes, is higher on average during this period, especially if investments in housing are excluded. The average productivity of the economy as a whole is broadly the same during the two periods. However, behind the average during the first period lay some years of very strong growth in productivity in the early 1970s, offset by poor productivity growth during the 1980s. The Swedish economy has grown by 2.3% on average since the start of 1993. This is only slightly higher than growth during the period 1971-1989. However, the composition of growth is different in the two periods. During the second period, growth in industry has been just under 3.5%, which is about 1% higher than during the previous period. The difference in growth would also be more marked if the latter period were to start only six months later. Average growth from mid-1993, when the recession levelled out, to the end of 1999 was 2.9%. Diagram 2. Gross investment, total and excluding housing  Gross capital formation 7 6  7 Total Excl.
The mean squared gap for the inflation forecast is defined as    0 t  ,t   *  / T  1 , where t  ,t denotes the forecast in quarter t for inflation T  2  in quarter t  ,  * denotes the inflation target, and T denotes the forecast horizon (normally 12 quarters). 4  In the Monetary Policy Reports, the following note is also usually attached to the resource utilisation diagram. “These gaps should not necessarily be interpreted as the Riksbank’s overall assessment of resource utilisation.”  4  BIS Review 22/2010  Figure 1 here or Figures 2.13–2.15 in the Monetary Policy Report summarise the essence of the monetary policy decision. What monetary policy alternative shall we choose? Which repo rate path shall we choose: the one in the main scenario, or a higher or lower repo rate path? My firm opinion is that a large part of the monetary policy decision-making process and discussion should centre on monetary policy alternatives and their advantages and disadvantages. I fear that the decision process will otherwise fix too quickly and too uncritically on one particular alternative instead of carefully and meticulously considering several alternatives, choosing the best one, and very clearly describing why one particular interest rate decision was made and not another.

Ong Chong Tee: Financial integration – a collective effort towards efficient and resilient markets Speech by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, at the Launch Event for EU-Asia -Pacific Forum on Financial Regulation, Singapore, 14 October 2016. * * * Mr Olivier Guersent, Director General for Financial Stability, Financial Services and Capital Markets Union (European Commission) Dr Michael Pulch, EU Ambassador to Singapore, Mr Ashley Alder, Chair of the IOSCO Board and Chief Executive of Hong Kong SFC, Mr Ryozo Himino, APRC Chairman and Vice-Minister of International Affairs, Japan FSA, Mr Paul Andrews, IOSCO Secretary General, Distinguished guests, ladies and gentlemen, On behalf of all my colleagues at the MAS, let me extend a warm welcome to everyone at this launch event of the EU - Asia- Pacific Forum on Financial Regulation. It is a privilege and honour for the MAS to host this inaugural forum on financial regulation between the EU authorities and members of the IOSCO Asia-Pacific Regional Committee (APRC). This launch event will no doubt set the stage for the in-depth closed-door discussions to follow over the course of today. The impetus for this forum is a recognition that the financial markets of Europe and Asia are increasingly inter-connected. One measure, for example, is the total portfolio assets held by investors from the largest five EU economies1, in the Asia and Pacific region 2.
The banking sector maintains its strong and sound position as banks in Turkey are wellcapitalized with high quality and highly liquid assets and continue to offer solid rates of return on capital. As a result the banking sector still provides a reasonable loan growth for the economy despite heightened uncertainty in global markets. To conclude given the ongoing challenging external conditions it will be essential to continue to implement a tight and flexible monetary policy in order to lower inflation in a volatile environment. Meanwhile, taking liquidity stabilizing measures for the foreign currency market and ensuring the stability of the financial system are key to alleviate policy tradeoffs. Last, but not the least, maintaining the fiscal discipline; and adhering strictly to the announced structural reform agenda in order to lift potential growth in accordance with the country’s needs remains the key to stability. 2  BIS central bankers’ speeches

These changes are speculated to lead to a marked decline in U.S. influence throughout the world and as a result the much talk about subject of the “new world order”. In our view, however, it might be more fruitful to discuss about the new global framework as a check on global imbalances rather than a new world order. This is because the ultimate winners or losers from globalization are yet to be decided. A long historical perspective is, therefore, needed in order to put the net social cost and benefit of globalization into a proper context. A new wisdom from financial globalization, however, is emerging. As Professor Rodrik will probably agree, reaping the benefits from globalization is by no means automatic. Globalization, financial or trade liberalization, all need supporting institutions for their gains to materialize. Furthermore, past experiences according to Professor Michael Bordo of Rutgers University, also indicate that although the globalization winners appear to outnumber losers in an increasingly integrated world, it is still possible that the losers (even temporary ones) can create a backlash that will once again cause a retreat in the globalization process. Ladies and Gentlemen, It is obvious that a global financial crisis will need a global solution. This symposium on financial globalization is thus very timely and come at a time when policy makers and market participants are in dire need of a better solution. And this year, we are honored to have with us many distinguished speakers from well-regarded institutions to discuss this important topic.
An area that Islamic finance has a major potential role is in the reorientation towards achieving a more inclusive and sustainable growth – an important post-crisis development agenda. Serving the small and medium-size enterprises (SMEs) presents huge potential for Islamic financial institutions, particularly those with the capability to deploy innovative equity-based structures and alternative forms of financing, such as private equity and venture capital. Asia is also now becoming a primary force for the global Sukuk market, with 68% or USD120 billion of the total sukuk outstanding in 2011 originating from the region, thereby providing an important investor base for sukuk issuance from different parts of the world. Whilst Malaysia has evolved a vibrant sukuk market, more Asian countries have turned to the sukuk market for financing large-scale projects including for infrastructure development. Several countries in the region are currently reviewing their legislation and taxation to enable debut sukuk issuance. The Asian sukuk market has also been progressive in the innovation frontiers. There has also been a growing trend for multi-currency sukuk issuances. This provides greater prospects for tapping a wider pool of investors, including from the Middle East and Europe. In Malaysia and more recently, in Indonesia, Sukuk issuances have also aimed at retail investors. This is to take advantage of the high levels of surplus savings in Asia, whilst providing wider investment options to retail investors that have traditionally invested in bond funds and unit trusts.

Zeti Akhtar Aziz: Regulatory and governance for Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Brunei Darussalam Islamic Investment Summit 2013 “Regulatory and governance for Islamic finance”, Bandar Seri Begawan, Brunei, 19 June 2013. *  *  *  It is my great pleasure to be here in Brunei Darussalam to speak at this Islamic Investment Summit 2013. My remarks today will discuss the current landscape of Islamic finance in Asia in the context of the growing role of Asia in the global economy, and the important priorities for Islamic finance to strengthen its prospects for future growth and stability. Asia and the global economy The global economic landscape is now significantly evolving as it progresses towards a new more multi-polar world. This is being shaped by the increasing contribution of emerging economies to global economic growth, with some of the most vibrant and dynamic emerging economies being in the Asian region. In 2012, the Asian region contributed 56% to global growth. This advancement takes place at a time when the world economy continues to be significantly challenged by the lingering effects of the 2008 global financial crisis, with a sustainable economic recovery yet to be secured. Asia’s growth trajectory has been underpinned by several favorable fundamentals, which will continue to support its prospects for growth going forward. Asia is a highly diverse region in terms of its economic and demographic structure, market size, stage of development, and political systems.
  as precaution against possible abrupt capital outflows (the “sudden stop” syndrome)    and, finally, to provide liquidity to domestic financial institutions. (Obstfeld et al. 2009). That use of foreign exchange reserves was especially apparent in 2008 when Central Banks in many emerging (and some industrialized) countries put those reserves at work to ease domestic tensions created by dollar liquidity shortages. The costs of holding reserves are also well identified:   intermediation of national savings by a public entity is never neutral. By nature, those entities don’t have the same risk appetite and liquidity preference as private agents. A significant part of national savings (up to 30% in some countries) might find itself subject to a “directed” allocation towards liquid instruments denominated in foreign currency.   as a consequence, there is a direct opportunity cost because foreign exchange reserves’ risk / return profile may be lower than for other, alternative, investments.   finally, as reserves accumulate, countries are getting increasingly exposed to exchange rate risk and face the possibility of significant valuation losses. This kind of cost / benefit analysis seems less and less able, however, to account for the true behavior of reserve holders. First there may be immeasurable, but very powerful, benefits such as increased security, lower external interest rates and lower exchange rate variability over the long run. Second, part of the costs may be borne by the system itself and not fully internalized by each individual country.

In particular, the Banco de España is now empowered to require that banking institutions establish countercyclical capital buffers by credit segment, limits on concentration in relation to economic activity sectors, and limits and conditions when underwriting new loans (in terms of loan-to-value, loan-to-income and debt service-to-income ratios, and also the maturity, the currency in which the operation is denominated and whether the interest rate is fixed or variable, among others). These new instruments complement those previously available to the Banco de España and included in the European legislation:11 the countercyclical capital buffer, the systemic risk buffer and the buffer for systemic banks, among others. In addition, this year saw the creation of the Macroprudential Authority Financial Stability Council, whose main goal is to contribute to the promotion of coordination and the exchange of information on financial stability issues among the Banco de España, the Ministry of Economy and Enterprise, the Spanish National Securities Market Commission and the Directorate-General of Insurance and Pension Funds). All in all, this new institutional setting is a significant step forward in reinforcing financial stability in Spain. 4. Other policies should also promote economic and financial stability The notion that other economic policies should complement monetary policy and also contribute to economic stability has always been embedded in the design of the European Economic and Monetary Union.
Particularly in the area of wealth management which comprises over half of the total added value of the banks, Switzerland is clearly one of the world’s leading provider of services. The value of total assets managed in customer accounts in domestic banks as of the end of the year 2003 amounts to CHF 3’300 billion, of which nearly 60% is held by foreigners. According to various estimates, this corresponds to approximately one third of the world’s total private wealth managed abroad. Much has been said and written about the various strengths of the Swiss financial center which account for the dominant global position in wealth management. Political, economic and monetary stability, know-how, traditional high quality of services provided, guaranteed protection of privacy and strict conditions ensuring the prevention of abuse are all key ingredients to Switzerland’s past and future success. In the current global market place, some of these strengths represent structural competitive advantages. The Swiss authorities and the Swiss financial sector representatives rightly  1  Charles P Kindleberger (1974): “The Formation of Financial Centers: a Study in Comparative Economic History”, Princeton Studies in International Finance, No 36, Princeton: Princeton University, November. BIS Review 34/2004  1  make great efforts to defend these structural competitive advantages as much as other sovereign countries defend theirs. Nonetheless, in a fierce global competitive environment, defense is a necessary but not a sufficient condition for sustained success.

While this has positive spillovers for financial inclusion, more can and must be done to ensure that consumer protection policies are designed to adequately protect vulnerable groups, and ensure that financial innovation is pursued in a responsible manner. To address these issues, we are delighted this year to have the participation of the global standard setting bodies together with members of the AFI at this Forum. We share a common interest in seeking to lower the barriers to financial inclusion and to create a larger positive impact of policy measures on financial inclusion. An important starting point is for the global standards to reflect financial inclusion perspectives. The standards setters have pointed out that this is supported by the concept of proportionality which underpins the global standards. Of great importance is how this is going to be translated into practice. By drawing on the diverse experience of AFI members present at this Forum, it is hoped that we can start to build a common understanding of “proportionality in practice”. This is important not only to support the financial inclusion agenda, but also achieve the outcomes of financial stability and consumer protection that were intended by the global standards. This would also promote the wider adoption of these global standards. Increasing risks of financial exclusion Financial inclusion has now progressed from access to financial services, to also being concerned with whether the financial services are appropriate to individual circumstances, and are being used effectively to improve individual welfare.
In fact, the share of exports to CLMV in our total exports is now on par with the share of our exports to the major trading partners such as the US, Europe, and Japan. Thailand’s exports to the US are also poised to become firmer as the US economy continues to see improvement in its recovery. Our exports of vehicle parts, electronic-appliance parts and electronics to the US have expanded in the past few months, and are likely to continue their growth momentum in 2016 in line with the US economic recovery. Nevertheless, some structural limitations still weigh on long-term growth. The recovery of the export sector will continue to be impeded by a shift in the global trade structure. Some of our products such as apparels and garments have seen a continuing decline in competitiveness, while some others are falling out of technological trend. Simply put, the Thai economy is like a car whose engine is in need of an overhaul. We need structural adjustments in growth drivers to enhance our competitiveness and sustainable economic growth. The private sector needs to invest in new production technology, and improve product quality in response to changes in global demand and consumer preferences. As Mohamed A. El-Erian, then CEO of PIMCO, once said “structural challenges require structural responses”.1 In this context, we welcome many new initiatives by the government to stimulate public and private investment and upgrade Thailand’s value chain.

With the introduction of changes in the Board of Investment’s criteria for investment privileges, the government has geared up its effort in promoting high value added industries. It also announced Special Economic Zones in order to facilitate the growing networks of production, trade, and services initially with our neighboring countries. By expediting growth-enhancing infrastructure development and increasing ease of doing businesses, the government also helps promote crowding-in of private investment. Fiscal reforms are also in the pipeline in order to boost efficiency of the public spending, revenue collection, and other public administration. Reforms of state enterprises will also be vital to upgrading the country’s growth potential as they manage strategic assets of the country, and account for a large share of public capital expenditure. All in all, our car needs an engine overhaul. The government’s recent initiatives form an important part to uplift the car’s engine. In the meantime, I can assure you that we have a good suspension system to get through a bumpy road of market volatility ahead. Ladies and gentlemen, At this juncture – during which Thailand is going through multi-dimensional reforms – the Bank of Thailand will do our part to safeguard stability, support the economic recovery, and facilitate long-term structural reforms. 1  4  El-Erian, Mohamed A. “Navigating the New Normal in Industrial Countries.” Per Jacobsson Foundation Lecture. 10 Oct. 2010. Web. <https://www.imf.org/external/np/speeches/2010/101010.htm#P12_100>. BIS central bankers’ speeches  There are three main elements of our policy navigation that I would like to share with you this morning.