samchain/econo-pairs-v1 huggingface dataset:
This may make the market more receptive to private bonds, as investors may be willing to accept higher credit risk when seeking a return. This factor, combined with lower borrowing costs, may give medium-sized enterprises, which so far have had to rely on bank financing, increased access to the bond market. It should be emphasised that the expected increase in competition in securities markets in the euro area is not solely due to the single currency. Technological advances, deregulation and harmonisation of laws and regulations are important forces contributing to a freer flow of capital and services in the single market. There is little doubt, however, that the introduction of a single currency will make a major contribution to accelerating this process. In sum, trends influencing developments in the banking and financial industry such as deregulation, internationalisation, changes in customer behaviour and rapid technological advances – leading to intensified competition – have been there for some time and will continue. However, the establishment of monetary union will probably intensify existing trends, creating even greater challenges with regard to competition in the banking and financial industry. This brings me back to the basic proposition made in the introduction. In many respects, the euro will not give rise to fundamentally new challenges. It is highly likely, however, that the euro will accentuate challenges that are already present. And that, I think, goes for the UK as well as Norway. *  BIS Review 16/1999  *  *

Thomas Jordan: No end to the debt society without a culture of stability Summary of a speech by Mr Thomas Jordan, Vice-Chairman of the Governing Board of the Swiss National Bank, held at an “NZZ Podium” event, Zurich, 28 February 2012. *  *  *  The complete speech can be found in German on the Swiss National Bank’s website. The most recent financial and economic crisis has resulted in an unprecedented rise in public debt. However, a chronic tendency towards deficits and higher indebtedness has already been observed in a number of countries for the past few decades. Excessive public debt has a negative impact on long-term economic growth, and deprives a country of its freedom of action during a crisis. Sound state finances are thus essential for ensuring an economy's competitiveness and maintaining its social security system, and hence also for social solidarity. Last but not least, excessive public debt also poses a serious threat to price stability and monetary policy independence. Yet how can state budgets be consolidated over the long term? There are limitations on how far fiscal policy powers can be delegated to independent groups of experts. Because fundamental decisions on taxation or expenditure – unlike monetary policy – are aimed at redistribution, they have to be taken at the political level. Even fiscal rules such as a deficit cap or debt ceiling can only achieve a lasting improvement of budgetary discipline if they are supported by a broad political consensus on the advantages of sound finances.
The crisis management measures taken by the central banks of the euro area in recent years have been successful, but they have come at a price. Both the balance sheets of the central banks and the associated risks have increased many times over in consequence. However, the ratio of Eesti Pank’s increased equity to the assets used for monetary policy remains one of the lowest of any of the central banks of the euro area. The comparison with the other central banks of the euro area is important, as the balance of risks to capital of the central banks of the euro area as a whole is considered when joint monetary policy decisions are made. This makes it very important that the Supervisory Board of Eesti Pank decided to transfer three quarters of the 17 million euros that the bank made in profit last year to strengthening the capital of Eesti Pank. One quarter of last year’s profit, or 4.3 million euros went to the state budget, and since 1992 Eesti Pank has allocated a total of 133 million euros to the state budget. It may be asked what exactly the central bank’s reserves are for, given that the Riigikogu bears the responsibility of last resort for capitalising Eesti Pank? History has shown that central banks fall into difficulties at times when there is a general economic or financial crisis.

Islamic banking has strongly emerged as an efficient and effective financial intermediation channel, forming an integral part of the overall Malaysian financial system. Today, we have developed a comprehensive Islamic financial system covering banking, Islamic insurance, the money market and capital market, that operates in parallel with the conventional system. Islamic banking now accounts for 10 percent of the market share of the total banking system. There has been a rapid expansion in the development of Islamic financial instruments. At the global front, Malaysia was the first country to issue a sovereign Islamic financial instrument launched in the international financial markets. The capacity of the Islamic banking institutions to arrange and offer products with attractive features and competitive pricing, which are comparable to the conventional products has been enhanced. While Islamic finance was first introduced to meet the needs of the Muslim community, today, the Islamic financial products and services have wide appeal to both Muslim and non-Muslim customers. The Malaysian Islamic banking institutions operate under a robust regulatory and supervisory framework at par with the conventional banking institutions to ensure the soundness and stability of the system. At the international level, the establishment of the Islamic Financial Services Board will further harmonise the international prudential and regulatory standards for the Islamic financial institutions on a global basis.
10 The preexisting capital buffers available in the banking system, globally and in Switzerland, played a key role in this regard. The continued credit flow, together with extensive public support measures, helped firms and households bridge their income and liquidity shortfalls. Hence, concerns that the economic shock from the pandemic would be amplified by banks scaling back their lending have not materialised. A qualitative survey launched by the SNB in 2020 shows in fact that loan rejection rates did not increase significantly, even in the most acute phase of the pandemic, and virtually no banks reported their own capital situation as a factor limiting credit supply. 11  Macroprudential policy beyond the pandemic We have seen so far that macroprudential policy can help to contain the build-up of vulnerabilities and strengthen banking sector resilience. The pandemic has moreover shown us that a well-capitalised banking sector can dampen the economic impact of shocks, contributing to a faster recovery. So where do we stand today? According to our monetary policy assessment last week, the global economic recovery is expected to continue, although somewhat subdued by the economic consequences of the war in Ukraine. At the same time however, financial system vulnerabilities are increasing. Several national authorities and international institutions have highlighted stretched valuations, in particular in real estate markets, and are pointing to high levels of corporate and sovereign indebtedness. Let me elaborate further, focusing on real estate markets. As we discussed earlier, these markets are mostly credit financed so that 9  Cf.

Measures of underlying inflation however have yet to show convincing signs of a sustained upward trend, despite an uptick in recent months. Domestic cost pressures remain subdued, with wage growth still low by historical standards. At the same time, the deflation risk in the euro area has essentially disappeared. Because of anticipated base effects in energy prices, headline inflation is likely to temporarily decline towards the end of the year. The latest ECB staff projections point to annual euro area headline inflation of 1.5% in 2017, 1.2% in 2018 and 1.5% in 2019. Risks to this inflation outlook are broadly balanced. Exchange rate volatility represents one source of uncertainty which requires monitoring with regard to its possible implications for the medium-term outlook for price stability in the euro area. Looking ahead, underlying inflation is expected to rise gradually over the medium term, supported by our monetary policy measures, the expected continuing economic recovery and the corresponding gradual absorption of slack in the euro area economy. However, progress towards a durable and self-sustaining convergence of inflation towards our objective is not yet sufficiently convincing. Thus, a very substantial degree of monetary accommodation is still needed to secure a sustained return of inflation towards levels below, but close to, 2% over the medium term – in line with the ECB’s mandate.
Likewise, the area around Delhi in India, or Bangkok in this country, is quite bright, but there are plenty of darker areas as well. The third stylized fact relates to the heterogeneity in growth rate of per capita GDP. As I said, Asia as a whole has maintained a growth rate of about 4 percent for more than half a century, as shown in the left-hand-side panel of Chart 4. However, once we plot the growth rates of individual economies, the diversity in the nature of the region’s economic development becomes immediately apparent. The graph also reveals that there were shifts in the region’s “rising stars.” Japan recorded double digit growth in the 1960s, but its growth rate became subdued thereafter. Instead, the Asian NIEs took over the position of very rapid growth economies, followed by China more recently. If we redraw the picture, not against time horizons but against income levels, as shown in the right-hand-side panel of Chart 4, there emerges a pattern of development stages. Growth rate tends to become higher once a country makes the transition from the low-income to the middle-income stage. The growth rate reaches its peak when an economy is at the middleincome stage. After that, it tends to become slower, especially once a country enters the high-income stage. II. Three traps for growth  Can Asian countries sustain their rapid economic growth for the foreseeable future? If history is any guide, we could expect another rising star to emerge in Asia. It is by no means guaranteed, however.

Be assured that I am committed to supporting the implementation of the National Strategy on Financial Education through such campaigns. Ladies and Gentlemen The World Savings Day celebrations would not be successful without recognising individual and organizational contributions towards improving financial literacy in Zambia. In this regard, awards will be presented under nine categories namely: 1. Exceptional individual contribution to financial education, 2. Outstanding theme interpretation; 3. Exceptional leadership in financial literacy; 4. Champions award; 5. Most innovative financial education programme; 6. Outstanding financial literacy footprint; 7. Exceptional financial literacy media outreach; 8. Outstanding initiative by an educator; and 9. Best savings product of the year. I am delighted to grace this year's World Savings Day award presentation and wish the nominated participants all the best. In conclusion, I would like to thank the organisers and stakeholders under our partnership arrangement, in particular, the Bankers Association of Zambia, Securities and Exchange Commission, Pensions and Insurance Authority, Rural Finance Expansion Programme and DSIK for their continued support to the World Savings Day celebrations every year. THANK YOU  3/4  BIS - Central bankers' speeches  4/4  BIS - Central bankers' speeches
Considerations of climate change, environmental damage and the depletion of natural resources have become a higher priority, and therefore needs to be also integrated with financial and economic policies, for example through the implementation of policies on sustainable financing. Finally, given the higher degree of connectivity not only within the domestic financial system and economy, consistent policies and coordination becomes key. Clarity on the governance process for greater interface among regulators becomes important, including that involving cross border interface. For the Asian region, the East Asian central banks have since 2007 established a Monetary and Financial Stability Committee to discuss assessments of risk and vulnerabilities to macroeconomic and financial stability in the region. The strategy for policymakers in Asia has been to build a higher degree of resilience to be better positioned to withstand external shocks and to provide an enabling environment to achieve a sustainable economic performance. For central banks, the focus is on preserving monetary and financial stability. Of equal importance is the development of the domestic financial infrastructure. Important in the policy design of central banks is that the policies are anticipatory. Delays in policy action or exit will invariably result in higher costs, over adjustment and other unintended consequences. A second aspect of policy is that rule based policies such as inflation targeting does not give the policy space to take into account sources of instability and other trends that may work to diminish the extent of such instability.

Zeti Akhtar Aziz: Asia’s role as an important growth centre in the global economy Opening address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the First Asian Central Banks’ Watchers Conference, organised by the Official Monetary and Financial Institutions Forum (OMFIF) and the Lafferty Group, Kuala Lumpur, 1 November 2011. *  *  *  It is with great pleasure that I welcome you to the first Asian Central Banks’ Watchers Conference organised by the Official Monetary and Financial Institutions Forum (OMFIF) and the Lafferty Group. Bank Negara Malaysia is very pleased to host this event here in Kuala Lumpur. Central banks have generally been the most watched organisations given the significance and far reaching implications of their actions on financial systems, the economy and the economic well being of the public at large. This is even more so during periods of financial stress and economic distress. During such periods, central banks have generally been at the forefront in managing such crisis and its consequences. Indeed, this current global crisis has prompted central banks in the United States and Europe to be closely watched given the impact of their actions on not only their own national economies but also on the rest of the world. With the growing significance of the emerging economies in the world economy, our policy actions have increasingly drawn significant interest.
Jacqueline Loh: Gearing up for sustainable growth Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the Singapore Trustees Association Conference 2014, Singapore, 2 October 2014. *  *  *  1. Distinguished guests, ladies and gentlemen, good morning. First off, let me thank you for inviting me to join you at the third Singapore Trustees Association Conference. This Conference brings together industry professionals to discuss trends and challenges facing the trust industry, and how Singapore can stay ahead in this competitive environment. 2. It is believed that the origin of trusts dates back to the 13th century. As crusading English knights sought to protect and preserve their estates during their lengthy absence in battle, they transferred the legal ownership of their estate to a third party, usually a trusted friend, under the agreement that ownership would be transferred back upon their return. Today, some 700 years later, the key hallmark of trusts – the trust structure itself, the beneficiary and the trustee – remain unchanged. The trust structure continues to serve as an important fiduciary arrangement. It has remained relevant and reliable, through ongoing efforts by the industry in adapting and strengthening its capabilities to meet evolving needs as well as industry standards. 3. Your theme this year is therefore instructive. “Singapore: a Dynamic Trust Centre”. The Oxford Dictionary defines “dynamic” to be characterised by constant change, activity or progress.

Besides the Institute of Banking and Finance (“IBF”), certification providers like the International Compliance Training Academy and the Association of Certified Anti-Money Laundering Specialists (“ACAMS”) offer a suite of AML/CFT courses and training programmes. Such courses, where they are accredited by the IBF, are available for funding from the MAS’ Financial Sector Development Fund. So I would strongly encourage industry professionals to tap on the many resources and training avenues in order to increase knowledge and awareness of risks. 4  BIS central bankers’ speeches  Conclusion 27. Returning to the history of the origins of trusts. Such arrangements could well have been phased out at that time if the law did not recognise them. When the Crusaders returned, they often faced refusal for the return of their estate. Such disputes had to be brought before the Lord Chancellor, who found in favour of the returning Crusaders, and recognised such claims. 28. Fortunately, trusts today are built on stronger foundations than the changeable favours of Lord Chancellors. The trust industry is based on and built on reliability and professionalism. MAS partners with the industry, and will continue to do so, to further strengthen its reliability and resilience, by building a robust regime that is well-regulated, stable and trusted. This will continue to instil confidence in clients, and in our financial system. And this will keep us on the path of sustainable growth. 29. On this note, I wish all of you an engaging session and fruitful conference. Thank you. BIS central bankers’ speeches  5
[12] Liquidity buffers maintained by the money market funds currently support trading volumes in the short-term unsecured money market. Liquidity placed by money market funds with banks also enter the formation of some money market rates, like the € [13] The rationale for expanding the purchases of non-financial commercial paper in the spring is explained in: de Guindos, L. and Schnabel, I. (2020), “The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19”, ECB Blog, 3 April. [14] See Schnabel, I. (2020), “COVID-19 and the liquidity crisis of non-banks: lessons for the future”, on the liquidity crisis of non-banks in the spring of 2020, and what it implies for future regulatory reforms in the non-bank sector. [15] Commercial paper (CP) rates are currently at low levels due to, inter alia, a renewed demand by investors and a reduced supply by bank issuers that obtained funding in the TLTROs. [16] See Garcia-de-Andoain, C., Heider, F., Hoerova, M. and Manganelli, S. (2016), “Lending-of-last-resort Is As Lending-of-last-resort does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area”, Journal of Financial Intermediation, 28, pp. 32-47. [17] Robatto, R (2020). “Public Liquidity and Bank Lending: The Perils of Large Interventions”, Working Paper. [18] The importance of excess liquidity levels for money market functioning was exemplified by the repo market turmoil in the United States in September 2019. It was in part driven by declining levels of Fed excess liquidity.

We have had considerable benefit of households and companies, savers and investors, expecting a future rate of inflation that is on a reasonably low level and that their expectations are more or less consistent with one another. This has contributed to a completely different stability in price setting and wage formation over the past two decades than in the two decades prior to this, which has in turn contributed to inflation falling at the same time as we have had more stable and much higher real wages on average. That high and fluctuating inflation has disappeared as a disturbing factor should also have meant that financial decisions by households and companies have in general become simpler and better. But the key to this type of development is a joint anchoring of inflation expectations and a condition for this is that the inflation target of 2 per cent is perceived as credible. This is the problem that has marked the Riksbank's monetary policy in recent years. In January 2015, when I became a member of the Executive Board, we were in an unfortunate situation where inflation expectations in the longer run were losing their anchorage around the 2 per cent target. Monetary policy had been expansionary for a long time and further measures were needed to strengthen confidence in the target and to send very clear signals about the Riksbank’s intentions to bring inflation back to 2 per ce nt.
So between the mid-1990s and the financial crisis, the UK experienced a very powerful financial cycle – a long build-up of credit to the private sector followed by a sharp correction that has reversed some but not most of the preceding credit growth. There were of course other important elements such as lending overseas and between banks, and some would argue lending to governments. But I want today to focus on credit to the UK private sector, particularly household credit. I want to look at what lay behind the upswing of that cycle, the marked rise of credit to GDP since 1997. This is of more than academic interest. We are back to early 2000s levels of credit  1  See Schularick and Taylor (2012). BIS central bankers’ speeches  1  and debt in the economy. We are now emerging from the post crisis period of credit contraction; in the UK credit slowly began to grow again around 2012. It is now growing at almost the same rate as the economy. So now is a good time to ask: what lay behind the very rapid expansion of credit from the mid1990s to the crisis? Should we expect – or want – credit growth to return to its pre-crisis path, growing more than twice as fast as GDP? This is an important question for the Financial Policy Committee of the Bank of England as it assesses the risks to the stability of the UK financial system – where we are in the so-called “financial cycle”?

It is essential for the financial sector to manage climate-related risks, while at the same time, support the economic transition. This means financial institutions have to internalize climate considerations into their business operations and risk management framework and offer financial products and services to help business transition especially in the high-emission and vulnerable sectors without disrupting the economy and leaving someone behind. However, there is no denying that financial sector has substantial gaps and challenges to overcome in order to achieve such goals, particularly on the risk management perspective. Financial sector resilience would be undermined by the climate-related risks without appropriate measures in a timely manner. Thus, central banks and financial regulators have a crucial role in building capacity and facilitating guidelines and tools needed for climate-related and environmental risks. The first step should be providing concrete expectation and guidance for financial industry to uplift their business operations, risk management, and disclosure that align with international standards. Simultaneously, the infrastructures and common tools for climate risk management such as climate scenario analysis, stress test, and climate-related data  1/2  BIS - Central bankers' speeches  must be put in place to create an enabling ecosystem where financial institutions and regulators could assess and monitor the risks effectively. Ladies and Gentlemen, Looking ahead, it is thus inevitable that our regulatory and supervisory frameworks should take into account sustainability and climate-related factors. The conduct of prudential framework in this new landscape will arguably be the most difficult task as it is relatively new and still evolving.