samchain/econo-pairs-v1 huggingface dataset:
It is essential that the market promptly receives the information which the Board of Directors consults when making its decision. The Bank of Russia will continue to publish its analytical commentary that summarises and estimates expectations of households, businesses and analysts, after ‘the week of silence’. Third. Monetary conditions are continuing to loosen. We expect that both previous and today’s key rate decisions will underpin this trend. Market expectations for interest rates shifted downwards on the back of the signals in the followup to the Board meetings in June and July. This was also driven by the shifting expectations for monetary policies of the US Fed and the ECB as the economic growth outlook for the US and euro area deteriorated. The decline in interest rates comes with an easing of non-price lending conditions in terms of maturities and volumes. The easing of both price and non-price monetary conditions contributes to expansion in lending. According to our estimates, corporate lending will rise by 7-10% while retail lending will increase by 15–20% this year. Fourth. Economic activity undershot the Bank of Russia’s expectations in the second and early third quarter. This results from internal and external factors. This made us revise our 2019 GDP growth forecast from 1.0-1.5% to 0.8-1.3%. An important external factor is a slowdown in growth of the global economy, which has proven more tangible than expected due to, among other things, the growing contradictions in international trade.

The euro area’s recovery is on track and gaining momentum, but still weak, as inflation expectations are not rising and core  BIS central bankers’ speeches  1  inflation has levelled out. In December the Eurosystem staff macroeconomic projections will inform our decision. Given that the ECB has already sent strong signals to the financial markets, aren’t you obliged to act now? No. The decisions we take are based on the economy, not financial markets. We are currently asking ourselves the following question: are some factors, such as the fall in the price of raw materials, temporary? Or rather, will they prevent in a lasting way inflation from returning towards 2%? If the answer to the second question turned out to be yes, additional measures would be taken. In December we will take a decision based on the information we have available to us. In December the US Federal Reserve System (Fed) will take a decision on whether to maintain its key rates at zero or increase them. Will their decision influence yours? It will have no direct impact on our decision. Whatever the Fed decides, our monetary policy framework (zero rates, liquidity, “forward guidance” and asset purchases) allows us to keep interest rates low, no matter what happens in the rest of the world. Our policy protects the interest rate curve for the euro area from external shocks. What interests us above all is what the Fed’s decision tells us about the US economy.
Given the considerable attention on the Basel III reforms, it is easy to forget that a core mandate of the Basel Committee is with respect to its work on supervisory practices. 4 So this morning, allow me to share some thoughts on three areas with respect to banking supervision: i. The Next Phase – beyond the review on Capital and Liquidity rules; ii. Banking Supervision as a Craft; and iii. Supervisory Challenges and Opportunities. The next phase 5 As many of us will be familiar, the Basel III framework has a second Pillar that pertains to risk management and supervision including accounting for risks not captured under Pillar 1. Indeed, the Basel Committee devotes considerable attention to various pieces of work under this Pillar, such as on stress testing, accounting standards, corporate governance and supervisory colleges. Disclosure requirements are further reviewed under Pillar 3 to foster market discipline. 6 Following the recent finalisation of Basel III, the next phase will be centred on a “full, timely and consistent” implementation globally. This is important to reduce risk of regulatory arbitrage. Every jurisdiction or region will of course be different in the degree of openness, internationalisation, and the maturity and sophistication of their banking systems. The Basel Committee has been 1/5  BIS central bankers' speeches  mindful that its standards are calibrated as minimum requirements, and in limited situations, some supervisory discretions have been provided including the use of Pillar 2. 7 Risk proportionality is not a new concept in international banking rules.

The Basel Committee has sought to further embed risk proportionality within its framework. One such example is the simplified alternative to the Standardised Approach to Market Risk, or SA-MR in short. This simplified alternative will make it easier for supervisory authorities to implement the market risk rules for less complex banks. For such simplified approaches to be fit-for-purpose, it has to take into account the differing conditions across a broad range of jurisdictions. This is especially so for emerging market economies with less complex banking systems. In this respect, forums such as the Basel’s Regional Consultative Group (RCG) and the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) can be important platforms for regional regulators to continue to provide feedback or regional concerns. Where the outcomes from impact studies are less certain, the Basel Committee has been careful not to rush into a particular rule. One example is the treatment of sovereign risk exposures. In this case, the Basel Committee has decided to put out a discussion paper to solicit further views. 8 The Financial Stability Institute (FSI) has also recently published an insightful report on proportionality in banking regulation. The report provides a very useful overview of the proportionality approaches in different jurisdictions. 9 Another example is the Financial Stability Board’s (FSB) evaluation of effects of reforms. The initial focus is on infrastructure financing, which will be relevant to Asia given the immense infrastructure demands.
In general, the accomplishments of the Bank of Albania were assessed in the framework of the Memorandum of Economic and Financial Policies signed between the Bank of Albania, Ministry of Finance and this institution. Particularly, they evaluated the maintaining of inflation within the Bank of Albania targeted band (2-4 percent), the maintaining of a relatively stable exchange rate and the efforts for modernizing the banking system. At the same time, the missions expressed their support and encouraged the mid-term plan on cash reduction in economy. Rising the lending, developing the real sector and amending the regulatory framework of banking supervision were other topics discussed in these meetings and in the contacts of the members of the mission with the Bank of Albania experts. The Bank of Albania was visited by the Mission of Technical Assistance of the IMF, which was focused on banking supervision area, implementation of international accounting and payment standards, application of monetary statistics standards and integration of the Bank of Albania into the European Monetary System. The Bank of Albania required assistance in inflation targeting area. The so-far assistance by the IMF to the Bank of Albania is regarded as a stable and fruitful one, impacting significantly on the accomplishment of up date central banking standards. Also, in the framework of cooperation with the World Bank and its financial support, the Bank of Albania has initiated the Automated Electronic Clearing House Project, which will serve the further modernization of payment system and its approximation to international standards.

This increase is believed to have been adequate to supply the demand of the economy for money under the conditions of an economic growth of 6 percent and of an inflation rate within the two-to-four percent targeted range. Money supply and the closest money aggregate (M1) have known faster growth rates during 2004 compared to year 2003. This is a consequence of a rising demand of the economy for monetary assets, reflected even in the invigoration process of lending to the economy throughout the year. Also, the controlled inflation level has rendered possible the maintenance of a real interest rate in positive terms, despite the ongoing reduction of nominal interest rates. The real positive interest rate has maintained the tendency of households to deposit their savings in the banking system, bringing about further reductions of the relative level of currency outside banks that circulates in the economy. The rising demand for monetary assets has been shaped mainly as the demand for monetary balances in Lek. The demand for Lek has been particularly evident in the summer time, being partially supplied even by means of liquidity injection through the Bank of Albania intermediations in the foreign exchange market. The annual growth rate of deposits in Lek was 12.9 percent, being a satisfactory growth compared to the average historical rate. It was adequate to cover Government demand for the financing of deficit and the economy demand for credits in Lek. Meanwhile, deposits in foreign currency grew by 17.1 percent during 2004.
Mark Carney: One Bank Research Agenda – Launch Conference Opening remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the Launch Conference for the Bank of England’s One Bank Research Agenda, London, 25 February 2015. *  *  *  I am delighted to open the Launch Conference for the Bank of England’s One Bank Research Agenda – an ambitious and wide-ranging framework to transform the way research is done at the Bank. The Agenda aims to improve the coordination of our research across all policy areas, to make the best use of our data, and to cultivate an extensive research community that spans the Bank and beyond. The Bank of England has a single timeless mission: to promote the good of the people of the United Kingdom by maintaining monetary and financial stability. To borrow from Keynes, to deliver that mission we must study the present in the light of the past for the purposes of the future. And we must do more. Our default cannot be Keynes’ “madmen in authority… distilling their frenzy from some academic scribbler of a few years back”. 1 We need contemporaneous and open collaboration between researchers and policymakers. This will require both changes to our research focus such as developing a deeper understanding of the interrelationships between microprudential, macroprudential and monetary policies as well as changes to the way that we perform research at the Bank, including the development of a more open, permeable and policy-driven approach.

By focussing on a clear set of research priorities, by opening up our datasets, and by creating tighter links between policymakers and researchers, both within the Bank and across the broader research community, we can all help advance the Bank’s mission – promoting the good of the people of the United Kingdom. Thank you. BIS central bankers’ speeches  5
Between 2009 and 2012, they doubled their lending to infrastructure projects globally from $ to $ However, is more lending the solution? Despite a doubling of their lending in the last three years, they only contributed 16% of project debt financing volumes globally in 2012. Conceptually, a more efficient way to utilise their financial resources may be in the form of risk mitigants such as credit or risk guarantees. The G30 Working Group on Long-Term Financing has in fact recommended that governments and MDBs should provide risk mitigation instruments to help lower the higher risks involved, especially during the early phases of long-term projects. 2  BIS central bankers’ speeches  This is definitely worth considering. Given their status, MDBs and export credit agencies are seen as very credible counterparties that can provide risk mitigants. It is probably harder for the private sector to play such a role, especially given the long tenor of project finance. I would add that MDBs and export credit agencies already have guarantee products that mitigate credit and political risks for project loans. The issue at hand is how to extend these products to say capital market instruments to “crowd in” participation by a broader group of institutional investors. For instance, the Credit Guarantee & Investment Facility or CGIF, established by the Asian Development Bank and ASEAN+3 nations, recently completed its first guarantee transaction on a 3-year Thai baht bond issuance by Noble Group.

Hence the balance of financing sources will eventually have to shift. Policy makers have recognised the need for broader private sector participation. Long-term investors such as insurance companies, pension funds and sovereign wealth funds can be alternative sources of financing, as the life cycles of infrastructure assets match their long-term liabilities. However, these investors are not participating actively enough in the infrastructure space, especially in debt financing. I am sure we all recognise that there are many reasons including a lack of familiarity with the asset class and bespoke nature of infrastructure projects. Some see higher perceived political risks in Asia, and a limited range of investment instruments relating to infrastructure. To catalyse broader private sector participation to complement the traditional bank lending space, a few things could be considered. Firstly, we recognise that investors have varying risk appetites, and that the expertise to evaluate and undertake greenfield project risks still resides mainly with banks. Banks should therefore consider bringing in different types of capital at different stages as the risk profile of a project changes over time. For instance, transactions could be structured such that banks finance the construction stage of projects using their balance sheets, and the bank loan is then refinanced in the bond market post-construction. This way, institutional investors gain exposure to a steady stream of cash flows from operating projects, while banks can recycle capital to lend to new greenfield projects. There have been precedents in other parts of the world.
The lack of efficient financial service provision means that poor people are either forced to use inefficient provisions, often at high cost (for instance, with high transactions costs, excessively high interest rates on loans, or poor returns on savings) thereby entrenching poverty – or they do not have access to certain financial products, either because of an absolute absence of suitable products or because available products are too expensive;  ii. This in turn tends to restrict the economic opportunities open to the poor and makes the poor vulnerable to adverse events and financial loss (e.g. due to the lack of insurance and secure savings products);  2  Access Financial Services Limited and Access Leasing Limited were placed under statutory management of the Bank of Zambia on 13 January 2003. 2  BIS Review 99/2008  iii. The absence of savings products makes it difficult to build up capital; and  iv. As the poor are faced with the high costs of accessing financial services, and are denied entrepreneurship opportunities that might provide them with a chance to earn an income, poverty becomes entrenched. In the recent past, it is gratifying to note that financial sector in Zambia has begum to demonstrate that it is reasonably efficient, sound and profitable. Since the many bank closures of the mid- to late-1990s following stiff competition and the tightening of regulation and oversight through the promulgation of the Banking and Financial Services Act (BFSA) in 1994 we have not experienced any serious banking crisis.

Ravi Menon: FinTech in its element - water, metal, fire, wood, earth Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Singapore FinTech Festival 2022, Singapore, 3 November 2022. ***  Good morning, and welcome to Day 2 of the Singapore FinTech Festival. It's great to be able to meet in person after three long years. Pandemic and lockdowns notwithstanding, FinTech innovation has marched on briskly. If anything, digitalisation has gathered pace and become more pervasive. Yes, in the realm of a crypto assets, a harsh winter has set in, even fears of an Ice Age. But I believe it is an overdue cleansing of unsustainable business models, highly risky practices, and unviable use cases. The digital asset industry will emerge leaner and stronger. But more of that later. FinTech in Singapore has continued to push new frontiers. There has been a surge in collaborations across businesses, financial institutions, FinTech start-ups, and even central banks. In 2021, FinTech investments in Singapore hit a high of $ billion, compared to $ billion in 2019. I will focus my remarks today on five key problems that FinTech collaboration in Singapore is trying to solve. These problems will resonate with many industry players as among the biggest pain points crying for a solution. But before we get into the problems, some wisdom from ancient China. According to the Chinese philosophy of Wu Xing, there are five fundamental elements that function as cosmic agents of change: Water, Metal, Fire, Wood, Earth.
William C Dudley: Transcript of the Cornell College of Business Annual New York City Predictions Event Transcript of a discussion between Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, and Ms Maureen O'Hara, Robert W Purcell Professorship of Management, at the Cornell College of Business Annual New York City Predictions Event, New York City, 15 February 2017. * * * Maureen O’Hara: Bill, let me start off with kind of the low-hanging fruit. The post-Trump economy has been confusing, with low Q4 growth, yet record-setting stock market levels. So let me just throw you an easy one here. What does the Fed see as the outlook for the next year? President Dudley: For the near-term I think more of the same. I mean, we think the economy is going to continue to grow, a little bit above-trend. That’s going to generate job gains that put, you know, more pressure on the labor market, and as a consequence of that, we think inflation’s going to move back towards our 2% objective. So, you know, we could be completely wrong, but that – the data that’s come out over the last couple of months, is very consistent with that pattern. A lot of uncertainty in the outlook. I mean we don’t know what’s going to happen with the whole host of policy choices: healthcare reform, immigration policy, trade policy, tax policy, fiscal policy.

This shift is seen as a form of natural adjustments, when the population in general embraced increasing progress and that a fast changing modern environment requires precious resources to be well spent in a short period of time. Premised against these demographic and societal value changes, many countries worldwide have placed greater effort and emphasis in reviewing the sustainability and long-term affordability of their pension systems, culminating in several reforms to their pension structures. The reforms are in fact inevitable, as most of the existing public pension schemes, whether pay-as-you-go (PAYG) system or a fully funded system, were ill-designed to deliver fair benefit levels to pensioners in the future. This is so as they were originally crafted without taking into account the demographic and socio-economic changes that are being seen today. In reformulating retirement strategies, therefore, due emphasis must be given to several main challenges, foremost being longevity risk posed by an ageing population. A majority of pension schemes are built on the premise that the government is able to support the defined benefit pension payments as and when they become due. In simple terms, this essentially means that I will be financially taken care of by the government when I'm old. However, this notion may not be financially sustainable anymore as most pension schemes have not imputed the impact of longevity risk at the outset. Longevity had resulted in a higher number of retirees drawing pension benefits vis-à-vis the gainfully employed tax-paying persons, thereby contributing to untenable fiscal deficits.
Although quarterly growth rates of GDP may soon turn positive in the United Kingdom, unemployment is likely to remain high. Fortunately, it has not increased to the 10% rate now experienced in both the United States and the euro area. But at just under 8%, it is markedly above the level to which we had become accustomed during the period known as the “Great Stability”. The sharp monetary squeeze resulting from the efforts by banks to contract their balance sheets is still casting a shadow over the future path of output and employment. Over the past year, broad money growth has slowed sharply to a virtual standstill in the United States, and it turned slightly negative in the euro area. In normal circumstances, we might expect annual rates of increase of between 5% and 10%. At home, annual broad money growth has slowed somewhat less sharply, and remains positive. The unprecedented actions of the Monetary Policy Committee to inject £ billion directly into the economy – described by some as “quantitative easing” – have averted a potentially disastrous monetary squeeze. The headline in the Racing Post of 29 December said it all: “Quantitativeasing Maintains Perfect Record”. Its Newbury correspondent reported that “Quantitativeasing started as a red-hot favourite and had little trouble maintaining his unbeaten record. Ridden with plenty of confidence his task was made easier when Tail of the Bank came to grief at the second last. His trainer said ‘I was delighted with the way he went through that testing ground’”.

Monetary policy can therefore not be oriented towards stabilising developments only in the internationally exposed sector, as has been advocated. This could easily create considerable imbalances in the Norwegian economy. The low interest rate policy and devaluations in the 1970s and 1980s are examples of how such a policy can fail. Monetary policy was geared towards preventing a deterioration of competitiveness in manufacturing. The krone was devalued on several occasions. But wage growth accelerated to compensate for higher inflation. The result was a wage and price spiral that hit the entire economy. At the same time, there was a sharp rise in the demand for loans, which created tensions in our financial system in the 1970s and in the 1980s. Monetary policy can be an effective means of influencing aggregate demand in the economy. However, there is little monetary policy can do to counter disturbances on the output side of the economy. Changes in wage formation, a decline in productivity growth or a sharp rise in prices for important factor inputs must instead be countered by measures to improve the way the economy functions. Fiscal policy places emphasis on smoothing fluctuations in the economy with a view to ensuring appropriate capacity utilisation and low unemployment. There is an overlap between the tasks that monetary policy and fiscal policy are intended to perform. This makes it natural to raise the issue of whether there is a need to coordinate fiscal and monetary policy decisions.