samchain/econo-pairs-v1 huggingface dataset:
As you know, one of the Basel Committee’s best-known achievements was the release in 1988 of an agreement on how to define and measure the adequacy of a bank’s capital. The 1988 Basel Capital Accord was a milestone. For the first time, supervisors agreed on a definition of capital and a minimum requirement that has been adopted in over 100 countries. More importantly, the Accord reversed a downward trend in internationally active banks’ capitalisation, thereby strengthening the health and stability of the global banking system. In the years since 1988, the drawbacks of a simple approach to capital regulation have become more apparent. Advances in technology and telecommunications, innovation in banking products and services, and the increasing globalisation of financial markets have changed the way that many banks measure and manage risk. Today, the 1988 Accord no longer provides these banks - and their supervisors - with reliable measures of the actual risks they face. The structure of the New Accord In response, the Committee decided in the late 1990’s to refine the measures for assessing and managing risk in the Basel Accord. But we wanted to achieve more than a simple update of the rules. Instead, we wanted to incorporate the best practices used by leading organisations across the industry. By doing so, we hope to strengthen the stability of the global financial system, something that would benefit not just banks but the society at large.

Review of monetary policy Winding up, I would like to remind you that the Bank of Russia has announced its plans to review its monetary policy over the period since the switch to the inflation targeting regime. Within this review, the Bank of Russia will analyse the actual results achieved, the changes in the economic environment over this period, and long-term trends that might impact the implementation of monetary policy in the future. The results of this work and the findings relevant for the parameters and practice of the Bank of Russia’s policy will be presented by the middle of next year and will be taken into consideration in the course of the elaboration of the Guidelines for 2023. Conclusion Recently, Russia’s economy has demonstrated multiple times its ability to adjust to the changing environment. Regardless of how the situation unfolds, we will do our best to create necessary conditions to further develop the country’s economy and enhance its resilience. Monetary policy aimed at ensuring price stability and enabling a countercyclical response to changes in the economy is an essential condition for sustainable and well-balanced economic growth. Thank you for attention. I am ready to answer your questions. 4/4  BIS central bankers' speeches
However, at the same time, transition countries and previously strictly-regulated countries inspired by planned economies such as China and India are playing an increasingly important role in the world economy. While the adjustment towards market conforming economies is moving at a rapid pace, there is still a long way to go until conditions in the domestic markets are the same as those in the old industrial nations. Fixed exchange rates, undeveloped credit markets and a high level of domestic saving in emerging economies can, for instance, delay price adjustments and thereby push down both short-term and long-term interest rates in the international capital markets. Increased competition from low-price imports coupled with low import prices for clothes, for instance, have already kept inflation down for several years in many parts of the world and contributed to the interest rates determined by monetary policy being very low. There is thus some risk that demand for credit and asset prices in many countries have been pushed up by expectations of lower interest rates in the future than is sustainable in the long term. We thus find ourselves in a situation where the inflation rate has been pushed down by increased competition from low-inflation economies at the same time as asset prices and indebtedness have increased rapidly. A dilemma ensues here.

Is it worth accepting slightly weaker demand and thereby inflation over the coming years if the economy develops as we have assumed in our forecasts in order to perhaps reduce the effects of possible corrections following inflated asset prices and loan stocks? Before I get into a discussion of this dilemma, I would like to give a brief reminder of how central banks with price stability as their objective take into account developments in the real economy. Flexible inflation-targeting policy requires openness and clarity In the short term, monetary policy can affect demand in the economy. Most countries with an inflationtargeting policy use this possibility and conduct what is known as flexible inflation-targeting policy, which means that some consideration is given to short-term fluctuations in the real economy. However, in the long term growth is essentially determined by factors outside of the control of monetary policy, such as technology and population growth. As I mentioned earlier, monetary policy’s best contribution is to ensure that inflation is low and stable, which requires confidence in the target. This sets limits as to how much consideration can be given to short-term fluctuations in the real economy, but also limits the uncertain negative effects on inflation and the real economy that in some cases risk arising from a strong growth in asset prices and loans. To be able to maintain confidence, it is necessary that the inflation target has strong support from the general public, the politicians and the financial markets.
More importantly, you will get to hear investment opportunities in Malaysia with a special focus on conventional and Islamic financial institutions products. For selected topis, there will be workshops for in depth discussions with panel members who are prominent speakers from industries as well as regulatory bodies. It will be interesting to find out what will transpire in the workshops that await you. Ladies and gentlemen, This Investors Conference is also a gathering of investors, bankers, fund managers, regulators and industry leaders from Malaysia and the world over. This is an excellent opportunity for you to capitalize on their presence by networking with them. I am sure you have a lot to gain from their experiences and first-hand knowledge in their own fields. Furthermore, for information on investment opportunities in Malaysia, there are 15 exhibition booths from major financial institutions and regulators set up in this convention centre specifically for you. Please make a point to visit the exhibition booths, which showcase financial products and services in Malaysia. I am sure these booths have informative brochures to give out and are more than happy to answer any queries you may have. BIS Review 49/2005  1  There will be a very special event at the end of the second day. Tan Sri Dato' Seri Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia will launch two new indices - the Citigroup Malaysian Government Bond Index and Dow Jones - RHB Islamic Malaysia Index.

Mohd Razif bin Abd Kadir: Economic outlook and business opportunities in Malaysia Opening remarks by Mr Mohd Razif bin Abd Kadir, Deputy Governor of the Central Bank of Malaysia, for Malaysia Country Showcase at the IFSB Summit: "Economic Outlook and Business Opportunities in Malaysia", Dubai, 14 May 2007. *  *  *  I would like to welcome you to the Malaysia Country Showcase held in conjunction with the 4th Islamic Financial Services Board Summit. On behalf of the Malaysian delegation, I wish to thank you for your presence here on this important occasion as it gives us an opportunity to share the Malaysian business proposition and to nurture strong trade and investment ties in the region. We are fortunate to have with us distinguished panel of experts who will be engaging in an interactive discourse. Today's forum provides a platform for greater awareness of the economic climate and outlook as well as the business potentials and opportunities in Malaysia. A decade after the financial crisis, the Malaysian economy including the financial system is at its strongest position. Malaysia has greater economic flexibility to shift to new areas of growth and thus sustain the development momentum. Economic growth has been achieved with relative price stability, low unemployment and strong external balances. The level of savings remains high at 37 percent as a percentage to the GDP and the level of external reserves remains strong at USD91 billion.
Average life expectancy continued to rise sharply over the period, however. When it then became increasingly obvious during the 1990s that the ATP system was also going to be under-financed, a number of years of political debate passed before a majority of the Swedish parliament could agree on a new pension system that would be sustainable in the long term. With the implementation of the premium-reserve pension reform of 1998, a system was created that indeed is not guaranteed to result in high pensions for pension savers, but that at least will enable the public finances to bear the costs as an increasing number of people retire. However, Sweden is not the only country to be facing a difficult demographic challenge, quite the reverse. In the euro area, some countries will have a considerably larger frequency of retirement in the coming decades, which means that in 30 years there will be twice the number of pensioners per worker compared with today. Nevertheless, until recently pension reforms in most euro area countries have been conspicuous by their absence. In addition, the majority of these countries have only used a system whereby current pensioners are paid directly by current workers, and no funds have been reserved. The fact that this is unsustainable in the long run has been obvious for a long period. Yet, it has been politically impossible to bring about the kind of reforms that we in Sweden succeeded in introducing through political accord.

Risk management is in line with what we have stated in it, particularly in relation to the Strengthening of the Policy Framework, including the identification of emerging risks and trends, as well as the incorporation of the concept of sustainability across all areas of the Bank's work. The aim is to strengthen the policy with an integral view of the processes and associated risks. Contents of this Meeting In recent decades, central banks have confronted new challenges in their risk management. The great financial crisis and later the Covid-19 pandemic triggered both a qualitative and a quantitative change in the operations of central banks, which was reflected in the size and composition of their balance sheets. For example, the Fed's balance sheet went from less than 10% of GDP in 2007 to close to 40% in 2022. In the case of the Eurozone, the increase was even greater, as it went from just over 10% to a maximum of 70% in the same period. As for the Central Bank of Chile, the size of the balance sheet stood at between 10 and 20 percent of GDP until 2019, peaking at just over 30 percent in 2021. From then on, as operations that arose during the pandemic have expired, it has been declining and by the end of 2022 it stood at 26.2 percent of GDP. Measures to provide liquidity to economies exposed to unprecedented shocks, in extraordinarily complex and uncertain circumstances, drove central banks to implement unconventional monetary policies.
Christian Noyer: Does Europe face the prospect of a lost decade? Speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the International Economic Forum of the Americas, Conference of Montreal, Montreal, 9 June 2014. *  *  *  It is always a privilege to speak alongside Larry. But it is also a challenge. I will make the most of it by referring often to salient remarks made by Larry in recent months. I will address three questions: is the euro crisis over? Does Europe face the prospect of a lost decade? What short-term policy challenges are we facing today? I/ – Is the euro crisis over? Less than two years ago, the euro area was fighting for its existence. Euro pessimists were questioning its ability to survive. Not anymore. Analysts may be questioning Europe’s ability to grow. But the challenges that we are facing are different. They are macroeconomic, not existential or systemic. Thanks, mainly, to the Eurosystem’s actions, financial conditions are normalising. Spreads in peripheral countries have been dramatically reduced. Soon, budgets will be reasonably balanced and there will be no more fiscal drag on the economy. Households and corporates have strong balance sheets. Recent forecasts put German growth at more than 2%, Italy in positive territory, and the outlook for France has improved markedly. Growth of business activity in the euro area in April was the highest in the past three years.

Similarly, having a single financial market can make the task of federal institutions easier, in particular for resolution, as it allows mergers and takeovers to be used as a primary resolution strategy. Indeed, 450 out of the Federal Deposit Insurance Corporation’s 490 bank resolutions since 2008 have involved what is called “Purchase and Assumption” – selling parts of banks to other banks, often located in different states. The conclusion from this is simple: completing the banking union and completing the single financial market go hand in hand. Ins and Outs This brings me to the topic: how does the banking union relate to countries inside and outside the euro area? I will make three points here. First, the banking union is critical for the Euro Area countries. Second, it is also desirable for Member States, which do not share the euro. And third, the banking union should be about strengthening the internal market, rather than dividing it in two. Let me start with the first remark: the banking union is critical for the euro area countries. The reason why we are building it is to break the vicious circle between sovereigns and banks, the manifestations of which are much more acute and disruptive in a monetary union. That is why we need the Banking Union in the single currency area. But one thing must be clear: putting the Eurozone on a stronger footing will also benefit the countries that are not in the eurozone.
The new service will be materially stronger and more resilient in an increasingly complex and sophisticated environment. It will be flexible to protect against the threats we understand today and the ones we will need to adapt to in the future. RTGS Renewal will promote greater access to payment systems. We have already made policy changes to allow non-bank payment service providers direct access to payment systems and RTGS Renewal will reduce 3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  some of the barriers that we know exist today. It will speed up on-boarding times to the system and reduce the operational overheads of membership. These changes will further accelerate the number and range of firms that can gain direct access to payment systems. Since 2018 five non-bank payment service providers have opened accounts in RTGS and around twenty further firms are exploring the possibility of joining. These firms can benefit from faster transaction times and reduced individual transaction costs. Consequently, the Bank hopes to encourage a greater diversity of players in the payments market, thereby encouraging innovation and competition through development of new business models and ultimately creating a more diverse payments landscape. This will increase efficiency and reduce concentration risk thus supporting financial stability. RTGS Renewal will also promote resilience and efficiency through greater interoperability across payment systems. An important step to achieving this is the introduction of a new payment messaging standard for UK payments: ISO20022, the emerging global standard for payments messaging.

Conclusion When I look back at monetary policy since the current monetary-policy regime, with a floating exchange rate and an inflation target, was introduced at the beginning of 1993, I think that it has on the whole functioned fairly well. One might possibly think that monetary policy was too tight in 1994–1995 when the Riksbank raised the repo rate at the same time as the budget consolidation work was holding back inflation. However, it was important to bring down inflation and inflation expectations to a much lower level than in the 1970s and 1980s. One might also think that the assumption of an unchanged repo rate that was used as a basis for the forecasts during the first years was too simple. On the other hand, one has to see this more as a part of the communication strategy that was being followed then. And it worked. Inflation expectations fell and have been established close to the target. I also think that monetary policy has worked well during the six years, 2006–2011, that I have been a member of the Riksbank’s Executive Board. CPI and CPIF inflation have on average been 1.7 and 1.8 per cent a year respectively. This is somewhat lower than the inflation target. However, given that the world has undergone the deepest recession since the 1930s during this period, it should nevertheless be regarded as a good result.
For this and other reasons, the contribution from IT cannot be distinguished from other factors. 2. Implications for monetary policy  The implications that the new economy might be expected to have for monetary policy can be illustrated with the aid of a simplified notion of how the economy functions. In the long term, a country’s productive capacity is usually assumed to follow a comparatively stable trend. This trend rate of growth is determined by demographic factors, for example, together with, above all, the pace at which technical advances are made and incorporated in the production process. Thus, the fact that Sweden’s GDP per capita is now appreciably higher than in, say, the 1950s and even more so than a century ago is mainly explained both by our ability to develop new technologies and new modes of production and by the new technology that we have been able to import from elsewhere and introduce here. Monetary policy’s primary contribution is perceived today as being to ensure that the macroeconomic environment, mainly as regards inflation, is stable and predictable. A stable value of money and an efficient payment system are important preconditions for an efficient modern market economy. Monetary policy affects aggregate demand via interest rate adjustments. Policy is normally aimed at steering demand so that the economy remains as close as possible to its long-term growth trend, thereby avoiding unnecessary cyclical fluctuations. This also helps to keep the level of inflation stable. However, it is not only cyclical fluctuations around trend growth that influence inflation.

A closer look at the figures reveals that the improvement has been most marked in manufacturing and particularly rapid in industries where computers are used most intensively. The upward shift in US productivity growth was preceded by an investment boom that gave pride of place to investment in IT-related capital. Since the 1980s, American investment in computer capacity has doubled in nominal terms; in relation to the dramatic price fall for computer capacity, the level has risen by a factor of more than twelve. To what extent, then, has the improvement in productivity come from IT? What are the mechanisms? Computers have clearly helped to make production processes more efficient and automated, just as new techniques have led to the creation of many new goods and services, from compact discs to tele-medication. But in order to understand the broader implications for the workings of the economy, one should perhaps heed Alan Greenspan, head of the US Federal Reserve, and single out the word “information”. When information flows more efficiently, there will be a better matching of supply and demand both internally and between firms, as well as less tied-up capital for coping with contingencies. In that firms can use IT to enhance “just-in-time” routines, they can cut the levels of stocks and working capital. Better information also paves the way for smaller production units and less bureaucratic structures. All these processes are now being further reinforced by the rapidly growing flow of information on the Internet.
A striking example of rational mimetic behaviour is the influence that hedge funds posess as “opinion leaders” and trend setters. By its nature, trend following amplifies the imbalance that may at some point affect a market, potentially leading to vicious circles of price adjustment and liquidation of positions. Moreover, increasing numbers of participants are able to access financial markets directly, while the expertise to deal with a wide range of technical information is not evenly distributed. This may also reinforce the role of “gurus”. Index management, as a fund management technique, has proven very popular on equity markets and may have contributed to exacerbating fluctuations in financial asset prices. Because their goal is to mimic the performance of indices, “passive managers” constantly strive to match the composition of their benchmark. They thus help to amplify market trends, buying more as the market rises and increasingly liquidating as the market drops. It can be argued that index funds distort the prices of the targeted indices and that, as a result, the indices end up creating rather than measuring performance. 13  Leading indicators of currency crisis in emerging countries – BURKART, COUDERT – Notes d’Etude et de Recherche – Banque de France – 2000. 6  BIS Review 71/2002  The impact of risk management techniques on market dynamics is particularly enlightening with regard to the question of asset price overshooting.

The economic crisis that began in 1997 represents the latest national challenge. True to historic form, Korea has responded decisively and vigorously to that challenge, with the Bank of Korea playing a critical role in the overall effort. A strong case can be made that, of all the countries affected by the broader crisis in the emerging markets, Korea has gone furthest to repair the damage and institute underlying reforms to prevent future crises. That said, in Korea and elsewhere, the recovery is not yet complete, and more remains to be done. The depth, breadth and rapidity of economic and technological developments of the last several years clearly underscore the increasingly international nature of policy challenges, and the dramatic transformation of the international financial landscape. The intensified integration of markets - reflecting the globalization of capital, production and labor - has increased the risk of contagion, making it virtually impossible for any country that wants to be part of the global trading system to insulate itself from external forces. The crisis and the recognition that we have entered a new environment have set in motion a range of efforts dedicated to building a new international financial architecture. My remarks today will focus on what I believe can be done, from my perspective, to enhance domestic financial resiliency, within the context of these international efforts, and particularly on two essential building blocks: a strong financial system and a sound and stable macroeconomic environment.