samchain/econo-pairs-v1 huggingface dataset:
The adoption of these standards would contribute towards promoting greater transparency, recognition and consistency – thus facilitating greater cross-border Islamic financial transactions. We have given priority in promoting consistent and transparent standards on Islamic financial contracts. The development of Shariah standards is aimed as a point of reference on all Shariah principles governing Islamic financial contracts, and the standards is envisaged to become the globally preferred standards. The standards specify the requirement of Shariah and its application for product offerings. The standards are issued based on the three tenets of Shariah contract – the contracting parties; offer and acceptance; and subject matter of the  BIS central bankers’ speeches  1  contract. The other part of these standards specifies the execution or the operational aspects of the contract that covers the regulations, accounting, risk management, the appropriate legal documentation and the disclosure. Hence, these standards provide greater clarity, transparency and disclosure to each Islamic financial transaction. Secondly, is to have proper legal infrastructure and dispute resolution mechanism in place to safeguard Islamic finance transactions and integrity of the financial system. To share our experience, Malaysia enacted a complete set of legislation and guidelines for Islamic finance, and instituted tax neutrality in order to create a level playing field vis-a-vis conventional finance. Recently, the central bank introduced the Islamic Financial Services Act 2013 to replace the existing Islamic banking and takaful laws. The comprehensive legal framework provides a clear focus on Shariah compliance and governance in the Islamic financial sector.

This common platform would give both the Hong Kong and Malaysia financial markets the added critical mass for sukuk and boost liquidity in the secondary market, thus contributing towards the development of a global Islamic money market for a more efficient cross border liquidity management. The benefits that can be realised from the cooperation between our two markets are enormous. On that note, I wish to thank HKMA for hosting this joint conference and I bid the participants a productive endeavour. BIS central bankers’ speeches  3
With the decline in global demand, prices for food, raw materials and oil have fallen sharply. This is the positive flipside of the coin, since this development will boost real incomes and consumption in most countries. Swiss economic outlook The Swiss economy is of course affected by this worsening of the international environment. At our September assessment, we were still projecting a marked slowdown in activity, but with growth remaining positive in 2009. We are now forecasting that GDP growth will be negative, not only during the first two quarters of next year, but also on average for 2009 as a whole. With the probable exception of consumption, all demand components should decline. Exports of equipment goods, demand for which is known to be cyclical, will be affected. In most countries, difficulties in sales and distribution, on the one hand, and restrictions on lending conditions, on the other hand, have prompted a downward revision of investment plans. The US and Europe are cases in point, but a loss of momentum is also being observed in emerging markets. These developments will weigh heavily on our exports of equipment and intermediate goods. The substantial decline in demand for vehicles made by US and European manufacturers will also impact on their Swiss-based suppliers. The metals, machinery and electronics industry was the first to experience a sharp correction in new orders. The worsening outlook for sales will lead to an adjustment of investment plans in Switzerland as well.

All in all, there is, at present, no reason to speak of a credit crunch. However, this favourable situation could soon worsen, as has been observed in other countries. I will now conclude this second section with a few brief remarks on movements in monetary aggregates. Having declined until recently, monetary aggregates are now rising slightly. Following the interest rate cuts, we expect that growth in monetary aggregates will gather pace over the coming months. Given the current heavy demand for liquidity, higher money growth does not, of itself, indicate an increase in inflation risks. Only if money growth were to become excessive over a longer period would this pose a threat to price stability in the medium term. Inflation outlook In addition to the rapid worsening of the global economy and the financial crisis, the third factor behind our policy of successive rate cuts since October is the radical change in the inflation outlook. Inflation risks have largely dissipated since our last quarterly assessment on 18 September, leaving considerable room for manoeuvre in monetary policy, which we have firmly exploited. As you know, last December inflation breached the 2% ceiling above which the SNB considers that the conditions for price stability are no longer met. The rapid rise in inflation – indeed, at the beginning of 2007, we still had zero inflation – was due to the combined effect of a virtually unbroken rise in oil prices and the healthy state of the economy.
The results obtained by a survey2 on remittances carried out recently also show that, the banking system still remains less preferable by Albanian emigrants who send money to their family members or relatives - only 15.2 percent of emigrants show interest for using banking system. Some of the reasons influencing migrants’ decision for (not) choosing banks to transfer their money were: -  Geographical proximity of Albania and Greece (Albanians residing in Greece and Italy travel to Albania frequently, on average 2 to 3 times a year, transferring money themselves). -  Insufficiency of emigrants’ families to the banking system. Empirical measures have shown that while a considerable number of emigrants have become familiar with banking in the resident country (74.4 percent of them hold their savings in the banks of their country of residence), the corresponding families in Albania appear to be less familiar with the banking system in Albania. Only 45.3% of Albanian families hold a banking account. At this point, some policy implications are evident: improving population awareness of banking services, encouraging expansion of banking throughout the country and facilitating possibilities of money transfers. BoA, is in process of designing a public communication strategy that aims at brining the public closer to banking products and services, including transfers. The flow of remittances may also raise if the fiscal burden of financial transfers is reduced. Enhancing competition by increasing the number of participants in the market would also push transfer commissions down.

For example, if you look at my preferred measure of underlying inflation, called trimmed-mean inflation—which removes the most volatile price movements—it’s been running at 2 percent. This measure of inflation hasn’t shown any signs of trending up or down. That said, I will be watching developments closely for signs of a persistent shift away from our 2 percent long-run goal. As I mentioned, the economy started the year with a lot of momentum. But there are reasons to believe that the surge in growth won’t persist through the remainder of the year. Taking into account of all the indicators we follow, I anticipate a step-down of economic growth, from the 3 percent growth recorded last year to a still-solid pace of about 2-1/4 percent in 2019. 1/2  BIS central bankers' speeches  This is good news. It’s above the economy’s underlying potential, but not unsustainably so. Healthy economic growth should in turn fuel solid job gains, higher wages for workers, and some further declines in unemployment. The strong economy and labor market should also support inflation returning to 2 percent, the Federal Reserve’s long-run goal. The Global Picture In addition to the positive data we’ve been getting for the U.S., we’ve also seen encouraging signs that risks from global economic and financial markets are abating. Last year there were worries that the global growth slowdown centered in China and Europe would spill over onto our shores. This was one factor contributing to a more downbeat assessment of U.S. growth and the stock market sell-off.
This part of the city survived the 1963 earthquake, when nearly all the city's beautiful neoclassical 18th and 19th century buildings were destroyed. After the earthquake, international financial aid poured into Skopje in order to rebuild the city. Today, Skopje is seeing a makeover in buildings, streets and shops, and many projects (Macedonian Struggle Museum, the Archeological Museum of Macedonia, National Archive, Constitutional Court, New Philharmonic Theatre) were finished in order to return some of the looks and spirit of the city. In economic aspect, being many times since 2006 on the list of 10 best reformers by the Doing Business rank of the World Bank, proves that Macedonia has undergone considerable economic reforms. It has developed as an open economy with the trade accounting more  BIS central bankers’ speeches  1  than country's GDP in recent years. Although the environment was highly difficult, first with the global financial crisis, afterward with euro area crisis and more recently, with Greece crisis, our GDP growth was on average above 3% for whole this period, which is one of the highest in Europe, and for 2015 it is expected to be around 3.5%. The unemployment from a very high level, throughout this period is on declining path, by implementing many structural reforms and ALMP. The government strategy to attract foreign investments and establishment of a good business environment for the development of small and mediumsized enterprises (SMEs) was paid off.

Limited spare capacity in the Norwegian economy and persistent external inflationary pressures may lead to inflation accelerating further. On the other hand, the rise in interest rates and high inflation may cool down the housing market and curb household consumption faster than currently envisaged. There is also a risk of a sharper slowdown in global growth. The future path of the policy rate will depend on how the economy evolves. We cannot make any promises about the policy rate. The promise we can make is that we will continue our efforts to fulfil the mandate of keeping inflation low and stable and to promote economic stability. 1 A new set of forecasts was not prepared for the monetary policy meeting on 17 August. Updated forecasts will  be presented when Monetary Policy Report 3/22 is published on 22 September. 3/3  BIS central bankers' speeches
Early studies, using data from the 1980s, failed to find scale economies much beyond bank asset sizes of around $ million (Pulley and Braunstein (1992)). Empirical studies in the 1990s nudged up the optimal bank scale to around $ billion (Amel et al (2004), Mester (2005)). 8  BIS central bankers’ speeches  Most recently, a small number of studies using data from the 2000s have pointed to scaleeconomies at much higher asset thresholds. For example, Wheelock and Wilson (2012) find scale economies for banks with assets up to $ trillion and Feng and Serilitis (2009) for bank with assets up to around $ trillion. Using data on banks with assets in excess of $ billion, Mester and Hughes (2011) not only find scale-economies, but argue that these may increase with bank size. At face value, these findings pose a real challenge to policy options which re-size banks. Or do they? Bank of England research has re-looked at the evidence on economies at different banking scales (Davies and Tracey (2012)). As Chart 8 shows, in standard models there is evidence of scale economies for banks with assets above $ billion. Indeed, these economies tend to rise with banking scale. But this finding is based on estimates of banks’ funding costs which take no account of the implicit subsidy associated with too-big-to-fail. Removing this subsidy raises banks’ funding costs, lowers estimates of bank value-added and thereby reduces measured economies of scale.

This process of re-intermediation put considerable  2  BIS Review 139/2007  pressure on the profitability, asset quality and capital adequacy, to the extent of creating great tension in the inter-bank market, as financial institutions hoarded liquid funds. Ninth, as you all know, major central banks had to step in to provide liquidity in order to ease tightness in the money market. They have been doing so for about three months now, which is not a good sign, because of the implication of a continuing lack of trust among financial institutions in lending to each other. In one particular jurisdiction, a problem at the wholesale money market level triggered a breakdown of depositors’ confidence at the retail level, resulting in a bank run. In the United States, the Fed further responded with a shift in monetary policy, notwithstanding continuing concerns over rising inflation, and cut interest rates twice, presumably to pre-empt credit tightness from adversely affecting economic prospects generally and the property market in particular. Tenth, meanwhile, financial institutions in the United States are writing off large amounts quarter after quarter and this is affecting the general availability of credit and prospects of the economy, notwithstanding lower interest rates, and increasing the probability of a recession, although many still put this at less than 50-50. This seems to be the general sentiment currently reflected in financial market performance in the United States. There has also been much greater short-term volatility, as new information is absorbed by the market, indicating considerable nervousness.
Local currency bonds are gaining the attention of foreign investors both from the perspectives of diversification and return enhancements, coupled with the optimism of appreciating Asian currencies. On the other hand, Asian bond markets are also growing as an increasingly attractive asset class for domestic borrowers as they steer clear from the international market. This indicates that the economies are increasingly relying on domestic demand and intraregional credit investments. Infrastructure financing, for instance, is also regaining importance in a number of Asian economies. The key is to have sufficiently deep and efficient markets to effectively channel the high bank liquidity and abundance of savings in Asia into regional investments. With the robust outlook in Asia, this will continue to underpin the need for investment opportunities to fuel the growth engine. Singapore, right in the heart of Asia, is poised to play a significant role as a gateway for global investors to access the Asian bond markets. We are also poised to serve as the centre for debt financing in the area of infrastructure, real estate and transportation related projects. Project sponsors are increasingly tapping our debt capital market in financing major infrastructure related projects in Asia. Since we started developing the REIT market in 2002, there are now 19 REITs and 1 property business trust listed on the SGX with an aggregate market capitalization of approximately $ billion. Issuance of Commercial MortgageBacked Securities (CMBS) remained strong on the back of a healthy REIT market.

David Carse: The changing landscape of banking in Hong Kong Speech by Mr David Carse, Deputy Chief Executive of the Hong Kong Monetary Authority, to the Hong Kong Investment Funds Association, Furama Hotel, Hong Kong, 15 August 2001. *  *  *  Ladies and Gentlemen, Thank you for inviting me to speak to you at the Association's luncheon. My topic today is the changing landscape of banking in Hong Kong. I shall illustrate this by reference to two of the key recent events that are changing that landscape and are going to go on doing so in the years ahead. I am referring to the deregulation of interest rates, the final phase of which took place on 3 July of this year, and the introduction of the Mandatory Provident Fund scheme. I will try to describe the implications of these for the banking industry and for the regulators. I will also try to place them in the context of the broader trends and developments that are taking place in the banking industry. Current industry trends You are probably already familiar with some of these trends and developments. The most obvious one is the increasing intensity of competition. This is a global phenomenon, whose full effects have only recently hit Hong Kong. It has shown here up in the sharp decline in lending margins, particularly on residential mortgages.
It is encouraging that to date, eight Islamic banks are offering investment accounts to their customers. More are expected to follow when the value proposition of such investment accounts, with its unique features and the different target market become better understood. The industry-led communication by the Association of Islamic Banking Institutions Malaysia will contribute towards increasing the awareness of customers on the concept and on the key features of investment account. The latest establishment of a consortium developed by four Islamic banks to develop and operate the IAP which is to be launched next month is also another initiative to advance this new offering. In the development of the investment account, it will be essential for Islamic banks, investors and entrepreneurs to embrace the different approaches in the management of the risk and return relationships that are embedded in the variations of the Shariah contracts used in such investment accounts. These relationships need to be well understood by the parties involved and which are aligned with clear contractual and operational requirements. The IFSB has an important role in not only providing guidance but also in initiating the convergence of the different practices between IFSB members with regard to the treatment of the investment account – also referred to as profit sharing investment account (PSIA) – in the IFSB standards. More in-depth work can also be explored by the IFSB on the prudential requirements for the investment account to further ensure a conducive environment for such risk-sharing offerings.

BIS Review 136/2008  9  higher inflation without lower unemployment in the long term. Credibility hinges on the active use of the interest rate to attain the target. The lawyer and economist Michael Woodford has pointed out that in order to keep your word it is not enough to make a promise today and keep your word tomorrow. 37 When making interest rate forecasts, we must also take into consideration the promises made yesterday. Only then can we fully use expectations to stabilise the economy optimally. This is referred to as monetary policy from a timeless perspective. 38 My understanding is that a person will likewise both look backward and forward when interpreting the laws of a society. It is Norwegian court practice for judges to consider precedent effects and case law when interpreting legislation. Today there is general consensus that price stability is not only the best contribution that monetary policy can make to economic stability over time, but perhaps also the only promise the central bank can actually deliver. 6. Today’s financial crisis  These days the world is in the throes of a severe financial crisis – the deepest crisis since the 1930s. Many foreign banks have suffered large losses and a sense of fear is prevailing. We are entering a global economic recession. The authorities are taking action to restore confidence in the financial industry. Macroeconomic policy measures are aimed at limiting the crisis-related effects on the real economy.
6/8  BIS central bankers' speeches  • Digital bonds have many advantages: - they can be issued in smaller denominations; - primary issuance settlement times can be shortened; and - coupon and redemption payments can be automated. Decentralised Finance Web 3.0 can potentially disrupt the world of Finance. This is the phenomenon of decentralised finance or DeFi, where end-users perform financial transactions directly with one another using smart contracts, without the need for financial intermediaries. It is a fundamentally different approach to financial infrastructure, compared to the centralised systems of today. DeFi is already a growing reality, albeit nascent. Crypto tokens are bought and sold on decentralised exchanges, without the need for intermediaries to clear and record the trade. Another example is borrowing and lending, where anyone can lend and borrow directly to others via a liquidity pool managed by a smart contract. DeFi has the potential to yield significant economic and social benefits. By replacing intermediaries and central counterparties, these open crypto networks can potentially reduce the cost of finance. When firms of all sizes, and even individuals, can directly access financial infrastructure, it could mean more competition and inclusion. But DeFi is not without risks and vulnerabilities. These open crypto networks are not at the stage where they can meet the high standards of governance, security, and resilience that are required of critical infrastructure by central banks and regulators.

In the United States, these rules were not applicable to SVB, as certain exemptions, introduced in 2019 under the proportionality principle, apply to banks that are considered to be less important, this concept being understood in a broad sense since it includes banks with a balance sheet total of up to USD 250 billion. - The post mortem analyses carried out and published by the FED suggest that, had SVB been subject to these rules, it would not have complied with the short-term liquidity ratio as defined by the Basel Committee. Moreover, SVB's heavy reliance on tech companies' deposits should have alerted its supervisor if the additional monitoring tools required by international standards had been put in place. The same FED analyses estimate that SVB's interest rate risk sensitivity was around 35% before the crisis, well above the 15% alert threshold set out in the international rules and supposed to trigger supervisory action. - Monitoring compliance with regulations calls for strict, intrusive and reactive supervision, which, according to the FED, was not the case. Let me reassure you on one point: the European situation is radically different. The Basel Committee's rules are applied in Europe in their entirety and to all banks. By the way, I would like to add that Europe is in the process of finalising the transposition into European law of the latest reinforcements of the Basel III agreements, ahead of the other major jurisdictions.