samchain/econo-pairs-v1 huggingface dataset:
If the stability of one of these banks is threatened, it also entails a threat to the stability of the financial system as a whole. To this extent, one can say that we in Sweden have actually been dealing with macroprudential analysis for quite a long time. But this does not mean that there has been a ready-developed, fully-functioning framework for macroprudential policy. On the contrary, it is only fairly recently that the allocation of responsibility for macroprudential policy was made clear, and the framework that includes the Financial Stability Council, which had its second meeting a couple of days ago, was established. “Learning by doing” in macroprudential policy – as when inflation targeting was introduced The situation with regard to macroprudential policy today is in many ways like the situation when the inflation-targeting policy was introduced just over twenty years ago – a new type of policy is to be launched without really knowing how successful it will be. When we introduced the inflation-targeting policy in Sweden in 1993, there was not much guidance. Some countries, such as New Zealand, Canada and the United Kingdom, had introduced such a policy before us, but they in turn had not really had time to gain much experience. It was quite simply difficult to know how to conduct the new policy, where the interest rate should be used to steer inflation towards a quantified target – and to know how well it would succeed.

One-way intervention has potentially significant costs as well as benefits – costs which go well beyond the risk of substantial capital loss in the event of future exchange rate realignment. These include growing implementation problems, which are likely to be particularly acute in very open economies, and a potentially serious misallocation of domestic resources. It will not be in the interests of the Asian countries concerned to ignore these issues. That is why I find the so called Bretton Woods II hypothesis – or at least the proposition that Asian central banks will have a more or less open ended commitment to financing ever increasing US deficits – rather implausible, at least as a prediction of what is likely to happen in the medium term, rather than as a description of the past few years. It assumes the continuation of unsustainable policies, which are not in the interests of the countries concerned. I concede however, that it is hard to make a precise forecast about the timing of a policy shift in Asia. And it is worth bearing in mind that this may depend on global and regional political considerations as much as on economic and financial pressures. So given these uncertainties over the evolution of global imbalances, what should we do about them? There is clearly no case for turning the clock back and re-introducing the constraints that characterised the genuine Bretton Woods system.
c)  Home-host co-operation  A third area of focus for supervisors that I would like to highlight concerns our efforts to promote a more consistent application of the new framework across jurisdictions. Certainly one of the goals for any international framework is to foster a more level playing field for internationally active competitors. The Basel Committee wishes to ensure that competition between internationally active banks is driven by each bank’s individual strengths, rather than by differences in each country’s rules. I know that banks are deeply interested in this topic as well. Representatives from many internationally active banks have impressed on me their concern that supervisors must work to avoid large differences in the adoption of Basel II and, more specifically, in the use of advanced approaches across jurisdictions. While we in the Committee share this concern, we have to be pragmatic; I believe that all of us need to stop to make a quick reality check of this matter as well. Basel II is intended to promote a more level playing field for internationally active banks. Yet Basel II cannot and should not be expected to create perfect harmonisation across all jurisdictions. Differences in legal systems, market practices, and business environments in each country make it an extremely difficult task - and, indeed, an impossible one - to level all distinctions across all borders.

1/2  BIS - Central bankers' speeches  Two years later, we've seen great progress toward a recovery. The most recent data show that well over two-thirds of New York City's job losses have been reversed. Still, areas of the New York City economy, especially those dependent on visitors and office workers, continue to struggle and are lagging the nation in recovery. Despite the challenges, there is palpable energy and momentum propelling us into the future. Now that our focus is on the recovery, we must create an equitable future for all residents of this city. We must make sure that all of the people who live, work, or own a business here have a chance to succeed. It is essential that we build a stronger foundation so that everyone can fulfill their economic potential, both here in New York and around the nation. That's why it's critical that we prioritize tackling some of the city's biggest problems, including poverty and inequality, and issues in areas such as infrastructure and transportation. These issues are not new; they existed long before the pandemic. And there is no simple or single solution to solve them. But as we plan for a better future, we must understand how New York's challenges have evolved since March 2020 and how they are playing out in the current environment. With that knowledge and awareness in mind, we can chart the path forward. The New York Fed's Role This brings me to our conference today.
To develop a more complete view of the impact of financial market developments on bank balance sheets, financing conditions and money and credit growth, further analysis will be required. The ECB’s Governing Council stands ready to counter upside risks to price stability, in line with its mandate. Against this background, on 6 December 2007 we decided to leave the key ECB interest rates unchanged. The Governing Council will monitor very closely all developments. In particular, as I said on behalf of the Governing Council after our last meeting, for the recent increase in inflation to remain temporary, it is essential that the price and wage-setting behaviour remains unaffected by current inflation rates, so as to avoid the emergence of second-round effects. By acting in a firm and timely manner on the basis of its assessment, the Governing Council will ensure that such second-round effects and risks to price stability over the medium term do not materialise. To firmly anchor inflation expectations in line with price stability is even more important at times of financial market volatility and increased uncertainty. In this respect, the Governing Council has decided to continue to pay great attention to financial market developments. Liquidity operations Ladies and gentlemen, once the Governing Council has defined the monetary policy stance necessary for maintaining price stability in the medium term, in line with its mandate as defined by the Treaty, the ECB has the responsibility to also ensure the smooth functioning of the segment of the money market that we influence.

This is supportive of the conclusion that the suite of postcrisis official sector actions in the U.S. has made the U.S. financial system more resilient, while not eroding global competitiveness. Provision of Financial Services I will now turn to the provision of financial services by looking at indicators of different types of banking activities such as lending or underwriting activities.10 A more rigorous analysis would identify supply and demand factors in an attempt to understand not just what has changed, but why, and could allow an assessment of whether financial services are efficiently provided. Nonetheless, this perspective provides a benchmark from the pre-crisis period to support some initial conclusions. In terms of traditional lending, (Figure 7) shows that the ratio of aggregate bank loans to GDP—a rough measure of credit intermediated through the banking sector—has recovered from the postcrisis low and is consistent with historical levels. In addition, aggregate net lending revenues, proxied by net interest income and scaled by GDP, are near historic norms despite compression of net interest margins in the low rate environment. Survey evidence of credit availability also shows ongoing provision of credit.
The core of the discussion is that house prices and lending sometimes develop in a way that does not appear sustainable – in a way that entails risks that are difficult to quantify or to even capture in analyses and forecasts. These are risks of events that often have a low probability of occurring, but if they do occur could have very serious consequences for the economy. So what is so special about asset prices rising and why do “bubbles” arise? Rising asset prices are not necessarily a bubble… The prices of many assets, such as houses or shares, rise and fall in cycles. And asset prices can rise substantially without this entailing an over-estimation or a financial bubble. A  BIS Review 70/2010  1  bubble is among other things based on speculation and a strongly over-optimistic view of the future. If, for instance, property prices increase substantially this may actually be justified on the basis of fundamental driving forces and realistic views of the future. Factors such as growth, incomes, construction and housing costs may develop favourably. And if one does not, for instance, build new housing at the same rate as the demand for housing increases, then it is not exactly surprising that the price of the existing housing should rise. Even if prices soar during a brief period, grey reality usually catches up before a bubble has arisen. When this happens prices usually adjust without any great drama and do not have any major effects on the rest of the economy.

However, if unrealistic expectations of the future push up prices on a more lasting basis it can lead to serious problems. …but if they are pushed up by unrealistic expectations and lending… Expectations of the future, “mood” and attitude to risk are very important factors with regard to the prices of most assets. During the course of history investors have from time to time behaved as though prices on a particular market would keep on rising for ever. Exaggeratedly optimistic expectations of the future may entice investors into a particular market, prices will then rise, which will attract even more investors in the belief that prices will go on rising. Unless the spiral is broken reasonably early, a bubble will arise. If exaggerated optimism and a high risk propensity over a long period of time have pushed up prices, there is also a considerable risk that the fall from the inflated price level will be very hard once the mood changes. And this will probably have a negative effect on the rest of the economy. It is probably necessary to be most on our guard regarding what developments can be considered sustainable when things appear to be going well. By this I mean times with a high level of growth in the economy and in household incomes, good investment opportunities and low loan losses in the banks. It has happened more than once that a normal economic upturn inspires excessively optimistic expectations of economic developments and the price of risk thus becomes unreasonably low.
5152  This is because the effects of changes in migration on the supply of labour are largely balanced  by corresponding changes in demand. This means that any reduction in net migration after Brexit could therefore ultimately have only a modest impact on prices in general equilibrium. Over a shorter horizon, however, abrupt decreases in migration could result in shortages in some sectors that have become reliant on migrant labour, and contribute more materially to inflationary pressures. In addition, the ease with which UK employers have been able to source labour from abroad and move operations offshore as a result of globalisation may have weighed on wage growth – though the size of such contestability effects is difficult to judge. To the extent that such effects have operated, any restrictions on 49  Pessoa, J (2016), ‘International competition and labour market adjustment’, CEPR Discussion Paper No. 1411. Bank research replicating the work of Autor et al, ibid, finds that areas in the UK with a high exposure to Chinese competition have experienced large falls in manufacturing employment, with offsetting rises in non-manufacturing employment. 50 The largest effects are for lower-skilled workers in services industries. See Nickell, S and Saleheen, J (2015), ‘The impact of immigration on occupational wages: evidence from Britain’, Bank of England Staff Working Paper No. 574. 51 See the box on pages 30-31 May 2015 Inflation Report. 52  When this speech was originally published on 18th September this sentence contained typographical errors which have subsequently been corrected.

Abdul Rasheed Ghaffour: Solutions for safe, adequate, affordable housing for all Opening remarks by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Cagamas - World Bank Affordable Housing Conference "Solutions for Safe, Adequate, Affordable Housing for All", Kuala Lumpur, 2 April 2019. * * * Thank you for inviting me to deliver the opening remarks for this conference. The issue of housing affordability is close to everyone’s heart. Having a family myself, I can truly understand the need and desire to own a safe, comfortable and affordable home. As such, I am pleased that the public discourse on this issue around the world and in Malaysia has been gaining traction over the past few years. This reflects the significance, concern and gravity of the situation. To ensure a fair standard of living, the United Nations recognises the provision of adequate housing as a necessary objective to pursue. Adequate housing includes ensuring affordability, habitability and accessibility, all of which are issues that this conference seeks to address. In my remarks today, I will touch on the responsibilities of individuals, the private sector and policymakers to realise the agenda of affordable housing, mainly from Malaysia’s perspective. For any individual, irrespective of income level, one of the biggest investments he or she will make in life is the purchase of a home. The downpayment and monthly mortgage represents a significant commitment, where for many, may even span a lifetime.
Both as an educationist and as a politician, Steen made key contributions to the creation of the Norwegian comprehensive school. Source: Store Norske Leksikon, http://nbl.snl.no/Johannes_Steen/ utdypning. Internationally, the Society of Jesus is known as the founder of the modern school system, with a curriculum tailored to the child’s age and previous knowledge and schooling characterised by systematic progression. These pedagogical principles evolved gradually through the second half of the 1500s, culminating in 1598 with Ratio Studiorum, the official plan for Jesuit education (see O’Malley, J. W. (1993): The First Jesuits, Harvard University Press, Cambridge, Massachusetts). BIS central bankers’ speeches  3  1889. The result was a comprehensive school system that strengthened our collective identity.12 For Norwegians, it is easy to take inclusive institutions for granted. Throughout human history, however, it is extractive institutions that have been the norm. There were attempts to achieve a balance of power in regimes as disparate as ancient Rome, China and Venice. But they remained attempts. The inclusive institutions were replaced by nepotism and abuse of power. The economists Acemoglu and Robinson point to the Glorious Revolution as a turning point in history.13 The British Parliament permanently curtailed the power of the Crown. The UK did not become a democracy in the modern sense overnight, but checks and balances were introduced. The development of written laws and a judicial system featuring independent courts started. Patent laws were adopted and limited companies saw the light of day.

There is a growing tendency towards mortgage payment problems for households with low debt-servicing capacity and creditworthiness. But so far the decline in the housing market has not had major spillover effects on either the wider US economy or the global economy. Developments in international financial markets were marked by unrest during the winter months. Equity prices fell markedly, but are now close to the levels prevailing in February. Short-term interest rates in the US are now expected to remain unchanged in the period to summer, but to fall somewhat during the latter part of autumn. In the euro area, there are prospects that interest rates will stabilise at around 4 per cent. Interest rates are expected to rise gradually in Sweden and to peak in the UK in the course of summer. Buoyant growth in the global economy has contributed to very high prices for oil, gas and other commodities. Oil prices have averaged USD 59 per barrel so far this year, or close to USD 6 lower than the average in 2006. In the past week in particular, oil prices have increased markedly owing to the uncertainty surrounding the situation in the Middle East. Global demand for oil continues to grow, while production growth forecasts in non-OPEC countries have been revised downwards recently. Oil futures prices one to two years ahead are just below USD 70 per barrel. Commodity prices rose sharply in the first six months of 2006 and have since remained at a high level.
Strong legislation to back up the requirement to provide insurance products As for the development in the insurance industry, life insurers in Australia are permitted under the Disability Discrimination Act to offer applicants for insurance different terms based on the risk they present, provided they are basing this discrimination on actuarial data or statistics. It is unlawful under the Disability Discrimination Act for insurers to deny applications for insurance without having reasonable and relevant information and data to support their decision. In Malaysia, we often received complaints from the OKU community that their applications were imposed with high premium loading as the OKUs are considered high risk. Therefore, we urge for the insurance industry here, to base their decisions on statistical evidence and not purely on assumptions. In light of these global trends, going forward, being a vibrant and progressive financial industry, we must always be at the forefront, embrace new innovation and adopt best practices in serving the needs of all segments of society including the OKUs. Expectations moving forward: Role of industry’s association – to drive industry towards OKU inclusive Moving forward, each party has to play its role in promoting and contributing towards this important agenda. Given the need to address the issues faced by the OKU community in gaining access to financial services in this country, the associations should drive the industry in enhancing the role of the financial sector towards this endeavor.

The industry needs to develop and implement an action plan to increase access of the OKUs to the financial products and services. Role of individual institutions – to ensure enabling environment for OKUs For a start, individual financial institution is encouraged to address immediate needs mentioned earlier that was highlighted by the OKUs such as providing lower counter, Talking ATMs, sign language for the deaf, website which is W3C compliance and offer appropriate insurance products for the OKUs. In providing the accessibility to the OKU community, the industry players need to ensure that the services and products are relevant, sustainable and affordable in meeting the needs of the OKUs, associated risks are mitigated and the OKU consumers are protected. 4  BIS central bankers’ speeches  Role of Bank Negara Malaysia – to consolidate effort and move forward together As mentioned earlier, it has always been high on Bank Negara Malaysia’s financial inclusion agenda that all facets of the Malaysian society are served by the financial industry. As such, I would like to call upon all of us here, let us embrace this journey together towards a more caring and responsible industry by ensuring the needs of the OKUs are provided for. Launching of “Cash Test” for the visually impaired As part of Bank Negara Malaysia’s continuous initiative to support the needs of OKU community, the Bank has introduced a device known as Ringgit Cash Test Cards, a credit card-sized plastic card with gauges designed to assist the visually impaired in identifying banknotes and coins.
There have been six reports from the Treasury Select Committee, two reports from the House of Lords’ Committee on the MPC, reports by a commission of the Conservative Party and by the Liberal Democrats, a report by the Engineering Employers’ Federation, recommendations by many economists, including former MPC members, and, last but not least, the report commissioned by the Bank of England itself by Don Kohn, a senior staff member of the Federal Reserve Board and recently nominated by the President for appointment to the Board of Governors. Overall, the verdict on the Committee has been broadly positive. For example, in his 2001 review of the operation of  6  BIS Review 34/2002  monetary policy in New Zealand, Professor Lars Svensson describes the Bank of England and the Swedish Riksbank as examples of “best practice” monetary policy. Suggestions for improvement from the various groups cover the following areas: the definition of the inflation target; terms, appointments and composition of the membership of the MPC; arrangements for publication of the minutes; the forecast produced by the MPC; and, finally, a miscellaneous collection of technical matters. The precise definition of the inflation target, and its numerical value, can be debated at length. What is important is that the target is for inflation and not additional objectives that would lead to confusion about the Committee’s aims.

But the main focus of the Inflation Report is to present a collective view. To publish nine individual fan charts would hardly increase transparency, and the differences of judgment have to date been sufficiently small that it would be difficult for commentators to observe significant differences among those charts. This tension between the need to explain the diversity of members’ views, and the need to provide a clear rationale for the single decision, suggests that the Committee may need to explore further ways of putting across its collective view. It should be clear that there are both benefits and costs to a group decision-making process. The transparency and accountability of individual views helps to make better decisions. But it also complicates the communication of the decision to a wider audience, whose expectations of inflation matter for economic behaviour. The avoidance of confusion requires some forbearance by individual members of the Committee, and a clear understanding of which forms of communication are appropriate to explain individual views and which forms are suitable for explaining the reasons for a collective decision. I am sure that the Committee will learn more about how best to achieve this balance as time goes by. 4. Fourth, does the MPC require reform? Despite its youth, at least in central banking terms, the MPC has not suffered from lack of advice on how to improve itself.