samchain/econo-pairs-v1 huggingface dataset:
For the institutions that are socially responsible and work for the benefit of all citizens, the most important indicator for measuring the success in achieving their strategic goals, is the quality of the policies. One of the biggest and toughest tasks of the HRM function, is probably managing the knowledge and building the expertise of intellectual force of the institution, through continuous training and professional development. In order to be effective, organisations must be able to understand that human capital alone will not create value. People have to be motivated and managed by the use of good human resource practices and given the opportunity to develop and use their skills to create valuable goods and services. If the knowledge cannot be embedded in goods and services that are in demand, then this human capital will have no value to the organization. I hope that this workshop will contribute for creating better environment for capacity building in all our countries in the region. Also, it is my strong belief, that this meeting of the coordinators, apart from being useful for exchange of information in the process of prioritizing and creating the future visionary training programmes, will lead to strengthening of the regional cooperation among national authorities. Let me finish my address by quoting Mr. Gary Matthews, Consultant with UK Government’s Investors in People, which I believe reflects the actual economic rationale of training and development of human capital: “People are the only asset that appreciates, through training and development. All other assets depreciate”.

Main instruments used to achieve this objective are training, to promote awareness of international standards and best practices in public financial management and central banking, as well as provision of technical assistance. Also, it serves as a platform for exchange of information and for discussing and learning about different policy challenges. By closely monitoring the implementation of the reforms and mapping further reform needs, it designs up-to date and demand-driven capacity building programs. The CEF serves as a regional network that focuses on the regional issues offering regional solutions, to the extent possible. At the same time, as one shock does not always symmetrically affect all of us, and not all the policy responses are alike, by gathering all of us, sharing of valuable experiences is enabled. Looking forward, the EU integration  BIS Review 165/2010  1  remains a main anchor for the macroeconomic policies in the region. We are all facing similar problems and challenges in our efforts to bring our national economies up to the EU standards. The convergence process appears to be a bumpy and thorny road, but worthy as it will finally lead to better living standards of our nations, which is a final objective of each government. In this light, I strongly believe that the CEF will continue to play a crucial role on our way towards the EU integration. This event will be focused on a topic that emphasizes the importance of human capital as one of the essential assets of each institution.
In the latest survey conducted by the Bank of Albania on “Money Market Issues”, 7 out of 14 respondents (commercial banks), (which possess 59 per cent of the market share), outlined “the excess structural liquidity” as the main barrier to the development of the interbank money market, while 4 out of 14 banks (which have a market share of 30 per cent) highlighted “the credit risk” as the second most important barrier. The tendency to keep excess structural liquidity as a bank policy was pinpointed by 13 out of the 14 interviewed banks, otherwise meaning that banks that share 92 per cent of the market do have a tendency to keep excess structural liquidity. We notice that the reasons and obstacles brought up by banks are mostly subjective, and their prevention depends more or less depend on their policies and behavior. Banks keep excess liquidity because there is no a developed money market where they could invest this liquidity at all times at a fair market price. This market can not be developed on its own! It is banks’ active liquidity management as opposed to a passive one that creates incentives for developing the markets. In this context, I would highly recommend you to implement stricter internal control policies and procedures, so that they can identify opportunity cost and missed profit opportunities. Such a thing will lead to improved efficiency and competitive positions of the bank on the one hand and market development on the other.

The current development of the interbank market in Albania does not fulfil these assumptions yet and therefore, it makes the work of the Bank of Albania difficult in carrying out this essential function. Year 2002 recorded the start of the interbank market, the same year when the indirect instruments were introduced by the Bank of Albania to conduct its monetary operations. The Bank of Albania has attended the developments of the interbank money market in the last five years. During this period the trading volume has been fifteen folded, climbing from a daily average of 130 million lek in 2002 to a daily average of around 2 billion lek in 2007. Also there has been an increase in the maturity of the traded funds, from only trading overnight back in 2002 to trading up to three months in 2007. Also there has been an increase in the maturity of traded funds, from only trading overnight back in 2002 to trading up to three months in 2007. From the beginning of this year, we have been able to publish the fixed interest rate indexes, TRIBOR and TRIBID, which is hoped to promote the development of the interbank money market. However, we have to admit that this development has been a very slow one. During the last five years, the lek liabilities of the banking system have increased by 135 billion lek, which makes the increase in the trading volume of interbank market by a daily average of 1.9 billion lek, only a peanut in a big cake.
To construct the decile plot, we calculate PageRank for each provision, rank the provisions (separately for 2007 and 2017), and then split them into ten bins (deciles). We display the mean for each bin, and the 95% confidence intervals (vertical lines). Now, you might say: so what? Different measures give us reads on different aspects of complexity – but of course they don’t tell us, in and of themselves, if it’s ‘good’ or ‘bad’. Banks and we are engaged in complicated lines of business, so unsurprisingly the regulations are complicated. There is a good deal of sense in that perspective, in my view. Perhaps more interesting is what these new analytical capabilities can help us do as a regulator, particularly for the effectiveness of our communications. For example, they can inform policy design by telling us ex ante how a future change in one PRA rule could affect the interpretation of others. And they could identify rules where language could be tightened and which are frequently accessed by web users. And we do want to look harder at the competition aspect. Small firms tell us that complexity is a real challenge and my instinct is that a simpler – simpler, not weaker – regime for small firms could benefit both our safety and soundness and competition objectives. A weaker regime for small banks would be a bad idea, particularly given the steps we have taken under our competition objective to encourage new entrants, who are by definition new and not yet tested in a downturn.

Stefan Ingves: Introduction on monetary policy Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Riksdag's Committee on Finance, Stockholm, 26 February 2008. *  *  *  I would like to begin in roughly the same way as I did when I was last here – by saying a few words about the objective and basic purpose of monetary policy. It is in the light of this that we make our interest rate decisions. And our actions should be assessed against this background. Our most recent economic assessment and the material for assessing monetary policy are also what we are here to discuss today. We must always bear in mind that the basis for monetary policy is the price stability objective which the Swedish people, through the Riksdag, have delegated to the Riksbank. And this is actually not merely an objective, it is also a means. By keeping inflation low and stable, monetary policy shall help to create the best possible conditions for good and sustainable economic development. To do this in the best possible manner we must constantly learn from what is happening and try to become better at what we do. Part of this process involves, of course, examining, assessing and discussing monetary policy in a constructive manner. Here the Riksdag Committee on Finance plays an important role, both in examining and in developing the examination process. The Committee has recently taken several good initiatives.
There is a saying: “The face you have at age 20 is the face Nature gives you; but the face you have after 50 is the face you earned” MAS’ face today, on our 50th anniversary, is perhaps marked with the scars of crises fought and overcome and hopefully also a few lines of wisdom gathered over the years. It is also – we like to think – a radiant face, as we look ahead with hope and confidence, to push the boundaries of innovation, to make finance more inclusive, more sustainable, and more purposeful, while ensuring it remains safe. Thank you and have a good evening. 3/3  BIS central bankers' speeches

The fact of the matter is that the contraction in 2009 proved to be significantly smaller than originally predicted, with the fall in GDP turning out to have been 7½%, as opposed to the 10% forecasted earlier in the year. There are probably several explanations for this. Automatic fiscal stabilisers were allowed to work more or less freely in 2009, with fiscal consolidation taking hold this year. Icelanders were allowed early withdrawal from their third-pillar pension funds, which last year and this year is equivalent to 2½% of annual GDP, as I mentioned earlier. The financial restructuring of corporations and households has been delayed and, although this is detrimental for medium-term recovery, it has postponed some of the pain. The depreciated exchange rate has stimulated the traded goods sector. Finally, although the destruction of wealth that Iceland has experienced as a result of the collapse of the Icelandic banks is enormous, it is not proportionate to the size of the banks, as foreign creditors will lose much more. But we will continue to pay the price this year, as GDP will contract further between 2009 and 2010, but unfortunately I cannot give you much new detail on the prospects for 2010, nor can I discuss monetary policy, as I have entered the seven-day silent period before the announcement of the interest rate decision and the issuance of a new forecast next Wednesday.
The extent to which these conflicting imperatives can be reconciled in a sustainable manner remains unclear. A focal point of the reforms has been to protect retail banking from the vagaries of investment banking that often has involved higher risk-taking activities. In the United States,  1  As at December 2009. BIS Quarterly Review Statistical Annex, June 2010, Table 19. 2  The Banker publication. 2  BIS central bankers’ speeches  the Volcker Rule prohibits banks from carrying out certain types of investment banking activities if they wished to continue to rely on deposit funding. In a similar vein, in the United Kingdom, the adoption of the recommendations by the Independent Commission on Banking mandates banking groups to establish a separate subsidiary for their retail activities, and it prohibits the subsidiary from undertaking other businesses and risks. Solutions to these challenges are far from straightforward. While these and other reforms by the Basel Committee and the Financial Stability Board are expected to have far reaching implications for the landscape of the financial system as we know it today, they have yet to provide answers to many of the key questions that policymakers and the financial industry need to address in the pursuit of effective functioning and sound financial systems as we progress forward into the future. Since the global financial crisis, significant attention has been directed at evolving an effective macro-prudential policy framework, which can serve to rein in excesses and strengthen the nexus between finance and the real economy.

Zeti Akhtar Aziz: Finance and the real economy – fostering sustainability Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Islamic Development Bank (IDB) Regional Lecture Series on Islamic economics, finance and banking: “Finance and the real economy – fostering sustainability”, Jakarta, 19 December 2012. *  *  *  I am most honoured to be invited to deliver this inaugural lecture of the Islamic Development Bank Regional Lecture Series. I am also most delighted to be back here in Jakarta. I would like to thank the Islamic Development Bank for the invitation, and Bank Indonesia for kindly hosting this event. For more than three decades now, the Islamic Development Bank has had an important role in promoting economic growth and development in so many parts of the world, and associated with this, has been its role in fostering the development of Islamic finance. It has supported the building of key international financial infrastructure that has been important for the orderly global development of Islamic finance and for safeguarding financial stability. The Islamic Development Bank has also supported research and education efforts in this area, while its strategic interests in financial institutions in different jurisdictions have been an important catalyst for their establishment and expansion.
Given the scale of the challenges facing us, it is vital that the economic policy response be sufficiently ambitious and resolute, so as to speed the adjustment of the accumulated imbalances and to lay the foundations for a more stable and flexible economy. This would not only be to the benefit of the Spanish economy; it is also essential for the very stability of the common European project. On this economic policy response will hinge the strength of the recovery, which in Spain’s case has hitherto been very incipient and very reliant on temporary stimuli, that will tend to peter out in the short run. Even without the high degree of uncertainty surrounding us in recent weeks, the recovery would only be gradual and would take some time to attain a pace of expansion sufficient to generate employment, which underscores the need to act decisively to avoid prolonged low growth. BIS Review 92/2010  1  The Annual Report of the Banco de España addresses the current situation of and outlook for the Spanish economy in great detail. Accordingly, given the limited time for my testimony, I shall focus on three issues that are essential in my view in order to be able to exit the current situation and bring about a rapid return to sustained growth: fiscal consolidation; the steps that must be taken to set in place an efficient labour market that rapidly promotes job creation; and, lastly, the restructuring of the financial system, where substantial progress has been made in recent weeks.

After a prolonged period of growth, this segment had reached a size which, given the evolving demand for banking services, entailed a clear excess of capacity. From an individual standpoint, the prolongation of the crisis affected the capacity of institutions to generate profits for the following reasons: an increase in non-earning assets (doubtful loans and repossessed real estate assets), the narrowing of margins due to a fall in income associated with rising non-earning assets and to a higher cost of funds, the decrease in business volume, etc. Moreover, the high growth of previous years, due particularly to increased business with the real estate sector, had raised the dependence on wholesale debt markets, exposing savings banks to the liquidity risk associated with adverse developments in those markets. Compounding this is the intrinsic limitation of savings banks when it comes to raising core capital, a limitation which is important because the trend in both the markets and the prudential financial regulation currently under international revision is clearly towards stepping up requirements in this area. Given the need to downsize this sector and the conviction that the productive structure of many credit institutions had to be rationalised to hold efficiency at adequate levels in a sector characterised by growing competition, the time was ripe for the creation of the FROB, under whose auspices many savings banks have arranged their mergers or institutional protection systems (hereafter referred to by the Spanish acronym “SIP”).
The substantial run-up in net bill issuance over the past few quarters, along with other factors, contributed to notable growth in securities dealers’ inventory of Treasury securities, shown in Figure 7—inventories that likely required financing in the repo market. Before these developments, Treasury bill yields and repo rates had been well below federal funds rates. The increases created an attractive alternative investment opportunity for federal funds lenders, including the Federal Home Loan Banks (FHLBs), which make up about 95 percent of current overnight lending in the federal funds market. Figure 8 shows that as repo rates rose relative to federal funds rates, volumes of FHLB lending in the repo market increased as some of the FHLB activity shifted into this market. As federal funds borrowers competed for this reduced pool of funds, rates rose. You may notice on Figure 1 that the federal funds rate had been rising within the range well before these recent shifts in Treasury market flows. This gradual and slow rise coincided with the ongoing decline in reserve balances that is a part of balance sheet normalization, which has raised the question of whether the decline in reserves might be putting upward pressure on overnight rates. In the academic literature on monetary policy implementation, models for the behavior of the overnight interbank rate generally boil down to its relationship with the stock of bank  14  This adjustment was discussed within the May 2018 FOMC minutes.

We see a similar potential with infrastructure funds, business trust and project bonds. We have also put  2  BIS Review 11/2008  in place a PPP framework to encourage public private participation in Singapore infrastructure projects. With this, we have successfully tendered for the ITE College West and the Singapore Sports Hub, the first and the largest sports facilities infrastructure PPP in the world. We believe these initiatives will bring business opportunities for the debt capital market community based in Singapore. Singapore prides herself to have established the reputation of a trustworthy and reliable financial centre, build on political stability, strong legal system, and a sound regulatory and supervisory framework that raises disclosure standards, fosters market discipline, and provides for greater transparency. As a regional hub, Singapore is also well connected to the rest of the world through our extensive network of FTAs, including Australia, India, Japan, South Korea and the US. Over 600 local and foreign financial institutions based here are able to access the growing pool of investors and opportunities; fueled by the strong performance of asset management activities in Singapore. The diversity in the sources of funds flowing into and through Singapore has also broadened, with increasing financial flows coming from South Asia and the Middle East. We have also taken the proactive and responsive approach to changes in the marketplace; having constant dialogues with institutions and listening to market players, like yourselves, to create a conducive business environment for financial institutions to operate in Singapore.
The proliferation of electronic trading and banking may not only improve the efficiency with which transactions are executed, but also may accelerate the rate at which capital flows through global financial markets. The rewards of increasingly open financial markets may be great, but the punishment for poor investment decisions and lapses in public policies may be comparably severe. Thus, global financial markets are likely to place a greater premium on robust risk management practices. The Year 2000 computer problem is a third issue that needs to be a top priority for risk managers. One need only look at the price action in interest-rate futures markets to note the high degree of uncertainty surrounding this issue. While an organization may have prepared its internal systems, it still may be exposed to credit risk from less-prepared counterparties in both the public and private sector. Thus, I fully support the contingency plans a number of institutions are putting in place. I think it is important to make clear that it is the boards of directors and senior management of financial institutions – not the regulators – who must be responsible for ensuring that their BIS Review 8/1999  –3–  companies provide seamless and high-quality service through the year end. The Federal Reserve System has completed the internal testing of almost all of its applications. In addition, the governments of various industrialized nations stepped up their internal Y2K remediation efforts last summer.

Mr McDonough focuses on the importance of risk management techniques and the enhancement of market discipline Remarks by the President of the Federal Reserve Bank of New York, Mr William J McDonough, before the Bond Market Association in New York on 21/1/99. Good morning. It is a pleasure to be here today and I thank the Bond Market Association for giving me this opportunity to share some of my thoughts about supporting the resiliency and liquidity of our capital markets. As you recall, last August the Russian government announced an effective devaluation of the ruble and declared a debt moratorium, shocking investor confidence all over the world. Against the backdrop of weakened economies and financial markets in many developing countries, global equity and debt markets became increasingly volatile. In the U.S., a number of market observers had anticipated a correction in stock prices. However, the simultaneous and abrupt widening of credit spreads went far beyond the expectations of investors and financial intermediaries. We are all familiar with the immediate consequences of these dramatic events. What is most important, it seems to me, is to try to understand what public and private entities can potentially do to prevent, mitigate, and manage financial uncertainty in the future. In the face of the recent events in Brazil, the launch of the euro, the countdown to Y2K, and the extraordinary market volatility of the last 18 months, all of us are obliged to think carefully about our responsibility to support the functioning of liquid and efficient financial markets.