samchain/econo-pairs-v1 huggingface dataset:
First I want to refer to the origin of this financial crisis and its linkage with monetary policy. Some arguments point out that the current crisis was originated by monetary policy mistakes, particularly in the United States, where low interest rates are blamed for the housing bubble and subsequent financial meltdown. Some have even claimed that inflation targeting regimes are inadequate, because monetary policy should also aim at controlling asset price inflation. And this is precisely the second point in my presentation, that is, whether interest rates should react to asset price movements or not, and what is the role played by the exchange rate. BIS Review 68/2009  1  To sum up, and insisting on a point I have made before, there are many cases of countries that lowered their interest rates substantially without triggering any housing bubbles. There are also cases of countries with very low interest rates where home prices soared, but still their financial systems did not end up in a financial disaster like they did in some developed economies. This crisis, or at least the magnitude it has reached, is the result of financial fragility and we, in Latin America, are well aware that when a cyclical downturn is combined with a financial crisis, the impact is magnified. Central banks generally have two objectives: price-level stability and financial stability. Recent history reminds us that we cannot pursue both with one single instrument, the interest rate.

From there, I strongly urge banks to work with your customers to take advantage of the good liquidity in both SOR and SORA markets in the next 6-12 months to proactively transition legacy contracts. 26 If we manage to front load this work early and transition the substantive bulk of legacy books by early 2022, this will leave ample time for us to deal with any residual tough legacy transactions. That would be a good place to be in, when we meet again this time next year. 27  Thank you very much, I wish you all fruitful discussions for the rest of this webinar. ***  [1] The Association of Banks in Singapore (ABS) is a non-profit organisation that represents the interests  of the commercial and investment banking community. The Singapore Foreign Exchange Market Committee (SFEMC) aims to foster the growth and development of Singapore as a leading global financial centre in Asia, with a specific focus on foreign exchange, money markets, fixed income and derivative markets. https://www.mas.gov.sg/news/speeches/2021/pushing-ahead-with-sor-sora-transition-in-2021  6/7  12/02/2021  "Pushing Ahead with SOR-SORA Transition in 2021" - Keynote Speech by Mr Leong Sing Chiong, Deputy Managing Director (Markets …  [2] The Steering Committee for SOR & SIBOR Transition to SORA or SC-STS is an industry-led Steering  Committee tasked with overseeing the transition from SOR to SORA. The SC-STS is chaired by Mr Samuel Tsien, Group CEO of OCBC Bank and ABS Chairman. [3] See relevant announcements here .
If, as Cartwright suggests, there is more methodologically that links the natural and social sciences than divides them, there could be considerable scope for disciplinary cross-pollination of ideas and models. So just how interdisciplinary is economics? The short answer appears, regrettably, to be “not very”. Table 1 looks at responses by professionals in different social sciences to the proposition “inter-disciplinary knowledge is better than knowledge obtained by a single discipline” (Fourcade, Ollion and Algan (2015)). A majority, often a large majority, of other social sciences agree with this statement. Only in economics do a majority disagree. 8  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  8  Table 1: Responses to the question - Interdisciplinary knowledge is better than knowledge obtained by a single discipline? Source: Fourcade, Ollion and Algan (2015). Notes: Table shows responses as a percentage of professors in each discipline. Economists’ words are matched by their actions. The science periodical Nature recently published interdisciplinary indices, measuring the number of references made to outside disciplines by a subject area and the number of citations made outside the discipline to that subject area. Over the period 1950-2014, economics sat in the bottom left-hand quadrant (Chart 3). Alongside theoretical physics, economics was at the bottom of the inter-disciplinary league table (van Noordan (2015)). Chart 3: Citations and references to outside  Chart 4: Citations and references to outside  disciplines  disciplines over time  Source: van Noordan (2015). Source: van Noordan (2015).

Caleb M Fundanga: Increasing access to financial services in Zambia Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the foundation stone laying ceremony of the new Stanbic Bank Premises, Lusaka, 10 July 2009. *  *  *  Mr. Ben Kruger, Deputy Group Chief Executive of the Standard Bank Group; Mr. Clive Tasker, Chief Executive Officer of Standard Bank Africa; Ms Pindie Nyando ro, Regional Managing Director; Mrs. Nikki Twomey, Director Brand Marketing at Standard Bank; Chairman of the Stanbic Bank Board, Mr. Larry Kalala; Directors of the Stanbic Bank Board; Managing Director, Stanbic Bank Mr. Joseph Chikolwa; Management and staff of Stanbic Bank; Representative from the Construction Company, Barnett’s and Farmers House Plc; Mr. Roger Miller Distinguished Ladies and Gentlemen. I am honoured and thankful for the invitation to officiate at this important Foundation Stone Laying Ceremony of the new Stanbic Head Office premises. Distinguished Ladies and Gentlemen; allow me to begin by commending Stanbic Bank Zambia Limited for the important role it continues to play in the financial sector in Zambia. Since, 1992 when Stanbic Bank was established in Zambia, the bank has grown to be one of the biggest players in the market. As at 31 May 2009, the bank accounted for about 14% of the banking sector’s total assets, while its deposit base accounted for 15% of total sector deposits. More importantly, the bank’s loan portfolio accounted for 15% of the total loans in the sector.
The purchase programme alone cannot solve the crisis. However, it has significantly reduced tail risks, such as the exit of one or several countries from the monetary union, and it buys governments more time to implement fiscal consolidation and structural reforms. The affected countries have already made some concrete progress in this regard. However, it is clearly too early to relax our guard. The global economic situation is still fragile and the way out of the crisis in Europe is long and arduous. In many countries – not just in Europe – there are still a number of unanswered questions with regard to the medium-term growth outlook and the sustainability of public finances. And while we expect the global economy to recover gradually this year and the Swiss economy to grow by 1–1.5%, considerable uncertainties remain. The Swiss franc is still high, even at today’s level. In view of the fragile international environment, the downside risks for the Swiss economy remain substantial. In particular, the threat that the franc could suddenly come under upward pressure again has not been averted. The minimum exchange rate is an important instrument in helping to prevent an undesirable tightening in monetary conditions. The SNB will therefore continue to enforce the minimum exchange rate with the utmost determination and, if required, is  2  BIS central bankers’ speeches  prepared to buy foreign currency in unlimited quantities for this purpose. It stands ready to take further measures at any time.

Each bar stored abroad has a bar identification and remains the property of the SNB. The availability of our gold holdings is fully guaranteed at all times. As with many other central banks, the SNB has never made the storage locations public. The SNB reviews the geographic allocation of its gold reserves periodically and adjusts it if necessary. In addition to security considerations, avoiding public discussions when gold is being relocated was one of the reasons why storage locations have so far been treated confidentially among central banks. However, the SNB is aware that there has been a growing need for transparency in our population in the last few years. We have therefore decided to provide more detailed information in this matter. This is the only way for us to rectify the misinformation and misconceptions with regard to storage locations which have increasingly surfaced. 4  BIS central bankers’ speeches  Of our 1,040 tonnes of gold, more than 70% – and thereby the overwhelming proportion – is stored in Switzerland. The remaining 30% is distributed between two countries. Roughly 20% of the gold reserves are kept at the central bank of the United Kingdom, and approximately 10% at the central bank of Canada. The SNB has been storing gold exclusively in these countries for over ten years. A number of clearly defined criteria are used when selecting countries for gold storage. First, adequate regional diversification and good market access for the storage of gold must be ensured.
Another is permanent, and like the first should be in the category of a given – namely, good conduct by banks. But the third – the dependence on public money – should not survive, hence the strong focus on developing bank resolution and ending too big to fail. President, we all have our work cut-out. You can take pride in the role of the Institute in supporting the establishment of the Professional Standards Board and their work on the Code of Professional Conduct and the Professional Standards initiative. As a start, I understand that at least 70,000 bank staff will go through the Foundation Standard by the beginning of July this year. This is a big achievement, for which those involved should be proud. There is a lot more to do I know, but let me congratulate Susan Rice, who has led the work, and everyone else involved. Thank you. BIS central bankers’ speeches  5

Prasarn Trairatvorakul: Post-crisis recovery – Asian lessons for Europe Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the OMFIF Golden Series Lecture, London, 12 September 2012. *  *  *  Distinguished guests, Ladies and Gentlemen, I am honored and delighted to be part of the Golden Series Lecture and would like to thank OMFIF for the kind invitation. Events such as these provide an opportunity for us to exchange views on topical issues that are at the center of international finance and I am keen to learn from the perspective of our audience. Fifteen years ago the Asian crisis forced us to go through painful adjustments and far reaching economic and financial reforms. We had to embrace legal, regulatory and governance reforms, while our business sector had to deleverage and our bankers became much more prudent and risk conscious. Today, the world is witnessing another crisis not dissimilar to ours and I have been asked to share with you some lessons from the Asian financial crisis. This is somewhat ironic as we in Asia look to Europe as a role model and a benchmark in our integration efforts. Individually we are all small states and find it difficult to compete for foreign investment without the attraction of size and economy of scale. So my talk today will be a modest contribution to the current debate on the challenge of post crisis recovery.
Muhammad bin Ibrahim: ASEAN’s rapid economic growth and future potential Opening address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the ASEAN Fixed Income Summit (AFIS), Kuala Lumpur, 29 September 2014. *  *  *  I am pleased to be here at the inaugural ASEAN Fixed Income Summit, which is hosted by Bank Negara Malaysia, together with Cagamas, the ACI – Financial Markets Association of Malaysia and Malaysian Association of Corporate Treasurers. We have here today, an impressive gathering of senior policy makers across ASEAN and senior representatives from major financial institutions and corporations operating in the region. I would like to welcome all of you to Sasana Kijang, Kuala Lumpur and to Malaysia. Today, we are in one of the most dynamic and fastest-growing regions in the world. Based on IMF’s forecast, world growth in 2014 and 2015 would be 3.4% and 4% respectively. The ASEAN region is expected to grow by 6.4% in 2014 and 2015. ASEAN’s GDP is expected to reach USD3 trillion by 2017, tripling in size relative to a decade ago. With a diverse range of economies in terms of size, stages of development and economic structure, including home to many dynamic and emerging economies such as Myanmar and Vietnam, economic expansion in this region are expected to be sustained, and significantly outpace global growth. As ASEAN continues to open up to global investors, foreign direct investment flows (FDI) is expected to accelerate.

This effort should be expedited to provide issuance flexibilities and accelerate intra-regional cross border issuance. Much has been discussed and deliberated on this subject matter. It is timely to put idea into action. The benefits are significant, as ASEAN issuers will be able to raise long-term domestic currency funding not only from their onshore investors but across the region. Issuers would have access to a wider base of investors. A wider source of funding would also potentially enable them to better match funding and investment needs. Such a framework would also expedite the issuers’ compliance with regulatory process, leading to a shorter time to market, which would result in more reasonable cost issuance. Another bold step is to recognize the credit rating given by the domestic credit rating agency for domestic currency bond or sukuk issuance. Such recognition ought to be given should the rating agency had long enough credit cycle to prove its rating reliance. Domestic rating agencies have better local knowledge and insights. The rating methodologies are similar, technical model-driven and back tested. In addition, most domestic rating agencies have international partners for technical assistance, standard and quality assurance. Before I conclude, there are some ideas that could contribute to the further integration of our fixed income markets. Firstly, a crucial driver for greater financial integration is the availability of efficient and effective financial intermediaries. We should look to enhance and better connect the network of intermediaries in the region as it would support the development of a strong and integrated market.
It is particularly appropriate to overshoot the target when unemployment is higher than its long-run sustainable rate, as it can then reach its long-run sustainable rate sooner. The usual way of applying the current inflation target entails that even if the target is undershot over a period of time the central bank still endeavours to maintain inflation in line with the target. Thus the central bank does not attempt to compensate for the previously low inflation with a period when inflation is above the target. To ensure that average inflation is on target over a longer period of time, the central bank could instead have a so-called price level target that means the price level should be stabilised around a price level path that rises by 2 per cent a year. Such a price level target would mean that average inflation is at 2 per cent over a longer period of time. The advantages and disadvantages of a price level target have been discussed at length in academic literature (see for instance Bank of Canada 2011). Since a downward-sloping long-run Phillips curve makes it important to keep average inflation over a longer period of time on target, this strengthens the arguments in favour of a price level target. A less dramatic change would be a target in the form of a moving average of inflation over a longer period of time, for instance five or ten years (Nessén and Vestin 2005).

The high level of indebtedness built up during the economic upturn in many countries significantly increased this risk. Positive expectations of the future had increased companies' financing needs for investment. At the same time, a bright picture painted of the future and an increase in wealth had stimulated households' consumption and increased their investment in housing. It was easy to imagine a risk scenario where household sector demand declined so rapidly that heavily indebted companies went bankrupt, where unemployment rose drastically and where banks an other lenders suffered extensive loan losses. This negative spiral could continue with further falls in share prices and household wealth and rising credit risk premiums would make lending more expensive. If this negative sequence of events were not broken, high loan losses could eventually lead to bank crises and credit crunches, which would contribute further to the downward spiral. A credit boom, large increases in asset prices and a high rate of growth in investment, often concentrated on a particular sector, have been the factors preceding serious financial crises around the world. However, it is important to remember that neither a credit boom nor a large deficit on the current account need be interpreted as an accumulation of financial imbalances. If savings and investment decisions are based on realistic expectations of future growth and banks and financial investors have been able to make realistic assessments of the credit risks connected with investment projects and consumption loans, then this development is more a sign that the international capital markets are functioning efficiently.
This paper assesses and suggests means of improving the robustness of this regulatory framework. The quest for risk sensitivity in Pillar I rules caused regulatory complexity and opacity to blossom. This may have inhibited the effectiveness of supervisory discretion and market discipline (Section 1). In consequence, Pillar I may have borne too much of the load and Pillars II and III too little. Here I focus on Pillar III. There may be straightforward ways to rebalance the Basel scales, re-injecting market discipline. Having banks issue a graduated set of contingent convertible (“CoCo”) securities, which are responsive to early signs of market stress, is one possible way of doing so (Sections 2 and 3). That would have the practical effect of reinforcing Pillar I with Pillar III, so delivering a potentially more balanced and robust regulatory edifice. Getting from here to there may take time. But some modest adjustment to dividend and bonus distribution policies by banks would help (Section 4). Section 5 concludes. The first pillar The recently-agreed Basel III package delivers a material strengthening of regulatory standards. Though the details are complex, the essence of these reforms is easily described: “more of the same – and better”. So there will be more bank capital and in future it will be higher quality. Banks will be required, for the first time in an international accord, to hold liquid assets, and in future will be more resilient. Risk management will be more extensive and in future it will be more robust.

As well as building collaborative ties across the world, we are also creating partnership closer to home. There is a huge upside in tapping the considerable potential in fintech development in the Guangdong-Hong Kong-Macao Bay Area. The Bay Area has a population of over 66 million and a GDP of over $ trillion. With the deepening of the financial sector and the expanding cluster of technology talents and industrial base, the Bay Area is going to become one of the main engines of growth for China and a very fertile ground for innovation in financial services and fintech. 9. Recognising the importance of cross-border collaboration in the Bay Area, the HKMA, as a start, has signed a Fintech MOU with the Office of Financial Development Service (“OFDS”) 2/4  BIS central bankers' speeches  of the Shenzhen Municipal Government. Now, I am pleased to announce that, in pursuing our commitment to collaboration, Hong Kong and Shenzhen will jointly launch three fintech initiatives: (i) A fintech competition; (ii) A soft-landing scheme; and (iii) A talent development programme. Fintech Competition 10. Together with the Shenzhen OFDS, we will organize a fintech competition that is open to participation by Shenzhen and Hong Kong financial institutions. It offers total prizes of more than $ million for the winning fintech products or solutions. I am sure the awards will provide a strong incentive for financial institutions to innovate, either by themselves or in partnership with fintech firms.
In Australia, for example, the 1998 Payment Systems (Regulation) Act gives the RBA powers to regulate the payments system and purchased payment facilities (such as travellers’ cheques and stored value cards). It also allows the RBA to obtain information from payment system participants and to set access regimes and determine risk control and efficiency standards for designated payment systems. The RBA’s responsibilities in this regard are discharged by a Payments System Board. The adoption of Real Time Gross Settlement (RTGS) has been another key risk reduction initiative on the part of many central banks in the past decade and a half. These systems eliminate the build up of settlement exposure and Herstatt risk between financial institutions as a result of the exchange of high-value payments and debt securities settlements. Instead, individual transactions are settled in real time across accounts at the central bank. The availability of RTGS is also an important step in dealing effectively with foreign exchange settlement risk. Finally, no discussion of payments system oversight would be complete without some mention of AntiMoney Laundering initiatives. AML is important for the integrity of payments systems, and thus also has important macroprudential implications. The publication of a Financial Stability Report is the second way in which central banks have given more prominence to their macro prudential responsibilities. The Bank of England was among the first movers and its Financial Stability Report is now a decade old. The report recently underwent a revamp reflecting how rapidly this type of analysis has evolved in that time.

In Britain the creation of the Financial Services Authority led the Bank of England to build up its resources in financial stability analysis. This was a result of the Bank’s efforts to ensure that oversight of the financial system did not fall between the gaps in the new institutional structure of supervision. Since then other central banks have followed the Bank of England’s lead. Financial stability units – small teams with backgrounds in economics and banking supervision whose job it is to monitor wider trends in the financial system – are now increasingly a feature of the organisational charts of many central banks. These factors have led to a redefinition in the way in which central banks have begun to approach their traditional macro prudential remit. I would like to mention four of these in particular: •  The formalisation of payments and settlement system oversight;  •  The publication of financial stability reports;  •  Stress testing and scenario analysis; and  •  Concern with financial condition of non-bank financial intermediaries and health of corporate and household balance sheets. Let me now briefly talk about each of these in turn. Payment system oversight has been part of the core functions of central banks almost from the very beginning. However, once the formal responsibility for banking supervision was split away from central banks like the Bank of England and the Reserve Bank of Australia, these central banks began to formalise their role in payment system oversight.