samchain/econo-pairs-v1 huggingface dataset:
However, the growth of the industry has to extend beyond the numbers to sustain its growth momentum. This is of particular importance in today’s environment of growing global uncertainties and when considerations that prioritise the linkage of finance to the economy, justice and fairness, and sustainability and inclusion and which have been regarded as essential elements of a modern financial ecosystem. Islamic finance, with these inherent features and ethical dimensions, therefore has an immense potential role as a transformative agent in the economy, particularly in serving the requirements of the real economy and the broader society. Of importance is thus the role of the global Islamic financial marketplace in facilitating greater linkages with the real economy and inclusion and thus balanced growth. In evolving into the next growth phase, it remains an imperative for the Islamic banking industry in the global marketplace to reinforce meeting the very objective of its existence as an effective form of financial intermediation that serves the real economy and that complies with the requirements of the Shariah. As an extension to this, Islamic banks have the potential to extend its role to also include the role as an investment intermediary. This would require the diversification of banking business to expand beyond credit intermediation to investment intermediation, in which the alternative modes of risk sharing contracts can be applied. In performing investment intermediation, Islamic banking institutions not only strengthen further the linkage of finance and real economic activity, but also contribute towards more inclusive and more balanced growth.

This is an important consideration in our strategies, in parallel with the efforts to further increase the internationalisation of Islamic finance that can cumulatively contribute towards strengthening economic linkages and thus enhance international economic connectivity. Themed “Marketplace for Global Linkages”, with the presence of more than 1000 participants from various industries across the globe, this year’s Global Islamic Finance Forum brings unique opportunities for industry players to realise cross-border business opportunities for growth. It is our hope that this international platform would also provide the opportunity for intellectual engagement that would generate new thinking and knowledge as the industry ventures to new frontiers. On that note, I declare GIFF 2014 open and I wish you a productive and successful Forum. Thank you. BIS central bankers’ speeches  3
Very shortly, we will also be launching Malaysia's cross-border QR payment linkages with Indonesia, Thailand, and Singapore. Customers of participating financial institutions can now make retail payments by scanning QRIS, NETS, and PromptPay QR codes via mobile banking or e-wallet apps. As an added treat, we have merchants from these countries offering local delectables here today – do visit them and try making cross-border QR payments yourself! With that, I hope that you will find today's discussion enriching and enlightening, and contribute to the wider discourse on the state and future of our economy. Sasana comes from the Sanskrit word for message and education. It is my hope that the sasana we come away with will translate into important reform actions that will strengthen the foundations of our economy and propel Malaysia forward. Thank you, and have a productive Symposium. 3/3  BIS - Central bankers' speeches

MAS is committed to further reductions in our energy consumption, in line with public sector targets under GreenGov.SG. We aim to achieve this by: upgrading all fluorescent lightings to more energy efficient motion-controlled LED lightings; installing solar panels on the rooftop of MAS Building and Currency House; and adjusting the indoor air-conditioned temperature from 24°C to the energy optimal level of 25°C. We will focus on reducing air travel which typically accounts for close to 50% of our measured emissions. Emissions from air travel for official business has been rising due to MAS’ active and growing participation in international and regional fora. Going forward, we will look for opportunities to reduce air travel in line with new norms of international engagement in a post-pandemic world. Our biggest challenge is to reduce the environmental footprint of currency issuance. We are still collating emissions data on the excluded outsourced currency operations. We estimate they will eventually account for 40–60% of our carbon footprint. We are engaging our currency vendors to reduce their emissions upstream. Some of them have done so through sourcing renewable energy and printing carbon-neutral notes through carbon offsets. Ultimately progress on emissions reduction in currency operations hinges on a reduction in public demand for notes and coins. MAS will continue to promote electronic payments, the use of good-as-new $ notes for Lunar New Year, and e-gifting during festive seasons. If Singaporeans can reduce their use of cash, it will help to reduce the environmental impact of currency operations, and ultimately the carbon footprint of Singapore.
BIS Review 36/2005  13  The implementation of employment-oriented finance models and labor education will contribute to providing a solution to the employment problem by establishing stronger relations between the agriculture sector and the industrial and services sector. Other factors that will help to increase employment include establishing control of the underground economy by lowering employment taxes in the scope of reducing labor costs, sustaining increases in productivity, devising long-term plans compatible with the labor supply aimed at increasing skilled labor and formulating policies consistent with the European Employment Strategy. Now, I would like to touch upon another topic, real interest rates and the problem of public debt. The continuity of structural reforms, a stronger macroeconomic balance and the confidence of economic agents will surely contribute to a further decline in real interest rates in Turkey. Another main indicator of the relation between structural reforms and the level of real interests is the credit levels in the country and the inverse relationship between risk premium and real interest rates. As it is known, the credit rating of a country is assessed according to its economic principles and macroeconomic structure. The analyses indicate that real interest rates display a downward trend in economies with high credit ratings, while they maintain an upward trend in economies with low credit ratings. In other words, real interest rates are low in structurally sound economies, whereas they are high in structurally deficient economies.

Therefore, in order to make sure that central bank independence is understood, internalized and safeguarded by the public, it is necessary for them to fully comprehend the rationale of independence, understand why it is important and become convinced that central bank independence does not imply independence from society. For this reason, I firmly believe that it is vital to talk about independence frequently. 20  BIS Review 36/2005  As I have reiterated before, it is a globally accepted phenomenon that achieving price stability is the prerequisite of establishing a sound market economy and attaining sustainable growth and employment rates in the long run. Another globally accepted phenomenon is that price stability can only be achieved by employing lasting, sound and stable policies. For this reason, the public provides central banks with freedom from political authorities in order to enable them to implement the necessary long-term targets to control inflation and attain price stability, to achieve full employment and to sustain growth. This structure gives central banks the opportunity to reject the implementation of policies that pose risks to attaining price stability and creates an environment in which they can give warnings when required. These are the reasons why central bank independence is essential. Monetary policy implemented by a central bank that is able to effectively exercise its independence, is accepted by all sections of the public and the political authority.
It may take some time before interest rates are increased substantially in the US. Growth in Asia is solid, but a global rise in interest rates is unlikely to start there. Inflation is higher in the euro area than in the US and approximately in line with the objective defined by the European Central Bank. In the euro area, however, capacity utilisation is very low, unemployment high and the outlook for growth is weaker. Recently, inflation has moderated slightly. Against this background, it will probably also take time before interest rates rise markedly in the euro area. Interest rates abroad have been unusually low for 2½ years, and it appears they will remain low for a period ahead. This poses a challenge to monetary policy in Norway. Growth in the Norwegian economy has picked up. Lower interest rates have contributed to sustaining growth in private consumption. Household demand will probably be the most important driving force in the Norwegian economy in the period ahead. Against the background of high real income growth, improved job security and expectations of continued low interest rates ahead, household consumption is expected to exhibit strong growth. Petroleum investment exhibited brisk growth in 2003. Growth in petroleum investment would appear to continue in 2004, but probably at a slower rate than in 2003. Low interest rates and house price inflation imply higher housing investment in the period ahead. Fiscal policy also contributes to stimulating activity.

Closing remarks for the 13th edition of the Regional Seminar on Financial Stability Florin Georgescu, First Deputy Governor of the National Bank of Romania Bucharest, September 13, 2019 Distinguished Guests, Ladies and Gentlemen,   We have reached the end of the 13th edition of the Regional Seminar on Financial Stability and it is my pleasure to provide some closing remarks.  After two days of interesting presentations and intense debates, I will try to summarize some of the ideas presented here.  In this year’s edition of the Financial Stability Seminar, whose topics was “Inclusion and Financial Stability”, we have discussed about: o Financial inclusion and income inequality o Correlation between macroprudential policy and financial inclusion o Access to banking financing o Climate-related risks All these were discussed in the context of financial stability.  Some of the subjects, like macroprudential policy and its effects, were discussed in-depth these days, but also in the previous editions of the seminar. And that’s how it should be. This policy represents a key element in ensuring financial stability.  Macroprudential policy, according to ESRB recommendation, has ”the ultimate objective to contribute to the safeguard of the stability of the financial system as a whole, including by strengthening the resilience of the financial system and decreasing the build-up of systemic risks, thereby ensuring a sustainable contribution of the financial sector to economic growth”.
25.09.2020  How central banks can use digitalisation to better serve the public: the case of payments Navigating the Digitalisation Transformation - Virtual OMFIF-Banque de France Seminar Pablo Hernández de Cos Governor  Good morning, I would like to start off by expressing my gratitude to both the OMFIF and the Banque de France for organising this very interesting and, certainly, timely event. Like many of my esteemed colleagues, I have been vocal about the growing relevance of emerging technologies for the financial system before. In fact, at the Banco de España we are closely monitoring trends in order to fully understand their potential implications and be ready to act quickly, where necessary. Yet despite all its recent history and significance, it is now -in the light of the pandemic- that digitalisation has become even more critical and, possibly, also a catalyst for a tectonic shift across multiple dimensions. Products, services, business models, distribution channels and touch points all over the industry may, indeed, be closer today to an accelerated reshaping than was the case only a few months ago. If anything, these difficult times have, in my view, proven what a valuable ally digitalisation can be to strengthen banks’ resilience and secure the necessary flow of funds to society at large. This has been instrumental to mitigate some of the damage caused by the outbreak. More broadly, the virtualisation of our economic activity during the pandemic has further provided a necessary backstop for many businesses that used to rely solely on their physical presence.

It is true that people who get their pension from an insurance company which fails should have some protection from a compensation scheme which spreads the cost of failures across the industry, but we should not underestimate the risks to them, the industry and the public purse of a major failure – we need to be sure that the basis on which pension promises are  Page 5  made is solid. What have we learnt about the Matching Adjustment since its invention? Given its size and the very important role in plays in our economy, it might surprise some listeners to learn that the MA is a relatively recent invention. It only came into force in the UK as part of the EU’s implementation of Solvency II a little over six years ago. Before that we had for many years allowed insurance companies to take some capital benefit from future returns – the MA took the basic idea of this older regime, and through the process of EU negotiations turned it into a new form. In many ways the EU’s MA has done its job well over those six years, but our experience of seeing it in action has made us worry about three things: First: the past may not be a good guide to the future. I explained that the MA allows insurance companies to recognise as capital up-front part of the income they expect to earn on their assets in the future.
[15] Schrimpf, A. et al., op. cit. ; Duffie, D., op. cit. ; Liang, J.N. (2020), “  Corporate Bond Market Dysfunction During COVID-19 and Lessons from the Fed’s Response”, Hutchins Center Working Papers, No 69, October. [16] Cera, K. et al. (2020), “The role of bank and non-bank interconnections in amplifying recent financial contagion”, Financial Stability Review, ECB, May. https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp201119_1~4a1ff0daf9.en.html  6/7  20/11/2020  COVID-19 and the liquidity crisis of non-banks: lessons for the future  [17] Although LVNAV funds guarantee constant prices under normal market conditions, they are designed to lose this characteristic and convert into a variable net asset value (VNAV) fund if the price of the underlying assets changes by 20 basis points or more. The higher riskiness of the underlying assets was likely amplified by the risk of conversion into a VNAV fund, as a number of LVNAV funds were close to breaching the regulatory limits on net asset value during the recent period of volatility. Investors may therefore have redeemed early during the recent stress episode and contributed to additional outflows and liquidity shortages in these funds. [18] De Guindos, L. and Schnabel, I. (2020), “The ECB’s commercial paper purchases: A targeted response to the economic disturbances caused by COVID-19”, The ECB Blog, 3 April. [19] Swing pricing rules can discourage investors from selling shares in funds and can provide fund managers with additional time to adjust their portfolios, mitigating the risk of fire sales. There are mixed results in studies that assess the effectiveness of swing pricing.

Even in Japan, where the direct impact of the turmoil has been relatively contained, the economy remains fragile and prospects have deteriorated. The emerging market economies stand in sharp contrast with this gloomy outlook, as their growth forecasts have been revised down only marginally. In fact, one of the most surprising features of the recent developments in the world economy has been the resilience of most emerging market economies to the unravelling of the global turbulence. This feature is even more remarkable taking into account their recent history of financial and economic instability. If we look at basic financial market indicators of risk – such as the sovereign spreads, exchange rates or equity markets – what we observe is that, overall, they have behaved significantly better than comparative asset classes in the industrial economies over the past  BIS Review 56/2008  1  nine months. In addition, credit has generally continued to be available in these economies – albeit, admittedly, at a somewhat higher cost – and creditworthy emerging market borrowers have not been shut out from international markets, contrary to what used to happen in the past. It is true that issuance abroad has been reduced notably since the beginning of the turbulence, and that those borrowers with relatively low credit ratings may have been shut out completely from international markets.
Secondly, ICT development leads to innovation growth in public services worldwide, which means that changes in public administration’s activities increasingly rarer show features of reproduction, and the public administration becomes ever more often a leader in the field of innovative services. In consequence, methods of a country’s actions and fulfilment of its functions are irrevocably directed at using such technologies, and adopt the form of e-strategy, e-policy, eregulations and e-services. With just a few exceptions, public administration in Poland has not contributed to increasing innovativeness and effectiveness of the private sector, but has been rather ball and chain. Communication between citizens, entrepreneurs and an authority takes place mainly on paper, and it is necessary to come in person, bring a form, sign a document, while in other countries, e-government bodies are available via a mobile phone. For example, would it not be easier and more cost-efficient for an entrepreneur, if such sufficed, to participate in a tender by submitting only a factual offer, and other documents would be automatically collected through communication between various public and private registers (such as the National Court Register, Social Insurance Institution, Central Statistical Office, the revenue or credit database etc.). There are countless examples where public administration’s activities might sizably increase the economy’s efficiency.

Failure to make progress in these areas may sizably reduce the economic growth in the years to come. These areas include, but are by no means limited to road infrastructure, volume and quality of spending on research and development or business environment in Poland, as can be exemplified by an average of three years that it takes to claim one’s rights before courts in disputes between business entities. These weaknesses of the Polish economy are well known and it is also common knowledge what should be done to eliminate them. It is however not the weaknesses that I intend to discuss today, as I believe that there are other and much more serious areas of concern that significantly reduce Poland’s economic potential. Lack of reform in these areas may deprive Poland of the benefits brought by globalization. Today, I would like to outline two such problems: •  First, for many years there has been no common vision of Poland and no leadership that could inspire Poles to pursue this vision. •  Second, we may boast our world’s best IT specialists, but we are still well backward in terms of e-government – according to the Capgemini survey from June 2006 Poland ranks third from the bottom in the European Union 10 . Why do I believe the lack of vision, lack of leadership and Poland’s backwardness in e-government to be major weaknesses that diminish Poland’s possibility to capture the opportunities offered by the global economy?
28 The original Bretton Woods system was established after WWII and consisted in a formal commitment of its participant countries to maintain foreign exchange rates, determined against a gold parity, at a specific level, with acceptable deviations not exceeding 1 percent. The system ceased to exist in 1971, after president Nixon had taken a decision that the US would no longer exchange dollars for gold according to the parity determined. The nature of the reactivated Bretton Woods, often called Bretton Woods 2, is well conveyed in the motto used by the authors of this concept: “(…) if I had an agreement with my tailor that whatever money I pay him returns to me on the very same day as a loan, I would have no objection at all to ordering more suits from him” (Jacques Rueff, 1965, after Dooley et al. (2003). 27  Taking into account the fact that China has already used USD 60 billion of its foreign exchange reserves for capital injections to two commercial banks, the People’s Bank of China has a level of reserves that exceeds USD 900 billion. 28  A series of articles on the topic was commenced with the work of M.Dooley, D.Folkerts-Landau and P.Garber „An Essay on the Revived Bretton Woods System“, NBER Working Paper 9971, September 2003.

Thomas Jordan: Mortgage financing and the risks of a credit crunch in Switzerland and abroad Summary of a speech by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the Schweizer Ökonomentag, University of Zurich, 10 September 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The international financial crisis has raised the question of the risks of a credit crunch on domestic and foreign property markets. A credit crunch can occur if banks’ ability to lend is constrained, or if their lending practices become more risk averse. From a macroeconomic perspective, a credit crunch is relevant because it can reinforce an economic slowdown. The risks of a property market credit crunch differ from country to country. Mortgage markets in the US and UK are showing clear signs of a credit crunch. Both countries have typically seen a sharp slowdown in credit growth, falling house prices and weaker bank balance sheets. Mortgage lending in these countries over the past few years has increasingly been financed through securitisation. The current loss of investor confidence in securitisation has thus hampered banks’ ability to refinance mortgage contracts and, as a result, banks in both countries are finding it harder to grant new mortgage loans. At the same time, falling prices have dampened their risk appetite as regards lending. This decline in the supply of credit is now weighing on economic developments in these countries.