samchain/econo-pairs-v1 huggingface dataset:
Crisis response: change in central bank interactions with markets The Markets Group’s monitoring responsibilities and broad array of contacts across different market segments were critical to identifying underlying causes of the increased volatility and sharp repricing observed across a wide range of financial markets in 2007 and 2008. This information contributed to policymakers’ understanding of where and how to target liquidity support measures beyond the traditional form of discount window lending to depository institutions. The temporary liquidity facilities were designed by drawing upon skills across the Federal Reserve System including market and operational experts, lawyers, economists and accountants. Given the unprecedented shocks to the market and the economy more broadly, the facilities had to be set up very quickly – in a matter of days or weeks. These included facilities designed to lend to banks and primary dealers to ensure adequate access to shortterm credit, such as the primary dealer credit facility (PDCF) and the Term Securities Lending Facility (TSLF). Other programs were designed to lend directly to borrowers and  2  To further this objective, the New York Fed also sponsors a private-sector group of market participants – the Treasury Market Practices Group – to support the functioning of Treasury, agency debt, and agency mortgage-backed securities markets. For further information, see the following: http://www.newyorkfed.org/ tmpg/index.html.

At the time, the real exchange rate was more appreciated than today, and it was only a few weeks before the financial crisis took a turn for the worse after the collapse of Bear Stearns, which warranted strengthening our international reserves position in the face of a very volatile global economic and financial scenario. The exchange rate depreciated in the first weeks after we announced the intervention, but the subsequent depreciation in the following months coincided with a widespread weakening of emerging currencies, increased risk aversion in global financial markets, a strengthened dollar and a fall in Treasury bonds’ interest rates. But it is also helpful to learn from other episodes, and an interesting one happened in 1997, when the real exchange rate hit its lowest since the crisis of the peg in 1982. That intervention amounted to around 4% of GDP, there were capital controls, net capital inflows were at 8.1% of GDP, the copper price was at $ per pound in dollars of today, and the net international position was more to the debt side, at 50% of GDP. Certainly, the floating regime, a monetary policy more aligned with international interest rates, and reduced capital inflows have been key in limiting the amplitude of exchange rate fluctuations. I want to highlight that net capital inflows to Chile are now less than the peaks we saw in the 1990s. Currently, capital inflows to the emerging world – particularly Latin America – have resumed pre-crisis levels but are still below those of the 1990s (figure 9).
Islamic corporate governance serves through its underlying principles of economic well-being of the Ummah, universal brotherhood, justice, accountabilities and equitable distribution of income. Therefore, while the virtues of Islam have always advocated good corporate governance, the challenge to us lies in its application. For Islamic banking institutions, good corporate governance should have already been embedded in all aspects of their operations. Closely linked to the corporate governance issue is the role of market discipline. Central to the effectiveness of the corporate governance arrangements is the empowerment of shareholders. This would mean providing the conditions under which shareholders have both the incentive and the means to act to discipline Management. The market for corporate control is an important way in which shareholders exercise, in effect, an ultimate discipline over bank Management on the premise of allocating capital where sound management is practised. Third, greater transparency and disclosure of information Transparency and disclosure is essential particularly in a rapidly changing environment. While the comprehensive and timely availability of financial information will increase market discipline, the disclosure of information needs to be complemented with the ability of the market players to analyse, and appropriately interpret the information. Closely related to this issue is the need to strengthen the framework for consumer protection to provide an avenue for redress due to lack of transparency.

We cannot afford over the long run a new “whatever it costs” phase if we want to preserve our capacity to invest in decarbonation and energy sovereignty in the future and not to overload future generations. To put it clearly, as a benchmark, the public share in the distribution of the cumulative burden in 2022 and the following years should not exceed current levels and reverse towards zero within let’s say two to three years. The remaining share of the burden should be distributed fairly between firms and households according to their energy consumption shares. It seems logical that a more significant share falls on firms since they are the largest ex ante consumers of energy. But the issue remains of the distribution of the burden between in particular the energy companies on the one hand and the other sectors on the other, starting with the most energy dependent. Households cannot be completely and permanently exempted from their share in this distribution. This is not easy to say, and even less easy to do; and it is essential to address the difficulties of the most disadvantaged, in particular households in rural areas who consume relatively more energy. So we need to quickly better target those who need it most. And we need to gradually but steadily reduce general support schemes which we cannot afford and do not give the right incentives over the long, or even medium, term.
Employment differs according to the responses of a country’s labor market, the financial structure of its firms and its institutional structure in the changing economic conditions. This diversity causes different rates of natural unemployment in countries with the same potential growth rates. Sustainable employment requires sustainable growth along with the adaptation of an institutional structure and labor market to match international standards of competition. In Turkey, there has been an increase in the labor flow from the agriculture sector to the industrial and services sectors. Hence, the solution to the employment problem is becoming more complex considering the amount of growth in Turkey, which leads to a failure to create employment in the medium term. Migration from village to city raises the unemployed and unskilled labor supply in the industrial and services sectors. Meanwhile, the current production processes in our country are insufficient to switch to high value added products, which can compete in the international market. The high rate of unemployed skilled labor in Turkey underlines the need for a production process, which focuses on high value added products. In line with this aim, strategic plans should be made in order to mobilize investor potential, carry out labor planning and conduct labor education in chosen sectors within the framework of an encouragement model. Feasible finance and marketing techniques should be adopted in order to achieve effectiveness in these strategic plans and encouragement mechanisms.

Speech  Embargo 29 March 2022, 6.30 pm  Macroprudential policy beyond the pandemic: Taking stock and looking ahead International Center for Monetary and Banking Studies  Fritz Zurbrügg Vice Chairman of the Governing Board* Swiss National Bank Geneva, 29 March 2022  ∗  The speaker would like to thank Angela Abbate for her support in preparing this speech. He also thanks Toni Beutler, Robert Bichsel, Maja Ganarin, Jacqueline Thomet and Martin Straub, as well as the SNB Language Services. Dear Professor Panizza, Ladies and Gentleman Thank you, Professor Panizza, for inviting me to participate in the public lecture series organised by the International Center for Monetary and Banking Studies (ICMB) in Geneva. It is a pleasure to be here again, particularly since this is the first lecture after a two-year pandemic-related break. While the effects of the pandemic appear to have subsided, we are currently experiencing another tragic development. I am deeply troubled by Russia’s war on Ukraine and want to express my heartfelt sympathy to the Ukrainian people. In my remarks this evening, I will be talking about macroprudential policy and rising challenges to financial stability, two topics that remain very relevant today. In recent months, policymakers in Switzerland and abroad have left the phase of accommodative macroprudential policy behind. Many jurisdictions have rolled back the easing of bank capital requirements that took place during the pandemic. Furthermore, several countries have actually taken steps to tighten macroprudential policy. What is behind this shift?
We ought not to feel embarrassed to confess confusion, to seek advice or indeed to pay for advice. So, we live in a very challenging and pressurised environment. I am in no doubt in my own mind that the revolution which has swept through finance in the past quarter century has been beneficial to institutions and customers alike. We have, I think, now entered a phase where the basic margins may be narrower, where temptations may be greater and more varied, where the pressures to move quickly may be much stronger, and where of course the risks may therefore be rather greater. We all need to exercise skilful discernment and judgement, and I am sure this is as true for corporate treasurers and finance directors as for the rest of us. But it is not my intention to be a killjoy; as I have suggested, there will continue to be exciting new opportunities to explore; and I wish you all a fruitful couple of days here doing just that. BIS Review 15/2000  4

While strong cryptography is a feature of DLT systems, they are not immune to cyberattacks through the widely distributed network of participants. 4/9  BIS central bankers' speeches  And old-fashioned risks like not having enough liquidity to settle transactions can potentially lead to gridlocks in DLT systems which could, in turn, cause systemic risks. The trigger for a co-ordinated regulatory response to DLT came in the cross-border payments space. In 2020, the Bank of Canada and Monetary Authority of Singapore successfully piloted a cross-border DLT-based system that achieved almost real-time fixed income securities trading and settlement. Under the Global Payments Accord of 2024, central banks agreed to upgrade their real-time gross settlement systems to a DLT-inspired infrastructure with a view to connect these systems for safer, faster, and more efficient cross-border payments and settlements. This called for internationally accepted standards for DLT-based payment systems. The FSB and standard-setting bodies worked closely with the newly-formed International Organisation for Distributed Ledger Standards to design a supervisory framework for DLT. DLT networks that performed key market functions like clearing and trade reporting were required to meet specified standards for settlement finality and the security of digital asset custody. Making cloud computing services safer From about 2015, financial institutions increasingly began to use the cloud. With cloud computing, financial institutions could efficiently integrate customer data across platforms to enable sharper consumer insights. The cloud provided scalable storage solutions to meet the real-time demands of trading and analytics processes.
Vítor Constâncio: Banking Union and the European crisis Opening remarks by Mr Vítor Constâncio, Vice-President of the European Central Bank, at the 6th Santander International Banking Conference, Madrid, 5 November 2013. *  *  *  Ladies and gentlemen, Thank you for inviting me to speak today at the Santander International Banking Conference that has become over the years a very relevant event. A window of opportunity is currently open for the banking sector in Europe. We have the possibility to change how the banking sector serves the economy; to implement adequate regulation and ensure its stability and efficiency; and with banking union, to reform how banks are supervised and resolved. If we make the most of this opportunity, we can put the banking sector on a sounder footing for a generation. We therefore face a profound responsibility as policymakers to get these changes right. Today’s conference includes many expert speakers who will go into detail on the on-going reforms of the banking sector. I would therefore like to use my remarks today to recall why the Single Supervisory Mechanism (SSM) was the necessary response to the crisis and how the design of the SSM is addressing some of the weaknesses in the initial architecture of EMU. The point I will emphasise is that one of the main drivers of the crisis was private imbalances financed by banks in both core and peripheral countries.

Thomas Jordan: Innovation and entrepreneurship - key success factors in a changing business environment Summary of a speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Award ceremony 2018, De Vigier Foundation, Solothurn, 30 May 2018. * * * The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). For many decades, Switzerland has been among the world’s most successful economies. If it is to maintain this position in future, openness to new technology will be essential. In addition to taking over technologies created elsewhere, Switzerland will need to ensure that domestic companies are able to develop their own market-ready innovations. Various factors can facilitate success on this front, whether in established companies or startups. Above-average operating conditions – including low bureaucratic hurdles for the set-up and day-to-day running of companies, reliable patent law and ready access to financing, for example – are crucial. Another important parameter is open market access, not least for foreign competitors; barriers to entry for new firms are extremely harmful to economic wellbeing. The education system is also a significant determinant of a country’s innovative potential. Switzerland invests heavily in high-quality education, both at university level and in the form of specialist vocational training schemes, which helps explain its status as a global leader in research and development. And finally, it is vital to promote a culture of entrepreneurship.
At a global level, the buoyancy of EMEs has resulted in higher commodity prices, which coupled with some specific factors, such as weather problems impacting agricultural production and tensions in the Middle East and North Africa, have pushed food prices to record highs and oil prices to very high levels as well. This price shock, coupled with strong domestic activity, results in inflationary pressures that must be contained with tighter monetary policy. Contrary to the situation in advanced economies, international price (supply) shocks find fertile territory to propagate to wages or other prices when the economy is in a strong cyclical position. BIS central bankers’ speeches  1  This uneven recovery of the world economy is resulting in an uneven monetary policy landscape (Figure 2), which strengthens currencies in EMEs and induces capital inflows to these countries. Free trade and export-led growth have been a successful growth strategy in developing countries, which see the strengthening of their currencies as a threat to this strategy. Consequently, many countries have been trying to fight the appreciation via capital controls and exchange rate intervention. China and the U.S. deserve special mention, as they are at the center of the tensions of the adjustment. China has been the growth engine of the world, and it would not be an exaggeration to call it the “grower of last resort” for the global economy. They have decided to appreciate gradually, much more slowly than most EMEs and commodity exporters.

José De Gregorio: Adjustment in the global economy Keynote address by Mr José De Gregorio, Governor of the Central Bank of Chile, at the 2011 Institute of International Finance (IIF) Latin American Economic Forum, Calgary, 27 March 2011. *  *  *  I am grateful to Luis Oscar Herrera, Enrique Orellana and Tatiana Vargas for valuable comments. Thank you very much for the invitation to speak at this 2011 IIF Latin American Economic Forum. The last few years have been the most challenging for economic policy around the world in many decades. From an unprecedented inflationary shock in 2007–08, the global economy went through a financial crisis and a recession in 2008–09, of a scale not seen since the Great Depression. Now, we are experiencing a process of recovery with strong inflationary pressures and tensions in the world economy as a result of asymmetries in this process. The purpose of my talk today will be the global adjustment, how it has been proceeding and what the current challenges for policymaking are, with special focus on the asymmetries and their implications for economic policy. The uneven recovery The world economy is growing unevenly and subject to many tensions. Most advanced economies are recovering from the crisis, but they still have high rates of unemployment and excess capacity, and this is expected to last for some time.
So even a relatively small effect of this sort can have a material impact on the credibility, and therefore the power, of the guidance (the dotted line in Chart 5). The solid blue line presumes that there’s some mechanism – some Odyssean mast to which you could tie yourself – ensuring that the cost of breaking the promise is always greater than the temptation to do so. Chart 5. Commitment policy loses much of its power if it isn’t fully credible  Results from a simulation of a small macroeconomic model under alternative assumptions about monetary policy and the average distance to the lower bound. Macroeconomic volatility is measured using a simple “loss function” that weights the variance of inflation and the output gap. The y-axis shows the square root of the loss function, scaled to 1 for the case of commitment policy with an average distance to the lower bound of 5pp. Sources: See Appendix for further details. In practice, it’s hard to see that there is one. The importance of maintaining reputation obviously helps. There’s a cost to breaking one’s word. But that mightn’t be enough, especially if your promise seeks to constrain not just your future self but your successor as well. That obstacle is all the greater if, as in the UK, policy decisions are made not by collective consensus but by democratic vote. Each member of the MPC member is individually accountable for his or her vote. It’s part of the UK’s constitution that “no parliament can bind its successor”[16].

William C Dudley: Economics at the Federal Reserve banks Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the American Economic Association 2014 Annual Meeting, Philadelphia, Pennsylvania, 4 January 2014. *  *  *  It is a pleasure to be here today and to have the opportunity to talk about the role of economics and economists at the Reserve Banks. Economics is a critical discipline at the New York Fed, just as it is at the Board of Governors and the other Reserve Banks. Nevertheless, I expect that my perspective will differ a bit from that of Eric, Charlie, or Narayana.1 In part, this is because my background is different. Although I have a Ph.D. from Berkeley, unlike Charlie and Narayana, I never spent time in academia, and, unlike Eric, I spent most of my career not in public service, but working in the private sector. My focus during my time in the private sector was also somewhat different than my colleagues, with an emphasis on those issues that affect financial markets. Don’t get me wrong, I am very happy I got a Ph.D. in economics, the training has been invaluable. It’s just that my career path is a bit unusual relative to other central bankers, so that must influence my perspective. Of course, another important point of differentiation is where I am now and the unique role that the New York Fed performs within the Federal Reserve System.
Ardian Fullani: A brief look at the Albanian banking system Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the Black Sea Business Day, Yerevan, Armenia, 6 June 2005. *  *  *  Distinguished Ladies and gentlemen, Dear participants, It’s a great pleasure for me having the opportunity to participate in this regional meeting of Black Sea countries. I have always appreciated this initiative as a special opportunity for all the countries being involved in. In my long career, I have realized that the success of this business consists generally in the ability it has to gain public confidence. Nevertheless, the overall economic, political and social environment of the country is playing also an important role. During my career, I have been witness of many events which directly or indirectly have damaged the banking system. The monetary collapse of the banking system at the end of the communist era, the flourishing and degenerating of the fraudulent investment schemes, as well as many other social, political and economic problems that have associated the Albanian transition, made the banking system “suffer” for a long time. However the reputation of the Albanian Banking system is in place recently. It’s enough if I just refer to the latest problematic episode occurred in Albania, in early spring of 2002, when due to the lack of public information and to political speculation with the introduction of the deposit guarantee scheme, the confidence of households was traumatized, leading to a considerable deposit run from the banking system.

After the licensing of Popular Bank, with Albanian capital, the number of banks increased from 15 to 16, and a preliminary license is granted to Union Bank, which is expected to raise the number of banks to 17 over 2005. The system assets have further increased by 14 percent while there was an increase of banking products and an expansion of their network. During this year there will be sold the public shares of both the Italian Albanian Bank and United Bank of Albania, which will lead to an increase of effectiveness and banking competition, paving the way to the processes of selling, merging and acquisitions towards a new consolidation of the banking system. The lending activity increased by 38 percent where one can distinguish inter alia the significant growth of medium-term and long-term loans compared to short-term loans. The map of coverage of the country with the banking system has further expanded, including new areas ever covered before. At the end of 2004, the total number of branches reached 88, or 11 branches more that the end of the previous year, while the number of agencies recorded for the first time a full three-digit number, 100 and the number of the employed people increased by 26 percent. BIS Review 44/2005  1  The high increase of the number of branches relative to agencies shows that banks are not interested only in providing the service of collecting deposits but also in providing other products like crediting to the economy.