samchain/econo-pairs-v1 huggingface dataset:
Let me be clear. We must deal with the fire sale issue in tri-party repo and the heightened run risk it creates. I believe there are three potential ways forward, all of which are superior to the status quo. First, tri-party repo transactions could be restricted to open market operations (OMO) eligible collateral.11 Such collateral would likely remain quite liquid during a time of crisis.12 In addition, such collateral could, in a crisis, potentially be passed directly by a broker-dealer to the discount window under Section 13.13 authority, or, because of beneficial treatment under Section 23A of the Federal Reserve Act, be financed by a banking affiliate that would then itself borrow at the discount window. Thus, one could construct an effective lender of last resort backstop for an OMO-eligible- only tri-party repo system. However, there are also some significant disadvantages to such an approach. The less liquid collateral could just migrate to be financed elsewhere, with associated run and fire sale risks. Also, given that housing finance reform could cause the agency debt and agency mortgage-backed securities (MBS) of Fannie Mae and Freddie Mac to be replaced by something different that was not OMO eligible under the Federal Reserve Act, the share of assets that are OMO eligible could diminish over time. Finally, this approach would do little to mitigate the risk of fire sales of a defaulted dealer’s collateral by its investors once a dealer is bankrupt.

The securities in asset-backed commercial paper (ABCP) conduits serve as collateral for the issuance of asset-backed commercial paper, while repo conduits fund in the repo market. Most conduits are so-called single-seller conduits that only serve individual banks or finance companies. Multi-seller conduits provide funding for asset pools of multiple institutions. Conduits are backed by credit lines from commercial banks, which allow the conduits to have a credit rating. Asset-backed commercial paper conduits are also defined in “Shadow Banking: A Review of the Literature”. Federal Reserve Bank of New York Staff Reports, no. 580, (October) 2011. www.newyorkfed.org/research/staff_reports/sr580.pdf. 2  BIS central bankers’ speeches  Because the boom years resulted in strong earnings, low price volatility and few credit losses, firms were able to operate at extreme levels of leverage. When the housing bubble started to deflate, the vulnerabilities of this type of business model soon became apparent. Heavy reliance on short-term wholesale funding exposed the system to a series of intertwined downward spirals in asset and funding markets. This spread in waves, beginning in the market for asset-backed commercial paper (ABCP) issued by off-balance-sheet conduits, and spreading via auction-rate securities, to the repo, money market and financial commercial paper markets that formed the core financing for market-based financial intermediation. Initial declines in asset prices forced leveraged holders with maturity mismatches to sell assets. This increased price volatility and reduced the value of the assets that collateralized other firms’ borrowings.
Yet, since 2008, many governments have actively used fiscal policy to combat the effects of the crisis and to refinance the banks. As a result, the debt-to-GDP ratios of G7 countries, for example, have increased by an unweighted average of almost 30 percentage points (slide 3). As a consequence, today, the option of implementing new fiscal stimuli has been virtually ruled out. Monetary policy: in the frontline once again When it comes to economic policy matters, central banks have, therefore, returned to the limelight somewhat by default. In the current crisis, monetary policy has proved more effective than the IS/LM model might suggest. This is essentially because central banks have resorted to using various combinations of conventional and unconventional measures to help provide conditions conducive to economic growth in a context of deflationary risks . Here, the aim has often been to impact long rates directly, given that it was no longer possible to influence short-term rates. Several central banks have therefore purchased assets to put pressure on their longerterm yields (quantitative easing). To the same end, some have extended the maturity of the assets on their balance sheets, while others have purchased private sector assets to contribute to the easing of market conditions (credit easing). Meanwhile, others have conducted foreign exchange interventions to reduce pressure on the export sector and to ease monetary conditions. Many have also made implicit or explicit long-term commitments to foster expectations of future low rates.

Their view of the Swedish economy has continued to deteriorate and they have also become gloomier with regard to their own economy. At the same time, households’ inflation expectations one year ahead have risen significantly. However, it can also be noted that households perceive the current inflation rate to be much higher than it actually is. Prior to our next monetary policy meeting we will receive measures of inflation expectations among other groups which must also be analysed (Prospera). The new National Accounts for the first quarter that were published earlier today show that growth in the first quarter was weaker than we had expected. They also show that labour productivity increased slightly in the first quarter of this year, after having fallen for most of 2007. We will be closely analysing what the new GDP statistics otherwise entail for our assessments prior to our next meeting in July. Preliminary statistics indicate a lower rate of wage increase than we had estimated – both for blue-collar and white-collar workers – during the first months of this year. One possible reason for this is the composition effects in the wage statistics. If, for example, new groups are being employed at low entry wages to a greater extent than before, then the average rate of wage increase will be lower. But so far there have not been any signs that the rate of wage increase has accelerated. Of course, this is something we are monitoring closely. Inflation is still high, just as I said before.
And this left a more distinctive and clearly defined role for monetary policy as the primary instrument for maintaining broad balance consistently over time between aggregate demand and underlying supply. All this has become the accepted wisdom just about everywhere. Since 1992 in this country the explicit objective of monetary policy has been to achieve stability defined in terms of a target for retail price inflation. And since 1997 the Bank of England - through the Monetary Policy Committee - has been delegated responsibility for setting short-term interest rates with the consistent aim of hitting the Government's symmetrical 2½% inflation target (on a precisely defined measure of retail price inflation - RPIX). Now the reason we've been set that task is not - as some people imagine - because either we or the Government think that consistently low inflation is the be all and end all of economic life. It is because we learned from our earlier experience that consistently low inflation is a necessary (though not in itself a sufficient) condition for the sustained growth of output of the economy as a whole, for high levels of employment, and for rising living standards, which are more fundamentally the things that we are all seeking to achieve. "Stability is a necessary condition for sustainable growth" has become the universal central-banking credo. So our objective - and the reasons for it - could not be clearer. But meeting that objective is not as straightforward as it may sound.

Even though handling procedures for credit claims are sometime more cumbersome, counterparties show an increasing interest for this asset class with very low opportunity cost. The bottom line of these figures is that the increasing use of lower opportunity cost collateral shows that a growing number of counterparties are becoming more active and efficient in managing their collateral, and thus their liquidity. Finally, the recent market turmoil provided tangible evidence that the collateral framework of the Eurosystem is broad enough to ensure that counterparties do not face collateral shortages, even in difficult situations. Where do we stand today? The degree of uncertainty concerning risk – where is it?, how much?, at what price? – is declining with every forthcoming disclosure. Some asset classes have already fully recovered their risk appetite. Bank profits will be impacted, but their capacity to absorb adverse developments has also been strengthened by buoyant results over the last years. However, we are not back to normal yet, especially in the unsecured interbank term money market. We are not fully safe from a low probability but potentially high impact negative event. Before drawing some tentative lessons, let me add that there is no trade-off between liquidity provision and monetary policy, with its primary objective of maintaining price stability to which we are resolutely attached. III. Key issues  At the international and at EU level a tentative agenda is emerging around 4 axes for further examination. First: Transparency Enhance transparency for investors, markets and regulators (including improvements at the level of data reporting).
Until very recently, combating climate change was seen as something outside our remit. Following the 2015 Paris Agreement, the fight against climate change has taken on a more specific form and greater momentum, with a term being set for fulfilment of the 2030 Agenda. Coinciding with the signing of the Paris Agreement, the role of finance in combating climate change has moved onto the agenda of international financial organisations. This change has come about exponentially. New initiatives emerge almost daily, under the aegis of the G20, the United Nations, the Financial Stability Board or the OECD. At central banks, I would highlight the work of the Network for Greening the Financial System (NGFS), a network of supervisors and central banks created in December 2017. In a short space of time, the number of members has increased from eight to 46, along with eight observers. We might wonder what exactly has changed since 2015 to warrant this sudden interest on the part of banking regulators and supervisors in climate risks. This may be summed up in two conclusions, expressed in the form of two international initiatives:   First, in 2015, the Paris Agreement stressed for the first time the importance of the financial system in efficiently channelling the resources needed to transform the economy towards a sustainable model.   Second, the first NGFS report, published in 2018, stated that climate-related risks were a source of financial risk, and that supervisors and central banks should shore up the system’s solvency in the face of these risks.

I trust this regulation will be approved shortly, in accordance with the objectives set by the new European Commission, and that this taxonomy will finally provide us with a common definition of what may be considered “environmental” or “sustainable”. The role of supervisors – external initiatives As supervisors, we clearly have responsibility for urging on these changes. We need to be proactive; in particular, we need to enter into a dialogue with banks to analyse how they are incorporating environmental risk. At the Banco de España we are intent on pressing ahead with this dialogue. Let me mention just a few examples of recent steps taken. To assess the level of preparation for environmental risk, we conducted a survey among the 12 banks directly supervised by the SSM and several other smaller banks. Subsequently we discussed the survey findings with the participating banks, conveying to them the importance of this issue and the supervisory expectations. According to the survey findings, many banks that were already explicitly considering environmental risk have included it in their social responsibility areas. Almost all have a team dedicated exclusively to Sustainable Finance and some also indicate that they have established specific committees, reporting in some cases to the Area General Manager or Corporate Secretary and in others directly to the Board of Directors. 4  In general, the Green Bond Principles are updated once a year, to reflect the latest market developments.
Jarle Bergo: Efficiency in the Norwegian payment system Speech by Mr Jarle Bergo, Deputy Governor of Norges Bank (Central Bank of Norway), at the Conference on payment systems 2002, Oslo, 14 November 2002. The text below may differ slightly from the actual presentation. *  *  *  Thank you for your invitation and for the opportunity to present Norges Bank’s views on developments in the payment system at this important conference where payment system experts are gathered. In particular, I will discuss issues related to efficiency in the Norwegian payment system today. This is an area in which our political authorities have delegated a responsibility to Norges Bank. Section 1 of the Norges Bank Act from 1985 states that “…Norges Bank shall promote an efficient payment system domestically as well as vis-à-vis other countries…”  1. An efficient payment system • Payments should be processed –Fast –At reasonable cost –Safely  • These three features receive different emphasis in the retail payment system and the interbank payment system  We have defined an efficient payment system as a system that settles payments quickly, safely and at reasonable cost. This definition applies to both interbank and retail payment systems. These three elements receive different emphasis depending on the type of payment involved. In connection with interbank systems, we place considerable emphasis on safety, because delays or failure of a payment settlement may lead to a liquidity shortage or loss in some banks.

Direct pricing for payment services is much more widespread in Norwegian banks than in banks in most other countries. The price of the services is charged per transaction to the payer and the public may choose the services that cover their needs at the lowest possible price. Since the Act relating to Financial Agreements came into force on 1 July 2000, the float in the Norwegian payment system has been removed. Prices that reflect the relative differences in production costs have had a positive affect on efficiency in the payment system. The economic impact is so substantial that it is visible in the national accounts. The revised national accounts show that GDP growth and productivity growth in the 1990s have been considerably stronger than assumed earlier. The new figures show that annual productivity growth for mainland Norway was 2.4 per cent in the 1990s. Financial services, with annual productivity growth of 6.3 per cent in the 1990s, is the sector that contributed most to this increase. This contributed 0.2 percentage point of the rise in productivity for mainland Norway. This is partly because of a general increase in efficiency after the banking crisis, but is also because of sharp productivity growth in the payment system. The productivity growth is a result of more cost-effective production of various services as well as increased use of payment services with low production costs. As a result of banks’ direct pricing of payment services, the most cost-effective services have shown the strongest growth.
I have enjoyed throughout these many years, in a variety of forums and debates their always-to-the-point sharp remarks and so I hope that we can today benefit from their thoughts, thank you for being here Jacob, Jean-Claude and Axel. Ms. Adriana Arai will moderate the discussion. Ms. Arai joined Bloomberg News in 2004, and currently is executive editor for local language content and chair of the Bloomberg São Paulo Office Committee. Previously, she worked for Dow Jones Newswires in São Paulo, Brasília and London. Adriana, the floor is yours. BIS central bankers’ speeches  5

In doing so, I will perforce refer to some of the findings included by the Single Supervisory Mechanism (SSM) in its recently published thematic review of the determinants of profitability and business models.1 A comprehensive reflection Taking the first adjective, when I say a comprehensive reflection is necessary I refer to the fact that a bank should examine its income and costs at the greatest level of detail possible: by product and not by customer, by business line and by geography. It should seek to gain detailed knowledge of which activities generate recurring profits, and which occasional profits or even losses, delving into the reasons that may explain each of these results. This will allow the bank to identify whether there is scope to turn the profitability of certain activities around, or whether it is better to change tack or abandon such activity. In addition, the bank will be in a position to judge whether the reality of its business, understood as its assets/liabilities mix, and the decisions taken in and bearing on such activity are appropriate or need adjusting. In short, if the bank has advanced tools to improve profitability, it can develop an appropriate, consistent and comprehensive price-setting policy to ensure that the price it charges for a product or service matches its total cost, including the risk premium.
In this sense, a strategy which on top of our economic analysis regularly assesses money and credit developments has an important benefit on the monitoring side in that it can contribute to identifying and limiting the emergence of unsustainable developments in asset prices. In terms of recent developments in the euro area real estate sector, the latest available data on house prices appears to support the notion of a cooling in euro area housing market developments after a prolonged period of unusually high growth rates in many euro area countries. That said house price growth generally remains relatively elevated in the euro area on average when seen in historical perspective – notwithstanding considerable heterogeneity in underlying country developments. The outlook for the euro area as a whole – I insist, for the euro area as a whole – remains that of a relatively soft landing. Within this context, a continued moderation of residential investment would also be likely. I thank you for your attention. BIS Review 3/2008  5

Let me thank you for your attention and wish you a pleasant weekend and for those who are not Parisians a pleasant journey back home... today or I hope for some of you on Sunday!
We can all observe around us the growth of the ATM industry, but it is worth considering how influential it has been on the circulation of banknotes. First, the rise of the ATM has fundamentally changed and modernised the distribution of what is sometimes regarded as an old-fashioned means of payment. Second, it is likely that the growth of ATMs may have led to an increase in notes in circulation for another reason. BIS Review 162/2009  5  When we talk to ATM operators about their business model they stress that the least acceptable outcome is for their ATMs to run out of notes. As a consequence, ATMs are restocked well before they run out. This means that the overall ATM estate is holding what could be described as idle inventory stock, but these are defined as notes in circulation. But I should be clear that I don’t have enough evidence to prove to you that the stock:output ratio for banknotes has gone up, which would run counter to the story in almost all other industries. I want to move on now to trends in cash usage (I am using “cash” here to mean banknotes and coin). Chart 8 shows survey evidence for the use of cash in retail transactions in the UK over the last 25 years. In terms of the share of the total volume of transactions, cash has fallen from over 80% in the mid 1980s to 60% currently.

Goh Chok Tong: Staying ahead of the Asian curve Speech by Mr Goh Chok Tong, Senior Minister of the Republic of Singapore and Chairman of the Monetary Authority of Singapore, at Barclays Asia Forum, Singapore, 1 November 2007. *  *  *  I extend a warm welcome to all of you, especially to those who have not come to Singapore in recent years. I would also like to thank Barclays for organising this Asia Forum as well as this weekend’s Singapore Open. I hope the Singapore Open will grow in prestige as you expand your presence in Singapore and Asia. Singapore’s economic growth rates in the past few years have surprised many, including ourselves. We did not expect to be able to consistently achieve growth rates of above 6% per annum as we are a mature economy. Yes, we have remade our economy but the good growth was also due to the buoyant world economy and a surging Asia. Singapore’s future growth will depend not only on our own efforts but also on our ability to anticipate trends in our external environment and stay ahead of the curve. This morning, I would like to share with you how we see developments in Asia and the challenges before us. Political outlook Let me start with the political outlook. I believe that Asia will remain stable and the regional environment conducive to growth. Post-9/11, the world had to adjust to new insecurities posed by terrorism.
This event now brings together tech companies, banks, venture investors and regulators. The response from the industry gave us the confidence to move to a much bigger venue – the Hong Kong Convention and Exhibition Centre – in 2017. The following year, we used an even bigger venue there. And this year, we have outgrown the Convention and Exhibition Centre and moved here, to the Asia World Expo. 6. I’m really very encouraged by the impressive turnout of thousands of visitors from 60 economies at this year’s Fintech Week, despite what has been going on in Hong Kong in the last few months. 7. So we move to a bigger venue every year. And that’s because this industry is moving on to bigger ideas. Working together, all of us in this hall today are imagining and creating new services for consumers and businesses. And we are jointly creating a more vibrant Fintech ecosystem for Hong Kong. 8. We have achieved quite a lot together in Hong Kong in these three short years: the launch of the Faster Payment System (FPS); the granting of eight virtual bank licences; the adoption of the open API framework by the banks; and the creation of a blockchain-based trade finance platform. These are major milestones so far on our Fintech journey. And this is just the start. I am sure you are as confident as I am that more exciting things lie ahead. 9. Having come this far, this is a good time to ask some questions.

Muhammad bin Ibrahim: Bankers as guardians of the financial system Remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the AICB Graduation Ceremony 2018 "Bankers as Guardians of the Financial System", Kuala Lumpur, 12 May 2018. * * * Thank you for inviting me to speak at this commencement ceremony. I hope today marks a meaningful milestone for you in your journey as a banker. For those who will receive an AICB award today, congratulations! Do wear it with pride and keep up the good work. You make us proud. At last year’s ceremony, I pointed to the parallels between the conduct of the banking industry and the Hippocratic Oath. Behind the oath, to do no harm, are three principles bankers can learn: competence, character and the deep sense of calling. I will aim higher this year and outline the case for bankers as guardians of the financial system. As guardians, bankers are to exhibit professionalism, wisdom and agility. Guardians of public trust, a responsibility to safeguard integrity of the system Bankers have gained notoriety over the past few decades over their role in the Great Financial Crisis. Derogatory terms were used to insinuate excessive wealth, power and undue influence of bankers over the economy. This reflects everything that is wrong with the banking system. Reputation lost is not easy to regain. It is an uphill task to win back trust and confidence once it is lost. The spotlight on bankers is not entirely misguided.