samchain/econo-pairs-v1 huggingface dataset:
The information provided by the SME Credit Bureau can further support efforts by banks to strengthen risk management for their SME portfolios, regardless of the level of sophistication and size of the institutions. Banks with an SME credit model already in place can benefit from the Bureau information in various ways. For example, as the Bureau rating is determined based on diverse information obtained from various sources including CCRIS, trade credit data and the Companies Commission of Malaysia, banks can use such information to bridge any information gaps and address the limited pool of internal data available for their internal models. Such gaps currently exist, as banks in general are highly dependent on borrower information alone. In addition, given the diversity of information available within the SME Credit Bureau, banks would now have access to information on various economic sectors that may not be available within existing credit portfolios. At the same time, Bureau ratings could be used by the banks to validate the robustness of their own internal models by comparing the ratings produced between their internal ratings and that by the SME Credit Bureau. For smaller and less sophisticated banks, the Bureau information will supplement the current SME credit assessment methodology that is traditionally qualitative in nature. Such banks will be able to obtain quantitative information from the Bureau database to enhance the overall credit evaluation process, thereby supporting more informed and objective credit decisions.

The dispersion seen in this probability distribution can be attributed to two factors: disagreement across point forecasts and uncertainty around individual point forecasts.6 Uncertainty, which is calculated by first taking the standard deviation of each dealer’s distribution and then averaging these individual uncertainties, provides a sense of how confident respondents are about their individual point forecasts. Based on this calculation, the uncertainty around dealers’ expectations for the size of the SOMA portfolio at the end of 2014 is large. In fact, at around $ billion it is almost as large as the entire size of the large-scale asset purchase program announced in November 2010 or the MEP announced in September 2011. Moreover, this uncertainty has not changed significantly since the start of the purchases in September 2012. The dispersion around individual point forecasts likely reflects uncertainty about both how the economy will evolve and how the FOMC will adjust its purchases in response to changes in the economic outlook or changes in its understanding of the efficacy and costs of the policy. Disagreement among dealers about the likely amount of purchases is measured as the standard deviation across their average forecasts for the size of the SOMA portfolio at the end of 2014. In the January survey, disagreement was about $ billion, significantly lower than its level in October.
But it is unlikely to be very dynamic because the only way prudential regulation could be adjusted in response to an unintended consequence or new risk that has arisen is a change to the primary legislation, which takes time to happen. It typically takes nine months to issue a new PRA rule – with that time including policy development, cost benefit analysis, process for public consultation, and approval by the Prudential Regulation Committee. In contrast, the process for making changes to primary legislation in the UK – which includes debates in committees and both houses of Parliament – requires finding Parliamentary time for legislation, and then after Parliamentary time has been secured, takes longer than a year to complete. Finding Parliamentary time is not an easy task, especially if the purpose of legislation is carrying out technical amendments to financial services rules. Public officials need to compete for attention with all the other important public-policy issues that Parliament and government must deal with and if they do not find a Parliamentary slot or Parliament is dissolved for elections, the legislation gets delayed for the next Queen’s speech. For example, over the past six months, such events have delayed the passage of a Bill that is necessary to implement the final elements of Basel 3 (so-called Basel 3.1).

A good candidate could for instance be our policy to support fair access to payment instruments: Banque de France is committed to ensure the availability in our jurisdiction of a range of payment instruments suited the needs of all users. The development of electronic payments based on innovative technologies lays the foundation for a smoother and safer payment experience. But this should not exclude part of the population. Up to now, a large part of financial inclusion has also  been about making access to cash easier for those who don’t have a credit or debit card, and ensuring the acceptance and availability of banknotes has therefore been an important dimension of our retail payment policy. But changes in payment solutions supply and changes in payment habits in favour of electronic payments may make this policy more difficult and costly to maintain going forward. One possibility often mentioned would be for the issuance of a central bank digital currency accessible to the general public. At this stage, in many developed economies and certainly in Europe, the business case for this kind of innovation does not appear to me such that it should be a short-term priority. The priority should rather be to facilitate cross-border payments. The case is for me more compelling for a central bank digital currency at the wholesale level, for use between financial intermediaries, given the potential for a quick and widespread tokenization of financial assets.
These arrangements will enable the Eurosystem and the ECB to participate fully in international cooperation. This is all the more important since the international agenda contains important items for the future. The generally improved outlook for the world economy should not lead to complacency and to a diminishing of the reform efforts initiated in the aftermath of the financial crises of the past two years. Strengthening the architecture of the international financial system remains an important topic on the international agenda. The financial crises in Asia, Russia and Brazil, with risks of contagion to other emerging market economies and spill-over effects into capital markets of matured economies (e.g. LTCM in the United States), highlighted the need substantially to improve the ability to prevent and resolve crises. Against this background, a wide range of proposals was put forward and reviewed. One important aspect concerns the strengthening of the soundness of the banking systems and of regulatory and supervisory frameworks in emerging market economies. Another reform initiative relates to the transparency of the private and public sectors. The main objective here is to improve available information through the elaboration of international standards and codes of good practices. Further progress in that area will contribute significantly to crisis prevention, since improved information will enable a better risk assessment by market participants. The challenge now is to keep the political momentum for reform and to pursue the implementation of the envisaged measures in order to strengthen the resilience of the international financial system.

Following their accession to the EU, the new Member States will also – in a second step – become members of the exchange rate system ERM II and – in a third step, if and when the Maastricht convergence criteria are met – adopt the euro. In view of the implications for its own tasks and objectives and of the advisory role it can play, it is only natural that the Eurosystem will become more involved in this process. The Eurosystem should be involved in all issues falling within its exclusive or shared areas of competence: monetary policy, exchange rate policy, foreign reserve management, payment systems, financial stability and the impact of enlargement on the Eurosystem itself. The Eurosystem is currently in the process of defining its position. Let me briefly outline some preliminary observations. The Eurosystem needs to have a positive attitude towards the prospects for an enlargement of the EU. This also applies to subsequent participation in ERM II and the eventual adoption of the euro. The Eurosystem should be prepared to advise these countries in pursuing appropriate structural reforms and stability-oriented policies in line with accession and convergence criteria. The Eurosystem should stand ready to provide technical assistance to accession countries, in particular to their central banks. Equal treatment should be a key feature of the accession process. Objective and uniform criteria should apply both to the countries’ accession and to their participation in ERM II and adoption of the euro.
Stefan Ingves: Comments on “An evaluation of Swedish monetary policy 1995-2005” Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Riksdag Committee on Finance, Stockholm, 30 November 2006. *  *  *  Thank you for the invitation to come here! I would like to begin by thanking the authors, Professor Giavazzi and Professor Mishkin, for an interesting and comprehensive report. As we at the Riksbank have said earlier, we consider it a very good initiative by the Committee on Finance to commission two highly qualified external experts to make an evaluation of the monetary policy conducted over the past decade. As the Riksbank has an independent position, it is important that monetary policy should be regularly examined and evaluated. The Committee on Finance makes its own evaluation of monetary policy every year, but I nevertheless think it is a good idea to occasionally supplement these evaluations with reports made by external experts. It is a particular advantage that two foreign academics have carried out the examination. This gives an outside perspective on Swedish developments, which can be very valuable. As you can see, the report is fairly comprehensive and it is therefore impossible for me to mention all of the aspects that are covered. Let me just say as an overall comment that I feel the report has been very pleasant reading. Although the authors express criticism on some points, it is clear that their overall impression of Swedish monetary policy is very positive.

In this context, the parallel commitments of the major political parties to the continued provision of free health services for all and to prudent fiscal policies are not easy to reconcile. Much the same can be said of higher education, which is characterized by a student subsidy system that is probably unique. The University of Malta and MCAST have together been allocated Lm15.5 million for 2007, compared with no less than Lm8 million budgeted for students’ maintenance grants. Funds that would permit these institutions to offer better quality programmes, and in the process hopefully raise the number of science and technology graduates from its current inadequate level, are instead paid to students regardless of their financial means. Changes needed in the pattern of resource allocation This generous approach to the management of public finances has meant that recurrent revenue, although higher year after year, has often not been able to keep up with recurrent expenditure. For example, in 2005 expenditure amounted to 41% of GDP, roughly matching revenue at 42%. As a  1  A recent paper on public sector efficiency in the new EU Member States gives Malta a relatively high score in terms of public sector performance that measures outcomes. However, when performance is related to the inputs used to gauge the efficiency of the State, Malta ranks 21st in a pool of 24 countries including all 10 new Member States, Greece, Portugal, Ireland and a number of emerging market economies.
In recent public discussion the claim has often been made that the exchange rate of the króna is far too high and that the Central Bank needs to take steps to bring it down again. The fact of the matter is that the Bank’s means of controlling the exchange rate are overestimated and the power of the market underestimated when the claim is made that the Central Bank can, through its actions, direct the króna to a specific level. The proposal has been made, for instance, that the Central Bank cut its interest rates substantially with the aim of lowering the exchange rate. In this context it should be pointed out that the Bank has cut its policy rate substantially, from 10.4% only a year ago (11.4% two years ago) to 5.3% at present. The Bank’s nominal policy rate has not been lower since 1994 and the real policy rate is at its lowest since 1996. The domestic and foreign interest rate differential has narrowed significantly. In addition, the Central Bank’s interest rate is now below the estimated equilibrium interest rate and thus has a stimulating effect on the economy. The impact of interest rate changes generally is only visible after a certain time lag, prompting one to conclude that the effect of the major decrease in interest rates during the past year has yet to be fully felt.

As is well known, the exchange rate for the króna plummeted in 2000 and 2001, and for quite some time was substantially below a level reconcilable with long-term equilibrium. This occurred at a time when the price of key exports was very high, making the years 2000 and 2001 especially favourable for the export sector and in fact also for import competing sectors. Enterprises in these sectors now understandably feel the effects of the rise in the exchange rate. It is not to be expected, however, that the same conditions will again arise in these sectors as prevailed, for example, during 2001 and in the early part of 2002. In this connection it could be mentioned that, based on the predictions on performance made by financial enterprises, the contribution margin in fisheries companies will be fairly good this year, although not as good as in 2001 and 2002, which were quite exceptional. In the February issue of its Monetary Bulletin, the Central Bank published an analysis of the proposed 1 major construction projects in East Iceland and possible responses for economic management. The article concludes that unless economic counter-measures are taken, the projects will create overheating in the economy, inflation and instability. Although their scope will be considerable, the projects are not so large that economic stability cannot be preserved and inflation contained by means of appropriate responses in economic management.
An SME Credit Bureau and the Central Credit Reference Information System (CCRIS) complements the infrastructure that is in place for SME financing by collating vital credit and transaction information that enable SMEs to build their credit reputation from a wide range of informational sources. The Bank also continues to actively reach out to support SMEs through the provision of financial planning and risk management services, and the promotion of financial literacy alongside similar initiatives by financial institutions. Public-private partnerships between The Association of Banks in Malaysia and Bank Negara Malaysia have also worked successfully to encourage improvements in customer service levels and the turn-around time taken to process SME financing applications. These initiatives have yielded tremendous payoffs to the national economy. Malaysia also ranked in first place in the world in 2009 in the category of access to credit by the World Bank in their “Doing Business 2010 Report”. BIS Review 98/2010  3  International and regional cooperation In a global economy, efforts to support SMEs must also address frameworks for facilitating trade, payments and financing beyond national borders. Effective regional and international collaboration can add significantly to enhance further the long term contribution of SMEs to the economy. The endeavour by APEC in the establishment of the APEC SME Working Group in 1995 has provided an important collaborative platform for policymakers and private sector leaders to come together in designing regional strategies for SME development.

Are we going to see the decline in the dominance of one global currency and its replacement by a new one or the formation of an alliance between currencies? Will it be the dominance of technology companies in providing payment services to the general public? TRUST Whatever the case may be, there is one thing we are certain of: Nothing has changed in our central banking task of maintaining the trust of the public in money and the financial system. Or to quote my colleague banker from the Bank for International Settlements, Mr Augustin Carstens, "The soul of money is trust.". We are still here to pursue monetary policy goals, to preserve the value of money by providing trust in the value of money and to offer money as a payment instrument that is widely accepted, secure, cheap and convenient. Our institutional task is to maintain confidence in the financial system and to serve as an anchor – a digital exchange for all other sorts of money that private issuers offer. To mention at this point – please, don't forget, everything you have today in your digital wallet, mobile banking app or similar is some sort of a payment instrument issued by a private entity. Some of them we supervise, some of them we don't. Whether it's a bank, a payment service provider, a stablecoin issuer or a globally interconnected anonymous network of nodes like Bitcoin, it isn't us you are banking with. But ... this may change.
Lim Hng Kiang: Challenges, opportunities and getting it right Speech by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore, at the Singapore Institute of Directors, Directors’ conference 2010, Singapore, 15 November 2010. *  *  *  Mr John Lim, Chairman of the Singapore Institute of Directors Distinguished Guests Ladies and Gentlemen Introduction 1. It is my pleasure to join you this morning for the inaugural Directors’ Conference organised by the SID. 2. I would like to compliment SID for its initiative and efforts in bringing together directors and experts from diverse backgrounds for this conference. 3. As you know, the SID was established in the aftermath of the Asian Financial Crisis in 1997 to raise standards of corporate governance. In the aftermath of yet another financial crisis, it is timely for us to review and consider how Singapore can continue to improve its corporate governance standards. 4. The recently released Asian Corporate Governance Association-CLSA survey on corporate governance ranked Singapore as having the best corporate governance practices in Asia. Despite ranking first in the survey, the report highlighted that there is still much to be done. Getting it right from Singapore’s perspective 5. The theme of today’s event is “Challenges, Opportunities and Getting It Right”. Getting the corporate governance framework and practices right in Singapore is not a luxury but a necessity for our competitiveness. While Singapore has recovered strongly from the global financial crisis, the outlook remains uncertain.

François Villeroy de Galhau: Support for Fintechs and the digital revolution in payments Speech by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), at the Fintech Forum, Paris, 12 October 2020. * * * Mr Minister, Ladies and Gentlemen, I am very happy to welcome you here to the Banque de France’s premises this morning. I would also like to welcome those joining us remotely. We are all aware of just how important new technologies are in ensuring continuity and stability in this crisis. My dear Cédric, you’d clearly be the first to say so. I would also like to welcome Alain Clot, President of France Fintech, and of course Robert Ophèle, Chairman of the AMF, with which we have organised this Forum. Your presence among us, Mr Minister, is proof of public authorities’ commitment to Fintechs. And that is my first message this morning: the Banque de France and the ACPR are also fully committed to supporting Fintechs. I shall then go on to tell you how we intend to act in the digital payment revolution. **  I. The Banque de France and ACPR’s support for Fintechs Let’s start with a question I consider particularly important, and on which there should be no shred of ambiguity between us: why do the Banque de France and ACPR regard Fintechs as important?
A businessman who owes more than he owns should be honest about it, she says. “… But what do you want [the businessman] to do?” asks Tjælde. “ To lay all his cards on the table, and so ruin both himself and the others? … In that case we should see a thousand failures every year, and fortunes lost one after the other everywhere! No, you have a level head, Valborg, but your ideas are narrow.” And this play by Bjørnson was written in 1875. Three imbalances in the world economy The financial crisis triggered the largest decline in output in advanced economies since the Second World War. The financial crisis erupted after a period of substantial debt accumulation among households and banks, combined with a real estate boom in the US and in some European countries. There were numerous examples of creative accounting as practised by Bjørnson’s businessman, Tjælde. The bubble burst, but extensive government measures helped put banking systems more or less back on their feet. Interest rates are close to zero in advanced economies, and governments have increased purchases of goods and services and reduced taxes. Many emerging market economies are exhibiting vigorous growth. But imbalances are building up, making the recovery fragile. 1  Bjørnstjerne Bjørnson, Three Dramas. The Editor – The Bankrupt – The King. 2009. This eBook is for the use of anyone anywhere at no cost and with almost no restrictions whatsoever.

Ravi Menon: Money at a crossroads - public or private digital money? Summary of panel remarks (virtual) by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the IMF Seminar on Money at a Crossroads, 18 April 2022. * * *  Summary of remarks by Ravi Menon A crypto asset or token is about digitally representing anything we regard as having value, putting encryption around it on a distributed ledger, where the ownership of the asset can be ascertained and verified, and it can be transferred securely. In Singapore and in MAS, we are excited about the potential to build a crypto or tokenised economy. Cryptocurrencies, about which there is so much excitement, is just one sliver of the crypto ecosystem or economy comprising a variety of tokenised assets. Cryptocurrencies are crypto assets which perform a payments function and try to mimic money. Private cryptocurrency is unlikely to perform the functions of money because its value is unstable and it is not backed by the central bank or the government. Stablecoins are pegged to a fiat currency and therefore derives stability, but it is not clear that all stablecoins, which purport to have a backing, are indeed backed adequately. Without such backing, it is hard to imagine how they will fulfil the function of money. Stablecoins will become a more prominent feature as long as their backing is strong. They could potentially challenge the currencies of some smaller emerging market economies.