samchain/econo-pairs-v1 huggingface dataset:
There has been keen consumer interest in the DPI since its recommendation by the FAIR panel. Again, the DPI products will be rolled out in early April, along with the web aggregator. MAS will continue to work with the industry and consumer groups to conduct regular reviews to ensure that the product suite and features of DPI remain relevant in meeting the needs of consumers. Balanced Scorecard Framework 12. Third, the balanced scorecard or BSC framework as proposed by the FAIR panel. MAS has implemented this framework in January 2015 with a one year transition period for the industry to be familiar with the framework before the requirements are legislated in January 2016. 13. While many financial advisors do their work professionally, it is also a reality that compensation system can shape sales behaviours, and sales-based remuneration models may not always align the interests of financial advisers with the consumers. 14. Under the BSC framework, a major proportion of a representative’s remuneration will be based on whether the representative has acted professionally such as consumer needs analyses, recommendation of suitable products, and adequate disclosures. This BSC initiative will help to align the interests of financial advisers with their customers. Over the longer term, the BSC framework will boost consumer confidence in the professionalism of the financial advisory industry. Strengthening the resilience of the life insurance industry: RBC2 15. Let me now turn to the new risk-based capital framework or RBC2. Why the move from RBC to RBC2? 16.

Ladies and Gentlemen, Given the strong progress to date and the positive economic environment, I am confident that the Malaysian takaful operators will continue to make significant strides in becoming world-class players. In the process, this will strengthen the positioning of Malaysia as an international Islamic financial centre. On this note, I wish to congratulate Prudential Corporation Holdings Limited and Bank Simpanan Nasional on the occasion of the official launch of Prudential BSN Takaful Berhad. I wish Prudential BSN Takaful Berhad every success in achieving its objectives. Akhir kata, dengan lafaz Bismillahir Rahmanir Rahim, saya dengan sukacitanya merasmikan pelancaran Prudential BSN Takaful Berhad. Terima kasih. 2  BIS Review 73/2006
And what the longer run of data indicates is that this mean-reverting property in prices – the tendency for rapid increases to be followed not just by lower but by below-average rates of inflation – applies not just to non-oil commodities or particular individual goods but manufacturers’ input prices in aggregate. This is (more or less) apparent from Chart 10. It’s also confirmed by more formal statistical tests. But retail goods price inflation likely to rise further in the near term Clearly there are risks around these judgements. Rebuilding inventories and clearing backlogs will take time. So there may in some cases be continuing pressure on suppliers of wholesale goods even after (and if) growth in final demand from consumers falls back. In addition it’s possible that not all the rises in wholesale goods prices that we’ve already seen have yet been passed on to the retail level, at least in the UK (Chart 16). If so, then annual inflation in retail goods – both in aggregate and excluding energy – is likely to rise further before it starts coming down. Chart 16: Goods price inflation likely to rise further in the months ahead  Sources: ONS and Bank calculations. 13  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  13  The third reason for a degree of caution is that these mismatches between global supply and demand for goods aren’t the only ones, it seems.

Some shifts in demand may stick (if significant numbers of people continue to work from home, for example). Some re-allocations of supply may be harder than others. If the lasting shifts in demand are towards sectors and activities that need more digital skills, for example, the corresponding increase in labour supply would take time and expense. We can’t all become IT experts overnight. Nor could one easily dismantle an office or restaurant in a city centre and transplant it elsewhere. I exaggerate, of course. Market economies face re-allocative shocks all the time and can very often absorb them without any visible effect at the macro-economic level. But this shock has been bigger than most. And 14  The DMP was only set up in 2016. Chart 21 extends this backwards using annual company accounts. Excess reallocation is calculated as the sum across firms of the absolute value of changes in employment or sales, less net change in employment/sales, expressed as a percentage of total employment/sales. The historical data from annual company accounts are calculated based on changes in employment/sales over the previous three years. The DMP data are based on realised employment/sales growth over the last two years plus expected growth over the next year. Annual excess reallocation data from the DMP are averages of monthly data. Sales and employment growth are calculated using Davis, Haltiwanger and Schuh (DHS) growth rates. This is the change between two periods, divided by the average of those two periods.
The Riksbank will continue issuing banknotes and coins as long as there is demand for them in society. It is our statutory duty and we will of course live up to it. Let me also, for the sake of clarity, repeat that the Riksbank has not decided to issue e-krona yet, but to investigate the possibilities. The low use of cash in Sweden means that this is more of a burning issues for us than for most other central banks. Although it may appear simple at first glance to issue e-krona, this is something entirely new for a central bank and there is no precedent to follow. 9 There is a long list of fundamental questions that need to be answered. Let me give you a few examples. E-krona in an account? The first question is whether e-krona should be booked in accounts or whether the ekrona should be some form of digitally transferable unit that does not need an underlying account structure, roughly like cash. If we want an account structure, would the account be with the Riksbank? If not, where would it be? 7 The World Economic Forum has an index, the Network Readiness Index (NRI), which ranks countries’ conditions  for making use of modern communication and network technologies. Sweden has been among the top three countries in the world for the past ten years. 8 The banks have done so with Swish. There is a competing service in SEQR.

Our policy response was conditioned by the concerns of financial stability, assuming that interest rate cuts would speed up deposit withdrawals from the banking system. Bank of Albania took bold and decisive steps to control these problems and restore the credibility in banking system. As the effects of the fiscal stimulus began to phase out and  BIS central bankers’ speeches  1  confidence was restored in the banking system, we reduced our policy rate to its historic low in order to provide further stimulus for the economy. More importantly, our supervision of the banking system has been enhanced by establishing a thoroughly new Department of Financial Stability and by bringing financial stability issues in the decision-making process of monetary policy. As a result, the set of tools available to the Bank of Albania has extended to include several macro-prudential measures, which aim to address simultaneously both economic growth and financial stability concerns. I believe that similar steps have been taken by most central banks around the world. Willingly or not, the objective of financial stability is now seen as the central duty of our institutions. It does not matter whether the legal mandate of the central bank is amended to include this new objective or not. What matters is that financial stability is a prerequisite to overall macroeconomic stability and monetary stability.
It is making a promise about the future, particularly about future interest rates.”[17] And despite the intervening (and frequently re-iterated) point that our statements about future policy were “an expectation, not a promise”, a recent newspaper comment, published only a couple of months ago, referred to the “many promises [made by the MPC] to raise interest rates”. There may be several reasons for this. One must be the very fact that there are these two distinct forms of communication – one much closer to a “promise” than the other – yet economists use word the “guidance” for both, distinguishing them only with the (slightly arcane) classical descriptors “Delphic” and “Odyssean”. This kind of jargon can obscure more than it clarifies and one can quite understand why people might muddle them up[18]. More generally, it’s possible that central banks probably don’t help themselves with language which, while it may seem clear to people whose job it is to think about these things, is unclear or ambiguous to others. To the economist author the meaning of a phrase “we expect the appropriate level of interest rates to be X” may be “X is the arithmetic mean of a conditional  distribution for interest rates”. To others it may come across simply as “interest rates will be X”. In hindsight, the logical structure of the MPC’s 2013 guidance linking policy to the rate of unemployment – “if not p then not q” – may well have been too convoluted to be readily understood.

Most countries are still in the expansionary phase of the financial cycle, and a real test in the form of a financial crisis has –  3 4 5  Cf. https://www.finma.ch/en/documentation/self-regulation/ (consulted on 21 March 2022). Cf. https://www.snb.ch/en/mmr/reference/pre_20130213/source/pre_20130213.en.pdf (consulted on 21 March 2022). Cf. BCBS (2019), Guiding principles for the operationalisation of a sectoral countercyclical capital buffer. fortunately – not yet occurred. It is therefore essential that we update our assessment as we gain more experience, and as more and better data become available. Containing the build-up of vulnerabilities  Let me start with an assessment of the instruments that aim to contain the build-up of vulnerabilities. International empirical evidence available so far shows that borrower-based instruments such as caps on LTV and LTI ratios have helped to slow down mortgage lending and real estate price growth. 6 This has contributed to dampening the build-up of vulnerabilities, without being able to prevent them completely. Research also clearly highlights that macroprudential policymakers need to be forward looking, given that there are long lags between policy announcements and policy effects. A similar conclusion holds also for Switzerland. Unlike many other countries, Switzerland had not seen a housing boom before the GFC, and accordingly no bust thereafter. Instead, residential real estate prices have increased moderately but very persistently since then, prompting responses by macroprudential authorities.
Naturally, we cannot anticipate the results of the forthcoming negotiations, but one principle of consistency must be observed: access to the single market must continue to be contingent on the strict observance of all of its rules. There can be no cherry picking or free-riding. And we must obviously maintain our common European trade policy if we wish to retain our clout in future trade negotiations at the global level. Third asset: our common social model in Europe. It is less widely discussed, but it is what fundamentally defines continental Europe, and it is what German and French society and public opinion share. Our social model combines a high level of public service, relatively low levels of inequality – much lower than in the United States – and a good intensity of social dialogue. And this has been achieved in a market economy. I would like to stress the extent to which this social market economy (Soziale Marktwirtschaft) is a response to the questions raised in the AngloSaxon world, rather than protectionism: Germany, like many other European countries, proves that economic success can go hand in hand with social welfare, and less inequality. We can be proud of these three assets that we have built together. But for the future, while some no longer seem to believe in the benefits of the European project, we can no longer afford to be complacent; we cannot simply rest on our laurels. II. In order to control our common destiny we need to build a better Europe.

Christian Noyer: From Maastricht to the present and beyond Speech by Mr Christian Noyer, Governor of the Bank of France, at the GIC / Drexel Spring 2007 Conference, Philadelphia, 16 April 2007. *  *  *  We have just passed the European Union 50th anniversary. It is a good time to reflect upon the essence and future of this extraordinary endeavor. Never before, in the whole history of mankind, have democratic nations pursued and reached, through peaceful cooperation, such a close degree of interdependence, involving, in many crucial areas, deliberate pooling of sovereignty. Of course, the process has not been without difficulties and tensions, many of which are still apparent and acute. Of course, numerous challenges remain and the future is paved with roadblocks which could still derail the whole project. But, for the first time in more than a thousand years, Europe is at peace and prosperous, with democratic regimes everywhere. This is, by historical standards, an exceptional achievement. At the start, EU was built on a strong intuition: by sharing the instruments and policies underpinning economic prosperity, European nations would create an irreversible situation of interdependence and solidarity where conflicts and wars of the past would become impossible. This intuition led to the creation of the European Coal and Steel Community in 1951, then, a few years later, to the European Community. Thus in 1957 the signature of Treaty of Rome was the starting point of this unique experience of regional integration in modern History.
Hence, derivative markets play a crucial role in enlarging the information set used in monetary policy via the information they provide about the future. The critical point here is that while derivatives markets enable the enlargement of the information set required by central banks in making their decisions, on the one hand, they improve the flow of information about the future course of monetary policy needed by economic agents and make contributions in terms of assuring a more predictable monetary policy, on the other hand. Dear Guests, In the framework of the interaction between monetary policy and the derivatives markets, of which I have tried to outline main points, I should clearly state that the development of Turkish Derivatives Exchange will make outstanding and diverse contributions to monetary policy. Transactions in the Turkish Derivatives Exchange will play a key role in the inclusion of quantitative and forward-looking information in Central Bank reports, especially with the transition to full-fledged inflation targeting in 2006. Before I finish, I want to mention a few issues concerning the future of derivatives markets in Turkey. A new era will start with the operations of the Turkish Derivatives Exchange. The main goal in the coming period should be carrying out all the arrangements concerning the functioning of derivatives markets with the utmost care while bearing in mind that these markets act as a catalyst for the whole economy. Moreover, measures should be taken in order to direct banks and firms towards transacting in these markets.

For example, the market for derivatives encompasses more human capital (in the form of law experts writing contracts) than physical capital. Given the dominance of UK law, this would tend to encourage activity in London. Finally, regulatory changes may have played a role. London became the main trading centre for the Eurodollar market in the 1960s. The City went through a wave of deregulation in the 1980s and beginning of the 1990s which may have contributed to its position as a global financial centre. All of these drivers are likely to have played a part in concentrating financial market activity in London. And indeed they are likely to have been mutually reinforcing. The social license for financial markets  I have described at some length why concentrations of financial services develop and the economies of scale, lower costs and greater efficiency they should bring. In the case of financial markets and financial centres, however, one does have to ask the question, ‘for whose benefit’? Financial services exist, as we would all agree, to serve the real economy by channeling savings to investment, by providing insurance and by facilitating economic activity and trade.
Are firms underinvesting – and if so why? Speech given by Sir Jon Cunliffe, Deputy Governor Financial Stability, Member of the Monetary Policy Committee, Member of the Financial Policy Committee and Member of the Prudential Regulatory Authority Board  Greater Birmingham Chamber of Commerce Wednesday 8 February 2017  1  All speeches are available online at www.bankofengland.co.uk/speeches  I am very pleased to be speaking today in Birmingham. The Bank of England’s association with Birmingham took a long time to happen. True, we opened our branch here nearly 200 years ago, in 1827. But that was 133 years after the Bank was founded in 1694. It was not that it took us a long time to get around to Birmingham. Indeed, this was only our fourth branch, established less than a year after the Bank adopted a policy of having branches. Nor was it just because we like to think hard and carefully before we act – though that is certainly true. Rather it was because for the first 125 years of its life, the Bank preferred to see itself as essentially a London institution. In 1825, however, the shortage of liquidity in the whole of the British economy led to a great credit squeeze, bankruptcies and bank failures. The Bank was given the choice of expanding its operations into the country as a whole or losing its monopoly. As a result the Bank quickly established branches throughout the country.

Indrajit Coomaraswamy: Inaugural speech Inaugural speech by Dr Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka, Colombo, 4 July 2016. *  *  *  Deputy Governors, Mrs. Ramanathan, Senior Management, colleagues, it is a great privilege and honour to be here with you as the Governor of the Central Bank of Sri Lanka. The Central Bank of Sri Lanka is one of the great institutions in this country and I am acutely aware that a primary responsibility, arguably the primary responsibility of the Governor is to uphold its reputation and credibility. And I can assure you that I will do my utmost to do so at all times. Of course, I can’t do this on my own. I need the cooperation of each and every one of you to maintain this as one of the great institutions in the country. You know my parents went abroad when I was about eleven years old so I had much of my secondary and university education abroad. But as I was doing my degree and thinking of what I should do in the future – of course I had been abroad for many years, but I did come back every year for my summer holidays so I kept in touch with Sri Lanka – and there was no doubt in my mind as to what my career should be and that was to be as a staff member of the Central Bank of Sri Lanka. The Central Bank had such an awesome reputation.
With the completion of the merger programme in December 2000, the banking groups are at various stages in building up their management team and enhancing corporate governance. A number of measures have been implemented to ensure that banking institutions’ Boards and key committees have sufficient representation of independent directors and that the Boards are encouraged to appoint qualified professionals to run the banks. Towards this end, Bank Negara has liberalised the remuneration package of the chief executive officers of banking institutions and left it to the Boards to formulate appropriate packages to attract the necessary talent and determine their remuneration package. In the final analysis, a more competitive banking system should produce benefits to their customers and the business in terms of easy access, quality choices and competitive prices. An indicator of the improved level of competitiveness has been the narrowing of margins. During the year 2001, gross interest margins of banking institutions have narrowed to 3.86% for the commercial banks from 4.3%. This reflected the larger reduction in the average lending rate vis a vis the average cost of funds. Competitive interest rates were particularly evident for mortgage and hire purchase loans reflecting strong demand for credit for these sectors. The competitiveness of the domestic banks in terms of the gross interest margin has also improved. The gap between the domestic banks and foreign banks has narrowed from 0.92 percentage points as at the beginning of year 2000 to 0.69 percentage points as at the end of 2001.

We will continue to Sustain Stability and Serve Singapore in the years to come. Thank you. BIS central bankers’ speeches  5
You will immediately discern upon descending to the bedrock of Manhattan, marveling at the massive vault door, appreciating the multi-faceted control environment, that payments security is a timeless preoccupation. Hardly any of the gold in the vaults of the Federal Reserve Bank of New York is the property of the United States, whose reserves you know from 007 lore reside in Ft. Knox. Instead, it is gold held on behalf of foreign and international monetary authorities. Indulge me, if you will, in a fascinating historical anecdote in the annals of official reserve custody, which I will endeavor, perhaps feebly, to tie to today’s theme. The Spanish Civil War was a brutal conflict that pitted Nationalist rebel forces, allied with Fascist Italy and Nazi Germany, against the Republican government supported by the Soviet Union. In 1938, with their government on the cusp of implosion and before fleeing into exile, the Republicans hastily sent their gold stock to their trusted ally, the Soviet Union, for safekeeping. This episode is recounted in a history of the Spanish Civil War by Hugh Thomas, who writes the following: According to Orlov (now I confess to not reading the whole book, so I do not actually know who Orlov is; nevertheless, according to no less an authority than Orlov!

In simple terms, inflation may be defined as the change in the general price level of goods and services. However, in every day usage, inflation may be defined as “too much money chasing too few goods”. Describing inflation this way makes it easier to link it to monetary policy which is the control of money supply in an economy. The Bank of Zambia is concerned that inflation has remained stubbornly high for quite sometime now. As at end-June 2005, inflation was at 19.2% which we consider too high to foster sustainable economic growth. The poor weather patterns over the last agricultural season resulted in low crop output, particularly that of maize, which induced inflationary pressures. The unyielding rise in world oil prices on account of high demand from China and India, due to high economic activity, disruptions in supply, arising from war in the Middle East, as well as processing capacity constraints in many oil consuming countries have also caused a general rise in the domestic prices of petroleum products thereby increasing the cost of domestic production. In order to moderate the inflationary pressures arising from low crop output, on a sustainable basis, efforts should be directed at diversifying and improving agricultural output away from rain-fed agricultural practices. Government’s commitment to increased investment in the agricultural sector is therefore commendable as this should assist in improving the supply of agricultural output, in particular that of food items. This has an important bearing towards reducing consumer food inflation.