samchain/econo-pairs-v1 huggingface dataset:
The passage of this Act is a win-win for small businesses as well as banks. The Bank of Thailand regulations on loan classification, provisioning requirement, and valuation guidelines have been issued to help banks adopt this new collateral regime. 4/5  BIS Central Banker's Speeches  Ultimately however, we would like to see Thailand moving from collateral-based lending towards cash-flow-based lending especially for small businesses with few or no eligible collaterals but otherwise viable prospects. In order to do so, we need to have sufficient data for credit risk enhancement and monitoring. In light of this objective, we are developing an industry-wide SME database from pooled bank data for banks to use for their planning and risk management. In addition, we are working with relevant parties to amend the Credit Bureau Act to expand its membership to players like Peer-to-Peer (P2P) lenders. These efforts would get along well with the government policy to expand the roles and coverage of Thai Credit Guarantee Corporation (TCG) to provide credit access for SMEs lacking collateral security. Ladies and Gentlemen. If we look beyond our domestic market, increasing regional integration brings numerous exciting business opportunities. Thailand’s strategic location at the heart of Mainland ASEAN along with close economic relations with our neighbors make us a natural candidate to become a regional connector of trade and financial services. We have offered many fronts to enhance such connectivity.

BIS Review 130/2008  3  Work is now underway in the Paris financial centre to prepare the implementation of the new internationally accepted accounting rules. This framework will enable our banks to increase their solvency ratios and their capitalisation. Did they really need this? I think it is important to make a clear distinction between two situations. The first concerns the specific case of DEXIA, which was hit by its exposure to US monoline risks, and for which the recapitalisation with public funds was absolutely necessary. The second regards all the other French banks, without exception, whose own funds are sufficient both in terms of prudential requirements and in comparison with standards and situations in other developed countries. For our banks, and in contrast with other countries, the aim of public recapitalisation is not to make up for any faults or weaknesses, but to anticipate potential problems. We are experiencing exceptional circumstances in which even the most financially sound and profitable banks, as in the case of French banks, are not certain to find the necessary resources on the market. As long as this uncertainty persists, we have to protect our credit system from hazards and preserve its role in the financing of the economy. The macroeconomic outlook Major worries have recently surfaced in public opinion and among analysts concerning the economic consequences of the crisis. I understand these worries, but I do not totally share them. In the short term, I must admit, the outlook is unfavourable.
The lobbying efforts met with considerable resistance initially but we did not give up and continued with such efforts under the terms of three successive Financial Secretaries. In 2005, after seven years of relentless appeals, we finally convinced the Financial Secretary to include the abolition of estate duty proposal in his Budget Speech. This was followed by the Legislative Council’s passage of the bill implementing the abolition from February 2006; (b) Modernisation of the trust laws: the amendment bill seeking to modernise Hong Kong’s trust laws was passed by the Legislative Council on 17 July 2013. This was an important milestone to revamp Hong Kong’s antiquated trust regime which had not been substantially reviewed and modified for decades. This is again something that the HKMA had advocated and pushed strongly within the Government in the past few years so that our trust law regime can catch up with the other financial centres; (c) Promotion of Islamic Finance: the legislative amendments to provide a comparable taxation framework for common types of sukuk vis-à-vis conventional bonds were passed by the Legislative Council on 10 July 2013. It was a key policy proposal made in the study jointly led by the HKMA and the TMA in late 2007, following the announcement in the 2007 Policy Address of the initiative to develop an Islamic financial platform in Hong Kong.

Companies can also come forward and test their ideas in Bank Negara’s Regulatory Sandbox, and we will facilitate a safe environment for companies to develop viable solutions to identified problems. This is the time for MSB companies to be forward-looking, not hold on to the past; to be agile and responsive to change, not slow to evolve; to be bold and ambitious, not reactive; and to be secure in strong professional and ethical standards for conducting business, and not exposed to practices that can harm the industry’s image and reputation. The Bank has every confidence in the industry’s ability to grow and develop further from strength to strength, well supported by a dynamic Association that has had a key role in driving many of the accomplishments that have brought the industry to this point. On that note, thank you for having me here this evening. Congratulations to all the recipients of the customer service excellence awards, and all MSB companies that are present here for supporting the important work of the Association. On the part of the Bank, we look forward to the implementation of the industry’s five-year strategic blueprint up to 2020. Bank Negara Malaysia will continue to engage constructively with the Association and industry on these initiatives to develop a modern, dynamic and progressive industry. 3/3  BIS central bankers' speeches
But there are also potential indirect benefits for their national economies: establishing a ‘green risk free curve’ for private issuers to use as a benchmark for green pricing; setting conventions for issuance, including definitions of acceptably green projects or climate goals; providing assets for hedging and collateralising borrowing; and encouraging the development of climate finance expertise in the local financial services community, driving wider product innovation. The issuance of corporate green bonds in the Netherlands, for example, picked up materially after the Dutch government issued a SGB in 2018 (Chart 13). Building block 3: asset allocation strategies However rapid the progress in climate-related disclosures and financing vehicles on the issuer side of the equation, it has been totally eclipsed by the explosion in interest on the investor side. Gripped by an increasing awareness of the scale of the climate challenge, and the impact of past and expected future policy change, investors are demanding, ever more loudly, that those in charge of their savings demonstrate that they can measure, and direct, their investments in ways that are sensitive to the climate impact of those flows. Asset managers have launched an ever-increasing range of ‘climate aware’ funds in recent years (Chart 14), and invested heavily in internal expertise, building systems, and hiring in specialists (or buying their firms outright).36 The consequent shift in assets under management towards funds with higher sustainability ratings, and away from those with lower ratings, is striking (Chart 15).

But before I go on, let me remind you that the views I express are my own and may not reflect the views of the Federal Reserve Bank of New York or the Federal Reserve System. The topic of this conference may not appear particularly glamorous. It is natural to view monetary policy implementation as a technical and humble exercise next to the flashiness of policy formulation, which has policymakers determining the appropriate level of interest rates. However, for those of us charged with carrying out policymakers’ decisions, there is keen interest in the mechanics. We have the task of designing and executing operations that ensure that policymakers’ instructions are implemented effectively and efficiently, so that their intentions can affect inflation and the real economy. But while monetary policy implementation is just a means to an end, there is no obvious single “right” way to do it, and every central bank’s operating framework reflects history, unique institutional constraints and the market environment, which may change over time. So even though the topic of today’s conference may seem to lack glamour, it is significant, particularly now, since monetary policy implementation and the market landscape have undergone profound changes in recent years. Many advanced economy central banks have adopted a number of new tools to implement monetary policy or used traditional tools in new ways or in unprecedented size, in part because economic conditions have necessitated historically low interest rates that have bumped up against the zero bound for almost seven years.
In adapting to changing economic environment, businesses must have in place adequate risk management and protection. This is key to ensure business sustainability. Takaful operators offer a wide range of commercial protection schemes to help businesses build its risk management. These include protection against risks associated with natural disaster, weatherrelated events, payment default, professional indemnity and damage in crops, among others. For example, trade credit takaful solution to be launched in 2020 complements the wide range of trade finance solutions for importers and exporters that transact on an open account basis. Islamic finance is a natural fit for halalan-toyyiban Let me now move on to the final component – the underlying strength which ties the halal opportunity with Islamic finance – synergy. At the national level, the government supports and recognises the role of Islamic finance as an important tool to develop and grow businesses and SMEs. In the 2019 Budget, the SME Shariah-Compliant Financing Scheme was established to strengthen the development of SMEs. Under the Scheme, the government has committed to subsidise 2 percent of profit rate or borrowing cost for total financing worth RM1.0 billion. A number of other strategies are also being pursued to better position Islamic finance solutions to meet the needs of halal businesses. The industry players have participated in mega events such as Halal Expo 2019, Halfest 2019, and Festival Islam dan Halal Antarabangsa Johor Darul Ta’zim 2/3  BIS central bankers' speeches  2019 to create awareness on its offerings.

As at Q4 2018, halal exports amounted to RM40.0 billion or only 4 percent of total Malaysian exports, of which halal exports by small and medium enterprises (SMEs) account for a mere 8.4 percent2. To capture the market, businesses in the halal industry need to be agile and be quick to respond to changing consumer preferences and behaviours. This means business practices and processes need to be re-calibrated to be more aligned with sustainable expectations. Similarly, quality enhancements are given expectations in terms of product offerings, using a more current and efficient distribution channels and payments methods. In conjunction with Japan Olympic 2020, for example, there is a strong demand for halal products with high traffic of tourists, supporters and spectators. Companies which are able to satisfy the high bar placed by Japan on production, quality, safety and health aspects, will be able to open up a series of medium to longer term opportunities to export to other countries. As such, securing a suitable financial solution to upgrade and upscale production to meet the demand and requirements, would be an important prerequisite for businesses. Recognising these key success factors, recent announcement by Government to introduce The Halal Industry Strategic Development Programme, or ‘be-Halal’ — under the National Halal Council Secretariat to drive the growth of the halal industry is timely.
But the crisis revealed something about the relationship between the state and industry at the end of the nineteenth century. Indeed, the institutional set-up explains quite a lot about the approach taken towards the oversight of financial institutions at this time. The Bank of England was still a private entity. The leading partners from each trading house sat on the Bank’s Court of Directors. This was a world of gentlemen’s agreements and moral suasion, or “what a later 6  generation would know by shorthand as the Governor of the day raising his eyebrows” . One reason the Bank developed a supervisory interest in the clearing banks was to protect its balance sheet given its role as banker to the banks but it was, at most, primus inter pares, and banks were largely self-regulating. Indeed, the crisis at Barings was ultimately one of solvency not liquidity and so the Bank would not devote its own resources to a recapitalisation. Instead, the rescue of Barings Bank relied on the collective action of its industry peers and some co-ordination by the Bank rather than any formal supervisory role. This is in contrast to later crises of liquidity during which, in line with Bagehot’s theory, the Bank extended credit at a penal rate to solvent but illiquid banks and became lender of last resort.

The Banque de France's monetary policy contributes directly to our country's success in meeting three of the five criteria for entry into Monetary Union: the criterion of price stability, which is the ultimate goal of our monetary policy; that of the stability of the franc visà-vis the most solid European currencies, which is an intermediate objective to which the Banque de France is steadfastly committed, and that of the level of long-term interest rates, which is a result and an important indicator of our monetary strategy. l) Today, the Monetary Policy Council is happy to note that we fully meet these three entry criteria. The Council will continue to make sure that we abide by them throughout 1997 so that the Heads of State and Government can draw up the list of countries eligible for the euro in the best possible conditions, in accordance with the terms of the Dublin decision of the Heads of State and Government, “as soon as possible in 1998”. The euro will be created on 1 January 1999. Our market interest rates on maturities of more than two years already incorporate the credibility and soundness of the euro, the future single currency of European citizens. The agreement on the stability and growth pact drawn up in Dublin is a decisive element in inspiring confidence in the euro in French citizens and investors from around the world that is at least equal to the confidence in the French franc.
By this time next year, I should be able to report progress made in Hong Kong as well as in the international arena. 14. Let me conclude my speech with the big picture: Hong Kong, as the premier IFC in Asia, is uniquely well positioned under the One Country, Two Systems arrangements to benefit from the internationalisation of RMB and the Belt and Road Initiative. Whatever you have seen or witnessed in the past few years is merely the very beginning of a multi-decade long process. China has been on average contributing more than one third of global growth in the past 10 years and is clearly the most powerful engine for growth in the years to come. China has reached a stage that it has the necessary technology and surplus capital for its corporates to “go out”. Hong Kong, which has been the major hub and springboard for foreign corporates to “go into” China since the beginning of China’s reform and opening programme, has now taken up the extremely crucial role of serving as the hub and springboard for China’s new “going out” era. 15. Ladies and gentlemen, it’s a great pleasure to be able to talk to you today. As a treasury market practitioner, you are in the right place at the right time. Hong Kong is a place that will offer enormous headroom for growth.

Peter Pang: Managing the next phase of growth in Asia Welcome remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, at the IMF’s Asia and Pacific Regional Economic Outlook, Hong Kong, 28 April 2011. *  *  *  1. Good morning. It is my great pleasure to welcome you all to the launch of the latest issue of the IMF’s Asia and Pacific Regional Economic Outlook (REO). We are honoured to have Mr. Anoop Singh, Director of the Asia and Pacific Department of the IMF, and his colleagues to share with us today their views on the region’s economic and financial developments, the outlook and the challenges, and what can be done to manage the risks and promote sustainable growth in the years ahead. 2. I like the theme of this issue of the REO – “Managing the Next Phase of Growth” – as this is what concerns us most in Asia at this juncture. We are now some two-and-a-half years after the outbreak of the global financial crisis, and Asia has been leading the global recovery – a recovery that is maturing as rightly pointed out by the IMF. The question is where and how we should move on from here. And looking ahead, managing the next phase of growth is very challenging as we are facing complications of unprecedented scale and dimensions. 3.
•  MAS is working with several other banks and insurers on their plans to establish and expand their analytics and innovation teams in Singapore. At the heart of a Smart Financial Centre must be a progressive information technology architecture. Two key characteristics of such an architecture are: •  common standards; and  •  seamless data sharing. Common standards Let me begin with common standards. They are key to making systems interoperable and harnessing fully the benefits of new payments technologies. Lack of standardisation leads to fragmentation, inefficiency, and inconvenience. •  Take for example electronic funds transfer. •  Without a common standard, an application written to effect funds transfer for one group of financial service providers may need to be rewritten to work with another group of financial service providers that operate on different interface standards. Common standards allow systems and applications to operate efficiently and seamlessly when different financial service operators and solution providers come together. •  The EMV chip is one of the most impactful examples of a common standard. It is all the more impressive as it was an industry initiative without any government involvement. •  NFC, or near-field communications, represents the next big thing in common standards. It is enabling contactless payments on mobile devices like smart phones. Yet another good example of a common standard is ISO 20022. This is the international standard for electronic data exchange among financial institutions. •  Its growing adoption has helped to make payments platforms interoperable and reduce inefficiency.

Thomas Jordan: Global economic outlook and economic developments in Switzerland Introductory remarks by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Media News Conference of the Swiss National Bank, Berne, 12 December 2013. *  *  *  Ladies and gentlemen Welcome to the Swiss National Bank’s news conference. I would like to begin today by explaining the SNB’s monetary policy decision before moving on to present our assessment of the economic situation and monetary conditions. My colleague, Jean-Pierre Danthine, will then talk to you about developments in connection with financial stability and banknotes. Finally, my colleague, Fritz Zurbrügg, will look at the current situation on the financial markets, as well as at the management of our currency reserves and interest rate benchmark reforms. As always, we will conclude with a question and answer session. I will now start with our monetary policy decision. As you will have no doubt expected, the SNB is maintaining its minimum exchange rate of CHF 1.20 per euro. The Swiss franc is still high. With the three-month Libor already practically at zero, the minimum exchange rate continues to be the right tool for ensuring appropriate monetary conditions in Switzerland. If the Swiss franc were to appreciate, this would have significant consequences for the Swiss economy. On the one hand, an appreciation would lead to a further decline in import prices and a renewed threat of deflation.
For instance, the simple approach of Basel II ties the amount of required capital to ratings by External Credit Assessment Institutions (ECAIs) because they have the strength in both the wealth of data and expertise in credit risk assessment. Unfortunately, only a few large companies in emerging countries are rated. Therefore, a challenge for regulators lies in the process of ECAI recognitions and risk-weight mapping processes as they must ensure stability of the banking system while at the same time foster the development of local ECAIs and the bond market. These efforts will undoubtedly take considerable time and patience, but it is a road that has to be taken. 6  BIS Review 89/2007  The challenge of implementing structural reforms The two facets of monetary and financial stability that I discussed are present in all economies. But in the emerging market context, the interaction between them and the tensions that arise in terms of where the policy emphasis is placed are arguably more complex with greater welfare implications. Let me end by touching on some of the complexities that arise in this regard and highlight some of the challenges in implementing structural reform in emerging markets. The first problem is that the gains from reform are hard to quantify because they are often indirect and thus rarely fully appreciated by the wider public. Also the fact that many structural reforms entail short run costs compounds the problem.

And the second is the observation that economic agents in emerging market face limitations in the ability to smooth consumption in response of shocks. BIS Review 89/2007  1  Table 1 summarizes the empirical evidence from the two recent studies. As documented in Aguiar and Gopinath (2007), consumption in emerging markets is around 40 percent more volatile than income at business cycle frequencies. The same is true when comparing relative volatility in growth rates of consumption and income. A study by Prasad and his colleagues in 2005 also shows greater income and consumption volatility in emerging market relative to developed economies. Such heightened volatility in macroeconomic outcomes undoubtedly has adverse implications for welfare. Our central proposition is that a large part of the explanation for higher macroeconomic volatility rests with key differences in the nature of shocks hitting emerging economies as well as the way in which their economic systems propagate those shocks. Figure 1 depicts how observed macroeconomic outcomes are the result of the interaction between the nature of shocks hitting emerging market and the structural features of the economic system. On the nature of shocks, a particularly pertinent example in this context is capital flow shocks. As shown in Table 2, capital flow shocks, especially debt and equity, are more volatile in emerging markets relative to advanced economies, as well as relative to other developing economies.