samchain/econo-pairs-v1 huggingface dataset:
Common mistakes that led to consumers being scammed include sharing bank account passwords or PIN numbers, not paying attention to the legitimacy of a website before making transactions and also clicking on suspicious links – all of these enable scammers to commit fraud more easily. In our recent publication of the Financial Stability Report, we shared some of the findings of the Financial Capability and Demand survey which Bank Negara conducted recently. Among other findings from the survey, a troubling finding is that, more than a third or 37% of respondents stated that they have no issue or are willing to share their bank accounts passwords or PIN numbers with their close friends. This reflects the lack of understanding on the importance of being vigilance and safeguarding our banking information. As financial transactions and services become increasingly digitalised, Malaysians must learn to be more responsible in managing their financial information, well-informed and sensible in assessing investment opportunities, while at the same time increase their vigilance against scams. This is where you, as practitioners, could enhance your role as consumers advocates. It is important for financial planners to continuously provide awareness and alert clients against the latest frauds and scams. Public awareness, alongside preventive measures and coordinated enforcement actions, must be elevated to combat this crime and safeguard the hard-earned finances of Malaysians.

Norhana Endut: Keynote address at the Malaysian Financial Planning Council Keynote address by Ms Norhana Endut, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian Financial Planning Council, Kuala Lumpur, 5 November 2022. *** It is my great pleasure to be here today at the 9th MFPC Graduation Ceremony. First of all, I wish to congratulate all successful graduates from the Class of 2019 to 2022. I am sure many of you have been waiting for this ceremony as it was postponed due to the pandemic since 2020. The critical role of financial planning is often overlooked. But one lesson that we can take from the recent pandemic and economic crisis is that a sound financial management and planning is critical in weathering the storm. It is your role now as Registered Financial Planners and Shariah Registered Financial Planners to take the stage in helping Malaysians manage and rebuild their financial standing post-pandemic and be prepared for the future. The Malaysian economy has recorded a strong growth momentum following the reopening of all the sectors in the economy this year. Key to this is the improvements in labour market, in particular, income growth. While there are reasons to be optimistic about the growth momentum, next year presents a more challenging outlook to the global economy with rising global inflationary pressures, signs of moderation in growth in several major economies, ongoing geopolitical conflicts and highly volatile financial markets. Malaysia is certainly not insulated from some of these headwinds.
Today, however, the situation in Sweden does not resemble what happened in the second half of the 1980s. Asset prices have certainly risen strongly in recent years but credit has not grown to the same extent. It seems that, at least to date in the present upswing, Swedish banks and their customers have taken a different line on the provision of credit and borrowing. Everyone is hopefully more accustomed to a deregulated credit market than was the case in the late 1980s. Still, it is important to be alert to the future path of asset prices and credit aggregates, as well as to the underlying forces at work in the Swedish economy. Real assets prices and total lending 270  1,6  240 1,4 210 180  1,2  150 1,0 120 0,8  90 1970  1975  1980  1985  1990  1995  Ass et p rice in d ex: 1980= 10 0 (left scale) L en d in g in p e r c en t o f G D P (rig h t s cale) S ource : R iksbanke n  capital in an economy is dependent on the level of output and how this income is shared between labour and the owners of capital.

As for the second pillar, somewhat lower real GDP growth this year will contribute to a reduction in domestic upward price pressures. On the other hand, owing to the risk of second-round effects from past oil price increases, wage developments need to be monitored carefully. Thank you for your attention. BIS Review 28/2001  7
The interactivity between the  2  BIS Review 132/2008  players and the combination of their respective responsibilities should constitute a virtuous basis for a “sound financing of a sustainable economy”. “Sound financing of a sustainable economy” and “financial stability” are mutually reinforcing concepts. I would like to thank you for giving me the opportunity of presenting these considerations, before handing the floor to Ms Kosciusko-Morizet. Minister, please allow me to stress the formidable efforts you have made, both at the national and European level together with President Sarkozy and Mr Borloo, to provide sustainable solutions to the current challenges. You take a long-term view by calling for “a common battle” – these are your own words– in favour of the economy and the environment. This is clearly an “awareness” that we have to share collectively today! BIS Review 132/2008  3

Thus, we have witnessed a convergence in the monetary policy regimes of our two countries. Today, the two regimes are quite similar in three important respects. Both the Fed and the Bank of Japan place considerable emphasis on an explicit inflation objective, commit the central bank to use all available tools to achieve its objectives, and use forward guidance on interest rates and large scale purchases of long duration assets as the main tools to achieve these objectives. Although there are still some important distinctions in how policy is conducted, much of these relate more to differences in legal frameworks and the current starting point for economic activity and inflation rather than fundamental differences in philosophy. For example, the BoJ’s asset purchases are broader than the Fed’s, extending to equity ETFs (Exchange Traded Funds) and REITs. This option is not available to the Federal Reserve because the Federal Reserve Act sets tighter limits as to the types of assets that the Federal Reserve can purchase. Similarly, current circumstances in the two countries are different, with deflationary expectations still in the process of being dislodged in Japan. The BoJ needs to push up inflation expectations, whereas in the U.S. the current level of inflation expectations is consistent with the long-term objective of the Fed. Therefore, the BoJ, relative to the respective sizes of the two economies, has adopted a purchase program that is more aggressive that the U.S. program.
So it is no surprise that a risk factor which adversely affects one institution would simultaneously hurt another. With fair value accounting, everyone has to mark their positions to the same volatile market. A number of institutional investors also abide not to hold any assets below a certain credit rating, hence a hard cut-off. So when borderline assets get downgrade, all these institutional players have to liquidate their positions, all at the same time. Meanwhile, as VaR methodologies and risk management tools employed by different banks become increasingly converge, the results of the analysis also tend to converge. The main point is that when a risk factor moves adversely, these similarly exposed institutions incur the same direction of losses, whence their largely identical response actions further distress the market, thereby completing the feedback circuit. The second propagation channel in the form of network linkages between institutions presupposes that there exists prior bilateral relationships between financial institutions. A good example is in the clearing, payment, and settlement activities where the bilateral link is simply the amount that must be cleared, paid, or settled. But with real-time gross settlement,  4  BIS Review 130/2009  the vulnerability in this area featured very little in this crisis. Instead, in this crisis, the direct interbank liquidity/funding lines proved to be the most critical network of bilateral relationships. When one bank becomes illiquid, this triggers cascading illiquidity to all other banks that are direct counterparties, or counterparties to the counterparties.

Simon M Potter: Concluding remarks at the Monetary Policy Implementation in the Long Run Conference Concluding remarks by Mr Simon M Potter, Executive Vice President of the Markets Group of the Federal Reserve Bank of New York, at the Monetary Policy Implementation in the Long Run Conference, Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota, 19 October 2016. * * * Thank you for participating in the conference “Monetary Policy Implementation in the Long Run” here at the Federal Reserve Bank of Minneapolis. Over the past two days we have engaged in productive and thought-provoking discussions of the evolution of monetary policy implementation across global central banks. These discussions will help shape the way the Federal Reserve thinks about monetary policy implementation in the future. The Federal Reserve’s implementation of policy has evolved in important ways in recent years, including using the balance sheet as an active policy tool at the zero lower bound (ZLB).
Our floating regime admits interventions in exceptional situations, like the one announced at the beginning of the month. Nonetheless, it is important to consider that beyond the evolution of the dollar in international markets, there are some more long-lasting elements underlying the real appreciation of the peso, such as improved terms of trade, the accumulated increase in the ratio of public expenditure to GDP and the reduction in our net debtor position relative to the rest of the world. The effects of these factors on the real exchange rate and the competitiveness of some sectors goes beyond the horizon of the effects of this intervention. Those sectors need to improve their productivity and reallocate their exports to growing emerging markets in order to remain competitive. In any case, additional reserves available will allow to better deal with the contingency of a significant deterioration of the external environment. Foreign exchange markets are under stress and currencies are adjusting asymmetrically. There is also the risk that GDP growth decoupling between advanced and emerging economies will persist longer than expected, thus intensifying the pressure on the exchange rate. Accordingly, the effects of this measure, although temporary, should open room for smoother real adjustments in the domestic economy. Final thoughts and challenges The ability of macroeconomic policies in developing economies to react swiftly was essential to reduce the impact of the global crisis.

BIS central bankers’ speeches  1  identified priority areas, achievements have not reached beyond a settlement of general agreements, but significant progress has been made. Important reforms are expected to be finalized only in the years to come. This is true. for instance for the important field of regulating and supervising the shadow banking system, in which only next year work will begin on setting the details of the respective policies. Also the necessary regulations or legislation to implement the Basel III framework – especially the strengthening of banks’ capital and liquidity standards – will start to be put in place as of January 2013. The full set of regulations will only be phased in by 2019, more than ten years after the recent financial crisis had seen its peak. The G20 leaders at the 2009 Pittsburgh meeting have warned that “a sense of normalcy should not lead to complacency”. Indeed, the first signs of a re-stabilizing global economy has withdrawn the necessary push behind the process of reforming financial regulation. While regulators have correctly adopted the view that it is more important to make regulations right and waterproof, we have to ensure that the financial sector reform is put in place in a thorough but also swift manner. 2. Reforming financial system regulations: a snapshot of the current state  Let me turn to outlining the current state of the financial sector reform and focus in particular on the new international agreement on capital and liquidity standards – known as Basel III framework.
In order to become a smart consumer he must try to understand the nature of different kinds of banking products and to avoid those products that go beyond his risk appetite or personal financial capability. This relates to the “smart” part. On the “responsible” part, it is important that when a person takes out a loan from his bank, whether to shop or buy a flat, he should fully assess his repayment capability in relation to his income and expenses. There is not much point in blaming the bank in granting you easy and cheap credit when you have overstretched yourself in exuberant spending or in taking excessive risks in properties or stocks. In the context of buying investment products from a bank, the customer must realise that he is bound by his signature on the agreement, and that he cannot imply obligations which are contrary to the express terms of an agreement. Put it simply, a customer may not succeed in civil litigation for investment losses on the ground that he did not fully understand the terms of the investment contracts. Recent court cases in Hong Kong have clearly demonstrated that the existence of mis-selling by the bank would be a relevant factor in determining the culpability of the bank, but the customer must not harbour the expectation that mis-selling, regardless of its nature and severity, would necessarily lead to full compensation for investment losses.

So the message is: consumers of financial services have to be responsible for the decisions they make and the consequences of such decisions. Think twice before you sign on the dotted line. Conclusion To conclude, the key takeaways are: •  banks must treat customers fairly by looking after their interests and not treating them just as target of sales; and  •  bank customers must learn to become “smart” as well as “responsible” consumers of financial services. Then how do we go about in achieving these two objectives? For banks, the HKMA will ensure that there is a set of robust but fair rules governing banking conduct. We will enforce these rules vigorously through on-site examinations and off-site surveillance. We will investigate and, if appropriate, take enforcement action against breaches when they are reported by customers or detected by the HKMA. But we appreciate no external forces can be as effective as internal controls and culture in guarding against breaches. We therefore consider it important for the boards and senior management of banks to share and cherish the same value as we do in terms of treating customers fairly.
Another suggestion I want to make is that, for the market-based approach to work efficiently, we should also engage more formally the cooperation of the private sector. On this, I think East Asia can learn a lot from the experience of the EU in engaging the private sector in planning and reviewing major financial initiatives. Specifically here, I am thinking of the Giovannini Group of private experts, established in 1996, which has done at least four useful reports for the EU Commission. Their inputs have helped the EU in introducing the necessary directives. 2  BIS Review 95/2006  I think I have taken up a lot of time already and hope my remarks have been useful. Again, I want to thank JP Morgan for the invitation. Thank you. BIS Review 95/2006  3

Ravi Menon: Introducing Agustín Carstens Introductory remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Monetary Authority of Singapore Lecture 2013, Singapore, 5 February 2013. *  *  *  Dr Agustin Carstens, Emeritus Senior Minister Goh Chok Tong, Ambassadors, distinguished guests, friends and colleagues, good morning. 1. Welcome to seventh MAS Lecture. 2. Since its launch in March 2000, MAS Lecture has provided platform for distinguished members of international financial community to offer perspectives on significant economic and financial issues of the day. 3. And today, we are honoured to have as our speaker, Dr Agustin Carstens, Governor of the Banco de Mexico. Dr Carstens has an outstanding record of service and achievement in his country as well as on the international scene. 4. He was a Deputy Managing Director at International Monetary Fund between 2003 and 2006. From 2006 to 2009, he was Mexico’s Minister for Finance. And in 2009, he was appointed Governor of Banco de México, returning to an institution where he had started his career and served with distinction in several key positions. 5. Dr Carstens’ topic today is The Quest for Successful Policy Responses to Sovereign Crises. It is a topic that he is eminently qualified to expound upon. 6. As a former Minister for Finance, he would be familiar with issues related to sovereign debt and fiscal policy. And as a life-long central banker, he has dealt with crises first-hand.
In an environment of substantial uncertainty, both homeowners and homebuyers make wrong decisions more frequently. Lenders protect themselves by imposing high risk premiums on loans for which enterprises and individuals in the start-up phase pay dearly. Uncertainty has a price. High and variable inflation leads to an arbitrary redistribution of wealth and income. Thus there is no conflict between distribution policy objectives and the objective of low and stable inflation. Unexpected swings in the price level may easily lead to fluctuations in the real economy and instability in financial and property markets. Experience shows that high inflation does not result in more jobs or lower unemployment, and that the booms associated with high inflation are followed by recessions. Since the beginning of the 1990s, inflation has been low and employment has grown sharply. Pay increases measured in kroner have been lower than in the 1980s, but low inflation has nevertheless generated stronger growth in purchasing power for wage earners than in the previous decade. The implementation of monetary policy Price and cost inflation are influenced through a number of channels. When interest rates rise, it becomes more costly to take up loans and more profitable to save and to postpone consumption and investment. A rise in interest rates will also reduce demand, because the value of houses, leisure homes, cars and shares decreases. Household wealth declines. A rise in interest rates may also strengthen the krone.

A stronger exchange rate will curb the rise in prices for imports, which directly and indirectly account for 40 per cent of goods and services in the consumer price index. A stronger krone weakens earnings and reduces activity in enterprises in the internationally exposed sector. This has an impact on enterprises’ capacity to pay, wage growth and price inflation. We do not expect a change in interest rates to have an immediate effect on inflation. Our analyses indicate that a substantial share of the effects of an interest rate change occurs within two years. Hence, the key rate is set with a view to achieving an inflation rate of 2½ per cent two years ahead. The social partners will take account of the inflation outlook in their wage negotiations. If there are prospects of higher inflation, the nominal wage increases will be higher. At the same time, higher wage growth means higher inflation. Developments in the labour market and wage formation are therefore important for interest rate setting in Norges Bank. It is also important to be aware that developments in labour costs may influence inflation, growth and employment differently in a system with a floating exchange rate that in a system with a fixed exchange rate.
When that finally materializes, I’ll view it as consistent with the result we are trying to achieve, and not a reason to pull back our policies prematurely. If you’re trying to get a car moving that is stuck in the mud, you don’t stop pushing the moment the wheels start turning – you keep pushing until the car is rolling and is clearly free. Thank you for your kind attention. I would be happy to take a few questions. BIS central bankers’ speeches  7

As conservative central banks, our involvement in the forex markets is limited to strategic investments and stabilising the exchange rate. Following this role, the Central Bank of Sri Lanka does not get involved in speculative type of trading. However, it plays a major role in the development of the country’s forex as well as other financial markets. We know that in a market-oriented economy, all financial market segments, namely, the foreign exchange market, money market, government debt securities market and the stock market are inter-linked. The Central Bank, while watching the operations of each market segment individually, needs to take a macro view of all the market segments to ensure financial market stability. The focus today, however, should be on the foreign exchange market. In the exchange rate area, it is appropriate to mention at this juncture, Sri Lankan authorities made a fundamental change to its policy on 23rd January, 2001 by moving to a freely floating exchange rate arrangement. This was necessitated by the inability of the then prevailing exchange rate system and the crawling band regime to sustain themselves. Immediately after the float, the market experienced some volatility as is usually expected. However, this volatility has been contained overall since then. This, not only brought confidence to the market, as evidenced by increased foreign exchange inflows, but also allowed greater flexibility and market opportunities to foreign exchange dealers of commercial banks.