samchain/econo-pairs-v1 huggingface dataset:
The strong and close bond has continued to evolve in the areas of trade, investment, education and finance. While the bilateral trade in goods between the United Kingdom and Malaysia only accounts for 1.4% of our total trade, Malaysia's bilateral trade in services with Britain accounts for 6.3% of our trade in services in 2008. While the balance of trade is in our favour, the balance in the services account is in the favour of the United Kingdom amounting to RM2.3 billion. In the area of mobility of people between our two countries, there continues to be a significant two-way flow relating to employment, education and tourism. Tourists from Britain represent the largest group of visitors from the European market. In the area of education, there are a great number of Malaysian students studying in the United Kingdom. This has been reinforced by the twinning programmes. In addition, British education for Malaysians has been strengthened by the branch campuses in Malaysia. More recently, the relationship building has extended into the area of Islamic finance. This relationship was cemented with the signing of a Memorandum of Understanding between the UK Trade and Investment and Bank Negara Malaysia. The early development of Islamic finance was very much domestic-centric. This recent decade has seen the internationalization of Islamic finance. This has increased the potential for strategic partnerships between international financial centres that will bring with it mutually reinforcing benefits.

Zeti Akhtar Aziz: Opportunities and collaboration in Islamic finance Address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the MalaysiaUK Islamic Finance Forum, Kuala Lumpur, 8 July 2009. *  *  *  It is my pleasure to be here today to address the Malaysia-United Kingdom Islamic Finance Forum organised in collaboration with the Commonwealth Business Council. Allow me to take this opportunity to welcome The Right Honorouble Lord Mayor and distinguished guests from the United Kingdom today that are joining this dialogue with the Malaysian financial community to discuss the opportunities and areas of collaboration in Islamic finance – an important potential avenue for strengthening financial and economic linkages not only between our economies but with other parts of the world. A global shift is currently taking place in the international environment that is dramatically altering the configuration of the global economy. It is resulting in an increasingly multi-polar world. In this new phase of globalisation, the concentration of economic power will become more dispersed. Strengthening strategic economic and financial linkages across jurisdictions will become a key feature in this environment. It is very much Malaysia's intention to be part of this new future as we consciously build our capacity to enhance our international economic and financial linkages. Building effective partnership between UK and Malaysia The United Kingdom and Malaysia has one of the oldest relationships. This relationship has been dynamic, evolving in the rapidly changing international environment.
That analysis should lead to an assessment of the risks to the world economy as a whole. The second task is to encourage countries to abide by their commitments to each other by promoting greater transparency about national policies. In agreeing the Second Amendment of the Fund’s Articles, all member countries made a general commitment to each other to pursue policies consistent with the objectives of stable global growth and low inflation. Only in relation to exchange rate arrangements were members asked to specify what framework they would follow to be consistent with this commitment. As Tim Adams, Under Secretary for International Affairs at the US Treasury, has noted recently, the nature of those commitments was left unhelpfully vague and should be clarified. In doing this, we should not lose sight of the fact that the policies of all significant members have spillover effects and all should be required to be more precise about their policy making frameworks. Clarity about the objectives of policy of member countries should make it easier for all countries to formulate their own policy. And by making their national policy frameworks sufficiently transparent, countries will be making it possible for the IMF to hold them to account and to fulfil its role as an umpire. The third task is the provision of a forum for national authorities to discuss risks to the world economy.

However, given that vulnerabilities on these markets are still high, the resilience of the banking system remains crucial. In January 2022, the Federal Council approved the SNB’s proposal to reactivate the countercyclical capital buffer. This buffer will come into effect at the end of September and will contribute to maintaining banking system resilience. Page 1/1
the development of e-economy, since such economy may benefit most from the process of globalization. There are numerous examples of such actions taken by many governments, and this problem has been discussed in more detail in my recent speech at the Congress of e-Economy. The text of the speech is available on the NBP website: www.nbp.pl → publications → speeches and lectures. In today’s speech, I will try to present the reasons why the economic policy must not only take into consideration the process of globalization and adjust accordingly but also why it must be conducted in a way that enables to take the chance that globalization gives to the Polish economy. It applies especially to various aspects of the labour market, such as the education system, the role of the labour market institutions, including that of trade unions, its mobility and flexibility as well as to the aforesaid creation of favourable conditions for the growth of innovation. 1  Newsweek, 17 October 2005. 2  Aguiar M. et al. “The New Global Challengers. How 100 Top Companies from Rapidly Developing Economies Are Changing the World”, The Boston Consulting Group, May 2006. BIS Review 64/2006  1  Demographic changes A discussion on the global labour market must be commenced with a presentation of the demographic trends. Over the past fifty years, demographic factors had a significant influence on labour markets, and these changes will go even further in the next fifty years.

It turned out that the customer satisfaction level was much higher than in the call centres across Europe. The next step involved customer services of higher value added (such as, e.g., lost cheques, where the employee’s own invention is required – such a customer call cannot be fully described with procedures). The subsequent step consisted in taking over phone investment consultancy from Europe, which was even more demanding in terms of qualifications. This was possible due to much higher educational standards represented by the employees (often at the level of PH.D. degree, holding appropriate licences) than those of typical employees of call centres across Europe. 10  See e.g. Landefeld R., Mataloni R. “Offshore Outsourcing and Multinational Companies”, BEA working paper WP2004-06. 11  Baily M., Lawrence R. “What Happened to the Great U.S. Job Machine? The Role of Trade and Electronic Offshoring”, Brookings Papers on Economic Activity, 2004. 12  Conference of the Financial Times “Global off-shoring and outsourcing”, London, 17 May 2006. BIS Review 64/2006  7  Companies whose business activity consists in the implementation of off-shoring processes are growing rapidly. For the majority of companies in India, this growth amounts to a few dozen percent per annum. The scale of the activity is also growing, as it is not confined to simple call centres any more, but it also includes outsourcing of ever more advanced business processes (e.g. related to IT, logistics, etc.).
If interest rates are kept at a low level over a longer period, price and cost inflation will eventually pick up and longterm interest rates will rise. Rising wage and price inflation reduces the real value of assets and debt. In isolation, this will naturally benefit individuals and enterprises that have a high debt, while others will see a decline in the value of their savings. At the same time, low interest rates could lead to a rise in property prices and other asset prices. A sharp rise in house prices and advances in stock markets imply a substantial shift in favour of those who are already well positioned in these markets. Many young people will find that the price of entering the housing market is too high. 5  Income less net interest expenditure. 9  BIS Review 92/2000  Cyclical fluctuations, income developments and asset prices will show greater volatility in an economy without a nominal anchor. The policy of devaluation and low interest rates in the 1970s and the beginning of the 1980s contributed to pronounced cyclical fluctuations and sharp variations in property prices. The winners and losers as a result of such instability are to some extent arbitrary. Some will always manage to come out ahead; those who take their profits in boom periods will also be able to secure and withdraw from exposed positions in time. Others - who do not use resources for these activities to the same extent - are often the losers.

See also box in Inflation Report 2000/3, pages 16-17. Mussa, M (2000): “Monetary policy to Resist Excessive Depreciation” in Bisignano, J R, Hunter, W C and Kaufman, G G (eds.) “Global Financial Crises: Lessons From Recent Events”, Bank for International Settlements and Federal Reserve Bank of Chicago, Kluwer Academic Publishers. Rødseth, Asbjørn (1987): “Stabiliseringspolitikk på godt og vondt” (Stabilisation policy for better or worse), in Full sysselsetting og økonomisk vekst? Festskrift til Eivind Erichsen (Full employment and economic growth? Festschrift for Eivind Erichsen), Tano forlag. Stiglitz, J E (2000): “Lessons from the Global Financial Crises” in Bisignano, J R, Hunter, W C and Kaufman, G G (eds. ): “Global Financial Crises: Lessons From Recent Events”, Bank for International Settlements and Federal Reserve Bank of Chicago, Kluwer Academic Publishers. 11  BIS Review 92/2000
Tharman Shanmugaratnam: Ensuring strong anchors in our banking system Speech by DPM Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at the 39th Association of Banks in Singapore (ABS) Annual Dinner, Singapore, 28 June 2012. *  *  *  Mr. Piyush Gupta, Chairman of the ABS, Council Members, Ladies and Gentlemen, I am happy to be here this evening to join you at the 39th ABS Annual Dinner. The continuing lessons from the crisis Four years after Lehman Brothers collapsed, the global financial crisis is still with us. Its new epicenter, as we all know, is in Europe. The combination of weak banking systems and overstretched government balance sheets in several European economies has proved toxic. It has led to a loss of confidence and unsustainably high borrowing costs, not just for Greece but for a few other larger Eurozone economies. It has also resulted in the virtual disappearance of the unsecured interbank market, which is the lifeblood of any financial system. Each major crisis yields lessons for all countries, and there will be many lessons arising from the crisis in Europe. In several European economies, as in the US, entitlement spending by government has outrun future revenues, and it is no longer possible to borrow away the problem. But there are major lessons too in banking, and the main ones are in fact the old lessons. Spain, the current focus of attention in the markets, is a case in point.

But let’s look at these four banking systems for a moment, – Canada, Australia, Hong Kong and Singapore. They share two characteristics in common. (i) They are anchored by a handful of banks with a significant share of the domestic market. (ii) These “anchor” banks are closely supervised and regulated. Several economies, including some in emerging countries, which had completely opened up their banking systems and left themselves without local anchors, have now found themselves to be vulnerable. Banking systems need strong anchor players, who are well regulated and diligently supervised, and are able to take the long-view, enabling their interests to be closely aligned with that of the economy. In a crisis too, strong anchor banks may be needed to acquire distressed financial institutions whose failure could otherwise have a systemic impact. But having anchors with a substantial share of the domestic market is not sufficient to ensure resilience. Without adequate competition, they will earn what the economists call oligopolistic rent, rather than serve the needs of an economy by innovating and introducing efficient services. Anchor banks have to be competitive. This is why we have progressively opened up Singapore’s domestic banking sector since 1999. We have allowed greater competition, particularly in wholesale banking where local players are not protected, and increasingly in retail banking too. It has involved some risks. We took a risk. But the result is now widely acknowledged to be stronger and more dynamic local banks, with much improved systems of management, risk controls, technology and expertise.
Øystein Olsen: Management of the Government Pension Fund Global Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the hearing before the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament), Oslo, 30 October 2020. * * * Please note that the text below may differ from the actual statement. The Government Pension Fund Global (GPFG) and the fiscal rule have long been important pillars of economic policy in Norway, as the past year has clearly illustrated. It has been necessary to draw on the GPFG to finance the extra costs related to managing the Covid-19 pandemic. At the same time, wide swings in international equity prices have led to substantial volatility in the return on the GPFG. Norges Bank manages the GPFG with the objective of achieving the highest possible return over time within the mandate defined by the Ministry of Finance. The GPFG is to be managed within an adequate control and risk management framework and in a responsible and efficient manner with a high degree of transparency. The GPFG has a diversified portfolio of investments all over the world. This allows us to reap the gains from an upturn wherever it may occur and shields us from negative events in individual markets. However, we cannot protect ourselves from broad-based global downturns, as shown by the developments in the GPFG through 2019 and 2020.

The Government has indicated in the National Budget that monetary policy should be the first to react when the outlook for the economy changes. A situation may nevertheless arise in which an active use of fiscal policy is required, either because capacity utilisation is particularly low, or because pressures in the economy are very strong. Weak developments in the global economy over the last few years are reflected in equity prices. Prices on most stock exchanges have fallen considerably since the beginning of the year. Equity prices in the various countries have a tendency to shadow each other. The impact of the decline has been felt by many countries simultaneously. Developments this summer indicate that the international recovery may be weaker, and come later, than we had expected earlier this year. The global fall in equity prices has also spread to the Norwegian stockmarket. There is a close relationship between equity prices in the US and in Norway. A sharp fall in share prices may also have a dampening impact on activity in the Norwegian economy, even if the effects are considerably milder here. The wealth of households that own shares will diminish, and they will reduce their consumption. It will also be less attractive to invest in new production capacity. Share price movements may also have a negative impact on business and household expectations. Registered unemployment has edged up over the past year, to 3.3 per cent in October (seasonally adjusted 3.5 per cent).
Any international financial crisis will be important not just because of its knock on effects on the core banks and markets on which British industry and households depend but because of its direct impact on the real economy. The growth of the City also affects the interpretation of some of the core statistics we use to monitor and assess how the economy is developing, including those on output, earnings and, above all, money and credit. First our GDP numbers don’t pick up financial sector very fully. In most sectors the contribution to GDP is roughly the sum of pay and profits. Measuring the output of the financial sector is more difficult. In the financial sector some types of banking activity are excluded from the final GDP figures. In 2008 the ONS plan to expand the GDP figures to include what is called FISIM and reflects those activities of banks which they cover by their net interest income. 6 That will improve estimates of GDP, but they will continue to exclude income that banks earn through proprietary dealing. This is probably be right as a matter of national accounting principle but dealing in securities is a part of what some international banks do. As a result changes in the level of activity in the City may not be fully captured in the GDP figures which most economic models, including the Bank’s, use as their summary statistic for the real economy.

4  BIS Review 73/2007  or possibly because of, the fact that the monetary authorities were explicitly targeting the monetary aggregates as a means of controlling inflation. Part of the explanation of the divergence was that the 1980s were a period of rapid financial innovation following the removal of exchange controls and of pricing, income and dividend policies. This changed the amount of money people were willing to hold for a given amount of money spending (which in economics is known as the velocity of circulation). So the increase in money growth did not lead to a pick up in inflation. Even so the acceleration of monetary growth at the end of the 1980s did foreshadow the upturn of inflation at the end of the Lawson boom. The chart shows that since 1992 the rates of growth in broad money and inflation have diverged again and that broad money growth has picked up sharply since 2003. A key question is whether this reflects a further spurt in financial innovation or is telling us that we should expect increasing growth of money spending and inflation. There are good grounds for attributing part of the increase to structural changes in the financial markets which have led “other financial companies” (OFCs) to hold more deposits with the banks for a given level of economic activity. 8 It is within this OFCs sector that the growth in money has been the most rapid (Chart 12).
We can see from the graph (blue line) that inflation in the third quarter of this year was insignificantly higher than we had forecast in September. The dashed red curve represents the new forecast. It begins in the fourth quarter of 2004 and ends in the third quarter of 2007. The new forecast differs from the previous ones in three points. Firstly, the projected inflation is higher until the third quarter of 2005. Secondly, the inflationary uptrend sets in half a year later. And thirdly, inflationary pressure has decreased in the long term, which is evidenced by the lower-lying curve. There are significant economic facts behind these three deviations, which I would like to comment on. 1. Slightly higher inflation in 2005  The increase in the anticipated inflation until the third quarter of 2005 is predominantly attributable to the rise in oil prices. At the September assessment, the price of Brent in London stood at USD 41. By the end of October, the price had surged to over USD 50 before dropping back to around USD 40. Higher prices of oil products were the main cause for the rise in inflation in the last few months. Annual inflation between May and September hovered around 1%. A fresh spurt in oil product prices in October and November triggered a rise in annual inflation to 1.3% and 1.5% respectively. According to the new inflation forecast, the annual rate of inflation will increase to 1.5% on average in the first quarter of 2005.

Enabling Digital Financial Advice and Insurance The digital offering of financial advice and insurance is becoming more popular, catering to the needs of a growing segment of technology-savvy, self-directed consumers. MAS’ regulatory framework for financial advice is technology-agnostic. But we need to update it to make it easier for consumers to benefit from the lower cost and greater choice that digital advice and insurance can potentially provide. While at the same time ensuring adequate safeguards for these consumers. Automated, algorithm-based digital advice on financial or investment services by robo-advisers has taken off in the United States and will soon reach our shores. MAS will soon set out proposals on the governance, supervision, and management of algorithms for robo-advisers to ensure integrity and robustness in the delivery of financial advice. 3/9  BIS central bankers' speeches  We will consult the industry before finalising the guidance. In insurance, MAS already allows insurers to offer online without advice simple term life and direct purchase policies with broadly standardised features. MAS will now allow insurers to offer the full suite of life insurance products online without advice. MAS will be issuing guidance on the safeguards to be put in place for online distribution of life insurance products. Regulatory Sandbox to Test Innovative Ideas In June this year, MAS launched a regulatory sandbox for financial institutions as well as new FinTech players to test their innovations.