samchain/econo-pairs-v1 huggingface dataset:
See also Krishnamurthy, A. and A. Vissing-Jorgensen (2013), “The Ins and Outs of LSAPs,” presented at the Federal Reserve Bank of Kansas City’s Jackson Hole Symposium on the Global Dimensions of Unconventional Monetary Policy; IMF Policy Paper on “Global impact and challenges of unconventional monetary policies”, October; Neely, C. (2013), “Unconventional Monetary Policy Had Large International Effects”, Federal Reserve Bank of St. Louis Working Paper 2010–018E, updated August 2013; Joyce, M., M. Tong and R. Woods (2011), “The United Kingdom’s quantitative easing policy: design, operation and impact”, Bank of England Quarterly Bulletin Q3. BIS central bankers’ speeches  3  The concerns expressed by various economists and the media that the extraordinary increases in the monetary base in many countries would lead to significant inflation rates, never materialised. As the following slide illustrates, there was no transmission in the prevailing economic situation by the banks, to credit or broad money aggregates. Inflation did not respond, putting in doubt the quantitative vision about its origin. When asked about what Japan should do to overcome deflation, Milton Friedman answered in 2000: “It is very simple. They can buy long-term government securities and they can keep buying them and providing high-powered money until the high-powered money starts getting the economy into an expansion”.2 The more recent Japanese experience is still open to analysis but the channels envisioned by Milton Friedman have seemingly not been operating in the other advanced economies.

As a result, expected short-term rates have fallen by 10 basis points at all horizons and the euro has depreciated since May by 2.5% to 1.354. If taken as new conditioning assumptions, these developments would move the whole path of the inflation projections upwards and ensure a faster return to price stability. The second channel through which the recent ECB decisions will be consequential is the credit channel, which is expected to be positively impacted by the new targeted LTRO facility and the extension of the ACC programme.7 The third channel has to do with expectations. The announcement of the measures adopted at the beginning of June has been accompanied by a clear communication concerning the future path of policy. In his Press conference, President Draghi emphasised again that “key ECB interest rates will remain at present levels for an extended period of time in view of the current outlook for  7  The Additional Credit Claims (ACC) programme is an extension of our collateral policy to accept directly loans to non-financial firms as eligible collateral for banks to borrow from the ECB. BIS central bankers’ speeches  7  inflation”. He also added that “if required, we will act swiftly with further monetary policy easing.
The Bank can set only one interest rate – the interest rate on Bank of England money. This interest rate affects every region, every sector, every company and every individual that uses Bank money. In practice, this means pretty much everyone in the UK. In other words, monetary policy affects the fortunes of the whole of the UK economy and it does so equally. The Bank cannot set a different interest rate for the steel and the shipping industries, for Port Talbot and Portstewart, for Wales and West Lothian. If monetary policy is singular, does that imply it should be set in a way which is single-minded? In other words, should monetary policy focus only on the economy-wide picture, taking no account of developments across different sectors or regions, income and age ranges, savers and borrowers? My answer to that, quite different, question is a resounding no. That is for four distinct reasons. First, we know that official data on the economy are noisy and mis-measured. They also often fail to capture fully some areas of economic activity – for example, sectors of the economy that are either rising rapidly (such as the digital economy) or contributions that fall outside of the National Accounts framework (such as volunteering). Forming a picture of the whole economy from official statistics is rather like doing a jigsaw puzzle with half of the pieces missing and the other half slightly water-damaged.

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Also, further development and consolidation of financial market segments, completion and expansion of pension system in the favour of private incentives, investment with priority in education and medical fields deserve the attention of all stakeholders of the  BIS Review 94/2009  3  economy. We also deem that it is just the time for the private sector to reflect the new development stage of the country, by enhancing and fostering its management. This requires a better management of business and financial risk, signifying also a closer cooperation with specialised agents in the market, extension of business plan horizons and their better orientation towards the global reality and the country’s development priorities. In light of this, the financial system should respond more prudentially to these requirements, enhancing the transparency and efficiency of its products. Now that the banking system has overcome the delicate moments it was faced with at end-2008, it should enhance its contribution to financing the private sector’s activity of the economy. However, I avail myself of the occasion to once more emphasise that the financial stability of the banking system is another major objective, to which the Bank of Albania remains deeply committed. This system will be constantly subject to Bank of Albania’s supervision and stress-test analyses. 4  BIS Review 94/2009

For Norwegian banks, which have a large proportion of  6  The Act relating to debt settlement (Act 99/1992), which came into force in 1993, shall provide individuals with serious debt problems with a possibility to regain control of their finances. The Act was amended in 2003. A new proposal to amend the act is now being circulated for comment. 7  NOU 1973:3 Taxation of dwellings (headed by Tor Sekse) and NOU 2003:9 Tax Commission (headed by Arne Skauge). 8  The IFRS, or a simplified application of the IFRS, applies to banks belonging to a listed company. Under the regulation, financial instruments are to be stated at fair value, in practice at market value. See Act no. 56 of 17 July 1998: Act relating to annual accounts, etc., (Accounting Act), Chapter 2. BIS Review 110/2008  5  housings loans in their loan portfolios, Basel II entails a substantial reduction in capital requirements after a transitional period. This is because highly secured housing loans have a low risk profile. Bank equity ratios have fallen in recent years. At the same time, Tier 1 capital, which is a risk-weighted measure of financial strength, has been stable. This reflects a sharp increase in bank lending secured by mortgages on residential property in this period. The Basel II framework offers limited experience so far. It presupposes that risk assessments consider the prevailing macroeconomic environment. There is still a risk that banks give excessive weight to recent years’ experiences in their assessments and models.
We are currently awaiting the official figure, but project that the economy in the second half of 2014 to have grown by 1.7%, which translates into an annual growth of 0.8% for 2014. (Slide 1) Prospect for 2015 and projections As for 2015, we project that the Thai economy will continue to recover at an annual growth rate of 4%. Let me briefly highlight a few key points underlying this projection. First, we anticipate that the growth momentum is carried forward from last year’s second half. The economy should show stronger signs of recovery. Private consumption, investment and government spending will be the main drivers of growth. Lower oil prices certainly have also given consumers a hand in the recovery process. Exports are also expected to grow, but at a slower pace than we have seen in the past. Second, our estimate of exports is conservative. We project merchandise exports to grow mere 1% this year compared to 3–4 % expected by the market. Demand growth from our trading partners is still slowly recovering, especially in the euro zone and Japan. While the US economy is picking up its growth momentum, the risk of global growth and lower commodity prices has undermined many Asian countries’ exports including ours. With regard to exports of services, particularly the tourism sector, things are however somewhat brighter. With tentative signs of improvement, we project tourism to grow approximately 10% compared to last year. Third, there are critical assumptions in this projection, which hinges on government spending.

Ibnu Sina, Ibnu Rushd and Al Jabir were among the many legendary thinkers who not only excelled in one specific area of study, but in multiple areas of knowledge such as philosophy, science and theology. The great thinkers of the past have indeed demonstrated exemplary intellectual qualities for us to emulate. The current highly competitive and demanding operating environment requires presentday Ibnu Sina, Ibnu Rushd and Al Jabir to formulate and develop solutions to the challenges faced by the ummah. Today, the definition of Shariah scholars is often understood in a narrow context where recognition is largely attributed to one’s proficiency in the field of Islamic theocracy. However, the nature and challenges faced by society today demand a broader context of scholarly endeavours that necessitate a new cadre of Islamic finance scholars. Such scholars, not only excel in their depth of Shariah knowledge and wisdom, but also possess knowledge in other related disciplines such as economics, finance and law. The combination of technical knowledge and Shariah wisdom, together with a strong understanding in other disciplines would produce great thinkers who are able to translate theoretical reasoning into practice. These thinkers could contribute to the society with their contemporary innovative solutions, starting from even small ideas that could potentially bring incremental changes with bigger positive impact over the long run. Great thinkers of yesteryears were known for the audacity to think beyond the sphere of conventional wisdom to shift into a new paradigm that molded civilisation into the next leap forward.
Our challenge was to free up this industry so that it could continue to develop and grow, without compromising stability and soundness in a changing landscape. Strong and wellmanaged local banks, with a significant share of the home market, were and are critical to the resilience and stability of our financial system. However, we could no longer maintain this by restricting access to the domestic market. We needed to permit more competition, but in phases, to allow the local banks to adjust and compete effectively. 2  BIS Review 39/2004  MAS therefore introduced a five-year programme to liberalise access to Singapore’s domestic banking market. We made the first moves in 1999. As we lightened our regulatory touch, we also worked with banks to set guidelines for best practices and give banks greater room for enterprise and innovation. Stronger banking industry Today, Singapore’s banking sector is more open and dynamic. This has come about without sacrificing strength and stability. Individual banks and the industry as a whole have risen to the challenge. Existing players have upgraded and strengthened themselves. Banks have maintained high prudential standards, become more efficient and improved their service quality and product ranges. The foreign banks have contributed to the vibrancy of the Singapore banking scene. Competition has led to the development of a rich array of innovative products and more discriminating pricing models. Customer service as a whole has improved.

b.  Secondly, MAS is prepared to grant a limited number of new Wholesale Bank (WB) licences to applicants that meet our admission requirements. BIS Review 39/2004  3  c.  Finally, QFBs will with immediate effect be allowed to negotiate with the local banks on a commercial basis to let their credit card holders obtain cash advances through the local banks’ ATM networks. Singapore now has one of the most liberal banking environments in Asia. However, over time, as the industry changes, we must be ready to liberalise further. MAS will reassess the environment before deciding on any further measures. While it is still too early to make a final judgment, banking liberalisation has so far achieved its aim of bringing about greater competition. It has fostered the consolidation of the local banks, which might otherwise have taken much longer. The overall market shares of local and foreign banks have not changed drastically, but there has been an all-round qualitative improvement which has enhanced the vibrancy of Singapore’s financial sector. The liberalisation measures and reforms of the last few years have set the financial sector on a firm foundation. However, we cannot afford to rest on our laurels. Challenges as well as opportunities exist for both the banking industry and the financial sector as a whole. We must identify and respond to them, in order to keep the financial sector dynamic and competitive. Challenges for banks For banks, I will focus on two main challenges.
The biggest challenge for an autonomous institution is to not stay behind the new demands of its environment, acting with timeliness and effectiveness to meet its institutional objectives in new circumstances, gaining the trust of the public. This confidence is far from being a sure asset. In today's ever-changing world, where confidence can be lost in a wink, we must work day after day to preserve it, especially considering the challenges that we face, both economically and socially. In this context of greater transparency, better communication and contribution to the people's needs, I want to mention two elements that accompany this Report: a report on the determinants of the trend growth of the Chilean economy and a set of modifications to the monetary policy decision-making process. Determinants of the Chilean economy’s trend growth As I said a while ago, alongside this Report we have published a document summarizing a body of research that our technical teams have made on the determinants of long-term economic growth. Although these investigations date back many years, they have tended to remain at an academic level. However, because in recent years our economy has slowed down quite significantly, it seemed to us on the Board that it would be appropriate to make an additional effort to consolidate our analysis, in an area that is not only key to adequately achieving the objectives mandated by the law, but also of general interest for the country.

(2) The Norges Bank announced in May 2017 that it will increase the frequency of its meetings from six to eight per year beginning in 2018. Source: Central Bank of Chile based on information from the respective central banks. Table 4 Adjustments to monetary policy process Current Official MPM* communication Brief summary of economic scenario  Official MPM communication  (end of each MPM)  (end of each MPM)  Monetary policy decision  New Main economic background developments Monetary policy decision and explanation Voting outcome  Background minutes (1 day before MPM)  MPM charts (1 day after MPM)  Review of evolution of local and world economy MPM minutes based on public information known since previous MPM (11 bank working days later)  Main charts presented by the staff to the Board at MPM  MPM minutes  Voting outcome  (11 bank working days later)  Options presented by Research Division Summary of discussion  MPM transcript  Detail of opinions of each Board member and the MPM transcript Finance Minister (10 years later)  (reserved)  Main charts presented by the staff to the Board at MPM Review of evolution of local and world economy based on public information known since previous MPM Options examined by the Board Arguments for and against monetary policy options considered  Detail of opinions of each Board member and the Finance Minister  *MPM = monetary policy meeting. Source: Central Bank of Chile. 21
We monitor all financial market data: equity prices, interest rates, capital flows. Corporate and sovereign debt markets are also important. What is going on there? We have seen a sharp increase in the risk premia that firms have to pay when raising debt on the markets. For high-risk firms in particular, these risk premia have shot up. Yields for countries such as Italy have also increased signficantly. We see a broad increase in risk premia. Another question that arises is whether the markets are still functioning. Is supply still matching demand? The central bank should intervene if liquidity dries up, that is if the markets suddenly seize up because of a lack of available liquid funds, or if the transmission of monetary policy is endangered, that is if our measures are not reaching the real economy. And that is exactly what we have been doing in greater measure since last Thursday. Our bond purchases have a stabilising effect on the market. US Treasuries have seen some severe temporary disruptions. There was a series of short intervals in which the trade in US Treasuries was disrupted. That’s a sign of considerable nervousness in the markets. Besides the markets, we are closely monitoring the situation of banks in Europe. We have taken measures to prevent banks from having to overly restrict their lending during the crisis. But the pressure on banks will intensify if economic conditions deteriorate. We are also closely watching investment funds. What is happening there?

Deposit and credit growth of the banking sector continued, with revival in the lending to the corporate sector, accompanied with a decline of the NPL ratio in the first quarter of 2018 to 5.1%, due to claims collection. Current account deficit in 2017 additionally reduced to 1.3% of GDP, reflecting the positive contribution of the foreign capital companies on the export side, which indicates further strengthening of the economic fundamentals. Regarding the recommendation from the last year’s dialogue, the central bank prepared draft strategies for NPLs management and strengthening the use of local currency, both agreed 1/2  BIS central bankers' speeches  with the Ministry of Finance and currently subject to consultation with other relevant stakeholders. In both areas, as already being confirmed in the assessments and final conclusions, we have already achieved tangible results; however the adoption of these comprehensive strategies will put in place additional mechanisms to deal with these issues. In light of the challenging time that we have faced in recent years, we need to point to the maintenance of price and financial stability as important pillars of the macroeconomic stability, as well as the need to continue strengthening the fundamentals and resilience of the economy. Implementation of structural reforms and strengthening institutional capacities, including sound public finances, should remain main priorities for faster income convergence and EU integration. Thank you! 2/2  BIS central bankers' speeches
Ajith Nivard Cabraal: Money laundering and terrorism financing Speech by Mr Ajith Nivard Cabraal, Governor of the Central Bank of Sri Lanka, at the AsiaPacific Group on Money Laundering Typologies Workshop 2008, Colombo, 27 October 2008. *  *  *  His Lordship, the Chief Justice, Hon Sarath N Silva, the Attorney General, other distinguished guests from Sri Lanka as well as from abroad; my dear friends. At the outset, I wish to extend to all of you a very warm welcome to this Asia Pacific Group Seminar on Money Laundering and Terrorism Financing. It is indeed a pleasure to see all of you here, from 34 different countries, and we hope that you will have a wonderful stay and take back happy memories of your period here; not only as far as the Conference is concerned, but also by experiencing our country. Sri Lanka has been in the forefront of the worldwide efforts on the containment of money laundering and terrorism financing. We have been associated with this effort in a special way, not only to help the international effort, but also to fulfil our own local needs. That is why we are very pleased to see such a large gathering of experts on this subject who are getting together to develop ways and means by which this vexed problem could be dealt with.

And I would also like to urge you to take a little time off to visit some places of interest, while you are in this beautiful country, Sri Lanka. Thank you. BIS Review 50/2004  1
The deployment of tokenised settlement assets across borders would also pose a risk to our monetary sovereignty, if it resulted in the use of stablecoins backed by foreign currencies or CBDCs. B- To reconcile competition and sovereignty, a “retail” central bank digital currency is obviously a potentially important lever. 1- This was the main aim of the investigation phase launched by the Eurosystem in July last year. Issuing a retail CBDC, nevertheless, raises a number of operational challenges. In particular because financial intermediaries, including banks, play a key role in the security and financial stability of our monetary and financial system. Introducing a CBDC must therefore neither result in the conversion of a significant proportion of bank deposits into assets held in CBDCs – in normal times as well as in times of stress – nor compete with banks in their day-to-day relations with their customers. These issues need to be addressed by design in the architecture and functionality of a digital euro, for example by introducing holding limits or by promoting an intermediated model. This is why it is essential that the financial intermediaries, along with the other stakeholders, be properly involved in the investigation phase that we are conducting: an expert advisory group has already been set up at European level,1 and this consultation will be extended to all stakeholders in the coming months, in particular via the European and French market bodies at our disposal. 2- But other levers will be needed to reconcile competition and sovereignty. First and foremost, the regulatory lever.

Sources: Bureau of Economic Analysis and the Riksbank  GDP growth in the euro area Quarterly changes in per cent calculated at an annual rate, seasonally-adjusted data 5  5  4  4  3  3  2  2  1  1  0  0  -1  -1 00  01  02  03  04  05  06  07  08  09  10  11  Note. Broken columns represent the Riksbank’s forecasts in M PR 2008:2. The dot is the outcome for Q2 2008. Sources: The OECD and the Riksbank  BIS Review 100/2008  9  GDP growth in the world Annual percentage change 8  8  6  6  4  4  2  2  0  0 1970  1975  1980  1985  1990  1995  2000  2005  2010  Note. Broken columns represent the Riksbank’s forecasts in M PR 2008:2.