samchain/econo-pairs-v1 huggingface dataset:
I guess that given the comprehensiveness of the FSAP process that I have just briefly outlined, you can readily imagine that undergoing the FSAP would require a lot of work, a lot of time, and a lot of information from people involved with the financial sector - be they regulators, government agencies, bankers, market participants, and industry associations. Because of the enormity of the tasks ahead and the fact that a country’s participation in the FSAP is entirely voluntary, it is natural to ask: Why is Thailand contemplating participation in the FSAP? Is it really worth it? The short answer is probably yes. First of all, it is simply good discipline to have a competent external party conduct a thorough assessment of our financial system in a holistic and objective manner. Second, the FSAP would present a good opportunity for regulators and relevant government agencies to enhance or confirm our understanding of where potential vulnerabilities in the financial sector lie, and whether existing policy frameworks are adequate in preventing or responding to any financial instability. Third, the FSAP process would benchmark our existing regulatory arrangements against international standards and codes and, hopefully, provide impetus to the responsible authorities in their efforts to plug any gaps in the regulatory framework. Having said that, I must hasten to emphasize that we do NOT seek to blindly follow every international standard and code without due regard to our own characteristics and needs.

On the other hand, the deployment of innovation hubs and accelerators, which takes me to the last part of my address, may successfully contribute to maximising and better understanding the benefits of new technologies for society. Hence, they could encourage financial innovation and/or increase the adoption of these technologies by the supervisory authorities in their functions. Indeed, regulatory sandboxes try to find a balance between these two objectives: they are defined as controlled and delimited environments in which technology-based financial innovations can be tested and monitored by the supervisors, while minimising the risks to the financial system and  5/6  BIS - Central bankers' speeches  consumers. This is the main tool adopted by Spanish financial authorities since 2020 to respond to the emergence of new technologies in finance. The Spanish sandbox has opened up new ways for supervisory authorities to engage and cooperate with the fintech sector, whose players frequently do not have at their disposal other ways of interacting with financial authorities. More importantly, the sandbox has increased the participating firms' understanding of regulation and supervisory expectations and improved their regulatory compliance through their close interaction with the supervisor. The sandbox has also enhanced the supervisors' understanding of both the new technologies applied by the financial sector and their underlying benefits and risks, as well as of the potential regulatory barriers faced by innovators. Four cohorts have been run up until now, and the Banco de España has already published reports with the conclusions of six projects.
More important still, however, is the need for the Banco de España’s autonomy in the area of supervision to continue to be respected and for governments to continue to resist the temptation to interfere in its supervisory decisions, while continuing to design legal instruments and to defend the proper use of public resources. The Banco de España must continue to maintain a dialogue with governments, not only advising them but also listening to them (since nobody has a monopoly on good ideas), although supervisory decisions must continue to be based, as up until now, solely on a professional basis. 6  BIS central bankers’ speeches  I have been emphasising today what has been done during these years of crisis by Spain (that is to say, everyone), because until our country has regained the trust of the rest of the world, the attention of investors will continue to be focused on what all relevant parties have done and are doing to correct the imbalances of the Spanish economy. In particular, they will be monitoring and assessing the extent of cooperative behaviour to overcome the crisis. I’m going to conclude with a few words on Europe, as I believe our membership of the European Union and of the Monetary Union is another good reason for viewing optimistically our possibilities of overcoming the crisis. Some measures need no further explanation, as they clearly show how Europe has helped us and continues to help us during this crisis.

And this takes considerably more time than addressing or doing away immediately with problems by injecting public funds. Yet this requirement to promote private solutions does not fully explain the enormous workload that has fallen on the supervisor over recent years. Insofar as it was decided at first to retain without major changes the singular legal arrangements for savings banks, and particularly their governance, this made it necessary to pursue most complex negotiations with the parties involved, namely trade unions, managers, regional governments, etc., each with very different interests from those that prevail in any mercantile company, where market discipline leads owners to worry about minimising losses and increasing shareholder value, and not about maintaining power, or the total amount devoted to early retirements, or about where headquarters should be established. In merger operations, processes such as determining shares of interest are reasonably easy to agree upon, since it suffices to make a proper valuation and to assign to each party what corresponds to it. But those who have followed the news in recent years will have witnessed the long drawn-out discussions, on a flimsy economic basis, that have been necessary to determine the power apportioned to each player in savings bank integrations. Before their transformation into banks, observance of the legal structure of savings banks meant that their restructuring could only move forward very gradually, step by step and with great prudence.
And I will frame my contribution in terms of the use the MPC has made of what has come to be known as the “monetary policy toolbox”: the range of policy tools that MPC has used so far, what tools are available to us now, and which ones we might decide to use in the near future. The idea of a range of monetary policy tools is itself quite a new one. For many years monetary policy makers used one tool, the policy rate, to achieve their goal – in the UK case, that meant Bank Rate. And the Bank used a small, focused set of central balance sheet operations to keep money market rates, and so rates in the wider economy, close to that policy rate. Two developments changed all that: first, the secular decline, over several decades, in the trend real interest rate; and second, the global financial crisis and the great recession that followed it. 1 The trend real rate – big R*, in central bankers’ jargon - has fallen over the past few decades across advanced economies. Figure 1, taken from the August 2018 Inflation Report, sets out the MPC’s view of what explains that fall. Much of it can be explained by structural factors such as an ageing global population, which have raised the demand for savings. Other structural factors, including a decline in trend productivity growth, have reduced businesses’ demand for capital.

4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  Figure 5: Market functioning indicators returned to normal levels following the MPC’s actions Stylistic summary of market functioning indicators  Figure 6: The MPC’s intervention lowered gilt yields  Figure 7: The Bank’s balance sheet has reached an unprecedented size  Gilt yields  Bank balance sheet as % of lagged nominal GDP  Sources: Bloomberg calculations  Finance  L.P  and  Bank  For some, these facts might suggest that the MPC is once again running out of policy room for manoeuvre. My own view is that this is not the case – we have policy tools still available, and scope remaining to use those tools. The question is not so much what tools are available as which is the best tool for the job at hand. 3. The state of the policy toolbox What I want to do for the rest of this talk is set out the current state of the policy toolbox. While I will include my personal view where appropriate, I am keen to draw as much as possible on recent MPC statements or judgements and on Bank analysis.
The significant interest rate here is that used in the Bank’s repurchase transactions with credit institutions, sometimes referred to as the Central Bank’s policy interest rate. Such transactions in fact represent the Bank’s liquidity facility for these institutions. The commercial and savings banks subsequently set their own rates of interest, having regard to the Central Bank’s policy rate, and short-term market interest rates generally change in phase with the Central Bank rate. If other factors remain constant, changes in the Central Bank interest rate also affect long-term interest rates, but here other aspects also enter the picture. The response of these rates to changes in the Central Bank rate is therefore not always predictable and tends to occur with a certain time lag. Inflation forecasting plays a crucial role in Central Bank policy. It produces four forecasts annually, which are published in its quarterly Monetary Bulletin. The inflation forecast extends just over two years into the future, on a quarter-by-quarter basis. As in other countries, interest rate changes by the Central Bank take quite some time to have an impact throughout the economy. This makes it necessary to have a forward-looking policy, with the inflation forecast based on state-of-the-art methodologies. In addition to its inflation forecast, the Central Bank publishes a quarterly assessment of the economic and monetary situation and prospects, including a national economic forecast, and their probable impact on price level developments.

This is in line with international developments in recent years, resulting in Central Banks being entrusted with a single main objective, i.e. to promote price stability. Price stability was set as the primary objective of monetary policy because inflation is above all a monetary phenomenon. There is little point in setting objectives for monetary policy which it cannot achieve. Applying monetary policy to achieve price stability also contributes to economic stability. This, in turn, is a prerequisite for future growth in the economy and making the most efficient use of its scarce resources. Other public authorities, industry and interest groups also need to adapt their decisions to accord with this inflation targeting.
This yield can be interpreted as a risk premium priced into the futures contract to compensate the holder for bearing the commodity price risk. However, if the number of investors ready to bear this risk increases significantly, the risk premium could disappear or even turn negative. In fact, for some time now, the near-term structure of many commodity prices has experienced a change from backwardation to contango. It seems to me, there may well be a connection between this change from backwardation to contango and the growing trend to invest in commodity futures. Contrary to other commodities, gold has typically been in contango. The reason is that there is plenty of gold around and plenty of market participant - including central banks - willing to lend it. As a consequence, gold lease rates are usually lower than USD interest rates and gold futures prices higher than spot prices. The roll yield is thus negative, which is one of the reasons why investment in gold futures did not generate the same returns as investments in broad commodity future price indices. So what return should we expect from investing in gold? History shows that gold has been able to keep its value in real terms, but compared to bonds or equities, no real return has been realized (Graph 2).

Africa Meeting of the Econometric Society  Introductory Speech of Mr. Abdellatif Jouahri Governor of Bank Al-Maghrib  Rabat, July 11 2019  Honorable guests, Distinguished researchers and professors, Dear friends and colleagues, Ladies and gentlemen,  First of all, I would like to assure you that I will not venture giving a lecture in front of such an audience. I am here today more to listen. That being said, I would like to start by expressing how pleased I am to welcome you in Bank Al-Maghrib and to wish our visitors from abroad a wonderful stay in Morocco. I would also like to thank all officials for joining us, the distinguished researchers for kindly accepting to speak at the plenary sessions and the mostly-young researchers for coming from different spheres to present their works. I also extend my warmest thanks to Econometric Society which approached us to organize this conference, thus paving the way for a valuable cooperation between both teams. We view this meeting as an opportunity for us as a central bank, as well as for all the national institutions here represented today, to inquire about the progress made in economics research, namely with regard to quantitative economics. It is also an opportunity to strengthen the bonds with the academia and initiate new cooperation relationships.
Finally, I am pleased to see many old friends of the HKMC supporting this new issue. I would like to thank the HSBC and Bank of China (Hong Kong) for underwriting a portion of the bond issue as well as placing the notes. Taking this opportunity, I would also like to thank the other placing banks, namely, Bank of America (Asia), Bank of Communications, Bank of East Asia, Chiyu Bank, CITIC Ka Wah Bank, Dah Sing Bank, DBS Bank, Hang Seng Bank, Fubon Bank (Hong Kong), Liu Chong Hing Bank, Nanyang Commercial Bank, Shanghai Commercial Bank, Standard Chartered Bank (Hong Kong), Wing Hang Bank and Wing Lung Bank, for their participation in this bond issue. With their extensive branch networks, and sophisticated telephone banking and the Internet banking facility, I look forward to another successful retail bond issue by the HKMC. Thank you. BIS Review 55/2005  1

It will not only reinforce the need for constant vigilance from all parties, but also help create an environment where everyone is risk conscious and responsible in protecting the interests of each other. These initiatives would not achieve the desired outcomes without effective  BIS central bankers’ speeches  1  communication, and the media has a critical role to play in conveying the message from the banks. We have always acknowledged the importance of the media and I would like to record Bank Negara Malaysia’s appreciation for the assistance rendered by the media in creating awareness of this issue in the past. We hope that with the support of the media on this occasion too, this campaign will be a success, and the public will have heightened levels of understanding and vigilance over this issue. On behalf of Bank Negara Malaysia, I would like to thank all the banks for taking this initiative to undertake this joint e-banking awareness campaign. Our thanks also to Cyber Security and the Police Force for your ongoing efforts to collaborate with the banking industry. I wish all of you the best and assure you that Bank Negara Malaysia will continuously support you in this noble effort. 2  BIS central bankers’ speeches
We used depleted borrowed foreign  reserves to do that. In doing so, we lost a large amount of foreign reserves and then eventually there was an inevitable sharp Page 3 of 17  depreciation in due course. This doesn’t make any sense, so we are trying to follow a more flexible exchange rate policy, which will, we hope, enable us to have a competitive and stable exchange rate. If we get fiscal policy and monetary policy right, then the pressure on the exchange rate is reduced. So that’s crucial. You have to take all three macro-economic instruments together. If you are able to implement the other two macro policies well, then there won’t be pressure on the exchange rate and it will be possible to have a competitive and relatively stable exchange rate, which is what we want to try to get to. So that’s the micro side. In addition, the Government is also very much in the forefront in terms of improving the investment climate, investment promotion, trade facilitation and trade policy. So, hopefully we are moving in the right direction in terms of macroeconomic stabilization and the framework is being put in place to improve the investment climate, as well as the trading environment. Let me now turn to the matters in hand today and focus on the export sector. I must thank my colleagues in the Economic  Research Department of the Central Bank who helped me to put these remarks together.

To get them to produce output that they can sell in the domestic market and abroad. So one challenge is really how we link our SMEs into  International Supply Chains, either through larger companies, or directly. We really need to think in terms of linking up our SMEs to supply chains. The Government has already taken some decisive measures to overcome the short-comings of the export sector. With some  improvement in the performance in the export sector, so far, there are signs that the initiatives are favourable. Since March, we have now seen an improvement in export numbers. We’ve got numbers up to May – in March April and May the numbers have shown an up-turn in export revenue. Hopefully that will gather momentum. I think with the GSP-plus kicking in, and hopefully, a more stable macro-environment, export growth will continues. Page 16 of 17  As I said, Sri Lanka cannot attain 6-7% growth on a sustained basis without transformation of its export performance. Nor can we  overcome the constraints associated with our external debt burden without significantly enhanced non-debt creating foreign exchange receipts, generated, inter alia, by increased exports. So, export  transformation is crucial for both boosting growth and employment, as well as to stabilize our vulnerability stemming from our external debt. The performance of the EASL will be a key determinant of the future prosperity of all Sri Lankans. Thank you very much. Page 17 of 17
Many of the issues we face are not unique to any one of us, but rather are shared across the region and the globe. Recent events, from the COVID-19 pandemic to the war in Ukraine, have only underscored the importance of active dialogue and transparency among central banks. Beyond the global economic impact of these events, it’s important to emphasize that the pandemic is first and foremost a public health crisis, and that the Russian invasion is inflicting tremendous hardship and suffering on the Ukrainian people. In terms of economic impacts, all of us in the Americas were affected by lockdowns and shutdowns at the start of the pandemic. All of us have faced supply-chain bottlenecks and imbalances, as people around the world shifted their spending habits—buying more goods and spending less on services. And many of us are now confronting a sharp rise in inflation, especially for food and energy, which is hardest on our most vulnerable populations. Of course, each country is facing its own set of circumstances, and each has its own domestic mandates. But it’s important to remember that the policies we implement can affect our neighbors, just as developments that take place outside our borders can impact our ability to achieve our domestic goals. The actions we take can also affect the flow of capital across countries. As central bankers, it is vitally important that we clearly communicate our policy strategies and reasoning for our actions as we carry out our mandates.

John C Williams: Global issues, global implications Remarks (via videoconference) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Central Reserve Bank of Peru (BCRP) Centenary Conference, 25 March 2022. * * * As prepared for delivery It’s a great honor for me to participate in this event commemorating the centenary of the Central Reserve Bank of Peru. I want to start by congratulating Julio and everyone at the Bank on this special and significant anniversary. I am looking forward to a time, hopefully soon, when we can come together, enjoy some ceviche, and celebrate in person. And while it’s not nearly as enticing as a gathering over fine Peruvian food, I need to give the standard Fed disclaimer that the views I express here are my own and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. Given this special occasion, let me begin with some reflections on the importance of communication and engagement in central banking. Shared Concerns As central bankers, we have long understood the value of engaging with colleagues around the world on the challenges we face in our own countries. We all operate in a highly interconnected global economy and financial system. And we have many of the same goals, including price stability, vibrant economies, and financial stability.
All VSEs will be welcome, including, of course, those whose business is expanding and who need information tailored to their size. The Banque de France shall guarantee complete privacy in these dealings – indeed this is one of its fundamental values and skills: VSEs will have the peace of mind of knowing that, if they so wish, all discussions will be fully confidential. The VSE Correspondents will be appointed in the spring of 2016 and, after a period of specific training, will be fully operational by the autumn. Also in the autumn of 2016, the Banque de France will provide firms with access to an online analysis and simulation tool called OPALE, which enables companies to assess their finances while also learning more about the subject. 1  Evaluation de la mise en oeuvre des 5 mesures prises par la FBF pour améliorer les relations banquesTPE/PME, report submitted on 25 November 2015. BIS central bankers’ speeches  3  3) I’d like to turn now to my last suggested focus for action, which I believe is also extremely important: reducing the amount of time it takes for business customers to settle their invoices. Again it is difficult to provide accurate measurements – and at the Banque de France we are well aware of this as we have been helping to look into the issue for several years.

All of this is extremely useful, but these documents also need to be widely publicised and made available, and this task falls first and foremost to the banks. This should in turn encourage them to make their bank fees and charges more transparent and explicit. 2) Turning now to the Banque de France, we clearly need to provide more help to VSEs before they get into difficulty. Credit mediation is a very effective tool for resolving VSEs financial problems after the fact, and indeed these make up the majority of cases submitted to the mediator. However, it is also important – especially so in my view – that we provide help before this stage, and prevent VSEs from getting into trouble in the first place. We have therefore decided that, in addition to the legal and operational assistance provided via credit mediation, the Banque de France will contribute to this preventive action by appointing a VSE Correspondent in each of its département branches. The role of these correspondents will be to act as a first point of contact for VSEs and listen to their concerns in the capacity of a trusted third-party. They will be responsible for providing information – including the documents I’ve just mentioned – and for broadly identifying the VSEs’ needs. If necessary, and of course only if the VSEs themselves are in agreement, they will also direct them towards the relevant professional networks which can provide appropriate support: approved management centres, institutes of chartered accountants, micro-credit associations, etc.