samchain/econo-pairs-v1 huggingface dataset:
In particular,   Financial implications are often not yet disclosed    Disclosures are often in multiple reports making comparisons harder    Disclosure varies by industry and region, with higher percentages of European firms, as well as higher shares of those on the climate frontline – such as the energy sector – disclosing information aligned with the recommendations; and    Disclosure is weakest with respect to strategic resilience which is the topic of greatest interest to most capital providers. As they look to enhance their disclosures, TCFD members are supported by various TCFD Preparers’ Forums, which have been established to help firms prepare disclosures, for example the Oil and Gas industry group convened by the World Business Council on Sustainable Development and the Institute of International Finance for banks. A4S’ implementation workshops are exactly the sort of collaborative processes which will help ensure that the TCFD recommendations are implemented in a consistent manner. This is particularly important for more complex parts of the TCFD framework like scenario analysis and its interpretation. As A4S has identified, managing climate-related risks will require firms to assess the resilience of their business strategies: where they are now, where they are going and how they will get there. 10  See TCFD (2018), ‘2018 Status Report’, September 2018.

The TCFD delivered – to the Hamburg G20 Leaders’ Summit last year – final recommendations for voluntary disclosures of material, decision-useful climate-related financial risks.9 Suitable for use by all companies that raise capital, the recommendations:   Include disclosure of governance, strategy and risk management;    Establish consistent and comparable metrics and targets applicable across all sectors, as well as specific metrics for the most carbon-intense industries;    Encourage use of scenario analysis in order to assess the potential impact of the risks and opportunities of the transition to a low carbon economy on strategy and financial planning. The combination of the Paris Accord and the TCFD has led a clear transition in thinking and action about climate-related financial risks. Consider the changes in demand, supply and impact of climate disclosure. The demand for climate-related financial disclosure from the providers of capital has increased significantly. Current supporters of the TCFD include three-quarters of the world’s globally systemic banks, 8 of the top 10 global asset managers, the world’s leading pension funds and insurers, major credit rating agencies, the Big Four accounting firms, and the two dominant shareholder advisory service companies. These financial firms are responsible for managing nearly $ trillion in assets (or 20% more than global GDP). With climate-related shareholder resolutions tripling last year and litigation risks rising, the incentives for companies to disclose and manage climate-related risks have increased dramatically. Not surprisingly, the supply of climate disclosure is responding.
Does that imply that the current stance is appropriate, if your staff forecasts are confirmed? Yes. And if there is a further deterioration, then we will react. But for now, our monetary policy stance is fully compatible with both inflation and real activity. The important element is that we are totally ready to react. And I would add another element, if I may: risks are tilted to the downside. Do you mean, in terms of real activity? Both in terms of real activity and in terms of inflation. So if those risks materialise, then we will react. Can you think about different monetary policy tools to address different problems? If the issue is with the exchange rate, official rates are probably the answer; if it’s real activity, then QE; if it’s monetary transmission, then it’s targeted longer-term refinancing operations (TLTRO)… We do not allocate our instruments to different objectives. Something that I think is relevant, but is sometimes a bit overlooked, is that monetary policy is not almighty. If there is a problem with price stability, that’s within our mandate. But this is something everyone has to keep in mind to avoid creating expectations that will not be met: we do not have the philosopher’s stone. Are you implying that having something of a policy mix would be good, in total respect of the ECB’s independence? Sure.

But my point is that wherever there is a problem, for instance a problem with trade disputes, that is a real economic problem that is going to have real consequences. You can certainly smooth the impact with monetary policy, but you will not be able to address and fix this kind of problems with monetary policy. The real role of monetary policy is price stability. And in order to guarantee price stability, we have to monitor the evolution of the real economy – domestic demand, external demand, the exchange rate, and the rest. But you cannot fix all the 1/4  BIS central bankers' speeches  economic problems of the world with monetary policy. President Draghi hinted recently that if there is a slowdown and those downside risks materialise, fiscal policy might also play a role. Yes, sure. It’s the policy mix. Of course there is monetary policy, and we have been the main game in town since 2012. Monetary policy has been key to understanding the recovery of activity and employment creation, among other things. But it’s not the only policy in place. Fiscal policy has to play a role, as do structural reforms. And in the case of fiscal policy, it’s not only the nominal deficit level, it’s the composition as well: the quality of public finances. Are you saying that the public investment-to-GDP share, which has remained flat, at 2.6%, during the QE years, could now increase? It’s not even only public investment.
Encik Abu Hassan Alshari Yahaya: The benefits of online banking services and Inter-Bank GIRO (IBG) in Malaysia Welcoming remarks by Mr Encik Abu Hassan Alshari Yahaya, Assistant Governor of the Central Bank of Malaysia, at the “Experience IBG” Roadshow, Kuantan, 2 December 2013. *  *  *  It is my great pleasure, ladies and gentlemen to meet and welcome all of you to the “Experience IBG” roadshow in Kuantan this morning This roadshow is jointly organised by Bank Negara Malaysia, the Association of Banks in Malaysia (ABM), the Association of Islamic Banking Institutions Malaysia (AIBIM) and the banking institutions to create awareness amongst the small businesses on online banking services, focusing specifically on Interbank GIRO or IBG, which is a payment system that allows a person to conduct transfer of funds between banks. The first roadshow began in Seberang Prai on 22 October 2013, and it will end in Kuching on 5 March 2014, after covering 12 major towns in the country. The first four roadshows have attracted more than 1,500 (1,590) participants, who are mainly the SMEs and micro enterprises and more than 1,000 (1,056) or 66% of the participants have signed-up for the online banking services such as Internet banking and mobile banking. This demonstrated that the explanation and promotional efforts undertaken by the banks during the roadshow’s exhibition has helped participants to understand more about the benefits of using online banking in comparison to cheques.

Christian Noyer: Monetary and financial research – its impact on policies and society Opening and closing speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the Conference for the 20th anniversary of the Bank of France Foundation, Paris, 14 September 2015. *  *  *  Opening speech Ladies and Gentlemen, I will now switch to English, given the international audience and speakers that we are quite lucky to have today. I would first of all like to express the great pleasure I have to open this conference for the twentieth anniversary of the Banque de France Foundation for Monetary, banking and financial economic research. I welcome the prominent speakers who made us the honor of joining us today – Yann Algan from Sciences Po in Paris and Luigi Zingales from the University of Chicago Booth School of Business – and all our chairs and discussants who also are renowned economists in their respective fields. A few words about the topic of this conference now. The idea of this conference is to take a step back and some time to reflect on monetary and financial research in general, and its impact on policies and society. We will thus evoke the role of economics and economists within our society. The two provocative papers discussed today provide a very nice opportunity for such a discussion. They both point out several concerns about economic research and finance.
For the emerging economies in Asia, the banking system remains the largest component of the financial system. Regulatory, supervisory and legal reforms have generally focussed on effective governance and commensurate risk management capabilities. In Malaysia, the banking system leverage ratio is less than 11 times while the banking system risk-weighted capital ratio is 14.1% with Tier-1 capital at 13.6%. Equally important is the incentive structure in place for such financial institutions, the level of transparency and disclosure, effective surveillance and forward looking oversight by the authorities and the institutional arrangement for effective resolution of problem institutions that will facilitate the orderly exit of such institutions. Ultimately, the consideration of appropriate reforms should not overlook the main goal of regulation. It needs to be recognised that achieving financial stability is a means to an end. The ultimate objective is sustainable growth and a shared prosperity. High regulatory costs and the increased burden on the intermediation process would materially affect economic activity while doing little to alter the risk taking behaviors which was a major factor causing the crisis. There needs to be an understanding of the impact of the proposed measures from the many dimensions including how they ultimately influence institutional behaviours. The challenges of carrying out such an assessment on a global scale is daunting, but the policy response must rise to the challenge in order to avoid unintended consequences that will be difficult to roll back without adding further burdens on the financial system.

With this now more developed Islamic financial services industry in Malaysia that includes the advanced development of Islamic financial institutions and markets, more aggressive liberalisation initiatives have been made in this sector to strengthen our interlinkages with financial markets in other parts of the world. This has also been reinforced by the further liberalisation of the capital account of the balance of payments and the implementation of tax neutrality measures. These initiatives are aimed at supporting the strengthening of trade and cross border investment activities through Islamic finance. Concluding remarks Let me conclude my remarks on these three major trends occurring in the world economy and the international financial system. Asia’s role in the global economy, the international  BIS Review 24/2010  5  regulatory reform agenda and the development and expansion of Islamic finance is likely to have a growing influence on the global economy and financial system going forward. As we participate in this rapidly evolving environment, these new trends need to be taken into account in creating a global economic and financial order that is profoundly better than the one we have today. Thank you.
Money market rates, which were higher than 8 per cent for a period, are now around 2½ per cent. Bank lending rates have also been reduced markedly. Monetary policy has influenced the level of economic activity through the real interest rate. The real interest rate is equal to the key interest rate plus a risk premium less expected inflation. The anchoring of inflation expectations enables changes in the key rate to have an impact. In some countries, there are prospects that inflation will approach zero. This causes the real interest rate to remain high even though the key rate is reduced. In small countries where confidence in stable inflation is lacking, the authorities have had to increase the key interest rate substantially to prevent an uncontrolled currency depreciation. This amplifies the effects on production. Lower inflation abroad and lower capacity utilisation in the Norwegian economy will have a dampening impact on inflation ahead. There are prospects that inflation will remain below 2.5 per cent for a period. It is therefore appropriate to set the interest rate at a low level so that inflation does not fall too far below the target, and to prevent inflation expectations from losing their anchor. It is also appropriate to set the interest rate at a low level to curb the decline in activity. We have already lowered the interest rate substantially. In the time ahead, we will take a more gradual approach in order to assess the impact of the measures that have already been introduced.

Up to autumn 2008, it appeared that capacity utilisation in the Norwegian economy would most likely decline to a normal level, inflation would stabilise around 2½ per cent and the key rate ahead could be held at what we consider to be a normal level – between 5 and 6 per cent. But the outlook was regarded as uncertain. Commodity prices rose and pushed up inflation in many countries. At the same time, wage growth in Norway had become high and productivity growth was slowing. On the other hand, the financial turbulence, if it gained momentum, could have a severe impact on the global economy and our exports. In September 2008, the turbulence in financial markets erupted into a full-blown global crisis. The failure of Lehman Brothers on 15 September last year triggered a confidence crisis in financial markets. The turnaround hit hard, with synchronised effects on virtually all financial and goods and services markets, not only in the US but also in Europe, Asia, Latin America and Oceania. The crisis abroad rapidly fed through to the Norwegian economy. Our banks and the flow of credit and funds are tightly interwoven with foreign markets. Banks’ foreign funding became expensive and almost dried up. In response, banks increased interest rates on loans to businesses and households, and they tightened the lending tap. As autumn progressed, an increasing number of business sector segments were feeling the impact of contraction. In August 2008, manufacturing enterprises in our regional network reported that they expected growth to remain high.
Working with its Affiliated Institutes from the industry, the Institute of Banks Malaysia (IBBM), the Islamic Banking and Finance Institute Malaysia (IBFIM), the Malaysia Insurance Institute (MII) and the Securities Industry Development Corporation (SIDC), AIF has an important role in driving and supporting the development of talent in the financial sector. This also includes the development of intellectual capital through research that is being undertaken in the AIF Risk Management Centre and the Applied Finance Research Centre. 2  BIS central bankers’ speeches  AIF has the vision to build a world class financial sector workforce. In support of this vision, AIF has developed a Learning Programme Assessment and Accreditation Framework (LPAAF) which provides a structured and comprehensive approach that defines quality assurance standards for training programmes for the industry. Benchmarked against international standards, the framework is designed to be both current and forward-looking. The education standards promulgated through the framework ensures first class, job-specific training to meet the industry requirements, and equip practitioners with the practical knowledge, skills and expertise that are important to their respective job functions. Malaysia’s financial sector has continued to forge ahead. The contribution of the financial industry to the country’s GDP has increased from 9.2% in the year 2000 to 11.7% in 2009 and this figure is expected to grow further in time. Likewise, the employment growth in the financial sector will continue to accelerate, with increasing demands for specialised skills and enhanced expertise in finance.

The promotion of more effective international cooperation on training and skills development to meet the changing demands of the industry, more comprehensive strategies on talent development and greater mobility that is consistent with the realities of the global economy will support such talent development. Despite these demands, under investment in learning remains in a significant proportion of financial institutions. This is largely due to the focus on keeping short term costs low. This has however resulted in drawing talent from the existing pool which has in turn resulted in rising costs of talent. Surveys suggest that the biggest skills and knowledge gaps faced by financial institutions are in knowledge of regulatory standards, communications, management skills and risk assessment and management. Professional and technical skills, particularly in the middle to senior levels, are still very much needed in many parts of Asia. These skills shortages will intensify as financial institutions expand their operations. Strategies for talent management and development must therefore change if financial institutions want to be competitive and well positioned to adjust and adapt to the changing conditions. The Asian Institute of Finance (AIF) was initiated by Bank Negara Malaysia and established jointly with the Securities Commission in [2009] to respond to the growing needs of the financial industry for high quality and efficient training opportunities that would develop indemand skills.
Mr. Erçel discusses financial risk and its management Address by the Governor of the Central Bank of the Republic of Turkey, Mr. Gazi Erçel, at the Sixth Annual Global Finance Conference, Bilgi University, Istanbul, on 8 April, 1999 _________________________________________________________________________ $ University. Today I like to discuss financial risk and its management which are one of the hot topics in the international financial circles. The 1980s and 1990s witnessed a major transformation in the international financial markets. The advent of more complex and dynamic transactions have substantially increased uncertainties in the marketplace, and, in today’s environment, dominated by a dynamic, aggressive financial service industry, market participants are exposed to greater financial risks than before. Of course, there are several reasons for these changes. The first reason is the globalization of the international markets. Markets all over the world are becoming consolidated into a vast world market as obstacles to the free movement of capital are gradually being removed. This can be seen in the present global crisis, which arose because problems occurring in one region of the world promptly made themselves felt by markets and investors in other regions. Another reason is that the international markets have become much more volatile. Volatility, which means the fluctuation of market prices and ratios, is one of the principal sources of financial risk. When market volatility increases, market participants are exposed to greater uncertainty--and greater risk. Still another change of conditions in the international markets is the appearance of new forms of investment with very complex structures.

This would entail prejudicing, or setting aside, the price-stability target. Without prejudicing the price-stability target, monetary policy cannot aim at a higher level of resource utilisation than the normal level. It is thus a misconception, and unfortunately a common one, that the stipulation to not prejudice the price-stability target means that monetary policy should only aim to stabilise inflation around the inflation target irrespective of what happens to resource utilisation, what is usually referred to as strict inflation targeting. The stipulation means instead that monetary policy should also stabilise resource utilisation, but around a normal level, not a higher level. As far as I can judge there is now general agreement about this interpretation of the provisions of the Sveriges Riksbank Act and its preparatory work. So, at every monetary policy meeting we, that is the members of the Executive Board, have to decide what repo-rate path will best stabilise inflation and resource utilisation. The Riksbank usually expresses this by saying that monetary policy should be well balanced. If there is a conflict between stabilising inflation on the one hand and stabilising resource utilisation on the other, then a well-balanced monetary policy entails a reasonable compromise between the two. Such a conflict is in fact regarded as the normal situation, but a conflict does not always exist. In my view, there is no such conflict at present.
These reforms, by promoting registered employment, will also help us overcome problems in our social security system. Unemployment Rates (Percent) 18 15 12 9 6 3 0 2004  2005 Unemployment Rat e  2006  2007  2008  2009  Non-Farm Unemployment Rate  Source: TURKSTAT, CBRT. Distinguished Guests, 22. The impact of the global economic crisis on Turkey’s foreign trade has been evident, and the contraction in domestic and foreign demand and the slumps in commodity prices, especially in crude oil as well as iron and steel led imports and exports to shrink rapidly as of the last quarter of 2008. Significant declines have been observed throughout the year in imports and exports, which tended to recover as of the second quarter of 2009 as signs of revival in global economic activity appeared. Total exports of goods fell by 22.1 percent to 109.7 billion USD, while total imports of goods fell by 30.7 percent year-on-year to 134.4 billion USD in 2009. Consequently, the foreign trade deficit, which was 53 billion USD in 2008, dropped to 24.7 billion USD in 2009. 23. The adverse impact of the global crisis on tourism revenues was translated as a decrease in expenditures. In 2009, tourism revenues decreased by 3.2 percent. The said decline is mainly attributable to the fall in average tourism revenues. In fact, the number of visitors increased by 3.3 percent in 2009. Due to the recovery in other services items, the slowdown in the services surplus remained limited at 5.3 percent.

The decision on whether monetary policy measures in the form of foreign currency purchases are necessary is based on an evaluation of the threat of deflation and the monetary policy expansion needed in order to counter this. Monetary policy inaction during the dramatic phases of 2009 and 2010 was not an option. The primacy of monetary policy applies, and the top priority of monetary policy is to ensure price stability. The SNB’s legal mandate is explicit in this regard. This is the contribution which the SNB can and must make to economic prosperity in this country. BIS central bankers’ speeches  1