samchain/econo-pairs-v1 huggingface dataset:
And second, because securitisation was not conceived of as a business in itself to transfer risk. Rather, simple transparent structures were created to raise financing. This, along with the prudential regulation and supervision applied in Spain, has meant that banks did not establish complex off-balance-sheet structures (conduits and SIVs) acting like parallel banks. Continuing with the analysis of the liabilities, it should not be forgotten that Spanish banks have traditionally maintained a solid deposit base. This is largely explained by the particular banking model followed in Spain. Activity is focused on retail business, with a proven capacity to adapt their combined offering of investment products. Spanish banks manage a large part of the assets of investment funds and sell insurance products. Evidence of this is the strong rate of growth of deposits in recent months, showing a notable response by banks. Accordingly, Frenkel’s phrase does not apply to Spain on the liabilities side: there is still a lot left on the liabilities side of Spanish banks’ balance sheets, in particular a broad deposit base and a significant volume of wholesale financing that matures in the medium and long term. If we now look at what is happening on the assets side, Spanish banks have not invested in the complex and opaque products that have turned out to be highly problematic or, as people usually now say, “toxic”.

The distribution chains for goods and services provision, ports, airports, railway transport and energy are just a few examples. Finally, I should like to mention the need to reform the labour market, collective bargaining and indexation clauses. In the absence of prompt and decisive reforms in these areas we will see unemployment increase sharply, with the harmful effects that this has on activity and on the stability of our financial institutions. Conclusion We are currently facing an unprecedented international financial crisis in a severely weakened macroeconomic setting. Certainly our banking system has moved in the right direction, reinforcing its risk control management mechanisms, its profitability, its efficiency and its solvency. This gives it a solid starting position but we cannot allow ourselves to be either naive or complacent: the Spanish banking sector is facing major challenges that will affect its capacity to generate profits in the coming quarters. I am convinced that our banks, which knew how to capitalise on the expansion, will also know how to take the appropriate management measures and adopt the right strategy to allow them to address these difficulties successfully. For our part, the public authorities will continue to take the measures necessary to ensure that this unavoidable adjustment takes place in the least traumatic way possible for our economy.
This will help local bank managements to concentrate on their core business of banking and finance, and limit the risk of contagion from non-financial businesses to the banks’ business. Market discipline and caveat emptor Our efforts to promote market discipline and a caveat emptor regime have focussed on enhancing the amount, quality and timeliness of information disclosed by institutions. We have shifted from a meritbased supervisory approach to a disclosure-based approach that emphasises market discipline to incentivise financial institutions to conduct their business in a sound, efficient, and professional manner. The local banks in particular have significantly improved their disclosure practices. We must continue to update our disclosure standards in line with industry developments and international best practice. Furthermore, the mindset change is not yet complete. The public still expects to be protected from downside risks, for example when playing the stock market, but more so when depositing their money in banks. Hence one major motivation for introducing deposit insurance is to change this mindset, and get people to understand that only a limited first tranche of their deposits with a bank is protected should the bank run into trouble. But disclosure by itself is not enough. It must be accompanied by investor education. Investors have to understand and use the information provided to them. They must learn to make sense of this information and use it to look after their own interests.

This is a valuable approach which should be extended to all facets of MAS’ dealings with industry. Industry feedback will help us refine our policy and avoid mistakes and unintended consequences. Our contacts with industry need not be confined to Singapore. More often than not, business decisions that affect Singapore are made in the head offices. Where possible, we should extend our presence and reach by linking up with institutions and organisations worldwide. Deepen talent pool Third, we need to deepen the talent pool in the financial sector. The vibrancy of Singapore’s financial centre is dependent on this. Without the trained talent, it will be very hard to persuade financial institutions to site new activities in Singapore. MAS must continue its efforts to build up and upgrade this talent pool. While MAS is already co-funding financial skills training, we also need to extend our efforts into improving the quality and quantity of financial training and research conducted in Singapore. One possibility is to set up specialised financial service institutes in Singapore to teach both the art and science of finance, for example in wealth management. At the same time, the local talent pool must also be supplemented by infusions of fresh blood from abroad. Singapore must continue with its open door policy to attract talented professionals to work here. Another means of deepening the overall talent pool is through greater circulation of talent between the public and private sectors. MAS has actively hired from industry in order to build up its expertise.
The El Niño phenomenon for example, affected many developing countries that are dependent upon agriculture and fishing, particularly those bordering the Pacific Ocean. Last year, it left millions of people hungry and in need of food aid; water shortages across Southeast Asia; and higher food prices globally. Closer to home, thousands have been displaced after the northern state of Penang was hit by the worst flood in more than 20 years. These are indications that despite progress made in regulating global emissions of greenhouse gases over the past decades, we need to do more to mitigate the adverse effects of climate change. Moving on to the second challenge – growing inequality. Globally, the benefits of economic growth have been uneven. In reality, not all members of society have fully benefitted from the growth. While some have gained, many have been dislocated – feeling that they have been left behind. Today, global inequality is at its highest since the 19th century. Recent studies show that the richest 1% now owns half of the world’s wealth combined. In stark comparison, 70% of the 1/5  BIS central bankers' speeches  world’s adult population holds only 3% of the global wealth. Globally, continued widening of the inequality gap would be detrimental to economic growth and social progress in the long-run. Inequality is a threat to growth if it leads to those in the low income segment suffering poor health and low productivity; and to struggle in obtaining quality education.

Zeti Akhtar Aziz: Expanding further understanding of Islamic finance Welcoming remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the INCEIF's (The Global University in Islamic Finance) Public Lecture by Dr Abbas Mirakhor, the First Holder of INCEIF Chair of Islamic Finance, Kuala Lumpur, 29 January 2010. *  *  *  It is my great pleasure to welcome you to the INCEIF's Inaugural Public Lecture by Dr Abbas Mirakhor, a distinguished scholar and the first holder of the INCEIF Chair of Islamic Finance. The INCEIF Public Lecture Series aims to provide a forum for promoting intellectual engagement to discuss the issues, developments and challenges in the area of Islamic finance. The global financial crisis that has dominated the headlines across the world for more than two years has brought to the forefront the fundamental issues in the international financial system that need to be addressed. Now, as the growth prospect resumes, the debate is focussed on the priorities and direction needed to reshape the post crisis world to ensure that the recovery will be sustainable. While Islamic finance has demonstrated its resilience during this period, the industry is now entering into an environment that is fundamentally different in this post crisis era. The international financial reform agenda will result in new structures, standards and regulatory regimes for the global financial industry. Greater financial inter-linkages and integration will also require greater cooperation and collaboration in the endeavour to preserve global financial stability.
BIS central bankers’ speeches  9  Nominal Income Targets: an Old Wine in a New Bottle The State of the Economy The Institute of Economic Affairs’ 30th Conference  Charlie Bean, Deputy Governor Monetary Policy 27 February 2013  Chart 1: Nominal GDP growth Percentage changes on a year earlier 8 6 4 2 0 -2 Nominal GDP (a)  Nominal GDP expected 1 year earlier  -4  (a)  Nominal GDP expected 2 years earlier  -6 1999  2001  2003  2005  2007  2009  2011  (a) Sums the Monetary Policy Committee’s mean forecasts for real GDP and inflation. The Committee’s forecast for RPIX inflation is used prior to February 2004, adjusted for the difference in the inflation target.

James Meade advanced the idea in his 1977 Nobel Prize lecture,2 and my MPC colleague, Martin Weale, spent much of the early part of his career working with Meade to develop the idea.3 Samuel Brittan, coming from a slightly different perspective, wrote an important IEA pamphlet in 1981, which argued that controlling nominal spending was what monetarists were really seeking to achieve. I even wrote my PhD thesis4 on the topic over thirty years ago. There is an important distinction between targeting the level or the growth of nominal income. The recent revival of academic interest in the issue relates to the scope for a target for the level of nominal income to provide additional traction for monetary policy when policy rates reach their zero lower bound. Some of the recent public commentary, however, has centred on the possible virtues of switching to a target for nominal income growth, so let me deal with that case first. In a normal environment, nominal income growth and inflation targets generate similar responses to aggregate demand shocks. But a nominal income target is more “forgiving” than a narrowly-defined inflation target in the case of cost shocks. An adverse cost shock simultaneously tends to raise the price level and reduce output. Stabilising nominal income requires a one-for-one trade-off in the response, whereas stabilising inflation, or the price level, requires that all the burden of the shock is transferred onto output. That is the basic case put forward for the superiority of a nominal income target over a strict inflation target.
The Thai Economy: The Current State and the Way Forward Dr. Sethaput Suthiwartnarueput, Governor of the Bank of Thailand Japanese Chamber of Commerce (JCC) Thailand, 15 March 2022  JCC President Kazuo Hidaka, Distinguished members of the JCC, Distinguished guests. It is a great pleasure for me to be here. One of my first speaking engagements when I first took on this job was to come to speak to the JCC last year, a reminder of how quickly time flies as it has already been one year. What I would like to do today is to share with you some thoughts on the Thai economy, discuss where we are, how we got here, and what is next or what we can expect. Then, I would like to conclude by offering you some thoughts about going beyond, not only about some of the things that we see in the financial sector but also more broadly about the Thai economy and how it might fit in with you and your strategy in the region. Part 1: The Current State How we got here Let me start by discussing a few points about where we are today, but before I go there, it is important to talk about how we got to where we are today. The first point is that we were hit very hard by Covid-19, much harder than other countries in the region, because the Thai economy highly depends on tourism.

Øystein Olsen: Managing Norway’s oil wealth Speech by Mr Øystein Olsen, Governor of the Norges Bank (Central Bank of Norway), at FeBAF, the Italian Banking, Insurance and Finance Federation, Rome, 14 April 2015. *  *  *  Accompanying charts can be found on Norges Bank’s website: Charts (PDF). Please note that the text below may differ slightly from the actual presentation. Introduction First, let me thank you for the opportunity to speak here at FeBAF – the Italian finance federation. Norwegians love Italy for its food and wine, its architecture, its great cities and breath-taking scenery. Italy is blessed with both natural and cultural assets that have been refined and managed by the Italian people for hundreds of years. Norway is not known for its wine, but I think it is safe to say that we have been more than lucky in terms of natural resources. The management of Norway’s currently most important natural resource – petroleum – is the topic of my speech today. Over the past two decades, Norway has transformed oil and gas resources into financial wealth. Oil revenues are invested abroad through a sovereign wealth fund – the Government Pension Fund Global, or the oil fund for short – which is managed by the central bank of Norway. My speech today is intended to shed some light on how Norway’s petroleum wealth has been managed. I will seek to explain how we see ourselves as a global financial investor.
The first form of money is the banknotes issued by central banks, such as 8  the Adam Smith £ These account for just 3% of the stock but 40% of all consumer transactions. Next is electronic central bank money in the form of the reserves that commercial banks hold with us, including to settle transactions with one another. Finally, and most significantly, the electronic deposits that commercial banks create when they extend loans to borrowers, accounting for fully 80% of money in the system. 9  The private financial sector cannot create money without limit, but is disciplined by competition, constrained by prudential regulation, and limited by decisions of households and companies that can reduce the stock of money (by, for example, repaying existing debt). Monetary policy is the ultimate limit on money creation because it directly influences the price of money and other financial assets and therefore the demand for the money created by the private sector. 10  Most of the institutions that underpin sterling’s effectiveness as money are now housed in the Bank of England. -  11  In particular:  Our commitment to the highest quality banknotes that you and the publican can use with confidence.

In addition, the monetary policy normalisation we have embarked on has established the premises for controlling inflation and safeguarding the economic and financial stability of Albania. In this view, I would like to welcome the positive role played by the banking industry over 2022, by maintaining a positive approach towards lending to private sector and taking the necessary measures to manage added risks in your balance sheets. I am confident that these measures, and others we may take in this regard, will pave the way for a rapid return to normality. Though risks remain present, our projections suggest inflation will return to target within the first half of 2024 and the Albanian economy will continue to maintain a positive growth pace throughout this period. As important actors in the economic and financial life of Albania, I would like to reemphasise that our decision making should be forward-looking, decisive and courageous. Albania has a solid economic growth prospects in both medium and long term. They have enabled the continuous expansion of economy and of the banking and financial system in the recent years, and should feed your confidence in the Albanian economy in the future. These prospects will further benefit in the framework of Albania's membership process in the European Union and from the agenda of structural reforms. 1/4  BIS - Central bankers' speeches  For this reason, I kindly invite you to stand up for these processes.
In addition financial market participants as well as regulators are facing the global challenge of the new economy and technological revolution. The new technological revolution is pushing for change everywhere in the world, and with no concern for those in need of time to heal the wounds inflicted by crisis. It has become an inevitable development which needs to be embraced with the right attitude, mindset and understanding. The new economy in itself poses challenges, not exclusively to financial service providers, but to regulators, business operators and the financial industry as a whole. The challenge, on this last aspect, is particularly crucial to the government sector; for they need to make sure that the legal, regulatory and supervisory framework are there to create the right competitive environment and operating conditions. This is to ensure that when their own private operators are ready for the technological challenges of E-banking, internet-broking and the electronic trading platform, then the appropriate legal and regulatory framework is there, rather than becoming an obstacle to development - by which time we may no longer be able to catch up with major global players. In the world of E-commerce and trading, banks have become important intermediaries as the operator of the payments system, to facilitate the payment for the goods and services which are being traded on-line. As regulator of the commercial banking business, the Bank of Thailand is working in earnest to support the development of the country’s payment system, by both the public and private sectors.

As the directives produced by the EU are often compromises between views expressed by different countries, it is not certain that the final result will be the most efficient solution for the securities markets. If the EU wants to promote competitive economies, it must also ensure that this does not result in a competitive advantage based on more or less explicit subsidies. The best way to build up competitiveness is by creating environments for competition. It is only then that the economies will become efficient. Competitiveness in itself is not the goal; efficiency is. Some issues for the future In this speech I have pointed out some long-term developments that affect the future of the securities markets. Unfortunately, they give rise to more questions than answers. I would like to conclude with a few questions you can ponder. In recent years, inflation in many countries has fallen, and inflation expectations have stabilised at a level that reflects the monetary policy targets. This can reasonably be said to have reduced the uncertainty in the financial markets caused by fluctuating prices. Interest rates have also fallen and this, combined with reduced uncertainty over price trends, has increased households’ incentives for borrowing. It has affected house prices, but may also affect other asset prices. At the same time, it strengthens institutional investors’ search for yield. Does this mean that the risks in the financial system will increase and make it easier for exaggerated speculation, such as the IT bubble in the stock market, to develop?
I am also encouraged that City-based organisations are becoming increasingly directly involved not simply in a financing context with deprived communities - including those on our own doorstep. The City has a long history of charitable and community involvement. But it is my impression that this involvement has been increasing in recent years, with many businesses recognising that it can not only have an important impact on the communities that they are supporting, but a powerful impact, too, on the motivation and morale of their own staff engaged in community projects. It is to encourage those City organisations already active in this field, and, by drawing attention to it, to stimulate others to become more actively engaged, that the Lord Mayor, Sir Howard Davies of the FSA and I have together recently launched the “Heart of the City” project, which Andrew Buxton is now directing and which will culminate in a day of celebration of the City’s community involvement in June next year. The positive response we have received from the City - including the churches of the City - and our surrounding boroughs leads me to hope that this might become a regular event. Let me finally, Chairman, turn to the international dimension of all this, where I know only too well, from first-hand experience, that there is deeply-felt concern, sometimes sadly expressed in violent protest, at aspects of the general economic approach which I have described, particularly as it bears on the developing world through “globalisation”.

But what is more, household and corporate purchases of financial assets inside and outside Spain increased, the result being that gross financing required by both sets of agents climbed from 35.6% to 44.7% of GDP. Indeed, although household consumption posted a somewhat lower growth rate than in 2005, as disposable income moderated even more, household saving as a proportion of household disposable income continued falling. Given that investment in housing continued to increase at a high rate, household net borrowing rose to 1.5% of GDP. Nonetheless, changes in interest rates and property price levels themselves began to temper the demand for housing, with the volume of transactions easing off and a slowdown in prices. Yet significant underpinnings for the dynamism of housing demand in the medium and long run remain as a result of socio-demographic factors – such as the thrust of immigration, the growing incorporation of women into the labour market and the reduction in the average family size – which will continue to translate into substantial increases in the number of households. These socio-demographic factors, which were not present in the final stages of the previous upturn in this market, will allow activity to stabilise, on this occasion, at higher levels than was the case then. In the new setting of less relaxed financial conditions, Spanish households began to resort less to credit as a means of financing their expenditure.