samchain/econo-pairs-v1 huggingface dataset:
2  The International Monetary Fund (IMF) is an organisation of 186 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. BIS Review 22/2010  1  The accumulation of capital in the Fund reflects the depletion of a non-renewable resource. The assets of the Fund now amount to some USD 450 billion, the equivalent of 115% of Norway’s GDP in 2009, or around USD 100 000 per capita. About 40% of the Fund’s investments are in fixed income instruments and 60% in listed stocks. The Fund invests globally according to market value weights. It roughly holds 1% of all listed equities. This would not be possible without open and accessible international capital markets. Norway has a strong and vested interest in the well-being of global financial markets. Norway participated actively in the formulation of the Generally Accepted Principles and Practices for Sovereign Wealth Funds, the “Santiago Principles”, a process coordinated by the IMF. Our sovereign wealth fund respects these principles. Norway has weathered the crisis better than most countries. We believe a strong fiscal position and well-anchored inflation expectations have contributed to our relative success. In addition, investment activity in the petroleum sector held up well, our exposure to the hardest hit sectors in the global downturn was fairly limited, and our banks are small and relatively solid.

Well - if ever there were a time when that phrase were true, it is now. I have spoken a little tonight about operational risk, and then about different types of financial risk. These are all areas where I believe this Centre can make an important contribution. The Bank of England is a voracious consumer of such analysis and expertise, and I very much hope that we will retain a close working relationship going forward. Thank you for asking me here this evening - I wish you all the best in your future work. 4  BIS Review 83/2001
Second, they must focus not only on competitiveness, but also on increasing the rate of productivity growth in the economy. When thinking about the composition of reforms, one should have in mind innovation (see firms’ market entry and turnover), adoption (e.g. information and communication technology) and reallocation (labour market reforms). But while the full benefits of these efforts are still emerging, aggregate demand should be supported to counteract the potentially destabilising effect of lower prices and higher real interest rates. This can be done by fiscal policy, when it is available without questioning longterm debt sustainability. And it can be done by monetary policy, even when interest rates have reached the lower bound, by expanding the central bank’s balance sheet and channelling liquidity to the real economy. *** Dear Governor Rimšēvičs, ladies and gentlemen, The early classical economist Jean-Baptiste Say argued that the real purchasing power in the economy is about real production1. This claim is often summarised, as “supply creates its own demand”2, although that phrase does not appear in Say’s writings. While Say’s Law has its limitations, it nonetheless initiated a fruitful academic discussion about how supply and demand interact in the economy. There is a tendency nowadays to ignore this discussion and look for simple answers to what is a complex economic problem. Some argue that demand side policies are the only way out  1  Jean-Baptiste Say (1834): “A Treatise on Political Economy”. 2  John Maynard Keynes (1936), “The General Theory of Employment, Interest and Money”.

See chart “Real exchange rate against Norway’s trading partners” at the end of the speech. Substantial oil revenues are now being ploughed into the Norwegian economy. Since the turn of the millennium, annual petroleum revenue spending has increased by a good NOK 100 billion. According to uncertain forecasts in government documents 5, another NOK 40 billion or so will be phased in over the next ten years. The cost level in Norway is a thermometer indicating how much the Norwegian economy can sustain without developing a serious case of Dutch disease. The temperature is now high. 4  Measured in international currency at the exchange rate prevailing on 31 December 2008. 5  See Table 3.6 in Report No. 2 (2009–2010) to the Storting: Revised National Budget 2010. BIS Review 78/2010  3  Measured against Norway’s trading partners, the cost level is now almost 20 per cent higher than the average for the oil age. Norwegian labour has never been as costly as today. Norwegian businesses will often lose contracts given the current high level of spare capacity in other countries. And it has never been more profitable to relocate activities abroad. The economic geography of Norway will change over the next 10–15 years. Norway’s cost level and low growth in Europe will bring pressure to bear on jobs and businesses in manufacturing communities. Job losses will have the most severe effects in areas where manufacturing is the most important industry. Entire manufacturing sectors may be lost.
It is understandable that it is easier as concerns liquidity in national currency, whereas as concerns the one in foreign currency, at least in Bank of Albania’s case, we did never consider acting as a lender of last resort for providing foreign currency assets to the banking system. On the other hand, we exerted maximum pressure on the parent banks to ensure capital adequacy and sufficient credit lines to their banks, and for the sake of truth, we have found a spirit of cooperation and concrete actions in this regard, without any exception. Today, one year after the onset of the global financial crisis, I would say that all the measures taken by central banks in certain countries of the region resemble to one-another. The Bank of Albania considered as indispensable the prudential monitoring of the situation, taking a number of actions, which significantly dampened the pressure over the banking system. These actions have helped cooling down the liquidity situation and have been in line with the operational actions applied by the European Central Bank in response to the crisis. First, an ad-hoc task force was set up. Its main responsibility still continues to be the daily monitoring of the situation for each individual bank. Our direct conclusion was that the analysis should consider all micro-level aspects, each and every cell of the system and its indicators. Second, a number of facilities were adopted for the incessant supply of the system with the required liquidity.

Third, wage increases of the past three quarters affect current wages with a summed coefficient of less than 0.5, implying that lagged impulses fade within a few quarters. Fourth, the effect of price pressures on wage increases is empirically weak; wages respond less than proportionately to prices during the year. Combined, these estimates suggest that the pass through from costs to domestic prices is subject to relatively contained momentum and feedback effects. But the entire course of the pass-through process is still characterised by a degree of persistence. Accordingly, in the absence of further major global price shocks, domestic inflation should not accelerate further in Q4, but could remain elevated relative to the historical average. A key upside risk factor influencing the ongoing pass-through to consumer prices is the behaviour of cost mark-up by businesses. Profit margins might have been impaired in the earlier period when global costs shocks were intensifying, and businesses might be inclined to restore them at least partially in the period ahead. Monetary policy stance has progressively tightened Singapore’s short-term AS curve is gradually shifting to the right as global costs subside and non-resident worker inflows pick up. Wages in the first half of the year traced out a temporarily steeper portion of the Phillips Curve but are expected to revert to their historical configuration in the period ahead. The external components of the IS curve could moderate in the quarters ahead. These represent pro-equilibrating movements, but we are alert to unexpected developments and fresh shocks.
However, the meagre progress in structural reforms and the unorthodox direction taken by some countries’ economic policies may curtail future growth possibilities. In the short run the world economy can be expected to continue posting high growth, unless the US slowdown becomes more acute and the rest of the world is unable to continue growing under its own steam. Further ahead, the continuity of the high rate of expansion of the world economy is more uncertain. The increased efficiency and productivity gains brought about by globalisation, through greater trade integration and a far-reaching reallocation of resources and factors, might begin to weaken. In this setting, the emergence of protectionist tendencies – such as those manifest in the difficulties of moving the Doha round forward – is an added risk to continuing high growth. Inflation has remained contained worldwide. The growing integration of the emerging economies into the global economy, providing abundant low-cost labour, coupled with heightened competition on world markets and technological innovation have allowed price increases to moderate significantly. The anchoring of inflation expectations, to which the credibility acquired by central banks in their efforts to preserve price stability has contributed, and the headway in the programmes for structural reform and increased flexibility in economies have likewise eased inflationary pressures. All these developments have helped contain the upward pressures stemming from the impulse of domestic demand and have made the task of monetary policies easier.

In this light, the recent increase in borrowing among younger individuals is consistent with an improvement in labor market prospects and some loosening of credit standards, although the increase in borrowing by younger age cohorts is modest and remains below their pre-crisis level. The high level of student debt may create the risk of a drag on future consumption growth. In fact, while highly skilled young workers have traditionally provided a vital influx of new, affluent consumers to U.S. housing and auto markets, the unprecedented growth in student debt and the persistently high student loan delinquency rates are likely to dampen the influence of this group in today’s marketplace and may represent a structural or longlasting change in household credit markets. To summarize, I have reviewed the many positive signals we should take from the fact that in 2013 we observed the first year-over-year increase in borrowing by U.S. households since 2008. The willingness of U.S. households to increase their debt levels in aggregate likely reflects the restorative influences of significant turnarounds in house prices and stock market values since their lows in 2009–10, somewhat better employment outcomes, and much stronger household balance sheets as a result of write-offs and pay-downs of earlier indebtedness. In addition, a gradual loosening of credit availability is likely to have accommodated the increased demand for credit, although mortgage lending continues to be subject to high credit standards.
In this regard, the Committee has over the last six months been engaged in a significant research program to assess whether the size of a borrowing firm should be explicitly considered when banks calculate their capital requirements. BIS Review 27/2002  3  At this point, the Basel Committee is discussing whether and how to factor a firm’s size into the new framework. A lower capital charge for a portfolio consisting mainly of loans to many small companies makes economic sense because that portfolio is likely to be better diversified than one concentrated in loans to a handful of large companies. Assuming the discussions within the Basel Committee continue to proceed in this direction, it means that loans to small and medium-sized borrowers would have lower capital requirements than loans to larger companies that are otherwise rated the same. One point should be made about the treatment of loans to small and medium-sized enterprises. The Basel Committee wishes to ensure that our new framework reflects the sound risk management practices of banks. For example, many banks manage and evaluate their loans to smaller businesses in a way that is similar to the way they handle consumer loans. The design of the internal ratings-based framework will, therefore, allow a number of such loans to be treated like retail credits, as opposed to corporate loans. This principle also will apply to another important issue within our capital framework, namely the role of a loan’s remaining maturity.

2023 Paris Finance Forum – Paris, 5 July 2023 Regulation and innovation: the yin and yang of the financial sector  Speech by François Villeroy de Galhau, Governor of the Banque de France  Page 1 of 6 Ladies and Gentlemen, It is a real pleasure to be taking part in the Paris Finance Forum and I wish to warmly thank Augustin de Romanet for his invitation, and Europlace for their work. Europlace has contributed to the growing interest in the Paris financial centre in the wake of Brexit. As I have the privilege of speaking this lunchtime, I shall begin with dessert. According to an excellent Bloomberg article,i "If any city can make claim to being the European Union’s new pre-eminent hub, it’s Paris". Paris is the only financial centre to offer a broad range of financial activities – from global asset management to insurance and banking and market activities – and it has benefited from the relocation of all segments of the financial industry. Paris has now overtaken London as Europe's largest financial centre in terms of stock market capitalisation. With the presence of the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), there is also a 'regulatory hub' – to which I should add the ACPR, generally recognised as an exacting but extremely competent supervisor. The Paris financial centre is therefore a good illustration of harmonious coexistence between regulation and innovation. In my view, these are the yin and yang of the financial sector.
Norman T L Chan: Focus in Hong Kong on treating customers fairly Speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the Treat Customers Fairly Charter Launching Ceremony, Hong Kong, 28 October 2013. *  *  *  Welcome to the Treat Customers Fairly Charter Launching Ceremony. I am pleased that representatives from 22 retail banks in Hong Kong gathered here today to sign the Charter, pledging to implement the five high-level principles set out therein. 2. A customer-based, customer-oriented corporate culture is what we always applaud and hope for. This is true regardless of industry. However, not every industry or company is able to achieve this, particularly when they are under the pressure of increasing market competition and the need for profit-maximisation, it is not uncommon for some companies to adopt sales and marketing practices that may undermine consumers’ interests. It has therefore led to the development of different consumer protection mechanisms in modern societies to address such issues, for instance, Hong Kong has established the Consumer Council in this context. Nevertheless, the international community is increasingly concerned about the interests of financial consumers in recent years. In late 2011, the Organisation for Economic Co-operation and Development (OECD) has announced a set of high-level principles for protection of financial consumers. It is now in the process of developing effective approaches for implementing the principles with a view to promoting the principles to G20 members. 3.

Chart 5: Population ageing is expected to continue Age distribution in the adult (16+) UK population (a)  (a) Dashed line and hashed bars are calculated using the ONS 2020-based interim national population projections: year ending June 2022 estimated international migration variant. Sources: ONS and Bank calculations. Chart 5 shows the age distribution for the United Kingdom. The share of the adult population aged 20-59 has fallen below 65% in the past decade, and it is set to decline further in the coming years. This population ageing has been driven by a decline in birth rates relative to the high levels seen in the years that followed the Second World War – as well as by the happier news that people now live for longer. As people accumulate savings over their working life to fund their retirement, wealth in the economy increases as the age distribution shifts towards older cohorts (indicated in this chart by bars in different colours). So ageing households have sought to lend more at a time when less productive firms have sought to borrow less. The only way to establish an equilibrium between the supply and demand in the market for investable funds – that is, to incentivise firms to invest this  Bank of England  Page 9  additional wealth into productive capital – has been for the price of those funds, the real interest rate, to fall. The trend equilibrium rate, R*, is like a long-term anchor for monetary policy.
This is an important initiative to ensure our companies have skilled directors on their boards, who can help them to grow and expand in the region, and be recognized leaders in both performance and governance. Developing practical guides for listed companies and directors A second issue arising from the study has to do with developing practical guides for listed companies and directors. This is in line with helping companies help themselves on the path to better corporate governance, MAS will work with industry and professional bodies on practical guides on areas of interest to companies. BIS Review 73/2007  3  The importance of an effective audit committee in particular was highlighted in the corporate governance study by Professor Mak. It noted that almost all corporate scandals involved some form of financial impropriety, with the audit committee often seen to be part of the governance failure. Some guidance on the roles, functions and skills required by an audit committee would be useful. We need to encourage well-qualified directors to take on the critical responsibility of being a member of an audit committee. Such practical guidance notes could be useful in helping directors on audit committees to understand their roles relative to that of senior management. It could also provide better focus on how they can add value by enabling the important interaction between strategy and financial and accounting controls. I note that the UK has issued similar guidance on Audit Committees – otherwise known as the Smith Guidance – to assist companies. Conclusion Let me conclude.

While a stronger alignment with actual economic risk is necessary, it is also important that the new requirements do not imply excessive procyclicality. When I speak of “pro-cyclicality”, I am referring to the interactions between the financial and real sectors of the economy, which tend to be mutually reinforcing and to amplify business cycle fluctuations. Just as a period of economic growth will tend to be accompanied by excessive risk-taking on the part of financial institutions, strong credit growth, asset price bubbles and, ultimately, the building-up of systemic risks, a strong contraction in economic activity may lead to a marked slowdown in financial flows, including credit, which hinders the recovery. Pro-cyclicality implies that capital requirements are loose  6  BIS Review 129/2009  in a boom, allowing banks to lend more in relation to their capital, while they are tight in a downturn, which induces banks to cut back lending to the private sector even further than they would in the absence of these requirements. While these mechanisms are to some extent justified by the different degrees of risk prevailing in the different phases of the business cycle, it is important that they do not lead to the excessive effects I just described. The pro-cyclical impact of regulatory capital requirements is currently being analysed by the relevant authorities, including the ECB. These assessments could provide a basis for developing an appropriate counter-cyclical buffering mechanism, which is a precondition for enhancing financial stability over the medium to long term.
At the end of discussions, the Supervisory Council decided to keep the key interest rate unchanged, at 3.75%. The outlook of economic and financial developments inside and outside Albania establishes the continuation of an accommodating monetary conditions cycle over the monetary policy-relevant horizon. This policy establishes the proper conditions to meet the inflation target in the medium-term period, contributing at the same time to the growth of aggregate demand and full utilisation of production capacities in the economy. In its meeting today, the Supervisory Council decided to amend some regulations relating to banking system activity. These amendments strengthen the monetary policy transmission mechanism and establish better conditions to boost lending. They harmonize well with the easing monetary policy and help stimulate economic activity in Albania. More specifically, the approved amendments increase the level of liquidity allowed for banks' use and provide the banking system with greater room to use the financial leverage. Both these initiatives provide a direct impact on a faster growth of lending to the economy. 2  BIS central bankers’ speeches

A case in point is the reputational risk a financial institution that provides financing to companies involved in environmental destruction activities could face, which may eventually affect the institution’s financial sustainability. Malaysia’s experience and approach A question in mind is therefore whether Islamic finance has fully optimised on these value propositions. Allow me to share this in the context of the Malaysian Islamic financial industry. 1/3  BIS central bankers' speeches  After three decades of development, the Islamic finance industry has progressed to become an integral component of the Malaysian financial system5. Most notably, Islamic finance has played a catalytic role in financial inclusion – enabling access to formal financial services for the different segments of the society. In charting its strategic direction, in 2017, a few Islamic financial institutions began to explore value-based intermediation or VBI as a new operational model. The VBI encapsulates the vision to focus on being more impact-driven, reinforcing the overarching intent of Shariah to promote good and prevent harm. Islamic finance, moving forward, strives to be relevant to all as a financial intermediation that creates positive and sustainable values for broader stakeholders – consistent with the long-term value creation for shareholders and aligned with the national targets of sustainable development goals (SDGs). To date, 12 Islamic banking institutions have committed to integrate environmental and social considerations in their offerings, practices and cultures. In facilitating the industry in this journey, Bank Negara Malaysia collaborates with the industry to create an enabling environment for smooth and orderly transition.