samchain/econo-pairs-v1 huggingface dataset:
Summing up In conclusion, as we reflect on potential changes to the U.S. regulatory regime, we should not lose sight of the horrific damage caused by the financial crisis, including the worst recession of our lifetimes and millions of people losing their jobs and homes. We had a woefully inadequate regulatory regime in place, and while it is much better now, there is still work to do. We should finish the job as quickly as possible, and we should do no harm as we adjust our regulatory regime to make it more efficient. Thank you for your kind attention. I would be happy to take a few questions. 1 Figures are based on the CoreLogic home price index (including distressed sales) and the PCE price index as 6/7  BIS central bankers' speeches  the deflator. 2 For more background, see Fleming and Sarkar, The Failure Resolution of Lehman Brothers, December 2014. 3 For more background, see Chen, Cipriani, La Spada, Mulder and Shah, Money Market Funds and the New SEC  Regulation, March 20, 2017, and Cipriani, La Spada and Mulder, Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform, June 2017. 4 For more detail, see Tri-party Repo Infrastructure Reform. 5 For more background, see Over-the-Counter Derivatives. 6 To paraphrase Andrew Carnegie and Mark Twain. 7 For related remarks, see William C. Dudley, Principles for Financial Regulatory Reform, April 7, 2017. 7/7  BIS central bankers' speeches

To be sure, Asian economies will continue to be subject to the political, economic and social 3/6  BIS central bankers' speeches  uncertainties that characterise emerging markets. But the region’s fundamentals are sound. Growth inherently enlarges the size of the asset pool, and asset markets in Asia provide a compelling case for global investors. The region is seeing a growing diversity of institutional investors – not just from Asia but also from Europe and the Americas. There is also an expanding breadth of investible assets, driven by Asian companies raising capital to grow and internationalise their business. Alternative opportunities in Asia Recent trends in the asset management landscape favour investment opportunities in Asia. A key trend is the shift in asset allocation from traditional public markets to private market alternatives like private equity (PE), real estate and infrastructure. This is largely driven by investors’ search for yield and portfolio diversification benefits. Preqin reports that allocations towards alternative assets hit a record $ trillion assets under management in 2016. And perhaps as an indication of more to come, global institutional investors are still below their long-term target allocations to such alternative asset classes. In the steer towards alternative assets, there are two themes that stand out for investors looking towards Asia. First, companies, including those in Asia, are choosing to stay private for longer, and are increasingly comfortable with the PE value proposition. Second, Asia’s immense real estate and infrastructure needs are an opportunity for investors to monetise its demographic and structural transformations.
For example, the convening and collaboration on the development of green and sustainable sukuk is supported and facilitated by the HighLevel Working Group on Green and Sustainable Sukuk (HLWG), which was launched at COP26 by the Islamic Finance Council UK, alongside GEFI, IsDB, HM Treasury, Indonesia's Ministry of Finance and the London Stock Exchange. The HLWG is a threeyear initiative working to coordinate international efforts to promote green and sustainability sukuk as a financial instrument, assist regulatory initiatives and address supply and demand side challenges. In creating a solution the HLWG can draw on experience and expertise from around the world, which is well represented at this event today. Conclusion Among all the shocks – many unprecedented – facing the global economy today the challenge of climate change is the most profound and far reaching. There is clearly a strong will amongst the G20 members to tackle climate change and I hope the modest practical examples I have given today illustrate how the benefits of sukuk can be harnessed to further the development of sustainable finance. I hope my examples of challenging ourselves on the need to find solutions and then convening, collaborating and creating in pursuit of them can be thought of as one means of providing the "way" in the English language saying: "where there's a will there's a way". There will be many other effective ways available from across the G20 members and beyond; indeed sharing those varying approaches as we are doing today is central to the ethos of the G20.

Conclusion I began by considering whether the problems associated with making forecasts for the Riksbank’s current policy of targeting inflation could be avoided by changing to a different strategy. What I have said hopefully shows that this does not seem to be the case, at least with the knowledge that is available today. A less forward-looking policy, based for example on outcome data or forecasts that only illuminate the near future, would be liable to have destabilising effects on the real economy. Even a policy based on the money supply is dependent on forecasts of resource utilisation; it, too, can have destabilising consequences if the correlation between the intermediate variable and the ultimate objective breaks down. Neither would it be realistic or even appropriate to have a strategy whereby monetary policy is determined by automatic and mechanical rules; in the worst case, the simplicity of such a strategy can lead to unduly large fluctuations in both inflation and GDP. I therefore conclude that the problems connected with forecasting inflation cannot be avoided by choosing a different monetary strategy, at least with the present state of knowledge. As I see it, the problems with forecasts are manageable and relatively slight compared with the regime’s advantages in other respects. As the discussion has also shown, most monetary strategies have drawbacks as well as advantages. Most people will no doubt agree when I say that on the whole, Sweden’s experience of targeting inflation is favourable but of course that does not mean that we can rest content or smug.
At the Riksbank, we consider there to be a risk of overconfidence in the market taking its responsibility for cash supply, both now and in the future. In our consultation response, we therefore propose that the market’s responsibility for giving customers access to a payment account and related cash services be regulated more clearly; or that the law include an option for the state to intervene if the market fails, regarding both cash and electronic payments. Despite everything, there is still a long time to go before Sweden becomes a cashless society. There is still SEK 73 billion in circulation in the form of 317 million banknotes and 1.9 billion coins – a significant sum of money. The Swedish payment system RIX will change But the Riksbank’s role as regards payments is not just limited to ensuring the availability of cash. The Riksbank’s system for payments between banks and a number of other financial institutions – the RIX system – is the hub of the Swedish payment system. All payment transactions between banks, clearing organisations and the National Debt Office pass through RIX. 4 This makes it an important part of the Swedish financial infrastructure with a daily turnover of about SEK 450 billion divided among over 15,000 payments. The development of payment services makes adjustments of the RIX system necessary. An example is the development of payments in real time using, for example, the Swish mobile phone app.

In the background memorandum published in conjunction with the decision to abolish, the Riksbank argued that the interval had become obsolete since target deviations greater than 1 percentage point had become a natural part of flexible inflation targeting and that the credibility of the inflation target was not questioned even when inflation was outside the tolerance interval. 25 In retrospect, it is reasonable to ask whether the problem was not just the fact that the interval chosen was poorly adapted. Despite this, the idea as such of an interval around the target does not necessarily have to be a bad one. A better adapted interval may bring with it the advantages envisaged in the first place. It would signal that monetary policy is being conducted amidst considerable uncertainty and that the Riksbank is unable to fine-tune the economy and inflation. This is something that is good to remind people of on a more or less continual basis. In the same way as there may be reason to discuss a change of target variable, there may, in light of this, be cause to consider whether a tolerance interval should be reintroduced. I find it difficult, however, to see how an interval could normally change the practical prerequisites for monetary policy very much. The Riksbank has not had any rigid fixation with pinning the inflation target at exactly 2 per cent at all times, but an explicit target is nevertheless necessary as a guide to monetary policy and inflation expectations.
This view is confirmed by the apparent difference between the ongoing recoveries in the US and Switzerland. While in the case of the US economy, the recovery is at the moment essentially focused on larger firms with smaller ones probably suffering from restricted access to credit, in the Swiss case, any diverging trend between big and small firms is not of major importance. Rather, the difference is more accentuated for firms that are predominantly export-oriented as opposed to those oriented towards the internal market. On the export side, the ability of Swiss exporters to continue redirecting their efforts towards the more  2  BIS Review 33/2010  dynamic regions of the world economy, in particular Emerging Asia may be a crucial test. This region is leading the world in terms of economic recovery from the crisis. It is clear here that the proponents of a reasonable version of the decoupling hypothesis are on the winning side of the intellectual debate. On a global level, inflation pressures are expected to remain subdued in most economies. In advanced economies, headline inflation is expected to pick up from near neutral levels in 2009, but remain low in 2010. For Switzerland, the path of inflation in the short term will be largely dictated by recent movements in oil prices and associated base effects. Inflation will nevertheless remain positive throughout 2010. This follows a negative rate of 0.5% in 2009. Assuming that monetary policy remains unchanged, the SNB’s forecast show that inflation will reach 0.7% this year.

Jean-Pierre Danthine: Calmer waters after the storm? Speech by Mr Jean-Pierre Danthine, Member of the Governing Board of the Swiss National Bank, at the Money Market Event, Zurich, 18 March 2010. * I. *  *  Looking back  We are emerging from a financial and economic crisis of major proportions. The extent of value destruction during the last two and a half years may well match the losses registered during the Great Depression. The lessons we will draw from this historical episode should leave us wiser. They will alter, in some fundamental ways, our understanding of finance and macroeconomics and hopefully, as well, the behaviour of economic participants – with a better designed economic system. Today I will begin by looking back and reviewing some of the main events that have occurred since the last Money Market Event which happened to coincide with the turning point of the financial crisis. I will then look forward and describe how the SNB perceives the immediate future. Finally I will briefly address two of the most pressing challenges confronting us – exiting from unconventional monetary policy measures and rethinking financial regulation. Let me turn my attention to where it all started, that is, the US real estate sector. During a long period of low interest rates, low risk premia, subdued volatilities and general economic optimism, US house prices increased in an unprecedented wave to the end of 2006, at which point the bubble burst.
There has also been some concern that the euro would make the Swiss franc obsolete as a means of payment, but this is very unlikely. These are, in a nutshell, some of the main conclusions from a Swiss perspective, on which my remarks today will focus. Moreover, I will address the consequences for the SNB’s monetary policy. In the light of current experience, the SNB will undoubtedly continue to conduct an independent monetary policy. But before turning to the implications for Switzerland in more detail, let me briefly recall the principal pros and cons of creating a monetary union. 2. Benefits and costs of a monetary union  The launch of a common currency promises benefits and causes costs. Since the benefits are mainly the result of structural improvements and the costs are due largely to the greater difficulty in steering inflation and economic activity, it is difficult to offset the advantages of a monetary union against its disadvantages. Whether a monetary union on balance creates benefits or causes costs depends on a whole range of factors, not least among them the characteristic features of the common currency area. What is theoretically uncontested is the following: in order to form a so-called optimal currency area, the member countries must be structured along similar lines or exhibit a high degree of flexibility.

I will share some of the challenges we see in the road ahead as the industry continues to adapt to and implement necessary changes. And then I’ll finish with a brief discussion of two of the issues that keep me awake at night. Progress to date Three years ago, I encouraged you to acknowledge that it is impossible to predict the nature or timing of a future crisis event. I posed a question about what a financial system better prepared to weather all storms would look like. As financial institution supervisors and as leaders of financial institutions, we all knew we needed to be better prepared for crisis events, whatever their character, source or timing. Since I made those remarks, a number of stress events have reinforced not only the need for continued substantive changes in firms, but also the benefits of the changes we have made so far. 1. Starting first with what has been accomplished to make financial firms – and the system – more resilient today to future shocks. First, in the area of capital resiliency, as a result of both new bank capital standards and our new stress testing regime, bank capital levels and the quality of capital have increased significantly – and on some measures, nearly doubled from pre-crisis levels. The banking system has more capital and, thus, a better ability to withstand stressful events when they arise.
Durmuş Yilmaz: Enhancing “ShamGen” banking – Turkey, Syria, Lebanon, Jordan Speech by Mr Durmuş Yilmaz, Governor of the Central Bank of the Republic of Turkey, at the conference on enhancing “ShamGen” banking – Turkey, Syria, Lebanon, Jordan, hosted by the Central Bank of Turkey and co-organized by the Al Bank Wal Mustathmer Group, Istanbul, 28 March 2011. *  *  *  Distinguished Guests, Welcome to the international “Enhancing “ShamGen” Banking: Turkey, Syria, Lebanon, Jordan” conference hosted by the Central Bank of Turkey and co-organized by the Al Bank Wal Mustathmer Group. We are delighted to host Governors and Deputy Governors of Central Banks, Chairmen of Banks Associations, CEOs of banks from Syria, Lebanon and Jordan as well as international economists and finance specialists. During the two-day conference, issues towards improving banking and financial cooperation among Syria, Lebanon, Jordan and Turkey will be discussed in the context of Turkey’s recently developing relations with her neighbors and other countries in the region. The conference will address issues such as enhancing banking cooperation between these countries, Banks Associations’ possible contributions to the process, payment systems, Islamic banking implementations and prospective cooperation fields, funding of small and medium-scale enterprises in the region and the future political and economic outlook of ShamGen countries. As we all know, the share of developing countries in the global economy has been growing and, in line with the increased importance of these economies, we witness significant changes in decision-making mechanisms worldwide.

Both of these tasks make far-reaching demands on how our assets should be managed. In concrete terms, it means that I and my colleagues on the Executive Board must achieve a balance between the requirements our task place on asset management and the goal of generating earnings. In this balance it is obvious that the possibility to carry out our statutory tasks takes precedence. Earnings are only taken into account if they are attained without jeopardising the Riksbank’s central policy functions. The result of this balance is perhaps most easily described with the aid of the Riksbank’s balance sheet (see Figure 1). The Riksbank’s balance sheet Our financial assets are dominated by foreign government bonds 1 , which can be sold if necessary to intervene in the foreign exchange market. In other words, these assets have a direct link to our task concerning monetary and foreign exchange policy. Historically, the gold holding has been justified for similar reasons. However, nowadays it has become more common to regard gold as a financial asset like any other. This also applies to the Riksbank, whose gold holding partly is adapted according to its contribution to the diversification of the total asset portfolio 2 . This adjustment is made within the framework of an agreement with other central banks 3 . Other important assets are monetary policy repos, which comprise a central part of the steering interest rate system 4 . For earnings reasons, part of the repo transactions has been extended by means of FX swaps 5 .
For policy-making institutions, particularly in emerging economies, the challenge to fulfill key objectives like price stability, sustainable growth and financial stability, is driving them into uncharted operational territory. I take this opportunity to touch upon some of the most pressing issues at stake. *** Dear Guests, Life with the Sars-Cov2 virus continues to be an unprecedented health and social challenge. Fortunately, health institutions today know more about the virus and which policies serve best to contain it. Unfortunately, we are still far from a definite and practical epidemiological solution. Against this background, the economic fallout from the pandemic is still unfolding. The strict lockdown in the second quarter paved the way towards a synchronized global recession; the economic activity in most emerging and advanced economies shrunk rapidly while unemployment jumped sharply. However, the easing of lockdown measures in the third quarter and the quick deployment of both fiscal and monetary policies at national level, have started to pull up the global economy from the brink of collapse. The scale of the two key support measures at national level, fiscal and monetary policy, reached unprecedented levels in many economies, not seen even during the recent global crisis of 2008. The aggregate fiscal support at global level has reached almost 12 trillion USD. Key policy rates have declined to zero and in some cases have pushed through that boundary and into negative territory.

Joseph Yam: Mortgage-backed securities programme in Hong Kong Speech by Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, at the signing ceremony of the Bauhinia MBS Programme of the Hong Kong Mortgage Corporation Limited, Hong Kong, 30 October 2003. *  *  *  Ladies and gentlemen, let me first offer a very warm welcome to all of you to this signing ceremony to mark the successful conclusion of the second series of mortgage-backed securities issued under the Bauhinia MBS Programme of the Hong Kong Mortgage Corporation. The issue size this time is $ billion. It is the largest residential MBS issue in Hong Kong, so far. Ladies and gentlemen, as you are aware, the HKMC is committed to developing a deep and liquid MBS market in Hong Kong as an effective means for enhancing the availability of competitive mortgage finance in Hong Kong for homebuyers. The success of this initiative will also benefit both the financial market and the future development of the HKMC as a major financial institution. For the financial market, MBS provide an efficient channel for long-term funds from the capital market to supplement bank financing of long-term mortgage loans. They also help banks to better manage the liquidity and maturity mismatch risks inherent in their mortgage business. Development of an active MBS market will broaden the product range of the financial market and further develop Hong Kong’s role as an international financial centre.
Indeed, it is worth observing in passing, one of the puzzles in recent years has been the degree to which market participants have expressed their concerns about the fragile liquidity in  BIS central bankers’ speeches  3  markets and the higher risk while at the same time charging less to hold those assets. Though they have increased somewhat of late, liquidity premia are still well below historic averages suggesting that liquidity risk is being under-priced and prices do not reflect the underlying characteristics of the assets. Assets that attract a more diverse set of participants are likely to be traded more frequently. This, in turn, should raise the likelihood of finding an instant match at any point in time, meaning there is limited need for intermediaries to warehouse risk. If trading is sufficiently frequent, this should also minimise the need to transact in larger trade sizes. In this respect, assets with standard terms and structures increase price transparency and the ease of price discovery, thereby attracting a larger pool of buyers and sellers. Government bonds, equities, foreign exchange and futures are good examples. Similarly assets that are designated benchmark instruments and those included in indices tend to attract a larger pool of buyers and sellers. And assets that can be posted as collateral against securities financing and derivatives transactions experience greater demand. On the other hand, while some characteristics make assets more liquid, some make them more illiquid.

Large shares of the sizeable oil revenues were transferred to our sovereign wealth fund, the Government Pension Fund Global (GPFG). GPFG assets are now more than double the GDP of Norway’s mainland economy. High oil prices and a profitable petroleum production industry have been accompanied by record-high oil investment in recent years (see Chart 4). The level in 2014 was equivalent to overall investment in domestic non-oil industries. The positive spillovers to the oil service industry and other private operators have been substantial. Employment has remained high and unemployment low, even when the financial crisis hit in 2008. The Norwegian economy has made use of favourable winds and seized the opportunities offered. The other side of the coin is an economy that has become increasingly dependent on oil, and thereby more vulnerable to changes in oil prices and petroleum revenues. The vulnerability manifests itself in several ways. 2  BIS central bankers’ speeches  A large share of the business sector and the labour market is now linked to the oil industry. A relatively small share is directly employed in the oil and gas production industry. But if account is taken of all the suppliers to the petroleum sector, about 1 in 9 jobs in Norway, a total of 300 000, are linked to the oil industry.2 Exports from Norway to the oil industry in other countries account for a growing share of this activity, and this may be a path forward in the face of a decline in petroleum investment in Norway.