samchain/econo-pairs-v1 huggingface dataset:
In other financial centres, having a strong community of well-informed retail investors has helped in developing the sophistication of the financial markets. This is what we would like to see happening in Singapore. MAS will work closely with the industry to identify gaps and study ways of enhancing investor education in Singapore. The industry itself also has a major role to play. Given the untapped potential in the market, there is much to be gained, whether at the individual firm or industry level, by being more active in educating investors about the nature of hedge funds, their contribution to an overall wealth management strategy, and the merits of different products. Only by winning and maintaining the trust of investors can the hedge fund industry seize the unique opportunities that are opening up in Singapore and the region. For its part, MAS will maintain its calibrated approach towards the regulation of hedge funds and hedge fund managers. MAS will also continue to build on the three pillars of enhanced disclosure, enabling and flexible regulation and enlightened investors to establish sound regulatory standards for the industry and foster market development. In each of these areas, we will need to work closely with industry players like yourselves. I consider this conference to be a useful step in promoting such cooperation. Thank you. BIS Review 52/2002  5

The emphasis here is that a good macro-surveillance framework must balance technical excellence and technical complexity with sound rationale and good qualitative judgment in order to make real contribution to policy decision. The robust framework of risk-based supervision such as Basel II places a strong technical demand on supervisors not only on Pillar I but also for the Supervisory Review work in Pillar II, which requires dynamically assessing on-going risk and changing risk profile of financial institutions. Therefore, macrosurveillance, stress-testing, as well as model validation, will fast become the norm for good risk management. BIS Review 98/2007  1  Macro-surveillance and its parallel policy framework – especially macro-prudential policy – are now exciting fields for central banks and supervisory agencies. But in my view, the needed pioneered framework is yet to be developed. The quantitative models and tools so far are at its early stage of development compared to those more established in monetary policy, such as the inflation targeting framework. The frontier work currently undertaken by central banks of advanced economies are, for example, developing macro-stress testing model which incorporates interlinkages between financial and real sectors. Such work is quite demanding due to the complexity of the evolving linkages and behaviour linked to rapid developments in economic and financial sector, and all the more so with globalisation. In response, community of experts are emerging, and many such experts are now using virtual network such as stress-testing internet platform to share knowledge and experience.
The negotiations between the United Kingdom and Europe are led by Michel Barnier on the European side. So we certainly defer to Mr Barnier when it comes to the political direction of those negotiations. It is clearly very positive that the UK authorities are willing to engage in a constructive way, in a practical way, in a detailed way. It will be for Michel Barnier to react to the paper. That said, and beyond the positive news in terms of how the discussion is moving on, we also believe at the ECB that private players, industry, have a responsibility to prepare for the worst outcome. So hope for the best, but prepare for the worst. In fact it seems like we have an agreement to have similar regulation in the industrial sector and the agricultural sector, but not the services sector. As we know, the financial services sector is what worries investors the most. Is this the big concern here? I will defer to Michel Barnier to pass judgement on that. What we certainly believe very strongly – as does the European Commission and as do all Member States – is that the key principles which uphold the Single Market should not be harmed. Certainly, a good solution should be found with the United Kingdom, but that cannot be at the expense of the fundamental principles that have upheld the functioning of the Single Market. Should the EU actually extend the deadline beyond March 2019 – if that’s a possibility – to have a better agreement?

Benoît Cœuré: Interview with Bloomberg TV Interview with Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, and Bloomberg TV, conducted by Ms Caroline Connan and broadcast on 9 July 2018. * * *  Donald Trump has pulled the trigger on tariffs on China; China is retaliating. Could that complicate the ECB’s task going forward? What’s really important for us to gauge is the impact on business confidence, which so far has been limited. We see this escalation process: we start with skirmishes and then skirmishes may turn into clashes and then, at some point, clashes may turn into a fully-fledged war. That would be very bad for business confidence. So far, the backdrop is very strong growth in the Eurozone, resilient growth in the Eurozone, meaning that what we’ve seen so far doesn’t have the potential to derail the recovery. Can the ECB just sit back and watch this trade war happening? We are never sitting back and watching; we have to understand what’s going on. So far we believe that growth is strong enough to withstand the shock. Have you already seen some companies holding back investments because of these protectionist policies risks? Yes, that may happen. We are not complacent on the possible risks. A fully-fledged trade war would be extremely bad for the world economy – starting with the United States, by the way. The first victim would be American jobs, American workers. We very much hope that this doesn’t happen.
Then the crisis struck, and we decided on the measures that have given us today's portfolio. Time to rethink in the current situation? There are several reasons why one might think differently now in relation to the way we reasoned at the end of 2017. Greater element of private securities A major difference compared with before is that the Riksbank has purchased large amounts of private securities during the coronavirus crisis, like many other central banks. This measure should be regarded in the light of the fact that monetary policy is about influencing the financial situation in such a way that inflation stabilises. In countries where credit is granted via the banks, the central bank naturally aims its measures at them. However, in countries such as Sweden, where credit is also market-based, that is, credit is also provided through debt securities, a broader toolbox is needed for the central bank to be successful in its monetary policy and to stabilise inflation around the target. My conclusion is therefore that QE will be needed from time to time. It is also interesting to note that the monetary policy toolbox, when regarded over a longer period of time has to some extent been cyclical. The fact that the Riksbank owns Swedish securities is nothing new, as my  10 See Sveriges Riksbank (2017).

It is clear, for instance, that the maturity of the covered bonds is considerably shorter than that of the government bonds, which means that most of the holding will have declined within five years through maturities, should the Executive Board decide not to make any reinvestments after 2022. Thoughts regarding the future In conclusion, I would like to talk about the lessons we can learn for the future. During the coronavirus crisis we made extensive purchases that we are now planning to phase out in a predictable manner. We believe that the purchases have worked well. But as you know, no two crises are the same. What strategies are available in the future? Go big and fast, buy a little at a time or take a middle way? One alternative is what Andy Bailey and others at the Bank of England have discussed, namely to 'go big and fast' and then fairly quickly dismantle the holding as soon as the situation improves, to have your ammunition ready for the next crisis or economic downturn.24 I think that the holding should be phased out when it is politically motivated and I am not keen on dismantling it to increase our purchasing scope. This is a variation on the theme of raising the policy rate just to be able to lower it later. Another option is to buy a limited amount of assets when the need arises, combined with a commitment to buy more if the situation deteriorates.
The level of the countercyclical capital buffers will be determined  6  This refers to Core Tier 1 capital in relation to risk-weighted assets. 7  FSB (2011), “Policy Measures to Address Systemically Important Financial Institutions”, 4 November 2011. 8  See, for example, Financial Stability Report 2012:1, Sveriges Riksbank. 4  BIS central bankers’ speeches  by the relevant authorities on the basis of quantitative and qualitative assessments. Among other data, the quantitative assessment will take into account the so-called credit gap, which is how far credit growth deviates from an estimated trend. But this is a fairly rough measure of the degree of risk in the system, and other measures and assessments may also be fairly important. The aim of the countercyclical capital buffers is primarily to strengthen the banks and the resilience of the financial system. One effect of introducing the buffers will be to moderate the fluctuations of the credit cycle. In an upturn, substantial credit expansion will activate the buffers, which means that the banks will gradually have to hold more capital. This will restrict lending and thus reduce the risk of exaggerated credit growth and rising asset prices. In a situation in which lending is being tightened, the banks’ capital will be freed up as the buffer requirement is reduced. The banks will therefore not need to reduce their lending to the same extent, which would otherwise reinforce the downturn.

My assessment is that leverage ratios and countercyclical buffers are good instruments for the management of systemic risks which will help us strengthen the financial system when the need arises. But they have their limitations. Both of these instruments are indiscriminate and it will be difficult to determine when it will be appropriate to increase or decrease the countercyclical capital buffers. If we are to be able to combat risks efficiently, we will also need instruments that can be directed towards the areas in which the problems exist. Variable risk weighting – a usable instrument One instrument that a growing group of countries is choosing to introduce is variable risk weighting for lending. 11 These can be seen as a complement to countercyclical capital buffers and are aimed at counteracting the build-up of risks in lending to specific sectors. Varying risk weighting is thus a more focused instrument than countercyclical capital buffers. 9  This work is being conducted within the framework of the government’s inquiry Fi 2012:05 “Inquiry on capital adequacy regulations”, to be concluded in the spring of 2013. 10  This capital conservation buffer is to be held in the form of core Tier 1 capital and is to consist of 2.5 per cent of the risk-weighted assets. 11  In the United Kingdom, the Financial Policy Committee has been given a mandate to introduce risk weighting, so-called sectoral capital requirements, see Financial Policy Committee statement, March 2012. See also Bank of England Instruments of macroprudential policy, a discussion paper, December 2011.
In the first half of the year, annualised growth was close to 6 per cent, and even if GDP growth in the third and fourth quarters should be zero, annual growth will be well over 4 per cent. As the chart shows, a four-year period of such strong growth has not been seen since 1971. The strong rate of growth has only to a limited extent fed through to a higher rise in prices for consumer goods and services. Consumer price inflation adjusted for tax changes and excluding energy products (CPI-ATE) has admittedly picked up gradually since late summer 2006, but in relation to the economic situation, underlying inflation remains low. After hovering around 1-1½ per cent over a longer period, the year-on-year rise in the CPI-ATE was 1.8 per cent in August. Other measures of underlying inflation show approximately the same rise in prices. The year-on-year rise in the total consumer price index (CPI) has been just under ½ per cent in recent months. This is because electricity prices have been substantially lower this year than last year. There are a number of reasons why inflation has been low in an environment of high economic growth. First: Norway’s terms of trade have improved. Prices for export goods such as oil and gas, freight, fish, industrial commodities and engineering products have increased considerably. In addition, market growth abroad has provided market opportunities for Norwegian export goods.

Ravi Menon: Introducing Mark Carney Introductory remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the 2014 Monetary Authority of Singapore Lecture, Singapore, 17 November 2014. *  *  *  Mr Mark Carney, Governor, Bank of England, Deputy Prime Minister and Chairman, MAS, Tharman Shanmugaratnam, Ambassadors, distinguished guests, friends and colleagues, good morning, Welcome to the eighth MAS Lecture. First held in 2000, the MAS Lecture has over the years featured several eminent members of the international financial community who have offered their perspectives on important economic and financial issues. Today, Mark Carney joins that distinguished band of leaders in finance, and it is my pleasure to introduce him. Carney has the rare distinction of serving as governor for not just one central bank but two: •  From 2008 to 2013, Carney was Governor of the Bank of Canada, playing a major role in helping Canada avoid the worst effects of the Global Financial Crisis. •  And since the middle of last year, he has been Governor of the Bank of England, the first time that a non-Briton has taken the helm of that hallowed institution in its 320-year history. •  Perhaps the transition was made easier by the fact that the appointments of both the Governor of the Bank of England and that of the Bank of Canada are made in the name of the Queen.
Andrew G Haldane: The age of asset management? Speech by Mr Andrew G Haldane, Executive Director, Financial Stability, Bank of England, at the London Business School, London, 4 April 2014. *  *  *  I would like to thank Sarah Breeden, Antonia Brown, Edd Denbee, Ronnie Driver, Ronan Hodge, Tamara Li, Pippa Lowe, Varun Paul, Jonathan Rand, Martin Taylor, Lewis Webber and Jack Worlidge for their help and comments. It is a great pleasure to be speaking at this London Business School conference on asset management. Given the topic and my area of responsibility, I thought I would discuss the links between asset management and financial stability. This issue is not new. But it has become topical recently as the asset management industry has grown and changed shape. Partly in response, regulators globally have begun to explore the risks to the financial system that might be posed by non-banks of various stripes, including asset managers. I want to discuss those risks and their potential policy implications. I want also, however, to discuss some of the opportunities asset management offers. The industry is a key bridge between end-savers and end-borrowers, between the financial and real parts of the economy. As the banking system continues to de-risk, strengthening that bridge could well strengthen both the financial system and wider economy. The evolution in asset management Let me start with some facts on the evolution of the industry. Asset management is, of course, an agency activity.

A “high-quality” securitisation product might comprise much simpler structuring of payoffs and high and transparent underwriting standards. So-designed, such a lower risk securitisation might benefit from preferential regulatory treatment. Work is underway both internationally and in Europe to design criteria for high-quality securitisations fitting this bill. With international colleagues, the Bank intends to support actively these important initiatives. If successful, the prize for regulators and asset managers is a big one. For regulators, it would enable non-bank investors to do more of the heavy lifting when financing the wider economy. This is particularly important in Europe where, at present, companies are very bank-reliant for their financing. For asset managers, it would have the potential to offer both duration and yield, thereby helping them meet the needs of end-investors. Conclusion It is often said that banks are special. Compared to banks, asset managers generate a completely different risk and opportunity set. But they, too, are special both for the financial system and the wider economy. As they grow in scale and importance, that specialness is likely to increase further. The Age of Asset Management may be upon us. Academics, practitioners and regulators have been studying banks, their behaviour and failure, for several centuries. Analysing and managing the behaviour of asset managers is, by contrast, a greenfield site. The risks and opportunities asset management poses, while different, could be every bit as important. To avoid the pitfalls of the banks, this greenfield site will need to be cultivated carefully.
Philipp M Hildebrand: Monetary policy in a global context Speech by Mr Philipp M Hildebrand, Member of the Governing Board of the Swiss National Bank, at the Swiss-American Chamber of Commerce, Zurich, 8 October 2003. *  *  *  It is a special privilege to be able to give my first formal address as a central banker before the distinguished audience of the Swiss-American chamber of commerce. I have always been very fond of the Swiss-American friendship. It has been an integral part of my family’s life for several decades. More importantly, I am convinced it is an essential ingredient to the long-term vitality of the Swiss economy. Like any friendship, it has had to endure difficult moments. The vibrancy of your association is testimony to the fact that the cultural affinities and common interests between our two countries provide a reliable foundation for extensive and mutually beneficial economic relations. Let us strive to make this foundation as solid as the public service record of the Geneva-born Albert Gallatin, whom Thomas Jefferson appointed as the fourth Secretary of the U.S. Treasury in 1801. To this day, Gallatin remains not only the longest serving Treasury Secretary in the history of the United States but the only Swiss-American to have occupied that most prestigious position in the then newly established capital in Washington D.C. My focus today will be on the long period of global disinflation following Paul Volcker’s paradigmatic shift of monetary policy in the United States.

40  In keeping with BIS traditions, Borio encourages central banks to  lean into the wind, accepting lower inflation outcomes, for both macroprudential reasons and to accommodate the positive global supply shock. 41  In my view, the bar for changing monetary policy frameworks should be very high. Consider the Bank of England. We have a wide range of macroprudential tools that allow monetary policy to be the last line of defence against financial stability risks. Our monetary policy remit from HM Government gives the MPC the necessary constrained discretion to respond flexibly to real shocks, including from globalisation, while maintaining the primacy of price stability. More generally, to the extent there is “good deflation” from globalisation, it exists in parallel with lingering risks of an old-style, Fisher debt deflation which could be very bad indeed. I am also mindful that central banks have generally been able to achieve their objectives and that, with the strengthening and broadening global expansion, cyclical forces should ease constraints on central banks. In addition, as demand in a number of major economies rotates from consumption towards investment 12) and as fiscal policies become less contractionary,  43  42  (Chart  short-term equilibrium real interest rates should rise  everywhere. This means that a static monetary policy stance becomes more expansionary all else equal. Chart 12: Strong capital goods orders point to demand rotating towards investment  Sources: Sources: Thomson Reuters Datastream and Bank calculation. 40  Borio, Presentation on the BIS 87th Annual Report, ibid.
I would like to spend the rest of my time discussing two of these issues in more detail -- specifically, electronic payments and a Uniform Commercial Code on Electronic Commerce. My interest in these areas reflects my belief that advancements in each are essential to the continued growth of electronic commerce over the Internet both domestically and globally. Users of electronic commerce need safe and reliable payments systems linked to the Internet to facilitate payment for goods and services contracted for over the Internet. More fundamentally, contractual relationships forged over the Internet must have some basis in a sound legal and technological infrastructure. Electronic Payments Over the past few years we have seen the emergence of new technology which allows individuals to pay for goods and services over the Internet and over private networks. These payment methods have developed along two lines. First, technology exists that allows individuals to make payments over the Internet and private networks using traditional payment mechanisms such as credit cards. When used in this way, the Internet is simply the next in an evolving line of communications media used to convey payment information. The underlying payment is governed by the same laws that would govern credit card payments at a point-of-sale terminal or over the telephone. Moreover, and perhaps more importantly from a central banker’s perspective, these Internet payment methods remain tied to existing payments systems involving the transfer of balances among accounts at financial institutions. “Electronic money,” based on stored-value smart cards and other technologies, is also under development.

The White House believes that the commercial and technological environment is changing far too rapidly for it to be able to develop policy that is both timely and appropriate. In the near term, therefore, the White House is calling for case-by-case monitoring of electronic payments experiments. In keeping with the spirit of the White House Framework, Federal bank supervisors in the United States have expressed a clear willingness to listen to what the private sector has to say on issues involving emerging electronic payments. For example, in 1996 the Board of Governors issued proposed regulations concerning the applicability of Regulation E to stored-value cards. As part of that proposed rule making, the Board requested comments from the public as to whether part or all of Regulation E should apply to electronic money or value residing on a computer system or personal-computer hard drive. Similarly, the FDIC requested public comment on the application of Federal deposit-insurance coverage to electronic value represented on computer systems. This openness, combined with an increasing willingness to let the banking industry partner with technology and other industries, reflects a commitment on the part of bank supervisors in the United States to allow the private sector to direct the future of electronic commerce and payments. From a longer term perspective, however, the market-place and industry self-regulation alone may not fully address all of the issues associated with e-money.