samchain/econo-pairs-v1 huggingface dataset:
This really is a step in the right direction. However, the host country’s authority could have been strengthened further. One of the Basel rule’s major weaknesses is low and differing risk weights for residential mortgages. The risk estimate in the models used is too low for this type of loan. As a result, the effective capital requirement may be far too low, falling below 0.3 per cent of the loan. Host country rules should apply in these cases and the host country should settle the matter. Distortion of competition may easily be the result if similar loans extended in the same market by foreign and domestic banks have different risk weights. Allow me to conclude. The downturn in Norway was not self-inflicted – it was triggered by external shocks. But the financial crisis has also increased awareness here in Norway of how dependent sound economic developments are on financial stability. A better redistribution of liquidity in the interbank market and new macroprudential instruments are both important for a smoothly functioning financial system. Thank you for your attention. 10  BIS Review 113/2010

The lower levels of yields would be expected to boost other asset prices as investors substitute into alternative asset classes. These patterns describe what researchers often refer to as portfolio balance effects. Such effects are important to consider, because they have implications for monetary policy. If the Fed’s holdings of assets have produced lower long-term interest rates, the FOMC has to carefully take into consideration how it will manage the size of its balance sheet going forward. In particular, a rapid and substantial reduction in our holdings of assets would likely push up long-term interest rates that is, it would put upward pressure on those rates by unwinding the portfolio balance effect. That increase in long rates would, in turn, weigh on other asset prices, reversing the positive effects that had been associated with the expansion of the Fed’s balance sheet. Under this view, the size of the Fed’s asset holdings becomes a relevant policy lever. Accordingly, this will be the first tightening cycle for which there are two broad policy decisions in play, as the FOMC will have to set out not only the path of the short-term interest rate, but also the path of its asset holdings. The decisions on these two variables will have to be made in conjunction with one another to produce the desired outcome for economic activity and inflation. These considerations leave open a range of outcomes for how the two instruments will be used.
What Do We Do to Get to a “Good” Culture? 1/3  BIS central bankers' speeches  The second thing is we need to understand what contributes to a good culture, and what allows a bad one to flourish. What fosters an organizational culture where people feel empowered to speak up? And what leads to a work environment where employees feel emboldened to commit fraud? That’s one of the things I’m most looking forward to in today’s conference. I can’t wait to hear the insights from such a variety of voices. Looking beyond our own narrow frame of reference to other fields of study, like organizational psychology, will help us understand how to achieve the progress that’s so desperately needed. Behavioral science really gets to the root of how human nature interacts with an organization’s processes. Everything from how we set goals to how we motivate our staff to achieve those goals has an effect on culture, for better or for worse. This is where the rubber hits the road for most organizations, in the financial services industry, and beyond. We’re also going to hear from experts on the role technology plays, including the ethics of data handling, and what artificial intelligence means for relationships with customers. And I’m particularly looking forward to hearing about how diversity, something that’s a strategic priority for me and this Bank, affects cultural norms. This includes diversity not only in terms of race and gender, but diversity of thought and experience, which also affects an organization’s culture and decision-making.

As this work has progressed, it has been hard to ignore the concern that these initiatives and tools might shift the attribution of liability between participant and operator in a manner that could challenge an operator’s ability to take appropriate precautionary measures to protect the network. For example, if an operator becomes aware of security deficiencies at a participant as part of an assurance program, and the participant subsequently experiences a breach, does the operator incur some measure of liability for any loss? In such a circumstance, what degree of latitude does an operator realistically possess to deny a participant access to services that are essential 4/5  BIS central bankers' speeches  to the participant’s ongoing viability? Moreover, if an operator detects potentially anomalous transactions coming from a participant, and does not intervene to prevent a transfer that is in fact fraudulent, does the operator assume a measure of liability for the resulting loss? One way in which we have endeavored to manage these concerns is to provide tools and services to participants to manage their endpoint security risks locally, and in a manner that does not inappropriately shift liability from participant to operator, but admittedly these are difficult questions that compel novel thinking to ensure that the legal framework supporting the payment system is sufficiently robust and responsive to the escalating threat environment.
The Bank of Albania, in the light of priority to comply with budget deficit and fiscal consolidation objectives, suggests that the implementation of the budget 2017 should regard the following: - In the event the budget revenues are less than the planned level and the difference is higher than the contingencies foreseen in the budget, then the Government should take additional measures to comply with the budget deficit levels. This implies the reduction of budget expenditures commensurate to the level of unrealised income. - In the event the budget revenues are above the planned level, and the difference stems from faster than projected economic growth, such revenues should be saved, by proportionally reducing the budget deficit. - In the event the budget revenues are above the planned level and the difference stems from the improved fiscal management, such revenues may be spent, affecting neither the budget deficit nor the fiscal consolidation intensity. 4.2 Structure of financing and public debt The way the budget deficit and public debt are financed is as important as their level. The financing structure of the Albanian debt was and remains stable. The domestic debt is shifting towards longer-term maturities, and its sensitivity against short-term volatilities on interest rates is downward. In parallel, the external debt is mostly in concessionary terms and has long-term maturity. Nevertheless, the Albanian public debt showed an increasing trend of financing from external resources. In the last decade, the share of external debt to total debt increased by 16 percentage points.

Public sector borrowing and domestic financial market The draft-budget 2017 envisages domestic borrowing amounting to ALL 19.8 billion. The liquidity situation in the domestic financial market and the low interest rates provide the premises for accommodating the aimed borrowing level. However, the Ministry of Finance and the Government of Albania should give due attention to the even distribution of borrowing and budget expenditures, in order to reduce domestic markets’ volatility. Also, the Ministry of Finance should constantly monitor the absorption of borrowing in domestic financial markets, in order to enable the constant re-calibration of debt instruments with market requirements. *** Concluding, the Bank of Albania would like to present some suggestions, which – in our opinion – would contribute to the process of drafting and implementing the Budget in the future. 4. Suggestions and recommendations 4.1 Forecasting, Uncertainty and Risk Management The forecast on the revenue of the budget – like any other economic forecast – is surrounded by uncertainties and risks. The proper acknowledgment and understanding of this fact necessitates measures to identify and quantify them, and paves the way to effectively manage the possible consequences. 3/5  BIS central bankers' speeches  In line with our previous suggestions, Bank of Albania deems that the drafting and implementation process of Budget would benefit from the establishment of alternative budget scenarios, which would be implemented in the event of large deviations from the forecast.
Ravi Menon: A supervisory push for transition planning and blended finance Opening remarks (virtual) by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore and Chair of the Network for Greening the Financial System, at the Green Swan conference 2023, Basel, 31 May 2023. *** Ladies and gentlemen, I am happy to join you again at the Green Swan Conference. On behalf of the Network for Greening the Financial System (NGFS), I would like to express our gratitude for the opportunity to co-host this conference with the Bank for International Settlements, the Central Bank of Chile, and the South African Reserve Bank. The world is still not on a transition path that is aligned with the goals of the Paris agreement. According to the latest report by the Intergovernmental Panel on Climate Change, we need to cut global greenhouse gas emissions by 43% in the next 7 years to reach net zero by 2050. We are now one third of the way through this "critical decade" and nowhere near this target. Emissions are still rising, not falling. We need to convert commitments to plans and plans to outcomes. More countries and corporations are committing to achieving net zero emissions by 2050 so as to limit global warming to 1.5 degrees Celsius. But few have drawn up concrete plans to do so. Without credible transition plans and financing strategies to support them, climate action will be sporadic and ineffective.

The next phase of the NGFS' work will develop guidance on transition planning to cater to different supervisors' mandates, toolkits, and prudential frameworks. Recognising that there is a spectrum of supervisory mandates, such guidance will be based on a building block approach to aid financial regulators with varying approaches in their review of financial institutions' transition plans or planning process. Scaling blended finance To move the needle on global emissions, we need to facilitate the decarbonisation of emerging markets and developing economies. Emerging markets and developing economies account for more than half of global greenhouse gas emissions. They are still heavily dependent on fossil fuels for their economic development and energy needs. Their energy needs are expected to grow significantly in the coming years alongside economic growth and development. It is not right to hold back their economic growth. Rather, we need transition finance to help decouple growth from emissions – through cleaner energy, greater energy efficiency, more electrification, and production processes with a lower carbon footprint. But emerging economies and developing countries face several challenges in mobilising the transition financing necessary for decarbonisation. First, they have fiscal constraints. Public debt remains the main source of funding for transition in these economies. But there are tight limits to how much debt these governments can sustainably raise, especially in foreign currencies. 3/5  BIS - Central bankers' speeches  Second, they have limited access to private capital. They lack depth in their domestic capital markets; they lack large corporations, and a broad investor base.
In some situations where unexpected events lead to an inflation rate that is too high, it may be appropriate to apply a longer time horizon than two years. For example, reducing inflation to 2½ per cent within this time horizon may be associated with unnecessary real economic costs. A precondition for applying a longer time horizon is that there is clear evidence of strong confidence in low and stable inflation over time on the part of economic agents. As experience with setting interest rates using an inflation target is gained, the scope for placing emphasis on stability in the real economy will probably increase. Low and stable inflation is a necessary precondition for stability in the foreign exchange and financial market and the property market. However, there have been episodes where bubbles have accumulated in these markets, in the form of sharp increases in asset prices in an environment of low inflation. Price increases in property and financial markets can have a considerable impact on wage growth and consumer price inflation after a period. When the bubbles burst, the result may be an economic downturn. Developments in financial markets and property markets can be a source of a more unstable inflation environment. In principle, it would be appropriate to use the interest rate to counter this. In practice, however, it is difficult to assess whether price trends in property and financial markets are sustainable. When Norges Bank concludes that a change in the key rate is appropriate, the change will in most cases be made gradually.

BIS Review 47/2001  5  There is substantial uncertainty associated with developments in Japan. Industrial output and exports have declined. The financial sector is struggling in the face of large losses and poor performance, and the general price level is falling. In the euro area the picture is mixed. Growth is solid in countries like France, Finland and Ireland. Germany has a large internationally exposed industrial sector, which is feeling the effects of the 1 slowdown in growth in the US and Asia. In a survey , growth forecasts for Germany have been revised downwards this year from 3 per cent a few months ago to a good 2 per cent. Economic growth prospects for Sweden and the UK are also weaker than a few months ago. However, the easing of monetary and fiscal policy in many countries should contribute to a pick-up in growth and reduce the risk of a pronounced international downturn. The Norwegian economy will be particularly hard hit by an international downturn if this translates into a sharp fall in oil prices and other commodity prices that are important for Norwegian exports. This would lead to lower export revenues and slower growth. Employment would also be affected. An international downturn would also lead to lower prices for imported goods and services and thereby reduce domestic inflation. If other Nordic countries are negatively affected, this will have an impact on the supply of labour in Norway since the Nordic labour market has become increasingly integrated.
This has contributed to a well-diversified economic structure and has increased the resilience of the economy to external developments. The financial sector has also seen significant transformation. The restructuring, consolidation, and internal rationalisation of the banking sector is now virtually completed. Governance and risk management practices have also been improved while structural enhancements have been made in the capital market, significantly enhancing its role in the financial system. A comprehensive and robust Islamic financial system now also operates in parallel with the domestic, conventional financial system. Against the background of strengthened economic fundamentals and financial system, Malaysia has taken the opportunity to sequentially deregulate and liberalise the financial system. This includes the introduction of a new interest rate framework that is market-driven,  1/2  the liberalisation of foreign exchange administration rules to promote greater efficiency and enhance risk management in foreign exchange transactions, and the introduction of new foreign players into our financial system. In July this year, Malaysia adopted a managed float for the Ringgit exchange rate to better position Malaysia to respond to structural changes in the global and regional environment. Under this arrangement, the Ringgit is monitored against a basket of currencies of Malaysia's major trading partners. In this world of greater uncertainty, there has been significant focus on the issue of surveillance and risks and vulnerabilities. Experience has shown that surveillance has improved policy performance as well as the ability to take pre-emptive action to contain the impact of disruptive and destabilising developments.

16 Sep 2022  Keynote speech at the Treasury Markets Summit 2022 Eddie Yue, Chief Executive, Hong Kong Monetary Authority “New Impetus for Hong Kong” Distinguished guests, members, and friends of the Treasury Markets Association (TMA), ladies and gentlemen. Opening 1. It is an honour and a pleasure to be asked to give the keynote speech at this year’s Treasury Markets Summit. 2. As much as I wanted to be with you all in-person, I have to join this event virtually while travelling to international meetings. Travel has been rather difficult for the past two-anda-half years but now that most cities and countries have achieved high vaccination rates and COVID-related symptoms have generally become less severe, I am taking every opportunity to physically represent Hong Kong at key international meetings. There is really no substitute for face-to-face connection, and I do hope such gatherings are back to stay. This is a great time and a perfect opportunity for us to show the world that Hong Kong is back, stronger and better than ever. 3. In my remarks today, I wish to talk about Hong Kong’s progress as an international financial centre, and to highlight the rapid growth of Mainland China and the RMB. No appreciation of Hong Kong’s growth can be complete without acknowledging the rest of the nation’s progress: Looking at one without the other would be like admiring a sunrise without seeing the sky behind it. 4.
It is at the heart of what we do. And I can say from experience that, despite the masses of data and our complex mathematical models, it is not an easy task. The future, as the last few years of pandemic and war have shown us, rarely behaves as it should. However, forecasting the direction and pace of technological innovation - and, crucially, the way it will interact with social and economic trends - is an even more hazardous enterprise. Much lauded innovations prove to be dead ends or fail to be adopted. Unheralded ones emerge at speed. And often it is the unforeseen combination of a number of technological advances that generates radical change. Against that background, public authorities, like the Bank of England, that are charged with maintaining financial stability and with the regulation of the financial system need to be forward looking, for two key reasons. The first is that while we cannot be certain how new technologies and social and economic trends will play out, we need to have thought through in advance how the risks might need to be managed and, where the likelihood of major change is high, have the regulatory frameworks and powers in place. Playing regulatory catch up with new technologies once they become established and adopted at scale can be very difficult – as some of the experience in recent years with social platforms and other big techs has demonstrated. And it generates uncertainty for innovators.

Mr President, no company can sustainably grow if it does not provide mechanisms by which employees can influence their working lives. Labour is more than a commodity. Unlike non-living factors of production, such as, machinery and raw materials, the work of human beings raises questions about the impact of work and work relations. As you review your collective agreement frameworks, I wish to remind you that there are a lot of common interests and important interdependencies between employers and employees despite the apparent conflicting interests. For instance firms need workers and workers need jobs. Ladies and gentlemen, there can be no true bargaining without prudent and effective leadership on either side of the table. This kind of leadership is required for us to achieve our collective objectives. We are desirous of seeing a Union leadership, which is well-informed and constantly upgrading their leadership skills for the attainment of organisational goals and workers welfare. In conclusion, I wish to once again implore you to actively participate and take a keen interest in the deliberations of this Forum. It is my expectation that you will have an opportunity to carry out an appraisal of your individual and collective skills and how they impact upon the job market and workers welfare in the financial sector. With these remarks, Ladies and Gentleman, I declare this Forum officially open. I Thank You  2  BIS central bankers’ speeches
Meanwhile, aiming to enhance connectivity, since June of last year the Bank of Thailand has undertaken Foreign Exchange Regulation Reform to relax 4/5  rules on foreign exchange controls and make foreign exchange-related transactions more digital, flexible, and accessible. To give a few examples, foreign exchange transaction forms were completely abolished, which should reduce document-related burden for the private sector; the working scopes of money changers and money transfer agents are expanded so that they can better facilitate retail cross-border transactions; and commercial banks can now provide direct Thai Baht loan to non-resident companies established in the Greater Mekong Sub-region (GMS). These efforts will improve connectivity as well as ease of doing business in our region. Fourth, we must foster greater cooperation on cyber security to ensure resilience of our financial systems. Arising with new forms of financial technology is our increased reliance on data transmitting devices and data usage; these come with greater risks of cyber threat. And, globally the number of threat incidents have been rising. Cyber security should be one, if not, the top priority for catalysts like us going forward. Ladies and gentlemen, The Bank of Thailand looks forward to working closely with other central banks, government agencies and, very importantly, private sector participants in the ACMECS region to support adoption of financial technology to promote economic and financial developments.

1/5  Ladies and gentlemen, Policymakers must take on the challenges of developing our financial systems with a great sense of urgency. Thus far we have seen integration of the ACMECS economies on various fronts—through economic connectivity in trade and investment and through people-to-people connectivity in migration of labor and tourism. Yet, financial connectivity in our region lags behind developments in other sectors and should be prioritized so that it does not hinder further economic integration. Fortunately, today we have the opportunity to leapfrog development in our financial systems and regional financial connectivity because of rapid advancement in technology. Not at any point in history have powerful technologies been so affordable and accessible. For instance, the costs of industrial robots and smartphones are now 30 times and 50 times cheaper than those with similar features just ten years ago. Moreover, there are a diverse and extensive number of software applications as well as know-hows available to satisfy businesses and consumers; many of which can be accessed online and obtained free-of-charge. All of these have allowed for greater adoption of mobile devices as well as emergence of new financial technology platforms. Looking around our region, there are many exciting developments taking place that can enhance our financial systems and strengthen their productivity, inclusivity, and immunity. For instance: a.