samchain/econo-pairs-v1 huggingface dataset:
Financial institutions should implement robust practices to assess, monitor and manage environmental risks, and make regular and meaningful disclosures. Second, we want to encourage the development of green products and solutions. MAS is developing a grant scheme for green and sustainability-linked loans – similar to what we have for green and sustainability bonds – to grow the green and sustainability-linked loan market in Singapore and the region. We will launch the Green and Sustainability Linked Loan Grant Scheme in the fourth quarter of this year. Third, we want to harness technology and innovation to promote green finance. This year, the Global FinTech Innovation Challenge that is part of the Singapore FinTech Festival, has a focus on green finance. It is seeking ideas for enablers of green finance and innovative solutions to challenges faced by financial institutions in managing climate risks. The submissions closed last night and we have received some 250 proposals on green finance and sustainability from entities across 50 countries. MAS will present later this year a comprehensive update on our green finance strategies and the progress made. MAS FINANCIAL PERFORMANCE Before I close, let me provide a brief update on MAS’ financial performance. The investment return from the Official Foreign Reserves was $ billion.This comprised: 13 / 15  BIS central bankers' speeches  Investment gains of $ billion; and A positive currency translation effect of $ billion. MAS made a net profit of $ billion in FY2019/20.

This is after: Deducting $ billion of expenses from domestic money market and other operations; and Contributing $ billion to the Government’s Consolidated Fund, as payment in lieu of corporate income tax. This year, MAS will return half of its profits – $ billion – to the Government while the remainder will be added to MAS’ reserves. CONCLUSION Let me sum up. The economic situation remains dire. We are not at the beginning of the end, but rather at the end of the beginning. Growth rates will pick up – as you would expect coming from a very low base; but the level of activity will remain below pre-crisis levels for quite a while. The recovery is likely to be slow and uneven, weighed down by renewed outbreaks of infection here or abroad. Unemployment and corporate bankruptcies are likely to increase in the months ahead. We will enter 2021 with higher levels of debt, in both the corporate and household sectors, which will act as a further drag on growth and could become a source of vulnerability. MAS’ priorities will be to ensure monetary and financial stability. We will keep the exchange rate stable, to provide an anchor of confidence. We will keep the funding markets liquid, to ensure credit remains available to the economy. We will ensure the financial system remains sound and resilient. We will ensure that our systemically important financial institutions continue to have healthy buffers to absorb any unexpected losses.
Stefan Ingves: Introduction on monetary policy Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank and Chairman of the Basel Committee on Banking Supervision, to the Riksdag Committee on Finance, Stockholm, 10 November 2011. *  *  *  Clouds have gathered recently in the form of the financial unease and the debt crisis in Europe. As Sweden is a small, open economy we are affected in many ways by developments abroad. Nevertheless, we must of course do what we can to ensure stable economic development in Sweden. In the face of turbulence abroad we must make sure that we maintain order in the Swedish economy. The economic-policy framework in Sweden has worked well. We have learned from the mistakes we made in the past and are now in a much more favourable position than many other countries. This is something that we must build on, and monetary policy is trying to play its part in this. Today I will begin with an international tour before returning to Sweden. When the tour is complete, I hope that I will have shed some light on the following questions:   What is happening abroad and how is it affecting us?   How can we ourselves facilitate developments in Sweden – particularly with the help of monetary policy? What is happening abroad? Drama on the financial markets of the world There have been dramatic developments on the financial markets since the summer. Stock markets have plummeted (see Figure 1).

Nessén, Marianne (2016), Discussion of ”The case for unencumbering interest rate policy at the zero bound” by Marvin Goodfriend”, Jackson Hole, Wyoming, 25-27 August. Rachel, Lukasz and Thomas D. Smith (2015), “Secular drivers of the global real interest rate”, Staff Working Paper No. 571, Bank of England. Rogoff, Kenneth (2016), “It would be wrong to abandon the policy of negative rates”, Financial Times, 11 October. Rosengren, Eric S. (2015), “Changing economic relationships: Implications for monetary policy and simple monetary policy rules”, speech on 16 April, Federal Reserve Bank of Boston. Skingsley, Cecilia (2016), “Should the Riksbank issue e-krona?”, speech at the FinTech conference in Stockholm, 16 November, Sveriges Riksbank. Turk, Rima A. (2016), “Negative interest rates: How big a challenge for large Danish and Swedish banks?”, IMF Working Paper WP/16/198, International Monetary Fund. 13 [20]  Figure 1. Good GDP development in Sweden after financial crisis Index, 2007 Q4=100  Sources: Bureau of Economic Analysis, Eurostat, Office for National Statistics and Statistics Sweden Figure 2. Inflation fell early in Sweden Annual percentage change  Note. The CPI for the US and the HICP for others. Sources: The Bureau of Labor Statistics, Eurostat and Statistics Sweden. 14 [20]  Figure 3.
Table 1 Economic growth (annual change, percent) 2008 GDP Domestic demand Domestic demand (w/o change in inventories) Gross fixed capital formation Total consumption Goods and services exports Goods and services imports Current account (% of GDP)  3.7 7.6 7.5 18.6 4.0 3.1 12.2 -1.5  2009  2010 (f)  -1.5 -5.9 -2.8 -15.3 1.8 -5.6 -14.3 2.6  4.25-5.25 12.4 7.8 14.8 5.7 3.6 22.1 -1.1  (f) Forecast. Source: Central Bank of Chile. BIS Review 61/2010  11  Table 2 Inflation (annual change, percent) 2008  2009  2010 (f)  2011 (f)  Average CPI inflation December CPI inflation CPI inflation in around 2 years (*)  8.7 7.1  1.6 -1.4  2.4 3.7  3.0 2.9  Average CPIX inflation December CPIX inflation CPIX inflation in around 2 years (*)  8.4 8.6  2.8 -1.8  1.2 3.0  3.0 3.2  Average CPIX1 inflation December CPIX1 inflation CPIX1 inflation in around 2 years (*)  7.8 7.7  2.8 -1.1  0.8 2.5  2.9 3.1  2012 (f)  3.0  3.2  3.1  (f) Forecast. (*) Inflation forecast to the first quarter of 2012. Source: Central Bank of Chile.

6  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  6  losses on the swings of increased working hours more than made up for on the roundabouts of reduced time spent commuting. The second potentially potent effect, brought out in today’s study, is improved worker empowerment. This could arise in part from the increased flex home-working gives us, with our working days now tailored more to our personal needs and less to organisational requirements. It might also reflect on increased ability to “be ourselves” at work, when work is at home – the pyjamas, the unkempt hair, the Bermuda shorts - none of which, I hasten to add, I am sporting today. Well-being studies suggest these agency and empowerment effects are important for well-being. For example, studies have found that working from home is positively associated with perceived autonomy and this, in turn, has positive spillover effects to our job satisfaction and levels of stress.19 Both boost workplace productivity over the medium term. If home-working is broadly neutral in its impact on our economic contribution, but positive for our welfare, this suggests it is win-win, or at worst draw-win. The Covid crisis may inadvertently have fast-forwarded us to a better-way-of-working, perhaps even back-to-a-future where most work takes place in and around the house rather than in an office or factory, as was the case prior to the Industrial Revolution. I would hesitate before jumping to that conclusion.
Some economists have called for adjusting the inflation target, although in opposite directions: a few have argued for a higher target to avoid testing the Zero Lower Bound often (ZLB); others have called for a lower target, assuming lowflation is the New Normal. In both  2  BIS central bankers’ speeches  cases, hasty changes may only affect the CBs’ credibility and the expectation channel of monetary policy. We have more flexibility on the target horizon. This is the medium term and should not be confused with the 3-year horizon of the forecasts published by the ECB for instance, which may fall short of the target level; what matters is being on a path that is consistent with this medium-term mandate. Forward guidance and the announcement that rates will be “lower for longer” should provide reassurance over the CB’s determination to do “whatever it takes” to fulfill its mandate within this mandate. True, uncertainty about the causes of lowflation and low rates leads to uncertainty over the neutral rate and the need for accommodation; but the more uncertain our environment, the more important and useful it is that we be clear and predictable in order to reduce this uncertainty. According to simulations carried out within the Eurosystem and the BDF, clarifying that the future stance will remain accommodative for many years enhances the efficacy of Quantitative Easing (QE). Third challenge: how effective can non-conventional monetary measures be? The ZLB has proved not to be the effective lower bound.

Chart 9: Profits in tradable sector boosted by depreciation in early 90s, hit by later appreciation  Chart 10: Unlike early 1990s, there is now limited spare capacity, including in tradable sector  Source: ONS and Bank of England calculations  Source: BCC and Bank of England calculations  10  All speeches are available online at www.bankofengland.co.uk/speeches  10  Chart 11: Investment in tradable sector also sensitive to exchange rate  Chart 12: Business investment growth weak in 2016  Source: ONS and Bank of England calculations  Source: ONS, CBI, BCC and CIPS  These trends then went into reverse after sterling’s re-appreciation later than decade. If subdued domestic consumption had allowed the economy to “rebalance” through the 1992-97 period, the opposite occurred over the following few years. Stronger domestic demand growth “crowded out” the tradable sector by helping to push up sterling’s exchange rate. This led to falls in prices, profits and investment in the tradable sector. What about today? Sadly we don’t have such detailed information on anything like a real-time basis. Indeed we have very little data of any kind, even at an aggregate level, to tell us how profits and investment have behaved since last summer. But here’s my take on what we do know:   First, it’s likely that profitability has improved significantly in the tradable sector of the economy. We know that non-financial corporate profits in aggregate rose 10% in the year to Q3.
My remarks today will focus on the implications for the strategic direction of the Islamic financial industry taking into consideration the lessons learned from such financial turbulence including the current crisis. As Islamic finance becomes an integral part of the international financial system, it will be increasingly tested by such developments. History has shown that the world will continue to be plagued by such crises. The key for the Islamic financial industry is therefore to ensure that it would not be a source of such financial instability and is able to achieve a level of resilience that would ensure its sustainability. Lessons learned from systemic banking crisis The world has experienced more than 124 distinct banking crises in the recent 27 years. 1 While the triggering factors that precipitated financial crisis have been different, for most, it resulted in a general loss of confidence and a downward spiral in asset prices. Such a crisis was experienced in the Asian region just over ten years ago. Following the lessons that were learnt from this experience, Asia has emerged in a better position to manage the spill over effects of the current financial turmoil. The key elements in the efforts have been the strengthening of the foundations that accord the resilience to withstand shocks to the system and that will ensure sustainability through episodes of such turmoil. There are several similarities in the current financial crisis and the Asian financial crisis.

The data analyzed by the Supervisory Council show that Q1’s budget spending rose by 16.8%, sustained in part by ALL 12.5 billion budget deficit increase, compared to the same period a year earlier. April’s data show a decelerated growth of budget revenues over this period, underlining the necessity of taking measures to observe the budget deficit projection. Real economy data suggest a slow consumption growth, due to uncertainties about employment outlook. On the other hand, better performance of business credit and increase in capital goods imports suggest that investments have been positive, reinforcing the grounds for a sustainable economic growth in the future. Continued business investments in turn require the response of consumer demand, about which the Bank of Albania judges that there is room for recovery. On the other hand, long-term investment growth will be conditioned by the ability of the Albanian economy to attract foreign capital. In this context, responsible institutions at macro and microeconomic level should further strengthen the work for structural reforms, which develop the comparative advantages of the Albanian economy and enhance our economic competitiveness in goods, labour and capital markets. The Bank of Albania judges that preserving the macroeconomic stability parameters is an indispensable condition to orient its work towards maintaining price stability and supporting financial stability at home. 2011 Q1’s data on trade activity performance at home show a slight trade deficit narrowing, due to increased imports and decelerated export growth over March. Merchandise trade deficit shrank by roughly 0.3% y-o-y, accounting for 22.1% of GDP.
And I hope that we will be continuing this dialogue once you have started (and you practically already have) work on the budget this year. Last year the Ministry of Finance announced its plan to move to fiscal rule, and this year the transitional provisions for this plan have already begun. The Bank of Russia welcomes this decision. The move to fiscal rule will enable the Russian economy to become less dependent on oil price fluctuations; it will support macroeconomic stability and provide more predictability in policy making, as well as more predictability and reliability in the movement of interest rates in the economy. Fiscal rule in conjunction with inflation targeting will enable stabilisation of the impact on the real rate of the ruble; it will decrease the volatility of the ruble, which, though having already lessened significantly, nevertheless still poses a concern to Russian production and business. 1/4  BIS central bankers' speeches  Since February of this year, the Bank of Russia, acting as an agent for the Ministry of Finance, has been making purchases of foreign currency on the domestic market as part of the transitional provisions to fiscal rule. This is a mechanism to mitigate the influence of commodity market fluctuations on the Russian economy, until such a time as these fiscal rules have been consolidated in the Russian Federation’s Budget Code. The Bank of Russia is acting so as to ensure that these purchases do not lead to an increase in the rate of the ruble.

Heightened political uncertainty has, however, occasionally left its mark on the bond and foreign exchange markets. For instance, demand for highly rated government bonds has remained strong since the start of the year. In addition, despite largely positive economic data, the inflation outlook for the major advanced economies is still muted. As a result, yields on highly rated government bonds have changed only marginally since the beginning of 2017  Page 1/5  Berne, 15 June 2017 Andréa M. Maechler  News conference  and have remained low (cf. chart 3). In Switzerland, too, the yield on ten-year Confederation bonds has remained essentially unchanged. On the foreign exchange market, the Swiss franc experienced repeated episodes of upward pressure as a result of heightened political uncertainty in Europe. The elections in the Netherlands and France, as well as the UK’s upcoming Brexit negotiations with the EU, generated increased demand for currencies considered particularly safe by investors. After the presidential election in France, the euro strengthened and pressure on the Swiss franc subsided. Since the beginning of the year, the euro has gained around 3%. The Swiss franc is now trading close to where it was at the start of the year, and thus remains significantly overvalued. Despite ongoing normalisation of monetary policy in the US, the dollar has depreciated roughly 5%. Establishment of SARON as reference rate for interest rate derivatives  Let me now turn to innovations on the Swiss money market.
In financial business, risk can emanate from many areas. The wellknown risks are credit, liquidity, market, operational and human capital risks. There are several other risks, such as cross-border product risks, illiquidity risks etc. The new and complex products that are being offered by foreign financial markets or institutions can have cross-border risks as their distribution can bring in serious contagion risks across global markets. Most financial institutions do not view equity as risk capital. In banking, risks must include situations of drying up of liquidity. A case in point is the Northern Rock episode in which the bank exposed itself to the illiquidity risk. The need to bring in new capital to cover illiquidity was not given adequate attention by Northern Rock. Such risks should also be  BIS Review 15/2008  1  analysed by banks and financial institutions and include them in their risk management framework. Ignoring this risk or not taking action to mitigate can be construed as the “moral hazard” we often speak about. Moral hazard leads banks and financial institutions to expect the public to rescue their institutions and continue to run on an illiquid basis, until they hit serious drying up of liquidity. If managed properly, risks can be confined to the institution concerned. If not, any one of these risks or a combination can affect a group of financial institutions or the entire financial services industry thereby creating a systemic risk.

Many of the issues we face are not unique to any one of us, but rather are shared across the region and the globe. Recent events, from the COVID-19 pandemic to the war in Ukraine, have only underscored the importance of active dialogue and transparency among central banks. Beyond the global economic impact of these events, it’s important to emphasize that the pandemic is first and foremost a public health crisis, and that the Russian invasion is inflicting tremendous hardship and suffering on the Ukrainian people. In terms of economic impacts, all of us in the Americas were affected by lockdowns and shutdowns at the start of the pandemic. All of us have faced supply-chain bottlenecks and imbalances, as people around the world shifted their spending habits—buying more goods and spending less on services. And many of us are now confronting a sharp rise in inflation, especially for food and energy, which is hardest on our most vulnerable populations. Of course, each country is facing its own set of circumstances, and each has its own domestic mandates. But it’s important to remember that the policies we implement can affect our neighbors, just as developments that take place outside our borders can impact our ability to achieve our domestic goals. The actions we take can also affect the flow of capital across countries. As central bankers, it is vitally important that we clearly communicate our policy strategies and reasoning for our actions as we carry out our mandates.
Goh Chok Tong: Singapore as a philanthropy hub Keynote speech by Mr Goh Chok Tong, Senior Minister and Chairman of the Board of Directors of the Monetary Authority of Singapore, at the Credit Suisse Philanthropists Forum 2011, Singapore, 7 April 2011. *  *  *  Ladies and Gentlemen 1. I welcome the launch of the inaugural Credit Suisse Philanthropists Forum in Asia. Importance of philanthropy 2. In recent years, the problems facing the world have been getting more acute. The World Bank estimated that the recent Global Financial Crisis pushed an additional 64 million people into extreme poverty. Rising energy and food prices have put additional stress on the most vulnerable, who spend more than half their income on food. The New Zealand, Japan and Myanmar earthquakes are the latest in a line of disasters to plague the Asia-Pacific. Climate change and natural disasters are creating new and pressing needs on an unprecedented scale. 3. Fortunately, philanthropy has risen to play an important role in dealing with these problems. Generous donations have brought about immediate relief in the aftermath of disasters, and have also funded medium to long term programmes, such as education and health services, to improve the well-being of communities. 4. Perhaps more critically, giving back to society is an important way to help maintain cohesiveness in our society as the income gap widens. All around the world, the gap between the rich and the poor is growing, particularly in fast growing emerging economies.

They were not two remote tail risks that both happened to materialize, or just a bad coincidence. There have been too many examples of other misconduct to list. Wells Fargo is the most recent example, but serious misconduct is not confined to a single jurisdiction or a business model. The evidence, which now stretches over a decade, has only reaffirmed my initial belief that there is an industry-wide problem. In light of these continuing and widespread failures, my colleagues and I recognize the importance of culture—that is the unwritten norms and accepted practices of an organization. The culture of each firm will necessarily be its own. But the pervasiveness of problems—across firms and countries—points to common, industry-wide norms that need attention. An industry-wide problem needs an industry-wide solution. I also think that, when the problem is cultural, any solution must be industry-driven. It is the public sector’s job to establish and enforce rules, but rules face some inherent limits in shaping conduct and behavior. It is natural to adapt to the behaviors that we observe around us. A common illustration of this point is the speed limit. Most drivers move with the flow of traffic. They pay less attention to a number posted on a sign. This is not to deny the necessity and importance of regulation, or to criticize any of the particular rules imposed in response to the financial crisis. But, we also must recognize that it is impossible to create a rule for every situation.