samchain/econo-pairs-v1 huggingface dataset:
It is in many ways obvious that asset purchases will have an effect at the height of a financial crisis when the markets are functioning poorly. By entering as a buyer, price falls can be limited. This enables the central bank to reduce the risk that expectations of large price falls and rising risk premiums will be self-fulfilling. It is also easy to see the potential problems with such measures, for instance that the central bank has to carry risk that the market no longer wants to or can price and that private agents are not fully affected by the consequences of their risky investments. It is not as self-evident that asset purchases contribute to making monetary policy more expansionary when the financial markets are functioning normally, but the policy rate is limited by its lower bound. In recent years, however, an extensive research literature has emerged, trying to investigate how asset purchases function.1 The literature identifies several mechanisms that the asset purchases can work through, and also finds some empirical support for central banks’ asset purchases having worked well.2 My interpretation of the experiences in Sweden differs somewhat from the general interpretation of the international experiences, however. To facilitate the continued discussion, I divide the asset purchases into two main phases (see Figure 1). The first phase concerns the purchases of government bonds prior to the pandemic. The second phase concerns the purchases of securities decided during and after the pandemic.

We can learn valuable lessons from the practices of great Muslim thinkers of the past such as Al-Farabi and Ibn Sina who drew strong influences from the writings of Greek philosophers such as Aristotle, but revolutionised and updated the knowledge into the context of Islam and their contemporary times. The benefits are immense. It allows knowledge to thrive and develop further as it becomes more applicable and easier to grasp. It is therefore wise for us to widen our "peripheral vision" to encompass business considerations in interpreting and applying the principles of Shariah. This is essential, if we aspire to break away from a compliance-based mentality into an outcome-based worldview. The mental shift would position Shariah scholars as not merely the leaders in Shariah knowledge, but also as the catalyst for business innovations. It is in this spirit that Bank Negara Malaysia is enhancing the Shariah Governance Framework for Islamic financial institutions. The new framework calls upon the Shariah Committees to integrate relevant business and risk considerations in Shariah decisions. Our aim is to position these committees as an enabler and catalyst in supporting the board and senior management. One that drives innovation by providing practical, actionable and impactful Shariah advice. By capturing multifaceted challenges faced by the industry, this framework ensures an ongoing support to Shariah advice amid the fast-changing business environment. Second is the pursuit of lifelong learning. It is through the relentless quest for knowledge that the great scholars of the past have left a lasting impact on our world.
The crisis brought on several important changes in the conduct of monetary policy with implications for money markets. The first was the easing in the stance of monetary policy, with the FOMC’s reduction in its fed funds target from a point target of 5¼ percent in mid2007 to a target range of zero to ¼ percent by December 2008, where it remains today. The second change was a shift to liquidity and monetary policy operations that resulted in a high level of excess reserves. In the initial year or so of the crisis, the Desk offset the reserveadding nature of the Federal Reserve’s loans to support the liquidity of a range of financial institutions and to foster improved conditions in financial markets by reducing other assets on the Fed’s balance sheet, notably holdings of short-term U.S. Treasury securities. By September 2008, however, amid a deepening crisis and widening policy response, the capacity to offset completely the increase in the balance sheet was effectively exhausted.5 Consequently, additional credit provision and the initiation of large-scale asset purchase programs, the latter of which continue today to support continued progress toward maximum employment and price stability, began and continue to cause reserve balances to grow. A third and related change in the conduct of monetary policy was the introduction of our ability to pay interest on reserve balances held by depository institutions.

“The Thai Economy: The Current State and The Way Forward” Speech by Dr. Veerathai Santiprabhob Governor of the Bank of Thailand Japanese Chamber of Commerce (JCC) Thailand Dinner Talk 13 March 2017 Mr. Shingo Sato, President of the Japanese Chamber of Commerce, Members of the JCC Board, JCC members, Distinguished guests, ladies and gentlemen, A very good evening to you, First of all, I would like to thank the Japanese Chamber of Commerce for inviting me again to share with you my thoughts on the prospect of the Thai economy. Last year, I truly enjoyed the exchange of views, ideas, and information with all of you and certainly hoped many of you did so too. With more than 5,000 Japanese firms actively operating in Thailand across various industries, Japan is certainly one of Thailand’s most important business partners in both the real and the financial sectors. Indeed, as Thailand is trying to move towards more innovative and high value-added industries, it is encouraging to see Japan continuing to be at the top among countries that applied for privileges under the new BOI investment promotion scheme in 2016. This would not happen if Japanese professionals already on the ground like yourselves did not have strong confidence in the long-term prospect of the Thai economy. Ladies and gentlemen, My talk this evening will consist of two parts. In the former part, I will briefly discuss the current state of the Thai economy, paying special attention to its resilience and growth momentum.
This is the case in the securities business, which comprises a network of many different participants trading, settling and managing securities. Examples of these market participants – brokers, banks, settlement service providers and custodians – are shown on the slide 3. With every transaction, a wide array of booking information has to be reconciled bilaterally between the parties involved (slide 4). For example, banks have to reconcile and monitor their securities holdings at custodians against their own internal accounts. The coordination requires considerable effort, which in turn leads to high operating costs. DLT could help in this regard by ensuring that all of the involved parties have the same information at the same time. The slide 5 illustrates this step. Thanks to the synchronised distribution of information, the aforementioned, highly complex reconciliation would no longer be necessary. The potential for efficiency gains is indeed considerable, which is why extensive research is now being conducted in this area. And innovations that enhance the efficiency of the financial system or the economy as a whole are certainly worthy of closer inspection. The Australian Securities Exchange ASX, for example, has recently announced that it is to use DLT in redeveloping its core system for clearing and settling of equity transactions and recording shareholdings. In addition to the securities business, potential uses of DLT are also being envisaged in the field of cross-border payments. The latter are slow, costly and lacking in transparency compared with domestic payment transactions, and so the potential for efficiency gains is particularly high.

Speech  Embargo 5 April 2018, 6.00 pm  The financial markets in changing times Changes today and tomorrow: the digital future Money Market Event  Andréa M. Maechler Member of the Governing Board * Swiss National Bank Zurich, 5 April 2018 © Swiss National Bank, Zurich, 2018 (speech given in German)  *  The speaker would like to thank Nino Landerer, Andreas Wehrli, Carolin Reiss and Claudia Aebersold Szalay for their support in drafting this speech, and her thanks also go to Giuseppe D’Alelio, Rita Fleer, Adriel Jost, Sébastien Kraenzlin, Susanne Mühlemann, Nicolas Stoffels and SNB Language Services. Page 1/8  Ladies and Gentlemen In his speech, my colleague Dewet Moser has demonstrated how being open to innovations can pay off. However, he also underscores the point that it is entirely appropriate to carefully examine their purpose and the benefits they offer. I would now like to apply this scrutiny to the fintech innovations that are currently attracting a great deal of attention among the general public and in the financial industry. Bitcoin is one of the most talked-about topics at present, and the hype that has built up around cryptocurrencies in general is considerable. It is estimated that well over 1,000 of these currencies are in circulation today. If you search the internet for the word ‘bitcoin’ you will find more than 300 million entries. By contrast, the term ‘Swiss franc’ generates just over 30 million hits.
The next step would be for the HKMA to work with the banking industry and the fintech community to turn the findings and advice in the second whitepaper into a set of practical guidelines for the use of DLT in the banking sector in the future. Given the rapidly evolving nature of DLT, this is no easy task to undertake. We welcome comments and input from the stakeholders and stand ready to share the findings of our research and practical experience with our international peers. Conclusion 19. Ladies and gentlemen, now is an exciting time for financial innovation. Technology is a game changer for the future of banking, payment and other financial services. It will differentiate winners from losers. I am very pleased to share with you today the important progress made by Hong Kong in cross-border collaboration and the use of DLT applications. As I said in my speech last month, the transformation of our banking system to a new and higher level of Smart Banking is not just something that is nice to a have, it is a must! To stay relevant and ahead of the game in this new era, I am sure you will agree that the collaborative efforts and research developments that I just mentioned are the essential building blocks to facilitate financial innovation and prepare Hong Kong to advance to the new Smart Banking Era. 20.

Second, all investments abroad are subject to an exchange rate risk, whether they be government bonds, shares, real estate, commodities or investments in infrastructure, and irrespective of whether they appear on the SNB balance sheet or on that of a separate sovereign wealth fund. Consequently, outsourcing the foreign currency investments would not reduce Switzerland’s exchange rate risk. Third, outsourcing the foreign exchange to a sovereign wealth fund would call into question the independence of monetary policy and the SNB, as well as the freedom of action for monetary policy. The size and composition of the SNB’s balance sheet are a reflection of monetary policy. The SNB must also be in a position to dispose of the assets it has purchased and determine the composition of its balance sheet as required. Only in this way can it conduct an independent and target-oriented monetary policy. 4  BIS central bankers’ speeches
Racing to the top: “convergence process 2.0” The challenges I outlined a minute ago call for an answer that goes beyond the necessary application of the existing rules of EMU. An answer that not only fosters stability and confidence today, but also in the future. An answer that gives EMU the institutional shape it needs to be a successful project in the long run. This answer could in my view take the form of what I call “convergence process 2.0”, which should have an agreed timeline and milestones. To run the political triathlon of EMU and perform well in all three disciplines, there needs to be a convergence of economic policies and structures. Moreover, joint action is of the essence. Let me be clear on what I mean by convergence. The crisis has shown the fragility of the convergence of economic outcomes; it can unravel quickly in the face of exogenous shocks. Convergence can only be sustainable if it is associated with a commensurate deepening of integration, if it is a race towards best practice institutions and policies rather than towards mere nominal outcomes. In this context, structural reforms, if properly designed, lead to greater prosperity in each country and, at the same time, ensure greater resilience of EMU as a whole, thereby contributing to economic and social stability. Growth and stability are therefore mutually reinforcing. With regard to convergence in economic structures and policies, the starting point has to be decisive action at national level.

There are three relevant dimensions of economic stability: price stability, financial stability and macroeconomic stability, including the health of public finances. In all these areas, we have made substantial progress in recent years. During the crisis, the ECB took all appropriate measures to ensure that price stability provided an anchor in an uncertain and volatile economic environment. As for financial stability, the establishment of the European Stability Mechanism and the launch of banking union, with its Single Supervisory Mechanism and Single Resolution Mechanism, have been milestones in this respect. As a third dimension, the crisis has shown us the kind of existential threat to monetary union that can be brought about by the build-up of excessive imbalances, i.e. by the lack of fiscal and macroeconomic stability. New growth will not be generated by new debt. Sound fiscal policies are essential for growing out of debt. Therefore, the existing rules should be applied in a credible manner. That said, we cannot claim “mission accomplished”. What has been achieved so far is not enough. The answer to the remaining challenges could take the form of a “convergence process 2.0”, which should have an agreed timeline and milestones. But convergence can only be sustainable if it is associated with a commensurate deepening of integration, if it is a race towards best practice institutions and policies rather than towards mere nominal outcomes.
Why are budgetary rules needed at EU level? This interaction is fairly well understood, if not always acted upon, at national level. But at the EU level there is an extra dimension. Many countries’ fiscal policies are now matched by a single monetary policy. One possible risk is that the ECB would in the end have to bail out a fiscally undisciplined country from an unsustainable debt. However, many EU member states’ unwillingness to meet the Stability and Growth Pact has shown that problems can arise before matters have gone as far as to a full-blown debt crisis. The problem might be a bias towards fiscal laxity that has to be counterbalanced by tighter monetary policy - hence a bad policy mix. With a single monetary policy the effect of fiscal stimulus in one country will be diluted in the whole area and will therefore by definition meet with less of a monetary policy response than it would if monetary policy had been national. Furthermore the nature of the political set-up makes it more difficult for the ECB to comment on individual national budgets. This means that there will be a strong temptation to “free-ride” by expanding the budget at the expense of fellow euro area nations. But the dilemma goes further – given that it is rational for others to expand their budgets it becomes rational for your own country to do so too – even if your instinct is not to “free-ride”.

Two weeks ago, the HKMA issued a circular to banks providing guidance on the importance of sound governance and good corporate culture and what they should do to promote them. I won’t go into the details now as the main themes of these new guidance circulars will be covered in the Conference later today. 8. Today is going to be a long day for you because the Conference won’t end until 5:45 pm. However, I sincerely hope that by the end of the Conference there will be some takeaways that you will find helpful in your capacity as INEDs of banks. 9. Fellow INEDs, I have talked long enough and now is the time for me to introduce to you our keynote speaker for this Conference. We are honoured and highly privileged to have Mr Andrew Bailey, Chief Executive Officer of the UK Financial Conduct Authority, to fly all the way from London to join us today. Andrew needs no introduction. Before he joined the FCA last year, he was the Deputy Governor in the Bank of England and Chief Executive Officer of the Prudential Regulation Authority from April 2013 until June last year. So Andrew is truly exceptional in the sense that he has been in charge of both the prudential and conduct sides of banking supervision, and is very well-respected internationally. He is therefore uniquely well placed to share with us his experience and insights. Mr Bailey, please. 2/2  BIS central bankers' speeches
In 2007, Professor Mak Yuen Teen of the National University of Singapore was commissioned by MAS to undertake a study aimed at assessing the current state of corporate governance practices in Singapore, identifying gaps and proposing measures for improvement. Professor Mak highlighted, among others, the need to enhance the effectiveness of Audit Committees through training, practical guidance and sharing of experience among Audit Committee members. Arising from this, the MAS, the Accounting and Corporate Regulatory Authority ["ACRA"] and the Singapore Exchange established a private sector committee to develop practical guidance to assist Audit Committees to better appreciate their responsibilities and enhance their effectiveness in performing their role. The Committee, led by Mr. Bobby Chin, worked intensely over 9 months and completed its work in October 2008. The Committee's output, "Guidebook for Audit Committees in Singapore", has become a practical and valuable reference for directors who serve on the Audit Committees. We have also been supportive of efforts by the Singapore Institute of Directors to review its structure and strengthen the delivery of its director training program, so that it may better meet the increased demands placed on directors in this current environment. The continual efforts by industry practitioners, investors and regulators to improve corporate governance have enabled Singapore to stay ahead of the field. The World Economic Forum's  BIS Review 147/2009  1  Global Competitiveness Report 2009, for instance, ranked Singapore first in corporate governance standards in Asia.

A number of reports2 also found weaknesses in the implementation of effective risk management. In many cases, risk was not managed on an enterprise-wide basis and Boards were not fully apprised of the level of risk facing the company. Overseas regulators are now reviewing the role of Boards in providing guidance on the alignment of corporate strategy with risk-appetite, as well as on appropriate internal structures in risk management. Not surprisingly, remuneration practices have attracted the most public attention. The alignment of executive and Board remuneration with the longer term interests of the company and its shareholders is a widely accepted corporate governance principle. Nonetheless, compensation practices that rewarded staff handsomely for short-term gains, without any corresponding penalties for longer-term losses, have been blamed for encouraging excessive risk taking in some institutions. A number of jurisdictions, such as Australia and the US, are considering legislation that will address this by empowering shareholders to have a more direct role in setting remuneration. Creation of the Corporate Governance Council Financial institutions in Singapore have generally been prudent in their business, and have weathered the crisis well. Listed companies in Singapore that have maintained high standards of governance have similarly withstood the crisis. Nevertheless, we must not be  1  Kirkpatrick, Grant (February 2009), "The Corporate Governance Lessons from the Financial Crisis", OECD.
The most recent significant development was the establishment of International Islamic Liquidity Management Corporation in Kuala Lumpur. This corporation will act as a conduit to issue highly rated short-term  4  BIS Review 162/2010  Islamic instruments to enhance cross-border liquidity management and provide Islamic financial institutions with an additional avenue to manage their short-term liquidity. Complemented by other initiatives under the “Malaysian as an Islamic Financial Centre”, I am quite confident that Islamic financial markets in Malaysia, for both ringgit and foreign currency, is set to thrive in the coming years. Recently, we have allocated a small portion of funds to be disbursed to prospective and existing Islamic Fund Management Companies to invest primarily in foreign currency sukuk. This will provide a platform for fledgling fund managers to build track records and spur their growth of asset under management, besides broadening the sukuk market in Malaysia. In parallel, this initiative is also expected to catalyse the development of end-to-end value chain capabilities, encompassing the areas of secondary market trading and supporting infrastructures. Conclusion I would like to end my remarks by concluding that in the current global economic environment, uncertainties loom large and we have to be mindful of the challenges ahead, either as an investor or policymaker. This conference is indeed very timely to encourage open discussions on key themes in global investing, and hopefully we can all gain new insights in managing the exciting and challenging times ahead. Thank you for your kind attention. BIS Review 162/2010  5

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