samchain/econo-pairs-v1 huggingface dataset:
Constantinos Herodotou: Recent developments in housing markets and related policy challenges Speech by Mr Constantinos Herodotou, Governor of the Central Bank of Cyprus, at the HL conference organised by the NBB, Nicosia, 18 February 2022. *** The target of macroprudential policy is to mitigate threats to financial stability, by reducing vulnerabilities and promoting the resilience of the financial system. In order to achieve its goal, the macroprudential toolbox has been designed to include two broad categories of measures. First category, authorities can use Borrowed Based Measures, such as limits on the Loan-to-Value ratio, which strengthen the resilience of borrowers against potential vulnerabilities and limit demand for credit. The second category are the Capital Based Measures, such as higher risk-weights on specific exposures, which strengthen the resilience of credit institutions, by increasing available buffers that can be released in case of adverse developments1. One of the macroprudential risks authorities face stems from the overheating of the residential market. The fact that not all euro area countries receive relevant warnings and recommendations by the ESRB is an indication that the Residential Market in the euro area is characterised by heterogeneity. In the upper right quartile of the chart, we find a number of countries that registered an accumulated increase in residential property prices of at least 25% in the last three years. Other countries have recorded accumulated growth as low as 5%.

We have an important role and responsibility to help employees adapt to and thrive in roles that are constantly being re-defined. And how we do this needs to evolve from a narrow focus on providing just-in-time training to get jobs done, to one which helps individuals acquire new knowledge, skills and capabilities on a continuous basis to meet business and professional goals. 2/5  BIS - Central bankers' speeches  Work to develop a Future Skills Framework (FSF) for the financial sector, which serves as a single point of reference on future skills and career development pathways for those working or aspiring to work in financial services, is a major step in this direction. In the longer run, the FSF should serve to foster a culture of lifelong learning and skills development within the financial sector workforce. I wish to commend AICB for leading the framework together with the Malaysian Insurance Institute (MII) and the Islamic Banking and Finance Institute Malaysia (IBFIM). Financial institutions here today will have a key role to play in realising the vision for the FSF by helping shape the framework into something that will be beneficial and relevant to institutions and individuals in the financial sector. By supporting the reskilling and upskilling of individuals whose roles may be at risk of displacement, the Future Skills Framework also serves as a risk management strategy for financial institutions that are already facing growing legal and reputational challenges associated with redundancies.
But we are considering other options in pursuit of our secondary competition objective too. We are considering, in particular, whether there might be scope to introduce a new regime for smaller banks following the UK’s departure from the European Union (EU) – a totally different mountain to climb (a Munro rather than an Alp perhaps). As Sam Woods noted in his Mansion House speech last October,10 complexity is a real challenge for smaller firms and a simpler but still prudentially robust regime could benefit the PRA’s primary and secondary objectives. We do of course already have different mountains in the range: we have a separate Source Book for building societies and a different regulatory regime for credit unions. So this is not unprecedented. Any new regime will of course have to be compatible with any international agreements the UK government makes as part of leaving the EU. And even once that is clear it will take us some time to work up the proposals. We need to get this right and make sure we properly understand the aspects of the current regime that are most problematic – whether from a complexity or barriers to growth perspective. Please do engage with us on that topic. Conclusion We recognise that the winding path up the mountain to become a large player can seem arduous, and strewn with rock faces that appear difficult if not impossible to scale.

Demand will increase for talents in the Islamic financial services industry who are not only conversant in both fields of finance and Shariah but must also possess soft skills such as managerial expertise, leadership and effective communication. Thus education and learning providers must constantly relook at the methodology of teaching, learning contents and the contemporary skills requirements of the industry. Forging greater collaboration between industry and academia is also an important aspect to align the training and development and the business requirements of the industry. We should all be mindful about the employability of our graduates. The industry-academia partnership could come in various forms. For example, there could be more reciprocal dialogues and strategic alliances to explore areas with the aim to provide real solutions to contemporary issues that are key to progressive development of the Islamic financial services industry. We should capitalize on our extensive experience in industry development which makes Malaysia a fertile learning ground on Islamic finance. For example, our Islamic financial market is vibrant and progressive, whilst our Islamic financial institutions are innovative and dynamic. Islamic financial institutions could complement INCEIF’s education programmes by offering practical training at their organization. The opportunity for an attachment at our institutions is an added value to INCEIF’s programmes, and an attractive value proposition for foreign students. On this note, the strong industry support has indeed been commendable and contributed to the progress of INCEIF. Efforts by INCEIF to forge strategic alliances with entities from all over the world must also continue.
We at the Bank of England showed one such measure, of ‘portfolio warming potential’, when we published the first full disclosure of the climate risks on our own balance sheet earlier this year.26 The measure, based on the provider’s emissions projections for each issuer with corporate bonds held in the Bank’s Asset Purchase Facility (APF), suggested that if those projections were representative of the emissions performance of corporates globally, the world would experience 3.5 degrees of warming by end-century (Chart 5). So far, so dramatic. But similar measures based on alternative forecast assumptions for the same portfolio suggested a much wider range of possible outcomes, from <1.75 to 4 degrees: a huge variation given the consequences of missing a 2 degree warming target (Chart 6). The problem stems in part from different assumptions about how the world will evolve and how different industries will need to react. For a given temperature goal, investors need to know how much carbon can be emitted, over what timeframe, and by whom, in order to assess where companies sit relative to their required trajectory.

This analysis draws out an interesting interaction between the quality of climate disclosures, the structure of the asset management industry and the scope for rapid growth in the role of capital markets in climate investment. Poor disclosures force investors either to form crude portfolios – which cannot send particular finely graduated price signals – or to seek active management – which, being costly, is not available to all. Neither is ideal. It is only when disclosures have reached true maturity that the full panoply of modern asset allocation techniques can be brought to bear. That underscores just how vital it is to make progress on disclosures. There are as yet few comprehensive studies of the relative performance of current strategies. Indeed, there is a genuine question about how such performance should be measured, given that one motivation for investing in climate-based funds is the desire to generate a measurable beneficial environmental impact alongside a financial return – so-called ‘impact investing’. There has been a long and lively debate about whether achieving this requires a willingness to sacrifice financial gain. Some funds explicitly recognise this possibility in their construction, for example granting explicit concessionary rates to climate-positive projects. But others dispute the existence of such a tradeoff, noting the range of non-financial tools such as investor engagement that can act as ways to achieve impact.
Following on from these ideas, the ECB has also announced a series of experiments across the euro areavii which could begin in 2024. As part of this process, we are prepared to support the new European pilot programme directly by making CBDC available as a settlement asset.   Providing a tokenised settlement asset could also be rounded out by a  European infrastructure – in the euro area - that would bring together all tokenised assets (CBDC, deposits, financial assets), to guarantee interoperability between the different assets as well as the singleness of the currency. This European platform would prepare for the approach being advocated by the BIS, i.e. the creation of a unified ledger at international level to facilitate cross-border payments. These ideas are also developed in a recent IMF publicationviii. *** I would like to conclude with the words of André Gide, "there are many things that seem impossible only so long as one does not attempt them". Let's work together to unlock the full range of possibilities. Let's pave the way for sustainable innovation for the benefit of our fellow European citizens. I really believe that what we have done for Paris post-Brexit, we can also do for payment systems. Thank you for your attention. Page 7 of 6 i  Bloomberg, Banks betting on Paris say there is life after London, 18 April 2023 Banque de France, Assessment of Risks to the French Financial Systems, June 2023. iii The Eurosystem will have no knowledge of the details of any transaction.

If Singapore did not have political stability, good infrastructure, and a conducive business environment, MAS’ strategies to grow the financial centre also would not have worked as well. In a world where central banks typically keep a distance from the rest of government, it is amazing how closely MAS works with other government agencies in Singapore – macroeconomic surveillance and national economic policies and strategies combating money laundering risks and investigating financial crimes promoting jobs, skills development, and labour market policies advancing technology initiatives ranging from e-payments to digital identity These partnerships have made a decisive difference to the outcomes for MAS, the financial industry and the Singapore economy. MAS has achieved what it has also because of the close partnership it has enjoyed with the financial industry. In a world, where many regulators are aloof at best and hostile at worst when dealing with the industry, the relationship MAS has with the industry is special. To be sure, we are a no-nonsense supervisor, not averse to setting high prudential standards, imposing tough remedial measures, and occasionally shutting down a bank or two. But MAS has always believed that working with the industry, rather than against it, is the best way to achieve our shared objectives: keeping the system safe and growing the business. In this, MAS has been fortunate to have an industry – banking, insurance, asset management, and capital markets – that has actively supported us through thick and thin.
Distinguished Members of the Press,  BIS Review 67/2009  5  As I mentioned at the beginning of my speech, economic stagnation, which grew more widespread in late 2008 and the first quarter of 2009, accompanied by the fall in international commodity prices has led to a significant decline in global inflation. As illustrated in the slide, the downward trend in consumer price inflation in developed markets became more pronounced, while inflation in emerging markets lost ground significantly. Annual consumer price inflation in developed markets declined from 4.4 percent in July 2008 to 0.7 percent in February 2009. Concurrently, consumer price inflation in emerging economies dropped from 9.9 percent to 6.4 percent as of the same period (Figure 8 and 9). Figure 8: Consumer Price Inflation in Figure 9: Consumer Price Inflation in Developed Markets Emerging Markets (Annual Percentage Change)  (Annual Percentage Change)  6  10 8  4  6 2  4  2. 1208  0708  0208  0907  0407  1106  0106  1208  0708  0208  0907  0407  1106  0606  0106  Source: Bloomberg, CBT. 0606  2  0  Source: Bloomberg, CBT. Monetary policy response  Distinguished Members of the Press, Dear Guests, After making brief remarks on inflation developments, now I would like touch on the policies pursued by the Central Bank in this period.

As I mentioned earlier in my speech, the first quarter of 2009 is characterized as a period where impacts of the global financial crisis on the real economy were felt more clearly and inflationary pressures that dominated a major part of 2008 have been overtaken by fears of deflation and growth. With the effect of commodity price declines and slumps in domestic economic activity since mid-2008, inflation in Turkey took a sharp plunge in this period. Waning inflationary concerns have allowed the Central Bank to focus on restraining the potentially devastating effects of the crisis on the Turkish economy without conflicting with our primary objective of maintaining price stability. Considering the policies that have been implemented since the second half of 2008 within this context assumes great importance. Recent data point to an ongoing slowdown in economic activity of the first quarter of the year. Although domestic demand showed signs of a limited recovery over the previous quarter, it still maintains its weak course. Labor market data also indicate that this downward trend will continue and that it will take some time for economic activity to recover. Slumps in commodity prices and the significant slowdown in foreign demand in this period also add to the downward trend of inflation. Within this framework, the Central Bank adopted a strategy of front-loading policy easing by cutting overnight rates by a total of 700 basis points from November 2008 to April 2009 (Table 2).
We must also remember that our external environment may not always and necessarily be ideal. But we would do well to remember that ours has been and is a resilient economy. We have shown that we can grow even in the face of highly adverse circumstances and scenarios. In that context, we would be wise, if we do not develop our economic plans on the overriding assumption of a totally terrorism free environment. Of course, if the peace process is successful and a early political solution is found to the on-going conflict, it would be highly desirable. But at the same time, if we consciously develop our plans and frameworks on less than perfect conditions, we could still find ways and means to succeed and deliver the planned results. We owe that to our people, who cannot and should not have to wait until everything falls in to place. Therefore, our future strategies should be aimed at moving ahead even in the face of threats of terrorism and other adversities without setting out as a pre-condition, the achievement of a permanent peace or ideal conditions to embark on our development projects and programmes. We are also working today on the basis that all our strategies would be of no avail, if we are not sufficiently committed to achieving those plans. We know we are serious in our efforts. We also have to show we are serious.

This challenged both the Keynesian and the monetarist views. John quickly accepted the new concept of rational expectations. However, he rejected  Page 2/4  the assumption that markets always clear, and that prices and wages are perfectly flexible. His research showed that – as a result of staggered wage contracts – monetary policy, even if anticipated, can be useful for stabilising the economy. This restored the proposition of Keynesian and monetarist models that even anticipated changes in money affect the economy. The second topic I would like to highlight is a recurrent theme in John’s research agenda. This is his deep interest in rules for monetary policy. John’s research has always emphasised the importance of rule-like, systematic behaviour for monetary policy. However, by the late 1980s, many people were arguing that efficient rules would have to be very complex, and expressed severe doubts about the practicability of rules for monetary policy. So John decided it was time to write down a workable rule that was consistent with his research. The result was a simple equation to guide interest rate decisions at the Fed. The equation related the policy rate to inflation and unemployment. When he presented his rule at a CarnegieRochester Conference in November 1992, he did not regard it as a big deal. It turned out quite differently. His paper, published in 1993, has become one of the most cited works in macroeconomics. The rule became known as the Taylor rule. My experience at the SNB testifies the importance of the Taylor rule.
The British prime minister’s speech last week provided some clarifications but it is essential to bear one clear principle in mind: the single market is not divisible; access to the single market is inseparable from respecting its rules. This makes a simple free trade agreement such as that proposed by Theresa May very difficult and there can be no cherry picking with regard to Europe. The German Chancellor has quite rightly stressed that it is essential for all 27 Member States to be united on this matter. ** I will conclude by sharing my conviction with you. In the face of US and global uncertainties, I want the euro area to be an area of relative stability and growth. But now more than ever, France and Germany must act together. As a central banker, our duty is to implement the best possible monetary policy for the euro area, in keeping with our mandate. But this monetary policy neither can, nor should, do everything. It is also my responsibility to make proposals for more effective economic policies. I have outlined some ideas to you with my conviction as a European and I am now happy to answer your questions. 4/4  BIS central bankers' speeches

Ong Chong Tee: Confidence in and resilience of the life insurance industry Speech by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, at the Life Insurance Association (LIA) Annual Luncheon 2015, Singapore, 4 March 2015. *  *  *  Dr Khoo Kah Siang, President of the Life Insurance Association, Distinguished guests, Ladies and Gentlemen. 1. Thank you for inviting my colleagues and I to the Association’s 13th Annual Luncheon. 2. Modern life insurance is said to have its beginnings in London more than 300 years ago by a company called Amicable Society for a Perpetual Assurance, with the aim of allowing an amicable distribution of contributions to be made by deceased members to their surviving wives and children. But even during the times of Ancient Rome, it is believed that some forms of life insurance existed to help mitigate the costs of burials of deceased members and to provide for their surviving families. While clearly much has changed in the industry, the central tenet of the industry has remained – to provide financial protection to dependants and in current times, also as a means of savings and wealth management. 3. A life insurance purchase is in essence a legal promise. In exchange for payment of premiums, an insurer will honour claims and make payment as agreed under the insurance policy. Hence given the typically long term nature of the commitments, confidence in and resilience of the life insurance industry must underscore its growth and development.
I will now describe our assessment of the economic outlook and associated risks. 1  The macroeconomic scenario and projections As I said before, inflation is still on the rise, and now stands significantly above our estimates in the March MP Report. With the CPI figure that was released this morning, a monthly variation of 1.2%, the y-o-y increment of the CPI rose to 11.5% in May. The core CPI -which excludes volatile items- posted an annual change of 9%. This figure has remained mainly linked to the sustained rise in the prices of goods, but has recently also shown a higher contribution from its food and services components, consistent with the dynamism of consumption during the first quarter of the year and with the adjustments of indexed prices and utility rates that normally take place in March (figure 1). The excessive increase in domestic demand in 2021 continues to push inflation up over the past year. In any case, its recent behavior has been more strongly affected by external cost pressures coming from price hikes in foods and commodities, plus the persistent difficulties in production chains and supply at the global level. All this in a context of very volatile exchange rate in the past several weeks, which is now above its March figure, and a still high activity gap. Unlike previous quarters, most of the inflationary surprise of recent months is related to the prices of foods and volatile items.

Sources: Central Bank of Chile and National Statistics Institute (INE). 15  20  21  22  23  24  Figure 11 Oil and food price forecasts (1) (2) (levels)  Oil Jun.22 Report  125  Mar.22 Report  Foods Jun.22 Report  180  Mar.22 Report  104  100  83  94 69  75  83  155  160  92  140  50  155  147 126  77  157  139  135  120 100  25 16 17 18 19 20 21 22 23 24  80 16  17  18  19  20  21  22  23  24  (1) For oil it is the averaged WTI and Brent price. For foods, it is the FAO index. (2) Effective price/index is average for each year. DoƩed lines show the 2022-2024 projecƟons contained in each MP Report. Sources: Central Bank of Chile and Bloomberg.