samchain/econo-pairs-v1 huggingface dataset:
In 2007, Malaysia accounted for about two third of the global sukuk outstanding amounting to about USD47 billion. In 2002, the Government of Malaysia issued the first global sovereign sukuk. With this issuance, it became an international benchmark for the issuance of global sukuk. There have since been several further sovereign issues in the global capital market. The sukuk market has been an important source of financing for productive investment activities, while for investors, it provides greater potential for diversification into new asset classes. The development of the Malaysian sukuk market has involved wide ranging initiatives to facilitate an efficient issuance process, the price discovery process, the broadening of the investor base, the establishment of a benchmark yield promoting the liquidity in the secondary market and strengthening of the regulatory framework. These initiatives have been reinforced by the legal and Shariah framework and the supporting financial infrastructure including the settlement system and the bond information system. BIS Review 94/2007  3  The international prudential standards for Islamic finance is set by the Islamic Financial Services Board (IFSB), is located in Malaysia . The IFSB thus formulates the international regulatory and supervisory standards for Islamic financial institutions aimed at achieving best practices in order to secure soundness and stability of the Islamic financial system.

This year marks the 60th anniversary of the Treaty of Rome that created the European Union and the 25th anniversary of the Maastricht Treaty that created the Monetary Union. Further progress is needed. The institutional architecture of the Economic and Monetary Union remains incomplete in a number of aspects. The crisis has exposed structural weaknesses in our construction and has forced us to address them. The repair has started with the creation of 1/2  BIS central bankers' speeches  the banking union. But the work is far from over and the challenges we face go beyond Economic and Monetary Union. They pertain to security, migration, defence, and generally all those challenges that can be addressed only by pooling sovereignty. And these challenges are greater than in the past. Today we can sense a rising wave of energy in demanding joint European action. The European Union and the euro always commanded the support of the majority of European citizens, but, often, it was only the vocal opposition that was heard. Now this silent majority has regained its voice, its pride, and its self-confidence. Only by working together can the nations of Europe overcome these challenges. The opportunity for progress is real. Values and judgement lie at the heart of all our undertakings. But they need to be supported by continuing research, ever increasing knowledge, and uncompromising examination of facts.
The reason why a strong wealth position does not necessarily provide a good protection is probably that a large part of the wealth mass is not very liquid and thus its use as a buffer in times of crisis is limited. This applies in particular if the crisis leads to a fall in housing prices. A high level of wealth is thus no guarantee for avoiding problems; the best strategy is of course to try to prevent a crisis from arising at all. It may of course be the case that we in Sweden really are different. But I am sceptical to this. I think it is very risky to rely on this being the case. Now that we have seen that the costs in many countries have been so high, I at least draw the conclusion that there is reason to try to reduce the risk that we may also find ourselves in this situation, even if it is not the most likely development. As I mentioned earlier, monetary policy is to a large extent about managing risk. I have not so far felt that the short-term gains of a slightly more expansionary policy are sufficient to compensate for the threat of losses further ahead in a really bad scenario.20 But, once again, it is a question of balance and things may change over time. The policy we have conducted has actually been expansionary and mainly concerned sending signals that developments give cause for concern.

Assuming that the annual rate of credit growth decelerates gradually, and monetary conditions are tightened significantly in the final quarter in line with policy measures taken in October, inflation is expected to be, with 70 percent probability, between 7.8 and 8.8 percent with a mid-point of 8.3 percent at the end of 2011, and between 3.7 and 6.7 percent with a mid-point of 5.2 percent at the end of 2012. Inflation is expected to stabilize around 5 percent in the medium term (Chart 14). I would like to reiterate that any new data or information regarding the inflation outlook might lead to a change in the monetary policy stance. Therefore, assumptions regarding the monetary policy outlook underlying the inflation forecast should not be perceived as a commitment on behalf of the CBRT. In sum, short-term inflation forecasts were revised on the upside mainly due to exchange rate developments and hikes in administered prices. I would like to underscore that these factors reflect a movement in relative prices rather than a permanent increase in inflation, as the monetary tightening envisaged in the last quarter in the context of the CBRT’s recent strong policy reaction will prevent second round effects. 8  BIS central bankers’ speeches  Distinguished Guests, I would like to highlight once more that the recent tightening in the CBRT’s policy stance aims mainly to prevent deterioration in inflation expectations triggered by inflationary pressures from the exchange rate.
M R Chatu Mongol Sonakul: National Central Bank and building world peace  Speech by Mr M R Chatu Mongol Sonakul, Governor of the Bank of Thailand, at the 27th International Conference on World Peace “Building a Culture of Peace in the New Millennium”, held in Bangkok on 1 December 2000. *  *  *  Members of the Professors World Peace Academy, Participants of the 27th International Conference on World Peace, Ladies and gentlemen. The history of central banking is normally agreed to have begun around four thousand years ago in the Greece, Roman and other empires up to the middle ages when banks were put up primarily for the purpose of getting finance for governments to wage war. So the first period of central banking cannot very well be said to have been in conformity with the topic I’ve been asked to talk about here today, which is entitled “National Central Bank and Building World Peace”. But in the sixteenth and seventeenth centuries and especially later on when industrialisation began in earnest, there were great needs for finance for the many various industries that sprang up around that time. Commercial banks and great finance houses became common but the limitations of the technology of that period of using precious metals as currency became quickly apparent. Commercial banks began issuing their own paper notes, for the amount of the valuable metals that they had in stock being much more transportable.

Most importantly, it has achieved a high degree of sustainable convergence with the euro area and is about to adopt the euro, a feat many believed unachievable in such a short time span. Here I would like to express my gratitude to the entire banking community, including the staff of the Central Bank of Malta, for their hard work and commitment in preparing for a smooth currency changeover. How did this marked change in fortunes come about? Three factors at least played a role. Like other small countries which leveraged their participation in regional economic groupings to overcome size and resource limitations, Malta has adapted its institutions and policies to the requirements of EU membership and is starting to derive the expected benefits. At the same time, under the pressure of globalization, polices have been implemented to start correcting endemic weaknesses. And finally, advantage has been taken of the cyclical upturn  BIS Review 143/2007  1  in external demand. As a result, the economy has grown by more than 3% in each year since 2005. Recent measures have included the restructuring of the public and public-enterprise sectors, a wide-ranging privatization programme, the first stage of a pension reform, and the complete liberalisation of the trade and capital accounts. As a result, the public sector’s profile in both product and resource markets has been reduced, and the price mechanism now plays a more prominent role in the allocation of resources. Perhaps the most striking change has occurred in the fiscal situation.
And I hope very much that my remarks will offer you some food for thought about the issues and challenges that we all face. I wish you all fruitful discussions on these issues. And once again, thank you very much to ACAMS for inviting me here today. 4/4  BIS central bankers' speeches

Gent Sejko: Transparency, communication and the importance of the media partnership Address by Mr Gent Sejko, Governor of the Bank of Albania, at the end-of-year meeting with the media and the Governor’s Award ceremony, Tirana, 13 December 2019. * * * Dear ladies and gentlemen, Welcome to the Bank of Albania, to spend some time together as the year end approaches. Sadly, the atmosphere at the end of this year is different from previous ones, following the devastating earthquake, which hit Albania in late November. In the aftermath, we are all heartbroken by the tragic loss of 51 lives, with hundreds of others injured and many buildings, which have collapsed or have been heavily affected by the strongest quake in decades. Yet, beyond the material consequences and psychological shock, this tragic event foregrounded another – somewhat dormant – dimension of our society: solidarity and unconditional support for each other. We all witnessed an impressive demonstration of voluntary support from fellow citizens to those affected by the devastating earthquake. In this extraordinary situation, the media played a key role in promoting solidarity and alleviating the human pain caused by this natural disaster. In light of this event, and in retrospection of 2019, let me express my sincere thanks and heartfelt gratitude to the media, to those who are present here tonight, and those that were unable to attend, for their invaluable work, reporting news truthfully and in real time.
High public debt can inhibit private investment, increase fiscal pressure, reduce social spending, and limit governments' ability to implement reforms". 1/5  BIS - Central bankers' speeches  Recent IMF research shows that the post-pandemic drag on growth could be much larger in countries where (1) indebtedness is more concentrated among financially stretched households and vulnerable firms, (2) fiscal space is limited, (3) the insolvency regime is inefficient, and (4) monetary policy needs to be tightened rapidly. It is not easy however to scientifically define the level of the debt threshold above which debt is inducing crowding out effects. For the case of private debt, different researchers quote different debt- to -GDP levels beyond which debt is considered to become unsustainable. This threshold ambiguity also holds for public debt, particularly given the fact that the public or private debt to GDP ratio is by itself an insufficient measure of debt sustainability. For example, it makes little sense to compare debt-to-GDP ratios for countries that have very different financial systems, economies, budget constraints and level of development. Because of all these differences, rising levels of debt are likely to affect the subsequent performance of each economy in a different way. The IMF's Debt Sustainability Analysis for example and its many parameters of identifying potential risks for public debt, reflects this complication.

Constantinos Herodotou: The global debt trap – the implications for growth and possible solutions to tackle it Speech by Mr Constantinos Herodotou, Governor of the Central Bank of Cyprus, at the YPO - Cyprus Chapter event, Nicosia, 19 January 2023. *** Global debt, both public and private, has risen significantly over the last two decades. It is no surprise that many economists as well as the IMF and the Word Bank frequently warn about the possible adverse consequences of excessive debt levels on the global economy, and the macroeconomic, financial and fiscal stability of countries. When governments, households and corporations are excessively indebted, it may impair their ability to borrow - that is to finance their needs for consumption or investment. This has a negative impact on growth prospects. Excessive debt may affect the stability of the financial and banking system, if repayments of debt increase unsustainably, and this could also lead to further economic slowdown. If a country's level of private and public debt leads to a crisis which is severe enough, the current system of extensive global financial interlinkages could cause further economic hardships. Given the current high level of global debt and the above considerations, a number of economists refer to the situation as a potential "trap" that needs to be addressed urgently. The linkages through which excessive debt, private and public, affect the economies are widely acknowledged in economic analyses and literature.
Rodrigo Vergara: Chile in the international scenario Keynote address by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, at the 2014 IIF (Institute of International Finance) Latin America Economic Forum, Bahia, Brazil, 29 March 2014. *  *  *  I thank Luis Oscar Herrera, Enrique Orellana, Consuelo Edwards, Ivonne Vera and Luis Alvarez for helpful comments. Thank you for inviting me to this year’s Latin America Economic Forum of the IIF, where I will share with you the Central Bank of Chile’s views on where my country stands in the current global scene. I will also talk about the Chilean macroeconomic policy framework and how does it cope with the changing global economy. International scenario The external economic environment in which Latin America operates is changing, and it is necessary for the economies of the region to adjust to these changes. First there is the rebalancing process the world economy is undergoing. The developed economies are beginning to show more evident signs of recovery. Consensus forecasts are that global growth will be stronger this year than it was in 2013, but virtually all the extra boost will come from said recovery in developed economies. Growth projections for emerging markets in 2014, on the contrary, have been revised down time and again throughout the past year. These revisions have been particularly sharp in Latin America, and the region probably will grow less this year compared with 2013.

Others have vulnerabilities in some of these areas, which may have been magnified by access to inexpensive, abundant credit in international markets. Chile’s macroeconomic framework Chile has gradually developed a scheme of macroeconomic policies that permits us to deal with the natural volatilities of the business cycle of any open, commodity-exporting economy. This scheme has evolved over time to address the new challenges, such as a growing degree of financial integration to the global economy. This scheme leans on several pillars. One such pillar is our fiscal policy based on a structural balance rule. This rule dictates clear fiscal commitments that ensure that public finances are both sustainable and predictable. Our fiscal policy is no longer a factor amplifying the business cycle as it was in the past, but on the contrary, it is a buffer. More precisely, under our regime fiscal spending is neutral to the cycle. In turn, the resources accumulated in the sovereign wealth funds are an important source of external liquidity and financing to withstand periods of low fiscal income. Plus our public sector is a net creditor. Indeed, net public debt of the central government is negative, at around minus 6% of GDP. Another pillar is the autonomy of our Central Bank and its commitment with its constitutional mandate to pursue price stability and its inflation targeting regime. Since the year 2001, Chile relies on an inflation target of 3% annually, with a tolerance range between 2 and 4%, which has been met over the years.
But here, too, there are clear signs of an increase in high LTV mortgage products on offer. Towards the end of last year, the FPC announced measures to reduce the stimulus previously provided, for instance from the Bank’s Funding for Lending Scheme, and outlined further instruments it had available to mitigate potential risks to financial stability from the housing market. Given the increasing momentum, the FPC stated its clear intention to be vigilant to emerging vulnerabilities and to take further proportionate and graduated action if warranted. Also, the FCA has undertaken, from next month, as part of the implementation of the Mortgage Market Review to work to maintain stronger underwriting standards – I say “maintain” deliberately because we observe evidence of a welcome strengthening by the industry of such standards. The FPC, for its part, has recommended that it should in future be able to give guidance on appropriate interest rates to be used by banks in their affordability tests. The FCA is putting this new arrangement into effect. In its latest statement, the FPC made clear that it had discussed the appropriate scenario for this year’s bank stress testing exercise. Like all stress tests, this scenario will not represent the FPC’s central expectation of what is likely to happen, but rather act as a coherent representation of risks in the tail of the distribution of possible future outcomes against which the resilience of banks can be tested.

And likewise, we are working across the institution to maximise our very considerable international engagement;  BIS central bankers’ speeches  3  •  fifth, while it is a real strength of the new system that conduct and prudential supervision have their own institutions that can provide the focus that is essential, where we should work together we do, as the example of mortgage underwriting standards illustrates;  •  sixth, our approach is to use judgment to set the right incentives for the firms that we regulate to take the actions themselves rather than default to the regulators to do the work. I welcome the action taken by firms on mortgage underwriting standards as an example of that process, and more broadly I welcome the recommendations of the Parliamentary Commission on Banking Standards not least because they put the whole issue of incentivisation of the right behaviour at the front of their recommendations;  •  and last, returning to my earlier theme, we want to create and preserve financial stability as a platform to enable choices to be made in other areas of public policy free of concerns that our objective might be put in jeopardy by doing so. A prime example of this is to enable conditions to exist which can enable people to buy homes. I hope this gives a good sense of what we are about. Thank you. 4  BIS central bankers’ speeches
While most of the news focused on New York City, Long Island and New Jersey, parts of Fairfield and New Haven counties – cities and towns like Bridgeport, Stamford, Milford, and Fairfield – were severely affected as well. Thankfully, Sandy’s disruptive effect on the region’s economy seems to have been short-lived. Fairfield County did see some job  BIS central bankers’ speeches  5  losses during the winter months, and Sandy likely contributed to that. But, in the spring this area saw a strong and broad-based rebound in employment. In fact, in May employment in Fairfield County surged to a more than four-year high. Even with this recent surge in employment, however, the county has recouped only about 60 percent of the 36,000 jobs lost during the last downturn, whereas the nation has recouped close to three-quarters of its job losses and New York City has more than fully rebounded. And, at more than 7 percent, the county’s unemployment rate remains high. Another dimension of the local economy where we have seen modest improvement is housing. Homebuilding, as measured by housing permits issued, languished from 2008 through 2011; but last year, multi-family construction picked up noticeably, and this year single-family construction has begun to move up as well. Home values have also begun to recover. After falling about 25 percent between 2006 and early 2012, home prices have risen by 5 percent in Fairfield County and 3 percent across Connecticut overall.

We are pleased to see more banks in Singapore opening up their APIs, with tangible benefits to consumers. 2/9  BIS central bankers' speeches  OCBC Bank has 43 open APIs on its platform that are actively been tapped on by FinTech players, and even government authorities such as the Inland Revenue Authority of Singapore. DBS Bank has launched the world’s largest banking API developer platform with more than 170 APIs and over 50 successful collaborations. Customers looking for properties on the PropertyGuru platform can instantly find out if they are eligible for a property loan and even apply for the loan online. UOB has also recently put in place its regional open banking API platform. Customers can submit and read restaurant reviews, place reservations, and pay for their food, all within UOB’s mobile app. To-date, over 270 open APIs have been made available by the Singapore financial industry. Network of International Links By the end of this week, MAS will have signed 16 FinTech cooperation agreements with governments and authorities around the world1 These agreements facilitate information sharing on FinTech trends and regulatory issues. They also have a referral mechanism that support Singapore FinTech start-ups in overseas markets, and facilitate overseas start-ups to set up in Singapore as a gateway to Asia. Some of our co-operation agreements also include joint innovation projects. Let me give a tangible example. Singapore and Thailand have each developed their own systems for making payments from one bank account to another – in real-time, 24/7.