samchain/econo-pairs-v1 huggingface dataset:
Such discipline would bring about credibility which is crucial to maintaining the attraction of the region and continued foreign investment. So far, much progress has been made and vast opportunities can be seen going forward. We are well aware that greater benefits are achieved from synergies and coordination rather than autonomous actions. Further efforts to Connect, to collectively enhance Competitiveness and to promote a sense of Community – the 3C’s, must be pursued – both in trade and in finance, and within the public as well as the private sector. Ultimately, strengthening the Greater Mekong Subregion would be our best contribution to reaching the goal of our ASEAN Economic Community. On this note, let me thank you for your attention and for your interest in our region. BIS central bankers’ speeches  3

The operations will be conducted as fixed rate tender procedures with full allotment. The rate for the first of these operations, to be announced on 23 June 2009, will be the rate on the main refinancing operations at that time. Subsequently, the fixed rate may include a premium to the rate on the main refinancing operations, depending on the circumstances at the time. The Governing Council has decided in principle that the Eurosystem will purchase eurodenominated covered bonds issued in the euro area. The detailed modalities will be announced after the Governing Council meeting of 4 June 2009. Furthermore, the Governing Council has decided that the European Investment Bank will become an eligible counterparty in the Eurosystem’s monetary policy operations with effect from 8 July 2009 and under the same conditions as any other counterparty. These decisions have been taken to promote the ongoing decline in money market term rates, to encourage banks to maintain and expand their lending to clients, to help to improve market liquidity in important segments of the private debt security market, and to ease funding conditions for banks and enterprises. Today’s decisions take into account the expectation that price developments will continue to be dampened by the substantial past fall in commodity prices and the marked weakening of economic activity in the euro area and globally. The latest economic data and survey information suggest tentative signs of a stabilisation at very low levels, after a first quarter which was significantly weaker than expected.
But they are using Regtech much less in their risk management and regulatory compliance activities, despite the many advantages that doing so could bring for them. 8. More generally, banks currently have little engagement with the wider Regtech ecosystem. We found that only 16% of banks are currently taking part in associations and industry 1/3  BIS central bankers' speeches  groups and only 33% of banks are partnering with Regtech firms. So this is an area that definitely needs more work. 9. Our second action is to raise Regtech awareness among banks – in particular their awareness of the benefits, applications and solutions associated with Regtech. 10. Our Regtech Adoption Index told us that a massive 86% of banks consider one of the top public sector activities in this space should be to enhance the engagement between the banking sector and the Regtech ecosystem. 11. And this is where today’s virtual event comes in! It brings together banks, regulators, Regtech providers, industry associations, and representatives from other parts of the Regtech ecosystem. We see this as a perfect opportunity for banks to learn more about the potential benefits of Regtech for their own operations and also for their customers. 12. As part of the efforts to raise awareness, the HKMA has also been publishing a series of Regtech Watch newsletters since November 2019. This series of articles outlines the benefits of Regtech through providing high-level sample use cases for areas like Cyber Risk, Credit Risk, AML/CFT, and also Conduct Management. 13.

Building on the Regtech Watch, we are launching a new series called “Regtech Adoption Practice Guides”. This provides more practical implementation guidance when you use Regtech. We also plan to create a centralised Regtech knowledge hub as a platform for sharing Regtech information and content. We do hope that all these initiatives taken together will allow banks to become much more familiar with Regtech and also help them manage the Regtech adoption process. 14. The third action we are taking is to encourage new Regtech solutions. It’s one thing to help banks become willing and ready to embrace Regtech. But they will only do this if there are fit-for-purpose Regtech solutions to enhance the way that they manage their businesses. This requires commitment from Regtech companies and financial institutions, and also support from the regulators and Government. 15. One way to encourage new solutions and innovation is through offering incentives and organising competitions to resolve real-life pain points. In March this year the HKMA launched the Global Regtech Challenge. This competition motivated 86 global and local Regtech firms to come up with possible Regtech solutions for four specific pain points faced by banks in Hong Kong in the areas of Governance, Risk and Compliance; Conduct and Customer Protection; Customer Data Privacy; and also Stress Testing. Later today we will announce the winners from this Challenge, and the audience will hear more about how the innovative solutions can benefit banks in Hong Kong. 16. Working alongside us is the Financial Services and the Treasury Bureau.
(Figure 3) shows similar data for net liquid assets as a share of total assets. Large banks have improved their liquidity profile, both in aggregate and in the cross-section. Over the same period, banks have also shifted the composition of liabilities towards more stable sources of funding such as core deposits and away from non-core and short-term wholesale liabilities. Those funding shifts have bolstered system resilience by reducing the risk of runs and fire sale asset liquidations. (Figure 4) plots the return on equity for the U.S. banking industry, both as a whole and for the large banks used above on a merger-adjusted basis. This accounting measure of profitability shows an improving picture over the last few years, with ratios recovering towards historic norms despite significant headwinds from the low rate, flat yield curve environment and modest economic growth. This trend is particularly noteworthy when one considers the substantial increase in capital held in the banking industry. In addition, as shown in (Figure 5), earnings have shifted back toward net interest income and have been more stable in the post-crisis period, which is consistent with the idea of more sustainable and less volatile earnings streams. Finally, it is useful to compare the U.S. experience to other developed economies. As shown in (Figure 6), large U.S. bank outcomes compare favorably to their global peers from both a profitability and capital perspective.

First, as I mentioned earlier, the core function of a bank is to provide financial services, and that is not just in the short-term, but also in a sustainable manner over time. A critical argument behind the desire for resilient financial firms is that they are more likely to withstand shocks and to continue to function through a wide range of macroeconomic and financial conditions. This suggests that the apparent short-term trade-off between resilience and the provision of financial services may be reframed over a longer policy horizon as a dynamic trade-off between the provision of financial services today and in the future. For example, a stated goal of the first public stress test in the U.S., the Supervisory Capital Assessment Program (SCAP) during the financial crisis in 2009, was to ensure that participating banks would have sufficient capital to “withstand losses and sustain lending—even if the economic downturn is more severe than is currently anticipated. "6 Resilience is valued because it supports the sustained provision of financial services over time and across macroeconomic outcomes. Second, the official sector considers all potential costs and benefits to society when evaluating a policy in a way that private actors may not.
They must decide whether the new species of players are fish or fowl, in order to regulate them appropriately. In the borderless internet world, cross-border provision of services will be harder to police and regulate. Supervisors will have to cooperate much more closely, sharing information and coordinating responsibilities. WTO Trade liberalisation at the WTO, particularly liberalisation of trade in services, will gradually open up financial markets. This will increase competition in our domestic market, but it will also give us better access to foreign markets, and protect our rights in case of disputes. On balance Singapore will benefit, and so should our institutions, provided they prepare themselves. The General Agreement on Trades in Services (GATS) under WTO is already exerting an important effect, giving us meaningful protection. For example, it was a decisive factor in our favour in the CLOB dispute. 3  BIS Review 30/2000  We finally settled CLOB on acceptable terms without actually going to the WTO. But our rights at the WTO were a major factor which helped bring about this outcome. This measure of protection afforded by WTO’s multilateral framework gives us additional strategic reason to pursue the liberalisation of financial markets, ours as well as other countries’. Free trade agreements But we need a fall-back position in case WTO runs into trouble. After the fiasco of the Seattle Ministerial Meeting, such a scenario has become less unlikely. This is why we are pursuing free trade agreements (FTAs) with several potential partners.

In my view, a turnaround in the  trajectory of underlying inflation – be it actual or expected with sufficient certainty –, should be a trigger for stabilising our rates.i  Page 4 sur 7 • The strength of the transmission of our policy measures, or in other words the extent to which the “plumbing” of monetary policy is effective, and fast: from what is still in the pipe, to the ultimate and concrete impact on economic activity and prices. It takes some time – usually about one or two years – for monetary decisions to take full effect. There has been some debate recently in the United States on whether this lag is shorter or longer under the current conditions: but let us acknowledge we don’t know enough on this issue, and need to dig further. Let me accordingly sum up where we are in our ECB monetary policy: we may possibly still have a little way to go on rate hikes at our next meetings, though I think it premature to decide now what we will do in May, but we have already completed most of our rate-hiking journey and the strongest economic effect ahead of us will be the pass-through of what is already in the pipe. In other words, the deferred effect of our past rate hikes will be more significant than the one of our future decisions. And it will be key to then stay the course for as long as necessary.
Chile) External prices (in $  -4.2 3.3 3.4 3.0 2.6 6.9 2.0 -0.4 -9.8  1.9 2.8 3.0 2.3 1.6 6.7 1.7 -1.8 -2.7  LME copper price $ WTI oil price $ Brent oil price $ Gasoline parity price $ Libor $ (nominal, 90 days)  249 49 52 467 0.3  221 43 44 389 0.7  2017 (f) 2018 (f) Jun'17 Mar'17 Jun'17 Mar'17 Jun'17 Report Report Report Report Report (annual change, percent) 1.9 4.6 4.7 -0.5 -0.5 2.9 3.3 3.3 3.5 3.4 3.1 3.4 3.4 3.5 3.5 2.5 2.8 2.8 2.9 2.9 1.6 2.3 2.2 2.3 2.3 6.7 6.4 6.5 6.2 6.3 1.7 1.7 1.7 1.7 1.7 -1.5 1.3 1.1 2.5 2.2 -2.7 2.1 2.4 1.3 1.4 (levels) 221 255 255 250 250 43 50 50 50 51 44 52 53 52 53 389 457 453 444 447 0.7 1.5 1.5 2.4 2.5  (f) Forecast. Source: Central Bank of Chile. Figure 10  MPR and expectations (percent)  6  6  4  Financial asset prices in March Report (*)  MPR  FBS Financial asset prices in June Report (*)  2  4  EES 2  -  0 14  15  16  17  18  19  (*) Built using interest rates of swap contracts up to 10 years. Source: Central Bank of Chile.

14  Figure 5 Durable consumption and imports (annual change, percent)  30  15  Durable consumption (right 10 axis) 5  20 Capital goods imports (*)  10 0  0  -10  -5  Consumer goods imports  -20  -10  -30  -15 14  16  15  17  (*) Excludes uncommon transport vehicles. Source: Central Bank of Chile. Figure 6 Evolution of self-employment (percent of total employment)  32  32 Self-employment  30  1986-2017 average  30  28  28  26  26  24  24 2010-2017 average  22  22 86  88  90  92  94  96  98  00  02  04  06  Sources: Central Bank of Chile and National Statistics Institute (INE). 08  10  12  14  16  15  Figure 7 Interest rate by type of loan (1) (index, 2002-2017=100)  200  200 Commercial  180 160  180 160  Housing (2)  140  140  120  120  100  100 Consumer  80  80  60  60  40  40 02  05  08  11  14  17  (1) Weighted average rates of all operations performed each month. (2) Loans denominated in UFs. Source: Central Bank of Chile using SBIF information.
It is rather further evidence that we cannot reduce our analysis of the impact of monetary policy to a simple short-term rate as has typically been done in the academic literature so far.19 The question then is no longer which financial variable to use in estimations, but how to weigh them to reflect any varying impact they may have on output and, ultimately, inflation. For example, my last specification on slide 7 uses an FCI that attributes a much larger weight to the exchange rate, in line with the rule of thumb I mentioned earlier, which suggested a strong passthrough to inflation. Interestingly, this FCI fits the data less well, and is just about significant at the 10% level, which might support the view that the exchange rate pass-through could be lower than what such a rule of thumb would suggest. But as I explained earlier, even a lower weight on the exchange rate would likely not fully capture the relative importance of the various financial variables at each point in time. That is, if the impact of changes in financial conditions on inflation depends on the state of the economy, then ideally FCIs would be based on time-varying weights. This is food for thought for future research. Conclusion With this in mind, let me conclude. The negative relationship between the real interest rate gap and economic activity as posited by Wicksell back in 1898 is a mainstay of modern central banking. This relationship has not been lost with the advent of unconventional monetary policy measures.

The New Keynesian IS curve in the euro area This brings me to the second channel I would like to discuss this morning: the effects of monetary policy on real economic activity. 7 / 14  BIS central bankers' speeches  Much of our attention recently has been focused on the properties of the Phillips curve – that it may be flatter, non-linear or mis-specified in terms of the relevant economic slack. By now, we are fairly confident that non-linearities and broader labour market slack are likely to explain much of the weakness in inflation as of late.10 Some observers have interpreted the lack of stronger price pressures as a failure of monetary policy to stimulate the economy. They argue that persistently low inflation is testimony to the ineffectiveness of non-standard policy measures. If this were true, then also the reasoning behind the shock-based exchange rate pass-through would in part be misguided. I would argue, however, that such claims reflect a serious misunderstanding and simplification of how monetary policy works. There are very few instances, such as through the exchange rate, where policy can directly affect prices. In most cases monetary policy transmits to prices through its impact on the intertemporal allocation of consumption, savings and investment. If prices are slow to adjust, a cut in the key policy rate lowers the real interest rate, which, in turn, stimulates interest-sensitive spending.
Arjuna Mahendran: Central Bank of Sri Lanka’s 65th anniversary Speech by Mr Arjuna Mahendran, Governor of the Central Bank of Sri Lanka, at the commemorating ceremony of the Central Bank of Sri Lanka’s 65th anniversary, Central Bank of Sri Lanka, Colombo, 28 August 2015. *  *  *  Today is a very important day for all of us. 65 years is not a small period in the life of an institution and first and foremost I must thank all of you who have kept the torch of central banking alive and well in Sri Lanka over the last 65 years. I know most of you haven’t been here for that length of time but certainly those traditions have been passed on to you and you are I think preserving them very well and making sure that they are moving on into the next generations’ hands in good condition. At this point, we should take a step back and look at what we have achieved in those 65 years. First of all, when we were established in 1950, the statute that enabled the establishment of this institution was very clear, in-terms of its objectives and that statute has more or less remained unchanged in that whole period, which I think in Sri Lankan terms is quite a record.

I am not saying that we should only focus on the Northern Province, even the Southern Province. We have a branch in Matara, but I think there is a lot of work to be done. I recently visited areas around Hambanthota, and I find that the potential there really, is still not exploited. There are a few factories here and there, few agricultural projects that we are funding, but we are nowhere near the sort of potential we can achieve particularly since so much infrastructure has been installed in that area and built in recent years. I think that infrastructure is not being used. We have the rather comic situation today where an airport is being used to store paddy because of a mismatch of the needs of that airport to be economical with the needs of the broader economy which has other pressing problems to be achieved. So this is a classic example how we have to put on our thinking caps and come up with solutions for the government. One big advantage that we have is that central bankers have through the decades, manned very important government institutions. Even when I look today, institutions as varied as the Ministry of Defense, the Ministry of Finance and such like have very senior central bankers working there in some form or another. And even in the legal sector, the Attorney General’s Department is working very closely with us.
Aligning the operational framework of monetary policy to European standards is another challenging objective the central bank faces. Obviously, I am talking about the still high reserve requirement ratios (given the need to contain credit expansion, foreign currency lending in particular, during the economic boom) and the relatively large width of the interest rate corridor (initially warranted by the imperative of cooling off speculative capital inflows and domestic currency appreciation). The NBR has capitalised, in the past two years, on the window of opportunity provided by the favourable macroeconomic and financial background to rectify the situation to a large extent, yet the process needs to be continued until reaching the prevailing levels across the EU. Looking ahead, it is essential that the NBR identify, as it has until now, the right timing for the upcoming stages of the alignment process to unfold  2  BIS central bankers’ speeches  without impairing the smooth functioning of the markets and without deteriorating key indicators for investor sentiment or, more generally, public perception. I will end my brief overview on the economic state of play in Romania by expressing my hope that this event will turn out to be the beginning of a lucrative and mutually beneficial partnership. BIS central bankers’ speeches  3

They made loans to the trusts they judged solvent, but the Knickerbocker Trust, the second-largest in the country, did not make the cut, and its collapse precipitated panic throughout financial markets. To stem that panic, Morgan and his banking colleagues lent more generously to the surviving trusts. 1/4  BIS central bankers' speeches  The consequence of these events was a severe recession, and the U.S. economy contracted more than 10 percent. As a result of the financial sector’s inability to contain recurring financial panics, Congress realized the need for the public sector to step in, a process that led in 1913 to the creation of the Federal Reserve System. An Unprecedented Challenge Returning to more recent events, as the pandemic began to unfold in the U.S., we saw intense strain and disruption to financial markets. In response, the Federal Reserve has taken a set of strong and decisive actions to supply liquidity and to assure the continued flow of credit in the economy.2 The unique nature of this recession—a global pandemic—has required us to design an innovative response. Some of our actions have the hallmarks of those taken during the 2008 financial crisis, but many more have required a fresh approach. As uncertainty about the coronavirus took hold, we saw disruptions in short-term funding markets.
Denny H Kalyalya: Financial access and sustainability of financial services in Zambia Paper presented by Dr Denny H Kalyalya, Deputy Governor Operations, Bank of Zambia, at The Zambia Institute of Chartered Accountants Annual Business Conference, Livingstone, 7-8 August 2008. * 1.0  *  *  Salutation  • The Guest of Honour • Chairperson • Distinguished participants • Ladies and Gentlemen It is an honour and privilege for the opportunity to make a presentation to this important ZICA Annual Conference. Before going any further allow me to convey the Governor’s sincere apologies for not being able to come due to prior commitments. He did also send his good wishes for a successful conference. 2.0  Introduction  In my brief intervention, I will endeavour to address the question of financial access and sustainability in Zambia. It is generally recognized that the financial sector plays a critical role in the mobilization of development finance and stimulation of economic growth and development in general. An efficient, broad-based and dynamic financial sector is an essential element in the attainment and maintenance of high rates of economic growth and sustainable development. Through their services, banks and non-bank financial institutions (NBFIs), they provide an efficient mechanism for the allocation of savings and investment and they enable financial transactions to take place at minimum cost. To discuss the issues of financial access and sustainability in Zambia in a little more detail, our presentation is organized as follows.

That be as it may, like in many other developing countries the financial sector in Zambia still faces a number of challenges. The Financial Sector Assessment Programme (FSAP) Report of 2002 highlighted a number of these including limited access to financial services by the rural and peri-urban population and doubtful sustainability of financial services in Zambia. In light of these findings, and in recognition of the strategic importance of the development of the financial sector in contributing to sustainable economic growth and poverty reduction, the Government of the republic of Zambia developed and launched the Financial Sector Development Plan (FSDP) in 2004. The FSDP is a comprehensive five year strategy to build and strengthen the financial sector infrastructure to enable it to support economic diversification and sustainable growth. In addition, and in furtherance of the objectives of the FSDP, the BoZ Strategic Plan for 2008 – 2011 has made financial inclusion as one of its key strategic objectives. Under the FSDP two important studies, the FinScope™ Surveys of 2005 and 2007, on the demand for and supply of financial services in Zambia have been completed. These studies have augmented the earlier findings of the FSAP with respect to the key developmental challenges for the financial sector in Zambia.