samchain/econo-pairs-v1 huggingface dataset:
The drafts having initially been approved by the Committee in October last year, they were then submitted for consultation to a limited audience comprising only other international standardsetting bodies and regional supervisors’ groups. In this regard, I would like to take this opportunity to acknowledge the important contribution made by ASBA, which, together with other regional groups,  2  BIS Review 45/2006  was responsible for numerous improvements to the documents that were finally issued for public consultation on 6 April. Finally, I wouldn’t want to move on to the next topic without first pointing out that the Core Principles revision is a fine example of how collaboration with the maximum number of supervisors and international regulatory bodies can be not only possible, but also clearly beneficial in terms of the quality and applicability of the resulting recommendations, and this is definitely a method that the Committee has earmarked for the future. Basel II implementation: cross-border cooperation between supervisors Another area in which collaboration between supervisors is absolutely vital, and which we will have the opportunity to discuss in depth today, is the implementation of Basel II in a cross-border context. In this respect, the banking sector has come up with a number of requests and proposals. We are aware of the importance of this topic as regards ensuring the consistent cross-border implementation of Basel II and reducing the burden of work on industry and supervisors alike.

I have always found it very useful, instructive and a genuine pleasure to participate in the events organised by both of these institutions, so today is a double pleasure, and I would like to thank everyone for the excellent collaboration that we have built up over the past few years. Thank you very much. BIS Review 45/2006  5
In response to this challenge, some countries are shifting towards the defined contribution (DC) schemes . However, while a DC scheme could address the issue of sustainability, it would not adequately cater the need to provide a stream of benefit payment throughout the lives of retirees, especially for those who outlived their retirement savings. In Malaysia , for example, most of those employed are mandated to contribute to a defined contribution (DC) scheme known as the Employees Provident Fund (EPF for short). A recent survey conducted revealed that a bout 72% of EPF contributors spend their entire EPF savings within 3 years of retirement, i.e., by the age of 58, an average retiree would have all his retirement savings depleted. In the case of a man, he has to be financially self-supporting for the next 17 years of his life, assuming he lives till 75. Presumably, his retirement needs will be met by family members. However, with diminishing “extended family” values, it is uncertain if this will eventually happen. Another significant challenge is to modify the structure of mandatory pension schemes itself, of which many are based on a full-time employment model. Most countries in this region do not have extensive pension schemes to cover both the formal and informal sectors. I understand that in Thailand and China , for example, only about 4% and 60% of the labour force is respectively covered.

25.02.2021  Latin American economies: developments and challenges Consejo Empresarial Alianza por Iberoamérica (CEAPI) Pablo Hernández de Cos Governor  Ladies and gentlemen, good afternoon. First of all, I would like to thank the Consejo Empresarial Alianza por Iberoamérica (CEAPI) and its President, Núria Vilanova, for the kind invitation to participate in this event. I should also like to take this opportunity to acknowledge the role that the CEAPI plays to support the business and investment of Spanish, Portuguese and Latin American firms. As you all well know, Latin America is a very important region for Spain owing to our close cultural and economic ties. It is likewise important for the Banco de España, as evidenced by one of the initiatives in our Strategic Plan for 2020-2024:1 positioning the Banco de España as a leading central bank for Latin America. This objective entails engaging in a series of actions, such as organising events, entering into and implementing cooperative agreements with central banks and institutions in the region, and the provision of services and international cooperation, all with a medium and long-term strategic view. It also means working to extend and improve our institution's analytical capacity and its visibility vis-à-vis the region’s economies and financial systems. Fortunately, it is already viewed as a benchmark in this regard within the Eurosystem.
It is important that we as a central bank understand these changes. At the same time, the financial crisis has made us aware that there are matters to do with trading, clearance and settlement which need to be improved. 2  Multilateral Trading Facilities, which are not required to be a traditional exchange in order to organise trading. 3  One example is EMCF (European Multilateral Trading Facility N.V.), central counterparty for the clearance of Swedish shares that are traded on Chi-X and NASDAQ OMX Europe. Another is EuroCCP, central counterparty for the clearance of shares traded on Turquoise. 2  BIS Review 153/2008  In the United States, two problems have stood out in connection with trading in American credit derivatives. They concern the credit derivatives that are traded on the over-the-counter market. 4 One problem is the counterparty risks. The parties in a credit derivative trade have a credit risk towards each other – the risk of a party losing the whole of the underlying value in a transaction. The counterparty risks have been difficult to understand, which makes them difficult to value. The other problem is the lack of market transparency, which has caused pricing problems and poor liquidity in credit derivative markets. The question of how to reduce counterparty risks in over-the-counter derivatives trading has been raised by the US Federal Reserve and the European Central Bank. One way would be to clear credit derivatives with a central counterparty. How would a central counterparty improve matters?

Markets that are illiquid also have consequences for monetary policy because repo rate adjustments do not then have the intended impact. That brings me to this autumn’s financial market developments. Events this autumn and measures by Swedish authorities In mid September the Swedish financial markets became seriously disturbed and Swedish banks experienced growing problems with funding. An increasing share of bank funding was arranged at very short maturities. Moreover, any funding that could be achieved at longer maturities cost the banks considerably more than normal. Prior to this, in 2007 and 2008, the Riksbank had no cause to take any extraordinary measures. Unlike the case in many other countries, the overnight rate in Sweden was stable and close to the policy rate, which meant that the intentions behind monetary policy were visible in the market. Moreover, Swedish banks still had good possibilities of obtaining funds, though this did cost more than before. 9 When Lehman Brothers filed for bankruptcy, however, the international financial crisis worsened. In this situation the Riksbank and other Swedish authorities introduced a number of measures so that markets would function better. The Riksbank’s measures in this respect have aimed at making bank funding easier and thereby assisting the banks in the provision of credit to companies outside the financial sector. In order to make corporate funding easier, during the autumn the Riksbank has lent more than SEK 200 billion and USD 25 billion.
Ingimundur Fridriksson: Turbulence in Iceland's financial markets in 2006 Keynote address by Mr Ingimundur Fridriksson, Governor of the Central Bank of Iceland, at the UBS conference “Annual Reserve Management Seminar for Sovereign Institutions”, Thun, Switzerland, 4 June 2007. *  *  *  Where is Iceland? What is it? Why do we want to know about it? In the first half of 2006, hardly a day passed without Iceland and Icelandic banks being mentioned in newspapers and financial journals around the world. Although attention is often welcome, this was not necessarily true of all the discussion about Iceland and its banks a year ago. The coverage was highly critical, in some ways rightly so but in other ways not. When I was asked to address this conference, the turbulence in the Icelandic financial markets in the first half of 2006 was doubtless fresh in the organisers’ minds. So I was asked to discuss that episode and how the Central Bank of Iceland monitored it and responded. As well as covering this topic I shall add some comments on recent developments and prevailing conditions. But first a few facts and a brief description of the background are needed. Iceland is an advanced industrial economy with one of the highest national incomes per capita in the world. Through membership of the European Economic Area, Iceland is part of the European single market and has the same financial infrastructure as in the European Union.

Iceland’s economic imbalances are waning and the inflation rate and current account deficit are coming down, the latter from a record level in 2006. The financial sector is on a firmer footing than a year ago. The headline of the Central Bank’s Financial Stability report for 2007 was The commercial banks are more resilient. However, the battle is not over and risks may still be present. The current account deficit is still large. Tighter conditions for funding it could undermine the exchange rate and rekindle higher inflation and instability. While the banks have strengthened their liquidity and have a larger share of deposits on the liabilities side of their balance sheets and fewer challenges in their refinancing, they still rely on easy access to international credit markets. A shift in investor sentiment about the banks, or in general risk assessment in the markets, could tighten liquidity and lead to less favourable borrowing terms. Thus prudence is called for, along with contingencies for facing tighter conditions and awareness that changes can take place very suddenly. Iceland’s currency is the smallest in the world with an inflation targeting framework and a floating currency. The króna probably tends to be more volatile than currencies of larger countries, which will cause sharper fluctuations in yields on króna-denominated investments. While major currencies are certainly prone to volatility, the crucial consideration is that exchange rate movements have a much greater impact on small, open economies than on larger ones.
Provided monetary growth remains well under control – and remember that at present it is undesirably low – inflation should return to target in the medium term. I hope you will all remember that in both of the past two years inflation picked up as a result of temporary price level factors and then fell back, as the MPC had predicted. So how will 2009 be remembered? As I said at the outset, it is too early to tell. The full impact of the financial crisis has yet to be seen. And the national statisticians will take another two years or so before providing their best estimates of spending and output in the UK economy. More importantly, the question of whether basic reforms to the structure of banking and the international monetary system will be made before another crisis engulfs the world economy remains unanswered. BIS Review 4/2010  5

These growth rates are actually slightly above the average growth in the period of expansion before the crisis, with world growth averaging 4% from 2000 to 2008. It is unfortunate for the UK that our main export markets are in Europe, which is lagging behind the global recovery. But UK exporters do have the offsetting benefit of a relatively competitive exchange rate against the euro. And recent data from manufacturing industry and from business surveys shows that this combination of global recovery and a competitive exchange rate is beginning to be reflected in strong export performance. 3 There are still clearly uncertainties about the evolution of the global recovery, and the data over the last month seems to be consistent with some easing back in the rate of global expansion in the second half of this year. But these worries about possible unevenness in the pace of global growth should not be confused with signs of a “double-dip” recession, which in my view is not on the cards. Rather, the world economy has bounced back strongly from recession over the past twelve months, and much more strongly than forecasts a year ago suggested. 4  3  The latest quarterly GDP figures, released on 12 July, suggest that recent export performance in the services sector may have been relatively weak, but early estimates of exports of services are not particularly reliable. 4  The current IMF forecast of world GDP growth of 4.6% in 2010 compares with their April 2009 forecast of 1.9%.
The range of published estimates in the LEI study reflected different assumptions about the persistence of the effects of crises on GDP, an area of particular empirical uncertainty in the academic literature. A contemporaneous study by Miles et al (2013) concluded that optimal capital requirements were likely to be higher – perhaps around 20% - if account was taken of the offsetting risk and cost of capital effects of higher solvency standards (the Modigliani-Miller offset). It is useful to revisit the calibration in the LEI study in the light of subsequent research. A little notation may be useful to organise this evidence. Suppose the aim of policy is to keep output in the economy, y, as close 11  These figures are expressed in terms of current definitions of capital and risk-weighted assets. The mapping from the estimates reported in the LEI report and those above are due to Brooke et al (2015). 9  All speeches are available online at www.bankofengland.co.uk/speeches  9  as possible to its trend growth path, y̅. The objective for the authorities is then to minimise a loss function, which can be written as: L = (yt − y̅t )2 Let’s simplify further and assume two factors can cause output to deviate from its trend: first, higher capital requirements, k, which act to reduce output each period by δ; and second, the occurrence of a financial crisis which, with probability γ, leads to a discrete drop in output of ∆.

This is more likely when the underlying risks are themselves fat-tailed. While complex approaches can appear to perform better 19  For example, DeMiguel et al (2007) find that, for a sample threshold of N = 25, complex rules outperform simple ones only for sample sizes of in excess of 3000 months (250 years) of data. 20  All speeches are available online at www.bankofengland.co.uk/speeches  20  in-sample, simpler approaches may be more robust to out-of-sample structural shifts and fat tails, the like of which we have seen in past financial crises, from railways in the 19th century to subprime mortgages in the 21st. This problem is not unique to banks. Stress tests can reduce reliance on banks’ own models. But they then still rely on regulators’ risk models, which may be vulnerable to similar issues, especially if they are formulated in an excessively granular manner (Hale et al (2015)). Liquidity and Funding  Historically, most banks failures are precipitated by insufficient liquidity. Due to maturity transformation, banks are vulnerable to a sudden withdrawal of funding due to bank-specific or market-wide losses of credibility. In such circumstances, banks will be more robust if they have a buffer of high-quality liquid assets allowing them to meet outflows, survive the first stages of a bank run and, if necessary, giving the authorities time to prepare for resolution. The Basel III LCR was designed and calibrated with these considerations in mind. But excessive maturity transformation can also create risks over longer horizons.
Besides the increase in basic food prices, April’s inflation rate has reflected also the secondround effects, being materialised in higher prices of several services. The Bank of Albania judges that the Albanian economy should find space to face the external supply shocks or international price fluctuations by promoting domestic production in some key sectors. Annual inflation of tradable goods sector resulted 4.9% in April, accounting for about 73% of the headline inflation rate. High inflation rate of this sector of the Consumer Price Index (CPI) basket continued to be affected by high primary commodity prices in global markets, nonoptimistic mid-term anticipations related to them, and depreciated exchange rate pass-  BIS central bankers’ speeches  1  through. On the other hand, the decline in this item’s share to determining the headline inflation was an outcome of entry of domestic agricultural supply into the market. Nontradable goods inflation, reflecting better the domestic inflationary pressures, settled at 2.5% in April, attesting to a slight upward trend. April’s core inflation, which strips out the temporary effects, was close to 3.3%, reaching historical highs. Monthly paces of inflation rise, which are a better signal about inflation expectations trend, however, registered slower paces than in the previous months. Core inflation shows that the economy’s inflation expectations, although reflecting a relatively higher rate, remain well anchored at the Bank of Albania’s target.

Ardian Fullani: Recent economic and financial developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on monetary policy decision of the Bank of Albania’s Supervisory Council, Tirana, 25 May 2011. *  *  *  Today, on 25 May 2011, the Bank of Albania’s Supervisory Council reviewed and approved the monthly Monetary Policy Report. Based on a thorough analysis of Albania’s latest economic and monetary developments and discussions on their outlook, the Supervisory Council decided to maintain the key interest rate unchanged, at 5.25%. The Supervisory Council judges that the current monetary conditions are appropriate to meet inflation target and continue the economic activity stimulus. Let me proceed with an overview of economic developments and main issues discussed at today’s meeting. *** The Albanian economy continues to maintain a positive development trend. Recovery in domestic demand over the first four months of the year and the positive contribution of external demand, have impacted on positive growth of the Albanian economy. Also, the major macroeconomic balances have remained stable and the financial system indicators appear to have generally improved. Following the shock of February, CPI inflation has followed a downward trajectory, reflecting the subdued inflationary pressures on the economy and Albanian financial markets. Available data on 2011 Q1 show that the economic activity has registered growth; however, the persistence of some spare capacity suggests that this growth remains below potential.
2  ‘Strong and Simple’, speech given by Sam Woods, Deputy Governor for Prudential Regulation and Chief Executive Officer, Prudential Regulation Authority (12 November 2020). 4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  Scope, strength, simplicity Let me now highlight some of those choices about which I am especially keen to receive comments. I will do so by elaborating on three key terms. First, what do we mean by ‘non-systemic banks and building societies’? In other words, which firms should be eligible for the simpler requirements? Second, what do we mean by ‘strong’? And finally, what will ‘simple’ look like? To begin with scope: as Sam explained in November, a strong and simple framework could in time include graduated requirements for all firms not subject to the full set of Basel requirements for internationally active banks. That would be a major undertaking, so this Discussion Paper set out options for a first step, which would apply to the smallest banks and building societies. This is what I will refer to in this speech as a ‘simpler regime’. The Discussion Paper suggests that the firms eligible for the simpler regime could be identified using a size criterion (probably total assets) – but not what that size should be. It also suggests that other criteria might be applied to ensure that only firms with relatively simple operations are included. For example, we might only include firms without a trading book.

This Forum is an important platform to have that exchange of insights which can enhance our understanding of the risks and opportunities in this region, allowing us to navigate the future better. We can also have a better steer if we ingrain the Asian acumen, which is o en built upon relevant work experiences in the region. To support this objective, MAS has been grooming more Singaporeans to be leaders and specialists, including giving them international exposure through the iPOST scheme, which supports overseas postings of Singaporeans to the region and beyond. MAS, IBF, and the financial industry will continue to work together to prepare our workforce with the skills for the future by developing a strong talent pipeline to enter the sector, and reskilling and redeploying local professionals into functions where jobs are growing. Adapt and adjust for a sustainable future https://www.mas.gov.sg/news/speeches/2021/riding-the-growth-momentum-in-asia  6/11  12/02/2021  "Riding the Growth Momentum in Asia" – Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), …  17. Second, there is increased expectation on the financial sector to play a greater role in enabling a more sustainable future. Global warming has led to more frequent and severe natural disasters. Asia will be one of the hardest hit with its densely-populated lowlying coastal cities. Over the last two decades, 7 out of 10 of the countries that were most aﬀected by climate risk events were in Asia [13] . 18.