samchain/econo-pairs-v1 huggingface dataset:
Namely, we are hosts of one of the world's largest development finance funds, established with a capital support of the European Union, the governments of Germany, Switzerland and Austria, as well as many international financial institutions such as the International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), the German Development Bank (KFW) and the Netherlands Development Finance Company (FMO). This means that we have partners and institutions labeled by the Republic of Macedonia at its list as "vital interest". Their primary objective is, and they will present it better than me though, to finance the development of the Southeast Europe, particularly focusing on the financing needs of micro and small enterprises (MSEs) and private households. Actually we are honored to have the leaders of the European Fund for Southeast Europe to provide details on its structure and objectives, on extending long-term funds and the wide range of financial instruments designed to support the development of the countries throughout our region. I have no doubts that these financial instruments will make you interested and take initiative for forthcoming potential cooperation with the European Fund, and hence with other qualified intermediaries, besides the already established cooperation with the Import and Credit Bank AD Skopje.

And now, we are truly challenged by the further increase in the bank competition, and deeply confident that this process will considerably accelerate very soon. The experience, however, shows that the best come only in well regulated financial sector, in a banking governed by regulations based on the European directives and the world best practices. In this light, the forthcoming new Banking Law allows for further strengthening of the bank corporate governance; minimizing or eliminating all possibilities for non-transparent shareholder structures; increasing the efficiency of the procedure for exclusion from the banking system in the Republic of Macedonia, of shareholders that lack reputation and integrity, thus compromising the stability not only of their bank but across the banking system. Therefore, it allows for establishing proper risk management systems and internal control systems, thus facilitating the gradual migration to risk-based supervision, which is already encompassed in the assignment related to the implementation of the New Capital Accord (so-called BASEL II), over the next several years. All things considered, we could send a message, without any hesitation, to the potential investors and providers of financial services and products that the Republic of Macedonia is a safe place to invest and fructify the capital and that the creation of good, friendly business environment, with competitive advantages compared to others, has been permanently improving. I wish the European Fund for Southeast Europe a successful business and good cooperation with our financial intermediaries.
The bail-in changes the ownership of the group but it does not affect the balance sheets of the subsidiaries. Contrast Lehmann. 2  BIS central bankers’ speeches  That doesn’t mean there is nothing to do. Far from it. For example, firms (legal entities) issue bonds not only in their home county but in a host of other jurisdictions. We shall need the documentation of bond issues by banks and by their holding companies to make clear in terms that they may be bailed in or subjected to another type of resolution operation by the firm’s home authorities; at the consequent change of ownership does not trigger “default” or ‘control” clauses. That should not be a high hurdle. It is equivalent to incorporating Collective Action Clauses (CACs) in sovereign bond documentation. There is also a debate about which particular kinds of creditor claim should be subject to bail-in via resolution. Indeed, this is one of the key questions in the Commission’s consultation. One thought on this. It seems to me that the approach to putting losses on to different types of creditor should probably be the same whatever the resolution tool used and, indeed, the same as in a standard insolvent liquidation. That would suggest that one way of addressing proposals to “exempt” some types of claim from bail in, and to establish a hierarchy amongst other types of claim subject to bail-in, would be to alter the creditor hierarchy in insolvency law.

Contrary to the approach taken by many during the recent crisis, Malaysia had further liberalised the foreign exchange administration (FEA) rules in our efforts to promote efficiency, reduce costs and create a more conducive environment for trade, business and investment activities. The accomplishments in financial sector reforms and the many policy changes made have augured well for the country, as evident by our ascent into the top-20 bracket in the World Economic Forum’s financial development index this year. As with other countries within the region, we have also been a recipient of capital flows. As a result of continuous effort to strengthen the financial sector, our ability to manage the volatility and other impacts of capital flows has been enhanced. The financial markets and banking sector have proven their ability to absorb and intermediate these inflows while the Central Bank is always monitoring the market on a daily basis and is also well positioned to manage the situation. The domestic economy stands resilient and inflation remains under control. Furthermore, the pace of ringgit appreciation also reflected the positive underlying fundamentals of the economy. Trends of investing by central banks and institutional investors i)  The concept of diversification  Let me now share some thoughts on portfolio diversification. Nearly 60 years since the proposition of Modern Portfolio Theory by Harry Markowitz, many investors are still grappling with the challenges of portfolio diversification. Among the sands in the wheel of a welldiversified portfolio are transaction costs and information asymmetry.
Since 2006, the Singapore Exchange has operated a clearing facility for OTC derivatives. It started with derivatives contracts for commodities, energy and freight; and introduced interest rate swaps in November 2010. It will clear FX forwards by the end of this year. Our policy consultation will provide further details on how mandatory clearing will be implemented. Third, move trading to platforms where appropriate. International discussions on implementation issues are still ongoing. MAS is actively participating in these discussions. We will use the findings to help develop our own regulatory framework for organised platforms for trading. Fourth, report trades. We are assessing the need for a local repository and the appropriate regulatory regime. Our aim is a practical and efficient system that avoids duplication. On the insurance front, Singapore was among the first in Asia to introduce a risk-based capital framework back in 2005. Unlike in banking, there is no common global capital standard for insurance companies. The closest is the EU’s new standard known as Solvency II which is expected to be implemented by 1 January 2013. Many non-EU countries are looking to modernise their own capital frameworks along similar lines. To ensure that our risk-based capital framework in insurance keeps pace with these developments, MAS will embark on a review of our framework. We expect to issue a consultation paper by the end of this year. In the post-crisis landscape, there is a premium placed on well-regulated financial centres that have strong economic fundamentals. Singapore is in a good position to benefit from this.

Beyond current uncertainties, significant risks remain in the global economy and financial system that could derail growth. In Emerging Asia, there are upside risks to inflation. If central banks are forced to tighten monetary policy more, growth could be jeopardized. In the  BIS central bankers’ speeches  1  US, there are concerns about fiscal sustainability. If these lead to volatility in the financial markets against the backdrop of a still-weak labour market, then GDP could decelerate sharper than expected. But the chief global risk is the ongoing sovereign debt crisis in peripheral Europe. If there is contagion and banks in core Europe are affected, there could be a severe credit squeeze and pullback in economic activity. MAS is closely monitoring the developments in Europe. Let me now go on to recent developments on the inflation front. Headline inflation is now expected to be 4–5%, but forecast for core inflation is unchanged. I mentioned two months ago in a speech that headline CPI inflation had probably peaked. This remains technically correct but less clearly so in substance. Inflation has indeed eased from 5.5% in January to 4.5% in April and May. But inflation is expected to creep back up to slightly above 5% for the next couple of months before slowly trending down towards the end of the year. Therefore, for 2011 as a whole, we are revising CPI inflation forecast to 4–5%, from the current 3–4%. This upward revision and renewed volatility reflect two factors. First, accommodation costs.
Spain has a significant productivity gap with the euro area and recent research has related this gap to an inefficient reallocation of resources towards less productive firms during the expansionary period. However, since 2008 there has been an improvement in the reallocation of resources, especially due to the disappearance of many unproductive firms. But business mark-ups stand at relatively high and rising levels. This could indicate a persistent lack of competition in some markets, with adverse implications in terms of competitiveness, for instance, those regulations that distort the cost of production among firms or affect incentives to grow, such as market barriers due to the heterogeneity of regulations across regions. More generally, the Spanish economy continues to exhibit a low productivity level in terms of the average firm, something that can be perhaps explained through different combinations of inadequate managerial skills and educational attainment of workers, as well as a relatively low a degree of technological capitalisation. Hence, it is important to pass reforms aiming at reducing the rate of early school dropouts and to foster the relationship between firms and both the vocational training and university systems. These, together with a new well-designed and effective system of incentives to suppport innovation  6/9  in the private sector are prerequisites for enhancing the Spanish economy’s stock of technological capital and its capacity to innovate. So far, I have addressed a number of issues mostly from a national point of view. But, indeed, solving Spain’s problems cannot be done in isolation from the euro area.

The magnitude of the external tax: the energy and terms of trade shocks I.1 What happened? Page 2 of 14 Let me begin by noting that the first peaks on gas and electricity prices took place in the summer of 2021 in the context of the global post-pandemic recovery, when European countries had to build up their gas stocks for the winter and when demand for natural gas in Asia and the United States strongly increased. In this context the price of metals for example almost doubled from 2020 to mid-2021.Tensions in the oil market also emerged during the second half of 2021. Then, the Russian war in Ukraine has caused gas prices to soar. Electricity prices have also reached record levels: as you know, the price of electricity on the wholesale market is closely correlated to the price of gas paid by the marginal electricity producer. As regards non-energy industrial goods, the first blow to European import prices was caused by disruptions in global production chains following the post-Covid recovery. The next blow was the gradual spread of higher raw material prices to all manufactured goods traveling to Europe. These now widespread price increases triggered massive wealth transfers between importing and exporting countries.
Nominal interest rates rose, but to a lesser extent than the inflation rate, and real interest rates turned negative. Early in the 1980s, monetary policy was tightened considerably in many countries. Real interest rates moved up. Inflation gradually fell and stabilised again at a low level. This paved the way for a decrease in real interest rates in the 1990s before they fell further after the economic turnaround in 2001. 1  N. Rygg (1954): Norges Bank’s history, Norges Bank  BIS Review 10/2005  1  Low real interest rates may be ascribed to several factors: Inflation has been low for such a long period that savers require a low premium as a hedge against unexpected inflation in the future. In order to prevent an appreciation against the dollar many Asian central banks have been buying US government bonds, exerting downward pressure on yields. Low short-term interest rates in the US, Japan and euro area countries are inducing investors to shift into more long-term securities, with an attendant fall in long-term interest rates. The US and some other countries have increased their key rates, but expectations of the rate of increase ahead have been dampened. The fall in long-term interest rates may be attributable to new assessments of the growth outlook for the world economy. In Norway, the real interest rate may deviate from external real interest rates when growth prospects diverge.

The proposed changes in the capital adequacy rules will apply with effect from 2005, but developments in the capital market could very well lead to the banks’ credit granting being adapted gradually to the new rules in advance of their introduction. It is therefore important for capital-intensive operations to prepare now for a more individualised credit assessment in future. The opportunities for finding competitive financing on the loan market at a low interest rate will be available to those who can convince lenders that their operations will generate stable future income. Higher risks, e.g. in the form of varying income flows will cost more. Looking towards the future I can see two important issues for the industry to consider for the future. The first is the financing of the new construction that is needed, where the effects of the modern credit granting process and the new capital adequacy rules will affect SABO’s operations. It will be a sensitive issue for housing companies in municipalities with high vacancy rates and declining populations, particularly in the light of your own report issued just before Christmas. Previously, municipalities and municipal operations with municipal guarantees have been able to obtain loans on improved terms. In addition to the property as collateral, a municipal housing company has been able to use the municipality’s guarantee as collateral. In future, it is not so certain that this will lead to improved loan terms to the same extent as now.
Research from the New York Fed estimates that, within the first three months following the CCF announcement, credit spreads retraced about 90 percent toward pre-pandemic levels, with two-thirds of the improvement occurring on facility announcement dates (i.e., before purchases even began), and that half of the improvement in bid-ask spreads since the peak in March occurred on the initial announcement date itself.14 This provides strong evidence that the market found credible the design the CCFs, as well as the Federal Reserve’s commitment to following through. Improvements in secondary market conditions pass through to corporate borrowing costs in two ways: directly through borrowing rates that are benchmarked to secondary market yields of similar bonds, and indirectly by increasing the willingness of dealers to underwrite bond issuance. And this is precisely what we’ve observed. Since the CCF announcement, firms have raised about $ trillion in the corporate bond market from investors, or about double last year’s pace. Companies have raised new funds and refinanced maturing debt, helping them to maintain their operations and payrolls and build liquidity buffers against continued uncertainty. Importantly, the dramatic improvements in credit conditions have come despite an extremely small CCF footprint that has decreased over time. On account of healthy primary markets, the PMCCF has yet to be tapped. And since mid-May, when we began SMCCF purchases, the pace of our buying has fallen steadily in response to improvements in market functioning.

Household debt in relation to disposable incomes is now at the same level as just before the banking crisis at the beginning of the 1990s, just over 120 per cent. The bulk of households’ loans have in various ways been secured on homes. A number of factors can help to explain this development. In the housing market the supply of new apartments has been low since 1993 (Figure 2). In the centres of the major Swedish cities, where prices have risen most, it is difficult to build homes at all. Meanwhile, demand has picked up as a result of robust growth in households’ incomes. Disposable incomes have risen by 35 per cent since 1995, measured in current prices. Moreover, migration to the big cities has boosted demand in the very areas where the supply is most limited. During the IT boom, the demand pressure in Stockholm was high, which was reflected in prices. When the equity market and particularly technology companies dropped in value, prices in Stockholm stagnated, but they continued to rise in Gothenburg and Malmö. In the credit market, falling interest rates have of course increased demand and made households more inclined to borrow. Households may also be borrowing more because they are less uncertain than before about how interest rates and inflation will develop. The future seems more predictable, which should increase the willingness to borrow at each given interest rate level. Since the mid-1990s we have gone from a period of high, fluctuating inflation to low and stable inflation.
First of all, regulators have been mandated to make important determinations, such as which derivatives may still be traded over the counter or which participants could be granted exemptions in clearing obligations. It is obviously essential that our regulatory efforts result in similar solutions so as to avoid creating arbitrage opportunities. Second, the scope of possible mutual recognition regimes for trade repositories and clearing houses should be carefully assessed in order to obtain a fair reciprocal treatment. The basic principle is fairly simple: a third country trade repository or clearing house could service participants or markets of other countries provided that the legal and supervisory arrangements are deemed equivalent and that international cooperation arrangements are established. But equivalence is not really easy to assess and one could understand a more conservative approach based on a systematic registration. Indeed, under such a regime, a third country trade repository or clearing house servicing participants or markets of another country would have to be registered by the competent authorities of that country and, once registered, would have to be subject to regulations and to on-site inspections, in addition to the domestic ones.

Looking ahead, our challenge is now to specify the rules and implement them. The main challenge for regulators now lies in finalizing the rules and incentives that will be conducive to reaching these targets. Thanks to the agreement reached by G20 leaders, ambitious regulatory reforms and markets initiatives are now under way. I recognize that the regulation of global finance is a considerable challenge: we have to preserve innovation while setting the limits on the capacity of instruments, markets or models to weaken the whole system. –  Our goal now is to ensure consistency across countries of the detailed regulations while keeping the momentum of the reform. Indeed, OTC derivatives are a global market, large banks are not local players and accounting standards should be a common language. Any discrepancies in the regulatory frameworks would be easily arbitraged, creating loopholes in the system. In that perspective, we clearly need to strengthen our coordination. Ladies and gentlemen, thank you for your attention. BIS central bankers’ speeches  5  ANNEXES : 1.
Jessica Chew Cheng Lian: Launch of Financial Literacy Month 2022 Opening remarks by Ms Jessica Chew Cheng Lian, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launch of Financial Literacy Month 2022, Kuala Lumpur, 1 October 2022. *** 1. It is my great pleasure to welcome you to Sasana Kijang for the launch of the Financial Literacy Month 2022. On behalf of the Financial Education Network, I thank you for your presence here to join us in flagging off a month-long roadshow to help people across the country build greater confidence in financial matters. It is especially gratifying for our teams to be able to go on the road again, to meet and talk to people in person after what has been a difficult period for many. 2. This is the third year that the Financial Education Network is holding a financial literacy month. And while we have lined up many activities and programmes over the coming month, I know that no one here believes financial education starts and stops within a month. I was reminded again of this as we are about to share the results of the most recent Financial Capability and Inclusion Demand Side Survey, or the FCI Survey, in short, that was conducted in 2021. This is a survey that we carry out once in every three years to track how the level of financial capability in our society – measured in terms of financial knowledge, behaviour and attitudes – is changing over time. 3.

For example, our collaboration with social enterprises has been focused on supporting the youth segment who are not in Employment, Education, and Training (also coined the "NEET Youth"). 9. COVID-19 has been a defining period for the world in many ways. While it has exacted a huge toll on society, it has also become a point of inflection for the adoption of digital financial services. The World Bank, in its Global Findex 2021 report released in June earlier this year, revealed that 79% of Malaysian adults use digital payments, of which 42% did so for the first time after the pandemic. This trend is evident in the strong adoption of e-payments recently, where e-payment usage in 2021 increased by 30% from 2020, a doubling of the long-term average growth rate prior to the pandemic. 10. To sustain this momentum, we will continue to work with the industry and key stakeholders to further promote e-payment adoption through a coordinated nationwide e-payment initiative under the banner of "e-Duit", with the tagline "Selamat, Senang dan Segera". 11. The evolution of digital financial services opens up enormous opportunities to deepen financial inclusion and expand access to previously excluded and underserved populations. But these opportunities can only be fully realised if our society is equipped to use digital financial services effectively, responsibly and confidently. Low awareness and trust, and limited digital and financial literacy, can become barriers to the adoption and effective use of digital financial products and services. 12.