samchain/econo-pairs-v1 huggingface dataset:
A global tax, on the other hand, has a significantly larger effect. With a global carbon tax, warming would be limited to 3O C by 2200, see the turquoise line. A global tax in line with the Swedish level is sufficient to keep the temperature increase around 2O C by 220023. The Network for Greening the Financial System (NGFS)24 has been in existence since 2017 for central banks and supervisory authorities and has grown from eight members when it was founded to 55 members and 12 observers in February 2020. Its aim is to develop and highlight best practice in environment- and climate-related risk management for the financial sector. The Riksbank has been a member of NGFS since 2018. As I have already mentioned, it is important that  22  See Hassler et al. (2018). Climate sensitivity in the scenarios (how much the temperature increases in the event of a doubling of carbon dioxide concentrations in the atmosphere) is set in the middle of the interval estimated by the IPCC. 24 See Elderson (2019). 23  11 [18]  central banks do not ignore the role of the financial system in the transition to a sustainable economy and integrate financial risk into the climate models.25 In the years ahead, the Riksbank will continue to take an active role in NGFS. We will also analyse how climate-related risks affect the Swedish economy in more detail and examine the link to the financial sector more closely.

This is the starkest example of fundamental uncertainty – science cannot say that this will happen, but neither can it completely rule out disastrous outcomes. Threshold effects occur when climate change reaches a tipping point and cannot be reversed, but instead speeds up further change. There are several examples: melting icecaps, thawing permafrost, forest fires that can devastate areas of the Amazon rain forest. Considering uncertainty is a natural part of all decision-making. In the monetary policy process, for example, there is uncertainty about underlying economic correlations, about data, about forecasts, etc. In this process, it is common to formulate decisions so that outcomes are as good as possible on average. 5  See also Lane (2019) for a discussion. 4 [18]  When it comes to decision-making in the climate area, Martin Weitzman’s research has had a substantial impact.6 In his view, decisions should be formulated in order to avoid the worst outcomes. This is easy to understand from an insurance perspective. When we take out a fire insurance policy, for example, we give higher weight to the worst outcome (the house burning down) in our risk assessment than the most likely outcome (the house not burning down). If we had not done this, we probably would not have taken out fire insurance. We should use the same thinking regarding climate policy. When we are exposed to serious threats at the same time as there is considerable uncertainty, we should insure ourselves so that we avoid and reduce the consequences of the worst outcomes.
The most well-known e-payment company is PayPal, which is registered in Luxembourg, but which is active around the world. Almost exactly ten years ago Stefan Ingves, the current Governor of the Riksbank, held a speech on the theme “Electronic money from a central bank perspective”. He then said that “the situation today on the e-money front can, put briefly, be described as there being a lot  5  In 2006, 85 per cent of all giro transfers and other credit transfers were made electronically, the remainder were paper-based. In terms of value, 96 per cent of these transactions were made electronically. Sveriges Riksbank. 4  BIS Review 16/2008  happening at different places in the world, although a breakthrough on a broad front is still in the future”. This summary can probably said to still hold today. 6 But not all development is tied to e-money. Mobile phones are now also used to make payments. For example, we can pay our bus and underground journeys by sending a text message. A few seconds later we receive a text message back from the operator, confirming that a ticket has been purchased and that it can be shown to the driver or conductor. If one has a prepaid card the cost is drawn directly, otherwise it will be put on the telephone bill. There are shops that have begun to use smart cards.

This is why financial stability is about the way in which banks and financial markets function and how safe and efficient various technical payment systems are – on a daily basis, but also in crisis situations. Money is an excellent means of payment – as long as we believe that it has some value. Should we lose that belief then it only remains for us to begin to exchange goods with each other and there are many accounts as to how clumsy and costly this is, even in modern times. This is why the Riksdag has given the Riksbank the task to maintain price stability However, I do not intend to talk about the inflation target and its background today. Today I will talk about cash and other means of making payments. And this is where, just like in so many other areas, technical developments have to a great extent changed reality. Do you remember the pay packet? When holding wage negotiations, there are still discussions about “how much money will there be in the pay packet”. However, the pay packet is now a metaphor. Those of us who have seen them in reality are becoming fewer. I shall never forget when I worked at a sawmill in Ångermanland and “the chief clerk” from the office came down with the pay packets on Fridays. When one received the pay packet in one’s hand it felt as though one had truly accomplished something during the week.
In the area of disclosures alone, there has been extensive improvements in the quality and consistency of disclosures, making it easier to understand through the use of plain language, and adopting the various approaches to bring important disclosures to the attention of consumers. For many regulators, the use of disclosures has been particularly useful to promote positive consumer outcomes, without creating distortions that could result from more intrusive policy interventions. On enhancing further financial knowledge, more than 50 countries have accorded priority to this agenda and have implemented or designed national financial education strategies. This will gain further traction with the publication of the OECD high level principles on national strategies for financial education in 2012. It will be further reinforced with the reporting of progress made by countries in implementing their national strategies. Of significance has been improvements to better coordinate and achieve greater alignment between the financial education strategies, the financial inclusion agenda and the consumer protection regime in order to maximise the impact of the respective individual initiatives and avoid duplication so as to optimise the impact of financial education efforts over the longer term. In the area of facilitating consumer choice, initiatives have been pursued to reduce exit and switching costs so that informed consumers can easily exercise their preferences and adapt to the changing circumstances.

This would involve enhancing the ability of users of financial services to make discerning financial choices that best suit their needs, while increasing their confidence to take advantage of the new spectrum of channels and tools for financial management. This would result in better financial planning and more stable consumption patterns as well as the ability of individuals to better withstand the macroeconomic shocks that are now occurring more frequently in the global economic environment. Increased financial capability would also contribute towards evolving more inclusive financial systems and the broader financial stability. There is greater expectations on the potential for  BIS central bankers’ speeches  1  financial education to deliver improvements in responsible financial behaviour; encourage stronger market discipline and lift the poorest segments of society out of poverty in addition to helping communities adjust to the changing economic and financial conditions. The achievement of these outcomes will increasingly hinge on consumers of financial services being financially competent. Over the years, important progress has been made to provide the foundations on which enhanced financial capability can be built. These foundations include: (i) greater provision of truthful disclosures on financial products and services; (ii) expanded financial knowledge; (iii) an environment which is supportive of consumer choice, including the ability for consumers to exercise their preferences without impediments; and (iv) effective redress mechanisms. Policy makers, the private sector and market participants have a key role in building these foundations.
Last year, however, the return on property was exceeded by that on bonds and Treasury bills. Thus, in a more optimistic economic climate, there is a risk that investment in property will appear less attractive than in equities, for example. In such a situation, as investors reduce the share of property in their portfolios, there is a risk that prices will not rise as much as warranted by the higher demand alone. Consequently, this is a factor that could restrain property prices during an upswing. Summary and conclusions The markets for housing and commercial property differ in terms of both their developments in recent years and the challenges facing them in the near future. In the housing market, prices have continued to rise despite the recent economic slowdown. The market for commercial property has instead undergone a period of adjustment towards lower prices and rents since 2000. By all appearances, the price rises in the housing market have been due to changes in the fundamental factors of significance for house prices. To speak of a housing market bubble is therefore not very constructive. Persistently low interest rates, strong growth in disposable income and low growth in the supply of residential property justifies current price levels, in spite of the weak economy. In the event of an increase in activity and higher income, which we all hope and believe will happen, there is no reason to expect a broad decline in housing prices.

Lars Nyberg: Developments in the property market Speech by Mr Lars Nyberg, Deputy Governor of Sveriges Riksbank, at the seminar on properties, Malmö, 2 September 2003. *  *  *  I would like to begin by thanking you for the opportunity to come to Malmö and speak about the Riksbank's view of developments in the property market. Of course, these developments are not only of interest to those of us present today. They are important to all people, as movements in property prices have significance both for the real economy and financial developments in Sweden. When property prices rise, we feel more financially secure and increase our consumption, which leads to a rise in employment and growth. We might even borrow a bit more from the bank if we can. Normally, there is no harm in this. But there is a limit, of course, to the burden of debt households can bear without giving rise to worrisome risks. Should the debt of commercial property companies also swell, it could entail risks for the stability of the entire banking system, a point that was illustrated so well during the crisis at the beginning of the 1990s. On account of this, the Riksbank monitors developments in the property market carefully. We usually divide it into two segments, which give rise to different questions and reflections. The first segment is the housing market. Since 1997, housing prices have risen by just over 50 per cent, measured in current prices.
In terms of performance evaluation comparison of actual and benchmark portfolios returns are going to be monitored daily and reported to the top management periodically. For credit risk management side, a transaction limit is assigned to each counterparty, covering all types of credit risks and market risks. The limits are marked to market daily and reflect the amount of exposure that the bank is willing to take with each counterparty. The credit limits are set by employing an internal scoring model that incorporates the counterparty’s external credit ratings, financial information, and some other qualitative information such as the quality of relationship with our bank and the support status, ie the possibility of getting help from the government in case of financial difficulty. The credit rating of the country in which the bank operates is also considered. Reports about limit monitoring are produced regularly. I would like to conclude my remarks by underlining once again how important it is to have an efficient risk management to protect our reserves from financial instabilities all over the world. We need to watch the rapid changes in reserve management in terms of technological developments and in terms of economic conditions very closely and adapt our institutions to these changes right away. 3  BIS Review 38/2000

The Bank of England’s own November Discussion Paper was only one manifestation. Another is the IMF’s recent review of the macroeconomic policy framework. 11 The basic question is whether the authorities could lean against credit-fuelled booms by tightening capital or liquidity requirements for lenders or, as some economists have advocated, by raising the amount of collateral that borrowers have to put up. 12 In principle, this could be aimed at aggregate or sectoral credit conditions, and it could have a goal of making our banks more resilient. It would need to be pursued by executive agencies under clear mandates from legislators, and it would benefit greatly from transparency. A painful lesson for the Bank of England is that our warnings of “underpriced risk” and system-wide fragilities in our Financial Stability Reports were perhaps admired by some but made no difference. And, alongside our domestic and international peers, we are not in this for plaudits! People – the markets, firms, households – take notice of our Inflation Report, MPC minutes and speeches on monetary policy not, essentially, because they might sometimes be interesting or well done, but for the simple reason that the MPC is the body that sets sterling interest rates in the real world. If the authorities were able to deploy credible macroprudential tools, their stability warnings would probably be taken more seriously in future, because they would be able to follow up words with actions. Monetary policymakers would need to be attentive to the use of such instruments, as they would affect credit conditions.
In the central bank world, some have focused on the opportunities that technological innovations in the financial sector, particularly block chain technology, can offer the payment infrastructure. Others, particularly in emerging economies, regard digital central bank money as an opportunity to supply fundamental payment services to those people who do not yet have access to them. In Sweden, we are approaching the issue from what is a unique situation in an international perspective, namely that demand for banknotes and coins is declining rapidly. Since 2008, the demand for cash has declined by around 40 per cent. This is largely due to the demand for the highest banknote denomination, the 1,000krona note, having declined, which can be interpreted to mean that cash has lost its attraction as a store of value. In recent years, however, the demand for smaller  1 [6]  denominations, which are used in everyday transactions, has also declined. 1 But it is not only the decline in demand for cash that indicates the use of cash is diminishing. According to the Riksbank’s survey of the Swedish people’s payment habits, around 40 per cent of payments in the retail trade were made in cash in 2010. This figure has now declined to 15 per cent. Unique reduction in demand for cash  Note. SEK billion (annual average). Cash in circulation as a percentage of GDP. Sources: Statistics Sweden and the Riksbank. It is a well-known fact that the payments market is characterised by network effects.

In the Malaysian context, the various initiatives and developments taken place during the period of the Financial Sector Masterplan; between 2001 to 2010 have indeed sparked the growth and vibrancy of the industry. While achievements in various market segments have placed us at the forefront, more ground breaking initiatives are needed to seize the opportunities in new growth areas; and to reenergise the industry. An honest assessment on the existing business models and product offerings must be undertaken to recognise gaps and issues, which is a crucial step towards realising the true value propositions of Islamic finance. The future growth of Islamic finance, in my view, is underpinned by three key areas. This could also lead us to defining the future of Islamic finance as the ‘New Normal’ that can bring greater sustainable and equitable economic development. First, is to have a more cohesive efforts by industry players across all sectors in Islamic finance to realise its virtues that uphold social justice; equality; economic prosperity; and inclusivity. Indeed, these are challenging and daunting expectations. However, it is only through collaboration, that the Islamic finance industry could push its growth trajectory, into the next level of maturity. Working in silos should be replaced by promoting a culture of collaboration. Industry players should not only play a proactive role to enhance collaboration within the industry, it should also be extended beyond sectoral boundaries.
Greater price  including the auction process, cashflow  discovery and transparency in the  management and debt management  system, as well as increased confidence,  strategies, as well as establishing a good  have resulted in a significant increase in  database for government securities. the volume of trading on the platform, in the secondary market. The possibility of active debt management initiatives, such as buy-  Further, the Bloomberg e-Trading  backs, switching and swap  Platform will be extended for  arrangements, which are also a part of  repurchase transactions, and two-way  liability management initiatives, will be  Central Bank of Sri Lanka – ROAD MAP 2017  28  explored to improve the debt  diversify the foreign investor base as  management process, with changes in  well. We have already seen growing  relevant legislation. confidence in the currency among some large international investors, which  The Central Bank will establish an  means that in the near future, we should  Electronic Trading Platform and a  be able to issue international bonds in  Central Counter Party (CCP)  rupees, which would minimise our  arrangement for government securities  exposure to exchange rate movements. along with required legal reforms to  In this endeavour, we are working to  deepen and broaden the secondary  cooperate with the Euroclear System to  market for government securities.

Accordingly, we expect to enhance the bank examination methodology to 19  focus on the efficiency, effectiveness  2014 with a view to further  and sustainability of individual banks and  strengthening the resilience of licensed  the banking sector, based on the Bank  banks. We have already issued Directions  Sustainability Risk Index (BSRI). on the Basel III Liquidity Coverage Ratio  Accordingly, amendments will be  in April 2015.  introduced to the existing risk-based supervision framework based on a mix of quantitative and qualitative indicators to enhance focus on sustainability and operational efficiency of banks. We will conduct the pilot run of the Risk Index on large banks during  We have just issued the Direction on Basel III Minimum Capital Requirements for implementation on a staggered basis, commencing 01 July 2017, and to be fully implemented by 01 January 2019 in line with the international timeline. the first quarter of 2017 and  With a view to creating a more resilient  subsequently, the index will be extended  banking sector, we expect banks to  to the other segments of the banking  maintain a stable funding profile. sector. Accordingly, we plan to introduce the  In 2018, the Risk Index will be incorporated to all examination reports and we intend to assign a supervisory rating, based on this index. By 2019, a comprehensive pre-risk assessment will be conducted for all banks and a riskbased examination plan will be formulated.
Christian Noyer: Some thoughts on the financial crisis Speech by Mr Christian Noyer, Governor of the Bank of France, at Paris-Europlace, Tokyo, 18 November 2008. *  *  *  Ladies and Gentlemen, It is a great pleasure for me to be here and share some thoughts on the financial crisis. It is too early to draw all the lessons from recent events in financial markets. It is however vital to start reflecting on the experience of the last few months. Even more in periods of tension than in normal times, action and reflection should reinforce one another. It is at the very moment of managing the current crisis that we lay the foundations for the future financial system. Having said that, I propose to reflect with you on four topics: •  The nature of the financial crisis  •  The policies implemented to address it  •  The macroeconomic outlook  •  The outlook for financial regulation  The nature of the crisis The crisis first emerged as a liquidity crisis. The first symptoms appeared at the beginning of August 2007 when serious disruptions surfaced on the inter-bank market. More than a year later, tensions on money markets are still with us. Recent weeks have witnessed abnormal levels of spreads, a shortening of maturities, and the contraction, or even closure, of some market segments. Through spill-over, these tensions are also affecting non-financial corporations and, more broadly the financing of the economy.

Paul Tucker: Solving too big to fail – where do things stand on resolution? Speech by Mr Paul Tucker, Deputy Governor for Financial Stability at the Bank of England, Member of the Monetary Policy Committee, Member of the Financial Policy Committee and Member of the Prudential Regulation Authority Board, at the Institute of International Finance 2013 Annual Membership meeting, Washington DC, 12 October 2013. *  *  *  By way of setting the scene for this morning’s discussion, I shall make five broad and big points about where the international community has got to on addressing the Too Big To Fail problem through planning for orderly resolution. Before continuing, I should stress that these are my views and do not necessarily represent the views of any of the UK and international bodies of which I have been a member. (1)  The US authorities could resolve most US SIFIs right now  First, I repeat what I said in London recently. I cannot see how the US Administration could persuade Congress to provide taxpayer solvency support to – ie bailout – some of the biggest US banks and dealers. In short, the US authorities have the technology – via Title II of Dodd Frank; and, just as important, most US bank and dealer groups are, through an accident of history,1 organised in way that lends them to top-down resolution on a group-wide basis.