samchain/econo-pairs-v1 huggingface dataset:
This came as a specific response to the perceived high private costs of restrictions relative to the perceived social benefits – again, in a reversal of the Weitzman calculus from the early 1930s. As with size, the effects of liberalisation on banking concentration were immediate and dramatic. The share of the top three largest US banks in total assets rose fourfold, from 10% to 40% between 1990 and 2007 (Chart 2). A similar trend is discernible internationally: the share of the top five largest global banks in the assets of the largest 1000 banks has risen from around 8% in 1998 to double that in 2009. This degree of concentration, combined with the large size of the banking industry relative to GDP, has produced a pattern which is not mirrored in other industries. The largest banking firms are far larger, and have grown far faster, than the largest firms in other industries (Chart 3). With the repeal of the McFadden and Glass-Steagall Acts, the too-big-to-fail problem has not just returned but flourished. In the light of the Great Recession, and the large apparent costs of too-big-to-fail, does Weitzman’s cost-benefit calculus suggest there is a case for winding back the clock to the reforms of the Great Depression? Determining that requires an assessment of the benefits and costs of restrictions. The benefits of prohibition The potential benefits of restricting activity in any complex adaptive system, whether financial or non-financial, can roughly be grouped under three headings: modularity, robustness and incentives.

For example, the National Payments Systems Act was enacted in June 2007, while Access Bank, the fourth largest bank in Nigeria is expected to open a branch in the country by July 2008, raising the number of commercial banks to 14. 2.6  Capital market developments  The Lusaka stock exchange performed remarkably well, market capitalisation increased by 45.0% to K18,872.9 billion compared to the increase of 13.9% in 2006. The Lusaka All Shares index almost doubled, rising by 92.9% to close the year at 3,533.52 points compared to an increase of 47.7% in the previous year. This robust performance was a reflection of strong macroeconomic fundamentals in the economy and positive investor expectations in the growth and earnings prospects for both listed and quoted companies. Government introduced 7, 10 and 15-year bonds to help deepen the financial markets in 2007. Foreign investments in Government securities rose to K830.5 billion as at December 2007 from K539.8 billion recorded end-December 2005, an indication of the rising confidence in the economy. 2.7  Fiscal developments  On the fiscal front the Government is expected to limit domestic borrowing to 1.2 percent of GDP in 2008. By reducing levels of government borrowing and enforcing prudent budget execution, this should result in greater mobilisation of domestic resources and effective coordination with the monetary authorities. Zambia has articulated its long-term development objectives in the National Long Term Vision 2030, which is aimed at raising Zambia to a middle income status by 2030.
François Villeroy de Galhau: Parisian momentum Speech by Mr François Villeroy de Galhau, Governor of the Bank of France, at the Bloomberg "Future of Finance" Paris forum, Paris, 9 May 2023. *** Ladies and Gentlemen, It is a great pleasure for me to give this keynote address at the first Future of Finance – Paris forum organised by Michael Bloomberg and his team. After the first panel, which gave precious insights on how Paris can lead the way in the reshaping of financial markets, it will cover the whole range of most topical issues. This first Bloomberg forum in Paris is more broadly a very timely and welcome initiative, which echoes financial players' growing interest for the French capital. Paris has indeed kept asserting itself as a major financial centre over the last few years, and stands out as unique in the network of European financial centres. I can only invite you to read the excellent Bloomberg article published on 18 April, which perfectly captures this multifaceted trend.1 Its title, Banks betting on Paris say there is life after London, should bring definitive reassurance to other banks, and encourage them to make the same winning bet.

What is more, in general French and European banks benefit from rising interest rates thanks to their diversified model, their broad deposit base and their large loan portfolio. We have in the euro area no "Sorgenkind" or "problem child", such as Crédit Suisse. As President of the French prudential authority (the ACPR), I can in particular attest to how solid French banks are nowadays. Whatever your field of activity, you will therefore find in Paris a convenient and safe harbour, with all facilities and fast connections to other major cities, in Europe and beyond. It has also attracted regulatory bodies, which can only be viewed as comforting neighbours after recent turmoil elsewhere. The EBA (European Banking Authority) moved to Paris in the wake of Brexit, thereby joining ESMA (European Securities and Markets Authority). Having a "regulatory hub" will facilitate cooperation between European agencies, in a world that requires such enhanced cooperation between authorities. Allow me to conclude with two topics you'll touch in your discussions this afternoon. As regards technology / innovation in the financial industry, you are all aware that French national regulators are recognised for their credible action and for being at the cutting edge of technological developments. I would also like to highlight one course of action at the Banque de France.
The Riksdag has decided that an inquiry shall be made, and hopefully this work will begin soon. Natural explanations for Sweden’s current account surplus With regard to the third of the challenges – the changeover from exports to domestic demand or vice versa – one can note that Sweden is one of the countries with large current account surpluses. This has in principle been the case since the previous crisis at the beginning of the 1990s. However, the surplus is hardly the result of a deliberate policy to build up a strong external position. The fact that we are saving as much as we are is partly due to our public finances being in good order and partly due to commercial decisions in the private sector. Nor have we tried to benefit exports by holding our currency artificially low. We conduct inflation targeting, and the exchange rate is simply left to its own devices. There are thus natural explanations for our current account surplus and there have not been any strong requests from abroad for us to reduce it. So really, one can say that the third challenge does not have any direct implications for Sweden, either. The forecast and the interest rate decision It has thus become increasingly clear that the Swedish economy is growing strongly. Many indicators of developments in the real economy are now at very high levels and GDP outcomes have been surprisingly strong. How do we see developments in the coming period? And what monetary policy is needed now?

Ingimundur Friðriksson: The Central Bank of Iceland and monetary policy Speech by Mr Ingimundur Friðriksson, Governor of the Central Bank of Iceland, at a civic club meeting in Reykjavík, 12 February 2003. *  *  *  In recent years substantial changes have been taking place in central banking in many parts of the world. The main reason is the gradual acceptance of the view that it is natural to anchor central bank monetary policy to a single main objective. Simplified objectives were therefore set for central banks and they were granted greater independence to apply their monetary policy instruments, while more stringent demands were made regarding transparency of monetary policy and central banking activities, and accountability to the government and general public. As a rule, simplification of central bank objectives involved defining a single main objective, i.e. to promote price stability. Central banks were often also assigned a second objective, namely to promote the security of financial systems, or financial stability. Price stability was made the main objective of monetary policy because inflation is above all a monetary phenomenon. There is little point in setting an objective for monetary policy which it cannot attain. Applying monetary policy in order to achieve price stability also contributes to economic stability. This, in turn, provides a basis for the economy to be able to achieve lasting growth and make the most efficient use of its scarce resources. The year 2001 was an eventful one in the history of the Central Bank of Iceland.
Key rates have been raised in a number of countries, and market participants expect further interest rate increases. Key rates remain low among many of our trading partners. Market participants expect a gradual increase in key rates in the period ahead, both in Sweden and the euro area. In the US, the key rate is expected to increase by a further 50 basis points before peaking. In the UK, the key rate is expected to remain virtually unchanged in the period ahead. Long-term interest rates are also low in most other countries. Oil prices have risen markedly over the last couple of years. Growth in global oil demand is expected to approach 2 per cent in 2006. This is in line with expected growth in supply from non-OPEC countries. On the whole, this supports the view that the price of oil will remain high. Futures prices indicate that the price of oil may remain above USD 60 per barrel for the next few years. High growth in the global economy also contributed to a further rise in prices for other commodities. This increase has continued in 2006. In spite of a slight decline recently, metal prices have increased substantially in recent months. There has also been a pronounced increase in futures prices, indicating expectations of a sustained upward movement in metal prices similar to that of oil prices. High commodity prices have contributed to somewhat higher head-line inflation, but so far underlying inflation has not risen.

As the Eurosystem, we stand ready to take part in initiatives on issues falling within our fields of competence. I should like to end my remarks here. However, before I do, let me once again express my gratitude for being invited to give this lecture today. It has indeed been a great honour, in particular in view of Governor Zolotas’ long and distinguished career at the Bank of Greece. BIS Review 113/1999  6
Noyer: There was probably during the period of time that preceded the crisis an excessive belief that the combination of the growing importance of emerging economies, which brought a disinflationary force in the manufacturing sector, and the credibility attained by central banks globally had created a world where inflation could be kept at bay quite easily. There was insufficient focus on some of the effects of low interest rates for a long period, like the fact that it facilitated asset bubbles and asset bubbles may lead to burst bubbles and economic and financial crisis or the transmission into pressure on inflation. We’ll probably be more attentive in the future. WSJ: The ECB has upped its vigilance on inflation in the euro zone, but if interest rates were to b e raised earlier than expected, it could be a problem for countries in the periphery that depend on the ECB’s support through its bond-buying program. Would it be possible for the ECB to raise rates to address rising inflation in core countries while keeping nonstandard measures in place to prop up peripheral states? Noyer: Generally speaking, it is technically feasible. I am not signaling that we are going to raise interest rates. As a matter of fact we have done a lot to start unwinding nonstandard measures. Excess liquidity in the euro-system has decreased dramatically and the situation has normalized. Now the market is working much better.

It’s useful that governments look into that and look at the various tools that could be effective and which could correspond to the various goals that they want to pursue, including making sure that the policies followed by member states receiving EFSF support are aimed at restoring a sound fiscal and the appropriate competitiveness. 2  BIS central bankers’ speeches
This brings me to the final topic of my talk, that of regional economic and financial integration in Asia. Under ASEAN economic community (AEC), the region’s prospects will be much enhanced by further integration efforts to foster freer international trade and more mobile movements of factors of production. Four broad facets of regional connectivity are expected to contribute to ASEAN economic growth and stability. First, with barriers to trade in goods and services brought down, there will likely be a substantial expansion in intra-regional demand. This increasing role of intra-regional trade in final consumption goods should provide the region with a potential source of resiliency against global demand shocks. Second, higher mobility of factors of production and crossborder infrastructure development can help unlock the tremendous potential of the region by removing supply-side constraints and bottlenecks to growth faced by individual countries, while also making best use of resources and comparative advantages through regional and global supply-chain networks. Third, through closer ties of financial and capital markets, ASEAN countries stand to benefit from tapping the vast pool of Asian savings, to finance intra-regional investment activities. This will prove particularly valuable given that many ASEAN countries are currently in much need of investment to lift their potential rates of growth after a prolonged period without largescale upgrading.

The good news however is that despite this and other serious challenges, the country was able to maintain macroeconomic stability at a reasonable level. The balance of payments recorded a surplus; the exchange rate, which in the years 2001 to 2004 had depreciated by approximately 5.9 per cent per annum, depreciated by only 5.2 per cent during 2006; a comfortable level of reserves was maintained; Government revenue and fiscal deficit targets were achieved as planned; the outstanding Government debt to GDP ratio declined; investor confidence remained high; a remarkable increase was seen in foreign direct investments (FDI) and for the first time, the yearly FDI exceeded US dollars 500 million; foreign portfolio inflows into the Stock Market increased substantially; the share indices recorded its highest ever levels; the government was able to mobilise around US dollars 1.2 billion in loans and grants from bilateral and multilateral donors and commercial sources. But we have to admit that not everything was rosy. There were a few down-sides and draw-backs too. Inflation began to rise since April due to higher than expected monetary expansion, some revisions to administered prices and escalating vegetable prices. In response, a tight monetary policy stance was adopted to curtail high growth in monetary and credit aggregates and it is likely that such measures would lead to the moderation of the rising inflationary pressures, and reflect a downward trend from April 2007 onwards.
While the financial aspects are important, we should inspire our young recruits on the underlying values of the industry and capitalise on the noble objective of providing protection and managing risk for our people. Takaful for example, is built upon the spirit of brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants. Drawing talent that shares the same values will ensure commitment and support talent retention in the industry. When the general public interact with the industry, with highly motivated staff, it will sow confidence and consequently trust. Refrain from making false promises, make clear the terms and conditions up front In building trust, a huge responsibility lies now on intermediaries playing their role, as intermediaries’ behaviour mirrors the image of the insurance and takaful industry. Many consumers are not well versed with insurance and takaful terminology and will rely on the advice rendered and the full disclosure of the policy terms and conditions. This low degree of familiarity with insurance and takaful terms makes it even more crucial for the full disclosure of the terms and conditions governing a policy. An important consideration is the role of intermediaries being the ‘first point of contact’ with the public. Intermediaries create an impression, powerful enough to influence a customer’s decision whether or not to engage in an insurance contract.

Back office operations, important as they are, can prove distracting in managing a financial institution, where the focus should firmly be on the heart of the institution's business. Outsourcing arrangements can lighten the load of such a burden and these operations can often be performed more effectively and efficiently by skilled outsourcing providers than if performed in-house. Ladies and gentlemen, The essence of a successful outsourcing arrangement rests on the institution's overall strategy. In executing a successful outsourcing strategy, the various risks involved have to be recognised and mitigated. Controls and effective oversight on the external parties have to be put in place to ensure that there is no over-reliance or loss of an institution's control. Clarity on roles and responsibilities is paramount. Outsourcing strategies which maximise rewards and minimise risks can prove invaluable to an institution in enhancing its competitiveness. Therefore, a key to this is to conceptualise the outsourcing approach and early identification of the gains and pains that may arise. Bank Negara Malaysia , in our efforts towards facilitating the development of stronger and more focussed institutions in the financial sector, will endeavour to reconsider any regulatory barriers deemed to be impeding the outsourcing arrangements of banking institutions and insurance companies in the future. Our only wish is that the outsourcing arrangements should not in any way affect stability in the financial system. On that note, I wish you a productive and successful forum. Thank you. 2  BIS Review 133/2007
In other words, people might implicitly be assuming that less debt would necessarily mean greater net wealth. If that’s really what’s being asked – would we be better off if we were all better off? – then the answer’s obvious. But most debt, including the significant majority of household debt, is used to buy or finance assets. It’s true that, in principle, easier credit conditions could result in higher consumer spending, a lower rate of saving and therefore a slower rate of accumulation of net wealth. “Debt-fuelled consumption” is certainly possible. It’s just that, taken in isolation, the numbers on household debt don’t really tell you that much about that process. At least excluding car and student loans, unsecured household debt is no higher than it was 25 years ago, relative to income. Mortgage debt is still well above those levels. This is the inevitable result of the boom in house prices in the early years in the last decade, itself caused by the preceding decline in the neutral rate of interest. The counterpart to the faster mortgage growth wasn’t higher consumption but a transfer of financial wealth to those trading down the housing market (largely from younger to older people). And, to complete the circle, the decline in the neutral rate of interest, from extremely high levels in the early 1990s, makes a given quantity of debt more affordable. I’m not claiming that higher debt involves no extra risk at all.

Nevertheless, this does look to be a case where rapid growth has gone hand-in-hand with loosening supply and rising risk. In the concluding section I’ll make some brief points about policy. The superior predictive power of debt growth What we saw in Charts 3 and 4 was that, at least in that 17-country sample, prior growth rates of debt were better predictors than levels of a country’s economic performance after the last financial crisis. Even if they went into the crisis with relatively high levels of gearing, countries with below average growth rates of debt had a less severe experience after the event. A much more complete study by economists at the Bank, based on the experience of 26 advanced economies over many economic cycles, dating back 50 years, found very similar results.3 Charts 7 and 8 are one way of expressing those. They show what you might expect of a country’s relative economic performance during a recession if, based on these results, you knew only that aggregate debt: income ratios beforehand were 10% points higher than the average and then if the growth in that ratio was 10% points higher. The second has proved much more informative than the first. 3  Bridges et al. (2017).
Panicos Demetriades: The pros and cons of having a separate and independently managed asset management and development bank Welcome remarks by Mr Panicos Demetriades, Governor of the Central Bank of Cyprus, at the Institute of Directors (IoD) Open Panel Discussion, Nicosia, 27 August 2013. *  *  *  Good evening ladies and gentlemen. I think tonight’s panel discussion is very important. The Bank of Cyprus is our largest bank and it will shortly hold its Annual General Meeting. At the AGM shareholders will choose the Board that will run the bank. The strategy that the new Board approves will need to be aggressively pursued. The Bank of Cyprus in the future will have a greater focus on its core Cypriot business, serving personal, SME and corporate customers. It will also have to deal with the legacy of historic expansion and growth in non-performing loans. The Central Bank of Cyprus does not have a fixed view as to whether the Bank of Cyprus should be split into two or not. This is a decision for shareholders and the Board. The question is whether separating certain assets is the right answer today. Opinion is divided – some say that this would be damaging to borrowers, others that it is the only way to manage the assets and restore the bank to health. I believe that we need to confront this issue and the bank should investigate all options. Any decision should be based on the facts and merits.

Leong Sing Chiong: Remarks - Official Opening Ceremony of the FM Global Centre Remarks by Mr Leong Sing Chiong, Deputy Managing Director (Markets & Development) of the Monetary Authority of Singapore, at the Official Opening Ceremony of the FM Global Centre, Singapore, 8 November 2022. *** Thank you, Mr Malcolm Roberts, Distinguished Guests, Ladies and Gentlemen, Good morning. It is a pleasure to join you at the official opening of the FM Global Centre. 2 The launch of the FM Global Centre is yet another significant milestone in FM Global's long and rich journey with Singapore. Since 37 years ago, the Singapore office has grown significantly, and became the Asia Pacific Headquarters for FM Global in 2019. Today, it provides commercial property, risk advisory and engineering solutions to over 400 clients, across 36 markets in Singapore and the region. The Global Centre is the second biggest centre, outside of the US. 3 The choice of Singapore to house the FM Global Centre is very timely, and is reflective of two key factors. First, strong growth prospects. Asia's property insurance industry is projected to grow from $ billion in premiums in 2020, to almost $ billion in 2025.1 This is due to continued commercial expansion and infrastructure development as part of the region's growth. Second, it also reflects Asia's growing need for natural catastrophe and climate risk financing solutions, given the region's significant exposure to climate risk.