samchain/econo-pairs-v1 huggingface dataset:
This is quite surprising when one considers that way back in the 1880s, IP was first used as collateral to secure funding by Thomas Edison with the incandescent electric light bulb. It was ground-breaking. It was a feat ahead of its time. IP is an ownership over an innovation. Innovation reflects an investment in a knowledge assets with an opportunity to make profits. Thus, understanding IP makes good business sense and offer fund providers a good opportunity for business growth and opportunities. Greater recognition of IP as a relevant factor in financing decisions is therefore a proven concept. Different financial players harness the potential of IP in different ways. The varying business models and risk appetites within the financing ecosystem will determine how IP fits BIS central bankers’ speeches  1  into financing considerations. For example, banks have to prioritise depositors’ interests and would not be expected to finance ventures with high risks. However, this is not true in all cases. SMEs with proven track records should be within banks’ sights, in such cases the value-add of IP should be more effectively leveraged. Indeed, in other emerging economies, progress has been evident. The Thai SME Bank, Chinese Bank of Communications and the Federal Development Bank of Brazil already take IP into consideration for financing. Malaysia’s financial services industry should also take this opportunity created by this new growth industry.

Due to the virus outbreak, the municipal securities market has recently been under considerable strain as investors have become reluctant to purchase municipal securities. As a result, interest rates on municipal securities have increased significantly. At the same time, states, cities, and counties are facing severe liquidity constraints resulting from the increase in state and local government expenditures related to the COVID-19 pandemic and the decrease and delay of certain tax revenue. By ensuring the smooth functioning of this market, particularly in times of strain, the Federal Reserve is providing credit that will support families, businesses, and jobs in communities, large and small, across the economy. The immediate purpose of the Municipal Liquidity Facility is to enhance the liquidity of the municipal securities market by increasing the availability of funding to eligible States, Cities and Counties through Tax Anticipation Notes (“TANs”), Tax and Revenue Anticipation Notes (“TRANs”), Bond Anticipation Notes (“BANs”), and other similar short-term notes from eligible issuers (collectively, “Notes”). The eligible issuer’s proceeds from its notes sales can in turn be used to support its political subdivisions and instrumentalities, among other uses. This facility will provide a form of bridge financing to eligible issuers, and by addressing the cash management needs of eligible issuers, the facility will also encourage investors to once again engage in the municipal securities market. Of course what I’ve just covered is not an exhaustive list. The Federal Reserve Board has also announced a number of other programs designed to supply credit directly to households, businesses, and municipalities.
In so doing, we have not remained indifferent to the transformations referred to above and the avenues of research inspired by them. Consistent with this broad perspective on central bank research, our economists engage in an extensive variety of topics, some of which go beyond the more traditional focus  7  of central banks. For example, we have recently placed emphasis on the study of the aggregate effects of structural reforms in product and labour markets, the distributional consequences of tax policies, the evolution of income inequality and the assessment of the financial competences of the population, to name but a few. More generally, we believe that high-quality theoretical and empirical analyses are necessary to fulfil one of our core mandates: understanding and monitoring developments in the euro area and Spanish economies. We see high-quality research as an indispensable tool to adopt sound policymaking decisions. In this regard, in recent years Banco de España has aimed to further improve the standard of its research activity and to strengthen collaboration with other institutions. Overall, these endeavours reaffirm our commitment to research, as the fundamental basis for good policy decisions, and I hope they will enhance our research output in the future. I would not like to miss this opportunity to underline the importance of relying on accurate and available statistics for economic analysis and research. It is my view that allowing independent researchers to access high-quality data is a necessary step to advance in the knowledge of the issues referred to above.

So it is worth taking the time to ensure that the new security features, which are complex, technologically innovative and have never before been applied to banknote design, can also stand up to the rigours of industrial production processes. A number of tests are currently being carried out. The first denomination in the new series – the 50-franc note – will not be issued until 2015 at the earliest. We will announce the exact issue date as soon as production of the first banknote denomination has been completed. BIS central bankers’ speeches  3
Neither, for that matter, is there any price index that is so constructed that it only measures factors of central importance for monetary policy and works in any situation. The discussion also brings out the drawback of working with rigid rules of action for monetary policy, for example a money supply target or a Taylor rule. Here is another instance. At this Association’s monetary policy meeting last spring I discussed how the Riksbank ought to react if the economy is exposed to various types of structural change. I concluded that the “flexible inflation targeting policy” as defined by the Riksbank does provide for temporary departures from our simple rule of action. It should be underscored that in the event of such departures from the rule of action, it is important to be particularly explicit about what is guiding monetary policy. I also pointed out last year that it is not difficult to envisage a situation, for example rapidly rising asset prices, where the rule of action and the inflation target must defer to a tighter monetary stance. This view is, of course, connected with my time as under-secretary at the Finance Ministry during the banking crisis in the early 1990s. If rising asset prices are a symptom of a wider build-up of imbalances, such as a rapid expansion of credit, then monetary policy must endeavour to limit the risks that expanding financial sector bubbles may affect the real economy. That does not mean that determining when such a situation is on the way is particularly easy.

From 1995 onwards the average rate of inflation, measured with UND1X, has been fairly close to the 2 per cent target. This has been accompanied by higher GDP growth than before. A part of the higher growth is of course explained by there being plenty of unutilised resources after the crisis in the early 1990s. BIS Review 24/2002  5  Variations in inflation and GDP growth Thirteen industrialized countries  1995-00  6  6  5  5 St. dev. inflation  St. dev. inflation  1970-90  4 USA 3  Sweden  2 Germany  4 3 2  1  1  0  0 0  1  2  3  St. dev. GDP growth  4  Sweden  USA  Germany 0  1  2  3  4  St. dev.GDP growth Source: The Riksbank  It cannot be argued that inflation targeting countries would have done worse if they had followed the same strategy as Germany and Switzerland, or that those two countries would have done equally well if they had targeted inflation. It is also conceivable that similar results would have been achieved with other monetary strategies, such as the pragmatic procedure at the U.S. Federal Reserve or the fixed exchange rate regimes – amounting in practice to a delegation of monetary policy to the Deutsche Bundesbank – that were used at times in, for example, France, Italy and Denmark.
Countries have different geopolitical situations, different historical backgrounds, different levels of development and different functions for their official reserves. These differences give rise to different priorities with regard to the role of gold reserves. 4  BIS Review 61/2006  Graph 3: Evolution of World Official Reserves  in USD billion  Gold Reserves  Currency Reserves  4000 3500 3000 2500 2000 1500 1000 500 0 Jan 95  Jan 96  Jan 97  Jan 98  Jan 99  Jan 00  Jan 01  Jan 02  Jan 03  Jan 04  Jan 05  Sixth argument: increasing living standards will boost private gold demand in emerging Asia My comments on this last argument will be brief. As often when looking at economic issues, there are substitution and income effects at work. On the one hand, prosperous Asian workers will be able to save and consume more, which should be reflected by an increased demand for gold. On the other hand, as financial markets and banking systems become more developed and more secure in today’s emerging economies, the palette of alternative saving vehicles will increase and we should expect the relative proportion of wealth invested in gold to decrease. In other words, we might expect the income effect to be strong at the beginning before receding and giving way to the substitution effect. Conclusions Despite the demonetisation of gold, the yellow metal continues to have a special significance for central banks.

Today, the SNB is no longer in the spotlight with regard to its gold policy. This makes my task today easier than President Roth's seven years ago. I have no newsworthy information to present to you regarding our gold policy. Instead, I will briefly reflect on six commonly held arguments related to commodities and, more specifically, to gold. The point of considering these arguments is not to either reject or confirm them definitely but rather to illustrate the likely speculative nature of long-term gold price forecasts. Since it was freed from central bank intervention, the gold market has been quite volatile. Historical evidence as well as analytical considerations suggest that price volatility will likely remain an important feature of the gold market. First argument: gold is a commodity like any other Since the collapse of the Bretton Woods System, gold has lost its role as an anchor for the international monetary system. Does that mean that it has become a commodity like any other? Before trying to analyse fundamental differences or similarities between gold and other commodities, lets look at what prices tell us: At first sight, gold and other commodity price cycles indeed look similar: the  1  For a detailed overview of SNB's sales program, see Hildebrand (2005), SNB Gold Sales - Lessons and Experiences, Institute for International Economics, Washington. BIS Review 61/2006  1  boom in the gold market since 1999 clearly has parallels in other commodities as well.
As a central banker, I will concentrate in my remarks on the role of central banks – and of the ECB in particular – in dealing with the current financial crisis and establishing conditions that support the economy’s recovery and return to a path of sustainable growth and price stability. In particular, I will address the following issues: •  first, the available central bank policy instruments in managing a financial crisis and the rationale for the measures actually taken;  •  second, the effectiveness of the ECB’s policies in promoting the orderly functioning of money markets, in fostering the provision of credit to firms and households, and, more generally, in countering the effects of the crisis on the financial system and the broader economy;  •  third, the role and effectiveness of other policies – notably the government measures to support the banking system and the fiscal stimulus packages – in mitigating the impact of the crisis and in complementing the actions of central banks; and  •  fourth, and looking forward, the prospects for sustainable growth in an environment of price stability and financial stability; that is, the prospects of escaping from the current state of economic underperformance and financial system stress, and the associated need for an appropriate exit strategy from the extraordinary measures taken by central banks and governments. II.

Lucas Papademos: The role of the ECB in financial crisis management Speech by Mr Lucas Papademos, Vice-President of the European Central Bank, at the conference on “The cost of the financial crisis: Planning an exit strategy”, organised by the Bank of Greece and the Hellenic Observatory at the London School of Economics and Political Science, Athens, 27 May 2009. * I. *  *  Introduction  “Τα πάντα ρεῖ” (all is in flux) Heraclitus asserted about 2500 years ago. His aphorism is truly relevant to our understanding and assessment of the financial and economic developments over the past two years. The financial crisis has evolved over time, and so have the policies employed to counteract its impact as well as the public debate about its causes and consequences. A year ago, gatherings such as this one would have been dedicated to identifying the underlying sources and the other contributing factors of the turmoil in financial markets. Six months ago, as the crisis deepened and broadened after the collapse of Lehman Brothers, public policies and discussions concentrated on how to restore confidence in the banking system and deal with the significant weakening of economic activity worldwide. More recently, the attention has progressively focused on the new economic and financial landscape that is likely to emerge after the crisis, and on devising “exit strategies” from the extraordinary policies currently pursued.
Rather, the SACs support the courts – by providing predictability and uniformity in the interpretation of Shariah rulings that are applicable to Islamic financial business. Unlike a scientific question, a Shariah question can be answered by reference to at least four different schools of thoughts, all of which provide valid answers from a Shariah perspective. Having the SACs as central authorities for providing finality of Shariah rulings – helps the court apply the rulings to the specific circumstances of a particular case with full certainty. This will then inform the final judgment by the courts. A clear process has been set out to facilitate judges, arbitrators and Islamic financial institutions to refer matters which require the ascertainment of Islamic law to the SACs for their ruling or advice. Matters beyond the ambit of the SACs’ authority will be left for the courts to adjudicate. The composition of the SACs, which includes former judges, ensures it functions well within the boundaries of its purview. To promote procedural legitimacy, efforts have been also directed towards ensuring that the reasoning of the SACs are well-documented and accessible to the public. Other than the courts and the SACs, another important institutional arrangement for our path forward will be the financial regulators. In particular, Bank Negara Malaysia and the Securities Commission will continue to play a proactive role in identifying pertinent Shariah issues that need to be clarified for the domestic market.

Addendum 'No Man is an Island' No man is an island entire of itself; every man is a piece of the continent, a part of the main; if a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as any manner of thy friends or of thine own were; any man's death diminishes me, because I am involved in mankind. And therefore never send to know for whom the bell tolls; it tolls for thee. John Donne 1 International Monetary Fund, World Economic Outlook: Global Manufacturing Downturn, Rising Trade Barriers,  Washington, D.C., October 2019. 4/4  BIS central bankers' speeches
Page 1  Investing in financial stability − speech by Sarah Breeden Given at the Insolvency Practitioners Association annual conference  Page 2  Published on 27 April 2023  Sarah Breeden discusses why we monitor corporate debt given its impact on financial stability. She goes on to explain how the financial system can assist longterm productive investment and where it can do more to support business investment. Speech Introduction I suspect I won’t need to convince this audience of the importance of corporate debt and financing conditions. What I’d like to do instead is explain why the Financial Policy Committee (FPC) cares about them. The FPC has two objectives: a primary one to maintain financial stability, and a secondary one to support economic growth. The supply of finance to the corporate sector touches on both. For our primary objective we look to ensure that risks to financial stability aren’t generated by excessive levels of corporate debt – where indebtedness might build in an upswing and lead to a damaging credit crunch in a downturn. And for our secondary objective we want to make sure the financial system is supplying enough long-term, stable funding to allow businesses to make productive investments, and finance major economic transitions such as the journey to net zero. So, in both cases, stability is our watchword. We are aiming at a supply of business finance which is stable through the economic cycle – avoiding damaging swings from credit boom to bust.

Malaysian banks, with their vast network of presence across the region could also serve as investors’ gateway to East Asia. Malaysia has been innovative in developing its financial system. This is very much evident in the rise of Islamic finance that offers investors a wider range of financial and insurance products. Prior to 2000, we had only two Islamic banks and two takaful operators. Today, Islamic banking assets account for more than a quarter of the total banking system. There are more than 100 financial products beyond the basic financial services offered. These include wealth management products, corporate financial solutions and investment banking services. Indeed, Islamic finance has arrived. From being a novelty to mainstream – it is able to meet the needs of the economy. At the same time, our capital market also stands at par with Asia’s best. We currently have one of the largest bond market in East Asia. We do not restrict any form of foreign participation in our bond and equity markets. This allows for natural deepening and widening of the financial system in Malaysia. Importantly, it allows investors like yourselves a diversified source of funds to manage your financial needs. Sovereign implied rating is at times, better than assigned ratings by the Credit Rating Agencies. Currently, all three of the major rating agencies, namely Moody’s, S&P and Fitch rate Malaysia at ‘A-‘ and on a stable outlook. The last time Malaysia’s long-term foreign currency ratings were upgraded by these agencies was more than 10 years ago.
This may encourage exploitation of the cumulative learning process in the scientific community as a whole, by which existing empirical models are improved or (eventually) overtaken by new and better ones.”See Steinar Juel, Krisztina Molnaad and Knut Røed (2008) “An Independent Review of Monetary Policymaking in Norway”, Centre for Monetary Economics BI, p. 44. BIS Review 140/2009  11  Because models are rough simplifications of reality, we must exercise considerable judgment when we use them. This is not always easy to document and explain. But, even though it may be difficult, it is not impossible and our aim is to improve in this area. The management of the Government Pension Fund – Global is another activity of Norges Bank where transparency is important. Among the world’s sovereign pension funds, Norway’s is one of the most transparent. International organisations refer to it as an example of best practice. In Norway, the Fund has been both applauded and criticised for its communication. The Fund’s annual report was one among six others nominated for the Farmand award for best annual report and website. However, the same report was also strongly criticised by the Norwegian journalist Per Egil Hegge for its impenetrable language. 54 We are working towards improving our communication of the Fund’s activity. The Fund’s ultimate owners are the Norwegian people and we must improve the communication of the main management principles to that target group. We are making continuous efforts to improve our quarterly reports and our annual report.

To summarise, HLIs themselves cannot be seen as direct risk to financial stability, at least not at their present stage of development. However, there are two potential transmission channels through which shocks on HLIs could spread to large international banks. If these shocks are large and banks are not robust enough, then the stability of the financial system could be at risk. However, available data and experience with failures of larger HLIs in the past suggest that the disruptive capacity of HLIs is rather limited. 4. Should HLIs be regulated? As we discussed earlier, the HLI industry itself does not appear to be a threat to financial stability. However, the failure of one or more large HLIs could – primarily via credit exposures – weaken a systemically important bank which, in turn, could weaken the financial system. This potential chain reaction, however, does not in itself prove the need for regulation. This challenge can be met by other initiatives. First of all, there is market discipline. Market discipline can compensate for a lack of regulation. I assume market discipline to be more effective in the case of HLIs than in the case of banks for three reasons: (a) Investors in HLIs are generally well informed and relatively “sophisticated”, (b) the number of investors is small and (c) HLIs do not constitute an industry regarded as worth being rescued in terms of the public interest. However, we should make sure that market discipline works.