samchain/econo-pairs-v1 huggingface dataset:
The crisis showed that there was ample scope to improve the efficiency and resilience of the global financial system. Through clarity of purpose and resolute implementation Brisbane will mark an important milestone in our efforts. That we have reached this point is a triumph of the optimists. But we must not stop work. There is still much scope to improve. The process of reform is not over. We will continue to learn and adjust. And we must continue to manage the system effectively in the face of new risks. With that we can deliver the open and resilient financial system that can support strong sustainable balanced growth around the world. BIS central bankers’ speeches  5

While this has become a common practice, ideally more competitive retakaful operators who provide reinsurance in accordance with Shariah principles need to be established so that the takaful industry would not be dependent indefinitely on conventional reinsurance as the conduit to which they can mitigate risk. More importantly, retakaful operators ultimately serve to strengthen and enhance the financial capacity of the takaful industry, and the synergistic by-products emanating from the interactive business alliances would contribute towards the overall betterment and robustness of the Islamic financial system. Indeed, there is much to be gained by the takaful operators in particular, and the Islamic financial industry in general, by having access to an adequate and competitive market of the retakaful facility. It is therefore important to increase the collaborative efforts and examine plausible ways to address this gap in the takaful industry. Our quest to create a dynamic Islamic financial system is to achieve the ultimate objectives of developing an Islamic financial system that will be able to contribute significantly to the overall development of our economy through the intermediation process. Thus, Islamic banking and finance industry needs to extend its agenda towards the development of a comprehensive Islamic financial system. The Islamic banking and finance should strive to add value towards enhancing greater integration to the economy and the financial system.
It is not unusual for one to be turned away at customers counters on account of the lack of basic facilities due to for instance power failure or link failure when these can be mitigated where there are proper contingency plans in  2  BIS Review 111/2009  place. The Bank of Zambia will therefore ensure that sound business continuity plans are in place when evaluating new applications. Ladies and Gentlemen, as we develop these well meaning products, I wish to appeal to the service providers to ensure that investment in such infrastructure is complemented by investment in financial literacy. We need to ensure that we are providing individuals and communities with the level of financial education needed to grasp both the benefits and pitfalls of their easier access to financial services. This will in part minimize the risks associated with such innovative products as people will only make better judgments about their financial affairs if they understand the risks and returns associated with the product and services at their disposal. It is also apparent that financial illiteracy is more costly as people who make poor financial decisions will inevitably end up with a far lower standard of living than was otherwise achievable. Mr. Chairman, I wish to conclude by applauding Celpay’s initiative to host the first ever mobile conference in Zambia. The deliberations and recommendations of this conference will be keenly followed as the need to leverage access to financial services through the mobile phone is of paramount importance.

As we embrace mobile banking, the primary objective of Zambia’s mobile banking framework should be to empower the millions of citizens who do not have access to conventional banking. The essential spirit of mobile banking should be financial inclusion. In this regard, facilitating mobile banking will contribute to the distribution of resources to productive activities such as farming as well as directing resources to areas where there are most needed. In addition the policy framework should be flexible enough to allow the industry players to explore various business models. To this end the National Payment Systems Act of 2007 has provided a platform for businesses involved in mobile banking and money transmission to be designated. The need for effective regulation to ensure a stable financial sector and protection of consumers is vital. Nevertheless, regulation should facilitate and not impede development and must create an optimal, dynamic and agile banking environment. As Regulators we must therefore be open minded to new market solutions while the developers need to constantly engage the regulator in their product development. In stressing the need for effective regulation, I must emphasise the need for providers to observe the mandate and requirements of their licences. Mobile services providers must not perform banking services as this is the domain of licensed banks. Finally, I also wish to stress that mobile service providers and mobile banking solutions developers need to have in place robust business continuity plans that will ensure minimum disruption to services in the event of disasters.
The report examines the business conditions and credit environment for Latino-owned businesses, and compares Latino firms to non-Latino firms, as well as how their experiences vary across major metro areas. While I don’t want to get ahead of my colleague, Claire Kramer, and our partners from SLEI and Interise who will present the results of the report shortly, there are a couple of themes that caught my attention. First, Latino small business owners face significant financial barriers even after accounting for performance factors, including a disproportionate reliance on high-interest credit products. Those impediments manifest themselves at all stages of the business growth, from start-up to scale-up and beyond. Second, Latino small businesses are more concentrated in a few industries and significantly underrepresented in the professional, scientific and technical services sectors, which also tend to be the most lucrative. Third, the size of the Latino population in a given metro area does not mean that there is a larger share of Latino-owned businesses in the same—which is, to me, somewhat counterintuitive. Digging into and understanding the causes of these issues and identifying possible paths forward is not only an imperative but an opportunity, and of course the focus of much of today’s agenda. It is clear that there is a pressing need for expanding technical support, diversifying sources of financing, especially at the micro level, and, in the case of the geographic conundrum, further collaborating on policy and community advocacy. I very much look forward to today’s discussion and thank you again for your participation.

John C Williams: Restoring balance Remarks (via videoconference) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at New Jersey City University, 18 February 2022. * * * As prepared for delivery Good morning, everyone. I want to thank Sue Henderson for that kind introduction, and New Jersey City University for hosting today’s discussion. I always enjoy speaking with students, and I look forward to the time—hopefully soon—when we can have these types of events in person. Today, our virtual setting is Jersey City, one of the most diverse cities in the world—and one known for terrific pizza. Now, it’s not my place to get into the debate over who has the best pizza, and I know that people have strong views on that subject. As president of the New York Fed, I proudly represent both sides of the Hudson River, and my job is to make the economy stronger and the financial system more stable for all. Before I move on from the topic of pizza to economics, I should give the standard Fed disclaimer that the views I express today are mine alone. They do not necessarily reflect those of the Federal Open Market Committee—what we call the “FOMC"—or others in the Federal Reserve System. As you well know, the economy—like many facets of our lives—continues to be shaped by the unpredictable nature of the coronavirus. As I’ve said before, the pandemic is first and foremost a health crisis.
Norges Bank agreed with the Ministry of Finance, referring to the effect on competition. 13  See “Can the authorities manage crises in the financial system?” by the Governor Stefan Ingves, Sveriges Riksbank, www.riksbank.se. 14  In the crisis simulation exercise in autumn 2007, all the Nordic countries participated. In addition, the Baltic central banks were observers. 6  BIS Review 110/2008  demanding. Perhaps above all, the exercises show that we must double our efforts to prevent any further crises in the Nordic banking system. It is also possible that the authorities' hands are tied to a further extent that during the Nordic banking crisis under the EU rules on state aid. It is my impression that the rules are practiced in a way that limits the scope for recovering government funds. If this is the case, government will be more reluctant to intervene in the event of a crisis. Norway has a generous guarantee scheme. Deposits are guaranteed up to NOK 2 million per depositor per bank – an amount that is substantially higher than the statutory minimum of EUR 20 000 in the EU, i.e. about NOK 160 000. Of the other Nordic countries, Denmark has the highest amount at around NOK 325 000. In the UK, the amount has recently been raised to a good NOK 350 000, and a further increase to about NOK 500 000 has been proposed. Other EU countries generally have lower guaranteed amounts.

Rules or practices in Norway that diverge from other countries will influence the competitiveness of Norwegian-owned bank and is in practice hardly feasible. 12 Other countries will be of the same mind. It is therefore easy, particularly in an upturn, to be drawn into a negative spiral that culminates in a least common multiplier for capital requirements. It is my view that it is important to strengthen cooperation in this area, particularly between Nordic finance ministries and supervisory authorities. We must aim at a common approach to preventing systemic risk. 13 Nordic cooperation is already extensive, but primarily focuses on crisis management of a potential crisis in cross-border banks. Crisis simulation exercises with the participation of finance ministries, supervisory authorities and central banks – 15 participants from 5 countries 14 – illustrate that interests may easily conflict and that coordination is very  9  See Ordonez, M.F. “Speech by the Governor. 2008 International Monetary Conference – Central bankers panel, Banco de Espana, 2008. 10  See article in Financial Times, 4 June 2008, “ A party pooper’s guide to financial stability”. 11  See Kashyap, A.K., R. Rajan and J.C. Stein, “Rethinking Capital Regulation”, 2008. www.kansascityfed.org. 12  In 2006, the Financial Supervisory Authority of Norway recommended that the highest loan-to-value ratio for home mortgages with the lowest risk weight using the standardised approach under Basel II be lowered from 80 to 75 per cent of sound mortgage lending value. The Ministry of Finance did not follow the recommendation.
In view of the prevailing dynamic and often volatile financial environment, this development is important to meet the differentiated demands of investors for a broader range of financial products at more competitive prices and through more efficient and convenient channels. The listing of the Exchange Traded Fund on Bursa Malaysia will also raise awareness and generate interest of domestic and international investors in our bond market, thus contributing towards the development of a deeper and broader bond market in Malaysia. The launch of the Malaysian Bond Exchange Traded Fund would not have been possible without the close cooperation and support of many parties. In particular, I would like to thank the Securities Commission, Bursa Malaysia, the Association of Stock Broking Companies in Malaysia, AmInvest, the fund manager and the market makers for their contributions and commitment in working with the Central Bank to make the listing of the ABF Malaysian Bond Index Fund a reality. The remarkable and strong partnership between the regulators and the industry has been important in resolving significant regulatory as well as operational challenges in order to make the listing of the ABF Malaysian Bond Index Fund possible. Indeed, it represents a strategic cooperation that contributes to improve the overall growth of the financial market. 1/2  I would also like to thank AmMerchant Bank, CIMB and Maybank for their participation as the participating dealers. I also wish AmInvest, the fund manager, every success in managing and promoting the Fund. 2/2

The other contributing factor was a rise in the price of beef, following the ban on transportation of cattle from Southern Province, a major supplier, to curb the spread of the cattle disease, Contagious Bovine Pleural Pneumonia (CBPP). Higher non-food inflation was due to increased household energy and transportation costs, following upward adjustments in prices of petrol and diesel in January 2007. During the second quarter of 2007, however, inflation is expected to slow down due largely to improved food supply. Already in April, inflation slowed down to 12.4% from 12.7% in March. What is your assessment of the recent developments in commercial banks lending interest rates? In line with lower inflation and yields on Government securities, commercial banks nominal average lending rate declined to around 28% in December 2006 from about 34% in December 2005. More recently, in April 2007, it declined further to 24%. BIS Review 55/2007  1  How would you describe the recent performance of the external sector? The external sector has continued to score remarkable improvement, as reflected in the overall balance of payments surplus of US $ million in 2006 compared to a deficit of US $ million in 2005. Furthermore, the preliminary assessment is that the current account deficit as a percentage of GDP (excluding grants) reduced to 1.1% from 11.5% in 2005. This improvement has been due to increased export receipts arising from record high copper prices and increased export volumes.
Since they intended to hold them to maturity, they were able to book them at amortised cost. As interest rates rose and the bonds fell in price, a problem arose. When the bank had to sell the bonds due to the bank run, it realised a large loss, adding to the problem. This raises an important question about how different assets should be booked. Admittedly, the reason for the bank’s problem is that interest rates rose so quickly, but if the bank had been forced to book them at market value, the problems would have been discovered earlier. All this may seem technical, but it has a major impact on banks' capital adequacy, as the starting point for all capital adequacy regulations is the accounting values. I don't have a clear view of what needs to be done here, but when assets that have been booked at amortised cost have to be sold quickly at a large loss, it can affect the viability of the bank and, ultimately, financial stability, and therefore it is a problem. Global rules are important for Sweden I would also like to take this opportunity to emphasise the complexity and interdependence of the global financial system. Banks are exposed to many risks that can be difficult to both understand and monitor. Banks in most countries are also dependent on other banks and other financial institutions. Many of these are located in other countries and are therefore supervised in those countries.

One key driver is the rapid development of Fintech. While the HKMA has done a great deal in the past few years in promoting Fintech, there is still room to further apply new technology in finance in the coming years. This includes, for example, fostering a better ecosystem for Regulatory Technology (or RegTech) and Supervisory Technology (or SupTech). We are also aware that any new risks associated with the increasing use of technology have to be managed. These include for example cyber and data security. We will work with the industry to address these risks. 6. We are also committed to promoting market development opportunities, especially in strengthening the role of Hong Kong as the gateway to the Mainland’s capital markets, in the Greater Bay Area development, and also in green finance. 7. These are rough times. But my colleagues and I will continue to discharge our duties in a professional manner and do our best to serve the people of Hong Kong. 1/1  BIS central bankers' speeches
A measure of the real exchange rate is the trade-weighted exchange rate index (TWI) in relation to relative price developments between Norway and its trading partners. The real krone exchange rate has fluctuated around a long-term average level over the past 30 years. The krone exchange rate has a tendency to return relatively quickly to its normal level if there are deviations from the long-term 7 average level. Differences in price inflation between Norway and other countries have gradually been evened out by changes in the krone exchange rate. This relationship has been robust even when there have been considerable changes in economic policy. However, the revision of economic policy in spring 2001, with the introduction of a new fiscal guideline and an inflation target for monetary policy, may still have an impact on how quickly differences in price inflation level out in the years ahead. Purchasing power parity can be illustrated by developments during the last 30 years of the German mark's life as a currency. In 1970, a German mark cost about 2 kroner. In 1986/87, it cost about 4 kroner. The exchange rate remained relatively stable in the following years. On the other hand, prices rose about twice as quickly in Norway as in Germany from 1970 to 1986. However, both the exchange rate and prices relative to Germany were stable from the end of the 1980s until the German mark ceased to be a currency. A year and a half ago, the Government and the Storting adopted new guidelines for economic policy.

Foreign interest rates have been reduced substantially to counter a downturn. High and widening interest rate differentials have probably contributed to the appreciation of the krone. Cyclical divergence is probably also reflected in the substantially higher wage growth in Norway compared with other countries. In our view, the strong krone exchange rate cannot solely be attributed to the change in the fiscal policy guidelines introduced in March 2001, which allowed for a moderate and steady phasing-in of petroleum revenues. The strong krone is also the result of an overheated labour market and relatively 5 high wage growth in Norway combined with a global downturn following a long period of expansion. Results from recent empirical analyses at Norges Bank indicate that the positive and widening interest rate differential is the main reason for the appreciation of the krone from May 2000 and up to late autumn 2002. At the same time, the fall in equity prices and reduced volatility in foreign exchange markets have contributed to the appreciation of the krone. These factors have contributed because the interest rate differential has been positive. Thus they amplify the effect of the interest rate differential. 6 Part of the appreciation in the past year may also be due to higher oil prices. Previous research has shown that changes in the price of oil have an impact on the krone exchange rate particularly when the price falls below USD 14 or exceeds USD 20 per barrel.
However, high initial costs combined with the strong position of cards in terms of low costs, extensive networks and a reliable circle of customers at the banks who are used to handling cards present strong barriers to such genuinely new payment services. Remember that M-PESA’s success is based on the fact that only a small part of the population had bank accounts and that cards were unusual. The situation in Sweden is entirely different and as far as Sweden is concerned I do not think that the threat to cash (or cards) comes from a genuinely new product. One alternative to building an entirely new payment service is to further develop an existing service. This could relate to a new way of initiating card payments, for example by using mobile phones. In this way the new service would benefit from the advantages of scale and network effects provided by the existing service. The initial investment would also be lower as the infrastructure is already in place. The barriers to such payment services are lower than for genuinely new payment services and it is probable that development of this type would primarily be pursued by the existing players on the payment market, possibly in cooperation with an external party such as a mobile operator. Swedbank and Payair are currently running a pilot project in Uppsala on the initiation of card payments by mobile phone. Such solutions may reduce card usage in the retail sector if they are perceived to safe and easy to use.

Approximately two-thirds of the payments in the retail sector are made using cards, with some reservation for the fact that it is difficult to measure the number of cash payments in the economy exactly. The situation in Denmark and Finland is roughly the same as in Sweden. In Sweden’s case this means that we have really caught up since the beginning of the millennium when we used cards only half as much as our Nordic neighbours. In a broader international perspective, we use cards to a relatively high extent in Sweden. This particular combination of low cash usage and high card usage is unique to a limited number of countries, including the Nordic countries and Canada.1 Some countries, for example the United States, have high levels of both card usage and cash usage, but we must also bear in mind that a proportion of the United States’ banknotes and coins is in circulation outside the country. This applies to the euro area too, but the level of card usage is much lower there. Why is cash used? Why do people choose to pay in cash? There are several reasons. First, paying in cash is quick and easy for small sums. Handing over the exact sum in cash to buy an evening newspaper, for example, may be quicker than using a card. In a survey commissioned by the Riksbank in the autumn, 59 per cent of the respondents said that they preferred to pay in cash for sums below SEK 100.