samchain/econo-pairs-v1 huggingface dataset:
Stable deposits are assumed to be a constant share of total deposits. 44  All speeches are available online at www.bankofengland.co.uk/speeches  44  Chart 9: CDS spreads for G-SIBs Basis points  250  200  150  100  50  0 2001  2003  2005  2007  2009  2011  2013  2015  Sources: Bloomberg; Bank calculations Notes: Weighted average of 22 banks designated as G-SIBs as of 2016  Chart 10: G-SIB and D-SIB price-to-book ratio 4 3.5 3 2.5 2 1.5 1 0.5 0 1994  1998  2002 All  2006 Average  2010 GSIB  2014 DSIB  Sources: Bloomberg; Bank calculations Notes: Sample of 103 G-SIBs and D-SIBs designated as G-SIBs/D-SIBs as of 2016  45  All speeches are available online at www.bankofengland.co.uk/speeches  45  Chart 11: Capital ratio using market value of equity Per cent  25 20 15 10 5 0  2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 GSIBs  All  DSIBs  Sources: S&P Capital IQ, Bloomberg, and Bank calculations. Notes: Weighted average based on a sample of 189 banks which are systematically important as of 2016. Yearly is defined as the fiscal year of reporting of the individual banks.

Building on our strengths, experience and achievements, the Malaysian takaful industry with the highest number of takaful and retakaful operators, is well-positioned to seize the enormous opportunity to export takaful benefits to the estimated 1.5 billion Muslims around the world whom are currently underserved by the insurance industry. This presents a huge window of opportunity for our takaful operators to accelerate their regional and global orientation and move up the global value chains. It is therefore important for strategic international partners such as ING to explore all possible avenues to elevate the business potential of takaful internationally. A critical factor that will determine the success in taking the industry to the next level of development is the existence of players with the right quality and calibre, as well their readiness in terms of capacity and capability to formulate and execute successful strategies in response to new market opportunities. In this rapidly evolving environment, responsiveness to consumer needs is a crucial test that defines success. The takaful industry in Malaysia has never been about Shariah conformity being its only value proposition. With consumers becoming increasingly discerning and the market being more competitive, factors such as innovative product design, price competitiveness, transparency and service quality have all been important determinants in winning and securing customer loyalty. The ability of takaful operators to deliver such value propositions has been, and will continue to be, amongst the key success factors to successfully position takaful in Malaysia to appeal to both muslim and non-muslims, whether corporates or individuals.
In short, we were far from the model of ‘atomistic competition’ among small individual actors envisaged by thinkers such as Adam Smith. The invisible hand of the market had been replaced by a very visible club being wielded by a concentrated group of speculators. 21. In many other jurisdictions, this cornering of the markets would have been subject to investigation under anti-trust legislation: the Salomon Brothers scandal in the US in the early 1990s, which many of you will recall, is a parallel that springs to mind. In Hong Kong we have no such laws: it is probably time that we thought out the cases for and against having them. We should also look at safeguards against market concentration. As things stood in August last year, we were watching (in a loosely worked metaphor that might appeal to those of you who will be attending the Rugby Sevens this weekend) a playing field that had become so badly slanted that ordinary players could barely stand up, and a game that was about to be cornered by a highly oversized and unsportsmanlike team with steroid-enhanced muscles playing by its own rules. As a referee with limited powers, but with responsibility for preserving the basic integrity of the game, we intervened using the quickest, most efficient and fairest methods that we had at our disposal.

We continue to develop our services and infrastructure in a way that will help business make the most out of changing opportunities and challenges. Recent initiatives include plans announced by the Financial Secretary earlier this month for a cyberport that will be able to offer the most advanced information technologies to a whole range of businesses and industries. Within the HKMA, we have, in the last few months, seen the completion of a major strategic consultancy study that will help to guide the broad development of our banking sector into the next century. 2. I single out these initiatives – and I could mention many others – for two main reasons. First, one of their aims is to help Hong Kong get the best advantage out of three closely linked and irresistible trends: the globalisation of markets, the liberalisation of trade and finance, and the rapid advance of information technology. Secondly, while we need to grasp the opportunities produced by globalisation, liberalisation and technological advance, we also have to manage the risks that they bring with them in ways that strengthen, rather than undermine, our economic fundamentals. Along with many other economies in this region, we have, over the last year or two, been grappling with this challenge in a very practical way at a time of crisis and uncertainty. The Asian financial crisis is the cumulative result of many complex causes coming together at roughly the same time.
The rise of the educated middle class in Asia-9  2  BIS Review 7/2006  has grown considerably. This affluent middle class has an appetite for consumption that can help sustain growth in the region well into the next decade. MasterCard International recently did a study which tracks consumer trends in Asia and defines the middle class as those earning more than five thousand US Dollars per year. According to this study, when a person’s income reaches this level, consumption moves very quickly from basic to discretionary spending – that is to fuel holidays abroad, eating out, and visiting shopping malls – which is a powerful driver of domestic demand within the region. This same study estimates that this middle class will almost double by 2010, signaling the arrival of the Asian consumer as a key driver of growth in the region. Third, an important reason for these successful relationships has to no small extent been driven by the cultural and ethnic ties within East Asia. These ties, which came about because of historical, geographical and cultural proximity, may vary greatly from country to country, but have no doubt played a part in lubricating the wheels of trade and investment in the East Asian region. Going forward, domestic demand in the region will continue to grow and further support growth in intra-regional trade. The lowering of tariffs in most Asia-9 economies and bilateral free-trade agreements have supported the development of the “pan-Asia” supply chain.

With modern production processes broken down to components and parts that could be regrouped at the final assembly, East Asians have availed themselves of this phenomenon by capitalizing on the “benefits” from the international division of labour and production in the areas where they have the greatest comparative advantage. This has in turn brought about the lowest and most efficient production processes available on an international scale, while at the same time encouraging specialization and boosting productivity growth in individual economies. This “internationalization” of the production process has now been replicated many times over. Countries move up the product ladder towards more sophisticated manufactured products, and parts of the production process are then relocated from traditional producers such as from Japan, Korea, and Taiwan to South East Asian countries with lower production costs. This has led not only to a rise in the value of trade in the region, but also in a shift of the structure of trade and inter-linkages in production in the region. Against this background, the success of any enterprise in the region, going forward, must involve production networks and supply chains based not only on one single national economy, but also across borders. This can be witnessed today in the case of manufactured goods, such as automobile production, electronics or textile and garments. In each case, raw materials are being sourced in one country, whilst assembly production or designs of that same product could be made in another country - all based on the location where they best have comparative advantage.
The 1.00 percentage point cut in 2009 relaxed the financial burden of the banking system’s intermediation activity. The Bank of Albania has consistently supported the banking system with the required liquidity. In addition to cutting the key interest rate, the Bank of Albania has helped Albania’s banking system activity through:   the change of the refinancing auction form from fixed-amount auction to unlimited-amount auction;    up to 3-month extension of the maturity term of injected liquidity;    expansion of the range of collateral in our refinancing operations;  BIS Review 78/2010  5    increase of the use of required reserve; and the reduction of the overnight loan interest rate. We have employed almost all of our range of instruments for implementing monetary policy. The amount of liquidity injected by the Bank of Albania peaked in summer with ALL 40 billion. As a result of the deposits entering the banking system, this amount reduced gradually to about ALL 28 billion at the end of 2009. 2. Banking supervision and financial stability  The banking system performance was significantly conditioned by the economic slowdown and wavering of confidence, aspects that were elaborated at length in my speech. Consequently, there was higher uncertainty, higher bank sensitivity to liquidity, a more cautious lending behaviour, and an increase in non-performing loans. These are the main highlights of the banking system performance during 2009. Despite the downward profitability, capitalization indicators remain at satisfactory levels.

The growth of money supply mainly attributes to the growth of its ALL component, while foreign currency loans and deposits contracted in 2009. The creation of money in ALL has been based on the fiscal sector’s domestic borrowing and the preservation of the private sector’s ALL credit rates. In addition to the higher banks’ sensitivity to their liquidity indicators, private sector credit activity was carried out under the conditions of a more conservative behaviour of banks’ lending in 2009. This conservative behaviour owes also to an increased caution of banks to certain banking products, such as:   foreign currency loans to certain segments of the economy exposed to exchange rate fluctuations, and    consumer loans. In the second half of the year, demand for loans declined as a result of the tight lending standards and the slowdown of economic activity. Despite the easy monetary policy of the Bank of Albania, private sector credit maintained a uniform slowdown trend during 2009. As at year-end 2009, credit annual growth rate marked 12 percent versus 33 percent in 2008. The growth of credit has been triggered by the business demand to finance the liquidity needs, while the households’ loan portfolio contracted over the same year. 1.4  Balance of payments and the exchange rate  In the presence of slow domestic demand and reflecting the difficult situation of the global economy, current account deficit narrowed by about 3 percent in 2009, standing at 15.3 percent of GDP.
On the prospect of global economic recovery, the consensus forecasts of world growth for 2009 have been continuously revised downward as the severity of the financial crisis hits the financial markets and the real sectors of industrialized economies. The latest IMF forecast expects the global economy to be stagnant this year and some economies in Asia to record negative growth. BIS Review 15/2009  1  As a result, it is most likely that international trade and investment cannot be a major driver of growth for a large number of economies. Intra-regional trade, which has strong ties in Asia, is also likely to decelerate. Most economies will have to turn inwards to look for domestic demand as a source of growth. This is why room for policy maneuver and domestic confidence are important at this juncture. Amid the tremendous challenges that we face, I am cautiously optimistic that Thailand will be able to weather the storm relatively well. Allow me to share with you the reasons behind this. First, the growth momentum of domestic demand has been cushioned by supportive monetary and fiscal policies, and declining costs of production. As Excellencies have already followed recent policy initiatives, there continues to be room for the Government to pursue fiscal initiatives for stimulus and social safety net protection as the public debt is low, accounting for about 37 percent of GDP.

In line with the state-based agricultural outlook of Jefferson and the Republican Party, he challenged Hamilton’s federalist financial institutions and policies. 13 Gallatin and Hamilton became enemies, both politically and personally. Part of the personal enmity was rooted in the Whiskey Rebellion of 1792, when Gallatin served as a member of the Pennsylvania Assembly. He is believed to have been the author of an aggressively formulated resolution opposing Hamilton’s efforts, as Secretary of the Treasury, to collect a “whiskey tax”. This resolution stated that tax collectors would be treated with the “contempt they deserve.” 14 Later, the enmity between Gallatin and Hamilton was further fueled when Gallatin actively supported Republican attempts to discredit Hamilton and force him to resign from the Treasury over wide-ranging charges of corruption and mismanagement. As a member of Congress, Gallatin acquired a solid reputation as a fiscal conservative. He relentlessly demanded a high level of fiscal transparency and consistently challenged all decisions by the government to spend in excess of its current revenues. 1801-1814: The Treasury Thomas Jefferson had already relied on Gallatin’s financial advice during his time in opposition. After becoming President, he chose Gallatin as his Secretary of the Treasury. 15 Thus began a third distinct period in Gallatin’s life. Remarkably, instead of dismantling Hamilton’s financial system, Gallatin opted to preserve the most important parts of it. In some cases, he even strengthened Hamilton’s system. Most notably, he made extensive use of the Bank of the United States to conduct the government’s day-to-day fiscal operations.
The policymaker re-optimises 𝜆 when moving from point C to D. 38  All speeches are available online at www.bankofengland.co.uk/speeches  38  Chart 20: Impact of mark-ups on inflation and nominal interest rate volatility Standard deviation of inflation 5 D  Baseline 4 Higher mark-up shock variance  3  Higher mark-up shock variance and higher markups  2  B A  1  C 0 0  1  2  3 4 Standard deviation of policy rate  5  6  7  Sources: Galí (2008) model and Bank calculations. Notes: Parametrisation such that 𝛽 = 0.99, 𝜃 = 2/3, 𝛼 = 1/3, 𝜑 = 𝜎 =1. Standard deviation of mark-up shock increases from 0.1 to 0.125 when moving from the blue to red line. The steady-state mark-up level increases from 1.1 to 1.6 when moving from the red to the green line. The policymaker re-optimises 𝜆 when moving from point C to D.  Chart 21: Mark-ups and inflation bias Annualised inflation bias  40  30 Estimated increase in global mark-ups 20  10  0 1.0  1.2  1.4  1.6  1.8  2.0  Mark-up level Sources: De Loecker and Eeckhout (2018), Galí (2008) model and Bank calculations. Notes: Parametrisation such that 𝛽 = 0.99, 𝜃 = 2/3, 𝛼 = 1/3, 𝜑 = 𝜎 =1.

Ladies and Gentlemen, it is a well known fact that the Covid 19 pandemic has affected millions of people worldwide in the last three years, and Zambia is no exception. While the significant adverse impacts of the pandemic on global economic growth are subsiding, the pandemic is still a risk for future economic growth and consequently financial inclusion. I therefore encourage everyone to get vaccinated and continue adhering to health guidelines as prescribed by the authorities in order to protect ourselves and our communities. Ladies and Gentlemen, the contribution of the financial sector towards the attainment of Vision 2030 and its underlying principles is being undertaken through the implementation of the National Financial Sector Development Policy, the National Financial Inclusion Strategy, the Rural Finance Policy and Strategy, the Capital Markets Development Plan and the National Strategy on Financial Education. These financial sector strategies aim to broaden and deepen the types of financial services in the banking, capital markets, microfinance, insurance and pensions sectors as well as to promote financial inclusion. As financial sector regulators, we have vested interest in ensuring that the financial sector is innovative, responsive to demand for financial services and that it supports Zambia's economic growth, while maintaining stability. It is essential therefore, that the financial sector continues to expand its portfolio of products and services by leveraging reforms, digital innovations and targeted outreach.
European countries, by contrast, had a full range of workable  BIS Review 53/1999  2  options and chose the euro only after a long and thorough process of analysis, deliberation and preparation. If adopting a fixed rate was going to succeed anywhere, Hong Kong was certainly a prime candidate, because of the proven flexibility of the economy - not least the labour market, in terms of both inter-sectoral mobility and wage-cost flexibility. What has been surprising to many outside observers about the road to the euro is that, while it has all along been acknowledged that greater internal flexibility within the member economies would be required as a substitute for adjustment of relative price levels via the exchange rate, progress in that direction has been extremely slow. Indeed, in the period since the euro proposal first acquired real momentum it is probably true to say that some of the internal adjustment mechanisms in participant countries have become more rigid rather than less so. It is perhaps not surprising, therefore, to hear of worries about possible tensions in policy-making which the persisting disparities of economic performance across Euroland may cause. I have even read - but from sources which are probably more gossip than anything else - of the possibility of Maastricht budget deficit criteria in parts of Euroland being breached in order to sustain or stimulate growth. Of course, you may argue that this - budgetary relaxation - is precisely what we are doing in Hong Kong.

Investors are still feeling their way: for example, deciding on a benchmark yield for the euro, when there is a significant spread of perceived credit risk even between member state governments, is one area where fund managers may still be finding their feet. Although I am not close to it myself, it is my impression that the industrial and commercial sectors have also adapted well to the euro, although the amount of adaptation that has been required differs across individual cases. Many may not be affected, but equally many may be experiencing a drift towards more quoting and invoicing in euro; in some cases there will be pressure to do so which, on competitive grounds, they can ill afford to ignore. And there will be some who find themselves at a slight competitive disadvantage if they are bidding for business in a euroland country against a competitor from another euroland country; previously both bidders had to take account of exchange risks and conversion costs, but now it is only the Hong Kong bidder who faces these. Finally, I understand that among the general public there was an initial burst of interest in euro deposits (over and above mere redenomination of existing ones in the parent currencies), but that this interest waned somewhat with the euro’s subsequent depreciation.
29  All speeches are available online at www.bankofengland.co.uk/speeches  29  Chart 6A: Mentions of central banks in The Times newspaper  Bank of England  Number of mentions  Federal Reserve  14,000  Number of mentions  4,000  12,000 10,000  3,000  8,000 2,000  6,000 4,000  1,000  2,000 0 1800s  1850s  1900s  Bank of Japan  1950s  2000s  0 1900s 1920s 1940s 1960s 1980s 2000s  Number of mentions  600 500 400 300 200 100 0 1900s 1920s 1940s 1960s 1980s 2000s Source: Factiva. Notes: Charts show number of mentions per decade. 30  All speeches are available online at www.bankofengland.co.uk/speeches  30  Chart 6B: Mentions of central banks in The Financial Times newspaper Number of mentions  Bank of England  Number of mentions  Federal Reserve  10,000  10,000  8,000  8,000  6,000  6,000  4,000  4,000  2,000  2,000  0  0  1900s 1920s 1940s 1960s 1980s 2000s  1900s 1920s 1940s 1960s 1980s 2000s  Number of mentions  Bank of Japan  3,000 2,500 2,000 1,500 1,000 500 0  1900s 1920s 1940s 1960s 1980s 2000s Source: Factiva.

As a result of the enhanced confidence in the domestic banking system, the share of assets to the GDP increased in 2006 to the peak level of 70 per cent, which is comparable to that of the Central and EastEuropean countries. The performance of commercial loan to private sector and to households is also satisfactory. Its growth rate has been constantly exceeding the expansion rate of banking assets. Over the last years, private loan has improved considerably; for 2005-2006 it recorded a cumulative growth of 175 per cent, which is the highest growth recorded in the region and the  BIS Review 102/2007  1  Central and East-European countries. Another characteristic in support of foreign crediting institutions is the free choice of currency, where almost 3/4 (three-fourth) of total loan was extended in foreign currency. Thus far we may say that credit supply is in prudent levels, since non-performing loans’ portfolio, though increased moderately to 3.1 per cent of gross loans in 2006, provides evidence for a limited exposure of the banking sector to non-settlement risk. However, despite the considerable improvement in the assets quality and the commercial banks’ financial performance, the growth of lending to the private sector and to households remains low as a share to the GDP – about 21.3 per cent in 2006, compared to 49 per cent in Central and East-European countries – providing evidence for other non-utilized banking services capacities in the Albanian economy.