samchain/econo-pairs-v1 huggingface dataset:
A bank’s own assessment of its capital needs, coupled with the regulator’s assessment of the adequacy of capital, which would encompass all other aspects of its operations, apart from credit, would ensure adequate capital to insulate the bank against its risk exposure. After all, managing risk is fast becoming the single most important issue for the regulators as well as for the institutions that are regulated. Therefore, Basel II is good news and we can only benefit mutually from its adoption. A roadmap is therefore already drawn up and we hope we can all commence our journey down this road to reach our goal of a safe and sound banking system resulting in financial stability which is what we all aspire. As you are all aware, our banking community is in the process of adopting the standardized approach within Basel II by 2007. However, the major challenge faced by the banks in the next few years, are the IT, skills development and training that are required to implement the more advanced approach which relies heavily on quantitative techniques. It is imperative, therefore, that banks start getting ready for this eventuality sooner, than later. Basel II should not be looked at as an exercise in compliance but as an impetus to more efficient risk management across the banking sector. Its benefits would be seen in the ability of the financial system, to promote sustainable economic growth which would be beneficial to the banks, the central bank and to the consumers of banking business.

This unfavourable development is partly a consequence of reduced earnings from copper exports arising from the fall in copper prices as reflected in the lower supply of foreign exchange on the market by mining companies. For instance, the supply of foreign exchange to the market by mining companies has declined by 35.7% to a monthly average of US $ million in the first half of this year from an average of US $ million in the last half of 2008. Further, the weakness of the local currency is a consequence of increased risk aversion to emerging and developing economy financial assets, as stated earlier, attributed to the deepening global financial crisis. In this regard, the supply of foreign exchange by foreign portfolio investors for the purchases of Kwacha financial assets, such as Government securities and domestic company equities, has significantly declined, with most nonresidents preferring to liquidate their investments and externalising the foreign exchange. The result of this is the volatility in the exchange rate of the Kwacha against major foreign currencies. In the last quarter of 2008, the Kwacha depreciated by 26.9% to trade at an average of $ (BoZ mid-rate) from an average of $ in the third quarter. It should also be noted that the depreciation of the Kwacha against major currencies partly contributed to higher inflation, particularly as Zambia remains dependent on imports for a wide variety of consumer goods as well as inputs for domestic production. Further, this unfavourable development has a strong role in shaping inflation expectations.
Speech  Embargo 21 September 2017, 5.30 pm  Second Karl Brunner Distinguished Lecture Introduction of John B. Taylor  Thomas J. Jordan Chairman of the Governing Board Swiss National Bank Zurich, 21 September 2017 © Swiss National Bank  Page 1/4  Ladies and gentlemen I am very pleased to welcome you to the 2017 Karl Brunner Distinguished Lecture. The Swiss National Bank established the Karl Brunner Distinguished Lecture Series to pay tribute to academics whose research is of particular relevance for central banking. With this annual lecture, we want to reach a wide audience, including, in particular, students. For this reason today’s event is taking place at the ETH Zurich, which is internationally one of the most renowned academic institutions. I would like to thank the President of the ETH Zurich, Professor Lino Guzzella, for making these fantastic premises available to us. This year, we are paying tribute to John B. Taylor. He is one of the world’s foremost economists. John’s work is characterised by a keen interest in highly relevant questions, from both an academic and an applied point of view. He has made major contributions to economic theory. In addition, by bridging the divide between theory and practice, he is one of few economists to have had a profound impact on economic policy and thus on macroeconomic stability. John is also a very effective teacher. Just let me give you one example. Did you know that Tiger Woods, the famous golf professional, was his student in the introductory class at Stanford?

Coming to the end of my remarks, I would like to repeat how profoundly John Taylor’s thinking has affected central banking. For this, he earns our deepest respect and gratitude. I am certain that his lecture will give us much new food for thought on crucial issues. Ladies and gentlemen, please join me in welcoming John Taylor with a big round of applause. John, the floor is yours. Page 4/4
The latest tendency for diversifying the Albanian businesses is useful in principle; however, it should not be made to the detriment of specialization and efficiency, or even less without first making the macroeconomic and sectoral analyses. The inter-sectoral performance of the economy is another issue I would like to discuss with you today and which I briefly mentioned earlier in my speech. The country’s economic development has been characterized by a growth and investment model which has favoured the services and construction businesses, compared to the exporting industries or the competitive ones in imports. Although this performance somehow reflects the tendency to perform similarly to the economic structure of developed and advanced economies, it has resulted in over-investments in certain sectors. The economy development cannot be stable if the allocation of funds is not carried out by adhering to the principle of sector productivity and efficiency. The misuse of financial funds impairs the agents and the whole economy, providing severe and long-term consequences on corporate balances sheets and debts, on labour market and on capital and technology allocation among sectors of the economy. To minimize such risks, the Bank of Albania advises you to discontinue the inertial moves in your behaviour and realistically assess the regional and European context in your choices. The competitive advantages of Albania should not be sought only in natural resources, or in meeting of yet unserved demands of the Albanian market, but also in the cheap work force of the country and in its position as a future EU member.

Also, early in the year we witnessed a substantial increase in issues of corporate bonds, which can be interpreted as the response to less favorable financing conditions in both the domestic and the external banking market, a situation that has lost momentum in recent months. Conclusions Monetary policy has acted aggressively to soften the impact of the global financial crisis. Although it is impossible to fully offset all the repercussions that such a severe crisis has on a small, open economy like Chile, especially with the lags that monetary policy operates, we have succeeded as a country in mitigating them substantially. We have preserved the macroeconomic stability framework, even providing room for an extraordinarily stimulating mix of macroeconomic policies. Therefore, we can now state without a doubt that, had we not adopted the stimulus actions you have seen in recent months, our country’s economy would be in considerably weaker shape and we would not be able to envision any prospects of recovery for the second half of this year. Conditions are ripe for the Chilean economy to experience a healthy recovery of output and expenditure during the second half of this year. For the economy to pick up, however, it will still require that the global uncertainty, regarding both the financial dimensions of the crisis and its effects on world activity, fades. We have seen promising signs allowing us to be hopeful, but it is premature to think that the bad news are over.
Mohammad bin Ibrahim: Islamic finance and Malaysia’s role Luncheon address by Mr Mohammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia, at the 21st Conference of Presidents of Law Associations in Asia: “Islamic Finance and Malaysia’s Role”, Kuala Lumpur, 27 July 2010. *  *  *  Allow me to express my thanks to the organizers for inviting me to this 21st Conference of the Presidents of Law Associations in Asia. It is my pleasure to speak before such a distinguished gathering of legal practitioners from all over Asia on the topic of Islamic finance. The support provided by the legal fraternity has been important in the advancement and significant growth of the Islamic finance industry. The existence of appropriate laws and well-developed related institutional framework has been fundamental to the orderly and sound development of Islamic finance in Malaysia. And our legal community has been at the forefront of advancing the expertise in Islamic finance, enabling and contributing to the dynamism of our Islamic financial services industry. The contribution of the legal fraternity has been significant given that Islamic financial transactions are driven to some extent of the lawyers’ ability to structure legal documentation to conform and consistent with the principles advocated by the Shariah. It has now been more than three years since the world’s financial systems were engulfed with a crisis of an unprecedented magnitude in modern history. Yet its far-reaching repercussions continue to reverberate around the world today.

I will now turn to possible developments in particular markets. First the market for euro area bonds. In aggregate, the euro area government bond market is of a broadly similar size to the US Treasuries market. So it is one of the largest securities markets in the world. It is of course not yet as fully integrated as the Treasuries market. Substantial further progress in that direction probably depends on how quickly the various initiatives to link together Europe-wide trading and settlement systems come to fruition. And there are, and will remain, credit differences between particular issuers. But I would nevertheless expect the market to become increasingly integrated and, with other bond markets, more sophisticated over time. This ‘cash’ market is of course important in its own right; and London based market participants will remain very big players in it. But as far as the development of UK financial services business is concerned, the other interest rate markets which spin off the government bond market may be the ones where we see the most rapid growth, and the greatest scope for innovation. Good examples would be the markets for repo, swaps, and other interest rate derivatives. I think that in terms of new market opportunities, one of the most important areas in the evolving euro-denominated markets could be that for corporate bonds.
Ardian Fullani: Albania’s economy against the background of global developments Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the meeting with representatives of exporting companies and Albanian Association of Banks, Tirana, 23 February 2009. *  *  *  Dear participants, It is a my great pleasure to welcome at the Bank of Albania premises, so many honourable guests, whose contribution to ensuring stable growth rates of the country’s economic activity has been significant in the recent years. Your role has been vital in involving Albania to the globalization process and in attracting foreign investments. Export industry is of great importance to the Albanian economy. During the transition period, our economy has recorded a negative trade balance, which, in turn, has caused a constant current deficit. Long-run macroeconomic stability requires that in the course of time, these balances are paid from future trade surpluses. You realise that it has to do with a challenge you have to cope with at present and in the near and distant future. Naturally, I can not avoid mentioning that a great role also belongs to decision-making institutions, which should create, by means of economic development policies, relevant incentives, the background and infrastructure on which your business will be based and promoted. Macroeconomic developments in recent years and overall trends reflected in the standard of living indicators, show that the Albanian economy has succeeded in completing the transition stage and entering the group of the developing countries.

Cash payments still account for a large proportion of the number of transactions in the Swedish economy. But it comes as no surprise to anyone if I say that they have declined in significance in recent decades. As a per cent of GDP, the share of Swedish banknotes and coins in circulation (M0) has more than halved since the 1950s, from around 10 per cent to just around 3.5 per cent. 2 In the past fifteen years, however, the trend has levelled off. The use of cash has not declined in the same way as before. M0 in nominal terms has actually increased. If we look at the statistics for ATM withdrawals, we find that the total transaction value has remained fairly constant at around SEK 275 billion a year during the entire 2000s. The number of cash withdrawals has been around SEK 320 million. Does this mean that we have reached a lower limit for how much the use of cash can decline? Has the heyday of the account-based payments ended? I do not believe we should be so sure of that. Cash is still expensive to transport and manage and a heightened risk of robbery in recent years has not made cash management cheaper. In the end, it is we consumers who pay the costs in different ways. However, we must probably point out that we Swedes like our cash more than most analysts believed a few years ago. How then have the account-based payment instruments developed?
The current account figures for the second quarter of this year offer a good illustration for this phenomenon - the primary current account deficit was 7% of the GDP - more than 6 pp below the actual deficit. At the present time foreign investors are taking into account the perspective of Estonia's EU membership within the near future, the optimistic growth forecasts and continuing increase of living standards. Due to favourable financing conditions, total investment activity has recently been the highest since the beginning of the transition period - during the first quarter of 2003 investments together with stock building accounted for 38% of the GDP in Estonia. At the same time, a number of small and medium-size enterprises are bringing their production plants in line with EU requirements. And of course, borrowing at the present low interest rates is very attractive to private individuals. But despite all the exceptional one-off factors behind the present high external deficit figures, we must not close our eyes to the fact that the level IS high. And reducing the imbalances - with all the attendant stress on increased public and private savings - is presently one of the main priorities for Estonia. BIS Review 42/2003  1  It must be stressed, in this context, however, that one indicator taken alone - even if it were an indication of possibly unfavourable developments - would not give an adequate picture of the relative health of an economy.

There are some very good arguments for that. II. Economy  The best argument lies in the Estonian economy. Regardless of the lingering global uncertainties, economic growth in Estonia has been strong - 5.8% in 2002. That means a growth figure approximately 4% higher than that of the euro area. It could even be said that during the last two years Estonian economy has had to face something akin to a positive external shock as the EU membership became more and more of a certainty and the risk margins correspondingly lower. And there was also a parallel negative economic shock - the continuing weakness of external markets. All that has meant certain advantages - for instance, lower interest rates and significant inflows of foreign direct investment, but there are also certain risks involved. Estonia's high economic growth of the last year and a half is mainly based on high domestic demand. High domestic demand, a continuously strong inflow of foreign investments and a lower than expected export growth have resulted in a significantly high current account deficit - an estimated 14% or more of the GDP by end-2003. Of course, it could be argued that the present external imbalance is, to a certain extent, 'an attendant phenomenon of success'. FDI inflows having been strong through the entire transition period, reinvested earnings and dividend payments have become increasingly important among the factors determining the current account balance in Estonia.
Krugman, Paul (2014), “Inflation Targets Reconsidered”, essay presented at the ECB Sintra conference, May. Lilley, Andrew and Kenneth Rogoff (2019), “The Case for Implementing Effective Negative Interest Rate Policy”, essay presented at “Strategies For Monetary Policy: A Policy Conference”, The Hoover Institution, Stanford University, May 4, 2019. Lindbeck Assar, Per Molander, Torsten Persson, Olof Petersson, Agnar Sandmo, Birgitta Swedenborg and Niels Thygesen (1994), Turning Sweden Around, MIT Press. Nyberg, Lars (2005), House price developments and monetary policy. Speech at Evli Bank, Stockholm, 19 December. Sveriges Riksbank. Petri, Gunnar (2017), Hans Järta – En biografi [Hans Järta – A biography] (In Swedish) Historiska Media, Lund. Quarles, Randal K. (2019), “Monetary policy and financial stability,” remarks at “Developments in Empirical Macroeconomics”, a research conference sponsored by the Federal Reserve Board and the Federal Reserve Bank of New York, Washington, D.C. Rogoff, Kenneth (2017), “Dealing with Monetary Paralysis at the Zero Bound”, Journal of Economic Perspectives 31(3), pp. 47-66. Rosengren, Eric S. (2015), “Changing economic relationships: Implications for monetary policy and simple monetary policy rules”, speech on 16 April, Federal Reserve Bank of Boston. 17 [21]  Svensson, Lars E. O. (2017), “Cost-benefit analysis of leaning against the wind”, Journal of Monetary Economics 90, pp. 193-213. Sveriges Riksbank (2017), “The Riksbank’s e-krona project”, Report 1, September 2017. Sveriges Riksbank (2018a), “Account of monetary policy 2018”, Sveriges Riksbank. Sveriges Riksbank (2018b), “The Riksbank’s e-krona project”, Report 2, October 2018. Sveriges Riksdag (1897) Riksdag minutes, Second Chamber, No. 30, Saturday 24 April.

A monetary policy that “leans against the wind” may contribute to greater stability in the longer term, as the purpose of trying to prevent financial imbalances from building up is that they should not cause problems with financial or macroeconomic stability at some point in the future. Most people agree that monetary policy should not have the main responsibility for preventing financial imbalances, but that this should rest on micro- and macroprudential policy and a well-designed regulatory framework. A central issue is, however, what support to prudential policy and the regulatory framework monetary policy needs to provide so that they can fulfil their tasks. 5 I do not believe it is possible to completely ignore financial stability when conducting monetary policy. Different views in research and among central banks There is on the one hand a growing research-related literature on whether central banks should “lean against the wind” – or conduct “prudential monetary policy”, as it is sometimes called and which perhaps is a more telling term. 6 There is on the other hand a more practical policy discussion.
At the start of our oil journey, per capita GDP was low in Norway compared with many other countries. Rising oil and gas production lifted the income level in Norway in the decades that followed. When production peaked in the early 2000s, rising prices boosted our income level further. 3  NORGES BANK  Chart 3 Norway's rise to wealth. GDP per capita. PPP-adjusted. US = 100 140  140 Norway Mainland Norway  130 120  ECONOMIC PERSPECTIVES 13 FEBRUARY 2020  130 120  Switzerland  110  110 US  100  100 Sweden  90  90  80  80 Germany  70  70  60 50 1970  New Zealand  1976  1982  1988  1994  2000  2006  2012  60  50 2018  Sources: OECD and Statistics Norway  Even non-oil GDP increased faster than in surrounding countries, which can in large part be attributed to the growth of the domestic oil service industry. Norway’s oil history has produced many winners. Norwegian wage earners have over time experienced purchasing power gains that their counterparts in other countries could only have dreamed about. The main beneficiary of high oil prices this century has been government finances, thanks to the state’s direct financial interest and high taxation of production profits. In good times, the gains have been substantial. At the same time, this means that the state bears much of the risk associated with oil price fluctuations.

While climate policy is being strengthened in a number of countries, the international picture is also one of resistance to the introduction of effective measures. A stricter climate policy also raises difficult discussions about burden sharing - not least between mature advanced economies and emerging economies. It is not surprising then that the EU’s carbon tax plans are being met with accusations of protectionism. So far, it has been difficult to achieve a sufficient reduction in global greenhouse gases. Instead, emissions have increased. Emissions in advanced economies are still high (Chart 11). Emerging economies account for virtually the entire increase in global emissions in recent years. Since 1990, emissions have tripled in Asia, while they have been reduced by 30 percent in Europe. Chart 11 Emissions on the rise in emerging economies. CO2 emissons. Gigatonnes 35  35 Africa Americas ex. US Asia ex. China China US Europe  30 25  30 25  20  20  15  15  10  10  5  5  0 1850  0 1875  1900  1925  1950  1975  2000  Source: Our World in Data  At the same time, both energy consumption and living standards are low in many developing countries, and their emissions are barely visible in the chart. If these countries succeed in raising living standards, energy consumption will rise, which is unlikely to occur without higher emissions.