samchain/econo-pairs-v1 huggingface dataset:
I have no doubt that the outcome would have been a lot worse had we been complacent and relied entirely on the self-corrective behaviour of markets. I will give here just one example: forex interventions limited significantly exchange rate fluctuations, with the appreciation during the massive capital inflows and the depreciation after the crisis outbreak not exceeding 25 percent. In the absence of such interventions, the magnitude of fluctuations could have been as high as 40 to 60 percent. The foreign exchange purchases made before the crisis not only limited the unsustainable leu appreciation and the associated loss of export competitiveness, but supplied the ammunition for subsequent interventions to cushion the currency depreciation once the outbreak of the crisis changed the direction of the flows. And I believe this is the second benefit of the approach. Last, but not least, thinking outside the box allowed us to avoid incurring losses after 2006. While profitability should not be a concern for a central bank, this development proved very fortunate from the perspective of the political economy. On the one hand, it allowed the NBR to preserve its independence in relation to the government by not generating quasi-fiscal deficits in a period with an increasing fiscal imbalance. On the other hand, it helped preserve institutional credibility in relation to the banks subject to NBR supervision, which were closely monitored in terms of capital adequacy. Moreover, through our actions we wanted to avoid rewarding the speculative behaviour several commercial banks were engaged in (i.e.

On the one hand, the global economy has continued and is expected to expand robustly, driven mainly by strong growth in the euro area and the emerging market economies, particularly China and India. Financial stability has, on the other hand, become more vulnerable than a few years ago. Recent developments in the US economy and sub-prime credit markets may indeed be an early wake-up call for policymakers and market players worldwide. The US sub-prime related problem has prompted a retrenchment from risky assets and de-leveraging, causing wider credit spreads for riskier assets classes and higher volatilities in bond and equity markets  BIS Review 104/2007  1  around the world. The unwinding of carry-trade and flight to quality of international capital have also been observed. Importantly, the resulting disruption has already required extraordinary liquidity injections by a number of central banks to smooth market fluctuations. Beside the financial sector, turmoil in the sub-prime markets also posed negative impact on the real sector, denting US growth prospects going forward. I would like to digress briefly to tell you that the direct exposures of Thai financial institutions in collateralized debt obligations (CDOs) are relatively minimal, in terms of shares of their total assets. I also like to reassure you that we are keeping vigilance on potential indirect repercussion that may arise further from the impacts of US sub-prime markets to the global economy and financial markets, as the adjustment process is likely to be protracted.
Improved monetary and fiscal policies, improved institutions, and better financial systems, etc., are clearly helping to stretch the current positive business cycle, notwithstanding the numerous threats. However, we must not be complacent. We must not underestimate the recent increased financial market volatility. We must not take the oil shock or the inflation pressures lightly. We must not ignore the imbalances that are being generated by the aging population. We must not think that the resistance to globalization will just fade away. We must not conclude that terrorism is someone else’s problem and therefore it will not affect us. We must not imagine that global warming will impact only a few coastal nations and therefore we will be safe from its effects. In contrast, we must anticipate the threats and prepare ourselves to face it with confidence. Needless to say, if these challenges are not adequately addressed, or faced directly, the fall out could result in serious repercussions that will greatly hamper the continued success of the current expansion. Mr. Chairman, another interesting phenomenon is that, while most countries seem to be growing well at the aggregate level, there are also growing concerns about the equitable distribution of these gains. It is clear that rapid technological progress and continuing globalization of trade and finance have helped to enhance growth and reduce poverty. But the same conditions are also contributing to increasing the concentration of income and wealth, within certain selected groups.

Eight, the active use of technology in economic transformation, so that backward societies or groups could “leap-frog” rather than drift along at “snail’s pace”. At the same time, we also have to keep in mind that the sustainability for growth in developing countries will be greatly enhanced by political stability. Therefore, care must be taken to ensure that any political crisis which threatens to undermine economic progress needs to be resolved quickly and satisfactorily, so that the growth momentum will not be hampered in the short to medium terms. Mr. Chairman, we should all be glad that we are today here in Karachi, deliberating on the topic of “Harnessing Sustainable Growth”, because it is a topic that will touch our lives very closely, today as well as tomorrow. In doing so, we will naturally have to closely study the worldwide conditions, trends, needs, challenges, future strategies and the many issues connected to the realization of this outcome. It is certainly a complex topic, and it will not have cut and dried answers; nor will it have an easy path, free of obstacles. At the same time there is one fact that we must all be very clear about. i.e., harnessing growth will only be the beginning. If so, we must all realize that while the beginning would be vital, we would need to methodically build capacity to sustain the growth and to keep going, amidst whatever challenges we may encounter. Implementation of policies would therefore be the key to sustainable growth.
For this purpose, we add to the equation the expected real GDP growth rate six quarters ahead, as collected by the ECB’s SPF. As in previous findings in the literature, output appears to be strongly forward-looking. But the thing to note is that the real interest rate gap is now significant at the 1% level, suggesting an increase in output by 0.3 percentage point following a 1 percentage point drop in the real rate gap. There is also no evidence that output might have become less sensitive to changes in real bank lending rates with the advent of non-standard measures: although the sample is naturally small, and estimates might therefore be biased, specification 8 illustrates that the coefficients remain unchanged when we estimate the same forward-looking IS curve for a sample starting with the outbreak of the sovereign debt crisis in 2010. In other words, these estimates would suggest that about a quarter of the reduction in the output gap that we have observed since the introduction of our credit easing measures in June 2014 can be directly explained by the impact of our measures on bank lending rates, even after controlling for the indirect positive impact on expected inflation.14 These estimates are very close to other internal ECB staff estimates, using more sophisticated term structure and general equilibrium models, of the impact of our measures on economic growth.15 So, monetary policy is far from being ineffective in stimulating aggregate demand, also when approaching the effective lower bound.

There should be industry-wide participation in the e-payment infrastructure to attain critical mass in a much faster time frame and drive the unit cost of production lower. Accessibility of payment services should be made more convenient by leveraging on existing network infrastructure, such as facilitating inter-bank funds transfers via the ATMs. Further, industry standards on common payment value dates, payment references and notifications would entice consumers to use the more reliable e-payment channel. To encourage the use of e-payments, consumers should also be provided with the right pricing incentives. In this regard, banking institutions should price their payment services according to their production costs to encourage the use of the more cost effective and efficient payment modes. Ladies and Gentlemen, The Malaysian economy has registered a robust growth of 7.1% in 2004, the fastest growth since 2000. The economic prospects for 2005 will continue to be favourable as the economy enters the year from a position of strength. Growth is expected to be sustained at 5-6% as underlying conditions in the domestic economy remain strong, with robust private consumption and investment activities. The sustained global growth as well as relatively favourable prices for primary commodities would ensure that the external environment would remain supportive of growth. The banking sector also enjoyed a very good year in 2004, a year in which strong performance was recorded, and this positive trend has continued into the first quarter of 2005.
This nice circular definition kept academics, bank regulators and central bankers equally happy until the moment when financial innovation started blurring the distinction between money and other financial assets, and securitisation began blurring the distinction between financial intermediation and financial market operations. The proliferation of derivatives, financial futures and the like added to the confusion between balance sheet and off-balance sheet items. The result is that it is becoming increasingly difficult to identify banking on the basis of the old equivalence of “banking liabilities = money supply”. This has now been recognised in the sweeping deregulation of banking activities affecting the whole of western Europe and, though more cautiously, also the United States. In some cases this has gone so far as to allow the emergence of consolidated banking and insurance activities. BIS Review 16/1997  -5-  Second, in a shorter Hungarian perspective, banks in Hungary have a head start on other financial intermediaries in collecting the financial savings of households and of the enterprise sector. Admittedly, Hungary badly needs the large-scale development of life assurance companies, pension funds, mutual funds and the like, i.e. all those institutional investors which can channel savings towards equity investment. But this takes time, since experience and human resources are rare and the reform of the pension system and of health services takes time. Banks should be allowed to fill the gap for the time being, by putting at the disposal of savers a wide variety of financial instruments. 2.

I understand that ICRM is actively involved in a number of PPPs in the region, including the Global Earthquake Model (“GEM”), a PPP with OECD aimed at developing and deploying tools and expertise for earthquake risk assessment worldwide; and the ASEAN Earthquake Model (“AEM”), targeted at developing earthquake risk assessments for the region. Conclusion 15. Let me conclude. Natural catastrophe risk management will be an increasing priority for Asia. The interconnectedness of natural catastrophe risk management calls for going beyond borders; and across stakeholders, both government and industry, to coordinate holistic strategies and manage natural catastrophe risks in a sustainable manner. 16. The ICRM annual symposium serves as a unique opportunity for various stakeholders to come together to discuss challenges, and chart the course for natural catastrophe risk management in Asia going forward. I understand that there is a line-up of interesting presentations covering very pertinent topics such as post-disaster impact analysis  6  4  “Source: ‘IFC Partners with MAIPARK to Provide Earthquake-Index Insurance for Indonesian Banks’”, CAN Newswire, 1 October 2013. BIS central bankers’ speeches  experiences and the types of catastrophe risk transfer and financing solutions, over the next 2 days. 17. On this note, I wish you a productive and memorable time at this Symposium and in Singapore. Thank you. BIS central bankers’ speeches  5
Having an understanding of the range of possibilities, having the ability to make sound strategic decisions and excelling under the different circumstances also becomes important. The ICLIF leadership centre was established in 2003 as part of Bank Negara Malaysia’s commitment towards providing a focused and coordinated approach to enhance leadership capability and to develop world-class leaders. It was initially for the financial services industry, post the Asian Financial Crisis, with the aim of producing a new generation of leaders to steer the industry in a fundamentally transformed financial landscape. It has since been extended to corporate and public sector participation. The Centre, the first of its kind in Asia, focuses on the emerging market experience, contextualized mainly to Asia. ICLIF has now grown to offer a wide range of services in the areas that include leadership development, organizational performance, corporate governance and advisory services that are designed to enable sustainable and responsible business growth. In 2010, the ICLIF has further repositioned itself through the setting up of a new governance centre with a vision to promote high impact boards and develop world class directors who are advocates of best practices and excellence in corporate governance. Known as the Financial Institutions Directors’ Education Program or FIDE, it is currently the only governance initiative in the region that focuses exclusively on the financial sector and has trained hundreds of directors since its inception. The Centre has now been renamed as the ICLIF Leadership and Governance Centre with an enhanced faculty comprising renowned experts from the world leading institutions.

David Clementi: Crisis prevention and resolution two aspects of financial stability  Speech by Mr David Clementi, Deputy Governor of the Bank of England, at the Inaugural Lecture at the South Bank University Centre for Monetary and Financial Economics, London, on 6 September 2000. *  *  *  Introduction Ladies and Gentlemen, When I was invited to give the inaugural lecture at the Centre for Monetary and Financial Stability, I was pleased to accept. It is obviously an honour to be asked to inaugurate any academic institute but supporting the foundation of a centre dedicated to the pursuit of monetary and financial stability is, for a central banker, a particular pleasure! After all, monetary and financial stability and the interaction of the financial system with monetary policy are at the heart of the Bank’s mission. The first of the Bank’s core purposes is maintaining the integrity and value of the currency or, in other words, monetary stability; the second is maintaining the stability of the financial system. I intend to focus my remarks on this second core purpose. Financial stability has always been an integral concern for central banks. We have been reminded of its importance by the events of recent years. The Asian Crisis in particular set in train a programme of international work and discussions, looking at ways to prevent a recurrence and to handle one if it did.
The Federal Reserve’s Pandemic Response - FEDERAL RESERVE BANK of NEW YORK  SPEECH  The Federal Reserve’s Pandemic Response June 25, 2020 Michael Held, Executive Vice President and General Counsel Remarks at Union of Arab Banks Webinar: Global Banking in Light of COVID-19 and Geopolitical Development (delivered via videoconference) As prepared for delivery  Thank you. It's an honor to join you. And, as a central banker, it is a special privilege to speak alongside the Governors of the Central Bank of Egypt and the Central Bank of Tunisia. My topics today are the Federal Reserve's response to the COVID-19 pandemic and the challenges that lie ahead. As always, the views I express are my own, not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System.1 Pandemic Work of the Federal Reserve The challenges of the COVID-19 pandemic are daunting. On a personal level, we fear for the health and livelihoods of ourselves and our loved ones. On a professional level, our organizations face existential challenges largely beyond our creation or control. On a societal level, we see how injustice and inequality have reduced confidence in public institutions and increased polarization— right when we most need to come together. To do its part, the Federal Reserve has committed to "us[e] its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time.

This has prompted several emerging economies to restructure their fuel subsidies in an effort to create more efficient economies and to achieve more sustainable fiscal positions. This has been followed by the consequent adjustments in consumer prices as the gap between international market prices and domestic prices narrow. In Malaysia , petrol prices were adjusted by  BIS Review 90/2008  1  40.6% while diesel prices by 63.3%. This adjustment would be reflected in the consumer price inflation in June, which is expected to exceed 6%. Beginning 1 July, electricity tariffs have also been raised by up to 18% for households and an average of 26% for some commercial and industry users. While domestic inflation is expected to remain elevated for the remaining part of this year and early next year, it is expected to moderate in the second half of 2009. In the current international environment, the policy response needs to be contextualised to the conditions prevailing in each individual economy. In those economies that are experiencing overheating and strong demand conditions, there is greater clarity in terms of the need for policy to rein in demand. However, for economies that are experiencing moderating growth, the risks to growth and inflation need to be carefully evaluated. In addition, consideration needs to be given to the deflationary impact of the fuel price increases on consumption.
By resizing the notes, the Bank of Sierra Leone has also addressed the problem of criminal bleaching of genuine notes and their redenomination to higher values. Durability has also been enhanced in the form of a post-print vanish, to provide a defense against the rigours of Sierra Leone’s tropical climate, heavy usage in a cash-dependent society, and poor handling by the public. In this regard, the Bank of Sierra Leone has expressed concern over the manner in which the nation’s currency is handled and we have cautioned the public that although the new series of notes have been treated with vanish to enhance their durability, it is the responsibility of the Public to observe “proper handling” to increase their circulation life. Furthermore, it is the nation’s civic responsibility to know their bank notes and to handle them properly. During the introduction of the notes, we allowed a 12-month transition period during which the old and the new notes co-circulated. The Bank will shortly advise the public as regards the deadline for the co-circulation of these notes. In the meantime, I am pleased to inform you that over 93% of the old notes have already been withdrawn and Sierra Leoneans now have notes they can be proud of.

Exchange rate policies are expected to be designed to support rebalancing of global demand, while structural reforms to enhance access to finance by small and medium scale enterprises (SMEs), should help boost growth and reduce unemployment. Finally, better policy coordination among all stakeholders should help alleviate liquidity constraints and rebuild confidence. Regional financial trends Your Excellency, distinguished guests, Africa has been reasonably unaffected by the crisis due to the low level of exposure of its economies to international trade and financial flows. The continent experienced encouraging growth in 2010 not only on account of a recovery in exports and commodity prices, but also due to implementation of prudent policies by some of our economies prior to the global down turn. In addition, the effect of reduced foreign inflows from aid, foreign direct investments and remittances was far less than originally anticipated. The increase in global demand and hike in oil prices benefitted oil-producing African countries with Nigeria and Angola, the two largest oil producers experiencing strong growth of around 6 percent. In spite of the encouraging trends, risks to Africa’s economic prospects remain, particularly given the faltering global economy. It was recognized that the crisis originated from the financial systems and this has underscored the need for a more robust and effective financial sector supervision framework in African countries that can withstand potential future shocks.
The world economy, including the euro area, is still undergoing a severe downturn, with the prospect of both external and domestic demand remaining very weak over 2009 before gradually recovering in the course of 2010. This assessment incorporates a number of adverse developments which are likely to materialise over the coming months, such as a further deterioration in labour markets. At the same time, available indicators of inflation expectations over the medium to longer term remain firmly anchored in line with the Governing Council’s aim of keeping inflation rates at levels below, but close to, 2% over the medium term. The outcome of the monetary analysis confirms that inflationary pressure has been diminishing, as money and credit growth have further decelerated in recent months. Against the background of these developments, after  BIS Review 56/2009  1  today’s decisions we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households. Let me now explain our assessment in some more detail, starting with the economic analysis. Reflecting the impact of the financial market turmoil, economic activity continued to weaken in the euro area in the course of the first quarter of 2009, in parallel with the ongoing downturn in the world economy. This weakening in the first quarter appears to have been significantly more pronounced than projected in March. More recently, there have been some tentative signs in survey data of a stabilisation, albeit at very low levels.

The premise is that even if money has no systematic and immediate influence on prices, it can provide valuable and specific information on future inflation, at time horizons stretching beyond those usually adopted for the construction of central bank inflation projections. Because of the long-term relation between money growth and inflation, money has leading indicator properties on future price developments. Though it is fair to say that the apparent link between monetary developments and inflation has deteriorated over the recent years, there is still strong statistical evidence of a link between monetary growth and inflation at a low frequency. This relation holds for the euro area, but also for the US, the UK and large OECD countries, with monetary trends systematically leading inflation trends. 4 The implication referred to is the need to cross-check the information on inflationary pressures and risks to price stability; this cross-checking implies that we bring together and compare different analytical strategies and that we systematically use all the information relevant to decision making. The main issue is to ensure that risks to price stability over the medium term do not materialize and that medium to longer-term inflation expectations remain solidly anchored at levels consistent with the price stability objective. Such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth as well as job creation.