samchain/econo-pairs-v1 huggingface dataset:
With greater financial literacy and awareness, consumers will be protected from being exploited by predatory  2  BIS Review 4/2010  lending and investment scams, and will be able to make better informed financial decisions. To protect the rights of consumers, a Consumer Protection Framework has been developed to enhance the disclosure standards of financial products and services, the various dispute resolution mechanisms and to institute fair practice amongst the financial service providers. The Central Bank has also established a one-stop service centre for the public, providing advisory services on financial matters. Finally, a Credit Counselling and Debt Management Agency has been established to provide counselling related to credit and debt management for individuals as well as to inculcate responsible money management habits. Fifth, the supporting financial infrastructure to facilitate the operations of financial institutions is an important feature of the financial system. A hurdle to access to financing is the lack of credit history. In this regard, credit bureaus have been established to enhance access to financing by encouraging borrowers to build such credit records. In Malaysia, the Central Credit Reference Information System or CCRIS, has provided credit information via an on-line system since 2001. More recently in July 2008, the SME Credit Bureau commenced operations to assist SMEs to build track records thereby providing a balanced profile of the credit standing of SMEs thus, enhancing access to financing on more favourable terms. Sixth, sufficient well trained finance professionals is vital to the performance of the financial sector.

Financial services is an industry that is dynamic and complex, with rapid product innovation. To excel and produce results in a more challenging environment, practitioners of financial services need to be highly qualified and equipped with technical finance calibre and knowledge. Recognising the importance of human capital development in the industry, the Central Bank has established several centres of excellence for learning for the overall financial services sector, including covering the areas of corporate governance, leadership development and Islamic finance. Conclusion Let me conclude my remarks. This Financial Inclusion Advisers programme is an example of the smart partnership advocated by the CPTM movement. I would like to take this opportunity to thank CPTM and JICA as well as the participating resource institutions – Bank Rakyat Indonesia, National Bank for Agriculture and Rural Development (NABARD) of India, Amanah Ikhtiar Malaysia (AIM), SIRIM Berhad, Agro Bank and the Non-Aligned Movement – Centre for South-South Technical Cooperation (NAM-CSSTC) for contributing to this event. I also wish to welcome the members of the microfinance community from Kenya, Malawi, Tanzania, Uganda and Zambia to this programme. On that note, I wish you a very successful learning experience and a pleasant stay in Malaysia. Thank you. BIS Review 4/2010  3
For the stylised bank, its 50-year best intentions could be invalidated within 24 hours. In that event, amortised cost would be a very misleading valuation convention. The bank’s entire asset portfolio ought really to be valued at market (and potentially fire-sale) prices. For a bank with long-maturity illiquid assets, these differences in valuation convention could have a material impact on solvency. They may even be the difference between solvency and insolvency. Had their loan books been marked to market during the crisis, UK banks would have had significantly negative net worth for a protracted period (Chart 2). Most global banks would have been in a similar position. As the maturity of banks’ liabilities was low and falling during this period, this marked-to-market thought-experiment is not as fanciful as it may sound. Three implications follow. First, it underscores the importance of liquidity regulation. This aims to close any maturity mismatch across the balance sheet. For example, the purpose of the net stable funding ratio, agreed as part of Basel III, is to correct mismatches calculated across the whole balance sheet. Second, there is a debate underway internationally about the appropriate criteria for defining the boundary between banks’ trading books and banking books for regulatory purposes. Currently, the regulatory boundary is based on banks’ trading intent. Yet as the stylised example demonstrates, holding intentions may be an economically incoherent basis for valuation. There is a strong economic case for moving away from the existing intent-based convention for differentiating banking and trading books.

The model must be transparent and manageable  Norges Bank’s administration, management and Executive Board must be able to interpret and understand the model. It must not be perceived as a black box. It must have a theoretical structure so that we can easily examine the effects of alternative views of the economy’s functioning. 5. The model must reflect the Bank’s view  As a result of the modelling work, the Bank’s views on relationships in the economy will evolve. At the same time, we are developing a model with relationships that we have confidence in. Models will never provide us with a definitive answer. A model will always represent a simplification of reality. We must be pragmatic and exercise a good measure of judgement in addition. In my view, the most important role of models is to provide a framework and structure for the decision-making process, and to ensure that we do not change our views on the functioning of the economy without thorough reflection. BIS Review 36/2004  7  The use of models must also be seen in connection with the uncertainty associated with the actual state of the economy and the driving forces that dominate at a given point in time. It can be a demanding task in itself to find the balance between incorporating new information on the one hand and making abstraction of pure noise on the other. Allow me to illustrate.
Since then, the financial sector has been liberalized while simultaneously strengthening the regulatory framework. Concerned with the limited contribution of the financial sector to economic development, the Government devised and formulated policy mechanisms for addressing a number of identified obstacles within the framework of the Poverty Reduction Strategy Paper (PRSP) whose implementation started in 2002. In line with the PRSP framework, the World Bank and the International Monetary Fund undertook an assessment of the financial system through the Financial Sector Assessment Programme (FSAP) which was complimented by our own review. Some of the principle areas of concern identified included: •  Low financial intermediation with limited access to financial services, especially for the rural and peri-urban population and the low-to-middle income earners;  •  Poor credit culture in the market;  •  Multiple and potentially conflicting roles of the government in the financial sector;  •  Weak regulatory framework for non-bank financial institutions, insurance and pension funds;  •  Undeveloped money and capital markets; and  •  Limited long-term development and housing finance. In recognition of the strategic importance of the financial sector to the country’s development and poverty reduction efforts, the Zambian government launched the Financial Sector Development Plan (FSDP) in 2004 to address weaknesses that had been identified in the financial sector. The FSDP is therefore a comprehensive strategy that is aimed at achieving a financial system that is sound, stable and market-based, that would support efficient resource mobilization necessary for economic diversification and sustainable growth.

Our expectation is that after this forum, we shall see the emergence of an interactive and symbiotic alliance between International and Zambia financial institutions whose goal will be to provide financial services that will uplift the well-being of the Zambian populace at large. This sounds like a difficult task to achieve but it is my conviction that it is better to begin a step towards this direction rather than waiting for it happen in future. On a lighter note, Ladies and Gentlemen, let me remind you that the Soccer World Cup to be hosted by South Africa in 2010, has attracted increased demand in the construction and tourism sectors in the whole Southern African Region. Zambia needs to take advantage of this and invest heavily in the tourism industry to benefit from the event; particularly that it has a vast number of national parks and the Victoria Falls, one of the seven natural wonders of the world. Obviously this can only be done if there is long term partnerships between local financial institutions and International financial institutions like the ones invited here today. Mr. Chairman, Ladies and Gentlemen, I thank you for your attention. BIS Review 150/2007  3
However, the provision of emergency liquidity and other forms of support were only a bridge to bring the financial system to a more stable point. It is now necessary to work towards creating a more robust financial system that addresses the structural deficiencies that brought us to the brink in the first place. Many reform initiatives are now being debated, with the discussions involving a range of market participants, central banks, regulatory agencies and the U.S. Congress. It is important that these initiatives result in outcomes that reduce the chances and consequences of another financial crisis; and it is equally important that they not impede the effective functioning of financial markets during normal periods. My comments today will review the lessons that can be drawn from the performance of U.S. financial markets during the crisis and will describe some of the changes that may occur as we migrate toward a more stable and effective financial system. Capital markets that demonstrated resilience In many ways the crisis underscored the unique characteristics of dollar-denominated asset markets. This can be seen in one simple fact: Despite the fact that most of the troubled housing assets at the root of this crisis were dollar-denominated, the dollar rallied sharply during the depths of the crisis. This pattern at least partly reflected strong investor demand for particular dollar-denominated assets in response to the financial turmoil. U.S. Treasury securities clearly stand out in this regard, as they again proved to be a key safe-haven asset.

We at the Central Bank welcome innovations such as empowerment loans but urge caution with products such as Islamic Loans since an innovation of this nature needs close collaboration with the regulatory authority. 7. Closing remarks  In closing, Mr Managing Director, having celebrated your 10th anniversary I urge you not sit on your laurels. May this be a time of serious reflection as you chart your path towards celebrating your next 10 years and beyond! I look forward to Investrust Bank Plc being represented in other countries as well. Regarding the strategic planning session that we are gathered here for, I wish to commend you, Mr Managing Director for coming up with this initiative. Every organization needs to plan its future actions and activities. This is a process that must be embraced by all top management. Although only senior managers are represented here today it is my expectation that what ever you will be discussing will have benefited from lower levels of your bank. For your plan to succeed it is important that all senior managers embrace the plan whole heartedly. With these remarks, I declare the Strategic Planning Conference of Investrust Bank Plc officially open. I thank you all. 2  BIS Review 36/2007
This creates a tension between the domestic and the external, or exchange rate, dictates of policy - a dilemma which, in one direction or the other afflicts most countries from time to time, and which we ourselves have experienced at times in the past, though not during the past few years. The trouble in this instance is that the stronger exchange rate does not directly affect the build-up of domestic demand pressure, which is the problem we start with. It will, if it persists, have a one-off downwards effect (directly or indirectly) on the prices of perhaps a quarter of all goods covered by the retail price index, which will reduce the RPI during the course of this year; but this effect will gradually drop out of the 12-month calculation during 1998. The stronger exchange rate will also, if it persists, cause the external trade balance to weaken, and by relieving to this extent the pressure of overall demand, that may have a more lasting effect on the rate of inflation. We, of course, take these factors into account as best we can in making our forecasts of future inflation and in giving our policy advice, though there is inevitably a great deal of uncertainty over the timing and scale of their effects.

Caleb M Fundanga: The MDG-consistent monetary policies Talking notes by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the official opening of the UNDP organised workshop on Macroeconomic Analysis and Modelling in Support of Millenium Development Goals-Based Planning, Lusaka, 29 October 2007. *  *  *  Introduction First and foremost, I would like to thank the UNDP through the Resident Representative, Mr Aeneas C. Chuma, for inviting me to say a few remarks at the opening of this important international workshop on “Macroeconomic Analysis and Modelling in support of Millennium Development Goal (MDG)-Based Planning”. Let me also welcome you all, especially those who have traveled from other countries to come and attend this workshop. I understand that the aim of this workshop is to strengthen the foundation laid for MDGBased planning processes in Africa on the issues of pro-poor polices and macroeconomic modelling and to explain what an MDG-Consistent Medium-Term Expenditure Framework (MTEF) is all about. The workshop is also intended to sensitise and enhance your knowledge of pro-poor policies in the context of MDG-Based planning and strengthen understanding and skills in MDG-Consistent Macroeconomic Modelling and MTEF.
Charles L Evans: A risk management approach to monetary policy Speech by Charles L Evans, President of the Federal Reserve Bank of Chicago, at the Ball State University Center for Business and Economic Research Outlook Luncheon, Muncie, IN, 5 December 2011. *  *  *  Introduction It is my pleasure to be here in Muncie today to speak to you about my views on the progress of the recovery and on the course of monetary policy. I would like to thank Steve Smith, president of the Muncie Forecasting Roundtable, for that kind introduction. For those of you who follow monetary policy deliberations, you will certainly be aware that I was the lone dissenter at the last policy meeting held in early November. So it should come as no surprise when I say that the views that I am presenting today are my own and not necessarily those of the Federal Open Market Committee (FOMC) or my other colleagues in the Federal Reserve System. Real output gap Four years ago the U.S. economy entered what developed into the deepest recession since the Great Depression. Two and a half years ago the recovery began. Yet, despite both accommodative monetary policy and fiscal stimulus, the pace of improvement has been agonizingly slow. Real gross domestic product (GDP) is only just back to where it stood at its pre-recession peak in 2007, employment growth is barely enough to keep pace with natural growth in the labor force and the unemployment rate remains extraordinarily high.

As for the price stability component of our dual mandate, the majority of FOMC participants – including me – judge our objective for overall inflation to average 2 percent over the medium term. With my own view that inflation is likely to run below this rate over the next few years, I believe we run the risk of missing on our inflation objective as well. Two different perspectives on the economy Central bankers must formulate monetary policy with the understanding that our knowledge is imperfect. We may have incomplete and sometimes competing views of the forces that generate current economic conditions. This is especially true in the difficult circumstances we face today. In my view, we should try to formulate a monetary policy strategy that carefully balances the risks associated with the reasonable alternative economic scenarios that we face and is as robust as possible to miscalculations as to which of these scenarios is predominantly true. Let me now discuss two quite different perspectives that could account for the disappointing slow growth and continued high unemployment that we confront today. These two conditions are important to consider in that they have markedly different monetary policy prescriptions. The first storyline I will refer to as the “structural impediments scenario”. In this scenario, the recent period, which has been referred to as the Great Recession, was accompanied by an acute period of structural change, skills mismatch, job-killing uncertainties and excessive  2  BIS central bankers’ speeches  regulatory burdens.
Unemployment has continued to fall, almost without interruption month by month, and is now down to 1.9 million (or 6.7% of the workforce) compared with nearly 3 million (or 10.5%) at its peak, and 2.5 million (or 8.6%) two years ago. It is of course still intolerably high - we are talking about people here not just numbers. But unemployment is at least a great deal lower than in any other major country in Europe; and it is falling in the UK whereas elsewhere it is all too often still rising. Our external current account remains close to balance. And although our rate of inflation has edged up since we were last together, from below 2½% to just over 3%, and is, it must be said, somewhat higher than in most of the rest of the industrialised world, it is still relatively low by our own standards of the past 30-odd years. The key question now - as it was last time - is can we keep it going? Things have moved on over the past two years. We did in fact successfully weather the commodity price squall, which blew itself out quite quickly - though oil prices have recently been something of an exception. And the economy slowed during 1995. But we are now seeing a new and freshening wind blowing in particular from the household sector of the domestic economy.

Much of the complexity in making progress in cross-border payments arises from the significant number of stakeholders in the public and private sector. The building blocks under this Focus Area are intended to drive meaningful, coordinated change at a global level over a sustained period. This will address frictions where complex regulatory, political and operational issues are prevalent. It will also provide the foundations to deliver interdependent building blocks in other focus areas. To date, much focus on removing frictions in cross-border payments has centred on technology and operations. But divergent regulation, legislation, supervision and oversight frameworks across jurisdictions, or overlaps and underlaps in frameworks, can reduce any benefits of such initiatives. The building blocks in Focus Area B are intended to foster greater coordination by advancing consistent international rules and standards. And this covers not just regulation of firms, or infrastructure providers but broader compliance and Anti-money laundering type issues too. That does not mean everything will end up being identical, but rather it seeks to promote greater consistency in rules and standards. The building blocks in Focus Area C are targeted at improving the existing payment infrastructures and arrangements to support the requirements of the market. This is at the heart of what we, as central banks, are doing. Addressing technical and operational restrictions rooted in the design of both international and domestic systems can tackle the key frictions underlying the challenges in cross-border payments, including different operating hours, access criteria and long transaction chains.
It is worth noting that the annual variation core CPI has hovered around 11 percent for several months now, despite the fact that most inflation fundamentals have been easing. While the Chilean peso has appreciated around 11.5 percent with respect to the statistical close of the December Report, global cost pressures have decreased. The prices of commodities, including copper, have dropped, supply chains have normalized and transportation costs have fallen too. All in a context in which monetary policy has maintained a clearly contractionary stance (figure 2). In addition, compared to the projection of the last MP Report, the core part of the CPI accumulates an important upward surprise, around one percentage point. Most of the difference lies in the prices of non-volatile goods. In any case, services inflation also showed higher-than-expected increases. In annual terms, it has risen to maximum levels (figure 3). One important factor behind the persistence of high inflation has been the slow unwinding of the high levels of private consumption of previous years. The revised National Accounts that we published on March 20th showed that between 2020 and 2022 household consumption exceeded our forecasts by about 4.3 billion dollars. With this, national savings figures were revised downward and the current account deficit increased, indicating that macroeconomic imbalances were larger. Meanwhile, data for late 2022 and early 2023 show that the pace of reduction in private consumption has been slower than expected (figure 4).

Dear Ladies and Gentlemen, The financial system and the banking sector at the heart of it play a unique role for economic development and welfare in Albania. This system provides payment instruments, contributing to the free circulation of products and services. It also offers savings and credit instruments for households and enterprises, promoting therefore development and enhancing welfare. The financial system helps households, enterprises and the economy to withstand shocks, by undertaking risks on its balance sheets and offering products to insure life, business activities and against natural disasters. Therefore, the efficiency, stability and sophistication of the financial system are essential preconditions for rapid, stable and comprehensive growth. The development level of an economy is inter-related and inter-dependent on the development level of its financial system. This has been extensively illustrated by the Albanian experience over the last three decades. The progress marked in the first decade of transition was conditioned by, among other things, embryonic developments in the banking and financial sectors. In the second decade, the activity of the banking sector expanded and competitiveness in this sector increased, setting the stage for crediting and economic growth to gather speed. This performance was disrupted by the global financial crisis effects spilled over to Albanian economy. However, unlike in many countries of the region, the crisis did not trigger recession or a proper financial crisis in Albania. Yet, indirect effects were present both in the economy and in the financial system.