samchain/econo-pairs-v1 huggingface dataset:
This is done mostly in collaboration with other financial centres and overseas authorities, including the Banque de France. Back in 2014, the HKMA and Banque de France signed a memorandum of understanding to strengthen cooperation between the two financial centres. To me, this collaboration can go beyond China opportunities to cover other new market developments, including Fintech and green finance. 7. Let me start with the opportunities in Mainland China. As you are aware, last year marked the 40th anniversary of the reform and opening-up of Mainland China. Throughout these years, Hong Kong remains as the gateway to Mainland China. Today, as Mainland China continues to open up its capital markets, we serve as a major platform for international investors to access the world’s second largest stock market and third largest bond market. Take Bond Connect as an example. It provides a convenient channel for international investors to access the Mainland’s bond market using international market practices such 1/2  BIS central bankers' speeches  as the nominee holding structure. Similarly, Stock Connect provides access channel for international investors to invest in the Mainland’s stock markets by engaging brokers and custodians in Hong Kong through existing structure. 8. With the smooth inclusion of A-shares into MSCI Emerging Markets Index last year, more global indices are planning to add RMB products into their constituent assets. For example, RMB bonds will be included in the Bloomberg-Barclays Global Aggregate Index starting this April and FTSE’s Global Equity Index Series will also include A-shares from this June.

The strategies pursued have involved using the least possible amount of public funds, concentrating on cleaning up bank balance sheets by demanding additional provisions, raising capital requirements, encouraging mergers, transforming savings banks and improving their governance, reducing capacity, increasing efficiency by bolstering the size of banks, making the worst managed banks disappear and minimising the time the State has a presence in banks in which it had to intervene. The results mean we can be encouraged by what we see Spain has been able to do during these difficult years of crisis. As regards cleaning up bank balance sheets, since late 2007 to the end of last year provisions have been increased by € billion. Once this year, thanks to the recent legislation, an additional write-down of € billion is completed, a figure of € billion will have been reached, namely 14% of GDP. As regards capitalisation, deposit institutions have during this period increased their capital both in absolute terms and in relation to their assets, thanks partly to the fact that the legislation passed in 2011 and 2012 has imposed on Spanish banks capital requirements greater than those required by the Basel III calendar. As regards capacity, although the plans are not complete, there have been reductions of 12% in the number of branch offices and 10% in the number of staff, with sharper falls at savings banks (of the order of 16% and 13%, respectively).
Chart 2 Exposure concentration and insurance as a mitigating factor  Sources: AnaCredit, 427 data, EMDAT, OECD and ECB calculations. Notes: Left panel: credit exposures to non-financial corporations (NFCs) above € are considered; € trillion of exposures overall; NFC location used to assign risk levels refers to the corporations’ headquarters; country breakdown refers to the bank’s country of residence. Right panel: sample includes 45 countries for which the OECD provides quarterly GDP data from 1996 to 2019. The chart shows the impact of large-scale natural disasters (i.e. with total damage larger than the third quartile at 0.1% of GDP) when the share of insured losses is high (above the median of 35%) on the left, and low (i.e. below the median of 35%) on the right. The estimates are obtained using a panel regression model where the dependent variable is the year-on-year difference in the log of GDP and the explanatory variables include two dummies capturing large-scale disasters with a high and low share of insured losses respectively (included with up to three lags), and country and quarterly fixed effects. For the quarter including the date(s) of the disaster (t=0) and the three subsequent quarters, the y-axis measures the percentage point impact of the disaster on the year-on-year annual growth rate at the end of that quarter. In principle, one mitigating factor may be insurance, which in the past has helped support aggregate demand and hastened reconstruction following disasters, reducing the overall impact on economic activity (Chart 2, right panel).

An important lesson is to continue to strengthen our resilience and buffers, especially during the good times. A World of Contrasts: Bankers as Active Stakeholders, Not Passive Bystanders The banking sector has been a central pillar of strength for the Malaysian economy. The industry can play a more positive role by engaging positively in conversations on economic and financial issues confronting the country. As I have experienced in the last one year, the chamber of conversation on the economy could be further expanded. Narratives on the economy and the industry continue to be shaped by external parties, drowning out the occasional whispers from the banking industry. Given the central role of banks in the economy, bankers have the equivalent of a box seat to provide an informed view on developments in the economy and financial system. Rather than being onlookers, the banking industry should weigh in on domestic economic discourse. From sectoral issues to macro trends, bankers’ perspectives would provide additional viewpoints and enrich assessments by the public and financial community, and help address gaps between reality and perception that have too often dominated the public conversation. It is therefore timely for our bankers to participate more actively in the economic discourse to shape a more balanced narrative. Bankers should be proactively offering solutions to some of the pressing economic and financial issues facing the country. A positive voice for socioeconomic change can help instill greater public trust in the role of the banking sector in nation building.
Simultaneously, it is necessary to assess the systemic risk in both, the financial system and the banking one, by constructing special indices and implementing best practices in stress-testing. In terms of completing the framework on management of emergency financial situations, importance should be given to the legal and regulatory reviewing and improvement process, the cooperation between public authorities and timely identification of various problems, particularly in systemically important institutions. The Bank of Albania has already entered in this reviewing and improvement process of the regulatory framework, on the basis of several pre-set objectives. Concluding, I would like to emphasize that the countries in our region have successfully overcome a difficult period as a consequence of the international financial crisis. However, there are numerous challenges ahead. They require an ongoing commitment of all the factors of the country’s economic and political life. The need for coordinating the actions both locally and regionally is an absolute priority. I think there are in place all the prerogatives for making this cooperation effective, honest and of mutual benefits to each country in the region. To this end, I think that the European Fund for Southeast Europe will continue to play an important role, which once again I take this opportunity to congratulate for the work it has done and the commitments it has taken for the future. Thank you! BIS central bankers’ speeches  3

We will see what the precise outcome of the present dialogue will be, but already I would like to say that I find some of the resistance shown by banks generally, and even more so, the controversy that has arisen in Italy in particular, inappropriate and unfounded. For non-performing loans, we have to plan ahead if we are to stop picking up the pieces afterwards. If we ever needed proof of the necessity for independent European supervision, this controversy has provided it. II. The second challenge is to encourage consolidation within the Banking Union  Consolidation must be the result of consistency, and consistency is considering the Banking Union as a unique jurisdiction. -  We must therefore stop hindering cross-border bank consolidations in the euro area. 3  We need to ensure that the implementation of new regulations does not give rise to new barriers. The development of cross-border banking activities is essential to reinforcing the single market, facilitating the allocation of savings and financing investment. We still lag far behind the American market in this respect: the market share in the United States of the top five banks is more than 40% whereas the market share in the euro area of the top five banks is less than 20%. Sound and safe cross-border consolidations would make banks better able to diversify their risks across the euro area, and channel savings more effectively towards productive investment.
William C Dudley: A preliminary assessment of the TALF Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Securities Industry and Financial Markets Association and Pension Real Estate Association's Public-Private Investment Program Summit, New York, 4 June 2009. *  *  *  I thank you for this opportunity to speak to you today about what we at the Federal Reserve have been doing to improve market function and credit market access. Since August of 2007, the Fed has introduced a wide range of special facilities designed to improve market functioning, increase the availability of credit and bring down borrowing costs for households and businesses. Today, I am going to focus my comments on the Term Asset-Backed Securities Loan Facility (TALF), which in my view is one of our most innovative programs. This facility is a complement to the Public-Private Investment Program efforts being undertaken by the Federal Deposit Insurance Corporation and the Treasury, which are the primary focus of today’s conference. In what follows, I would remind you that my comments reflect my own views and opinions and not necessarily those of the Federal Open Market Committee or the Federal Reserve System. I will discuss how the securitization markets broke down last fall creating the need for TALF, how the TALF works and what it already has accomplished, where we see it evolving going forward, and finally, some preliminary thoughts on the future of securitization markets.

Paul Fisher: The state of the financial markets Speech by Mr Paul Fisher, Executive Director for Markets of the Bank of England, at the Institutional Investor Institute, Bedfordshire, 29 June 2011. All speeches are available online at www.bankofengland.co.uk/publications/speeches. *  *  *  I would like to thank Ronnie Driver, Andrew Harley, Tanveer Hussain, Ben Wensley, Richard Windram and Chris Young for their help in preparing this speech. Any views expressed are solely those of Paul Fisher and should not be ascribed to the MPC or FPC unless explicitly stated as such. The Bank of England has two core purposes. The first is maintaining monetary stability. That means achieving stable prices as defined by the Government and ensuring confidence in the currency. The second is contributing to financial stability. That entails identifying, monitoring, and taking action to remove or reduce systemic risks with a view to protecting and enhancing the resilience of the UK financial system. The interim Financial Policy Committee (FPC) was set up by the Government earlier this year to help meet this objective.1 It has now had its first round of meetings and a record of its first policy meeting and the associated Financial Stability Report were published just last week.2 To help meet these objectives, the Bank runs a Market Intelligence (MI) programme, which involves frequent meetings and conversations between Bank staff and a wide range of external market contacts to gather and analyse information from market participants.
This entails ensuring the appropriate level of expertise about the new businesses; assessing that all relevant risks are identified, monitored, measured, and managed for each business line and the firm as a whole; and establishing the appropriate interaction with the enterprise risk management functions and Boards of Directors. These are core parts of supervisory expectations for traditional risk management and banks need to ensure that they are applied appropriately as they evolve. Moreover, expansion into new activities can bring entirely new risks beyond the direct risks of each specific business. For example, a firm that expands by offering a broader set of products to its existing base of customers. This has the potential to introduce greater correlation of business line results and a different type of shock if a financial firm potentially loses multiple revenue streams should a single customer face distress. Alternatively, a firm might be inclined to use one business line to cross-subsidize another, which makes measuring and managing risks and allocating capital more difficult from a business line perspective. In both cases, the potential risks would need to be managed at the enterprise level to reflect these cross-business linkages. A second implication is the need for the supervisory community to be responsive to the evolution of firms’ strategies and business models. As firms evolve and pursue new strategies, supervisors need to understand those changes and assess firms accordingly. We must constantly evaluate the strategic focus of the firms we supervise and assess whether our approach and perspective are appropriate for the new activities.

Risk is less concentrated in the banking system, where moral hazard concerns and other classic market failures are more likely to be an issue, and spread more broadly across a greater diversity of institutions. And yet this overall judgment, that both financial efficiency and stability have improved, requires some qualification. Writing a decade ago about the history of the financial shocks of the 1980s and early 1990s, Jerry Corrigan wrote that these same changes in financial markets we see today, though less pronounced then than now, created the possibility that financial shocks would be less frequent, but in some contexts they could be more damaging. This judgment, that systemic financial crises are less probable, but, in the event they occur could be harder to manage, should be the principal preoccupation of market participants and policymakers today. What factors might contribute to this risk, a risk that could be described as the possibility of longer, fatter tails? One reason is a consequence of consolidation. The major banks are larger and stronger today, and it would take a much larger shock to make them vulnerable than was true in the past. But in that event, the consequence of their failure could be greater for markets. Another reason is the consequence of leverage.
one, building interoperable networks that enable digital assets to be bought and sold across multiple trading venues; two, using regulated financial institutions as trust anchors to screen, verify and issue credentials to entities that wish to participate in these networks; three, creating a common pool of digital assets that can be exchanged directly without intermediaries; and  7/11  BIS - Central bankers' speeches  four, establishing institutional grade security and compliance measures within DeFi protocols to mitigate against market manipulation and operational risks. Project Guardian's first pilot has demonstrated the potential for reducing costs in executing trades. DBS Bank, JP Morgan and SBI Digital Asset Holdings, conducted transactions in tokenised foreign exchange and government bonds. If we can scale this, it means freeing up costs involved in executing trades through clearing and settlement intermediaries and managing bilateral counterparty trading relationships. Project Guardian has launched two new industry pilots to broaden the set of tokenised assets in play. The first, led by Standard Chartered Bank, is about issuing tokens linked to trade finance. The second by HSBC and UOB involves tokenising wealth management products. These projects strive to increase efficiency in the product value chains, lower issuance and servicing costs, and improve transparency and accessibility.

I think that infrastructure is also a crucial factor. Last year we had to react quickly to changes in external conditions. Meanwhile, we did not abandon our strategic objectives, we still adhere to inflation targeting that allows us to control inflation and ensure its gradual reduction. Early last year, the Central Bank actively intervened in the FX market to ease the market response to the Crimea developments and to support the ruble exchange rate. In 2014, we implement interventions in the amount of about $ billion. At the same time, we were preparing for a floating exchange rate regime. We planned to have completed the transition by late 2014. During the year, the Bank of Russia took consecutive decisions thus gradually moving to the floating exchange rate. The policy to support the ruble through interventions was sound until two important events took place last autumn. The first one was the issuance of large-scale financial sanctions, and the second one was the decline in oil prices that began in summer and accelerated dramatically following the November decision of OPEC to maintain the volumes of oil production. Then we decided to accelerate the transition to the floating exchange rate. Looking behind, I would like to confirm once again that our country needed the transition to the floating exchange rate and it was a timely decision. It was the introduction of the floating exchange rate that quickly normalised the financial situation and saved us gold and foreign currency reserves. Different solutions were unlikely to stabilise the financial system.
Machinery and equipment posted negative y-o-y growth in the third and fourth quarters of 2013, while construction and other works decelerated significantly during the same period (figure 6). BIS central bankers’ speeches  3  This correction to investment growth owes to various factors. For one, there is the aforementioned investment cycle of mining and related sectors, plus the postponement of some investment plans. Although this was an expected development, its magnitude was unclear. Another factor is the low basis for comparison of the same months of 2012, which were swollen by unusual imports of transportation material, which affects the y-o-y variation of capital goods imports. There is also the downturn of expectations reflected in business confidence surveys and our business perception report Informe de Percepciones de Negocios. Lastly, there is the drop of public investment in real terms during the last quarter of the year, and the depreciation of the real exchange rate, which raises the costs of foreign capital goods. Accordingly, private growth forecasts for this year have been revised downward. Our March Economic Expectations Survey lowered GDP growth in 2014 from 4.1 percent in November to 3.7 percent in March. Thus, the baseline scenario of this Report has lowered the GDP growth estimate for 2014. The Board estimates that this year our economy will grow between 3 and 4 percent (3.75 to 4.75 percent in December), that is, less than last year and below trend.

Accordingly, an easing of the pressure on domestic productive resources was also expected, together with a reduction in the trend current-account deficit. Later on, beginning last June, we drew attention to the international financial conditions which were beginning to normalize, after announcements by the Federal Reserve Board of the United States. We noted then that this process could create increased short-term volatility in the global economy and the international financial markets, as portfolios were adjusted and spending plans were reviewed, but that, at the medium term it was a healthy development because it would create an environment that would help prevent the incubation of financial vulnerabilities. At the same time, we noted that the Chilean economy was on a good stand to address this transition in international liquidity. Our inflation-targeting and floating exchange rate regimes, our sound fiscal accounts and strong financial system, together with our healthy external financial structure allowed us to confront with relative calm this process and help cushion its impact on our economy. Throughout the past year, we have seen both a moderation in the investment impulse in Chile as the gradual normalization of global financial conditions. Investment has adjusted more sharply than anticipated, such that our economy grew less than we projected in late 2013, which also reflects in a downward revision of Chile’s growth forecast for 2014. Still, I would like to say that other mineral exporting economies have given a surprise in the same direction, hand in hand with the worsening of China’s economic outlook.
There has over the last 30 years been a shift in the pensions industry towards defined contribution schemes – away from defined benefit schemes, because of the latter’s unsustainability. But this shift towards defined contribution schemes has also led to a fragmented market place in many countries, and one where responsibility is placed on the individual to manage his or her funds and take on the risks. It is also by and large a landscape of funds that actively manage investments, rather than passively. So it’s a fragmented marketplace, people have to choose between different funds to invest in and take their own risks, and the funds are largely actively managed. It’s the case in the US, several countries in Europe, and in the UK and Australia, for example. That combination of factors, particularly the fragmentation of the pensions market and active management, has meant higher costs than are sustainable in the long term. 27. The solution has to be greater pooling of funds and a greater reliance on passive investment management. Active management is not all it has been cracked up to be: it has not proven its worth for most ordinary savers preparing for their retirement. We do have to move towards a system, in a whole range of countries, of helping people save for the long term through passive investment funds, and pool savings to avoid fragmentation and excessive marketing costs.

Svein Gjedrem: Monetary policy and wage growth Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to the general assembly of the Employers’ Organisation NAVO, 11 June 2002. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 22 May and on previous speeches. Please note that the text below may differ slightly from the actual presentation. *  *  *  Norway’s economic policy is based on the guidelines for fiscal and monetary policy. The guideline for fiscal policy states that the use of petroleum revenues over the central government budget shall be equivalent to the expected real return on the Government Petroleum Fund. This means that all the capital in the Fund is being utilised. Monetary policy is oriented towards low and stable inflation. Historically, periods of high inflation have always been followed by a downturn. Low and stable inflation therefore fosters stability in the economy. Establishing guidelines for economic policy is not new. Both fiscal and monetary policy have been subject to a rules-based framework throughout the post-war period, with the exception of the last half of the 1970s and the first half of the 1980s. Monetary policy has had a clear anchor since 1986. The phasing in of petroleum revenues in the central government budget shall be equivalent to the expected return on the Petroleum Fund. Most of the phasing in of petroleum revenues will take place over the next ten years.