samchain/econo-pairs-v1 huggingface dataset:
4  BIS central bankers’ speeches  •  At the same time, rapid urbanisation is concentrating ever higher economic wealth in exposed areas. Eight out of the ten global mega-cities most at risk from natural perils are located in Asia. They include Jakarta, Kolkata, Manila, and Shanghai. This large protection gap in Emerging Asia presents the global insurance industry, confronting mature markets and excess capacity, with a significant opportunity to deploy capital for better returns. London and Singapore as complementary insurance centres International financial centres in Asia, like Hong Kong and Singapore, as well as domestic financial centres in China and Korea are well-placed to meet this growing demand for insurance in Asia. But international financial centres outside Asia – such as London – with the enormous breadth of their markets, depth of financial expertise, and connectivity with other financial centres – also stand to gain from Asia’s rise. On occasion one hears stories of London losing ground as an international insurance centre due to tightening regulatory standards and a shift in the global economic centre of gravity to emerging markets. But polls and expert opinion also predicted the recent UK election race would be neck and neck. On both counts, the numbers prove otherwise. •  London is the undisputed global insurance market for specialty commercial risks – insuring highly exotic and bespoke risks from Formula 1 drivers to Cristiano Ronaldo’s legs.

Essentially, it would not result in the marginalisation of anyone target group, in particular women. Such programmes would therefore best serve its purpose as part of the core curriculum. Indeed, the national education system can play a pivotal role in financial literacy within a country. The responsibility of promoting economic and financial literacy needs to be a collaborative effort amongst the authorities, the financial service providers and the community to connect to the different target groups including all social groups. These would include the lower income groups, workers and businesses. Important are programmes directed to families where women have an important role and to engage those we have not been able to participate fully to benefit from the favourable economic environment prevailing in the region. BIS Review 64/2004  3  Among the successful financial education programmes are those with specific objectives that are tailored to meet particular needs. This includes programmes to promote savings for specific objectives; for education; or for retirement. The education programmes can also be linked to other objectives such as good health, house ownership and so on. Financial products can be tailored for such purposes to not only to promote interest but to also meet these objectives. All distribution channels need to be relied on to maximise the effectiveness of financial education programmes. Formal training programmes can be reinforced by web based content via the Internet. The World Wide Web offers dramatic economies of scale in terms of distribution of content at low cost.
New Economy, New Finance, New Bank Speech given by Mark Carney, Governor of the Bank of England  The Mansion House 21 June 2018  I am grateful to Clare Macallan, Alice Carr and James Benford for their assistance in preparing these remarks, and to Nathanaël Benjamin, Andrew Hauser, Carsten Jung, Cordelia Kafetz, Tom Mutton, and Rhys Phillips for background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/speeches  I. Introduction In recent years, this annual Mansion House dinner has been rightly cancelled in the wake of national tragedies. Two years ago, we were united in defiance after an attack on our democracy, and more profoundly in sorrow and admiration for Jo Cox MP, a remarkable woman who had dedicated her life to helping others. Last year, we were united in grief following the terrible fire at Grenfell Tower which claimed so many lives and scarred so many more. And we were united in determination that such a tragedy should never happen again. Prior to this, the only other times Mansion House had not been held since its inception in 1877 were during the World Wars. When the dinner resumed in 1920, the then Governor Montagu Norman emphasised the unity that the City needed in order to return to normal. Norman’s particular unity was around “the policy” proposed by the Bank of England.

While this presence may have diminished over the last two years, Hong Kong remains an important market for the Japanese banks and I am sure that you will continue to demonstrate your commitment in the years to come. BIS Review 65/2000  4
The forecast for the repo rate that we presented last week agrees fairly well with the market expectations in October. But this does not mean that we will not need to revise our assessment in the future. I would once again like to emphasise that the path for the interest rate is a forecast and therefore uncertain. It is not a promise. But nevertheless it is our best current assessment of how the repo rate will need to be adjusted in the near future. It is reasonable that we report it in a similar manner to the way we talk about what we think will happen with production growth and the labour market and a number of other variables. Summary I have today emphasised that our decision to publish our own forecast for the interest rate should be regarded as a further step towards greater openness and clarity in monetary policy. When looking back, I observed that inflation in 2006 was held down by, among other things, the strong development in productivity. This has contributed to a high GDP growth without any significant rise in prices. Gaining a deeper understanding of the driving forces behind productivity growth is a difficult task. It is also an important one, to which we devote considerable effort. I have also described the background to our decision to raise the interest rate by 0.25 percentage points and to our assessment that a further increase is necessary over the coming six months before we probably pause before making another increase.

After that we considered it would be probably possible to pause before making a further increase. In our Monetary Policy Report we highlight two other possible interest rate paths to show the considerations that need to be made. One of these involves the interest rate being raised at a slower pace and the other a more rapid pace than in the main scenario. With our current knowledge of the state of the economy and inflationary pressures, our assessment is that faster interest rate increases would lead to excessively low inflation. Correspondingly, slower interest rate increases would lead to excessively high inflation. Let me point out in conclusion that the inflation assessment we make now is not particularly different from the one we made in October, when we published our previous report. From the comments in the mass media, one might get the impression that the Riksbank had made a drastic change in its views of inflationary pressures in the economy. But this is not the case. On the other hand, we now believe that growth will be a little higher and employment growth will be stronger than we forecast in October. At the same time, it appears that the labour supply will increase a little more than we assumed then. Our inflation forecast therefore remains largely the same. Our assessment of the interest rate has therefore also changed very little. In October we based our inflation forecast on the market’s expectations of the development of the repo rate.
Abdul Rasheed Ghaffour: Islamic finance and the Fiqh of crisis management Keynote address by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 16th International Shariah Scholars Forum (ISSF) "Islamic Finance and the Fiqh of Crisis Management", 6 October 2021. * * * Assalamualaikum w.b.t and a very good afternoon to all distinguished guests and fellow participants. It is a pleasure and honour for me, to be part of what I believe will be another stimulating and thought-provoking dialogue. I would like to record the Bank’s appreciation to ISRA for hosting this annual platform, and also more broadly, for its continued dedication in advancing the frontiers of applied Shariah knowledge in Islamic finance towards greater heights and prominence. The chosen theme “Islamic finance and the fiqh of crisis management” is very apt and timely. With the persisting rage of the Covid-19 pandemic, our economic and financial backdrop is gripped with unprecedented challenges that emerged within a very short period of time – priced with great health, economic and social costs. The forecasted statistics are rather staggering, sparing no countries from economic fallout and social regress. With as many as 150 million people globally estimated to be pushed into extreme poverty by 20211, exacerbated with the fact that global unemployment is expected to hit more than 200 million people by 20222, the impact from the crisis has disproportionately affected the most vulnerable.

While reaching consensus is ideal, differing views and preferences would enrich and flourish the critical thinking and independent reasoning to produce a pragmatic ijtihad that is contextualised from practical realities. A dedicated platform for scholars to exchange ideas and perspectives is thus paramount to cultivate greater understanding and to mutually benefit each other. Towards this end, the Bank, through the Roundtable Meeting of Centralised Shariah Advisory Authorities in Islamic Finance (CSAA), will endeavour to achieve this outcome. The Roundtable serves as an important avenue to strengthen connectivity among centralised Shariah advisory authorities to foster mutual appreciation and respect in Shariah, to promote knowledge sharing, and to identify common issues across jurisdictions and explore viable solution. Conclusion It is my fervent hope that this platform today would continue to spearhead a constructive discourse on Shariah issues for greater benefit to the global Islamic finance industry. In closing, I would like to share an inspiring verse in Surah Al-Maidah - “Help one another in acts of piety and righteousness, and do not assist each other in acts of sins and transgression.” Let’s embrace 3/4  BIS central bankers' speeches  this message and together we strive to propagate good courses in commercial conduct and businesses that are beneficial to the environment and society at large, in line with commandment of Allah s.w.t. On that note, I wish everyone an engaging and productive days ahead. Wa billahi taufiq wal hidayah, assalamualaikum warahmatullahi wabarakatuh.
Being a trusted, professionally competent and strong institution, the Central Bank is entrusted with vital agency functions. Accordingly, as per our mandate, we carried out  5  public debt management with the objective of mobilising the government’s financing requirements at the lowest possible cost and with a prudent degree of risk. The framework for public debt management was reinforced by introducing a transparent market based auction mechanism for the issuance of government securities. This has already resulted in desirable outcomes of lowering interest costs to the government, efficient price discovery and improved transmission of monetary policy signals across the benchmark yield curve. The Employees’ Provident Fund, which is the largest superannuation fund in the country, is managed by the Central Bank. It passed a significant milestone during 2017 with total assets of the Fund surpassing Rs. 2.0 trillion. The Central Bank also continued to promote financial literacy and inclusiveness and helped entrepreneurship development through our credit schemes for agriculture and livestock, as well as the micro, small and medium scale enterprise (MSME) sectors. In addition, we also adopted measures to promote a clean note policy in the country and improvements were also made in currency operations and processing. In 2017, the Central Bank implemented a new legislative and a policy framework for foreign exchange operations based on the Foreign Exchange Act, No. 12 of 2017.

We need a holistic approach for Asia's energy transition that meets three objectives: reduce emissions significantly; meet growing energy demands; and limit any adverse impact on jobs and communities. Neither the continued burning of coal nor the immediate cessation of coal plants meets all three objectives. What we need is a coherent strategy for the managed phaseout of coal that achieves environmental sustainability, energy security, and a just transition for communities whose livelihoods depend on coal. Finance alone is not enough but it can play a critical role in getting us from coal to clean. A combination of public and private capital, coupled with appropriate policy reforms, can provide the right economic model to encourage owners to voluntarily wind down their coal fired power plants ahead of their technical end of life. We will also need innovative financing structures to blend public and private capital. But there are significant challenges to financing the early retirement of coal. Financial institutions will need to justify how such financing is consistent with their net-zero commitments, especially when their financed emissions rise over the short term. They will need to address potential greenwashing concerns that new coal capacity is being created to replace the coal plants being phased out early. There is a lack of scalable risk sharing mechanisms to support coal plant owners in their transition to cleaner energy.
Third, reduced technology sharing and collaboration will hamper the widespread adoption of best practices, thereby reducing efficiency and increasing costs. Fragmentation in the real economy will also have an impact on capital flows and financial markets. Geoeconomic fragmentation elevates financial market risk and disruption, as capital flows become more regionalised and less global. Consequently, this reduces market liquidity and returns and increases market volatility. The impact of disruptions in cross-border capital flows falls disproportionately on the less developed countries. In short, no country will emerge unscathed with rising geoeconomic fragmentation, with emerging market economies set to bear the brunt of reduced trade and capital mobility. In the last decade, emerging market financial assets benefitted from the rising tide of capital inflows that created a virtuous cycle of capital market reforms, deeper liquidity, and vibrant market development, which in turn drew in more capital inflows. The impact of a slowdown in capital inflows would be felt most acutely in those countries with the least developed capital markets and rely the most on foreign capital, putting them at risk of financial or balance of payments crises. Emerging markets that have already reached a more advanced stage of development, included in global indices, and run healthy external balances may be more resilient. LONG TERM: CLIMATE CHANGE  Perhaps the most significant financial risk for investors over the long term is climate change. This risk can materialise in two ways.

When inflation is expected to be high, the real interest rate can be made very low, but this also means that, as inflation expectations fall, the scope for cutting the real interest rate also decreases. The fact that inflation expectations were anchored around the target of two per cent meant that the low nominal interest rates of 2009 and 2010 (see Figure 2) gave households and companies very low real interest rates and supported the recovery of the Swedish economy. With lower inflation expectations, the same interest rate policy would have had a less powerful stimulatory effect and that would probably have meant lower employment and even lower inflation in recent years. Inflation expectations are thus of vital importance for how expansionary monetary policy is and how expansionary it can be made when the Swedish economy is subjected to new severe stresses. The stimulus provided by a really low real interest rate can make it possible to avoid more prolonged low interest rate periods with the drawbacks in the form of rising indebtedness and exaggerated risk-taking that we are now concerned about. But if inflation expectations are too low, not even the lowest possible repo rate may be enough to push the real interest rate down to the desired level. To sum up, it is thus of great benefit to the Swedish economy if households and companies, savers and investors, expect a future rate of inflation that is on a reasonably low level and that their expectations more or less correspond.
But it is lack of trust – and hence credit – that may shape the recovery. Based on past evidence, as the Governor has noted recently, we might anticipate a protracted period of repair. Repairing trust – the low road to reform So what might be needed, beyond time, to repair trust in the financial system? A raft of reforms to the financial system, nationally and internationally, is currently being assembled. These measures will aim to strengthen banks’ financial resources, risk management practices and governance. They are about bringing regulatory rules into the 21st century. This is the high road to reform – for example, higher buffers of capital and liquidity and higher standards of risk management. If successful, these reforms will help cleanse bank balance sheets. It is an open question, however, whether these efforts will be sufficient to restore public trust in the financial system. One reason why regulation might not be the whole answer is that trust in financial regulation is itself one of the casualties of crisis. Regulation is seen by some as part of the problem, not the solution. More generally, in repairing public trust, it would be preferable if banks were seen to be initiating root and branch reform themselves, rather than having it thrust upon them by regulators. This would be the low road to reform. Low because it would not require any new or complex regulatory apparatus. Low because it would not need international negotiation or agreement on the contractual fineprint.

Dimitar Bogov: World Savings Day - the importance of savings in Macedonia Speech by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, in front of the Banking Association of the Economic Chamber of Macedonia, marking 31 October the World Savings Day, Skopje, 31 October 2017. * * * Ladies and gentlemen, dear bankers and guests, It is a great pleasure to address you on the occasion of marking the World Savings Day. This is the day when we emphasize the important role of savings, not only in terms of its role as a source of funding for the banks, but also its immediate importance for the economy as a whole and for maintaining financial stability. All of us, you as bankers and we in the National Bank, as regulators, have many times been convinced in the truth of the saying that maintaining bank stability reflects the depositors’ confidence. This year, the banks enjoyed the trust of the population, regardless of the unfavorable influence of the domestic political developments on the ordinary citizen and the depositor. This is also confirmed by the latest available data on the movement of household deposits. As of September, household deposits show a very solid growth rate of 5.8%, which is an important indicator for stabilizing depositors’ expectations and perceptions amid unstable environment and restraint of economic agents from investment in the first half of this year.
On 26 October, the Governing Council of the ECB, dividing in half the volume of our monthly net asset purchases, took a decisive step towards possibly ending them, while maintaining with all our other instruments an ample degree of monetary accommodation. Second, we in Europe share a large single market. It removes all internal borders and regulatory obstacles to the free movement of goods, capital, services, and persons in the European Union. It is a tremendous asset which belongs to us all – the 27 – and it is no coincidence that access to the single market lies at the heart of the Brexit debate. We cannot foresee the outcome of the future negotiations and we don’t want to “punish” the United Kingdom in any measure. But we must respect one consistency principle: access to the single market must continue to go hand-in-hand with strict acceptance of all its rules. There can be no cherry-picking or free-riding. For the financial services industry, this means that you can hardly expect to obtain a European passport if you do not accept the single market's rules. Third, we share a common social model which combines high standards of public service, relatively low levels of inequality – much lower than in American society – and a good intensity of social dialogue. And this has been achieved in a market economy.

As a regional financial hub, the developments in Singapore’s capital markets reflect the growing vibrancy, diversity, and sophistication of Asia’s capital markets. 16. To conclude, let me reiterate that the outlook for Asia is positive. Although the region’s growth is expected to settle to a more sustainable pace, Asia will remain at the forefront of the global recovery. Despite facing challenges from large capital inflows and inflation, I am confident that Asia’s policy-makers will make appropriate policy adjustments in order to achieve long term sustainable growth. 17. On this note, I wish you a fruitful and successful conference. Thank you. 1  Al Rajhi Group and Keppel T&T announced a joint venture agreement to establish an asset management company to manage the world's first Shariah-compliant data centre fund – Securus Data Property Fund. The fund's initial closing was achieved in June 2010 at $ million with institutional investors from the Middle East and Asia. 2  Khazanah Nasional Berhad issued its inaugural Singapore Dollar sukuk amounting to $ billion in August 2010. BIS central bankers’ speeches  3