samchain/econo-pairs-v1 huggingface dataset:
The private equity inflows which dominated in the earlier period fell sharply after the stock market crash, and were replaced by inflows into corporate and especially government bonds. A significant proportion of the demand for US government securities came from the official sector, notably Asian central banks, whose foreign exchange reserves have more than doubled since 2001. The fact that the US current account deficit has been funded at historically low and falling real interest rates suggests that the fall in US net savings may not have been the only – or even the main – driver of global imbalances. And while there are other possible explanations for the current low levels of global interest rates, it is certainly true that high saving relative to investment in East Asia has been an important counterpart of the US current account deficit. To be more specific, the rise in saving has outpaced the growth in investment in China, while domestic investment in the rest of East Asia remained stagnant after the Asian crises. Finally, last year’s doubling of oil prices in response to buoyant world demand has led to a further change in the pattern of imbalances, with the combined surpluses of oil producing countries now likely to equal half the US current account deficit, on the same scale as the combined Asian surplus. BIS Review 3/2006  1  How much of a threat might persistent imbalances on this scale pose to the world economy?

Bodies such as AAOIFI, 3 IDB’s Islamic Research & Training Institute, and Malaysia’s International Shariah Research Academy (ISRA) have made significant efforts to narrow the differences in acceptability of Shariah compliance. The Islamic Financial Services Board (IFSB), in conjunction with international standards setting bodies such as the Bank of International Settlements (BIS), IOSCO 4 and IAIS5 and various regulators from Islamic and conventional jurisdictions, are also formulating international standards and best practices for the industry. Islamic finance is also seeing increasing interest in Asia. We are seeing financial institutions leveraging on the strengths and expertise that have been developed in both Islamic and conventional financial markets. This is expanding the range of Shariah-compliant products and allowing the Islamic finance industry to tap on broad and deep investor pools globally and in Asia. •  Malaysia is widely recognised as a leader in Islamic finance, in particular for the issuance of sukuks. •  Islamic finance is also seeing growing interest in other Asian financial centres such as Singapore, Hong Kong and Tokyo. •  Just recently in mid-November 2012, institutional and private investors in Singapore and HK were the largest investors in the $ billion global sukuk issued by the Abu Dhabi Islamic Bank (ADIB).
Joining T2 and T2S is expected to benefit the participants of the Riksbank’s current settlement services. For instance, they will gain from increased cost-efficiency and harmonisation, that is, alignment with European standards and practices. In the end, that should also lead to improvements for banks’ customers. Importantly, a decision to connect to T2 and T2S should be taken into account by the Swedish banks in their future business and investment planning. My speech today will be about the Riksbank initiatives just referred to and the motives behind them. First, however, I plan to take you on a short tour of the history of payments. This is because I believe there are lessons to be learned here. Lessons that over time have formed the way that we at the Riksbank think about payments and the financial infrastructure in general. As such, they have played into also our recent decisions, of course. Looking at the past, the key observations that I make are the following:         Firstly, for a well-functioning monetary system the trust of money is key. A credible issuer can ensure this. Moreover, converging on one monetary unit in a given country, what economists refer to as the uniformity of money, increases simplicity and efficiency. Secondly, technological developments, often far away from payments, are an important driver of change. This goes hand in hand with innovation of ideas, humanity’s ability to react creatively to recognised needs. Sometimes this can even lead to the emergence of new types of business.

In truth, there had been growing pressure throughout that autumn for a leaders’ meeting as the sheer scale of the financial crisis became clear and catastrophe followed catastrophe – Fanny and Freddie, Lehman, RBS – throughout the autumn of 2008. When George Bush announced the summit in October 2008, the focus was on the financial sector. Had the huge injections of public capital into insolvent firms and the public guarantees of liquidity for illiquid ones, stabilised the crisis especially in New York and London? But by the time the leaders met in mid-November, it was clear that not only was the financial sector on its knees but also that the world economy was in imminent danger of falling off the cliff. Leaders were facing not just a financial crisis but the possibility of a global economic depression of 1930s proportions. And it was, I think, that very frightening illustration of our economic interdependence that gave the Washington Summit and the summits that followed it the political energy not only to lay out a programme of reform of international financial regulation but also to commit to a time-bound action plan to meet it. I should note here, that – to paraphrase Harold Wilson – in politics one commits to an action or a date but never both. The G20 Summits of 2008 and 2009 committed to both actions and dates.
The initiative is dangerous because it would weaken the SNB. The connection between a minimum share and a ban on selling which it embraces would very greatly restrict our monetary policy room for manoeuvre, since the SNB only retains its full capacity to act when  BIS central bankers’ speeches  5  it is in a position to adjust its balance sheet to monetary policy requirements – in other words, if the SNB can expand or shrink it – without any restrictions. The value of this flexibility in reality has been impressively demonstrated in the past few years by two measures which allowed us to avert substantial damage from our country. First, the SNB supported the country’s biggest bank by establishing a stabilisation fund, thereby stabilising the Swiss financial system. Second, it combated the massive overvaluation of the Swiss franc by introducing a minimum exchange rate of CHF 1.20 to the euro. With the minimum share of gold and the selling ban demanded by the initiative, enforcement of measures like these would have been very much more difficult. Consequently, the initiative would make it considerably harder for us to intervene with determination in a crisis situation and fulfil our stability mandate. For this reason, the gold initiative could result in worse money instead of better money, totally in contradiction to the intentions of the originators. Introduction of plain money A popular initiative is also behind the third reform idea – the introduction of plain money.

A list of coins drawn up by the coinage commission featured 320 different coin types, although estimates came to as many as 867. If the different embossings are taken into account, there were as many as 6,000 or so. Cf. Meier, p. 72 et seq. 4  Cf. for example, Meier, pp. 29–30 and p. 124, and Ernst Baltensperger: Der Schweizer Franken – Eine Erfolgsgeschichte. Die Währung der Schweiz im 19. und 20. Jahrhundert, Zurich 2012, pp. 49–50. 5  Meier, pp. 124 et seq. 6  Following the revision of the Coinage Act of 1860, the value of one Swiss franc was equivalent to 4.5g of silver or 0.2903226g of gold. This was in line with its model, the French franc. Cf. Baltensperger, p. 83. 7  Moreover, in 1890, more coins were in circulation than banknotes, in terms of value. Coin circulation at the time is estimated at CHF 266 million, while banknotes to the value of CHF 172 million were in circulation. Cf. Heiner Ritzmann-Blickenstorfer (ed): Historische Statistik der Schweiz, Zurich 1996, p. 805. 2  BIS central bankers’ speeches  Our final leap in time brings us to the present day. Nowadays we live with a purely paper currency. Since the collapse of the Bretton Woods system at the beginning of the 1970s, exchange rates have, in principle, been moving freely in relation to one another. During the 1960s, the monetary policy of the US central bank had been too expansionary.
Let me briefly outline some of the biases we need to take into account in the context of our economic and financial assessment. For the sake of simplicity, I will distinguish two main categories of biases: technical biases and institutional biases, leaving aside the treatment of risk aversion considerations, which tends to introduce an upward bias in the break-even inflation rate. Technical biases The compound and the convexity biases: the definition of the break-even rate as the difference of the conventional nominal bond yield and the inflation - indexed bond yield is a first order approximation which does not take into account interest rate compounding. Consequently, the break-even rate is an upward biased estimator of expected inflation - provided that inflation expectations are positive4. Interest rate compounding has also another implication as it implies that bond prices will respond in an asymmetric manner to changes in the yield: indeed, bond prices are more sensitive to a fall in yields than to an increase in yield, and therefore, will also rise when the volatility of the yield increases, therefore pushing down the forward rates5. The net convexity adjustment will therefore bias the breakeven inflation rate either upward (the most likely) or downward. The inflation lag: by construction, bond cash flows can not be adjusted instantaneously for actual inflation. This implies that the break-even inflation rate includes another bias reflecting the discrepancy between the lagged and the contemporaneous inflation rate.

If we take into account the overall euro area inflation market, it is now the third biggest market in terms of market capitalisation, just behind the United States and the United Kingdom. However, in 2003, it was not only the fastest growing market in terms  3  See Barr, D.G. and J.Y. Campbell (1996) : “Inflation, Real Interest Rates and the Bond market: A study of UK Nominal and Index-linket Government Bond Prices”, NBER Working Paper, # 5821, November. 2  BIS Review 37/2004  of issuance but also the largest and most liquid inflation derivatives market, characterised by both the broadest range of products (government bonds, agency bonds, inflation swaps, etc.) and the largest number of frequent issuers (France, Italy, Greece, CADES, CNA, etc.). What has the Eurosystem learned to date from inflation-indexed securities? First, since the inception of the euro, long-term expected inflation, i.e. the break-even inflation rate, as derived from the French OAT indexed bond and the French OATei - indexed on the euro area HICP - has been broadly stable in a range of 1,7%-1,9%, i.e. broadly in line with the ECB’s definition of price stability, a year-on year increase of the euro area HICP close to, but below, 2% over the medium term. This could be interpreted as the sign of the ECB’s credibility and as an illustration of its ability to anchor inflation expectations at a fairly low level, consistent with price stability.
In this regard, it is heartening to note that the Association already requires its members to abide by the code of ethics for the financial sector issued by the Financial Services Professional Board. Going forward, the Association may consider refining this code of 2/5  BIS central bankers' speeches  ethics to better reflect the specificities of the financial advisory industry. For improved efficacy, the code should also be complemented, if I may suggest, by rigorous monitoring and strong enforcement. To this end, I would like to suggest the Association spearhead the development of an oversight programme aimed at identifying and responding to misconduct risks in a timely manner. Perspectives from members could contribute towards crafting more creative, practical and effective monitoring mechanisms, such as members’ compliance report cards. To further elevate the professionalism of financial advisers, Bank Negara Malaysia is currently reviewing the fit and proper requirements. These requirements will specify, among others, the factors to be observed in the assessment and appointment of key responsible persons, such as members of the Board and CEOs of the financial advisers, and financial advisers’ representatives. Adoption of these standards we hope will help to strengthen the credibility of the profession. Another aspect that is closely linked to professionalism is transparency. It is for this reason that the Bank has introduced additional disclosure requirements through the LIFE framework. These disclosures are intended to ensure that appropriate and fair advice is given to consumers who purchase insurance. Mandatory sales illustrations have also been enhanced.

At the same time, economic activity continues to benefit from the reopening of the economy (which is underpinning spending on services, in particular in the tourism sector), a strong labour market, the support of the savings built up by households during the pandemic and fiscal policy support both at the national and European level thanks to the implementation of NGEU-funded projects. Against this backdrop, the Eurosystem projections published in June envisaged real GDP growth of 2.8% in 2022 (albeit with 2 percentage points (pp) relating to carry-over from 2021) and 2.1% in both 2023 and 2024. These projections represented a further downward revision. For instance, compared with the December 2021 projections, the GDP growth forecasts for 2022 and 2023 were down by 1.4 pp and 0.8 pp, respectively. Meanwhile, last week saw the publication of the ECB Survey of Professional Forecasters (SPF) for the third quarter of 2022, conducted in early July. The results show a fresh downward revision of real GDP growth expectations from the second quarter, down to 2.8% for 2022 and to 1.5% for 2023 (down 0.8 pp on the previous survey), followed by 1.8% for 2024.
Since 1999 UK and US equities have delivered a real cumulative return of only 2% a year, only a touch higher than term bank deposits and a lot lower than the 4½% average return on longdated gilts (Chart 10). The implications for the distribution of wealth are therefore more  13  The economist Michael Woodford describes optimal policy exactly in these terms – the task is to set the real short-term interest rate close to its natural, or equilibrium level (Woodford (2003)). BIS central bankers’ speeches  9  complicated. Either way, it’s not clear there have been any for the broad distribution of income, as between capital and labour (and as opposed to wealth). The low level of real interest rates has recently fuelled talk of a “secular stagnation”. Whether this situation persists – whether the stagnation in real interest rates really is “secular” – is, quite honestly, anyone’s guess. If forced to have a go myself, I’d say that neutral real rates are likely to stay low for some time yet – with the implication that any rises in official policy rates are likely to be “limited and gradual” – but that, eventually, as the headwinds previously highlighted by the MPC dissipate, they are likely to rise. My instinct is to set more store by the very long-term average for both productivity growth, and real interest rates, than the more recent trends.

Such measures included: •  In order to ensure that banks can continue to fulfil their role of funding the real economy, the ECB allowed banks to temporarily operate below the level of capital defined by the Pillar 2 Guidance and the capital conservation buffer, to operate below the liquidity coverage ratio and to partially use capital instruments that do not qualify as Common Equity Tier 1 capital to meet the Pillar 2 Requirements;  •  Easing of collateral requirements in obtaining funding from central banks;  •  Introduction of TLTRO III to provide banks with very cheap funding at an interest cost of up to minus 1% if such funds are lent to businesses;  •  Provide liquidity through a € billion Pandemic Emergency Purchase Programme;  •  Further flexibility in prudential treatment of loans backed by public support measures, thus allowing banks to avoid procyclical effects when applying IFRS 9. •  The lowering of the countercyclical buffer requirement to zero in a number of countries. •  Requesting banks to suspend shareholder distribution of dividends for the 2019 financial year as well as for fiscal year 2020, at least until October, to enable banks rebuild capital buffers. All such regulatory measures have been implemented not only to encourage banks in their ongoing support to the economy but also to ensure the stability of the banking sector going forward.
The Directorate General for Banking Supervision is the business area in the Bank most affected in terms of functions and human resources owing to the start-up of the SSM, though it is not alone in this. It had a staff of 416 at the start of 2013, 16% of our total employees, 373 of whom were managerial staff (222 were bank examiners) and 43 belonging to other  BIS central bankers’ speeches  1  areas of professional specialisation. As I shall now explain, it is naturally this area that has been and should continue in the future to be the focus of the efforts to adapt to the SSM. The functioning of the SSM Let me very briefly describe the core characteristics of the SSM. The new banking supervisory authority has two components: the European Central Bank, accommodating the new Supervisory Board, and the national supervisory authorities. It makes sense for the SSM to be called a “mechanism” because what is actually involved is an institution made up of different interconnecting cogs and wheels. The Mechanism is based on cooperation arrangements entailing decision-making by the Supervisory Board and, ultimately, by the ECB Governing Council, which remains the maximum decisionmaking body, and by the national supervisory authorities, which continue to play an essential role, since they will provide most of the human and material resources for the Mechanism and combine the experience and knowledge of the different national banking systems.

But as I say, Hong Kong is a compassionate community, and we need to be in step with those values. 36. We will probably need to consider a similar tolerant approach in future with small businesses that are perhaps slow to adopt e-payment systems. 37. That brings us to the overall segment of start-ups, and companies moving into Hong Kong. These clients have complained a great deal about the difficulty of simply opening corporate accounts. 38. These complaints were potentially affecting Hong Kong’s reputation as a welcoming place for business. We took this very seriously, and we believe we managed to sort out some of the underlying problems. 39. But this is a classic example of the dilemma we all face – as industry players and as the regulator. We do not want awkward due diligence and know-your-customer procedures. But we cannot accept the reputational harm and the other possible costs if one of our leading banks cuts corners and is then found to be handling funds from illicit activities. 40. This challenge – balancing risk – will continue. Technology 41. Perhaps the main possible solution to the problem of growing complexity is technology. And that brings me to my next subject. 42. Most of us here can remember when basic online banking was a novelty, and how we faced new challenges in cybersecurity. In the years to come, we are going to see continued transformation. We have already issued licences for eight virtual banks. 43.
Krzysztof Rybiński: Globalization versus financial markets Address by Mr Krzysztof Rybiński, Deputy President of the National Bank of Poland, at the “Index” Students’ Association for Capital Markets and the Department of Capital Markets series of seminars, Cracow University of Economics, Cracow, 20 April 2006. *  *  *  Ladies and Gentlemen, Whilst preparing for today’s address, I entered “globalne, Kraków” into the Google search engine. The following websites, among others, have been found: the website of the Regional Examination Board that provides information on lower secondary school graduation exams, the TVP3 regional service that informs of an increase in the number of Ryanair flights from Cracow, Wrocław and Poznań, and the website of the most beautiful cities of Europe, where Cracow is duly mentioned next to Florence and London. The Google search has found 97,400 websites containing the sought phrase in 0.49 seconds. A similar attempt for other cities has resulted in the following: Poznań 75,000, Gdańsk 68,900, Białystok 20,500, Warszawa 163,000 and Wrocław 306,000. A search for “global London” results in 236 million websites, “global Berlin” – 67.6 million, “global Bangalore” – 12 million websites, and “global Krakow / Kraków / Cracow” – 3.6 million websites. Obviously, the results are incomparable – for numerous reasons. The English language is much more popular than Polish – it is the online lingua franca and at the same time spoken in India and the UK. Moreover, whilst searching for “globalne, Kraków” one would have to enter the words in various declinations.

https://www.mas.gov.sg/news/speeches/2020/harnessing-the-power-of-finance-for-a-sustainable-future  8/13  14/10/2020  “Harnessing the Power of Finance for a Sustainable Future”- Keynote Speech by Mr Ravi Menon, Managing Director, MAS, at the Finan…  A study by UBS estimates that close to 40% of family oﬀices plan to allocate most of their portfolios sustainably in five years’ time. [8]  This trend will be bolstered with the transfer of wealth to the millennial generation. An estimated $ trillion is expected to change hands to the next generation by 2030. [9]  Several studies suggest that millennials desire to invest in companies with good ESG track records. [10] According to a survey by Morgan Stanley, 90% of millennial high net worth investors want to tailor their investments to their personal values. [11] As a leading wealth management hub in Asia, Singapore can play a strong role in wealth planning solutions that support sustainable development in Asia. MAS launched last year a Green Investments Programme under which we will place $ billion of our funds with asset managers with a strong green focus. The aim is to grow the pool of asset managers that are committed to deepen green finance activities and capabilities in Singapore. We have short-listed several asset managers with a view to appointing the successful applicants early next year. Singapore has also begun anchoring providers of verification, review and rating services.