samchain/econo-pairs-v1 huggingface dataset:
In the short time it took Congress to pass the TARP appropriation, the panic continued to spread; on September 25, Washington Mutual, the sixth largest depository institution, was resolved by the FDIC and just days later Wachovia, the fourth largest bank holding company  6  The recent testimony by Thomas Baxter and Sarah Dahlgren provides a detailed explanation: Joint written testimony of Thomas C. Baxter and Sarah Dahlgren: The Federal Reserve Bank of New York’s Involvement with AIG. BIS Review 81/2010  5  encountered severe funding difficulties and was eventually taken over by Wells Fargo. As with the need to place the two largest GSEs into conservatorship, it became apparent that much of the supposed ample capital in the U.S. financial system was not an effective bulwark against insolvency or the perception of possible insolvency. The latter possibility, whether true or not at its inception, can ultimately become a self-fulfilling prophesy if it results in a run on the financial system. There are three broad forms of policy responses available to arrest the self-fulfilling prophesy dynamic that can take hold during a run on the financial system:   Lender-of-last-resort actions to assist the economy in adjusting to the severe funding strains produced by the run,    Guarantees issued to reassure existing liability holders, and    Capital injections to strengthen the actual, and therefore perceived, solvency of financial institutions.

Europe now stands out as a spearhead on key issues, thanks to: its regulation on digital operational resilience (DORA), which will submit critical service providers to direct oversight, and will enhance our financial system's cyber resilience and financial data protection; its regulation on markets in crypto assets (MiCA), which is tailored to new players and assets and needs to be implemented as quickly as possible, that means quicker than the presently planned November 2024; last but not least, the Digital Markets Act (DMA) will cover competition issues, and the Digital Services Act (DSA) will regulate online contents. In their own way, each one of these two new regulations enshrines a principle full of common sense, i.e. what is forbidden in "real life" is also forbidden for companies that operate online. With this new legislation, Europe is creating a climate that is more conducive to the emergence of European players in the technological field. We can only hope, in the interest of global competition, that they will be able to grow and reach critical size. 3/5  BIS - Central bankers' speeches  The Eurosystem is also taking part in this innovation momentum: in 2018, it launched its instant payment settlement service (TIPSviii), whose monthly volumes rose tenfold in 2022. In October 2021, it launched an investigation phase of a retail digital euro; the Governing Council will decide at the end of the year whether and how to proceed.
In this respect, budgetary policy should not change its current stance, which is proving so beneficial for the strength of the economy by preserving a sufficiently wide budget surplus, so that there is headroom to deploy, if needed, its stabilising potential in less favourable circumstances than those prevailing at present. For this purpose, spending deviations should be avoided, since they would absorb prematurely a part of that headroom at a possibly inappropriate time. We will have occasion to look more specifically at this topic in the framework of the budget discussion process. An equally important task is that of continuing to implement resolutely and ambitiously the structural reform agenda, both in making the goods and factor markets more flexible and in pushing ahead with the capitalisation, productivity and competitiveness of the economy. These reforms are essential in the current circumstances because they are needed to enable resources, such as labour, to be reallocated without friction between sectors and to improve the conditions under which Spanish production competes in the international markets. Thank you. 6  BIS Review 134/2007

Jean-Pierre Roth: Swiss outlook and global developments Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Icon Roadshow Euro 2008, Frankfurt am Main, 17 March 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The Swiss economy looks back on a number of successful years during which it was a very active participant in the growth of the world economy. The export sector rapidly expanded its presence in the new markets, thereby making an important contribution to this development. What was remarkable was that the increased foreign activities were not detrimental to Switzerland as a production location. On the contrary, the Swiss location benefited overall. Reforms aimed at strengthening and opening up Switzerland as a business location have also made a substantial contribution to economic prosperity in recent years. The turbulence on the financial markets that erupted in mid-2007 is unlikely to leave the Swiss economy unscathed. The export sector, including the banks, will be affected by the slowdown in the international economy. An additional factor is the substantial rise in the value of the Swiss franc over the past few months against the euro and the US dollar. However, we are already in a position to learn quite a bit from the financial market turmoil.
For example, between 2003 and mid-2007, corporate loans to construction and real estate activities constituted almost 60% of total flows of loans to non-financial corporations in the euro area. 6 The easy flow of credit to the housing sector contributed to the overheating of property markets in some countries. When the crisis set in, the declines in credit were most pronounced in countries such as Spain, Ireland, Belgium and Greece, which had been experiencing double-digit credit growth rates during the lead-up to the crisis. Banking credit developments prior to the crisis were excessive owing to a combination of three factors: 1) financial innovation; 2) insufficient supervision, and 3) a highly accommodating monetary policy. Let’s take a quick look at these factors. The significant advances in financial innovation over the last decade fuelled the idea that asset liquidity had increased and that there was a greater potential for risk diversification. This idea proved, in part, to be an illusion. When the crisis erupted, the presumed liquidity of these assets disappeared. Banks’ balance sheets were thereby clogged by illiquid assets. The growing role of infrastructure for clearing and settling OTC trades – non-standardised and predominantly bilateral – created uncertainty regarding the distribution of exposures among the various counterparties, fuelling their mutual distrust. Another factor that helped create the perception of greater liquidity was the increased funding available from wholesale financial markets.

Links with the traditional financial sector The second contradiction arises from the crypto industry’s attempt to strengthen ties with actors in the financial system, including banks, big tech companies and the public sector. Major payment networks[27] and intermediaries[28] have enhanced their support services for crypto-assets. Numerous prominent tech companies, including Meta (formerly Facebook) and Twitter, have explored ways to incorporate crypto into their platforms. [29] By leveraging their large customer base and offering a mix of payments and other financial services, tech firms, especially big techs, could solidify the ties between crypto-assets and the financial system. The recent failures of Silvergate Bank and Signature Bank have highlighted the risks for banks associated with raising deposits from the crypto sector. The stability of these deposits is questionable given cryptos’ volatility. The discontinuation of the Silvergate Exchange Network and SigNet, which functioned as a quasi-payment system for the crypto investments of Silvergate Bank and Signature Bank clients, also shows how crypto-assets service providers depend on the traditional financial sector for settlement in fiat money. The crypto industry not only seeks to strengthen its ties with the traditional financial industry. It also seeks to gain access to the public safety net that strongly regulated financial entities benefit from. [30] Indeed, Circle, the issuer of the USD Coin (USDC) tried to gain access to the Federal Reserve's overnight reverse repurchasing facility in order to back its stablecoin.
His work prefigured the neural networks that are used today in applications such as cancer diagnosis and self-driving cars and as yet undiscovered new technologies of tomorrow. And the Turing Test, a method for determining whether a computer can exhibit intelligent behaviour indistinguishable from a human being, remains the benchmark for judging true artificial intelligence. Turing also leaves a very different, though no less important, legacy. In March 1952, he was convicted of Gross Indecency for his private relationship with a man, avoiding prison only by submitting to chemical castration. His security clearance was revoked for no reason other than his homosexuality, bringing to an end a promising post-war career as a consultant for GCHQ. He died shortly thereafter, on 7 June 1954, from cyanide poisoning. In 2009, the then Prime Minister Gordon Brown made an official posthumous apology on behalf of the “government and all those who live freely thanks to Turing’s work” for his “utterly unfair” treatment.6 Turing received a royal pardon for his conviction in December 2013 and in 2017 the “Alan Turing Law” was passed, pardoning the nearly 50,000 men cautioned or convicted under now-rescinded historical legislation that outlawed homosexual acts. In the UK today, we are fortunate to live in more inclusive times.

Writing to Morcom’s mother, he declared, “I know I must put as much energy if not as much interest into my work as if he were alive, because that is what he would like me to do.”  3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  To many, Turing is renowned for his “indispensable”3 codebreaking contributions at Bletchley Park during the Second World War.4 The advances Turing made in cryptanalysis then – including co-inventing the Bombe computer for solving ciphers and applying statistical techniques to speed up rates of decryption – were pivotal in cracking the hitherto unbreakable German Enigma code. Turing’s work gave the Allies a crucial advantage in the battle for the Atlantic and is widely credited with hastening the end of the war by at least two years, potentially saving millions of lives in the process. That alone would be more than enough for one lifetime, but Turing’s contributions range far more broadly than those that have been rightly celebrated in print and on screen. One of Turing’s lesser-known interests was biology. In later life, Turing pioneered morphogenesis by applying his knowledge of mathematics and computer science to understand how plants and microorganisms develop their shapes and patterns. Turing used computers to simulate the results of hypothetical chemical reactions to develop truly original insights in this field.
On a more general view, the first effects of our reaction are evident in curbing the increase of inflation and settling it on a declining trajectory. Our assessments show that in the absence of this reaction, inflation would have averaged 4.5 percentage points higher throughout the 2022 – 2024 horizon, having significant negative consequences on both the purchasing power of households and non-performing loans ratio. At the same time, our activity in the field of supervision, regulation and licensing of the banking sector, in 2022, focused on three main directions: (i) guaranteeing the soundness of the banking sector, in presence of real and financial shocks triggered by the war in Ukraine; (ii) monitoring the impact that the upward trend of interest rates had on the balance sheets of the banking sector; and, (iii) dealing with the intense and  3/5  BIS - Central bankers' speeches  organised cyber-attacks on the country's financial industry and infrastructure. The results of our work in these directions have been positive, helping the banking sector to successfully tackle the challenges of 2022. In parallel with them, we have aimed to further improve our regulatory base and our macroprudential policies and instruments, to further strengthen banking supervision, as well as to promote the development of the payment system, through upgrading the legal, regulatory and infrastructural base. In more concrete terms: First, the Bank of Albania has continued to complete and improve the supervisory regulatory framework, aiming at its approximation with the EU acquis and Basel Committee principles.

9. When introducing measures to tighten the underwriting criteria for mortgage loans, the HKMA has always strived to strike a balance to minimise the impact on end-users, particularly first-time homebuyers. Although we have already introduced five rounds of prudential measures on mortgage lending, we have sought to ensure that purchasers of residential properties at a value of $ million or below for self-occupied purpose would still be eligible for a maximum LTV ratio of 70%. In addition, purchasers who meet the eligibility requirements will be able to apply for mortgage loans of up to 90% LTV ratio under the mortgage insurance arrangements. According to figures provided by the Hong Kong Mortgage Corporation Limited, the value of properties involving mortgage loans with a 90% LTV ratio averages at around $ million. Therefore, I believe that the measures of the HKMA will have minimal impact on first-time homebuyers. 10. Changes in the property market cycle are affected by a host of internal and external factors, including land supply, interest rate movements, changes in household income as well as economic and financial market developments in Europe and the US. In view of the highly uncertain internal and external environments, the HKMA will continue to monitor the market situation closely and introduce appropriate measures in response to changes in the property market cycle to safeguard banking stability. 2  BIS central bankers’ speeches
Seen from this continent, the recent crisis in European sovereign debt markets may be interpreted as a failure of the euro. But in Europe, the crisis is viewed differently. The problems we face today are the result of a flawed implementation of a fundamentally good idea. The bumpy ride of Economic and Monetary Union is largely the fault of the driver, not the vehicle. He has to learn from his mistakes and get some more practice – then he’ll be a better driver. As for the vehicle, it needs better brakes, for even the best of drivers can occasionally make mistakes. Thank you for your attention. 8  BIS central bankers’ speeches  Chart 1 Real GDP per capita growth between 1997–2007  Note: Growth rate shown in the chart is the percentage increase between 1997 and 2007. Sources: Eurostat and Haver Analytics. Chart 2 Real GDP developments since 1996  Note: Quarterly; 2000Q1=100. Source: Haver Analytics and Eurostat. BIS central bankers’ speeches  9  Chart 3 Ex-post real interest rates  Note: Series calculated as ten year benchmark bonds minus annual HICP inflation. Annual averages. Source: ECB staff calculations. Chart 4 Break-even inflation rates  Note: Last observation refers to 14 February 2011. Daily. Source: ECB staff calculations. 10  BIS central bankers’ speeches  Chart 5 MFI loans MFI loans to households – MFI loans to non-financial corporations  Note: Last observation refers to 2010Q4. Quarterly; year-on-year % change; not adjusted for securitisation. Source: European Central Bank.

A further important similarity between the emerging market experience and that of the peripheral euro area countries is that the external debt is denominated in a currency which the national authorities do not completely control. In emerging markets, so-called “original sin” – that is, a lack of credibility created by poor macroeconomic discipline in the past – implied that external debt was overwhelmingly denominated in US dollars. 8 In the euro area, debt is denominated in euros. Although this is obviously the currency of euro area countries, the single monetary policy aims at price stability across the euro area and thus cannot take account of national priorities deriving from fiscal or financial weaknesses in peripheral countries. By implication, neither in the emerging markets nor in the euro area periphery can the real value of the external debt burden be eroded by inflation or devaluation. Any attempt to devalue would simply raise the domestic burden of the external debt. Of course, this was precisely the point: by issuing debt in a currency which they could not control, the national authorities in the euro area “tied their own hands”. Before the crisis, they obtained a credibility gain that would lower overall funding costs and thus reduced the probability of a crisis. But when a crisis occurs, the external value of the debt burden cannot be reduced by devaluation. Differences between euro area and EME experiences While many of the experiences of the euro area periphery and the EMEs are similar, there are also important differences.
The euro is now used worldwide, with around 15 billion notes in circulation worth over 900 billion euros in all. That’s broadly comparable to the total value of the US dollar bills, no mean feat in just 12 years. Today is also a chance to highlight the importance of maintaining people’s trust in the euro. One of the main reasons for introducing a new series of notes is to ensure that everyone who uses them can continue to do so with complete confidence. That’s why we have drawn on a number of new technologies to modernise the security features, making the notes even more resistant to counterfeiting. In addition, the new banknotes have an innovative coating that makes them more durable than the first series. The five euro and ten euro notes are not always treated kindly. By protecting them better, we can prolong their service life and reduce their environmental impact. The new ten is the second note in the Europa series and follows the new five, which started circulating in May last year. As I’m sure you’ll agree, the note you’re going to see is instantly recognisable as a ten. It certainly resembles the ten euro notes you have in your pockets, with its distinctive Romanesque architecture. However, perhaps it will have more of a visual impact, as the images are larger and more defined, the colours are stronger and the bridge has added depth.

Fiscal positions in Asia were far weaker than they initially appeared to be because of the enormous contingent liabilities that governments faced as a result of the collapse of the banking systems. This limited the room for countercyclical fiscal policy, although each government moved eventually to put in place modest fiscal stimulus. This diagnosis of financial vulnerabilities led to a very substantial improvement in the quality of national balance sheets in the region. More on this later. Exchange rate regimes and the perils of the middle A second, and closely related lesson, relates to the exchange rate regime. In the crisis countries, the exchange rate regime of choice had been a fixed but adjustable peg. This was softer than a currency board – the possibility of adjustment was built into the arrangement, but it was presented as a commitment to a fixed nominal exchange rate for an indefinite period of time. Although these regimes of limited exchange rate flexibility had been regarded as a means of achieving economic stability, in fact they turned out to be a source of instability. Nominal exchange rates against the dollar had been held fixed for some time, while real effective exchange rates had appreciated significantly. Because of weaknesses in the financial system, the investment booms of the previous decade had not translated into increased productivity. As investors grew concerned about potential weakness, pressure on the exchange rate further intensified until it became unsustainable. Exchange rate intervention proved ineffective.
Zeti Akhtar Aziz: The International Centre for Education in Islamic Finance Governor's luncheon address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of The International Centre For Education In Islamic Finance (INCEIF), Kuala Lumpur, 23 March 2006. *  *  *  It is my great pleasure and honour to welcome you to this luncheon in conjunction with the Meeting of the 1440 Hijrah Vision Commission of the Islamic Development Bank (IDB) and the Launch of the Vision Document that has taken place this morning for the transformation of the Islamic Development Bank to become the premier catalyst for greater shared prosperity and development among the ummah. We are most honoured today by the presence of Yang Amat Berhormat Dato Seri Abdullah Ahmad Badawi. I would like to take this opportunity to congratulate the IDB for the successful launch of the IDB 1440 Hijrah Vision. The Vision Document would serve as an important blue print for the transformation of the IDB into a dynamic Development Bank that will contribute to the "comprehensive human development", and thereby achieving prosperity for the ummah. We are also honoured today by the presence of His Excellency Tun Dr. Mahathir bin Mohamad, Chairman of the Commission, and His Excellency Dr. Ahmad Mohamed Ali, President of the Islamic Development Bank Group.

The academic faculty will include permanent as well as regular visiting professors and scholars-in-residence. INCEIF will also form strategic alliances with leading local and international learning institutions to complement our pursuit to provide world-class knowledge for the benefit of the industry in particular, and the ummah in general. It is our vision that INCEIF will one day be an international nucleus for tertiary education in Islamic finance, training and research and provide a strong support in the development of Islamic financial infrastructure. With the grace of Allah, and with the support of the international Islamic financial community, it is our hope that INCEIF will make a meaningful contribution to the future development of Islamic finance for the benefit of the ummah. In closing, once again, I would like to express our deepest appreciation to the Yang Amat Berhormat, Dato' Seri Abdullah Haji Ahmad Badawi, Prime Minister of Malaysia for gracing this occasion and for accepting to officiate the launch of INCEIF. 2  BIS Review 22/2006