samchain/econo-pairs-v1 huggingface dataset:
Nonetheless, we believe that this treatment helps to align regulatory capital more closely with the underlying risks. Procyclicality Another general concern expressed is that the New Accord’s increased sensitivity to risk will reinforce behavioral patterns in banking organizations that may increase the cost of credit precisely at times when its supply is falling, namely during downturns in the business cycle. While we are working to address this concern about procyclicality, it is not a reason to shy away from creating better risk management tools. Here, supervisors must articulate the need for banks to assess risks on the horizon. If banks fail to develop and manage to reasonable expectations about how their risk profiles may change over time, they may take on excess exposures today that they cannot administer responsibly tomorrow. At the same time, we should remember that the New Accord sets out the minimum amount of capital necessary to comply with banking regulations. All supervisors expect their banks to operate at levels above the regulatory minima, and nearly all banks manage to their economic capital needs, not to their regulatory capital requirements. So although deteriorating credit quality might drive up the minimum capital requirement, a bank should already be operating above that level, which should dampen the effects of a sudden downturn in business conditions and asset quality. Along those lines, the Committee recently agreed that banks adopting the "internal ratings based" approach to credit risk will be required under Pillar 2 to conduct meaningfully conservative credit risk stress testing.

Through our duty to ensure the safety and soundness of the financial system, we aim to preserve depositors’ savings, to promote the circulation of credit, and ultimately to protect the health and growth of our economies. Indeed, we cannot alleviate poverty, we cannot promote economic growth unless our banks are well managed, our financial systems stable, and our markets transparent and open. That the health of an economy depends to a great degree on whether its banks are financially sound and well managed is certainly not coincidental. Banks are charged with critical public trust to safeguard the public’s wealth and to serve as a source of credit to consumers and businesses alike. When banks fail to discharge these tasks responsibly, the costs to society can be high and the impact on the economy devastating. At the same time, the duty for supervisors to promote the safety and soundness of the banking system entails achieving a delicate balance. Ensuring the prudent management of banks does not mean that we should hinder their growth or profit. Rather, the supervisor’s job is to promote the responsible pursuit of opportunity and innovation. Likewise, it cannot be our job to prevent every bank failure, for some failures remove poorly managed banks from the market and encourage other banks to improve their management as well.
As emphasized by the Director of the State Statistical Office, Mr. Apostol Simovski, the Republic of Macedonia has long been integrated into the system of the so-called IMF’s Data Standards Initiatives. This system is extremely dynamic and started to develop since the mid-1990s, in response to the then international financial crisis, in order to promote transparency of both economic and financial data. I say dynamic, given that its construction blocks have been continuously changing and increasing. Its last, third construction block is the SDDS plus which reflects the weaknesses identified in the statistical data infrastructure that surfaced with the latest global economic and financial crisis from 2008. It is a fact that the genesis of the crisis was not located in the lack of data, but fact is also the identified need for an enriched data set for conducting more effective economic policies. This crisis has clearly shown how inadequate regulation and excessive risk-taking can lead to a collapse of the financial system. It has shown how the underestimation of the strength of the links of the financial system with the real sector, as well as the underestimation of cross-border exposures of economies and financial integration, could lead to inadequate assessment of macro-financial links and underestimation of risks. The SDDS plus is actually a response of the international financial community to these statistical gaps. This initiative means enrichment of statistics, in both scope and quality, in order to timely recognize and appropriately react to vulnerabilities that may arise in an economy.

Anita Angelovska Bezhoska: The Republic of Macedonia has accessed the highest statistical data dissemination standard of the IMF - SDDS Plus Address by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of Macedonia, at the event marking the adherence of the Republic of Macedonia to the IMF’s Special Data Dissemination Standard (SDDS) Plus, Skopje, 1 February 2019. * * * Dear ladies and gentlemen,  It is my great pleasure that the idea which at the national level was initiated by the National Bank of the Republic of Macedonia several years ago, and accepted and actively supported by the State Statistical Office and the Ministry of Finance, today is already a reality. On 28 January this year, the Republic of Macedonia officially became a member of the highest statistical standard of the International Monetary Fund – SDDS Plus. We have jointly succeeded our country to become part of an international data dissemination initiative, which so far included only seventeen countries, including the United States, Canada, France, Germany, Austria, Italy, Sweden, Japan... The Republic of Macedonia is the eighteenth country in the world, the second from Southeast Europe, and the first among the countries of the region that are still not members of the European Union. This successful project is a clear confirmation of the commitment of the three institutions for the continuous upgrading of national statistics and their harmonization with the latest, highest international statistical standards. What actually does this standard represent?
Lim Hng Kiang: Challenges, opportunities and getting it right Speech by Mr Lim Hng Kiang, Minister for Trade and Industry and Deputy Chairman of the Monetary Authority of Singapore, at the Singapore Institute of Directors, Directors’ conference 2010, Singapore, 15 November 2010. *  *  *  Mr John Lim, Chairman of the Singapore Institute of Directors Distinguished Guests Ladies and Gentlemen Introduction 1. It is my pleasure to join you this morning for the inaugural Directors’ Conference organised by the SID. 2. I would like to compliment SID for its initiative and efforts in bringing together directors and experts from diverse backgrounds for this conference. 3. As you know, the SID was established in the aftermath of the Asian Financial Crisis in 1997 to raise standards of corporate governance. In the aftermath of yet another financial crisis, it is timely for us to review and consider how Singapore can continue to improve its corporate governance standards. 4. The recently released Asian Corporate Governance Association-CLSA survey on corporate governance ranked Singapore as having the best corporate governance practices in Asia. Despite ranking first in the survey, the report highlighted that there is still much to be done. Getting it right from Singapore’s perspective 5. The theme of today’s event is “Challenges, Opportunities and Getting It Right”. Getting the corporate governance framework and practices right in Singapore is not a luxury but a necessity for our competitiveness. While Singapore has recovered strongly from the global financial crisis, the outlook remains uncertain.

Well-trained directors can be firm hands in steering companies through pitfalls which may appear. In such an uncertain environment, it will be critical to reinforce the confidence of stakeholders in how our companies are run. This will require both the government and the private sector to play our part. 6. On the regulators’ end, we will continue to make sensible rules that are practical and outcome focused. We will also continue to keep our rules up to date. The Corporate Governance Council, established by MAS, is reviewing the Singapore Code of Corporate Governance and will submit its recommendations to MAS. On its part, the private sector must nurture a pool of well-trained and ethical directors. 7. Being a director will become increasingly demanding. Companies’ operations are getting more international, and the markets for raising capital becoming more complex. Expectations of directors by stakeholders are also growing. 8. Directors are now exposed to substantial legal and reputational risk if they do not, or are perceived not to have, discharged their fiduciary duties for the company. For example, directors of BP have been sued by shareholders over the costs associated with the oil spill in the Gulf of Mexico. Directors of AIG were also sued for not adequately monitoring the firm’s exposure to the subprime mortgage market. BIS Review 164/2010  1  9. Directors should not become defensive or legalistic in face of these challenges.
Jean-Claude Trichet: Interview with FOCUS Interview with Mr Jean-Claude Trichet, President of the European Central Bank, and the German magazine FOCUS, conducted by Messrs Uli Dönch, Thomas Zorn and Bernd Johann on 19 January 2010 and published on 25 January 2010. *  *  *  FOCUS: Mr President, the rate of inflation in the euro area is close to zero. You have done a good job – are you now out of work? Trichet: As you know, the latest available figure is 0.9%. What counts is price stability in the medium term. And from that point of view, my colleagues and I are proud to be able to tell the citizens of Europe that they have a credible and stable currency. We promised them that the euro would be as stable and credible as individual national currencies had been earlier. And we have kept our word. FOCUS: How great is the risk that you will rest on your laurels? Trichet: You need have no fears in that respect. We will continue to remain alert. At a central bank, there is never a time for complacency. FOCUS: At the beginning of your period in office in 2003, your policy of maintaining price stability caused you to be criticised as a “prolonged arm” of the Bundesbank. Did this hidden praise help you, or did it do more harm than good? Trichet: In my own country, I was seen as the “strongest advocate of the strong franc (‘franc fort’) policy”.

FEN is focused on shaping healthy financial attitudes from a young age, increasing access to tools and resources to help individuals manage their finances, and working across the spectrum of society to help individuals attain financial security, through sound financial planning and by cultivating sensible financial habits. To date, FEN has undertaken about 700 financial education programmes and initiatives, with more than 60 million interactions through its various outreach programmes. All these initiatives are part of a five-year National Strategy for Financial Literacy plan developed in 2019 which, among its aims, is to empower Malaysians to plan ahead to secure a sustainable future. Looking ahead into the future, it is important for us to be agile and to continuously innovate in facing emerging challenges and the fast changing environment. While the pandemic taught us the importance of economic and financial resilience, it also paved the way for a rapid adoption of digital financial services. This is evidenced by the World Bank's finding in their Global Findex 2021 report which revealed that 79% of Malaysian adults use digital payments, of which 42% did so for the first time after the pandemic. 2/4  BIS - Central bankers' speeches  While the rising importance of digital financial services is welcomed, the adoption of such services without sufficient understanding and knowledge could pose risks to consumers. Malaysian consumers are vulnerable to the manipulation of online frauds due to low level of digital financial literacy.
The basic instrument used is the introduction of a minimum level of top quality capital (core capital or common equity tier 1) which amounts to 4.5% of riskweighted assets. On top of this minimum, an additional capital conservation buffer of 2.5% is introduced, which must be built up once the transition periods envisaged have ended, although it may be used in times of need. Thus, banks, as a rule, will have to maintain a minimum level of top quality capital of 7% in terms of their risk-weighted assets. This CET1 capital ratio is calculated, furthermore, using more stringent criteria than those currently used. Thus, the admissibility requirements for eligible instruments have been made significantly more restrictive and deductions have been increased; for example, those relating to goodwill, qualifying holdings and deferred tax assets. For an idea of the overall impact of these measures, it suffices to say that the minimum CET1 requirement of 2% under the previous legislation could be, on average, around 1% if the new requirements are applied. Therefore, effectively, the minimum CET1 requirement, increases by around six percentage points in relation to risk-weighted assets. And this aside from the supplementary requirements which may be made of each institution based on its specific risk profile under the so-called Pillar 2 of the Capital Accord. In this way, credit institutions will have more and better quality capital to withstand the losses which might be caused by their activity.

This double-dip recession has pushed us off the growth path we were on just five years back and halted the process of real convergence. GDP per capita in Spain currently stands at 90% of the euro area average, after having exceeded 95% in 2007. Or, if you prefer, production per capita, after rising notably in the pre-crisis years, today scarcely exceeds the levels of a decade ago. Fortunately, the latest data support expectations of a gradual recovery of the Spanish economy, which might have already begun in the third quarter of this year according to data published by the Banco de España last week. However, the task ahead of returning to sustainable growth to place us back on track to regaining forgone prosperity remains formidable. This includes progressing further with the major reforms already undertaken in various areas, including the financial sector. In this latter field, nevertheless, the significant measures to be adopted in our country are closely linked to the regulatory reforms designed at European and international level. In fact, the crisis has underlined noticeable deficiencies in the regulatory framework of banking. I imagine that during today's seminar you will have analysed them in detail.
François Villeroy de Galhau: How solid is our financial system in the new economic landscape? Speech by Mr François Villeroy de Galhau, Governor of the Bank of France and Chairman of the Autorité de contrôle prudentiel et de resolution (ACPR), at the Conference of ACPR, Paris, 5 December 2022. *** Ladies and Gentlemen, It gives me great pleasure to welcome you to another ACPR Conference, which this year naturally focuses on the theme of "Supervisors in the face of uncertainty". Russia's war against Ukraine is unfortunately continuing, and there are no indications as to how long it will last or how it will end. It is creating an uncertainty shock, and will probably, over the longer term, create a new macroeconomic and financial landscape (I). This is the new prism through which we need to view the challenges of financial stability, and, like light, it splits them into a spectrum of five questions on the French financial system (II). I. What we know – and don't know – about the new landscape: three returns The return of inflation and rising interest rates. Inflation has accelerated over the past few months, reaching 10% in November in the euro area and 7.1% in France, which is far too high and well above the inflation target. As a result, we, the central banks, are working steadfastly to bring inflation back towards 2% in the next two to three years.

Yes, certain cryptos are probably on the way to becoming irrelevant.2 But that does not mean we should lower our guard regarding the crucial need for regulation. France and Europe have led the way in this field, with the creation of the DASP status in 2019, then the adoption of the "Digital Finance" package including MiCA a few weeks ago at the European level. It is crucial now that these efforts be shared, especially by the United States. 4. What direction should macroprudential policy take? To guard against the risk of a turn in the credit cycle, the High Council for Financial Stability already announced in September that it would raise the credit protection reserve (called the countercyclical buffer) to 1%. In 2023, the economic slowdown calls for a balanced macroeconomic policy: it must protect, without being procyclical or restrictive, in a context of monetary tightening. This could mean "pausing" the countercyclical buffer at 1% – but not easing  3/4  BIS - Central bankers' speeches  it. We will also keep the "structural" measures in place regarding lending conditions for housing loans; and we will remain very vigilant regarding the detection of systemic risks, especially in commercial real estate and the non-bank segment. 5. Should we postpone our efforts on climate risks in the short term? The climate transition is at risk of being overshadowed and delayed by the mounting financial risks and the energy crisis, with a temporary increase in the use of fossil fuels to replace Russian gas.
Fortunately, inflation expectations remain relatively stable at levels somewhat above the current inflation rate. This stability should help prevent an undesirable further drop in inflation relative to our 2 percent objective. That said, there are some nascent signs that the economy may be doing better. For example, based on the first estimate, which is subject to revision, real (gross domestic product) GDP increased at a 2.8 percent annual rate in the third quarter of 2013, above the trend of the past four years. And the most recent payroll employment report showed a pickup in the monthly pace of job gains. The 3-month moving average rose back above a 200,000 pace after slowing to about 150,000 as of July of this year. I hope that this marks a turning point for the economy. But before we rush to this conclusion a few more cautionary comments are appropriate. With respect to GDP growth, it turns out that inventory investment contributed ¾ of a percentage point to that overall growth rate. Thus, because this impetus from inventories will likely reverse this quarter, the real GDP growth rate is likely to slow to around a 2 percent annual rate or a bit less in the fourth quarter. With respect to payroll employment, we have seen such bursts in payroll growth before over the past few years and have been disappointed when the pickups proved temporary and did not lead to a rise in the overall growth rate. But, I have to admit that I am getting more hopeful.

BIS central bankers’ speeches  3  The fact that the U.S. economy has continued to grow at around a 2 percent pace in 2013 despite this quite intense fiscal restraint provides evidence to the second key point, which is that the private sector of the economy has largely completed its healing process and is now poised to ramp up its level of activity. Key measures of household leverage have declined and are now near the lowest levels they have been in well over a decade. Household net worth, expressed as a percent of disposable income, has increased back to its average of the previous decade, reflecting rising equity and home prices and declining debt. Recently, banks have eased credit standards somewhat after a prolonged period of tightness. As a result, we are now experiencing a fairly typical cyclical recovery of consumer spending on durable goods. For example, sales of light-weight motor vehicles have increased steadily over the past four years, reaching an annual rate of 15.7 million in the third quarter of 2013, though sales in September and October have been somewhat below that average. Similarly, after five years in which housing production was well below what is consistent with underlying demographic trends and the replacement demand for houses, it now appears that we have worked off the excess supply of housing built up during the boom years of the last decade.
A greater understanding of these stands to benefit funders of charities in deciding where best to allocate funds; charities themselves when deciding where best to allocate their energies; and policymakers to the extent they wish to encourage the creation of these quasi-public goods. To give one example from the funding side, through joint research with Oxford Economics the homelessness charity CRISIS found that for every £ invested there was a saving to society of £ 31 On the back of this, CRISIS began offering “investment units” as a way of emphasizing the social return on a donation. A more formal way of linking funding to social returns is through Social Impact Bonds (SIBs). These allow socially-minded investors to fund the provision of a service delivered by a social enterprise or charity, with a return on their investment from government if the service delivers the results specified. In fact, last year’s Rybczynski prize, awarded by SBE, was on work looking at the use of payment by results in the criminal justice system. So far, 14 SIBs have been issued. But social impact measurement remains the exception, not the rule. And SIBs remain a fledgling asset class. Underlying this is not so much an information gap as a chasm. It is puzzling that a sector whose core contribution is to societal well-being does not do a better job of measuring that contribution. Charities like PBE are seeking, on a small scale, to bridge that chasm through our measurement work.

That is because homelessness comes with wider collateral costs, for the individual most obviously, but also for society generally: the reduction in employment and income prospects; the accompanying increased risk of criminal activity and addiction to drugs or alcohol; and the increased risk of physical and mental health problems. All of these take a very significant toll on the homeless individual. But they also tax the public purse, through increased social security, criminal justice and health spending. And that is before you even get to the wider social costs of, for example, criminality and addiction on families and societies. These costs are a form of societal externality. The social value created by reduced homelessness is, then, a potential multiple of the cost of the labour input to volunteering. But how large a multiple? Well, I can tell you. And the reason I can tell you is that my thought experiment is not a hypothetical one. Last year, PBE brought together a team of volunteer economists from Oxera Consulting with a charity called Centrepoint which does wonderful work with homeless young people in  22  This estimate assumes just under 60% of these volunteers are in employment, in line with the UK employment rate. 23  Dunn et al (2014). 24  Dunn et al (2014). BIS central bankers’ speeches  9  London. 25 Centrepoint were keen to evaluate quantitatively the social benefits of their work.