samchain/econo-pairs-v1 huggingface dataset:
On Sunday, September 14, we learned that Barclays could not proffer the needed guarantee without a shareholder vote. This vote would take days, if not weeks or months, and there was no way to predict if the shareholders would even vote for the transaction to proceed. I explored with counsel whether the U.K. government, or one of its instrumentalities like the FSA, might waive this U.K. requirement, such that the guarantee could be delivered and the rescue effected. I learned that the U.K. authorities were not amenable to a waiver. Thus, Barclays ceased to be available as the willing buyer that we needed to rescue Lehman, and there was no other interest from any firm of sufficient size and capability that could acquire Lehman, a company with consolidated assets of about $ billion. 5  Timothy F. Geithner, Secretary of the Treasury, Statement before the United States House of Representatives Committee on Financial Services, April 20, 2010. 4  BIS Review 112/2010  Many have asked why, when the Barclays guarantee problem presented itself, the Federal Reserve did not step forward and guarantee the trading obligations of Lehman pending its merger with Barclays. They observe that we lent approximately $ billion to Maiden Lane LLC to facilitate the merger of J.P. Morgan Chase and Bear Stearns, and they look at our commitment to lend up to $ billion to AIG.

These are the areas that institutions need to focus on to avoid becoming a “problem bank case” themselves. Let me move on now to consider the role of the banking supervisor in ensuring that an institution’s internal controls are adequate and effective. This is an area on which there has been greatly increased emphasis in recent years. Of course supervisors, like the management of financial institutions, have always been concerned with the quality of control systems. However, the approach has been rather piecemeal, and has focused on certain types of risk which are easily quantifiable, rather than the more intangible types of risk. What we are trying to do nowadays is to move towards a more systematic identification and assessment of the risks facing a bank across the whole range of its activities and the adequacy of the controls over these risks. This “risk-based” approach is intended to focus our attention on what we see as the institution’s key risk areas. Of course, the correct identification of the institution’s key risk areas is crucial in this. For most of Hong Kong’s local banks, credit risk, liquidity risk and perhaps BIS Review 48/1998  -4-  reputational risk remain the highest risk areas, but for individual institutions other forms of risk such as interest rate risk and market risk also come into the equation.
This reflects the deceleration of the first quarter and the prospect of a smoother trajectory of sectors other than natural resources in the remainder of the year, partially offset by higher growth in mining. Partial second-quarter indicators show an ongoing deceleration of investment, but milder than earlier in the year. Private consumption, although receding somewhat, continues to show robust fundamentals related to labor market conditions and strong real wages, which should normalize as economic activity slows. Despite the slower growth of domestic demand, a lower copper price will result in a wider current account deficit this year, at 4.7 percent of GDP (table 2). Annual inflation is expected to return to the tolerance range once some transitory elements are reversed, hitting 3 percent during 2014. At the end of the projection horizon, this time the second quarter of 2015, it should stand at 3 percent. Core inflation will take somewhat longer to converge to 3 percent (figure 4). This forecast assumes that nominal wages will be adjusted in line with productivity and the inflation target. It also uses as a methodological assumption that in the projection horizon, the real exchange rate (RER) will remain fairly stable. This is based on the estimation that  4  BIS central bankers’ speeches  with the nominal exchange rate and currency parities in force today, the RER is in the range consistent with its long-term fundamentals (figure 5).

Page 1  The PRA's future approach to policy − speech by Vicky Saporta Given at the City & Financial Global event  Page 2  Published on 27 September 2022  Vicky explains how regulation that is strong and responsive can avoid unnecessary trade-offs between competitiveness and resilience. The Financial Services and Markets Bill 2022 introduces new powers and a new secondary objective on competitiveness and growth for the PRA. Vicky argues that the PRA can use these new powers to regulate responsively, and better tailor rules to the needs of the UK. Vicky sets out the PRA’s intention to take a proactive approach to the new objective. She explains that as a global financial hub, the UK’s competitiveness in financial services rests on its skilled workforce, and its deep and specialised markets. Vicky argues that the UK economy has more to gain by having a regulatory regime that is open to international business, nondiscriminating, predictable, transparent, responsive to threats and opportunities rather than in weakening standards to attract business. Speech Introduction The Government’s Financial Services and Markets Bill introduces important changes to the PRA’s powers and responsibilities. It does so to implement reforms identified by the Future Regulatory Framework for Financial Services Review, or the ‘FRF Review’. The reforms will move financial regulation back to a British style of regulation based on the Financial Services and Markets Act of 2000, which we refer to as ‘FSMA’. Most technical rules will be made by regulators accountable to Parliament.
Ravi Menon: Economic possibilities of blockchain technology Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Global Blockchain Business Conference, Singapore, 9 October 2017. * * * Honourable Chief Minister Chandrababu Naidu Distinguished guests, ladies and gentlemen, good morning. Andhra Pradesh and Singapore I am delighted to be here in Andhra Pradesh – the land of the Tiruppati temple, Carnatic music, Kuchipudi dance, and of course, the charming sea town of Vishakapatnam. I am grateful to Chief Minister Chandrababu Naidu for his kind invitation to speak at this conference. Andhra Pradesh and Singapore share in common a modern outlook. We both believe in the value of innovation for economic growth and harnessing the power of technology for the common good. That Andhra Pradesh is organising a global conference on the topic of blockchains shows its progressive nature. It is also a tribute to the vision of Chief Minister Chandrababu Naidu, who has inspired an IT revolution in Andhra Pradesh. Little wonder that Andhra Pradesh and Singapore have forged good relations and have been working closely together. The Andhra Pradesh government has appointed a Singapore consortium to develop the new capital city of Amaravati. The Andhra Pradesh government and the Monetary Authority of Singapore (MAS) signed a FinTech cooperation agreement in October last year. A delegation of more than 10 FinTech startups from Singapore attended the FinTech Valley Vizag Spring Conference in March this year. Establishing trust in a decentralised way Trust underpins all economic transactions.

The problem statement is this: In a real-time gross settlement payment system, transactions typically go through a single trusted party, often the central bank. The challenge MAS posed itself was: can we create a more efficient inter-bank payment and settlement system without MAS acting as the trusted party? This began Project Ubin – a collaborative effort among MAS, the Singapore Exchange, ten banks, six technology companies, and six academic institutions. Over the course of the project, more than 150 people were trained in DLT. Phase 1 of Project Ubin successfully demonstrated that banks are able to transact with one another on an Ethereum-based prototype without going through the MAS. MAS issued a digital representation of the Singapore Dollar – a central bank digital currency – and placed it on the distributed ledger for domestic inter-bank settlement. Phase 2 of Project Ubin – just recently concluded – successfully produced three software models that achieved decentralised netting of payments in a manner that preserved transactional privacy. The next step in Project Ubin is to extend the application to cross-border payment and settlement. Cross-border payments today rely on a correspondent banking network. Banks hold balances with one another and settlement occurs through the adjustment of these relative balances. There is counterparty risk, liquidity is split, and reconciliation is a major pain point. In cases where multiple correspondent banks are involved, transactions may take days and at high cost to customers.
As a result, the real exchange rate will remain at a relatively high level. With a reasonable degree of certainty, it can be said that the nominal exchange rate will swing more than that implied by our projections. Given the other assumptions in the Inflation Report, our best projections for the coming years is that the krone will hover around this level. It is not easy to project the nominal exchange rate, but perhaps we can provide an indication of the movement in the real exchange rate in the very long term: An economist at Norges Bank, Farooq Akram, has analysed the fundamental equilibrium real exchange rate for the Norwegian krone 1 . He takes into account that a steadily smaller share of our imports will be covered by current petroleum revenues and the return on the Government Pension Fund - Global. 1  Q, Farooq Akram. Oil wealth and real exchange rates: The FEER for Norway. Working Paper 2004/16  BIS Review 90/2006  5  Rough estimates based on this study indicate that the real exchange rate that maintains the trade balance when petroleum wealth no longer accounts for the same share of the economy will be more in line with the real krone exchange rate prevailing in the 1960s - before oil production started. This depreciation can come about either by lower price and wage inflation in Norway than among trading partners or by a nominal weakening of the krone.

This is partly due to increased trade and a shift in imports towards low-cost countries. The rise in prices for domestically produced goods and services pushed up CPI-ATE inflation until this year. Since the beginning of the year, domestic inflation has edged down, hovering around 1.3 per cent. The rise in prices has been lower than expected for both goods and services. There may be several factors behind the low inflation rate. Strong competition between various producers within the food industry and the construction industry may have had a dampening impact on inflation. In addition, productivity growth in retail trade has been high in the past few years. Intensified competition may also have contributed to curbing the rise in prices for banking and insurance services. Global growth has been high in recent years. In the US and in China, growth has been high for a long period. Growth picked up in Japan last year, and this year conditions are conducive to increased  BIS Review 90/2006  1  growth in the euro area. Growth in China is expected to remain strong and contribute to pushing up growth in the global economy. Growth in the US is expected to be somewhat lower. Against this background, it appears that GDP growth among Norway’s trading partners will be high again this year and remain firm over the next few years. However, the housing market in the US has weakened more than expected in recent months, and the uncertainty associated with economic developments in the US ahead has increased.
•  Many of them were also banking supervisors. They saw financial stability as the preserve of prudential regulation and supervision. Those were the good ‘ole days. •  Keep monetary policy focused on macroeconomic stability and regulatory policy on financial stability and all will be well. •  In short, consistency between instrument and objective: Tinbergen would have been proud. Financial stability: what we know, what we don’t The Global Financial Crisis of 2008 changed all that. •  Its devastation and virulence, but most of all, its suddenness, shook conventional macroeconomic thinking. •  HM Queen Elizabeth II asked: “Why did no one see it coming?”  BIS central bankers’ speeches  1  •  That question illustrated vividly how little we knew about financial stability, let alone the interactions between the financial sector and the macroeconomy, between monetary policy and financial stability. But there are two things we did learn from the crisis about financial stability. First, macroeconomic stability does not guarantee financial stability. •  Beneath the still waters of macroeconomic stability during the 2000s, deadly whirlpools of financial imbalances were forming. •  The “Goldilocks” or “NICE” economy sharply reduced risk premiums, stoked a credit boom alongside speculative activities that ultimately undermined financial stability. Second, effective regulation of individual institutions does not deliver stability of the financial system as a whole. •  Risks may be reasonably well managed in individual institutions but the system as a whole could be pro-cyclical and hence more risky.

5 At the same time, the effect of policy rate changes on household indebtedness is very small. •  The IMF estimates that hiking interest rates by 100 basis points for a year reduces the probability of financial crises by 0.04 to 0.3 percentage point at most. Back to Tinbergen: an enhanced role for regulatory policy So, we are back to where we started: if monetary policy has at best a limited role, what do we do with financial stability? •  As Stefan Ingves put it recently: “We deal with inflation, we keep an eye on the exchange rate, we do our best to reach our inflation target. But that means that somebody else has to deal with the problem we have in our housing market.” 6  And that someone else could well be regulatory policy. And that includes both the oldfashioned microprudential variety as well as the “new kid on the block” – macroprudential policy. Old is gold: microprudential regulation The lesson of the Global Financial Crisis is not that microprudential policy was ineffective in achieving financial stability and therefore we need to look elsewhere. •  The more pertinent lesson was that microprudential regulation – and might I add, supervision – was inadequate and had to be strengthened. 5  Svensson, L (2014), “Inflation Targeting and ‘Leaning against the Wind’,” International Journal of Central Banking, Vol. 10, No. 2, June. 6  “Riksbank Stefan Ingves sees flaws in crisis-busting tools,” Financial Times, 13 September 2015.
As you may know, Paris EUROPLACE brings together the whole range of market participants – issuers, investors and intermediaries – in order to contribute to the development of European capital markets and promote the Paris financial center. The financial industry in India, as in Europe, is expanding significantly. And we have already seen in the past few years the flourishing of partnerships between French and Indian financial institutions: such as in the asset management industry, the joint venture between Sundaram and BNP Paribas Asset Management, or the SGAM and SBI Mutual Funds partnership; in insurance services, the Bharti and Axa Life Insurance partnership, and the joint venture between SBI Life and Cardiff; and in online brokerage: current developments involving Cortal Consors and Geojit. It is for this reason that it was decided by Paris EUROPLACE to focus our program on the development of opportunities and potential new partnerships between Mumbai and Paris, as well as to review how the expertise of the Paris financial marketplace can be used and leveraged. Let me highlight the following questions: -  Why has the European financial market become a major pillar of international finance? -  And what are the key advantages offered by the Paris financial market place? 1. First, why has the European financial market become a major pillar of international finance to compare favourably with the other large markets of the world?

Paris has taken a major position in the recent developments of the euro-denominated bond market: The French government bond market is today the most liquid in the world after the US treasury market, with an outstanding of € 900 billion, and has a strong innovative strategy: let’s mention the launch of a range of index-linked products to European and French inflation, or the introduction of a 50-year OAT bond, which represents the new frontier of the euro fixed-income market. The French corporate bond market is the largest in Europe, with an outstanding of € bn, compared to € bn in London and € bn in Frankfurt. Most recently, we have seen strong growth of structured and synthetic products. The new legislation concerning the French covered bond market boosts this market compartment, which represents today an outstanding of € On the equity side, Euronext has been ahead of London and Frankfurt in terms of transactions since 2006. The new alliance between NYSE and Euronext creates the world’s largest exchange in terms of market capitalisation € trillion), the world’s largest liquidity pool, with a daily average trading volume of € billion, & the world’s premier listings venue, with the presence of 80 of the top 100 companies listed world-wide, etc.
Against the backdrop of an apparently healthy financial system, market participants report a substantial rise in transactions leverage, erosion in the use of loan covenants, more favorable financing terms for hedge fund counterparties, and especially a pressure to reduce initial margin against OTC derivatives exposure to hedge funds. But the concern is that this sustained period of very low credit losses and low volatility works to hold down measures of the underlying economic risk in these exposures. This combined with the range of factors I just discussed, raises the odds that market participants will be faced with negative surprises in the event of a more adverse macroeconomic  2  BIS Review 55/2006  environment. And this could have more negative implications for market dynamics and liquidity as market participants react to those losses and attempt to reduce their exposure to future losses. These concerns are not particularly new, and my sense is that they are widely shared among the people and institutions that are closest to these markets. They do not, in my view, challenge the overall judgment that these changes in the credit markets on balance are likely to make the financial system more resilient rather than more fragile. But they do suggest the need for greater caution by financial institutions in several important areas. First, it is very important that the major dealers make the investments necessary to improve the operational infrastructure that underpins the credit derivatives and broader OTC derivatives market.

Mark Twain is supposed to have once said: “I’m all for progress; it’s change I don’t like.” However, change lies in the nature of market liberalism, which neither can nor should be stationary. The structural changes that come in the wake of globalisation mean that less efficient production is replaced by more efficient production, and that sectors that do not hold up in competition are replaced by sectors where the country has comparative advantages, that is to say, is relatively better than its competitors. Structural changes thus consist of two parts: closing down (or moving out) and new establishment of businesses. The Austrian economist Joseph Schumpeter called this creative destruction; old jobs and technologies disappear and new, more productive jobs arise as technology develops and production becomes more specialised. The major challenge in future, in both Sweden and other industrialised nations, will therefore be to create dynamic conditions in which new jobs can arise as the old ones disappear due to rationalisation or are moved abroad. Studies regarding some industrial nations indicate that many jobs lost during the most recent economic slowdown have not yet been replaced by new jobs in the same branch when economic activity picked up again; instead productivity has been higher. However, employment has continued to increase in other sectors, which appears to increase the number of jobs regardless of economic activity. The fact that employees have to change sector leads to greater friction unemployment arising.
This reflects the realisation by the Bank that without world-class employees, its aspiration to be a world class central bank as stated in its vision statement cannot be attained. For the Bank therefore, this programme is important because it is a step taken towards enhancing the skills of our staff to world class standards and is a commitment to attaining our vision. The programme you have come to participate in is unique in two respects. First, this programme is tailor-made or specifically designed for Bank of Zambia staff. Second, it focuses on middle management which is a reflection of the importance that the Bank places on the role that its middle managers play in helping it achieve its vision and mission. The programme has been designed to impart general management knowledge and skills to you our middle managers which will enhance your leadership and managerial abilities. The programme is designed to provide you with the tools that will enable you to contribute effectively towards the management of the Bank and also to prepare you for succession as and when opportunities arise. The first module you will learn is on the Functions of the Board of the Bank of Zambia. This was included to provide you with an understanding of the relevance of the Board to our strategic plan management process and ultimately to your job. Second, you will have a module on good corporate governance.

Caleb M Fundanga: The Bank of Zambia’s management development programme for managers Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the opening of the Management Development Programme for Managers, Livingstone, 4-15 December 2006. *  *  *  • Director – Human Resources • Assistant Director – Organisation Development • The Consultants • Participants • Ladies and Gentlemen I welcome you all to this Management Development Programme. Management development programmes are crucial not only to Staff development but also to the realisation of the Bank of Zambia vision. As you are aware, our vision is “To be a world class central bank”. Our vision can only be realised if the performance of our employees measures up to world class standards, because it is employees who make an institution what it is. In other words, we can not have a world class central bank without world class employees. Ladies and Gentlemen: I would like to refer you to our strategic plan document. You will note that in its values statement, the Bank states that employees of the Bank of Zambia shall at all times endeavor to direct their efforts towards the achievement of the mission of the Bank by consistently following the values encapsulated in the BoZ Way. You will also note that the Bank has, in turn, undertaken to support employees by, inter-alia, continuously enhancing the capacity of the Bank through the development of all staff.