samchain/econo-pairs-v1 huggingface dataset:
Jessica Chew Cheng Lian: Digital developments in Malaysia's financial sector and the broader economy Opening address by Ms Jessica Chew Cheng Lian, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Asian Banker Digital Finance Convention 2018, Kuala Lumpur, 22 March 2018. * * * It is my great pleasure to be here today at the 2018 Asian Banker Digital Finance Convention. Many of us here would remember what a “Kodak moment” is. I believe the term for that these days is “Insta-worthy”. Kodak’s story is a familiar one, now infamous as a classic case of digital disruption. At the turn of the century, film was still very much the technology of choice. But within years, the digital camera quickly took over the mass market, eventually putting Kodak out of business. And the story does not end there, as we all know. Very soon, most people were taking pictures with their phones instead. This may be an old cautionary tale, but its message continues to be relevant. The digital revolution is real. It is inevitable. And it is pervasive in ways that change the way we live today, and in ways we cannot yet imagine. At its most fundamental level, perhaps the most significant change brought about by the digital revolution has been the change in paradigm. By this, I mean the basic assumptions that shape our thinking – whether in a business, social or political context.

Gent Sejko: A brave new world? The future of banking in emerging Europe Welcome address by Mr Gent Sejko, Governor of the Bank of Albania, to the Annual Conference of the Bank of Albania 2019, Tirana, 10 October 2019. * * *  Your Excellency Mr President, Honourable Madam Minister and Chairman of the Parliamentary Committee, Dear representatives of the banking system, ladies and gentlemen, dear guests, It gives me great pleasure to welcome you on behalf of the Bank of Albania to our Annual Conference. This year the conference is co-organised again with the London School of Economics and Political Science (LSE), namely its Institute of Global Affairs – internationally renowned for its leading expertise across the social sciences. The Conference this year will seek to address the latest trends in the banking industry in Albania, in the region and the rest of the world, focusing on challenges and opportunities that lie ahead of us. Naturally, these issues are of great interest not only to actors in the banking market but also to central banks and other regulators of the financial market. As we share experiences and engage in open discussions, we will be able to identify far-reaching approaches that are best fitted to meet the challenges ahead. We have invited distinguished speakers and experts from renowned international institutions as well as other actors and regulators from Albania and the region. I am confident the conference will live up to its reputation.
Spreads on remaining dollar-denominated debt have fallen to levels that reflect little concern about future financial stress. It is important to bear in mind that some of the most dramatic changes in the performance of Asian and other emerging market economies have taken place in an unusually benign economic environment. The past four years have marked the strongest sustained period of growth for several decades. Global interest rates have been relatively low. Asset prices in many markets have been rising for a sustained period of time. Volatility in equity, interest rate and foreign exchange markets has fallen to unusually low levels, and although we’ve seen the occasional sharp correction in some markets, recovery has typically been quick. These favorable conditions make everything look somewhat better than it otherwise would. But the improvements in Asia are real, and they will make the region more resilient in the face of future challenges. The challenges ahead Even with the relative prosperity of the recent past, policy in much of the region reflects substantial ambivalence about the risks that come with financial openness. The memory of the trauma of the crisis explains much of this ambivalence. The difficulties in managing this more recent period of substantial capital inflows provides an additional source of unease. Policy regimes across the region are to a significant degree directed at providing some insulation for the domestic economy from what is considered a volatile global financial environment. This impulse reflects itself in many different ways.

Timothy F Geithner: Asia, the world economy and the international financial system Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Society of Singapore 2007 Annual Dinner, Singapore, 13 June 2007. *  *  *  Good evening. I am pleased to be able to join you tonight. The past decade has been one of remarkable achievement in Asia. This is a testament to the resilience and dynamism of this region, and yet the memories of the financial crises remain vivid and still exert a powerful influence on policy today. Tonight, I want to reflect on what policymakers learned from the crises, to review the extent of the progress since and to examine some of the challenges ahead. The Asian financial crises of the late 1990s were exceptional in many respects. Described at the time by some as the first crises of the 21st century, they were commonly regarded as without precedent and fundamentally different from previous emerging market financial crises. Here were countries with a remarkable record of rapid economic growth over several decades, substantial rates of investment, with low inflation and relatively strong fiscal positions. Most conventional indicators of economic performance and financial strength did not suggest acute underlying vulnerability. Yet the crises erupted with remarkable speed and force. The sudden collapse of confidence led to a sharp reversal of capital flows to the region.
In particular, the use of resolution tools like the bail-in when financial markets are in distress could exacerbate those turbulences and reduce the ability of other banks to obtain external financial resources. Or, in the case of the sale of the business, it could create a problem of fire sales that may additionally reduce the prices of the assets, generating losses for the rest of the institutions. In these circumstances, there should be a powerful, usable and credible backstop that could be activated even preemptively. The stability of the financial system and the potential for systemic risks to alter the functioning of that system have long been important topics for central banks, and I would like to encourage some additional consideration to this broader approach. Some episodes, including the Spanish experience during the Great Financial Crisis, suggest that the propagation of shocks is especially relevant for mid-sized entities and that the swift and orderly resolution of the problems is the vaccine against contagion. So, allow me to finish my presentation where I started: the current crisis management framework has been crucial in advancing the Banking Union and it has proven most useful in resolving very relevant events. However, the experience allows us to draw lessons that should be incorporated into the framework to contribute more effectively to maintaining financial stability and to ensuring the functioning of the Banking Union.

All in all, if, as we are often emphasizing during this crisis, the post-crisis reforms have mitigated the risks to the sector’s financial stability, the implementation of the resolution framework has contributed to strengthening the banking sector in a crucial manner. Identifying gaps for a more robust resolution framework in the EU Accepting that we have made great advances in this field, we have to acknowledge also that there is still some way to go before we can truly assert our journey is over. First of all, it is important to recall that the European resolution framework is one of the three pillars of the Banking Union and it is essential to develop the third one – the much needed European Deposit Insurance framework – to ensure the resilience and well-functioning of this Banking Union. As this matter goes beyond the scope of this conference, I will rather concentrate on the second pillar of the Banking Union. So, entering into this resolution pillar, there are certain areas on which both policymakers and practitioners should concentrate, and it is precisely some of these gaps that I want to discuss today, namely: -  liquidity in resolution, the resolution approach to small and mid-sized institutions, avoidance of unlevelled playing fields, and the adequate treatment of systemic situations. The first issue to be addressed, as it affects all institutions alike, is the provision of liquidity to a bank in resolution.
There is a term for it – mutualism, describing a mutually beneficial relationship between living things. And let me explain why I am talking about biology in a financial forum to begin with. 3. I have always longed to find an appropriate way to describe the financial relationship between Hong Kong and the Mainland. In my view, Hong Kong’s dynamic with the Mainland is truly unique in that it is a dynamic which no other pair in the world shares. In the financial world, our win is their win and their win is ours. As financial competition amongst the world’s hubs continues, Hong Kong and the Mainland have long enjoyed a mutually beneficial relationship. Sounds familiar? Yes, perhaps neither of us are exactly the same as a bee or a flower, but Hong Kong and the Mainland share a very similar dynamic as them in the financial world – one of mutual benefit. RMB internationalisation: Hong Kong stands out 4. And that brings me to the topic that I want to discuss in more detail today, which is the internationalisation of the RMB. With the continuing growth of the Mainland economy and its increasing financial integration with global markets, it is natural that RMB will be increasingly used in international transactions. The 14th Five-Year Plan has made clear that promoting RMB internationalisation should be conducted in a prudent manner, based on a marketdriven approach. 5.

With the introduction of the Stock and Bond Connects, the cross-boundary infrastructure linkages between the clearing houses of the two markets have become the critical foundation on which cross-boundary transactions can be efficiently cleared and settled. The Central Moneymarkets Unit (CMU) operated by the HKMA is now linked to the Mainland central securities depositories (CSDs) on the one hand and the international CSDs (ICSDs) on the other. We have embarked on a multi-year enhancement programme to modernise the system to enable CMU to perform all functions required of an ICSD. Operating window will be expanded; a wider spectrum of corporate action services will be offered; and the system will enable the CMU to directly provide collateralised lending and FX services to nonbank participants. 19. Apart from these three factors, i.e. liquidity, product and infrastructure, which are essential to building a vibrant RMB offshore market in Hong Kong, I should add that supervisory collaboration is also important in this gradual opening-up process. Many of the initiatives to promote the international use of RMB will involve the opening up of the Mainland’s capital accounts. This must be done in a gradual and risk-controlled manner, which is why you often see quota and eligibility criteria in the initial stage of the Connect schemes. This kind of risk-control features requires the close collaboration between the HKMA and our Mainland counterparts. Through such collaboration, we seek to ensure that Hong Kong is a safe and reliable platform to take forward these new cross-boundary initiatives. 20.
27  All speeches are available online at www.bankofengland.co.uk/speeches  27  Annex  Chart 1: Number of central banks Number of central banks 200 ECB  150  100  Sveriges Riksbank  Bank of England  50  Bank of Japan  Banque de France  US Federal Reserve 2016  2004  1992  1980  1968  1956  1944  1932  1920  1908  1896  1884  1872  1860  1848  1836  1824  1812  1800  1788  1776  1764  1752  1740  1728  1716  1704  1692  1680  1668  0  Source: Central Banking Directory  Chart 2: Percentage of independent central banks  Monetary policy objectives  Percentages of central banks 100  All aspects  90 80 70 60 50 40 30 20 10 2012  2010  2008  2006  2004  2002  2000  1998  1996  1994  1992  1990  1988  1986  1984  1982  1980  1978  1976  1974  1972  1970  0  Source: Garriga (2016) using index of Cukierman et al (1992). Notes: Central banks with values greater or equal to 0.4 on the index are defined as independent. ‘Monetary policy objectives’ measures whether the central bank’s objective is focused on price stability. ‘All aspects’ also includes variables related to the appointment of the CEO/Governor; policy formulation; and limitations on lending to the government.

What a difference a century makes. A century ago, the Bank issued one speech a year. In 2016 alone, it issued 80 speeches, 62 working papers, close to 200 consultation documents, just under 100 blogs and over 100 statistical releases - in total, over 600 publications. That is around 9,000 pages or around four and a  17  Monetary Policy Committee (2013). Stockton (2012), McKeown and Paterson (2014). Warsh (2014), Bank of England (2014). 20 See Williams (2016a) for a discussion of one of these initiatives. 18 19  6  All speeches are available online at www.bankofengland.co.uk/speeches  6  half million words. It would not be over-egging this pudding to call this a genuine revolution in central bank transparency. And this revolution has taken place, in central bank terms, at warp speed. The Benefits of Central Bank Communication  In lockstep with this evolution-cum-revolution in central bank transparency practices has emerged an academic literature seeking to understand, explain and assess the implications of this shift. This literature has been growing fast. Chart 7 plots the percentage of mentions of the words “central bank” followed by “communication” in English-language publications over the past 70 years. 21  It shows an exponential  increase. This literature provides a useful starting point for assessing the progress made so far by central banks in boosting their openness, the advantages this may have conferred and where future transparency efforts might best be directed. In theory, transparent communications confer two high-level benefits.
Political and institutional framework A further prerequisite for Swiss financial service providers to compete on an international level is a sound political and institutional framework. Switzerland has long had stable political relations, legal certainty, efficient authorities, and a solid and secure infrastructure. This constitutes a strong underpinning for financial service providers. But let us not rest on our laurels. We must try to avoid creating any administrative hurdles that neither contribute to stability nor bring any great benefit, but instead unnecessarily restrict the activities of financial service providers. Transfer stamp tax and withholding tax, for instance, curb the potential for growth in Switzerland. The reform of the withholding tax system and the abolition of transfer stamp tax on domestic bonds are expected to strengthen the Swiss capital market. 2 This would not only benefit the financial sector, but also improve the financing options available to companies. It would also benefit small and medium-sized enterprises, for which such opportunities have been very limited until now. 2  Cf. Roadmap for financial market policy Switzerland 2020+, Advisory board for future of Swiss financial centre, 2019. Page 4/5  Open market access Switzerland undoubtedly owes much of the prosperity it enjoys today to open markets and thriving trade. However, for the export-oriented parts of the Swiss financial industry, limited market access continues to be an obstacle restricting growth potential. Market access to some countries has deteriorated since the financial crisis. This especially affects wealth managers who are operating in our relatively small domestic market.

However, recent years have left their mark on banks and insurance companies in Ticino, as elsewhere. The financial crisis, the end of banking secrecy, the tax treaty with Italy and now the coronavirus pandemic have posed major challenges for many institutions. Nevertheless, the Ticino financial centre continues to be vitally important for employment and value added in the Italian-speaking region of Switzerland. I will use my speech today to focus on aspects that I believe are important for the current and future potential not only of the Ticino financial centre, but of the Swiss financial centre as a whole. But first, I want to talk about why a well-functioning financial centre is of value to our economy. I will start with insurance companies. Insurance companies bundle risks that households or companies would otherwise have to bear themselves, or would even be unable to take in the first place. And then, there are the banks. They perform a key economic role with their core business of collecting deposits and granting loans. In doing so, they enable, for example, private individuals to take out mortgages and companies to fund major investments. Just how important the supply of credit is to the economy has been demonstrated by the coronavirus crisis. This past spring, many companies in Switzerland experienced liquidity shortages due to disruptions in economic activity.
Explicit exceptions are only made for a limited number of countries which legally used a legacy currency before the euro was introduced, and whose economic and financial structures were closely intertwined with a euro area Member State. 2. From the point of view of equal treatment, it would be difficult to conceive that the EU would be more open towards euroisation by non-candidate countries than by candidate countries or Member States with a derogation. This is also the line followed by the ECB. This brings me to another question: What would happen if a country nonetheless adopts the euro? I am aware that unilateral euroisation is being discussed in Iceland as a possible option. I would like to emphasise that the ECB, in line with the official position outlined above and consistent with our mandate, would neither encourage nor facilitate such a move. Countries which unilaterally introduce the euro would do so in their responsibility and at their own risk, without committing the EU or the ECB. The ECB would thus pursue a policy of nonengagement and non-support towards these countries. 4  BIS Review 17/2008  VI Economic costs and benefits of unilateral euroisation Let me take a closer look at the economic costs and benefits of unilateral euroisation. I will focus my remarks on euroisation in general, and will not look specifically at the case of Iceland. Admittedly, euroisation could bring some potential benefits for the country concerned.

Only based on the principle of a high degree of sustainable convergence an EU member state can adopt the euro. 3. Each and every one of the countries participating in the European monetary union has followed one and the same route towards the adoption of the single currency, based on the principle of equal treatment. As regards procedures, the road to the euro consists of two stages. As I said, all 15 participating countries have gone through the same stages, and have been required to fulfil the same criteria: Stage one is the accession to the EU. EU-membership requires the fulfilment of the Copenhagen criteria. •  Alongside a number of political criteria that require stable institutions guaranteeing democracy, the rule of law, human rights and the protection on minorities, as laid down in Art. 6 of the EU Treaty,  •  candidate countries need to have a functioning market economy, able to withstand competitive pressures within the EU. •  Moreover, the candidate country has to fully implement the EU’s rule-book, the so-called acquis communautaire. The fact that a country must first join the EU before it becomes a member of the euro area is not a coincidence. It is a deliberate approach, which underlines the fact that the EU is more than a mere economic undertaking. After all, a currency is a key attribute of sovereignty. Sharing a common currency implies sharing a common political destiny. Stage two is euro area accession.
Ong Chong Tee: Observations and thoughts from a financial regulator’s perspective Keynote address by Mr Ong Chong Tee, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, at the Association of Certified Anti-Money Laundering Specialists (ACAMS) 9th Annual Anti-Money Laundering & Financial Crime Conference, Singapore, 24 April 2017. * * * 1. Good morning. Mr Timothy McClinton, President and CEO of the Association of Certified AntiMoney Laundering Specialists (ACAMS); Ms Hue Dang, CAMS-Audit Head of Asia; Distinguished Guests, Ladies and Gentlemen. I am delighted to join you in this 9th Annual Anti-Money Laundering & Financial Crime Conference in Asia Pacific. 2. I like to commend ACAMS’s leadership and your membership for the extensive work on training and various outreach programmes relating to financial crime detection and prevention. Many of you are specialists and experts in this area. But as Malcolm Forbes once said: one definition of an expert would be someone who knows enough of a subject to know that he does not know how much he does not know. Fora such as this are therefore beneficial for collective learning and sharing, to plug knowledge gaps and to exchange perspectives. 3. Allow me to share some observations and thoughts this morning from a financial regulator’s perspective. 4. For some years now, the global community has been stepping up our efforts to combat money laundering and terrorist financing. The integrity and stability of the international financial system must not be exploited by those who engage in criminal activities. 5.

In the US, the key rate is expected to increase by a further 50 basis points before peaking. In the UK, the key rate is expected to remain virtually unchanged in the period ahead. Interest rate developments and buoyant growth have led to a sharp rise in credit growth in the past few years. Property and equity prices are also rising sharply in many countries, including Norway. Debt developments in Norway through the 1990s can probably be viewed to some extent as a delayed adaptation to the deregulation of the housing and credit markets in the 1980s, after many households burned their fingers immediately after the deregulation. At the same time, the credit market has deepened. New loan products have emerged, and it is easier to raise loans. Borrowers can choose their repayment schedule. Credit and housing market liberalisation provides homebuyers with the opportunity to establish a high housing standard early in their adult lives and draw on this capital later in life. In recent years, household income growth has been solid, household confidence regarding the future has been strong and households probably perceive higher income levels as permanent. This may have resulted in a further rise in house prices and debt. In addition, low real interest rates are currently contributing to this.