samchain/econo-pairs-v1 huggingface dataset:
And the policy response to this decline was to open up dollar swap lines with a number of major central banks in conjunction with the TAF in late 2007.18 The daily peak for the amount of dollars swapped was $ billion on December 4th of 2008 giving the swap lines the distinction of being the most heavily used facility. As a third example, some economists using statistics on the stock of outstanding commercial paper, argued that commercial paper issuance by nonfinancial corporations was not declining sharply at the time nor were rates rising to unprecedented levels. But this type of data contains little information about the ability of firms to issue new paper. Moreover, as the economy slowed abruptly the need to raise additional funds through new issuance increased. It was clear from our market contacts that the commercial paper market was rapidly grinding to a halt as both financial and non-financial institutions felt the need to build liquidity. The policy response was the CPFF which served as a liquidity backstop to facilitate issuance of commercial paper by highly rated firms. In addition to showing how publicly available financial statistics in the absence of real time market intelligence can sometimes lead to incorrect diagnoses, these three examples demonstrate the importance of detailed information about markets in articulating the precise market failure that might justify a government intervention and the form the intervention should take given the failure.

Norman T L Chan: Domestic and international dimensions of unconventional monetary policy Opening remarks by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the Conference on “Domestic and International Dimensions of Unconventional Monetary Policy”, organised by the Hong Kong Monetary Authority and the Federal Reserve Bank of New York, New York City, 20 March 2014. *  *  *  Mr McAndrews, Professor Sims, Professor Woodford, ladies and gentlemen, 1. A very warm welcome to all of you for attending today’s Conference jointly organised by the Federal Reserve Bank of New York and the Hong Kong Monetary Authority. This Joint Conference is very timely, as it is neither too early nor too late to examine the effects of the Unconventional Monetary Policy (UMP) of the Fed, including its spill-over effects on the emerging market economies (EMEs). As we all know, the Fed has already started tapering and, if everything goes according to plan, would end the asset purchase programme by the end of this year. The Fed has made it very clear in its external communications that tapering is not tightening and that there would likely to be a gap between the end of QE and the actual tightening of policy interest rates. However, the market considers that we are now in the phase of “exit” from the UMP, which also marks the beginning of the normalisation of US interest rates.
Boards would now need to have regard to the interests of depositors and policyholders, the long term viability of the institution and to have in place reasonable standards of fair dealings in the oversight of the implementation of the business and risk strategies of the institution. The statutory duties would also include an explicit duty to ensure and oversee the effective design and implementation of a sound control environment. Work has also commenced to update and streamline the current regulatory guidelines on corporate governance for banks, insurers and takaful operators with a view to reduce the duplication across different standards and to sharpen the focus on the overall responsibility of the board for risk and control. Existing prescriptive rules would give way to broader principles of behaviour. The review will also better align the regulatory framework with the current supervisory approach. A thematic review of the remuneration practices in the financial sector is also planned to take into account how it might influence risk-taking behaviours. Also in train is a review of the supervisory process for assessing the suitability of persons that can serve on boards of financial institutions. This review will leverage on the work by the FIDE Forum. Looking further ahead, the Financial Sector Blueprint sets out additional recommendations to further strengthen incentives and enablers for sound governance and risk management standards in anticipation of the growing complexities of our financial landscape. BIS central bankers’ speeches  3  Let me draw my remarks to a close.

The task of providing stewardship, direction and oversight of financial institutions essentially falls squarely on the board. The responsibilities that go with this are great and I believe that we need the best directors in the financial industry – not just because of the importance of the financial sector to the broader economy, but because financial institutions, through their pervasive role in supporting economic activity, can be a powerful influence in raising the standards of corporate governance across corporate Malaysia. I expect that the FIDE Forum will have an instrumental role is realising this vision by professionalising the role of directors, and showing the way in the best governance practices. On our part, the Bank greatly welcomes this initiative which will facilitate new opportunities for greater engagement with directors in the financial sector as a collective body, on regulatory issues and developments. On that note, it is my great pleasure to officially launch the FIDE Forum. I wish it every success. 4  BIS central bankers’ speeches
The cost would have been 3½% in foregone output and a rate of inflation more than a percentage point further below target. In a more recent study, Aikman et al. (forthcoming) come to similar conclusions. They find not only that monetary policy has relatively weak effects on financial stability, at least in the UK, but also the converse – that, partly because they’re directed more at mitigating tail risks, rather than affecting the most likely path of the economy, macro-prudential policies do not have very large effects on demand and inflation. Chart 6 is a summary of their results. The impacts of the two policies on growth and inflation are on the left-hand side, with the effects on measures of financial stability on the right. The responses to a change in monetary policy are in white, those to macro-prudential policy in blue. It’s very clear in this paper, at least, that the 7  All speeches are available online at www.bankofengland.co.uk/speeches  7  comparative advantage of monetary policy is in  Chart 6: The impacts of monetary and  stabilising growth and inflation with financial stability  macropru policy  best left to macro-prudential policy10.

Sargent and Wallace (1981), Leeper (1991), Bianchi and Melosi (2018)) examine the implications for monetary policy of an exogenous and unsustainable path for fiscal policy; another (e.g. Dixit and Lambertini (2003)) considers the strategic interaction between the two when the monetary authority has more conservative objectives for output and inflation than the fiscal authority. There may, of course, be gains to co-ordination even if both authorities recognise the same social welfare function but are assigned different parts of it, particularly when commitment is not possible for either, but the most severe problems nonetheless result from explicit disagreements. 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  the period before the crisis than afterwards8. And the same is true of the actual level of Bank Rate. Unsurprisingly, given the importance of movements in credit supply in driving the economy, first up and then down, the two instruments would’ve moved in the same direction. Chart 2: Period of low interest rates has  Chart 3: UK inflation was relatively low in the  coincided with weak growth in lending, asset  pre-crisis period  prices  Sources: Bank of England, Nationwide, Halifax/IHS Markit, Thomson Reuters Datastream, Office for National Statistics, and Bank calculations. Equity prices are for an index of UK-focused equities. Nominal variables are transformed to real using the consumption deflator. Data are for the decade to/from 2007 Q3. Source: Office for National Statistics. That’s not to say there was no tension at all between the two objectives prior to the crisis.
It is in this context that the Central Bank has pledged, in its policy statement, “Road Map: Monetary and Financial Sector Policies for 2007 and Beyond” that it would expand the work of Financial Intelligence and actively investigate and take actions to combat money laundering and terrorist financing. In the years 2005 and 2006 Sri Lanka made considerable headway in this regard. The main actions in this context were the enactment of three laws, namely, The Convention on the Suppression of Terrorist Financing Act, The Prevention of Money Laundering Act, and the Financial Transactions Reporting Act. The FTR Act created the institutional body of the FIU with regulatory powers and a mandate to formulate policies and guidelines to meet the Financial Action Task Force (FATF) 40 + 9 recommendations. This legislative package was the outcome of an in-depth consultation initiated by an inter-ministerial committee which engaged the stakeholders such as the banks and professional bodies. In the preparation of the legislation, the inter-ministerial committee closely liaised with the IMF in order to ensure that legislation complied with the Financial Action Task Force 40+ 9 recommendations. Even prior to the enactment of this legislation in Sri Lanka, there have been certain punitive measures in place, to discourage individuals from using the country’s financial institutions for Money Laundering and Financing of Terrorism activities. These measures were taken under the Exchange Control Act; the Customs Ordinance and the Banking Act.

Peter Pang: Hong Kong Mortgage Corporation mortgage-backed securities issues Speech by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority and Executive Director of the Hong Kong Mortgage Corporation Limited, at the signing ceremony for the $ billion mortgage-backed securities issue drawn under the $ billion Mortgage-Backed Securitisation Programme Bauhinia MBS Limited, Hong Kong, 27 November 2006. *  *  *  Good afternoon, ladies and gentlemen, Let me first extend to all of you a very warm welcome to today's signing ceremony. Today's issue of mortgage-backed securities (MBS) under the Bauhinia Mortgage-Backed Securitisation Programme of the Hong Kong Mortgage Corporation (HKMC) is unique in two ways. First, this is the first time the HKMC has sponsored an MBS issue as a triple-A rated institution. On 30 October, Moody's announced the upgrade of the HKMC's domestic currency rating to Aaa and the HKMC's foreign currency rating to Aa1. The HKMC has therefore made history as the first entity in Hong Kong, and so far the only one, to have a triple-A rating. The upgrade in credit ratings reflects the financial strength of the HKMC and the strong support of the Hong Kong SAR Government for the Corporation. With this strong credit rating, the HKMC is well positioned to play a more active and strategic role in promoting the development of the debt and securitisation markets in Hong Kong. Secondly, today's issue of two billion dollars marks the launch of the first-ever partially un-guaranteed MBS sponsored by the HKMC.
The economy is experiencing large, negative supply shocks pushing output and inflation in opposite directions. The correlation between estimated output gaps and inflation has become more blurred and uncertain than in the past. And the trade-offs facing monetary policy have become more complicated. In other words, monetary policy has become significantly more complex. In designing the appropriate monetary policy response, central banks need to make two key judgements: one on the origin of the shocks hitting the economy and another on their persistence. I will argue today that euro area inflation has been driven by soaring energy prices and enduring supply constraints even as the economy reopened after the crisis phase of the pandemic, unleashing pent-up demand. But the boost to demand from the reopening is fading, and we have no evidence as yet that supply shocks are having large and permanent effects on output potential. And if supply shocks durably lowered potential, our policy response would have to consider that they also affect demand by depressing current and future real income. Against such a backdrop, monetary policy has to ward off the risk of a de-anchoring of inflation expectations, which could lead to second-round effects in the form of excessive wage and price-setting dynamics. That implies adjusting monetary conditions and frontloading rate hikes. But so long as expectations remain anchored, the calibration of our policy adjustment should take into account the unprecedented uncertainty of the post-pandemic world.

The total capital ratio remained adequate, above the EU average, but the capital reserve shrank once with the marking to market, because of the fast-paced interest rate rise. Asset quality continued to improve, with the non-performing loan ratio falling to European levels and the NPL coverage by provisions staying at significantly higher levels than the European average; profitability increased. Yet, Romania's banking sector faces a number of vulnerabilities: (i) expectations on a higher risk of default on private sector loans amid worsening macroeconomic conditions, the uncertainty about future developments, and growing debt service due to higher interest rates, (ii) the close link between the banking sector and the government sector, and (iii) the polarization of credit institutions by size. The slowdown in lending, which started in the second semester of 2022, was also due to the rise in financing costs amid the tightening of both monetary policy stance and  2/3  BIS - Central bankers' speeches  credit standards. In the second quarter of 2022, banks tightened credit standards for loans to non-financial corporations and to households, and were expected to continue to do so in the third quarter of 2022. The prolonged energy crisis, the heightened geopolitical tensions and the mounting uncertainty about the economic outlook prompted banks to reassess the level of risk. In respect with challenges raised by climate change and energy efficiency, as of May 2022, the NBR started collecting information on green loans from banks.
Charles L Evans: Is it time to return to business-as-usual monetary policy? A case for patience Speech by Mr Charles L Evans, President of the Federal Reserve Bank of Chicago, at the 56th National Association for Business Economics (NABE) Annual Meeting, Chicago, Illinois, 29 September 2014. *  *  *  Thank you. I would like to thank the National Association for Business Economics (NABE) for inviting me to speak this morning. The organizers of this annual meeting were farsighted in arranging the conference around the theme of long-term strategies. As the many excellent speakers make clear, there is much to ponder as we contemplate the future of monetary policy. And I welcome the opportunity to talk to you today about my views on the appropriate strategy for determining the timing and pace of our eventual policy normalization. Before I begin, let me note that the views I express are my own and do not necessarily represent those of my colleagues on the Federal Open Market Committee (FOMC) or within the Federal Reserve System. Introduction and summary As you know, for almost six years, economic conditions have led the FOMC to keep its primary policy tool, the federal funds rate, at its effective zero lower bound (ZLB). When will it be time to finally lift the funds rate from the ZLB? Of course, the answer to that question depends on our progress toward our mandated goals of maximum sustainable employment and price stability.

2  BIS central bankers’ speeches  Chicago Fed economists first did work on the prospects for a declining labor force participation trend back in 2001 – near the time the rate peaked at just over 67 percent. 3 Even after revisiting this topic numerous times and with multiple generations of research assistants working on the programs, our economists’ views about the trends that are consistent with the composition of the population and a labor market near equilibrium have not changed much since then. 4 Among the many robustness analyses they performed, their models produce nearly the same trend for labor force participation as they have since 2001. 5 Depending on the details of the specification, Chicago Fed economists estimate that at the end of the second quarter of 2014, the labor force participation rate was between 1/2 and 1-1/4 percentage points below trend. Furthermore, the participation rate was as much as 3/4 of a percentage point below predictions based on its historical relationship with the unemployment rate. This disparity suggests that there likely is an extra margin of slack in labor markets beyond that indicated by the unemployment rate alone. It is interesting to dig further into these “labor force participation gaps.” Virtually all the gap during this cycle has been due to withdrawal from the labor market of workers without a college degree. By contrast, a participation gap never materialized for college graduates, even during the depths of the recession. There is no simple explanation for this striking contrast.
This was thought of as ‘constructive’ because it was meant to encourage banks not to rely on bailouts, while at the same time not tying governments’ hands so that they could not act in a crisis. There was very little ex-ante transparency about the path the authorities would follow in a resolution. That led to a hidden subsidy in market pricing of the shares for our largest banks, driven by the market’s belief that the largest banks were ‘too big to fail’, and would be rescued by governments, as proved to be the case in the UK. The importance of having transparency with a resolution regime is well recognised globally – and was highlighted in the 2020 FSB Consultation Report evaluating the impact of too-big-to-fail reforms on G-SIBs5. 2  The House of Commons Library Research Briefing Bank rescues of 2007-09: outcomes and cost summarises the actions that were taken. 3 Box 2.3 of the April 2009 Budget document sets out more detail of these calculations. Table C.1 in the OBR’s November 2020 Economic and Financial Outlook gives updated estimates of the net effect on the public finances. 4 As Jon put it in his 2017 speech Ten Years On: Lessons from Northern Rock – “Had the authorities had better, less disruptive options available over the previous 18 months to deal with a series of failing institutions, the disruptive, explosive nature of the crisis might well have been minimised. There would still have been very major losses and failures.

It also allows firms to leverage existing capabilities and so avoid unnecessary compliance costs. There is no one size fits all approach for banks to demonstrate their resolvability; banks themselves are best placed to understand what they need to implement in order to ensure an orderly resolution process, keeping their preparations under review as they grow and change over time. We expect firms’ boards and senior management to take responsibility for their own resolvability, and to satisfy themselves that, if the worst were to happen, they could be resolved effectively. For resolution credibility means effectively executing what we say we will do. The presence of a credible resolution regime supports our aims, meaning that we can be more confident that if a firm does need to exit, it can do so in a way which minimises contagion and disruption. The RAF strengthens our confidence in these plans, by embedding increased accountability and setting strong expectations of firms and their boards. Firms which are already at, or aspire to reach, a level such that their exit would cause an unacceptable level of disruption should factor our resolvability requirements into their business plans – as with any other regulatory requirement.
To increase opportunities for women would require opportunities for education and for the acquisition of experience and exposure. After formal education, it is experience and expertise gained from coaching and mentoring that will further enhance an individual’s contribution to organisational effectiveness. In a modernised organisation, the performance management process demands the highest level of excellence and the ability to produce the desired results within the specified time frame. Transformed organisations involve a shift from task based activities to becoming result oriented with clear focus on the mandate and the key performance indicators. To incentivise such a performance driven organisation, recognition of performance and the reward system in place needs to be highly differentiated. For many countries this is yet to be put in place. The organisational transformation also needs to place value on life-long learning, knowledge management and opportunities for greater work life balance. Opportunities for learning are vital for capability development. Finally, new governance structures also are keys to ensure the rigour of how decisions are made in the organisation and that there are sufficient checks  BIS central bankers’ speeches  3  and balances to ensure the best decisions are made and the highest level of credibility and integrity are achieved. Challenges While the opportunities are immense for women in the public sector, yet few rise to leadership positions. While there is still a glass ceiling, as we advance forward into the future, the foundations are already in place for women to advance forward into leadership positions.

Zeti Akhtar Aziz: Advancing women’s leadership in public life Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Women in Leadership Forum “Power sharing in the public sector”, Kuala Lumpur, 22 February 2011. *  *  *  Introduction In this twenty-first century, it is human capital rather than physical capital that will define performance and progress. Women represent half of the world population and therefore half the potential resource that can drive such performance. This is reinforced by the more recent trend that increasingly, the majority of those with college education are women. Increasingly therefore, this group represents a more significant resource potential that can rise to leadership positions. In emerging economies, where such high powered talent is scarce, gender has not been of an issue. Women have risen to leadership positions based on their merits and capabilities. Women in Malaysia have certainly made significant strides in their participation in all segments of the Malaysian economy and have demonstrated their ability to lead and to succeed in both the public and private sectors. It is my honour to be here today to speak at this Women in Leadership Forum on the topic on “Advancing Women’s Leadership in Public Life: Power Sharing in the Public Sector”. In Asia, in particular, women have risen to key positions and have been given the opportunity to contribute to the nation’s progress and development.