samchain/econo-pairs-v1 huggingface dataset:
We also focus on topics that influence the development and regulation of companies’ input factors – both regarding human resources such as labour, in particular children’s rights, and natural resources such as access to clean water and clean air. Norges Bank’s Executive Board has established a set of principles and a strategy for the exercise of ownership rights. Openness and transparency are key principles in the management of the Government Pension Fund – Global, and we aim to be as open as possible about our active ownership work. Our active ownership is practised in a number of different ways: through the exercise of voting rights, through dialogue and engagement with individual companies, through collaboration with other investors, through submissions to the regulatory authorities, and through research and public communication. We aim to vote at all general meetings of the companies in which the Fund has shares. We voted on 68 724 items at 7 871 general meetings in 2008. 4  BIS Review 58/2009  The impact of the crisis on the Norwegian Fund The Norwegian Fund has been hard hit by the crisis. In 2008, the total return on the Fund was a negative 23 per cent, the weakest in the Fund’s history. There was a negative return of 41 per cent on the equity portfolio, while the return on the fixed income portfolio was close to zero. The real rate of return after costs has been 1 per cent since 1998. This is well below the assumed long-term return of 4 per cent.

And it is also clear that that transition in thinking needs to lead soon to transition in action, if we are to reduce these financial risks in a timely manner and so avoid a late and abrupt transition to the low carbon economy to which governments have committed. To make this happen, we need to learn by doing, to identify decision-useful information that will support the necessary transition; and we need to identify the barriers to the mainstreaming of green finance so that the transition can be financed in practice. It’s a tough ask that gets more pressing by the day. The prize could not be more important. We must keep up the good work. 7  https://www.banque-france.fr/en/financial-stability/international-role/network-greening-financial-system 7  All speeches are available online at www.bankofengland.co.uk/speeches  7  References Carney, M. (2015), “Breaking the Tragedy of the Horizon – climate change and financial stability”, speech given at Lloyd’s of London, September 2015. Carney, M. (2016), “Resolving the climate paradox”, Arthur Burns Memorial Lecture, Berlin September 2016. Climate Bonds Initiative (2017) “Bonds and Climate Change, The State of the Market 2017”. Climate Bonds Initiative and UNEP Inquiry into the Design of a Sustainable Financial System (2015) “Scaling up green bond markets for sustainable development”. OECD (2016), “A quantitative framework for analysing potential bond contributions in a low-carbon transition”. PRA (2015), The Impact of Climate Change on the UK Insurance Sector. Scott, M., Van Huizen, J. & Jung, C. The Bank of England’s response to climate change. 98–109 (Bank of England, 2017).
But the SMR is not an end in itself – the accountability it delivers should contribute to safety and soundness. Firms should therefore expect us to make more use of the SMR to deliver supervisory priorities. There is no magic to this: we will simply ask, when we set out those priorities, which senior manager is on the hook to deliver them, and what will happen if they do not? We want to know who is on the hook if things go badly wrong, and have recently asked firms to spell this out in developing areas such a crypto-assets, operational resilience and algo-trading. And enforcement cases have shown that we can, and will, take action against Senior Managers if our red lines are crossed. However, we are not an enforcement-led regulator: in my opinion, the real prudential value of the regime lies in creating opportunities for preventative or remedial action through supervision. Which brings me to my third example: pay. This has been another area of massive reform. No pay system is perfect, but I remain convinced that the 100% cash, paid out up-front bonus systems which existed for risk-takers in some of our largest firms before the crisis were an important part of what broke the financial system. The new system of deferral, malus and clawback is much safer. So we are not planning to come up with some new approach at this stage – seven year deferral is long enough, and has a pleasingly biblical ring to it.

Good cop/bad cop Speech given by Sam Woods, Deputy Governor, Prudential Regulation and Chief Executive Officer, Prudential Regulation Authority  Mansion House City Banquet, London 25 October 2018  I am grateful to Ivar van Hasselt and Joanna Keeble for their assistance in preparing this speech and to other colleagues for comments and contributions. 1  All speeches are available online at www.bankofengland.co.uk/speeches  Lord Mayor, Ladies and Gentlemen, Andrew and I have worked together for a long time, and we’ve often found it useful to adopt a regulatory good cop/bad cop routine. In the context of Mansion House, the rules are simple: whoever gives the shortest speech is good cop! Now Andrew I timed you just now, and with a few edits I think I can sneak in under the line… But why am I talking about the police at all? Police metaphors are dangerous, but as it happens “good cop/bad cop” is a good analogy for two different aspects of our role as regulator:   First, bad cop: areas where we need actively to insert the public interest into privately or mutually-owned firms, because some of the costs of their failure would be externalised and they therefore have an incentive to run too much risk. Here there is inherently a degree of conflict between regulator and firm – it is the way our system is set up. Capital is the most obvious example of these battlegrounds, where reasonable people with different objectives quite naturally come to different answers.
2  BIS Review 41/2001  On the financial system level, we are drafting a new Financial System Master Plan in cooperation with stakeholders and representatives from other regulators within Thailand such as the SEC as well as the Department of Insurance. This will provide a new and vibrant financial system whose survival will be judged by the value added it creates and delivers to the clients. And these will ensure adequate provision of financial services as required by the new economic environment. As for the current economic policy, we are not yet out of the crisis. The economy recovered from a 10.8 percent contraction in 1998 and posed a 4.2 percent and 4.3 percent in 1999 and 2000, respectively. Nevertheless, the global slowdown, particularly from our main trading partners such as the US and Japan who account for roughly 35 percent of our exports, have complicated our tasks. Here, it is the lack of confidence in the overall economic conditions that is the main problem that prevents the resumption of business lending. Earlier this week, the government announced its plans to put in place additional fiscal stimulus for the fiscal year 2002, as well as programs to stimulate domestic spending. These include new measures to utilize excess liquidity in the banking sector to further enhance economic activities, to increase investment through a matching fund, as well as to retrain the workforce. These should provide the much-needed economic stimulus to the corporate sector.

Share of credit flows by interest rate type 100  percent  percent  100  10  10  0  0  Housing loans variable interest rate  Sep.17  20  Sep.16  20  Sep.15  30  Sep.14  30  Sep.13  40  Sep.12  40  Sep.11  50  Sep.10  50  Sep.17  60  Sep.16  60  Sep.15  70  Sep.14  70  Sep.13  80  Sep.12  80  Sep.11  90  Sep.10  90  Consumer loans (maturity below 5 years) fixed interest rate (1-5 years)  fixed interest rate  Source: NBR  20  Figure 28. Level of indebtedness by loan type and net monthly wage 60  percent  50 40 30 20 10 0 (minimum (average >2 x wage; wage; average average 2 x average wage wage] wage]  TOTAL  (minimum (average >2 x wage; wage; average average 2 x average wage wage] wage]  Housing loans  TOTAL  Consumer loans  DSTI for all loans in stock in September 2016 (median) DSTI for all loans in stock in September 2017 (median) DSTI of debtors with new loans in September 2016 (median) DSTI of debtors with new loans in September 2017 (median) Source: NBR, CB, MPF  21  Figure 29. Share of households with housing loans by income quintile (September 2017) 12  percent  Figure 30.
: Quarantines begun in Santiago East  1  5  +116 3 %  Pharmacies  3  0  7  Department stores  Mar. 03  May 05  (*) Percentages show variation between 30 July and 26 August. Source: Central Bank of Chile using Internal Revenue Service data. 17  Jul. 07  1 0  Figure 11  Evolution of local assets v. baskets of comparable countries (1) Tipo de cambio (index, 17/April/2020=100)  102  10-yr sovereign bonds' interest rate (dfiference w/respect to 1/June/2020, percent)  102 0.4  0.4  0.3  0.3  0.2  0.2  0.1  0.1  0.0  0.0  -0.1  -0.1  98  98  94  94  90  90  86 17-04 17-Apr. 86 -0.2  Jun. 06 17-08 17-06 17-Jun. 17-Aug. Comparable basket (2) Sep.  Jul. 07  Aug. 08  09  -0.2  Chile  (1) Vertical lines from left to right mark the dates of: the June monetary policy meeting (June 16), approval in Congress of the idea of legislating on a bill that would allow the withdrawal of 10% of the AFP funds (July 8), and first announcements by the Central Bank of Chile (July 20). (2) The basket of comparable economies is made up of a combination of Latin American assets and commodity exporters (Australia, Brazil, Colombia, Mexico, New Zealand and Peru). Source: Bloomberg.

In particular, the current recession differs from past episodes in that its origin is not economic, so the fall in activity is not caused by problems in specific sectors or markets, but rather by the interruption of the normal functioning of businesses and activities to combat the spread of Covid-19. This implies that the economic measures adopted should seek to ensure that companies and individuals survive this period of confinement, avoiding more permanent damage. The key to mitigating the effects of the pandemic is to get credit flowing to businesses and allow them to cushion the major drops in their cash flows. Several measures have been implemented with this in mind, with some elements in common. First, central banks, along with lowering their benchmark rate to its lowest possible, have established special bank financing programs, conditional on their increased lending. Some examples are the programs of the Bank of England (Term Funding Scheme with additional incentives for SMEs, TFSME), the European Central Bank (Targeted Longer-term Refinancing Operations, TLTRO), and the Central Bank of Chile (FCIC). Second, governments have committed resources that serve as guarantees for loans, which in the Chilean case are the FOGAPE 1 guarantees (Table 1). In Chile, the sum of both programs is equivalent to just over 15% of GDP, comparable to the resources that have been committed in Brazil, but far above what has been done in other Latin American countries, such as Peru, Colombia, and Mexico.
Synchronisation, or atomic settlement, is the idea that two or more payments or movements of assets are linked in such a way as to ensure that one asset moves if and only they all do. We have been investigating the demand for synchronisation and how we would make it work, undertaking a call for interest exercise15 recently to explore 11  Crest is the central securities depositary of the UK. CLS provides FX settlement services. 13 More detail in Annual Report and Accounts. Available at: https://www.bankofengland.co.uk/-/media/boe/files/annual-report/2018/boe2018.pdf?la=en&hash=37A60AD4BB7912B2A7D065A828C8B0E30B59C1B6 14 See http://www.gfma.org/news/press-releases/2018/industry-unveils-cybersecurity-profile-to-help-financial-institutions-develop-andmaintain-cyber-risk-management-programs/ 15 Call for interest: synchronised settlement in central bank money. Available at: http://www.gfma.org/news/pressreleases/2018/industry-unveils-cybersecurity-profile-to-help-financial-institutions-develop-and-maintain-cyber-risk-managementprograms/ 12  5  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  5  this further. In that exercise we engaged with a number of post-trade technology service providers, who highlighted the various costs associated with the established settlement processes which could be reduced through synchronised settlement. If properly harnessed, synchronised settlement could deliver efficiencies – such as by operational costs or bringing liquidity efficiencies - in areas such as FX, repo, securities lending, and cross border payments. We’re also using RTGS renewal to drive forward developments in data standards to increase harmonisation, resilience and innovation. Current messaging standards in payment systems limit the amount of information that can be provided, and a lack of both domestic and international harmonisation impedes interoperability. Moving to a co-ordinated single standard could bring a host of benefits in risk reduction, fraud and crime detection, supporting competition, and more.

It will therefore remain active in the foreign exchange market, should this prove necessary in order to influence monetary conditions. Nevertheless, the near future will see major challenges in Switzerland. Today more than ever, the Swiss economy has to focus on its structural strengths and flexibility, to ensure its international competitiveness and thus the country’s prosperity in the future. Thank you very much. 6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches
The Bank of England’s role All must play a role in building real markets, including the Bank of England. Although the Bank does not regulate conduct or markets per se, it has responsibilities for, and powers over, the stability of the UK’s financial system as a whole. In the run-up to the crisis, the Bank’s contribution to the effectiveness of markets fell short in three respects. In all cases, the Bank is now responding. First, the Bank’s framework for providing liquidity was shown to have lagged behind market developments. Once under pressure, the Bank could neither stabilise overnight rates nor support the banking system. Fortunately, in the jaws of the crisis, the Bank innovated rapidly and admirably to avoid a collapse of the system. Those lessons are now embedded in a new, comprehensive framework for the Bank’s sterling market operations. We have expanded the range of eligible collateral, and will lend to many more counterparties, at much longer maturities. The Bank also stands ready to act as a market maker of last resort. Constructive Ambiguity has been replaced by Open for Business. BIS central bankers’ speeches  5  Second, like many others, the Bank neither identified the scale of risks in the system nor spotted the gaps in the regulatory architecture. Following the Chancellor’s reforms in the last Parliament, the Bank now has statutory responsibility to protect and enhance the stability of the UK’s financial system, and is working as One Bank to do so.

So the premium on sound regulation and good living conditions has gone up. Location However, the trend towards concentration is unlikely to end in the extreme of only one or two global financial hubs. Location still matters even in the globalised financial landscape of the New Economy. Physical proximity to potential clients will remain important, especially in capital market origination, the M&A business or private banking, where personal services and physical interactions with clients are essential. Indeed, the growing customisation of finance to suit local conditions and meet individual client needs will mean that regional financial centres will continue to play a complementary role. Competition among financial centres will not be a zero-sum game of winner takes all. Smaller centres can coexist with the mega centres, focusing on different niches and serving different regions. There are thus collective gains to be shared through co-operation. Linkages between key financial centres, both across and within time zones, can help the centres to reap the benefits of integration while at the same time preserving close access to local communities. Similarly, there is an important role for closer regulatory co-operation and, where appropriate, harmonisation of standards, particularly in cross-border listing requirements, ongoing supervision, and accounting and disclosure. For the regions they serve, international financial centres make good economic sense. They provide easy access to funding and hedging opportunities, links to other key centres, and markets with liquidity and reach, especially for emerging economies. Financial centres tend to prosper when their hinterlands are buoyant.
Mohd Razif bin Abd Kadir: Unlocking opportunities Opening address by Mr Mohd Razif bin Abd Kadir, Deputy Governor of the Central Bank of Malaysia, at the 10th ASEAN Insurance Regulators Meeting and 33rd ASEAN Insurance Council Meeting, Kuala Lumpur, 15 November 2007. *  *  *  It is my great pleasure to be here today at the 10th ASEAN Insurance Regulators meeting and the 33rd ASEAN Insurance Council Meeting in Kuala Lumpur. Let me first extend a warm welcome and "Selamat Datang" to all the delegates from abroad as well as to fellow Malaysians here today. During this “˜Visit Malaysia Year” which is also the year of Malaysia's 50th Anniversary celebrations of our independence, I do hope that our foreign delegates will make time to enjoy Malaysia's diverse culture and the many unique sights, sounds and flavours. I am indeed honoured to be officiating the opening of the 10th ASEAN Insurance Regulators Meeting and the 33rd ASEAN Insurance Council Meeting. I understand that several fruitful meetings and exchange of ideas have already taken place yesterday, and several meetings have been outlined over the next two days to discuss various matters, revolving around the theme towards moving the ASEAN insurance industry forward. The ASEAN region has recorded significant growth with member countries growing at an average rate of 6% in 2006. ASEAN countries have grown stronger and our trade and cooperation have expanded further.

Since the beginning of this year, lower risk premiums have accompanied a stronger krone. Developments in the GRI were also an important factor during the Russian crisis in 1998-1999. When global risk premiums and interest rates are low, investors may turn to higher-yield currencies. There is also a tendency for more peripheral currencies to attract increased attention when volatility between the major global currencies is subdued and risk premiums are low. The interest rate differential has been an important explanation for the movements in the krone exchange rate, at least since the summer of 1999. A higher interest rate differential has accompanied a stronger krone. The krone has appreciated significantly since the beginning of this year, however, and apparently somewhat more than what can be explained by the interest rate differential alone. One explanation may be that market participants react to signs of pressure in the economy by adjusting their interest rate expectations in the longer term. This has an impact on longer-term interest rates. Thus, movements in the exchange rate may be a result of changes in forward rates, as well as current interest rates. Since early January, the 12-month money market differential appears to have followed the krone exchange rate more closely than the 3-month differential. The pressure on internal resources seems to have resulted in expectations of tight monetary conditions, which contributed to the recent appreciation of the krone. The nominal appreciation of the krone has been accompanied by a significant real appreciation of Norwegian labour.
Penger og Kreditt 3/05, Norges Bank. 12  In a world of free capital movements, the fixed exchange rate policy came under pressure as the 1990s wore on. For Norway, the development of the oil industry and strong growth in oil revenues also played a decisive role when formulating the new economic policy guidelines adopted in 2001: the fiscal rule for fiscal policy and an inflation target for monetary policy. NORGES BANK ECONOMIC PERSPECTIVES 17 FEBRUARY 2022  This system has served us well for more than 20 years, during a period when the economy has also been buffeted by severe shocks. But we have learned lessons along the way. One lesson is that strictly rule-bound economic policy is not fit for purpose. For interest rate setting, this means that the conduct of monetary policy must be flexible and manage trade-offs between the outlook for inflation and developments in output and employment. And the fiscal rule can no longer serve as a strict budget guideline from one year to the next. Norges Bank has faced different challenges in its 206-year history. A lot has changed since Nicolai Rygg’s day. But economic cycles will continue to shift, and we need to be prepared for new, unforeseen crises. The central bank’s primary mission remains the same: to promote economic stability and ensure confidence in the monetary system. Thank you all for your kind attention during my time as Governor of Norges Bank. Central bank governors come and go, But not the central bank, as you well know.

Our Eurosystem central banks are firmly committed to SEPA, among other reasons because we believe it will contribute to shoring up confidence in the single currency, by helping lift obstacles and promoting competition. And now I hope you all enjoy your meal. I believe there will be a round of questions – easy ones I trust – after dessert. Thank you. BIS central bankers’ speeches  3