samchain/econo-pairs-v1 huggingface dataset:
Therefore, at times of such excessive domestic demand through fiscal dominance, the Central Bank of Sri Lanka intervened in the foreign exchange market to defend the exchange rate from depreciation. Although this was done with the good intention of maintaining macroeconomic stability in difficult times, experience 11  repeatedly showed that managing the exchange rate extensively was always associated with a substantial loss of limited international reserves followed by a large depreciation. The most recent of such events were in 2011/2012 and 2015. During the 2011/2012 episode, the Central Bank supplied US dollars 4.2 billion to the market on a net basis, while the Central Bank supplied US dollars 3.2 billion to the market on a net basis during the year 2015. In spite of these considerable losses of reserves, the rupee depreciated against the US dollar by 13.5 per cent by the end of the 2011/2012 episode and by 9.0 per cent during 2015. Since then, the Central Bank has explicitly announced that international reserves will not be used to defend an overvalued exchange rate. Instead, the Central Bank intervention in the foreign exchange market will aim to buildup international reserves. So far during 2017, the Central Bank has been able to purchase over US dollars 1.3 billion from the market on a net basis for this purpose, and improved market confidence is shown by the limited depreciation of the currency this year.

In the current governance model, it is natural to think of the Ministry of Finance as the principal and Norges Bank as the agent. For the Ministry, the formulation of the management mandate, reporting and supervision will be important tools for ensuring that investments are managed in line with objectives. It is my view that the interests of the Ministry and the Bank largely coincide. All employees of the Bank are highly conscious of the Bank’s social mission. But there is no escaping the fact that the Bank has much more information about the investments and their management at its disposal than the Ministry. The Ministry has given Norges Bank a relatively detailed mandate for the management of the fund. The investment strategy is largely determined by this mandate. The mandate sets the benchmark index and tracking error limits. In addition, the mandate imposes constraints on the fund’s investment universe. The permitted deviations between the actual portfolio and the 2/7  BIS central bankers' speeches  benchmark portfolio are subject to defined limits, also known as index-tracking, which means that the GPFG’s return and investment risk are for the most part determined by the benchmark index. Chart: Return on the GPFG and the benchmark index The role of the Bank and the Executive Board in formulating and elaborating the management mandate is to advise the Ministry of Finance. This is an important job.
The basic pattern is suited for countries which are introducing central banking systems for the first time because it contains certain signposts and warning signals which should prove useful to administrators who do not have long established traditions and years of personal experience upon which to rely. It also provides a legal structure which is flexible and adaptable to changing economic conditions. Within the structure there is ample room for the development of policies that are appropriate to the times. Good central banking is less good law than good practice. The Central Bank of Ceylon may make its influence felt more effectively through the development of day-to-day relations of confidence and understanding between itself and the various banking institutions than through the exercise of all of the powers given it under this bill. Such influence is known in the textbooks as “moral suasion” and should be especially important in a small country where  BIS central bankers’ speeches  1  it should be possible to develop close relations between the Central Bank and each of the fairly limited number of banking institutions…..” Having worked as an economist in the Central Bank and banker and investment banker in global financial environment, I perfectly understand what Mr. Exter meant. I invite you all to read the Exter Report if you are interested in knowing what type of institution the Central Bank is?

Savers criticize the Central Bank for low interest rates whereas producers who fund their production activities from bank loans appreciate low interest regime. The Central Bank is also routinely criticized by various segments for its policy for managing the exchange rate. Ultimately, the Central Bank manages monetary policy to suit its mandate to secure the objectives it priorities, given the economic knowledge of the authorized officers and the Monetary Board Members. It is the monetary policy that determines how much money the Central Bank should print to facilitate the economy. Under the MLA, the Central Bank has the powers to print money by acquiring several kinds of assets. Those assets are provisional advances to Government, purchase of Government securities, purchase of foreign exchange and lending to banks. In conducting monetary policy, the Central Bank determines the annual growth of money desirable for the economy taking into consideration price inflation and production growth. In line with the desirable growth of money, the Central Bank maintains its asset growth to facilitate new money required. In the US and Euro area during the last six years, central banks have been expanding their assets many times to print money so that the economy is flooded with money to be invested in production and creating employment while keeping interest rates at rear zero levels. Third, regulation and supervision of banks and financial institutions Banking, finance and leasing businesses fall within the purview of the Central Bank under the MLA and relevant statutes.
18 Autorité de Contrôle Prudentiel et de Résolution (ACPR) publication ‘Climate change : which risks for banks and insurers’, 04/10/19 19 Australian Prudential Regulation Authority (APRA) letter to firms on ‘Understanding and managing the financial risks of climate change’, 24/02/20 20 Reply to Parliamentary Question on including climate change-related risk in the Monetary Authority of Singapore’s (MAS) annual industry-wide stress test, 04/02/20 21 Speech by Luis de Guindos, Vice-President of the ECB, at the European Savings and Retail Banking Group Conference, ‘Creating sustainable financial structures by putting citizens first’, 21/11/19 17  7  All speeches are available online at www.bankofengland.co.uk/news/speeches  7  The scenarios will look ahead decades, not the next three to five years. They require firms to understand how their real economy customers are exposed to these risks and the actions they would take to manage the risks. That will in turn prompt conversations about stewardship to net-zero and what opportunities an orderly transition might bring. At the heart of this is scenario analysis. Most firms have significant gaps in their climate scenario analysis capabilities. That is not surprising given it is a relatively new field.

Likewise important from the standpoint of the industry’s resilience has been the deleveraging undergone by the Spanish non-financial private sector during this period. From 2010 to 2019 there was a decline of almost 30 pp of GDP in the household debt ratio; and in the case of the non-financial corporations sector, its net debt fell by more than 45 pp of GDP from 2010. 1  In any event, the most appropriate means of illustrating the banking sector’s resilience is through the stress tests we regularly perform as supervisors. In July, the ECB conducted a vulnerability analysis of the banks under its supervision. The aim was to test, prospectively, banks’ resilience to the shock caused by the pandemic. The results of this exercise for Spanish banks are very similar to those obtained at the Banco de España in the Forward Looking Exercise on Spanish Banks (FLESB) stress test exercise, whose final results were published in our autumn Financial Stability Report. In the baseline scenario considered by the Banco de España’s vulnerability exercise, which includes cumulative declines in euro area GDP in 2020, 2021 and 2022 of around 1.6%, the reduction in the solvency of Spanish banks as a whole was estimated at 2 pp for significant institutions with an international presence, at 1 pp for other significant institutions and at 0.8 pp for institutions under the direct supervision of the Banco de España, leaving them at 9.9%, 12% and 18.7% on average, respectively, above the prudential requirements established.
DCS listings will broaden the range of investment options for investors and add vibrancy to Singapore’s capital markets and capital markets globally. 29 Đ Đ With the recognition that public markets play an important and key role in our entrepreneurial ecosystem by providing public financing for growing companies, MAS will continue to support growth in public equity markets. • MAS has committed $ million over three years to help companies list and raise equity capital on SGX and support initiatives that broaden and deepen our research ecosystem. This will help to mitigate the growing and global phenomena of shrinking research coverage and build up our capabilities in covering public markets. Conclusion 30 Đ Đ In conclusion, as we move into a changing world with a less certain global order, rapidly advancing technology, and increasing threats and opportunities, it will be even more important for exchanges and clearing houses to keep pace with global trends and be ready to adapt. This will ensure that you are wellplaced to navigate challenges and remain relevant to the evolving needs of our financial markets. 31 Đ Đ The WFE, in continuing to advance a collective voice for the improvement of our public markets, will be an important contributor to global discussions with regulators on how our public markets are shaped for the future. The WFE’s ongoing eworts in advancing the sustainability agenda for exchanges and clearing houses, is testament to the leadership and contributions it has presented since its founding in 1961.

Regional Developments: ASEAN – Grounds for Optimism 7 Đ Đ Within ASEAN, the picture is rosier. According to the IMF, the major ASEAN economies are expected to continue outperforming emerging markets and developing economies as a whole, with projected GDP growth of about 5.0% annually for 2019-2020 [2] . ASEAN has become one of the fast-growing regions in the world in the last few decades, and is home to eight of the world’s best performing developing economies [3] . Looking ahead to 2050, it is projected that ASEAN – with a population of close to 800 million people by then - could become the fourth largest single market, behind China, India, and the US [4] .Đ • In the next few years, growth in ASEAN will continue to be driven by intra and extra-regional trade as well as strong investment flows, even as domestic demand will play a more important role.Đ • ASEAN also has demographics on its side: we are for the most part a young region, with a rapidly growing middle class who is increasingly consuming higher value-added goods and services. • Asian wealth accumulation is also growing quickly. Assets under management in the Asia Pacific is expected to increase faster than any other region globally, almost doubling from 2017 to about $ trillion in 2025. This will result in increased demand for investment opportunities across a wide range of products like equities, fixed-income, and risk management tools.
Kerstin af Jochnick: Monetary policy and macroprudential policy Speech by Ms Kerstin af Jochnick, First Deputy Governor of the Sveriges Riksbank, at a meeting at Länsförsäkringar AB, Stockholm, 25 January 2013. *  *  *  Today I intend to talk about monetary policy and the new policy area, macroprudential policy, and how these two areas are interlinked. My message today can be summed up in a few points. First: in the absence of a clear framework for macroprudential policy, we have taken into account in our monetary policy the risks linked to the high level of household debt in Sweden. This is because we have wanted to avoid the consequences that many other countries have experienced as a result of high indebtedness and falls in house prices. Second: I believe that macroprudential policy, once it is up and running, will be in a better position than monetary policy to manage these risks, as it offers tools that are more effective than the repo rate for these purposes. Third: The Riksbank has an important role to play in macroprudential policy in Sweden, partly because we have long conducted analyses in this field, and partly because there are strong points of contact between monetary policy and macroprudential policy. The Riksbank has two main tasks: price stability and financial stability. I think that a clear and efficient framework for macroprudential policy – where the Riksbank plays an important role – would give us better conditions to carry out these tasks.

Another example, which has recently led to new legislation in the United States, is the role of analysts in investment banking. An analyst has the task of providing investors with advice, but if the bank is more interested in gaining business for its corporate finance activities than safeguarding the investor’s interests, the analyst’s assessment may be influenced by this. Here there should traditionally be a “Chinese wall”, but this has in some cases been fairly low and probably eroded considerably over time. Before I go on to more bank-specific issues, I would like to say a few words about conflicts of interest in general, and how these can be handled - to the extent that they should be handled. I shall then move on to more specific conflicts of interest between different types of banking operations, particularly given the developments in the United States. Finally, I shall draw some conclusions concerning Sweden. The fact that different people have different interests is quite natural. A buyer and a seller usually have different interests in a business transaction. A difference of interest is actually one of the most important driving forces in a market economy. A difference of interest only becomes a conflict of interest when one person or organisation has to take into account several different interests and can promote one at the cost of another. Conflicts of interest are thus based on an agency relationship. BIS Review 47/2004  1  These conflicts exist in almost all businesses.
A negative pay gap in this table indicates that ethnic minorities earn less than their white counterparts, whereas a positive pay gap indicates that ethnic minorities earn more than their white counterparts. 29  All speeches are available online at www.bankofengland.co.uk/speeches  29  We can extend these specifications by considering interaction effects between gender and ethnicity. This is achieved by adding two dummy variables to the original specification (5):  (8) ln  ∝  Where  ∗  ∗  h  =  h  1 0  ∗  ∗  h  ∗  person does not belong to white ethnic group person belongs to white ethnic group  As shown in Table 4, we find that the conditional gender wage gap (for white women) remains around -15%. For female ethnic minorities this becomes larger at around -18%, suggesting an additional “pay bias”. This resolves another puzzle in the unconditional pay data. By contrast, ethnic minority men suffer no such additional bias. Indeed, at around -10 percentage points, their pay gap is smaller than for white women.

The level of Chinese investment pouring into the country has also significantly increased while the Chinese community in the country has continued to grow following the rising number of Chinese investments in Zambia. The level of interactions between Zambian businesses and those from China has therefore significantly increased. However, the obvious and notable obstacle to the smooth conduct of business transactions and interactions between the people of our two countries has been the language barrier. Many a time, communication between our people has been through the use of interpreters. BIS Review 175/2010  1  Reliance on interpreters can be very inconveniencing, ineffective and costly. This barrier can be overcome by learning the Chinese language. It is against this background that the Bank has taken keen interest in launching this MoU. The principal objectives of the MoU are to: a)  establish a framework in which the Chinese International School can facilitate capacity building in learning the Chinese language among BOZ employees;  b)  promote multi-cultural awareness and appreciation of a diversity of languages necessary for Bank staff to transact effectively and efficiently in social and professional fora which require the usage of Chinese; and  c)  enhance opportunities for bi-and or multilateral co-operation between the Bank and relevant Chinese-speaking authorities and stakeholders.
These measures proved to be nearly ineffective as they were easily circumvented. Today, in an environment of even more integrated markets, the result would be the same. Introducing such measures to combat an appreciation of the Swiss franc would thus be no solution. Consequently, the SNB would certainly be able to smooth excessive fluctuations in the exchange rate should doubts about the stability of the Euro lead to portfolio shifts into the Swiss franc. However, in the face of extreme capital inflows, we would most likely not be able to entirely insulate the domestic economy from harmful disturbances unless we were willing to jeopardize price stability in the long run. Therefore, Switzerland, like any other country in Europe, has every interest in a successful transition towards EMU and a stability-oriented monetary policy by the new ECB. Let me finish with some thoughts on the consequences of the introduction of the Euro on payments executed in Switzerland. Two cases have to be distinguished: payments related to domestic and payments related to cross-border transactions. As regards domestic transactions, there is no reason to expect that the Euro would to any considerable extent replace the Swiss franc as Switzerland’s main medium of exchange. The costs associated with using the Euro in domestic transactions will be and will remain higher than the ones associated with the Swiss franc. Historically, only in cases of extreme inflation have domestic currencies been replaced by foreign currencies as the main medium of exchange.

Relaxing monetary policy too little might not be enough to break the upward pressure on the franc; relaxing monetary policy too much might lead to inflationary tendencies later on. The dilemma faced by the SNB would become even greater should the pressure on the Swiss franc to appreciate become more pronounced. In such a situation, we could react by pegging the exchange rate of the franc to the Euro. A peg could either be temporary or the Swiss authorities could decide to link the Swiss franc permanently to the new single currency through a fixed exchange rate. BIS Review 102/1997  -5-  A permanent peg could do away with the problem of an appreciating currency. It would, however, have major drawbacks: First, we would give up our relative autonomy in setting the course of monetary policy in Switzerland. Monetary conditions in our country would be determined entirely by the ECB. As a consequence, interest rates would rise close to the level prevailing in the EMU. Adapting to this new level of interest rates would pose major problems, especially for the real estate sector and for those sectors of the economy which rely on low interest rates to finance their capital-intensive production. Second, choosing the right parity in a system with fixed exchange rates is a very difficult task. A peg that would leave the Swiss franc overvalued would force the SNB to follow a monetary policy that is too restrictive.
25 Đ Đ Reforms in the Markets in Financial Instruments Directive II (MiFID II) have also awected the global investment research climate, with potential spill-on ewects on the liquidity and vibrancy of public markets. Research budgets are shrinking and small to mid-cap stocks are increasingly seeing a reduction in research coverage [14] . These factors could impact the liquidity of public markets, especially for thinly-traded smaller firms which may not receive suwicient investor attention despite having strong fundamentals. 26 Đ Đ Amidst these trends, there is a need to respond to changing funding needs and be flexible to accommodate these evolving business models. 27 Đ Đ In Singapore, we seek to support corporates’ financing capabilities and needs across the corporate lifecycle – from early stage financing to mature companies looking to tap on financing from public markets. As part of Singapore’s Financial Services Industry Transformation Map (ITM) to transform Singapore into a leading global financial centre that connects global markets and supports Asia’s development, MAS has introduced a number of initiatives to support enterprise financing in both private and public markets. • Venture capital and private equity managers are an essential element in the financing lifecycle, by providing smart capital and operational and business expertise to portfolio companies. • To facilitate activities of venture capitalists to support small and medium-sized enterprises (SMEs), we have simplified and shortened the authorisation process for venture capital managers.

DCS listings will broaden the range of investment options for investors and add vibrancy to Singapore’s capital markets and capital markets globally. 29 Đ Đ With the recognition that public markets play an important and key role in our entrepreneurial ecosystem by providing public financing for growing companies, MAS will continue to support growth in public equity markets. • MAS has committed $ million over three years to help companies list and raise equity capital on SGX and support initiatives that broaden and deepen our research ecosystem. This will help to mitigate the growing and global phenomena of shrinking research coverage and build up our capabilities in covering public markets. Conclusion 30 Đ Đ In conclusion, as we move into a changing world with a less certain global order, rapidly advancing technology, and increasing threats and opportunities, it will be even more important for exchanges and clearing houses to keep pace with global trends and be ready to adapt. This will ensure that you are wellplaced to navigate challenges and remain relevant to the evolving needs of our financial markets. 31 Đ Đ The WFE, in continuing to advance a collective voice for the improvement of our public markets, will be an important contributor to global discussions with regulators on how our public markets are shaped for the future. The WFE’s ongoing eworts in advancing the sustainability agenda for exchanges and clearing houses, is testament to the leadership and contributions it has presented since its founding in 1961.