samchain/econo-pairs-v1 huggingface dataset:
However, the picture of the global economy is nevertheless much brighter than it was in the autumn and the signs of a turnaround are becoming more distinct. Developments in Sweden The signals of a general recovery in Sweden have also become more tangible. According to Statistics Sweden's sales index, the retail trade's sales volume rose in January, compared with December 2001. During the most recent three-month period (November-January) industrial production and order intake  2  BIS Review 25/2002  had increased, compared with the immediately preceding three-month period. The manufacturing industry is optimistic with regard to the coming months and the retail trade is expecting sales statistics to remain high, according to the National Institute of Economic Research's economic barometer. The expansionary fiscal policy contributes to a strong development in households' disposable income and forms a basis for both higher private consumption and increased savings. Exports increased gradually during the period, but relatively cautiously, both because the international upturn in activity is rather tentative to begin with and because the krona is expected to appreciate. According to the Inflation Report, GDP was estimated to increase by 1.6 per cent this year and then accelerate to between 2.5 and 3 per cent in the coming years. Despite the weaker demand last year, employment continued to develop strongly and unemployment declined slightly. Both the number of hours worked and the number of those employed increased during 2001. Part of the favourable development in employment may, however, stem from the increased absence due to sickness.

Negative signals are coming from manufacturing, where companies' profit expectations are subdued in both the USA and Europe. However, the first reports just presented for Q1 look better than the market had expected. Although as private consumption has been relatively strong in the USA, there is no pent-up need to purchase capital goods as is usually the case after an economic downturn. Household consumption may also be negatively affected if households' wealth in property, and not just equity, is undermined. If the US long rates continue to rise as they have done in recent years, this may be one of the consequences. A large part of Sweden's exports go to the euro area, which means that developments in economic activity here are particularly important. There are fewer signs of a recovery in Europe and the upturn in economic activity may be less strong. However, if one examines the leading indicators, companies appear to have become more optimistic. All in all, it can be concluded that growth prospects in the world around us have improved. The effects of the expansionary monetary and fiscal policy conducted on both sides of the Atlantic are becoming more tangible. The slowdown in economic activity therefore looks to be relatively limited. At the same time, there are risks. The structural imbalances in the US economy, which were built up during the end of the 1990s as a result of excessive optimism, are threatening to slow down the recovery.
I am going outline some broad proposals for reform, focusing on the aspects of our system that are most important to reducing systemic risk. These proposals do not address a myriad of other important aspects of regulatory policy, including consumer protection issues in the mortgage origination business, the future role of government and government-sponsored enterprises in our housing markets, and many others. Any agenda for reform has to deal with three important dimensions of the regulatory system. •  Regulatory policy. These are the incentives and constraints designed to affect the level and concentration of risk-taking across the financial system. You can think of these as a financial analog to imposing speed limits and requiring air bags and antilock brakes in cars, or establishing building codes in earthquake zones. •  Regulatory structure. This is about who is responsible for setting and enforcing those rules. •  Crisis management. This is about when and how we intervene and about the expectations we create for official intervention in crises. Here are a few broad points on each of these. Regulatory policy The objectives of regulatory policy should be to improve the capacity of the financial system to withstand the effects of failure and to reduce the overall vulnerability of the system to the type of funding runs and margin spirals we have seen in this crisis. First, this means looking beyond prudential supervision of the critical institutions to broader oversight of market practices and the market infrastructure that are important to market functioning.

In this context, the Governing Council again stressed that the degree of forecast uncertainty tends to increase with the length of the projection horizon. Turning to the monetary analysis, recent data confirm the gradual increase in underlying growth in broad money (M3). The annual growth rate of M3 increased to 4.1% in January 2015, up from 3.8% in December 2014. Annual growth in M3 continues to be supported by its most liquid components, with the narrow monetary aggregate M1 growing at an annual rate of 9.0% in January. The annual rate of change of loans to non-financial corporations (adjusted for loan sales and securitisation) was –0.9% in January 2015, after –1.1% in December 2014, continuing its gradual recovery from a trough of –3.2% in February 2014. The three-month cumulated net lending flows were positive in January for the second consecutive month, compared with sizeable net redemptions still recorded a year ago. Despite these improvements, the dynamics of loans to non-financial corporations remain subdued and continue to reflect the lagged relationship with the business cycle, credit risk, credit supply factors and the ongoing adjustment of financial and non-financial sector balance sheets. The annual growth rate of loans to households (adjusted for loan sales and securitisation) increased further to 0.9% in January 2015, after 0.8% in December 2014. Our recent monetary policy measures should support a further improvement in credit flows.
Just as important, we want to generate ideas for how to better assess the effectiveness of supervisory activities. In a world of limited resources, how do we deploy our people and technology in the most effective way to limit disruption and distress at individual firms and to the financial system, while still fostering an efficient and innovative financial system? In considering these questions, a good starting point is to understand more fully what supervisors do and how they do it in the current environment. The papers that are being presented here today are largely aimed at achieving this goal. As described in the first paper – “Supervising Large, Complex Financial Institutions: What do Supervisors Do?” – bank supervision has long been an integral component of the Federal Reserve’s  1  Beverly Hirtle, David Lucca and Joseph Tracy assisted in preparing these remarks. BIS central bankers’ speeches  1  responsibilities. At a broad level, Federal Reserve supervision of large financial institutions is guided by two key objectives: “enhancing the resiliency of a firm to lower the probability of its failure or inability to serve as a financial intermediary [and] reducing the impact on the financial system and the broader economy in the event of a firm’s failure or material weakness.” 2 In addressing these objectives, bank supervisors enforce laws and regulations, but there is much more to supervision than just enforcement.

William C Dudley: The evolving structure of the US treasury market Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at The Evolving Structure of the U.S. Treasury Market: Second Annual Conference, Federal Reserve Bank of New York, New York City, 24 October 2016. * * * On behalf of the New York Fed and our co-sponsors, it is my pleasure to welcome you to this second annual conference on the evolving structure of the U.S. Treasury market. We have the opportunity today to continue the dialogue around the changing nature of the Treasury market, a discussion that grew more urgent following the events of October 15, 2014.1 We have made significant progress since last year’s conference in improving our collective understanding of the Treasury market, and I believe it is important to continue official and private sector collaboration on this topic. Indeed, there is much left to do to ensure the continued integrity and effectiveness of this market, and I look forward to the further progress we will make today. As always, what I have to say today reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System.2 Over the past year, the Joint Member Agencies 3 have engaged with market participants and other members of the public to gain more information on the changing structure of the Treasury market.
The varied practices across the globe suggest the viability of different SRO models with their attendant benefits and limitations that may be appropriate to one jurisdiction while not necessarily to others. But what is common is that the notion of exchanges as frontline regulators has not been radically changed nor dismantled. 18. In Singapore’s context, when we review the role of the MAS vis-à-vis an SRO, a key consideration is who is better placed to make that assessment of risk-return tradeoffs in the strategy to support a sustained thriving marketplace. A stringent set of entry or policing criteria can limit growth and development; a loose set of criteria can undermine long-term confidence of market participants including investors and companies. On either end, the exchange’s own shareholders and other stakeholders including the investing public will be worse off. In addition, we have to consider who is in a more nimble position to manage the different types of risks posed by market participants on the exchange itself including early detection and preliminary investigations. 19. I should emphasise that these do not mean that concerns over potential conflict of interest especially with respect to the listing function are unfounded. Hence the MAS regularly reviews the extent to which the SRO functions – listings, member supervision and surveillance – should reside with the exchange.

24.05.2017  Welcome address I Conference on Financial Stability/Banco de España-CEMFI Luis M. Linde Governor  Good morning ladies and gentlemen, It is my pleasure to welcome you to this first Conference on Financial Stability, jointly organised by the Banco de España and the Centro de Estudios Monetarios y Financieros (CEMFI). Thank you very much for your interest in and attendance at the Conference. We have a very interesting agenda for today and tomorrow, structured around six sessions and a panel discussion covering a wide range of topics related to the theory and policy practice of financial stability. This event is bringing together distinguished speakers and discussants from central banks, international financial institutions and academia - a combination which will offer a diversity of perspectives and also ensure a lively and, for sure, interesting debate over the next two days. This conference has been possible thanks to the joint effort of Banco de España and CEMFI. I am very grateful to the organisers, in particular to Rafael Repullo, Director of CEMFI, as well as to all the members of the scientific committee responsible for promoting this meeting and selecting the papers to be presented in the programme. This event has aroused particular interest among researchers, with -I am told- nearly one hundred papers having been submitted for just twelve slots.
Yves Mersch: Interview in La Vanguardia Interview with Mr Yves Mersch, Member of the Executive Board of the European Central Bank, in La Vanguardia, conducted by Ms Beatriz Navarro and published on 7 May 2015. *  *  *  Tsipras’ reluctance to sign has surprised many. Is an agreement with Greece possible? Few times have I seen Europe so united, with the exception of one country, on the necessity to abide by the rules. Those countries would not like to see all the achievements of the past, the efforts made, come to nought now that they are beginning to see the benefits. Isn’t Tsipras right in calling for a change in policy? EU and IMF reports concede that the impact of the bailout on unemployment, GDP, etc. was greater than expected. In some sectors of the Greek economy the magnitude of the effort seems larger than elsewhere. However, in the Baltic States the adjustment has been, at the very least, the same as in Greece. But the more you stray from the correct path (and this country strayed the furthest), the harder it is to return. If the pressure had not come from the institutions, markets would have asserted even more pressure on countries to adjust. And if you can’t get financing yourself and you rely on the money of taxpayers in other countries, you need to show that your citizens are also playing their part. That reality has been easier to accept in some countries than in others.

It was only later that the concept of a fully-fledged Banking Union emerged, which would contain a SRM and a possible Deposit Guarantee Scheme, which has meanwhile been postponed. Rationale and objectives of Monetary Union The absence of European supervision and resolution had however already been identified by many analysts as an initial design flaw of monetary union. As the crisis developed, this became clear. The high degree of interconnectedness, in the euro area in particular, implies that the impact of supervision affects not only the domestic banking sector but also, as an externality, other countries. This has been captured by the so-called “financial trilemma”. The concept of the trilemma illustrates the impossibility of achieving simultaneously three objectives in an environment with linked financial markets. These objectives are financial stability and financial integration while preserving supervision at national level.1 The reasoning behind this is the following: with increasing financial integration, pursuing national financial policies will generally not lead to financial stability, because national policies seek to benefit national welfare, while not taking into account externalities of national supervisory practices in other countries.2 This leads to an under-provision of financial stability as a public good.3 A correction of this flaw addresses the first objective of Banking Union. A second objective for Banking Union4 stems from the evidence that keeping supervision at national level in both creditor and debtor countries contributed to the large imbalances that  1  Schoenmaker, D. (2011): “The Financial Trilemma”, forthcoming in Economics Letters.
The first group of students for the Chartered Islamic Finance Professional qualification, CIFP, offered by INCEIF, is expected to graduate at the end of this year after completing a three year programme that includes an internship with an Islamic financial institution. INCEIF also offers a Masters and PhD Programme in Islamic finance. BIS Review 121/2008  3  To promote research in Islamic finance, the International Shariah Research Academy (ISRA) was established this year to conduct applied Shariah research on the contemporary Islamic finance issues. ISRA also provides a platform that promotes active engagement and dialogue among global Shariah scholars that promote mutual respect in Shariah and the convergence of views from different jurisdictions in the global Islamic financial system. The third strategy is to promote greater financial integration with the global Islamic financial system. The Malaysian Islamic financial system has also been progressively liberalised to allow for increased foreign entry and participation in our financial system, thus facilitating greater cross border flows and thus strengthening the international financial inter-linkages. This has taken the form of issuance of new licences and increasing foreign participation in both Islamic banks and takaful companies to 49%. New licences were also issued to foreign fund managers and foreign stockbrokers. In this new phase of development for Islamic finance, Malaysia as an international Islamic financial hub, has increasingly become a meeting place for businesses from different parts of the world that need to raise funds and for investors that have surplus funds for investment.

Rather than the classic staircase pattern of disbursements, the Fund should consider, in some cases, providing a larger up front tranche that floats and is available if stress materializes and policy is responding appropriately. •  The Fund should stand ready to support countries in pursuing reasonable restructuring proposals when warranted by the circumstances. Official financial resources in that context can be helpful in meeting some targeted needs. •  And finally, the Fund needs a more credible capacity to withstand arrears, so that it does not face the reality or the perception that is can be induced to accept weak programs only to allow it to refinance its exposure. Conclusion These are modest proposals. They only cover a small piece of the world of the Fund, much less the broader Bretton Woods institutions. They would not fundamentally change the balance established by the Fund’s articles between the rights and obligations of its members. But they would help position the Fund to deal with future financial pressure in emerging markets. And given the scale of the economic costs imposed by recent crises, that is an important goal. Thank you. 6  BIS Review 37/2004
Carlos da Silva Costa: Reviving markets in high quality securitisation in Europe Address by Mr Carlos da Silva Costa, Governor of Banco de Portugal, at the European Investment Bank/International Monetary Fund Meeting, Brussels, 23 October 2014. *  *  *  Let me start by congratulating the EIB and the IMF for this initiative. It is very important to assure that the topics chosen for this workshop (SME Securitization and Distressed assets) be at the forefront of policy makers’ and regulators’ concerns. A more healthy European financial system requires progress in these areas. Six years since the onset of the financial crisis in 2008, output levels in the EU are below those observed before the crisis. The same is true for employment and investment. Some countries have fared much worse than this average while adjusting their balance sheets and external accounts; that has been accompanied by deleveraging in all sectors, along with changes in relative prices vis-à-vis the rest of Europe in a low inflation environment. All this is taking place at the zero lower bound on the nominal interest rate, where active monetary policy can only be unconventional. The role of financial markets is crucial in this story. But the distinction of the direction of causality is difficult: is the economy weak because of financial markets or are financial markets weak because of the economy? The question is often put as: is the problem supply or demand for, say, credit?

Notwithstanding the above, the French lessons programme is a very challenging one to our staff in that students are not only required to attend, at least, 90 per cent of class work conducted twice a week for two hours, but are also required to take examinations every ten (10) weeks; implying that only those employees who succeed in the examinations are allowed to proceed to the next advanced level. Your Excellency Following the commencement of the French lessons, I am pleased to inform you that this programme has already started showing encouraging results, as evidenced by the fact that at the end of the first segment of the beginners’ course, all those who took the examinations passed and are progressing to the next stage. The results could have been even better had all the 78 enrolled students attended tuition and taken the examination as scheduled. Let me also clarify here that some employees missed the examinations due to the call of duty and not out of lack of commitment. In this regard, I wish to assure Your Excellency that as a sign of commitment on the part of individual employees and the bank, a crush programme has been put in place to enable those who missed the first examination to sit for it and catch up with the rest of the class by April this year.
Page 1  Looking through a glass onion: lessons from the 2022 LDI intervention − speech by Andrew Hauser Given at the Initiative on Global Markets’ Workshop on Market Dysfunction, the University of Chicago Booth School of Business  Page 2  Published on 03 March 2023  Andrew Hauser reflects on our gilt market intervention last year and the key lessons for Central Banks when tackling liquidity crises. The lessons are informed by wellestablished principles but we need new tools for a new era given the growing role of non-banks. Speech Introduction It was just over two years ago when Lorie Logan and I first sat down to map out a plan for a working group of the Bank for International Settlements (BIS) Markets Committee on tools for market dysfunction. A year earlier, central banks around the globe had been required to intervene, at pace and scale, to prevent the sudden ‘dash for cash’ that followed the announcement of Covid lockdowns from undermining monetary and financial stability. Those interventions worked, aided by the fact that the stance required to tackle market dysfunction was directionally aligned with that required to achieve monetary policy goals more broadly. Nevertheless, given the speed with which dysfunction appeared, many central banks had to innovate, using tools they had to hand, rather than those designed specifically for the purpose. [1] If the mayhem in financial markets in Spring 2020 had been a genuine one-off, that might have been the end of things.

This Centre was established to act as a centralised point of contact to facilitate a rapid and effective response for members of the public and small and medium enterprises (SMEs) in matters related to their requirements. Also a Credit Counselling and Debt Management Agency will be launched early next year. The Credit Counselling and Debt Management Agency is being established to undertake credit counselling and loan restructuring for individuals. This institutional arrangement will help consumers who encounter difficulties in meeting their financial commitments. Apart from being a source of information and advice on financial management, the arrangement would represent a more cost effective and prompt means of debt settlement through outof-court procedures. All these measures to enhance financial literacy involve all the parties concerned - the consumers, the financial service providers, the regulators and relevant Government ministries, the corporate and the NGOs. This collective approach reflects the importance of shared responsibility in helping consumers manage their financial risks more effectively. In this regard, the financial institutions who are the first line of contact with consumers, and who bear a major part of the financial risk in the event consumers suffer financial stress, need to play a greater role in helping create more informed participation in the financial system. The dividends in terms of lower non-performing loans and increased profitability makes this a win-win proposition.