samchain/econo-pairs-v1 huggingface dataset:
Consequently, the availability and quality of economic data represent a key factor to the development of timely and accurate economic research, to the maximisation of benefiting from them, as well as to the minimization of wrong decision-making and the costs it carries over. Unfortunately, the availability and quality of these data cannot be labelled as satisfactory. In addition to problems of collecting and calculating the statistical basis, the data base is related to and influenced by the speed and various stages of the development of the Albanian economy and by the changes of policies promoted by the taking place of these stages. The Bank of  BIS Review 132/2007  1  Albania has continuously and will constantly call on the improvement of economic data. In this context, today’s workshop places special emphasis on the discussion of the estimations and approximation of some economic time series for some important economic indicators, as well as on their role in the development, ethics and the quality of research of empirical nature. Economic research is essential for a wide range of areas. Hence, no institution can and less can a small central bank cope by itself with all the needs for economic research. Quite contrary, the institutions need to identify the areas and issues of economic research where they possess certain comparative advantages and then, closely cooperate with each other.

That episode, which did not initially impact Spanish banks as they had no investments in those products, was actually the trigger for a chain of events and effects on the world economy and financial markets that would soon be felt in Spain. The first symptom seen was the deterioration in financing and liquidity conditions. The authorities responded to this with support measures, such as the programmes for the purchase of financial assets and the backing of debt issues, and the European Central Bank set in place its new and ample liquidity provision criteria. In late 2008 the Spanish economy went into recession. The decline in output and rising unemployment placed upward pressure on bank and savings-bank doubtful assets ratios and the subsequent need for loan loss provisions. This combined with the increase in financial  BIS central bankers’ speeches  1  costs owing to growing dependence on wholesale funding and to sudden difficulties on these markets. Moreover, many institutions, highly concentrated in the real estate development and construction sector, were faced with the housing market grinding to a halt. What’s more, savings banks had a singular legal regime, associated with their legal status, that entailed clear limits on their ability to raise top-quality capital and to set in place the governance rules needed to retain the confidence of third-party investors as to their future.
The comparison suggests that the conversion of debt to equity by itself may not be sufficient and a fully developed proposal for a bail-in mechanism will need to include thorough identification and workout of problem assets and positions, as well as a revamped business plan that demonstrates the ability of the financial firm to return to profitability. A return to the issue of time Let me conclude by returning to the theme of time. Long-standing supervisory practice aims to intercept problems before they threaten the viability of a financial institution and to promote action by the firm’s directors and management while the firm still has the opportunity to recover. But supervisors will not always execute timely, successfully and in all necessary cases and financial firms will not always be able to turn around a deteriorating situation and avert failure; certainly the experience of the financial crisis are sobering in that respect. That underscores the need to develop with alacrity and diligence meaningful recovery and resolution planning for systemically important firms and continue to build a strong international resolution process. Recovery planning by firms helps to increase the margin of time available for firms by shortening reaction time when distress occurs and reducing the impediments to recovery and resolution when firms are healthy. Similarly, resolution planning gives financial authorities a better starting position and more ability to move swiftly and decisively in a financial firm  BIS Review 140/2010  7  failure.

Taken together, augmented resolution powers, recovery and resolution planning and better identification of systemic risks can move us substantially forward in dealing with failing systemically important institutions. Thank you for the opportunity to share these views with you. 8  BIS Review 140/2010
This latter check on structural and broad macroeconomic policies was the response to the hard-learnt lesson (especially in countries like Spain) that a lack of competitiveness and excessive credit cycles could seriously hamper the optimal conduct of monetary and financial policies and usher in financial fragmentation. Also, strictly in the realm of monetary policy, fulfilling our price stability mandate has become more challenging in recent times. Natural interest rates in the main advanced economies have been gradually falling over the last three decades and they currently stand at historically very low and possibly negative levels. There are also good reasons to think that natural rates may be stuck at very low levels for long periods. This, in conjunction with a lower bound for policy rates, seriously curtails the space for conventional monetary policy. Unconventional measures, such as asset purchases, negative interest rates and forward guidance, have helped us to partially overcome the lower bound constraint, thus becoming a necessary tool in our monetary policy framework. Notwithstanding, unconventional measures have their own limitations. In this context, inflation will ultimately be the outcome of the interaction between a number of factors. In order not to overburden monetary policy, it is essential to achieve a balanced policy mix. Such mix should include long-term growth-enhancing fiscal policies and sufficient structural reforms that increase productivity.

With the launch of the euro, two decades ago, the Banco de España started to participate in the formulation and implementation of the euro area common monetary policy. Governors from the national central banks in the euro area are members of the Governing Council of the European Central Bank, a collegial decision-making body. Governors do not represent national interests and they vote in their own capacity considering the interest of the euro area as a whole. National central banks in the euro area can also carry out other functions as long as they do not interfere with their responsibilities in the common monetary policy. For instance, the Banco de España is the national competent authority for banking supervision. However, all these additional functions do not necessarily enjoy the same level of independence3 as the monetary policy tasks conferred by the Treaty. With the creation of the Single Supervisory 2  National inflation rates had not be more than 1.5 percentage points higher than the average of the three lowest inflation rates in the European Union. In 1993 inflation in Spain maintained levels close to 5%. Achieving the Maastricht inflation criterion required major efforts in a very short period of time. Inflation dropped to levels below 2% in 1997, allowing our country to join the euro area in 1999. 3 See remarks by Yves Mersch, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, Roundtable Discussion on Central Bank Independence (Frankfurt am Main, 12 November 2019).
To protect the money in the stored value facilities, we propose that such float must be kept separate from the licensee’s other funds, and the float must be adequately protected by safeguarding measures, such as a bank guarantee or a trust account. 27. The proposed legal framework will also empower the Monetary Authority to designate major retail payment systems, such as global credit card schemes, to be put under its supervision. The designated systems would be subject to requirements such as risk management and control procedures relating to their operations, and measures to ensure the safety and integrity of customer data held in the system. 28. We believe the proposed legal and regulatory regime will foster the healthy development of m-commerce in Hong Kong. Results of public consultation conducted last year indicate that there is general support of the proposed regime by the key stakeholders. We aim to introduce the relevant bill into the Legislative Council in the next legislative session. V.  Conclusion  29. As the theme of today’s event suggests, the potential of m-commerce is there for all to tap with innovation, and I am sure there is plenty to tap by users and service providers. 30. The HKMA will continue to monitor market developments and, when appropriate, facilitate the industry efforts in harmonising the technical and safety standards. We will also ensure that the regulatory framework is effective in protecting consumer interests and maintaining financial stability. 31.

Location-based “push” marketing and mobile coupons are helping companies to attract new  1  BBC: World’s first “smartphone” turns 20, Aug 15, 2014 (http://www.bbc.com/news/technology-28802053). BIS central bankers’ speeches  1  customers and encourage existing ones to spend more. And all sorts of creative “apps” are making the “matching” process between buyers and sellers much more fun and efficient. That is the beauty of the “online-to-offline”, or “O2O” value chain, an increasingly vital element of m-commerce. II. The HKMA’s policy objectives towards electronic payments  10. The benefits of m-commerce are not confined to individual companies. From a macro perspective, m-commerce and m-payment will, no doubt, help to enhance economic efficiency by cutting costs of businesses, make the payment process safer, facilitate price discovery of goods and services, and contribute directly to price stability and increased competition. 11. A study conducted by Moody’s Analytics last year estimated that the greater use of electronic payments added nearly $ trillion in global economic growth over a five-year span between 2008 and 2012. That growth in GDP was equivalent to creating 1.9 million jobs. 12. In view of the importance of electronic payment, the HKMA has carefully considered the approach that it should adopt in view of its dual role both as a regulator and a facilitator to promote a healthy development of electronic payments. 13. In short, we are adopting a three-pronged approach. i)  First, we have made it a priority to promote the further adoption of electronic payment means.
The heady days of the Great Moderation were restrained by geopolitical uncertainty. During the financial and euro crises, by contrast, economic uncertainty dominated. And from 2012 onwards, with the abatement of the acute phase of the euro-area crisis, economic uncertainty began to fall back, only to be replaced by renewed geopolitical tensions and now sharply higher policy uncertainty (Chart 4). Chart 3 UK economic policy uncertainty has increased since the global financial crisis, rising sharply higher in early 2016  Source: Bank calculations and Baker et al, (2015), ibid. Chart 4 Three eras of uncertainty: geopolitical from 9/11 to 2008; economic uncertainty from 2008 to 2012; and policy uncertainty today  Source: Bank calculations and authors cited in Charts 1–3 above. Economic policy and geopolitical uncertainty indices are de-meaned and shown relative to their respective standard deviations. Chart shows two-year centred moving average for each measure. 4  BIS central bankers’ speeches  2. What do the combined effects of uncertainty mean? All this uncertainty has contributed to a form of economic post-traumatic stress disorder amongst households and businesses, as well as in financial markets – that is, a heightened sensitivity to downside tail risks, a growing caution about the future, and an aversion to assets or irreversible decisions that may be exposed to future “disaster risk”.7 There may be an affect heuristic at work. Put simply, long after the original trigger becomes remote, perceptions endure. They become embedded in economic narratives and their salience persistently affects risk perceptions and economic behaviour.

I therefore do not intend to discuss this specific issue today, but refer to the comprehensive academic literature. 2 Many analysts would argue that both of these changes, at least partly, share a basis, namely higher global saving, which, in turn, is a result of the world having become richer. 3 But I would like to separate them, as the discussion has primarily come to focus on the lower level of interest rates. The fact that the financial sector has also changed in several respects is something that needs to be given more attention, considering that the conditions on the financial markets steer how monetary policy is designed and acts. Allow me, therefore, to make a brief digression on the subject. In the 1970s and 1980s, the world's capital markets were gradually deregulated. This, combined with good global growth, which is to say a richer world, and the development of information technology, led to strong development on the global financial markets in terms of outstanding volumes, turnover and new instruments. The development had major advantages. With less regulation, the financial sector’s basic functions – executing payments, allocating savings to investments and managing risk – could be better managed, at the same time as the strong growth on the financial markets contributed to the strong growth in the global economy. But a larger financial sector has also led to greater potential risks, as exemplified by the financial crisis twelve years ago.
At the same time, inflation measured in terms of the CPIF was close to 2 per cent. I find it difficult to see that it would have been realistic to declare in this situation that the repo rate would not be raised, but would remain at 0.25 per cent for the foreseeable future. The expectations this would have created among households and on the credit and housing markets would most likely have been very difficult to manage. Such a policy might be appropriate to try to "kick-start" an economy that has suffered a severe crisis, where housing prices have already fallen and households are trying to reduce their debt. But for countries that are not in this situation, and where debt and housing prices remain high and are increasing, it does not appear to be a realistic policy. 14  Carney (2013), p. 18. 15  See, for example, Blanchard, Dell’Ariccia and Mauro (2013), Carney (2013) and Stein (2013). Woodford (2012) says that this is an area where we need more in-depth knowledge, but on the basis of what we know now, there is no reason to write off the policy rate. 16  Svensson (2013c). One can also have other, more technical, views regarding this calculation, see the Minutes of the monetary policy meeting in April 2013. BIS central bankers’ speeches  7  How large are the risks linked to household debt?

With greater readiness, Islamic financial institutions can strategically position themselves to further realise the true value proposition of Islamic finance, particularly as a financial regime that places emphasis on risk-sharing and that further strengthens the link of finance to the real economy. Of importance, industry players will be better positioned to ride the evolutionary waves of financial innovation that is prevalent in Islamic finance in order to enable greater offerings of risk-sharing products to customers and businesses. In Malaysia, Islamic banks now have the potential to be better able to pursue their role as investment intermediaries through the offering of investment accounts in addition to the entrenched deposit products, in which various modes of risk-sharing contracts can be applied. This is supported by the legal recognition of investment accounts in the Islamic Financial Services Act 2013 (IFSA). It provides a differentiation between the deposit account and the investment account which offers a new investment avenue that caters for a wider range of investor risk-return preferences. In contrast to the deposit account, these funds are being channelled directly to finance entrepreneurship in productive activities. In promoting entrepreneurship and value-creating activities, it also contributes towards generating growth and enhances the prospects for job creation. Additionally, the Investment Account Platform (IAP) that is currently being developed will provide a centralised multi-bank platform as a new financing option for entrepreneurs with viable projects as well as an opportunity for the investing public to finance these projects.
In their meeting in Busan earlier this month, Finance Ministers and Central Bank Governors of the G20 have “acknowledged a need for national, regional and multilateral efforts to deal with capital volatility”. A Financial Safety Net Experts Group has been set up to work on the issue. The reform of financial regulation The financial crisis as taught us some very hard lessons. While there are many causes to the crisis, it is clear that it forces us to reconsider the way we regulate and supervise the financial system. That is what we have been doing since the November 2008 G20 meeting. We entered this crisis with many unregulated entities playing a major role in the financial system. There were, therefore, huge “black holes”, including what has been called a “shadow banking system” where most of the excesses of securitisation took place. The G20 has fostered coordinated efforts by industrialized and emerging countries alike to bring most important financial actors under the umbrella of supervision, with rating agencies and hedge funds receiving a larger degree of attention. Beyond these actors, the G20 and the Financial Stability Board (FSB) in particular have been instrumental in efforts aimed at enlarging the scope of financial regulation to make sure that the systemic importance and interconnectedness of institutions, markets, instruments no longer escape our vigilance. Naturally, the necessary reform of OTC derivatives markets has gained traction and the G20 has set a very clear roadmap on these matters.

And the G20 fulfilled the most optimistic anticipations as it reacted promptly and strongly to the crisis. Beyond this, the G20 has also agreed on an ambitious policy agenda, aiming for the long run. The G20 Roadmap does not only aim at one particular aspect of the global economy; it is very encompassing. One aspect of it is macrorebalancing, another is on financial regulation and global financial safety nets. The G20 agenda is focused on crisis prevention by coordination in order to avoid, or at least dampen overheating and boom/bust cycles. How are these issues related? First I will briefly tackle the important question of the link between the financial crisis and global imbalances. Second, I will go through the main implications of this link and outline the key features of the policy agenda of the G20. In this second part I will mostly focus on the so-called “G20 Framework for a Strong, Sustainable  BIS Review 93/2010  1  and Balanced Growth” and on financial safety nets. In the last section I will focus on financial regulation issues more specifically. Why and how do the financial crisis and global imbalances interact? An overwhelming body of research has established the clear relation between global imbalances and financial issues, some of which were behind the financial crisis. Indeed, global imbalances were not just the result of cyclical factors, such as business cycle fluctuations, changes in oil and other commodity prices, etc.
We are therefore pleased that we have evidently been able to meet the expectations of the banknote users – the Swiss population: - The new designs have been almost universally well received and have also been lauded by banknote experts internationally. - The new notes are technologically state-of-the-art and are also easy to handle, robust and distinctive. - All the logistical processes, including the modification of ATMS to accommodate the new notes, also ran largely smoothly. The substantial media and public interest and the feedback on social media have also been gratifying. When it comes to rapidly informing the public about the security features and the design of the new banknotes, the media naturally play a pivotal role. Ladies and gentlemen, on behalf of the SNB, thank you for all the work you do. We broke new ground with respect to informing the public as well, introducing ‘Swiss Banknotes’ – an augmented reality app with which users can explore the new series. We are Page 3/4  Berne, 3 September 2019 Thomas Jordan  News conference on new banknotes  convinced that this innovation has helped to make the design and security features of the banknotes more accessible, especially to younger generations. So what happens to the eighth-series notes now? The old banknotes remain legal tender until further notice and can thus continue to be used for making payments. The SNB plans to announce the recall date for the eighth-series notes in the course of 2020.

I hope that we will continue to build on this great relationship. Ladies and gentlemen, Tomorrow, March the first, the Bank of Thailand will implement a final review of the reserve requirement measure to give more flexibility to investors. Fully hedged capital inflows for the purchases of bonds, mutual fund shares, and property fund shares will be exempted from the reserve requirement. In essence, all investment flows that are until today subject to the reserve  4  BIS Review 20/2007  requirement will be given a full-hedging option. With this announcement, let me conclude my talk this evening. Thank you for your kind attention. BIS Review 20/2007  5