samchain/econo-pairs-v1 huggingface dataset:
For example, when the telegraph appeared in the first half of the nineteenth century, traders without immediate access cried foul when early users began leveraging the technology to minimize the time between trade decisions and execution. Electronic and algorithmic trading also has the potential to facilitate trading practices that are not helpful to market liquidity. For example, submitting a quote with the intent to cancel it before any reasonable probability of execution is detrimental to the quality of market liquidity  9  It is worth noting that the practice of trading with the intention of holding a position for a brief period of time is not new. For example, pit trading in the futures exchange featured traders who would look to earn spreads by holding positions for short periods of time and rarely overnight – similar in many ways to the practices of modern automated trading firms. 10  This raises the question of whether such firms are systematically capturing intraday exposures in their risk management systems. To the extent this remains a vulnerability, firms might consider near-term fixes they could put in place to insulate themselves from potential intraday losses. BIS central bankers’ speeches  5  and to the integrity of the market. Even if such acts are not intentionally misleading, they can still result in a false sense of market liquidity. Finally, firms employing high volume automated trading strategies could harm market liquidity if they do not manage those strategies carefully, particularly given the significant share of market activity they represent.

The framework we are developing with the Bank of Thailand contains key features which include the appointment of selected financial institutions in Malaysia and Thailand to facilitate local currency settlement. These financial institutions will be accorded certain foreign exchange administration flexibilities. If the initiative proves successful, we plan to expand the framework to other ASEAN trade partners as well. Conclusion As we keep our eyes firmly on the future, a humble reflection on the past and honestly looking at our short comings would certainly lead us to a brighter future. Financial markets should continue to play its intermediary role for the purpose of funding to the real economy, efficiently allocate capital where it is needed and assist economic agents to manage financial risks associated with investments, production and trade. These should always remain our core objectives. I also wish to congratulate PPKM on your achievements this year and the successful organisation of this event. May tonight’s dinner, themed “Friday Night Fever”, be a night of joy for all of us today. Thank you. 4  BIS central bankers’ speeches
Under this working group, policies have been developed to improve the business environment for SMEs, build SME management capabilities, enhance access to markets, promote innovation, enhance access to financing and encourage sustainable business practices. Successful projects implemented in 2009 include the replication of business counselor training programmes across the region and the development of strategies for enhancing the competitiveness of small trading houses and exporters. Under the Memorandum of Understanding entered into by various APEC financial institutions dealing with SMEs in 2003, many more financial institutions have benefitted from increased trade facilitation, transfer of knowledge, expanded cross-border growth opportunities and information sharing. Conclusion Let me conclude my remarks. The importance of SMEs in APEC economies is clear. However, while their large numbers make them important to the economy, it is their potential that places them at the centre of the economic transformation agenda. Support for SME development requires cohesive and cross-cutting strategies which encompasses the collective efforts of the financial sector, the Governments and SMEs themselves. In the global economy, common strategies that are well coordinated across borders would facilitate the participation of SMEs in the globalisation process. The ultimate goal is to promote entrepreneurship and develop an environment favourable to SMEs that will allow them to become more competitive in both the domestic and international markets. In closing, I would like to congratulate the Association of Banks Malaysia for hosting this event and encouraging wider international dialogue on important developments affecting SMEs. I wish you a productive and successful Conference. 4  BIS Review 98/2010

Whether it is the volume of foreign exchange reserves or the growth of foreign exchange turnover or the amount of savings that needs to be mobilised for promoting economic growth and development, Asia is likely to occupy top position in the world, if it is not already there. The prospects of a strong relative shift of financial market liquidity into Asia are clear, so is the need for upgrading professionalism in finance, hopefully at a pace that is commensurate with its increasing importance in global finance. It is therefore absolutely right for the first regional office of ACI to be established in Asia and, if I may add, for it to be established in Hong Kong, as the truly international financial centre in the region. On the choice of Hong Kong, we are of course grateful and feel honoured, and I as Chief Executive of the Hong Kong Monetary Authority and as Honorary President of the Treasury Markets Association offer the full support of the two organisations to the activities of ACI and ACI Asia. Thank you. BIS Review 90/2008  1
The Kijang Emas Scholarship is distinct from the Kijang Scholarship in that the recipients are given the freedom to pursue any field of study at top universities in any country of their choice. The Bank also does not impose any bond on the recipients except that they return, contribute and partake in the development of our nation. To date, 44 high potential talent have been awarded the Kijang Emas Scholarship. The recipients have graduated or are currently pursuing their studies in diverse fields of study including Medicine, Engineering, Law, Economics, Dietetics, Actuarial Science, Accounting, Dentistry, Biochemistry, Genetics, Architecture, Psychology and Geophysics in top universities around the world such as MIT, University of Pennsylvania and the University of Cambridge. Thus far, 11 Kijang Emas scholars have completed their undergraduate studies and have returned to serve the nation, while another seven scholars are expected to complete their studies in the next six months. For the 2015 Kijang Emas Scholarship, we received a total of 212 applications from top SPM students scoring straight A+ for their 2014 SPM. From this, the Bank shortlisted the top 24 students based on their SPM results and also on their level of involvement in co-curricular and sports activities. The students then underwent a rigorous evaluation process under the Bank’s “Kijang Academy” which assessed their technical and leadership competencies, as well as their values. We are pleased to award four outstanding students the Kijang Emas Scholarship this year. Having just completed their SPM, they will be enrolled into the respective pre-university programmes.

In all cases, and to ensure adequate liquidity, instruments designed last year will continue to be in force throughout this year and, if necessary, they will be extended in order to ensure the proper operation of the financial system, so that it may be able to play its role of channeling credit to the non-financial private sector. 6  BIS Review 41/2009  It is important to highlight that, for mechanisms of monetary policy transmission to work correctly, the money market must be aligned with the MPR. There is no gain in reducing the interest rate if such reduction is not transmitted to the rest of the market. Therefore, when the crisis worsened, the first task was to ease liquidity pressures. The unfolding of the crisis and its consequent effects on inflation forecasts brought the possibility for a monetary easing. Said monetary easing has had a significant extent when compared to our past experiences and to what has been done by other central banks. During the first quarter, the MPR was reduced by 600 base points – from 8.25% to 2.25%. It is important to note once again that our economy has not suffered any of the problems undergone by other economies in their financial systems. Therefore, monetary easing in Chile does not seek to re-establish the operation of credit, as it may happen elsewhere; rather, it has been totally consistent with the inflationary outlook.
Since its inception, the Board has issued three public recommendations.8 One of these addresses how macroprudential policy should be organised at the national level. The ESRB proposes that national legislation should be passed to appoint a body with responsibility for macroprudential policy and that this body could in turn consist of one or several institutions. At the same time, the ESRB stresses that the central banks should play a leading role in macroprudential policy. I think that there is a lot to be said for this, even from the point of view of the situation in Sweden. A lot of the analysis of macroprudential policy issues is already conducted at the Riksbank, and there are also clear links between monetary policy and macroprudential policy. While awaiting further guidance on how the work with macroprudential policy should be organised in Sweden, the Riksbank and Finansinspektionen have formed a temporary collaboration council. The idea is that this council should act as a forum for discussion and the exchange of information with regard to preventive work in the field of financial stability. The council should be seen a first step towards creating robust macroprudential policy. But talk alone is not enough; we must also show that we can take action. I am really looking forward to playing my part in this work together with my colleagues at the Riksbank.

On 5 November, the Monetary Policy Committee (MPC) announced its decision to lower the Bank’s interest rates by 0.25 percentage points. This was done in view of the rise in the Bank’s real rate caused by the past few months’ decline in inflation and inflation expectations, which has been more pronounced than previously anticipated. The rise in the real rate was greater than is warranted by the business cycle position and the near-term outlook. In other respects, for the rationale behind the decision, I refer you to the MPC statement and the speech I gave at the Iceland Chamber of Commerce’s monetary policy meeting the following day. Naturally, we are also ready and willing to answer your questions about both this decision and the interest rate outlook. BIS central bankers’ speeches  1  Finally, I would like to mention that the MPC has been examining its monetary policy instruments in the recent term and, although certain changes have been made, this review is still underway. According to the statement from its March meeting, the aim of this review is primarily to ensure that monetary policy instruments are optimally suited to the achievement of monetary policy objectives, given that it is also desirable that monetary policy implementation be as effective, comprehensible, and economical as possible in terms of the Central Bank’s balance sheet. We are ready and willing to answer any questions that you have on this topic. 2  BIS central bankers’ speeches
Furthermore, in order to familiarise the public and to facilitate the giving of change as of 1 January 2002, individuals will be able to obtain, as of mid-December, packs of euro coins known as ‘euro starter kits’; these coins cannot be used for payments before 1st January 2002. As of 1 January 2002, banks will only deliver euros, retailers will give change in euro and ATMs will supply euro banknotes only. A few days after this date, almost all transactions will be carried out in euro. 6  BIS Review 96/2001  Beyond technical aspects, the Eurosystem –and also public authorities- have an important responsibility in informing the general public on the challenges ahead, the deadlines and the practical aspects of the euro cash changeover. The success of the global process depends heavily on the confidence of the general public and cash handlers as well. Preparing people to be well informed and to feel confident in using the euro banknotes and coins is the overall objective of the Euro 2002 Information Campaign conducted by the Eurosystem. This campaign aims to reach the general public through the mass media. It is closely supported by a Europe-wide Partnership Programme with more than 2 600 national and international organisations. It has now entered into an intensive information phase, since the unveiling of the euro banknotes and their security features by our President, W. th Duisenberg, on 30 of August.

Let us, in this challenging crisis, stand as pioneers too. (i) Support to mitigate Unemployment Risks in an Emergency (ii) Autumn 2022 Economic Forecast: the EU economy to a turning point, European  Commission, 11 November 2022 (iii) Source: Bloomberg, Banque de France calculations (iv) European Commission, Next Generation EU Green Bonds  (v) Network for Greening the Financial System (vi) International Sustainability Standards Board (vii) Securities and Exchange Commission (viii) Villeroy de Galhau, F., Past progress induces new challenges : raising the stakes  for standard disclosure, supervisory requirements and collective governance, speech, Climate Finance Day, 27 October 2022  4/4  BIS - Central bankers' speeches
Durmuş Yılmaz: Global challenges and local response – monetary policy in Turkey Address by Mr Durmuş Yılmaz, Governor of the Central Bank of the Republic of Turkey, at a congress organised by the Turkish Economic Association and the International Economic Association, Istanbul, 25 June 2008. *  *  *  Dear Guests, First of all, I would like to welcome you all to Turkey. I am delighted to be here to address such a distinguished audience in Istanbul. I would like to thank the Turkish Economic Association and the International Economic Association for organizing this Congress. Let me start my talk with the words of Josiah Charles Stamp, one of the former governors of the Bank of England in 1920s: “It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.” This quote will also be the theme of my speech today. Distinguished Guests, Although globalization had started in the second half of 1980’s, it has not yet reached its peak and we are still witnessing its evolution. As Thomas Friedman’s once said, globalization is making the world flatter. We witnessed record high growth rates around the world in that period; although there was also notable variation in the growth performances across countries. It will not be wrong to argue that globalization could be a powerful tool that may contribute to sustained development if it is combined with compatible policies.

This is our response to the question of to what extent the Central Bank of Turkey may allow for supply side shocks. Monetary tightening consistent with the target constitutes the second pillar of this policy. If we foresee any deviation of inflation outlook from the target, the necessary policy action will be taken without any hesitation or delay. As you remember, I started my speech with the words of Charles Stamp, former Governor of the Bank of England: “It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.” The Central Bank of the Republic of Turkey will not dodge its responsibilities. In this environment of massive global challenges, we perceive the new inflation targets as attainable. All the existing monetary policy tools in hand will be utilized decisively and without any hesitation in order to attain these targets. While concluding my speech, I would like to extend my thanks to the Turkish Economic Association and the International Economic Association, and all other institutions and individuals who contributed to the organization of this significant event. Thank you. BIS Review 82/2008  7
But clearly getting people the resources so that they can become homeowners in a prudent way is a good thing. And what we saw in the financial crisis, in the run-up to the financial crisis, is that we were giving credit to people in an imprudent way. I think as long as it can be done in a prudent way, where people understand the responsibilities, have the income to pay on their mortgages, I think it’s something that we definitely want to encourage. 12 / 15  BIS central bankers' speeches  So, what I would suggest is give me your card, and I’ll give it to the right people in the Federal Reserve Bank of New York, and we’ll have a conversation and see what we can do. This is not something that we could probably be involved in directly, as a funding provider. Legally, we don’t have the authority. The Federal Reserve is pretty powerful in terms of monetary policy. But our mandate is also pretty narrow in terms of what we’re allowed to do. I remember during the financial crisis, people were coming in and saying, “you should do this, you should do that, you should do that.” And most of the things that they were suggesting that we do were some things that were not actually allowed by the Federal Reserve Act that was passed back in 1913. Come talk to us and we will see what we can do.

I wanted to ask you, do you think the removal of the Dodd-Frank Act would be productive for the economy? And if so, why? President Dudley: So removal of the Dodd-Frank Act be productive for the economy? I’m going to give you a little bit more nuanced answer. I don’t think it’s a question of either the Dodd-Frank Act or no Dodd-Frank Act. I certainly wouldn’t want to go back to the world we were in 2006, 2007, because that financial system led to the worst financial crisis that we’ve had since the Great Depression, and as you know the economy suffered greatly. The unemployment rate climbed over 10%. So clearly, we don’t want to go back to that. But at the same time, is the Dodd-Frank Act as it exists today perfect? I doubt it. What I tell people is we really want to be careful not to throw the baby out with the bathwater. What we want is a system where we have banks with adequate capital, adequate liquidity – number one – so the probability of a large bank failing is a lot lower today than it was back in 2006 and 2007. Number two, we want a system where if a large bank were to get into difficulty, we have the ability to resolve it in a way that it doesn’t threaten to take down the rest of the financial system.
We do that through the minutes of our monthly meetings and the quarterly Inflation Report; and, in terms of our individual analyses, through speeches, etc. But, like anybody else, we cannot predict with certainty what will happen in the economy. There are always material risks around the central outlook. We have to weigh those risks in our policy decisions in much the same way as you do in your business and financing decisions. In the midst of all this unavoidable uncertainty, however, a few things are not in doubt. The MPC’s official interest rate is certain. So there should be no uncertainty about the general level of overnight rates in the money markets. In fact, though, overnight rates in the UK have historically been highly volatile. Various steps taken over the past decade or so moderated that volatility – with some success; it has for some while been much lower than in the mid-1990s (Chart 1). But it has remained greater – from day to day, and during the day – than overnight rates in dollars, euros etc (Charts 2 and 3). That has created uncertainty for users of the sterling money markets – banks, asset managers and, of course, corporate treasurers. Avoidable uncertainty. BIS Review 47/2006  1  It is the Bank of England’s responsibility to remove that uncertainty as much as we possibly can. And yesterday, after more than three years’ preparation and extensive collaboration with market participants, we introduced a completely modernised system to do just that.

It provides a new framework for the Bank’s implementation of monetary policy; our operational engagement with the banking system; and for the sterling money markets. I shall spare you the details, but I do want to sketch the main features of the system, by way of underlining that it is directly relevant to you as corporate treasurers. I am keen that you should hear this directly from the Bank. For as long as anyone can remember, a small group of clearing banks – which these days we call ‘settlement banks’ – have had to balance their books with the Bank at the close of business each evening. Volatility resulted if the Bank had not provided pretty well exactly the amount of liquidity the banking system as a whole needed each day; or if our money was not distributed in the money markets to those banks that were short. And traders would speculate on that volatility – perhaps a rare instance of financial market activity with little social utility. The new system relaxes the overnight constraint and liberalises access to the Bank. A broader group of banks – initially just over 40, accounting for around 90% of the UK banking system’s sterling liabilities – will maintain a target balance with the Bank on average over each month. (In the first maintenance period, which started yesterday, the target is just under £ These reserve-scheme banks, and other banks who so choose, also have access to a standing deposit facility and a standing (secured) lending facility.
Hungary is now competing with Ireland to attract computer assembly, and Slovakia is on the way to becoming one of Europe’s major car manufacturers, while Estonia is a subcontractor of both Swedish clothing firms and Ericsson. Perhaps the most interesting consequence of EU membership is mobility for people, or, as its known, labour. A common premise in that discussion is that labour from the new member states threatens to invade the labour markets of the old EU countries and that this will be a problem for the old countries even if it benefits the new member states’ inhabitants. I would argue instead that it is quite the reverse: Unfortunately not enough people from the new member states will work in the old countries, which is a disadvantage for us, but which possibly benefits them. Allow me to begin with what the studies say about the potential migration from the new member states. According to a number of studies by independent academics, the flow of people to the old countries if no country had introduced transition rules would not have been larger than after Spain’s and Portugal’s entry to the EU, amounting to 40 000-670 000, in other words less than 2 per thousand of the population in the old countries.

Øystein Olsen: Management of the Government Pension Fund Global Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), before the Standing Committee on Finance and Economic Affairs of the Storting, Oslo, 2 May 2017. * * * In 2016, it was 20 years since the Ministry of Finance made the first capital transfer to the Government Petroleum Fund, as the Government Pension Fund Global (GPFG) was aptly named at the time. This transfer marked the start of a transformation of petroleum wealth in the form of oil and gas in the ground into financial assets invested outside Norway. Since the first capital transfer was made, the GPFG has grown considerably, to more than 2.5 times the size of GDP. The year 2016 also saw the first net withdrawal from the GPFG. Ahead, the value of the GPFG will therefore, to a greater extent than previously, depend on the return on the fund’s investments. The period of steady growth in the GPFG as a share of the economy is now probably over. The key variables determining the GPFG’s long-term performance have been specified by the Ministry of Finance and approved by the Storting. For its part, Norges Bank has developed its management assignment in accordance with the fund’s growth and in line with the owner’s mandate. At the same time, Norges Bank has focused on its role as advisor in the further development of the fund’s investment strategy.