samchain/econo-pairs-v1 huggingface dataset:
“Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets.” Review of Finance 13, 181–223. 22  The Giovannini Group, Second Report on EU Clearing and Settlement Arrangements, April 2003. 8  BIS central bankers’ speeches  convergence process is not again disrupted by the financial cycle? One would hope that a better supervised and more diversified financial system will have a smoothing effect on the financial cycle. Yet, some academics argue that such is the force of the financial cycle that it is unavoidable that monetary policy will also have to play a central role in “leaning against the wind”. In the euro area, however, the situation is not quite so clear cut. The ECB’s two-pillar strategy does make financial imbalances an important element of our policy assessment, even when inflation is low. Specifically, the monetary pillar captures the connection between excess credit and liquidity creation and potential risks to future price developments, including disruptive asset price booms. And our medium-term orientation grants us a sufficiently long policy horizon to account for the financial imbalances in our strategy. In this way, it implicitly incorporates elements of a “leaning against the wind” approach. To quote the ECB Monthly Bulletin from April 2005: “[our] approach amounts to a cautious policy of ‘leaning against the wind’ of an incipient bubble. The central bank would adopt a somewhat tighter policy stance in the face of an inflating asset market than it would otherwise allow if confronted with a similar macroeconomic outlook under more normal market conditions.

All VSEs will be welcome, including, of course, those whose business is expanding and who need information tailored to their size. The Banque de France shall guarantee complete privacy in these dealings – indeed this is one of its fundamental values and skills: VSEs will have the peace of mind of knowing that, if they so wish, all discussions will be fully confidential. The VSE Correspondents will be appointed in the spring of 2016 and, after a period of specific training, will be fully operational by the autumn. Also in the autumn of 2016, the Banque de France will provide firms with access to an online analysis and simulation tool called OPALE, which enables companies to assess their finances while also learning more about the subject. 1  Evaluation de la mise en oeuvre des 5 mesures prises par la FBF pour améliorer les relations banquesTPE/PME, report submitted on 25 November 2015. BIS central bankers’ speeches  3  3) I’d like to turn now to my last suggested focus for action, which I believe is also extremely important: reducing the amount of time it takes for business customers to settle their invoices. Again it is difficult to provide accurate measurements – and at the Banque de France we are well aware of this as we have been helping to look into the issue for several years.
Ladies and gentlemen, despite our economic stability and growing opportunity in the region, we do acknowledge a moderation in Thailand’s economic growth compared to the period before the Global Financial Crisis. During 2001 – 2007, the average growth rate was as high as 5.4 percent; we are now growing at a more moderate pace of around 3.0 - 3.5 percent on average. While part of the subdued growth can be attributed to external factors such as weak global demand, one cannot deny that longer term structural issues have also played a part in restraining Thailand’s competiveness, productivity, and potential growth. The government acknowledges these problems and has implemented many initiatives. You may have heard of Thailand’s efforts to promote digital economy, R&D, innovation, new s-curve as well as various investments in infrastructure projects, all of which are aimed at uplifting Thailand’s potential growth. But, one area that, in my view, is less frequently discussed is the implication of several new laws on the future of Thailand’s economic and business landscape. The discussion of these laws constitutes the second part of my talk. Ladies and gentlemen, in general, there are three main goals that policymakers want to achieve. First, we want to attain a high level of economic growth to raise standard of living. Second, the growth must be sustainable; there is no point to achieving high growth only to find oneself in a crisis at a later stage.

In particular, the Bank of Thailand now has the authority, bestowed by the government, to supervise and regulate the Specialized Financial Institutions (SFIs), which account for around 25% of Thai financial system’s total assets. In light of this, new sets of rules have already been imposed on SFIs to improve governance, operational capability, credit risk management as well as transparency. Along with improving SOE performance, businesses, are expected to compete in a fairer environment than before through better law enforcement. The revision of the Trade Competition Act, currently being considered at the National Legislative Assembly, will establish an independent commission - the Trade Competition Commission - to review and regulate business competition, thereby ensuring a fairer and more competitive environment among businesses. The commission will be more independent and less prone to influence from both the public and private sectors, unlike the current structure in which the committee is chaired by the Minister of Commerce and half of the committee can consist of representatives from large companies. In addition, the law is expanded to cover commercial operation of SOEs1, and antitrust penalties will be more penal. Therefore, the law is expected promote a more level playing field not only among private firms but also between private firms and public enterprises. On top of this, access to credit for small and medium sized firms will be improved. The Business Securities Act, effective since July of last year, widens the scope of eligible collateral for secured lending.
•  The central government budget – growth in public expenditure – influences the krone and the size of the internationally exposed business sector in the medium term. Government expenditure and revenues must be in balance in the long term. •  Wage formation, the structure of the economy and incentives determine how well and how efficiently we utilise our labour resources and other economic resources. There is also an interaction: •  In its budget resolutions, the government authorities will attach importance to the effects of the budget on the Norwegian economy and will therefore take account of interest rate effects. In this way, they avoid a situation where growth in public expenditure and the interest rate push the economy in different directions. •  With a known monetary policy response pattern, the parties to the centralised income settlements can take interest rate effects into account when wage increases are negotiated. •  Moreover, the parties to public sector negotiations can take into account that the higher pay increases are, the fewer people that can be paid over government budgets. The interaction here became clear when public sector employment fell after the expensive wage settlement in 2002. In the years following 1997, with strong growth in public expenditure, the fiscal rule pointed to a continued increase in the use of petroleum revenues.

The last time petroleum investment showed a strong increase, in 1997/1998, the rise was considerably sharper than had been assumed. At the same time, the rest of the Norwegian economy was experiencing an upturn. The unexpected increase in petroleum investment contributed to substantially stronger-than-projected economic growth. If oil prices rise further or remain at the current high level for a long period, petroleum investment may again reinforce the cyclical upturn more than projected. Monetary policy The analyses in Inflation Report 2/05 are based on a baseline scenario where the key rate shadows forward interest rates up to 2007, and then rises somewhat more rapidly. The krone exchange rate is assumed to shadow the forward exchange rate, which remains broadly unchanged over the next three years. Capacity utilisation in the Norwegian economy is expected to increase this year and next and exceed its normal level. There are prospects that inflation will gradually pick up and be close to 2½ per cent at the three-year horizon. Since the publication of the June Inflation Report, prices for domestically produced consumer goods have risen slightly less than expected. At the same time, oil prices have been somewhat higher than assumed. Energy prices are pushing up consumer price inflation. 4/7  New information since the publication of the June Inflation Report does not provide grounds for changing the assessment of developments in the real economy.
The real exchange rate is currently slightly below its average over the past twenty years but, with respect to said period, terms of trade, even excluding copper, are today much better. Similarly, our economy is enjoying a much easier net external position – that is, how much we owe and how much is owed to us by the rest of the world – than in the 1980s and 1990s and the real exchange rate has only appreciated slightly over what it was then. Since the floating exchange rate was adopted, there have been three occasions on which the board considered that intervention was warranted. In general, these interventions affected the exchange rate. Other episodes, that showed how difficult it is to apply an effective intervention, were experienced in the 1990s, when the real exchange rate was significantly  BIS Review 135/2010  3  more appreciated that it is today, despite worse terms of trade, a weaker net external position, massive purchases of foreign currency reserves and restrictions on capital inflows. In emerging and industrialized economies that have successfully weathered the crisis, export activity today faces considerable challenges. The financial crisis and the Great Recession have had profound consequences on the developed world because of their financial excesses. In this sense, they are facing a situation similar to what we lived through in the mid-1980s, only now the adjustments they make locally have global implications.

At the initial stage of the financial crisis the importance of the macro prudential policies in the overall policy mix was highlighted and therefore, a lot of attention has been put on the monetary and macro prudential policy nexus, conveying the main message that the price stability and financial stability are interconnected. With the appearance of the sovereign debt and banking crisis in the last couple of years in the euro area, it was quite obvious that the poor public finances management could also impose threats to the financial system. The financial instability and weak public finances can potentially have adverse effects on the financial markets, imposing distortions in the monetary policy transmission mechanism, and resulting in serious macroeconomic imbalances. The required policy nexus is becoming a necessary precondition for designing and implementing a sound macroeconomic management. Under situation that was more specific than usual, when the role of traditional instruments was limited, the monetary policy turned to unconventional policy measures. Although the monetary policy in the region has not been constrained by zero lower bound on interest rates, the central banks also turned towards unconventional monetary policy tools, having in mind the potential risks of repeated deterioration of the external imbalances and inflationary pressures or aiming at supporting other objectives (including credit growth).
BIS Review 91/2001  1  growth in the interest rate swap market has also been associated with the continuing development of the Hong Kong dollar bond market, where well-rated names may combine issuance of longer-term fixed-rate paper with a swap to secure floating-rate Hong Kong dollars at sub-HIBOR, or, particularly in the case of some international borrowers, link this also with a currency swap to obtain US dollars at sub-LIBOR. As regards exchange traded products, there has been a recent surge of activity in HIBOR futures. This may owe something to the steep downtrend in interest rates this year, which could have prompted both those who expect it to continue and those who are content to lock in borrowing at current low rates, to enter the futures market in order to speculate or hedge on their respective hunches. All in all, as these various examples illustrate, the derivatives infrastructure in Hong Kong has developed well to meet the evolving requirements of the business and financial communities. Supervision Despite for the most part providing a beneficial service, derivatives trading also has the potential to bring disaster. Mere mention of the word Barings is no doubt sufficient to make the point. It is for this reason that the relevant authorities exercise supervision of derivatives activity. In the Hong Kong context, HKMA supervises the banks and other deposit taking institutions to ensure suitably prudent behaviour, while the SFC regulates exchange trading and the other players.

7  A breakdo wn o f co re inflatio n by destination of expenditure sho ws that the co mpo nents related to transpo rt reco rded annual price increases abo ve 7% in December, prices in the ho using equipment and maintenance sub-index increased abo ve 9% and inflatio n in the recreatio n, ho spitality and to urism sub-index reco rded gro wth o f nearly 7%. Fo r more details o n these sub-indices, see Pacce, M., A. del Río and I. Sánchez-García (2022), “The recent perfo rmance of underlying inflatio n in the euro area and in Spain”, Analytical Articles, Economic Bulletin 3/2022, Banco de España. 8  This sub-index includes “Clo thing and fo otwear”, “Ho using” excluding energy and ho me maintenance expenditure, “Health”, “Co mmunications”, “Educatio n” and “Miscellaneo us go ods and services”. It includes rental o f ho useho lds’ main residence. 4  above all, of the interest rate differential (hence the different monetary policy response), the increase in global risk aversion and the fact that the energy shock entailed a deterioration in the terms of trade in the euro area (not in the United States). The pass-through of this depreciation may have been faster than in the past taking into account possible non-linear effects 9, since there is evidence that the pass-through is stronger when the exchange rate fluctuations are relatively large, limiting importers’ capacity to absorb foreign exchange rate shocks.
Bank of England reserves) and, crucially, by requiring all private money to be exchangeable for Bank of England money, cash, on demand by the holder and without loss of value. Alongside regulation, the provision of Bank of England money to the public and reserve money to commercial banks institutions anchors the confidence, uniformity and interchangeability of money in the UK. Our assessment is that future developments in payments and money will make it likely that, alongside regulation, we will in future need a digital pound, issued by the Bank of England to perform this anchor function. The experience of digitalisation is that new products and services, enabled by new technology, can be adopted rapidly at scale. The Government has identified several characteristics of digital markets that may lead to concentration. Such characteristics include network effects, economies of scale and scope and data advantages, which can act as barriers to entry. This suggests that the future development of private money issuance could tend towards a small number of firms taking a significant market share. While concentration and market power are not inherently harmful and may reflect innovative products and services, they can damage consumer choice, competition and innovation. Dominant issuers of new forms of private digital money may create ‘walled gardens’ - payment systems that are not fully interoperable or restrict the development by smaller firms of payment services using the money they issue.

Finally, problems on the financial markets resulted in a significant drop in stock market transactions. This had a negative impact on added value in the banking sector. However, the slowdown in production did not spread to all sectors of activity. Growth remained strong in the retail and wholesale business, the hotel and catering trade and the transportation and communication industries. This shows that domestic demand remains – on the whole – robust. With the first few months of 2008 seeing a steady flow of new jobs, the favourable climate on the job market continues to be conducive to private consumption in particular. Further growth in demand and production is likely over the next few quarters, albeit at a more modest pace. High prices for oil products and uncertainty related to the US real estate crisis will undoubtedly continue to hamper economic activity. However, growth in household consumption and equipment investment looks set to continue. The SNB continues to forecast GDP growth of between 1.5% and 2% for 2008. However, this average annual growth rate is boosted by the strong growth achieved in the second half of 2007. It therefore conceals what has been a noticeable slowdown in economic activity, with quarterly rates below potential throughout the rest of the year. Changes in the monetary and financial framework How have monetary conditions evolved since our last assessment in March? They have become somewhat more relaxed. This is mainly attributable to two factors.
Mark Carney: Prospects for the UK labour market Speech by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the 146th Annual Trades Union Congress, Liverpool, 9 September 2014. *  *  *  President and Congress. It is a pleasure to be in Liverpool today to discuss the prospects for the UK labour market. The growth and distribution of jobs and incomes matter to everyone. Employment does much more than provide the means to support workers and their families; it is essential to personal fulfilment and human dignity. Part of that dignity is being paid a living wage. Over the past year, the Bank of England has ensured that it pays all of its 3,600 staff at least the living wage. And we have recently brought all our contracted service staff in central London up to the London living wage. We are in the process of our final review. But I can announce today the Bank’s intention to become an accredited Living Wage employer by the time of the next TUC conference. Of course, the Bank of England’s responsibilities for promoting the good of the people of the United Kingdom go much further than being a responsible employer. We manage monetary policy to achieve price stability: low, stable and predictable inflation. And we promote financial stability by regulating and supervising financial institutions as well as by taking targeted actions to insure against unsustainable indebtedness, as we did earlier this year for the housing market.

Singapore’s investing public should seek good financial advisers who are prepared to even advise them against buying an unsuitable product. They should be prepared to pay a fee for such advice. Investor education Even with the best of disclosure and transparency, investors can make informed decisions only if they have the knowledge and skills to do so. This brings me to the fourth area of investor protection – education. The centerpiece of Singapore’s investor education efforts is the MoneySENSE national financial programme. It was launched in 2003 to raise consumer understanding of basic money management, financial planning, and investment products. Through various seminars and media initiatives, MoneySENSE has reached a large segment of the population since its launch. In the last year alone, MoneySENSE events attracted close to 100,000 attendees while media initiatives reached more than two million people. These events are conducted by industry practitioners, academics, and investor advocates. To-date, Money SENSE has published more than 230 educational articles on its website and in the media. More than 30 consumer guides have been issued and are available online. While we have made steady progress, much more needs to be done. Most Singaporeans have sound savings habits and are generally responsible in managing credit, but many still do not have a good understanding of common investment products. Every month, MAS receives, on average, about 10 complaints from the public involving the sale of investment products. I read many of these letters.
Urban Bäckström: Sweden’s economy and new information technology Speech by Mr Urban Bäckström, Governor of the Sveriges Riksbank and Chairman of the Board of Directors and President of the Bank for International Settlements, arranged by the Ministry of Industry, Employment and Communications, held in Stockholm, on 7 February 2001. *  *  *  First I want to express my thanks for the invitation to discuss Sweden’s economic development with you in a wider perspective. I am delighted to do so. Today I shall be leaving monetary policy a little to one side and looking beyond the economic fluctuations of a short-term nature that are usually the centre of attention. Thus, I do not intend to talk about current monetary policy. Instead, I want to discuss economic developments in a longer perspective. I shall also be taking a look at economic policy through the driving mirror to see what lessons we can draw from the past. First, however, there is the matter of the new economy, which only six months ago was such a ubiquitous topic. What happened to the discussion about the new economy? There has been much talk of the new economy in recent years, in Sweden as well as elsewhere. It is not entirely clear what the term stands for and its meaning tends to vary with the speaker. But it often refers to new information technology in general and the internet in particular.

Currently, the new life insurance premiums transacted through financial advisers were still insignificant compared to the premiums transacted through agency forces and bancassurance. Any effort to improve the performance of financial advisers must include the takaful sector, which has evolved considerably over the years to become a thriving global business to complement conventional insurance. On that note, Bank Negara Malaysia has recently approved the inclusion of takaful products and services within the scope of business which can be distributed by financial advisers. The inclusion of takaful products is a significant initiative as it will allow financial advisers to capitalise on the potential for growth of the takaful sector given that the market penetration rate for takaful products is low at 7.7% and the large number of untapped Muslim population in Malaysia who are usually more inclined towards Shariah-compliant products. However, to undertake the marketing of takaful products, financial advisers’ representatives must first equip themselves with the necessary knowledge in takaful and understand the Shariah requirements and the differences between takaful and conventional products. In this regard, I commend FPAM and MFPC on their timely effort to formulate and develop Islamic-based professional qualifications in order to satisfy the growing needs among professionals within the financial advisory fraternity. FPAM, together with the Islamic Banking and Finance Institute of Malaysia has jointly developed Islamic Financial Planner module whereas MFPC has recently launched a Shariah Registered Financial Planner module.