samchain/econo-pairs-v1 huggingface dataset:
Source: EPFR. Chart 3  Chart 4. CBRT Funding# (2-Week Average, Billion TL)  Policy Rate and Liquidity Policies (Percent)  # Other CBRT funding includes primary dealer repo transactions, repo transactions at the BIST Repo and the Reverse Repo Market and lending depo facility at the Interbank Money Market. * 18 basis points were added to BIST Interbank Overnight Repo Rate. For BIST Interbank Repo Market overnight rates see: http://borsaistanbul.com/veriler/verileralt/tahvil-ve-bono-piyasasi-verileri/piyasa-verileri Source: BIST, CBRT. BIS central bankers’ speeches  5  6  Chart 5. Chart 6. Yield Curve* (Percent)  2-Year Real Interest Rates for Turkey* (Percent)  *Calculated from the compounded returns on bonds quoted at the BIST Bonds and Bills Market by using ENS method. Source: BIST, CBRT. * Calculated as the 2-year discounted bond returns derived from the yield curve, minus the 24-month ahead inflation expectations from the CBRT Survey of Expectations. Source: BIST, CBRT. Chart 7. Chart 8. TL Loan Rates (Percent)  Funding Costs of Banks (Percent)  Source: CBRT. Source: PDP, CBRT. Chart 9. Chart 10. Growth Rate of Loans (Adjusted for Exchange Rate, 13-Week Average, Annualized, Percent)  Annual Growth Rate of Loans (Percent)  Source: CBRT. Source: CBRT. BIS central bankers’ speeches  Chart 11. Chart 12. Current Account Balance (CAB)* (12-Month Cumulative, Billion USD)  Real Effective Exchange Rate (CPI based, 2003=100)  * Third quarter data includes July-August realization and September forecast. Source: CBRT, TURKSTAT. The dotted lines show the 2 percent annual trend starting from June 2003=100 and June 2003=90. Source: CBRT. Chart 13.

The fiscal rule states that the government every year shall use the estimated long term real return on the Fund, set at 4 per cent. However, there is no direct link between petroleum revenues and the Fund. The government collects taxes from the whole economy, including the petroleum sector. After all government expenditures are paid, the surplus is transferred to the Fund. The last 10 years, fiscal policy has been geared towards a cyclically adjusted non-oil deficit which corresponds to 4 per cent of the Fund every year. Let me now turn to one very specific Norwegian issue: the management of our oil fund, called the Government Pension Fund Global. For the last 20 years, Norway has been a major petroleum producer. At the maximum, our nation produced about 4 per cent of global petroleum. This geological luck has given the Norwegian state an overwhelming cash flow. The first money was transferred to the fund in 1996. Fifteen years later the Fund stands at NOK 3.2 trillion, or EUR 410 billion. It is probably the second largest sovereign wealth fund in the world. The Fund is now 120 per cent of Norway’s GDP. Norges Bank, as manager of this financial wealth, has laid down several governing principles for the Fund. We seek no controlling stakes. In fact, the maximum ownership in any one company is 10 per cent. We seek as good a return as possible, given the moderate level of risk defined by the Norwegian parliament and the Ministry of Finance.
The significant share of Hong Kong in Mainland0’s FDI and ODI underscores the unique role of Hong Kong as a gateway for foreign enterprises to access the Mainland market, while at the same time being a springboard for Mainland institutions to gain exposure to international markets. 7. With respect to portfolio investment flows, Mainland China has made important progress after joining the WTO in 2001. Portfolio inflows were allowed through the introduction of the Qualified Foreign Institutional Investor (QFII) scheme in 2002. A few years  BIS Review 153/2010  1  later, portfolio outflows were liberalised by introducing the Qualified Domestic Institutional Investor (QDII) scheme in 2006: this allows certain qualified banks, insurers and fund management companies to invest overseas. 8. At present, market attention has been focusing on portfolio flows from advanced economies towards Mainland China. In my view, portfolio flows in the opposite direction – i.e. portfolio outflows from Mainland China – will also present huge opportunities to the asset management industry, especially given the fact that the Mainland economy is the single largest provider of savings in the world. 9. Currently, outward portfolio investment (OPI) from the Mainland is only around 5% of its GDP, still far below 57% for East Asia, 42% for the US and over 100% for the UK. Our in-house research findings show that an economy’s portfolio investment outflows as a percentage of GDP tend to grow along with the level of economic development measured by per capita GDP.

In this regard, we welcome the announcement of the People’s Bank of China in August regarding the introduction of a pilot scheme allowing eligible entities in Hong Kong to make use of their RMB funds to invest in the Mainland's interbank bond market. The launch of this scheme has opened up a channel for offshore RMB funds to invest on the Mainland. Market responses to this scheme have been very positive. 30. As I mentioned at the beginning, Mainland China is now the second largest economy and the single largest source of new economic activities in the world. The increasing use of RMB in the international stage – although that will be a gradual process – will have profound implications on the global financial landscape in the years to come. 4  BIS Review 153/2010  Concluding remarks 31. So, the trends are very clear. Now is a critical time for market players, including banks, financial institutions and asset management companies, to prepare themselves well for the unprecedented opportunities presented by these two important trends in China. 32. Before I conclude, I would like to say a few words about the Linked Exchange Rate System in Hong Kong. As the offshore RMB business continues to develop in Hong Kong, there are views that the RMB may undermine the status of the Hong Kong dollar. Some have even said that it would be natural to consider pegging the Hong Kong dollar to the RMB instead of the US dollar. We do not agree with these views. 33.
Investment plans for 1997 appear to be less ambitious on the whole compared with capital spending plans at the same period in 1996. Nevertheless, the business leaders polled in January were more confident about future activity than they were a few months earlier. This could mean that previously postponed investment plans may be implemented in the coming months. However, plans for increasing output capacity remained few and far between, owing to the spare capacity currently available, and depend on stronger growth in demand. Retail sales in January were up markedly over December 1996, and only slightly down on the exceptionally high level recorded a year earlier. Employment levels remained stable in nearly all industrial sectors. They showed only a slight change in the services and retail sectors, but there were further falls in the building industry. BIS Review 23/1997

Now, interest rates are believed to have reached their lowest level and are expected to remain at 1 per cent until the end of 2003, with only a gradual rise thereafter. Interest rates were also expected to increase markedly in  2  BIS Review 50/2003  Europe in summer 2002. Instead, interest rates were also reduced here and expectations were revised downwards substantially. The lower projections for growth reflect the effect on the world economy of a number of negative shocks, such as the war in Iraq and the SARS outbreak. It may have taken longer than first expected to correct imbalances generated by overoptimism in sectors such as the IT industry. High oil prices may also have contributed to restraining growth. The combination of low international interest rates and weak cyclical developments contributed to high interest rate differentials against the krone and the strong exchange rate. Activity in the global economy has picked up from the low level prevailing last winter, primarily reflecting high growth in the US and some Asian economies, including Japan. Recent statistics show that the annual rate of GDP growth in the US was 7.2 per cent in the third quarter of 2003. Strong growth in private consumption and a rise in business investment are evidence of a gradual and broadbased upturn. Employment figures are also showing a positive trend and unemployment is falling.
The krona was put under strong pressure by investors who expected Sweden to devalue again soon and, in November 1992, the Riksbank was forced to give up its defence of the fixed exchange rate. New policy with emphasis on long-term anchors The consequences of the crisis emphasised, with all desired clarity, that the type of policy Sweden had pursued for a number of decades had reached the end of the road and needed to be fundamentally reshaped. Instead of defending a fixed exchange rate, the task of monetary policy from now on would be to keep inflation low and stable. For its part, fiscal policy would focus considerably more than previously on keeping public finances in good condition so as to maintain market confidence. Gradually, the new order was confirmed through changes in the fiscal and monetary policy frameworks. The price stability target, which, in practice, had been introduced in 1993 in the form of an inflation target, was written into law in 1999, at the same time as monetary policy decisions were delegated to an independent Executive Board. In fiscal policy, the budget process was changed so that it would be easier to gain control over expenditure developments, while public net lending would, on average, show a surplus. The purpose of the latter was, of course, largely to bring the rampant government debt under control and to restore confidence in public finances.

Debtor-in-possession financing would not be not a viable option because it simply would not likely be available in a timely manner and on the scale—potentially hundreds of billions of dollars—needed to fill the hole created when counterparties run away from a systemically important financial institution. 4/6  BIS central bankers' speeches  There is also another difficulty. In the event of a financial holding company’s bankruptcy restructuring, there are limits on the Federal Reserve’s ability to lend to subsidiaries that continue to operate. The Federal Reserve has the legal authority to lend through the discount window against a subsidiary bank’s high-quality collateral, with appropriate haircuts. But, under existing laws and regulations, the Federal Reserve cannot lend to the securities affiliates. Moreover, Section 23A of the Federal Reserve Act restricts the commercial bank subsidiary of a systemically important firm from on-lending the funds borrowed from the Fed to its broker-dealer —even if the broker-dealer has good collateral to pledge against the loan. Put simply, in today’s legal and regulatory regime, there is a large potential liquidity gap. There is not a credible liquidity backstop for a broker-dealer in bankruptcy. In contrast, Title II provides for temporary funding through the Orderly Liquidation Fund, which can support the resolution of the recapitalized entity, including the broker-dealer. This means that if one were to eliminate Title II, one should develop an alternative means to provide a temporary, comprehensive liquidity backstop to the restructured firm.
Some instances of misconduct that have been uncovered have also resulted in fines, legal proceedings and convictions. [4] Control and monitoring requirements in relation to Libor submissions have been tightened, and a number of banks have become sceptical of taking on the legal risk involved in being a panel bank. The UK Financial Conduct Authority has finalised an agreement with the Libor panel banks whereby the banks have committed to remain as submitters until the end of 2021 (Bailey (2017)). After this time, the authorities can no longer guarantee that quotes will be submitted for Libor. Prospects that Libor may be discontinued in a few years’ time have amplified the need to establish alternatives to today’s reference rates. Some countries have already published recommendations for alternative reference rates. All the proposals are based on the shortest rates, ie overnight rates, as the new reference rates are required to be based on actual, observed transactions. The transition to new reference rates in other countries also has an impact on the use of reference rates in Norway. The removal of foreign ibor rates would change the markets on which the Norwegian banking sector currently relies. Norges Bank has, in consultation with Finance Norway, taken the initiative to establish a working group with a mandate to consider alternative reference rates for the Norwegian market. The working group comprises Norwegian banks and branches of foreign banks with a good understanding of the Norwegian money market. Finance Norway and Norges Bank have observer status, while Norges Bank also provides secretariat support.

As for the Bank of Zambia, our challenge is to recognise that technology and globalisation has given money launderers an opportunity to explore new techniques to commit and cover their crimes. This therefore, requires us to be more vigilant, dynamic and resourceful to thwart and overcome the scourge. In addition, full co-operation and coordination within the banking industry in implementing the Bank of Zambia guidelines will go a long way in enhancing co-operation within the region and internationally because money laundering thrives in jurisdictions where there is piece-meal implementation of standards and laws. Once again, I thank you for inviting me.
The event dates are the publication of the February 2009 Inflation Report and the associated press conference, which was taken to suggest a policy of quantitative easing was imminent; the decision at the March MPC meeting to use the Asset Purchase Facility as a monetary policy tool for initial asset purchases of £ and the subsequent extensions of planned purchases to £ in May, to £ in August and to £ in November. 2  BIS Review 31/2010  losses and capital market issuance has been unusually strong. Finally, nominal demand growth recovered to an annualised rate of around 4% in the second half of last year. Although we cannot be sure what would have happened without our asset purchases, these movements do at least go in the expected direction 2 . Some commentators have pointed to the weakness in bank lending and argued that this shows that quantitative easing has not worked. While the substantial increase in bank deposits and bank reserves as a result of the asset purchase programme could indeed encourage banks to extend more credit, such an effect was always likely to be quite weak, as at the current juncture banks are seeking to repair their balance sheets and to de-leverage. Rather, the objective of quantitative easing is to work around an impaired banking system by stimulating activity in the capital markets. Of course, some businesses, especially small and medium-sized enterprises, will not find it possible to access funds through the capital markets.

This Conference on Islamic Banking could not have come at a more opportune time than now, when the financial sector in the country is called upon to widen financial inclusiveness. Banks and Non-Bank Financial Institutions are being encouraged to increase availability of, and access to financial services to the population through the design of new and affordable products. It is through conferences and fora of this nature, among other events, that Bank of Zambia endeavours to disseminate information and share experiences with stakeholders about the importance of developing the financial sector. Ladies and Gentlemen, The last few decades have witnessed a rapid growth in Islamic banking both in terms of size and the number of players. Islamic banking is currently practiced in more than 50 countries worldwide. In some countries only Islamic banking is allowed while in others Islamic banking coexists with conventional banking. Islamic banking is not limited to Islamic countries. In August 2004, for instance, the Islamic Bank of Britain became the first bank licensed by a non-Muslim country to engage in Islamic banking. According to recent industry estimates, Islamic banking is set to grow at an annual rate of 15%. The increased trade between the sub-Saharan region and Islamic nations in the Middle East only reinforces our view that partnerships among the corporate players between the two regions will foster more development.
Although the central bank is acting in an apparently natural manner, in accordance with an inflation targeting policy, it may unintentionally contribute to a future crisis. The risk-taking channel can thus be said to form a link between monetary policy and financial stability. …that consists of different sub-channels The risk-taking channel actually consists of several sub-channels. One channel is that low interest rates can create incentives for investors to seek higher risk investments with a higher expected rate of return – what is known as a “search for yield”. This could involve, for instance, abandoning government bonds in favour of more risky, but higher-yield commercial paper during periods when the interest rate is particularly low. One reason may be the hope of attaining the same nominal yield as in earlier periods with higher interest rates. Another, more indirect channel is linked to low interest rates contributing to raising, for instance, the value of assets and collateral, as well as income and profits. This can in turn affect the banks’ assessments of, and tolerance to, risk. 4 Low interest rates could mean, for  1  Paul Krugman and Robin Wells, “The Slump Goes On: Why?” The New York Review of Books, September 2010. 2  See, for instance, John B. Taylor, “The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong”, NBER Working Paper Series No. 14631, 2009.

Ravi Menon: Securing price stability as Singapore restructures Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Asian Bureau of Financial and Economics Research (ABFER) Opening Gala Dinner, Singapore, 21 May 2013. *  *  *  Professor Bernard Yeung, Dean, NUS Business School, whose tireless efforts have brought to fruition the Asian Bureau of Financial and Economics Research, distinguished guests, ladies and gentlemen, good evening. Interesting times again Monetary policy has become interesting again. The Great Moderation, beginning in the mid-1980s and spanning two decades, marked the triumph of monetary policy over the scourge of inflation. The formula worked brilliantly – independent central banks, with clear mandates to pursue price stability, and doing so with consistency and credibility, ushered in an era of macroeconomic and financial stability supporting steady economic growth and rising prosperity. Then came 2008/2009 – unleashing a financial crisis of unmatched scale and impact, and a global recession deeper than any seen since the Great Depression. We are still living in the shadows of these two shocks, with the global economy stuck in a hesitant and uneven recovery and financial market stresses resurfacing from time to time. Monetary policy in the advanced economies has entered unchartered waters, in a valiant effort to support economic growth, which was being weighed down by deleveraging. In the emerging economies, central banks and governments have had to be equally nimble in their policy responses, as they grapple with the spillover effects of these unconventional monetary policies.
It is expected that the aggregate common equity tier one ratio across all G-SIBs, as calculated on the basis of the fully-loaded Basel III requirements, was more than 11% at end-2015, double the ratio in 2009. In parallel, authorities have tightened both the definition of total capital and the requirements on trading activities. Bank funding profiles have also improved since the crisis. For UK banks, liquid asset holdings have tripled to £ and, for the system as a whole, customer loan books are now entirely funded by customer deposits – up from around 75%. Trading assets are down by a third and inter-bank exposures have shrunk by two thirds. Moreover, in the United Kingdom, banks have already been stress tested to ensure they have enough capital to cover two severe scenarios: a hard landing in emerging markets, and a UK balance of payments shock. BIS central bankers’ speeches  7  Chart 7 Capital ratios up materially CET1 (net of transitionals)  % of RWA 14  Transitional adjustments  12 10 8 6 4 2 2008  2015 H1  € Core  2008  2015 H1  € Periphery  2008  2015 H1 UK  2008  2015 H1  0  US  Source: SNL, EBA and Bank calculations. Policymakers can help banks transition to more sustainable business models by giving the maximum regulatory clarity.

Jean-Pierre Roth: Switzerland - a financial centre in the heart of the euro area Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the Belgian Financial Forum, Brussels, 16 February 2004. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  Switzerland is not a fortress. In relation to the rest of Europe in particular, it is an economy that is very much open to mutual exchanges - notably with regard to trade and finance. It is not by chance that Switzerland has become a major financial centre. This can be ascribed to a number of positive factors, including specialist knowledge, a long-established banking tradition, the quality of the financial infrastructure, and customers’ confidence in the soundness of the country’s financial institutions. Switzerland’s political stability, its high level of savings and the international standing of the Swiss franc have also enhanced the appeal of its financial system. Increasingly, however, Switzerland is not alone in offering such advantages. Moreover, the Swiss financial centre - like all the others - has to face the challenges of globalisation and the fight against financial crime. As banking secrecy does not afford any protection to funds of dubious origin, the Swiss authorities are able to combat money-laundering with a reasonable degree of efficacy. In this area, Switzerland has implemented measures that have received international recognition.