samchain/econo-pairs-v1 huggingface dataset:
The priority of repairs over payments, introduced in April, is intended to remove unscrupulous agents from the market. We expect that these measures will stabilise the situation. The strategic objectives to develop the insurance market are aimed at ensuring the long-term sustainability of insurance companies and protecting the rights of policyholders. There is also another gap in legislation. Unlike in the banking sector, there is no legal mechanism for the resolution of insurers. We plan to introduce one in the near future. The corresponding 8 / 11  BIS central bankers' speeches  draft bill has been developed and is being discussed. The Bank of Russia’s priority objectives in the long-term include introducing Solvency II principles to the risk-oriented approach to regulating financial stability and the solvency of insurers. Microfinance is a financial service that carries great social significance. Notably, those who turn to microfinance organisations are mostly poor people and the use of microloans arises in very difficult situations (literally, when the cash will not last them until their pay day). Therefore, the Bank of Russia’s policy in this market is primarily aimed at protecting consumer rights. The first objective is reducing borrowers’ debt burden and limiting the marginal cost of the loan. The limits we introduced have already significantly lowered the cost of microloans but we plan to reduce it further. Another of our areas of focus is combatting illegal, so-called “black” creditors. In this field, legislation has been adopted that ensures the prosecution and responsibility of illegal creditors.

Caleb M Fundanga: How the Bank of Zambia’s policies are impacting Eastern Province developments Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Eastern Province Chamber of Commerce and Industry Open Meeting, Chipata, 17 January 2008. *  *  *  • The Chairman – Eastern Province Chamber of Commerce and Industry (EPCCI) • Members of the Executive Committee – EPCCI • EPCCI Members • Invited Guests • Ladies and Gentlemen First and foremost, I must state that I am pleased to have finally made the trip to Eastern Province under the invitation of the EPCCI. The visit was planned for last year but due to other commitments I could not make it. In this regard, I made it a point to make sure that I visit the province before the end of the first quarter. I am happy that we have actualized our plans during the first month. It is our hope that we will also be able to visit other provincial towns off the line of rail during the course of the year. Mr. Chairman, one may question what is the purpose of the Bank of Zambia to visit these outlying areas? The answer is simple and is drawn from our mission statement – which is “to formulate and implement monetary and supervisory policies that will ensure price and financial system stability”. Our visit is therefore, to enable us assess the extent to which our policies are impacting development in the Eastern Province.
Central banks have adopted different approaches to this challenge, even as there has been broad convergence toward the model of independent central banks, with explicit mandates that include price stability and greater disclosure and transparency. The central banks that publish quantitative forecasts for growth and inflation now typically show the confidence bands around their forecasts. In some cases, these forecasts use, as a conditioning assumption, financial market expectations for the path of short-term interest rates. In others, the central bank publishes a forecast that includes the central bank's assessment at that time of the likely path of monetary policy over some horizon. In the former case, the implications of the forecast for monetary policy are left implicit. In the latter case, the likely path of monetary policy is made explicit, but that path is heavily qualified or conditioned to make it clear that that expected path of short-term interest rates will change as conditions change. The FOMC's approach to communication differs in interesting and important ways from these other models. Although the Committee has introduced a gradual but marked increase in the degree of communication over the past two decades, it provides information about its forecast in quantitative terms less frequently and with less detail than has become typical of many other central banks.

As we have seen in the pandemic, a common shock can have asymmetric impacts on countries which have a high concentration of certain sectors, such as tourism. Perhaps more importantly from a financial integration perspective, interconnectedness through supply chains matters. Take manufacturing, which accounts for around 20% of banks’ loan portfolios. While the reported direct emissions of these companies are comparatively lower, indirect exposures through the supply chain are more substantial. The physical risks of climate change have a clearer geographic angle and differ in their regional impact. These risks are also expected to increase in the coming decades, with some likely to be concentrated in particular geographical areas. Floods are the most significant hazard in central and northern Europe, for example, while heatwaves, droughts and wildfires represent the greatest risks in southern Europe. Taken together, around 30% of the credit exposures of euro area banks are to businesses with high or increasing exposure to at least one source of physical risk. Ultimately, the impact of climate change on financial stability depends on the degree of concentration of exposures, and what mitigation measures are in place. Both fronts give cause for concern. Over 70% of identified physical risk exposures in the euro area are held by just 25 banks. There is also a notable concentration by country (Chart 2, left panel), suggesting that physical risk could become a prominent source of asymmetric shocks. Moreover, the physical collateral backing loans may itself be damaged by the event, exacerbating the risk to banks.
This ensures that governments continue to correct economic weaknesses while the ECB is active. The involvement of the IMF, with its unparalleled track record in monitoring adjustment programmes would be an additional safeguard. The consequences of the ECB’s actions So what are the likely consequences of the ECB’s actions? Before announcing the OMT programme, we considered very carefully the possible risks – and we designed our operations to minimise them. But I am aware that some observers in this country remain concerned about the potential impact of this policy. I would therefore like to use this opportunity to go through those concerns – one by one – and explain our views. First, OMTs will not lead to disguised financing of governments. We have specifically designed our interventions to avoid this. They will take place solely on secondary markets, where bonds that have already been issued are traded. If interventions take place, they will involve buying government debt from investors, not from governments. All this is fully consistent with the Treaty’s prohibition on monetary financing. Moreover, they will focus on shorter maturities and leave room for market discipline. Second, OMTs will not compromise the independence of the ECB. The ECB will continue to take all decisions related to OMTs in full independence. It will decide whether to intervene based on its own assessment of monetary policy transmission and with the aim of safeguarding price stability. The fact that governments have to comply with conditionality will actually protect our independence.

Employment in this sector rose by more than 40% in France and Germany. Besides the improvement in the job situation in the euro area, which results from better economic prospects, it should be mentioned that over the past few years the European Union has embarked on determined efforts to promote structural reforms aimed at improving the functioning of labor markets. European countries increased flexibility in the labor market, in particular by developing part-time and temporary contracts. Let me quote some figures to illustrate this point: –  From 1995 to 1999, part-time employment rose from 14% to 17% of total employment in the euro area. This proportion is more important than in the United States, where it amounts to around 13% of total employment. More than half of overall net job creation was due to part-time employment. –  In conjunction with this development, temporary employment in the euro area rose to 15% of total employees in 1999. It is also worth mentioning an emerging trend towards more cross-border mobility of human resources, especially among young people. More and more university degrees include a stay in one or two foreign universities, thus helping to overcome linguistic and cultural barriers in Europe. Last but not least, a key feature which has fostered job creation in the euro area in recent years is wage moderation, together with reductions in the social charges imposed on employers.
In fact, for years, Greece had made poor management choices: no structural reforms, no privatisation, it had raised wages much faster than productivity and, to cap it all, it had massaged its public debt figures. The cocktail was explosive and it did indeed explode. Markets then became jittery about the debt of two other euro area countries: Ireland and Portugal. Nonetheless, a distinction should be made between these countries’ situations. Ireland enjoyed very strong growth for ten years with exemplary fiscal management. But it made two mistakes: on the one hand, it allowed its banking sector to become too developed with huge exposure to US real estate assets and, on the other, it gave an almost blanket guarantee to this sector. In 2010, the country was hit by the US financial and real estate crisis that caused banks to fail and require massive State bail outs. Its fiscal deficit then exploded, triggering panic on the markets. But, it is clear that this crisis was due to more specific factors. 2  BIS central bankers’ speeches  However, the case of Portugal is closer to that of Greece, even though it is much less critical. The Portuguese economy has constantly performed poorly for the past few years. Growth and productivity have been weak and fiscal policies very lax. It is therefore a crisis of confidence about the sustainability Portuguese sovereign debt that caused its borrowing rates to soar and denying it access to market financing as of last March.

Christian Noyer: Challenges and outlook for the global economy Speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at a press conference, Saint-Denis, Reunion, 14 November 2011. *  *  *  Secretary General of the Prefecture, Elected representatives, Consul General of China, Representatives of civil and military authorities, Ladies and gentlemen, It is a great pleasure to be here today. And not only because it is 20 degrees warmer than Paris at the moment, or because I spent the weekend enraptured by the beauty of your island and the friendliness of its people. I am particularly pleased to be here today because it is extremely important for me to have the opportunity to talk directly to local economic players throughout the French territory, listen to their views and explain our actions. Above all, in these complex times, such exchanges are tremendously valuable. I would especially like to extend my regards and thanks to the Mayor of Saint-Denis for receiving us in this beautiful venue. I will start by rapidly recalling the crisis to date and the solutions that have been implemented. In the past months we have witnessed a succession of serious and complex events. It is therefore logical that feelings of confusion and uncertainty have developed in society. I will thus attempt to provide some useful insights into the situation that we are currently facing.
6  1)  Percent 6 Policy rate Capacity utilisation  5  5  4  4  3  3  2  2  1  1  0  0  2005  2008  2011  2014  2017  ECONOMIC PERSPECTIVES 13 FEBRUARY 2020  2020  Capacity utilisation is Norges Bank's output gap projecton for the Norwegian economy. Source: Statistics Norway  The primary responsibility of monetary policy is to provide the economy with a nominal anchor, quantified as the Bank’s inflation target. Monetary policy can contribute to high and stable output and employment and to counteracting the build-up of financial imbalances. In normal times, monetary policy is the first line of defence in stabilising the economy. The policy rate can be changed quickly when the economy is exposed to shocks. Given the structure of the Norwegian credit market, where floating interest rates predominate, the policy rate is an effective tool. The inflation targeting regime must be flexible. Norges Bank’s close to 20 years’ experience with inflation targeting suggests that a small, open economy must expect inflation to deviate fairly widely from the target from time to time. However, inflation has remained within a range where deviations from the target cannot be said to have entailed material economic costs. This has provided leeway to give weight to other considerations in interest-rate setting. During the most recent downturn, the krone exchange rate fell in pace with oil prices. This led to prospects for higher inflation.

Perhaps the ability to pay high wages has been more dependent on the oil industry than thought earlier. Going forward, the key to success for Norway will be the same as for other countries: We must make the most of our number one resource - labour. The value of Norway’s human capital is around three times the sum of its natural resources, production capital and financial capital.7 Our future welfare level therefore depends on how many are in work and how productive they are. Employment in Norway is no longer as high as it once was. Today, a smaller share of the population aged between 25 and 54 is employed than 20 years ago (Chart 17), and the share is now higher in a number of countries, not least because female employment abroad has also risen. At the same time, the share of adult men in work in Norway has fallen. 7 See Meld. St. 29 (2016-2017), Long-term perspectives for the Norwegian economy 2017. 16  NORGES BANK  Chart 17a No longer at the top of the employment chart. Employment. Share of population aged 25-54.
In this regard, it is commendable that MFPC provides an evolving set of Best Practice Standards and Code of Ethics that must be adhered to by Registered Financial Planner (RFP) and Shariah RFP designees to ensure that the public will be served with the highest quality of financial planning services. Let me also take the opportunity to applaud MFPC for their commitment in providing the platform for aspiring practitioners to integrate the twin pillars of professionalism in financial planning: "professional education" and "practice excellence". Bank Negara Malaysia acknowledges the value of the professional qualifications conferred and is excited to share that we are actively considering the involvement of MFPC's modules in our requirements to enhance the professionalism of agents. Now, let us all put our hands together to commend all graduates for their utmost commitment to continuous learning and professional development. May your spirit in valuing education and growth never die. As Steve Jobs once said, "Learn continually. There's always 'one more thing' to learn!" With that said, my heartiest congratulations to all new graduates! I wish you all the very best in your current and future endeavours. May your journey be a meaningful and fulfilling one. 4/4  BIS - Central bankers' speeches

If industry is unable to play its role in achieving a holistic solution, regulators may find themselves forced to employ the specific policy tools at their disposal in their respective purviews to address the fire sale risk. While such an approach may indeed enhance the overall stability of this market, it could also lead to unintended consequences that include reducing the efficacy of the critical role played by this market in supporting the broader financial system. I am glad that you are all here today to work with us to begin to identify the best solutions to the problem of fire sale risk in the context of the tri-party repo market. I urge you to participate actively and express your ideas candidly. I am confident that we will come up with the best solution to this problem by working together. 2  BIS central bankers’ speeches
In Chile, the structure of pension fund portfolio as of the end of 2006 was as follows: domestic Treasury bonds -13%, domestic equities -17%, other domestic debt securities -22%, foreign equities and certificates of participation in investment funds -32%. In Argentina and Peru, the foreign assets accounted for ca. 10% and 14%, respectively, of pension funds assets. The findings of Fisher Black’s studies indicate that the foreign positions should be hedged against exchange rates risk. His famous work shows that the optimal hedge ratio amounts to 77% for investment in equities 10 . Open pension funds could manage their investment portfolios more effectively if they were allowed to invest in derivatives (equities, interest rate instruments and currencies), because – not infrequently – transactions costs on derivatives are much lower than the costs involved in cash market. By way of illustration, the costs in the US cash market are over five times higher than the costs in the market of stock index futures 11 . Additionally, this step could also contribute to the development of the derivatives market in the WSE. It is worth remembering too that as early as in 1974, a well-known study by Bruno Solnik 12 provided an example of American investors to show that the risk of investment portfolio composed of ca. 20 international equities (international dispersion) is twice lower as compared to the portfolio of domestic equities only.

Furthermore, an additional system will be launched soon to offer communication between the domestic clearing houses under the auspices of their organization, the EACHA 16 . Thus, the most effective and best adjusted to SEPA standards local clearing houses may become less numerous but they should not  15  CCBM2 (Collateral Central Bank Management) is designed to be a mechanism which allows the use of securities deposited at foreign central depositories of securities to collateralize monetary policy operations pursued by the Eurosystem and to collateralize mid-day credit in the RTGS system. 16  EACHA (European Automated Clearing House Association), the association established on 28 September 2006, grouping the representatives of 20 automated clearing houses. EACHA aims to: - be a forum for the sharing of information and experience amongst its members and undertake work on the issues of general interest to the payment industry, in particular to develop common standards for SEPA interbank clearing and settlement. BIS Review 134/2007  5  close down, contrary to the least effective ones or those which will not switch into SEPA standards in due time. I would then put forward a hypothesis that harmonization and integration will lead to the enhanced integration of the systems within the area of payment and settlement services, new systems of pan-European character will develop or will be launched but domestic systems will not come out of use altogether.
Most Singapore-listed firms continued to hold sufficient liquidity as of end last year, with liquid assets such as cash and equivalents exceeding their short-term liabilities. MAS’ stress tests on the balance sheets of SGX-listed firms show that most corporates would be resilient to interest rate and earnings shocks. For households, the measures put in place by MAS over the years have helped to ensure prudent borrowing. The Total Debt Servicing Ratio (TDSR) caps a mortgage borrower’s overall debt obligations at 55% of his income. It is computed using an interest rate which is the higher of 3.5% or the prevailing market rate to calculate mortgage obligations, providing a buffer amidst a rise in interest rates, such as what we are seeing now. The Loan-to-Value (LTV) ratio limits mortgage borrowing to 75% of the value of the house for the first property loan, 45% for the second loan, and 35% for the third. Total unsecured debt is limited to 12 times a borrower’s monthly income. Taken as a whole, Singapore has among the strictest limits in the world on household borrowing. The household debt situation in Singapore remains generally healthy. Stress tests by MAS suggest that most households should be able to service their debts even under scenarios of sharp interest rate hikes and significant income losses. The median TDSR for new loans issued over the past year is 43%, and the median LTV ratio for the outstanding stock of mortgages as of Q1 2022 is less than 50%.

responsible wage settlements that help to restore workers’ purchasing power without setting off a wage-price spiral. The ongoing expansion in labour supply should provide some relief to labour market tightness. The relaxation of our border restrictions and resumption of foreign worker inflows should help to moderate labour cost pressures. To prevent a further build-up in labour cost pressures, it is important that the inflow of non-resident workers continues unimpeded. The risk of a wage-price spiral is contained for now but bears watching. A concern in several advanced economies with some degree of wage indexation is that wages and prices start chasing each other and inflation gets worse and more entrenched. If real wages increase faster than real productivity, the increase in unit labour costs will lead to firms raising prices to protect their margins, setting off a second round of wage increases and a wage-price spiral. Automatic wage indexation is rare in Singapore and the pass-through from prices to wages has been historically weak. Nonetheless, the risk of a wage-price spiral cannot be discounted, especially in the context of a tight labour market and high inflation. To contain the risk of a wage-price spiral, it is important that real wage growth not exceed real productivity growth persistently and firms do not pass on in prices the full impact of wage cost increases. MANAGING DEBT AMID RISING INTEREST RATES  One of the key challenges posed by the combination of rising prices and rising interest rates is the burden imposed on debt servicing.