samchain/econo-pairs-v1 huggingface dataset:
For example, precious metals such as gold and silver have high intrinsic value and they have been used as money for thousands of years. In modern times, fiat money has no intrinsic value other than (b) the fact that it is the liability of the issuing central bank. The track record in maintaining the value, or purchasing power, of the fiat money varies considerably over time and in different jurisdictions. Moreover, balances in commercial banks are also widely used as money in modern societies. Unit of account: This is also an important attribute or function of money. Money must (c) be accepted as a standard measure of value or price of goods, services, assets, liabilities, income, expenses, profits and losses, in addition to serving effectively as a store of value and medium of exchange. 3. While these three attributes define what money is, I would like to add the concept of “moneyness” to the formula. This concept is important because over many centuries of evolution, we have witnessed major shifts in the use of different and new instruments as “money”. In the last century or so, there has been explosive improvement in the ease, speed, cost and safety of keeping and transferring money. But there is always a question of relativity. There are many commodities, such as diamonds and gold, that command high value over time and are readily traded in the open market. These commodities meet partially the three functions of money, but they score very poorly in the ease and cost of use.

So that comes back to whether or not we can resolve the largest firms in an effective way and so can reintroduce market discipline through that route. 7. Concluding remarks  Let me conclude with something on shadow banking. Martin [Wolf] talked about the grave problems that are present in the global financial system through global imbalances. I completely agree. To the extent that we do not solve the global  BIS Review 148/2010  3  imbalances problem, our financial system will need to be more resilient than otherwise. That must be understood. Global capital flows are one of the givens of the world that we will continue to live in. The other given, in my view, is regulatory arbitrage. The biggest misjudgment that our predecessors made in the 1980’s and 1990’s was to underestimate the ferocious ability of capitalism to arbitrage regulatory rules. That will not change. Therefore, whatever rules we put in place now, capitalism will find ways around them. An important element of the reforms therefore has to be a much greater consciousness of regulatory arbitrage and a willingness to do something about it. This must not mean charging after windmills. It means identifying where something is happening that could threaten stability from outside the regulated sector, and being prepared to move the perimeter of regulation in those circumstances. The authorities must be more interested in shadow banking. That is something that the FSB, I believe, should focus on next year.
December 1995=100  Oslo Stock Exchange Benchmark  300 275 250 225 200 175 150 125 100 75 50 25  S&P 500  03  n  n  n  n  n  n  n  Ja  Ja  Ja  Ja  Ja  Ja  Ja  02  01  00  n Ja  99  97  98  Oslo Stock Exchange IT  96  300 275 250 225 200 175 150 125 100 75 50 25  Source: EcoWin SG Gausdal 31.01.03  Many other countries also experienced a period of strong expansion in the 1990s. Economic growth in the US was particularly high. New technology generated optimism and laid the basis for strong investment growth. At the same time, wage growth and inflation remained low. Equity prices, however, rose sharply just before the turn of the millennium, particularly in the US, but also in many other countries. 1  The output gap, which is a reflection of capacity utilisation in the economy, is measured by different methods: the trend GDP method (the HP method) and the potential GDP method (the production function method). When using the HP method, adjustments are made for the increase in vacation days in 2001 and 2002. This is also taken into account when applying the production function method. The output gap is zero if aggregate output is equivalent to the level of activity that can be achieved over time without generating a rise in price and cost inflation.

Inflation has fallen to single digit, while the exchange rate has remained relatively stable. In 2011 inflation closed at 7.2% from 7.9% in 2010. In February 2012, inflation was recorded at 6.0%;  iii. The financial sector has also recorded tremendous growth since the commencement of liberal economic and financial policies in the early 1990s; and  iv. Equally, positive developments have been registered in the payment systems. I must caution though that sustaining macroeconomic stability remains a key challenge in the face of a weak global economic outlook and limited domestic resources. It is important that we all keep an eye on economic developments with a view to striking a balance between wealth redistribution on one hand and sustaining the required investment and economic growth on the other. Ladies and gentlemen, in the recent past, we have witnessed a number of work stoppages as workers press for increased remuneration. In this regard, I wish to urge the Union leadership to be wary of sparking a wage price spiral because this may cause a rise in inflation. As you may be aware, high inflation is detrimental to our economy because of the following reasons: i. Makes Planning difficult for economic agents;  BIS central bankers’ speeches  1  ii. Companies and consumers are unable to draw up effective investment and expenditure plans;  iii. Government is also unable to make good projections of revenue collections and thus unable to effectively plan its current and capital expenditures;  iv.
If it turns out to be excessive, monetary policy normalisation in advanced economies might provoke a credit crisis which is assumed to outbreak in 2023 according to our scenario. In the case of a decline in external demand and prices for Russian exports, increased uncertainty and risks will entail a downturn in the Russian economy in 2023. A deterioration of the external economic environment and risk premiums in global financial markets will weaken the ruble, which will become a considerable, although temporary proinflationary factor. In order to limit risks to price stability, the Bank of Russia will need to substantially tighten its monetary policy in early 2023. As proinflationary risks lower and inflation expectations normalise, the Bank of Russia will ease its monetary policy, which will support the recovery growth of the economy in 2024. Long-term factors (ESG, demography) The scenarios described give an idea of how the economic situation might develop in the mid run. However, there are some factors that have not yet manifested themselves significantly, but are critical in the long term. These are climate and demographic changes. They 3/4  BIS central bankers' speeches  might impact both the development of the economy in general, that is, the overall economic balance, and the monetary policy transmission mechanism. These issues are covered in specific boxes included in the draft Guidelines.

Adjusting the global imbalances is not made easier by the crisis The third challenge – that some countries must begin to rely more on exports and others more on domestic demand – was debated intensively even before the crisis. After the crisis the problems of this global imbalance have in some way become even clearer. One means of maintaining demand and creating scope for consolidation of public finances is to increase exports. And one means by which exports can increase is if the currency weakens so that the country’s own goods become cheaper for other countries to buy. The problem is that all countries cannot by definition export their way out of the crisis at the same time. All countries can conduct an expansionary policy, but all countries’ currencies cannot weaken at the same time. Despite this insight being relatively widespread, fears have been expressed of a currency war, where countries deliberately try to weaken their own currencies. And if a currency war begins, it is only a short step to a trade war, where countries begin to introduce tariffs to protect their own manufacturing. This was what happened during the great depression of the 1930s, and it of course only made the problems worse. Such a development would be very unfortunate and have a considerable negative impact on small economies with extensive foreign trade, such as Sweden. At present there are major efforts being made in various international forums to avoid the global economy spinning off in this direction.
In Sweden, hedge funds are obliged to register with Finansinspektionen, the Swedish Financial Supervisory Authority, and to regularly report any measures that describe the risks in the fund, such as value-at-risk measures or measures of liquidity risk and indebtedness. The main rule is that the fund’s resources, as in the case of securities funds, should be invested according to the principle regarding risk diversification. Given this, it has not been considered necessary to set a minimum requirement for investment. Previously, Swedish hedge funds were obliged to report all of their holdings to Finansinspektionen, but this was not considered particularly meaningful. There are two main arguments for regulating hedge funds’ operations. The first is based on protecting the consumers from funds that take excessive risks. Amaranth’s gigantic losses affected several pension funds, for instance. However, in my opinion, this type of argument is rather strange. If one wants to protect pension savers’ investments, one should limit the pension funds’ investment opportunities, not the hedge funds’ operations. The second argument is linked to financial stability and the increasing role played by hedge funds. If a large number of funds were to fail and at the same time be highly indebted, there is a risk that the financial markets would be affected. However, this scarcely constitutes a reason for limiting the hedge funds’ investment freedom or for introducing some form of capital adequacy requirement.

In other words, the initial idea of hedge funds was to take positions based on the price relationships between securities, while limiting or eliminating market risk. Many people still connect the concept of a hedge fund with this strategy, but today this so-called market-neutral strategy is only one of many. Moreover, the concept hedge fund is misleading, as many of the funds do not hedge, but take large net positions. A common factor for hedge funds is that they have absolute earnings targets - rather than relating earnings to a benchmark index. They are also subject to much fewer restrictions concerning investment strategies than traditional funds. In addition to buying securities, the hedge funds can go short, that is to say, they can sell securities they do not own. Moreover, they can use pledges or derivatives to increase or decrease the risk in their fund management. Investments in hedge funds are often tied over a long period of time, which means that the fund can take on fairly illiquid positions. The charges are performance-based, which gives the fund managers a clear incentive to strive for good earnings. It is also common that fund managers themselves invest substantial amounts in their own hedge fund. 1  For a more detailed review of hedge funds, see the article in the Riksbank’s Financial Stability Report 2006:1. BIS Review 116/2006  1  However, hedge funds are far from a homogeneous group. One may roughly distinguish three overall investment strategies: market-neutral, directional and event-driven.
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.

The Government of the Republic of Zambia (GRZ) recognizes that the limited access to financial services and low number of products available to the different sectors of the economy has hindered the development potential of Zambia’s economy. There is need therefore, to revitalize the financial sector so that it meets the challenges of accelerated and sustained investments in key sectors of the economy. Recent developments in the financial sector world-wide offer some encouragement that working together could extend the range and reach of financial services that are available to our people. Still a lot remains to be done to extend financial services to the majority of our people and foster ongoing sustainability of our financial institutions. It is against this  BIS Review 131/2008  1  background that Bank of Zambia found it necessary to hold this Conference to deliberate on the topical concept of Islamic Banking under the theme “Building Partnerships for Development”. The main objectives of this conference are to get a general understanding of the operations of Islamic Banking and to share views on promoting partnership for development through Islamic Banking, draw lessons, and recommend strategies for implementing Islamic Banking in Zambia in order to improve access to financial services. The rapid growth of Islamic Banking raises a series of important questions, such as whether Islamic Banking should be regulated differently from conventional banking. Because modern Islamic Banking is relatively new to most countries rules for financial accounting, bank governance, and lending standards are continually evolving as business practices are refined.
As you know, the Governing Board adopted the expert group's conclusions and indicated to the Federal Council that, based on the profit figure following revaluation, an amount corresponding to half the gold holdings could be earmarked for purposes other than monetary policy. The possible uses for the sales proceeds have been the subject of much political debate. None of the proposed solutions have succeeded in attracting a consensus among the population or in the Federal Parliament. On 16 December, the parliamentary debate was concluded without an agreement being reached. Thus, a sum of CHF 21.1 billion, corresponding to the proceeds of the gold sales, has been included in the usual profit distribution procedure. Some people fear that, following this transfer, the National Bank will no longer have sufficient currency reserves. I have a word of reassurance for them. This issue has been examined in depth and has been discussed by our Bank Council. Our currency reserves total CHF 60 billion – an amount which may be considered appropriate by comparison with other industrialised countries. BIS Review 30/2005  3  But nor are these reserves excessive. Furthermore, it is important that the currency reserves evolve over time, in tandem with the size of our economy. This is why, in accordance with Article 99 of the Constitution and Article 30 of the National Bank Act, the SNB has adopted a provisioning policy that provides for gradual growth in its currency reserves.

Where prices are concerned, 2004 was another year of stability despite the spectacular price rise of oil products. Inflation rose to 0.8% over the year as a whole, and peaked at 1.5% in November. The low inflation rate gave Swiss companies a further competitive advantage on the international marketplace. The dollar and the oil price as disruptive elements The foreign exchange and commodity markets experienced the most turbulence in 2004. The US dollar, which had been falling since 2001, accelerated towards the end of the year, when it hit a record low against the euro. Switzerland was affected in much the same way as the other European countries: the Swiss franc appreciated by about 7% against the US currency during the last three months of the year. This development has since improved somewhat. Despite the dollar's sharp drop over the last few months, its current exchange rate is still higher in real terms than it was in the mid-1990s. The current situation is particularly difficult, however, as a whole series of Asian currencies, including the Chinese renminbi, are pegged to the dollar. The greenback's fall has thus reinforced the competitiveness of numerous emerging markets versus the European economies. For us here in Switzerland it has been positive to note that the nose-diving dollar has not unleashed any speculation on the Swiss franc. The Swiss franc-euro exchange rate has remained remarkably stable at around CHF 1.55 per euro.
We do not intend start over again nor that firms should do so. The majority of policies and standards are in place and firms have made  9  Bank of England’s submission to the TSC capital enquiry http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/treasury-committee/capital-andresolution/written/69208.html 12  All speeches are available online at www.bankofengland.co.uk/speeches  12  good progress in their implementation. 10  We intend that firms should build on the work they have already  done. We will take a proportionate approach to the framework for assurance on resolvability, focusing first on the major systemic UK firms. We propose to ask these firms to submit the first round of self-assessments from 2020.The timing is intended to allow full consultation on the framework and for the first assessments to reflect changes to firms’ structures that are required for EU withdrawal and ring-fencing. Self-assessment and transparency should begin at home. For this reason, the Court of the Bank of England asked the Bank’s Independent Evaluation Office to review the Bank’s work so far to put in place the UK resolution framework and its plans to make the resolution framework fully operational by the target date of 2022. The IEO report published today acknowledges the international leadership the Bank has given on resolution policy and that we are also leading the way in implementation. The IEO’s findings support the direction of travel I have outlined here for assessing implementation of the resolution framework.

Therefore, my first conclusion is that from the economic perspective the dilemma between deepening and enlarging is rather imaginary. In fact, both these processes are going on around us at every moment, and the authorities have a limited ability to choose between these two aspects of integration. The political dimension makes the question much more complex. Despite the aforementioned conclusion that economic integration is relatively independent of political will, an appropriate institutional framework is undoubtedly important for the pace of integration and the future shape of European markets. But politicians are caught between their vision of an integrated Europe and pressure from many of their voters to defend their current positions. Their inability to explain the benefits of integration to the electorate is a source of frustration and puts limits on any further political deepening and enlarging of the more and more economically integrated area. This may lead to a temptation to use the argument of an imaginary choice between deepening and enlarging. But businesses will not ask politicians for permission to move to Balkan countries or Turkey, or to continue concentrating their activities inside the present EU. The role of the authorities is to support, not hamper these processes. Therefore, my second conclusion is that frustration with the inability to politically consolidate the existing area should not become a reason for constraining its political expansion. In the end, business would find its way through, but Europe would lose. BIS Review 50/2006  1
In the last decades, many IFIs have provided immense support to the region as a whole, through finance, technical assistance and expertise. For the specific issues discussed, apparently pure finance is not sufficient. The  12  Nasdaq Baltic Market is the common equities market with harmonized trading rules and market practices, single trading system, joint trading lists, harmonized indexes, single membership and single trading and settlement currency, allowing investors easy access to all Baltic listed financial instruments through any of the exchanges. 15  so called “blended” funding, which combines provision of credit, grants, expertise and advice, at the same time, probably is the optimal support for sustained development. 16  5. Conclusion Investment was an important growth driver in the CESEE region before the outburst of the global crisis. However, after the crisis, investment ratios plunged across the board with the level of investment in most of the countries still below the pre-crisis maximum. The slow post crisis recovery is rather persistent and might have serious negative effects on the potential for growth of the region. One of the frequently underlined constraints for more rapid investment growth in CESEE region, among others, is the access to financing. Along this line, an important aspect is how to reconcile the current large investment needs in the region with the already high leverage level, both in the public and in the private sector. Public sector investment is usually concentrated on the infrastructure segment, an area where CESEE region has achieved substantial progress in the last two decades.

Evidently, traditional banking has a series of tried and tested protocols that help fend off or allow for a prompt response to situations of fraud, which are well-suited to the current needs of these population segments. In any event, it is an inescapable fact that, going forward, digital customers will continue to grow in importance. And so too is the emergence of new competitors, known as BigTech and FinTech. Allow me to turn to these now. It is widely known that these new players generally do not try to offer a full range of financial services. Instead they harness the possibilities that new technologies afford to target very specific niches, while steering clear of other activities, such as the business of taking deposits, which entail more stringent regulatory and supervisory requirements. As the report indicates, this can prompt a disintegration of the value chain. We have shifted from a situation in which many users interacted exclusively with a single financial institution to one in which, for example, a user can have an account at a bank, order payments through another provider’s interface and use a third party’s payment instrument. This situation could potentially lead to some banks losing touch with customers, one of the main strengths of their business model, and being relegated to performing back-office tasks that generate scant value. This is detrimental for the bank in two ways: first, the relationship with the customer is weakened and becomes less stable.