samchain/econo-pairs-v1 huggingface dataset:
These growth rates are actually slightly above the average growth in the period of expansion before the crisis, with world growth averaging 4% from 2000 to 2008. It is unfortunate for the UK that our main export markets are in Europe, which is lagging behind the global recovery. But UK exporters do have the offsetting benefit of a relatively competitive exchange rate against the euro. And recent data from manufacturing industry and from business surveys shows that this combination of global recovery and a competitive exchange rate is beginning to be reflected in strong export performance. 3 There are still clearly uncertainties about the evolution of the global recovery, and the data over the last month seems to be consistent with some easing back in the rate of global expansion in the second half of this year. But these worries about possible unevenness in the pace of global growth should not be confused with signs of a “double-dip” recession, which in my view is not on the cards. Rather, the world economy has bounced back strongly from recession over the past twelve months, and much more strongly than forecasts a year ago suggested. 4  3  The latest quarterly GDP figures, released on 12 July, suggest that recent export performance in the services sector may have been relatively weak, but early estimates of exports of services are not particularly reliable. 4  The current IMF forecast of world GDP growth of 4.6% in 2010 compares with their April 2009 forecast of 1.9%.

And even those countries with more flexible exchange rates can see competitiveness eroded if their major trading partners resist exchange rate appreciation. For most countries, though, these challenges would be exacerbated rather than eased by a policy designed to try to sustain a fixed rate or to narrowly constrain variability in the exchange rate. Although it may seem counterintuitive, small open economies, even more than larger less open economies, need the flexibility that floating exchange rates bring. Changes in exchange rate regimes were present at the scene of most of the major emerging market financial crises of the last decade, and many have argued that the decisions to let the exchange rate adjust was a major source of the trauma that followed. But that's not a fair reading of the evidence. In general, the crises were the consequence of fundamental economic problems, often manifested in the buildup of substantial balance sheet problems, with excessive borrowing in foreign currency by the sovereign, the banking system, or both. These balance sheet problems were one reason many governments chose to postpone currency adjustment for as long as possible, and these delays ensured that the cost of adjustment, when it was forced on these governments, was far higher than if action had been taken earlier. But this is not the whole story since the fixed exchange rate regime itself had contributed to the initial currency mismatch and associated balance sheet problems.
Svein Gjedrem: The global economy and Norwegian monetary policy Address by Mr Svein Gjedrem, Governor of the Norges Bank, at the Southern Norway Conference, Kristiansand, 6 March 2001. *  *  *  Introduction Over the past few centuries, Norway has been transformed from one of the poorest countries in Europe to one of the richest, thanks to its profits from international trade. Foreign capital was important for the utilisation of Norwegian natural resources. Cross-border capital flows have increased sharply, particularly in recent years. The chart shows Norwegian inward and outward direct investment. These are strategic investments involving ownership interests of 10 per cent or more, unlike portfolio investments that normally involve small stakes. Norwegian companies' direct investment came to NOK 74 billion last year. The figures were boosted by substantial acquisitions abroad by Telenor and Norske Skog. Over the past two years foreign companies' investment of this type in Norway came to around NOK 100 billion. Over time, Norwegian acquisitions abroad and foreign acquisitions in Norway are more or less balanced. BIS Review 19/2001  1  The state is accumulating substantial foreign assets through the Government Petroleum Fund. As result of these investments, Norway is in a net asset position vis-à-vis abroad. In addition Norwegian insurance companies and securities funds have markedly increased their foreign investments in recent years. At the same time, Norwegian banks finance a large share of their lending through foreign capital, and foreign investors are steadily increasing their share of Norwegian securities holdings.

As long as oil prices are high, the Norwegian economy is fairly sheltered. Many central banks are now reducing their key rates. As our economy is affected to a lesser extent, the differential between short rates in Norway and abroad may widen. Thank you for your attention. 10  BIS Review 19/2001
Therein lies an important lesson I would like to share with colleagues and friends in the process of developing their bond markets. Industrialized countries have been in a position to promote and sustain the development of their bond markets because of the continuity and predictability of supply. In our case, due to restrictions on management and investment of the government’s treasury balance, the government understandably has been unwilling to issue securities when the treasury balance is high. This causes discontinuity in the supply of bonds. At the same time, because the treasury balance could not be invested to earn a return, there is a cost in terms of interest expense on those bonds issued against no revenue proceeds. Bond issuance has to be done on a regular basis, irrespective of the size of the treasury balance. But it may be difficult to explain politically why it should become necessary to maintain a higher-than-necessary treasury balance with borrowed money. Proposals are on the way to fine-tune the current legal framework, to permit greater flexibility in the management of treasury balance, while not compromising the discipline of budget finance. BIS Review 30/2000  2  Turning now to the secondary market. This is an area where a central bank can become more active and can make a more significant contribution than in the primary market. To date, substantial progress has been made with regard to the basic rules and regulations to govern both market participants and trading practices.

And even after the crisis has peaked, banks still face the problem of recapitalization. During these times, the process of intermediation suffers. The existence of a deep and liquid bond market allows financial institutions to prepare themselves better for risk management. The authority can require the banks to maintain a higher liquidity ratio, comprising both government and top-rated corporate bonds. The banks can then resolve their liquidity problem on their own by selling these bonds, regardless of their credit standings, which tend to suffer during a crisis. In Thailand, the lack of a liquid bond market meant that the only way to obtain liquidity under pressure was for the banks to come to the Bank of Thailand using their entire loan portfolio as collateral. And as the crisis deepens, these loans were deteriorating day by day. Another benefit of the bond market is that it can attract foreign investments. Foreigners can bring in funds to invest in high quality papers denominated in Thai baht. They are the ones to absorb foreign exchange risk. Without a bond market, Thai companies have no choice but to borrow abroad and bear the foreign exchange risk, themselves. Experience has shown that they have yet to fully develop their skills in doing so. It is our intention, therefore, to expedite the promotion and development of the domestic bond market. The process is very time-consuming, but they are worthwhile for they provide the foundation for a strong and diversified financial market that would be more resilient to future shocks.
With so many things competing for our attention these days, the design of customer experience is critical. Delivering a superior customer experience is a major source of competitive advantage. Intensifying public engagement and consumer protection Our migration to e-payments would not be successful without intense public engagement and consumer protection efforts. Firstly, much more needs to be done to promote debit card usage. The Bank has taken the lead by lowering the costs of debit card acceptance through the Payment Card Reform Framework (PCRF) in 2015. Consequently, Malaysia’s debit card interchange fee rates are now among the lowest. They are up to 10 times lower than the rates in other regional economies. The industry should take advantage of this. We need to educate merchants on the availability of a lower cost debit card network. To move this forward, PayNet will drive an industry wide awareness campaign. Merchants who cannot afford the cost of accepting the more expensive 4/5  BIS central bankers' speeches  credit card should opt to accept only debit cards. This would lessen the incentives for merchants to impose surcharges to recover their payment card acceptance cost which would ultimately benefit the consumer. Secondly, good customer engagement through effective disclosures can be a source of competitive advantage. Payment providers should consider differentiating themselves by disclosing key security features and safeguards against fraud and malware threats. This would demonstrate how the customer’s hard earned money and sensitive personal data are being protected.

Muhammad bin Ibrahim: The resurgence of payments in a digital world Keynote address by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian E-Payments Excellence Awards (MEEA) 2018 "The resurgence of payments in a digital world", Kuala Lumpur, 11 April 2018. * * * Thank you for inviting me to speak today. Ten years ago, the word “payments” was only heard in small and exclusive circles. Those in banking understand the importance and criticality of the payment system. Huge resources are devoted to this function. Understandably so. Payment services are the bread and butter of banking and the lubricant for the economy. It is at the heart of all economic activities. Its services are indispensable. Yet, only a few took an interest in payments, except maybe those in the financial services community. Today, this situation has reversed. Payments is now at the top of everyone’s minds. Globalisation of the financial markets and the consequent flows of funds across borders necessitates modernisation and strengthening of the financial system. Huge investments are being put in place. Technological advancements accelerate this process. Out of the $ billion raised globally for fintech funding in 2017, 30% of the funds went to payment companies. In the third and fourth quarter of last year, 4 out of the top 10 global fintech deals were for payment services. A few factors have driven changes in the payments sphere; digitisation, competition and innovation.
As the Central Bank, we have continued to monitor and review developments in the foreign exchange market and provide prudent support when necessary in order to dampen excessive volatility in the exchange rate and safeguard the recently achieved macroeconomic stability. To this end, the Bank has been a net seller of foreign exchange to banks. However, the Bank’s interventions were limited, given the global extent and magnitude of the crisis. Some of the specific measures the Bank of Zambia implemented include the following: •  Improving information flows: The Bank of Zambia has enhanced its vigilance and interaction with the domestic financial system to ensure adherence to its supervisory guidelines and to enhance information flows. The BOZ is continuously interacting with banks to ensure that detailed information regarding foreign exchange transactions is provided and has also engaged major business entities to understand their expected foreign exchange requirements. This is necessary to ensure market constraints are addressed expeditiously. •  Sale of foreign exchange: Increased the supply of foreign exchange to the market with the primary purpose of smoothening short-term volatility in the exchange rate  4  BIS Review 161/2009  and the foreign exchange market generally.

Since September 2008 to date, the Bank has sold US $ million to the market against purchases of US $ million; •  Issuance of directives: On March 2, 2009, the Bank of Zambia issued directives to commercial banks prohibiting the extension of loans and/or credits and providing other sources of Kwacha funding to non-residents for any maturity period of less than one year. The Government is in the process of issuing a statutory instrument, which will clarify this position, in order to protect the integrity of the financial market. •  Collaboration with regulators: Engaged other regulatory authorities regarding measures to stem the growing trend of dollarisation, including some consideration to legislate and provide stringent regulations against this practice, which erodes the effectiveness of domestic monetary policy. In this regard, the Government is in the process of issuing a Statutory Instrument to ban quoting, invoicing and settling in foreign currency of domestic transactions for goods and services in Zambia. In addition, the Bank has enhanced its vigilance and interaction with the domestic financial system to ensure adherence to its supervisory guidelines and to enhance information flows between banks and the Central Bank. Accordingly, the Bank also introduced measures to ensure that financial market players under its supervision provide detailed information on their foreign exchange transactions. Further, the Bank has continued to reinforce the regulation and supervision of the financial sector.
Phase II (from 1 April to 31 July 2014) Action 1: Appointment of panel of auditors for conducting independent valuations The most critical and sensitive task that had to be undertaken during the initial stage of the consolidation process is the preparation of an accurate status and valuation report of all Category B NBFIs. To fulfill this task, the Central Bank appointed 9 qualified external audit firms, referred to as “Panel of Auditors”, to conduct independent and professional audits and  BIS central bankers’ speeches  13  to undertake and complete information memoranda (IMs), due diligences (DDs) and valuation exercises in respect of the financial institutions that are to be merged or sold. Such reports are expected to be prepared under the highest standards in terms of professionalism and ethics, accepted norms and best practices. In order to ensure independence and objectivity of such reports, the Central Bank has decided to meet the expenses on professional fees to the auditors. Valuation of business were done based on 3 agreed methods, namely, price to earnings, price to book value and residual income approach which is for negative net worth companies. In addition, “Dispute Resolution Committee” comprising 4 members from the Panel of Auditors was appointed to resolve issues relating to DDs and valuations.

As the Head of the Financial Sector Consolidation Unit of the Central Bank, I must thank the Governor and the Organising Committee for selecting “Financial Sector Consolidation: Why and How?” as the topic for today because it gives due recognition not only to the current key policy reform in the financial sector that is being implemented in 2014, but also to all stakeholders who are committed to working with the Central Bank to make this major reform a success. Ladies and gentlemen, the major components of our financial sector are banks and non-bank financial institutions (NBFIs), which together account for 65 per cent of the financial sector of the country. The financial sector consolidation programme is designed for the reforming of the institutions belonging to these two sectors. As the topic suggests, I will share with you why we wanted to consolidate the banking and NBFI sectors and how we are implementing the consolidation process. Accordingly, my oration is divided into two parts; in the first part, I will discuss the rationale for consolidation and in the second part explain the way we planned and executed the process. With that introduction, let me now begin my oration. Part I: Financial sector consolidation: why? The financial sector of Sri Lanka has shown a high level of overall stability in the past, even during the post subprime global financial crisis period. This has been endorsed by the international and local rating agencies in their annual independent reviews.
Imported inflationary pressures fell due to lower inflation in Albania’s trading partner countries, low increase or fall in primary commodity prices, and stable exchange rate. On the other hand, economic agents’ expectations for inflation have been well anchored, limiting inflation’s sharp deviation from the Bank of Albania’s target. Against the backdrop of weak inflationary pressures, the Bank of Albania pursued a stimulating monetary policy in 2013. It cut the key interest rate four times during the year, lowering it from 4.00% to record low 3.00%. In parallel, the Bank of Albania continued to supply the financial market with the necessary liquidity. So, in addition to the standard instrument – the 7-day reverse purchase agreement – longer-term instruments have been used to better adapt to the needs of the banking system for liquidity. The easing monetary policy was further reinforced by unconventional measures. The aggressive key interest rate cut was accompanied by the publication of the future monetary policy direction. This type of communication is considered by central banks as a monetary policy instrument, in the context of interest rates ranging close to minimum values. It aimed and was successful in orienting financial market expectations, and helped reduce the interest rates even further in the financial market. Monetary policy signals were transmitted quickly and interest rates dropped across all market segments. Overall, the monetary policy implemented by the Bank of Albania proved successful in containing the downward trend of inflation and in anchoring inflation expectations, hence contributing to maintaining monetary stability.

It will continue to be stimulating for the economy in the period ahead, as stated in our public communications. I must underline, however, that not all things can be solved by the monetary policy, and the central bank alone cannot achieve all. Many economies are facing the difficult situation of sluggish economic growth and low inflation rates. These conditions require all authorities at home to coordinate active policies and approach a new economic thought. This approach should aim at establishing a favourable climate for investments, boosting demand, increasing productivity in competitive sectors, supporting technology development, improving education level and implementing reforms in the labour market. In particular, I would like to draw the attention on the implementation of FSAP recommendations, to develop further the Albanian financial system and enhance its stability. I think that 2014 poses new and difficult challenges for sustainable and all-embracing economic growth. These challenges require long-term solutions and the work to face them must continue, without delay. Thank you. 6  BIS central bankers’ speeches
In designing the new RTGS infrastructure to achieve these five key outcomes, and in running the current CHAPS and RTGS services, we believe it is important to engage a wide range of firms across the payments industry, as well as their customers. This goes much wider than the current membership: we need to think about prospective participants too and to understand the evolving needs of end-users. To bring a range of perspectives and diversity of thought to our approach, the RTGS/CHAPS Board7 has four independent members with commercial and international experience and is attended by a representative from the National Cyber Security Centre. 7  https://www.bankofengland.co.uk/payment-and-settlement 4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4  We have a number of channels to facilitate engagement, including the RTGS Renewal External Advisory Body, the Standards Advisory Panel and the CHAPS Strategic Advisory Forum.8 Membership spans current CHAPS direct and indirect participants and not just the traditional large banks, but also new players, trade bodies, regulators, various UK government departments, software vendors and end users such as corporates. We work closely with the Prudential Regulation Authority, Financial Conduct Authority and Payment Systems Regulator on a range of topics. And the Bank also engages extensively with Pay.UK, who are delivering change across the retail payment schemes through their New Payments Architecture9 programme. Understanding the needs and challenges of a diverse set of firms and their customers informs our decision making.

The final part will be a discussion about the challenges ahead. Ladies and Gentlemen, Since my previous FCCT address, things have changed dramatically. Two years ago, the main policy issue surrounding the economy was the sharp acceleration in inflation due to drastic increases in oil prices. Two months after my talk, starting with the fall of Lehman Brothers, the world went into the deepest recession never seen since the Great Depression. Thailand was not spared, as the Thai economy last year experienced negative growth for the first time since the 1997 crisis. In tandem with the slowdown of the global economy, oil prices collapsed and inflation was no longer an issue. Over the past two years, policy focus would be on how to restore the stability of the global and individual country’s financial systems and how to prevent such a systemic crisis from happening in the future. In other words, the spotlight has turned from price stability to financial system stability, or in short, financial stability. 1 The global financial crisis has a significant impact on central banks’ thinking of economic and financial stability policies in three major areas. First, it is now widely accepted that monetary policy also needs to take care of financial stability concerns. The pursuit of price stability alone is not enough to ensure a smooth progress of the economy.