samchain/econo-pairs-v1 huggingface dataset:
Benchmark indices such as the Dow Jones Islamic Market Indexes and the Financial Times Stock Exchange Global Islamic Index Series in the international equity market and the listing of Islamic financial instruments on international exchanges have all contributed to enhance the depth of the Islamic financial markets as an attractive asset class for investment. On the regulatory front, the standardised international rules and regulations for the Islamic financial institutions now being issued by the Islamic Financial Services Board (IFSB) will be important in effectively ensuring the stability and soundness of the system. Two important standards, the standards for capital adequacy and risk management have been approved by the Council of the IFSB in 2005. The two standards have taken into account the aspects of risks associated with the different contracts in Islamic banking business. Proper assignment of capital charge on profit-sharing arrangement and the introduction of profit equalization and investment risk reserve are risk-mitigating elements to ensure the soundness in Islamic banking business. The on-going work in the area of supervisory review process, market discipline, corporate governance and transparency will complete the range of the prudential and supervisory standards of Islamic financial institutions. The increased participation in the IFSB from across the globe reflects the growing interest of the global financial community to be involved, at the onset, in the development of regulatory standards in Islamic finance.

Conclusion Building the foundations on which Islamic finance has been able to advance forward has been vital to its viability, competitiveness and sustainability in this challenging global financial environment. With its integration into the international financial system, it would strengthen further the global economic and financial inter-linkages and in so doing would open new frontiers towards achieving more balanced global growth and greater shared global prosperity. Thank you. 4  BIS Review 4/2006
The extent to which the projects that Spain ultimately submits for European funding under the NGEU satisfy these conditions is a question that we will have to analyse in great detail in the coming quarters and that will directly affect their ultimate impact on aggregate activity. 5  For a review of the empirical evidence on the scale of the fiscal multipliers see, for example, V. Ramey (2019), “Ten Years after the Financial Crisis: What Have We Learned from the Renaissance in Fiscal Research?”, Journal of Economic Perspectives, Vol. 33(2), pp. 89-114. 16  In short, the macroeconomic forecast underpinning the Draft Budget is subject to downside risks, arising from the possibility that the effects of the pandemic on economic activity may be more negative than projected (as has been the case in recent weeks worldwide), and from the difficulty of absorbing the funds available under the NGEU programme in quality projects in the necessary time frame. The last point I wish to make in this respect is that, to the extent that there are appreciable risks that the pick-up in activity in 2021 may be weaker than forecast, there is also a risk that the budget deficit, the unemployment rate and inflation may deviate from their forecasts in 2021. In the case of the deficit, in response to the ongoing health crisis the European Commission has allowed Member States to temporarily diverge from the paths determined by the European budget rules for the budget deficit, public expenditure and government debt in normal conditions.

28  As I said earlier, one of the ingredients of the economic policy response to the crisis has been the temporary suspension of fiscal discipline rules in Europe until the pandemic is over, which is projected to be in 2022. These rules require the structural deficit to be reduced by 0.5 pp each year, so closing the current deficit, which is estimated to be some 5 pp of GDP, would take approximately a decade of adjustment.8  According to the Banco de España’s simulations, using a model that describes the behaviour of the government debt ratio on the basis of certain assumptions regarding its determinants, in the absence of fiscal consolidation measures government debt will reach around 130% of GDP over the next 15 years. Conversely, a process of gradual fiscal consolidation, following the guidelines of the Stability and Growth Pact, as I have described, could significantly moderate the government debt dynamics. In particular, a fiscal policy that improves the primary structural balance by 0.5 pp of GDP per year, until budget balance is achieved, would result in a sustained reduction in the government debt ratio, such that by 2035 it would stand at around its end-2019 level. This consolidation process would be especially effective if it were combined with the implementation of ambitious structural reforms to increase the economy’s potential growth and therefore the size of the main tax bases.
Jean-Pierre Roth: Steps to strengthen the Swiss financial system Introductory remarks by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the news conference, Bern, 16 October 2008. *  *  *  Pursuant to art. 5 of the Swiss National Bank Act (NBA), the SNB shall contribute to the development of our economy and the proper functioning of our monetary system. This is why the SNB has decided to extend a loan not exceeding USD 54 billion to the special purpose vehicle (SPV) set up to take over illiquid assets currently held by UBS. A similar offer has also been extended to the CS Group, which has refrained from making use of such a possibility. For the SNB, this operation is highly unusual, both with regard to its scope and the reasons for it. Scope of operation As to the scope of the operation, USD 54 billion is clearly a substantial amount for the National Bank. I would like to emphasise, however, that the loan amount is entirely guaranteed by the portfolio assigned by UBS, i.e. securities valued at USD 60 billion in the UBS balance sheet. Given the fact that in the past twelve months, UBS has made aggressive write-downs on its risky positions and that its portfolio is fairly diversified (it does not only consist of toxic assets), we feel that the risk of further losses on this portfolio is limited.

A number of banks and financial services providers have increased their branch networks, lending to small and medium-sized enterprises have been increased while financial products specifically designed to meet the financing needs of the lower end of the market in both rural and peri-urban areas have been introduced. One such product that banks and other institutions in the telecommunication sector have strived to promote in order to increase inclusion is mobile banking. As you are no doubt aware, Distinguished Ladies and Gentlemen, mobile banking represents a significantly cheaper alternative to conventional branch based banking as it allows financial institutions and other commercial players to offer financial services outside the traditional  BIS Review 111/2009  1  brick and mortar bank concept. Mobile banking uses channels such as retail agents and mobile phones to increase financial outreach to the un-banked communities. Mobile banking has revolutionalised banking worldwide and I am glad to note that Zambia is playing a leading role in the development of the mobile banking industry in the SADC region. As you may be aware, there are three operational mobile payments companies that have successfully penetrated the market in the past seven years. While a number of banks now offer mobile banking solutions. The British Broadcasting Corporation (BBC) website recently carried an article wherein, it was acknowledged that Africa has the fastest growing mobile banking market in the world. The significance of the article was not only the growth of the industry but the acknowledgement that most of the operators are local companies.
New information made available since our January meeting appear to confirm this. According to the National Institute of Economic Research's most recent Business Tendency Survey, the level of economic activity continued to improve in the fourth quarter of 2005 and firms were very optimistic about the future. Household expectations have also become more optimistic about their own finances and the Swedish economy. In the light of these developments, it seems reasonable to adjust the GDP forecasts for 2005 and 2006 upwards slightly compared with our expectations in December. The situation in the Swedish labour market appeared to be somewhat brighter in January and the number of those employed increased slightly more than expected. However, the trend for the number of hours worked was surprisingly weak and productivity growth in the business sector was therefore stronger than expected. There is no apparent reason to make any substantial change to that assessment either. The labour market is improving although domestic cost pressures are expected to remain subdued. Overall, this means that inflation is expected to approach the target during the forecast period, more or less as we said in December. Given the strong growth in demand, we envisage a relatively moderate increase in inflation. However, it is important to bear in mind that the inflation assessment in December was based on the assumption that a gradual increase of the repo rate would be initiated at the beginning of 2006. In January, we also decided to raise the key rate.

Greater collaboration will be important to create greater synergy of expertise in applied research and development in Islamic finance. Initiatives by industry associations collaborating with local and international research institutes and academia to seek for new global research findings and breakthroughs will enhance the potential for increased product development activities. This Colloquium that is organised by ISRA following the success of the inaugural Colloquium last year, to discuss the new research findings for the various segments of the Islamic financial industry with the expectation that it will contribute to opening new horizons for the future development of Islamic finance. On this note, let me wish you a productive and successful Colloquium. I would also like to congratulate ISRA on the launching of its new Islamic Financial Knowledge Repository. BIS central bankers’ speeches  3
But what is important is to realise that the deficit generated over these two years has a significant structural component, given that current primary public spending has maintained a high growth rate and the sizeable extraordinary revenue linked to the real estate sector has been lost for good. The deterioration in the fiscal position is manifest in a strong increase in public debt. As our own experience shows, the dynamic of rising indebtedness can prove difficult to break, especially when it is inconceivable that we can count in the future on some of the factors that significantly helped reduce debt in the past, such as interest-rate cuts and high economic growth over a very lengthy period. Overall, all these factors increase the risk that, in the absence of corrective measures, the fiscal position will continue to worsen. Further, they lead to the conclusion that the room for budgetary policy to expand has been completely exhausted, and that it is vital that a credible strategy of budgetary consolidation be adopted for the medium term. If not, the increase in public debt and its influence on the net borrowing costs of our economy, and even on the very soundness of the financial system and its capacity to properly channel resources, may become a very heavy weight holding back our possibilities of recovery. Given the fiscal imbalance that has built up, the scale of adjustment needed is most sizeable and will therefore require the adoption of highly ambitious measures on all budgetary fronts.

These signs are not unconnected to the swift and resolute intervention by the public authorities, which has proven effective in checking the growing perception of risks on financial markets and in increasing agents' confidence, thereby playing a valuable role in containing this crisis. But it is precisely now when the results of the measures are coming to fruition that it is most important to shun complacency and untimely and excessive optimism, which might curtail the process. The latest forecasts from the IMF and from many other supranational institutions admittedly include upward revisions of world output growth rates in 2010; but they also emphasise the persistence of a high degree of uncertainty. This applies in particular to financial market developments, where certain tension indicators still remain at high levels. BIS Review 124/2009  1  It seems reasonable under these conditions that the most immediate objectives of the economic authorities should continue to focus primarily on restoring the orderly working of financial markets and on maintaining the aggregate demand stimulus policies until economic recovery takes firm root, as was recently reiterated at the Pittsburgh G-20 Summit. Further ahead, however, the main challenge will be to identify the appropriate time for withdrawing the exceptional measures that have been adopted in the financial, fiscal and monetary realms, avoiding both a premature withdrawal that might undermine what has been achieved and an unnecessary prolongation that might ultimately generate dynamics that are difficult to reverse, and that are harmful to growth and well-being.
Jean-Pierre Roth: Review of the Swiss economy in 2005 and outlook for 2006 Speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the General Meeting of Shareholders of the Swiss National Bank, Berne, 28 April 2006. *  *  *  Mr President of the Bank Council Dear shareholders Dear guests  Faltering economic activity in 2005 As we now know from the revised figures for the Swiss national accounts, 2005 was better than anticipated. An economic slow-down became apparent from autumn 2004, but the lost ground was more than regained in 2005 thanks to the strength of our exports. The temporary lull in the economy had resulted mainly from uncertainties following the rise in energy prices. These concerns were further augmented by the fact that part of US refinery production was out of service in autumn. From January to August, the price of crude oil surged by 50% to reach a peak level of some USD 65, before a partial correction set in. As a result, business and consumer confidence was shaken. Demand for capital goods softened while at the same time the growth in consumer demand was slow. Not until the second half of 2005 did unmistakeable buoyancy in economic activity become apparent. The indecisiveness in the economy did not affect all parts of the global economy equally. The United States remained the driving force in the industrialised world, with growth rates maintained close to potential and above the OECD average.

For a context specifically related to supervision,  see “Supervision of Behaviour and Culture: Foundations, practices & future developments,” DeNederlandscheBank, 2015 3 Mirea Raaijmakers, “INTERVIEW: ING’s behavioural risk team seeks to uncover ‘invisible drivers’ of risky  behavior”, Reuters Financial Regulatory Forum, Henry Engler, January 10, 2020. 4 Kevin J. Stiroh, “The Complexity of Culture Reform in Finance,” Remarks at 4th Annual Culture and Conduct  Forum for the Financial Services Industry, October 4 2018. 5 New York Fed Workshop on Culture Measurement and Assessment, June 2017. 6 Conduct, culture and Covid-19” Cara Bloomfield, Peter Ewing, Olivia Fahy, Nafa Ben Haddej and Ted  MacDonald, FCA, June 2020. “Citi investment bank boss predicts resurgence of offices,” Financial Times, May 2020. 7 How to Prepare Your Virtual Teams for the Long Haul,” Mark Mortensen and Constance Noonan Hadley, Harvard  Business Review, May 2020. 8 Supervision of Behaviour and Culture: Foundations, practices & future developments,” DeNederlandscheBank,  2015. 9 Why IBM Brought Remote Workers Back To The Office — And Why Your Company Might Be Next ” Forbes,  October 2017. 10 Don’t Let Uncertainty Paralyze You”, Nathan Furr, Harvard Business Review, April 2020 11 "Lockdown and crisis: why now is THE time to look at behavioural risks” Samhoud, March 2020  5/5  BIS central bankers' speeches
I would also like to stress that the application of the Bank’s policy instruments and powers is in the hands of three committees comprising internal and external members. Each of the committees has clearly defined objectives, as well as policy instruments to achieve them. They take independent decisions that they must account for publicly. This arrangement ensures both transparency and distribution of power. In 2021, the Central Bank took the step of capping loan-to-value ratios on residential mortgages at 80%. It also capped debt service-to-income ratios at 35%. We are now seeing signs that these measures have begun to make an impact. By wielding its policy instruments, the Central Bank can dampen demand for real estate, prevent speculative activity, and keep households from taking excessive risk. But there is also a shortage of residential property in the capital area, and real disposable incomes have risen steeply. This will naturally contribute to house price inflation. Iceland has plenty of land at its disposal, and if we use it sensibly, we will not need to wait too long for the market to rebalance. Honoured guests: Last May, the Central Bank of Iceland was the first Western central bank to raise interest rates after the steep rate cuts early in the pandemic. The Bank’s policy interest rate is now 2.75%, where it was pre-COVID, and has therefore risen by 2 percentage points in the past twelve months.

Financial education and the Bank of England Speech given by Ben Broadbent, Deputy Governor Monetary Policy  Helping children and young people learn about money conference, London 3 July 2019  I am grateful to Mette Nielsen and Ratidzo Starkey for their assistance in preparing these remarks. The views expressed are my own and do not necessarily reflect those of the Bank of England or other members of the Financial Policy Committee or the Monetary Policy Committee. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  Welcome Hello and thank you for asking me along today. These are very important issues and I’m grateful to be able to talk to you. My purpose today is to set out a few things we’ve been doing at the Bank to help schools with economics education. Some of this, I should say, is self-interested. Over time, we benefit from having a large and diverse pool of well trained economists who might consider working for us. The same is true of many other institutions. More significantly, public understanding of what the Bank of England is for, and what it does, is very important. It matters because it is the general public that constitute our ultimate and most important stakeholders. Although the public already hold us to account via parliament, it’s important that we can explain ourselves, and in turn listen to people’s concerns, people, more directly.
This designation will be the Gold Standard in banking  2  BIS central bankers’ speeches  qualification and recognition. It will be jointly awarded with the Chartered Institute of Bankers. This award, I am confident, will be the catalyst that significantly elevates professionalism in the banking industry. I am most inspired by the theme of this year’s conference. It is pragmatic, realistic and aptly sums up the importance of talent management as we steer through the evolving financial landscape. Topics such as “Asia 2.0: Leading the Next Wave of Growth” and “Global Workforce Strategies CEOs Deploy to Achieve Leading Business Result” would be significant especially for HR practitioners managing multinational companies in Asia. Besides, topics such as “Are Our Graduates Employable?” will also be an interesting meeting point for HR practitioners and educators. I wish you an insightful and productive discussion. I trust that today’s conference is merely another step in the journey of intellectual quest that will continue long after this conference has ended. BIS central bankers’ speeches  3

Indeed, in our current system, bank deposits are essentially an existing “digital currency” that we all use. What some central bankers have in mind, however, is a more substantive change. But it seems to me that the need for this change is often expressed quite vaguely. What problems of the current monetary system, and especially what challenges to monetary policy, should central bank digital currencies address? And how should these digital currencies be designed if they are to be useful in practice? These are other topics of my talk today. The big problem of the current monetary policy framework is the effective lower bound on interest rates. The underlying neutral rate of interest has probably started to rise recently, but it will hardly reach the levels we were used to in the 1980s and 1990s anytime soon. In other words, during the next recession all major central banks will hit the effective lower bound again. How could a digital currency help? One thing a digital currency can enable is the possibility of deeply negative interest rates. I am not a fan of negative rates at all, but of course one can imagine a scenario in which some central banks replace cash with a digital currency.