samchain/econo-pairs-v1 huggingface dataset:
This means that we have seen good improvements in the quality of compliance and operations. Companies that continue to receive shorter-term licences need to take stronger measures to address the issues that we have raised. Third, we should expect that financial markets will continue to remain volatile in the period ahead. It is therefore important for the industry to improve market arrangements to ensure that MSB companies will be able to respond efficiently to changes in demand for currencies by consumers and businesses. Such arrangements have to include better planning and management of currency stocks as well as sourcing strategies to ensure the ready supply of currencies at efficient market rates. Tonight’s MSB customer experience awards reflects an industry that aspires to place the customer first. A price advantage can be lost easily to your competitors, but a strong customer service culture is much harder to copy. Those of you that voluntarily took part in this process are sending a clear signal that your company and this industry takes customer service excellence seriously. The idea of customer service excellence is not only about the quality of service; it is also about the industry conducting itself in a way that builds trust in the industry. The Association therefore is to be commended for undertaking this initiative, as should all MSB companies that have supported it.

Companies can also come forward and test their ideas in Bank Negara’s Regulatory Sandbox, and we will facilitate a safe environment for companies to develop viable solutions to identified problems. This is the time for MSB companies to be forward-looking, not hold on to the past; to be agile and responsive to change, not slow to evolve; to be bold and ambitious, not reactive; and to be secure in strong professional and ethical standards for conducting business, and not exposed to practices that can harm the industry’s image and reputation. The Bank has every confidence in the industry’s ability to grow and develop further from strength to strength, well supported by a dynamic Association that has had a key role in driving many of the accomplishments that have brought the industry to this point. On that note, thank you for having me here this evening. Congratulations to all the recipients of the customer service excellence awards, and all MSB companies that are present here for supporting the important work of the Association. On the part of the Bank, we look forward to the implementation of the industry’s five-year strategic blueprint up to 2020. Bank Negara Malaysia will continue to engage constructively with the Association and industry on these initiatives to develop a modern, dynamic and progressive industry. 3/3  BIS central bankers' speeches
BIS Review 97/2010  3  Sound public finances and a stronger and more resilient banking sector will strengthen the fundamentals of the European economy. Already prior to the crisis, the euro area was among the least volatile economies in the world. Volatility of both inflation and output growth were significantly lower than in other industrial countries and inflationary expectations remained remarkably stable. 4  BIS Review 97/2010  Once enacted and implemented fully, the new measures of fiscal consolidation and financial reform will help foster these sound fundamentals and turn the current cyclical upturn into sustained growth. The latest signs that we are receiving from the economy are encouraging. Exports are recovering at a steady pace. Industrial production is rising and employment is stabilising. This fundamentally distinguishes the current situation from the situation that we faced last year. But as I have said, the crisis is not yet over. For the ECB’s role as the guardian of the euro, this means, first of all, to remain faithful to its primary mandate of delivering price stability in the medium term, in line with its definition. In the exceptional financial market circumstances that we are experiencing since 2007 we have decided some non-standard measures to help restoring a more appropriate market functioning and a better transmission of our monetary policy. But our monetary policy stance has always been to deliver price stability and be credible in this delivery with a solid anchoring of inflation expectations. The Securities Markets Programme is fully in line with this approach.

We have a great deal of work to do on these three issues in the months ahead, and I am confident that when bold reforms in these areas are undertaken, we will have achieved the necessary quantum leap in euro area governance. Thank you for your attention. 6  BIS Review 97/2010
For example, the change to a full-allotment system for all applications for liquid funds submitted by institutions; the extension of the assets eligible as collateral for these funds, precisely to prevent potential bottlenecks in this area that might ultimately make the full-allotment arrangement inoperative; and an extension of the maximum terms over which liquidity is granted, which in the recent December meeting was set at three years, a horizon that clearly goes beyond what, in normal times, should act as a reference for the pursuit of monetary policy. The Securities Market Programme for the purchase of assets on secondary markets is also playing a significant role in restoring the normal functioning of the sovereign debt markets. That said, the ultimate causes of the tensions in place are due to underlying problems over whose resolution the monetary authority can exert little or no influence. These policies respond to the need to ensure the correct functioning of the monetary policy transmission mechanism, without which the Eurosystem could not meet its objective of maintaining price stability in the euro area. But it should nonetheless be acknowledged that such conduct gives those responsible for the other areas of economic policy valuable time in which to pursue the design and implementation of the measures needed in those areas.

The ECB’s conjunctural measures are of no use, however, in resolving the central problem revealed by the crisis: the need for mechanisms that help counter the risks arising from the fact that countries with heterogeneous structural features share a common currency and that, therefore, they can no longer resort to their own monetary and exchange rate policies as macroeconomic stabilisation instruments. At the various summit meetings held in recent years, the euro area Heads of State or Government have reaffirmed their unequivocal political commitment to keeping the EMU project on track and to completing monetary union and moving towards greater economic integration. Evidently, though, in this process it will be necessary to share substantial sovereignty in sensitive areas such as fiscal policy or banking system oversight, and to set in train mechanisms allowing some degree of risk mutualisation, without this potentially discouraging economic discipline in the various countries. The steps taken so far are along the right lines. But without wishing to speak out of turn, there is notable room for improvement in the pace at which decisions are being taken. On the fiscal front, reforms to date have translated into a significant strengthening of the Stability and Growth Pact. Key factors in this reinforcement have been the greater attention to debt ceilings and the establishment of greater automaticity in the procedures to evaluate potential non-compliance and to activate the necessary corrective mechanisms, along with the requirement to revise national legal frameworks.
The Norwegian krone market is less liquid than many other foreign exchange markets. This may have contributed to amplifying the appreciation of the Norwegian krone. The krone exchange rate has appreciated during the autumn. Expectations that the interest rate has reached a trough, in conjunction with high spot and futures prices for oil, have probably supported the krone. Our previous experience suggests that the value of the Norwegian krone is primarily affected when oil prices are unusually low and/or falling. Through 2004, the krone exchange rate has appreciated in line with oil prices. Oil prices have not, however, been as high, in nominal or real terms,  2  BIS Review 67/2004  in since the krone was floated in late 1992. We have therefore no previous experience to draw on. It appears that the krone exchange rate also reacts to abrupt upward movements in spot and futures prices for oil. Oil prices have declined somewhat since end-October. A levelling off or a fall in oil prices and a stable use of petroleum revenues could reverse the short-term capital flows. The strong krone has a dampening effect on the inflation outlook. This provides a basis for keeping the interest rate level in Norway low for a longer period than would otherwise have been the case and for maintaining this low level even though interest rates rise in other countries. Inflation targeting will therefore ease the pressure on the krone and stabilise exchange rate expectations. Inflation has been low this year.

CPI inflation remains subdued at a rate of 0.4 percent year on year in October, reflecting the sizable output gap and well-anchored inflation expectations. On the financial stability front, the banking sector remains resilient with healthy balance sheets and the lending capacity largely preserved. And notwithstanding the strong resurgence of capital flows, the risk of asset price bubble, either in equity or in housing, for now remains low given the slow growth of bank credit and the more subdued initial conditions. The situation on asset prices, however, warrants a close monitoring as credit conditions can change quickly given the ample domestic liquidity. In sum, the Thai economy is now in a process of recovery. The economy is poised to return to positive growth next year. At this time, however, the momentum of private sector demand is still not robust with the momentum largely mirroring the support from policy. Economic and financial stability, on the other hand, is intact with subdued inflation and a resilient banking sector. Therefore, given weak private sector demand, the Monetary Policy Committee is of the view that policy support remains needed as a firm recovery is yet to be established. It was in this context that the policy interest rate was kept unchanged at 1.25 percent in the last Monetary Policy Committee meeting in October. Next, let me share with you our assessment of the outlook for the economy and policy.
More than half of the global population already live in cities. There are 23 megacities today; and it is projected that this number will double by 2030. Most of these new megacities will be in South and East Asia. OECD estimates that more than half of the infrastructure needed by 2030 has not been built yet. Growing cities will need to simultaneously deal with the problems of scarce resources and climate change. Even developed countries can be vulnerable to extreme climate changes. Hurricane Sandy left a quarter of New York City’s population without electricity, and shut down vital transport infrastructure including all 3 airports and all subway lines. Whether or not a global agreement on mitigating the effects of climate change is reached or not, there will be tremendous business opportunities for companies that can provide solutions to address the challenges of resource efficiency and to back up vulnerable systems and infrastructure. Innovative urban solutions and investments in infrastructure R&D will be sorely needed. As an early adopter of sustainable development strategies, Singapore is happy to share our experience learnt from sustainable growth strategies. The annual World Cities Summit, hosted in Singapore, serves as a platform for the exchange of leading-edge ideas on building liveable and sustainable cities. Beyond the exchange of ideas, Singapore is pushing the boundaries in sustainability research. Two National Innovation Challenge programmes are currently on-going,  2  BIS central bankers’ speeches  addressing the themes of 1) Energy Resilience for Sustainable Growth and 2) Land and Liveability.

Therefore, it is an opportune time that the boards and senior management of the financial service fraternity in Malaysia to begin to actively explore pragmatic approaches to assimilate IP into existing financing considerations. An important starting point is building a stronger knowledge base of IP issues within financial institutions. This includes identifying staff within your institutions to learn about these issues and providing them with local and international opportunities for training or exposure in IP. The industry, working together with relevant authorities, agencies and trade associations, should also come together to agree on specific initiatives to overcome barriers to the more effective use of IP assets in financing considerations. This includes developing practical guidance for both businesses and financial institutions in identifying, managing and valuing IP assets, and a way to include such assets within an institution’s existing credit assessment procedures. Such initiatives should also address the need for a clear and unambiguous legal documentation for a legal charge over IP. This promotes a cost effective and consistent approach in perfecting legal rights across the industry. In addition, processes to facilitate the continuous assessment and reporting of IP assets of borrower firms will also promote transparency on the performance of the assets and provide early signals of potential distress. Through such efforts, IP can be further developed as an individual asset class that supports lending decisions.
There are two possible explanations and equivalent interpretations of the main scenario. One is that the main scenario in reality assumes higher long interest rate abroad than current market rates. As the exchange rate is affected by the difference between long domestic and foreign market rates, that is, the difference between domestic and foreign market yield curves, the main scenario thus underestimates the appreciation in the krona. In Figure 7 the grey curve shows TCW-weighted implied forward rates according to market rates abroad. In Figure 8 the grey curve shows the corresponding TCW-weighted yield curve. The difference between the blue and grey curves in Figure 8 for a 5-year maturity shows that the current difference between a Swedish and a foreign five-year rate is around 70 points. If the repo rate path becomes credible, the difference between the red and grey curves in Figure 8 shows that the difference between a Swedish and a TCW-weighted foreign five-year rate would rise to around 160 points. This large interest differential in the main scenario should lead to a large krona appreciation. Such an appreciation of the krona would in turn contribute to significant tightening over and above the increase in long interest rates, which would have a particularly severe impact on exports and inflation. The reason why this does not occur in the main scenario is that the main scenario assumes higher long-term market rates abroad than the actually prevailing market rates.

The mean squared gap for the unemployment forecast is defined as T  (ut,t u*)2 /(T 1), where ut+,t signifies the forecast for unemployment and u* signifies equilibrium 0  unemployment rate. BIS Review 158/2010  5  better stabilisation of the variable in question (see Svensson 2010a, b for further discussion). The mean squared gap shows that the lower repo rate path entails better-balanced monetary policy, as both inflation and unemployment are stabilised better. 5 The fact that a majority of the Executive Board chooses to raise the repo rate despite the forecast for inflation undershooting the target and the forecast for unemployment being high, indicates that monetary policy is addressing something other than inflation and resource utilisation. The fact that high GDP growth is used as an argument in favour of raising the repo rate could be interpreted to mean that monetary policy in practice aims to slow down growth. Figure 3 shows GDP developments in Sweden, the eurozone, the United Kingdom and the United States. Compared with the other economies, GDP fell most in Sweden – a total of almost 8 per cent. It has now recovered to a level that is about the same as the eurozone, higher than in the United Kingdom but far below that in the United States. One could claim that the other economies have substantial structural problems, including problems in the financial sector.
SPEECH  The yield curve and monetary policy  Speech by Philip R. Lane, Member of the Executive Board of the ECB, Public Lecture for the Centre for Finance and the Department of Economics at University College London London, 25 November 2019  Introduction It is a pleasure to speak this evening at University College London (UCL). In my contribution, I wish to share some thoughts about the yield curve and monetary policy. [1] UK data offer scholars a unique opportunity to take a very long view: the long-term nominal gilt yields shown in Chart 1 reach all the way back to 1826, the founding year of UCL. Over the past 200 years, gilt yields have never been as low as today. That long-term nominal yields have decreased substantially over recent decades is not specific to the United Kingdom but applies across advanced economies: long-term German yields and euro area overnight index swap (OIS) rates (which are the closest measure of a euro area-wide risk-free rate available) are currently ranging near record lows. [2], [3] Long-term rates in the euro area have even reached negative territory. [4]  Chart 1 UK, US, DE and euro area OIS long-term interest rates (percentages per annum)  Sources: Bank of England, Bloomberg, FRED, Jordà et al. (2019), Thomson Reuters. Notes: For the United Kingdom, the series is the rate on a consol, taken from the Bank of England data series “A Millennium of UK Data” (Thomas and Dimsdale, 2017).

[17] Finally, the negative interest rate policy also reinforces our targeted long-term refinancing operations (TLTROs). [18] Under the TLTROs, banks can refinance with the ECB at very favourable conditions: under the second and third wave of that programme (TLTRO II and III), borrowing rates in the TLTROs can be as low as the deposit facility rate (which is negative) if lending volume targets are met. Accordingly, the presence of negative rates provides a strong incentive for banks to participate in the TLTROs, which support credit provision to the real economy at attractive conditions. The transmission of asset purchases to the yield curve Let me now turn to large-scale asset purchases, including our own asset purchase programme (APP). There is a wide array of studies quantifying the effects of various forms of asset purchases on financial markets and macroeconomic variables. Results vary regarding the quantitative impact but there is a broad consensus that central bank asset purchases lead to a flattening of the curve, since the yields of longerterm bonds tend to decline by more than those of short-term bonds. A first look at the stylised facts using the same approach that I outlined earlier confirms this pattern for the euro area. Extracting a quantitative easing factor from high-frequency interest rates and other financial market data confirms that news about ECB asset purchases had yield compression and flattening effects on the term structure, as shown in Chart 6.
In fact, studies within our Bank indicate that gradually more weight is attached to past inflation in forming expectations and as of mid-2006 inflation expectations have become more susceptible to variables like exchange rate and risk premium. According to the Central Bank, if this situation becomes permanent, the cost of fighting inflation will increase. Therefore, in an open letter to the Government in June 2008 the Central Bank proposed setting new targets for the medium term in order to control inflation expectations and to re-establish the reputation of the implemented regime. The Government accepted this proposal and the inflation targets for 2009 to 2011 were revised as 7.5, 6.5, and 5.5 percent, respectively. Hence, the inflation targets to be used as a reference by economic agents to form their expectations were set with the objective of containing inflation expectations and reducing the cost of the fight against inflation. Bearing in mind that altering inflation targets might lead to the deterioration in the inflation expectations in the short run, the Central Bank implemented the target revision along with monetary tightening. Thereby, the negative impact that might be created by the upward revision of targets has been contained. As a matter of fact, during the period of target revision, a slight deterioration was observed in the medium-term inflation expectations but with diminishing political uncertainties and monetary tightening, inflation expectations have been contained (Chart 3).

In the event of excess liquidity, banks will be able to lend New Turkish Lira to the Central Bank at the Central Bank’s borrowing rate without any limit. (ii)  The current implementation of the Late Liquidity Window Facility will continue. Banks will borrow from the Central Bank against collateral, and lend to the Central Bank without any limit between 4:00 p.m. – 5:00 p.m. and on the last working day of the required reserve provision between 4:00 p.m. – 5:15 p.m.  (iii)  In case of a temporary or permanent liquidity shortage, the Central Bank will continue to execute its liquidity management mainly through one-week repo auctions. During the periods when the Central Bank does not apply a technical interest rate cut, the Central Bank will announce the amount of repo auction for the day of liquidity shortage on Reuters’ “CBTF” page at 10:00 a.m. As long as no extraordinary fluctuations are observed in the markets, the Central Bank, while determining the amount of the auctions, will endeavor to maintain the average auction interest rate as close as possible to the borrowing rate of the Central Bank announced for intraday transactions. (iv)  Weekly repo auctions will be held at 11:00 a.m. and the results will be announced on Reuters’ CBTG page no later than at 11:30 a.m. as much as possible. The traditional method will be used in auctions; in other words, successful bidders will be evaluated with their own interest rates.