samchain/econo-pairs-v1 huggingface dataset:
There are also calls for establishing new global mechanisms to address the concerns of emerging market economies regarding FX liquidity, which has led to accumulation of high amount of FX reserves through capital controls and intervention on exchange rates to keep local currency undervalued. Of course, relaxing capital controls and gradual adoption of more flexible exchange rate systems should also be part of this package to achieve successful reorientation of global demand from advanced economies to emerging market economies. Last but not least, all countries should undertake necessary actions to repair, restructure and reform their financial system. Necessary structural reforms in product and labor market should also be a top priority to increase potential growth rates and reduce permanent unemployment. Dear Guests, Now let me turn to responsibilities of central banks and elaborate on their evolution over time. Until recently when you asked the primary mandate of central banks, the typical response would be price stability. However, the history tells us that central banks were founded for quite different reasons in many countries. For instance the Bank of England was founded in the 17th century to cover the financing need of the British Government during its war against France. Likewise, Bank de France was created in the 19th century during the Napoleon Wars against the Great Britain. These institutions had the privilege of issuing banknotes in  2  BIS Review 73/2010  exchange for providing funds for treasuries. In other countries providing stability in financial markets was the paramount concern.

This issue is topical also because it is the right time to step up the pace in Europe. Indeed, we have clearly succeeded in building a Monetary Union, but this is not sufficient. It is urgent to make concrete progress on Economic Union, on which we have not yet delivered. We are living in a time of unique historic opportunity: first, the economic context is now favourable to move forward, since euro area growth should be at least 2.2% in 2017; “when the sun is shining, it is time to fix the roof”. Second, after the recent elections in France, Germany and the Netherlands, we have a “democratic alignment”, in terms of the calendar and probably in substance, for the four years to come. Lastly, the Brexit vote and the election of Mr Trump in the United States have come as external stimuli, showing how important it is to breathe new life into European integration so that we Europeans take our destiny into our own hands, as Chancellor Merkel rightly said in Munich last spring. In my remarks today, I will explore three economic concentric circles: first the Economic Union, by presenting the accelerators that are needed to make concrete progress; second the Financing Union, by focusing on one of these accelerators, which might be of particular interest to your community of banks and financial institutions; and third the Banking Union, which is a key part of the Financing Union and which has to be completed.
It has also generated export growth that has help support the economy. More recently, there are signs that Brexit uncertainty is holding back investment. These impacts are incorporated into the MPC’s assessment of policy and forecast of the economy. But it is much harder, and in my view it would be mistaken, to set policy in anticipation of any particular Brexit outcome. There is a very wide range of possible outcomes and paths to those outcomes. And it is not at all clear how the evolution of demand, supply and the exchange rate would respond in different circumstances – which could mean very different implications for monetary policy. Over time, Brexit is likely to affect the supply side of the economy which has evolved and specialised over the last 45 years in the context of our EU membership. If the Brexit outcome generates the types of uncertainty about the economic model that I have been discussing, that will need to be factored into the policy approach. But for the present, my view is that the best course for the MPC on Brexit is to react to the economy as we 18  now see it conditioning our forecasts on neutral assumptions about Brexit outcomes. At the same time, we  should stand ready to respond, quickly and vigorously to any sharp impacts on supply, demand and the exchange rate that might emerge – as the Committee did immediately following the referendum.

Jaime Caruana: Concluding remarks - conference on “Central Banks in the 21st Century” Speech by Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the conference on “Central Banks in the 21st Century”, hosted by the Bank of Spain, Madrid, 9 June 2006. *  *  *  It is my pleasure to participate in this concluding session of the conference and to be accompanied at this table by Pedro Solbes. I hope you found the presentations and discussions inspiring and motivating. I certainly did. We are now witnessing some profound changes in the way our societies organise their economic relationships, and these naturally pose new challenges to central banks, regarding both their role of monetary policymakers and their responsibility to preserve and foster safer and more efficient financial systems. Over the last two days we have discussed some of the underlying forces of change and their implications for the design of sound monetary policy and financial architecture, including the question of how best to arrange payment and security settlement systems. Let me briefly elaborate on some of the issues raised at the conference which I found particularly interesting. I will first reflect on the difficult question of how monetary and financial stability relate to each other and then move to some particular issues of special interest for a currency area, such as Economic and Monetary Union (EMU).
Thus instead of re-slicing the pie more focus is needed on ensuring that the pie gets bigger and more inclusive, which will lead to less unhappiness in all the dimensions that it might appear. I truly hope that in a not so distant future, we will be witnessing moderation in the income gaps, more prosperous and less unequal societies. This requires commitment, willingness and vision by all policymakers. Somehow, it seems appropriate to end as I began, with Tolstoy quotation: “Тhere is only one time that is important— Now! It is the most important time because it is the 2/3  BIS central bankers' speeches  only time when we have any power”. And we, as policymakers, exactly Now have not only power, but also a duty to act for a better wellbeing in our societies. Thank you. 3/3  BIS central bankers' speeches

David Carse: Recreating the financial services industry for the new economy: a regulator’s perspective  Keynote speech by David Carse, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Asian Banker Summit 2000 in Hong Kong on 24 October 2000. *  *  *  Ladies and gentlemen, I am pleased to be here as a keynote speaker for this major conference organised by Asian Banker Journal. One of the themes of the conference is how the banking industry is trying to get to grips with the challenges posed by the New Economy. I will be giving the regulator’s perspective on these important issues. As a banking regulator, I suppose that I am something of an Old Economy dinosaur. And it is a bit daunting to be sharing the platform with two other speakers who are obviously more expert in the New Economy than I am. One of these is Mr Jeffrey Koo Jr whom I saw described in a recent magazine article as a “30-something Net-head”. I’m not sure exactly what that means, but I think that it was intended to be complimentary. Unfortunately, some of the gloss has been taken off the New Economy in recent months. The dot.com fever in the stock market seems to be well and truly over, and has joined the long list of speculative crazes that have faded into history.
Good quality data is necessary to quantity ASEAN’s economic and insurance exposure to natural disasters. Moreover, countries are facing increasingly complex threats that compound the negative impacts of disaster and climate shocks, ranging from supply chain disruptions, to population migration and adaptation issues, to the risk of pandemics. Good data and analytical tools will allow policy makers to identify disaster risk zones, and to quantify the risks as well as the potential fiscal impact. This will in turn, empower governments, regulators and industry to make more informed decisions on disaster risk management, from infrastructure planning, to the use of disaster financing strategies and the development of solutions. 16. To this end, ADRFI will establish a new ASEAN Data and Analytics Platform, to construct a high resolution and objective natural catastrophe database for ASEAN. This platform will use remote sensing technologies such as satellite imagery, and advanced extraction techniques, to produce top down economic exposure data. Such data include building attributes like age and type of construction, as well as building values, will be fused with bottom-up insurance exposure and loss data, to form a holistic and more accurate picture of risk. 17. You may already be familiar with the Natural Catastrophe Data Analytics Platform (or 3/4  BIS central bankers' speeches  NatCatDAX), also led by ICRM, that is already utilising these new methodologies to bridge the data gap in Asia.

Rather, in most cases, many institutions act more or less similarly, encouraged by overoptimistic expectations that macroeconomic conditions can be extrapolated uncritically into the future. The second problem with prudential regulation is that the tools are themselves often based on perceptions of risk which are not independent of the credit and asset price cycle itself. On the one hand, underlying actual risk  BIS Review 68/2002  1  builds up as expansion and leverage continue and the financial cycle proceeds On the other hand, apparent risk declines with the rise in collateral values. This causes difficulties for supervisors who tend to concentrate on individual institutions and treat risks as exogenous. This is not to deny that by improving prudential regulation, setting international standards (for example Basle II) etc, the risk of financial instability can be significantly reduced. Supervisors are also recognizing the shortcomings I just mentioned and are increasingly focusing on developments that generate systemic macroeconomic risks and on constructing built-in mechanisms to dampen the financial amplification of the business cycle. For example, supervisors are trying to encourage stress-testing by private sector risk managers to enable them to better see through asset market misalignments. Another way is to make provisioning practices more forward-looking than at present and to adopt more conservative, less cyclically sensitive measures of value. The idea is to build capital cushions in good times that can be used in bad times. Hence financial cycles could be milder.
On the one hand, over the past two years total output, or GDP, has been much weaker than expected. In fact, output has been broadly flat over that period. And the zig-zag pattern of quarterly growth rates of GDP that we have seen this year is likely to continue, as we may see on Thursday when figures for the third quarter are released. On the other hand, there are other more encouraging signs. First, the labour market gives a very different picture to that conveyed by the output data. In the private sector, more new jobs have been created than over any other two-year period since the mid-1990s. And in the past year, unemployment has been falling, and falling faster in Wales than in the United Kingdom as a whole. Second, inflation has now fallen back to 2.2%, close to our 2% target. Although recent increases in domestic energy and food prices are likely to leave it a little above target well into next year, the fall in inflation means that the squeeze on real takehome pay, which accounted for much of the weakness in consumer spending over the past two years, has eased somewhat. And retail sales figures are consistent with a pickup in consumer spending. The disparity between weak output growth and a buoyant labour market is not easy to explain. It is not the product of a switch from full-time to part-time jobs because total hours worked have risen at the same rate as employment.

Also, inflation levels would be overestimated because of the improved quality of goods and services, not taken into consideration in their calculation. Another field where major changes are induced by this revolution is data production and use. Big data generated by new technologies are at the heart of the strategies of economic and social actors, both public and private. Their exploitation takes many forms such as customizing services and targeting messages to guide the behavior of the consumers or of the public opinion in general… The case of Facebook-Cambridge Analytica during the last US presidential elections offers an uplifting illustration in this regard. 4  Conversely, the impact of this revolution turns out to be rather positive on the administrative procedures, such as tax payment. In fact, benefits are multiple: reduced costs, increased transparency, and the fight against tax evasion and corruption reinforced. To sum up, I will recall one of the main conclusions of the 2016 World Bank's World Development Report on “the digital dividend”. Digital technologies and innovations have undoubtedly helped improve growth and services supply by substantially reducing the costs of economic and financial transactions, but the aggregate impact is still limited and unevenly distributed. Ladies and Gentlemen, I think that we all agree that one of the areas where technological innovation is growing rapidly is the financial sector, with a new term being even dedicated to it, the Fintech. The latter is revolutionizing the financial landscape, by expanding products and services, improving their quality, and making them more accessible and less expensive.
If Thailand were to drive through the volatile and fragile global economy, the growth engine must be modified to suit this demanding environment. The financial technology, financial inclusion and regional connectivity are very potent tools which can be used to upgrade our financial engine – so that our vehicle will be agile and powerful enough to move forward effectively in the changing terrain. In the meantime, the Bank of Thailand will continue to ensure that our suspension system be well maintained in order to have a smooth ride on the bumpy road toward sustainable economic prosperity. 1 Include the central banks of Euro area, Sweden, Switzerland, Denmark, Japan and Hungary. 5/5  BIS Central Banker's Speeches

In these horrific examples, we often witnessed that greed or short term profits were the main factor causing the management of the financial firms to lose their perspective and common sense. However, in the case of Wells Fargo, which survived unscathed amongst the US banks during the GFC, it revealed another shocking fact. Even though there could not have been any meaningful financial gains by the firm, the incentive system of the bank (i.e. by paying a cash reward for every new account opened) had prompted some of its employees to commit misdeeds that breached the trust of the customers and seriously harmed the reputation of the bank. The case is a powerful testimony that corporate culture, however good, must be aligned and reinforced by the appropriate incentive system across the entire firm at all levels. This is why the HKMA issued a circular earlier this year requiring the boards of locally incorporated banks to form a board level committee focusing on corporate culture as well as the compensation system. Many banks have told us that they have already started reviewing and enhancing their governance arrangements and policies and procedures in relation to corporate culture to drive the desired behavioural changes on the ground. I truly believe that only when good corporate culture and the incentive system aligns with each other will there be sustainable impact that helps reduce misconduct risks, a crucial element in gaining the trust of customers in the long run. 13.
Your Excellencies Distinguished Guests, Ladies & Gentlemen, I am most honoured to be invited to speak at this Seminar on the Ten-Year Master Plan for the Islamic financial services industry organized by the Islamic Development Bank and the Islamic Financial Services Board to discuss the key issues and considerations in the formulation of a master plan for the development of Islamic banking and finance. Our goals are to develop an efficient, progressive and comprehensive Islamic financial system that is able to contribute to the overall growth process and development. In this first session on the banking sector, the focus of my address will be on the blueprint for building a progressive Islamic banking sector. This will include a discussion of the building blocks that are necessary to provide the foundations on which subsequent enhancements can be built. I will also take this opportunity to share with you Malaysia's experience in formulating a ten-year Financial Sector Master Plan which was launched in 2001, and our experience in the implementation of the Plan, in particular, for the development of the Islamic banking sector. The need for a Master Plan Islamic finance is now taking on a new dimension to meet the changing requirements of consumers and businesses; to participate in a more liberalized and globalised environment and to become increasingly more internationally integrated. The financial system is also operating in an era of change. Indeed, the national and international financial landscape is being shaped by powerful forces of change, creating an environment of increased uncertainty.

Greece is hot and has plenty of sunshine. Yet the Dutch can produce 70kg of tomatoes per year in a square metre of his temperature controlled greenhouse whilst Greek and other Mediterranean grower get approximately 7kg through traditional open-air  1  In purchasing power parity terms. BIS central bankers’ speeches  1  plantations. Ironically, in the summer Greece imports tomatoes from Holland because local farmers are unable to grow enough during the hottest time of the year. Natural and geographical constraints can be overcome. Japan and Singapore also spring to mind as countries that have made much of their limited resources. Critical to longrun growth is how you make use of and develop your resources. Doing so requires constant reshuffling of factors of production. Workers, capital, and land has to be devoted to activities that generate the most value added for the economy. In other words, growth requires structural change. Advanced economies are simply not blown-up versions of developing economies. They are structurally different. Development entails more than just aggregate growth. It requires significant transformation in the productive structure of the economy. In Thailand the average worker in the manufacturing sector is roughly 10 times more productive than those in agriculture. Yet, the latter employ about 40 percent of our workforce compared to 15 percent in manufacturing. It is easy to see that simply moving workers from agriculture to industry can lift our income tremendously.
How we proceed from here will be critical to our success in building a global financial system that is both stable and efficient. By facilitating the greatest netting down of risk, global CCPs through which all standardized OTC derivatives trades would be cleared, hold out the potential for the greatest amount of risk reduction and, thus, improvement in financial stability. But, for that outcome to occur, there needs to be a global oversight framework that ensures that the CCPs are held to global standards – not just in theory, but also in practice. There are other areas where we face significant challenges in effective global information exchange and regulatory cooperation. We have much more to do to develop resolution regimes for globally systemic financial institutions, including establishing the rules of the game for the exchange of supervisory data for such firms, in clearly identifying ex ante the responsibilities of home and host countries in terms of potential liquidity support, and in overseeing the orderly wind-downs of such firms when they encounter difficulties. The exchange of supervisory information is important both for understanding the consolidated condition of a bank that operates in a host country, and for gaining insights into broader financial stability issues. For example, giving supervisors in host countries improved access to consolidated balance sheet information for foreign firms operating in their jurisdiction would allow for a more accurate assessment of a firm’s liquidity position and funding plans.

Willem F Duisenberg: New economy, financial markets and monetary policy Speech by Dr Willem F Duisenberg, President of the European Central Bank, at the meeting of the Zürcher Volkswirtschaftliche Gesellschaft, Zurich, 19 May 2003. *  *  *  Introduction Ladies and Gentlemen, I am delighted to be here to address you this evening, and I should like to start by thanking the Zürcher Volkswirtschaftliche Gesellschaft for inviting me to do so. Being trained economists, you all know that in the course of the past century, monetary theory has faced significant challenges from various angles - the Keynesian revolution, the neo-classical synthesis, the monetarist counter-revolution, the emergence of new classical economics with the introduction of the concept of rational expectations, and real business cycle theories. Similar to the experience of monetary theory, monetary policy has had to cope with major challenges as well. We all know that the economic and financial environment in which monetary policy has to operate is continuously changing. During the past few years - as has been rather obvious - these changes have included the discussion about a “new economy” and, driven by the interrelated processes of financial liberalisation and financial globalisation, the growing importance of financial markets. You may wonder why someone should raise the topic of the “new economy” again, as it has been discussed so extensively by many, including myself, on many an occasion before. Is this not a topic which has actually become rather “old” by now; another chapter in the history books of economic science?
01.02.2023  Changes in saving in Spain since the pandemic* 4th Observatory on Saving and Investment in Spain / Bestinver-IESE Madrid Margarita Delgado Deputy Governor *lEnglish translation from the original in Spanish  Good morning. Allow me to begin by pointing out that we are currently observing the “quiet period” that precedes the monetary policy meetings of the ECB Governing Council. This means that I cannot refer to issues that could influence expectations about future monetary policy decisions. Therefore, my thoughts should not be interpreted as insight into the monetary or economic outlook that might shape expectations regarding these decisions. And now let me thank Bestinver and the IESE for inviting me to take part in this closing session of the 4th Observatory on Saving and Investment in Spain. I should like to begin by describing the developments in Spanish household savings in recent years. I will go on to discuss how those savings have been channelled towards the different types of financial and non-financial assets. And I will end by discussing the importance of strengthening financial education, noting the Banco de España’s recent initiatives in that direction in collaboration with other public institutions. As we all know, Spanish households built up a very sizeable stockpile of savings during the most critical stages of the pandemic. Specifically, in 2020 the saving rate of Spanish households stood close to 18% of their gross disposable income. That is far higher than the average level for the five preceding years.

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