samchain/econo-pairs-v1 huggingface dataset:
In the context of monetary policy in an inflation targeting regime, those situations could be accommodated by escape clauses. But, more in general both objectives should be addressed with more than one instrument. The overall purpose of financial stability is to ensure the proper functioning of markets and to avoid having to arrive at the degrees of turbulence and dislocation we have witnessed in the past year. For this reason, financial regulation plays a major role in granting financial integrity. At the beginning, regulation focused on the strength of individual institutions. However, the tensions we have seen show how individual fragility may quickly evolve into systemic problems. The interrelationships among financial institutions and the proper operation of the markets where liquidity is traded are essential ingredients of a market economy, but these characteristics are also the channels of financial contagion, as recently seen. So it is crucial to have a systemic vision, not only from the perspective of how the different institutions relate to each other, but also on how the different types of financial and operating risks are intertwined, creating potential vulnerabilities. Regarding price stability, conducting monetary policy within an inflation targeting scheme is appropriate, and recent experience shows that it may provide ample room for expansionary policies when facing a global recession such as the current one. There will be a long debate and a number of research papers on the proper mechanism to secure financial stability and how it should be combined with monetary policy management.

Collaborative Data Platforms Industry collaboration through technology and data sharing platforms will become an important driver of innovation in the future of Finance. MAS has been promoting such collaboration since the beginning of our FinTech journey in 2015. Let me highlight three recent initiatives. First, ChekFin, a decentralised credentials platform to support partnerships between financial institutions and FinTech firms. Financial institutions seeking collaboration with FinTech firms often have difficulty ascertaining their reliability and capacity. ChekFin will enable financial institutions to obtain verified credentials of FinTech firms, such as business references, awards they have obtained, and investor funding records. These credentials are immutably stored on a blockchain as a golden source of information. FinTech firms decide who they want to share their private credentials with. ChekFin is a partnership among the ASEAN Financial Innovation Network, BCG FinTech Control Tower, and Affinidi, with MAS as a founding partner. Ten global financial institutions have already signed up for ChekFin, and the platform will be launched next month. Second, Project Greenprint – a technology and data platform to support the green finance ecosystem.
Zamani Abdul Ghani: Official launch of Commerce Takaful Berhad Keynote address by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the official launch of Commerce Takaful Berhad, Kuala Lumpur, 7 April 2006. *  *  *  Terlebih dahulu saya ingin menyatakan kesyukuran kita kerana dapat berhimpun pada petang ini. Saya juga ingin mengucapkan terima kasih kepada Commerce Takaful Berhad kerana menjemput saya menghadiri majlis yang sangat bermakna ini. Alhamdulillah, usaha kita yang berterusan dan yang tidak mengenal lelah dalam merumus pembangunan industri kewangan Islam sepanjang lebih dua dekad yang lalu telah mula menampakkan hasil yang memberangsangkan. Usaha kita ini telah melahirkan suatu industri perbankan Islam dan takaful yang mantap, kompetitif, dan berdaya tahan. Pembangunan infrastruktur keinstitusian yang menyeluruh dan saling berkait rapat dalam bidangbidang utama seperti perbankan, takaful, pasaran wang dan modal, menjadi nadi perkembangan industri ke peringkat lebih tinggi dan meluas. Takaful, yang merupakan komponen penting sektor kewangan Islam, telah mencapai perkembangan yang pesat dan semakin berpotensi untuk memacu kemajuan seterusnya di dalam dan luar negara. Peningkatan kesedaran orang ramai mengenai produk kewangan Islam terus merupakan antara faktor penting menyokong perkembangan positif ini. Kesemua elemen-elemen ini terus memperkukuhkan kedudukan Malaysia sebagai pelopor dan peneraju kewangan dan perbankan Islam. Pembangunan seterusnya kini bergantung kepada sejauh mana pengendali takaful dapat menggunakan kelebihan yang ada, terutamanya dalam meneroka lebih jauh dalam pasaran global. Fokus harus diberi kepada menentukan hala tuju strategik yang tepat dan menyeluruh, dan mengembleng inisiatif berterusan dalam meningkatkan kualiti perkhidmatan dan produk.

As far as I’m aware, French banks are sound, that’s what our banking supervision colleagues are telling us. And we need to make more out of Europe. We need more Europe, otherwise we won’t manage to solve our problems. 4/4  BIS central bankers' speeches
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Lim Hng Kiang: Meeting the challenges of the globalised economy Opening remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore, at the 36th SEACEN Governors' Conference, Singapore, 31 May 2001. *  *  *  Honourable Governors Distinguished Guests and Delegates Ladies and Gentlemen  Introduction It gives me great pleasure to bid you a warm welcome to the Annual Conference of the Governors of the South-East Asian Central Banks. This is the 36th Conference and reflects the close ties and strong co-operation that central banks and monetary authorities in the region have forged over the last 30 years. SEACEN economy/Recent financial developments This year's Conference is held amid concerns of a global economic slowdown. After expanding by an average rate of 7.3% in the year 2000, prospects for regional economies are set to slow this year. 1 Average real GDP growth for the East Asian economies is projected to fall to around 4.5% for 2001. The slowdown will be due largely to the cyclical downturn in the US economy, as well as the global electronics industry, both of which will hurt regional exports. Due to its very open nature, East Asian economies are susceptible to the current global downturn in external demand. The US is the largest export market for most of the SEACEN economies, with export shares averaging 20%. In terms of goods structure, electronics accounts for over 20% of total exports in all East Asian economies.
That confidence empowers them to demand rates from their borrowers that are above the ON RRP offering rate. Conversely, when the capacity is perceived as low, lenders worry that they might not be able to place all their funds at reasonable rates. This means that they might accept relatively low rates in money markets. In addition, because of switching costs and other frictions as well as risk aversion on the part of lenders, rates can decline days or weeks ahead of a date on which the ON RRP is anticipated to reach its capacity, to levels so soft that lenders reallocate funds to the ON RRP.44 So, having a high capacity could actually reduce ON RRP take-up. But as I mentioned earlier, it isn’t clear exactly how high the capacity needs to be to achieve the confidence of which I speak, and the benefits of high capacity must be carefully balanced against the benefits of a tighter aggregate cap in terms of avoiding financial instability and unintended effects on the structure of the financial system. 8  BIS central bankers’ speeches  Looking at the recent data, it’s hard to precisely identify the extent to which the very high capacity, relative to the previous limit of $ billion, helped to facilitate control beyond instilling confidence, as I discussed earlier.

The key findings of the Finscope Survey on the demand for financial services included the following: •  Only one third (33.3%) of the population were “financially served”, i.e., used formal and/or informal financial products, whilst two thirds (66.7%) had no access to financial services;  •  77.5% of Zambians report to have never had a bank product or service;  •  40% of salaried staff reported not having bank accounts, signifying that they received money in cash rather than through the financial system; and  •  The barriers to accessing financial services include cost, distance, time and transport to reach the bank or financial service provider. In addition, the FinScope™ Survey noted that microfinance institutions although used by only 5% of the adult population plays an important role in increasing levels of access to financial services; and that the informal sector in Zambia played a significant role in the provision of financial services catering for 11% of the population. Distinguished Participants: An important point to note is the fact that the majority of those who had no access to financial services are the rural poor, with women being more disadvantaged than men. These are worrisome results, which call for concerted efforts by all stakeholders to expand the frontiers of financial services. In furtherance of the objectives of the FSDP, the BoZ Strategic Plan for 2008-2011 has made financial inclusion as one of its key strategic objectives.
The second is a mismatch between the maturities and/or currencies of the assets and liabilities on either side of the balance sheet. Consider a simplified bank balance sheet, shown in Chart 4, with the bank’s holdings of loans, securities and reserves financed by a mixture of: (insured) deposits; other debt of various forms, including borrowing from other financial institutions collateralised against the bank’s assets, repurchase agreements, unsecured bank debt; and finally equity capital. This last category is the initial absorber of unexpected losses and is a key determinant of sustainable balance sheet size and thus of the supply of credit to the economy. That is, by the way, rather different from the standard textbook model, in which banks’ holdings of reserves and loans are financed solely by deposits and the size of the bank’s balance sheet  3  This could come about through: conventional asset substitution; an attempt by investors, such as pension funds, to maintain returns in order to match their commitments (Raghuram Rajan, 2005); or a movement down the risk spectrum as banks expand loans in order to maintain leverage as the value of their existing assets, and therefore also of bank equity, rises (Tobias Adrian and Hyun Shin, 2009). 4  Though Adam Posen (2010) notes that equity booms precipitated by technological innovations are typically less costly than real estate booms. BIS central bankers’ speeches  3  is determined by the product of its holdings of reserves and the money multiplier.

The global Islamic financial system is now operating at a time when the international economic and financial environment has become immensely more challenging. New risks that are more complex, with more profound systemic implications are emanating with the increasing forces of financial liberalisation, globalisation, technological advancement, intensified competition, 2  BIS central bankers’ speeches  financial innovation and the internationalisation of Islamic finance. Cumulatively, these developments necessitate greater prudential regulation and supervisory oversight to ensure a resilient and sustainable financial system. The role of the IFSB remains instrumental and paramount as we face a time of increasing uncertainties. Continuous and stronger support for the IFSB, particularly from its members including in actively providing feedback on its Consultative Papers and in the participation in IFSB related events, supported by the existing collaboration and cooperation among the regulators would collectively strengthen the potential for the IFSB to manage its journey ahead. Greater concerted efforts by members to consistently adopt and implement the prudential standards issued by the IFSB will not only contribute towards preserving financial stability but it will also enhance regulatory harmonisation across jurisdictions. These efforts will indeed place us on a path to realising our quest and shared aspirations for a more resilient and sound global Islamic financial system. It is also timely for the IFSB to elevate its level of engagement and connectivity with other international standard setting bodies.
BIS Review 164/2009  3  dollarization of the Antillean economy, as they thought it sensible to first investigate the situation of similar countries with an experience in dollarization. To my knowledge, no followup has been given to this study. The discussion was again brought up in 2005 when it became clear that Curaçao and St. Maarten would become separate entities within the Kingdom, while the BES-islands (Bonaire, Saba and Statia) elected to become an integral part of the Netherlands. De Nederlandsche Bank (conditionally) advised to form a monetary union between the various islands instead of dollarizing the economy. This was in full conformity with the recommendation made in 2004 by the working group on governmental and financial relations headed by Mr. Jesurun). 2 De Nederlandsche Bank also mentioned that a credible and independent central bank is important when forming a monetary union and that the BNA has proved to be well-equipped for this task. 3 7. Concluding remarks  In view of the forthcoming changes in the Kingdom’s Statutes, Curaçao and St. Maarten will have to decide on a very short term what to do with regard to their legal tender. Although these islands are deemed too small to justify the costs associated with maintaining a local currency, our experience in Aruba, which entails the existence of a local currency linked to the US dollar and a credible central bank, gives us strong arguments to continue with our dollar-linked florin.

Zeti Akhtar Aziz: Financial inclusion – enhancing access to banking services in Malaysia Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Launch of Bank Negara Malaysia’s MobileLINK, Kuala Lumpur, 9 December 2011. *  *  *  Coach’ Bergerak Laman Informasi Nasihat dan Khidmat Bank Negara Malaysia ini, iaitu “MobileLINK” adalah untuk memperluaskan rangkuman kewangan kepada masyarakat luar bandar. Saya amat berbesar hati untuk mengalu-alukan kehadiran Tuan-tuan dan Puanpuan ke Majlis Pelancaran Rasmi “MobileLINK”. Financial inclusion has now become an important global agenda to ensure sustainable economic growth. It has become one of the main pillars of the global development agenda in which importance is given to outreach so that the economic growth and development that is achieved will be inclusive. Financial inclusion is an integral part of this process. Financial inclusion aims to ensure that all segments of the economy, regardless of income levels, economic activity or regions have access to financial services. The Bank’s efforts towards promoting financial inclusion is focused in enhancing access to basic banking services; and to financing; and undertaking financial education, and to build greater and awareness on financial matters and management. We have seen significant progress on several fronts as more and more of the members of the population enter into the financial and economic mainstream and as those that are already participating in the financial system are able to do so in a more effective manner.
Moreover, the progress made in reducing the level of debt has not been uniform. While general government debt is still close to its recent high levels (on which I will have more to say later), private sector deleveraging has been very significant. 4/8  In any event, the net external debt of the economy as a whole remains very high. Reducing this debt will require running persistent external surpluses, which would be difficult in a setting of contracting international trade or rising interest rates. Insofar as maintaining balanced economic growth is concerned, the low profitability of Spanish deposit institutions is certainly a problem. This phenomenon, also observed in other European banking systems, is related to the pressure that the low interest rate environment exerts on the net interest margin, but also to the still-high level of unproductive assets, limited turnover and the competitive environment, in which a growing number of institutions from outside the financial sector are increasingly active in offering services traditionally provided by banks. Challenges for sustained economic growth in Spain in the long term Taking into account these short and medium-term prospects, I will now refer to the challenges facing the Spanish economy in the longer term. Our report refers to four priorities: combating the effects of population ageing, tackling long-term unemployment, increasing productivity growth and reducing public debt. The consequences of population ageing As in other European countries, we are witnessing a process of strong population ageing, a phenomenon with profound implications in various areas.

However, we are still far from achieving the employment levels prevailing before the crisis, given the enormous impact that it had on our labour market. Unlike in previous upturns, the growth of activity and employment is proving to be compatible with the ongoing correction of the economy’s imbalances. The more balanced and sustainable nature of the current recovery is closely related to the factors that have made it possible, some of which should be considered temporary while others may have a more persistent impact. I would like to refer to two central issues to explain this more balanced growth: the improvement in competitiveness and the normalisation of financial conditions. Competitiveness improvements One of the most important changes in the functioning of the Spanish economy since the crisis has been the recovery in external competitiveness. Cost and price adjustments have stimulated exports and have also enabled our productive sectors to compete better in their domestic markets with imports. This has led to an increase in the demand for resources, driving business investment decisions and encouraging job creation. The increase in employment, favoured by moderate wage growth, has led to a significant recovery in household consumption. Unlike in previous upswings, the moderate growth of prices and costs is helping to ensure that the increase in economic activity is not achieved at the expense of a deterioration in the external balance.
Thank you. President Dudley: Well, first thing I would say is the level of interest rates are still pretty darn low. The federal fund rate, that’s the rate we target, is three-quarters of a percent to 1%. And we’ve only raised interest rates twice since the end of the Recession eight years ago. It’s important to recognize that the trajectory has been very, very shallow because we are aware of some of the issues that you’re raising and we’re trying to get the balance right. End of the day, what are we trying to accomplish? We want to have an economy that can grow for a long time. So, we want to keep the economy in balance growing at a rate that is sustainable over the medium- to longer-run. What we’re trying to do is find that level of interest rates that’s just right. Now we recognize that anytime that we change interest rates, it’s going to help some people, and it’s going to hurt other people. So, on the other side of the story are all the people, like my mom, who are savers and they’re unhappy. They’ve been unhappy for the last eight years because interest rates have been so low. So, we’re trying to get that balance right. I think we’ve been pretty cautious in terms of how we’ve been raising interest rates because of some of the concerns that you raise.

And the securities industry, while they’re making some money, it’s not at all as profitable as it was back in the days of 2005, 2006, before the great financial crisis. Now that profitability was a little bit ephemeral because it was not built on a strong foundation. Since then, the city I think has become a lot more diversified. Tourism has become more important. Technology – the technology sector really is about the same size now as the financial services sector. We still see pretty good manufacturing. The hollowing out of the city in terms of manufacturing seems to be over. In fact, manufacturing employment is actually doing pretty well in the city, in certain parts of Queens. It’s actually quite supportive. So, in general, it’s a pretty positive story. The city still faces challenges. I think one of the most significant ones is going to be: how does the change in the conversation about trade and immigration affect people’s willingness to visit New York City? I think there is some prospect that international tourism to New York could decline over the next few years, and that would be something that would hurt the hospitality industry in New York City. 2 / 15  BIS central bankers' speeches  So, that’s something that we’re going to have to keep a close eye on. Dr. Olajide Oladipo: Thank you. The Dodd-Frank Act, which is often referred to as the Dodd-Frank Wall Street Reform and Consumer Protection Act, placed regulations on the financial industry.