samchain/econo-pairs-v2 huggingface dataset:
, so will the need for cheaper methods of financing. securitisation and gilt - edged bonds have been discussed as possible methods for mortgage institutions to reduce their financing costs. of these two financing methods, securitisation stands out as having the greatest potential for reducing financing costs, since securitisation makes the most efficient use of equity.

financial market subcommittee has been tasked to formulate specific market development initiatives to take us forward. the committee has already started work in 2022 with an assessment on the current state of the islamic financial market in malaysia and identifying gaps on potential growth areas. key areas with gaps that need to be addressed are the general market liquidity, the extent of foreign participation in the domestic market and the vibrancy of the interbank market for derivatives. the islamic repurchase market registered rm39. 4 billion in volume in 2021 or around 1 % of the total islamic money market volume for the year while the derivatives market witnessed a mere fraction of 0. 1 % of islamic instruments with the rest being conventional instruments. if we consider that islamic financing comprises more than 40 % of the total, we have a lot of opportunity here. meanwhile, foreign participation in the sukuk market was less than a third of the conventional bond market and hence, further efforts can be undertaken to boost this. the assessment also observed that the outlook for the malaysian islamic financial market in the next 5 - 10 years is generally positive, pointing towards continued growth and development as well as malaysia remaining as a major global islamic financial centre6. the committee identified the following immediate development areas : the need for continued collaboration between regulators and the financial market community in promoting and improving the transparency to broaden the investor base of the malaysian sukuk market ; the concept of " anticipatory hedging " was identified to be vital in advancing the islamic derivatives market in malaysia and in creating a healthy, liquid market for practitioners'hedging activities ; enhancement of esg data so that capital and funding can be directed towards more sustainable and higher - impact assets ; and 2 / 4 bis - central bankers'speeches islamic social finance ( isf ) has a role to play in the malaysian retail market, potentially through a cash waqf linked sukuk model. this model can serve as a guide for similar social financing models for ifis to emulate in the malaysian market. looking beyond the financial market, there will be a higher platform that will steer the mifc agenda. with the growing maturity of the islamic financial sector in malaysia, bank negara malaysia also believes that the industry is now well positioned to drive the broader mifc agenda. the mifc leadership council, a joint initiative of bank negara malaysia and the securities commission malaysia will provide thought leadership, and drive strategy formulation and implementation to enhance malaysia's position as an international gateway
cautious. hence, including the effects arising from government measures to accelerate the disposal of non - performing loans and to revitalize industries and firms, developments in the financial and capital markets, the behavior of financial institutions, and the situation of corporate finance continue to require close monitoring.

economic and financial developments is released on the next business day after the first mpm of each month, and contains a detailed background of the bank ’ s assessment of economic activity and prices, as well as financial developments on which policy decisions are based. strengthened communication with the adoption of the 2 percent price stability target i mentioned that the bank improved its transparency in january 2013 by adopting the 2 percent target. this target replaced an earlier, broader target – “ price stability goal in the medium to long term ” – which was defined as a positive range of 2 percent or lower with a goal of 1 percent having been set for the time being. this broader expression was chosen to cover the diverging views of the policy board members with respect to the appropriate level of long - term inflation. i take the view that the word “ goal ” ( especially the connotation of the related term medo that was adopted in the japanese version ) and the ambiguous references to the range suggested a degree of passivity. as a result, the public was unsure whether the bank was genuinely pursuing the 2 percent level or targeting a lower figure. against this background, the adoption of the 2 percent target in january 2013 eliminated such ambiguities. c. communication strategy as a nontraditional accommodative monetary policy it is widely known that theoretically one alternative accommodative monetary policy under the zero lower bound is to introduce forward guidance by committing to the continuation of a more accommodative policy than would otherwise have been anticipated with the normal bis central bankers ’ speeches policy reaction function. that is, forward guidance is used as a communication strategy to generate additional monetary accommodation. this commitment to a longer accommodative monetary policy is needed to compensate for the period constrained by the zero lower bound. in general, central banks in advanced economies have adopted forward guidance with a somewhat more flexible interpretation than suggested by theory. forward guidance adopted under qqe forward guidance constitutes an important element of qqe. the bank released a public statement in april 2013 that introduced qqe and contained two descriptions of the time span of monetary accommodation. the first description was a statement of the bank ’ s intention to achieve the 2 percent price stability target at the earliest possible time, with a time horizon of about two years. the second description was a statement of its intention to continue with qqe as long as it was necessary for maintaining the 2 percent target in a stable manner. this description also added a condition that
in the future, to have one of the most efficient and robust payment systems in the world. this will require change and willingness to invest. we have a job to do, but we have what is required to succeed. 5 / 5 bis central bankers'speeches

a large number of savers, the more so as they developed into joint - stock ownership structures, as opposed to purely private ones. these organisations also provided, before central banks developed fully, circulating monetary assets for the community, which facilitated exchange. markets for the trading of claims against future income flows – what today we know as stock and bond markets – allowed the providers of capital to retain their wealth in a more liquid form, thus encouraging them to commit more capital to long - term ventures. in other words, the development of financial markets and institutions was an integral part of the industrial revolution. it remains a key facilitator of the growth we enjoy today. yet such progress was not without its occasional problems, in the form of periodic panics. commodities markets had a certain tendency towards occasional instability. optimism and greed could push prices to extreme levels, following which a loss of confidence typically precipitated a crash. the dutch tulip bubble of the 1630s occurred without the aid of the highly developed set of financial intermediaries that came later, though it did achieve considerable added fizz via a futures market for tulip bulbs – derivatives allow leverage, which is almost always a key element of the latter stages of speculative manias. 4 but the growth of a modern banking system in england by the late 18th century, whose liabilities were effectively financial claims against assets that could not be quickly realised if suddenly called, brought heightened risks. banking is, after all, a business that involves leverage and liquidity and credit risks. there was always the possibility of a financial panic that could, if unchecked, threaten not only the financial institutions but also the course of the real economy. the question facing public policy, then, was how to find a set of arrangements that would allow the necessary credit extension to support capital investment in pursuit of new technological opportunities, yet provide a stable monetary standard and a financial system in which the public could have confidence. we should record that in the same era, questions of a qualitatively similar nature arose in the fledgling colonies of the antipodes, even if they were, to begin with, at a lower level of sophistication. the colonies needed both a system of mobilising capital and a means of making payments other than circulating paper claims over goods – be it rum or something else. we are all aware of governor macquarie ’ s ingenious attempt in 1813 at keeping metallic money in the colony of new south wales, by making
of written - off facilities in the published financial statements of banks. page | 3 we reviewed the governing legislations on the credit reference system to require banks to submit both positive and adverse information on borrowers to the bureaus through a new portal that has been developed. the bog also worked on the collateral registry system to address some outstanding issues with foreclosure. we are also supportive of government efforts to enhance clarity in the land acquisition process which transmits into the collateral perfection processes for banks. in addition, we are hopeful that the introduction of the ghana reference rate, ghana post gps and the national identification program would contribute to the ongoing measures aimed at reducing the incidence of loan defaults. mr. chairman, to fight financial crime means we needed to invest and strengthen our aml / cft regime by increasing the scope of aml risk - based supervision and collaborate with the financial intelligent centre ( fic ), economic and organized crime office ( eoco ) and other law enforcement agencies to enforce the aml / cft regulations. as we work closely with these agencies, the emerging area of crime that threatens the very existence of financial institutions is cybercrime. cyber criminals have managed to bypass security controls and to exploit breaches or vulnerabilities within the cyber and information security defenses of financial systems. in this regard, the central bank issued a draft directive on cyber and information security to the banking industry. page | 4 mr. chairman, we also issued the final directive of the capital requirement directive ( crd ) which addresses pillar one ( 1 ) of basel ii / iii capital regime. the pillar ii of the basel accord is expected to strengthen the supervisory review process. this would involve the internal capital adequacy assessment process ( icaap ) allowing banks to undertake an assessment of the capital commensurate with all their risk exposures. we are also driving the disclosure requirements in conformity with pillar iii of the basel accord to enhance appropriate information flow to market participants. the process of fully operationalising the bsdi act, 2016 ( act 930 ), is in progress and will continually reviewing the existing directives and regulations to align them with the act. in line with this, we issued the “ fit and proper ” directive, financial holding companies and the mergers and acquisitions directive. the central bank has adopted the accounting standard on financial instruments ( ifrs 9 ) since january this year. ifrs 9 requires banks to implement the expected credit loss model for the banking industry. though

the institutional frameworks that have been put in place to ensure compliance with these arrangements is intact. 9. thank you for the attention and let us use this soiree to interact as much as possible and build stronger bonds as we work in the interest of the country.
for various reasons. one reason highlighted in the literature is that an elected government may be naturally focused on the short - term goals of its constituents and may have an incentive to try to lower the unemployment rate in the short run, with less concern about the longer - term effects on inflation and growth. the literature has labeled this fundamental problem “ time inconsistency. ” 4 this incentive may generate undesirable economic cycles, potentially destabilizing prices. and if the public learns over time that the central bank is responsive to these incentives to increase inflation to boost employment temporarily, expectations of future inflation would rise, a symptom of a loss of credibility of the monetary policy authority. governments also may have an incentive to increase inflation research on “ time inconsistency ” was pioneered by kydland and prescott ( 1977 ) and calvo ( 1978 ). this problem was analyzed in more detail in the context of monetary policy by barro and gordon ( 1983 ). - 4to monetize their debts, which become effectively smaller as the purchasing power of money declines. also, if elected officials are responsible for monetary policy decisions, the typical alternation in control of government between different parties may lead to different preferences in the tradeoff between employment and inflation, destabilizing prices and the economy in the long term. 5 in summary, economic research argues that demands on government to address concerns in the short term may result in excessively discretionary monetary policy and do not provide the best incentives for effective monetary policy that promotes the long - term health of the economy. a solution devised by governments and explored in economic research is to delegate monetary policy to an independent entity : the central bank. 6 by establishing policy mandates in laws or treaties, the government voluntarily constrains itself from suddenly altering policy, and thus it also discourages public pressure to do so. as in homer ’ s odyssey, in which odysseus asks his crew to tie him to the mast of his ship to avoid being bewitched by the sirens ’ songs, policy mandates help central banks avoid being swayed by short - term desires to the detriment of longer - term goals. now that we have discussed the reasons for delegating the authority to conduct monetary policy to an independent entity, we are left with the task of describing how such independence should be designed and implemented in practice. there are two broad categories of central bank independence. the first of these is goal independence — to what extent is the

programme coordinator from the ecb, and to all participating experts from the ecb, the european system of central banks and the national bank of the republic of macedonia. thank you. bis central bankers ’ speeches
at three levels : - first, consistency in the concrete mechanisms : finalising and simplifying the resolution pillar should be a priority. the case of the italian bank failures has illustrated just how complex it is to combine the resolution regime laid down in the bank recovery and resolution directive ( brrd ) with the state aid framework for orderly liquidation. in addition, confidence in the single resolution fund ( srf ) and its capacity to intervene has to be bolstered. the setting - up of a common backstop, as mentioned in the european commission ’ s communication of 11 october, is a promising avenue, which could take the form of a credit line granted by the esm ( the european stability mechanism ). if it is placed within the esm's remit, the rules for triggering this backstop could be introduced during the esm governance review. furthermore, this avenue could provide a partial response to the issue of the liquidity of newly resolved entities – mainly the “ good banks ” –, which has not yet been addressed with sufficient clarity : liquidity support from public sources, beyond what can legitimately be expected from the eurosystem, should be clarified. - second, consistency in the legal framework and requirements : faced with the accumulation of new and “ separate ” requirements, we need to adopt a holistic and consistent approach in order to avoid a prudential overload. in particular, the total loss absorbing capacity ( tlac ) requirement resulting from the new international framework requires a consistent adaptation of the european minimum requirement for own funds and eligible liabilities ( mrel ). therefore, the mrel targets should be set on the basis of updated prudential requirements – pillar ii and buffers – and the most up - to - date financial position of the banks concerned. it is a question of consistency. in the same vein, the consequences of the basel iii reforms package – when it is finalised – should be carefully taken into account, as it may lead to increased risk - weighted assets, which could in turn impact the mrel. all these regulatory developments, combined with changes to pillar ii capital requirement amounts, could lead to over - calibration : each individual decision may be warranted ; but their somewhat disorderly accumulation is not. and naturally, in setting these requirements, we must not jeopardise the level playing field between euro area banks and their international competitors. - third, consistency in the interaction between authorities, which should be improved : the case

to the functioning of the economy, to avoid harming financial stability, to protect the resources of the member states and to strengthen protection for depositors and investors.
environment for everyone. glad business associations are increasingly doing this. o as palkhivala said, india always seems to find the way, perhaps not quickly and not linearly, but in due course. bis central bankers ’ speeches

laws become more draconian to give creditors powers laws applied more quickly to small firms, sometimes with a bias to creditors. operational and speedy bankruptcy code will level the playing field. • issues of excessive market power and predation. o o • o o o d ) need to ensure awards survive appeals the jobs agenda : job is the best form of inclusion. growing small firms as job creation protection of property rights o c ) competition commission showing its mettle why greater concern now on issues of competition and entry? o b ) negotiating in the shadow of bankruptcy private property protection needed to incentivize activity : i eat what i kill. broadly protected in india is it too well protected – land for infrastructure moderate and predictable taxes and estate duties – government has delivered. administrative steps to rein in unnecessary tax demands automation of significant parts of the tax process retrospective taxation : clear government statement. however, base erosion and profit shifting – worldwide issue that large corporations need to answer – equal requirement of transparency on corporate side : need for global agreements. broadening access to capabilities o aam aadmi attaches no value to free enterprise if he cannot participate. o increasingly, enterprises of the future require employees to have decent education and health. o malnutrition curses an individual for life, as does poor early education. o effective delivery of social programs so that everyone has the ability to compete is absolutely necessary. o capitalism starts at age 21! a basic safety net o competition can be ruinous despite one ’ s best efforts. bis central bankers ’ speeches o need a basic safety net, not focused on firms but on individuals : o o unemployment insurance, basic healthcare, old age pensions should not be prohibitively costly for government. cost entitlements and incorporate into budget liability projections charge reasonable premiums for the insurance recognize that if insurance is not explicit, it will be implicit in a democratic society. safety net can also encourage people to take risks they would shy away from otherwise. in conclusion o india has come a long way in encouraging free enterprise. o from tiny shops to large internet start - ups, the spirit of entrepreneurship is alive. o graduates increasingly want to start businesses or work for start - ups rather than go to an established consultancy or bank. o doing business is more reputable, as is getting rich. o but a lot more work is needed to improve the environment so that everyone has a chance. rather than looking for special dispensations, business has to push for improving the business
financial services provided to the non - financial corporate sector. 2 see cimadomo, j., furtuna, o. and giuliodori, m. ( 2018 ), “ private and public risk sharing in the euro area ”, working paper series, no 2148, ecb, may. 3 see de guindos, l. ( 2018 ), “ coming to the forefront : the rising role of the investment fund sector for financial stability in the euro area ”, speech at opening conference, 21st euro finance week, frankfurt am main, 12 november. 4 level 3 assets decreased from €188 billion to €132 billion, constituting less than 1 % of significant institutions ’ total assets. 5 see de guindos, l. ( 2018 ), “ building a resilient economic and monetary union ”, lectio magistralis opening the xxix edition of the masters programme in european union law of the university carlos iii of madrid, 5 october. 6 see : www. europarl. europa. eu / eprs / eprs _ study _ 536353 _ cone _ single _ market _ i. pdf 5 / 5 bis central bankers'speeches

leaving out greece, which is a very specific case in the light of the discussions ongoing at the moment. it was greece that i had in mind... the exit of greece is not a scenario we are working on. all the efforts being made at the moment are aimed at updating the relationship with greece in the light of the new priorities of its government, within a framework which remains that of the euro area and which implies rights as well as the duty to respect the common rules. so we are not putting the question in those terms. you expressed your concern about long - term growth. couldn ’ t the ecb do more to relaunch investment in europe in particular through more targeted policies? it is not for the ecb to encourage particular investment decisions which form part of this or that policy. to do so would be to cross the line between monetary and economic policy. however, everything we are doing at the moment forms part of an approach aimed at rekindling investment. compared with the traditional policies of central banks, which are geared to the short term, qe is an extension of the intervention horizon of monetary policy. for instance, the average term of the securities purchased as part of qe is nearly nine years. so monetary policy is having more impact than before on the financing conditions for longterm investments. this is particularly crucial for financing investments linked to the energy transition. in short, we are creating favourable conditions for long - term investment, and it is up to the governments and the european institutions to take advantage of these conditions. bis central bankers ’ speeches