samchain/econo-pairs-v2 huggingface dataset:
liquidity and capitalization level. in spite of the expansion of risks spectrum and a more difficult year for extension of the banking activity, the financial system and the banking sector will remain stable.

ardian fullani : risks for albania ’ s financial stability speech by mr ardian fullani, governor of the bank of albania, at the joint press conference with the imf mission chief for albania, mr gerwin bell and the minister of finance, mr. ridvan bode, tirana, 7 april 2009. * * * the bank of albania ’ s supervisory council has pronounced directly and transparently on risks our country ’ s financial stability will be faced with over the current year. in its latest statement on “ financial stability over the second semester of 2008 ”, and meeting the obligations deriving from the law “ on the bank of albania ”, an explicit rating of risks has been made, which i would like, availing myself of this opportunity, to once more point out to the public : • first, the economic growth rate slowdown over 2009 makes difficult the achievement of fiscal policy indicators in line with 2008 year - end forecasts. external trade developments will impact on reduced collection of budget revenues, while the tightening of financial conditions in the economy negatively affects the banking sector ’ s ability to finance the budget deficit. therefore, in order to achieve the target on budget deficit level, reallocation of public expenditures according to importance, at the needed quantity and throughout the financial year is necessary. in practical terms this means that whenever possible, all the efforts should be made to maintain sources of revenues, to find alternative financing sources, to cancel non - urgent expenditures, to re - define projected expenditures for this year, which are not yet contracted or effected. • secondly, external sector ’ s performance in the economy, mainly in the form of export slowdown, reduced remittances and increased imports, affected the foreign exchange market equilibrium, exercising pressure on the national currency ’ s exchange rate at the beginning of the current year. the flexible exchange rate is a correcting instrument, which automatically helps preventing external sector misbalances in the economy. however, over a shorter run, fast and uncontrolled exchange rate fluctuations negatively affect the psychology the public, thus concealing speculative operations of different subjects. hence, there are created premises for contagion, with negative effects on operators ’ confidence in the national currency and in the capability of foreign currency borrowers to timely repay their debts. expected reduction of economic growth rate for 2009 will reflect the reduced domestic demand and therefore, it is likely to be associated with a drop of its share in terms of foreign commodities. as a result, the
nicholas garganas : the greek economy within the euro area address by mr nicholas c garganas, deputy governor of the bank of greece, to the hellenic american bankers association, new york, 23 april 2002. * * * it gives me great pleasure to be able to address you today about the transformation of the greek economy over the last few years. since the beginning of 2001, greece has been participating in the euro area as its 12th member. her entry to the euro area reflects the substantial progress which was made with macroeconomic stabilisation and convergence of the greek economy to those of the other euro area member states. disinflation, helped significantly by the monetary and exchange rate policies pursued by the bank of greece, alongside fiscal consolidation, ensured that the maastricht treaty criteria for euro area entry were all met by early 2000. introduction of euro notes and coins from 1 january 2002, greece, along with the other countries of the euro area, introduced euro notes and coins. the operation, conducted swiftly and smoothly, and warmly welcomed by the public, has gone remarkably well. the success is all the more remarkable as greece effectively had two years less than the other euro area countries to prepare for the physical introduction of the euro, since it became a member of the euro area only from the beginning of 2001. while the cash changeover represented the concluding act of the move to the single currency, many of the benefits of the euro materialized even before joining emu. the successful cash changeover, which marks a further move towards successful integration with eu partner countries, will reinforce these positive effects. sound economic fundamentals thanks to the successful nominal convergence process in the second half of the 1990s, which was a condition for joining emu, greece can now count on sound economic fundamentals and macroeconomic stability. fiscal consolidation was rewarded last year by the general government position being in balance ; public debt, although still high at just under 100 per cent of gdp at the end of 2001, has been declining continuously from its peak of just over 111 per cent in 1996. one of the most remarkable economic developments of recent years has been greece ’ s success in restoring low inflation. consumer inflation averaged 17. 25 per cent in the twenty - year period to 1994. by mid - 1999 it had fallen to about 2 per cent. rising inflation after the autumn of 1999 can mainly be attributed to higher oil prices and depreciation of the drachma, which, in turn, reflected the weakness of the

' speeches
derivatives association ( isda ) has consulted widely on this issue, 2 and concluded that market participants would prefer the historical median approach, with an adjustment spread based on five years of data. 3 this method would be robust against data outliers resulting from unusual market conditions, as well as potential manipulation. 4 consequently, this method was adopted in cash and derivatives markets in the united states, united kingdom and many jurisdictions that were impacted by the london interbank offered rate ( libor ) transition. 2 / 5 bis - central bankers'speeches nonetheless, in south africa, market participants are not only concerned about dealing with data outliers ; they are also concerned about structural shifts in the behaviour of the jibar, especially since the sarb's migration to a surplus system for implementing monetary policy in june 2022. it appears that this reform has squeezed liquidity premiums, in that the spread between zaronia and jibar has narrowed somewhat. the mpg is currently finalising its work on the adjustment spread methodology to ensure that the chosen methodology considers all the idiosyncratic factors that would concern market participants. it is also important for market participants not to over - rely on fallbacks to facilitate legacy jibar referencing contracts. the best way to minimise risks would be to actively migrate to zaronia referencing contracts as soon as practicable. 5 there will nonetheless be instances where, despite best efforts, it may not be possible to transition or adjust certain contracts before jibar ceases. these so - called tough legacy contracts will require regulatory measures to facilitate their transition. as such, it may be necessary for the mpg to consider a synthetic jibar, similar in structure to the current forward - looking jibar, to minimise the impact on systems and processes. furthermore, the mpg, the sarb and the financial sector conduct authority will consult with national treasury on the appropriate regulatory instruments for ensuring contract continuity and safe harbour provisions for the protection of contract parties, supervisors and the benchmark administrator. building a new foundation shortly after the mpg conference in april 2023, the remaining us dollar libor panels were discontinued. this concluded a massive decade - long global project to replace libor. 6 reflecting on this effort, the co - chairs of the financial stability board's official sector steering group, nikhil rathi and john c williams, concluded that it had been like building a new foundation under an existing home – an undertaking of extreme difficulty, one many doubted would succeed, and

https : / / www. resbank. co. za / content / dam / sarb / publications / financialmarkets / committees / mpg / mpg - ralated - documents / 2024 / update - onthe - jibar - transition - plan. pdf ( accessed 10 august 2024 ). 5 / 5 bis - central bankers'speeches
, particularly in europe. the conclusion is that at present there is no reason to alter the repo rate.

mr. backstrom reports on inflation and the interest rate in sweden speech by the governor of the bank of sweden, mr. urban backstrom, at a conference organised by the stockholm chamber of commerce and veckans affarer in stockholm on 27 / 1 / 98. thank you for the invitation to talk at this conference about the outlook for inflation and the interest rate. it is now five years since the inflation target was instituted ; so before considering the current situation for monetary policy, i should like to say something about the intervening period. five years with an inflation target in january 1993 the riksbank ’ s governing board decided to adopt an explicit target for inflation and specified that as of 1995 and measured in terms of the consumer price index, the rate of inflation was to be limited to 2 per cent, with a tolerance interval of ±1 percentage point. the commitment to an inflation target originated from the riksbank but both the government and the riksdag ( sweden ’ s parliament ) expressly support monetary policy ’ s focus on price stability as well as the inflation target. last year five of the political parties in the riksdag agreed that the riksbank ’ s objective, to safeguard the value of money, should have the force of law ; a government bill with provisions to this effect was presented to the riksdag in november. in recent years, monetary policy ’ s commitment to low inflation has thus been established increasingly firmly. inflation target and transparency when the riksbank originally decided to adopt an inflation target, time was short and did not permit extensive analyses. in my opinion, experience to date of the inflation target policy has been favourable. one major advantage of having an established and distinct inflation target for monetary policy is that this can be combined with transparency. market agents can form a clear picture of the grounds for the riksbank ’ s actions. it is, moreover, comparatively easy to understand how the policy functions, which should help in gaining public support for the target. the inflation target is an instrument for stabilising expectations about the conduct of monetary policy ; a lack of transparency and distinctness in monetary policy makes it more difficult for inflation expectations to adjust to the target. this in turn can make it more difficult to achieve high, stable growth. in recent years the riksbank has accordingly been aiming for greater transparency. a highly qualified staff has been built up, intensive efforts have been devoted to developing models and analyses, routines have been constructed for monetary
imf fiscal monitor, apr 2020 page 15 of 16 colombia chile em debt stocks : change between 2009 - 19 estimated term premium : 10y bond 29. 8 % - 10 - 20 - 1 - 2 source : imf em 10y govt bond yields : change from 1 jan - 17 jun em 5y cds spreads : source : bloomberg source : bloomberg page 16 of 16 turkey brazil south africa - 100 colombia - 80 mexico - 60 indonesia - 40 china - 20 basis points chile malaysia basis points change from 1 jan - 17 jun russia source : sarb thailand pp of gdp

##ak up rands, or we could pay banks to deposit their reserves back with us. most of these policies would end up looking functionally equivalent to national treasury funding itself at the short end of the curve, 16 benefitting from the low rates set by monetary policy, which is already happening. importantly, none of these scenarios would be a free lunch : instead of treasury paying interest, the costs would show up at the sarb, as the price of doing sterilisation operations. 14 claudio borio and piti disyatat, november 2009, ‘ unconventional monetary policies : an appraisal ’, available at https : / / www. bis. org / publ / work292. pdf. these authors also discuss, as an alternative inflation driver, the possibility that public narratives about central bank actions will also have economic effects. 15 this point is equivalent to the one made for india by former governor of the reserve bank of india, raghuram rajan, in his widely circulated linkedin post titled ‘ monetization : neither game - changer nor catastrophe in abnormal times ’, specifically point 5. 16 claudio borio, 8 november 2019, ‘ wise fiscal policy is not about helicopter money ’, available at https : / / www. bis. org / speeches / sp191108. htm # : ~ : text = a % 20more % 20balanced % 20policy % 20mix, rate s % 20further % 20into % 20negative % 20territory page 9 of 16 these costs would also be large. if we as the sarb bought r500 billion of government bonds, at par, and then sterilised them at the repo rate, we would be insolvent in about a year. 17 for this reason, taking the perspective of the broader public sector balance sheet, these operations would add to national treasury ’ s already large need to borrow. as such, a big qe operation wouldn ’ t lift the budget constraint. instead, it would end up saddling treasury with yet another bankrupt government enterprise asking for a bailout. the only exception to the rule that asset purchases entail sterilisation costs is if interest rates reach the zero lower - bound. this happens if even a zero interest rate is not enough to achieve a central bank ’ s objectives, like hitting an inflation target. in this case, central banks can create enormous quantities of bank reserves, which just pile up
to react. but we can and will keep inflation close to target on average. short run deviations from the target should not leave anyone in any doubt about that. conclusions the stability of the period since 1992 has been almost as unexpected as the falling of the berlin wall, and every bit as welcome. it remains something of a puzzle and we cannot assume it will continue indefinitely. we do not know quite how big a part the mpc has played in achieving this outcome. but it has certainly been shaped by it. success – however earned – has its price. it may have bred expectations of the mpc and what monetary policy can deliver which are frankly unrealistic – and unsustainable in the longer term. in the original concept, the defining characteristic of inflation targeting and the mpc was the scope it offered for exercising constrained discretion. we need to hang on to that big idea. i would have a similar concern if people came to believe that the mpc could keep output growing steadily, quarter by quarter, irrespective of wider economic circumstances.

like to contribute it is not too late. to conclude – changes in the way we pay and the challenges we ’ ve seen over the past several months pose two important and interrelated questions for central banks and regulators. first, how do we ensure that we have legislative and supervisory frameworks in place to support development of safe private sector innovation that could respond to these challenges? here, it is clear that we need to ensure that new ways to pay and new forms of electronic money are offer equivalent protections to existing ones. and second, what is the right role for central banks in provision of the money we use to transact? i ’ m looking forward to the discussion. all speeches are available online at www. bankofengland. co. uk / news / speeches
. bis central bankers ’ speeches

jean - claude trichet : europe ’ s frameworks for macro - prudential oversight and economic governance speech by mr jean - claude trichet, president of the european central bank, at the economic club of new york, new york, 12 october 2010. * * * ladies and gentlemen, stopping over in new york after the imf meetings has become a tradition i very much cherish. and it is a particular pleasure for me to speak before the economic club of new york today. the last time i spoke here was on 14 october 2008. at that time, we were in the eye of the storm, with fresh and acute challenges to the global financial system arising by the hour. today we have to remain permanently alert, while we must address all of the challenges associated with the need to ensure long - term financial stability. we must find a way to create a financial system in which a crisis of this magnitude cannot happen again. if i were to draw one lesson from the imf meetings which have just taken place in washington, it would be that the international community is fully aware of the need to remain particularly vigilant in the present period. a lot of hard work has been accomplished since the intensification of the crisis in mid - september 2008. but a lot remains to be done both as regards the resilience of the global financial system and as regards the rebalancing of domestic and external imbalances at a global level within and between the advanced and the emerging economies. more than ever, resolve is of the essence. today, i would like to address two issues : europe ’ s new macro - prudential framework and the planned strengthening of europe ’ s economic governance. how europe is addressing systemic risk let me start with the macroprudential framework. here, i have three basic messages. first, i am honoured to speak to you not only in my present capacity as president of the european central bank, but also – if i may – in my future capacity as chairman of the european systemic risk board or esrb. this new european union ( eu ) body, established to provide macro - prudential oversight, will become operational in january. second, there is a remarkably strong political consensus in europe in favour of establishing this new body. the european parliament approved the legislation supporting the functions of the esrb with an overwhelmingly large majority of around 80 %. third, the establishment of the esrb is part of a more comprehensive reform of financial supervision in europe
central government. monetary policy cannot persistently affect these preferences. it can however provide a stable backdrop against which individuals and businesses can make decisions about the most efficient allocation of their resources. references acemoglu, d, s johnson, j robinson ( 2004 ) “ institutions as the fundamental cause of longrun growth ”, nber working paper 10481. barro, r ( 1995 ) “ inflation and economic growth ”, nber working paper 5326. boulhol, h, a de serres and m molnar ( 2008 ) “ the contribution of economic geography to gdp per capita ” oecd economics department working paper 2008 / 10. bruno, r and w easterly ( 1998 ) “ inflation crises and long - run growth ”, journal of monetary economics 41, 3 – 26. de serres, a, n yashiro and h boulhol ( 2014 ) “ an international perspective on the new zealand productivity paradox ”, new zealand productivity commission working paper 2014 / 01. graham, j and c smith ( 2012 ) “ a brief history of monetary policy objectives and independence in new zealand ”, rbnz bulletin 75 ( 1 ), 28 – 37. khan, m s and a s senhadji ( 2001 ) “ threshold effects in the relationship between inflation and growth ” imf staff papers 48 ( 1 ). smith, c ( 2004 ) “ the long - run effects of monetary policy on output growth ”, rbnz bulletin 67 ( 3 ), 6 – 18. khan and senhadji ( 2001 ). a caveat to these results is that this and other such empirical work uses a relatively short period of modern experience in attempting to identify effects on long term growth. bis central bankers ’ speeches

november 2005. the main objective of the survey was to measure access to and use of financial services, along with how people manage their finances and what drives their financial behaviour. honourable minister and invited guests - this morning we are here to share with you, the findings of the finscope zambia 2005 survey. these findings are expected to play an important role in profiling demand for financial services in zambia. it is my hope that policy makers and financial service providers will utilise this information to develop strategies that will lead to the expansion and improvement of financial access for our people. in conclusion – may i emphasise that the nation is looking forward to the findings of the finscope zambia 2005 survey which will help us fully understand the financial landscape in zambia and therefore open up new market segments and allow us expand accessibility to financial services in zambia necessary for reducing poverty. the report of the finscope zambia 2005 survey will be posted to the bank of zambia website, www. boz. zm, for public information. thank you.
: islamic fund and wealth management the sukuk market has been an important source of financing for productive investment activities, while for investors it provides potential for diversification into new asset classes. the second pillar in the malaysia islamic financial hub is the islamic fund and wealth management industry. malaysia is centrally located in the asean region that has a population of 570 million. it is also positioned centrally between the major asian economies of india, china, japan and korea. malaysia has always been a highly open economy in trade and investment activities and has been a major recipient of foreign direct investment for more than a hundred years. as a destination for financial investment, the malaysian capital market offers a wide range of world class financial products. more than 85 percent of the listed companies in the equity market are shariah compliant, representing about 60 percent of total market capitalisation. other investment opportunities include in shariah - compliant real estate investment trusts ( reit ), in unit trusts and in the islamic exchange traded fund ( etf ). the capital market intermediaries in malaysia, that is, the investment banks and islamic fund management companies have had a key role in supporting the development of this industry. both retail and wholesale products are being offered in ringgit and non - ringgit currencies. there is also no restriction in investing 100 per cent of the funds abroad. the foreign exchange administration rules now allow for the free mobility of inward and outward movement of funds. pillar 3 : international islamic banking the islamic financial system has also been extensively liberalised to allow for the entry of foreign islamic financial institutions that offer both domestic and international banking business. in addition, the foreign equity ceiling in islamic financial institutions has been raised to a maximum of 49 percent as part of the effort to promote strategic alliances. the islamic banking business in foreign currencies can be conducted by the international currency business units ( icbus ) that may be set up within existing financial institutions and the international islamic banks. such international islamic banks may be established as either a branch or a subsidiary. currently, about 16 percent of total assets in the malaysian banking system is shariah compliant. pillar 4 : international takaful business the fourth pillar is takaful and retakaful business. there are now eight takaful operators, several of which are joint ventures with foreign shareholding that conduct both domestic and international takaful business. in addition, licences have been granted to three reinsurance players to undertake retakaful business in malaysia. several

participants, i wish you a successful and productive conference. thank you.