samchain/econo-pairs-v2 huggingface dataset:
rasheed mohammed al maraj : the corporate governance code of the kingdom of bahrain – fundamentals and implementation address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at an event, organized by the international chamber of commerce, manama, 4 may 2009. * * * distinguished guests, ladies and gentlemen. as patron of this event, the central bank is proud to take part in today ’ s proceedings. my thanks go out to the organisers of this event, the international chamber of commerce, and also to the many sponsors who have made this event possible. today ’ s conference focuses on the features of good corporate governance and on developments relating to the proposed new corporate governance code for all companies in the kingdom of bahrain. this initiative by the ministry of industry and commerce is welcomed by the central bank and we will be working with the financial sector and listed companies on the implementation of the spirit and the letter of the new code upon its publication. in my opening comments, i will highlight what the cbb considers to be the key attributes of good corporate governance, and how we have encouraged licensees of the cbb and listed companies to implement a sound corporate governance environment. effective corporate governance begins with establishing a clear dynamic between three different bodies of persons : the shareholders ; the board ; and the management. in a perfect world, these three bodies would all recognise their interdependence and their responsibilities and act promptly, rationally and transparently in the best interests of the concerned company. however, events globally over the past decade indicate that we do not live in a perfect world, and so rules from regulators, company law and codes of practice are necessary to ensure that one set of stakeholders do not act in their own self - interest to the detriment of other stakeholders, or indeed to the detriment of the economy itself in the case of the largest companies. the central bank of bahrain has recognised that the conduct and health of the financial sector in particular has a far wider impact than just on shareholders ’ wealth. the health of the financial sector affects the reputation of the country, the functioning of the payments system and provides valuable employment in the domestic economy. therefore the cbb has implemented several far - reaching initiatives on corporate governance standards over the past five years or so to complement the requirements of the commercial companies law. these standards include : the disclosure standards for listed companies which were issued in december 2003 ; the guidelines for insiders, issued october 2004

though we continued to operate for a time under different laws for banking, insurance and capital markets. in short, a single regulator in our experience has offered many benefits – but it is not an instant solution. to be successful, it requires sustained effort and focus over several years. five years on, we believe we have made significant progress in this respect, but there still remains more to do. thank you.
/ 5 bis central bankers'speeches key ict service providers can best be supervised. such an evaluation must be based on the work of the ict security commission, which publishes its report in december 2018. distributed ledger technology distributed ledger technology ( dlt ) offers interesting opportunities. a shared decentralised digital asset register can enhance efficiency, as business ledgers no longer need to be reconciled, and can reduce counterparty risk. dlt solutions can also reduce operational risk as this technology does not rely on a central operator. dlt has many potential applications in the financial infrastructure, such as in the securities settlement system. the australian exchange asx is replacing the existing system for clearing and settling trades with a new dlt - based system. another example is cross - border payments ; several projects have been launched and the potential for improvement is considerable. a number of norwegian operators are exploring opportunities for using dlt - based solutions in norway ’ s infrastructure. central banks have also explored the use of dlt. the european central bank and the bank of japan have considered how secure delivery versus payment systems could be organised where the assets are stored in a decentralised accounting system. some central banks, such as the bank of canada, have evaluated and tested dlt for use in central bank settlement. at the same time, the use of dlt poses a number of challenges, including the immaturity of the technology and how to prevent unauthorised access to confidential information. new technology also makes new forms of money possible. the functions of money as a medium of exchange, a store of value and a unit of account are dependent on public confidence in the currency. most of our money is in the form of bank deposits or cash. so - called cryptocurrencies have attracted considerable attention in recent years. owing to their substantial day - to - day volatility and the interfaces with money laundering and other criminal activity, cryptocurrencies are unsuitable as a universal means of payment. on the other hand, cryptocurrencies are attractive as speculative assets. crypto - assets is therefore a better term than cryptocurrencies. central bank digital currencies another possibility is central bank digital currencies ( cbdc ). a cbdc is a digital form of central bank money made available to the general public. a number of central banks, including norges bank, are assessing whether introducing a cbdc would be advisable and, if so, in what form. for

infrastructure on cost - efficient common solutions, and that we together can safeguard the interests related to efficient payments, personal privacy and security. there are numerous challenges to be faced. the best course of action is for businesses to come together and agree on good common solutions. 5 / 5 bis central bankers'speeches
culture of ethical conduct and values. 28. i wish you all success in this important new phase of our corporate governance journey. joseph barr, “ from the boardroom : the role of the professional director ”, harvard business review, may - june 1976. 5. bis central bankers ’ speeches

culture that places values above profits. publicly listed companies are increasingly at risk of becoming slaves to the pressures of quarterly earnings. in a brutally competitive environment, this short - termism promotes not only excessive risk - taking but a variety of sharp practices, exploitative sales, and even fraudulent transactions. little wonder that public trust in corporations has diminished in many jurisdictions. 23. boards and senior management have a critical role in promoting a culture rooted in strong ethical frameworks. they must make clear that serving the customer ’ s interest, dealing fairly with suppliers and counterparties, following the laws of the land, and not placing the larger society at risk are essential for maximising long - term shareholder value. 24. directors and senior managers set the tone for what is acceptable behaviour and what is not. the questions they ask – as well as the questions they do not – send strong signals throughout the corporation. let us ask ourselves : if a particular division in a company is making huge profits, what does the board and senior management do? congratulate them and raise the targets? or ask probing questions about how much risk is being taken, whether there has been fair dealing, and whether all stakeholders have been served? 25. restoring ethical conduct is particularly relevant for the financial industry. following the crisis, the industry has fallen into disrepute, especially in the west. recent revelations arising from the libor scandal – and this is not unique to london – suggest that the lessons have not been learnt. if we allow this culture of cynical greed to take root, it will undermine the public trust that is so critical to not just the growth but the viability of financial institutions. the leadership of financial institutions – boards and senior management – owe a special duty of care to ensure that finance is trustworthy, socially redeeming, and economically purposeful. they must send a clear, unadulterated message, down to the last person in their organisation : “ if it is not right, don ’ t do it. if it is not true, don ’ t say it. ” 26. this is an area that mas intends to engage the boards and senior management of financial institutions on. conclusion 27. we are making good progress in our corporate governance journey. we are now entering a new phase, and must go beyond rule reforms to create the conditions for good governance to flourish – developing a conducive ecosystem for market discipline, building up the competencies of our board directors, and instilling a
less effective, and as an instrument the interest rate is more blunt. a concluding remark when at some future date you hear that someone has told the bank of israel to imitate the actions of the fed – of course, only when it reduces the interest rate – i suggest you recall the saying : israel is not america. it is no empty phrase, at least as regards interest - rate policy. a lot needs to be done here before we resemble america, and we are talking here also about improving the welfare of the consumer – whether individuals or businesses – and this is definitely up to us.

stated, there are problems and challenges, but despite the fact that we can ’ t solve all of them quickly, i am certain that we will deal with the challenges and succeed in solving the problems. in response to questions from the audience : apartment buyers who want to take out mortgage loans must take into account that the interest rate today is very low, and that when it rises, their monthly payments will rise as well. the bank of israel is limiting the leverage rate because when the time comes when the buyers can ’ t meet their mortgage payments, that ’ s when the problems start. these limitations mainly affect investors, and have less of an effect on those purchasing their first apartment. i like to quote the book, this time is different : during good time, everyone thinks the situation is good, prices are going up, and we know how to deal with problems. but in recent years, we have seen how this type of thinking led to the most serious economic crisis in many years. we will not let such a thing happen in israel. i frequently hear the argument that “ the bank of israel is more interested in the stability of the banks than in the customers ”. we maintain bank stability in order to protect the public and the customers. we have a responsibility to the public, and we have a duty to prevent the things that we see happening in other countries. the change made in measuring unemployment data was done in order to bring the method of measurement in line with the manner accepted in the oecd. in terms of the foreign minister ’ s position, i again quote what a professor who taught me for many years told me : “ the biggest mistake university graduates like you make is that they accept offers that haven ’ t been made to them. ” bis central bankers ’ speeches
could produce the win - win outcome of improving the attainment of both goals. for that reason, in its consideration of its communications strategies, the federal open market committee has been discussing whether mechanisms could be put in place that could better anchor inflation expectations in a manner consistent with the institutional framework of our dual mandate. the second of david's open issues – whether central banks should lean against possible asset price bubbles – was the key topic in my discussion here eighteen months ago, at otmar's festschrift. my answer then is my answer now. a central bank should focus on the outlook for the macroeconomy and generally relegate asset prices to the subordinate role of inputs to the forecast process. i view this as the simple application of humility that david and i find so admirable. although economic theory provides no settled answers to any topic, its predictions are especially imprecise with regard to asset pricing, which has two implications for central bankers. first, little confidence can be attached to the determination that an asset bubble exists except in the most extreme of circumstances. second, even less confidence can be attached to predictions of the effects of policy on asset prices, and in particular on any speculative element in those prices. moreover, monetary policy actions addressed at a perceived bubble in one sector may have undesirable effects on other asset prices and the economy more generally. as a result, my preferred policy framework remains three pronged : first, assign the single instrument of monetary policy to its macroeconomic objective ; second, rely on regulation to erect a resilient financial structure ; and, third, in the event that market judgments prove to be wrong and financial prices adjust sharply, apply the tool of monetary policy to the macroeconomic task at hand. that task is not always easily captured by simple statistical regularities. relationships between financial markets and economic results are complex and nonlinear, especially when markets are not behaving normally. when investors are ebullient, their expectations of outsized capital gains can feed on themselves and back on the economy. on the way down, investors'loss of confidence, a reduction in credit availability, and a tightening of terms and conditions for credit have the potential to have pronounced effects on activity and inflation. the world is, no doubt, different than when we gathered here eighteen months ago. however, it is far too soon to pass judgment on what went wrong in the u. s. housing market and why. i suspect that, when studies

is in trouble. i think it would be a serious mistake, as some have suggested, to go beyond the limitations on the federal reserve ’ s emergency lending authority that are set out in the dodd - frank act. bis central bankers ’ speeches
to avoid this. over recent times the australian economy has been operating at a very high level of capacity utilisation. this is evident in survey measures of capacity utilisation ( graph 2 ). it is also evident in the labour market, which has been very tight, with the unemployment rate having been at its lowest level in nearly 50 years. it is clear that total demand in the economy has been pushing up against supply, and that, recently, this has been contributing to the upward pressure on prices. r e s e r v e b a n k o f au s t r a l i a graph 2 spare capacity % % capacity utilisation * % % unemployment rate * non - mining capacity utilisation ; investment share weighted. sources : abs ; nab ; rba. the return of inflation to target requires a more sustainable balance between aggregate demand and supply. the tool that the rba has to achieve this balance is interest rates. i acknowledge that the use of this tool comes with complications. its effects are felt unevenly across the community, with rising interest rises causing significant financial pressure for some households. but this unevenness is not a reason to avoid using the tool that we have. it is certainly true that if the board had not lifted interest rates as it has done, some households would have avoided, for a short period, the financial pressures that come with higher mortgage rates. but this short - term gain would have been at a much higher medium - term cost. if we had not tightened monetary policy, the cost of living would be higher for longer. this would hurt all australians and the functioning of our economy and would ultimately require even higher interest rates to bring inflation back down. so, as difficult as it is, the rise in interest rates is necessary to bring inflation back to target in a reasonable timeframe. the evidence indicates that the higher interest rates are working and that inflation is coming down. the march quarter cpi confirmed that inflation peaked late last year at 7. 8 per cent ( graph 3 ). subsequent to this, the monthly cpi indicator showed a pick - up in the 12 - month - ended inflation rate in april to 6. 8 per cent. this was a higher outcome than expected, but it has not changed our assessment that inflation is trending lower. excluding the volatile items and travel from the monthly cpi, inflation was 5½ per cent in six - month - annualised terms to april, compared with 7½ per cent to october 202

economy and inflation evolve. the board will continue to pay close attention to developments in the global economy, trends in household spending, and the outlook for inflation and the labour market. it remains resolute in its determination to return inflation to target and will do what is necessary to achieve that. thank you and i am happy to answer some questions. endnotes [ * ] i would like to thank david norman for assistance in preparing this speech. r e s e r v e b a n k o f au s t r a l i a
, for example, by global demand for norwegian salmon or norwegian oil company stocks but is also driven by global demand for us streaming services or technology stocks. economic agents'preferences, whether relating to investments or goods and services, are in their turn shaped by a wide range of factors. it is therefore challenging to explain all exchange rate movements, as is also supported by a large body of research. 2 / 4 bis - central bankers'speeches but we do know something. we know that the difference between norwegian and foreign market interest rates matters for the krone exchange rate. normally, the krone appreciates when this interest rate differential increases. if the norwegian policy rate had not been increased in recent years, the krone exchange rate would have been weaker. the krone exchange rate is also influenced by more long - term trends, both at home and abroad. studies indicate, for example, that the development of the norwegian petroleum sector, combined with high oil prices, contributed to strengthening the krone over a longer period. over the past decade, the fall in oil prices and the oil industry's diminished importance for the norwegian economy may have contributed to weakening the krone. the krone exchange rate is also influenced by conditions in international financial markets. a substantial portion of trading in norwegian kroner is between financial players such as banks and hedge funds. some of the trades may be disconnected from the conventional economic mechanisms i just invoked. experience shows that financial market turbulence, like we saw this summer, often coincides with a depreciation of the krone against major currencies. in recent weeks, some observers have argued that norges bank should do more to strengthen the krone. some have suggested that the central bank should be given more instruments and should intervene in the foreign exchange market by buying kroner to influence the exchange rate. norges bank is tasked with keeping inflation low and stable while contributing to keeping employment as high as possible. it is our view that we have sufficient tools to deliver on the mandate we have been given. the policy rate is our most important monetary policy tool, and based on our current assessment of the outlook, inflation will return to target within a reasonable time horizon without a large increase in unemployment. we do have large foreign exchange reserves. the foreign exchange reserves are norges bank's own stock of foreign currency that it holds for contingency purposes. we can intervene in the fx market by buying or selling kroner, for example to ensure the functioning

the policy rate may be lowered earlier than previously envisaged. it is important that we go the last mile of disinflation. doing our job of ensuring that inflation returns to the 2 percent target is critical to maintaining the credibility of the inflation target. by doing so, we will be able to reap the benefits of our efforts. 4 / 4 bis - central bankers'speeches
role in reducing risk in the system, alongside the overall improvements in capital, risk management, and the financial infrastructure. further progress in strengthening risk management practices is an investment worth making, particularly at a time when the markets appear to be pricing in a relatively benign view of risk in the financial system and in the economy overall.

chf 1. 20, and at times, values were recorded which were last seen in spring 2011, in other words, before the introduction of the minimum exchange rate. on a trade - weighted basis, however, the swiss franc has remained largely unchanged since the beginning of the year. the favourable developments on the financial markets, which have persisted over a lengthy period, were the result of a reduction in extreme risks. this was due, on the one hand, to measures taken by the ecb, and on the other, to the fact that, in the us, the ‘ fiscal cliff ’ was averted. as recent weeks have shown, conditions on the financial markets can change again swiftly. in japan, there has been a sharp correction on the stock market and the yen has again gained somewhat in value. meanwhile, in the euro area, there is a discrepancy between the generally favourable trend on the financial markets and the disappointing economic data. finally, in the us, a certain degree of uncertainty about the future monetary policy direction of the federal reserve ( fed ) has gained ground. overall, the market bis central bankers ’ speeches environment continues to be dominated by high levels of uncertainty, thereby remaining susceptible to sudden shifts in mood. management of currency reserves the easing of tensions on the financial markets also affected the swiss national bank ’ s ( snb ) currency reserves. these are mainly composed of foreign currency investments and gold. at the end of may, the snb held foreign currency investments of just over chf 440 billion ( cf. chart 1 ). due to our liquidity and security requirements, a large portion of our foreign exchange holdings are in government bonds and deposits with other central banks. this portion amounted to 78 % at the end of the first quarter of 2013. to further diversify investment risk and increase investment in real assets, we raised our proportion of equities from 12 % to 15 % in the first quarter. we currently hold equities worth around chf 65 billion, which is three times more than at the end of 2011. in this regard, we have widened our scope to include shares of companies with relatively small market capitalisation, as well as those in advanced economies not previously considered, with the result that our equity portfolio now covers all advanced economies. since we have invested relatively little in these new markets, our currency allocation has hardly changed in recent months. the proportion of gold in the currency reserves amounted to 10 % at the end of the first quarter