sequenceA
stringlengths 1
3.61k
| sequenceB
stringlengths 1
5.38k
| next_sentence_label
int64 0
1
|
|---|---|---|
• In countries which had a stable currency, confidence in the old currency grew over the years. Now consumers must give up a currency with a proven stability record and exchange it for a new currency for which, of course, there cannot be any long-term proof of its stability. | It’s also, I presume – or at least, being biased, I will say it – that it’s also because of the way we have communicated. Indeed, that understanding of our reaction function has improved over the years and has been quite good recently. One of the risks the ECB has always been citing is unwarranted market tightening. | 0 |
But it is by no means the only one that the industry must confront as the result of its success. I would like to take this opportunity to look at some of the other challenges that the industry currently faces as it moves into the financial mainstream. A long-standing issue relates to the multiplicity of Shari’a boards and judgements. | I think this is because it has a more competitive economy and its fiscal situation is much better than it was two or three years ago. I think the only problematic aspect of the Greek economy is the NPL ratio, which is very high – as you know it is above 40%. | 0 |
The successful completion of the process outlined thus far will be a major operation for banks, retailers, administrations and other parties involved. However, we should not forget that it also implies a significant change for the 300 million European citizens who will, thereafter, use the euro banknotes and coins for their daily transactions. | By then they must, for obvious reasons, be aware of their new currency's visual appearance and its security features. To this end, the ECB and the national central banks, as well as the governments of the euro area Member States and the European institutions, have embarked on major information campaigns. | 1 |
Of course, none of these observations are reasons for a government to be unconcerned, or for policy makers to not carefully analyse the data. Issues arising from 39 “The composition of assets varies over the net worth distribution…[r]eal estate is a higher proportion of assets of low and middle net worth households. | The wealthiest twenty percent of households hold mostly financial assets, although this will include real property that is held in businesses and trusts” Reference: Pg. 11, Tax Working Group, Information Release, Distributional Analysis, September 2018, https://taxworkinggroup.govt.nz/sites/default/files/2018-09/twg-bg-distributional-analysis.pdf Page 16 of 17 17 wealth and income inequality need to be understood and, if necessary, managed with the appropriate interventions. | 1 |
Mr Macfarlane elucidates the stability of the financial system and comments on what the Reserve Bank of Australia needs to do to fulfil its financial stability responsibilities Text of the eighteenth R.C. Mills Memorial Lecture delivered by Mr I J Macfarlane, Governor of the Reserve Bank of Australia, in Sydney on 29 July 1999. | It is an honour to be here today at the University of Sydney delivering the eighteenth R.C. Mills Memorial Lecture. It is customary to start a Memorial Lecture by paying homage to the person in whose memory the lecture is held, but I would like to break with tradition and do that a little later where it fits in more naturally. | 1 |
We should expect that the restructuring of companies will take place along with the restructuring of the banks, and they should be strengthening each other’s progress. 13. As a final remark, bank restructuring formed a complete set of economic recovery program together with: (i) the corporate debt restructuring, (ii) monetary and macroeconomic stability, and (iii) improvement of public and private sector governance. | We estimate that this will leave the level of GDP 0.3 per cent lower at the end of 2018 than projected in July. Given these developments, we cut our growth estimate for 2016 to 1.1 per cent. The expansion in both 2017 and 2018 should be about 2.0 per cent, which is above the growth rate of potential. | 0 |
In advanced economies, particularly Source: CEIC, calculated Source: CEIC, calculated 8 the US, economic recovery is progressing more rapidly, supported by unprecedented fiscal and monetary stimuli. The stimulus package from the government and central bank is funneled into vaccination programs, social and business assistance, as well as the injection of massive liquidity (quantitative easing) to the financial system. | All these need to be supported by a safe and reliable digital infrastructure system with robust and dependable cybersecurity protection. 2/4 BIS central bankers' speeches Third is the modernization of Philippine agriculture and the government’s supply chain management system with the aid of digital technologies. This will help ensure that food and other essential goods and services are available, accessible, and affordable. | 0 |
Continued moderate expansion is expected in the period ahead. However, uncertainty is particularly high. For monetary policy, it is essential that recent price developments do not give rise to broad-based inflationary pressures. Inflation expectations in the euro area must remain firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2% over the medium term. | Such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting economic growth and job creation in the euro area. At the same time, short-term interest rates remain low and financing conditions favourable. Thus, our monetary policy stance remains accommodative. We will continue to monitor very closely all developments with respect to upside risks to price stability. | 1 |
Looking at the European payment systems of the future, allow me to make a forecast from my personal point of view. At the moment, the future development of coexisting payment and settlement systems is still undecided. But some trends towards the respective systems can be identified. TARGET as the central banks’ gross system will be the basis for all large-value monetary policy transactions. | *** Dear Ms. Minister, The honourable Mr. Mike, The honourable Mr. Berisha Dear attendees It is a special pleasure to be part of this ceremony which marks a very important step of the launch of the Export Window. | 0 |
It was a few years before the idea of targeting inflation was fully accepted by the Canadian public, and the Bank took a lot of heat for it. 2 BIS central bankers’ speeches These days, most central bankers see inflation targeting as a success. | Mr Macfarlane comments on monetary policy in Australia Notes by Mr I J Macfarlane, Governor of the Reserve Bank of Australia, for a talk to Australian Business Economists on 11 November 1999. * * * I will say a few words on monetary policy tonight, but they are not intended to be very profound. | 0 |
Second, because upgrading the network requires participants to agree, since they all must make changes, each participant therefore can effectively veto, or at least delay, any decisions affecting the network. Because different participants have different technology cycles and different strategic interests, there is a high probability that some participants will be unwilling to proceed at any given point in time. | If a participant thinks a particular change may provide another participant with a potential competitive advantage, it will probably attempt to delay. Indeed, if one participant sees a potential competitive advantage in a the loss of network benefits to those who are reluctant or late to change, and these participants may end up remaining on the old standard with a reduced network. | 1 |
Mr Kelley remarks on the challenges of the Year 2000 computer problem Remarks by Mr Edward W Kelley, Jr, member of the Board of Governors of the US Federal Reserve System, Owens Distinguished Lecture Series, Owens Graduate School of Management, Vanderbilt University on 25 March 1999 Thinking about Y2K I am delighted to be back on this campus again at the invitation of my old friend, Dr Dewey Daane, who served before me as a governor of the Federal Reserve. | These are challenging times for economic policymakers, and there are many issues currently facing our nation’s central bank. But at the top of the list as a first priority is the Year 2000 computer problem, and that is our subject for today. | 1 |
It is surprising that the budgets of member countries are subject to assessments, for example by the European Commission, while banking supervision is not subject to supranational control. 8 BIS central bankers’ speeches The current decision-making system, based on consensus, tends to favour the positions of those who discourage transparency, the robustness of the tests, the flow of information. | If the results of the next stress tests do not convince the markets that they have been done rigorously, national authorities will not be able to hide behind each other; all would lose credibility, including the newly created European Banking Authority. It inevitably would create the conditions for a subsequent institutional step, aimed at further transfer of sovereignty in respect of European supervisory affairs. | 1 |
We should interpret our mandate narrowly and not get ourselves into such a dilemma in the first place. Is an announcement sufficient to calm the markets? Even if an announcement were sufficient, that would not mean that my opinion on the programme would change. What do you dislike so much about the bond purchases? | Meanwhile, Japanese firms made use of the change in the operating environment, seeking to develop energy-saving products such as small passenger cars, and this strengthened their international competitiveness. | 0 |
* * * The international economy three years after the start of the crisis The recovery and international cooperation Economic recovery is strong in the emerging countries, weak in the United States and uneven in the euro area. Economic policy responses have differed. | Monetary policies have remained expansive everywhere, but while in the euro area there is now talk of tightening, in the United States a further expansion of liquidity through Federal Reserve purchases of treasury paper has been announced. In Europe budgetary policies are now clearly directed at containing deficits and reducing debt; this is not the case elsewhere. | 1 |
Banks of all sizes are familiar with the importance of data in the quantification of risk-management tools. The simplest of these techniques, credit-scoring models, have been in wide use over the past ten to fifteen years by lenders, insurers of loans, and participants in secondary markets. The technologies have been integrated into routine business operations. | With the economy now fully reopened, households want to enjoy many of the close-contact services they have missed, but businesses can't keep up, and we have seen prices for services rise rapidly. Higher policy interest rates are beginning to slow demand. | 0 |
Institutions that submit an application after the end of the current quarter will find that the likelihood of their licensing procedure being concluded in time will diminish considerably. We also expect these applications to satisfy our supervisory policy stances. Let us take a brief look at the key aspects. First, there are the principles for authorisation and for governance, risk management and outsourcing. | In essence, the several hundred pages of requirements boil down to this: “empty shells” will not be permitted. Banks in the euro area must be able to manage all their material risks independently and locally. | 1 |
From a statistical perspective, the economy appears to have taken a permanent hit to the output level. The second noteworthy feature illustrated in the figure is that the CBO has revised its estimate of the path of potential GDP numerous times since the beginning of the recession. Specifically, almost every year since 2007, it has revised down potential GDP. | A return to price stability – that is, a rate of inflation in-line with our 2 per cent target over the medium term – is necessary for a stable economic environment to support long-term growth. As interest rates are the primary tool to fight inflation, my colleagues on the ECB's Governing Council and I started raising our key policy rates in July last year. | 0 |
This would fail to do justice to the complexity of the issues at stake, and would not be proper supervisory practice. | The remittances sent home are mostly used for consumption expenditures – 97.3% of OF households used the remittances to purchase food and other household needs. This helps drive our economy. 1 BSP Department of Economic Statistics (2015) 2 More than 10 million OFs sent $ billion worth of cash remittances in 2015, up by 4.6% from $ billion in 2014. | 0 |
I believe that this forum will offer new thoughts and perspectives on shaping policy directions towards addressing some of the challenges associated with digital trade on the Africa-Asia bloc, and overall global trade. Thank you and enjoy the rest of the programme. 6 | I read recently that fifty percent of new cruises are destined for Caribbean waters. Yet the value-added from cruise visitors is very much lower than that for long stay visitors. This is something on which Barbados and the region must strategise together so as to reap greater benefits. | 0 |
In any event, there is no magical wand that can be used to strengthen growth potential. It is important for business firms, financial institutions, the government, and the central bank to continue making efforts in their respective roles as they face changes in the environment surrounding Japan’s economy – such as globalization and the aging of the population. | The Eurosystem is very clear on this aspect and the BIS central bankers’ speeches 1 “adequacy” of assets for use as collateral is stipulated as a condition for lending in Article 18.1 of the Statute of the European System of Central Banks. The legal interpretation in this respect is clear and consistent. | 0 |
A law passed in 1946 made it a general goal for the U.S. government, but so far the Federal Reserve is the only agency assigned the job of pursuing maximum employment. | The 1977 law spelling out that responsibility also assigned the goal of stable prices, and we call this combination of objectives the Federal Reserve’s dual mandate.1 With so many people today unable to find work, it might seem odd to highlight such an ambitious and distant goal for employment. | 1 |
Now, we are ready to extend the reach of the enhanced retail payments of the Philippines beyond our borders. A seamless cross-border payment system can facilitate remittances, tourism, trade and investments. All of these activities have fueled our country’s development before the pandemic. And they would also be vital for our post-pandemic recovery. | We chose Singapore to take the next step with us given our strong economic and social ties. Other than hosting many Filipino workers, Singapore is one of our top trading and tourism partners. Four years ago, the BSP and the MAS signed the Innovation Function Co-operation Agreement to provide a venue for collaboration in the fintech arena. | 1 |
Here, mining investment went from 2 per cent of GDP in the early 2000s to 9 per cent in 2012 (Graph 2). Another difference with Canada is that our main export partner, China, has grown at an average rate of almost 10 per cent over this period, compared with just 2 per cent average growth in Canada’s main export partner, the United States. | We are also collaborating with other regulators such as the Securities and Exchange Commission (SEC) for a harmonized regulatory approach to 3/5 BIS central bankers' speeches Initial Coin Offerings and VC trading activities. We are discussing with supervised institutions on their respective plans to launch private digital currencies and other pioneering technologies. | 0 |
Jorgovanka Tabakovi: Only sustainable growth and development lead to a sustainable future Address by Dr Jorgovanka Tabakovi, Governor of the National Bank of Serbia, at the First Western Balkans Sustainable Investing Forum, National Bank of Serbia, Belgrade, 17 November 2022. | *** Accompanying presentation of the speech Welcome to the National Bank of Serbia and the First Western Balkans Sustainable Investing Forum, I hope the first of many. First of all, I would like to greet my colleague and friend Igor Mirovi, the President of the Provincial Government. | 1 |
However, support for it had already been weakening for some time, in advanced countries at least, in connection with a growing sense of lopsidedness, unfairness and alienation among many people. | In this regard, the BOU duly supports institutional efforts to formalize information sharing through MOUs. I am happy to note that at national level, all the financial markets regulators namely, Capital Markets Authority, Uganda Insurance Commission and the Bank of Uganda have an MOU for sharing information on regulatory matters. | 0 |
Not only are the new players bringing innovation to the way payments are made between businesses and consumers and peer-to-peer, but they are bringing new business models that bundle payments with other activities in novel ways. Payments have traditionally been a service provided by trusted intermediaries such as banks. | The operations of banks and some related financial service providers, such as card 1 I am grateful to Paul Wong and Jacqueline Cremos of the Board of Governors of the Federal Reserve System for their assistance in preparing this text. | 1 |
In the current environment, growing strains could spur protectionism, both in trade and finance, or alternatively, raise sanctions.15 The negative consequences for the global economy would be considerable. All countries should accept their responsibilities for promoting an open, flexible, and resilient international monetary system. Responsibility means recognizing spillover effects between economies and financial systems and working to mitigate those that could amplify adverse dynamics. | It means submitting their financial policies to peer review within the FSB and external review by the IMF. Fundamentally, it means adopting coherent macro policies and allowing real exchange rates to adjust to achieve external balance over time. Indeed, in a world of global capital, all systemically important countries and common economic areas should move towards market-based exchange rates. References Bergsten, F. 2009. | 1 |
Canadians should be able to go about their business fully expecting that their central bank will keep future inflation low, stable, and predictable. In this way, they will be able to make sounder economic decisions. And this will lead to better overall economic performance. | The frustrating fact here is that a counterintuitive concept cannot be explained even to people who are keen to understand, and educated enough to follow the experts’ explanations. | 0 |
The introduction of new reserve assets would likely reduce the demand for US dollars, but would it reduce the precautionary demand for reserves, thereby reducing current account imbalances? These issues are closely linked to the broader discussions on the international monetary system and remind us of the original Bretton Woods debate between White and Keynes almost 70 years ago. | Nor do I intend to discuss the likely prospects of the forestry sector. Rather, I will try to lay out a few of the very broad factors that will shape the development of the New Zealand economy over the medium term, and to reflect a little on the factors that influence interest rates and exchange rates over longer time horizons. | 0 |
"Five Facts About Prices: A Reevaluation of Menu Cost Models (577 KB PDF)", Harvard University, working paper, May. Nason, James (2006). "Instability in U.S. Inflation: 1967-2005", Federal Reserve Bank of Atlanta, Economic Review, vol. 91 (Second Quarter), pp. 39-59. Orphanides, Athanasios, and John C. Williams (2005). "Inflation Scares and Forecast-based Monetary Policy", Review of Economic Dynamics, vol. 8 (April), pp. 498-527. Roberts, John (2006). | Thank you again for inviting me to join you today, and I look forward to our discussion. Renee Haltom, “Rural Spotlight: Advancing Early Childhood Education in Danville-Pittsylvania,” Rural Spotlight series (Richmond: Federal Reserve Bank of Richmond, October 7, 2021), https://www.richmondfed.org/research/regional_economy/regional_matters/2021/rm_10_07_21_early_childhood. 9 | 0 |
Looking ahead, as the negative interest rate policy will exert its intended effects, private demand such as business fixed investment and housing investment is expected to increase. In that sense, the negative interest rate policy will accelerate the process of overcoming deflation. | Most importantly, the MCA required the Federal Reserve to price its payment services and to fully recover the costs of providing those services, including imputed taxes and profits. The purpose of this requirement was to avoid having the central bank underprice payment services in a way that would undercut the existence and growth of private-sector alternatives. | 0 |
Certainly, a good ability to forecast inflation, a sophisticated financial system, and a robust measure of inflation are all desirable things to have. But when New Zealand began inflation targeting in the 1980s, we had none of those things. Far-reaching economic restructuring meant that our econometric models were of little use. | The financial system had just been freed from an extensive network of direct controls and was anything but sophisticated. Our best-known measure of inflation included interest rates and house prices, and indeed it still does. Poor tools make any monetary policy approach problematic, but it is not obvious that inflation targeting is more difficult than the available alternatives. | 1 |
Cognizant of the international regulatory developments, the SBP regularly reviews the international regulatory standards and best practices issued by the Financial Stability Board (FSB), Bank for International Settlements (BIS) and other multilateral agencies and standard setting bodies and assesses them for their possible implementation in its banking system. | I am particularly honoured to welcome Dr Kurt Pribil, Member of the Governing Board of the Oesterreichische Nationalbank responsible for payment systems. Our day has been both informative and enlightening, and what better place to end it than in these historic surroundings. | 0 |
Well-anchored medium to longer-term inflation expectations in line with our definition of price stability are an indication of a successful policy in the context of a prolonged period of low inflation. Our forward guidance is helping to deliver the appropriate monetary policy stance warranted by the outlook for price stability. | With our monetary policy stance, we are also supporting the gradual recovery in economic activity. Let me stress, however, that what monetary policy can achieve in this regard is limited. | 1 |
BIS central bankers’ speeches 7 contrary, they should be, and have been, given due weight, along with all the other factors we have to take into account, in deciding the interest rate path we have chosen. We judge that path to have best balanced, to date, all the various considerations. | Conclusion I wonder whether Giblin and his “platoon” could have imagined a meeting like this: hundreds of economists and econometricians converging, from around the country and around the world, on Hobart for just a few days, travelling not at stately pace in ships and trains, as they would have, but through the stratosphere at just under the speed of sound. Probably not. | 1 |
Let me put my biases on the record by agreeing with Solow’s comment: “This explanation has been an empirical failure, or at best a non-success” (Solow 1997, p. 230). | The inflexibility of a model’s fixed relationships help us to assess whether today’s actual outcomes will continue in the future or adjust in line with the historical relationships reflected in the model. As real world outcomes change, we in turn ask ourselves what is wrong with our model relationships or what other conditions have changed to generate outcomes beyond what the model suggests. | 0 |
In recent years, the FinTech companies and the market place lending have entered into this vacuum and have become immensely and instantly successful and have become a powerful trend. This trend has the potential to become a game changer for small businesses. Because FinTech solutions are efficient and effective, the FinTech’s disruptive power is good display. | If only the banks can change their current reluctant attitude towards SME financing, they can be a good antidote for these risks and therefore will display their socially relevant role, which in turn can justify their existence for the future. 34. | 1 |
As the Bank noted after the October Board meeting, however, the downward revisions to recent estimates of underlying inflation and the softer global economic outlook have made the outlook for inflation less concerning, providing scope 1 See Stevens G (2011), “The Cautious Consumer”, Address to The Anika Foundation Luncheon, Sydney, 26 July. | References: Admati, Anat R., DeMarzo, Peter M., Hellwig, Martin F., Pfleiderer, Paul P., March 2011, “Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Expensive” Bank for International Settlements, December 2010, Results of the comprehensive quantitative impact study Caruana, Jaime, July 2011, “Regulatory reform: remaining challenges”, Luxembourg BIS central bankers’ speeches 9 International Monetary Fund, July 2011, “Policy Instruments to Lean Against the Wind in Latin America”, Working Paper WP/11/159 Macklem, Tiff, July 2011, “Global Financial Reform: Maintaining the Momentum”, remarks at G-20 workshop, Paris Mohan, Rakesh, Dec 2007, “India’s Financial Sector Reforms: Fostering Growth while Containing Risk”, Speech, Reserve Bank of India Reserve Bank of India, 2010–2011, Financial Stability Reports ----, May 2011, Report of the Working Group on Introduction of Financial Holding Company Structure in India, Sinha, Anand, June 2011, “Macroprudential Policies – Indian Experience”, address at Eleventh Annual International Seminar on Policy Challenges for the Financial Sector, co-hosted by the Board of Governors of the Federal Reserve System, the International Monetary Fund and the World Bank, Washington DC Wellink, Nout, April 2011, “Basel III and the impact on financial markets” speech at ING Basel III Financing Conference, Amsterdam Fernandez de Lis, Santiago, Garcia-Herrero, Alicia, May 2010, “Dynamic Provisioning: Some Lessons from Existing Experiences”, ADBI Working Paper Series No. | 0 |
The main factors behind the generation of NPLs just after the bursting of the bubble have been the excess debt of firms and the price decline in real estate purchased, but factors stemming from structural changes in industries have gradually became dominant in recent years. | Preventing financial crises The global crisis reflected excessive risk taking and high leverage on the part of economic agents and financial institutions. A basic postulate of economics is that people respond to incentives. Hence, to reduce the probability of another financial collapse, it is necessary to learn from experience by identifying the ultimate sources of the incentives that led to the crisis. | 0 |
But one should consider that this package – beyond the 6 legislative acts – also contains three other strands: the Euro Plus Pact, the creation of the European Stability Mechanism and the setting-up of the European System of Financial Supervision. A fundamental strengthening of economic governance in the euro area requires simultaneous progress in all three areas. | The first strand is necessary to prevent and correct imbalances; the second to ensure the conditions for future growth and competitiveness; the third to provide a last resort backstop if crises still occur, the fourth to guarantee financial stability, in particular in the banking sector. | 1 |
Rundheersing Bheenick: Surfing the second wave of the crisis and major developments in the banking and financial landscape of Mauritius Statement by Mr Rundheersing Bheenick, Governor of the Bank of Mauritius, in the Bank of Mauritius Annual Report 2009–10 transmitted to the Vice-Prime Minister, Minister of Finance and Economic Development on 29 October 2010, Port Louis, 12 November 2010. | Even so, it is hard to see how the outcome will not be at least a full percentage point above the long-run average and as strong as any year in the past thirty. Graph 1 Click to view larger As always, there were short-term departures from the established trend. | 0 |
The important lesson of life is that we should not evolve into insensitive individuals who care only for short term monetary gains by putting at stake ethics and moral values, thereby disrupting the financial system and causing huge social and economic damages. | Hence, educational institutions like yours should play an important role in creating human capabilities which are conditioned by individual morality and social ethics aimed at responsible financial behaviour. With this I intend to conclude and hope that this important seminar will highlight and throw up interesting ideas for policy makers and practioners. 6 BIS central bankers’ speeches | 1 |
And perhaps the case of Germany shows these benefits even more clearly: • The share of Germany in global exports stood at around 8% in 2012. This makes Germany the largest global exporter after China (10%) and the US (9.8%). | Banks sometimes tighten collateral requirements and other credit terms to compensate for this lack of transparency, but most banks' policies could be improved by the establishment of clearer and firmer links between credit terms and transparency. Second, banks do not always aggregate stress test results across hedge fund counterparties to assess concentrations of exposures in volatile and illiquid markets. | 0 |
On the other hand, the result suggests that monetary policy may have more kick than is implied by the standard model, precisely because long-term real rates are the ones that are most likely to matter for a variety of investment decisions. | This raises the issue of how to deal with countries that are not in a position to repay all their debt. Such a possibility cannot be excluded. Again, the experience of the IMF shows that there have been cases of debt restructuring associated with Fund programmes, even though debt restructuring is not considered in the Articles of Agreement of the IMF. | 0 |
20 European Commission (2005), Public Finances in EMU 21 Targets are set only for euro countries as well as for ERM II participating countries. | Price pressures from Ukraine’s trading partner countries, in which inflation is only approaching its peak, will remain strong as well. Second-round effects from businesses’ larger raw material expenses and labor costs will also materialize further on. | 0 |
* * * Introduction Mr. Ulai Taoi, President of the Fiji Indigenous Business Council Distinguished Guests Ladies and Gentlemen Introductory remarks Over the past fifteen years I have made many presentations to business councils. I recall giving two or three to your Council. | More recently, I have been addressing mainly the Fiji Australia Business Council and I am scheduled to do so again in three weeks time. I have said virtually the same messages over these years. I may say it differently each time, but the key messages about the economy remain basically unchanged. We need to raise economic growth and we need to raise it sustainably. | 1 |
Net exports are expected to remain a source of weakness, owing to sluggish foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar. Overall, the Bank expects that growth in Canada will be slow through mid-2012 before picking up as the global economic environment improves, uncertainty dissipates and confidence increases. | lead in getting data on a consumer confidence index led to major profit advantages for a select group of firms. Investigations into such instances bring out the difficulty of uncovering manipulation especially in the absence of continuous watchfulness or verification. | 0 |
Their direct, personal knowledge of the local economy enables them to tailor products and services to meet their communities’ needs. They can look beyond credit scores and other modelbased metrics to make lending decisions in part based on more qualitative information that large regional or national financial institutions are less well suited to consider. | First, agents have access to the information they need to allocate capital to the most productive investment projects. Second, risk is managed in such a way that it is assumed by those who are most prepared to do so. This type of financial system also contributes to reducing volatility in consumption and investment. | 0 |
The fundamental factors supporting the euro area expansion remain broadly in place. Labour market dynamics remain robust, with unemployment at 7.6% in April, the lowest level since August 2008. Employment increased by 0.3% quarter on quarter in Q1 2019, as in the previous quarter. | For example, after the recession following the housing crisis, unemployment for prime working age men rose to 11 percent, compared to only 9 percent for prime age women. 7 The women’s labor force participation rate is another way to measure their presence in the workforce. | 0 |
The last one year has, therefore, seen intense engagement in our bilateral relations making Japan the focus of our policy in Asia. India and Japan have many complementarities in the economic sphere also. Japan is a relatively labour scarce but capital abundant country whereas India has an abundance of an entire spectrum of human resources. | Fiscal deficits will have to be brought down to manageable levels and business climate will have to be improved by removing bureaucratic controls, hassles and irritants to allow the private sector to operate in a healthy competitive environment. Financial sector which is now exposed to international interest rate and exchange rate risks has to be further solidified. | 0 |
Every night the lion goes to sleep bearing in mind that when the sun rises the next morning if it cannot outrun the slowest gazelle it will go hungry for the day. | As has long been recognised in this country, low inflation and stable exchange rates ensure a level playing field on which German firms can prosper. They can compete based on their sophistication and innovativeness, without unfair distortions. At the same time, being part of a large and stable currency area provides a buffer against external shocks. | 0 |
40 Reforms that encourage companies to provide some predictability in schedules, cross-train workers to perform different tasks, or require a minimum guaranteed number of hours in exchange for flexibility could improve the lives of workers holding such jobs. Another problem is that in most states, childcare is affordable for fewer than half of all families. | The answer is not to draw back from the broad path of development these countries were on, relying predominantly on markets for the allocation of resources. No one, to my knowledge, has suggested a fundamental departure from the market-based path. | 0 |
This change has promoted the rapid growth of mobile payments, especially in emerging and developing economies. In some countries such as China, the share of mobile payments is greater than that of traditional means of retail settlements. A mobile payment does not require bricks and mortar branches or ATMs to provide financial services. | Instead it uses digital information technology to reach out to emerging and developing economies and provide financial services globally through leapfrogging physical infrastructure. As such, digital technologies are also gathering much attention as a great instrument to promote "financial inclusion." The other change is the global "data revolution." Indeed "fintech" can be understood as a financial aspect of the on-going data revolution. | 1 |
8 The Road to Monetary Union, cit., p. 22. 9 See, finally, The Euro and its Central Bank. Getting United after the Union, MIT Press, Cambridge, Mass., 2004. 10 James Tobin, “Financial Structure and Monetary Rules, in Kredit und Kapital, 2, 1983, quoted in “Reshaping Monetary Policy”, cit. p. 283. | 4 BIS central bankers’ speeches supervisory role that is necessary to ensure stability.” 11 The financial market, that is, is a fundamental mechanism of our economies; but it is not an abstract concept. | 1 |
3/8 BIS central bankers' speeches 3 The euro at 20 Ladies and gentlemen, On 1 January, the single European currency – the euro – turned 20. Against the yardstick of the ECB Governing Council’s definition of price stability of “below but close to 2%”, the euro has been a success. | The average euro area inflation rate over the first 20 years was 1.7% per year. The promise of stability was kept. Compared with the average loss of purchasing power of its legacy currencies like the Deutsche Mark or the French franc, the euro is even more of a stable currency. | 1 |
*************** Where does all this leave us? We now have a much better understanding of what monetary policy should be asked to do, who should be responsible for it and how it should be conducted. But has the evolutionary process been pushed as far as it can go? Is the transformation of monetary policy coming to an end? The answer, of course, is no. | But I will leave it to my successor to return at some point in the future and update you on the evolving path of monetary policy in Canada. 13 BIS Review 90/2000 | 1 |
That does not necessarily mean we have seen the last of concerns about US weakness but, at the moment at least, adjustments to the growth outlook are at the margin, rather than amounting to a wholesale re-think of economic prospects. | If no proper definitions, tools and controls are in place, execution of such processes may result in distortions which would then lead to incorrect inferences about the data subject due to, for example, underestimation or overestimation of the data subject’s outstanding liabilities. Unique Customer Identification (UCI) across the banking system becomes of paramount importance. | 0 |
Indeed, in a democratic society, every government agency is ultimately accountable to the public, and the establishment of transparent objectives and of a clear policy strategy plays an essential role in facilitating that accountability. | Only twenty Indian banks including private sector banks appear in the list of “Top 1000 World Banks” as listed by the London based magazine “The Banker”. What is even more revealing is that State Bank of India, India’s largest bank, ranks 82nd amongst the top global banks. Size is increasingly becoming important for the global banks as it is crucial to improved efficiency. | 0 |
A further issue we are working on is the accountability arrangements with the European Parliament. We place a high priority on this, because supervision may directly affect citizens’ and companies’ property rights and therefore has to be given full democratic legitimisation at the right level. We believe that level is the European Parliament. We expect the discussions to be finalised soon. | I mentioned above the EBA, and some of you may be wondering what the creation of the SSM will mean for this authority. In my view, the SSM will in fact be very positive for the EBA, for two reasons. | 1 |
Its responses are often inaccurate, although even in those cases, it often sounds like it knows what it is talking about. As with other sources of information, it is important for anyone using these tools to review the output with an appropriately critical eye and not take it at face value. | Third, many banks still have high costs, partly because of their large branch networks. But how large do these networks actually need to be in this age of digital banking? Fourth, some banks are still weighed down by impaired balance sheets. They need to get rid of legacy assets such as non-performing loans. Fifth, some banks could improve the way they handle risks. | 0 |
To be sure, although on the official side there has been consistency in wanting the problem to be addressed quickly, there has also been a wide divergence between those who see the problem as chiefly one to be resolved through repossessions and improved payments discipline, and those who argue for greater use of concessionary restructuring of loans. | In my own view, a major factor behind the slow progress has been the banks’ persistent optimism about their ability to recover on the loans (especially the mortgage loans) if they wait long enough. | 1 |
Moreover, recognising the challenges and opportunities that arise from this revolution, we are continuing to enhance our data analytical capabilities, including through investment in our systems, our data collection and a restructuring of our organisation of Prudential Regulation to best utilise our resources. Conclusion This is a very broad topic, in which I have only really scratched the surface. | However, the uncertainty triggered by a cliff-edge Brexit could have the potential to pose a more significant downside risk to financial stability. We will continue to monitor developments ahead of UK’s exit on 29 March 2019. | 0 |
Meanwhile, the increase in real imports has slowed, also reflecting the depreciation of the yen. As a result, the real trade surplus turned to an increase in autumn 1996. | Various reports that I get suggest that the implementation of JLF framework needs further improvement on the ground level. We have received representations from bigger lenders about non-cooperation from a few lenders. On the other hand, smaller lenders have voiced their concerns about being arm twisted by bigger lenders. | 0 |
The current global crisis seems to have undermined the view that monetary policy should only have a single objective of price stability. The pre-crisis view, also called the “Jackson Hole Consensus”, was that central banks should respond to asset prices and financial imbalances only to the extent that they affect the shorter term inflation forecast. | On the other hand, domestic demand has continued on an uptrend, and nonmanufacturers' sentiment has remained at a high level on the whole. In the past, there were many cases in Japan where changes in the global economy or external demand affected overall developments in the economy relatively quickly. | 0 |
Yet, Seite 12 von 18 Deutsche Bundesbank, Directorate General Communications Wilhelm-Epstein-Strasse 14, 60431 Frankfurt am Main, Germany, Tel: +49 (0)69 9566 3511 or 3512, Fax: +49 (0)69 9566 3077 [email protected], www.bundesbank.de Reproduction permitted only if source is stated. reaping these benefits and coping with the challenges, requires managing the changing demand for skills, improved cost-benefit analysis, and improved knowledge sharing and international cooperation. | As COVID-19 lingered and work-from-home arrangements continued, we managed to ensure the uninterrupted supply of money across our country, kept the banking system strong and stable, made our financial system even more inclusive, battled record-high inflation-by the way, at the rate it is going, 18 straight months of above-target inflation, three months longer than the previous record-and helped provide stability to our economy. | 0 |
Inflation and monetary policy While central banks in this region have multiple goals of ensuring financial stability, executing monetary policy and helping to develop a stable economic and financial environments, price changes and inflation control have not been a major issue as it has been seen in Latin America in the 1970s and 1980s. | Also, in the developed world inflation targeting is an important objective of Central Banks. Indeed, noted economist Ken Rogoff and others have pointed out that to the extent that globalisation increases the degree of competition, it can reduce the “inflationary bias” or, to put it differently, it can strengthen the anti-inflation credibility of a central bank. | 1 |
Unlike the typical pattern of exports and large manufacturing firms leading economic recovery, this economic recovery features the nonmanufacturing sector recovering ahead of the manufacturing sector, led by private consumption and public investment. | Director Mataya The Managing Director, Mr Joseph Mwanamvekha BIS Review 33/2009 1 Customers of MSB here present Management and Staff of MSB Distinguished Guests Ladies and Gentlemen It is now my singular honour and privilege to declare MSB Dedza Agency officially opened. I thank you all for your attention and may God bless you. 2 BIS Review 33/2009 | 0 |
Overall conclusions EMU is based on the conviction that Europe can derive strong benefits from a “culture of stability and confidence” in which there is a clear allocation of responsibilities to different policy-makers. Monetary policy has made its contribution to achieving this aim. Price stability is ensured and inflation expectations have been well anchored in the medium and long-run. | The vertical axis shows how much growth in income in a particular labour market varies from the average and the horizontal axis shows the unemployment rate in each of the local labour markets. | 0 |
Based on the pretext of market failures identified in their privatisation, full government control of such industries would be disastrous for the UK economy and the world, with a ‘megatone’ effect: 10 times bigger than Brexit. Despite all this, a majority of EU citizens harbour a favourable opinion of EU membership, which has recovered to levels close to those recorded prior to the crisis. | A major conclusion of his analysis is that the form of the loss function depends on the structure the economy considered in the model and defining the transmission mechanism. Specifically, regarding the loss function of Blinder’s 9 Svensson, Lars (2003) “What’s wrong with Taylor rules? Using judgment in monetary policy through targeting rules” in Journal of Economic Literature 41: 426-77. | 0 |
I look forward to witnessing the relationship flourish over time and becoming a reference in our region in the elevation of African specialists in the financial services and law enforcement fields towards excellence. | As with all other measures the ECB has taken, the LTROs are fully in line with our guiding principle: the maintenance of price stability. We constantly monitor the developments of credit and money in the euro area. If inflationary risks were to emerge, we would take the necessary action to prevent these risks from materialising and withdraw any excess liquidity. | 0 |
Their managements need the more sophisticated and systematic processes that risk modeling can provide, but they also need to ensure that an incorrect or weak model does not bring down the house. I would offer that success in this area often requires grey hair and keen intuition as well as highly developed analytical skills. | The real easing in monetary conditions relative to 1994 effectively started only in late 1995, following the Quebec referendum, and continued for one year to late 1996. Therefore, it is not surprising that signs of the response to that easing have only been apparent quite recently. | 0 |
As monetary policy is as much art as science, it is better to be safe than sorry when considering the right timing to withdraw monetary policy support, and verify for a certain period of time that inflation indeed has solidly reached the medium-term price stability target. In addition to monetary policy support, stronger fiscal stimulus is needed. | The most notable changes have been the rapid expansion of branch networks, increase in client accounts and in the number of Automated Teller Machines (ATMs) across the country, use of agents and mobile phone infrastructure by banks to provide financial services and increased outsourcing of cash processing and movement services. | 0 |
8 -7A guiding principle for any payments innovation is that it should improve upon the existing payments system. Consumers have access to reliable money in the forms of private bank accounts and central bank issued currency, which form the underpinnings of the current retail payments system. The design of any CBDC should complement and not replace currency and bank accounts. | Preserve financial stability and monetary policy transmission The introduction of a CBDC has the potential to have wide-reaching effects, and there are open questions about how CBDC could affect financial stability and monetary policy transmission. | 1 |
They listen to their customers. To conclude, it is important to recognize that recent initiatives and developments in Pakistan’s microfinance sector are impressive and there is enormous potential for the industry to expand and for the population to exploit these financial services to their benefit. | The outreach of these institutions has grown recently, albeit at a slow rate, and the numbers and beneficiaries remain much below our requirements as well as the standards prevailing in other developing countries. 4 BIS Review 57/2006 | 1 |
Under the given fiscal envelope the public sector development program can only finance one half of the annual requirements. The other half has to come through the private sector or privatepublic partnership. For the latter, we have to work out contractual arrangements whereby the end users can easily afford to pay the cost of these services. | Finally and the most important bottleneck, in my view, is the way of rapid economic growth and poverty reduction will be the lack of capacity of Civil Service, Police and Judiciary to function as effective institutions in implementing the policies and programs, treating the citizens equitably and with respect and redressing their grievances in a just manner. | 1 |
Of course, the balance sheet is not going back to pre-crisis levels, when the size was primarily determined by the Fed’s currency liabilities. As the FOMC announced in January of 2019, the Committee intends to implement monetary policy in an amplereserves regime. | The project began with market research to assess the needs and demand among SEWA clients for financial education, followed by a 'training of trainers' course. SEWA is now providing financial counseling to its clients through a weekly course. The initial experience suggests that participants grasp the concepts presented and welcome new perspectives stemming from such training. | 0 |
Notes : (1) Calculated as the cumulated current account balances, starting in 1980. (2) Inludes only emerging and developing economies. (3) Actual net foreign asset position (at market values). | Figure 6 Total reserves minus gold (USD billions) 7000 6000 5000 4000 3000 2000 1000 0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Japan Advanced Economies excl. Japan China, P.R. | 1 |
Minister for National Planning and Rural Development, Leader of the Opposition, Sir Mekere Morauta KBE, Deputy Opposition Leader Hon. | That said, the global dimension of the underlying forces is striking. The eventual implications of this interaction for the advanced economies were not so different from those for Asia a decade earlier. Again, one saw distorted incentives within the lender-borrower relationship, a highly leveraged economic climate, and upswings in asset prices to unsustainable levels. | 0 |
In such an environment, further voluntary disclosure by both banks and non-regulated entities – including conduits, special purpose vehicles, etc – could work as an important signalling mechanism that would allow investors to re-assess positions and gradually help the market for structured finance to start functioning again. | Third, for financial institutions, the period ahead is likely to provide a first material test of the effects of changing banking business models to one whereby the securitisation of bank assets and the role of non-bank financial institutions have become increasingly important. | 1 |
The sharp rise in subprime delinquencies, moreover, adversely affected the securitization market and placed strains on the liquidity and capital of some of the largest BHCs as these institutions brought off-balance sheet exposures onto their books. Many of these institutions also recognized significant valuation write-downs on assets affected by this market volatility. | The combination of sizable write-downs and substantially higher provisions for loan losses in response to deteriorating loan quality resulted in weaker profitability at BHCs in the third quarter of 2007 and overall losses of more than $ billion in the fourth quarter based on preliminary regulatory report data. | 1 |
2 See T. Friedman (2005), The World is Flat, A Brief History of the Twenty First Century, Farrar, Straus and Giroux. 3 See for instance WTO (http://www.wto.org/english/res_e/statis_e/miwi_e/miwi_e.h). BIS central bankers’ speeches 1 “Too early to say” was his reply. | The New Accord is designed mainly for internationally active banks and is to be implemented as of year end 2006. However one year of impact studies or parallel calculations has been allowed for the most advanced approaches to be implemented as of year end 2007. The committee recognizes that the adoption of Basel II may not be the first priority for the nonG10 countries. | 0 |
Institutions are constrained by sectoral limits in regard to lending to specific sectors - this is a significant constraint on undue exposure to individual sectors. Institutions must also apply prudent loan loss provisioning policies. In this regard, the Bank is exploring ways in which counter-cyclical provision policies should be actively pursued by credit institutions. | Conclusion Ireland’s economic performance has been exceptionally strong over the period since 1994 following the uncertainty and turbulence associated with the EMS exchange rate crisis of late 1992/early 1993. Over this period, the growth in Ireland’s Gross National Product has averaged about 8%. | 1 |
We will continue to regulate and supervise the financial system with this aspiration to the forefront of our minds. We will continue to strive to look forward, to anticipate future risks, and we expect regulated firms to do the same. | In Europe and other parts of the world, the introduction of the Euro, and the coordination of systems within the Euro-countries, is requiring extensive planning and programming. In Japan, the “Big Bang” will likely take top management focus from Year 2000 systems issues. | 0 |
It was only with the launch of the so-called “Marjolin Memorandum” in 1962 that the recognition surfaced that a single market and a single money were linked and that a serious discussion on European monetary integration began. Today, more than 60 years on, monetary integration in the euro area is both complete and secure. But monetary policy faces many challenges. | Those challenges have not changed our mandate. But they have altered the way in which we deliver it. To understand how we have responded to those challenges, it is useful to distinguish between two types. First, there are challenges that are common to all central banks in advanced economies, which are linked to a global low inflation environment. | 1 |
The 7-member mission team was here from 14-27 February 2018. Honourable Members, the IMF has concluded the 2018 FSSR for Fiji with its stress test assessment indicating that the banking system in Fiji as a whole appears to be resilient to shocks similar to those experienced in the last 15 years. | However, to further ensure the ongoing safety and soundness of our financial system, the 2018 FSSR mission has made some key recommendations for the continued strengthening of the RBF’s regulatory role on which we will commence work shortly. 3. Responses to questions by the standing commitee Let me now respond to the list of questions posed by the Standing Committee. | 1 |
Thus, the focus is on their views regarding whether the Bank will be able to achieve the target and, if so, when the target will be achieved. As mentioned earlier, the Bank’s latest baseline scenario says that core CPI inflation is expected to reach around 2 percent toward the latter half of the projection period of fiscal 2013–15. | Two surveys were conducted recently regarding the achievability of the 2 percent target. One was the ESP Forecast Survey undertaken by the Japan Center for Economic Research on about 40 economists. In the January and February 2014 surveys, a question on the achievability of 2 percent within two years (around March or April 2015) was posed. | 1 |
A most common measure of globalisation is openness to trade and a country’s participation in trade. By this measure, the extent of India’s globalisation is insignificant – it is one of the lowest in the world. India’s share in world trade is a meagre 0.7 per cent or so. | This implies the attribution of specific tasks to the macro-prudential authority with respect to accessing and collecting such information, which may include macro-economic and macro-financial data and indicators, as well as market intelligence. | 0 |
1 Information about factors driving term structure is important for assessing whether the yield curve is influenced by shocks to the term premium. In this case, a monetary policy impulse may affect long-term interest rates in a different way than in previous periods. | This aspect has been particularly important in the recent past when it proved difficult to explain the low level of long-term rates in the United States despite increases in short-term rates. This information is particularly relevant when looking at the current financial market turbulence. | 1 |
At the end it is difficult to say what worked and what did not work and how best to sequence these policies; but surely once the pressure abates it is important to reverse extraordinary measures to reinforce market confidence. Thank you. | Overall, systematic and effective engagement can bring predictability to hopelessly overindebted borrowers, restoring their ability and motivation to become productive members of society. BIS central bankers’ speeches 5 With almost € billion of mortgage debt in the Republic outstanding in the banks guaranteed by the Government, the working-out of troubled mortgage debt is a matter of immense national importance. | 0 |
For example, it has been estimated that an attempt by the Greek government to reduce its budget deficit over the next three years by the 10 percentage points of GDP needed to bring that deficit into line with the Maastricht criteria could cause GDP to decline over the next few years by between a cumulative 15 and 20 percent. | And that works! Take as an example the implementation of the European fiscal framework, which has become complex and opaque. If there were European fiscal instruments that were discussed within a “ministry of finance” for the euro area, under the watchful eye of the European Parliament, political discussion would regain its clout. That would give it some meaning again in the eyes of Europeans. | 0 |
As is indicated by these measures, not only “a negative interest rate” but additional monetary easing in terms of “quantity” and “quality” dimensions will naturally remain a policy option. I am convinced that this new policy framework will be a drastic measure to fulfill the Bank’s responsibility to overcome deflation. | Nonetheless, regulatory capital ratios actually improved during 2008 – supported by substantial private capital investments in these companies during the first half and by the Troubled Assets Relief Program (TARP) investments by the U.S. Treasury toward the end of the year. As a consequence, these bank holding companies in aggregate continued to maintain capital ratios well in excess of minimum regulatory requirements. | 0 |
The world is changing by the day, and central banks must keep abreast with it. The difficult time that the global economy in general and Ukraine in particular are going through is the best time for change. Now that central banks have found themselves outside their comfort zones is the best time for change. The NBU is ready to evolve alongside you. | Soon, BSP employees may have the option to open their payroll account with other domestic banks. Digitalization of travel allowances, as well as of our payment collections, are also underway. My fellow BSPers, much has changed since the BSP was established 25 years ago. Today, the momentum for progress and reform has not diminished. | 0 |
After all, memories of the major financial crises that took place in the 1990s (the Scandinavian banking crisis; the Mexican crisis; the East Asian crisis; and the Russian crisis) should still have been fresh in the memories of policy officials. | We expect that economic activity and financial market transactions will continue to grow across borders, but we do not imagine that sovereign nations will disappear in the foreseeable future. In that case, cooperation between central banks will become increasingly important in achieving financial system stability. | 0 |
The multiple indicators approach continued to evolve and was augmented by forward looking indicators and a panel of parsimonious time series models. The forward looking indicators are drawn from the Reserve Bank’s industrial outlook survey, capacity utilization survey, professional forecasters’ survey and inflation expectations survey. The assessment from these indicators and models feed into the projection of growth and inflation. | Many are aware that financial and organizational restructuring on a larger scale, including declaring redundancies, was postponed in anticipation of better days, when it will be easier for people to find new jobs or take out loans to start their own businesses. This is, however, highly unlikely in the months ahead. But this is not the first time that Serbia is facing major challenges. | 0 |
Knight, Frank (1921), Risk, Uncertainty, and Profit, Boston, MA: Hart, Schaffner & Marx; Houghton Mifflin Co. Laubach, Thomas (2009), “New Evidence on the Interest Rate Effects of Budget Deficits and Debt”, Journal of the European Economic Association, 7, 858–885. Lucas, R. (1976), “Econometric Policy Evaluation: a Critique”, Journal of Monetary Economics, 2, Supplement, Carnegie Rochester Conference series, Vol. 1. | A two-pronged strategy identified by the Committee viz., to reduce the backlog NPAs and improve the management efficiency and stricter enforcement of prudential norms, has to be acted upon to deal with this challenge. Another critical aspect is the soundness of the banking system and how this is reflected in the practices and principles followed by banks. | 0 |
The launch of our new website today marks a major milestone towards the achievement of the Bank’s vision of becoming a world class, modern Central Bank. Our new website is also part of the Bank’s communication strategy aimed at improving Central Bank communication platform and policy. | Ladies & Gentlemen, Central Bank communication is important for financial market participants as it forms the basis for their extrapolations regarding current and future policy actions that might impact the value of their financial assets. So far, communication between the Central Bank and financial markets has worked fairly well. Market participants have learnt over time to distinguish between information and “noise”. | 1 |
These improvements in the external sector have allowed us BIS Review 23/2006 1 to build up the country’s gross international reserves to over USD 20 billion for the first two months of the year, which is sufficient to cover 4.3 months of imports of goods and payments of services. | This forum is evidence of what we in the BSP have been saying all along—that financial inclusion is not just a whole of government but a whole of nation undertaking. Maraming salamat at mabuhay! 3/3 BIS central bankers' speeches | 0 |
Later, we shall have an audio-visual presentation that will explain the rationale, the process, and the objectives of this important public-private sector collaboration. Sa ngalan po ng Bangko Sentral, binabati po namin ang lalawigan ng Cavite sa pamumuno ni Gobernor Ayong Maliksi (talaga pong magaling at maliksi ang inyong gobernador!) dahil kayo po ang first province na nag-launch ng groundbreaking program na ito. | Exercises of this kind are now a standard part of the supervisory toolbox; the stress test results, along with many other quantitative and qualitative factors, are used by the supervisory authorities to form a comprehensive assessment of the situation of individual banks. | 0 |
The ongoing demand for private and public options to facilitate instant payments may exacerbate these concerns. These are exactly the types of issues that policymakers must confront. It would be irresponsible to undermine the traditional banking system by introducing a CBDC without appropriate guardrails to mitigate these potential impacts on the banking sector and the financial system. | The Digital Landscape and the Digital Payments Transformation Roadmap The BSP advocates for (i) digital financial services through its policy work and (ii) digital financial literacy through its advocacy work. Under the BSP's Digital Payments Transformation Roadmap, we aim to have half of all retail transactions go digital by 2023 and 7 in 10 Filipinos to own formal transaction accounts. | 0 |
Subsets and Splits