Model: samchain/econo-sentence-v2
Author: samchain
Pipeline: sentence-similarity
Library: sentence-transformers
Tags: sentence-transformers, safetensors, bert, sentence-similarity, feature-extraction, generated_from_trainer, dataset_size:45044, loss:CoSENTLoss, economics, finance, en, dataset:samchain/econo-pairs-v2, arxiv:1908.10084, base_model:samchain/EconoBert, base_model:finetune:samchain/EconoBert, license:apache-2.0, model-index, text-embeddings-inference, endpoints_compatible, region:us
Base models (finetune): id: samchain/EconoBert
Card metadata: tags: sentence-transformers, sentence-similarity, feature-extraction, generated_from_trainer, dataset_size:45044, loss:CoSENTLoss, economics, finance
base_model: samchain/EconoBert
widget: source_sentence: a consumer protection point of view, including through remuneration arrangements. failure to manage conduct risks can expose a financial institution to a variety of other risks which, if not managed properly, can threaten its solvency and sustainability. the regulatory regime for market conduct therefore provides a framework for the identification and management of conduct risk as a complementary framework to prudential regulation. this is part of the motivation for rigorous coordination and cooperation arrangements between the pa and the fsca envisaged by the financial sector regulation bill aimed at ensuring that all risks are holistically managed within an overarching financial stability policy framework. strengthening conduct in wholesale otc markets another initiative has been the development of a code of conduct for south african wholesale over - the - counter ( otc ) financial markets in a collaborative effort between regulators and key market participants. i will return to this aspect later. against the background of various investigations undertaken in many foreign jurisdictions in relation to foreign exchange market manipulation, the sarb and the fsb launched a review bis central bankers ’ speeches of the foreign exchange trading operations of south african authorised dealers in october 2014. as the rand is a globally traded currency, the aim of the review was to establish whether there may have been any spillover into our markets in relation to any misconduct or malpractice. it is important to note that, unlike in other jurisdictions, the south african review was not informed by whistle - blowing or any allegations – or indeed concrete evidence – of any misconduct. we had no evidence of widespread malpractice in the south african foreign exchange market but felt that, given the broad - based nature of investigations in other jurisdictions ( which also involved trading in emerging market currencies ), it would be prudent to obtain comfort that our foreign exchange trading practices were in line with best practice. it was therefore a proactive step on the part of south african regulators. the foreign exchange review committee established for this purpose – chaired by former senior deputy governor james cross, who is with us today – released its report in october 2015. the committee reported that it had found no evidence of manipulation or serious misconduct in the domestic foreign exchange market during the period covered by the review, but that there was scope for improvement in relation to governance and conduct. the committee also recommended that legislation be enhanced to give market conduct regulators wider powers to strengthen enforcement. south african regulators are in conversation with each other on how best to give effect to the implementation of the recommendations. there was also the recommendation
sentences: luigi federico signorini : g20 sustainable finance working group private sector roundtable welcome address by mr luigi federico signorini, senior deputy governor of the bank of italy, at the g20 sustainable finance working group private sector roundtable, online event, 17 may 2021. * * * welcome, and a good day to you all. i am happy to open the private sector roundtable, an event promoted by the g20 presidency and by the chinese and american co - chairs of the sustainable finance working group. the roundtable will focus on the role of finance in helping fight climate change and promoting lowcarbon transition. the g20 finance ministers and central bank governors recently recognised the need to ‘ shape the current economic recovery by investing in innovative technologies and promoting just transitions toward more sustainable economies and societies ’. low - carbon transition is urgent and must be accelerated : the later we act, the greater the costs. it requires an unprecedented and unremitting effort. while quantitative estimates vary, the investments needed for transition are certainly huge ; they need to be sustained for a long time. governments have a central role in that they need to point the way by adopting an appropriate policy framework. a clear and credible path for government regulatory and fiscal action is also a prerequisite for efficient choices on the part of private finance. indeed, while many governments will directly invest their own money in many countries and mdbs will play their part, it is likely that the private sector will be called upon to finance most transition investment. there will be no transition without a general awareness of the need for it and a willingness, even a desire, to finance it. there are in fact quite a few encouraging signs. since last year, we have seen an explosion of ‘ net - zero commitments ’ in the private sector — though such commitments ( i am told ) are still confined to one sixth of publicly listed companies globally. at the same time, the appetite of ultimate investors and asset managers for ‘ green ’ investment is growing fast. i am sure many in the audience will have a clear perception of this fact. however, the path is still fraught with difficulties. on the market side, while sustainable finance is increasingly popular, it suffers from a lack of clear definitions and standards. ‘ greenwashing ’ is a danger ; good data, an agreed taxonomy, and adequate company disclosure are necessary. global consistency is important, as fragmentation of standards across jurisdictions is confusing for investors and costly for companies. standards are currently being drafted, later, by more. so we raised interest rates through the second half of last year - and again in june - trying, as best we could through our tactics, to minimise any further unwanted upward pressure on sterling. but things have now clearly moved on. the outlook for the world economy deteriorated further through the summer under the impact of a series of new shocks. japan, the world ’ s second largest economy, slipped further into recession. russia - which had only weeks earlier embarked on an imf program - saw the collapse of the rouble and default on its debt. and acute nervousness spread through many of the world ’ s financial markets. although there has been some improvement in sentiment over the past month or two, and although the us and european economies continue to expand, the likelihood remains that world economic growth will be significantly slower than had been expected earlier in the summer. slower growth of world activity is bound to prolong the restraining external effect on growth and inflation in the uk, even though the exchange rate has now started to weaken. at the same time there are also now clearer signs of overall slowdown in our own economy. the evidence for this is less obvious in the backwards - looking economic and monetary data than it is in the forward - looking surveys, but even so the data suggest that we are beginning to see an easing of pressure, including an easing of pressure in the labour market. and the surveys themselves now point to a slowdown in service sector growth, including retail distribution, as well as a sharper decline in manufacturing output. this prospect is consistent with the reports which we receive directly from the bank ’ s network of regional agents and their 7000 - odd industrial and commercial contacts around the country. of course we pay very careful attention to this forward - looking evidence of developments in the economy alongside the data, and, like others, we have revised down our forecasts for output growth and inflation. and we have eased monetary policy quite sharply in the past two months, in the light of that evidence. our current best guess - published in last week ’ s inflation report is that, after the interest rate cuts, the growth of overall output next year will be around 1 %, picking up through the millennium to around trend in the second half of the year 2000. meanwhile, we expect underlying inflation to remain close to the target rate of 21 / 2 % - though perhaps a little above that rate during the course of next year. now no - one likes to see the, daniel mminele : conduct and culture in the banking and financial sectors opening address by mr daniel mminele, deputy governor of the south african reserve bank, at the g - 30 forum on banking conduct and culture, pretoria, 18 february 2016. * * * governor kganyago ( sarb ), governor sithole ( central bank of swaziland ), deputy governor mlambo ( reserve bank of zimbabwe ), deputy governors, groepe and naidoo ( sarb ), second deputy governor sullivan ( central bank of seychelles ), sir david walker ( vice chair of the group of thirty steering committee ), dr stuart mackintosh ( executive director of the g30 ), ms maria ramos ( chief executive officer of barclays africa ), the leadership of banks and other financial institutions, panel members, and esteemed delegates. it is a privilege and an honour for me to welcome you, on behalf of south african reserve bank ( sarb ), to this forum on banking conduct and culture, which we are co - hosting with the g30 and barclays africa. the g - 30 has, over the years, played a significant role in bringing together members of the banking, financial and regulatory community to discuss issues of common concern and examine the choices available to market practitioners and policymakers. given the enormous trust deficit that has built up since the global financial crisis, the topic of conduct and culture is of great importance and highly relevant to the global banking and financial sector. bankers have always had a delicate relationship with the societies they serve. it would appear that, at any point in time, it is almost a national sport across the globe to take a swipe at bankers. mark twain famously said : “ a banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain. ” and j m keynes asked : “ how long will it take to pay city men so entirely out of proportion to what other servants of society commonly received for performing social services not less useful or difficult? ” we would be terribly misguided to treat the current wave of discontent and deep mistrust as just another wave that will eventually subside. the most recent global financial crisis, from which almost nine years later we are still struggling to recover, shook the very foundations of our financial system and almost caused its total meltdown. in a nutshell, the crisis was about failures in conduct, culture, and supervisory practices. the consequences, source_sentence: of our central bank distribution scheme have grown in number to embrace the physical quality of notes in circulation and the denominational mix. the last of these – denominational mix – poses the biggest challenge, but in the uk i believe we now have evidence to support the business case for atm and retailer dispense of £5s. and, finally, i am sometimes asked why this matters to the bank of england? after all, i can assure you that in the current financial conditions we are not short of difficult challenges. the answer is simple. we should not forget that our job is to ensure that confidence in our currency is maintained – and crucial to that is satisfying the public ’ s demand for our notes.
sentences: ##factory ". but the two clouds are moving towards us. so let us examine them. the outlook for the world economy has deteriorated markedly in recent months as a result of the sudden slowdown in the united states and signs of renewed stagnation in japan. the speed of the deterioration was a surprise, but not the fact of a slowdown. last year saw the fastest growth rate of the world economy for twelve years. growth in the us reached an annual rate of 6 % in the second quarter of last year, well above even optimistic estimates of sustainable growth rates. a slowdown was not only inevitable ; it was desirable. the main surprise in the us was the sharp and sudden break in both business and consumer confidence. us manufacturers'optimism is now almost as low as it was in 1991 - the last time the us economy experienced a recession. consumer confidence also fell sharply in january, driven by marked pessimism over the short - term future. quite why this break in confidence should have been so rapid is not easy to understand. and its origins will largely determine the nature of the us downturn. on the one hand, greater use of information technology to economise on inventories may have led to shorter lags between changes in final demand and changes in output. if so, then it is possible that the speed of the downturn will be matched by the speed of the recovery, leading to a short - lived episode of output growth close to zero as the result of an inventory correction. on the other hand, the slowdown could be much more protracted if the imbalances in the us economy which have built up in recent years start to unwind, leading to a reduction in spending as both households and businesses seek to reduce the amount of outstanding debt on their balance sheets. the key to the nature of the us downturn is what will happen to productivity growth. over the past five years there has been accumulating evidence that the application of information technology has raised productivity growth in the us economy - the " new economy ". expectations of higher productivity growth increased demand by more than it raised supply initially, as firms invested in new technology and households anticipated higher future incomes. as a result, spending grew rapidly, outstripping supply and large imbalances emerged. the current account deficit in the us is now close to 5 % of gdp, a post - war record. it is sustainable as long as foreigners are prepared to finance it. so far, the profitability of, 83 6. 06 27. 05 39. 42 37. 59 kccs ( no. in lakh ) 243. 07 271. 12 302. 35 337. 87 82. 43 gcc ( no. in lakh ) 13. 87 16. 99 21. 08 36. 29 22. 28 bc - ict accounts ( no. in lakh ) 132. 65 316. 30 573. 01 810. 38 677. 73 ict accounts - bc - total transactions ( no. in lakh ) 265. 15 841. 64 1410. 93 2546. 51 4799. 08 bis central bankers ’ speeches, core business and therefore set out to develop the expertise required to finance the smes successfully. fairly often the discussion on sme financing is reduced to two diametrically opposed positions. on one hand, smes are considered by banks as representing a high risk and therefore, should be avoided or only dealt with cautiously and at a premium price. on the other hand, banks are accused of being inflexible and risk averse and consequently irrelevant to the sector. it is important to understand where the truth lies in these two statements in order to advance the cause of sme financing. firstly, it is a fact that smes present higher credit risk than well - structured corporate entities. smes may not have proper accounting records, may have severe governance issues which undermine accountability, have poor access to markets, poor skill levels including financial illiteracy by promoters, lack collateral which the lender can rely on in the event of failure, may not even exist in an appropriate legal form and even the assessment of the viability of a project might be difficult. lending to smes can be a lenders nightmare for bankers. but it is also true that banks which are structured to deal with corporates are risk averse and inflexible when they deal with smes. often when they bring inappropriate risk assessment tools, they may focus too much on collateral rather than project viability. they may even regard sme financing as peripheral to their business. because of their limited knowledge of smes, they experience failure which itself reinforces the notion that smes are risky. what we want are financing institutions that are structured to respond to the unique characteristics of smes. specialised sme lending institutions are more likely to handle the risk problem presented by smes as a challenge to be overcome with appropriate products and credit risk management strategies and not as a basis for inaction or avoiding the sector altogether. in short, lending strategies which ensure success with corporates do not necessarily ensure similar success with smes. appropriate sme financing institutions must at the very least make lending to smes the core business. the second area of reflection that i would urge this meeting to consider is that of building appropriate financing models that have been shown to work in africa or other developing countries so that we all benefit from the best practices available. in south africa, for instance, franchising which allows the use of brand names and building capacity have been an bis central bankers ’ speeches important driver of sme financing since it reduces the perceived, source_sentence: and non - financial sectors take hold. these concerns are heightened by the recent upward shift in bond yields owing to the global " higher - for - longer " narrative and the flare - up of tensions in the middle east, which have added to the uncertainty surrounding the outlook. after a period of lower market volatility until august, the rising prospect of higher - forlonger rates has started to weigh on riskier asset valuations in recent months. risk sentiment in markets remains highly sensitive to further surprises in inflation and economic growth. higher than expected inflation or lower growth could trigger a rise in market volatility and risk premia, increasing the likelihood of credit events materialising. this brings me to the vulnerabilities in the non - bank financial sector. as regards credit risk, some non - banks remain heavily exposed to interest rate - sensitive sectors, such as highly indebted corporates and real estate. deteriorating corporate fundamentals and the ongoing correction in real estate markets could expose non - banks that have 2 / 4 bis - central bankers'speeches invested in these sectors to revaluation losses and investor outflows. furthermore, low levels of liquidity could expose investment funds to the potential risk of forced asset sales if macro - financial outcomes deteriorate. corporate profitability in the euro area has held up well, but higher interest rates are weighing on the debt servicing capacity of more vulnerable firms. a weakening economy could prove challenging for firms with high debt levels, subdued earnings and low interest coverage ratios. real estate firms are particularly vulnerable to losses stemming from the ongoing downturn in euro area commercial real estate markets. in an environment of tighter financing conditions and elevated uncertainty, real estate prices have declined markedly. the effects of higher interest rates have been compounded by structurally lower demand for some real estate assets following the pandemic. although banks'exposure to these markets is comparatively low, losses in this segment could act as an amplifying factor in the event of a wider shock. euro area households, especially those with lower incomes and in countries with mainly floatingrate mortgages, are being increasingly squeezed by the higher interest rates. tighter financing conditions have reduced the demand for housing, putting downward pressure on prices. on a more positive note, robust labour markets have so far supported household balance sheets, thereby mitigating the credit risk to banks. spreads in government bond markets have remained contained as many governments managed to secure cheap financing at longer maturities during the period of low interest rates.
sentences: market. and if we are to raise our national economic vantage point and take advantage of the momentum coming into 2013, thrift banks need to consider lending more to this economic segment. i say this because msmes provide great employment opportunities. a healthier msme sector will help ensure our economic growth is broad - based and inclusive. thrift banks, however, must not just lend more in terms of nominal amounts. the challenge to the industry really is to ensure that such lending continuously creates further opportunities. in this way, msmes can be assured of viability, regardless of mandated credit programs. final thoughts friends, you want this convention to be a discussion on broadening your horizon, our horizon. in trying to look ahead, i took us through the more scenic route of our recent past. the numbers tell us an encouraging story of growth and consistency of economic and financial stability. however, the paradox of financial stability is that we may just be at our weakest when we believe we are at our strongest position. complacency often sets in when positive news is continuous and this is reinforced by encouraging market parameters. if we fall into this trap of complacency, we risk losing our focus. for the thrift banking industry, the growth trajectory that many are anticipating suggests even better times ahead. it is therefore in our collective interest, if we wish to truly broaden our horizon, to agree on a common vision where thrift banks have a definitive role to play. bis central bankers ’ speeches in my remarks, i have suggested specific action points you may consider in order to accomplish just that, and over time broaden your horizon. i challenge the industry to 1 ) further improve credit underwriting standards for real estate and consumer loans and raise your vantage point by looking at your processes with the lens of financial stability, 2 ) interact with your clients and raise your vantage point by enhancing your practices with the heart of consumer protection and financial education, and 3 ) increase lending to msmes and raise your vantage point by lending with the mind to create greater value. but much more can be done. as the old board takes its place in ctb lore, your new board is now at the helm to guide the industry forward. it is never an easy task to move forward but rest assured that the bangko sentral ng pilipinas will be with you as we take that journey together into broader horizons. thank you very much and good day to all of you. bis central bankers ’ speeches, prices, which may also come under upward pressure owing to adverse weather events and the unfolding climate crisis more broadly. most measures of underlying inflation continue to decline. the eurostat's flash estimate for inflation excluding energy and food points to a further decline to 4. 2 % in october, supported by improving supply conditions, the pass - through of previous declines in energy prices, as well as the impact of tighter monetary policy on demand and corporate pricing power. at the same time, domestic price pressures are still strong and 1 / 4 bis - central bankers'speeches are being increasingly driven by wage pressures and the evolution of profit margins. while most measures of longer - term inflation expectations stand around 2 %, some indicators remain elevated and need to be monitored closely. the resilience of the labour market has been a bright spot for the euro area economy, but there are signs that the labour market is beginning to weaken. fewer new jobs are being created and, according to the latest flash estimate, employment expectations have continued to decline in october for both services and manufacturing. monetary policy based on our assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission, the governing council decided to keep the three key ecb interest rates unchanged at its october meeting. the incoming information has broadly confirmed our previous assessment of the medium - term inflation outlook. our past interest rate increases continue to be transmitted forcefully into financial and monetary conditions. banks'funding costs have continued to rise and are being passed on to businesses and households. the combination of higher borrowing rates and weakening activity led to a further sharp drop in credit demand in the third quarter of this year. and credit standards have tightened again. we are also seeing increasing signs of the impact of our policy decisions on the real economy. further tightening is still in the pipeline from the current policy stance, and it is set to further dampen demand and help push down inflation. we are determined to ensure that inflation returns to our 2 % medium - term target in a timely manner. based on our current assessment, we consider that the key ecb interest rates are at levels that, maintained for a sufficiently long duration, will make a substantial contribution to this goal. we will continue to follow a data - dependent approach to determining the appropriate level and duration of restriction. financial stability let me now turn to financial stability. in our upcoming financial stability review, we highlight that the financial stability outlook remains fragile as the gradual effects of tighter financial conditions on both the financial, the conservation of natural resources. it was only in the fitness of things that he delivered the inaugural address today. sir, we are overwhelmed by your insightful address and i am sure all of us have immensely benefited listening to his valuable views on a subject which is not only very dear to you but also so vital for the country ’ s economic growth. 4. i also note that the seminar includes several eminent speakers with vast experience on the subject. there are sessions on agricultural productivity, role of research and technology in improving agricultural productivity, linkages between productivity and farm income, incentivizing productivity enhancing investments, relation between credit growth and productivity growth and mitigation of risks in agriculture. in my address today, coming as do from the rbi, i would broadly focus on major trends / issues in agricultural productivity and credit, and the role of agricultural credit in improving agricultural productivity. i would also touch upon some of the steps that can yield results in the short - term. importance of agriculture 5. as you are aware, the recent indian growth story has been service - led. services sector has completely replaced agriculture, which was traditionally the largest contributor to india ’ s gdp. however, the fact that agriculture has the smallest share in gdp of only about 14 per cent today from a high of more than 50 per cent, does not belittle its importance for bis central bankers ’ speeches the indian economy. this is because first, as we all know, agriculture remains the largest employer having a share of around 60 per cent. secondly, it holds the key to creation of demand in other sectors and remains by far an important indirect contributor to india ’ s gdp growth. the agriculture sector needs to grow at least by 4 per cent for the economy to grow at 9 per cent. thus, though having a small share, the fluctuations in agricultural production can have large and significant impact on overall gdp growth. thirdly, since food is an important component in basket of commodities used for measuring consumer price indices, it is necessary that food prices are maintained at reasonable levels to ensure food security, especially for the deprived sections of our society. in fact, food security is emerging as an important policy concern, and the role of agriculture in ensuring equitable access to food has added a new perspective for policy makers. trends in agricultural productivity 6. i would like to discuss certain trends in agricultural productivity in india. as is wellknown, the year 1968 marked the beginning of a turning point in indian agriculture. the country, source_sentence: having a reserve currency may also be desirable for other reasons. first, with more reserve currencies available, portfolio diversification opportunities are enhanced. this is desirable because, all else equal, it would allow investors to move further out on the risk / return frontier. second, more currencies are likely to be close substitutes, which could dampen currency volatility. with many viable reserve currencies available, no particular one would necessarily have to bear the bulk of any adjustment. the dollar ’ s dominant reserve currency status has sometimes been referred to as the united states ’ “ exorbitant privilege, ” implying that the u. s. benefits extraordinarily from this privileged status. i ’ d argue that the situation is much more nuanced. yes, this status does allow the u. s. to benefit from seigniorage. more than half of all u. s. currency outstanding is held abroad. but, there are also costs of being the dominant reserve currency. for example, this can lead to shifts in the valuation of the dollar that are due primarily to developments abroad that affect risk appetites and international capital flows. in such cases, the dollar ’ s valuation can be pushed to levels inconsistent with u. s. economic fundamentals. for the united states, i believe that the most important goal must be to keep our own house in order. if we do this, then i expect that the u. s. dollar will earn the right to remain the most important reserve currency in the world. the united states has a number of advantages in sustaining the dominant reserve currency status of the u. s. dollar. first, there is a first - mover advantage. as the leading reserve currency in the world, there is no strong incentive for countries to move to other currencies as long as the dollar continues to have the attributes i discussed earlier. the history of reserve currency usage is characterized by considerable inertia. the u. s. dollar emerged as the leading reserve currency quite a bit after it became the world ’ s largest economy. typically, the loss of dominant reserve currency status requires either substantial economic decline or political instability that motivates foreign counterparties to shift to a new reserve currency. second, the u. s. has the deepest and most liquid capital markets in the world. this is important in making u. s. treasuries and agency mortgage - backed securities attractive holdings as part of countries ’ foreign exchange reserve portfolio
sentences: as those on student visas, are assumed to begin arriving early next year, subject to appropriate quarantine restrictions. but tourists and other short - term visitors will not be able to return until later. in the baseline and upside scenarios, we assume that the borders reopen in mid 2021. in the downside scenario, where the global spread of the virus does not subside as quickly, we assume the borders are closed for all of 2021. it is always possible to construct other scenarios. the near term would be stronger if there were a major medical breakthrough on treatments soon. an effective vaccine would take a bit longer to be distributed, so it would mainly affect outcomes next year and the year after. but it could also result in a stronger recovery than we have assumed even in the upside scenario presented here. a worse outcome than our downside could be conceivable if the virus cannot be contained and further waves of infection occur around the world for some years yet. there are also plenty of other risks that can be contemplated ; we discuss some of these in the statement. geopolitical tensions were an issue even before the coronavirus outbreak, and could escalate further. the pandemic has also in some places exacerbated domestic political tensions. it is hard to know how these tensions will play out over the next couple of years. if they escalate, it is possible that some countries'recoveries will be derailed. domestically, there are also a number of uncertainties that go beyond the direct effects of the virus and associated activity restrictions. for example, we have assumed that households and businesses are quite cautious in their use of the fiscal and other cash flow support they have been receiving. it is possible that people spend more out of that support than we are assuming. it is even possible that some people do more to make up for the consumption opportunities that were not available during periods of lockdown and other activity restrictions. on the downside, the longer the economy remains weak, the more the recovery will be impeded by scarring effects on workers, the destruction of business supply networks and other lingering damage. what has changed in the past three months the scenarios presented in the past few months. statement incorporate several lessons from the experience of the first, the economic contractions induced by health - related restrictions on activity in the june quarter were very large. however, they were not quite as severe as initially expected. the peak - to - trough declines in output and hours worked, . norway was hit by oil price shocks in the following years and economic reforms were implemented in several areas. after a period it became clear that the central government budget would be in surplus and that transfers would be made to the fund. norway ’ s experience from its first 30 years as an oil - producing nation led to the introduction of the fiscal rule, which has been a key element of norwegian economic policy for the past decade. report no. 29 to the storting of 2001 laid down guidelines for the phasing - in of petroleum revenues into the norwegian economy, establishing two main principles : economic policy must contribute to stable economic developments and be sustainable over time. by linking petroleum revenue spending to the expected real return on the fund – and not to current petroleum revenues – the fiscal rule provided for a gradual and sustainable phasingin of the revenues. if we can restrict spending to the return, the fund will never shrink. norway will also be less vulnerable to fluctuations in current petroleum revenues. ( chart 8 : effect on the size of gpfg of change in oil price and return ) in the first ten years after the establishment of the fiscal rule, the pace of the fund ’ s growth was determined by oil prices. prospects in 2001 indicated that a 25 percent higher oil price over a 10 - year period would increase the size of the fund by almost nok 800 billion. uncertainty with regard to the return on the fund was far less important for growth. this situation will change as the fund grows and oil and gas production declines. from 2020 to 2030, the oil price will play a less prominent role for the size of the fund, while the return on the fund will be all the more important. in the initial years, the actual return, adjusted for inflation and costs, was close to 4 percent. in recent years, with the financial crisis and the sovereign debt crisis, the real return has been lower, averaging about 2½ percent since 1998. source : lie, e. and c. venneslan : over evne. finansdepartementet 1965 – 1992 [ beyond our power. ministry of finance 1965 – 1992 ]. pax forlag, 2010. see report no. 25 to the storting ( 1973 - 74 ) : “ petroleumsvirksomhetens plass i det norske samfunn ” [ the role of petroleum activity in norwegian society ]. bis central bankers ’ speeches we should be careful about taking a rear -, , increasingly relies on price signals generated by trading activity that takes place daily in these markets. the reliance on secondary market trading for price discovery constitutes the fundamental difference between funds from securities markets and loans from banks. let me be a bit more specific. in securities markets, investment decisions are driven by prices that arise from a trading process that reconciles differential information from a diverse group of investors. in bank loans, investment decisions are based on the bank ’ s private information about specific borrowers. while a bank makes its own investment decisions, securities markets rely on the consensus of a multitude of investors. when securities markets work well, they provide efficient ways of aggregating information and allocating risks among a wide range of investors. in order to function well, however, these markets require a trading infrastructure. this infrastructure may consist of an exchange, a network of brokers and dealers, and a clearing system. these markets also rely on a cadre of relatively well - informed investors, who confidently judge asset prices and take positions on the – 2 – strength of their judgments. if the trading infrastructure fails or investors lose confidence, trading will grind to a halt. the global fixed - income markets are unlike equity markets. in equity markets, everyone knows something about the trading infrastructure, which is centralized in exchanges. thus, there is no question as to the focal point of trading information. but the importance of fixed - income markets, which are multiple - dealer, over - the - counter markets, is sometimes hard to appreciate because they are so decentralized. in the united states, the bond market is where companies have been raising most of their funds in recent years. during the last ten years, for example, u. s. nonfinancial corporations borrowed a net amount of $ 785 billion in the form of bonds, three times the net amount they borrowed from banks. over this same period, these companies as a group spent $ 600 billion more to retire stock – through buybacks and mergers – than they raised in new offerings. accompanying these increased levels of debt market activity has been a continuous process of financial innovation. this innovation has served to unbundle different kinds of risk and, thereby, to enlarge the menu of risks that investors may choose to bear. for example, interest - rate swaps, futures and options help reconfigure various interest - rate risks. total return swaps and creditspread options are tools for reallocating the payment risks primarily of emerging market, source_sentence: education shocks arising from the pandemic could signify the largest reversal in human development on record, equivalent to erasing all the progress in human development of the past six years4. the risk of reversing progress in achieving financial inclusion is accentuating why financial inclusion matters now more than ever. optimising islamic finance for inclusive economic recovery policy and regulatory responses across the globe, and likewise in malaysia, have been focused on safeguarding economic resilience, managing risks to financial stability and minimising repercussions to society. this is done in tandem with the different stages of the pandemic – namely, containment, stabilisation and recovery. at the onset of the crisis, governments along with financial regulators have deployed sizeable stimulus packages and various assistance programmes in order to contain the crisis and stabilise the economy. this includes addressing demand and supply disruptions, maintaining cash flows and keeping workers employed. in malaysia, the total stimulus package amounted to usd 73. 55 billion ( rm3056 billion ) with an additional fiscal injection by the government totalling 1 / 4 bis central bankers'speeches rm45 billion. as at september 2020, a total of 2. 63 million workers and 321, 000 employers had benefitted from the wage subsidy programme, involving an expenditure of rm10. 4 billion. to provide further stimulus to the economy, the bank has reduced the overnight policy rate ( opr ) by a cumulative 125 basis points ( from 3. 00 % to 1. 75 % ) this year, alongside reduction in the statutory reserve requirement by 100 basis points ( from 3. 00 % to 2. 00 % ). the reduction in the opr is intended to provide additional policy stimulus to accelerate the pace of economic recovery. the financial industry, including islamic financial institutions, also lent support to their borrowers and customers. in the first half of 2020, a total of rm120 billion7 was disbursed in lending / financing to smes, with more accounts being approved8 in aggregate in 2020 compared to the same period in previous years. islamic financial institutions and related associations have been actively educating and reaching out to affected borrowers about the financial assistance programmes available in response to the pandemic. the takaful and insurance industry also facilitated affected certificate holders by offering temporary deferment of contribution and premium to promote continuity of takaful protection coverage. more than 1. 1 million9 certificate and policyholders have benefited from this relief measure. while the
sentences: education at an early age. a credit union is similar to a commercial bank, it can provide the same products and services like a commercial bank, but what is different is that the credit union is owned by members who are the shareholders and at the same time are customers to the credit union. credit unions can provide different saving accounts to suit the needs of their members. they can create saving products such as junior saving accounts for the children. credit unions provide lending products for their members. and credit unions can provide insurance coverage for their members as well. one of the reasons people explain why they don ’ t want to open an account with a commercial bank is that because banks charge fees to keep their accounts. while paying fees is something that we all cannot avoid because provision of banking services costs money, in a credit union the interests, fees and charges that are paid by members is distributed back to the members as net interest income. i say this because i am also member of our staff credit union called bokolo credit union limited day one when i join the central bank of solomon islands and know the benefit credit unions can give members. as the registrar for credit unions, i take note of the progress in the growth of the assets of both the soltuna employees credit union limited and the tuna trust credit union limited. if the board and management of these credit unions continue to manage these credit unions professionally, they will both be the vehicle to encourage our children and youth here in noro and munda community to learn how to save and earn and become good financial and economic citizens of our country. finally, let me take this opportunity to thank the many people who made this global money week celebration possible. to the board of directors of both tuna trust credit union limited and soltuna employees credit union limited. i salute you for accepting our request to work together to host this global money week. i would like to thank selwyn talasasa, one of the long serving credit union promoters who has been a credit union person since day one of his career. he has been very helpful in organizing our global money week. thank you selwyn. i also thank the global money week committee for their assistance in organising this global money week. and thanks to the management of both national fisheries development limited and soltuna limited for your support in hosting this global money week. thank you nfd and soltuna, you made us all proud as good cooperate citizens. to our noro town clerk for your support., in tandem, the policy rate of this central bank would have to be changed frequently and forcefully in the same direction to offset the shock. but what would happen in the other economy, if it – unlike the first – were more prone to supply shocks? experience suggests that supply shocks yield sharp transitory increases in inflation, possibly followed by smaller, more permanent “ secondround ” effects, though the longer - run impact on inflation is obviously significantly determined by the response of monetary policy. given the transitory nature of the initial inflation bursts, the simple hypothetical rule – which incorporates the reaction to expected inflation – would advise the central bank to “ look through ” the immediate disturbance and change policy only to the extent needed to offset the anticipated more permanent effects of the shock on inflation in subsequent quarters. its policy rate, again, would be observed to be less variable. what is important to note is that the same rule – equally active strategies – would support two different patterns of observed policy behaviour in different economic environments. the third case is perhaps the most interesting of all. here exogenous shocks are identical, but economic structures differ. different transmission mechanisms therefore propagate the same shocks with lags that vary between the two economies. the first economy has more rigid adjustment mechanisms : price - setters and wage - negotiators are more sluggish than those in the other economy in processing economic news – including changes in the stance of monetary policy – and bringing them to bear on their decisions. what is the source of those rigidities in the first economy? there can be many reasons for rigidity. perhaps labour practices and contractual institutions – dating from the early post - war decades when the economy was heavily regulated – induce distortions in large a similar interpretation of “ interest rate inertia ” – the tendency of central banks to adjust rates in the same direction and in small steps – can be found in g. rudebusch, “ term structure evidence on interest rate smoothing and monetary policy inertia ”, journal of monetary economics, vol. 49 ( pp. 1161 - 1187 ), 2002. segments of the labour market. this stands in the way of an efficient matching of skills and productive capabilities. perhaps tight regulatory restraint on business and statutory inhibitions discourage innovation and impede a faster response to new shocks and new opportunities. whatever the source of rigidity, the observational result is that prices and wages in the first economy reflect changes in fundamentals with considerable lags. how should, fund ( uncdf ) are also actively developing financial inclusion knowledge, and supporting countries in implementing financial inclusion strategies globally. over the years, we have since witnessed the rapid deployment of innovative financial inclusion solutions that have changed the lives of many. since the introduction of the mpesa mobile banking service in kenya, the number of adults with access to financial services has increased from 42 % in 2011 to 75 % today. agent banking in malaysia has provided consumers with an innovative and alternative channel to access financial services, resulting in the percentage of sub - districts served by financial services access point to increase from 46 % in 2011 to 96 % in 2014. this has enabled 99 % of malaysians, particularly those in rural areas, to conveniently access and benefit from financial services. the microfinance “ global financial development report 2014 ”, world bank, 2014. discussion note “ redistribution, inequality, and growth ”, imf, 2014. bis central bankers ’ speeches institution grameen bank in bangladesh has extended credit through its 2, 500 branches to almost 8 million people, with 60 % of them lifted from poverty. the loan recovery rate is higher than 98 percent. the experience in bangladesh, in particular, dispels the myth that the poor is not bankable. of proportionate regulation and the global standards the proportionate application of global standards for financial regulation is a critical factor in enabling innovative financial inclusion solutions, ensuring its delivery in a safe and sound manner. my remarks today will touch on the following topics : recent developments in global standards and financial inclusion ; focus areas to advance proportionality in practice ; and the importance of the global symposium to galvanise action. recent developments in global standards and financial inclusion global standards developed after the global financial crisis were designed to address the financial stability and integrity issues that came to the fore in developed countries. many of these issues involved the activities of global systemically important financial institutions. the effects of these standards on financial inclusion, such as the impact on smaller financial institutions in developing countries most likely were not taken into consideration. fortunately, standard - setting bodies have now recognised the principle of proportionality, emphasising on the balance between objectives of financial stability, integrity and inclusion. however, the real challenge lies in implementing proportionality in practice. if principles are not implemented in a proportionate manner, there could be unintended consequences for financial inclusion. for example, despite the financial action task force ’ s guidance on the implementation of a risk - based approach to anti money laundering /
pipeline_tag: sentence-similarity
library_name: sentence-transformers
metrics: pearson_cosine, spearman_cosine
model-index: name: SentenceTransformer based on samchain/EconoBert
results: task: type: semantic-similarity
name: Semantic Similarity
dataset: name: econosentencev2
type: econosentencev2
metrics: type: pearson_cosine
value: 0.8556254615515724
name: Pearson Cosine
verified: no, type: spearman_cosine
value: 0.8619885397301873
name: Spearman Cosine
verified: no, task: type: semantic-similarity
name: Semantic Similarity
dataset: name: econosentence prior df
type: econosentence-prior_df
metrics: type: pearson_cosine
value: 0.8373175950726144
name: Pearson Cosine
verified: no, type: spearman_cosine
value: 0.8294930387036759
name: Spearman Cosine
verified: no
license: apache-2.0
datasets: samchain/econo-pairs-v2
language: en
Likes: 3 | All-time downloads: 376
Created: 2025-02-19 09:43:20