samchain/econo-pairs-v1 huggingface dataset:
13  5  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  5  self-reported surveys of Bank of England staff suggest, overall, they believe their productivity has not been much affected by home-working. Not commuting has given me back two hours of my day, a chunk of which I spend working to offset the time spent answering the door for Amazon deliveries. Like many others, I also felt a productivity surge when the kids went back to school, although in my case that might well have just been relief. As for my digital skills, they have improved to the point where I am now (almost) competent on around 10 different video-conferencing platforms, although I am aware I am tempting fate by even mentioning that. The Effects on Well-Being and Happiness Productivity and output are an objective measure of the economic contribution of workers. These measures need not, however, map into subjective measures of the well-being felt by workers. Well-being matters, both in its own right but also because there is a fairly well-established link between peoples’ sense of satisfaction and their productivity in the workplace.17 Happier people tend also to be more productive. The survey study for this Summit is timely in speaking directly to this well-being question. On the face of it, its conclusions are rather encouraging. Many people appear to be happier, indeed materially happier, from having shifted to home-working. They also feel more empowered in the workplace.

For example, episodes of volatile capital flows may return, while the economy’s long-term competitiveness remains in need of improvement. Policy objectives in 2011 The Bank of Thailand envisages two economic policy objectives this year: (1) to safeguard macroeconomic stability, and (2) to continue strengthening underlying fundamentals of the economy. Both objectives should be interpreted in the broad sense, for example, macroeconomic stability entails price stability, financial stability, as well as fiscal sustainability. Likewise, strong economic fundamentals encapsulate resilient private sector, efficient public sector, and sound banking sector among others. Given these broad goals, the Bank of Thailand and everyone all have parts to play. The government, for example, is in charge of ensuring a sustainable fiscal position in the long-term, and an efficient disbursement of budget so as to best strengthen the economy. Monetary policy Maintaining economic balance is key to the making of monetary policy, as it is one of the most important pre-requisites of macroeconomic stability. In practice, this means that as the economic activity returns to normalcy, monetary policy stance must similarly be normalized. Failure to do so will add undue pressure on inflation, ultimately posing risks to macroeconomic stability. Thus this year, the monetary policy committee (MPC) will need to continue normalizing monetary policy. The amount and pacing of policy interest rate adjustments this year will be consistent with the outlook for growth and inflation as well as the surrounding risks.
One such area, in which both the Financial Policy Committee and Prudential Regulation Committee have been taking a keen interest, is leveraged lending – in other words lending to highly-indebted companies. We have said a lot about this over the last year so I will confine myself to a brief comment only. That comment is that sometimes horizon-scanning does not require binoculars, because the object of study is already at the front gate. I think it would be very odd if we did not pay close attention to a class of lending which grew globally at a rate of 16% last year, and in which there has been a very significant slide in underwriting standards. Further, much of the lending is being funnelled through banks to a variety of end-investors who may or may not understand what they are getting into. A key determinant of risk in these products is the 4  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  4  leverage, but measuring leverage is difficult. Analysts often adjust leverage measures to remove large one-off costs and account for optimistic future growth in earnings. These so-called ‘add-backs’ have been growing steadily in recent years, so the risk metrics in an analyst’s company report are increasingly likely to contain some heroic (or unrealisable) assumptions. The potential risks to banks here are both direct, and indirect through the impact of corporate indebtedness on the economy. Compared to this, the move up the risk curve of UK lenders in the mortgage market looks rather benign.

7  The major UK banks on average now have total loss absorbency of around a quarter of their risk-weighted assets (RWAs) compared to an average end-state requirement of around 28% (including buffers). 8 While no measure is perfect, a range of market-based estimates suggest the implicit ‘too big to fail’ subsidy has fallen sharply since the crisis. Estimates suggest that the value of the implicit subsidy has fallen from around £ in 2010 to less than £ now – down around 90% http://data.parliament.uk/writtenevidence/committeeevidence.svc/evidencedocument/treasury-committee/capital-andresolution/written/69208.pdf 11  All speeches are available online at www.bankofengland.co.uk/speeches  11  If counterparties have confidence that resolution will stabilise a bank so that it can continue to meet its obligations, they will not accelerate actions that could frustrate a resolution to the detriment of all parties. And the public needs to have confidence that we have learned the lessons of the crisis: that we have acted to ensure that we have an alternative to the previous crisis where we had privatisation of bank profits in good times and the socialization of bank losses when things go wrong. 9  For that reason, the Bank committed to Parliament in April 2017 and in the Purple Book last October that from 2019 we would implement public reporting of banks’ resolution plans and our assessment of their effectiveness. This marks an important transition in the implementation of full resolvability in the UK.
Finally, in order to cut the ties between individual sovereigns and banks and achieve a fully integrated banking system that mirrors and supports a fully-fledged Economic and Monetary Union, we need to construct a banking union. Let me first define what I mean by a banking union. It is an institutional framework which ultimately should have three legs: a single supervisory mechanism (SSM), a common resolution structure and a shared deposit insurance. The SSM would bring all supervisory decisions about euro area banks under one roof, at the ECB, allowing supervisors to take into account externalities and general exposures to systemic risk. The common resolution structure, with a unified resolution regime and single resolution fund, would manage efficiently the wind-down even of large cross-border banks. Shared deposit insurance would reassure depositors that their money is safe in any euro area bank, regardless of its country of operations or legal domicile. These three elements, when operational, would effectively sever the link between banks and sovereigns, and support the functioning of the EMU. Euro area institutions would be responsible for the euro area banking system, and the euro area sovereigns as a whole would back it. What I would like to stress here is that the banking union, agreed upon by the Heads of State or Government at the end of June, is both a game changer for the crisis and a leap forward for Europe. It will change the dynamics of investors’ decisions.

This would include not just decisions to purchase products, but also in their day-to-day actions such as in their spending and saving habits. It should also include understanding how we can help consumers avoid making mistakes, such as to fall into scams – not just investment scams and get-rich-  2/3  BIS - Central bankers' speeches  quick-schemes, but also scams that use social engineering to trick customers into divulging their banking and payment security credentials. As all of us here would know too well, scams have been gaining significant momentum since the pandemic, and continues to be a sinister threat not just in Malaysia but also in other countries. Recognising this threat, BNM has instructed banks to step up security measures to protect their customers, and is working closely with law enforcement agencies to ensure swift action against perpetrators. But while these measures are necessary, they will not be sufficient without the first line of defence – that is, for consumers to remain vigilant, knowing how to avoid getting duped. This is ultimately a matter of financial and digital literacy. For this, the evidence-backed approach that today's Symposium is committed to in educating financial consumers will be a crucial part of the whole-of-nation approach needed to combat scams. Before I end my speech, I would like to reiterate that financial education is more relevant than ever in the post-pandemic era.
Among these firms it is common to find that they have a kind of incentive system that encourages and rewards excessive risk-taking and high sales-volume without regard to the interests of the firm or of the customers. Conclusion In my view, there is a lot that the boards and senior management of individual firms can do in ensuring that the corporate culture and incentive system encourage and nurture sound practices and appropriate values. The regulators and supervisors should also do their part to ensure that firms have in place a proper corporate governance framework. Professional and industry bodies should also play a key role in making sure that they promulgate suitable codes of conduct that define the standard of ethics and probity for their members. More importantly, professional and industry bodies should collaborate with supervisors to ensure that there is adequate policing and enforcement of the relevant codes governing ethics and conduct. Ladies and gentlemen, I would like to conclude my remarks by reiterating the importance of enhancing the power of the 3Cs, “Competence”, “Control” and “Culture”, if Hong Kong wishes to remain competitive as a world-class IFC. It is a difficult challenge, but competition is never easy. It will be a never-ending task as competition never ends. I am confident that if all the stakeholders share the same vision and work together to achieve the common goals, we can certainly make it. Thank you. BIS central bankers’ speeches  5

Specifically, we decided to lower the interest rate on the deposit facility by 10 basis points to –0.30% and to extend the APP. The monthly purchases of € billion under the APP are now intended to run until the end of March 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term. We will also reinvest the principal payments on the securities purchased under the APP as they mature, for as long as necessary. To help you appreciate the import of the overall recalibration of our asset purchase programme, you should consider that the extension of our net purchases to at least March 4  BIS central bankers’ speeches  2017 and the decision to re-invest the principal payments on maturing securities for as long as necessary will add EUR 680 billion – some 6.5% of the euro area GDP – in liquidity to the system by 2019, relative to the situation that would have prevailed under previous policies. This will strengthen our forward guidance on interest rates and ensure that liquidity will remain very supportive in the long term. There was very broad support among members of the Council for recalibrating our instruments to put inflation trends back on the path towards 2% that we envisaged when we launched our purchase programme.
Petroleum investment,  3  Svensson, L.E.O. (2005): “Further developments of inflation targeting”. Memo to Sveriges Riksbank’s conference: “Inflation targeting: implementation, communication and effectiveness”10 – 12. June 2005. 4  BIS Review 80/2006  favourable prices in important export markets and a strong upturn in the world economy have also contributed to solid growth in the Norwegian economy. So far in the cyclical upturn, the mainland economy has grown by an average of close to 4 per cent annually. Although the underlying rise in consumer prices has picked up from its trough two years ago, it remains moderate and well below the inflation target, even three years into this cyclical upturn. The global economy is now in the strongest upturn since the early 1970s. Developments are particularly favourable in Asia, and the situation in a number of countries in Europe appears to be improving. Growth in the US has been high for a long period, but has declined somewhat so far this year. There are prospects that a weaker US housing market may lead to increased household saving and lower consumer demand. The effect of these developments on the global economy will depend on the scale and timing of the correction. International equity markets have stabilised following a turbulent period in May and have edged up through the summer. Norges Bank’s assessment is that global growth will abate somewhat from 2006 to 2007, but will remain solid. However, many observers have pointed out that the risk of weaker developments may have increased somewhat recently.

In March 2001, the fiscal rule and new guidelines for monetary policy were introduced. The fiscal rule implies that the central government budget deficit shall be equivalent over time to the expected real return on the Fund, quantified as 4 per cent. The operational target of monetary policy as defined by the Government is inflation of close to 2.5 per cent over time. This establishes a clear distribution of responsibilities among the different components of economic policy. Monetary policy steers inflation in the medium and long term and can also contribute to smoothing swings in output and employment. The inflation target provides economic agents with an anchor for their decisions concerning saving, investment, budgets and wages. Fiscal policy – growth in public expenditure – influences the krone and the size of the internationally exposed business sector in the medium term. Government expenditure and revenues must be in balance in the long term. Wage formation, the structure of the economy and incentives determine how well and how efficiently we utilise our labour resources and other economic resources. BIS Review 80/2006  1  The transition to inflation targeting in 2001 may have appeared at that time, and in Norway, to be a transition to a new and unfamiliar monetary policy system. But today’s monetary policy system springs from an historical recognition of what monetary policy can in fact achieve. In collaboration with the Norwegian School of Economics and Business Administration, Norges Bank has compiled price data from the mid-1600s onwards.
Thanks to these efforts, the institutions and the system have remained stable and steady, despite global economic crises and oil price volatilities. Dear Audience, We should not rest on these past successes. We must remain vigilant and continue to monitor changes in regional and global markets. We must continuously ensure adopting and implementing best international standards and principles. In this context, I wish to draw to your attention that SAMA is currently directing the banks in the Kingdom towards the adoption of Basle II Capital Adequacy standard by 1st January 2008. I expect all banks to easily meet the required capital requirements; and this will be positively reflected on fostering the risk management and corporate governance culture that is deemed essential for meeting the challenges of the forthcoming stage. In conclusion, I wish you a good stay in the Kingdom, and wish all success to your conference. Thank you for your attention. BIS Review 83/2007  3

The Federal Reserve responded by purchasing $ trillion in MBS and agency debt as part of QE1, the program of balancesheet expansion that ran from late 2008 through the spring of 2010. Holdings of MBS and agency debt were then allowed to run off and by September 2011 had fallen to a little under $ trillion. Holdings were stabilized at that level when proceeds from maturing agency securities and MBS began to be reinvested in MBS, starting October 2011. The renewed expansion of MBS holdings that began in October 2012 as part of QE3 was motivated less by any sense that the mortgage-finance market was dysfunctional than by the notion that normal frictions in that market potentially provided monetary policy with leverage to stimulate the housing sector – and thus the economy as a whole – at a time when moretraditional policy tools had been exhausted. The FOMC majority pushed aside concerns that providing targeted support to housing is more properly the province of fiscal policy, and voted to proceed. From the start of QE3 to its conclusion, the Fed’s portfolio of agency securities and MBS expanded by about $ billion. In the latest version of its normalization principles, released this September, the FOMC indicated that it expects to reduce its holdings in future years primarily through attrition. What of the expansion of the Federal Reserve’s holdings of longer-term Treasury securities under QE3? Fed purchases of longer-term Treasuries amount to nothing more than the transformation of long-term Treasury obligations into short-term obligations of the Federal Reserve.
This is to ensure that existing and future talent is fully utilised, and skill-related underemployment is kept at bay. The question is then how can Malaysia mould its social protection system to better protect and empower its workers and citizens? We can consider this through the lens of the 4Cs: Coverage, Consolidation, Conditionalities, and Comprehensiveness. On coverage, social protection must be deepened and extended towards the growing segments of informal and self-employed workers. Meanwhile, currently fragmented and overlapping programmes should be consolidated and rationalised, so as to channel funds to meet new needs of society, for instance better retirement aid. We can also impose conditionalities for various programmes to boost incentives and improve targeting capacity. Finally, there is a need for comprehensive active labour market policies to cater to the looming possibility of labour re-deployment under the fourth industrial revolution. Maintaining planetary health for sustainable economic growth This brings me to our third point. In our quest to transition to a high-income economy, we must do so without losing sight of the goal of prospering, thriving and living sustainably. Since last year, we have had to deal with a negative global shock in the form of Covid-19. The pandemic has taken a heavy health and economic toll, with profound effects on poverty. At the same time, displacement and disruptions due to climate-related events such as storms, flooding and droughts have persisted and intensified.

Nor Shamsiah Mohd Yunus: Aiming high - navigating the next stage of Malaysia's development Keynote address by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the world Bank's Aiming High Webinar Series, 27 May 2021. * * * The Economist magazine recently published an article comparing the welfare of citizens across countries, based on a survey of various aspects of well-being. The title of the article was “Money really can buy happiness and recessions can take it away.” It maintained that citizens in highincome countries felt better off about their current life situation, have money for food, and access to good and affordable housing nearby. Quality of life is also better due to less tangible factors such as corruption not being widespread, feeling safe when walking alone at night, feeling well rested and having helped a stranger in the past month. Implicit in these findings is the idea that economic growth should go hand in hand with greater welfare. More than the dollars and cents of becoming wealthier, it is the improvements in the quality of life that countries aspire to achieve. And so, I was heartened to read in the World Bank’s Aiming High report that Malaysia is likely to transition to a high-income economy between 2024 and 2028. This panel discussion is thus very relevant to our situation, now more than ever. For Malaysia, the journey to become a high-income economy will not be easy.
Ravi Menon: A smart financial centre Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Global Technology Law Conference 2015, Singapore, 29 June 2015. *  *  *  The Honourable Chief Justice Sundaresh Menon, The Honourable Justice Lee Seiu Kin, Distinguished guests, ladies and gentlemen, good morning. And to all our foreign guests, a warm welcome to Singapore. “The Geeks Shall Inherit the Earth” Technology is changing the way we live, work, and play. •  •  Robots and unmanned drones are becoming more common. –  Robotic cleaners like iRobot have lightened the load of household chores. –  Pizza restaurants in cities ranging from Mumbai to Moscow have started to deliver pizzas using drones. Digital payment systems are taking off rapidly, especially in developing countries. –  Kenya launched in 2007 M-Pesa: a simple and low-cost service that allows users to deposit and transfer funds through SMS text messages. When the legal profession is organising a conference on technology, you know that something momentous is brewing! I congratulate the Singapore Academy of Law for its acumen in setting technology as the theme for its conference. A sector where I believe technology is going to be fundamentally transformative is financial services. In fact, there is a new buzzword: “FinTech” – financial technologies or the integration of finance and technology. Two things are happening. First, non-financial players are using technology to offer innovative solutions that mirror the services traditionally offered by financial institutions (“FIs”).

Let me cite a few examples, -  The Task Force on Climate-related Financial Disclosures, created at the request of the Financial Stability Board but comprising in its entirety members of the industry. This Task Force has produced voluntary disclosure standards for companies in general, which are becoming more and more relevant, as investors, consumers and corporates demand sustainability-related information to make informed decisions. -  The European Commission Action Plan on Financing Sustainable Growth, which should contribute to making the EU a leading force in the global fight against climate change. -  The International Platform on Sustainable Finance. -  The Coalition of Finance Ministers for Climate Action, which comprises governments from more than twenty countries joining forces to address the challenges posed by climate change. We are also honoured to have with us Ms. Ana de la Cueva, Secretary of State for Economic & Business Affairs, who will close this conference and inform us about this initiative. -  Last, but certainly not least, I want to mention the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), created two years ago as a “coalition of the willing” and a voluntary-based forum. The NGFS has grown from 8 members to over 50 since 2017, which is a clear sign of its success.