samchain/econo-pairs-v1 huggingface dataset:
Over the past several years, during both recession and recovery, these sectors have added about 1,000 jobs each year to the local economy. The leisure and hospitality sector,  4  For more thoughts on the monetary policy outlook, I refer you to the speech made earlier this week: Reflections on the Economic Outlook and the Implications for Monetary Policy. 4  BIS central bankers’ speeches  as well as the retail sector, has also been a solid source of job growth for the area. However, as you probably well know, job losses in the region’s manufacturing industry have weighed against these gains. About 9,000 manufacturing jobs have been lost since the start of the Great Recession. And, while a slow jobs recovery began in the nation’s manufacturing sector in 2010, Syracuse has continued to lose these jobs in recent years – a painful process for the area to continue to endure to be sure. Nonetheless, these trends have resulted in a more diversified economy. In fact, the share of workers employed in the metro area’s manufacturing sector is now just 8 percent, just below the nation’s 9 percent share. The private education and health sectors have emerged as the largest industries, and now employ one in five workers. So, the face of the local economy has changed dramatically through a somewhat painful restructuring process. But I believe this process is reaching its conclusion, and the resulting more diversified local economy is providing a strong foundation on which Syracuse can build going forward.

Using an alternative measure, the employment to population ratio, which is not influenced by changes in the number of discouraged workers, there has been limited improvement in labor market conditions. Job loss rates have fallen, but hiring rates remain depressed at low levels. Taken together, the labor market still cannot be regarded as healthy. Numerous indicators, including the behavior of labor compensation and household assessments of labor market conditions, are all consistent with the view that there remains a great deal of slack in the economy. That being said, I see persuasive evidence of improved underlying fundamentals for much of the private sector of the U.S. economy. Key measures of household leverage have declined and are now at the lowest levels they have been in well over a decade. Household net worth, expressed as a percent of disposable income, has increased back to its average of the previous decade, reflecting rising equity and home prices and declining liabilities. Banks are beginning to ease credit standards somewhat after a prolonged period of tightness. As a result, we are now experiencing a fairly typical cyclical recovery of consumer spending on durable goods. For example, light-weight motor vehicles sold at a seasonally-adjusted annual rate of 15.3 million in May, not far from the 16.1 million sales in 2007. Similarly, after five years in which housing production was well below what is consistent with underlying demographic trends, it now appears that we have worked off the excess supply of housing built up during the boom years of the last decade.
While we welcomed greater engagement of emerging economies in the global regulatory reform process, such as in Basel Committee and various working groups, the key success factors are these: First, our inclusiveness at the policy development stage rather than just implementation stage, and secondly, on the inclusiveness in the supervisory colleges of global banks which are systemically important to our domestic financial system. Ladies and gentlemen, In closing, I would like to iterate that, the success in meeting these challenges, rests as much with us, as with the banking sector. Thus far, we are pleased with their efforts in strengthening risk management, not only in the process, but more importantly, the culture. Often, we are asked why our banking system has managed to remain resilient, while those with more sophisticated risk management system have suffered. I believe the key is, first of all, there is no gap between the risk profile of our banks and their risk management system, as well as our risk-based supervision. Our banks business model is less complex, mobilizing local and stable deposit, for on lending to domestic borrowers, with small investment portfolios, mostly in plain vanilla Thai government bond. They have very little exposure to less familiar risk such as overseas assets and complex products. But looking ahead, things will not stay this safe if both banks and the Bank of Thailand do not work closely to continuously strengthen risk management.

Currently, we have a semi-automated real-time delivery versus payment (DVP) system in place. It is a stop-gap measure but it serves as an important infrastructure in the settlement of the scripless government bonds. The system, when fully developed, will be supplemented by the intraday liquidity facilities and queuing mechanism, employing the latest digital signature technology to ensure secured and smooth real-time delivery and payment transactions. We are entering an era when capital flow across borders can only become more volatile than in the past. And we still have fresh memories of how disruptive it was before the crisis. In fact, it was a major cause of the crisis. How do we go forward? How do we guard against this? The work on the new International Financial Architecture seems to be very much lacking in the area of the behavior of key players, especially the highly leveraged institutions. In the eyes of the large  3  BIS Review 30/2000  Western countries, such issues have somewhat lost their urgency since the event surrounding the Long-Term Capital Management (LTCM) left the headlines. In the absence of such rules, it appeared that emerging markets can only look to our own selves for protection. We have to help ourselves. A well functioning bond market is an important tool in this respect. It will act as a reservoir that absorbs capital inflow, and channel it to good use.
It is indispensable that households with minimum income to access and benefit the basic banking products, such as current accounts. The Bank of Albania, through legal and institutional changes has provided the possibility that households benefit these basic financial products at a low or no cost at all. As a result, cheaper and swifter alternatives, which compete with the existing financial products, will be available. At the same time, companies that will enter into these new markets will have better possibilities of profit. Education is the sole costs to know and benefit from these products. In this regard, the Bank of Albania remains the main actor for the spread and implementation of the national financial education and inclusion strategies. In this framework, the Bank of Albania is working with national and international important partners, the World Bank and EBRD. Their long experience shows that the correction and reduction of social and economic disparities is a difficult commitment, which takes time. Nevertheless, enhancing financial literacy, by spreading knowledges such are: budget drafting; its effective management; knowing risks and avoiding wrong investments; may affect the mitigation of wounds that these turbulences brings into the life of poor people, and of course to everyone; to the whole society and population and the financial situation that the moment brings about. Turning back to the launching of the Global Money Week 2022, I am glad to see the ever increasing interest of youths, their teachers and professors in our educational activities.

It means that: an increase in the number of users of safer financial products and services and at low cost drives to an increased access in financial sources, and consequently the growth of possibilities, income, and the quality of life. Formal markets are the sole possibility that public and economic agents directly benefit and in real time from the policies undertaken by governments and central bank. The effects of these policies are materialised in the financial instruments and products of formal market. The successful measures taken by both the Bank of Albania and the Government throughout the 2/3  BIS central bankers' speeches  pandemic situation are a recent example of benefits from participation in formal markets. Also, the increase of formalisation and financial inclusion makes it easier and more efficient the effort of the Government to implement the helping policies over the crisis. Third, I would like to draw attention on social inequality and the effect that the current situation has on its deepening. The crisis, particularly pandemics and wars, mostly and more rapidly affect the population in need, which are at the same time, the part of population with the lowest level of both financial education and inclusion. For these reasons, the Bank of Albania has turned the financial literacy and inclusion in one of the important objectives of its mandate. We are proactive in developing the market and infrastructure of financial products, as well as in enhancing knowledges on these products and the overall financial literacy.
NOK 1735 billion)  (NOK 479 5 billion)  28%  29%  3%  66%  69%  Cards (both c redit a nd de bit card)  Electron ic giro services  5%  Cheques an d other p aper-ba sed payment services  Source: Norges Bank, Annual Report on Payment Systems 1998  We see that the share in value of payments made with payment cards - in spite of a sharp increase in the number of transactions - has not advanced much (still accounting for a mere 3-5% of the total transaction amount in the payment system). The average amount per transaction remains fairly low – i.e. approximately NOK 400. In general, we can nevertheless say that with the exception of cash, payment cards have become Norway’s most important payment instrument for small transactions. On the other hand, the electronic giro is the instrument which has increased the most in terms of value. The increase in direct transfers by business terminals has been particularly sharp, while the growth rate has been highest for “new” services - such telebanking and home banking. These developments are important for the further improvement of payment system efficiency. The emergence of home banking is a natural progression from telebanking, an area which is already highly developed in Norway. At the beginning of 1999, the vast majority of banks in Norway were able to offer giro services over the Internet, and turnover in 1998 already amounted to a good NOK 7bn.

Considerations relating to the business sector and the supply of labour set limits on how fast the public sector can expand. Given the current structure and pricing of public services - and the many tasks assumed by the public sector - it will become increasingly difficult as each year goes by to make ends meet in both central and local government budgets in an environment of growing demands and expectations. This probably represents the greatest challenge to economic policy in the years ahead. 19  BIS Review 14/2000
Almost 85 per cent of the production of paper and pulp is exported. It is true that the mining industry is not as big as it once was. Its value added today accounts for just over 1 per cent of the total value added in industry. But after a period of stagnation at the beginning of the 1990s, net exports of ore increased at the end of the same decade to account for approximately 2 per cent of total net exports of industrial products. LKAB accounts for approximately 4 per cent of world trade in iron ore, and Swedish companies hold a dominant position in Europe in terms of production of iron, silver and lead.1 In spite of competition from countries with considerably faster-growing forests and cheaper ore, as well as the fact that technology in some areas has become easier to transfer between countries, the basic industries have survived several crises over the years. The reason for this and for the fact that basic industries are still relatively important today is probably that the owners of industry and its executive management have been quick to assimilate new technology and have constantly sought to refine and create a niche for their businesses. They have substituted labour for capital at a fast rate (see Figure 2) . Sweden’s biggest paper and pulp mill, Husum outside Örnsköldsvik, is run by 113 people per shift, while Boliden’s opencast mine, Maurliden, employs around 12 people when the mine is in operation.

This means that the value of the work performed decreased, as did the scope for higher real wages. Table 1. Capital intensity and productivity growth Industry  Business sector  Capital/ employee  Productivity  Capital/ employee  Productivity  1963-70  8.3%  7.6%  6.5%  5.3%  1970-80  6.3%  3.4%  6.2%  3.2%  1980-86  2.8%  3.2%  3.0%  2.0%  Source: Own calculations  The previous diagram also shows that the level of capital formation in relation to our total resources that we had during the 1960s has not returned but that the fluctuations have been larger after the mid 1970s. On average we have remained at approximately one-third of the level of resources that we previously had allocated to new capital. One difference is that saving has increased, but not investment. This means that we are exporting capital. Despite a continuation of relatively low capital formation, the weak trend seen in total Swedish labour productivity in recent years was broken during the first half of the 1990s when productivity growth increased. But it was other factors than capital formation that contributed to this. Among other things, the economic crisis at the beginning of the 1990s led to substantial rationalisation measures and the winding up of low-productivity operations, which resulted in increased productivity growth but also high unemployment. During the same period, there was also a shift in Swedish economic policy in order to create conditions for more sustainable long-term economic growth.
The first concerns the continuity of the research and discussion processes in the respective areas of central bank cooperation. Continuity helps keep track of the emphases and priorities of regional members and promotes effectiveness of the ongoing collaboration efforts. The second aspect concerns the need to follow through cooperative initiatives that have been agreed upon by central banks in the region. The follow-through can be done effectively through intensified, and perhaps more conveniently organised, dialogue and information sharing. The third aspect concerns the approach towards central bank cooperation. There are many areas of common areas of interest among regional central banks, including monetary and financial stability, payment systems and reserve management, to name just a few. In short, there is a need to organise central bank cooperation in a more focused, coordinated and dedicated manner in order to pursue our common interests. 2  BIS Review 61/2006  Today, with the World Bank experts and policy-makers, regulators and private-sector participants of the region gathering here, the conference will offer us a good opportunity to exchange views on what is needed to further promote regional cooperation and financial integration in Asia. We will also cover more specific subjects including the broadening and deepening of securities markets, the development of securitization and derivative markets, and the role of the contractual savings and asset management industries in the development of capital markets.

In spite of the brisk primary and secondary market activities in a few stock exchanges in the region, capital markets, in particular the bond market, remain rather underdeveloped. There is much more to be done, therefore, to further develop the financial markets by the regional jurisdictions. The second part of the conference title - 'The New Frontier' - also contains an important message. Globalisation and the revolution in information technology have fundamentally altered the dynamics of international finance. Such changing dynamics raise concerns among many of us about the manner in which a sizable portion of gross savings in Asia finds its ways into financial obligations of the developed markets before they are recycled back to Asia. As the capital inflows into the region tend to be more volatile, the recycling process may have implications on monetary and financial stability in the region. Another aspect of the dynamics of international finance is contagion. World interest rates have until recently stayed at record lows. In search of higher yields, hedge funds and other institutional investors have scoured the world for assets generating higher returns, driving up asset prices and driving down credit spreads. As the interest rate outlook has become uncertain, fund managers may be reassessing the risks of emerging market assets, as reflected in the recent correction in world equity and commodity prices. A sudden exit of capital could leave those economies with weaker financial systems even weaker, with spillover effects on other parts of the region.
For example, the fact that the rate of growth of labor compensation costs remains so subdued is consistent with this conclusion. With respect to prices, inflation has been running somewhat below the Federal Reserve’s objective of a 2 percent annualized rate for the personal consumption expenditures (PCE) deflator. The latest Congressional Budget Office forecast has the four-quarter percent change of the core PCE deflator moving up from 1½ percent in the second quarter of 2014 to 1.9 percent by the fourth quarter of 2015. As with growth, I find this forecast to be quite reasonable, but would argue that the risks are on the side that inflation moves upwards more slowly than this. First, the appreciation of the dollar and weakening of foreign growth prospects that I mentioned earlier both act to dampen inflation pressures. Second, energy production in the U.S. is rising much faster than I would have guessed just a few years ago, helping to reduce energy prices which in turn reduces a wide range of production and distribution costs. Lastly, I would note that research suggests that inflation expectations play a very important role in the inflation process. Those expectations remain well anchored at the present time, despite concerns by some that the amount of slack in the economy has declined substantially. I am quite confident that those expectations will remain well anchored in the future, limiting the increase in inflation set in motion by faster growth and further reductions in slack. So what does this imply for monetary policy?

And there’s some especially good news to report from the Capital region’s manufacturing sector: jobs are growing, and growing quite strongly – a testament to the success of the area’s burgeoning high tech sector. Since the recovery began, the area has added over 4,000 manufacturing jobs, many of which are tied to computers and electronics. That’s an increase of nearly 25 percent. This pace of job growth is four times as great as the national pace. In fact, there are now more people employed in the Capital region’s manufacturing sector than before the recession. Not many places can say that, and this is certainly not true for the nation as a whole. In part, the success of local manufacturing reflects the presence of strong partnerships between industry and higher education. These cooperative arrangements, which help in the creation, development and commercialization of new products and processes, drive innovation and put local companies at the leading edge of technology. Moreover, these partnerships directly support local jobs. Not only are students gaining real world experience by working in shared facilities while they are in school, but strong connections between local businesses and higher education institutions help workers train for jobs that are available, and help employers find the skilled workers they need. During my last trip to the region, I saw firsthand how universities and companies can successfully work together during my visits to the State University of New York Nanotech Center and the production facilities at Global Foundries.
As intended, negative interest on sight deposits at the SNB was rapidly transmitted to all segments of the money and capital markets. In the current situation, negative interest fulfils a very important monetary policy purpose: to help correct the overvaluation of the Swiss franc over time. BIS central bankers’ speeches  3

Clearly in this case the bank staff had little, if any, regard for the financial circumstances and the lack of investment experience of the customer; nor did the bank staff adequately explain the risks and penalty of early termination. This is a blatant breach of the customer’s trust. The HKMA cannot condone this kind of practice and will take necessary supervisory and disciplinary actions to protect the interests of bank customers. In this particular case, the bank agreed to cancel the policy and refunded the full amount of the first year premium to the customer and the bank staff concerned has been suspended by the HKMA from selling investment products for a period of three years. What do we expect bank consumers to do to protect their own interests? Justice upheld, sounds a happy ending. But there is always the other side of the equation. There is a commonly held view that the responsibility for consumer protection rests with banks, the regulators and the Government. I don’t think this is a helpful view if we want to promote consumer protection. True that banks owe their customers the duty to look after their interests and to treat them fairly. True that the Government should provide the legal framework and set the policies for protecting consumers. Equally true that regulators will use their powers to enforce the consumer/investor protection requirements. But an important piece is missing from the jigsaw.