samchain/econo-pairs-v1 huggingface dataset:
As of now such competence resides mostly in big internet platform companies. However, many data subjects have no way to make better use of their own digital footprints, or data about themselves currently scattered in various different platforms, for their own benefit. 12. For example, SMEs are facing the long-standing problem of having limited access to finance. Conventional credit scoring approaches are not particularly favorable to SMEs because they often lack auditable operating data, which large corporates have. This disadvantage hinders not only the growth of SME businesses, but also the stability of our job markets and economic growth. Worse still, the blow of the pandemic has put the survival of many SMEs at stake, and their need for financing is stronger than ever. So is there a way to better empower data subjects to make better use of their own data for their own benefit? 13. With this objective in mind, we are expanding our financial infrastructure to enable data to take the centre stage. Our recently launched initiative, the Commercial Data Interchange (CDI), is a centralized platform which allows data owners to share their digital footprints voluntarily with banks through data providers in an efficient and secure manner. With a more substantial body of up-to-date and authenticated data shared by SMEs (such as monthly or even daily trading and turnover statistics), banks could use data analytics to perform more accurate credit assessments, and then provide more tailored services to SMEs.

During this period, the insurance landscape is expected to change in ways that will have a direct and profound impact on the experience that consumers and businesses have with insurance. As major intermediaries between insurance providers and consumers of insurance products and services, how insurance agents think about their business and interact with their customers can make an important difference in helping millions of individuals, families and businesses across the country who remain ill-prepared for losses arising from unforeseen events. Addressing this protection gap is ultimately the goal that we must all aspire to, to promote a resilient economy and the well-being of our society. 4  BIS central bankers’ speeches
In its simplest version, welfare is maximised by fully stabilising inflation at its target level, a policy which simultaneously delivers a zero output gap. 11 This so-called “divine coincidence” 12 implies that policy-makers who care only about stabilising inflation will deliver an efficient path of economic activity. And, symmetrically, policy-makers who focus solely on keeping output at an (appropriately defined) potential level will deliver low and stable inflation rates. A relatively simple Taylor-like monetary policy rule could achieve these desirable outcomes. In this benign world, traditional monetary policy trade-offs appear to have disappeared! 9  See M.A. King (1997), “Changes in UK monetary policy: Rules and discretion in practice”. Journal of Monetary Economics 39, pp. 81–97. 10  See L.E.O. Svennson (1998), “Inflation targeting in an open economy: Strict or flexible inflation targeting?” Victoria Economic Commentaries 15(1). 11  At least when the output gap is defined in a “model-consistent” manner, i.e. as deviations of output from the level it would achieve in the absence of nominal rigidities. 12  See: O. Blanchard and J. Galí (2007). “Real wage rigidities and the New Keynesian model”, Journal of Money, Credit and Banking 39(s1), pp. 35–65. BIS Review 45/2010  5  It is widely recognised that even modest deviations from the simplest version of the canonical model introduce caveats to these very strong conclusions.

As a contributor, we will share with others the climate solutions that we have developed and may be of relevance to them. Let me highlight three key themes at the Singapore Pavilion: decarbonisation technologies transition finance carbon markets  First, innovating decarbonisation technologies. The transition to net-zero will require us to transform how we live and work. It will transform how we power our homes and offices, travel, grow our food, and construct our cities. As a densely populated metropolis in the tropics, Singapore is a living lab to develop, testbed, and commercialise green solutions for urban living. Let me highlight two areas. One, decarbonising land transport. 1/3  BIS - Central bankers' speeches  In many cities, land transport accounts for a substantial portion of carbon emissions; in Singapore, it is about 15%. The solution lies in electrifying transportation. This is why, from 2030, Singapore will allow only registrations of cleaner-energy cars – namely, electric, hybrid or hydrogen fuel cell cars. Infrastructure solutions for charging electric vehicles on a massive scale will need to be developed and Singapore can be a good test bed for such solutions. Two, decarbonising power generation. Globally, while the growth in renewable energy has been spectacular, fossil fuels continue to account for more than 80% of global primary energy consumption. This is why the production, deployment and research into low-carbon hydrogen, as well as carbon capture, utilisation and storage solutions are so critical and why Singapore has focused heavily in these areas.
The Banks also house and manage staff that supervise and regulate banks in the districts (under policy guidance from the Board of Governors), and perform other services, the most widely observed and commented upon of which is the operating of the  BIS central bankers’ speeches  1  open-market operations conducted by the Federal Reserve Bank of New York on behalf of all 12 Banks at the instruction of the FOMC. All 12 Bank presidents serve on the FOMC together with the seven members of the Board of Governors. This is where monetary policy for the United States is determined by collective decision. The operating procedure of the FOMC is for each of the governors to have a vote on policy; the bankers rotate their votes, with the New York Fed having a constant vote. However, all 19 members – the seven governors and the 12 bankers – participate fully in every FOMC meeting and actively contribute to policy discussions. The FOMC has traditionally decided the federal funds rate, the overnight rate for interbank lending that anchors the yield curve. In recent years, in reaction to the Financial Panic of 2008 and 2009 and its aftermath, the FOMC has instructed the New York desk to buy mortgage-backed securities and Treasury notes and bonds – eschewing Treasury bills. Presently, the Fed holds more than $ billion in mortgage-backed securities (MBS) and over $ trillion in Treasuries. This expansion of our portfolio and extension of maturities held therein is known as “quantitative easing”, or QE.

The limits of monetary policy and the importance of fiscal policy Here is the rub. As mentioned, the FOMC sets monetary policy for the nation, for all 50 states – its influence is uniform across America. The same rate of interest is charged on bank loans to businesses and individuals in Texas as is charged New Yorkers or the good people of Illinois or Californians; Texans pay the same rates on mortgages and so on. Why is it that the Texas economy has radically outperformed the rest of the states? A cheap answer is to revert to the hackneyed argument that Texas has oil and gas. It is true that we produce as much oil as Norway and almost as much natural gas as Canada. And we have some 60 percent of the refineries of the United States. But remember that the numbers I showed you are employment numbers. Only 2 percent of employment in Texas is directly generated by oil and gas and mining and related services. We are grateful that we are energy rich. But we are a diversified economy not unlike the United States, where business and financial services, health care, travel and leisure activities and education account for similar portions of our workforce. Why, then, do we outperform the rest of the United States? 4  BIS central bankers’ speeches  To me, the answer is obvious: We have state and local governments whose tax, spending and regulatory policies are oriented toward job creation.
Public debt sustainability assessment Empirical model  𝑦𝑖,𝑡 = 𝑝𝑢𝑏𝑙𝑖𝑐_𝑑𝑒𝑏𝑡𝑖,𝑡−4 + 𝑢𝑛𝑒𝑚𝑝𝑙𝑜𝑦𝑚𝑒𝑛𝑡𝑖,𝑡−4 + 𝑐𝑜𝑛𝑠𝑢𝑚𝑝𝑡𝑖𝑜𝑛𝑖,𝑡−4 + 𝑏𝑢𝑑𝑔𝑒𝑡 𝑏𝑎𝑙𝑎𝑛𝑐𝑒𝑖,𝑡−4 + 𝑟_𝑑𝑜𝑏𝑖,𝑡−4 + ℎ𝑖𝑐𝑝𝑖,𝑡−4 Structural Model  𝑗 𝐷𝑡−1 𝑠𝑡 = 𝜏𝑡 − 𝑔𝑡 + σ∞ 𝑗=1 𝛽 𝐸𝑡  𝑢′ 𝑦𝑡+𝑗 −𝑔𝑡+𝑗  International comparison – the level of the signal threshold in the case of public debt (regression model)  𝑢′ 𝑦𝑡 −𝑔𝑡  𝜏𝑡+𝑗 − 𝑔𝑡+𝑗  Calibrating the optimum level of the public debt using the general equilibrium condition (structural model)  percent of GDP 100 90 80 70 60 50 40 30 20 10 0 LV  BG  Public debt level  Source: NBR  •  SI  RO  CZ  HU  Signal threshold (regression model)  Source: NBR  For Romania, public debt level > 43% of GDP would lead to risk of recession > 50%  Figure 13.

I learned first-hand the views of CPLG members on ways to build the Committee’s rapport with other supervisors. I also received valuable suggestions on the Committee’s projects. The Committee will continue to rely on the expertise of the CPLG to provide non-G10 reactions to many of its main initiatives. For example, the Accord Implementation Group, which is chaired by Nick Le Pan, the Vice Chairman of the Committee and Superintendent of Financial Institutions in Canada, holds regular meetings with the CPLG to bring attention to non-G10 issues in implementing Basel II. Beyond this standing group, the Committee seeks other avenues for formal and informal discussions with other supervisors. The CPLG itself has recently suggested that regional groups of banking supervisors strengthen their activities so that they may serve as another channel for greater communication, cooperation, and commitment to shared objectives. The Basel Committee has long supported the development and mission of these regional groups. These groups foster regional cooperation as well as continued dialogue with the Basel Committee and other supervisors. More than a dozen of these regional groups exist, most of which met here yesterday. I encourage all of them to continue to develop programmes of their own. At a meeting between the Committee and the principals of the various regional groups, we discussed additional ways to strengthen future interactions between the Basel Committee and regional groups. One other formal effort that the Committee and its members support includes those events sponsored by the Financial Stability Institute of the Bank for International Settlements.
Such an approach would be a recipe for a regulatory framework that’s well-crafted, detailed and intricate... …but ultimately, irrelevant. Regulation of finance is a means, not an end. So it makes much more sense to define the outcome that regulation should achieve and to give regulators the tools to achieve it. Then they can be held to account for doing whatever it takes to deliver that outcome, even as circumstances change. The EU has, however, taken the first approach, putting a large body of rules in the equivalent of primary legislation. Those rules are inflexible and slow to respond as times change. As my colleague Sam Woods has argued, this approach follows from a goal of harmonising regulation across 28 countries.7 Given that, it would be an odd approach to follow outside the EU. And few non-EU countries have. Indeed, even as a member of the EU, the UK has taken the second, very different, approach. By tasking us with promoting a financial system that serves households and businesses in bad times as well as good, it overlaid EU rules with an outcome to be pursued. 7  See speech by Sam Woods (May 2019): ‘Stylish regulation‘. 4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4  And that outcome is what the UK Parliament holds us to account for delivering, even as times change. That has given us the freedom and responsibility to move regulation with the times; to be agile. It’s a responsibility we take seriously.

That’s why, as we review the issues with open-ended funds, we intend to have in mind not just how reform could promote financial stability, but also how it can promote the supply of productive finance too. Because we all want not just stability in our financial system, but opportunity from it too. Conclusion  We all want a financial system that serves the economy in bad times and good. It’s an ambitious outcome that we’ve been tasked with promoting. But it’s an outcome that households and businesses deserve. They didn’t get what they deserved before the financial crisis and certainly didn’t get what they deserved in the crisis. Instead they saw opportunity constrained and the economy crunched. Now, after a decade of reform, the core of the system is, or is being made, resilient to a wide range of challenges it might face. And with that, opportunities have, or are being, unlocked for finance to better serve the economy. It would be contrary to our mandate and costly to the economy if we were to row back on those reforms. Our focus is instead on the future. On sustaining a financial system that serves in bad times and good; a system offering stability and opportunity. To sustain that in a changing world and changing financial system, we don’t need more or fixed rules. We need agility. Agility to respond to new challenges and ensure stability. And agility to open up new opportunity.
On the Turkish economy side, this led to appreciation of the Turkish lira against major currencies, which limited the adverse effect of import price hikes on unit costs. In the third quarter of 2009, despite the upward inflationary pressure from tax adjustments to restore fiscal balance, the annual rate of change in consumer prices maintained its downward pace due to declining course of the underlying trend. By the end of the third quarter, the inflation rate continued to remain below the target-consistent-path. Annual CPI Inflation and the Target-Consistent-Path (A nnual P ercentage Change)  12 10 8 6 4 2  Annual CP I Inflatio n Target Unc ertainty Band  0  Source: TURKSTAT, CBRT. 33. In the last quarter of 2009, in line with our projections, both domestic and external demand, one of the factors that affect the underlying inflation trend, maintained their pace of moderate recovery, and resource utilization in the economy continued to remain low. Yet, inflation was up by 1 percentage point from October Inflation Report projections due to the highest increase in unprocessed food prices of the recent past. Consequently, inflation remained slightly below the target at end-2009 with 6.53 percent, yet remained within the uncertainty band. 34. An analysis of inflation developments in 2009 by subcategories suggests that annual inflation slowed down in all main categories excluding food and energy for which tax adjustments were effective. Although food price inflation remained low relative to recent years, among all subcategories, the biggest contributor to overall inflation has been food prices.

Source: Ministry of Finance, Medium Term Program (2010-2012). 28. The determined implementation of fiscal discipline in Turkey since 2002 has helped cut the ratios of government budget deficit and debt to GDP, to a level well below the average of both advanced and emerging economies. Although Turkey’s budget deficit expanded at a faster pace than in many other emerging economies in 2009, according to the MTP projections, government debt stock is likely to remain below the average of other emerging economies in the upcoming years. 10  BIS Review 68/2010  General Government Budget Deficit and Debt Ratio Average Values in Advanced Countries and Turkey  Average Values in Emerging Countries and Turkey  (Percent of GDP)  (Percent of GDP)  100  Aver age of A dvan ced Cou ntrie s**  80 2 008 70 2 003  2003  60 50  20 12  40 2 008  2003  2 003  60 55 2012 50 2 008  45  2012  40  Tur key  Tu rkey  2008  30  35  -2  0  2  4  6  8  10  Budg et D eficit  *Dashed lines indicate forecasts. **Includes USA, UK, Germany, France, Spain, Ireland, Iceland, Japan, Portugal, Israel, Greece, Italy, Austria, New Zealand and South Korea. Source: IMF. Turkish data is taken from the Ministry of Finance, Undersecreteriat of Treasury, Medium Term Program (2010-2012) and Program for 2009. 29.
The evolution of employment and real wages, which have slowed down in annual terms in the last year, implies slower growth in the wage mass. This, coupled with still low household expectations, is consistent with positive, yet moderate, growth in consumption (figure 6). 2  BIS central bankers’ speeches  Turning to the world economy, as I said, international financial markets have been marked by two situations. One, the US monetary policy normalization process, and two, the Chinese policy makers’ efforts to achieve their growth and financial stability objectives. Early in the quarter the market assumed that the Fed would take things extremely gradually and that the Chinese authorities had figured out the policy mix that would allow them to keep growth in line with its objectives. Thus, the calm of financial markets that had begun at the close of the last Report was prolonged. Capital flows returned to the emerging world, stock markets recovered, interest rates dropped and so did spreads, the dollar weakened and commodity prices improved. Nonetheless, the increasing doubts about the Chinese financial system and the perception that the US monetary policy will soon implement its adjustments – a still uncertain development – have tended to reverse these trajectories in recent weeks. This has been particularly visible in the depreciation of emerging currencies (figure 7).

Consistently with the volatility we have been seeing and the risks inherent to the international economy, our baseline scenario assumes that in the coming quarters international financial conditions will be, on average, less favorable than they were in the past two months. Our growth outlook for the world economy and our trading partners changes little from March: 3.2 and 3.0 percent, respectively, for the 2016–2017 average. Still, there is a significant revision to expected US growth: 1.9 percent in 2016 (2.3 percent in March). This estimate inputs the low output figure of the first quarter, which has to do both with the drop in energy investment and the weak external sector. In any case, aside from one-time data, services and labor indicators show a recovering trend and the baseline scenario foresees the economy resuming higher growth in 2017. It also estimates that the Chinese economy will be able to carry on with its adjustment process without seriously compromising its growth rates. But this process will not be free of difficulties. The terms of trade will drop again in 2016, although not as sharply as we assumed in the last Report, owing mainly to the evolution of non-copper export prices. Considering its trajectory of the past few months, the baseline scenario assumes that the copper price will average $ and $ per pound in 2016 and 2017, respectively. For oil, our forecast for the same two years is raised to $ and $ per barrel the Brent-WTI average (table 2).
I hope all of you will be able to draw new insights and perspective as well as leverage on the initiatives and best practices shared in this Workshop, potentially to emulate it in your respective jurisdictions. For your benefit, the Secretariat will upload the relevant presentation materials and outcome report on the APG website after the conclusion of the Workshop. I would also like to encourage any further dialogue between the delegates on these issues post the Workshop and I am sure the Secretariat will be able to assist in connecting the delegates. There will no doubt be challenges in networking under a virtual setting, but these are the ‘new normal and conditions’ that the more we are accustomed to, the more we are able to adapt. The APG itself is still in the initial phase of using the virtual platforms and the Secretariat would appreciate any feedback on how to improve this further. In line with the APG Co-Chairs’ Priorities, we are also continuously working with the Secretariat to deliver more capacity building initiatives for the members, especially in the areas of Public2/3  BIS central bankers' speeches  Private Partnership (PPP), DNFBPs Supervision and Data Analytics. Before I conclude my remarks, let me take this opportunity to thank the APG Secretariat in organising this Workshop and all partners, including the Alliance for Financial Stability with Information Technology, and the Global Centre on Cooperative Security. Special thanks as well to the speakers and discussants from the APG members and observers.

On that note, I wish you a successful Workshop and I look forward to meeting you in person soon in the APG future events. 3/3  BIS central bankers' speeches
By doing so, they missed the negative effects and excesses that arise from the herd behavior of the financial institutions, many times a consequence of the pro-cyclicality that is inherent in the financial activity and the regulatory framework itself. The attention of the supervision was focused on the banking sector, but insufficient attention was given to its interaction with the non-banking financial sector, that by being much less regulated, in the meantime was increasing in size and importance. Also, as part of their general and commending goal to focus their supervisory approach on the most important risk sources of the financial industry, but also as a sign of their objective difficulty to keep the pace with the financial markets developments and innovations, the supervisory authorities relied more and more on the market discipline and on the sophisticated and unclear risk models of the financial industry, that also proved to be deficient. Some times, the structure of the supervisory authorities has proven to be fragmented or too complicated, giving rise to regulatory arbitrage by the market players. Other times, the resources needed to effectively perform the supervisory role have been limited, negatively affecting the supervisor’s performance. But this crisis showed that risk came also from other sources, out of the direct control of the supervisory authorities in a given jurisdiction. For example, the increasing asset prices were fueled by ample liquidity and credit conditions, which were often affected by international developments and financial flows.

exchange rate fluctuations between $ and major currencies. •  When $ appreciates against major currencies, there is translation loss when assets are reported in $  •  Likewise, when $ depreciates, there is translation gain  •  But these gains and losses mean little for international purchasing power of our OFR which is denominated in foreign currencies. 32. Focusing on overall profit figure therefore misses larger point about MAS’ underlying investment performance. 33. Investment gains on MAS’ foreign assets have in fact remained relatively stable for last five financial years. •  Holding $ exchange rate constant to strip out translation effects, foreign investment gains amounted to $ billion in FY2014/15, comparable to foreign investment gains of $ billion in FY 2013/14. Helping Singaporeans manage their finances 34. A key area of focus for MAS in last two years has been to help Singaporeans better manage their finances. A multi-pronged effort: •  Encourage prudent borrowing  •  Facilitate retail access to simple, low-cost investment products  •  Spur competitive pricing for life insurance products  •  Educate consumers on financial matters  Let me elaborate on each. First, MAS has put in place various measures to encourage prudent borrowing 35. Many safeguards already exist. BIS central bankers’ speeches  5  •  Amount of unsecured credit that FI can extend is limited to four times monthly income of borrower. •  Limits on both loan-to-value and loan tenure for both housing and motor vehicle loans extended by FIs.