samchain/econo-pairs-v1 huggingface dataset:
Yet it would be absurd to ignore the fact that the Spanish public largely believes the current system protects workers. And clearly, if there is no widespread awareness of the harm the system causes, there will be no reforms. It is therefore absolutely vital to study and publicise the reforms other European countries have undertaken, choosing those alternatives that allow us to raise our productivity, and thus our external competitiveness, to increase our per capita income and quality of life, and to improve the conditions of the most disadvantaged groups. In many respects the current situation of labour protection can be equated with the trade protectionism characterising the Spanish economy until the late 1950s. During that period, import tariffs and quotas were very high in comparison with those in other developed countries. The belief until then was that trade protectionism shielded Spanish firms and workers, but nothing was further from the truth. The goods sold in Spain were expensive and of poor quality, workers' wages were so low that attempting to hold down two jobs was the norm and the level of per capita income even fell relative to that of our trading partners. The situation changed radically with the opening up of the Spanish economy, when we began to resemble other developed countries. Indeed, this process, which started with the 1959 Stabilisation Plan and culminated in accession to the European Union in 1985, has seen Spain successfully converge on European standards of living.

Along with the effect of the positive factors I mentioned earlier, we should also highlight euro area membership for what it has meant in terms of stability and reducing uncertainty, and the contribution of immigration, which has added notable flexibility to the Spanish economy. Unquestionably, though, a decisive factor in growth from 1999 to 2008 was the extraordinary increase in household and corporate debt. In that decade, Spanish domestic demand growth was double that of the European Union because private agents' debt rose twofold in the 1999-2007 period. As a proportion of gross disposable income, household debt climbed from little more than 60% to 130%, and corporate debt from 270% to almost 600% of the gross operating surplus. 2  BIS Review 18/2009  The problem facing us on emerging from the crisis is that although this swift indebtedness drove the increase in domestic demand and, therefore, in economic growth in recent years, the high level attained will prevent debt from growing in the future at a similar rate to what it did in the past. Moreover, for several years we may well witness a debt reduction or deleveraging process, meaning its effect on domestic demand will be the opposite of what it was in the past, reducing our growth rate. The Spanish economy's main problem, then, is that its future looks very different from its past since the two possibilities I mentioned – devaluation and increased debt – have disappeared.
In particular, total capitalisation grew very markedly until reaching a peak of $ trillion in November 2021, three times higher than the previous all-time high of 2017. The market is dominated by traditional cryptoassets; indeed, bitcoin and ethereum account for more than two-thirds of total capitalisation. In Spain, their transaction volume on some estimates amounted to around € billion in 2021.10 Yet they are also much less mature than is generally believed, and still, in aggregated terms this market only represents around 1% of the global financial system. At the same time, we should not overlook the fact that this market is already bigger than the subprime mortgage market was in the run-up to the global financial crisis. And the fact that trading volumes for some of the most representative assets types (including bitcoin, ether and tether) came, occasionally, close to those of the New York Stock Exchange (somewhere in between 70% and 95%). In any event, their high volatility is striking, as borne out by a cumulative loss of value of close to 40% in recent months. These fluctuations are often greater than those of other financial instruments and can also reach much more extreme values. Some studies have flagged the highly changeable nature of the factors underpinning crypto-asset prices and how these factors can be difficult to anticipate given the immaturity of the market.11 This  9  See, for example, N. Daskalakis and P. Georgitseas (2020), “An Introduction to Cryptocurrencies: The Crypto Market Ecosystem”, Routledge, London.

The third cluster encompasses so-called utility tokens, which act as electronic coupons that can be exchanged for future services, products or benefits marketed through the issuer’s own platform. The very capital raised from the sale of these tokens will then be used to fund the development of the forthcoming products or services. In principle, provided their amount remains limited, these will be subject to regulations on consumer protection, online trading, data protection and business operations, but not financial ones. Another classification criteria of the crypto-asset ecosystem has to do with the primary nature of each token. Tokens are understood to be a specific unit of digital value, as assembled by an issuing organization, which further enables interactions between those agents that operate in the virtual space.6 In some cases these are dubbed native tokens since they are created from scratch with no underlying asset. They are further linked to a specific ledger. This is the case of bitcoin and its blockchain network. Given their singularities, the value of these tokens stems essentially from their users’ expectations as to how they may be used in future transactions, rather than, for example, as result of a potential cash flow or their issuer’s fundamentals. In other cases, these tokens are connected to actual real-world assets, be they financial or of another kind. This, for instance, allows real estate assets to be broken down into  3  According to information available at Coinmarketcap.com. 4  Bitcoin is the most notable example.
This next Connect will ultimately offer customers across the Greater Bay Area access to Hong Kong’s world-leading 3/5  BIS central bankers' speeches  wealth management services. We are also in discussion with our Mainland counterparts about launching Southbound trading under Bond Connect. 35. Both of these developments will create great opportunities for Hong Kong as a financial centre. But we will not stop there. China’s economic growth and wealth generation, as well as global investors’ increasing appetite for RMB-denominated assets, all point towards a bigger role for Hong Kong. Our city can intermediate financial flows between the Mainland and the rest of the world for decades to come. At the HKMA, we are continuously working towards new policy breakthroughs that can strengthen Hong Kong’s ability to do that. Opportunity – Going Green 36. The China opportunity for Hong Kong is compelling. But Hong Kong must also lead the other trends shaping the future of finance. And in my view, at the top of the global financial agenda are: sustainable finance and technology. And that is where the HKMA, in its market development role, is focusing its efforts. 37. To meet the Paris Agreement climate change target, the world needs to transition to net-zero carbon emissions by 2050. That will cost an estimated one to two trillion US dollars a year, making sustainability one of the biggest drivers of capital flows in the decades ahead. 38. In Hong Kong, we are determined to be at the forefront of this transition.

The foreign banks do not themselves usually have any natural access to Swedish kronor. They therefore fund part of their lending in kronor by borrowing kronor in the short-term from other Swedish banks. However, the risk is that foreign investors will leave the Swedish market if problems arise, as the Swedish krona is a small currency. There are also reasons for believing that the number of foreign banks that act as counterparties to the Swedish banks is limited. Moreover, participating in the swap market is often not a central part of the operations of the foreign banks. This in turn has consequences for liquidity and pricing on the swap market. We saw an example of this when the last extraordinary loan that the Riksbank had offered the banks during the crisis matured in the autumn of 2010. Uncertainty then arose on the money market, and consequently swap counterparties abroad who had acquired short-term funding in kronor through Swedish banks became less willing to enter into swap agreements with Swedish banks. It thus became both more expensive and more difficult for Swedish banks to convert foreign currency into Swedish kronor at long maturities. To a certain extent, Swedish banks also act as counterparties to each other in the swaps. However, from the perspective of the Swedish banking system this is really only a matter of redistributing the maturity risk. The fact that the banks act as counterparties to each other also forges the links within the Swedish banking system even tighter.
It also dropped the interest rate to a historical low of 1.5%, which reduces the cost of financing for entities granted such support and stimulates economic growth. As a result of these steps, the banking sector now has high liquidity levels and maneuvering capacity that enable it to fulfill its duty as financial intermediary. Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  -6-  The Role of the Government: The role of the government takes on an even greater importance amid the current conditions. The lockdown measures caused an unprecedented shock to both supply and demand, this coincided with a sharp decline in oil prices that brought down government revenues. The Committee was therefore keen to provide maximum support to guarantee that the economy keeps running, while simultaneously reducing cost to public funds to a minimum, through the proper allocation of resources and reliance on measures that have the biggest impact with the least cost possible. Among these measures was drawing up a government financing support and guarantee scheme, which was presented to the Council of Ministers by the Committee on 5 June 2020. Government financing support and guarantee scheme: The committee forwarded a proposed government financing support and guarantee scheme to the Council of Ministers to decide and take appropriate action in this respect.

Ms Hessius discusses the role of the central bank and market liquidity  Speech given by Ms Kerstin Hessius, Deputy Governor of the Sveriges Riksbank, at a seminar of Sveriges Finansanalytiker Förening on 14 September 1999. *  *  *  The financial sector plays a central role in our society’s economy. It is this sector that enables us to make payments, to transform savings into investments or future consumption and to spread and minimise potential financial risks. It is therefore essential that the financial sector functions smoothly when we pass from one millennium into the next. Many actors share the responsibility of a smooth transition. Naturally, the Swedish Riksbank is one party involved, but everyone – from private savers and investors to public authorities and the media – must bear their part of the responsibility. Agents in the financial sector addressed early the potential problems that may arise in connection with the transition to a new millennium. Substantial resources have been devoted to measures designed to minimise the risk of any technical problems arising and to ensure that all systems can cope with the transition. The Financial Supervisory Authority has closely monitored work on systems adaptation since 1997. The role of the Riksbank in this connection is bound up with our regular tasks as Central Bank in the economy – to implement monetary policy, to promote a secure and efficient system of payments and to ensure that sufficient notes and coins are available in the economy.
It is also important to be aware that the bulk of Norway’s national wealth consists not of oil, but of the country’s labour force. Should our oil wealth lead to our working a little less, or being a little less productive, the decline in Norway’s remaining wealth would rapidly become as great as our entire petroleum wealth. On 29 March 2001, the Stoltenberg Government issued new guidelines for monetary policy and presented a guideline for fiscal policy. The guideline for fiscal policy implies that the central government budget deficit shall be equivalent over time to the expected real return on the Government Petroleum Fund. The guideline thereby provides a long-term anchor for fiscal policy. The Petroleum Fund thus serves as a buffer against fluctuations in petroleum revenues and the Norwegian economy. The alternative, to allow the government budget to fluctuate in pace with petroleum revenues, would have resulted in abrupt, unpredictable shifts in economic policy from year to year. The result would have been greater uncertainty. The guideline provides a stable framework that contributes to curbing uncertainty. The phasing in of petroleum revenues will contribute to stimulating activity in Norway. The fiscal guideline implies that the non-oil deficit will increase in the years ahead, thereby providing a substantial fiscal stimulus each year. The phasing in of petroleum revenues will have implications for Norway’s industry structure. Increased spending of petroleum revenues on goods and services that are dependent on domestic resources requires an increase in employment in the sheltered sector.

Gent Sejko: Statement at the joint press conference with the IMF Mission Chief for Albania and the Albanian Minister of Finance, 20 November 2018 Statement by Mr Gent Sejko, Governor of the Bank of Albania, at the joint press conference with the IMF Mission Chief for Albania and the Albanian Minister of Finance, Tirana, 20 November 2018. * * * Dear media representatives, In the last two weeks we have been engaged in discussions with the IMF Mission, which visited Albania in the framework of periodic Article IV consultations. Such discussions focus on the current performance of the economy and financial markets in Albania, their outlook, as well as the adequate economic policies and necessary structural reforms that should be implemented and monitored with a view to guaranteeing sustainable development for the country. I must say, with pleasure, that we share similar views on development trends, challenges that lie ahead, and the respective measures for tackling them. Let me now present in brief the opinion of the Bank of Albania on these issues. The positive trend of Albania’s economic development continued throughout the current year. From the perspective of aggregate demand, economic growth was supported mainly by the expansion of consumption, investments and Albanian exports. From the perspective of production sectors, economic growth reflected mainly the expansion of the industry and services sectors, driven to a large extent also by the rise in electricity generation.
Tharman Shanmugaratnam: The evolving role of insurance in Singapore Speech by Mr Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at the Launch of Prudential's New Office, Singapore, 7 November 2017. * * * Mr Mike Wells, Group CEO, Prudential PLC Mr Kai Nargolwala, Chairman, Prudential Corporation Asia Mr Nic Nicandrou, CEO, Prudential Corporation Asia Mr Wilf Blackburn, CEO, Prudential Assurance Company Singapore Ladies and Gentlemen 1. Thank you for inviting me to join you. Let me begin by congratulating Prudential on the opening of its new office at Marina One. 2. It is another milestone in Prudential’s long journey with Singapore, having started out as an agent for fire insurance in Singapore in 1924, and opening its first full branch in 1931. Its first life policy, issued to a Percy Robert Campbell, was a 15-year policy which would mature for the sum of $ Today, Prudential serves over 900,000 customers here, and the average maturity value of a Prudential life insurance policy in Singapore is just over $ 3. Prudential has indeed grown with Singapore. Its total sum assured in Singapore has grown to $ billion in 2016, and it currently employs over a thousand staff and works with more than 4500 financial consultants. Opportunity in Asia’s Demographic and Digital Transitions 4. Prudential, as with its counterparts in the life insurance industry, is increasingly focused on deepening its footprint in Asia. The opportunities are immense, and the basic reasons for this are well recognised. 5. Asia is experiencing momentous demographic change.

In the current liquid conditions, therefore, the large banks have been able to cut their standard savings rate. They are therefore seen by some analysts as the winners from deregulation since they now have another lever to adjust their net interest margin. The unanswered question is whether they will be able to get away without a significant erosion of deposits in savings and current accounts. A certain amount of switching of accounts has gone on. But there is not enough evidence at this stage to conclude whether deregulation has resulted in any significant redistribution of deposits among banks. So we cannot tell how interest elastic the demand for savings accounts may prove to be, particularly in today's somewhat artificial conditions of high liquidity. However, what can be said is that deregulation does offer the smaller banks an enhanced ability to compete for savings accounts and for those customers which the large banks may be less eager to retain. While the smaller banks may have to pay a higher rate for their savings deposits, they will still benefit if they can substitute such funds for even higher cost, and less stable, time deposits. Consumers will also benefit from deregulation through greater choice of savings products and, for those with larger balances at least, from higher interest rates. However, we have to face the fact that not all depositors will be better off in the deregulated world.
Moreover, the increase in the use of financial channels contributes to enhancing financial inclusion, increasing the opportunities for savings and productive investments. Taking into account the benefits from the formal penetration of remittances in the economy and 1/2  BIS central bankers' speeches  the insofar contribution to the banking and financial sector, the Bank of Albania suggests added attention with regard to reducing transfer costs and improving or designing afresh products and services /targeted to this segment of the population. From its side, the Bank of Albania is engaged to further modernise the payment system infrastructure and align the legislation to the EU directives for an open, barrier-less, and competitive market. In the last two years, the Bank of Albania has been engaging in concrete projects with the World Bank, related to remittances and financial inclusion. The first project consists in an assessment of the compliance with the “General Principles for international remittance services” designed by the World Bank and the Bank for International Settlement and a concrete action plan, with many stakeholders involved, to comply with those fields that need further improvement. Another noteworthy project is the Greenback of the World Bank dedicated to remittances, implemented in several countries across the world. This project comes now to Albania as a receiver of remittance and aims at enhancing the efficiencies in the market for remittances and raising the awareness and financial education, and has Bank of Albania’s endorsement until its completion.

The other project consists in assessing the compliance with the criteria set out in the framework of the “Payment aspects of financial inclusion”. By complying with the criteria from the involved stakeholders, it aims to increase the number of households and enterprises (mainly the small ones) that have a bank account or a payments account to conduct various transactions. In addition to the above, for a broader review of the remittances across all its dimensions, the Bank of Albania commits today in the framework of this meeting to produce a dedicated publication, which will be presented every June, a period which coincides with the International Day of Family Remittances, 16 June. Last but not least, considering the coordination among state authorities as very important, as well as the constant communication with the private sector, we are signing today the Memorandum of Understanding. It is aimed at raising the awareness, facilitating dialogue and fostering effective cooperation between the parties on issues related to remittances from the Albanian diaspora, contributing to economic development. The joint engagement we are initiating today is the first necessary step of a development platform for the empowerment and effective use of remittances. In conclusion, I would like to underline once again that it is time that we show more care, appreciation and gratitude to tens of thousands of Albanians abroad, who, through sacrifice, continue to contribute to the welfare of our nation, sending a part of their savings to their families back home.
The OLF is not prefunded, and the FDIC’s capacity to borrow to fund the OLF is capped at 90 percent of the fair value of the assets of the institution that are available for repayment. The provision of OLF liquidity does not fall ultimately on the American taxpayer. Shareholders may not recover until the OLF is repaid. The FDIC is authorized to assess financial sector participants if necessary to repay the funds advanced by the Treasury to fund the OLF. Reevaluate, but don’t forget the disorder of the crisis The breadth of changes that have been made to the regulatory landscape since the onset of the financial crisis is huge. Given the scale of the changes, it is entirely appropriate to take stock of these changes and reevaluate their effectiveness. It is not surprising to think that some recalibration might be necessary. It is also worth considering what additional reforms are needed to make the financial system more resilient and resistant to future, unanticipated shocks. Sometimes I get asked the question of whether the financial sector is where it needs to be in terms of resilience. My answer is usually that things are better, but they can get even better still. And I suspect that, in even the best case scenario, that will always be my answer. Because threats and risks evolve. Financial institutions, and regulators for that matter, must recognize changing risks and ensure that their approaches evolve in kind.

The book has been the first one to include a full set of statistical and historical data showing key indicators in the economic and monetary areas for the countries in South-East Europe, starting from the establishment of central banks in the 19th century to the end of World War II. The book has proven ever since its value and utility. Last year in Vienna, there was a proposal regarding further research work based on the information contained within the balance sheets of the central banks. Looking closer at the structure and the evolution of these balance sheets over time provides experts with useful insight as to how monetary policies have changed and have been implemented, how the main 1/2  BIS central bankers' speeches  operations have evolved, what profit the central banks have made and to what extent central banks have been able to secure and preserve their independence. I trust that the South-East European Monetary History Network could further capitalise on both the researchers’ experience of compiling the statistical and historical data series and the cooperation among central banks. The National Bank of Romania has always shown interest in monetary and banking history. In that respect, we are currently re-organising/redesigning the NBR Museum – which you are going to visit after lunch – aiming to bring to the visitors’ attention both pieces of history and the role of the central bank in shaping the economy, thus shaping history.