samchain/econo-pairs-v1 huggingface dataset:
Indeed, more organisations are pursuing strategic changes on multiple fronts to embrace ESG, create more empowerment and build a stronger sense of purpose and responsibility for their employees. So as we consider the theme of today's conference, "Building a workforce fit for the future", we would do well to remember two things: The future of work is not one that we can predict with precision. We can get the general direction of travel right, but how forces shaping life and work in the foreseeable future unfolds are not always clear or predictable. Second, cultural aspects of the future workforce matter and we need to pay closer attention to how we identify, capture and express culture factors in our workforce strategies. Therefore, alongside the specific consideration of how to build future skills, future talent strategies must also seek to: empower the workforce; preserve a strong focus on standards that can stand the test of time; and create greater agility to meet changing business and employee needs. Allow me to briefly touch on these in turn. Empowering the workforce First, empowering the workforce. The World Economic Forum estimates that by 2025, half of all employees will need reskilling. For those in existing roles, more than 40% of their skills will need to change to remain relevant. Malaysia faces a similar set of challenges. 85% of companies surveyed by the Malaysia Digital Economy Corporation acknowledge the need to reskill their employees1.

Such fluid arrangements are also being leveraged to build internal capacity building and support transition. A survey conducted by Capgemini reported that more than 60% of businesses fill new jobs powered by AI and automation with fluid workers first, then gradually seek to transfer knowledge from these specialists to other full-time employees in the organisation. These strategies will have important implications for how we build the future workforce from without rather than within. Such strategies can create greater flexibility for organisations to respond to changing business needs, but they also call for a fundamental re-thinking of pre-existing organisational and cultural norms. As we move forward, deepening employee engagements will become more important to enable firms to better anticipate shifting trends and inform approaches to building a future-fit workforce. It is not uncommon today to find up to four different generations coexisting in many workplaces, each with different perspectives on leadership, learning and workplace culture. Recognising these differences within talent strategies will be important to successfully cultivate a future-ready workforce. Closing message: In closing, I am reminded of the words of Mr. Colin Powell, former U.S. Secretary of State who said: "One of the greatest talents of all, is the talent to recognise and develop talent in others". This lies at the heart of building a workforce fit for the future. We all have a part to play – as employers, professional development bodies, training providers and workers – to build a resilient and sustainable talent pipeline for the future.
It also, as I have noted, amplifies market corrections as leveraged investors are forced to sell when credit dries up. I do not start from the view that leverage poses the same scale or nature of risks in the market-based finance world as it does in banking. But nor am I confident at present that it is without systemic risk. We do not have the tools to make that assessment yet. We need a better set of lenses through which to view leverage in this world in order to assess the risks that it might pose to the system as a whole – hence the work now underway in IOSCO and elsewhere. The use of financial leverage i.e. borrowing to gear up exposure to risk looks to be materially lower in market-based finance than in the banking world. 14  Bank of England (2014) Baranova et. al. (2017) 16 Recommendations for Liquidity Risk Management for Collective Investment Schemes, February 2018 17 As reported in Bank of England Financial Stability Report, November 2017. The in-depth assessment will seek to develop the FPC’s understanding of how non-banks use leverage, and what financial stability benefits and risks arise from leverage. It will examine measures of leverage and its distribution throughout the non-bank financial system. 15  7  All speeches are available online at www.bankofengland.co.uk/speeches  7  Retail investment funds in most jurisdictions are heavily constrained by regulation on the amount of borrowing they can do. In the UK, insurance companies are limited users of financial leverage.

This is probably the key reason why the flexibility on our part can chiefly be said to be reflected in “exceptions” to the policy rule, rather than it being explicitly described in terms of a continual procedure of balancing concerns for output and inflation stability. I do not think this way of handling the flexibility issue is in any way unique to Sweden but instead is fairly typical. One of our experiences is that we have found it quite difficult from time to time to get this kind of message across, at least when the flexibility is reflected in an unchanged or raised policy rate, as opposed to a cut. In such circumstances it seems to be rather hard to debunk the idea that monetary policy should be conducted according to a mechanical rule that says that the policy rate, regardless of what forces are acting on the economy at the time, should always be set to ensure that the inflation forecast at a given time horizon meets the target. On those occasions we have found it appropriate to depart from our policy rule in this regard, our actions have all too seldom been taken in the public domain as a sign that we conduct a flexible inflation targeting policy. Instead, the interpretation at times has been that we have changed our way of conducting monetary policy or that we have decided, for some more or less obscure reason, to maintain a certain line irrespective of what our forecasts tell us.
The Third Plenum blueprint shows that Chinese policymakers are keenly aware of what needs to be done to foster a dynamic, market-based economy. BIS central bankers’ speeches  5  •  Their track record managing the rapid growth and transformation over the last three decades augurs well. •  And as they gain in confidence implementing reforms and as their economic institutions strengthen, they will grow in their willingness to accept the vagaries, fluctuations, and diminution of central control that are inherent in a market economy. The next chapter in the China growth story has only begun. 6  BIS central bankers’ speeches

Zeti Akhtar Aziz: The nature of risks involved in dealing with OTC financial derivatives Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 4th Banking and Financial Law School Seminar, Kuala Lumpur, 19 February 2004. *  *  *  It is my great pleasure to be here at this 4th Banking and Financial Law School in light of developments in the global and domestic financial markets. We are in a period of great change. As the pace of globalisation intensifies the global environment has been marked by greater volatility and uncertainty. As a consequence we are often dealing with probabilities. The process of globalisation has resulted in international capital movements and developments in the global financial, and regulatory arena that have had significant implications on domestic financial institutions. There is therefore a need for a global perspective in effectively managing these risks. The universal application of ISDA Master Agreements is a demonstration of the need for globally oriented solutions. This morning my remarks will focus on the need to appreciate the nature of risks involved in dealing with OTC financial derivatives, both by the market and the regulators. I will also touch briefly on the opportunities emerging in terms of developing derivatives within Islamic banking and finance. Financial institutions, as the linchpin for the process of financial intermediation, have a crucial role in facilitating the flow of capital to areas where it can be most productively used.
Long taken for granted, this has become the holy grail of banking regulation and supervision. And it has become the ultimate goal of all the relevant reforms that have been undertaken since the crisis. And much has been done. We have revamped the global standards for capital and liquidity – Basel III. Rules for banks are now much stronger than they were before. And the same is true for supervision. Just think of European banking supervision, which was set up in 2014. All this will help to make banks more resilient, so that they can reliably serve the economy. But there is one thing which neither rules nor supervisors can do. They cannot prevent each and every bank from failing. And in my view, we should not even try to. The possibility of failure is inherent to any kind of business, and it is a core element of well-functioning market economies. 1/9  BIS central bankers' speeches  No, it is not the job of supervisors to keep individual banks alive. We, in particular, must not lower our standards to cater for the weakest bank. It would also be wrong to assume that each bank, even the weakest, just needs time to sort itself out. It would be wrong to assume that the local economy just needs to grow for a few more years for the bank to recover. The result would be weak banks that stagger on, zombie-like, barely able to survive in good times.

Other key developments that took place during the last five years included: yearly state expenditure rising up to Rls 2.6 trillion; decline in public debt to Rls 167 billion (10.2 percent of GDP); annual current account surplus averaging $ billion and increase of more than Rls 550 billion in bank assets. According to the World Bank Group report, the Kingdom has been ranked eleventh in the world and first in the East region in terms of doing business and provision of competitive environment in 2010. The development witnessed by the Kingdom during previous years has been comprehensive and broad-based. Vast number of development projects to modernize infrastructure, and improve facilities to provide water, electricity, health and educational services have been approved. Therefore, it is expected that strong growth of the Saudi economy will continue unabated and this will expand the financial sector in general and the insurance sector in particular. Dear Audience, Insurance companies play a key role for the development and stability of public and private sectors by providing opportunities to individuals and firms to improve their risk profiles and obtain compensation for losses incurred. It is for this reason that SAMA has been keen in regulating the insurance sector in accordance with the national and international standards and practices. SAMA ensures that all companies operating in the insurance industry comply with such standards and practices and work according to prescribed rules and regulations.
The first is that growth in the immediate aftermath of the referendum has been stronger than the Bank, and other major forecasters, had expected. For example, growth in the third quarter of 2016 is currently estimated to be 0.5%. This compares with 0.1% growth in the third quarter expected at the time of the Bank’s August Inflation Report. This is welcome news. The main source of this upside news to activity has been the buoyancy of consumers. They appear to have kept calm and carried on spending on the high street, in the car showrooms and in the estate agents. The Bank’s latest survey of UK households explains why. It suggests UK households’ perceptions of income and job prospects have, at least so far, been largely unaffected by Brexit. That is true too in surveys of consumer sentiment which remain around historical average levels. 19  Vlieghe (2016). 11  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  11  Spending by companies shows a more mixed picture. For example, according to the Bank’s new company 20  Decision Maker Panel , just over half of all firms anticipate no material impact of Brexit on their investment plans over the coming year. That leaves just under a half of all firms expecting some impact on investment, consistent with surveys of gently falling investment intentions by the CBI, BCC and the Bank’s Agents. The second piece of significant news since August has been around the exchange rate.

Second, they can buy assets – which, in this hypothetical economy, means cars – increasing demand for them and hence their price. These actions lower the cost of borrowing and raise the price of assets in the two-car economy. Both support the production of cars by firms and the consumption of cars by households. In this way, aggregate activity in the economy is boosted, at least in the short run. By lowering interest rates and purchasing assets, a central bank can help meet its mandate of supporting the economy as a whole. If the aggregate impact of looser monetary policy on the economy is positive, what about its distributional impact across regions? In this simple setting, lower interest rates boost the incomes of net borrowers in Red Car region, while reducing the income of net savers in Blue Car region. As the income of Red Car consumers is lower than Blue Car consumers, this shrinks the distribution of incomes across the economy. The effect of asset purchases is to boost the wealth of all car owners, with the bigger boost felt by those whose car wealth is largest. So although both regions are better off in net wealth terms, Blue Car region benefits more than Red Car region. Put differently, the distribution of wealth across regions may widen as a result of asset purchases. Or that at least is what this simple, stylised economy would imply. 3  The Real Economy Now let’s return to planet earth, from the hypothetical to the real world.
In alphabetical order, the magnificent seven are: Bank of China (Hong Kong), DBS Bank (Hong Kong), Bank of East Asia, Hang Seng Bank, The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank, and Wing Lung Bank. I thank them sincerely for their participation as Retail Exchange Fund Notes Distributors. BIS Review 31/2005  1  Access for retail investors to the primary market of debt, not necessarily restricted to Exchange Fund Notes, is, of course, only part of our continuing efforts. To increase and sustain retail investor interest in bond products in general, we need also to provide convenient access to the secondary market at low transaction costs and reliable market information. But this is a subject for another occasion, after ideas, just recently discussed and endorsed by the new Financial Infrastructure Sub-Committee of the Exchange Fund Advisory Committee, mature and arrangements put in place, in collaboration with the industry. Allow me to conclude with a commercial targeted at retail investors. The Exchange Fund Notes are a very safe investment – you are putting your money with the Exchange Fund, which is managed by the HKMA. The Exchange Fund Notes provide you with a steady stream of fixed-interest income that is higher than interest on bank deposits. The Exchange Fund Notes are highly liquid – you can sell them any time you want. There are 26 market-makers appointed by the HKMA to make a market in Exchange Fund paper.

This refinement may mean a reduction in the frequency of issues open to retail investors compared with the experimental period, but it will enable the allocation of a larger portion of the selected issues for allotment to them. It will also facilitate more focused retail marketing for the relevant issues. The second refinement is the enhancement of price attractiveness for the retail investors. Exchange Fund Notes open to retail investors will be allotted to successful non-competitive bids at the lowest price, i.e. the highest yield, accepted at the competitive-bid tenders, rather than the average accepted price (or average accepted yield). In other words, the retail investors will be assured of getting the best price that institutional bidders are able to get. I am sure retail investors will welcome this. The third refinement is the strengthening of the distribution network. The number of Retail Exchange Fund Notes Distributors will be increased from three to seven. The extensive branch networks of the Distributor Banks and their sophisticated telephone and Internet banking facilities will, I hope, make it much easier for retail investors to gain assess to the primary market for Exchange Fund Notes. The large retail banks have in the past been criticised for not supporting the development of the retail debt market for fear of losing their retail deposits. Just by looking at the names of the magnificent seven you will realise how wrong that criticism has been.
BIS Review 90/1999  2  Public sector The financial position of the public sector has been strengthened appreciably in recent years, partly as a result of decreased unemployment, but also because interest expenditure on government debt has been reduced as a consequence of lower interest rates and debt repayment. This has been accompanied by comparatively high tax payments from households as well as the corporate sector. For 1998 the financial surplus – measured as public sector revenue less expenditure – was almost SEK 40 billion, which is equivalent to over 2% of GDP. In recent years the central government budget process has been changed with a view to tightening the control of government spending. The new budget process includes a spending ceiling that sets the maximum level for central government expenditures. In addition to the new budget process, the goal has been established of achieving a general government financial surplus equivalent to 2% of GDP over the business cycle. Thus, the goal is formulated in terms of the average over the business cycle, not as an annual target. These rules do not owe their existence to happenstance. Both the expenditure ceiling and the goal of a government financial surplus over the business cycle serve to promote greater confidence in economic policy. The direction of budget policy, like the monetary stance, is highly important for economic developments. The observance of these rules is important. Stable fundamental rules encourage economic agents to make long-term decisions.

Quite apart from our excellent ecosystem and proven resilience, we have a strong record as the Mainland’s trusted partner in its entry into the global financial system. We have been able to assist in achieving the desired outcomes while ensuring the integrity and stability of the Mainland’s own financial system. Similarly, Hong Kong is a trusted partner for international investors. We offer them access to Mainland markets in the language and rules with which they are familiar. In doing so we help maximize their opportunities while minimising their compliance costs and risks. One exciting aspect of the Connect schemes is the prospect of unleashing the potential of Hong Kong as the world’s leading offshore renminbi business hub. The internationalization of the renminbi and the opening of China’s capital account are interdependent issues. Today’s seminar will focus on Hong Kong’s role in driving offshore RMB business, and the opportunities that come with it. I would simply like to stress the point that Hong Kong has the infrastructure, the expertise, and the markets to perform that role. Before I conclude, let me mention two other opportunities Hong Kong cannot afford to miss: green finance and technology. We intend to be at the forefront of these two trends that will define the future of finance. We are joining hands with local and international financial regulators to ensure that the financial sector plays its part in achieving global net-zero objectives. We are working with the banks to manage their own climate risk as they help the real sector go green.
2 For instance, a long-term U.S. government bond can be a safe investment for a life insurance company  (because the security carries no credit risk and matches the duration of the life insurance company’s liabilities), but it is not money. 3 See, for instance, Thomas Eisenbach and Sebastian Infante, “What Makes a Safe Asset Safe?,” Federal  Reserve Bank of New York Liberty Street Economics (blog), November 27, 2017. 4 See Benjamin Lester, Andrew Postlewaite, and Randall Wright, “Information and Liquidity,” Journal of Money,  Credit and Banking 43 (s2), October 2011 and “Information, Liquidity, Asset Prices, and Monetary Policy,” Review of Economic Studies 79 (3), 2012; and Bengt Holmstrom, “Understanding the Role of Debt in the Financial System,” Bank for International Settlements Working Papers no. 479, January 2015. 5 For the purpose of these remarks, I assume that, as is largely the case in developed economies, the monetary  authority is able to keep prices stable; I therefore disregard the difference between nominal and real future payoffs. 6 Assets accepted as collateral are assigned a lendable value deemed appropriate by the central bank, taking  into account a haircut that reflects an assessment of credit risk, historical volatility, and market liquidity. However, the assets (and associated risks) remain on the balance sheet of the borrower. 7 Previously, the Federal Reserve had sterilized its liquidity provision by running down its Treasury portfolio.

How quickly that happens depends on the strength and durability of the recovery. Some of the turnaround in growth here and elsewhere is mechanical in nature, driven by a reduction in the rate at which businesses are running down their inventories. But as far as the strength of the recovery over the medium term goes, one needs to look at the underlying forces driving the demand for UK goods and services. On this score, there are both reasons to be fearful and reasons to be cheerful. The reasons to be fearful are several. First, the banking system here and elsewhere is still dealing with the legacy of decisions taken before the crisis. The process of balance sheet repair has some way to run and that is likely to continue to restrain the supply of credit. Moreover, a key feature of the run-in to the crisis was an underestimation of risk and an excessive compression of risk premia. We should not expect premia to return to where they were before the crisis broke. The spreads on lending to businesses and households, particularly riskier prospects, will be higher in the future than before the crisis. BIS Review 31/2010  1  Second, the housing boom has resulted in some households, especially younger ones, carrying forward high levels of debt.