samchain/econo-pairs-v1 huggingface dataset:
It needs to place more emphasis on a pure protection plan like a simple Term Assurance which is a more cost-effective way of addressing the protection needs of Singaporeans. The insurance adviser plays a critical role here. He or she is the first line of contact with the consumers and wields the greatest influence over what they purchase. He should sell what is appropriate to the protection needs of the customer and not maximise his or his company’s returns. He should always place the interests of his clients above his own. And it is the responsibility of every insurer to ensure that its advisers are properly trained and incentivised. This is especially important for customers from lower-income households where there are competing demands for limited income. Otherwise, getting adequate insurance protection will be relegated to a lower priority in a working adult’s life, hence exposing his dependants to risks of the breadwinner’s premature death. 15. The insurance industry should also find ways to reach out to more Singaporeans who are either uninsured or underinsured, and be prepared to go beyond the tied agency distribution model. I am pleased to note that over the years, the insurance industry has diversified its distribution channels to include banc assurance and direct sales. I urge the industry to do more, such as working with more employers and associations to offer group term insurance to cover the lives of their employees or their members.

13  See Arellano, M. (2018), “El acceso a los microdatos administrativos públicos: la nueva frontera de la investigación económica y social”, presentation at XVIII Aula de Verano Ortega y Gasset, UIMP, Santander, 20-21 Agosto 2018, http://www.cemfi.es/~arellano/arellanopresentacion-uimp-2018.pdf  9  In this respect, enlarging the number of available datasets, enabling access to the universe of observations and allowing for the merger of different databases are measures that would, for sure, deepen our understanding of the Spanish economy and help design better public policies. In this connection, the experience of the Nordic countries is a success story, and could be used to guide our efforts in the future. Let me conclude. Tax and transfer systems around the world face significant challenges to provide inclusive growth and fund the public policies that the population demands. Meetings such as this conference provide an excellent opportunity to enhance our understanding of these fascinating issues and to strengthen the links between central bankers and academics. Allow me to recall in this regard the figure of Sir James Mirrlees,  who  groundbreaking  has  recently  academic  passed  contributions  away. His  and  deep  involvement in public policy design provide an outstanding example of intellectual achievement and commitment to improving the society. He rightly gave his name to the influential Mirrlees review, which has become an essential guideline for policymakers involved in tax design.
Since then the degree of uncertainty, as measured by the width of our fan charts, has decreased significantly, while the balance of risks has shifted as I have set out to being two-sided. While the range of potential outcomes is, as I have described, a complex and multidimensional one, and is still beset with considerable uncertainty, I find it helpful to map out three broad scenarios which for me summarise how the risk factors may play out, and map across to what course the economy might take in future. 12  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  12  The first potential scenario I foresee is broadly in line with the MPC’s “central expectation” set out in the June minutes: that the economy will experience a temporary period of strong GDP growth and above-target CPI inflation, after which growth eases and inflation fall back towards the 2% target. Of course as I stressed earlier, “temporary” doesn’t necessarily mean ‘here today, gone tomorrow’, particularly for inflation. The supply side pressures and their interaction with demand might take some time to disperse. In the mean time we could see very high inflation in certain sectors and products, such that at a whole economy level I wouldn’t be surprised to see the whole economy CPI inflation rate potentially rising as high as 4% for a period later this year, before falling back towards the 2% target. That would not be an unprecedented event: we saw similarly high outturns in 2008 and 2011.

These notes evolved to become payable to “the bearer” rather than just the original depositor making it more convenient for people to carry and exchange the paper notes, rather than the underlying gold. Realising that it was highly unlikely that all of their customers would want to withdraw all of their gold at any point in time, goldsmiths soon began to issue more notes than the value of the gold in their vaults, by making loans. Thus goldsmiths formed the basis of modern banks, and could create money in much the same way as banks do now. 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  We are not, I am pleased to say, seeing today the sorts of issues that arise when the ‘machine’ of money, to use Mill’s words, ‘gets out of order’. But we are seeing changes in the technologies that support money in our economy. And given, as I will explain, that the Bank of England’s role is essentially the stewardship of the money of the UK, that is something we need to understand and to which we need to be ready to respond – calmly and carefully. Before discussing some of these changes and the role of the Bank, it is worth dwelling a little on what money actually is.
Within domestic demand, consumption slowed slightly in 2006 and construction began to show signs of decelerating in Q4, a trend that ran into early 2007. However, investment in capital goods underwent a significant increase which is holding in the year to date. 2  BIS Review 67/2007  Behind these developments in the Spanish economy, along with the improved external environment, is the continuing influence of the favourable factors that have underpinned its dynamism throughout this cyclical upturn. First, there is the impulse stemming from the Spanish economy’s integration into the euro area. That has been acting as a powerful spur to demand, as a result of the effects on confidence and expectations and, naturally, of the expansionary financial conditions that have continued to prevail in 2006, despite the change in the stance of the single monetary policy dating back to the closing months of the previous year. Further, there are the factors that have provided for growth on the supply side, including most particularly the growing demographic boost to the Spanish economy over the past decade, which is contributing, among many other aspects, to generating a substantial expansion in the Spanish economy’s growth capacity. Finally, the importance of reform initiatives in recent decades cannot be ignored, as these have promoted market flexibility and dynamism among agents and institutions. And pivotal too have been the recent macroeconomic and financial policies, which have been a guarantee for stability.

The setting-up of a common backstop, as mentioned in the European Commission’s communication of 11 October, is a promising avenue, which could take the form of a credit line granted by the ESM (the European Stability Mechanism). If it is placed within the ESM's remit, the rules for triggering this backstop could be introduced during the ESM governance review. Furthermore, this avenue could provide a partial response to the issue of the liquidity of newly resolved entities – mainly the “good banks” –, which has not yet been addressed with sufficient clarity: liquidity support from public sources, beyond what can legitimately be expected from the Eurosystem, should be clarified. -  Second, consistency in the legal framework and requirements: faced with the accumulation of new and “separate” requirements, we need to adopt a holistic and consistent approach in order to avoid a prudential overload. In particular, the Total Loss Absorbing Capacity (TLAC) requirement resulting from the new international framework requires a consistent adaptation of the European minimum requirement for own funds and eligible liabilities (MREL). Therefore, the MREL targets should be set on the basis of updated prudential requirements – pillar II and buffers – and the most up-to-date financial position of the banks concerned. It is a question of consistency. In the same vein, the consequences of the Basel III reforms package – when it is finalised – should be carefully 2  taken into account, as it may lead to increased risk-weighted assets, which could in turn impact the MREL.
In view of the short time available to me - plus the fact that you cannot contradict me - I shall be brief. You may perhaps feel that I am being dogmatic: if so, please bear with me. I should like to make four observations. 1. There is not doubt whatsoever that monetary policy can bring inflation under control. When monetary policy is not flanked by the appropriate budgetary policy, and when labour markets - but also goods and services markets - are not flexible, bringing inflation under control will take time. It will take time, and it can also entail costs - which could otherwise have been avoided. But even so, these costs would still be less than the (very high long-term) cost of not dealing with inflation. Let us not forget that while the rich and the powerful can protect themselves from any loss of purchasing power of their money - and in many cases can even benefit from such a loss - the weak and the not-so-rich will always be the losers. Inflation has always been a major source of social iniquity. In addition, it prevents the economy from functioning properly, by falsifying the signals which are given by prices. The speculative boom in the real estate markets in some of our countries at the end of the 1980s caused serious damage - and we are still paying the price. 2.

Once inflation has been brought under control, and once this control has been confirmed, monetary policy can guide short-term interest rates to a level which contributes to balanced growth. Quite a number of EU countries are in such a situation already, with short-term interest rates at around 3%. In others, where inflation has been brought under control more recently, rates have not yet reached this level but are approaching it gradually. The confirmation that inflation has been brought under control does, unfortunately, take time. Finally, in one major country which has seen rapid growth for several years now and in which unemployment has fallen remarkably, short-term interest rates have been raised - applying the principle of preventive medicine. 3. Now, what can we say about long-term interest rates, which also have an important role to play in stimulating growth - perhaps an even more important one than short-term rates? Monetary policy does have an influence on the level of these rates, but its influence is not exclusive and we cannot even predict the direction of its influence with certainty. At this particular point in time, in the first group of countries to which I referred a moment ago, nominal long-term interest rates are at a historically low level - they are well below 6% - but real long-term interest rates can be regarded, perhaps, as still being too high to put continental Europe on the road to more vigorous growth.
6  BIS Review 17/1997  -4-  American banks and IBM to form Integrion Financial Network, LLC.7 Integrion itself has announced that it will not provide electronic or home banking services, but will instead design and operate a secure electronic gateway or interface system linking bank customers to their depository institutions, including links via the Internet.8 Finally, the Federal Reserve Bank of New York and the Board of Governors are currently processing an application from a foreign bank, with a United States securities brokerage subsidiary, to acquire a software firm planning to design software for customers of brokerage firms to place securities buy-and-sell orders over the Internet.9 The OCC, meanwhile, confirmed in correspondence in August of 1996 that, in addition to providing home banking services to its customers through the Internet, a national bank subsidiary could also provide Internet access to customers and nonbank customers in the bank’s service area.10 In the midst of all this supervisory “support,” however, I should also mention some of the as-yet unsettled issues dealing with the unique regulatory burdens facing depository institutions offering financial services over the Internet. Among the most difficult will be the proper application of the Community Reinvestment Act (“CRA”), a United States statute that requires depository institutions to meet the credit needs of the communities where they accept deposits. What exactly is a deposit community in cyberspace? Nobody really knows.

The objective to be achieved is the same, that is, to build the regional capacity to be better positioned to prevent, contain and resolve any potential crisis at minimum costs to our financial systems and to our economies. In conclusion, the cumulative effect of the changes since the Asian crisis has transformed ASEAN – opening up new opportunities and making the region resilient and a dynamic centre of growth. The ASEAN “tigers” are back, and poised to leap on to the next wave of economic advancement and prosperity. BIS Review 46/2007  3
The Bingham Report was produced in only a year and contains all that is worth saying about the supervision of BCCI. It was not comfortable reading for the Bank, but the Bank accepted and acted on its findings. The subsequent legal proceedings over thirteen years have benefited only one group at the expense, in the end, largely of the creditors. As Mr Justice Lightman argued in his 2003 Edward Bramley Memorial Lecture, the adversarial system imposes huge costs on litigants and defendants alike. As he put it, “to the great majority of the public the perception (if not the reality) is that the legal system is a profitable monopoly of the lawyers”. BCCI showed that perception was indeed reality. A system that is powerless to prevent a case so hopelessly misconceived continuing for thirteen years requires examination. I very much hope that the Government will look carefully at this case, learn the lessons, and take steps to ensure that such an outcome can never occur again. Finally, who managed to obtain the correct answers to the two questions I gave you at the beginning? Chancellor, you can see that mental arithmetic in the City is not what it was. In fact the answer to the first question is 3/100 or 3%, and to the second question is £ 13s. 9d. - before tax.

The European Union flag is not classified as a national Flag under the current regulations. … the Office of the Deputy Prime Minister is proposing to change the Regulations”. Until then, however, consent is required. The letter continued: “I have been advised that consent usually takes six to eight weeks to obtain and costs £ You need to send the completed advertisement consent form plus fee with a covering letter explaining when and where you wish to fly the flag providing details of the size of the flag and photos of the flagpole in relation to the building.” Chancellor, you can be sure that the Bank of England will abide by the rules - although we may not fly many flags, both literally and metaphorically. The Bank now has a very clear focus on maintaining monetary and financial stability - the former defined by the inflation target and the latter by the revised Memorandum of Understanding between Bank, FSA and Treasury published in March. The great strength of the 1997 reforms to the monetary policy process is that they establish clear rules of the game for making decisions on interest rates. The Monetary Policy Committee sets interest rates each month to meet the inflation target. But how do we implement those decisions in the market? Our objective is to ensure that the policy rate set at the monthly meetings of the MPC is the rate in the money markets until the following meeting.
The IMF, the World Bank and the BIS are all involved in this work. Knowledge must be enhanced. The rule systems in many Third World countries must also incorporate bankruptcy legislation, arbitration procedures, and accountancy rules that are fair and transparent. Extensive and well-motivated work on reforms in also in progress in many industrialised countries. The tasks and methods of central banks and financial supervisors are being specified. Many private institutions are reviewing risk models and adapting them to the global reality. Conventional models must be augmented. Supervision also needs to be developed to cover new instruments and types of risk, risks that the Asian crisis has brought to the fore. The Basle Committee is now working to identify respects in which supervision may need to be extended, for instance to create standards for the bank’s transactions with highly leveraged institutions. The problems in LTCM clarified the central importance of this. At the global level, closer coordination of authorities’ work on supervision is being called for; today, such coordination is confined to sectors. A Financial Stability Forum has therefore been set up and consists, at least for the time being, of representatives of the finance ministries, central banks and supervisory authorities in the G-7 countries, together with IMF representatives. The Forum met for the first time some weeks ago. Discussions are also in progress in what is known as the Group of Thirty-Three, consisting of the participants in the G-10 and some twenty emerging market countries.

With the king’s signature on 14 June 1816, the foundations of the monetary system were laid. A new currency was issued – the speciedaler. And Norway’s first bank was founded and named, not surprisingly, Norges Bank. Branches were established in the largest towns, and the Bank’s first headquarters was located here in Trondheim, a twelve-day journey from the government in Christiania (now Oslo), and even farther from Stockholm 1. This provided a geographical distance from king and government, in addition to the more important formal distance. The people’s elected representatives at Eidsvoll had taken responsibility for the monetary system, as stated in Article 75 c of the Constitution: “It devolves upon the Storting […] to supervise the monetary affairs of the Realm”. The Storting, the Norwegian parliament, and not the king, would be Norges Bank’s employer. The king would no longer have the authority to print money at will. Although bitter memories of the decline of the monetary system during the Napoleonic Wars lay behind this decision, it was also inspired by the ideas of Enlightenment philosophers. Absolute monarchy under the Danish king was to be replaced by the sovereignty of the people and the separation of powers. Institutions with clearly distinguished roles would foster confidence and prevent the arbitrary use of power. To restore confidence in the monetary system, the promise of a stable monetary value had to be supported by concrete values. There could be no more empty promises.
For example, the lack of underwriting expertise is a major reason why we have yet to stem the outflow of insurance for large and specialised risks. Over the last five years, the amount of direct and reinsurance premiums ceded overseas for the Marine, Aviation & Transit (MAT) and Energy risks amounted to over RM5 billion, with the retention ratio for these classes  BIS central bankers’ speeches  1  remaining below 30% for the last 10 years. With our world-class oil and gas industry and one of the largest airline fleets in the region, having the requisite insurance underwriting expertise in these sectors is not only a logical business extension for the industry; it is also an important economic imperative for the country. With more than 200 actuarial science graduates coming into the market annually, a healthy talent pipeline exists to support a whole range of functions from pricing to risk management and financial reporting. To leverage this resource, more needs to be done by the industry. In a recent survey of 20,000 graduates in Malaysia, the insurance and takaful sector lags other financial institutions in attractiveness, with only three positions among the top 100 employers in Malaysia, compared with the banking sector which has 16 names. The industry, collectively, ought to do better than this. We cannot be complacent when it comes to talent development. The hunt for talent is a continuous affair. Therefore, a strategic focus and investments to attract, retain and develop this talent must be prioritised.

Demand from the U.S. used to be the key driver for global oil prices. This is no longer the case. Research has shown that the Asia-Oceania region is now the world’s leading consumer of petroleum and other liquid fuels11. Recognising this, CSRC Vice Chairman Fang Xinghai accurately reflected in May 2016 that China is now “facing a chance of a lifetime to become a global pricing centre for commodities”12. 9 The emerging trend highlights that Shanghai and Singapore are facing an important crossroad ahead. As international financial centres in Asia, we can strategically position ourselves to play key roles in shaping the new Asian financial landscape. Both cities are the gateways to two of the most important economic regions in Asia – China and ASEAN:  The China story is a familiar and also fascinating one. By 2050, China could account for one-third of the world’s economy. China’s banking system could grow to become the largest in the world within 4 years by 20205. Today, global financial institutions are paying close attention to China’s increasing importance in global markets. As China’s financial markets progressively liberalise, their global influence will likely extend further. For a start, China’s 10 trillion stock market and 9 trillion interbank bond market, and this is in USD, will likely be included into global stock and bond indices over the next two years. Re-balancing of portfolios by global investors will lead to an upsurge of financial flows into China, enhancing the internationalisation of China’s financial markets.