samchain/econo-pairs-v1 huggingface dataset:
A very large base of the pyramid, so to speak, that’s not well served by the financial sector in Asia. So there’s tremendous scope for innovation in finance as a way of reaching out to far more people and meeting their needs. And there’s a new generation of tech-savvy individuals in Asia like elsewhere. They are also averse to paying fees. They too are a prime market for FinTech in Asia. We are promoting innovation in finance in a comprehensive way in Singapore. It requires a whole ecosystem. It requires bringing a whole range of players together – the technology players, finance players, start-ups, and both global and local Singapore players. We are also looking at every segment of the financial business. There is scope for innovation across the business – in credit, savings, investing, payments and so on. BIS central bankers’ speeches  1  But importantly too, we intend to be right there at the frontier with regard to the common technology platforms, or the utilities that can be a very important enabler for innovation in finance – the common platforms that help individual players, produce network effects as more players come on board, and help the market work better. We are looking at each of the industry verticals to see what common platforms might be needed. Ravi will talk more about this. In trade finance, for example, where we are making good progress. There are also the horizontal infrastructures that can underpin innovation in a range of industry verticals.

2  BIS central bankers’ speeches  Most FinTech ventures, globally, have indeed not succeeded to date. The real stress test of any new idea in finance is the economic and credit cycle. But even where new players fail, they usually leave behind an idea – an idea to be modified, taken over or improved. We must allow for this experimentation, but we must do it in a way that preserves trust and credibility in our financial system. That is foremost in our minds. So regulators are watching this carefully. We have to allow for innovation. But any player that acquires a meaningful scale in finance should expect to be regulated like any other financial institution in their business. There must be a level playing field, and there are to begin with good reasons for why regulations exist. We cannot stifle innovation. We must let people come up with new ideas, and let them run with it. But once they acquire meaningful scale in the financial sector, they should expect regulation. Ten years from now, finance will be very different. We can’t say exactly how. But we in Singapore intend to be a key player in innovation in finance. A key player in advancing ways to help consumers with their needs as lenders, borrowers, as makers of payments. In Singapore and the Asia-Pacific. We will go about this very energetically in Singapore, especially in developing common infrastructure or utilities, as I just mentioned. Ravi will be going through some of our strategies.
In this respect, I would like to thank Ambassador Maître, the Swiss Government, the State Secretariat for Economic Affairs (SECO) and its Bilateral Assistance and Capacity Building for Central Banks (BCC) program for supporting research activity at the Bank of Albania. This 1/2  BIS central bankers' speeches  cooperation has been a significant instrument for improving our research work and exposing it to academic and international research community. Our cooperation will continue in the future to improve research methodologies and products. We are currently working with SECO toward the optimization and institutionalization of research agenda and research implementation in central banks. These important issues will be discussed in a jointly-organized workshop with all BCC partners on capacity building for central banks, in Tirana in spring 2020. Dear ladies and gentlemen, Our SEE Research Workshop has become a cherished tradition for Bank of Albania and central banks of the SEE region. It is a great pleasure, and we are very happy to see that the workshop continues to generate interest beyond the SEE region and central banking community. The list of participants has expanded to include speakers from academic institutions in the EU, the US and South-Eastern Asia, as well as from international financial institutions. Your participation is contributing to broadening and enriching our network and we hope that discussions will help our researchers to improve their work and strengthen their research recommendations.

Gent Sejko: The importance of studying technological and demographic developments disrupting labour, finance and markets Welcome remarks by Mr Gent Sejko, Governor of the Bank of Albania, at the 13th SEE Economic Research Workshop, Tirana, 5 December 2019. * * * Dear Ambassador Maître, Dear guests and speakers from academia, central banks and research institutions, Dear participants, It is a great pleasure for me to open the proceedings of the 13th SEE Economic Research Workshop, in which we present and open for discussion research projects undertaken by the Bank of Albania in the current year, and have the opportunity to get feedback from colleagues from academia, central banks and research institutions worldwide. This is a very important event for the Bank of Albania, since all the projects that will be discussed during the two days of the workshop are designed to help the analysis, decision making and implementation in the areas of monetary policy and financial stability as well as other central bank aspects. Based on this careful formal analysis, our policies have been successful in preserving monetary, macroeconomic and financial stability. Despite hardships, our economy has registered positive growth rates, and our banking system’s performance has been stable. The banking sector is well capitalized and profitable, non-performing loans have decreased and banks continue to support economic activity with credit, while managing potential shocks originated from the external sector of the economy. The agenda is rich and covers the most important areas of research related to traditional central bank activity.
Inflation is higher in the euro area than in the US and approximately in line with the objective defined by the European Central Bank. In the euro area, however, capacity utilisation is very low, unemployment high and the outlook for growth is weaker. Against this background, it will probably also take time before interest rates rise markedly in the euro area. Chart 14. USD/EUR and the US current account balance as a percentage of GDP 0.8  0 USD/EUR (left-hand scale)  1  -2  1.2  -4 Current account balance (right-hand scale)  1.4 1999  2000  2001  2002  2003  -6 2004  Sources: OECD and Norges Bank  The imbalances in world trade represent a particular risk. The US is running a substantial trade deficit, which was financed for a number of years by private capital flows to the US business sector. The flows have subsided and led to a sharp fall in the US dollar at the same time as the euro has appreciated. Through purchases of US government securities, Asian countries have thus far kept their currencies stable against the US dollar. The US federal budget deficit is an important source of the imbalances in world trade. It appears that it will take time before the deficit is reduced to a considerable extent. This entails a risk that the dollar will depreciate further and that US long-term government bond yields will move up.

16  17  18  19  20  Figure 10 Business expectations (IMCE) (1) (original index)  80  80  Investment expectations (2)  70  70 Present situation  60  60  50  50  40  40  30  30  Employment expectations (3)  20  20  10  10 10  11  12  13  14  15  16  17  18  (1) Value above (below) 50 shows optimism (pessimism). (2) Simple average between expected investments in manufacturing and trade. (3) Simple average of expected employment in manufacturing, trade and construction. Source: Icare/Universidad Adolfo Ibáñez.
Touching on the issue of security, the banking industry has implemented additional security features such as the introduction of two-factor authentication to ensure the validity of Internet banking users in addition to the use of user identification and password. For your information, the losses due to Internet banking fraud, accounts for only 0.0002% of the total transactions of RM3 trillion recorded in 2012 and this figure has declined to 0.0001% of the transaction amount of RM2.6 trillion in the first nine months (January – September) this year. The speakers will share with us more about the safety features and safe practices to conduct Internet banking afterwards. To encourage the migration to e-payments, Bank Negara Malaysia has announced a new pricing strategy for payment services in March this year. The transaction fee for IBG conducted via Internet and mobile banking has been reduced from RM2 to 10 sen with effect from 2 May 2013. This is to give the public and businesses an 11 month head-start to adopt e-payments before the cheque processing fee of 50 sen is imposed on 1 April 2014. The adjustment to the IBG and cheque prices is to align them closer to their cost of production. The actual cost of production is about RM3 per cheque and currently consumers pay only 15 sen for the stamp duty per cheque leaf. The 11 months delay in the increase in cheque fee was intentional to allow the public and businesses to familiarize themselves with the use of online banking to conduct e-payment transaction.

In this regard, banking institutions have given their commitment to facilitate and advise customers on safe practices in migrating away from cheques to adopt electronic payments. Bank Negara Malaysia and the banking industry will continue the efforts to assist businesses and the general public to ensure a smooth transition in adopting online banking and IBG. This includes the increase of transaction limit for IBG and online banking from RM5,000 to RM10,000 to facilitate high valued payments. With the increase in the limit, 90% of the total  1  2  Affin Bank, AmBank, Bank Islam, Bank Rakyat, CIMB Bank, Hong Leong Bank, Maybank & Public Bank. BIS central bankers’ speeches  number of cheques which is 184 million from 204 million cheques in 2012, or 135 million of 150 million cheques issued in January to September 2013, can be made via online banking. In addition, most of the banks have shortened the crediting time for IBG transactions, in which the beneficiaries will receive their funds faster within the same day. Other initiatives include several major banks will be offering IBG services via ATM and banks have provided access to Internet banking through the deployment of Self-Service Internet Kiosk at all bank branches to facilitate those who do not have access to Internet banking to make payment electronically.
The economy is operating far below its productive potential – leaving the level of output, income and employment much lower than they would be if the economy’s unused  BIS central bankers’ speeches  3  resources were put to work. One summary statistic says it all – the unemployment rate is unacceptably high at 9 percent. Given my outlook, the decline of unemployment over the next year is likely to be modest. Furthermore, we also continue to face significant downside risks, mostly related to the stress in the eurozone. In a speech yesterday at West Point, I highlighted the need for our nation to deploy a full set of economic policy tools to secure the recovery and build for the long term. This includes monetary policy, but also requires policies to help repair housing markets, fiscal policy that supports growth in the short and long run, and structural reforms that increase competitiveness and support a shift in the pattern of economic activity toward a more sustainable growth path than that which prevailed during the last business cycle upswing. Regional economic conditions How is the recovery proceeding in the state and the region? As I mentioned, the New York Fed produces economic activity indexes to help monitor conditions in New York State.1 Based on our index, the downturn in the state’s economy ended in November of 2009. Since then, I would describe the state’s economy as recovering at a moderate pace, although there appears to have been a pause in September.

Although the latest news on the U.S. economy is somewhat more encouraging than that from earlier in the year, we should not take much solace from that. After a very weak first half, when GDP growth was less than 1 percent, economic activity has strengthened somewhat and inflation pressures are starting to ease. Growth in the third quarter is currently estimated to be 2.5 percent, and recent indicators suggest growth in the fourth quarter could be somewhat higher. This modest rebound reflects in part the passing of transitory factors such as the damping effect on household and business spending power from rises in energy and food prices as well as the supply disruptions related to the earthquake and tsunami in Japan. However, as we look toward 2012, the U.S. economy continues to face several obstacles to a robust recovery. Accordingly I expect growth of about 2.75 percent for 2012. Consumer price inflation has begun to moderate. This moderation is just starting to become evident on a 12-month time horizon – in which consumer price inflation as measured by the consumer price index (CPI) is rising at about a 3.5 percent annual rate. Given current expectations for the path of energy prices – taken from futures markets – consumer price inflation on a year-over-year basis should continue to fall over the next few months. We cannot be satisfied with the current state of the economy or the outlook for the next few years.
The total amounts of foreign exchange purchased and sold by the Central Bank from 2002 onwards are shown year by year in the table below:  6  BIS Review 4/2008  Table 2: The Central Bank’s net foreign exchange purchases and sales (2002-2007; USD million) Year  FX Buying Auctions  FX Selling Auctions  FX Buying Interventions  FX Selling Interventions  Total Net FX Buying  2002  795  -  16  12  799  2003  5,652  -  4,229  -  9,881  2004  4,104  -  1,283  9  5,378  2005  7,442  -  14,565  -  22,007  2006  4,296  1,000  5,441  2,105  6,632  2007*  9,494  -  -  -  9,494  Total  31,783  1,000  25,534  2,126  54,191  * As of 14 December 2007. Unless extraordinary differences are observed in foreign exchange liquidity conditions, foreign exchange buying auctions will continue in 2008 with the aforementioned amount that has been set as USD 90 million maximum with USD 30 million for auction amount and USD 60 million for optional selling amount.

The importance of Special CPI aggregates Due to its comprehensive context coming from its definition, consumer price index can be exposed to temporary fluctuations. Core indicators allow for differencing out the price movements in items unaffected by monetary policy actions, and thus enable much better analysis of the main inflation trend. For instance, the impact of a significant increase in energy prices on consumer prices can be analyzed by using a price index excluding energy prices. Similarly, a temporary price increase arising from one-time movement in special consumption tax levied on tobacco products can also be identified by using special CPI aggregates excluding the item in consideration. A series of supply-side shocks that have occurred over the last 2 years have underlined the importance of special CPI aggregates. The relevant indicators, which may also be called as “core” indices, have played an important role in the communication of monetary policy decisions in 2007. Undoubtedly, it is not possible to define a single core indicator for inflation that can disregard all temporary effects observed in consumer prices. For instance, the Special CPI Aggregates issued by the Turkish Statistical Institute does not exclude processed food group. As we have experienced recently, the drought has a negative impact on core measures via processed food prices. In other words, although the main inflation trend has not worsened, the growth rate of special CPI aggregates can display increases stemming from processed food prices.
It is very important in the fight against inflation and for the attainment of medium-term inflation targets that tight fiscal policy is carried out decisively. It is observed that the primary surplus targets were, to a great extent, achieved, in the last four years. In the first six months of 2006, budget surplus was provided for the first time since 1984 and 78.4 percent of the primary surplus target that was set for 2006 was reached. It is seen that the resolute attitude towards the continuation of fiscal discipline is still maintained today. In this framework, in the scope of the disinflation process, it is very important for the Central Bank that the policies regarding public revenues and pricing are established consistently with the inflation targets and that any need for any unplanned public price adjustments is precluded by respecting the limits of budgetary expenditures. In order for inflation to converge to medium-term targets, it is of critical importance that the structural reform process is maintained in a resolute manner and without any compromise. These reforms would enhance the quality of fiscal discipline, improve competition and the investment environment, which, in the long run, would support an increase in productivity, and would therefore contribute to the disinflation process. 4  BIS Review 89/2006  Now, I would like to underline a point. In our country, expectations may change and go to extremes very rapidly.

The declines in the Central Bank Business Tendency Survey indicators and domestic sales of automobiles as well as the fall in the Consumer Confidence Index also support this anticipation. Thus, it seems likely that the rate of growth will decelerate to a certain extent in the second half of 2006 and the first half of 2007. At this stage, I would like to draw your attention to the following point: What Turkey needs is to sustain growth at levels close to its potential. The uninterrupted course of growth in recent years is just the beginning. This process is a dynamic one. Structural reforms are extremely important and should be reinforced with micro measures, and a strategic vision should be adopted in line with changing needs and new structures. The Ninth Development Plan provides significant ground in this regard and should be put into implementation immediately. I would also like to say a few words about employment, which is another important issue on the agenda of Turkey. The number of people employed is gradually increasing in line with the high growth performance in our country. In the last one-year period, nine hundred seventeen thousand (917,000) new employment opportunities were created in sectors excluding agriculture. Moreover, in accordance with the structural transformation process in the economy, the sectoral distribution of employment is changing and a rapid shift is observed from the agricultural sector to other sectors.
See for instance: Willem Buiter and Anne Sibert’s original MMLR proposals from 2007 (Maverecon Buiter's  Blog: Central banks in a time of crisis: a preliminary scorecard  - Willem  ; or The Central Bank as the Market  Maker of last Resort: From lender of last resort to market maker of last resort | CEPR ); Paul Tucker’s 2009 speech (The Repertoire of Official Sector Interventions in the Financial System: Last Resort Lending MarketMaking, and Capital - speech by Paul Tucker | Bank of England); Perry Mehrling’s New Lombard Street (The New Lombard Street | Princeton University Press (bis.org)  ); this 2014 BIS workshop (Re-thinking the lender of last resort  ); Yale’s New Bagehot project, launched in 2017 (The New Bagehot Project | Yale School of Management  ); and the G30 and Brookings post-Covid reports on enhancing US Treasury market resilience (Group of 30 :: Publication Details (group30.org) (brookings.edu)  and Enhancing liquidity of the U.S. Treasury market under stress  ). 6. Which gave Defined Benefit pension schemes leveraged exposure to gilt yields, hedging against upside risks to  Page 14 liability values in a low-interest rate world, while freeing up space for the schemes to hold riskier, higher-yielding but less liquid assets. 7. https://committees.parliament.uk/publications/30129/documents/174330/default/ . In the event, the LDI operations returned revenue of £ to the UK government. But positive returns cannot be guaranteed from such operations, and would not have arisen, e.g.

But what Lorie and I wanted to highlight was that, while Covid itself may have been truly exceptional, the financial market propagation mechanisms that turned that shock into a nascent systemic liquidity crisis reflected more structural trends: an increasing reliance by the real economy on core capital markets rather than banks; constraints on market intermediation capacity; and a range of unresolved vulnerabilities in non-bank firms that played an ever-growing role in those markets. In short, even if nothing as awful as Covid ever happened again, market dysfunction at a scale capable of threatening systemic stability could recur – and in all likelihood, would do so. And central banks needed to be ready to play their part. Our working group did not seek to provide a single definitive ‘playbook’ for such events – the range of potential shocks, and different national market and institutional structures, made that impossible. But it did set out a framework of principles and possible tool choices. [2] And that framework proved invaluable at the Bank of England when, late last year, vulnerabilities in Liability Driven Investment (LDI) funds amplified the impact of an abrupt change in fiscal stance into a selfreinforcing spiral in government bond prices. Long maturity nominal gilt yields rose by 130 basis points in a matter of days – three times the size of any comparable historical move – and we were  Page 3  required to intervene to safeguard financial stability.