samchain/econo-pairs-v1 huggingface dataset:
Today I have shared with you two reports that reflect the institutional vision of the Central Bank on the macroeconomic picture, the outlook for inflation, the financial risks and the orientation of the policies that are our responsibility. These reports reflect how internal analyses and discussions operate in a shared vision and in institutional decisions. We have also tried to illustrate how the Bank's work on its two objectives of price stability and financial stability complement each other, strengthening our action in both dimensions. We are convinced that this action will boost the country's economic stability, reducing the risk of volatility and financial turmoil. However, as we have argued in the past, the Central Bank cannot, using its toolkit, avoid or reverse cycles, drive long-term growth or replace responsible behavior of economic agents. This challenge involves other financial, economic and political players. We hope that the Bank's diagnosis and action will contribute to this community of purposes. Thank you. 12  Figure 1 Inflation indicators (*) (annual change, percent)  8  8 CPI  Services EFE  6  6  4  4  2  2 Goods EFE  CPIEFE  0  0  -2  -2  -4  -4 13  14  15  16  17  (*) As from January 2014 the new indexes with annual base 2013=100 are used, so they are not strictly comparable with earlier figures. Sources: Central Bank of Chile and National Statistics Institute (INE).

The learning and sharing among peers will also encourage cross-fertilisation of ideas, identification of best practices, and collaboration in green investments. 11. Asia is a good starting point for this global alliance. It represents a good mix of developed and emerging economies at different stages of economic development. Each has its unique set of environmental challenges but together we share a common commitment to creating a greener and more liveable region. Closer to home, Hong Kong hosts three quarters of the world’s 100 largest banks, with many of their Asia Pacific headquarters based here. So, we are uniquely placed to serve as the testing ground for the Alliance by connecting banks in the region to their global peers to facilitate sharing and learning. We are confident that the experience gained in Asia will provide useful insight and reference for the IFC to promote green banking in other parts of the world.10. Equally important, by helping banks build their capacity, the Alliance will complement the efforts of banking regulators across jurisdictions to enhance the banking sector’s management of climate-related risks and promote sustainable banking. Participating banks will benefit greatly from the IFC’s wealth of knowledge and expertise in the field of green finance. The learning and sharing among peers will also encourage cross-fertilisation of ideas, identification of best practices, and collaboration in green investments. 12. The Alliance is a new initiative for both the HKMA and the IFC. Today marks the first step of an exciting journey.
But obstacles to refinancing and access to credit for home purchases are limiting the support provided by low rates to house prices and consumption. Meanwhile, the large supply of foreclosed homes for sale – and the prospect that unemployment and negative equity will continue to feed the foreclosure pipeline – continues to put downward pressure on home values. The risk of further house price declines in turn discourages would-be buyers from entering the market. Continued house price declines could lead to even more defaults, foreclosures and distressed sales, undermining wealth, confidence and spending. Breaking this vicious cycle is one of the most pressing issues facing policymakers.   Next, cutbacks in employment and spending by state and local governments intensified in 2011 and are likely to continue. Looking forward, states are likely to cut spending further as the federal government stimulus aid to states peters out.   In addition, by current law, in 2012 the federal government will end much of the support it has been providing to the economy through stimulus programs. As these measures expire, households will be able to consume less and businesses will have less incentive to invest for a while. Plus, the new Budget Control Act calls for additional sharp cuts in federal spending. Our nation needs to get its public finances in order. Done correctly, with a focus on the long term, this could support confidence and growth. But it is very important to avoid excessive short-term cutbacks or tax increases that could harm the recovery.

William C Dudley: The national and regional economic outlook Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, before the Bronx Chamber of Commerce at the New York Botanical Garden, Bronx, New York, 24 October 2011. *  *  *  Good morning. I am very pleased to be at the New York Botanical Garden to speak to members of the Bronx Chamber of Commerce this morning. The Garden is one of the jewels of the Bronx and it is always a pleasure to speak with the business leaders of a community as vibrant as the Bronx. Over the past 20 months, I have been engaged in a series of outreach meetings all across my Federal Reserve District. I consider these visits just as important as my trips to Washington, D.C., to help formulate monetary policy or to Switzerland to shape international bank regulation. The understanding that I gain today will help ensure that my policy decisions reflect the public interest in the broadest sense. Each visit within the region helps me deepen relationships with the people I represent. As you may know, the New York Fed’s District includes all of New York State; 12 counties in northern New Jersey; Fairfield County, Connecticut; Puerto Rico; and the U.S. Virgin Islands. This year I have met with community leaders, businesses and elected officials around the region.
As Libor is a reference rate that is used globally for large volumes of contracts, it is quite inacceptable that individual banks should casually report incorrect figures. The Riksbank has long followed developments concerning the corresponding reference rate in Sweden, known as Stibor. We are currently carrying out our own investigation into how Stibor is determined and we also have an on-going dialogue with the Swedish banks on how they need to strengthen governance and increase transparency with regard to Stibor. I assume that Swedish banks will take heed of what has happened with Libor and help reinforce confidence in Stibor. It is  4  BIS central bankers’ speeches  possible that we may need to wait and see what happens with Libor before we can establish a better model for Stibor, but meanwhile Swedish banks should make it clear to the market and the general public how Stibor is set on a daily basis and what controls and checks exist in the current organisational framework. The Riksbank’s investigation is not yet complete, but will be presented during the autumn. Weak developments in Europe and some uncertainty over the strength of the US recovery If we move on to the economic statistics released during the summer, they have mostly concerned developments during the second quarter, that is, up to the end of June. However, there have also been some indicators for the third quarter. To summarise, one can say that developments abroad have largely been in line with the assessments we made in July.

But during the second half of July, concerns increased again when reports were received of the weak finances in Spanish regions. This contributed to new speculations regarding whether the loan to the Spanish banks is sufficient, or whether it will be necessary to implement a full-scale support package for Spain. Yields on Spanish government bonds with both short and long maturities rose to new heights. Italy was also affected by the unease. At the same time, yields on German and French government bonds remained at extremely low levels. The problematic situation on the bonds markets was discussed by the European Central Bank, ECB, at the beginning of August. After the meeting, ECB Chairman Mario Draghi made it clear that countries needing acute assistance should first turn to the EFSF/ESM and accept support under the terms they stipulate. After interventions might be undertaken by the ECB, within its mandate for price stability, and the ECB will investigate potential measures. It was already clear that potential bond purchases by the ECB would focus on bonds with shorter maturities. Expectations were fairly high prior to the ECB meeting, and Spanish and Italian bond yields had fallen during the days before the meeting. When the ECB did not announce any immediate measures, yields rose quite strongly at first. They have since fallen somewhat again, primarily yields on government bonds with shorter maturities.
The third panel, chaired by Duvvuri Subbarao, will take up the question of how to deal with these vulnerabilities. What are the appropriate policy responses, and what is the role for regulation and capital controls? One policy response has been the accumulation of reserves, which can provide a temporary shock absorber. However, reserve accumulation entails costs for the countries accumulating reserves as well as for the world economy as a whole. Our last panel, chaired by Masaaki Shirakawa, will discuss alternatives to self-insurance. An obvious question here is the role of IMF lending facilities. 2  BIS Review 65/2010  As already mentioned, the questions we address today are difficult and complex. Someone who played an important role in trying to address them over several decades was Jacques Polak. Sadly, he passed away earlier this year. Reflecting on the efforts to reform the international monetary system since the Bretton Woods conference, Jacques Polak once suggested that “those of us who toil at the international monetary system would do well to adopt Sisyphus as our patron saint”. In honor of Jacques Polak, let us then push the stone back up the mountain once more and start with our first panel. Thank you for your kind attention. BIS Review 65/2010  3

For that reason, our approach to liquidity insurance continues to evolve: •  In November 2014 we extended eligibility for membership of the Sterling Monetary Framework to include broker-dealers and Central Clearing Counterparties (CCPs), giving non-banks access to our permanent liquidity insurance facilities for the first time. •  The range of acceptable collateral continues to extend: we have started to approve pools of auto loans and invoice finance receivables as eligible collateral for the first time. And we have started work to ensure there are no technical obstacles to our ability to accept equities as collateral should the need arise. 4  The Bank introduced US Dollar repo operations in September 2008, and their usage peaked at the equivalent of $ in October 2008. The Bank also provided a peak of $ to RBS via Emergency Liquidity Assistance. 5  The Bank’s commercial paper purchase schemes opened in February 2009 with a peak usage of £ The corporate bond purchase scheme opened in March 2009, with a peak usage of £  6  Plenderleith (2012) and Winters (2012). 7  http://www.bankofengland.co.uk/markets/Pages/sterlingoperations/redbook.aspx. 4  BIS central bankers’ speeches  •  The Bank will commence work in the second half of 2015 to assess the feasibility of establishing a Shari’ah compliant facility. By providing an additional highly liquid asset for Islamic banks, such a facility would be a significant step forward in their liquidity management capabilities. •  We are continuing to develop our capacity to lend in currencies other than sterling.
First, have the proposals achieved enough risk sensitivity? And second, do they achieve too much risk sensitivity, particularly in the context of the debate about whether ratings amplify procyclicality? As I said earlier, the new Accord has been designed to incorporate some real-world pragmatism. A major achievement of the existing 1988 Accord, and one that we would like to see preserved, has been its near-universal worldwide acceptance as the minimum standard for banking stability. So, if this huge advantage is not to be lost, it means that the new Accord has to be adaptable to a wide range of situations, to accommodate not only differing levels of sophistication amongst banks but also differing levels of expertise amongst supervisors. The answer, unsurprisingly, is a menu approach. For credit risk, alongside the greatly more risk sensitive internal ratings based approach, we have the option of a revised standard approach. This is certainly a step forward from the existing approach, but it remains a relatively simple framework. In its implementation, for many banks it may prove very simple indeed, since the large bulk of their loans are likely to have no ratings and so fall into the unrated bucket. The result will be little change on the existing Accord. I think this is inevitable.

The initial shock on the global economy did not differ much from the one that hit in the 1930s. There were many similarities between the Great Depression and the Great Recession. Worth noting are the initial fall in manufacturing output and trade, the collapse of stock prices and credit, and the increase in bond spreads (see Eichengreen and O’Rourke, 2010). These remarkable similarities in the first months of the crisis were alarming. The questioning of the profession was also worrisome. However, the subsequent evolution of the global economy was quite different from that of the Great Depression, and it was certainly the result of good macroeconomic management. There was a failure in crisis prevention, but the policy response has been good so far. More remarkable has been the response of emerging market economies. In particular, Latin America, a region that historically magnified the global cycle, this time will perform better than the world economy’s average. The world has still many macroeconomic problems to solve before we can declare victory. Indeed the same policies that averted a collapse require careful review to avoid planting the seeds for the next crisis. 3  On this issue, Rancière et al. (2008) find that “countries that have experienced occasional financial crises have on average grown faster than countries with stable financial systems”. 4  BIS Review 84/2010  First, there is a need to think seriously about moral hazard. It is true that during the crisis this was a second order problem.
At the same time, to ensure no disruption to the financing of the US deficits, there may be a need to consider broadening the scope of investing in US assets especially the physical assets. This is to ensure continued interest in US assets at a time when some segments of US financial assets may be less appealing than before on account of the ongoing stress in the credit market. But in the longer-term, we need to look at this process of adjustment from a global perspective and the key to the issue would be to rebuild a stronger domestic demand growth outside the US. Doing so would require stimulating public investment in infrastructure especially in Asia, as well as continuing with the financial reform to support private investment and credit expansion. And finally, greater flexibilities in prices will also go a long way in promoting an efficient resource allocation. All these points are not new, but they are a good reminder of what needs to be done. Since, our theme today is on the new trends in reserves management, let me end my remarks with a few points on reserves management and financial markets. Reserves management is essentially the flip side of reserves accumulation. In terms of the stock of reserves, notwithstanding a successful adjustment in the global imbalance, the relative importance of countries, as measured by their reserves positions, is unlikely to change significantly in a foreseeable future from the position we are in today.

The second is the policy configuration in the US, especially the easing of monetary policy that plays a crucial role in promoting expenditure of US households. And the third is financial innovation and the deepening process of financial globalization, especially in the US, that facilitates risk allocation and enhances access to credit by households. The growth of credit derivatives and sub-prime mortgages are two examples of the developments that have taken place. On the global basis, these forces have led to a widening of the US current account deficits that was matched by surpluses elsewhere. As for East Asia, in terms of the investmentsavings gap, the increase in surplus essentially reflects a fall in investment as opposed to a rise in savings as is the case for China and the oil-exporting economies. In the Thai case, a deep currency depreciation after the crisis led to a shift in profitability towards tradeables, and induced a major shift in resource allocation. Also, the damage to the banking sector compromised credit growth and the subsequent expansion of domestic demand, as the ability of the financial sector to take risk became more constrained. As a result, there was a sharp fall in domestic demand, especially private investment. And exports, by default, became the key engine for growth. Similar adjustment was observed throughout East Asia. The adjustment led to a turnaround in the external current account, a decline in external indebtedness, and a rise in international reserves, all of which helped strengthen the region’s external position.
It will be possible for instant payments to be made 24 hours a day within 10 seconds from debiting the payer’s account to crediting the payee’s account and receipt of confirmation by the payer. Instant payments will be settled applying the widely used in Europe pre-funding model. It requires a special account with the central bank, intended only for settlement of instant payments. All banks are expected to be able to receive instant payments by April 2023. Meanwhile, as a next stage of the same project, the preparation for processing of customer batch credit transfers in the national currency is underway. These payments are based on the requirements of the SEPA Credit Transfer scheme. Customer transfers will be send by the originator bank in batches for processing by BISERA6 and the pre-funding model will be used for their settlement. This will speed up customer payments that will be credited to the payee account 1/2  BIS central bankers' speeches  within less than an hour. Banks in Bulgaria are expected to migrate from credit transfers with predefined moment of settlement (three times a day), to processing of batch payments by the end of 2021. Preparation of the payment service providers and payment infrastructure for processing instant payments and customer batch payments in the national currency based on SEPA credit transfer schemes would allow, upon the adoption of the euro as a legal tender in the country, for smooth transition of the services without major modifications of the payment systems and banks’ internal systems.

There have been some unsavoury practices in this space: “flash loans” being used to manipulate prices in the market; bots being used to front-run retail trades. With decentralised governance, who do you approach to recover lost accounts or reverse accidental transfers of money? Existing regulatory frameworks will need to be adapted if DeFi becomes a reality. Regulations crafted to manage risks in a world of intermediaries are ill-suited where intermediaries are replaced by smart contracts. Enforcement is more challenging when control or governance is dispersed across the blockchain. MAS will follow Web 3.0 and DeFi developments closely, deepen our understanding, and seek to harness the benefits while managing the risks. We will work with both the financial industry and the broader ecosystem to find the right balance. It will be a learning journey. Regulatory Sandbox Plus And what better way to learn than by experimenting? We will facilitate experiments for blockchain and DeFi innovation through regulatory sandboxes. Five years ago, MAS launched the FinTech Regulatory Sandbox, to support live experimentation of technology innovations. Two years ago, we enhanced it with Sandbox Express, so that businesses can begin market testing of low risk activities in a pre-defined environment faster. MAS will enhance its regulatory sandbox with Sandbox Plus.We will broaden participation to early adopters of technology, in addition to first movers. We will provide financial grants to first movers of innovation, to support their technology, human capital, and market development.
Page 21 of 27  Dec  Figure 15 Investments committed for next five years (CBC) (4)  Capital goods imports and IPSA (1)(2)  (billions of dollars)  (thousands of dollars of 2013; million of dollars of 2013) 14  Real IPSA (t+7)  Capital goods imports and IPSA (1)(2)  1,700  50 45  12  1,500  10  1,300  40 35 30  8  1,100  6  900  4  700  2  500  25 20 15 10  08 09 10 11 12 13 14 15 16 17 18 19 20 21  5  0 18  II  III  IV  19  II  III  IV  20  II  III  IV  21  (1) Quarterly moving averages. (2) Series deflated by the capital goods import price index, with base year 2013=100. Spliced with the base year 2008=100 series using annual changes. For second quarter, data for the first quarter of that year are repeated. (3) Excludes other transport vehicles. (4) Four-quarter moving average. For each version of the CBC survey, includes 5-year forecasts, considering the current year. Sources: Central Bank of Chile, Bloomberg, and Capital Goods Corporation (CBC).

Ladies and Gentlemen, as we strive to achieve the Vision of becoming a middle income country by the year 2030, we shall no doubt be confronted with such and many more similar challenges both economically and politically. To be well prepared for such trying times ahead, we need to groom our best talents to assume leadership positions in all sectors of the economy. To achieve this vital task of nurturing our future leaders, the Government is trying its level best to provide education to all Zambians. The Government has done well thus far and should be implored to continue doing so. BIS Review 160/2008  1  However, providing education for the benefit of all citizens is never an easy task due to other budgetary pressures exerted by other competing sectors like Health, Agriculture, and Community Development etc. If we are to achieve education for the majority of our people, we need concerted efforts from all stakeholders including private institutions and charitable organisations like the Masomo Education Foundation. Mr President, I am informed that the objective of the Foundation is to educate young Zambians at local colleges. I am particularly pleased that the Foundation is utilizing local educational institutions. This should be commended as it demonstrates the confidence you have in the calibre of our learned colleagues at these institutions.