samchain/econo-pairs-v1 huggingface dataset:
The mandatory savings scheme was intended to inculcate in the beneficiaries the value of thrift as an integral part of making any sustainable livelihood 18 . This is because without learning how to save, an individual is unable to learn how to spend wisely. Accordingly, each member of the group was required to save per week a minimum of Rs. 5 19 in a group savings account which later served as an insurance against unexpected future eventualities such as family illnesses or crop or business failures. Group members were encouraged to meet in rotation in one of the member houses at least once a week so as to ensure group cohesiveness and facilitate member education programme. At these meetings, they were encouraged, guided by the change agent, to discuss among themselves freely why they were poor, what skills they were lacking for gainful enterprise, the working of the free market system and how they could benefit by being integrated to the market system. These meetings also gave them vital training on how they could conduct meetings democratically and listen to each other without being offended or having to embarrass others when a disagreeable opinion is made. Groups were chaired by a member who was also selected by rotation and records of group meetings were kept by a member who functioned as its secretary.

Eddie Yue: Hong Kong as an international financial center – the China factor Introductory remarks by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the “Hong Kong: China’s Global Financial Centre” conference, New York, 1 March 2011. *  *  *  Ladies and gentlemen, It’s my great pleasure to be here today. No doubt I fully agree with Ms Leung and Mr Wheatley as they have rightly set out the key strengths of Hong Kong in serving as a financial hub in Asia. But I would also like to go deeper into the matter and focus on one very important factor, which may explain why more and more asset managers have been looking to set up their regional operations in Hong Kong. And this is the China factor – a unique competitive advantage of Hong Kong that is difficult for other financial centers to replicate. The China factor is growing in prominence as China continues with its path of very impressive growth: over the past three decades, Mainland China’s GDP has registered an amazing 29-fold increase, from around $ billion to more than $ trillion in 2010, with an average annual growth rate of 10%. Today, Mainland China is already the second largest economy in the world and the single biggest contributor to the world’s economic expansion, creating nearly one-fifth of the world’s newly generated economic activities. As an international financial center of China, Hong Kong stands to benefit the most from the country’s phenomenal development.
It should be made clear, in particular, that, whatever the new tasks and functions of central banks, price stability should remain the primary objective of monetary policy. As I said, this may not be a sufficient condition to ensure financial stability. But it is certainly a necessary one. Looking at recent events, the credibility of central banks has enormously helped to contain financial instability and its effects, both directly and indirectly. Directly, because their credibility has allowed central banks to act forcefully in the knowledge that they could do so without “disanchoring” inflation expectations. And indirectly, because, with expectations firmly anchored, the risk of a deflationary spiral has been considerably reduced. Indeed, even when instant inflation turned negative in many countries for several months in a row, long-term inflation expectations remained remarkably stable. To maintain and preserve this necessary clarity, we are fortunate, in the Eurosystem, in having an appropriate and efficient framework. The Treaty specifies that the primary objective of monetary policy should be to achieve price stability; and that other goals can only be pursued without prejudice to this primary objective. The financial stability function fits naturally into this hierarchy. It cannot be pursued at the expense of the main objective. As you know, our approach to monetary policy making is organized around two “pillars”, with one specifically focused on monetary and credit aggregates. We have mainly used this second pillar to detect potential long-term risks to price stability.

[9] There are currently eight globally important banks in the euro area (in France, Germany, Italy, the Netherlands and Spain) holding additional buffers of between 1% and 2%, and 108 other systemically important institutions with buffers of up to 2%. Systemic risk buffers have been activated in five countries, with a range of between 0.5% and 3%, and the countercyclical capital buffers have been announced in seven countries (Belgium, France, Germany, Ireland, Lithuania, Luxembourg and Slovakia) with rates between 0.25% and 2%. For more information, see “Macroprudential measures in countries subject to ECB Banking Supervision and notified to the ECB” on the ECB website. [10] For a discussion of recent CCyB decisions, see Babić, D. and Fahr, S. (2019) “Shelter from the storm: recent countercyclical capital buffer (CCyB) decisions”, Macroprudential Bulletin No. 7, ECB. [11] See, for example, “  Refining the Stress Capital Buffer”, speech by the Vice-Chair for Supervision, Randal K. Quarles, at the Program on International Financial Systems Conference, Frankfurt, Germany, 5 September 2019. European Central Bank Directorate General Communications Sonnemannstrasse 20, 60314 Frankfurt am Main, Germany Tel. : +49 69 1344 7455, E-mail: media@ecb.europa.eu Website: www.ecb.europa.eu Reproduction is permitted provided that the source is acknowledged. Media contacts  Copyright 2019, European Central Bank
Indeed, young people were the first to regain their confidence in the European Union after the Global Financial Crisis. More recently, their greater trust in the EU can be tracked to their attitudes towards globalisation. Recent research shows Europeans are more positive about the Union if they grew up when their country was already a member and, in particular, if their feelings towards immigration and globalisation were also positive. In a globalised and polarised world, the European model embodies a certain vision of the future of relations between nations. It is one based on strong and supportive institutions that protect citizens’ economic and social well-being. Crucially, the European project was forged around its members’ consensus and a tradition of understanding; a cooperative vision that transcends the continent’s frontiers and fosters a multilateral approach to global challenges. This multilateral approach is now more important than ever since most of the structural challenges facing our economies are global and, therefore, require a global response. And Europeans can and should play a key role in promoting this multilateral approach. Trade, global barriers and the COVID crisis One crucial area where multilateralism should be promoted globally is trade. In the current context, global barriers can only be obstacles to the economic recovery that should follow the dramatic economic crisis caused by the pandemic. Take the production of the Pfizer and Moderna vaccines as examples.

Norman T L Chan: Hong Kong – an offshore renminbi business centre Speeking points by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, on the Regulatory Requirements for the Adjustments to Renminbi Risk Management Limit and Net Open Position, Hong Kong, 17 January 2012. *  *  *  The development of Hong Kong as an offshore RMB business centre achieved encouraging results in the past year. Trade settlement using RMB reached RMB2 trillion; RMB deposits almost doubled; and total issuance of dim sum bonds exceeded RMB100 billion. I am very confident that the trend of solid development will continue in 2012. With the continued growth in both turnover and depth of the offshore RMB (CNH) market in Hong Kong, the Hong Kong Monetary Authority (HKMA) considers that conditions are now ripe to appropriately relax certain regulatory requirements on the RMB business of banks in Hong Kong. First, on the regulatory requirements of the RMB net open position, the HKMA has decided to raise the limit for RMB net open position, from not exceeding 10% to not exceeding 20% of the bank’s total RMB assets or liabilities. Second, currently the HKMA requires each Participating AI to maintain the sum of RMB cash or balances with the RMB Clearing Bank and the People’s Bank of China, Shenzhen branch, at no less than 25% of its total RMB customer deposits (referred as RMB risk management limit).
The fact that CPI inflation was far below the target can thus be seen as the result of a deliberate monetary policy from the autumn of 2008. GDP fell by 4.9 per cent in 2009. This is the largest fall in Swedish GDP in a single year in modern times. Average unemployment increased by approximately 2.2 percentage points during the year and amounted to 8.4 per cent in 2009. Both employment and the number of  BIS Review 32/2010  11  hours worked fell significantly. The reason that Sweden was so hard hit by the global crisis is that the Swedish economy is highly dependent on exports. The effect on GDP was reinforced by the fact that the households increased their saving. Companies also sold from stock to a great extent during the year, thus reducing investments in stock and contributing to the fall in GDP. The impact of the financial crisis surprised all the forecasters The turmoil on the financial markets has been part of the picture and has influenced monetary policy and the forecasts since 2007. It nevertheless came as a surprise that the situation would deteriorate as dramatically as it did in the autumn of 2008 and result in such a dramatic fall in production around the world. Neither the Riksbank nor other analysts predicted the strength of the global financial crisis and how much it would affect inflation and the development of the real economy.

While I have my own views as to the application of United States banking and securities laws to this fact situation, I prefer not to spell those out in my prepared remarks. Instead, we all might prosper by sharing our views as to the proper application of our home country’s laws to individuals in our countries who might do business with IIB. I should note that this fact situation is a pure figment of my imagination. The cooperative efforts of bank supervisors over the world should be designed to ensure precisely against this sort of bank. In other words, like Atlantis, IIB should never surface above water. Our discussion should include responses to the following questions: (1) is IIB engaged in an impermissible activity in your home country; (2) if it is impermissible, what authority has responsibility for enforcing that law; (3) if impermissible, is that a civil or criminal violation; (4) if impermissible, is there any way for IIB to qualify to do business in your home country; and finally, (5) does your home-country court have jurisdiction to hear cases brought by a customer against IIB? Conclusion To conclude, I simply wish to commend the banking and legal communities for learning as much about electronic and Internet banking as they can, now, and for trying to stay ahead of the curve of ever evolving and improving technology. I fully agree with the philosophy of letting the markets decide what will work and what will not.
On one side, economists at the Bank for International Settlements (e.g. White, 2006), argued that monetary policy was too loose and should instead “lean against the wind” of a credit/asset-price boom in order to reduce risks further down the road. On the other side, people such as the Chairman of the Federal Reserve, Alan Greenspan (2002), doubted the feasibility of such an approach and advocated a policy of benign neglect during the boom phase, along with aggressive relaxation should there be a collapse of asset prices. As I noted some years ago (Bean, 2003), such “leaning against the wind” is in principle compatible with flexible inflation targeting: a central bank ought to be willing to undershoot its inflation target temporarily, if it believes that it will thereby improve its chances of meeting the target later on by avoiding a disruptive bust. The crisis and subsequent Great Recession seem to make this logic even more compelling. But unfortunately, by the time an unsustainable credit boom has been diagnosed, a small increase in policy rates is unlikely to do much to cool it. And a large increase is likely to generate unacceptable collateral damage to the real economy. In a paper for the Federal Reserve’s annual conference at Jackson Hole a couple of years ago (Bean et al., 2011), I reported the results of some simulations of what might have happened if Bank Rate had been 200 basis points higher during the four years before the crisis began.

This formulation mirrors that for the Monetary Policy Committee and should ensure that the FPC approaches its primary objective of ensuring resilience of the financial system in a way that does not unduly impede economic growth. Seven of the members of the Committee, including myself, are drawn from within the financial authorities: the Bank of England and the Financial Services Authority (FSA). 1 The remaining four are external members who bring special expertise and experience and can  1  At present they are: the Governor; the two Deputy Governors; the executive directors for Financial Stability and for Markets; and the Chairman and Chief Executive of the FSA. When the FSA is dissolved into the Prudential Regulation Authority (PRA), which will be part of the Bank, and the Financial Conduct Authority (FCA), these last two will be replaced by the heads of the PRA (who will be a third Deputy Governor of the Bank) and FCA. 2  BIS central bankers’ speeches  reduce the risk of the “group think” that might arise in a committee comprised solely of insiders. There is also a non-voting representative from the Treasury. The powers of the Committee are two-fold. First, the FPC can issue recommendations. These could be general recommendations, for instance to financial institutions or the Treasury. Or they could be specific requests to the prudential or conduct regulators who would then be expected to comply with the recommendation or else explain why not.
1 At the conference, Professors Carmen and Vincent Reinhart presented the results of a broad-based study of output growth and other economic variables during the ten years before and after economic crises (40–70 countries in connection with major global crises, and 16 individual country crises). 2 The findings are very clear: economic activity has a tendency to be much weaker in the decade after a financial crisis than in the decade beforehand. There are probably a number of explanations for this:  1  See http://www.kansascityfed.org/publications/research/escp/archive.cfm. 2  See Reinhart, Carmen M., and Vincent R. Reinhart (2010): After the Fall, http://www.kansascityfed.org/publicat/sympos/2010/reinhart‐paper.pdf. BIS Review 130/2010  1    GDP growth is often abnormally strong and, to a degree, unsustainable in the prelude to a financial crisis.   Financial crises are preceded by debt accumulation and followed by a long process of deleveraging.   Risk appetite subsides after a financial crisis, and what Keynes called “animal spirits” are tempered for a prolonged period of time.   Production capacity is destroyed in a financial and economic crisis.   Finally, economic policy becomes more complex, and there is more risk of error. Of course, these developments are not inevitable, and the ultimate outcome depends also on policy choices. For example, it is clear that a number of mistakes played a key role in shaping the disaster that unfolded following the crash of 1929.

The wider the fans, the more uncertain the forecasts are. If economic developments are broadly in line with projections, economic agents can also expect interest rate developments to be approximately as projected. On the other hand, the interest rate path may shift in relation to the current path if economic prospects change or if the effects of interest rate changes on output, employment and prices are different from those projected. Thank you for your attention. 4  BIS Review 34/2007  BIS Review 34/2007  5  6  BIS Review 34/2007  BIS Review 34/2007  7  8  BIS Review 34/2007  BIS Review 34/2007  9  10  BIS Review 34/2007  BIS Review 34/2007  11  12  BIS Review 34/2007  BIS Review 34/2007  13  14  BIS Review 34/2007  BIS Review 34/2007  15  16  BIS Review 34/2007  BIS Review 34/2007  17
Adherence to this requirement will inject transparency, accountability and ensure the integrity of the financial system. It will prevent criminals from hiding their ownership of companies and assets through complex methods and vehicles. I last spoke at this conference in 2011. The theme of the 2011 conference was “Raising the bar in enforcement and compliance”. Looking back and taking stock of the present state, I am glad to see that the whole industry has matured and progressed in such a significant way. This is validated by the NCC report that the sector’s control measures for both money laundering and terrorism financing are strong. Further, fines imposed by the Bank on financial institutions has decreased over the past few years, reflecting the progress made by institutions in ensuring adequate controls. I hope the industry continues to strengthen its capability to fight crime. Another area in which progress has been made is the priority accorded within each institution to compliance. The focus of the compliance function has developed to become more comprehensive as financial institutions have a better understanding of the threats and risks involved. With increasing awareness of the direct and indirect costs of non-compliance, the compliance function is no longer viewed only as adherence to rules set by regulators, but is instead, an integral part of the organisation’s culture. The very fact that the theme of this 4/5  BIS central bankers' speeches  conference is on reshaping the future, governance and transparency is a testament to this.

Nor Shamsiah Mohd Yunus: Reshaping Malaysia's future - setting the goal for greater governance and transparency Keynote address by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 10th International Conference on Financial Crime and Terrorism Financing "Malaysia's Future – Setting the goal for greater governance and transparency", Kuala Lumpur, 30 October 2018. * * * A very good morning to all of you. It is my pleasure to address all of you today at this very important conference. Financial crime. Terrorism financing. Corruption and money laundering. These are heavy words that carry the feelings of outrage and displeasure, amongst others. The United Nations Office of Drugs and Crime estimates that every year globally, a staggering amount of USD2.6 trillion is stolen through corruption. Yet, I suspect, in reality, figures like these are so large that many may find it hard to relate to it. To put it in perspective, the figure is around eight times larger than the Malaysian economy. Let us also take the UN Sustainable Development Goals that aims to improve the lives of the poor, improve governance and address inequality. Some estimate that it will take around USD5-7 trillion to meet all the SDGs. This represents 2-3 years’ worth of money lost to corruption. In other words, the money lost through financial crimes is a devastating opportunity cost, draining the resources that could have been used to permanently uplift the lives of billions in this world.
This is more or less the growth rate that characterised the Swedish economy during the period 1975 to 1990. What we are looking at now is a single year following a period of very rapid expansion and during which the Swedish economy has been exposed to a sudden global slowdown that has largely been concentrated on a sector of great importance for Sweden, namely the IT sector. All in all, it would seem reasonable to assume that the conditions for the near future look relatively good for a cautious economic recovery, combined with an inflation rate in line with the Riksbank's target. However, it is important to follow developments closely in order to detect whether the course of events will strengthen or weaken. BIS Review 72/2001  5

The implementation of the Automatic Electronic Clearing House (AECH) project  After the introduction of the RTGS system for the settlement of gross payments, the payments infrastructure expanded with the Automatic Electronic Clearing House (AECH) system, which aims at reducing the processing time of small value payments considerably, encouraging as such the use of banking payments. Over the present year, significant improvements have been made in terms of the information technology and communication with commercial banks, which has been indicated by the programmes used and by the purchase of new programmes by several banks. These programmes constitute a better sustaining for the Banking Accounting Manual requirements and serve to the needs of the institution to expand the activity and introduce new services, such as e-banking. 6. The review of the legal framework related to the payment system in the country, paying a special attention to that part which supports the new payment instruments and actors in the country  The abovementioned developments in technology and information have been supported by the Bank of Albania through the formulation of the Regulation ”On the use of information technology and communication of the entities licensed by the Bank of Albania”, approved upon the Supervisory Council decision No. 32, dated 3 May 2006. This regulation will not only assist the provision of a more prudent and complete supervision of the information technology and communication used by banks, but at the same time it will help banks in their day-to-day work and in the use of this technology.