samchain/econo-pairs-v1 huggingface dataset:
Therefore, cooperation of financial and business sectors is vital for lifting growth potential. The private sector needs to add more value to products and services by having long run commitment and investing in both physical and human capital, for example, high technology machinery, employee training as well as research and development. In order to support this, the public sector and Bank of Thailand can improve accessibility to sources of funds, especially for SMEs, and lower the costs of long-term investment. Ladies and Gentlemen, The Bank of Thailand pursues economic growth as part of its commitment to sustainable well-being. Economic growth, as discussed today, is maximized by keeping growth close to potential as well as lifting growth potential itself. The central bank can contribute to growth potential by stabilizing the overall economy. The Bank of Thailand has looked after growth, price, and financial stability during the downturn, leaving the economy on a more confident track to recovery. As for raising growth potential, cooperation of all sectors is needed, while the central bank provides a favorable financial environment which is prerequisite. In the football game of the economy, the Central Bank acts as Center Back. In order to safeguard stability during the recent circumstances, we have played a proactive role due to high economic uncertainty. Now that political and economic clarity is higher, the central bank will play a supportive role.

We would expect to see the same factory owners boosting technology investment to be able to manufacture more valuable products in the future, or the banking system being improved to bring funds to investors more effectively. The first component requires full utilization of current resources and can be achieved through demand-management policies, while the second component requires improvement of these resources and production processes so that production can yield a higher rate of return. This can be achieved by supply-side policies: increasing productivity of the labor force, adding value to products by innovation, and improvement in infrastructure. BIS central bankers’ speeches  1  Looking at the Thai economy right now, we can see room for both demand-side and supply-side policies. Our economists have analyzed two decades of trend in capital accumulation and estimated that Thai economic growth potential has declined since the 1997 crisis and is currently at 4 to 4.5% per year. Thai growth potential is also low compared to ASEAN peers, who average around 5%, according to an IMF study this year. This reflects lower productivity, and suggests that there is room for supply-side policies to lift growth trend. Looking at need for demand-side policies, Thailand’s actual growth has averaged 2.5% between 2008 and 2013. In this period the Global Financial Crisis and the Thai mega flood occurred, and the economy’s rebound was not enough to compensate for lost growth during these large shocks. Demand-management policies are needed to restore confidence and growth to full capacity.
The optimal policy strategy involves balancing these factors, based on the structural characteristics of an economy, its degree of diversity versus specialism and the flows of factors within it. A digital twin of the economy, of the type outlined earlier, would embody these factors and flows and would provide a quantitative test-bed for making policy choices. In the absence of such a model, let me discuss two examples where existing data and analytical tools could be used to inform policy choices. In line with theory, the first looks at flows of factors within a region, the second at structural economic characteristics across regions. These data and techniques can be used to shed light on policies which might boost economic growth, locally or nationally, in line with the UK Government’s industrial strategy.49  My first example draws inspiration from recent work by Tom Forth at the Open Data Institute in Leeds, on behalf of the Productivity Insights Network (PIN) here at the University.50 This uses data on flows of people to assess local growth prospects. The story starts with the observation that many UK cities appear to punch below their demographic weight in income terms. Put differently, a number of UK cities do not appear to benefit as much as their international counterparts from agglomeration effects. To demonstrate, Chart 22 plots (log) city population size against GDP per head in 563 cities in advanced economies around the world, including a number of UK cities. It also shows a line of best fit.

Jean-Pierre Roth: Economic recovery is continuing in Switzerland Introductory remarks by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the end-of-year media news conference, Zurich, 15 December 2005. *  *  *  Ladies and Gentlemen As we have just announced in our press release, the Swiss National Bank is raising its target range for the three-month Libor by 0.25 percentage points to 0.50–1.50%. This change will take effect immediately. The SNB intends to hold the rate in the middle of the target range for the time being. Economic recovery is continuing as expected. It has grown stronger and is more broad-based. The SNB has raised its forecast for economic growth in 2005 and now expects the increase in GDP to reach just over 1.5%. For 2006, it projects growth of a little more than 2%. The National Bank anticipates average inflation for 2005 to remain at 1.2%. On the assumption that the three-month Libor remains unchanged at 1.0%, it forecasts annual inflation of 0.8% in 2006 and 1.2% in 2007. By raising its target range, the Swiss National Bank is adjusting its monetary policy to economic developments, which are proceeding as expected. The SNB thus ensures that the inflation outlook remains favourable. Despite the increase in the interest rate, the monetary policy of the SNB remains expansionary and supports the upswing. As economic recovery progresses, the SNB will continue to gradually adjust its monetary policy.
When I was preparing for this event, I could not help but look back to three years ago – April 2018 – and the thoughts that I shared with you at that event. On that occasion, I highlighted three issues as having significant potential to change how effective we are in our AML work: The promise of technological innovation; The emerging focus on public-private information sharing; and Getting the risk-based approach right by thoroughly understanding risks. 5. Three years on, I think we can all agree that the potential of each of these has been clearly demonstrated. The path to achieving a step-change in the outcome of current responses to money laundering and terrorist financing – based on the tools and techniques at our disposal – is much clearer. Let’s quickly recap what we have seen and experienced so far. 6. First, the value of technology in allowing us to swiftly overcome some of the challenges caused by COVID-19 is well recognised. Digital and online innovation has helped to improve remote access to financial services. That has also allowed banks and other financial institutions to protect their workforces through work-from-home arrangements, and provided data analytics to raise red flags on networks of COVID-19 fraud accounts. At the HKMA, we are committed to supporting innovation that works for all types of customers and for both small and large institutions. We also recognise that our regulatory framework needs to keep pace – focusing on outcomes, and being forward-looking.

Arthur Yuen: 12th Annual AML & Anti-Financial Crime Conference Speech by Mr Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Association of Certified Anti-Money Laundering Specialists (ACAMS) 12th Annual AML & AntiFinancial Crime Conference – APAC, 26 April 2021. * * *  What a difference three years makes 1. Good Morning, ladies and Gentlemen, it is a great pleasure for me to participate once again in the ACAMS APAC Conference, and my congratulations to the organisers for putting together such an interesting programme. 2. Since the last time I spoke here in 2018, life and the world have changed beyond recognition. In addition to its consequences for human health, the COVID-19 pandemic has resulted in far-reaching changes to the way financial services are delivered. Digital and online offerings have accelerated, while at the same time a multitude of opportunities has also opened up for those who would seek to abuse the global financial system. 3. For sure, we are focusing on Anti-Money Laundering (AML) issues over the next two days. At the same time, we must not lose sight of the core mandates that we have all been working very hard to deliver in this challenging period. And we have been broadly successful so far, by helping mitigate the economic disruption brought on by COVID-19 so that consumers and businesses can get through the pandemic and continue contributing to economic development. 4.
In other words, the average annual increase in expenditures during the next three years must not exceed Lm5 million, which is just one-tenth of the present growth rate. This implies that measures must be put in place now that would by 2007 reduce expenditures by Lm150 million. Required expenditure and taxation reforms The attainment of this objective clearly requires extensive reforms. In this context, I would like to propose some policy orientations which would help to reduce the deficit to the planned level. For this purpose, it is useful to look at government expenditure from two perspectives. The first is in terms of what it is buying. The second focuses on what such expenditure is achieving. The first of these approaches helps to identify the potential for savings. This year over 20% of total spending, some Lm200 million, will go towards wages and salaries and another 10% will go to public sector bodies, again largely to finance human resource costs. In short, the public sector wage and salary bill absorbs close to one-third of total budgetary expenditures. Against this background it is imperative that the current negotiations for the renewal of collective agreements in the civil service and in the public sector recognize the need to cut spending. It is important that any wage increases be matched by measurable productivity improvements. It is equally necessary to make better use of the human resources available by strengthening both the management culture and work practices.

In this view, the Bank of Albania, as the supervisory and promoter institution of the Albanian banking system, in addition to the immediate response to the difficulties created by COVID-19, through a complete package of monetary, supervisory, macro-prudential and operational measures, finds also important the drafting and organisation of educational initiatives, like Global Money Week. Through these educational and awareness-raising activities, we aim at approaching the young generation to the complicated world of finance and banking; to introduce and pass through knowledge on possibilities; the risks that both financial and banking products have; as well as introduce the young public to the necessary information on borrowing and savings. This communication and awareness of young people, in turn help both financial and banking markets become more resilient, comprehensive and efficient. 1/2  BIS central bankers' speeches  The Bank of Albania, has not limited its educational activities only with the Global Money Week. Financial literacy of public is an important part of our daily work. Thus, through virtual educational tools available at our webpage, students and teachers may learn throughout the year on financial issues, by watching videos and reading the literature dedicated to both the pre-university education and students. Our webpage contains simplified information on themes of everyday life, as: the opening of a bank account; personal budget management, drafting a saving plan; applying for a bank credit, etc.
In addition, the conference features two keynote speeches that address some of the most important issues facing central banks: monetary-fiscal interactions and the macroeconomics of climate change. Under normal conditions, the informal discussions at these annual conferences provide a useful opportunity to increase external awareness of the monetary policy research conducted at the ECB and across the Eurosystem. Since such informal interactions cannot be reproduced in webinar format, I will take this opportunity to highlight the extraordinary research efforts of the ECB and Eurosystem staff in supporting our recent monetary policy strategy review. In particular, eighteen ECB occasional papers were released on 21 September. These papers provide not only a superb series of surveys of the state of research on a given topic but also report many substantive new research findings: I believe that these occasional papers lay important foundations for many research programmes in academia and in central banks for years to come. The research reported in these papers shaped our new monetary policy strategy. In particular, a central theme of the review was to work out the implications of the trend decline in the equilibrium real interest rate and the associated implications of the effective lower bound for the conduct of monetary policy. One basic conclusion of the review is that it is essential to build a sufficient medium-term inflation buffer (as captured by the symmetric two per cent inflation target) to create the monetary policy space required to be effective in tackling negative shocks.

I’d like to mention one other area of preparations that will affect banks directly: the recalibration exercise. In order to establish a common data set on which to base this review, the Committee has decided to begin the recalibration exercise in autumn this year. We recognise that the recalibration exercise will demand resources from both banks and supervisors. The IIF expressed clearly to us this concern. In this regard I would like to make two comments. First, we discussed this issue yesterday in our meeting and decided to publish a newsletter clarifying some elements of the proposed work that I hope will address these concerns. In this newsletter, available on the BIS website, we underline several ideas. The Committee thinks that this early recalibration, in the spring of 2006, will give banks and supervisors more time to reflect and will facilitate implementation. In order to ensure that the envisaged review is based on recent and high-quality data, the Committee will undertake a so-called fifth impact study between October and December 2005, three months earlier than previously envisaged. The calibration of the revised Framework will be discussed in spring 2006 on the basis of QIS 5 data. As we are conscious of the workload of this exercise, the Committee does not intend to set data requirements or timeframes for the parallel calculation that will be conducted in 2006. So there is no duplication of work.
Within the investment fund universe, we need to look at the related question of whether actual or prospective redemption requests generated additional pressures for funds invested in illiquid assets, how well liquidity management tools operated under stress and whether we saw any emergence of first mover advantages that could have created ‘run’ dynamics. One important element in the amplification of liquidity pressure appears to have been the unwinding of large positions in interest rate markets, particularly US Treasuries, by very highly leveraged hedge funds. These funds can help to stabilise market prices in normal times by arbitraging small differences that open up between the value of derivatives and the value of the cash instrument on which the derivative is based. In March, however, these highly leveraged funds appear to have become an amplifier of stress. Sharp changes in government bond prices, margin call and inability to rollover funding forced substantial sales of government bonds by these players (almost $ during March) which in turn generated further falls in government bond markets. Moves in government bond prices generated margin call liquidity pressures on pension funds and insurance companies adding to the pressure on core funding markets. See, for example, previous Financial Stability Reports, or the Financial Stability Paper No. 42 “Simulating stress across the financial system: the resilience of corporate bond markets and the role of investment funds” 13  11  All speeches are available online at www.bankofengland.co.uk/news/speeches  11  I have mentioned the role of margin in providing resilience against counterparty credit risk.

Financial System Resilience: Lessons from a real stress  Speech given by Sir Jon Cunliffe, Deputy Governor Financial Stability, Member of the Monetary Policy Committee, Member of the Financial Policy Committee and Member of the Prudential Regulation Committee  Investment Association Webinar, London Tuesday 9 June 2020  1  All speeches are available online at www.bankofengland.co.uk/news/speeches  The COVID 19 natural disaster has been the toughest test of the financial system since the global financial crisis 10 years ago. As the implications of the spread of the virus and the policy measures to contain it became apparent, over a few short weeks, we saw an abrupt and savage pricing down of economic prospects and economic assets across the globe. Investors, corporates, banks and households went into a defensive crouch, shunning risk, searching for safer havens, and stockpiling liquidity. Many of the resultant moves were unprecedented. Bank lending surged as corporates drew down on their liquidity facilities. In March, UK banks’ net lending to corporates shot up to £ billion, around 30 times the average monthly lending seen last year. The jump was even more striking in the US, where growth in the stock of corporate lending rose by over $ billion in the first four months of the year, compared to an increase of less than $ billion for 2019 as a whole. In financial markets, the FTSE All-Share index fell over 10% on 12 March, the largest one-day fall since 1987.
Basel II places a firm emphasis on taking a risk-based approach to supervision. Banks are expected to conduct their own internal assessments of risk and capital adequacy. Supervisors, in turn, are expected to regularly review these assessments. The intent is not to have supervisors functioning as bank management. Rather, supervisors should evaluate the degree to which a bank has a sound internal process in place to assess capital adequacy. This assessment should take into account not only credit and market risk, which are part of the current capital framework, but also other critical risks such as interest rate risk in the banking book and credit concentration risk. In addition, banks are expected to manage and hold minimum regulatory capital against their exposures to operational risk, which is the risk of losses stemming from failures in internal processes or systems or from external disruptions. Indeed, we have found that some of the largest bank losses in recent years have been the result of operational loss events. Responsiveness to rapid changes in the financial sector Seventh, Basel II is an evolutionary framework that is responsive to recent trends in the financial sector and capable of adapting to future changes. Technological advances and institutional developments have provided for more mature financial markets and more reliable and efficient payment systems. The banking business has grown more sophisticated, in large part as a result of technological progress. Technology allows banks to offer solutions which not only provide a more individualised approach to customers, but also allow banks to operate more efficiently.

4/4  BIS - Central bankers' speeches
The tours focused on the following topical areas: –  The role and functions of the BoZ;  –  The need to deal with licensed financial institutions;  –  Getting credit; and  –  The operations of a credit reference bureau. 47. The BoZ is planning to conduct the tours on a regular basis to address public misconceptions about the role of the BoZ in the financial sector. Future tours will also educate the public on how to detect genuine currency and how to invest in Government securities. The BoZ was requested to publish the names of licensed financial service providers in the print media on a more regular basis. Developments in banking, currency and payment systems 48. During the quarter under review, there was a continued improvement in the availability of electronic payment options. The number of Point of Sale (POS) terminals increased by 8.3% to 1,119 (third quarter 2010: 1,033). The volume of POS transactions also increased by 42.2% to 284,145 (third quarter 2010: 199,817). Similarly, the values of POS transactions increased by 32.6% to K113.9 billion (third quarter 2010: K85.9 billion). The  6  BIS central bankers’ speeches  Bank would like to urge members of the public to use Point of Sale terminals as they provide a more convenient, safer, efficient and cost effective way of making payments. 49. Further, the number of Automated Teller Machines (ATMs) increased by 4.5% to 489 ATMs (third quarter 2010: 468).

On a sectoral basis, pledges in manufacturing were US $ million, real estate (US $ million), agro-processing (US $ million), services (US $ million), agriculture (US $ million), tourism (US $ million), construction (US $ million), ICT (US $ million), and mining (US $ million). 27. The pledges when fully executed are expected to generate 22,532 jobs (1,726 jobs: third quarter 2010) with the highest contribution from services at 12,763 jobs followed by agro-processing at 5,860 jobs. The rest were manufacturing (1,882 jobs), construction (847 jobs), agriculture (397 jobs), tourism (343 jobs), real estate (247 jobs), ICT (157 jobs) and mining (14 jobs). 28. Investment pledges for the year 2010 increased by 138.6% to US $ million from US $ million recorded in 2009. Real Gross Domestic Product (GDP) 3 29. Preliminary estimates indicate that Gross Domestic Product (GDP) rose by 7.1% in 2010 from 6.4% in 2009. This outturn was well above the target of 5% announced by the Minister of Finance and National Planning in his 2010 Budget Speech. 30. The GDP outturn was largely attributed to the growth in the agricultural, construction and mining sectors.   The 2010 agricultural harvest was the highest recorded in history, having produced over 2.8 million mt of maize; while the mining sector also benefitted from higher copper prices and production levels.   The growth in the construction sector emanated from increased residential, commercial and public infrastructure construction projects across the country by both Government and the private sector. 2  Lusaka, Livingstone, Mfuwe and Ndola.