samchain/econo-pairs-v1 huggingface dataset:
If we in the United States and other deficit countries are to move to a more healthy balance of private and public spending in relation to income, other countries cannot be as reliant on us as in the past to be their growth engine. The recent configuration of global demand, after all, has involved persistent trade surpluses in many emerging markets and this represents foregone consumption and investment that has mostly been recycled into large scale accumulation of foreign exchange reserves. To be sure, the crisis demonstrated the value of an ample reserve cushion to protect against sharp shifts in capital flows. However, a number of countries have surely reached a point at which further reserve accumulation comes with more costs than benefits. The expected return on foreign exchange reserves is likely to be quite low in relation to potential domestic uses. In fact, there is the prospect that reserves could earn a significantly negative return in local currency terms, especially when the acquisition of such reserves is undertaken to resist local currency appreciation that must eventually occur anyway. Finally, delay in adjustment of demand patterns and currencies raises the risk that these adjustments will ultimately occur in a more compressed and wrenching manner. How many times have we seen bottled-up pressures ultimately give way to disruptive overshooting? Moreover, lack of progress on rebalancing demand would put at risk the open trading regime that has been so important to global prosperity and growth. To date, protectionist pressures have been largely contained.

William C Dudley: The longer-term challenges ahead Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Council of Society Business Economists Annual Dinner, London, 11 March 2010. *  *  *  Thank you for giving me the opportunity to speak here today. As always, my remarks reflect my own views and are not necessarily reflective of the views of the Federal Open Market Committee (FOMC) or the Federal Reserve System. As we emerge from a deep and protracted global recession and terrifying financial crisis, we should count our blessings – the outcome could have been far worse. Extraordinary interventions helped to keep the financial system from collapsing and large doses of fiscal and monetary policy stimulus helped to put a floor under global demand, thereby preventing a full-blown depression. However, now that we are on a bit of firmer ground, it is even more important that we take stock and evaluate the challenges that still face us. How we respond will determine whether the path forward will be relatively smooth or instead will be more tortuous. I want to discuss three of these challenges today. The first challenge relates directly to the recent crisis: What needs to happen at the national and international levels to strengthen the financial system so that a crisis of this magnitude does not occur again.
Egil Matsen: US Senate Democrats’ Special Committee on the climate crisis Opening remarks by Mr Egil Matsen, Deputy Governor of Norges Bank (Central Bank of Norway), at the meeting, Washington DC, 17 October 2019. * * * Chairman Schatz, I thank you for inviting Norges Bank, together with other NGFS-member central banks, to the U.S. Senate Democrats’ Special Committee on the Climate Crisis. I appreciate the opportunity to discuss climate-related economic and financial risks and relevant central bank strategies to address those risks. Norges Bank’s mission is to promote economic stability by conducting monetary policy and monitoring the financial system. Our central bank also has the responsibility for managing Norway’s SWF, the Government Pension Fund Global (GPFG), in accordance with a mandate issued by the Ministry of Finance. A feature common to both of these mandated responsibilities is the identification and management of risk. In addressing these risks, we should always work within our mandates. For central banks that means taking a comprehensive view of factors impacting the economy and the risks we face, while upholding market neutrality and preserving our independence. Climate risk, the economy and financial stability The scientific basis for climate change is widely accepted. The physical impacts of climate change and measures to mitigate its impact, will affect all parts of the economy and have consequences for the financial system. Consequently, climate risk is a relevant consideration for central banks.

From the customer’s point of view it means increased choice and control over financial assets, data and the service providers having access to this. The big aim of Open Banking is to increase competition in the market by driving innovation in the quality of products and services that customers receive. The current account market has complex pricing, low customer switching, difficulties in comparing products and high charges on overdrafts. The outcome is that people are paying more for lower quality services than they need to. In 2016, Accenture conducted a research with consumers which showed that 85% of 18–24 year olds would trust third parties to aggregate their financial data. In contrast, 48% of 55–64 year olds were neutral or positive.2 These figures already suggest that we will witness a battle for the customer relationship and data between banks and FinTech. The outcome of this battle will be crucial in determining the future of the bank models which will likely face several transition stages. At the current stage, the existing banks are under pressure by the FinTech to improve cost efficiency and the customer relationship. Given their market knowledge and good market positions, the existing banks may adapt relatively fast by adopting new technologies in close cooperation with the FinTech. In the future, banks and FinTech companies may strengthen their cooperation as joint ventures, partners or other type of structures where delivery of services to the clients is shared between them.
Financial crimes will occur whenever there is money to be made and for sure criminals and hackers alike will use their best endeavours to penetrate the defence of the cyber world to rob or steal. The strength of the cyber world also lies its main weakness. Hackers can choose to attack customers and financial firms any time and anywhere because the virtual world is highly interconnected. Cyber attacks can take many different forms. A frequently used method is to make phishing attempts to trick customers into divulging their account information and passwords, or to plant malwares into customers’ computers and mobile phones to steal their access credentials. Then the hackers transfer moneys from the victims’ accounts. Sometimes the hackers would do something unusual, such as the recent example in  BIS central bankers’ speeches  1  Hong Kong in which some customers’ bank accounts had been used by hackers to conduct unauthorized stock trading without stealing money from the victims’ accounts. At the bank level, the usual form of attacks would be Distributed Denial of Services (DdoS), whether they are motivated by blackmail, revenge or activism of some sort. There is a worrying trend that this form of attacks is rising very fast in recent years. Cybersecurity fortification initiative 4. Rather than harbouring the hope that you are lucky enough not to be targeted, it is more prudent and productive to take the necessary pre-emptive steps to protect yourself or your customers from cyber attacks.

Suitable arrangements will also be introduced to ensure that relevant or equivalent experience and expertise in the cybersecurity field will be appropriately recognized. Cyber intelligence sharing platform 8. Last but not least, the third pillar of the CFI is to develop a new piece of infrastructure for the purpose of sharing intelligence on cyber attacks. Just like any conventional warfare, intelligence is the key to success. While individual banks can develop their own intelligence network, the coverage of such intelligence and the timeliness of receiving cyber attack alerts may at times be limited. At the same time, the entry barriers for launching cyber attacks, in terms of costs and the hardware and techniques required, have become much lower. The speed in which hackers may launch cyber attacks, which may well be targeting at not just one bank but several banks at the same time, has greatly increased. So it will be of great help if the banks could collaborate by proactively sharing information and intelligence of cyber attacks or the imminent threats of such attacks. The timeliness of receiving alerts or warnings from a commonly shared intelligence platform will be of immense help for banks to prepare for cyber attacks even before they are launched. 9. I am pleased to announce that the HKMA, in collaboration with The Hong Kong Association of Banks (HKAB) and ASTRI, is going to launch a Cyber Intelligence Sharing Platform, with access open to all the licensed banks in Hong Kong.
This is because regional managers have incentives to optimize the economies of scale and scope through the use of regional factors of production to achieve competitiveness. Moreover, regional managers are likely to promote more regional-oriented investment, which means outward investment, direct as well as portfolio, from one local economy into other local economies within and outside ASEAN. Ladies and Gentlemen, Turning to the dimension of readiness, ASEAN labor mobility pertains only to skilled labor at present. Various country specific regulations continue to prevent completely free labor mobility. While greater mobility should yield substantial economic benefits especially for integration objectives, opponents of labor mobility tend to highlight the short term potential threats, particularly the “brain-drain” away from home countries. Mobility also raises fears relating to immigration and cultural impacts. What then can be done to improve readiness for labor mobility thereby strengthening ASEAN citizenship? For the benefit of further exploration, I would like to propose that we consider a threepronged strategy as part of a sustainable solution to this problem: First, we should try to reduce short and long-term obstacles to labor mobility. It is critical to recognize that greater labor mobility brings greater competition for local professionals. This means that, in the medium and longer term, the “brain drain” is usually offset by remittances and a “reverse brain drain”, which brings wealth, skills, experience, and their business and social networks back home. Therefore, actions are needed to further enhance the free flow of labor through increased use of mutual recognition of professional qualifications.

Tarisa Watanagase: Securing Thailand’s future with capital market development and the role of the Bank of Thailand Keynote address by Dr Tarisa Watanagase, Governor of the Bank of Thailand, at the Thailand Focus 2008, Bangkok, 17 September 2008. *  *  *  Excellencies, Distinguished Participants, Ladies and Gentlemen, Good morning, I would like to begin by thanking the Stock Exchange of Thailand for inviting me to deliver a keynote address at this year’s Thailand Focus. This annual forum, traditionally opened by the Prime Minister of Thailand, has firmly established itself as the event of the year where domestic and foreign investors meet and interact with Thailand’s top policymakers and leading listed companies. It is thus not only my great pleasure but also my great honor to be here. Ladies and Gentlemen, Given the turbulent time we are in at the moment, I am very pleased at the number and the composition of this year’s turnout. Glancing through the list of prospective attendees, I saw participants from Asia, Australia, Europe and North America, representing a large spectrum of investors. This is despite the fact that a number of invited fund managers were forced to cancel their trips due to the declared state of emergency that was lifted on Sunday. Moreover, I see that many of you have been long-time investors in the Thai stock market. All of these are quite reassuring, for they reflect your continued faith in the Thai economy.
There was no data available for 3930. 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  And sometimes it works. A while back I received a letter from a mother following a visit to a school near Hull. She told of the new determination in her son to achieve what I had. The words she etched and underlined on the paper “these visits can change lives” is motivation enough to get out from the confines of the Bank’s four walls. To build diversity, the Bank will continue its work with local schools to attract young people hitherto underrepresented in central banking. A decade ago the Bank only offered work experience to children of friends and family. Last year we offered 75 work experience placements to children from lower socioeconomic backgrounds. The Bank also supports several school mentoring programmes that aim to raise aspirations of students from lower socio economic backgrounds. 10  We also offer on the job training  through our Central Bank Qualification and award scholarships to young African Caribbean students. Our Early Careers Recruitment Team is engaging with schools across the UK through a series of presentations and careers conventions to demystify work at the Bank and to open up the recruitment process more generally. Over 90% of these sessions are held at state schools, reaching 1000 students last year alone. We now recruit at 40 universities across the country (four times as many as a decade ago).

2  To help on the supply side the Bank has developed an education outreach strategy with three components: 1. econoME: which includes free lesson plans and supporting materials for teachers to use in their classrooms; 2. Bank Ambassadors: colleagues below the director level at the Bank who volunteer to visit schools across the country to explain the Bank of England’s role; and 3. School visits by senior Bank and policy committee members: to spark young people’s interest in economics and to inspire them to pursue a career in related fields. Let me say a bit more about why we are doing this. 1  May 2017 survey conducted by ING and the Economics Network, available at: https://www.economicsnetwork.ac.uk/research/understandingecon 2 See Haldane, A “Everyday Economics”, Birmingham 2017 2  All speeches are available online at www.bankofengland.co.uk/speeches  2  The first objective is to help young people understand the economy and to make better informed personal financial decisions. The econoME lessons are designed for 11-16 year olds and cover: -  The economic factors that influence personal decisions;  -  How to make informed decisions; and  -  How such decisions collectively influence the economy. An array of econoME resources, designed in close collaboration with teachers and education specialists, support these classes. The materials include lesson plans, presentations, videos, activities and real life case studies. And they can be used by non-specialists with no prior economics training.
Jean Claude Trichet: Hearing at the Economic and Monetary Affairs Committee of the European Parliament Introductory speech by Mr Jean Claude Trichet, President of the European Central Bank, at a hearing before the Economic and Monetary Affairs Committee of the European Parliament, Brussels, 7 December 2009. *  *  *  Dear Madam Chair, Dear Members of the Committee on Economic and Monetary Affairs, This is our first meeting since the entry into force of the Lisbon Treaty. The new Treaty is a reason to celebrate: in Europe generally, here at the European Parliament, but also at the ECB. It will make the Union stronger, more effective and more efficient. The powers and responsibilities of the European Parliament increase. The ECB formally becomes an institution of the European Union, and all its essential features, above all its independence, are confirmed. Dans le cadre du nouveau traité, nous nous réjouissons de notre collaboration à venir avec le Parlement. La qualité de cette coopération a été exemplaire à mes yeux au cours de ces dernières années. Unsere heutige Anhörung ist drei wichtigen Themen gewidmet: erstens, unserer Einschätzung der aktuellen wirtschaftlichen Lage; zweitens, unserer Exit-Strategie zum Auslaufen der außergewöhnlichen geldpolitischen Maßnahmen, die wir in dem Höhepunkt der Krise eingeführt hatten; und drittens, dem Thema der systemischen Risiken im Finanzsystem. 1. Economic and monetary developments  The economic situation and outlook have continued to improve since my previous hearing before this Committee ten weeks ago. The euro area economy shows increasing signs of recovery.

The improved conditions in financial markets have indicated that not all our liquidity measures are needed to the same extent as in the past. Similarly, it is our intention to discontinue the 6-months refinancing operations after the last operation at the end of March next year. Liquidity developments in non-euro area EU countries Allow me to say a few words on the broader implications of our decisions on non-standard measures, with a particular focus on the EU Member States outside the euro area. Macroeconomic and financial conditions in these countries seem to have stabilised, although there are significant differences across the region. A general “sudden stop” in capital flows to  2  BIS Review 161/2009  central and eastern Europe has not materialised. The significant presence of foreign banks seems to have had a stabilising effect in this regard, as parent banks have to a large degree been able to maintain their exposures to the region. The ECB’s extensive liquidity provision to parent banks established in the euro area has contributed to this. In addition, the ECB has provided liquidity support to some non-euro area central banks in cases of market malfunctioning or to facilitate the functioning of the international financial system. Fiscal policies in the euro area Finally, I should like to add a few comments on fiscal exit strategies. Many euro area governments are faced with high and sharply rising fiscal imbalances, which are not sustainable over the longer term.
With supranational monetary policy concerned primarily with the overall price stability objective, symmetric (global) shocks transmitted through financial linkages and domestic (national) divergent cycles, the burden of adjustment has to be borne by national macroprudential policy. The absence of other adjustments mechanisms, such as a perfect labour mobility or a transfer mechanism in the form of unemployment insurance 17, adds to the burden on fiscal policy, which is already suffering from moral hazard issues. The Vice-President of the ECB, Vitor Constancio, is right to emphasize that “macroprudential policy is therefore essential in any economy as the business and financial cycles are not synchronised. Even more so in a monetary union where vulnerabilities identified in each country can be addressed with macroprudential policy, allowing for the appropriate heterogeneity, while countries remain subject to a single monetary policy” 18. 13  Ray, H. (2013): Dilemma Not Trilemma: The Global Financial Cycle And Monetary Policy Independence, Working Paper 21162, NBER Working Paper Series. 14  Couré, B. (2015): Paradigm lost: Rethinking international adjustments, speech atEgon and Joan von Kashnitz Lecture, Clausen Center for International Business and Policy, Berkeley, 21 November 2015. 15  Beck, H., Prinz, A. (2012): The trilemma of a Monetary Union: Another Impossible Trinity, Leibniz Information Centre for Economics. 16  Pisani-Ferry, J. (2012): The Euro Crisis and the New Impossible Trinity. 17  Bernoth, K., Engler, P. (2013): A Transfer Mechanism as a Stabilization Tool in the EMU, DIW Economic Bulletin, 1.2013. 18  Constâncio, V. ibid.

Philipp Hildebrand: The Swiss National Bank and the financial crisis Summary of a speech by Mr Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the Club of Rome Forum, Zurich, 20 January 2011. The complete speech can be found in German on the Swiss National Bank’s website. *  *  *  Since August 2007, central banks have been continually at work, fighting the crisis. They have had to stabilise the financial system and limit the extent of the economic downturn. In many countries, the repercussions of the financial crisis are reflected in both government finances and central bank balance sheets. In Switzerland, these repercussions – i.e. the costs of the financial crisis – have had relatively little impact on the budgets of either the Confederation or the cantons. The costs are mainly to be found in the SNB’s balance sheet, at the moment largely in the form of risks. The SNB balance sheet has significantly lengthened, particularly as a result of foreign currency purchases. Inevitably, the large holdings of currency investments means greater risk. As the SNB announced on 14 January 2011, it is expecting a substantial loss for the year 2010. This is mainly attributable to exchange rate losses on foreign currency investments. In view of these losses, it is very tempting to argue that the SNB should not have purchased any foreign exchange. However, the purpose of the SNB is not to make a profit.
As I have said on several occasions, this is the main contribution of the Central Bank of Chile to growth and stability of the Chilean economy. Thank you very much. 6  BIS Review 99/2010  Figure 1  Real interest rate gap: Real MPR minus indicated neutral interest rate (percent)  Monetary policy interest rate (MPR) (percent) 10  10  6  6  8  8  3  3  6  6  0  0  4  4  2  2  -3  -3  0  0  -6  -6  07  08  09  10  00  02  04  06  08  10  Rate implicit in CBC's forecasting models Rate derived from consumptionbased model  Source: Central Bank of Chile. Figure 2  Commodities prices (indexes, 02/01/2006=100)  Stock-market volatility (percent)  100  100  250  250  80  80  200  200  60  60  150  150  40  40  100  100  20  20  50  50  0  0  0  0  07  08  09  10  Developed markets (1) Emerging markets (2)  06  07  08  Copper  09  10 WTI Oil  (1) VIX volatility index. (2) Estimated volatility of MSCI index in dollars. Sources: Bloomberg and Morgan Stanley Capital International.

Central banks, as regulators, can play their own role in this endeavor. At Bank Al-Maghrib, we are continuously working to improve the representation of women in the boards of credit institutions through a gradual approach. For instance, in 2014 we laid down the obligation for such bodies to implement a policy aimed at ensuring a better representation of women. Two years later, this directive was reinforced by making compulsory compliance with the principle of parity in the appointment of independent directors. Our efforts in this regard are still ongoing with a new regulatory recommendation aimed at bringing the banking sector to further move towards the reduction of gender inequalities and a more inclusive finance. This regulatory text, which will be adopted before the end of the year, calls for a genuine implementation of the gender dimension by (i) entrenching professional gender equality within banking institutions; (ii) developing offers adapted to the needs of female customers, in particular female entrepreneurs, based on dedicated refinancing mechanisms such as “Gender Bonds”; and (iii) assisting these institutions in the implementation of funded projects. Furthermore, to catch up with the deficit in accessing financial services, the Ministry of Finance and Bank Al-Maghrib have developed and implemented a national strategy for financial inclusion. This strategy targets as a priority women, youth and the rural population. Ladies and gentlemen, Alongside these efforts as a regulator, Bank Al-Maghrib is striving as an enterprise to set an example in terms of professional equality between men and women.