samchain/econo-pairs-v1 huggingface dataset:
While several of these laws can have wide ranging effects on Thailand’s business landscape, for the ease of this talk, I will loosely categorize them into three groups, namely (1) laws that promote governance and improve the distribution of economic opportunity, (2) laws that support productivity enhancement, and (3) laws that strengthen macroeconomic stability. Let me start by highlighting a few laws in the first group that aims at promoting governance and improving the distribution of economic opportunity. The amended Securities and Exchange Act, which was effective since December last year, would boost governance in the capital market. In particular, enforcement mechanism to punish market misconduct will be more effective. The law expands coverage of wrongdoings and seals several loopholes of the previous law to prevent malpractices including front-running of client orders and usage of insider information. Moreover, a perpetrator is no longer subjected to only criminal punishment, but is also responsible for civil liability, which makes the punishment process more efficient. Overall, with this revision, investors should expect the Thai capital market to have better governance and fairer trading environment. Another sector undergoing significant governance upgrade is the State-Owned Enterprises or SOEs in short. It is important to acknowledge that SOEs are the driving force behind several strategic sectors of the Thai economy, including energy, transportation, and telecommunication – with a total annual spending budget twice that of the central government. There is no denying that improving the governance of the SOEs will lead to more efficient resource allocation in many sectors.

A more moderate rise since last summer is related in part to lower air transport prices (increased competition between airlines) and a slower rise in house rents. The rise in prices for imported consumer goods has been pushed down by the strong krone exchange rate. The shift in clothing imports from high-cost countries to Asia and Eastern Europe has also contributed. In the near term, the appreciation of the krone over the past two years will be reflected in the underlying rise in prices. Subsequent developments will partly depend on developments in the global economy, the effects on the business sector of the high cost level, the krone exchange rate and how changes in the exchange rate feed through to consumer prices in Norway. In the baseline scenario presented in the Inflation Report, where the interest rate is held constant at 5½ per cent and the krone exchange rate at the average for the past month, inflation is projected to remain below 2½ per cent over the forecast horizon. The alternative scenario, incorporating monetary policy easing in line with market expectations, points to inflation above the target at the two-year horizon. Norges Bank has reduced the sight deposit rate from 7 to 5 per cent since 11 December last year. A lower interest rate differential has been followed by a weaker krone exchange rate. The lower interest rate and weaker krone have both contributed to a more expansionary monetary policy.
In this part of the banking sector, there remains substantial overcapacity in the EU which has proved timeconsuming to eradicate. Presently, we are seeing problems in the German banking system caused in part by overcapacity, major costs and different terms of competition for different institutions as a result of a slow restructuring of the banking system. On the other hand, a number of banks in Western Europe have expanded into Central and Eastern Europe and given rise to development and modernisation of the banking systems of the former planned economies. The reasons for this are that Central and Eastern Europe constitute a developable market that could soon be a part of an enlarged EU. At the same time, this has contributed to improved profitability in the parent banks as many countries in Central and Eastern Europe continue to show favourable growth compared with the present EU countries. The banks being acquired are mostly full-service banks, which means that the parent bank gets a larger customer base for its financial services, one of which is mortgages. Another structural trend is a greater concentration of financial activities to certain centres in order to profit from cluster benefits. Companies that produce the same products and services discern benefits from being located close to each other for several reasons. These might, for example, be a skilled labour force, accessibility to the market, suppliers and customers, specialised service companies, market information, market knowledge or infrastructure.

In this regard, a stress testing system, introduced in 2007, already contributes to better assessing banks’ risk management and evaluating adequacy of capital assets to potential risks. In view of the large number of foreign banks presently operating in Algeria, continued efforts are being made to develop bilateral cooperation on their supervision. In conclusion, prudent management of resources and continued strengthening of the financial and banking system stability allow Algeria to consider its medium term economic objectives with a relative confidence. However, the deepening of the international financial crisis and its drastic spillover effects on the world economy is already affecting the country through a number of channels, notably: •  a reduction in its savings capacity. The sharp decline in oil prices is drastically reducing hydrocarbon export receipts and consequently government’s savings capacity. A prolonged weakness of oil prices would inevitably erode the financial wealth accumulated in the stabilization fund with a correlative reduction in international reserves;  •  a reduction in the yields on the investment of international reserves, as a consequence of low interest rates in international markets. 2  BIS Review 21/2009
Ultimately, being open means pitting oneself against the very best, irrespective of the region they belong to, since only if we compete against the best, will we be one of the best in the future. Consequently, it would be wrong for Switzerland to limit its openness to a given geographic region. Openness must be the fundamental principle governing all of its economic policies. Even in the changing global environment of intensive competition, Switzerland can increase its prosperity if it rethinks its economic policy direction and embraces former tried and tested virtues such as openness, freedom and personal responsibility.

Since the beginning of this year, lower risk premiums have accompanied a stronger krone. Developments in the GRI were also an important factor during the Russian crisis in 1998-1999. When global risk premiums and interest rates are low, investors may turn to higher-yield currencies. There is also a tendency for more peripheral currencies to attract increased attention when volatility between the major global currencies is subdued and risk premiums are low. The interest rate differential has been an important explanation for the movements in the krone exchange rate, at least since the summer of 1999. A higher interest rate differential has accompanied a stronger krone. The krone has appreciated significantly since the beginning of this year, however, and apparently somewhat more than what can be explained by the interest rate differential alone. One explanation may be that market participants react to signs of pressure in the economy by adjusting their interest rate expectations in the longer term. This has an impact on longer-term interest rates. Thus, movements in the exchange rate may be a result of changes in forward rates, as well as current interest rates. Since early January, the 12-month money market differential appears to have followed the krone exchange rate more closely than the 3-month differential. The pressure on internal resources seems to have resulted in expectations of tight monetary conditions, which contributed to the recent appreciation of the krone. The nominal appreciation of the krone has been accompanied by a significant real appreciation of Norwegian labour.
I suppose it should not be a surprise that the challenges I have outlined involve relatively long horizons. As a central banker, we are trained to focus always on the medium to long run. After all, it is precisely such a focus that enables central banks to best serve as pillars of economic stability over time. Against this backdrop, let me now turn to the BOT’s role in meeting these challenges. Starting with monetary policy, the key focus at this juncture is to strike the right balance between accommodating the domestic recovery while ensuring stability in the long-term. In the context of the sharp slowdown in economic activity from the floods, moderating inflationary risks, and pronounced headwinds from the global economy, the MPC decided to ease policy during the last two meetings. These policy actions have helped to shore up private sector confidence and accelerate the return of economic activity to normal levels. The MPC is firmly committed to maintaining long-term price stability and interest rates are currently at a level that is deemed to be consistent with that goal. Moving further afield, it is clear from my earlier remarks that setting Thailand on a path to long-run economic prosperity will entail lifting the competitiveness of our economy. What contribution can the BOT make in this regard? First and foremost, as well as most obviously, the BOT needs to deliver on its mandate of macroeconomic stability. Ample evidence has demonstrated that a stable macroeconomic environment is a key prerequisite for sustainable growth in the long run.

Prasarn Trairatvorakul: “Challenges and Opportunities” Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, at the German Business Talks event, Bangkok, 28 February 2012. *  *  *  Good evening, Ambassador Rolf Schulze, Distinguished guests, Ladies and Gentlemen, I would like to thank the German Embassy for inviting me to give the key-note speech at the German Business Talks event. Germany is by far the biggest trading partner of Thailand within Europe, accounting for over 20 per cent of total trade volume between Europe and Thailand. With the increasing presence of German multinational corporations in Thailand, I hope that our businesses will become more integrated and continue to prosper together into the future. In this session, I would like to focus on two key issues. The first concerns the future challenges facing Thailand. The second issue is about the Bank of Thailand’s (BOT) role in meeting these challenges. Let us begin with the challenges. On the external front, the global economy is beset by substantial risks and uncertainties. Major advanced economies are still grappling with fragile recoveries. In the US, despite some recent positive news from the labor market, economic activity continues to be weighed down by substantial debt over-hang. This inhibits a full recovery in the housing sector and consumer spending, which together form the backbone of the US economy. In the euro-area, everyone here is obviously keenly aware of the unfolding sovereign debt crisis.
Ravi Menon: Global economic outlook - renewed optimism, higher uncertainty Speech by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the UBS' Wealth Insights Conference, Singapore, 16 January 2017. * * * Ladies and gentlemen, good morning. The global economy in 2016 – resilient but uninspiring 2016 was an eventful year for the global economy. If you recall, we began the year with anxiety over China’s financial markets but breathed easier over the course of the year as China steadied its economy and avoided the hard landing feared by many. We saw economic momentum in the US slip, and then pick up towards the end of the year, which also saw the second rate hike by the Fed in 10 years and an unexpected presidential election outcome. The EU economy was stirred but not shaken by the shock of the Brexit vote in June, with accommodative monetary policy providing support while domestic demand gradually improved. Japan saw further innovations in monetary easing – with negative interest rates and yield curve control – with some but not decisive improvement in growth outcomes. In the ASEAN economies, growth was respectable but below potential, as a pick-up in private consumption was offset by weaker investment and exports. Overall, I would say the global economy in 2016 was resilient but uninspiring. Economic growth was sustained in the face of shocks but remains sub-par.

And as we continue to invest in the future – in skills, in technology, and in infrastructure, we will emerge a stronger and more dynamic economy. 7/7  BIS central bankers' speeches
Different parts of the climb will be more relevant to different banks at different stages of their journey, and indeed to different business models and sectors. New subsidiaries of international firms may be able to take a path well-trodden by their Group, for example. (When I say ‘bank’ I am of course speaking loosely as we regulate banks – both UK based and the UK operations of those based overseas – building societies and credit unions.) Whatever the firm, an important part of the financial sector’s resilience is its ability to grow safely, and to respond to and to recover from stress. To support that, the regulator needs to be clear in setting out what is expected so that each bank can make business plans for when things go well and contingency plans for when things go wrong. And banks need to be able to do so safe in the knowledge that the regulatory path up the mountain is clearly mapped out, and that there is a way back onto the path – or indeed off the mountain – should they stumble. 5  The PRA has authorised 50 new entities in total since its creation in 2013, including subsidiaries and branches of overseas banks and entities established as part of ring-fencing.

6  In order to limit their liquidity risk, banks tend to procure funding at longer maturities, eg by issuing bonds. In addition, banks must use equity to finance a portion of their assets in order to satisfy the applicable capital requirements. 7  BigTech companies’ activities in financial services and possible policy implications are discussed BIS (2021): “BigTechs in finance: regulatory approaches and policy options.” FSO Briefs No 12. 8  A detailed description of the FinTech sector is found in Claessens, S., J. Frost, G. Turner and F. Zhu (2018): “Fintech credit markets around the world: size, drivers and policy issues”, BIS Quarterly Review, September 2018. The business areas have a wide range and include both specialised payment solutions and proprietary platforms for channelling credit from savers to investors. 9 Adrian, T. and T. Mancini-Griffolio (2019): “The Rise of Digital Money”, FinTech Notes 19/01, provides a thorough  overview of new forms of digital money and discusses possible scenarios for the banking system. 10 A portion of household saving ends up in the equity and bond market. Fixed income funds, insurance  companies and other investors finance firms by buying bonds and short-term paper. An example is money market funds, which resemble banks without being banks. They receive bank deposits from customers as payment for fund units. The deposits are placed in a client account in a bank and are lent to firms or the government. Unlike a bank, the fund must obtain money before it can lend.
And they need rules that reflect public policy concerns, relating particularly in the case of financial markets to systemic stability, consumer protection and fair competition. I will come back to that. The second main driver of change in the financial services industry in particular is, as I say, the ICT revolution, which has made possible new financial instruments and investment strategies, new means of measuring, monitoring and managing risks and new - and cheaper - delivery, trading and settlement mechanisms and so on, all of which facilitate the greater competition and greater efficiency we need. These global influences are of course at work within Europe, like everywhere else. But change in Europe in particular is being driven also by two Europe-specific factors - the single European market program, which is essentially an advanced, regional, form of the broader international shift towards free trade and the freedom of capital movement; - and the introduction of the euro, which, by eliminating currency risk between the participating countries, is making a substantial further contribution to increasing the depth and liquidity of European financial markets, including the (small-E) euro markets here in London.

It must be acknowledged that no regulation can prevent financial institutions from encountering difficulties. A new regulatory framework must therefore ensure that banks bear the ultimate responsibility for risk undertaken by them. Regulatory compliance will then be in their own interest. We can never fully insulate the financial system from shocks. But we can increase our resilience. One of the most important things we can do is to keep our own house in order – by preventing major imbalances from building up in the economy or in the financial system, and by ensuring that the financial system in general is robust. Thank you for your attention. BIS central bankers’ speeches  3
Már Guðmundsson: Challenges for the Icelandic economy Speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at the 49th Annual General Meeting of the Central Bank of Iceland, Reykjavík, 25 March 2010. *  *  *  Madame Prime Minister, Madame Chairman, honourable Ministers, honourable Ambassadors, ladies and gentlemen: As we gather here for this 49th Annual General Meeting of the Central Bank of Iceland, the Icelandic economy is still recovering from overheating and the shocks of the recent past. The contraction in the economy is a part of this process, but it is rooted in three things. First, it was inevitable that the enormous expansion characterising the Icelandic economy in 2005– 2007 should subside. In line with previous experience in Iceland and other countries, it was highly likely that this would occur through a sharp drop in exchange rate and asset prices, followed by a temporary contraction in business activity and employment. Second, the Icelandic economy sustained severe blows as a result of the worldwide recession in late 2008 and early 2009. The third cause was the collapse of the Icelandic banks in the fall of 2008. When the banks failed, assets were lost, and Iceland’s relations with the international financial system were severely damaged. They remain damaged to this day, as our capital controls bear witness. The question of how to quantify the proportional contribution of these three causes to our current economic hardships is a persistent one.

Many of them will remain in operation, and their guarantee capital owners will have an opportunity in the future to repurchase a stake in them from the Government. Although writing down guarantee capital now is painful, it is a far less drastic measure than the shareholders of the failed banks were faced with. On this occasion, I would like to encourage all savings bank investors and employees to take this opportunity to begin building their savings banks for the future. For the most part, domestic payment intermediation withstood the shocks of 2008 and 2009, but the same cannot be said of cross-border payment intermediation, as Icelanders discovered in the fall of 2008. The Central Bank plans to work with financial institutions and the appropriate authorities in the next few weeks, with the aim of reducing risk in payment intermediation. Furthermore, it is necessary to consider strengthening infrastructure and separating infrastructure from competitive operations. *  BIS Review 39/2010  *  *  7  Honoured guests. This is neither the time nor the place to conduct an in-depth analysis of the Icelandic financial crisis. We are now awaiting the release of the report from the Parliamentary Special Investigative Commission, which presumably will generate extensive discussion. We hope that discussion will aim at getting to the bottom of the matter: determining what went wrong and suggesting improvements.
While there are current requirements for potential conflicts to be clearly disclosed to consumers, the effect of such disclosure in alerting consumers to consider how such conflicts may affect any advice received, and to temper their decisions appropriately, may not be adequate to resolve the inherent conflicts that are created when a financial adviser is compensated by product providers. At the same  BIS central bankers’ speeches  3  time, the vast majority of Malaysian consumers are not currently accustomed to paying directly for advice. In moving towards a better alignment of interests, there is an opportunity for fee-based business models to gain more traction, with financial advisers doing more – individually and collectively as an association – to explain how they add value through the advice that they give. The fourth priority is to intensify our review of the quality of advice provided by financial advisers to consumers through our supervisory work programme. This will contribute towards ensuring that financial advisers stay at the “top of their game” in terms of quality of advice, and that this is sustained through effective oversight arrangements within financial advisory firms to check that the interests of clients are being well-served at all times. At the industry level, the AFA will have a key role in elevating the stature of the industry by coordinating initiatives to create greater awareness on the role of financial advisers, educate consumers on the importance of financial advice and to promote financial advisory services.

3 Federal Reserve Bank of New York, Short-Term Inflation Expectations Continue to  Decline, Tick up Slightly in Longer Term , January 9, 2023. 4 Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC  Statement , December 14, 2022. 5 Board of Governors of the Federal Reserve System, Plans for Reducing the Size of  the Federal Reserve's Balance Sheet , May 4, 2022. 4/4  BIS - Central bankers' speeches