samchain/econo-pairs-v1 huggingface dataset:
The industry has moved ahead: In March, Singtel announced a partnership with its Thai associate AIS to link their mobile wallets up, to enable 1.5 million visitors between Singapore and Thailand to use their mobile wallets at over 20,000 physical merchant acceptance points in both markets. Singtel plans to expand this to other regional associates later in the year. b. More broadly, the banking associations of Singapore and Thailand are exploring the possibility of linking their faster payment systems, PayNow in Singapore, and PromptPay in Thailand. If successful, the benefits of instant, low-cost payments for tourists, migrant workers and professionals will also extend to person-to-person payments and even remittances. c. Earlier this month, when India Prime Minister Narendra Modi visited Singapore, he used his RuPay card issued in India to pay for a Madhubani painting on a NETS terminal. In order to address the challenges of cross-border linkages, central banks need to promote the adoption of common international standards and work with industry partners 22.  on all sides in order to ease future integration efforts and pave the way for further partnerships. D. CENTRAL BANK DIGITAL CURRENCIES (CBDC) As we talk about cross-border linkages, it would be remiss of me not to touch on Central Bank Digital Currencies (CBDC). Benoît Cœuré, our next distinguished keynote 23.  speaker, and I, as co-chairs of the BIS’ CPMI and Markets Committee (MC) respectively, jointly issued a report entitled “Central Bank Digital Currencies”12. Many of you would already have read it.

Mr Heikensten discusses monetary policy aspects of Sweden’s position “inside EU, outside EMU”  Speech given by Mr Lars Heikensten, First Deputy Governor of the Sveriges Riksbank, at a seminar arranged by Handelsbanken Markets, Stockholm, on 10 September 1999. *  *  *  First a word of thanks to those who arranged this seminar for inviting me to take part. The agenda covers many important issues that all deserve a thorough discussion. Sweden’s relationship with the European monetary union is one of them. Today I shall be considering four matters: the feasible timetable in the event of full participation in EMU; Sweden’s performance as regards the criteria for joining the euro area; considerations concerning the rate for the krona’s conversion to euro; and, finally, something about how economic policy should be formulated in the meanwhile in the event that we do join the monetary union. When could we join? The timetable in the event of our participation in the monetary union is set both by decisions in Sweden and by negotiations with the existing euro countries. As regards the domestic process, in December 1997 the Riksdag (Sweden’s parliament) decided that Sweden would wait and see, but that the door to future participation is not to be closed. Players in the financial markets, along with other observers, are now trying to work out whether this door will be opened wide and, if so, when that is likely to happen.
Given the long lags in monetary policy, central banks must look forward now and prepare a strategy for a smooth transition back to normalcy. Asian economies: dealing with desynchronised global macroeconomic cycles 31. The second key aspect in securing a return to normalcy is the adjustment of macroeconomic policies in the emerging market economies to spillovers from the advanced world. I will speak with reference to Emerging Asia. Continually shifting gears in monetary and fiscal policies 32. In the early stages of the financial crisis, most Asian countries responded with expansionary macroeconomic policies to dampen the effects of a collapse in exports. Between August 2008 and August 2009, policy rates across Asia were more than halved, on average. Substantial fiscal stimulus was injected, ranging from higher investment spending in China to significant tax cuts in Indonesia. Fiscal deficits across Asia widened from an average of 0.6% of GDP in 2008 to 3.0% in 2009. 33. From 2010 onwards, a two-speed recovery took hold in the global economy, with advanced economies growing sluggishly and Emerging Asia staging a vigorous rebound. Incipient inflationary pressures prompted central banks in the region to raise policy rates from mid–2010 onwards. Although renewed risks stemming from the Eurozone crisis led to a fresh round of easing in some economies in late–2011, policy rates in Emerging Asia are on average 75 basis points higher now vis-à-vis their troughs during the crisis. 4  BIS central bankers’ speeches  34. Fiscal stimulus has also been withdrawn progressively.

It is difficult at present to determine the future direction for monetary policy, which will depend partly on the development of the Iraq crisis and the effects of its possible outcome on inflation prospects. Before I go on to discuss history, let me emphasise one more thing. The repo rate decision we consider most appropriate depends on the overall direction expected for economic policy. Recently, there have been claims that this is an appropriate time to counteract the weakening of the economy with a more expansionary fiscal policy. Some debaters even claim that it would be desirable in the present situation to give up the principles that have guided budgetary policy in recent years, with an expenditure ceiling and surplus target. I don't agree with that at all. If there is short-term room for manoeuvre and it is possible to obtain higher growth and employment without threatening the inflation target, this should be safeguarded by lowering the repo rate. To relinquish the fiscal policy regulations when they may be really put to the test would send a very negative signal to all those who analyse the Swedish economy. This could in turn risk having directly counter-productive effects on the interest rate and thereby on economic developments. Monetary policy 2000-2002 Let me return to a retrospective look at the development of the inflation rate and the monetary policy conducted. The Riksbank has published an appendix in the Inflation Report that is intended to facilitate the evaluation of monetary policy during the period 2000-2002.
How will the terrorist attack affect this fragile state of mind? US business investment during the past 4-5 years expanded at the rate of 8-9 % per year. It slowed to only 1.7% in the first half of this year. How will the tragic event that occurred slow this down even further? The price of Dubai crude, which is the reference price of Thai import cost, before the attack was at the $ 24-25 per barrel level. After the attack, it briefly touched $ 29 before turning back. How much will the volatile oil price cool down the world economy? 2  BIS Review 81/2001  These are very difficult questions to answer. They are difficult questions to answer under normal circumstances. But when you take into account the fact that the United States soon will undertake operations against the terrorists, and what events may unfold out of that, these questions become many times much more difficult to answer. I am comforted, however, by the quick actions of financial authorities in all the major countries to try to shore up the situation. The Federal Reserve acted quickly to set up $ 90 billion swap facilities with many central banks to facilitate market transactions. Ample liquidity was provided by all countries to market participants. Swift interest rate cuts were implemented in both the USA and Europe. In Thailand, what can we do in the face of these uncertainties?

While the BOT is assuring a stable environment for private real sector, I will urge the private sector to work harder, to improve their management system and corporate governance, to better learn about their markets, to better control and lower their costs, and to invest in training and technology. Only by doing so, will they be able to not only survive, but also ready to grow and take advantage of the world recovery when it comes. Thank you for your attention. BIS Review 81/2001  3
It has yet to recover. This mirrors the fall in trust in institutions and experts generally. Tellingly, the UK and US have suffered a greater erosion of institutional trust than most other countries. 15  If the Twin Deficits in economics are wide, and possibly widening, what have been the root causes? They seem to be two-sided. In part, the deficits reflect the how well (or, rather, badly) economic material is conveyed to the general public. And in part they reflect how well (badly) the public are able to digest this material. The public’s own views make clear the two-sided nature of the Twin Deficits problem. A survey last year found that a significant majority of the public think that economics is inaccessible to them, even when it is intermediated by the media or politicians. 16  Only 12% believed the opposite. Inaccessibility  problems are particularly acute when it comes to financial products. There are over 12 million people in the UK who feel they do not have the information they need to choose wisely between insurance products. 17  This inaccessibility problem extends to public bodies charged with safeguarding the economy and financial system, like central banks. One way to gauge this is by studying the way these public bodies communicate in public. By measuring the complexity of their public communications, we can infer how easy it is for the public to make sense of what these public bodies are saying to them. Central banks are one such body.

Weak growth in Switzerland, however, may be explained mainly by the conspicuous productivity gap between the innovative export sector and the domestic sector set in its traditional structures. The reason for this lethargy of the domestic sector is a dense network of regulations which limit competition and obstruct technical progress. The result is an excessively high domestic price level from which not only consumers but also exporters suffer. Growth-promoting measures must therefore aim primarily at wedging impediments to competition in the domestic sector. BIS Review 49/2003  1
There is no better or more effective policy in the short term for addressing the impact of population ageing and of scant population growth on pensions than to stimulate employment and enhance the system’s overall productivity. Thank you very much. 5

The changed conditions for wage formation have probably also contributed to the two most recent bargaining rounds being characterised by a high degree of cooperation between the labour market organisations. At the same time, there appears to be support among wage-earner organisations for the manufacturing industry to lead the way in collective wage agreement through what is known as the Industrial Agreement. Altogether these changes have entailed an increase in nominal wages of an  BIS Review 7/2003  1  average of 4 per cent a year over the past decade, which can be compared with an average figure of 8 per cent a year during the 1980s. Developments in wage costs over the coming years When we make our wage forecasts at the Riksbank, we base them on a total assessment of collective wage agreements, demand pressure in the labour market, productivity, profit margins, inflation expectations and taxes, to mention just a few factors. This autumn will see the beginning of wage bargaining rounds for more than 2 million employees and the outcome will have crucial importance for the development of inflation and thus monetary policy. The assessment in the December Inflation Report was that the Swedish economy would show a recovery towards the end of the year, following a relatively mild downturn in economic activity. We envisioned a still relatively strong labour market. However, employment was expected to fall slightly to begin with, before slowly showing an upturn once again.
We also believe that central banks and supervisors must play their part as, in the long run, climate stability is one of the main determinants of financial stability, which is their mandate. This is a shared conviction. At the One Planet Summit in Paris in December 2017, the Banque de France, with the support of other central banks and supervisors, launched the Network for Greening the Financial System (NGFS), which now comprises some 30 central banks, supervisors and international organisations, including four Asian members, and will certainly attract more in the coming years. *** Let me now conclude by quoting Nassim Nicholas Taleb, the famous author of The Black Swan. He once wrote that uncertainties can be like the wind which “extinguishes a candle and energises fire”, and added the following: “You want to use them, not hide from them. You want to be the fire and wish for the wind”. My wish is that the ongoing uncertainties will become the wind that deepens our bilateral and multilateral cooperation. On that hopeful note, I wish you a very Happy New Year and for the time being an inspiring and fruitful conference. 3/3  BIS central bankers' speeches

However, now the foundations for a potential turnaround are discernible, the structural problems of the Spanish economy must be addressed to avoid the risk of a scenario of protracted economic sluggishness. Regarding monetary policy, the cuts in official rates by the ECB are helping alleviate financial pressure in the private sector. And this is a factor which, given the prevalence of floating interest rates in Spain, will continue to alleviate the burden on households and firms over the coming quarters. Fiscal policy has also contributed to softening the downturn in activity by means of a highly significant budgetary effort that has been greater than that in other developed countries. The cost, though, has been a very swift and sharp rise in the budget deficit which, on the latest official government figures, might rise to around 10% of GDP this year. Irrespective of how long the cyclical change takes to exert positive effects on the budgetary situation, I would like to draw your attention to the fact that much of the deficit generated over the past two years has a significant structural component; and the recovery, therefore, will not correct this component. Indeed, despite the fact that in the coming years revenue will foreseeably increase owing to the reversal of the temporary effects of some of the activitysupporting measures adopted in recent years, it should be borne in mind that the exceptionally high revenue obtained during the real estate boom will not recur.
More generally, economic distortions and loss of revenue caused by financial crimes can also threaten our growth prospects. While there are many issues that I could speak about on financial crimes today, I would like to focus on what has been at the top of many minds – cybercrimes. Indeed, cybercrimes are a global menace. McAfee reported that cybercrime cost the global economy more than 1 trillion dollars in 2020, or more than 1% of global GDP. Malaysia is not spared from this growing threat. As indicated in the National Risk Assessment 2020, fraud – which includes cybercrimes – is among the country’s top high-risk crimes, with a higher number of cases and losses suffered compared to the previous assessment conducted in 2017. More than 20,000 cybercrimes were reported in 2021 alone, involving losses of RM560 million. Between 2017 to July 2021, Malaysians suffered losses of about RM2.23 billion on account of cybercrimes. As more people switch to mobile phones for online transactions, we are also seeing an increase in online banking fraud incidents involving mobile malware. Although fraud losses remain low as a share of the total value of online banking transactions, they point to ever present and evolving threats as society adapts to new norms of living and doing business. Indeed, criminals are exploiting the rapid dispersion of technology in this recent period. This is not a trend that will reverse. Therefore, strengthening the financial system’s defence against emerging threats and vulnerabilities must remain a top priority.

Bakarudin Ishak: Linking United Kingdom & Malaysia – opportunities and solutions in fundraising and investments Introductory address by Mr Bakarudin Ishak, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Forum “Linking United Kingdom & Malaysia: Opportunities and Solutions in Fundraising and Investments”, organised by TheCityUK, London, 29 September 2015. *  *  *  On behalf of the Malaysian delegation, I am pleased to be here today at this forum with the theme “Linking United Kingdom & Malaysia: Opportunities and Solutions in Fundraising and Investments”. It is a great opportunity to jointly organise this event with TheCityUK which we hope will further enhance Malaysia-UK relationship in Islamic finance and strengthen the investment and financial ties between the two countries. Appreciation note Our utmost appreciation goes to TheCityUK for hosting this Forum and the warm hospitality extended to Malaysian delegates. We would also like to extend our appreciation to Trowers & Hamlins for holding this Forum at its venue. Trowers & Hamlins is Malaysia’s first foreign law firm to be granted a Qualified Foreign Law Firm (QFLF) licence. This allows them to operate independently in Malaysia and advise on international legal issues including on Islamic finance matters. The entry of foreign legal firms will create a symbiotic environment to accelerate the Malaysian legal firms’ capabilities at the international front.
A simple example can be when companies’ costs suddenly increase, for various reasons. Companies then often increase their prices to compensate for the rise in costs, but they usually also reduce the resources they use in production. The result may then be that inflation exceeds the target, while economic growth slows down. If, in such a situation, monetary policy aims to quickly bring down inflation, capacity utilisation in the economy may fall further. These problems can be alleviated if monetary policy aims to bring inflation back on target more gradually in such situations. In practice, of course, we must often deal with much more complicated situations than this type of textbook scenario. Take, for instance, the present situation. The high productivity growth we have experienced in recent years has led to a disruption – a positive one – in the supply side of the economy, while inflation has remained low. However, we have not yet experienced a clear conflict between the aims to attain the inflation target and to stabilise the real economy. The improved productivity has so far enabled a high growth rate without excessive strain on capacity utilisation in the economy. We have therefore seen scope to stimulate the economy by means of expansionary monetary policy. At the same time, the low interest rate has contributed to a rapid increase in house prices and to an expansion in credit.

On the fiscal front, the consolidation process has paused somewhat and, according to the Spring-2016 European Commission’s forecasts “fiscal policy is expected to be slightly supportive to growth this year”. There are also important political challenges ahead. The management of the flow of refugees, the referendum that the United Kingdom will hold next month on its EU membership, and, more recently, the negotiations with the United States to sign the Transatlantic Trade and Investment Partnership (TTIP) are leading sometimes to heated debates on the institutional framework of the EU. In connection with these, and other, challenges, I would like to recall the roadmap drawn up in the Five Presidents’ Report published last year, which delineates steps for further economic integration within the euro area through both real convergence and some mutualisation of risks. Making progress along the lines suggested in the Five President’s Report would not only improve the resilience of the euro area to future shocks, but would help building up the necessary confidence to create employment and lifting growth potential. Monetary policy I would like now to make a few comments on the main features of our monetary policy scenario. Since the beginning of the crisis weak domestic demand in the euro area has pushed down core inflation well below the medium-term objective. The subsequent fall in oil prices has 2  BIS central bankers’ speeches  aggravated this situation and core prices have grown in the last years at very moderate rates, around 1 % or less.
In the case of Hong Kong, where the financial industry is so critical to the economy, this obviously carries even more importance. Now, as a survey has found, we are fortunate in Hong Kong to have one of the highest levels of consumer trust in banks and financial services compared to other places.3 But we’ve seen in the financial crisis how fragile trust can be. So we need to guard against complacency, and work towards ensuring that Hong Kong remains a beacon to the rest of the global financial services industry. Whether one is a financial institution, a financial regulator or a consumer, this is in all our interests. So, how do we get there? In short, my argument this morning is that we will do so by recognising the interdependence of these three groups. Each has a role to play, but each also needs the help of the others. And, I would argue, at the heart of this interdependence lies effective consumer protection and education. I would like to discuss briefly each group in turn – first, the role of financial institutions. “The role of financial institutions” As I alluded to just now, financial-services institutions have a direct interest in upholding the reputation of the industry as a whole. I believe success in this regard rests on two pillars. First, nurturing a culture of honesty among practitioners. Second, an absolute commitment to  1  Mr André Laboul, Head of the Financial Affairs Division, OECD and Chairman of the International Network on Financial Education.

Spain ranks above EU averages in 4 out of 5 of these indicators. In particular, Spain ranks 4th in the digital public services which focuses particularly on e-Government and e-Health services. In sharp contrast, Spain ranks in 17th position in the Human Capital dimension, which measures the skills needed to take advantage of the possibilities offered by digital technologies. All in all, these figures suggest that there is room to improve the global position of Spain in terms of both innovation activities and digitalisation, especially as regards human capital. This is especially relevant for the Spanish economy, which show low levels of firm productivity in comparison with their European peers. Let me conclude by saying that I am sure that the presentations in this conference will be the basis of fruitful discussions on key aspects of digitalisation and investment in intangible assets in Spain, such as its evolution and drivers, the existence of barriers and the best way to support those activities. These discussions will be very useful to enrich the policy debate  10  Eurostat (2019): Statistics on research and development COTEC (2019): Informe COTEC. Innovación en España 12 Eurostat (2019): Statistics on research and development 13 European Commission (2019): The Digital Economy and Society Index 2019 11  5/6  around these highly relevant issues. With this expectation, I wish you a very pleasant and constructive conference. Thank you for your attention. 6/6