samchain/econo-pairs-v1 huggingface dataset:
Richard W Fisher: Remarks upon acceptance of the Mexican Order of the Aztec Eagle Remarks by Mr Richard W Fisher, President and Chief Executive Officer of the Federal Reserve Bank of Dallas, upon acceptance of the Mexican Order of the Aztec Eagle, Mexico City, 17 February 2015. *  *  *  The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System. My relationship with Mexico has been a lifetime affair. It starts with a little boy who walked every morning in his gray flannel shorts and white shirt, a green leather satchel strapped to his back, from his home on Calle Monte Tauro to the Maud Crocker School. Along the way, tortilleras would treat him to heavily buttered and salted handmade tortillas that, by the time he arrived at school, would leave stains on his shirt, incurring the wrath of his maestras. Those maestras taught him math so well, it formed the basis for his career as an investor and banker. And despite the punishment they meted out for the butter-stained shirts, to this day whenever he goes to a Mexican restaurant in Texas, he always asks first for a tortilla that he covers in butter and salt. His granddaughters call them “Baba’s tacos.” Over a halfcentury later, they carry on a treasured tradition that started here on the streets of D.F.

Also, inflation levels would be overestimated because of the improved quality of goods and services, not taken into consideration in their calculation. Another field where major changes are induced by this revolution is data production and use. Big data generated by new technologies are at the heart of the strategies of economic and social actors, both public and private. Their exploitation takes many forms such as customizing services and targeting messages to guide the behavior of the consumers or of the public opinion in general… The case of Facebook-Cambridge Analytica during the last US presidential elections offers an uplifting illustration in this regard. 4  Conversely, the impact of this revolution turns out to be rather positive on the administrative procedures, such as tax payment. In fact, benefits are multiple: reduced costs, increased transparency, and the fight against tax evasion and corruption reinforced. To sum up, I will recall one of the main conclusions of the 2016 World Bank's World Development Report on “the digital dividend”. Digital technologies and innovations have undoubtedly helped improve growth and services supply by substantially reducing the costs of economic and financial transactions, but the aggregate impact is still limited and unevenly distributed. Ladies and Gentlemen, I think that we all agree that one of the areas where technological innovation is growing rapidly is the financial sector, with a new term being even dedicated to it, the Fintech. The latter is revolutionizing the financial landscape, by expanding products and services, improving their quality, and making them more accessible and less expensive.
Andrew G Haldane: The Sneetches Speech by Mr Andrew G Haldane, Executive Director and Chief Economist of the Bank of England, at the Scottish Business Friends dinner in aid of BBC Children in Need, Edinburgh, 12 May 2016. * * * Accompanying charts can be found at the end of the speech. I would like to thank Kiran Bance, Venetia Bell, Stephen Brown, Gurmaj Dhillon, Will Dowson, Jeremy Franklin, Richard Galletly, Cat Hines, Charlotte Hogg, Tom Mann, Matthew Manning, Alex Mitchell, Ben Nelson, Raakhi Odedra, Charlotte Pope-Williams, Alice Pugh, Amandeep Rehlon, May Rostom, Emma Sinclair, Anne Wetherilt and Richard Wyatt for their comments and contributions. I would also like to thank Professors Philip Bond and Heidi Johansen-Berg and Alan Milburn and Emma Hardaker-Jones for their insights. In 1953, Dr Seuss published The Sneetches. 1 It tells the tale of an imaginary creature of which there are two types: those with and those without stars on their bellies (Figure 1). Star-bellied Sneetches are perceived in Sneetch society to be superior to those without. Until, that is, those without discover a machine for adding stars to their bellies. At that point the original star-bellied Sneetches, no longer distinctive, begin removing their stars to regain their special status. And so it goes on in a merry-go-round, until the Sneetches collectively realise they are better off treating equally those with and those without. The Sneetches is a parody of status and discrimination.

For the moment, however, we have to work on the basis of the published statistics and our experience, which tells us that good macroeconomic data should not provide a basis for complacency. The importance of humility is emphasised by the recent experiences several countries have had in Asia. For instance, the experience of Japan at the end of the 1980s and Korea in the mid-1990s, when traditional macroeconomic measures, such as consumer price inflation and public finances long indicated a favourable development. What was not so evident were the imbalances built up through stock exchange and property valuations and through low-yield investments. What is the reason behind the positive developments? Is the positive development in Sweden due to computers and the Internet? It is of course possible that information technology has made a contribution, but is it a central part of the explanation? The new information technology is not very good at explaining what has happened so far in the Swedish economy. The path of inflation is not determined by technological or organisational developments. There have been periods of technological development with rising, falling and constant price levels. In Sweden, the shift in monetary and fiscal policy towards macroeconomic stability is an important part of the explanation for the improved economic developments. Moreover, we have moved away from a tax system that severely restrained the economy (Stig Malm called it perverse), to a system that is less restrictive.
Joseph Yam: HKMA congratulates the Central Bank of Malaysia on 50 years of achievements Address by Mr Joseph Yam, Chief Executive of the Hong Kong Monetary Authority, at the Ceremony for the 50th Anniversary of Bank Negara Malaysia: "50 Years of Central Banking – Stability and Sustainability", Kuala Lumpur, 8 February 2009. *  *  *  YANG AMAT BERHORMAT PERDANA MENTERI MALAYSIA Dato' Seri Abdullah Haji Ahmad Badawi YANG BERBAHAGIA KETUA SETIAUSAHA NEGARA Tan Sri Mohd Sidek Haji Hassan Dear Governors, Distinguished Guests, Ladies and Gentlemen, It is an enormous honour and pleasure to be invited to speak at today’s ceremony. The honour is a special one because over the years Bank Negara and the Hong Kong Monetary Authority have worked in close partnership on many projects, to the extent that a deep friendship has been built between our institutions: with that friendship has developed great admiration on the part of my colleagues and myself for Bank Negara’s many achievements. The pleasure is not just in having the opportunity to visit once again this beautiful and hospitable country, but also in being able to pay tribute to a valued colleague and dear friend, Governor Tan Sri Dr Zeti Akhtar Aziz. Governor Zeti's strong and inspired leadership of Bank Negara for most of the last decade has turned it into a first-rate central bank and a great force for good in this region. We are all mindful that we celebrate this 50th anniversary in the midst of intense global financial crisis.

There should be a continuing place in the market for many transactions that do not qualify for the STC designation, including synthetic transactions, managed portfolios and pools that do not meet the granularity requirements. Turning to capital requirements, looking at historical losses on securitisation tranches, we think the calibration of bank capital requirements that the Basel Committee published in December is broadly right. But there is a case for some lowering of capital requirements for STC transactions on the grounds of lower structure risk. A stronger argument can be made that Solvency 2 standardised capital requirements for EU insurers are still too high, especially at longer maturities – although it should be noted that these will not apply to insurers using internal models. For banks and insurers, part of the issue with securitisation capital requirements is the comparison with covered bonds, which tend to be treated favourably in EU regulation. Issuers looking to raise secured funding may therefore see covered bonds as a more cost effective alternative to securitisation. Covered bonds have a legitimate role in the market as a source of stable long-term funding. But securitisation has the advantages of risk transfer and lower encumbrance of underlying assets. We would support moves to put securitisation and covered bonds on a more level playing field. To conclude, we support the European Commission’s current work on an EU framework for securitisation as part of the longer-term objective of growth in stable, market-based financing markets alongside bank lending.
More specifically, in collaboration with the Federal Reserve, the ECB offered US dollar liquidity to European banks at various maturities in order to satisfy the exceptional demand for those funds. I believe that all of these actions proved to be effective in easing the tensions at the short-term end of the global money markets and in maintaining control of short-term interest rates in the euro area. I am sure that global money and funding markets will continue to benefit from our very close cooperation in the times to come. Still, term interest rates in the money market continue to be strongly influenced by credit concerns and, not surprisingly, have proved to be only marginally sensitive to changes in liquidity policy. As a result, the transmission of monetary policy for the economy at large is affected by the ongoing turmoil. I will now turn to this very question. 3. The impact of the turmoil on the monetary transmission mechanism  During the current turmoil, the role of banks in the transmission mechanism of monetary policy has been brought to the forefront. In Europe, as you know, universal banks continue to be important players in the financial landscape. This is why they also play a crucial role for the transmission of monetary policy, as upheld by several theories, notably the bank lending  2  BIS Review 116/2008  channel, and supportive empirical findings.

), 2003: “Monetary policy transmission in the euro area”, Cambridge University Press. 3  Kashyap, A. and J. Stein (2000): “What do a million observations on banks say about the transmission of monetary policy?”, American Economic Review 90(3) , pp. 407-28. 4  European Securitisation Forum (2008): “ESF securitisation data report – Q2:2008”. 5  European Central Bank (2008b): “The role of banks in the monetary transmission mechanism”, ECB Monthly Bulletin, August 2008, pp. 85-98. 6  See, for instance, Altunbas, Y., L. Gambacorta and D. Marquéz (2007): “Securitisation and the bank lending channel”, ECB Working Paper No. 838, and ECB (2008a). 7  See, for instance, Gropp, R., C. Kok Sørensen and J. Lichtenberger (2007): “The dynamics of bank spreads and financial structure”, ECB Working Paper No. 714. 8  European Central Bank (2008c): “The euro area bank lending survey”, January 2008. BIS Review 116/2008  3  4. The role of uncertainty  One of the most relevant features of the current turmoil has been the high degree of asymmetric information and the enormous increase in general uncertainty in the financial sector. I would like to distinguish between the two in the following way: 9 Uncertainty owes mainly to imperfect information in relation to credit valuations. Uncertainty generally increased during the summer of 2007, because market participants realised that the current practices used for valuations – often based almost solely on ratings – were no longer valid. With this type of uncertainty, market participants have difficulty in modelling the expected occurrence of defaults.
10  BIS central bankers’ speeches  Table 2 Domestic scenario (annual change, percent) 2012  GDP Domestic demand Domestic demand (w/o inventory change) Gross fixed capital formation Total consumption Goods and services exports Goods and services imports Current account (% of GDP) Gross national savings (% of GDP) December CPI December CPIEFE  2013 (e) IPoM Dec.13  5.4 6.9 7.1 12.2 5.6 1.1 5.0 -3.4 21.7 1.5 1.5  4.2 3.9 5.1 3.9 5.4 5.3 4.4 -3.2 21.1 2.6 1.9  IPoM Mar.14  2014 (f) IPoM Dec.13  IPoM Jun.14  4.1 3.4 4.2 0.4 5.4 4.3 2.2 -3.4 20.5 3.0 2.1  4.1 3.4 4.2 0.4 5.4 4.3 2.2 -3.4 20.5 3.0 2.1  IPoM Mar.14  3,75-4,75 4.8 4.5 4.1 4.7 3.1 4.6 -3.7 20.6 2.5 2.9  IPoM Jun.14  3,0-4,0 3.3 3.3 0.8 4.1 3.2 2.4 -3.6 19.5 3.0 2.8  2,5-3,5 1.7 2.4 -0.7 3.4 3.2 -1.1 -2.5 19.9 4.0 3.7  (e) Estimate. (f) Forecast. Source: Central Bank of Chile.

We are firm in the belief that economic equality is a critical component for social justice and that we will never have the truly inclusive and strong economy we seek until access to health, education, safety, and justice knows no racial or other boundaries. We are dedicated to understanding and finding solutions to the numerous forms of inequality that communities of color experience and working with communities in our District to address deep-seated inequities. We are steadfast in our commitment to work for a more equitable economy and society for all, and will redouble our efforts in pursuit of this essential mission. The pandemic painfully demonstrates the need for us to redouble our efforts in working with stakeholders from the community, business, nonprofits, and governments to build a stronger, more equitable foundation for our economy’s future. This makes conversations like the ones we are having today so important for us to listen to and learn from. Our shared commitment to an equitable recovery is needed now more than ever. 1 Coronavirus in African Americans and Other People of Color, Johns Hopkins Medicine, April 20, 2020. 2 Claire Kramer Mills and Jessica Battisto, Double Jeopardy: COVID-19’s Concentrated Health and Wealth Effects  in Black Communities, Federal Reserve Bank of New York, August 2020. 3 Economic Inequality & Equitable Growth, Federal Reserve Bank of New York. 4 Heterogeneity: A Multi-Part Research Series on Liberty Street Economics, Federal Reserve Bank of New York,  accessed August 8, 2020.
According to the Satellite Accounts, were they included they would increase GDP by around 80%. In an ideal world, we would observe the output of volunteers – the goods and services they produce – and work out what they could fetch in the market, just as with GDP. But there is no market for services in which no monetary transaction is involved. What the ILO recommends instead – and what the ONS does in practice – is to capture the value of the labour input used in producing these services, as a proxy for their market value. Specifically, the ONS identifies particular voluntary activities from household surveys and  BIS central bankers’ speeches  5  then maps those to paid occupations. Taking the median hourly wage for those occupations, and multiplying by the number of hours volunteers provide, gives an estimate of the volunteering sector’s output on a replacement cost basis. Using this method, the ONS calculates that frequent, formal volunteering produced just short of £ billion of economic output in 2012. This would be equivalent to 1.5% of GDP. That is sizable. It would make volunteering one of the most important industrial sectors in the UK, producing twice as much value as the agriculture sector and about the same amount as the telecoms or the insurance and pension fund sectors. Of course, any estimate relies on certain assumptions. Let me highlight three important ones. First, these estimates consider only formal and frequent volunteering.

This found that, when a business invests £ in employability-related employee volunteering, the social return is over £ for society. 27 Of course, the precise social multipliers are likely to vary, charity by charity. To give you some idea of scale, the lowest multiplier we have found from one of PBE’s studies to date is around 2.5, while the highest runs into double-figures. And while the number of studies conducted by PBE is too small to constitute a representative sample – there are around 161,000 UK charities 28 – these studies demonstrate clearly two things. First, that evaluating these social benefits is usually possible, if sometimes with difficultly and imperfectly. And second, at least in the cases we have considered so far, the social returns from the voluntary sector, and hence from volunteering, can be significant multiples of the labour input cost. Social multipliers are typically well in excess of one. Despite this, the number of charities who have actually undertaken social cost-benefit analyses is depressingly small. Research by New Philanthropy Capital in 2012 found that 25% of charities surveyed, and nearly half of those with income below £ do not measure their impact at all. Given that charities with income below £ make up roughly 80% of all general charities, this means there is a huge number whose activities are not evaluated. 29 This has all the classic symptoms of a market failure: social welfare externalities which are not being understood, much less tackled. The reason is not difficult to fathom.
https://www.mas.gov.sg/news/speeches/2021/pushing-ahead-with-sor-sora-transition-in-2021  4/7  12/02/2021  "Pushing Ahead with SOR-SORA Transition in 2021" - Keynote Speech by Mr Leong Sing Chiong, Deputy Managing Director (Markets …  Encouraging active transition 17 Fourth, notwithstanding the possible discontinuation of SOR in mid-2023, we will strongly encourage active transition from SOR to SORA during the second half of this year. This is a specific window where we expect both SOR and SORA markets to continue to be liquid, and transition from SOR to SORA will be the most conducive for market participants. There are two key aspects. 18 On derivatives, key banks remain committed to winding down the bulk of their SOR exposures by end-Q3 2021, as announced by SC-STS last October. This will involve active participation in vendor-provided compression and conversion services, to reduce SOR exposures at an industry level. Broadly speaking, the compression exercises facilitate the multilateral netting or reduction of gross SOR derivatives exposures, while conversion cycles provide a multilateral mechanism for counterparties to convert their SOR derivatives to a SORA reference. This is already in progress. The first SGD compression cycle for this year will be held this week. SC-STS plans to publish an advance calendar of the relevant SOR compression and conversion cycles in 2021, oﬀered by various vendors. SC-STS strongly urges all SOR derivatives participants to utilise these cycles. Having a critical mass of industry participants will enhance the multilateral netting eﬀects and put the industry in a stronger position to meet its wind-down targets.

In this regard, it is commendable that MFPC provides an evolving set of Best Practice Standards and Code of Ethics that must be adhered to by Registered Financial Planner (RFP) and Shariah RFP designees to ensure that the public will be served with the highest quality of financial planning services. Let me also take the opportunity to applaud MFPC for their commitment in providing the platform for aspiring practitioners to integrate the twin pillars of professionalism in financial planning: "professional education" and "practice excellence". Bank Negara Malaysia acknowledges the value of the professional qualifications conferred and is excited to share that we are actively considering the involvement of MFPC's modules in our requirements to enhance the professionalism of agents. Now, let us all put our hands together to commend all graduates for their utmost commitment to continuous learning and professional development. May your spirit in valuing education and growth never die. As Steve Jobs once said, "Learn continually. There's always 'one more thing' to learn!" With that said, my heartiest congratulations to all new graduates! I wish you all the very best in your current and future endeavours. May your journey be a meaningful and fulfilling one. 4/4  BIS - Central bankers' speeches
Prior to the crisis, many banks typically borrowed fed funds in order to satisfy reserve requirements or obtain short-term  1  2  The effective fed funds rate is a measure of the prevailing rate in the market each day. This is calculated as a volume-weighted average of rates on trades arranged by major brokers, and is published by the New York Fed. See http://www.newyorkfed.org/markets/omo/dmm/fedfundsdata.cfm. BIS central bankers’ speeches  financing. In recent years, however, the Fed’s LSAPs have led to very high levels of reserve balances, and thus reduced the need for banks to borrow fed funds to meet reserve requirements and clear payments. 2 As a result, trading activity in the fed funds market today is smaller and the nature of that activity is different than it was prior to the crisis. 3 Nevertheless, a new Federal Reserve data collection that captures both brokered and bilateral transactions shows that trading activity in fed funds remains significant. 4 These data indicate that daily trading volumes are about $ billion and are relatively stable. Moreover, longer-term correlations between the fed funds rate and other money market rates remain robust. As a result, the fed funds rate continues to be a suitable measure of the marginal cost of funding for banks, and remains connected over medium-term horizons to other short-term interest rates that also matter for the transmission of monetary policy.

Because the investment with the Fed is riskless, little or no economic capital would be needed to support such arbitrage by banks. In this way, the IOER rate should theoretically form a “floor” beneath short-term interest rates, allowing the Fed to achieve its target for the fed funds rate even with a very high level of reserve balances. In practice, however, many lenders in the U.S. money markets are not banks and so cannot earn IOER. Moreover, from the perspective of a potential lender to a bank, the arbitrage  2  In the five years prior to the crisis, total reserve balances averaged $ billion and excess reserves – balances in excess of those required to satisfy reserve balance requirements – averaged about $ billion. Currently, total reserve balances are about $ trillion, nearly all of which are excess reserves. 3  For discussion of changes in recent years to activity in the fed funds market, see the Liberty Street Economics blog posts, “Who’s Lending in the Fed Funds Market” and “Who’s Borrowing in the Fed Funds Market,” at http://libertystreeteconomics.newyorkfed.org/. 4  The FR 2420 is a transaction-based report that collects daily data on federal funds transactions, Eurodollar transactions, and certificates of deposits from domestically chartered commercial banks and thrifts that have $ billion or more in total assets and from U.S. branches and agencies of foreign banks with total third-party assets of $ million or more.