samchain/econo-pairs-v1 huggingface dataset:
In Portugal, real GDP has started its recovery path, fiscal developments have been positive and the unemployment rate has started to fall. And consumer and business confidence has been on an upward trend for many months. A similar improvement in confidence has also occurred in other countries that had been affected by the crisis. Expectations regarding incomes and employment are steadily being upgraded. This is a sign that households and firms are starting to internalise the benefits of the reforms implemented so far. Looking ahead, the task of all euro area policymakers is to ensure that the improvement in confidence will be validated by actual outcomes. If implementation of structural reforms is pursued ambitiously and the reform momentum upheld, it seems likely that growth will surprise on the upside in the coming years. 3  See Varga J., J. in’t Ved (2013), The growth impact of structural reforms, Quarterly Report on the Euro Area, European Commission Vol. 12/4, page 17–27. BIS central bankers’ speeches  7

4  BIS Review 65/2009  Macro considerations relate to the pro-cyclical nature of the current accounting framework. The micro dimension relates to absence of depth in some financial markets, particularly in times of stress when liquidity problems arising from valuation adjustments are quickly transmitted to an institution’s capital base. The presumption in the current valuation rules that a market value for a financial instrument exists does not necessarily hold during a crisis. The reclassification of assets in such circumstances would help financial institutions mitigate the problems arising from the inability to discover prices. Another concept that is gathering support internationally is that of dynamic provisioning, which seeks to avoid the pro-cyclical impact of current accounting rules by recognising portfolio losses over the cycle. As a result, loss provisions are measured against the expected losses over the life of an asset rather than when losses are actually incurred. The losses made during a downturn can then be met from the accumulated buffer built up during the economic upswing. Risk management practices and stress testing Let me now turn to some risk management issues. Another lesson that has been learned from the financial turmoil is that proper liquidity management is of paramount importance to satisfy the banks’ funding needs, and heightens their resilience against idiosyncratic or systemic risks. Although existing EU legislation on liquidity risk is highly fragmented, in part reflecting the various national approaches, adherence to a set of common principles such as those provided by the Basel Committee on Banking Supervision should prove fruitful.
Eva Srejber: Is there reason for confidence in the future of the economy? Speech by Ms Eva Srejber, First Deputy Governor of the Sveriges Riksbank, at the KEPA day1, Stockholm, 21 October 2004. *  *  *  Thank you for the invitation to take part in the KEPA day and share my thoughts regarding confidence in the future of the economy. I will speak about economic growth and internationalisation, draw a parallel between current events and historical events and then look ahead to the challenges and opportunities that an increasingly interlaced world economy will bring. Since the Second World War, international growth has been higher than during previous centuries, while it has spread to a larger number of countries - never before have so many had it so good. During the industrial revolution in the 19th century, the growth rate in leading countries like Britain amounted to an average of 1.5 per cent a year. Since the middle of the 20th century, many countries have managed to achieve growth rates of between 5 and 8 per cent a year. These unparalleled successes of course have several explanations, some of the most important being extensive liberalisation of trade and capital flows, major technological advances and changes in economic policy. Assuming that the trend towards increased global integration continues, there is every reason to expect continuing substantial increases in economic wealth.

Times will become more demanding for the clusters of oil suppliers in Sørlandet, Nord-Jæren, Haugalandet and Stord and for manufacturing in Kongsberg, Grenland, Helgeland, Salten and Ofoten. 8  16  The historical figures are based on trend calculations. The figures for these years are therefore based on economic developments later in the 1990s. The degree of tightening may therefore also appear greater in retrospect. BIS Review 15/2010  Fortunately, manufacturing districts have shown the ability to adapt. Research shows that the degree of geographical and occupational mobility is high for the Norwegian labour force. Few people remain permanently outside the labour force after a period of restructuring. 9 But the communities are small and vulnerable and may disappear if the industry structure becomes too narrow. And as mentioned, the most important, perhaps the only, instrument available to the authorities in addressing this challenge is to restrain petroleum revenue spending in the Norwegian economy. The management of petroleum revenues It took a generation from the time the first oil field was discovered in the North Sea until the government began to set aside economic rent. The Government Petroleum Fund was established in 1990 and the first transfer to the wealth fund was made in 1996. Each year since that time, as a savings plan, the government has transferred a portion of current income from petroleum activities as deposits in the fund. Today, the value of the fund is around NOK 2.6 trillion, or slightly higher than annual GDP in Norway.
They have more even pattern of urbanization of cities where it follows the “rank-size rule” in which the second-largest city is typically half the size of the largest city, and the third city is half the size of the second city, and so forth. We see that in South Korea and Malaysia, but you do not see that in Thailand. This is not only because of the technology but it has to do with our policies focusing on the centralization around Bangkok. However, technologies such as remote working and work-from-anywhere increase the likelihood of a more decentralized growth. Bangkok today becomes so large, so congested, and so expensive, which makes sense for people to relocate elsewhere if communication is not a constraint. If such relocation occurs and the growth of the second city rises, they will provide sustainable boost to domestic consumption growth from the urban middle class which has been lacking in Thailand. This is accounted for why, despite all of our efforts in trying to boost domestic demand, we still end up relying so much on foreign demand whether in the forms of exports or foreign tourists. Those are some reasons why I think Thailand remains a good place to do business. I understand that some of them are speculative and I do not think that all those things will happen that easily.

This is because traceability in our food products allows customers to realize the added values; whether they are transgenic or organic. This is one of the examples that the presence of the digital technology gives us the potential to move up the value chain in terms of food, which will provide large benefits in terms of employment and income due to Thailand’s high employment exposure in the agricultural and related sectors. Apart from food, tourism is another sector that would benefit from digital technologies. Currently, most of our tourism would stay for a short period of time and hence do not spend much. However, the digital technology’s trend towards work-from-anywhere provides the opportunity for us to attract different types of tourists who come, work, and stay for a long time. They are able to work from anywhere using working-from-anywhere technology which provides significantly higher value-added for the tourism sector. Because of that, one area that needs the improvement immediately is our visas and other regulations which are preventing us to realize possibilities from increasing values that we get from foreigners and foreign workers. Another area that people talk about is medical tourism. With the help from telemedicine technology, patients will able to come here because the technology allows them to talk to their doctor back in their home country while the actual medical treatments are provided by the doctor here in Thailand.
Peter Pang: Hong Kong Mortgage Corporation mortgage-backed securities issues Speech by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority and Executive Director of the Hong Kong Mortgage Corporation Limited, at the signing ceremony for the $ billion mortgage-backed securities issue drawn under the $ billion Mortgage-Backed Securitisation Programme Bauhinia MBS Limited, Hong Kong, 27 November 2006. *  *  *  Good afternoon, ladies and gentlemen, Let me first extend to all of you a very warm welcome to today's signing ceremony. Today's issue of mortgage-backed securities (MBS) under the Bauhinia Mortgage-Backed Securitisation Programme of the Hong Kong Mortgage Corporation (HKMC) is unique in two ways. First, this is the first time the HKMC has sponsored an MBS issue as a triple-A rated institution. On 30 October, Moody's announced the upgrade of the HKMC's domestic currency rating to Aaa and the HKMC's foreign currency rating to Aa1. The HKMC has therefore made history as the first entity in Hong Kong, and so far the only one, to have a triple-A rating. The upgrade in credit ratings reflects the financial strength of the HKMC and the strong support of the Hong Kong SAR Government for the Corporation. With this strong credit rating, the HKMC is well positioned to play a more active and strategic role in promoting the development of the debt and securitisation markets in Hong Kong. Secondly, today's issue of two billion dollars marks the launch of the first-ever partially un-guaranteed MBS sponsored by the HKMC.

The nine MBS issues sponsored by the HKMC so far, totalling $ billion dollars, have all been guaranteed by the HKMC. These issues were all welcomed by investors. The HKMC prides itself on being a financial institution that spearheads product innovation in Hong Kong's capital markets. For this issue, after consulting the market, the HKMC has decided to adopt a MBS structure along the lines of a Collateralised Mortgage Obligation. The CMO structure divides the pool of underlying mortgage assets into credit tranches or classes with different tenors and interest rates to suit the appetites of a wider range of investors in Hong Kong and the region. In today's two billion dollars MBS issue, the Class A portion accounts for 87% of the issue and does not carry any guarantee. Class B accounts for 13% of the issue and is guaranteed by the HKMC. Class A has been assigned a triple-A rating by both Moody's and S&P's. The award of this top rating to Class A reflects the good credit quality of the underlying mortgage pool and the credit enhancement through subordination provided by Class B, which absorbs the first loss in the mortgage pool. The low level of subordination at 13% reflects the high quality of the collateral, the innovative structuring of the issue and market's confidence in the HKMC's ability to manage the credit risk of the mortgage portfolio.
The stress tests of the banking sector against unfavourable potential developments – economic and financial ones – indicate that the banking system is capable of coping with them. Banking activity performance during this period has reflected the overall performance of the economy. During the last two years, albeit a negative output gap, the country’s economy has continued its positive growth in the range of 3.5–4.5 per cent. Other macroeconomic indicators have ranged within admissible and expectable values. We believe that this financial and macroeconomic stability reflects the commitment and coordination of core economic policies, the monetary and fiscal policies, over the time. They will continue to support the solid economic growth further on, in light of the world’s economy resurgence. Dear participants, ladies and gentlemen, The world’s financial system faced an extraordinary crisis. Equally extraordinary were the measures that were taken. Naturally, its effects will continue to be present in the global economy, while decisionmakers, experts and scholars will continue to analyse the causes and lessons that may be drawn from it. Taking advantage of being present in this panel of supervisors, I would like to list some of our conclusions:   Macroprudential supervision policies constitute an essential argument of recent discussions. The role of the central bank is a part of them, especially in terms of its  2  BIS central bankers’ speeches  preventive role.

Ardian Fullani: Analysis of economic and financial developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the 24th Conference of Banking Supervisors from Central and Eastern Europe, Tirana, 12 April 2011. *  *  *  Distinguished ladies and gentlemen, Allow me to first wish you a warm welcome in the 24th conference of banking supervisors from Central and Eastern Europe, which this time is taking place in Tirana. The Bank of Albania considers this forum as very important and a platform where participants may exchange their institutions experiences with each-other. This forum is a modern highway that allows for a rapid convergence of our supervision practices with the best standards. Let me now continue with a summarised analysis of economic and financial developments in Albania over the last two years, focusing on some concrete issues requiring more attention by the banking industry and the supervisory authority in the future. The Albanian economy was characterised by positive developments during the pre-crisis period. Annual economic growth was on average 6 per cent, with admirable and stable core macroeconomic indicators. Growth relied on a firm strengthening of internal demand components while funded by internal resources, mainly through rapidly increasing loans to the private sector and loans for investments. The banking sector, which dominates the domestic financial system, has also undergone a significant transformation in recent years. This is due to the entrance in the market of renowned European banking groups, expansion of banking infrastructure and upgrade of customer services.
Notes: Chart shows responses to the question, ‘”What percentage of people in this business use computers for their work?”  Chart 17: Employee access to a portable device with internet access Density  0.06 0.05  2011  2015 0.04 0.03 0.02 0.01 0  0  10  20  30  40  50  60  70  80  90  100  Percentage of employees using portable devices Sources: ONS Research Databases and Bank calculations. Notes: Chart shows responses to the question, ‘”What percentage of people in this business use portable devices provided by this business that allow a mobile connection to the internet for business purposes?”  37  All speeches are available online at www.bankofengland.co.uk/speeches  37  Chart 18: Distribution of management scores across countries Density 0.8 Great Britain 0.7  United States Germany  0.6 0.5 0.4 0.3 0.2 0.1 0  1  2  3 Management score  4  5  Sources: World Management Survey and Bank calculations. Notes: Kernel density estimate. Chart 19: Distribution of director connectivity Density  0.09 0.08 0.07 0.06 0.05 0.04 0.03 0.02 0.01 0  0  50  100  150  200  250  300  350  Connectivity of most connected firm director Sources: Bureau van Dijk and Bank calculations. Notes: Measurement of director connectivity as in Khwaja, Mian and Qamar (2011). Connections of a director of a firm is defined as the number of co-directors the given director has at other firms.

Philipp Hildebrand: The global financial crisis – analysis and outlook Summary of a speech by Mr Philipp Hildebrand, Vice-Chairman of the Governing Board of the Swiss National Bank, at the NZZ-Podium, Zurich, 5 February 2009. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  We are currently experiencing the most severe and most complex financial crisis in several decades. It has affected many people around the globe, and finger-pointing and casting blame happen all too easily. Yet only a careful investigation of the responsibilities is likely to point to ways in which our financial system, and ultimately our economy, can be made more resilient once this crisis has been overcome. Financial markets react to incentives, and these incentives were misplaced in the past. It is in our power to start lobbying for clearly defined and risk-limiting conditions. If the responsible authorities wish to enact more stringent regulation, we ought to give them our unconditional support. The National Bank is determined to employ all the means at its disposal to ward off an economic contraction. BIS Review 12/2009  1
Jaime Caruana: Presentation of the Annual Report of the Bank of Spain Address by Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of The Basel Committee on Banking Supervision, to the Governing Council of the Bank of Spain on the presentation of the Annual Report, Madrid, 13 June 2003. *  *  *  Ladies and gentlemen, Twelve months ago, on presenting last year’s Annual Report, I highlighted the significance of the year 2002 as the final step in the replacement of the peseta by the euro. Some of the features characterising economic developments last year were also discernible at that point: uncertainty and a crisis of confidence prompted by a wide-ranging set of shocks to which I shall refer during this speech. This conjunction of factors is perhaps not so much the outcome of chance as it is of the fact that, in a globalised economy, shocks that might previously have had local effects now feed through rapidly and sharply to the world economy as a whole. Given this adverse external environment, it is worth reflecting on the conditions our economy should maintain to continue with the process of convergence towards the income levels of the most advanced countries. As on previous occasions, I shall commence with a brief review of the international economic environment. The world economy experienced a modest, hesitant and, in terms of its geographical distribution, uneven recovery in 2002. Against a backdrop of notable uncertainty, the growth of the main economies was lower than expected.

For yet another year, therefore, there was further headway in real convergence towards the average GDP per capita levels of the euro area. This performance has confirmed a new pattern of response by the Spanish economy during cyclical downturns, which would in the past have given rise to sharp adjustments in activity and employment, following the prior build-up of forceful disequilibria. This change in the behaviour of the economy is partly related to the persistence of the expansionary effects derived from Spain’s membership of EMU, in terms of substantial interest rate cuts and a significant reduction in inflation expectations. Above all, however, the Spanish economy’s greater resilience to the external deceleration has been due to its present regime of macroeconomic stability and to the structural reforms undertaken. In particular, I wish to stress the benefits arising from fiscal policy, which has enabled the balanced budget not to be jeopardised in the cyclical downturn. Also notable are the improvements in the workings of the labour market which, combined with the moderate increase in real wages, have continued to ensure high employment generation. This has been one of the most positive features of recent economic developments, and has helped underpin agents’ spending decisions and the process of real convergence, mainly via the increase in the rate of employment. In terms of its components, growth in 2002 saw a prolongation of the trends already perceptible in 2001, and was based on the strength of household spending and the momentum of infrastructure construction.
Most banks, and especially large and internationally active institutions, would understandably prefer to calculate the relevant capital requirements on a firm-wide basis. Their comments highlighted the technical and logistical constraints on developing an AMA, indicating that it is more difficult, from a modelling perspective, to estimate the potential for operational losses at even a medium-sized entity because of the need for a large body of data. Internationally active institutions in particular cited the practical challenges of developing, and seeking approval for, a separate model for each legal entity in every jurisdiction in which they operate. Many banks thought the New Accord should recognise fully the economic benefits they gain from operating across a diversified mix of business lines and entities, since they believe it unlikely that a large organisation would suffer high losses from operational failures in many businesses or entities at once. The Committee acknowledges the technical and practical challenges associated with developing and implementing AMAs for large, diversified firms. We are likewise working to reduce unnecessary burdens on banks adopting them. Still, the question of whether capital requirements could be allocated not just across legal entities, but also across national borders, raises difficult legal questions. The Committee must respect the legal mandate given to national supervisors in regulating locally chartered banks, branches, or subsidiaries. This usually includes the duty for the national supervisor to verify that local banking subsidiaries are adequately capitalised on a stand-alone basis.

The recent outlook of export orders for domestic and foreign markets exhibiting a more balanced pattern suggests that policy measures have started to become effective. Distinguished Guests, 48. I would like to remind you that we continued to implement floating exchange rate regime along with inflation targeting regime in 2010. In line with its general strategy to maintain a strong foreign exchange position, the CBRT designs foreign exchange buying auctions at times when supply is higher than the demand for foreign currency, and also assuring to affect the free market conditions at the minimum level. Accordingly, the daily amount to be purchased in foreign exchange auctions was increased in August on the back of a stable increase in capital inflows to Turkey as well as to other emerging economies. With a view to strengthen foreign exchange reserves, the CBRT modified its method of foreign exchange buying auctions effective as of October 4, 2010 in order to benefit more effectively  BIS central bankers’ speeches  15  from capital inflows and to enhance resilience against volatility in these capital flows. In this regard, the CBRT may raise the amount to be bought at regular foreign exchange auctions in order to accelerate foreign exchange purchases if liquidity conditions ease on global financial market developments and capital inflows remain strong. In case the CBRT decides to accelerate foreign exchange purchases, the additional amount that may be purchased will be announced on the first working day of the week. 49.