samchain/econo-pairs-v1 huggingface dataset:
But I have every confidence that collectively, the combined effort of AICB and ABS together with the industry would transform the landscape of the Malaysian banking workforce in the coming years into one which is highly skilled and highly qualified. This brings me to the second strategy toward sustaining the competitiveness of talents for the banking sector, which relates to the imperative to increase state of readiness for graduates at entry-level into employability, to bridge gaps and allow for a smooth transfer of academic skills to the work environment. What we should strive towards is a more structured and coordinated approach to training that reduces time to competence for graduates. We need to consider a framework for structured industry-wide internship or apprenticeship programs for new entrants to the industry. The structured internship program for the accounting fraternity can perhaps be a good reference point for the banking sector to consider and emulate. ABS can lead the pack in this initiative by playing a bigger role in the review of FSTEP by making it more relevant and forward working to industry requirements. To achieve these objectives we need to collaborate and work collectively as an industry to work more closely and in partnership with ABS and AICB. Clearly, there is scope for stronger collaboration in workforce development that delivers high value proposition between the banking institutions and the industry’s talent development entities.

This will involve curriculum design towards the attainment of professional qualifications and the provision of high quality learning solutions that fulfils the AICB’s CPD requirement for its members. A key focus area for ABS in the near to medium term is in acquiring the necessary capabilities and resources to enable it to carry out its objectives effectively. Central to this would be in developing strong in-house faculty and resources which may include visiting professors and industry subject matter experts. ABS is also expected to anticipate and spearhead cutting edge programs tailored to the evolving needs of the banking industry. 2  BIS central bankers’ speeches  We have high hopes that in the next 5 years, ABS will distinguish itself in the quality of its programs, developing a particular strength in delivering integrative and practice-oriented education and learning in banking and business that combine intellectual know-how with practical applications. In an increasingly interconnected world, our workforce must be empowered with the right knowledge, the tools, the skills and the mind-set to deliver worldclass performance. The value proposition of ABS in adopting contemporary approach to business and banking education that equip students for the real world will be demanded as any expertise in a particular discipline. Ultimately, the aim is to integrate the multidisciplinary nature of the banking industry with modern management and professionalism, in turn developing talents with abilities to combine traditional disciplines as they tackle the challenges of uncertainty and complexity. A monumental task is upon ABS. Its challenging and exciting.
To this end, liquidity and capital regulation need to be reformed. The final ingredient in the cure is trust. This ingredient stresses the importance of trust between national authorities to the efficient management of cross-border crises. Regaining confidence in the short run: go get the lemons! Banks create confidence by telling good and credible stories about the future, stories about why you will get your money back. Money may make the world go around, but it is good confidence-building storytelling that spins the money around. When these stories fail to create confidence, the markets will dry up. This is basically an example of the well-known lemon problem. The current problems first surfaced in the US subprime market. The repackaging and sale of assets backed by subprime loans meant that the crisis, at its outset, had already started to  BIS Review 118/2009  1  grab hold of banks internationally. Bankers exposed to subprime assets began to find it increasingly difficult to tell convincing stories. Banks and market agents became less willing to trade and to lend to each other. In March 2007, Bear Stearns received emergency lending, followed by a forced sale. Rating downgrades and more bad news kept arriving and the crisis started to spread geographically and to affect more markets. Banks experienced serious funding problems. The ECB and the Fed responded by injecting liquidity on August 9, 2007. On September 13, Northern Rock received emergency liquidity support from the Bank of England.

On a fundamental level, all crises share causes and cures but they also have many differences. The cure is made up of two ingredients: 1) regain confidence to resolve a crisis; and 2) preserve confidence to prevent a crisis from repeating itself. Given the international dimension of this crisis and the proliferation of cross-border banking, the cure for this crisis also involves a third component – trust between authorities to enhance cross-border crisis management. So, the outline of my speech can simply be stated as: confidence, confidence and trust! Most financial crises will involve banks because banks are special. Banks are both central to all economic activity, due to their role in the payment system, and inherently unstable, due to the maturity mismatch from borrowing short and lending long. To avoid a run, a bank must maintain the confidence of depositors and market participants. If a bank loses the confidence of its customers, it faces problems. If confidence for the entire banking sector disappears, a financial crisis is a fact. The underlying idea of my cure is quite simple. Confidence is essential to operate a bank. Consequently, confidence is essential to prevent and resolve financial crises. More precisely, to resolve a crisis, the cure should restore the public’s and the market’s confidence in the banks. This should be done by acknowledging the losses and dealing with the bad assets. To prevent this crisis from repeating itself, measures should be taken to ensure that confidence does not dissipate so rapidly again.
Less visible, perhaps, to the outside observer, but no less important, is the trading of over-the-counter derivative products among financial institutions. Fewer high frequency statistics are available for OTC activity than for exchange-based activity, but the Bank for International Settlements publishes regular estimates and has recently released the results of its comprehensive triennial survey of activity in the world's foreign exchange and related derivative markets. The HKMA has in parallel released some 1 details of the Hong Kong data which we collected and submitted for that survey. Briefly, in the three years up to April 2001, while, roughly in line with experience elsewhere in the world, turnover in the foreign exchange market in Hong Kong declined, activity in OTC derivatives - essentially currency swaps and options, and interest rate swaps, options and forward rate agreements - rose by just under 10%. Interest rate products accounted for almost two thirds of the total of this derivatives activity. The apparent buoyancy of interest-rate related activity may be partly attributable to the growth of composite products such as structured notes which include an option or swap element. Some of the 1  A fuller account will appear in the forthcoming November issue of the HKMA Quarterly Bulletin.

Conclusion Let me say in conclusion that the assessment of monetary policy is an important part of an independent central bank’s endeavour to be open and clear and of the endeavour to attain and maintain confidence in the inflation target. In Sweden, we publish a substantial amount of information that enables the general public to examine our analyses and to understand how monetary policy decisions are made. The developments in the economy in recent years have given rise to many important issues, not only for us decision-makers, but also for those who assess us. We are several central banks who have faced structural, unforeseen factors contributing to keeping down inflation, while monetary policy is expansionary, the economy is showing robust growth, and household borrowing and asset prices are rising rapidly. An inflation rate lower than the target level need not be interpreted in this situation as due to excessively tight monetary policy and as a failure for monetary policy. It is interesting to note that this has not been the conclusion in the most recent assessment of Norges Bank. Developments in recent years have raised issues which are extremely important in the discussion and which require improved analysis. If we were to aim at keeping inflation on target at any cost, without taking into account developments in the real economy, what would the consequences be of trying to stimulate demand further so that inflation comes closer to the target?
Annual wage growth1) and unemployment rate2) Per cent  Annual wage growth  6  6  4  4  Unemployment  2  2  0  0 1993  1 99 4  1995  19 9 6  1 99 7  1998  19 9 9  2 0 00  2001  2 00 2  1) Average for all groups. Including costs associated with additional vacation days 2) Registered unemployed as a percentage of the labour force  Sources: TRCIS, the Directorate of Labour and Norges Bank SG Gausdal 31.01.03  At the same time, total employment rose sharply. The unemployment rate, measured by the LFS, fell from close to 6 per cent in 1991 to almost 3 per cent in 1999. Later in the 1990s, unemployment declined as long as wage growth in Norway was lower than wage growth among our trading partners. This came to a halt in 1998. The rise in salaries for white-collar workers accelerated and the social partners rejected a policy of wage moderation. Unemployment stopped falling.

Regional cooperation in different fields like food and energy security – focal points of today’s conference – might be initiated at a high political level, but its implementation requires an active, broader and more informed participation of private sector and civil society, as the main vehicles of cross-border cooperation. The expansion of each one’s participation has a double effect; it allows for more informed regional policies and faster project implementation, on one hand, and it cultivates an understanding that regional cooperation has a direct impact on everyday life and individual citizens’ welfare on the other hand. The Romans used to say “mens sana in corpore sano”. The way I see it, it greatly matters what you fuel your body with. Greater food production for an increasing population goes hand in hand with ensuring access to affordable, safe and nutritious food. The way food nourishes our bodies, energy fuels the economy. So, energy needs to be secure, affordable and sustainable. I could go further and stress once again that for a healthy economy there is a substantial need for a healthy financial and banking systems. However, today’s conference will not generate either solutions or concrete answers to the multiple of issues the food and energy security rises, but it will most certainly cast a new light on possible ways to handle the challenges ahead of us.
Implications of the ongoing crisis on the Chilean economy It is premature to try to quantify the consequences of the crisis on the Chilean or the world economy. There is great uncertainty, but still there are two aspects worth noting which point at the core of the Bank's objectives. One is associated with the financial markets’ operation and the other with inflationary prospects. Regarding financial stability, our powers and capacities for liquidity provision permit us to mitigate the financial consequences of these developments occurring outside our borders. Certainly, borrowing costs will go up, because credit constraints are an increasingly global phenomenon from which there is no escaping. But the Central Bank must safeguard the normal functioning of the payments system, and that is what we were set out to do when we began hoarding reserves as an investment in stability. Since the outset of the financial crisis, the Central Bank has been not only attentive to developments, but also analyzing much more stressful alternative scenarios and assessing the best policy responses to each of them. Although the reserve accumulation program was motivated by the possibility of having to face even worse scenarios than we have seen, we are well prepared to deal with bigger complications and shield our economy from their effects. It was in this context that we decided to offer the aforesaid foreign currency swap.

The reserve accumulation program and liquidity provision Confronted with the uncertain outcome of the financial crisis in developed countries, where difficulties in funding for emerging economies could not be ruled out, and at a time when the Chilean peso had appreciated significantly, the Central Bank of Chile deemed appropriate to strengthen its international liquidity position. To that end, in April it began an international reserve accumulation program. In recent weeks, particularly after the downfall of Lehmann Brothers in September, signs of more severely constrained international financial markets and tight foreign currency liquidity conditions began to surface. Chile was no exception. Accordingly, on September 29, the Board of the Central Bank of Chile decided to terminate the reserve accumulation program. During its application, 5.75 billion dollars were acquired, amounting to 70% of the initially announced plan, which is the equivalent to an increase of 30% in international liquidity over the level of end of March 2008. In addition, and to reduce tensions in foreign exchange market liquidity, the Bank has auctioned off one billion US dollars under the foreign currency swap modality where offers are made in terms of libor plus a premium. At first, this program considers two more auctions for a combined total amount of one billion US dollars. To sterilize the monetary effects of these operations and prevent effects on peso liquidity, Repo window operations are being offered at the monetary policy rate at 28 days. In this aspect, it is necessary to contextualize the Chilean banking sector foreign indebtedness, especially the short-run component.
Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, to the South Wales Chamber of Commerce, Cardiff, 23 October 2012. *  *  *  Of the many memorable moments in an eventful summer, recall that balmy night in late July when attention was diverted from the economy by the Opening Ceremony of the Olympic Games. The sound of Welsh children singing Cwm Rhondda on that beautiful beach in Rhossili filled the Olympic stadium. Inside the stadium, we saw not manna descending from heaven, but thousands of athletes and volunteers rising to their challenge. If the Olympics aimed to inspire a generation, the challenge for economic policymakers is to give that same generation the opportunities to make the best possible use of their talents in a vibrant economy. After a period of lopsided expansion, with growing trade deficits and debt levels, and a collapse of their banking systems, advanced economies across the world are facing a huge adjustment. Such is the scale of the global adjustment required that the generation we hope to inspire may live under its shadow for a long time to come. During the course of this year, the challenge has grown as the economic sky has darkened. The storm clouds coming from the Euro area have not yet lifted, and in other parts of the sky new clouds have drifted over. China, India and Brazil, the three largest emerging market economies, are all slowing.

Richard W Fisher: R.I.P. QE3 ... or will it? Remarks (with reference to Shakespeare, Betsy Duke, Janet Yellen, Yogi Berra and Lenny Kravitz) by Mr Richard W Fisher, President and Chief Executive Officer of the Federal Reserve Bank of Dallas, before the Shadow Open Market Committee Manhattan Institute, New York City, 3 November 2014. *  *  *  The views expressed by the author do not necessarily reflect official positions of the Federal Reserve System. Thank you, Mickey [Levy], for that colorful introduction. Unless you have been living under a rock (and no one in this audience looks like a cave dweller), you know that on Wednesday of last week, the Federal Reserve’s Federal Open Market Committee (FOMC) ended its program of purchasing Treasury bonds and mortgagebacked securities (MBS). Thus endeth QE3. May it rest in peace. Effects and efficacy of QE3 Under QE3, the FOMC directed the New York Fed’s trading desk to purchase a total of $ trillion in longer-term Treasuries and mortgage-backed securities, on top of the $ trillion invested in the first two rounds of quantitative easing. When we started the first tranche of asset purchases in late 2008, our balance sheet had footings of around $ billion; as the third and final round of quantitative easing ends, our balance sheet has reached $ trillion. The initial impetus for MBS purchases was a wide gap between MBS and Treasury yields, symptomatic of a dysfunctional mortgage-finance market.
M R Pridiyathorn Devakula: The Bank of Thailand's new Data Management System Speech by Mr M R Pridiyathorn Devakula, Governor of the Bank of Thailand, at the inauguration ceremony of The Financial Institutions Electronic Data Submission for the Data Management System Project (DMS), Bangkok, 1 October 2003. *  *  *  The Deputy Permanent Secretary, Ministry of Finance Managers from financial institutions The Managing Director of IBM (Thailand) Company Limited Bank of Thailand’s executives All staff of the Data Management System Project Ladies and gentlemen, It is an honor for me to have such a great opportunity for today’s inauguration ceremony for the Data Management System, or the DMS. The Bank of Thailand has thus far developed the system upon early stage of the project, with full implementation of latest information technology advancement to enhance the efficiency of data management system. Major objectives include the reduction of burden borne by data compilers, excessive data quantity and redundancy in the system, improved management on data collection and compilation procedures to obtain more complete and up-to-date information. In order to achieve such ultimate objectives, the Bank of Thailand therefore has deemed it appropriate to revise the organization structure; that is, with complete transfers of all data management related operations pertaining to all various departments toward a single control center under the Data Management Group. Data management system development project was then initiated, in order to ensure that all Bank of Thailand’s data management routines are well consistent and in accordance with normal standard.

I also hope to see this type of mutual cooperation continue until the project becomes fully completed. Now, it’s the right moment, I hereby would officially commence the financial institution data submission and transfer under the data management system. 2  BIS Review 43/2003
30  All speeches are available online at www.bankofengland.co.uk/speeches  30  Chart 11: Mark-ups for domestic and foreign-focussed UK-listed firms Mark-up (e.g. 1.2 = 20%) Mean (weighted by international sales) Mean (weighted by domestic sales)  2.0 1.9 1.8 1.7 1.6 1.5 1.4 1.3 1.2 1.1 1.0  1987  1990  1993  1996  1999  2002  2005  2008  2011  2014  2017  Sources: Thomson Reuters Worldscope and Bank calculations. Chart 12: UK-listed firms’ mark-ups and investment rates Investment rate (per cent) 30 25 20 15 Increase in mean sales-weighted UK mark-up between 1987 and 2016  10 5 0  0  1  2  3 4 5 Mark-up (e.g. 1.5 = 50%)  6  7  8  Sources: Thomson Reuters Worldscope and Bank calculations. Investment function based around the firm-level regression in Table 2. ‘Investment rate’ defined as capital expenditure as a proportion of the previous year’s net property, plant and equipment level (PPE).

1.2 = 20%) Mean (weighted by total sales) Median (weighted by total sales)  1.6 1.5 1.4 1.3 1.2 1.1 1.0  1987  1990  1993  1996  1999  2002  2005  2008  2011  2014  2017  Sources: Thomson Reuters Worldscope and Bank calculations  29  All speeches are available online at www.bankofengland.co.uk/speeches  29  Chart 10: Skewness of UK-listed firms’ mark-up distribution by sector Mining and quarrying  Manufacturing  Transport and storage  Skewness coefficient 6  Skewness coefficient 5  5  4  Skewness coefficient 4  3 4  3 2  3 2 2  1 1  1  -1 1987  1993  1999  2005  2011  2017  0  0  0  -1 1987  1993  ICT  1999  2005  2011  2017  -1 1987  Construction  1993  1999  2005  2011  2017  Wholesale and retail  Skewness coefficient 5  Skewness coefficient 5  4  4  Skewness coefficient 7 6 5  3  3  2  2  1  1  4 3 2 1  1993  1999  2005  2011  2017  Accommodation  0  0  0 1987  1987  1993  1999  2005  2011  1987  2017  Arts, entertainment and recreation  Skewness coefficient 5  1993  1999  2005  2011  2017  Administrative and support services  Skewness coefficient 2.0  Skewness coefficient 6 5  4 1.5  4 3 1.0  3  2 2 0.5 1  1  0 1987  1993  1999  2005  2011  2017  0.0 1987  1993  1999  2005  2011  2017  0 1987  1993  1999  2005  2011  2017  Sources: Thomson Reuters Worldscope and Bank calculations.
Some participants will probably address some of these issues during the conference, which are of great interest for central bankers. I also provided you with some examples of possible options monetary and financial authorities may take to help improve the functioning of the financial cycles. There is a lot of merit in embarking upon an overall review of regulatory, accounting and tax rules and regulations, as well as of codes of good conduct and good practices, and finally of structural developments of markets themselves. I am convinced that this review, triggered not only by macro-financial considerations but also by dramatic micro observations, like ENRON, is likely to help identifying possible amendments and improvements that could, protect and enhance not only the integrity but also the behavioural and conceptual diversity which should make an essential characteristic of modern financial markets. I thank you for your attention. 6  BIS Review 28/2001

There is an international debate on the importance of being able to make large cuts, down to –5 per cent or more, for instance. 12 Would this be possible in Sweden? Purely technically, it is probably possible. But if such a measure were seriously to be considered – perhaps in a situation where the pandemic was having much greater negative effects on growth and unemployment – we would have to carefully consider a number of questions, not all of which would be strictly economic. The economic questions include the effects of negative interest rates on the functioning of the banks and on their profitability, something that is perhaps more important in countries other than Sweden. The idea is that there is a boundary beyond which interest rate cuts de facto become counterproductive in that lending becomes impeded. 13 Another economic question concerns the well-known reasoning that there is a point at which the general public decides to withdraw all its savings and convert them to cash or go over to using some other currency so as to avoid a negative interest rate. A question of public confidence The classic objection to negative interest rates may need to be complemented by other, less macroeconomic reasoning that concerns public confidence in the central bank and the country’s currency. The central bank is an important institution in most countries and its remit means that it takes responsibility for confidence in the means of payment, the country’s own currency.