samchain/econo-pairs-v1 huggingface dataset:
Financial markets are very good at telescoping the future and reflecting it in today’s prices; hence the current volatility and the possibility of sharp adjustments should the telescope focus on a disappointing picture. Financial globalisation will readily transmit this to our markets. Monetary and financial developments on the mainland Let me turn to the SECOND issue with implications for monetary and financial stability in Hong Kong. This must of course be the monetary and financial developments on the Mainland. Here I also have ten observations to share with you. First is the increasing size of the current account surplus of the balance of payments. Not only has this become a pressing issue in international politics, it is presenting the Mainland with a most difficult task in effectively managing its monetary and financial affairs. Second is the appreciating exchange rate of the renminbi, under political as well as market pressure. The renminbi has appreciated against the US dollar by over 10% since the introduction of flexibility in the exchange rate in July 2005, but this has not produced any significant impact on the current account surplus. Third is the rapid accumulation of foreign reserves as the current account surplus and continuing net inflow in the capital account are absorbed by the authorities. With an appreciating domestic currency, this presents considerable challenges to the investment  BIS Review 139/2007  3  management of foreign reserves. More importantly, it also presents difficult challenges to the management of the monetary system.

We will present the results in the spring of next year. Page 2/2
Second, emphasis is placed on continual skills upgrading. A key initiative is the Financial Industry Competency Standards (FICS). Launched in September, FICS will provide the national framework that benchmarks the competency level of our workforce against top international standards. This is an industry-led initiative. MAS is working on a funding scheme to support financial institutions that participate in this programme. 28. Third, we want to develop Singapore into a centre for financial sector research. Research can be a strategic enabler for financial institutions to develop innovative products, specialist skills and tap new markets. MAS announced a $ million "Programme on Risk Management and Financial Innovation" scheme in June to support research in risk management. Going forward, MAS is seeking consultation to develop a broader industry framework to better steer and facilitate financial sector research. 29. As Singapore's small population is a constraint, we have to continue to attract global talent to complement Singapore's own. However, the competition for global talent is also very keen. We need to identify and reach out to new sources of talent and holistically profile Singapore as a country not just good to work in, but also to live, play and see the region. BIS Review 83/2005  3  Maintaining excellence in a riskier environment 30. We have continued to strengthen our macro-surveillance functions. MAS now publishes a Financial Stability Review report twice a year, in addition to the Macroeconomic Review. 31 Earlier this year, we sought feedback from financial sector stakeholders on MAS's performance in an External Perception Survey (EPS).

In addition to tapping the vast growth opportunities that reside within the domestic environment, the enhanced economic and financial linkages between Malaysia and the rest of the world has also opened up the potential for new opportunities by venturing abroad and thereby strengthen the global integration process. On this note, it is my pleasure to congratulate the Commerce Group on this occasion of the official launch of Commerce Tijari Bank Berhad. Significant potential exists for Commerce Tijari Bank Berhad to achieve a quantum leap by leveraging on the integrated financial services and operating infrastructure of the Commerce Group. I wish Commerce Tijari Bank Berhad every success in this endeavour and I look forward to its contribution to the further development of the Islamic financial services industry in Malaysia. Ladies and Gentlemen, Dengan lafaz Bismillahirrahmanirrahim, “Commerce Tijari Bank Berhad”. saya  dengan  sukacitanya  merasmikan  pelancaran  Terima kasih. 2  BIS Review 26/2004
First, the job functions and roles in MAS’ annual manpower survey and the new Employment Outlook Survey are mapped to those in the skills framework, so that we not only know what jobs are in demand, but also what skills to build to help move people into these jobs. Second, IBF’s accreditation of training programmes and certification of professionals are based on the skills framework, and so are its training pathways for reskilling and upskilling. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  16/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Third, employers in the financial sector have started to adopt the skills framework in their training roadmaps. This is important. As an industry, we must move towards skills-based rather than qualification-based hiring and career development. Fast forward to 2020, and the restrictions imposed by the COVID-19 pandemic have accelerated upskilling eﬀorts. Training participation has increased 65% to reach close to 31,000 during the April to September 2020 period, compared to the same period last year. Besides training to deepen your skills, I encourage you to seek IBF Certification, an industry endorsed mark of quality for finance professionals in Singapore. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  17/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  MAS will extend our enhanced training support measures for another 6 months to June 2021.

Jan F Qvigstad: The global economic crisis and its impact on Sovereign Wealth Funds – the example of Norway Speech by Mr Jan F Qvigstad, Deputy Governor of Norges Bank (Central Bank of Norway), at a meeting for financial sector representatives in Geneva hosted by the Royal Norwegian Embassy, Geneva, 11 May 2009. The text below may differ slightly from the actual presentation. *  *  *  Introduction Ambassador, Ladies and Gentlemen First, let me thank you for inviting me to this seminar for a discussion on the impact of the global economic crisis on sovereign wealth funds. Since I am the deputy governor of a central bank that manages one of the large sovereign wealth funds, I will use the Norwegian Government Pension Fund – Global as an example in my presentation. The financial and economic crisis What we are experiencing at this time is the deepest downturn in the world economy in the postwar period. The global economy will contract in 2009 for the first time in over 60 years. What is happening now is more than a normal fluctuation in the business cycle. The world is facing a crisis of confidence, with faltering faith in the future and a loss of confidence in banks, counterparties and contractual partners. The first signs of an emerging crisis in financial markets came into evidence already in early 2007, when several financial institutions in the US came under stress.
OECD government debt will grow for several years ahead and may increase from 80 per cent of GDP in 2008 to almost 120 per cent later this decade. Cuts in social welfare expenditure and public service production and higher taxes will be necessary for many years ahead to bring debt down to a level that will restore governments’ fiscal space. And should the need arise, governments’ capacity and appetite for intervening with new measures and rescue operations will probably have diminished in the meantime. 2  BIS Review 15/2010  Markets are now focusing on the four euro area countries Portugal, Ireland, Greece and Spain. Ireland may have broken the circle – by reducing nominal wages and showing the ability to cut government spending sharply. The other countries have not yet managed to regain the confidence of funding markets. The challenge they face is not only high deficits and substantial debt today, but also limited potential to grow out of their debt problems. The only remedy in that case is spending cuts. Icelandic banks were particularly vulnerable and their collapse had a severe impact on Iceland’s economy. The real economic environment in Iceland, with income levels now down to UK and Swedish levels, is conducive to growth. However, the problems left by the banks must be resolved before the economy can start to pick up. Third, in the US, the euro area countries and the UK, there is again almost double-digit unemployment.

Even if you are right, consistently betting on that mispricing can drive you out of business if the majority of the other agents keep acting in such a way as to validate such mispricing. As in Keynes’ beauty-contest illustration, what matters for you is not so much to be right about fundamentals as to be right on what others will do. This position was best expressed just one month before the beginning of the crisis by Chuck Prince, then CEO of Citigroup, when, in an interview with the Financial Times, he stated that5 “[w]hen the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. […] At some point, the disruptive event will be so significant that instead of liquidity filling in, the liquidity will go the other way.”  4  See Shleifer and Vishny (1997). 5  See “Citigroup chief stays bullish on buy-outs”, by Michiyo Nakamoto and David Wighton, published in the Financial Times of July 9, 2007. 4  BIS central bankers’ speeches  Those words provide the strongest possible refutation of the notion that an asset price being out of line with fundamentals will by itself guarantee that such a misalignment automatically disappears.
Figure 11 Real exports and world GDP (1) (contributions, percentage points; annual change, percent)  6  World GDP 4.0 (2) (right axis)  4.5  4.5  Emerging Latin America  4  3.6  3.0  3.0 Other  2  3.2  1.5  1.5  0  2.8  0.0  0.0  Developed  Emerging  Europe Asia  -2  2.4 -1.5 14  15  16  17  18  19  -1.5 14  15  (1) Moving three-month average. (2) IMF's quarterly data. Sources: CPB Netherlands Bureau for Economic Policy Analysis and IMF. Page 16 of 18  16  17  18  19  Figure 12 CPI inflation forecast (1) (2) (annual change, percent)  CPIEFE inflation forecast (1) (2) (annual change, percent)  4  4 4  4  3  3 3  3  Jun. '19 Report 2  Jun. '19 Report 2 2  2 Mar. '19 Report  Mar. '19 Report 1  1 1  0  1  0 0 18  19  20  21  0 18  19  20  21  (1) As from January2019 the new 2018=100 annual base indexes are used, so they are not strictly comparable with earlier figures. (2) Gray area, as from the second quarter of 2019, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE)).

In this judgment, the initial fall in productivity is combined with Page 3 of 18  the increase in the labor force and the expected lags in the adequacy of the capital stock in response to this phenomenon. The updating of potential growth, together with the performance of the economy in the first quarter, drive the activity gap level (-0.7 percentage points) to be wider than previously considered (Figure 6). It is important to note that, with respect to last December, the estimated level of the activity gap is greater in the beginning—the first quarter of 2019—, but also throughout the projection horizon. Although first-quarter activity figures play a role in the former, in the latter the fundamental factor is the potential growth update. The baseline scenario assumes that the gap will gradually close along the projection horizon, although at a slower pace than previously expected due to the magnitude of the adaptation process that the economy will have to go through in the face of the migratory shock. II.5. The neutral MPR About the neutral policy rate, I think a couple of conceptual clarifications are in order. The neutral MPR is defined as the rate that is consistent with a GDP in its equilibrium (trend) level and an inflation rate in the 3% target. All this, once the effects of transitory shocks in the economy have dissipated.
In Singapore, we have made much progress, but the task ahead remains challenging. We will continue to engage the industry and seek ways to develop our capital markets further. The key is to liberalise without compromising the soundness of the financial system or conduct of our monetary policy. I am optimistic over the prospects for the further development of Asian capital markets and look forward to your exploring investment opportunities in this region. I wish you all an enjoyable and fruitful conference. 4  BIS Review 19/2002

In the bank’s drive for excellence and customer satisfaction, the Bank of Sierra Leone has continued and will continue to create the enabling environment for safe and sound banking. For instance, in collaboration with other stakeholders, the Bank of Sierra Leone is putting in place measures to implement all provisions of the Anti-Money Laundering Act so as to prevent money launderers using our financial system for their criminal activities. A recently concluded workshop organised by UNODC/GIABA//Bank of Sierra Leone succeeded in drafting a National Anti-Money Laundering Strategy with the aim of providing a framework for an Anti-Money Laundering regime that will ensure effective crime prevention and detection, and at the same time avoid creating excessive burden on the financial system and its users. The workshop attracted various stakeholders, including the Association of Commercial Bankers in Sierra Leone to which GTB is an active member. The Bank of Sierra Leone shall continue to maintain the open door policy and encourage dialogue in the process of ensuring a sound and stable financial system. BIS Review 79/2006  1  Mr Chairman, Distinguished Ladies and Gentlemen, allow me to close this brief remarks by once again congratulating the Board, Management and staff of the Guaranty Trust Bank (SL) Limited for another step taken to enhance the public image of the bank. I thank you for your attention. 2  BIS Review 79/2006
Miguel Fernández Ordóñez: Financial crises – impact and challenges for Spain Opening speech by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, at the “XIX Encuentro del sector financiero”, organised by Deloitte-ABC, Madrid, 10 April 2012. *  *  *  Good morning, Four years have gone by since the Federal Reserve had to bail out Bear Stearns and what was then known as “turbulences” began, ultimately turning into the most serious crisis the developed countries have faced since the Great Depression in the 1930s. A year earlier, Spain had begun to feel the effects of the exhaustion of a long phase of disproportionate expansion, in the form of a build-up of private debt and a loss of competitiveness. The latter, under way before Spain joined the euro, was fuelled by the low interest rates that suited the euro area as a whole, prompting an extraordinary deficit on the current-account balance. The joint outbreak of these two crises, the international one and the domestic one in Spain, led output to fall and public revenue to collapse. And this, together with a further increase in public spending aimed at softening the recession, meant that the budget surplus run from 2005 to 2007 turned into a deficit in 2008 and came to exceed 11% of GDP in 2009. If this were not enough, in April 2010 a third crisis hit Spain: the sovereign debt crisis or the euro crisis.

More encouraging is the principle of better late than never, and the important thing is that Spain initiated the process of bank restructuring, now nearing completion, in 2009, that significant measures to reduce the budget deficit began to be adopted in May 2010 and that an ambitious labour-market reform was introduced in February this year. Spain has proven itself capable of making adjustments and reforms and this is essential to restore long-lasting upswings and sustainable growth. But this reassurance must not lead to complacency. What we have done so far, despite its huge importance, is not sufficient. And some of us have the thankless task of pointing this out. For example, when each financial reform has been approved it has always been argued that the result will be more credit, but although bank restructuring is certainly an absolutely necessary condition, we have always seen that it is not sufficient by itself to make credit flow again. We have to restructure the financial system so that, as in any process of industrial adjustment, the resulting banks can generate a healthy profit and be sufficiently solid to meet demand when the adjustment process is complete. However, credit will not improve until solvent demand increases. Hence the importance of other economic reforms to boost consumer and investor confidence, such as reducing the budget deficit and reforms, such as the labour-market one, to increase the economy’s growth potential.
Another much more dangerous conflict of interest could arise where the bank is capable of exercising a decisive shareholding power in another non-banking firm, of which it is at the same time a major creditor. This could have unacceptable consequences not only for the firm’s other shareholders but, if the practice became widespread, could even lead to structural distortions for entire industries. To avoid this happening, I would favour rather strict regulations. For instance, mutual funds managed by banks should either have limits on the equity participation in individual firms or not have access to the firm’s Board. The same should apply, a fortiori, to any bank’s direct and permanent equity participation in a non-banking firm - unless, perhaps, the bank remains just a shareholder (as if it were, say, a pension fund), without direct banking operations with the firm in question. 4. Under the last point, I already touched on one particular aspect of corporate governance, namely when a bank can play a decisive role in a non-banking firm’s life. But you will also have to face up to the reverse problem: when a non-banking firm becomes a bank’s key shareholder and could therefore potentially induce risk-taking by the bank in its favour, at the expense of the bank’s other shareholders or of its depositors or customers. This is a particularly acute danger in countries where there are not many non-bank institutional shareholders, where the defence of minority shareholders has no tradition and where depositors are not properly protected.

Profitable projects no longer receive funding and the real economic costs may prove substantial. Individual borrowers do not take into account how collateral values will affect other economic agents, or in other words do not take into account the increased systemic risk they inflict on others. The parallel with environmental economics fits well here. When pollution has no cost, it becomes excessive. In addition to the contagion effects through loan collateral, costs may arise from the market failure that occurs in a crisis when some economic agents deleverage substantially and the real interest rate cannot be set sufficiently low to underpin aggregate demand for goods and services among other economic agents. This theory seems to fit well with the situation in the US and Europe after the financial crisis, where it has been difficult to set policy rates below zero. The result is amplification of the real economic costs associated with a financial crisis. Individual borrowers do not take into account that more credit during good times increases the risk that the economy ends up in such a situation. 4  BIS central bankers’ speeches  The theory can be briefly summarised. The financial system left to its own devices creates excessive debt and excessive risk in upturns and insufficient credit in downturns, giving rise to credit cycles that amplify fluctuations in the economy. That is the background for macroprudential policy of banks. Regulation should be tightened during goods times and relaxed during bad times. The mechanisms I have described are not new or unfamiliar.
It is therefore important that the authorities do not sow doubt, but on the contrary pursue a longterm and predictable policy. The authorities must be credible and inspire confidence. There must be consistency between the stated objectives of economic policy and what is actually done to achieve these objectives. This is the most important reason why the conduct of monetary policy has been delegated to the central bank in Norway, as is the case in other comparable countries. The question of central bank independence is not new. When Norges Bank was established almost 200 years ago, there was much discussion about where to locate the head office. Trondheim was chosen and one of the arguments in the debate was that locating the central bank far from the seat of government would prevent the central bank from coming under political pressure. It was not until 1896 that the Storting decided that the central bank should be moved to Kristiania (now Oslo). The strongest objection to relocating the central bank from Trondheim to Kristiania was expressed by Director Karl Gether Bomhoff, who was in fact also a friend of Henrik Ibsen from his Dresden period. 11 Bomhoff was a member of the Bank’s board for 35 years, from 1885 to 1920. In 1893, he became the first permanently employed chairman of the board and the first director for the entire central bank.

Since then, several decisions on measures to stimulate the economy have been taken in the United States and in European countries, but also, for example, in China. Despite these measures, the financial markets are still functioning much less efficiently than normal. Ongoing measures are therefore required to improve the functioning of the financial system. There is a need to reform the global financial system in order to reduce the likelihood of new financial crises. It is probable that the problems on the financial markets have been aggravated by weaknesses in regulation and supervision. There is therefore room for improvement. However, the changes that are made should be carefully prepared and fully justified so that regulations are not introduced that will have more negative than positive consequences. Allow me to mention a few examples of possible improvements. In the first place, we need to develop the supervision of the financial system. The basic problem is that the financial markets are international while supervision largely takes place at the national level. In Europe, there is therefore a need to strengthen the coordination between supervisory authorities in different countries. Work on this is already underway within the European Commission and in various committees. Supervision must also focus to a greater degree on macroeconomic problems. I personally believe that in the long run we should set up a European supervisory authority with responsibility for supervision of the financial institutions and markets across Europe. This must then cooperate with financial supervisory authorities in Europe and other parts of the world.