samchain/econo-pairs-v1 huggingface dataset:
The minutes from each of the quarterly AIPPF meetings are publically available and the AIPPF will produce a final report upon its conclusion later this year. As we, and industry, learn more from this soft support around AI, it may be that harder forms of public infrastructure will be needed, provided either by the Bank, another authority or as a collaboration between different authorities. Those decisions will be taken at the appropriate time. If that means that the Bank’s direct involvement in these areas passes over to another institution, then that’s fine: we will have played our role at the right time. PRA regulation on outsourcing and third-party risk management  A further business model-related change we need to think carefully about as digital finance becomes more prevalent is the relationships between financial firms and the technology companies that deliver their business services. That is particularly the case where those services are critically important to firms’ operational resilience or where they are involved in processing of confidential or sensitive firm data. 13  https://www.bankofengland.co.uk/minutes/2020/artificial-intelligence-public-private-forum-minutes 5  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  5  Reflecting this the PRA has updated its regulation on outsourcing and third-party risk management to complement and strengthen its new policy framework on operational resilience. 14 And we plan to analyse further whether we need even stronger tools to manage the risk that critical third parties, including potentially cloud and other major technology providers, may pose to the Bank’s and PRA’s objectives.

11  There may in any case be interactions between the two . And even when there aren’t, their effects can be quite similar and therefore difficult to distinguish from one another. To generalise, increases in trade and technological innovations both tend to improve overall well-being but, by producing sharp shifts in relative prices, they can also make some people worse off, at least for a period of time. The early classical economists certainly recognised the parallels between technological improvements and 12  free trade. Aware too that the public tended instinctively to support the former , they used these parallels to persuade people of the virtues of the latter. Here, for example, is lawyer and proto-economist Nassau 13  Senior, writing in 1828 : “If we should think it madness to prohibit, or to tax, the use of an improved steam-engine, because it must be injurious to those employed in raising coal, what pretence is there for prohibiting or taxing foreign ribands or velvets because their importation would be injurious to the English silk-weaver? To prohibit every change which is accompanied by individual injury would be to prohibit every improvement whatever”. This is heavily rhetorical but the question could still be asked today. At least in advanced economies many people are doubtful about the benefits of trade (a Pew Research survey in 2014 found that only 28% thought it helped to lower prices and thereby improve real incomes).
Over the course of the past millennium, perhaps longer, technological progress has held the key to rising worker wages. •  Acting in parallel to this secular rise in labour incomes has been a secular rise in workers’ skills. Levels of educational attainment have risen dramatically since the middle of the 19th century (Chart 14). As machines displaced man in conducting manual tasks, man has kept one-step-ahead of the machine by continuously skillingup to meet the new demands of new industries for new products. •  With rates of employment steady, and with real wages rising in line with productivity, labour’s share of the national income pie is little different today than in the 18th century (Chart 15). In other words, the suppliers of both labour and capital have shared, in roughly fixed proportions, in the fruits of higher incomes. •  Moreover, workers with different skills have benefitted broadly equally from these gains. The distribution of wages is little different today than at the dawn of the Industrial Revolution (Chart 16). In other words, technological progress has not obviously widened income inequalities. Viewed over the sweep of history, then, there is essentially no evidence to suggest technology has damaged jobs and plenty to suggest it has boosted wages. Technology has enriched labour, not immiserated it. Mill was right; Ricardo was wrong. Labour is not dead wood to be carved up between tasks. It is a tree whose trunk and branches have lengthened and thickened with time. The “lump of labour” fallacy is just that.

There is evidence, across a number of countries, of the labour share having fallen over recent decades (Chart 24). Even in the UK, the labour share has glided south, if more slowly than elsewhere, over recent years. The relationship between productivity and real wages tells a similar story. Across a number of countries, there is recent evidence of real wages falling short of productivity (IMF (2015)). In the US, this has been evident since at least 1970, with average real wages rising 0.6 percentage points per year more slowly than productivity (Chart 25). In the UK, that gap has averaged 0.3 percentage points per year since 1990. For median wages, these gaps are larger still (Chart 26). Over time, these gaps can accumulate into big income differences. Had US real wages tracked productivity since 1970, the median worker today would be 40% better off. Had UK wages tracked productivity since 1990, the median worker today would be 20% better off. Unlike earlier phases of rapid technological change, labour has not shared equally in the fruits of recent great leaps forward – or at least not yet. A number of explanations have been put forward for these falling labour shares, including the falling relative cost of capital goods and globalisation (OECD (2012)). A third explanation, related to the first two, is technological change. As machine has substituted for man across a greater number of tasks, and as hollowing-out has intensified, the balance of bargaining power has swung against labour.
Most recently, a $ million donation  BIS central bankers’ speeches  1  was made by the family of the late Mr Ng Teng Fong to set up a fund for needy patients and other worthy causes at a new hospital in Singapore. To encourage more giving, the Singapore Government has created a very conducive giving environment in Singapore. We allow 2.5 times tax deduction for donations to Institutions of a Public Character. We have also increased the leverage effect of donations, with matching grants for donations to key causes such as universities and charities providing long term care for the elderly. Asian philanthropy is evolving 9. Asian philanthropy has deep roots, both in tradition and religion. Giving across Asia is typically accomplished without fanfare, with many donors quietly donating millions on an anonymous basis. There is a tendency to prize modesty, and many are averse to what others may view as “flaunting wealth”. However, such private giving may have held us back from developing a more structured and sustainable way of giving. 10. This is changing, as Asian donors have observed that Western philanthropy has developed innovative structures which may be very efficient and effective. More and more, we are seeing the evolution of Asian philanthropy from ad hoc cheque book donations to more sophisticated philanthropic models such as foundations and venture philanthropy. This has helped to bring about greater accountability and efficiency in grant making. 11. Another change is the shift from the traditional model of leaving behind legacies, towards “giving while living”.

Hence, it is crucial that we continue to give generously, to local and foreign deserving causes. 24. Yet giving is also difficult to do well because it must not lead to waste and leakage or diminish the spirit of self-reliance. I am pleased that Singapore is playing host to this global forum which brings together leading philanthropists and thought leaders to discuss how to better accomplish giving, and to push the frontiers of philanthropy in Asia. 25. I commend Credit Suisse for playing an active role in developing philanthropy capabilities in Singapore, and I wish you a fruitful meeting. BIS central bankers’ speeches  3
Ardian Fullani: Opening, extension and modernisation of the primary and secondary treasury bill market Address by Mr Ardian Fullani, Governor of the Bank of Albania, at a meeting with the Minister of Finance and representatives of all banks in Albania, Tirana, 8 April 2005. *  *  *  Honored ladies and gentlemen! First of all I have the pleasure to thank you for your willingness in finding the time to take part in this work meeting. I would also thank your technical staff for the devotion shown in dealing with this issue, which constitutes one of our priorities at the Bank of Albania. At the Bank of Albania conference on “Central banking in the time of integration” I launched, interalia, the idea of the need for qualitative developments in the banking and financial system and this as closely connected with the need for further increasing the intermediation role of this system in the economy. It is understandable that the implementation of this idea would simultaneously require the giving of more possibilities to the banking system, so that this system carries out its role better and more actively. The topic we are discussing today is in this line. I am strongly convinced that the treatment of this issue did not appear as something unexpected, but it is a logical result of the positive developments taking place so far and the banking system awareness to be more active in its role for raising public confidence in the system.

To complement the ongoing efforts to build the capacity of domestic insurers, the Bank will continue to leverage on strategic initiatives to achieve the desired financial landscape which will also be better able to contribute to the socio-economic objectives of the country, as well as to be better to withstand competitive pressures in the provision of insurance products and services. Consolidation and fostering strategic alliances will have the potential to strengthen the position of the industry to compete more effectively as the market becomes increasingly deregulated and liberalised. In particular, in fostering strategic alliances within the industry, the foreign shareholding limit for new entries in direct insurers has been increased from 30% to 49% to harness the potential for financially strong and internationally known foreign players. This would contribute towards enhancing the development of domestic capabilities, particularly in the areas of technical expertise, innovation and improved operating processes. This will provide an additional avenue for potential foreign partners to  4  BIS Review 76/2006  participate more substantively in the domestic industry through a strategic equity interest in existing licensed insurers. As part of efforts to promote good risk management practices in the financial system, the Bank will also consider introducing differentiated premium contributions to the insurance guarantee scheme fund, based on the risk profile of individual insurers. This is similar to that being adopted for the deposit insurance system in the banking sector.
3  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  3  preliminary lessons learned earlier this month.4 Also this month, the Financial Stability Board submitted an interim report to the G20 on lessons learned for the financial system as a whole.5 A major lesson that has emerged so far is that the banking system has remained resilient through the Covid19 pandemic while continuing to provide credit to the real economy. This is, in part, due to the substantial increases in capital and liquidity held by banks as a result of the adoption of the post-Global Financial Crisis reforms, and represents a major vindication of those reforms. If I can use the analogy of a fire, one did break out in the banking system following the onset of the pandemic, but because the locus was well fire-proofed – with capital and liquidity – and because both the monetary and fiscal firefighters were alert and acted quickly and decisively, the fire was put out before it could take hold. But it was not obvious that this would have been the case at the outset. In particular, it was by no means certain that the regulatory capital buffers built up ex ante by banks as a result of those reforms, and designed to allow them to lend to the real economy whilst absorbing losses, would actually be used in that way.

Dimitar Bogov: Republic of Macedonia – celebrating monetary independence Opening address by Mr Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, at the gala event on the occasion of the 20th anniversary of the monetary independence of the Republic of Macedonia, Skopje, 26 April 2012. *  *  *  Honorable President of the Parliament of the Republic of Macedonia, Honorable fellow Governors of central banks, Distinguished guests, ladies and gentlemen, Let me wish you all a very warm welcome and thank you for accepting our invitation to attend this gala event on the occasion of our landmark anniversary – twenty years of the monetary independence of the Republic of Macedonia. On this day, April 26, we recall the numerous challenges that we faced, the numerous difficulties we have gone through in the past twenty years exactly. On this day, we are reminded that the beginnings were not easy and that those beginnings emerged in a period of, I can say without false exaggeration, huge enthusiasm of all individuals involved in creating our own independent state with all attributes that this state should have. In this reminiscence of the persons who were involved in the monetary independence, I especially feel the need to point out the name of the first Prime Minister of the independent Republic of Macedonia, the academician Nikola Kljusev, who played one of the leading roles not only for the monetary independence, but also for many other decisions of that time, important for the completion of statehood.
Retail banking is still the main source of profit for French banks, accounting for nearly 60 per cent of the largest groups' net banking income. That said, the domestic retail market began to decelerate in the last quarter of 2006 and the first quarter of 2007. The net interest margins of several major groups contracted, contributing to downward pressure on 2006 results. To an increasing extent, this margin squeeze is not being offset by the rise in outstanding loans, while fees and commission income has been growing less strongly than in recent years. The outlook for intermediation income in 2007 may be less positive given the persistently intense competition in the credit market and the possibility that the yield curve will remain either flat or shallow. Furthermore, we must learn a cautionary lesson from the increase in borrower default risk observed in the sub-prime segment of the US retail market. The risk may be less pronounced in continental Europe, but I would point out that margins on mortgage lending are already thin and that there is a trend towards longer loan maturities. I am therefore calling on French banks to make sure that they closely monitor their borrower risk exposure. So far, the earnings slowdown in retail banking has been mitigated by good performances in corporate and investment banking, private banking, and personal asset management, which provided new growth opportunities. Through mergers and acquisitions, including leveraged buy-outs (LBOs), banks were able to increase the proportion of income generated by non intermediation activities.

Furthermore, most banks will have to meet the next challenge of fine-tuning their risk management and calculating their economic capital in the coming months, pursuant to Pillar 2. In sum, these regulatory, economic and financial factors are prompting banks to change the way they manage their risks, meaning that supervisors must be more flexible and more watchful. To clarify these considerations, I would like briefly to address two issues: 1. The results posted by French banks in 2006 are good, but they are not without vulnerabilities. 2. French banks are currently in the final straight as regards the implementation of the new regulation. As the banking supervisor, our role is to support them during this transitional period and to ensure together that the reforms are carried out properly. French banks’ 2006 results are good, but not without vulnerabilities Like the majority of leading European banks, French credit institutions reported good results for 2006, in line with the previous three years. For the three main banking groups under IFRS, the net banking income grew nearly 19 per cent, more than in 2005. In all, the aggregate net income of the French  BIS Review 75/2007  1  banking system, under French GAAPS, amounts to nearly € billion. This reflects a substantial contribution from foreign subsidiaries and from non-banking business, especially insurance. Moreover, most large French banks made major acquisitions outside their home market in 2006, particularly in regions with strong growth potential.
The Basel Committee may therefore need to review the standards for the LCR and the NSFR. 12  See EU Commission (2023), https://finance.ec.europa.eu/publications/reform-bank-crisis-management-anddeposit-insurance-framework_en. 10 [30]  Another lesson is that Silicon Valley Bank did not take sufficient account of its interest rate risks. Here I would like to emphasise the importance of all banks – including in Sweden – having a good margin for the risks that interest rate changes can entail. 30 years of low interest rates have contributed to increasing the risks in the financial system. Households and businesses in many countries have large debts while prices of homes, commercial properties and financial assets are high. The sharp and rapid rise in global interest rates experienced over the past year has brought interest rate risks into sharper focus. Current global standards require supervisors to take interest rate risk into account as part of the supervisory process, known as Pillar 2. The consequence is that these risks are managed very differently in different countries, and potentially even between different banks. Finansinspektionen has a well-developed model for estimating these risks for the Swedish banks, but, as I said, the rules vary from country to country. In my view, there is reason to harmonise some of these rules. A third lesson is that accounting rules play an important role. When macroeconomic variables change significantly, the difference between the valuation of assets at fair value and at amortised cost can be large. Silicon Valley Bank had invested heavily in US long-term bonds.

Over the years, Bank Negara Malaysia working together with the insurance associations has invested significantly in informing the public about insurance through our financial literacy initiatives. We have come a long way in this process. Today, schoolchildren as young as 10 years of age will already be introduced to insurance through subjects taught in the formal school curriculum. By 2021, we expect to complete the process of integrating financial education content in the formal school curriculum at all levels of primary and secondary education. We have also continued to expand the ways in which we reach consumers, through different mediums and leveraging in particular on social media. We have adopted a life cycle approach to guide education initiatives, so that education content is more targeted and delivered when consumers are most responsive to receiving information. And we continue to adapt our education content so that it remains relevant and current to the issues and experiences that consumers face. In parallel with these efforts, agents will have a more important role going forward. With greater proliferation of online avenues for consumers to obtain information, contacts between agents and consumers are likely to be more targeted and specific in nature. Consumer needs and appetite for advice will also be greater in a more diverse insurance landscape.
The upstate New York economy is continuing to grow, but at a pace somewhat slower than the national economy. In part, this reflects the fact that the U.S. economy is recovering from a much deeper and more severe recession than Upstate New York. As the national economy continues to heal, places like Upstate New York, which didn’t see a huge boom and bust in housing and their economies before the Great Recession, don’t have as much ground to make up. But the region’s slow economic growth during the recovery also reflects the re-emergence of historical trends – Upstate New York hasn’t tended to perform as well as the rest of the country during economic expansions. Like many economies in the Northeast, Upstate has tended to grow slowly in recent decades, as the population has shifted to other parts of the country and the once dominant manufacturing industry has shrunk considerably. These same trends are playing out in the Syracuse area. Like Upstate New York more generally, the recession in Syracuse was not as deep as the nation’s. However, the Syracuse area experienced a deeper recession than Upstate as a whole, losing about 13,000 jobs during the downturn. The area’s recovery has lagged behind Upstate. So far, Syracuse has gained back less than half of the jobs that it lost. Recent job growth has been led by the region’s education and health sectors. Together, these sectors have added stability to the local economy and provided a foundation for growth.

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.