samchain/econo-pairs-v1 huggingface dataset:
Charles Bean: Business surveys and monetary policy Speech by Mr Charles Bean, Deputy Governor (Monetary Policy) of the Bank of England, at the CBI Industrial Trends Survey 50th Anniversary Reception, Centre Point, London, 24 July 2008. *  *  *  Good evening! It is a great pleasure to be asked to say a few words to mark the 50th birthday of the CBI’s Industrial Trends survey. The birthday boy and I have, in fact, been acquainted with each other for over thirty years – from when I started my professional career in 1975 as a forecaster in the Treasury. In those days, the quarterly Industrial Trends survey was really the only game in town as far as business surveys go. Since then, the field has become more crowded, but the Industrial Trends survey remains a key source of information about business developments. To celebrate the survey’s birthday, I thought that I might say a few words tonight about the part played by business surveys, and intelligence about business conditions more generally, in our setting of Bank Rate each month. Because our interest rate decisions affect UK economic activity and inflation with a rather long, and sometimes rather variable, lag, there is nothing much that we can do to affect the current and near-term rate of inflation. That is already largely baked into the cake. Instead we have to focus on inflation prospects in the medium term – that is, two years or so ahead.

These projects are often felt to yield the highest long-term (private and social) returns and hence offer the biggest boost to future growth. That makes short-termism a public policy issue. But what would be an appropriate public policy response to this capital market failure? A number of proposals have been suggested by various authors. These include: (a)  Transparency: The lightest touch approach would be to require greater disclosures by financial and non-financial firms of their long-term intentions – for example, their long-term performance, strategy and compensation practices.26 For financial firms, this might include metrics of portfolio churn. This could be accompanied by a programme of educating managers, investors and advisors of their fiduciary responsibilities. (b)  Governance: A more intensive approach would involve acting directly on shareholder incentives through their voting rights. For example, fiduciary duties could be expanded to recognise explicitly long-term objectives.27 More concretely, shareholder rights could be enhanced for long-term investors, perhaps with a duration-dependent sliding scale of voting rights.28  (c)  Contract Design: There have been various attempts over the past few years to make compensation contracts more sensitive to long-term performance and risk. This includes employment contracts conditioned on long-term performance, or with deferral or clawback.
On the other hand, the objective of bringing inflation up to the target of 2.5 per cent and anchoring inflation expectations suggested in isolation that further interest rate increases should be delayed until there are clearer signs of a further rise in inflation. The trend in prices for consumer goods over the past two or three years is a result of favourable developments in the Norwegian and global economy. The shift in trade towards low-cost countries has led to lower prices and higher real income. In addition, the changes in the world economy have provided Norway with higher income because our terms of trade have improved. Increased competition has curbed the rise in prices for a number of domestically produced goods and services. When inflation deviates substantially from the target for a period, the interest rate will be set with a view to gradually returning it to the target, so that we avoid substantial variations in output and employment. Through the 1990s, inflation generally remained in the interval 1½ – 3½ per cent. Inflation has varied slightly more in the past few years. In a period of increasing cross-border labour flows, substantial technological advances, changes in competitive conditions and new trading patterns, we may, with our very open economy, have to accept a somewhat greater variation in inflation and deviations from the target, as we have witnessed over the past two to three years. An overall assessment implies that the interest rate in the baseline scenario gradually increases to a more normal level.

Madam Managing Director, as your bank introduces these products on the market, please ensure that the pricing aspect is also critically looked at. Many a time a good product is introduced on the market yet it is out of reach of ordinary citizens due to the costs associated with the products. Consumers of these products expect an affordable service if indeed these are new and innovative products. Banks need to show more commitment to the growth and  BIS Review 34/2009  1  development of the country by encouraging more Zambians to open bank accounts through provision of easily accessible and affordable products and services. As I end my remarks, I want to remind all players in the financial sector that some of the challenges we face in our country today can indeed be mitigated by all stakeholders playing their respective roles. In particular, we have seen food prices increasing dramatically in the past few months. This is despite Zambia possess vast arable land, relatively good weather and plenty of fresh water. Further, Zambia is predominantly an agricultural country, but lending to agriculture has been limited. The challenge therefore is to devise financial products that meet the requirements of the sector while at the same time devise means of protecting the financial institutions from the risks associated with lending to the agricultural sector. A vibrant Agriculture sector will no doubt lead to a vibrant economy less dependent on the mining sector.
In simple terms, inflation may be defined as the change in the general price level of goods and services. However, in every day usage, inflation may be defined as “too much money chasing too few goods”. Describing inflation this way makes it easier to link it to monetary policy which is the control of money supply in an economy. The Bank of Zambia is concerned that inflation has remained stubbornly high for quite sometime now. As at end-June 2005, inflation was at 19.2% which we consider too high to foster sustainable economic growth. The poor weather patterns over the last agricultural season resulted in low crop output, particularly that of maize, which induced inflationary pressures. The unyielding rise in world oil prices on account of high demand from China and India, due to high economic activity, disruptions in supply, arising from war in the Middle East, as well as processing capacity constraints in many oil consuming countries have also caused a general rise in the domestic prices of petroleum products thereby increasing the cost of domestic production. In order to moderate the inflationary pressures arising from low crop output, on a sustainable basis, efforts should be directed at diversifying and improving agricultural output away from rain-fed agricultural practices. Government’s commitment to increased investment in the agricultural sector is therefore commendable as this should assist in improving the supply of agricultural output, in particular that of food items. This has an important bearing towards reducing consumer food inflation.

However, continued relative stability of the exchange rate of the kwacha against major currencies is heavily dependent on longer term initiatives for sustained improvement in the supply of foreign exchange. Among these strategies is a sustained increase in export earnings through the stimulation and maintenance of a strong export sector. Ladies and Gentlemen, let me now turn to the other part of the topic, namely, the process of foreign payments. The Bank of Zambia has issued Directives that put limits on cash transactions in foreign exchange with authorised dealers. For instance, bureaux de change cannot transact in excess of US dollars 1,000 or equivalent foreign currency per transaction per day with any one individual. This arises from their primary purpose of being money changers. The corresponding limit for commercial banks is US dollars 5,000 or equivalent foreign currency per transaction per day for account holders and US dollars 1,000 or equivalent foreign currency for non-account holders. It is important to stress that these limits for commercial banks pertain to cash transactions only. Account holders and nonaccount holders alike wishing to transact above these limits can do so by choosing other modes of payments, such as, direct transfers, drafts, etc. Any remittance in excess of US dollars 5,000 has to be channelled through commercial banks and the person remitting the funds is required to support the transaction with appropriate documentation for statistical purposes, as well as guarding against money laundering and financing of terrorism.
It is indispensable that households with minimum income to access and benefit the basic banking products, such as current accounts. The Bank of Albania, through legal and institutional changes has provided the possibility that households benefit these basic financial products at a low or no cost at all. As a result, cheaper and swifter alternatives, which compete with the existing financial products, will be available. At the same time, companies that will enter into these new markets will have better possibilities of profit. Education is the sole costs to know and benefit from these products. In this regard, the Bank of Albania remains the main actor for the spread and implementation of the national financial education and inclusion strategies. In this framework, the Bank of Albania is working with national and international important partners, the World Bank and EBRD. Their long experience shows that the correction and reduction of social and economic disparities is a difficult commitment, which takes time. Nevertheless, enhancing financial literacy, by spreading knowledges such are: budget drafting; its effective management; knowing risks and avoiding wrong investments; may affect the mitigation of wounds that these turbulences brings into the life of poor people, and of course to everyone; to the whole society and population and the financial situation that the moment brings about. Turning back to the launching of the Global Money Week 2022, I am glad to see the ever increasing interest of youths, their teachers and professors in our educational activities.

Svein Gjedrem: Economic perspectives Annual address by Mr Svein Gjedrem, Governor of the Norges Bank, at the meeting of the Supervisory Council of Norges Bank, Gausdal, 15 February 2001. *  *  *  Introduction Norway’s economy is today characterised by substantial petroleum revenues, sharp growth in government expenditure, a tight labour market and high cost inflation. High oil prices and sizeable petroleum production are contributing to surpluses on the current account and the central government budget. This has also resulted in a vigorous rise in Norway’s disposable income. The current account surplus in 2000, which was equivalent to about 14 per cent of GDP, is among the highest surpluses recorded by an OECD country in the post-war period. The total general government budget surplus also rose sharply, reaching 14½ per cent of GDP. Surplus as a percentage of GDP and income growth for Norway 16  16  Current account balance Public sector Disposable income (growth rates)  12 8  12 8  4  4  0  0  -4  -4 1998  1999  2000  With the exception of a brief pause in growth from the summer of 1998, the Norwegian economy has been expanding since 1993. Employment has risen and unemployment has fallen to just over 3 per cent. A shortage of labour in many sectors has resulted in a relatively sharp growth in labour costs in Norway.
Lim Hng Kiang: Singapore’s insurance industry – investing in future growth Congratulatory remarks by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the opening of the AXA University Asia Pacific Campus Singapore, 8 April 2009. *  *  *  Mr Henri de Castries, Chairman of AXA Management Board and CEO of AXA Group Distinguished Guests Ladies and Gentlemen I am delighted to be here with you this evening to commemorate the opening of the AXA University Asia Pacific Campus. This establishment of a full-fledged corporate training campus here reflects AXA Group’s continued commitment to people development, in Asia and to Singapore. We welcome the leadership and foresight demonstrated by AXA in investing in future growth of the industry. This investment is especially significant given the current difficult economic environment. Allow me to first comment on global economic and financial developments. Overview of economic and financial developments in the world, including Asia As you know, global financial markets are going through very turbulent times. The sharp downturn in global economic activities has taken many by surprise. Some say that this current macroeconomic condition is like the perfect storm. Sharp tightening of credit conditions, loss of confidence in banking and capital markets and sharp declines in output have resulted in a gloomy outlook for the global economy with projected growth of a meagre ½ percent for 2009. This is probably the lowest rate since World War II.

Thomas Jordan: Financial crisis dispersing? Economy changing direction? Speech by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the general assembly of the Handels- und Industrieverein des Kantons Schwyz, Schwyz, 25 August 2009. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The situation on the international financial markets has recently brightened again. This is mainly due to the positive keynote in company earnings reports and a series of unexpectedly favourable economic data. The relaxation of monetary policy was pursued further through the implementation of unconventional measures in March 2009, and this is also likely to have had a calming effect. Price advances since March should, however, be partly seen as corrections to excessive downward movements in the previous period. Considerable uncertainties still prevail and the danger of setbacks should not be carelessly underestimated. The recessionary developments in the world economy weakened significantly in the second quarter of 2009. Expansionary monetary policy around the world, together with fiscal support programmes, have probably played an important role in this respect. Economic indicators are also showing a turn for the better in the Swiss economy. Nevertheless, in view of the exceedingly low level of utilisation of production capacity, industrial investment will probably continue falling. Given the increasingly gloomy outlook for employment, private consumption is also likely to put a damper on the resumption of cyclical activity.
35  All speeches are available online at www.bankofengland.co.uk/speeches  35  Annex Table A1: Variables used Variable  Calculation/Description  Age groups  'AGEGROUPS'  Children under 2  ‘FDPCH2’ Number of dependent children in family aged under 2  Education  A combination of 'HIQUAPD', 'HIQUALD', 'HIQUAL4D', 'HIQUAL5D', 'HIQUAL8D', 'HIQUL11D', and 'HIQUL15D' to create 6 classes of highest qualification attained  Ethnicity  A combination of ‘ETHUKEUL’, ‘ETHCEN15’, ‘ETHCEN’ to create 9 classes of ethnicity as these change across time  Full-time / Part-time  ‘FTPT’ Whether working full or part-time  Gender  ‘SEX’ Sex of respondent  Job Type (Permanent or  ‘JOBTYP’  Temporary) Occupation  Occupation (main job).

Meanwhile, but sometimes with lags, the French capital account was liberalised. We switched from a situation, in 1983, where the exchange rate controls were at their tightest, following speculative attacks and three devaluations in 18 months, to a gradual removal of these controls beginning in 1984 and completed in 1990. Trade-related operations were gradually liberalised, followed by most financial transactions and, finally, residents were allowed to freely open foreign currency accounts and French banks to lend French francs to non–residents. 2  BIS Review 64/2007  Of course, the Indian experience differs from the French one as there is no "one-size-fits-all" transition process. And I would be very interested in listening to your views on this. 2. But before, let me remind you that, to be successful, it is not sufficient to improve the financial system: shaping appropriate institutions and economic policies is of the essence  The need to set in place strong institutions should never be underestimated. A G20 work entitled "Institution building in the financial sector" (in which both India and France participated) stressed the importance of solid institutions along with deep and sophisticated financial markets as key elements to maximise the benefits of globalisation and reduce the risks of financial crises. An appropriate institutional framework includes among others a well functioning legal system, a reliable payment system, a proper framework for regulation and supervision, an appropriate deposit insurance scheme, and propitious conditions for implementing new developments in information and communication technology.
The Regulatory Sandbox which we introduced last year – itself an innovation in regulatory approaches – helps us 3/4  BIS central bankers' speeches  to achieve this in a way that contains the external risks that can come with innovation, while allowing the opportunity for great new ideas to unfold and take root. As regulators, we are also continuously learning ourselves about the best way to deal sensibly and proportionately with risks associated with innovation. In this regard, I am pleased to announce that the Bank will shortly be issuing proposed regulatory parameters for the conduct of electronic Know-Your-Customer or e-KYC processes for remittance transactions. We expect to finalise the standards for e-KYC by October after receiving industry comments. Following this, the existing requirement for face-to-face verifications for onboarding new customers will be removed for companies that have received approval to conduct e-KYC. It goes without saying that the Bank fully expects MSB companies licensed in Malaysia to ensure that innovation is not pursued at the expense of obligations to comply with applicable laws and regulations, and to safeguard legitimate interests of customers. Having worked hard to build confidence and trust in the industry and to avert the damaging effects of de-risking that continues to a key challenge in more than a few jurisdictions, actions by any firm to undermine the integrity of the financial system will be met with a strong regulatory response from the Bank.

Encik Adnan Zaylani Mohamad Zahid: The ASEAN insurance industry - current state Keynote address by Mr Encik Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 21st ASEAN Insurance Regulators’ Meeting, 44th ASEAN Insurance Council and 3rd ASEAN Insurance Summit, Kuala Lumpur, 28 November 2018. * * * Bank Negara Malaysia is honoured to host the 21st ASEAN Insurance Regulators’ Meeting and the 44th ASEAN Insurance Council Meeting again after eleven years. It is also our privilege to be part of the 3rd ASEAN Insurance Summit. I trust that the exchange of ideas and knowledge during these events will further strengthen the long tradition of close cooperation among ASEAN insurance regulators and industry players, interventions, and initiatives to build resiliency and liquidity for our market. Introduction Since its formation in 1967, ASEAN has achieved significant strides in advancing regional economic and financial cooperation and integration. This has contributed to sustained social development and stability that we see in the region over the last five decades. Economic improvement has seen member states grow at an average rate of over 5.3% and expanded over 100-fold, supported by significant intra-regional trade. In 2017, the ten-member states recorded a combined gross domestic product of close to USD3 trillion. Together, the regional bloc is currently the sixth-largest economy in the world and by 2020 is forecasted to become the fifthlargest economy after the United States of America, China, Japan and Germany.
  Second, resolution frameworks have to be established, to ensure that all banks, however complex or large, can be resolved in an efficient and safe manner. Such frameworks may involve the simplification of firm structures and the design of “bailin” mechanisms, where creditors are forced to absorb losses when a bank is close to failure2.   Third, G-SIFIs will face more intensive supervisory oversight, guided by an enhanced set of core principles for effective banking supervision. Singapore’s regulatory approach Many jurisdictions are now considering their responses to the FSB and Basel Committee recommendations. MAS’ regulatory approach is guided by three principles: (i)  First, we must maintain the high standards of financial regulation which have become associated with Singapore. Maintaining high regulatory standards is completely compatible with fostering a vibrant financial sector. Being a wellregulated, trusted and stable financial centre is a source of advantage for Singapore. It provides confidence for banks to operate in Singapore and for customers to transact with banks here. 2  “Bail-in” is the process where bank debt in failing firms is forcibly converted into equity. This is intended to make it possible to rapidly recapitalise a bank such that it can continue in business without an equity injection from taxpayers. 2  BIS central bankers’ speeches  (ii)  Second, our rules must be risk-appropriate. International standards must sometimes be enhanced to be appropriate for Singapore’s context. They must be targeted to address well-defined risks or concerns that could have systemic implications.

Constraints on earnings distributions through dividends, share buybacks and discretionary bonus payments to staff will be imposed on a bank when the conservation buffer is breached. The closer a bank’s regulatory capital ratio approaches the minimum requirement, the greater the constraints on earnings distributions. BIS central bankers’ speeches  3  incorporated banks will have to maintain at least 9% Common Equity Tier 1, compared to the Basel III minimum of 7%. Let me explain the reasons for this. (i)  First, the Basel III minimums do not adequately take into account the systemic importance of banks. Each locally-incorporated bank is systemically-important in Singapore and has a substantial retail presence. Together, they account for more than half of the total non-bank resident deposits and loans in Singapore. Hence, higher capital levels are required to strengthen their ability to absorb unexpected losses effectively in a crisis. This is necessary to protect depositors, reduce risks to the real economy, and safeguard our financial stability. The experience of countries at the centre of the crisis in Europe and the U.S. showed that the total cost of a financial crisis to the economy and the public can be substantial. (ii)  Second, Common Equity Tier 1 capital requirements that are significantly above Basel III will not result in a large reduction in economic output but would be beneficial in reducing the likelihood and cost of a crisis. Several empirical studies confirm this.