samchain/econo-pairs-v1 huggingface dataset:
But to be successful and sustainable innovation has to happen within a framework in which risks are managed: people don’t fly for long in unsafe aeroplanes. Let me elaborate on these in turn. The first lesson is that finance carries inherent risks. Technology can change the way these risks are managed and distributed, but it cannot eliminate them. I will highlight three clear examples. Most obviously, financial assets with no intrinsic value – that is to say with no real economy assets backing them and no means of generating revenue - are only worth what the next buyer will pay. Page 3  They are therefore inherently volatile, very vulnerable to sentiment and prone to collapse. The majority of crypto-assets in in circulation today fall into this category and are proven to have very erratic swings in value – in both directions - as can be seen from the evidence of the last few months. The proponents of crypto assets like Bitcoin have argued that their technological design enables them to function as a hedge against economic volatility and inflation – a sort of ‘digital gold’. The reality, however, is that they behave as a very speculative, risky asset. Since November, against the background of a weakening global economy, higher inflation, and tighter monetary policy, gold has lost 7% of its value, the S&P 500 has lost 18% while Bitcoin has lost 70%[1].

The statement shall comprise the first two parts of the report by the Zimmerli Expert Commission (on the creation of integrated financial market oversight and sanctions). The third part of the project (examination of expanded prudential oversight) will be dealt with at a later point in time. The Federal Council has taken various concerns of the National Bank into account. As regards the division of tasks between the supervisory board and the management board in particular, the Federal Council has moved closer to the view held by the National Bank, which believes it important that the power of disposition remains with the management board. As a non-professional body, the supervisory board is inevitably faced with conflicts of interest, which could prove an obstacle to individual dispositions. However, the experience and know-how of the supervisory board can be fully exploited with regard to the deliberation of questions of principle, budget and important staff issues. Furthermore, we support increased budgetary autonomy of the Federal Financial Market Oversight Authority (FINMA), as we are convinced that a financial centre that is as complex and significant as the Swiss financial centre requires an authority with a supervisory and management board whose powers are equal to those of the corresponding bodies of banks and insurance companies. The National Bank backs the project regarding the FINMA Act. We continue to view the integration of financial market oversight as a means to improve oversight rather than as an end in itself.
11 By cash, I mean banknotes and coins held by the Swedish public as a proportion of total deposits in MFIs and central government. 12 The exception is when the Riksbank (or another central bank) introduces quantitative easing and purchases government bonds with newly created bank reserves, which is a form of newly created money. See Alsterlind et al. (2015) for a more detailed description of this. 4 [15]  actually create new deposits. In the same way, money is destroyed if I repay a loan to the bank. The new money created is thus private, electronic bank money and the amount of money is governed by lending. The Riksbank thereby indirectly influences demand for new money via the interest rate, but monetary policy does not attempt to steer the money supply directly. 13 Private bank money (sometimes called “inside money” in the sense it is inside the private sector) is a claim on the issuing bank. In the same way, money created by the Riksbank, for example Swedish banknotes and coins, is a claim on the Riksbank or Swedish government (known as “outside money”). It is thus possible to regard a 100-krona banknote as a kind of IOU with an eternal maturity that does not pay any interest. There is also another kind of central bank money in Sweden, namely the banks’ balances in the Riksbank. Liabilities on the Riksbank’s balance sheet are usually considered to be completely safe, as the Swedish government stands as guarantor.

Main instruments used to achieve this objective are training, to promote awareness of international standards and best practices in public financial management and central banking, as well as provision of technical assistance. Also, it serves as a platform for exchange of information and for discussing and learning about different policy challenges. By closely monitoring the implementation of the reforms and mapping further reform needs, it designs up-to date and demand-driven capacity building programs. The CEF serves as a regional network that focuses on the regional issues offering regional solutions, to the extent possible. At the same time, as one shock does not always symmetrically affect all of us, and not all the policy responses are alike, by gathering all of us, sharing of valuable experiences is enabled. Looking forward, the EU integration  BIS Review 165/2010  1  remains a main anchor for the macroeconomic policies in the region. We are all facing similar problems and challenges in our efforts to bring our national economies up to the EU standards. The convergence process appears to be a bumpy and thorny road, but worthy as it will finally lead to better living standards of our nations, which is a final objective of each government. In this light, I strongly believe that the CEF will continue to play a crucial role on our way towards the EU integration. This event will be focused on a topic that emphasizes the importance of human capital as one of the essential assets of each institution.
Our assessment in May was that economic growth in the United States would slow at the end of this year, chiefly due to the assumption that fiscal policy would be less expansionary. Coupled with gradually rising interest rates, it was judged that this would dampen private consumption and housing investment somewhat. Despite the slowdown, however, the economic outlook was expected to be mainly bright over the coming years. Data for the second quarter indicates that private consumption has slowed somewhat earlier than anticipated. It is possible that this is partly due to the high oil price, which has lowered households’ real incomes. Even though more recent data from the United States has given a mixed impression, I think there is reason to be somewhat less optimistic about developments in the United States in the period ahead than indicated in the assessment in May. Growth this year of almost 4½ per cent now appears likely. In 2005 and 2006 there is reason today to expect about 3½ per cent annual GDP growth. Growth in the euro area was judged in the latest Inflation Report to increase gradually this year following a very weak development in 2003. New information during the summer broadly confirms this outlook. In Germany it is mainly net exports that are contributing positively to GDP growth, while in other countries, notably in France and Spain, it seems to be domestic demand that is growing relatively quickly.

Minister, this Loan Scheme being launched today provides a real opportunity for human capital development, which is necessary for national development. It enables children who would otherwise be excluded from the educational system have decent opportunities to receive education, as their parents can now access loans specifically targeted at meeting their educational expenses. Ladies and Gentlemen, a nation’s development depends on the levels of skills among its people and it is our expectation that the launch of this Scheme will contribute towards this noble cause. To this end, I would like to encourage parents and guardians to use the Student Loan Scheme in order to realise the vision of educating their children. Chairperson, what we are witnessing today represents an initiative by banks to respond to the needs of the community. As the Central Bank, we commend your bank for this initiative, which was borne out of the identified need to develop financial products that address problems in our society. Chairperson, Ladies and Gentlemen, let me end by reminding players in the banking sector that as new products and services emerge, different or heightened levels of risk also emerge. The challenges that financial innovation poses for public policy and the regulatory framework in ensuring financial stability are enormous and cannot be over looked. In this regard, let me call upon the management of Indo-Zambia Bank to not only look at the benefits, but more also on the risks that accompany financial innovation.
A key event is the Raffles Seminar, organised by the Lee Kuan Yew School of Public Policy. It will gather leading thinkers to debate the issues and challenges countries face in achieving and sustaining good governance. 36. S2006 will require close collaboration between MAS, other government agencies and the private sector, in particular, our banks. Some of you are already working with the organising committee. I would like to thank you for your support. Together, we can make S2006 a success for Singapore. Conclusion 37. Let me conclude. Winston Churchill said: "The optimist sees opportunity in every danger. The pessimist sees danger in every opportunity." We should be shrewd optimists - bold but not reckless, cautious but not timid. 38. For we are living in exciting times in Asia. The economic centre of gravity is shifting from West to East. This could be Asia's Century. No doubt there are serious challenges. But I believe if we are innovative, realistic and skilful, we can overcome them. And together ride the Asian wave to prosperity. Thank you. 4  BIS Review 83/2005

I very much doubt it given the usual time lags observed in the diffusion of past technologies and the differences in productivity levels between firms. The second type of lag, space-lags, refers to the uneven diffusion of technology across firms. Frontier firms usually enjoy stronger rates of productivity growth than imitators in the same sector. In France, the productivity growth of frontier firms has remained steady – or even increased – throughout the slowdown [slide 7]. This may reflect winner-takes-all phenomena. For example, in the digital economy, due to network externalities, one firm with a marginal comparative advantage can seize the whole market and benefit from the low marginal cost of production of additional units of its product. However, these phenomena may be specific to ICT-producing sectors. Productivity growth in frontier firms mostly reflects the actual pace of technological advance and supports techno-optimists views. I’ve shared with you a few thoughts on these three promising hypotheses. To conclude, let me share with you what I see as priorities in order to exit the low growth trap and prevent the risk of secular stagnation. We must obviously accelerate domestic reforms in order to foster innovation and an entrepreneurial spirit. But at the European level, we need to tackle the persistent “investment crunch” which followed the financial crisis. Thus, we first need a “Financing and Investment Union” in Europe to steer abundant savings into investment and provide adequate financing for innovation.
Economic activity and inflation expectations Now for the assessment in our latest inflation report. First let me say something about the Riksbank’s appraisal of the economic situation. Demand and supply The statistics from recent months clearly point to an upswing in the greater part of the economy. This largely confirms the Riksbank’s assessments last spring. Developments to date in 1997 have been more balanced than before. Demand growth is now coming not only from exports and investment, but to an increasing extent from private consumption as well. The growth of household income has been held back for some years by the programme for fiscal consolidation. Activity has been further depressed by the need to cut spending on public activities. The fiscal withdrawal of household purchasing power is continuing both this year and next, so disposable income is largely unchanged in 1997, but will rise in 1998. After that, when the consolidation programme has been completed, fiscal policy is not expected to be as restrictive on households. Some increase in public activities can also be expected in the coming two years. After rising for some years at a rather modest rate, private consumption has picked up in the past year. Households’ expectations concerning their own as well as the national economy improved in September after a minor setback in August. Households are also more optimistic about the outlook in the labour market.

Philipp Hildebrand: The global financial crisis – analysis and outlook Summary of a speech by Mr Philipp Hildebrand, Vice-Chairman of the Governing Board of the Swiss National Bank, at the NZZ-Podium, Zurich, 5 February 2009. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  We are currently experiencing the most severe and most complex financial crisis in several decades. It has affected many people around the globe, and finger-pointing and casting blame happen all too easily. Yet only a careful investigation of the responsibilities is likely to point to ways in which our financial system, and ultimately our economy, can be made more resilient once this crisis has been overcome. Financial markets react to incentives, and these incentives were misplaced in the past. It is in our power to start lobbying for clearly defined and risk-limiting conditions. If the responsible authorities wish to enact more stringent regulation, we ought to give them our unconditional support. The National Bank is determined to employ all the means at its disposal to ward off an economic contraction. BIS Review 12/2009  1
Here then we have the recognition of the need to have regard to the impact of financial regulation on the long-run growth of the economy. To back this up, the Government intends to include in the legislation a power for it to provide the Bank with guidance in the form of a remit which would provide greater clarity on the overall approach the Bank should take to pursue its objective. That remit is likely to be more a matter of words than a single number like the inflation target, but it is the right approach to seek to set this out as explicitly as possible. There are at least three things that need to accompany such an approach, none of which by the way is unusual to this area of public policy. The first is transparency, namely the clarity of explanation of the objective and how it is pursued. Transparency is an important part of the monetary policy framework – the same approach can be used for financial stability. The second necessary tool is accountability to Parliament. Again, this is a well-established feature of monetary policy and is already well embedded for financial stability. 2  BIS central bankers’ speeches  A third necessary element of financial stability policy is to have an approach which recognises the importance of the spirit as well as the letter of the law.

Their response to the cry of this time is different is to assert that “it almost never is.” Why, then, is it so hard to understand the true picture of financial crises? I think that the issue here lies clearly in the characteristics of banks. One of the conclusions of work on the history of financial crises is that they have worse outcomes when they involve banks. As an example, if you remember the stock market crash of 1987, which seemed very bad at the time, it did not threaten the banking system, and its effects were contained. It was not a major financial crisis in its own right. The reasons for this difference when banks are involved have to do with the nature of banks. At the heart of banking is a technical term called maturity transformation, or more simply, banks borrow at a shorter term and lend at a longer term in respect of the duration of their deposits and loans. This is the essence of banking. Banks transform savings that may be required by their owners at short notice into longer-term loans. This is a benefit to the economy and society because it allows longer-term borrowing by companies and by all of us to buy houses. But it makes banks inherently illiquid. If all depositors decided to ask for their money back at the same time the bank would struggle to pay-out and survive. This is because the bank will generally find it difficult to realise its assets in time.
Furthermore, there is a very convincing argument for the extended repo-rate path in that it provides better outcomes for both resource utilisation and CPIF inflation, which can give it just as much credibility as the lower repo-rate path. 4  BIS Review 60/2010  The extended repo-rate path also has the advantage that the monetary policy alternatives can be reduced to the question of when we should begin to increase the repo rate: in July or September or, as I advocate, in December. The monetary policy choice thus boils down to deciding which point in time for the first increase gives the best outcomes for inflation and resource utilisation. That is, which point in time gives a forecast for CPIF inflation that is as close to the target as possible and a level of resource utilisation that is as close to normal as possible. Could the monetary policy decision between alternatives be any simpler, more distinct and more transparent? Given this background I thus decided to advocate the extend repo-rate path rather than the lower repo-rate path as an alternative to the path in the main scenario. The extended repo-rate path stabilises inflation and resource utilisation better than the repo-rate path of the main scenario In my view, various monetary policy alternatives must be discussed and assessed before any monetary policy decision can be clearly justified.

BIS Review 60/2010  9  possible asset price bubbles, such as the unsustainable development of housing prices: 9 “First, policymakers must be able to identify bubbles in a timely fashion with reasonable confidence. Second, there must be a high probability that a somewhat tighter monetary policy will help to check at least some of the speculative activity. And third, the expected improvement in future economic performance that would result from the curtailment of the bubble must be sufficiently great.” It is obvious that these conditions do not prevail at present. 10 The division of the Swedish economy The crisis has led to a division of the Swedish economy in which the export industry is struggling while the service sector is doing well. It is, however, beyond the power of monetary policy to influence development in an individual sector. Monetary policy can only focus on stabilising average resource utilisation and average inflation. This division is therefore not itself normally an argument for either a more expansionary or a more contractionary monetary policy. However, in the current situation, with a very low level of resource utilisation and a very weak export industry, one can claim that irrespective of how sensitive to interest rates the export industry is it should benefit from a weak krona and suffer from a strong krona. As a more expansionary monetary policy would entail a weaker krona one can claim that the division is in this situation an argument for pursuing a more expansionary monetary policy.
M R Chatu Mongol Sonakul: Thailand - where we are now and what we are trying to do  Speech by Mr M R Chatu Mongol Sonakul, Governor of the Bank of Thailand, at the Asia Society Southern California Centre, on 3 October 2000. *  *  *  President of the Asia Society of Southern California, distinguished guests, ladies and gentlemen, Two years ago this month, I came to speak to this Society. It was to tell you how Thailand was getting along, what we were going to do and to solicit your support as friends of Thailand. Those of you who were present might recall the things I said we were going to do. They were very rudimentary as far as central banking goes, and that the economic and financial numbers then, whilst improving, were not necessarily a basis around which a good future could be built. The numbers are in many ways now better and we have gone on to do all the things which I said we would do and develop the more sophisticated mechanisms of central banking, such that we are far in advance of our indications two years ago. It is usually a happy occasion when one could report that one has done more than what one has set out to do. But I am not really a happy man today. The economy is still fragile, and there are vast areas left to be mapped out and implemented.

As we review all published guidance, assess the broad volume of research that is already out there and come to consensus on an evaluation framework, we encourage firms to look at the fundamental commonalities across all best practices and build them into your ongoing/current activities. BIS central bankers’ speeches  5  7. Assessing the threat  To fully assess a threat or risk to a firm, we must first understand where the risk lies, who it affects, how it is defined, and what the associated costs are. In the case of assessing the risk and impact of cyber-attacks, I believe firms need to be cognizant that every business decision, every process, every change a firm makes ultimately has a cyber-related element to it. To add to the complexity of this, the firm’s self-awareness must extend beyond the four walls of their company and must also take into account the impact critical service providers have on the firm. You can outsource the service, but not the risk. Everyone should be using threat intelligence as we go about our day-to-day activities – using the potential of a cyber-attack as another filter through which we view every decision. As we think about the variables to be considered in the decision-making process, we must build in the potential for creating weaknesses, vulnerabilities or opportunities for cyber-attacks, and be aware of the associated costs.