samchain/econo-pairs-v1 huggingface dataset:
So we hired outside webpage experts to upgrade it, who have been working for the last year, and will be ready to go forward with our easy-to-read, easy-to-use, user-friendly format in the next couple of months. The information available on our webpage, whilst extensive does not go back very far in history, and to do real economic analysis, you may have to contact with the team responsible for these issues. Though this is easily done automatically by just clicking into the information item, it is still much better to have the information readily available on the internet rather than having to contact people. In the more major task of restructuring the organisation, the work system and the vision of the Bank of Thailand which we have been doing in the past two years, we have established a new department called the Data Warehouse Department. This department will store all the information of the Bank, sourcing the raw information totally by EDI, thereby dispensing with the more than 900 paper reports that the financial institutions are having to fill every month and make the information available to  1  BIS Review 29/2000  every user inside the Bank of Thailand and outside the Bank according as to their needs and access clearance. Upon completion of the data warehouse, we have a plan to make economic information available on our webpage over a 20-year historical time-span, and this will be done in the next two years.

The prospects of Hong Kong rest on whether we can ride on this trend, developing and introducing the right products and modern services for the Mainland market; whether we can attract more Mainland companies to use Hong Kong as the springboard to go global, and anchoring in Hong Kong their operating and treasury centres for overseas expansion. 13. I have always been optimistic about Hong Kong’s future. Yet my optimism rests on the very presumption that Hong Kong people would continue to make the right choice for our future. Indeed it is our choice: what’s the way forward? Where will it lead us? We could well choose to indulge in past success and languish in self-pity, fretting that our monopoly access to the Mainland market would chip away as reform and liberalisation continues to take hold. We could choose to squander our time and opportunities resting on our laurels. Alternatively, we can choose to maintain a healthy and positive interactive relationship with the Mainland on the basis of “One Country, Two Systems”. We can cherish the hard-earned success made possible by the concerted efforts of generations of Hong Kong people and pass on our “cando” spirit. We can also capitalise on our strategic position to leveraging the Mainland while engaging the world. I trust and remain hopeful that we would make the right choice that promotes Hong Kong’s prosperity, maintains our stability and leads us to a bright future. 4  BIS central bankers’ speeches
In general, the direct effects on consumer prices resulting from changes in interest rates, taxes, excise duties and extraordinary temporary disturbances shall not be taken into account in Norges Bank’s conduct of monetary policy. We therefore look at different measures of underlying inflation. The chart shows inflation adjusted for tax changes and excluding energy products, CPI-ATE, and two other measures. This does not provide a precise measure, but an interval for underlying inflation on the basis of the different indicators. A weakness of the CPI-ATE as a measure is that the variable has not captured the higher rise in energy prices compared with the rise in prices for other goods and services in recent years. Over the past two and half years, underlying inflation has been fairly stable and is estimated at between 1 and 1½ per cent. The indicators of underlying inflation have recently been in the upper end of this interval. 2  BIS Review 47/2007  The fall in inflation in 2002 was attributable to an increase in imports from low-cost countries and a strong krone exchange rate. Prices for imported consumer goods fell sharply. In 2003, slower growth in both Norway and other countries also pushed down the rise in prices for domestically produced goods and services. In addition, competition was intense in many industries. In 2005, inflation appeared to be rising, but abated again in 2006, primarily reflecting the low rise in prices for domestically produced goods and services.

Your new Commissioner of Housing – whom I note, formerly worked at the New York Fed – attended that conference. We also conduct a periodic poll about the credit needs of small businesses, which are an important source of new jobs in the District. If you represent a small business and would like to participate in our next poll, please pass your business card to my colleagues, who are in the audience, or see me after the speech. And if your business is somewhat larger, I urge you to consider becoming one of our business contacts – just indicate your interest to us on your business card. So how is the region doing? I want to begin by pointing out that Fairfield County has a number of strengths, beginning with a highly-educated workforce: Two in five adults in the county hold a college degree, nearly twice the nationwide average. It also has an array of fine educational institutions, including Fairfield University, UConn Stamford, the University of Bridgeport, Sacred Heart University, Western Connecticut State University, Housatonic Community College and Norwalk Community College. The industry mix here is quite diverse, with a good representation of jobs in the high-paying finance sector. In fact, roughly 35,000 jobs in the county, about 9 percent of total employment, are in the finance and insurance industry, a share almost twice as large as in the nation and even slightly higher than in New York City.
In economic terms, the net effect for the system in aggregate is to inject reserves against wider-collateral up to some targeted level consistent with monetary policy, together with a further collateral swap of Bank bills against wider-collateral. But the structure employed has distributional benefits too. Haircuts Consistency with monetary policy is one constraint on our provision of liquidity insurance. Controlling our risk is another. For its loan (repo and swap) operations, the Bank uses  15  The Bank has retained discretion to lend cash via the DWF in various circumstances, including where the gilt repo market was not functioning. 6  BIS Review 67/2009  valuations, 16 haircuts and daily remargining to leave financial risk with its counterparties. Haircuts can be based on past volatility and on scenario or stress analysis. We increase haircuts for own-name securities, where a market price can no longer be observed, or sometimes in the light of the particular circumstances of individual counterparties. Consistent with its role as central bank, the Bank aims thereby to unbundle liquidity risk from credit and valuation risk. And that means we do not, and could not, lend 100% of our valuation of the collateral, which is a constraint on the scale of the liquidity insurance we provide. Haircuts are kept under review, and the Bank reserves the right to alter them, including on outstanding transactions. Looking ahead, the Bank aims to take into account structural and cyclical changes in financial conditions.

Unlike regular deposit insurance, where the Bank has favoured the UK moving to a degree of pre-funding of the system, it is less clear that such a regime could or should be pre-funded. But, as with regular deposit insurance, the question of whether or not any ex post allocation of costs should somehow be risk based would need to be considered. Indeed, more generally, including perhaps even for liquidity insurance, we need over time to be clearer about the principles that drive whether insurance premiums are risk based and collected up front. This is obviously difficult territory. There are arguments against any approach along those lines. I air it not so much a proposal but in the hope of stimulating serious thinking about what a COLR regime might look like. If a COLR regime could be devised, it would be very important that it was not overused. Private sector backstops should be used first; and they could be better designed. One such approach would be to require banks to take out private capital insurance. This could take a variety of forms. One idea would be straight capital insurance: ie a commitment from investment institutions to subscribe when called upon to do so by a bank. As with possible public sector capital-insurance schemes to be activated only during a systemic crisis, such private insurance could be linked to maintaining a required minimum capital ratio.
The conference  Nearly twenty years ago, Jacob Frenkel made the following observation about the international monetary system: “academics and policymakers have made numerous proposals for reform while, at the same time, the monetary system itself has been in a constant state of change”. This points to another problem that any attempt to reform the international monetary system faces: the world economy and financial markets, and therefore the international monetary system never cease to evolve. Today’s conference is organized around four panel discussions. They will focus on issues that are at the forefront of the current debate on shortcomings of the international monetary system. The first panel, chaired by Axel Weber, will discuss the predominant concerns about the present system. Large global imbalances, volatile capital flows, and rapid reserve accumulation give rise to concerns about vulnerabilities. Are they possible sources of instability, and what reforms, if any, should be considered? As I pointed out earlier, one recurring theme in the debate has been the question of reserve assets. Our second panel, chaired by George Soros, will examine ways to improve the supply of reserve assets. Is a diversification of reserve assets desirable, and if so, should it be actively promoted? Is there a greater role for SDRs in the international monetary system, and if so, what reforms would be required to give SDRs a greater role? Over the past decades, private capital flows have greatly increased. Although capital account liberalization is clearly beneficial in the long run, it entails significant short-run vulnerabilities.

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While "profit motivated" Islamic financial institutions will continue to evolve and gain greater significance, this trend also needs to be complemented with similar evolution in the socio economic aspects of Islamic finance such as waqf and zakat. A stronger zakat and waqf system would not only complete the equation for a comprehensive Islamic financial system that supports a more equitable distribution of wealth to ensure fairness and equity, it will also become the user of the Islamic financial services particularly in the management and investment of the zakat and waqf funds. In addition, access to Islamic financial services to micro enterprises would bring such activities into the economic mainstream and improve their level of performance. BIS Review 95/2007  3  Conclusion As Islamic finance advances forward to become an integral component of the international financial system, continuous efforts are needed to further develop the domestic financial system to meet the changing requirements of a highly dynamic and rapidly evolving environment. In our quest to build a viable and sustainable Islamic financial system, the aim is to contribute to the channeling of capital flows to productive investments, create wealth and promote economic activities, that conforms to the principles and values of Shariah. With this, the Islamic financial system will ultimately bring benefit not just among Muslims but with the rest of humanity, Insyaallah. Thank you. 4  BIS Review 95/2007

American companies have a strong collective interest in sustaining public support for global integration, improving the quality of public goods the government provides in education, health care and infrastructure, and in preserving confidence in U.S. fiscal sustainability. Thank you. 4  BIS Review 84/2007
The inflation accumulated between March and April —3.3 percentage points— was significantly more than we projected in the March Report. When broken down, the surprise shows that over 90% of it came from higher-thanexpected increases in the prices of foods, energy, and other volatile components (figure 2). Inflation expectations two years out are still above 3% annually, although the biggest increases are seen in the shorter-term measures. At one year, the median of the surveys to economists (EES) and financial specialists (FTS) place inflation at 6.2% and 6.8%, respectively, which compare with 5.3% and 7.4% last Mach. For the end of the monetary policy horizon, prospects show no big changes with respect to the March Report, remaining above 3%. The expectations implicit in financial asset prices have also risen further, but these increases have been concentrated on the one-year horizon. The inflation expectations of businesses have also increased. Both the Central Bank's Survey of Price Determinants and Expectations (EDEP) and the IMCE indicate that firms expect inflation to be close to 8% in a year's time. Moreover, almost 80% of the firms surveyed under the May Business Perceptions Report expect inflation to be well above what is considered to be normal over the next twelve months. (figure 3). Data for early 2022 show that the economy has already entered an adjustment phase, with a slight decline from the high levels it reached last year.

This inflation corrodes the households' purchasing power, increases the uncertainty for the future in every cell of the economy, heightens the volatility of financial markets, and damages the long-term perspective of development. Therefore, the primary focus of economic policies should be the undertaking of coordinated measures to mitigate the cost borne by inflation, and control and return it to its target, in the shortest time period and with the lowest cost possible. Against this backdrop, the Bank of Albania has embarked on the gradual normalisation of the monetary policy. This normalisation is undertaken in parallel with all the other central banks, across the region and around the world, which are facing the same high inflation phenomenon. It engenders a progressive raise of the key interest rate, by slowly changing the nature of the monetary policy stance from the current position, which has been stimulating, towards a more neutral position, which provides a more sustainable support for the long-term growth of Albania. During the discussions of the past two weeks, we have gladly observed that our viewpoint is also shared by the IMF Mission and the Ministry of Finance and Economy. 1/2  BIS - Central bankers' speeches  Our future projections suggest that inflation will continue to remain high in the two next quarters as well. Furthermore, the stabilisation of prices in foreign markets and the normalisation of the monetary policy stance will induce a progressive reduction of inflation, until its return to the target in 2024 H1.
And to illustrate the importance of getting that focus back, let me draw on a parallel from history. One of the most fundamental reforms – if not the most – of the international financial system was the Bretton Woods Agreement of 1944. Wisely, our predecessors did not wait for the Second World War to end to determine what the future should look like, and thereby tackle problems that had beset the inter-war period. There are two strong messages from Bretton Woods that we should have at the front of our minds. Don’t wait for today’s problem to be over before setting the course for the future. And, once again we need a multilateral approach, and we have the opportunity to strengthen that multilateralism. But, if you read the history of Bretton Woods, you learn that the Agreement was not easy to reach and there were costs attached to it, 2  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  2  which had to be met. It laid the platform for a sustained recovery from a terrible crisis. There is a lesson in that story. So what are we as a central bank and regulator of the world’s leading global financial centre doing to ensure the financial system plays it part to tackle climate change? Our goal is to build a UK financial system resilient to the risks from climate change and supportive of the transition to a net-zero economy.

These short-term interventions did not discriminate on the basis of climate change. I believe that was the right response. In the face of such an emergency in all conscience it was not right to say to people that they would be denied a livelihood because their employment was of the wrong sort for the climate. I say this very starkly, because there is no point hiding from reality. But that does not mean that we have abandoned our commitment to tackle climate change and indeed the UK government has made a firm commitment to transitioning the economy to net zero by 2050. If we needed reminding of the importance for the UK and the 125 other countries who have made similar commitments of delivering on them, this year we have seen record wildfires in Australia and California, record-breaking temperatures in the Arctic Circle and of course the powerful witness of Sir David Attenborough. These are a striking reminder of the need for sustained action by government, public authorities and the private sector. And it is important that, even in the face of the resurgence of Covid and the necessary measures to tackle it, we plan for the future and act on these plans. We all know an economy-wide transition to net zero is a huge task. But our experience with Covid has powerfully demonstrated our ability to adapt which should give us all comfort that the task we face should be achievable.
Hence, we took early preemptive action by lowering the policy rate and it stands at 0.5 percent now, which is the historical low for Thailand and lower than other countries in the region. This is to ensure that financial conditions are not a constraint to the recovery. We have also taken steps to ensure that aggregate liquidity in the system remains ample and is not a constraint to the economic recovery. However, while the aggregate liquidity remains ample as reflected by various liquidity indicators and the banking system has undertaken its shock absorber function and continued to extend credits to many sectors of the economy, we have seen credit growth that remains positive for large corporates, growing at about four percent year-on-year. The continued credit growth also extended to the retail and household sectors. However, the area where credit growth is below expectations is the SME sectors. This reflects increased perceptions of risk associated with the SME sectors which have made banks reluctant to lend to SMEs despite aggregate liquidity being ample. Therefore, in terms of a policy response, we have taken a flexible and pragmatic approach and try to address the real constraints to credit growth to SMEs which is the issue of high perceived risks among SMEs by introducing a credit guarantee facility. This is to accompany our lending facility to encourage banks to lend to SMEs.

In some instances, individuals rely absolutely for their future lifetime incomes on the continuity of their insurance cover. To achieve an appropriate level of policyholder protection, insurers must be, and be seen to be, safe and sound. I have said this before but I think it is worth reiterating. The PRA believes the UK industry is in a good position, having had the UK risk-based ICAS regime for around ten years. We are therefore not looking to use Solvency II as an opportunity to raise capital requirements across the board. We do, however, recognise and respect that Solvency II is a maximum-harmonising Directive with a key objective of promoting supervisory co-operation. The PRA is committed to upholding this valued objective and will implement the Directive as intended. We can’t and won’t gold plate. Our approach has been, and will continue to be, proportionate in our supervision. As a judgement-led, risk-based regulator, this principle is already part of the PRA approach. It is not the PRA’s role to make sure no insurer fails. However, we are concerned that any failure is orderly and manageable. We seek this in conjunction with appropriate policy holder protection. For example, when business models become challenged we may seek to secure manageable and orderly wind-down, as has been seen in the past in this sector. In fact, roughly one third of insurers authorised by the PRA are in some form of run-off. More than just a capital regime, Solvency II strengthens the linkage between capital and risk management.