samchain/econo-pairs-v1 huggingface dataset:
Internet banking in Thailand can be classified into two categories, informational and transactional websites. The informational website provides banking information including products, services, interest rate, foreign exchange rate, etc. On the other hand, the transactional website is a channel for customer transactions such as money transfers and bill payments as well as inquiries such as balance inquiries and statement download. Since internet is ubiquitous and global in nature, it is an open network accessible from unknown sources. Messages are routed through unknown locations. Therefore, internet significantly magnifies the importance of security control and protection against fraud, hacking and other possible internet security threats. A financial institution needs to have a strong authentication process to prove the identity of the person who logs onto the service before any transaction is allowed. Since transaction via internet does not require face-to-face contacts, non-repudiation becomes another major issue as the ability to prove that a customer did request a transaction on service. As supervisors, we need to encourage FIs to implement strong security and control measures as well as provide mechanisms to keep abreast with emerging threats. E-Money, or known otherwise as Multipurpose Stored Value Card, E-Purse, E-Wallet, or Smart Card has three major characteristics. 1. Pre -paid: Consumer pay money in advance to e-money issuer. 2. Store value: Amounts of advance are stored in electronic media such as plastic card. 3.

Therefore, legislative action in targeted areas is warranted. While bold action towards the completion of the single rulebook for capital markets will be beneficial, a gradual approach to harmonization could be envisaged in those areas where political sensitivities prevent action at EU level in the short term. 4. Sufficient attention should be devoted to safeguarding financial stability, such as in the area of shadow banking. 5. A single rulebook for EU capital markets needs to be complemented with strengthened supervisory convergence, delivering a common implementation and enforcement of rules. 6. Further reducing still existing fragmentation in financial market infrastructures should be at the core of CMU. It needs to be recognized that banks will continue to play an important role for the financing of the real economy and in providing access to capital markets. BIS central bankers’ speeches  1
And that brings me to a theme of my remarks today: What does “normal” monetary policy look like going forward? Before I say even one more word, I should stress that what I have to say represents my own views and not necessarily those of the Federal Open Market Committee (FOMC) or anyone else in the Federal Reserve System. Strong, Strong, Strong My view on the U.S. economy is well summarized by the most recent FOMC statement, in which variations on the word “strong” appeared five times in describing the U.S. economy. 1 Central bank communication can be difficult at times, but, at least in this case, our message is very clear. Indeed, the Federal Reserve has attained its dual mandate objectives of maximum employment and price stability about as well as it ever has. Most indicators point to a very strong labor market—including an unemployment rate of 3.7 percent—and inflation is right on target. With fiscal stimulus and favorable financial conditions providing tailwinds to the U.S. economy, the outlook is for more strong growth. Let me put some hard numbers to that: I expect real GDP to increase by around 3 percent this year and by 2.5 percent in 2019. Assuming this forecast comes to fruition, this will be the longest expansion in U.S. history based on data going back over 150 years. This above-trend pace of growth should lead to continued solid job gains and further declines in the unemployment rate.

A number of factors should help accomplish this rebalancing, and monetary policy has an important role to play. First, with the omicron wave now ebbing and COVID vaccines and treatments much more widely available across the globe, we should see a gradual restoration of supply and a resolution of associated bottlenecks and shortages. Over time, consumers should also start to cut back on buying goods that are in short supply and switch back to in-person activities like travel, dining, and entertainment, where supply is less constrained overall. Together, these developments should contribute to more balance between supply and demand in the economy. The second factor is fiscal policy, which provided a huge boost to the economy during the past two years but is unlikely to be as significant a source of demand this year. This is true not only for the United States, but also for many other economies. Last—but definitely not least—is monetary policy. After providing maximum support to the economy for the first year and half of the pandemic, the FOMC is adjusting the stance of monetary policy with the aim of bringing demand in balance with supply and thereby bringing down inflationary pressures. The same is true for many other central banks, which either already have moved in this direction or are expected to this year.
These new asset classes serve to reduce vulnerabilities and recycle some of the regional savings for the development of regional financial markets; ii. Putting in the necessary supporting infrastructure is critical to facilitate the development and readiness of our markets to accept multi-currencies. This is the basic idea behind the signing of the currency swap arrangements with the People’s Bank of China and Bank of Korea to promote greater usage of renminbi and korean won ; and iii. In December 2016, Bank Negara Malaysia signed Memorandum of Understanding (MoUs) with Bank Indonesia and Bank of Thailand to promote the settlement of bilateral trade and direct investment using domestic currencies. An established Operational Framework will pave the way for wider usage of local currencies in support of closer integration under the ASEAN economic community. 4/5  BIS central bankers' speeches  Conclusion, the need to re-engineer the international monetary system The current international monetary system needs to be re-engineered. Our past experiences have proven that the current system is unstable, prone to shocks and broken. Stakes in the international monetary system are far too high to be beholden to conventional thinking and status quo. Like Japan and its buildings, we must continue to find innovative ways to strengthen the structure of the international monetary system. Such re-engineering efforts may unseat us from our comfort zone. It will certainly invite resistance and may even cause some temporary disruptions. But standing still is the costliest option, as we would be stumbling from one crisis to another.

1/5  BIS central bankers' speeches  In recent decades, however, the prime position of the dollar has been unchallenged. Its surpassing of the sterling occurred in the 1920s, although many historians would ascribe the preeminence of the dollar as coming to the fore with the Bretton Woods agreement in 1944. Since then, the “dollar dominance” continued unabated despite the US experiencing various challenges, including the breakdown of the Bretton Woods system in the 1970s and the recession in 1981. Closer to present times, the dominance of the dollar continues to hold even after the Global Financial Crisis, the most damaging crisis since the Great Depression. Although the privileged position of the dollar was not in question, the magnitude of its influence certainly varied across time. It was not linear, consistent nor smooth-sailing. In fact, over the past few years, it was a favorite past time of market commentators to call time on the ‘reign’ of the dollar as the world’s reserve currency. A few candidates were cited to supplant the role of the dollar in the past, including the yen, the euro and recently, the renminbi. Necessity for Economic Rebalancing In 1971, the US Treasury Secretary John Connally, famously said to the European finance ministers that the “dollar is our currency, but your problem”. This statement had validity then, as it does now. For emerging markets in Asia, this braggadocio or arrogance rings true.
Fourth, a stronger and better system of FMI governance and oversight can help to ensure that those systems that support a global market are subject to consistent standards regardless of the jurisdiction where they operate. Relying solely on a patchwork of differing national standards in a global world would not work well. It would encourage business to migrate to the lowest standard. Without establishing a global floor, there would otherwise be a “race for the bottom.” These are the major reasons why CPSS and IOSCO took on the task of strengthening and broadening the standards for FMIs. There are two major goals of this effort. The first goal is to strengthen the current standards by: 1) raising the bar for existing standards such as for governance, credit risk, liquidity risk, collateral and margin requirements; 2) including requirements for new areas such as segregation and portability, general business risk, links, tiering and disclosure; and 3) extending coverage to include trade repositories. As proposed in the consultation document, the Principles will significantly strengthen existing requirements for an FMI’s governance and financial resources. One way the Principles do this is by requiring FMIs to take a more comprehensive and proactive view of the roles they play, the risks they face, and their potential to support the stability of the broader financial system.

William C Dudley: The evolving structure of the US treasury market Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at The Evolving Structure of the U.S. Treasury Market: Second Annual Conference, Federal Reserve Bank of New York, New York City, 24 October 2016. * * * On behalf of the New York Fed and our co-sponsors, it is my pleasure to welcome you to this second annual conference on the evolving structure of the U.S. Treasury market. We have the opportunity today to continue the dialogue around the changing nature of the Treasury market, a discussion that grew more urgent following the events of October 15, 2014.1 We have made significant progress since last year’s conference in improving our collective understanding of the Treasury market, and I believe it is important to continue official and private sector collaboration on this topic. Indeed, there is much left to do to ensure the continued integrity and effectiveness of this market, and I look forward to the further progress we will make today. As always, what I have to say today reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System.2 Over the past year, the Joint Member Agencies 3 have engaged with market participants and other members of the public to gain more information on the changing structure of the Treasury market.
This is the most important contribution monetary policy can make to sound economic developments in the long term. Low and stable inflation provides the economy with a nominal anchor. This contributes to predictability for those taking decisions about saving and investment today, although the result depends on how the economy develops in the future. In addition, we will seek to prevent unduly wide fluctuations in output and employment in the short and medium term. In the long term, output in an economy is determined by the supply of labour, capital and technology. Monetary policy influences the economy with long and variable lags. This means we must look ahead when setting interest rates. I would therefore like to comment briefly on our assessment for the next three years, based on the analyses in the most recent Inflation Report, published in June (Inflation Report 2/05). The Norwegian economy is in an upturn and is now expanding at a brisk pace. Inflation remains low, but has edged up since last year. The risk of a fall in the level of prices and  3/7  markedly lower inflation expectations has diminished. At the same time, there appears to be little risk that inflation will rapidly move up to a level that is too high. The interest rate reductions through 2003 and into 2004 have resulted in low real interest rates. For a period, the real interest rate has been considerably lower than normal. The low level of interest rates is supporting the high activity level in the Norwegian economy.

Household debt has increased at a faster pace than income over the past ten years. Norges Bank’s calculations indicate that debt growth may largely be due to the sharp rise in house prices in recent years. Higher house prices have a fairly prolonged effect on household debt growth. As a result, credit growth will remain high for a fairly long period even though the rise in house prices is expected to slow. Given the assumptions underlying our projections, it is likely that debt will continue to grow at a faster pace than disposable income through the entire projection period. High credit growth has led to a rise in the household debt burden, measured as loan debt as a percentage of liquid disposable income. The debt burden, measured in this way, is now record high. Due to unusually low interest rates, the interest burden is, nevertheless, relatively low. A normalisation of interest rates will increase households’ net interest expenses, but according to the projections the interest burden will not be higher than it was at the end of the 1990s. If there are expectations of persistently low interest rates, there is a risk that debt may increase more than assumed. Net interest expenses and the debt burden will then also be higher than assumed. In addition, households will be vulnerable if unexpected disturbances result in higher-than-expected interest rates. 5/7  Capacity utilisation in the Norwegian economy is expected to increase this year and next and exceed its normal level.
To ensure they can durably provide their essential services to the economy, French banks need to generate sufficient revenues, without being subjected from different sides to ever-increasing constraints. With regard to insurance, the industry has entered the current crisis in a strengthened position. In a period marked by renewed interest rate cuts, insurers’ solvency capital requirement coverage ratio stood at 265% at end-2019, up from 239% at end-2018. But I shall let Bernard Delas go into more detail on that subject. In parallel, financial institutions have had to adapt their business models to two long1/3  BIS central bankers' speeches  term challenges: Low rates, which are now likely to be with us for the long haul, place pressure on banks’ and insurers’ profitability. In this context, banks are being aided by the tiering mechanism introduced by the ECB in September 2019, and insurers by the inclusion of part of their provision for profitsharing, which boosted their solvency ratios by an average of around 30 percentage points at end-2019. Digitalisation is allowing other economic players, including the Big Techs, to offer activities that were traditionally the preserve of the banks. The competition is welcome, but it needs to be fair. The ACPR is continuing to ensure that the regulatory and operational frameworks foster innovation while at the same time controlling the associated risks, notably cyber risks, which have increased markedly, and the challenges for European sovereignty. II.

Muhammad bin Ibrahim: Local currency trade settlement between Indonesia, Malaysia and Thailand Opening remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launching of Local Currency Trade Settlement between Bank Indonesia and Bank Negara Malaysia and Bank Indonesia and the Bank of Thailand, Jakarta, 11 December 2017. * * * I am pleased to join Governor Agus and Governor Veerathai at this momentous occasion to mark the launching of the Bank Indonesia – Bank Negara Malaysia and Bank Indonesia – Bank of Thailand Local Currency Trade Settlement Frameworks (Framework) and expansion of the Bank Negara Malaysia – Bank of Thailand Framework, here in Jakarta. This is an important point of our collaboration as we operationalise the Memorandum of Understanding signed between Bank Negara Malaysia with Bank of Thailand in 2015 and Bank Indonesia in 2016 – a testament of mutual cooperation and trust to further promote cross-border settlement for bilateral trade and direct investments. Intra-ASEAN partnership is critical for regional integration in support of our economies and financial systems. Having celebrated ASEAN’s golden jubilee in August 2017, we have certainly come a long way as a collective to achieve greater regional closeness and attainment of mutual benefits. Today, we have reached a new pinnacle of regional initiatives where cross-border settlements using local currencies to settle trade and direct investments had taken shape. We expect this to be strengthened further, supported by the strong growth of intra-ASEAN trade. The data look very promising.
It will also expand the options for investors and borrowers and thus, contribute to more efficient allocation of financial resources across borders. In addition, the development of the capital markets in the Asia region will have the important role in channelling part of the sizable savings of Asia back into productive investments in the region. With greater liberalisation of the financial sector and the capital account, and the increased linkages of the national payments systems in Asia, and the greater presence of regional institutions in the individual domestic financial systems, the trend for increased financial flow within the region will continue. Given Asia’s favourable economic prospects and more developed financial market, Asia is already attracting volatile capital flows. The route that Asia is taking to forge greater financial integration will however be different from that of Europe. Unlike in the European Union, Asia has not ventured to have centralised institutions to coordinate financial integration. Rather, it has leveraged on existing regional groupings and existing networks to forge greater collaboration in areas of common interest. Secondly, a common currency is not on Asia’s medium term agenda. To minimise exchange rate risks and facilitate intra-regional trade and investment, countries have ventured into arrangements to use domestic currencies for trade settlements. Let me touch on policy and strategies adopted in Asia. Asia has tended to not adhere to rigid ideologies but rather focus on institutional building and financial market development, strengthening of the payment systems and the regulatory and supervisory framework.

One can therefore say that there are considerable welfare losses connected with weak competition. How does competition function in Sweden? Competitive conditions have improved during the 1990s and the relative price level has fallen, as can be seen from diagram 2. The factors behind the improved competition situation are increased internationalisation, deregulation, technological developments, EU membership and the more stringent competition laws introduced in 1993. The fall in relative price levels in 1993 is largely due to a weakening of the exchange rate in connection with the floating of the krona in November 1992, when  4  Preliminary statistics from Eurostat for the year 2000. 5  The Swedish Competition Authority, (2000), “Why are Swedish prices so high?”, The Swedish Competition Authority's report series no. 2. BIS Review 25/2002  3  Sweden became a relatively inexpensive country in terms of euro. Sweden has also had a lower inflation rate than other EU countries, which has contributed to keeping down the relative price level. Diagram 2: The difference between the price level in Sweden and the EU average 1991-2000. Percentage points 60  60  50  50  40  40  30  30  20  20  10  10  0  0 1991  1992  1993  1994  1995  1996  1997  1998  1999  2000  Source: Eurostat.
With the onset of the monetary union, the goal was to provide access to Eurosystem credit operations to a broad range of counterparties, in contrast to some other central banks which rely on a few counterparties. Therefore, the collateral framework had to take into account the various national banking systems and financial markets. Some national central banks, for example, accepted credit claims as collateral, while others did not. Some countries had developed covered bond markets, while others only started to set up a respective covered bonds law later, and the same could be said for ABS. For a collateral framework, a common standard had to be found which embraces these national characteristics, while at the same time ensuring that sufficient collateral is available. Several of the measures taken in the crisis have added to this complexity. Therefore a challenge going forward is to make the collateral framework simpler and more transparent, without impacting the ability of counterparties to access our refinancing operations. I am confident that we will achieve this. Conclusion Ladies and gentlemen, 2014 has been a year of profound change. But what has been achieved so far is not enough. 2015 needs to be the year when all actors in the euro area, governments and European institutions alike, will deploy a consistent common strategy to bring our economies back on track. Monetary policy alone will not be able to achieve this.

At the same time, our expectation for a moderate recovery in 2015 and 2016 remains in place. Demand should be supported by a number of factors. Among them are our monetary policy measures and progress made in fiscal consolidation and structural reforms in some countries. At the same time, high unemployment, sizeable unutilised capacity, and the still ongoing and necessary balance sheet adjustments are likely to dampen the recovery. Risks to the economic outlook continue to be on the downside. In particular, the weakening in the euro area’s growth momentum, alongside heightened geopolitical risks, could dampen confidence and, in particular, private investment. In addition, insufficient progress in structural reforms in euro area countries constitutes a key downward risk to the economic outlook. Inflation in the euro area remains very low. In October, it stood at 0.4%. We expect it to remain at around current low levels over the coming months, before increasing gradually during 2015 and 2016. Looking forward, we closely monitor risks to price developments. The latest monetary data point to subdued underlying growth in broad money. Its annual growth rate has increased moderately over recent months. It appears that the turning point in credit growth is now behind us, and credit growth rates, while remaining negative, are gradually improving. Monetary policy and financial fragmentation Let me turn to financial fragmentation, the first topic you suggested for today’s hearing.