samchain/econo-pairs-v1 huggingface dataset:
Yet, the conventional wisdom remains an adherence to market mechanisms. This has proved to be inadequate, with Thailand’s very recent experience in dealing with the one-way momentum of the baht appreciation. After a number of unsuccessful conventional measures, we had to resort to the unconventional measure of imposing a reserve requirement on capital inflows, as you all know, to put a brake on the one-way momentum. A measure like this, by nature, is short-lived. I believe that in order to come up with more sustainable solutions, international policy dialogues such as the Fundinitiated Multilateral Consultation would need to be strengthened. Short of a regional or globalcoordinated efforts, some unnecessary and painful adjustments may have to be introduced no matter how strongly committed we are to the conventional market mechanism. Ladies and gentlemen, to quickly summarize, the Thai economy is now doing much stronger in terms of growth and stability with a moderately positive medium-term outlook. Yet we recognize that risks to the economy evolve continually and come in many forms. We therefore put a strong emphasis on managing potential risks that could take away our current economic dynamism. This includes proactive oversight, strengthened stability framework, persistent reforms, and vigilance in dealing with complex challenges. In doing so, we hope to translate the current momentum into long-term sustainability. Thank you for your attention. BIS Review 46/2007  7

The absence of a sufficiently thorough system of banking supervision and the lack of transparency not only became problematic before the crisis, but also caused confidence problems later on. Fourth, the quality of the assets of the banking system is vital for the soundness of macroeconomic policy. In allocating savings to investment use, the banks should be extremely careful about the risks that must be taken for a variety of reasons. There are five main types of risk that the banking system and of course the appropriate authorities have to deal with: interest risk; foreign exchange risk; maturity risk; loan risk; and market risk. A sound financial system is the best assurance of efficient monetary and fiscal policies. In my view, all four of these factors contributed to the change of foreign perceptions and sentiment and produced a cutback in normal financing (in fact, 95 percent of external flows to emerging market countries come from the private marketplace). This cutback, in turn, weakened the external reserve positions of these countries. Then the combination of weak reserves and a weak financial sector brought on a liquidity crisis. We are now in a position to draw some lessons from the East Asian crisis. First, policy implementation must pursue sound macroeconomic policies in order not to lose the confidence of the markets. And second, four main principles must constantly be kept in mind: •  The currency should not be allowed to appreciate, except as part of a bold anti-inflation program.
First, calibrating the weights on current and permanent income (wealth), 𝛼 and 𝛽; second, determining which variables other than income and wealth affect well-being, 𝑋, and with what weight, 𝛾; and, third, calibrating the curvature of the utility function with respect to its arguments, ∅. That is a lot of free parameters. One approach to pinning down these parameters would be to calibrate them using past studies. This might be a decent approximation but is not ideal if past behaviour might be a poor guide to behaviour in today’s very different environment. This factor is likely to be relevant at times of financial crisis and exceptional movements in monetary policy, for which there is no precedent. While no approach can fully get around these problems, we use an approach that places fewer arbitrary restrictions on people’s preferences. Instead these preferences are revealed, courtesy of empirical estimation, and then used to parameterise a social welfare function. This involves direct estimation of the parameters in Equation (1) using our sample of households. 32  Estimating (1) requires a measure of household well-being. The Wealth and Asset Survey began asking households about their well-being or “happiness” from 2010-12. Specifically, households are asked to rate their well-being on a scale of 1-10, based on four questions based around satisfaction, happiness and 33  anxiety. We use an average of some of these well-being scores when estimating (1).

4  Given the increased interest in distributional issues, and the increasingly activist role of monetary policy, it is perhaps no surprise that there has been increasing public interest in the fusion of the two – that is to say, the distributional impact of monetary policy itself, which is what I’m going to talk about today. Chart 1 shows a simple metric of that increased public interest since the financial crisis based on that most scientific of metrics, the Google search. Interest in these issues has sometimes spilt over into sharp criticism of central banks’ actions. Surveys of the general public have suggested that a large proportion may believe lower interest rates have actually 5  made them worse off. Meanwhile, QE is held by some to have increased inequalities between rich and poor 6  and to have harmed pension funds and the companies sponsoring them. Some have gone further, suggesting that QE may have caused central banks to cross the thin line between 7  monetary and fiscal policy, between economic policy and political economy. Others still have suggested that these unconventional monetary measures may have called into question central banks’ operational independence from government in the setting of monetary policy. 8  My aim in this lecture is not to resolve these questions, one way or the other. Rather, it is to provide a framework for assessing the first claim – that recent monetary policy actions have had a significant distributional impact.
This long-term hollowing out of jobs in the middle of the wage distribution has helped fuel rising wage inequality, and has contributed to a growing sense for some that they are being left behind in the current economic expansion. At a previous press briefing, we showed that many middle-wage jobs disappeared during the Great Recession with very few of these jobs returning during the early stages of the recovery. This made it especially difficult for many workers who lost their jobs to rejoin the economy. Today, our economists will show that the tide has begun to turn. For the first time in quite a while, gains in middle-wage jobs actually outnumber gains in higher- and lower-wage jobs nationwide. These middle-wage jobs include teachers, construction workers, mechanics, administrative support personnel and truck drivers, just to name a few. I believe this is an important development in the economy, because, if it were to continue, it would create more opportunities for workers and their families who have been struggling up to now. Middlewage jobs are also being created in our region, though such gains have been more evident in some places than others. I will now ask Jaison Abel to provide more details about job growth in our region. BIS central bankers’ speeches  3

Mohd Razif bin Abd Kadir: Malaysia’s position as an international Islamic financial centre Closing keynote address by Mr Mohd Razif bin Abd Kadir, Deputy Governor of the Central Bank of Malaysia, at the Malaysian Islamic Finance - Issuers and Investors Forum 2006, Kuala Lumpur, 15 August 2006. *  *  *  It is my pleasure to be here at the end of the two-day Malaysian Islamic Finance - Issuers and Investors Forum 2006. The joint hosting of this Forum by Bank Negara Malaysia, the Securities Commission, Labuan Offshore Financial Services Authority (LOFSA) and Bursa Malaysia is testimony to the strong cooperation and close collaboration of the key regulatory and market authorities in the financial services sector in Malaysia. I would regard the Forum as a successful one. The 14 sessions and the 54 distinguished panellists and 8 moderators from various backgrounds and experience have deliberated and focused on issues that are relevant to both the issuers and investors, who are among the key stakeholders of Islamic finance. My closing remarks today will centre on summarising the issues and suggestions that have been put forward to further enhance Malaysia's position as an international Islamic financial centre, and to reiterate and reaffirm the strong commitment of the Government and the relevant regulatory agencies to spearhead this MIFC initiative. In many of the sessions, Malaysia has been recognised as having in place a strong foundation and the right pre-requisites to become an effective and efficient Islamic financial hub. Among them are: i.
It would be beneficial to have more discussion of, and attention paid to, the question of how to stimulate competition. In this particular case a beneficial change appears to have strongly stimulated competition. If we are to achieve increased competition in other areas, too, it is necessary to constantly emphasise consumer interests so that allocation of resources becomes as efficient as possible and protected sectors are not allowed to operate inefficiently to the detriment of potential growth. 2  Statistics Sweden calculates households’ consumption of pharmaceuticals to be approximately SEK 10 billion a year. BIS Review 37/2003  5  What can we learn from 150 years of history? To summarise, there have been many changes in the Swedish economy in recent times. The external framework is currently characterised by considerable fiscal policy and monetary policy stability, which facilitates planning and decision-making for both households and companies. Both our own history and that of other countries shows clearly that a stable external framework is an important basis for economic growth. We have also gone back to being open towards the outside world. During the war we were not, for obvious reasons. After that we were open for a long period according to the rhetoric, but less so in practice. Today we have regained a freedom for ideas, products, services and production factors that is reminiscent of the late 19th century and early 20th century. In both of these aspects we appear to have done our homework.

This would address the concerns of investors on the risks associated with the asymmetry of information. Such features would contribute towards strengthening the ability of the IAP to attract a wider range of investors, therefore enabling the platform to cater for different types of risk profiles of the different ventures. This shared infrastructure for advancing the delivery of the investment account product offerings represents an important platform to take this proposition forward. I wish to congratulate the six financial institutions that include four Islamic banks and two development financial institutions on their collective effort to initiate this platform. I understand there is  2  BIS central bankers’ speeches  interest from other Islamic banks to take part in this platform. This platform will have the potential to create a more extensive network of sponsoring banks to meet the more diversified demands of investors and ventures. This would further enhance the potential for the value proposition of the IAP as a Shariah compliant investment vehicle and a fund raising avenue that would bring benefits to the economy. On that note, it is my great pleasure to officially launch the IAP. I wish it every success. Thank you. BIS central bankers’ speeches  3
Since at th  least the middle of the 19 century, the Bank of England has become one of the key institutional safeguards against recession risk and financial crisis. 41  Indeed, today, those roles are defined in statute. Non-state institutions have also played an important role in protecting those facing the adverse side-effects of economic change. This included many religious, philanthropic and charitable organisations and citizen th  movements that emerged from the 18 century onwards, often as a direct response to hardship brought about by technological change. These institutions offered, and many continue to offer, a combination of financial, housing, training and emotional support to those in need. 39  Clark (2009). Figures refer to government command of output as a percentage of GNP in England. Other 19th century legal changes that supported individuals from adverse side-effects of economic change included recognition of limited liability companies and constraints on the ability of courts to sentence debtors to prison. 41 Anson et al (2017), for example, discuss the emergence of the Bank of England as lender of last resort. 40  11  All speeches are available online at www.bankofengland.co.uk/speeches  11  To mention one, the Young Men’s Christian Association (YMCA) was founded in 1844, at around the time of Engels’ pause. It was established explicitly to meet the housing and social needs of young men who had moved from rural towns and villages to find work in factories in the cities.

And the global population scarcely budged, held in check by unchanged food supplies, as th  7  predicted by Thomas Malthus in the late 18 century. Not for nothing was this called the Malthusian era. Another example of this secular stagnation, a favourite of mine, is provided by plotting heights from excavated skeletons records. These are a diagnostic on levels of health and nutrition. Male skeleton heights were essentially unchanged, at 160-170cm, for at least 2,000 years prior to 1750. Humans grew neither physiologically nor financially. And neither, then, did the societies in which they lived. That makes the contrast with developments in the last quarter of the millennium all the more striking. From around 1750, GDP per head suddenly took off and has kept on rising ever since, growing by around 1.5% per year. The magic of compound interest means these growth rates have transformed people’s living standards. The time it takes for living standards to double has shrunk to less than 50 years. The impact on people’s well-being, financial and psychological, has been transformational. It has meant each generation has been around 50% better off than its predecessor. After 1750, generational progress suddenly became visible, children to parents to grandparents. Growth in living standards became a social norm, in a way never previously true in human history. Life’s travellator turned into an escalator. And not just for GDP. Broader metrics of well-being tell a similar tale.
See, for example, Lewrick, U. and Schanz, J.F. (2017), “  Is the price right? Swing pricing and investor redemptions”, BIS Working Papers, No 664, October; and Jin, D. et al. (2019), “  Swing Pricing and Fragility in Open-end Mutual Funds”, IMF Working Papers, No 19/227, International Monetary Fund, November. [20] D’Avernas, A., Vandeweyer, Q. and Darracq Pariès, M. (2020), “  Unconventional monetary policy and funding liquidity risk”, Working Paper Series, No 2350, ECB, January. [21] Even before the launch of the PEPP, purchases under the corporate sector purchase programme (CSPP) likely provided an important backstop to investors in less liquid markets and thereby contributed to the outperformance of CSPP-eligible bonds. Changes to the concentration limits for unsecured bank bonds have also helped alleviate market stress. See de Guindos, L. and Schnabel, I. (2020), “Improving funding conditions for the real economy during the COVID-19 crisis: the ECB’s collateral easing measures”, The ECB Blog, 22 April. [22] ECB (2020), Financial Stability Review, Chapter 4, November, forthcoming. [23] Garicano, L., Saa-Requejo, J. and Santos, T. (2020), “  Tackling inflation if it reappears”, VoxEU, 6 October; Diessner, S. and Lisi, G. (2020), “Masters of the ‘masters of the universe’? Monetary, fiscal and financial dominance in the Eurozone”, Socio-Economic Review, Vol. 18, No 2, April, pp. 315-335. For the related discussion about fiscal dominance, see Schnabel, I.

20/11/2020  COVID-19 and the liquidity crisis of non-banks: lessons for the future  SPEECH  COVID-19 and the liquidity crisis of non-banks: lessons for the future         Speech by Isabel Schnabel, Member of the Executive Board of the ECB, Financial Stability Conference on “Stress, Contagion, and Transmission” organised by the Federal Reserve Bank of Cleveland and the Office of Financial Research Frankfurt am Main, 19 November 2020 The reforms that followed the global financial crisis of 2008 have made our financial system safer and more resilient. Tighter regulation and higher capital ratios have been key factors enabling banks to act as shock absorbers rather than shock amplifiers during the coronavirus (COVID-19) pandemic. At the same time, the crisis has been a stark reminder that there are still considerable vulnerabilities in the financial sector. In particular, there has been a divergence between the comparatively lean regulation of the non-bank financial sector and its increasing role in financial intermediation across the globe. This divergence has measurably augmented the risks of perilous macro-financial feedback loops, which may also affect the conduct of monetary policy. In my remarks today, I will discuss how prevailing structural fault lines caused a liquidity crisis in the nonbank financial sector in the spring, which amplified market stress, including through forced asset sales, and how monetary policy had to respond to stabilise markets.
Caleb M Fundanga: The role of insurance brokers in the growth of the Zambian economy Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, on the occasion of the annual dinner of the Insurance Brokers Association of Zambia, Lusaka, 24 May 2006. * •  The Chairperson  •  Distinguished Guests  •  Ladies and Gentlemen  *  *  It gives me great pleasure to officiate at this annual dinner and to talk to you on the subject “The Role of Insurance Brokers in the Growth of the Economy”. It is my hope that our interaction this evening will give us a better understanding and appreciation of the important contributions that insurance brokers have made to the economic growth of this country. The insurance world will continue to have a vital role to play as we continue to move the economy towards further stability and growth. Mr Chairman, before I talk about your role in the growth of the economy, I would like to begin by giving you a brief account of the macroeconomic developments in Zambia in the recent past. I know that many of you have been following the economic developments in the country. The economy has performed relatively well in recent years, with inflation and interest rates coming down. The exchange rate has relatively stabilized, following a steep appreciation in 2005. The growth in real Gross Domestic Product (GDP) averaged 4.7 percent per annum during 20012005.

07.05.2019  Challenges for the Spanish economy. Productivity and the business sector Assembly of the Instituto de la Empresa Familiar Pablo Hernández de Cos Governor  Good morning. Let me begin by thanking the Instituto de la Empresa Familiar (IEF) for their kind invitation to take part in their Annual Assembly. Throughout its 25-year history, the IEF has not only played a crucial role in disseminating studies on the reality of and the challenges facing family businesses in our country, but has also fostered debate on many economic aspects of general interest. One recent example is its interesting publication on dual training on its website.1 In my address today I shall, after briefly describing the current economic setting, mainly analyse the principal challenges facing our economy in the medium and long term. I will particularly focus on productivity, the main determinant of economic growth in the long run. In Spain’s case, productivity dynamics have been particularly poor in recent decades. Improving them with a view to the future is, therefore, a prerequisite for achieving sustainable and balanced growth in the long term. The economic situation  After averaging growth of around 3% in the three years from 2015 to 2017, the pace of the Spanish economy eased somewhat last year to annual growth of 2.6%. 1  See the study by Instituto de Empresa Familiar (2018) “Orientación profesional y formación dual. Hacia un modelo integrado para el empleo juvenil”.
***  This action programme is ambitious: in the fight against global warming, the Eurosystem would thus target the direct effects - better conducting its monetary policy and reducing its own risks - as well as the indirect effects - steering the behaviour of companies and financial institutions, through its disclosure policy, as well as its asset purchase and collateral policies. And this programme is demanding: it requires in-depth work on our macroeconomic models as well as on the climate assessment of assets. But we can make this decision quickly by the end of this year - and then implement it in three to five years. Then the Eurosystem, together with the European Central Bank, under the impetus created by Christine Lagarde, and the Banque de France, will be the pioneers in this global fight. We must do so, in the very name of our mandate. Page 8 sur 8 However, the central banks alone will not be able to do enough. Let us transform this fight into an opportunity, that of a combination of fiscal, monetary and structural policies within the framework of a genuine green policy-mix combining carbon prices, public investment, sector-specific rules and monetary action. “The future is not what will happen to us, but what we are going to do. It calls us, or rather it pulls us to it," said Bergson. There is still time to prove him right.

In this context, the largest retail payment system in the Republic of Macedonia established a Guarantee Scheme in 2017 which is in accordance with the regulation of the National Bank of the Republic of Macedonia that aims to effect the same-day settlement and thus, minimize the liquidity risk in the important payment system in case of a participant default. Furthermore, we also engaged in facilitating cross-  border payments in euro in 2017 by establishing a link between our RTGS payment system MIPS and TARGET2, which relies on the highly appreciated cooperation with Bank of Italy. And we do not stop here. Our recent efforts have been focused on building a Strategy for reducing the cash usage and thus, increasing the digitalization and cashless payments, which 2/3  BIS central bankers' speeches  is a joint project of the central bank, the Ministry of Finance and the banking community. During the following three days, the lecturers will address all the above relevant developments in the payment market. The conference agenda includes a variety of interesting topics, including the European payment landscape and legislation with a special focus on PSD2, instant payments, T2 & T2S consolidation project, collateral management system, recent work of CPMI and latest trends in central bank oversight. This year’s agenda also covers themes related to cryptocurrencies, central bank digital currencies and distributed ledger technology and cyber resilience.