samchain/econo-pairs-v1 huggingface dataset:
Let me conclude with some imagery from rural America. In the traditionalist Amish communities of Ohio, Pennsylvania, and Indiana known for simple living and for shunning modern technology, whenever there is a need for a new barn to be built, the Amish organize what are called barn raisings. In a barn raising, the community comes together to assist in building their neighbors’ barns, with the understanding that the favor is eventually returned to other members of the community. The barn raising is a showcase of Amish planning, organization, and manual labor and serves as a practical linchpin of the agriculturally-rooted Amish society. However, while the barn raising fulfills a practical need, it also serves to tie the Amish community together by reinforcing Amish society through a very visible expression of the principle of mutual aid.17 In this 100th anniversary year of the first dollar account openings for foreign central banks by the Federal Reserve System of the United States, I can think of no more moving metaphor than this for the benefits that flow from central bank cooperation through the reciprocal provision of account services. Let us work together to preserve it. Thank you for listening. 1 I would like to thank Mark Choi for his assistance in the preparation of these remarks and colleagues in the  Federal Reserve System for their insightful comments and suggestions. 2 A cash account that a bank holds with another bank in a foreign currency. 3 The first Federal Reserve Board was sworn in on August 10, 1914.

My talk today is to update you on the recent economic and financial developments, and to share with you our assessment of the prospect for next year, including the challenge for policy. Let me begin first with the global economy. Recent economic data, especially of the last few months, point to a picture of greater stabilization and more consistent signs of recovery in the global economy. The severity of the early economic contractions has eased while the levels of economic activities are gaining traction on a worldwide basis. In most major economies, final demand is showing signs of strengthening along with improvements in consumer confidence and business sentiment. More importantly, although the financial system in the advanced economies has not returned to normalcy, financial conditions have improved markedly with lower market volatility, reduced risk premia, and the unfreezing of interbank and other short-term funding markets. These positive developments have led to a view that the worst of the global crisis is now behind us, and forecasts of economic growth have been revised upwards for this year and next year. On the financial front, reflecting these recent developments, appetite for risky assets has returned, leading to a resurgence of capital flows to emerging markets and strong rallies in equity markets especially in Asia. And for economies that the prospects for recovery look most certain, policy interest rates have started to increase to return policy accommodation to a more normal level, as is the case of Australia and Norway.
While dealing with short-term issues, we need to pay attention to long-term challenges that could restrain our competitiveness, productivity, and growth potential. The rising trend of disruptive technology will also come into play as it brings both opportunities and 3  threats. To tackle these long-term challenges, structural reforms are underway to upgrade and unlock our economic potential in the long term. The government has made structural reform a national agenda and has launched several important initiatives. One of our main focuses is to upgrade connectivity infrastructure within Thailand and within the region, including roadways, railways, waterways, power lines, air networks, and digital networks. This strategy will establish Thailand as a center for regional transportation and logistics, connecting the Indian Ocean with the Pacific Ocean, as well as connecting Thailand with South China and neighboring CLMV countries. Beyond building physical infrastructure, the government is pushing forward to restructure the Thai economy towards a high-value and innovation-driven economy under the ‘Thailand 4.0’ theme. This policy focuses on promoting targeted industries, including the ‘new S-curve’ industries. As many of you are well aware, the Board of Investment (BOI) revised the criteria for investment promotion privileges to be based on the value added content of the project rather than on its location as in the past. Thailand’s economic model will be geared towards sophisticated high-valued manufacturing, innovative manufacturing, and modern services. This can be done by focusing on promoting technology, creativity, research and innovation, especially with respect to IT-based services.

This last point is vital. Financial services is an industry where arbitraging rules and regulations is habitual, even addictive. Money is made this way. We have no desire unduly to suppress enterprise and innovation, but doing the right thing and preserving financial stability means accepting the spirit of the rules. This is not a small change. Let me give you one important example. The new Basel agreement emphasises loss-bearing capital – capital that can bear losses outside insolvency. It must stay that way, and not be chipped away under the banner of arbitrage masquerading as innovation. I have been asked a number of times in the last week whether I think that the new Basel agreement sets capital requirements high enough. My answer is that if the capital buffers are in future genuinely loss bearing capital with no tricky wrinkles, and we keep to this outcome, we have taken a good step forward. Sadly, that was not the case with Basel 1 in the late 1980s when I started out as a banking supervisor. The consultation document on regulatory reform in the UK published by the Government at the end of July emphasised the need for a judgement-focused approach by regulators “so that business models can be challenged, risks identified and actions taken to preserve stability”. What does this mean?
In a period of excessive volatility and of wide boost-bust episodes, financial and real stability appear to be a very precious asset. Over the last twenty years, we have constructed a new world: technology has permitted instantaneous communication and incredibly powerful real-time computation. Globalisation has created new cultural, conceptual, commercial and financial links between all economies including previously centrally-planned systems; together technology and globalisation are progressively driving us to a unified planet of universal rules and regulations, codes of conduct and practices, market procedures and market instruments, accounting standards, etc. In this new world, phenomena which had traditionally a local or even a national impact may be amplified and become dangerous at the global level: amplification of financial cycles, herd behaviour, global contagion. Analyzing the opportunities and the risks, and understanding the functioning of our system with a view to making it as stable as possible is a very exciting, ambitious and urgent task. Thank you very much for your attention. BIS Review 62/2002  5

As a result of this partnership JA Zambia receives annual grants which are utilized to deliver JA entrepreneurship and work-readiness education to the local young people. I further wish to acknowledge the contribution that Barclays Bank Zambia Plc continues to make to the development and deepening of the banking sector in Zambia. Clearly Mr. Masud  BIS Review 18/2010  1  has been a key factor in the process and our expectation is that the incoming caretaker Managing Director Mr. Bret Packard will continue to progress this process. It is in this vein ladies and gentlemen that I request you to join me in formally wish Mr. Masud success in his future endeavors as we welcome Mr. Bret Packard, the new Acting Managing Director at Barclays Bank Zambia Plc. Thank you. 2  BIS Review 18/2010
In addition, we are currently emphasising the fact that, as a result of the low rate of inflation and the risk of appreciation, the minimum exchange rate will be the focus of monetary policy implementation for the foreseeable future. So you see, the SNB is carefully monitoring international debates about the right objective and the best way of communicating monetary policy. Nevertheless, no central bank should simply jump on the latest monetary policy bandwagon without careful consideration. On the contrary. Changes must be undertaken with great caution and care. Our monetary policy strategy worked well during the crisis, so there is no reason for us to abandon it. This also applies to the way we communicate, where – obviously – the demands are particularly great in times of crisis, and it is necessary to focus more than ever on the key messages. To avoid any misunderstanding, these messages must be simple and absolutely clear. Nevertheless, words alone are not always sufficient. A central bank must be prepared to back up its words by deeds. A good example of this was the situation in early summer 2012. With the European debt crisis escalating and, as a result, extreme upward pressure on the Swiss franc in the currency market, we rigorously enforced the minimum exchange rate through extensive foreign currency purchases. I would like to make a final point on monetary policy. During the crisis, central banks worked particularly closely together at the international level.

To put it somewhat bluntly, this fallacy can be described as follows: Now that the central banks have done so much to save the economy and the financial system from collapsing, they should be permanently in charge of ensuring sound economic growth, high employment, low interest rates and a healthy real estate market. Such extremely high expectations are exceedingly dangerous. Central banks would be forced into a role in which they had to fulfil tasks for which they neither have the requisite responsibilities nor the appropriate instruments. As a result, other agents could be induced to neglect their responsibilities. While the crisis might be delayed, it most certainly would not be overcome. It may appear politically opportune to put problems on the back burner, rather than working out solutions. In the long term, however, the cost to the economy and to society would be horrendous. What can central banks do to counter such unrealistic expectations? They can, for instance, communicate clearly and emphatically what their role is and where their limits are. With this in mind, I invite you to join me on a brief tour d’horizon. I would like to start by examining a few selected aspects of monetary policy, focusing on long-term effects. I will then look at the area of financial stability. Finally, I would like to use the insights gained in this brief overview to answer the question posed in the title of this presentation about the role of central banks.
During this long period of consumer retrenchment, only one form of consumer borrowing – student loans – consistently grew, and educational debt has now become the largest form of consumer debt, after mortgages. Student loans are widely held – roughly 39 million people have student loans, including a third of people in their 20s and 30s. For many of these families, educational debt is the tool that allows them to obtain higher education in spite of its large up-front cost. And higher education is, of course, the key to higher wages and a better standard of living. Nonetheless, student loans are not well measured or widely understood. BIS central bankers’ speeches  3  In the second presentation Donghoon Lee will describe the latest trends in the continuing growth in student loan debt and delinquencies, and their implications. Thank you. I will now ask Wilbert to give an overview of developments in household debt and credit conditions. 4  BIS central bankers’ speeches

4  BIS central bankers’ speeches  •  During a property boom, compared to interest rates, expectations of price appreciation may have a greater influence on current prices. •  Kenneth Kuttner and Illhyock Shim estimate that a 100 basis point increase in the short-term interest rate would lower real annualised credit growth by less than 1 percentage point in the following quarter. Such a rate hike will also reduce real housing price growth by only 1 percentage point. •  Using monetary policy to prick a property bubble may therefore require very sharp increases in interest rates to be effective. But this may have unintended spillovers on other parts of the economy. Macroprudential policy: targeting the cracks 30 This brings us to the third approach to securing financial stability: using macroprudential policy, while monetary policy continues to focus on price and output stability. Macro-prudential policies can be more effective for “targeting the cracks” where specific vulnerabilities are concentrated. 31 But what exactly are macroprudential policies? Given its recent rise to prominence, it is still a nebulous concept with differing definitions. Let me offer my thoughts on what macroprudential policy is and what it is not, from the perspective of Singapore, which has been an early experimenter and practitioner in this area. 32 First, it is closely related to yet distinct from microprudential policy. Some have called macroprudential policy “old wine in new bottles”. Yes and no.
Zeti Akhtar Aziz: Deposit insurance and consumer protection Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the "Deposit Insurance and Consumer Protection" 6th International Association of Deposit Insurers (IADI) Annual Conference, Kuala Lumpur, 31 October 2007. *  *  *  Introduction As the international and domestic financial landscape continues to transform, the quest to secure financial stability has become increasingly challenging. Regardless of the stage of development, financial systems have continued to be vulnerable to crisis that have resulted in financial disruptions that have had severe economic repercussions. In these circumstances regulators and financial safety net frameworks have been tested to the limit. While the rapid pace of globalisation, the rising internationalisation of the financial system and the advances in technology have brought benefits in terms of increased access to new markets, encouraging financial innovation and increasing consumer choice, it has also brought new risks to the financial system. The intensification of cross-border financing, and the growing complexity of financial structures has resulted in new international inter-linkages which has increased the international interdependence. The transmission of negative shocks in one country to others via the international financial system has demonstrated the potential for financial crises and economic disruptions to spread on a global scale. These concerns have been brought into the forefront recently with the developments in the sub-prime mortgage market in the United States and its contagion effect on financial systems in other parts of the world.

Between now and the 15 November, the Bank will therefore be running a consultation programme that will provide the public with a greater familiarity with polymer banknotes. The consultation will, in turn, provide us with a better understanding of the public’s views on the proposed change and whether such a change would meet with broad public acceptance. BIS central bankers’ speeches  1  We will be holding around 50 events across the UK to enable the public to see and feel examples of polymer notes, and to deliver feedback to the Bank. We will hold events in 13 major shopping centres to allow shoppers to see and handle specimen notes. And we will be running over 30 discussion events with audiences including regional chambers of commerce and retailers. A market research company will separately be conducting another 36 focus groups and carrying out a face-to-face survey with 2,000 people to collect further feedback. We will also publish a range of useful material on our website including a facility for the public to provide feedback directly to us. And there will be a specific display about polymer in the Bank’s museum for anyone visiting London who wishes to learn more. In parallel with the public consultation we will conduct further outreach with the cash handling industry, to confirm our understanding of the impact on industry of a switch to polymer.
Physical risks also matter when assessing the ability to pay of borrowers involved in 1  P. Bolton, M. Kacperczyk, H. Hong and X. Vives (forthcoming), “Resilience of the financial system to natural disasters”, IESE Business School and CEPR. 2 See the Financial Stability Board (November 2020): The Implications of Climate Change for Financial Stability. sectors that could be particularly affected, such as agriculture or tourism. Capital destruction could also be very important. Furthermore, since not all geographies would be equally affected, the migration of activities and of the population in some areas will increase, generating an impact on the financial sector as well. Precisely to prevent these risks increasing further, acting to prevent the materialisation of climate change is essential. However, such interventions, and the accompanying changes in consumer and investor sentiment in favour of a greener economy, may also create their own particular risks to the financial sector. Indeed, the transition towards an environmentally sustainable economy implies a sweeping change in production technologies and a reallocation of activity across sectors and companies. Actually, such restructuring will mean that, in the short run, some sectors will increase their profits while others will incur losses, with obvious implications for the financial system and its stability. In this case, for estimating transition risks, the most relevant factors are the carbon footprint and the environmental impact of the sectors and companies to which financial firms are exposed.

Today's forum will be an opportunity for the sharing of views and experiences, with both local and global perspectives, on Malaysia's value propositions and competitive advantages as an ideal SSO destination. In developing Malaysia's competitive advantages, efforts to position Malaysia as an international Islamic financial centre under the MIFC initiative have propelled Malaysia's standing in the global Islamic finance sector. With a strong and comprehensive Islamic financial system supported by a robust regulatory regime and well established legal framework already in place, the envisioned landscape is that MIFC will be a centre for the offering of Islamic financial products and services in international currencies with a large pool of highly skilled Islamic finance expertise. Leveraging on the growing significance of Islamic  BIS Review 133/2007  1  finance in Malaysia as well as globally and Malaysia's international standing as an SSO destination, the development of Malaysia's SSO potential in Islamic finance would harness these two strengths in a meaningful manner. Today's forum will explore the possibility of the pooling of resources by various Islamic financial institutions in Malaysia to develop a shared platform for the outsourcing needs of these stakeholders. The benefits from such an initiative would be apparent in terms of achieving economies of scale and the avoidance of duplication of resources. Of course, establishing the necessary infrastructure for such an initiative would entail considerable commitment to address all the practical issues and avoiding the pitfalls.
The TARGET system processes today around EUR 1500 billion per day, 50% more than the average in 1999 and an estimated three times the amount that all the large-value 11 payment systems in the 12 euro area countries processed together in 1990 . •  Thirdly, a large currency area means deeper and more liquid financial markets. This allows market participants to diversify their risks on a wider basis; moreover, as currency risk is eliminated, they can focus on the analysis of credit risk. A large currency area also provides more scope for specialised institutions to develop. All in all, market efficiency and liquidity 12 help to cushion external shocks . 2.3  Taking into account these benefits, one could question why financial stability issues are still important in the euro area. In my view financial stability issues need to be re-visited today against the backdrop of the farreaching changes observed on the financial markets in the last decade, and taking into account the succession of market instability episodes. Just to name a few, the Asian crisis, the Russian/LTCM crisis in 1998, the “Tech-bubble” as of 2000. These episodes were characterised by situations of liquidity stress, market volatility, and the late discovery of risks that had spread widely through complex hedging and financial innovation devices. In this respect the complex relationship between volatility, financial innovation and financial stability deserves attention. Clearly, volatility levels primarily reflects the degree of uncertainty of market participants.

Jean-Claude Trichet: Monetary policy in 2003 Introductory statement by Mr Jean-Claude Trichet, Governor of the Bank of France, at the Forum Institut für Management, Frankfurt, 2 December 2002. *  *  *  Introduction Ladies and Gentlemen, It is for me great pleasure to participate in this “International Forum on interest rates” and to exchange views with an audience of prominent players on financial markets. I welcome the initiative of the Forum Institut für Management. In promoting discussions on challenging issues between market practitioners and economists, this contributes to the attractiveness and spirit of financial markets in the euro area. I would like to open these discussions with some remarks on structural issues that one should keep in mind when examining the prospects for financial markets in Europe. Indeed, by achieving its primary objective of pursuing price stability in a medium-term perspective, the monetary policy defined by the Governing Council of the ECB lays the foundations of the success of euro. But these foundations are also embedded in a far-reaching structural dynamic involving notably three components: •  financial integration,  •  financial stability,  •  and the prospects of European Union enlargement. I would like to make a few remarks on the challenges and opportunities arising from these three – interrelated– topics. 1  Financial integration  1.1  As regards financial integration, the European monetary union has in many respects modified the way in which financial institutions organise their daily business in the euro area.