samchain/econo-pairs-v1 huggingface dataset:
Savings Bonds, corporate bonds, and ETFs complement existing investment options in the market. •  Individual investors now better able to form a diversified and balanced portfolio at low cost. Introducing Savings Bonds 41. Singapore Savings Bonds are a special type of Singapore Government Securities (SGS) for the individual investor. •  Like regular SGS, Savings Bonds offer same long-term risk-free returns. •  Unlike regular SGS, holders of Saving Bonds not exposed to price risks when they redeem them early. •  Savings Bonds provide flexibility for investors to get their money back to meet unexpected needs for cash. 6  BIS central bankers’ speeches  42. Pleased to announce that first Savings Bond will be issued on 1 Oct 2015. Interested investors will be able to apply for this issue from 1 Sep. •  Details of first issue such as amount of bonds available and bond’s interest rates will be released when applications open. •  A new Savings Bond will be issued every month for at least next 5 years, so there is no need to rush for first issuance. 43. To help investors understand features of Savings Bonds and learn how to apply for them, MAS has set up dedicated Savings Bonds website and Savings Bonds hotline. Details will be made available later today. Facilitating retail access to $ corporate bonds 44. Bonds are relatively easy to understand, offer stable returns that are typically higher than fixed deposit rates, and are less susceptible to extreme price movements.

This is our response to the question of to what extent the Central Bank of Turkey may allow for supply side shocks. Monetary tightening consistent with the target constitutes the second pillar of this policy. If we foresee any deviation of inflation outlook from the target, the necessary policy action will be taken without any hesitation or delay. As you remember, I started my speech with the words of Charles Stamp, former Governor of the Bank of England: “It is easy to dodge our responsibilities, but we cannot dodge the consequences of dodging our responsibilities.” The Central Bank of the Republic of Turkey will not dodge its responsibilities. In this environment of massive global challenges, we perceive the new inflation targets as attainable. All the existing monetary policy tools in hand will be utilized decisively and without any hesitation in order to attain these targets. While concluding my speech, I would like to extend my thanks to the Turkish Economic Association and the International Economic Association, and all other institutions and individuals who contributed to the organization of this significant event. Thank you. BIS Review 82/2008  7
Consequently, it is not the Committee’s intention to use the update of the Core Principles as a way of dragging countries towards Basel II implementation. The revised Framework is in no way a necessary prerequisite for compliance with the revised Core Principles, even though, as I have just said, I think there are powerful reasons for holding Basel II up as the direction in which regulation and supervision should be moving. The revision followed two basic directions. The first was to limit the changes to those aspects that were essential and key to maintaining the effectiveness of the Core Principles without removing the continuity and comparability with the previous standards. Examples of these essential changes are the inclusion of a new “umbrella” principle recommending that banks have integrated risk management systems, which covers all the aspects common to the various types of risk. In the same vein, the emphasis has been placed more on risks that received less attention in the existing version of the Core Principles: interest rate, operational and liquidity risks. Finally, it should be noted that the criteria on the prevention of money laundering and terrorism financing have been updated. Thus the revision does not call into question the work carried out on the basis of the 1997 Principles, or indeed the planning of reforms on that basis.

In our note, we explain that the Committee is pursuing a “hybrid” approach to recognised operational risk capital across jurisdictions for such institutions. Under this hybrid approach, a banking group would be permitted - subject to supervisory approval - to use a combination of stand-alone AMA calculations for significant internationally active banking subsidiaries and an allocated portion of the group-wide AMA capital requirement for its other internationally active subsidiaries. As a consequence: First, a significant, internationally active institution will be expected to calculate its capital needs under the AMA on a stand-alone basis. It will be able to consider a well-reasoned estimate of diversification within its own operations, though not across the rest of its group. Where a significant internationally active institution is a subsidiary of a larger organisation, it will be allowed to rely on resources, data, and parameters calculated at the group level. Second, an institution that is not considered significant could receive approval from its supervisors to apply a capital charge against operational risk that is allocated to it from a group-wide AMA calculation. The principles articulated in the January note are intended to facilitate the implementation efforts. They should, moreover, ease the burden on institutions that adopt the AMA across jurisdictions yet still respect host countries’ laws that may require local subsidiaries to comply with a minimum standard on their own. Achieving this balance should encourage more institutions to improve their management of operational risk and to strive to adopt more advanced approaches as their capabilities grow.
Despite being the world’s second most important currency, it is still used to a far lesser extent than the dollar. It accounts for 20% of global currency reserves compared with 63% for the dollar; by contrast, 36% of the total value of payments (including intraeuro area payments) is settled in euro, compared with 40% for the dollar. This is why the European Commission’s communiqué in December was particularly opportune. The initiatives promoting the role of the euro, notably in the energy sector, need to be examined carefully. Europe has built its monetary sovereignty thanks to the euro; it needs to preserve its sovereignty with regard to trade; and we still have a long way to go to build our economic sovereignty, so that we can meet the challenges of innovation in artificial intelligence or of the energy transition. ** I would like to conclude my speech with this almost prescient quote from Pierre Werner in 1965: “Any economic union involves periods of flagging, of disaffection, of misunderstandings [...]. But we are also aware that, in these situations, we need to hold onto the progress made, [...] to concentrate firmly on the formal commitments already entered into [...], in other words, to persevere.”9 Far from discouraging us, the scale of the challenges and uncertainties facing 5/6  BIS central bankers' speeches  Europe at the start of this year should motivate us to persevere in our ambitions. That is my wish for Europe for 2019. Thank you for your attention.

Indeed, our recent experience has shown impressive convergence between Switzerland and the EU in monetary matters. The inflation differential has decreased and interest rates have moved closer. But we are still far from a monetary integration. On the contrary, the Swiss National Bank has been able to operate more freely since the introduction of the euro than before. BIS Review 70/2004  3  Thanks to a much more stable monetary landscape in Europe, the Swiss franc is today much less under speculative pressure than before. Our currency has still its international dimension, but it sticks closer to economic fundamentals, which is good news for our exporters. It also means that the exchange rate volatility between the franc and the euro is today less pronounced than the volatility we observed in the past between the franc and the German mark. Clearly the franc belongs to the family of the European currencies, reacting similarly vis-à-vis dollar fluctuations. In that sense, for sure, the franc and the euro are sister currencies. 4  BIS Review 70/2004
Unfortunately, not only has the contribution of women not been highlighted or fully appreciated, but there has also been no focused attention to enhance access to finance by women or to increase financial inclusion of women. Of the approximately 20mn population in Sri Lanka, 50% are females. The same ratio is found in all provinces according to latest data. For 3 consecutive years, the country has achieved a growth over 6% and a growth rate of 6.8% has been recorded for 2007. However, women’s contribution in this 6.8% is hidden. As at the end of 2007, we have exceeded a per capita income of US $ 1,600. The system of National Accounts or other systems that set standards in the compilation of National Income have recognized the need for separating women’s contribution to GDP but, so far, there is no acceptable formula for achieving this. Similarly, the gender budgeting that started in Australia and South Africa has not been followed or continued by many countries. Sri Lanka too recognized that there is a need to separately account for gender contribution in the budget. In that regard, some of us managed to include a couple of paragraphs announcing the gender budgeting policy in the 1999 Budget, but there has been no follow up since then. Drawbacks in financial inclusion and uneven ground situation The banking and financial sector in the country must be strong for financial inclusion to take place. Our banking sector has been showing advancement and growth. The financial system is stable and resilient.

•  Introduce products/supply chain focused credit facilities and payment instruments: Introduction of appropriate credit facilities as well as payment systems and instruments in commodity markets and production chains/supply chains seems to be new entry points to improve access to finance and financial inclusion. Women  8  BIS Review 40/2008  in agriculture can be driven towards a debt trap when prices collapse at the time of harvesting. Although it is common to both men and women in agriculture, losing regular incomes would be a bigger blow to women than men. There can be inland bills, goods receipt vouchers and other instruments that are discountable during such periods. This is a responsibility for banks and financial institutions. Let me sum up the substance in a few sentences. More than anything, there is an urgency on the part of CENWOR or Marga or any other institution to conduct research, surveys and statistical analyses to assess the status of enhancement of access to credit and financial inclusion among women in Sri Lanka. It is hard to come to conclusions without adequate and reliable statistics or even to initiate policy action to fill in gaps that exist in this area. It is equally important for the relevant Ministry or Ministries and other public and private organizations to coordinate and prepare a strategic plan to spearhead the campaign of financial inclusion for women and suggest policy and operational measures as they deem fit. This initiative too should be supported by well-recognized research institutions like CENWOR.
Research by Carl Benedikt Frey and Michael Osborne has tried to quantify this hollowing-out, by assigning probabilities to certain classes of job being  8  BIS central bankers’ speeches  automated over the course of the next few decades. Their work was initially done for the US, but has recently been extended to the UK (Frey and Osbourne (2013), Deloitte (2015b)). Using this methodology, the Bank has recently done its own exercise for the UK. Table 3 classifies jobs three ways in the US and UK – high (greater than 66%), medium (33–66%) and low (less than 33%) probability of automation. It also shows the fraction of employment these jobs represent. Chart 27 provides a more granular breakdown of these jobs. For the UK, roughly a third of jobs by employment fall into each category, with those occupations most at risk including administrative, clerical and production tasks. Taking the probabilities of automation, and multiplying them by the numbers employed, gives a broad brush estimate of the number of jobs potentially automatable. For the UK, that would suggest up to 15 million jobs could be at risk of automation. In the US, the corresponding figure would be 80 million jobs. The BBC website contains a handy algorithm for calculating the probability of your job being robotised. For an accountant, the probability of vocational extinction is a whopping 95%. For a hairdresser, it is 33%. On these numbers, the accountant’s sun has truly set, but the relentless upwards ascent of the hairdresser is set to continue.

In this regard, the fiscal policy adjustments are important, also to obtain external financing to support the balance of payments. The NBRM, with the decision made today, for interest rate increase on the CB bills, is making an additional step towards reducing the external imbalance, and for achieving the interim and final objective of the monetary policy, remaining prepared to futher undertake additional measures, if necessary. V.  In the end, one more information. Today, the Council of the National Bank of the Republic of Macedonia held its 3rd session this year. Among other issues, on this session, the Council has adopted the 2008 Annual Report of the National Bank of the Republic of Macedonia; the 2008 Annual Report on Managing Foreign Reserves; the 2008 Internal Audit Report. All these documents shall be available on our web site in the following days. BIS Review 60/2009  5
Chart: From fishing to fish farming The nature of the fishing industry has also changed. The fish farming industry is one of our newest growth industries, and more than two-thirds of the supply of seafood now comes from fish farming. Through collaborative efforts in research and product development, fish farming methods have been developed to supply consumers with good-quality farmed salmon, available straight from the supermarket. But fortunately, many Norwegian consumers would say, the traditional tinned fish produced by the factory here in Lofoten for the past 100 years, is only a couple of shelves away. With rich fishing banks right outside the factory door, there is an ample supply of fresh fish. Historically, fishing in Lofoten has been an important source of income for the coastal population. The traditional fishing season at the beginning of the year still attracts fishermen from all over the country, but in numbers far lower than the up to 30 000 who used to take part. For three hectic months from mid-January each year, a variety of visitors, from fishermen and traders to watchmakers, travelling musicians and the odd snake oil salesman used to make their mark on this island community. Lofoten continues to attract visitors today – but now the fishermen’s cabins are filled with tourists. In just a few years, the number of tourist overnight stays in Nordland county has increased by 25 percent, with many visitors making the journey from faraway countries, tempted by the prospect of deep-sea fishing, sea kayaking and hiking.

But we also learned early on that fish was valuable as a form of currency. As early as in the medieval era, dried cod from Norway was a sought-after product further south in Europe. With their ships laden with dried cod, the Vikings were able to trade the fish for beautiful cloth, exotic spices and precious metals. Chart: The 200-krone banknote (The Cod) Fishing has been a key source of income and an integral part of the coastal culture in Norway for 1/4  BIS central bankers' speeches  centuries. For many people, fish has been a crucial part of their diet. Some crops do not thrive in Norway’s climate of long winters and cool summers. Cod and herring, trout and salmon, on the other hand, have flourished. Sturdy boats designed to cope with the rough waves and unpredictable winds of the open sea enabled us to bring the catch to shore. And before more modern transportation routes became available, cargo ships were needed to transport the catch to customers at home and abroad. Chart: Distribution of exports 1835 The possibility of storing and transporting fish over long distances generated jobs and foreign exchange income. In 1835, 39 percent of Norway’s export revenues came from the sale of fish. Shipping provided 25 percent of Norway’s export revenues. Consequently, it has always been important for the country’s economy to ensure market access for Norwegian seafood exports, as was the case during Norway’s prohibition period in the 1920s.
But there is still reason to ask oneself how permanent the subdued wage increases are. The second challenge has to do with unemployment. The key question is: Has unemployment bottomed out? Or can it fall further with an expansionary monetary policy? My assessment is that it will not be possible to bring unemployment down much further with monetary policy alone. In my view, the increasing demand for labour that we are currently witnessing is more likely to lead to increased labour supply than to lower unemployment. This is also what Labour Force Survey flow statistics show. Further reduction in unemployment requires measures from other policy areas. The third and final challenge is the fact that skills matching on the labour market has deteriorated. This implies that output and employment are not as high as they could have been without the matching problems. Monetary policy can scarcely improve matching on the Swedish labour market. Here, too, measures in other policy areas are required. It is a question of increasing productivity among unemployed persons and reducing the cost of employing them. Labour market policy has a crucial role to play here. 15 [16]  References Bell, D.N.F. and D.G. Blanchflower (2018), “The Lack of Wage Growth and the Falling NAIRU”, NBER Working Paper 24502. Blanchard, O. (2016), “The Phillips Curve: Back to the ’60s?”, American Economic Review: Papers & Proceedings 106(5), 31–34. Cunliffe, J. (2017), “The Phillips curve: lower, flatter or in hiding?”, speech at the Oxford Economics Society, 14 November, Bank of England. Dow, J.C.R.

Thomas Jordan: SNB monetary and investment policy and the impact of the strong Swiss franc Summary of a speech by Mr Thomas Jordan, Chairman of the Governing Board of the Swiss National Bank, at the Volkswirtschaftliche Gesellschaft des Kantons Bern, Berne, 28 November 2012. *  *  *  The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). As part of measures to combat the financial and economic crisis, balance sheets of central banks around the world have expanded substantially. In 2009 and 2010, the Swiss National Bank (SNB) intervened in the foreign exchange market in order to combat an excessive appreciation of the Swiss franc. On 6 September 2011, it set a minimum exchange rate of CHF 1.20 per euro, in order to avert major damage to the Swiss economy. Since then, the SNB has enforced this minimum rate with determination and is prepared to buy foreign currency in unlimited quantities. This monetary policy is reflected in a very substantial expansion in its balance sheet. It has also altered the importance of the currency reserves and had an impact on the SNB’s investment policy. In view of its mandate, monetary policy has priority at the SNB. Investment policy must be subordinated to the requirements of monetary policy. It is at the service of monetary policy and may not limit its room for manoeuvre. At present, enforcement of the minimum exchange rate has the greatest influence in the management of the currency reserves.
Mr. Bäckström speaks on Swedish monetary policy outside EMU Address by the Governor of the Bank of Sweden, Mr. Urban Bäckström, to the Monetary Policy Forum organised by the Centre for Business Policy Studies and the Riksbank in Stockholm on 22/4/98. I am pleased to note that the Centre for Business Policy Studies (SNS) is maintaining the tradition, together with the Riksbank, of arranging the Monetary Policy Forum. This is our sixth annual opportunity of discussing monetary policy issues in the Forum and what could be more natural on this occasion than to consider the monetary policy future in Europe in connection with the launching of what is perhaps history’s most momentous project in this field. Besides the question of how monetary policy will be conducted in the euro area, an equally important issue for us in Sweden is how our monetary policy will be affected when Stage Three of EMU starts and Sweden does not participate initially. The discussion of “Monetary Policy in EMU” is to be opened by my Finnish colleague, Dr. Sirkka Hämäläinen, and I want to take this opportunity of wishing her a hearty welcome to Sweden. In this context I should also like to express my appreciation of the close cooperation between Suomen Pankki and Sveriges Riksbank, which we reckon to continue even though Finland participates in the monetary union. The topic assigned to me is “Swedish Monetary Policy Outside EMU”. First I shall paint my picture of what an outsider position will entail for Sweden’s economic policy.

In the various situations, the impact of monetary policy can be contractive, expansive or neutral, depending on the degree of resource utilisation and the risk of inflation deviating from the target in either direction. The relevant rate of inflation here and the one that is affected by total demand, is the underlying trend. In that this trend is in line with the target, conditions are created for sustainable growth. In the event of a demand shock there is thus no conflict between combating inflation and promoting growth. Transient price effects of secondary importance Besides effects from demand shocks, price movements are influenced by disturbances in supply. Supply-side shocks vary both in kind and in the duration of their effects on the economy. The monetary policy response accordingly depends on how suddenly such a shock occurs and how soon it fades. A supply shock with a direct effect on prices, for example a VAT increase, should be distinguished from an increase in productivity, which affects demand via resource utilisation. Let me start with the former case. A VAT increase will tend to subdue demand at the same time as it adds to the 12-month rate of CPI inflation over a period of one year. In this case, in the first year after the tax increase, demand and inflation move in opposite directions. If the monetary stance were to be tightened in order to achieve a prompt return to inflation’s targeted rate, it would cause demand to fall further.