samchain/econo-pairs-v1 huggingface dataset:
Instead, insurers must be aligned to the broad diversity of consumer needs and preferences, while also being flexible to adapt as these needs and preferences change over time. Such a market will see the emergence of a diversity of business models from multi-channel strategies to specialised players focused on single channels such as direct marketing, financial advisers or bancassurance. Still others will realise the fortune at the bottom of the pyramid 10 through microinsurance. Specialisation is also expected to occur along the supply chain with new players, including from noninsurance sectors such as retailers, adding greater value with innovations in areas ranging from branding and marketing to data enrichment. 6  International Telecommunication Union- ICT Facts and Figures 2013. 7  Nielsen quoted by Media Research. 8  Swiss Re- Sigma No.6/2013 Life insurance: focusing on the consumer. 9  Based on the target set under the Economic Transformation Programme (ETP). 10  C.K. Prahalad “Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits”. 2  BIS central bankers’ speeches  Bancassurance, financial advisers and direct channels While the possibilities for alternative distribution channels are extensive, I will address three areas that are already showing great promise for our markets here in Asia, namely: bancassurance, financial advisers and direct channels. Bancassurance presents a unique proposition for insurers to widen their outreach while maintaining acquisition costs at manageable levels.

The new legislation also strengthens the protection of policyholders against disproportionate actions by providers to void contracts in cases where misrepresentation by consumer was unintentional. In this regard, greater responsibility will be placed on insurers to pose specific questions for consumer insurance contracts, to obtain information for underwriting purposes. Against this backdrop, the Bank has recently issued a Concept Paper on Prohibited Business Conduct outlining practices that are assessed as providing misleading or deceptive information, exerting undue pressure when marketing products and collusive business practices that may result in unfavourable outcomes to consumers. The Bank is also developing standards of fair and responsible business conduct that will require the board and senior management to ensure high standards of fair dealing and professional conduct. While regulations governing business conduct is applicable to all areas of an insurer’s business, new distribution channels will likely require a heightened vigilance in view of the potential for new types and sources of risks. In addition to strengthening business conduct practices, securing public confidence in a market with diverse distribution channels will also require building the financial capability of consumers. While this applies to all consumer segments, particular emphasis will need to be placed on empowering lower income households and other groups that are currently uninsured so that they are able to make informed decisions on the products and services they need.
Similar to other country experiences, in Turkey as well, the positive effects of falling inflation on investments are retarded relative to other effects such as rise in consumption. That is because it takes time for the firms to be convinced that the downward trend in inflation will continue and will be permanent and to make decisions for new investments. Therefore, under falling inflation conditions, it is natural for the firms to tend not to make as much investments as they actually can. In Turkey, despite the economic recovery has a history of three years, investments have just started to increase in the last few months. This is an outcome of the fact that confidence has recently been established that decline in inflation and achievements in inflationary expectations as well as stability established in economy will be lasting. Consequently, while increase in investment demand is an outcome of the falling inflation, sustainability of this increase depends on attaining price stability. Distinguished guests, The second change that came along with the decline in inflation is that as a result of the ease in uncertainties, economic agents were able to foresee longer periods and financial intermediation activities became more active. Within this framework, when we look back to the chronic inflation period, we regret to see that high inflation has led to chronic budget deficits and very high interest rates; caused deterioration in wealth transfer mechanism and forced banking sector to finance the public deficits.

The intermediate variable – the money supply – is known when decisions are made and provided it is closely correlated with the path of inflation one to two years ahead, monetary policy will be very transparent. However, basing monetary policy on a money supply target is not a simple matter. It is questionable whether a straightforward and stable relationship between the money supply and inflation also exists in the short and medium term. This is because the relationship has been disturbed by various factors. Financial innovations have contributed, for example, to changes in the pattern of household payments and investment. Moreover, a number of major factors still have to be forecast in order to arrive at what may be an appropriate target for the money supply. So in practice even a money supply strategy has to be based on forecasts of a number of variables and an assessment of, for example, the output gap. Moreover, when the strategy was used in a number of countries in the 1970s and ‘80s, it was not particularly successful. In the absence of a straightforward, stable relationship between the intermediate variable (the money supply) and the ultimate objective (price stability), a conflict may arise between them because the central bank has only one instrument, its interest rate. If the central bank chooses the minimise fluctuations in the money supply, a probable consequence – given that the relationship is not exact or stable – will be increased fluctuations in inflation and output.
Information about security details and appearance will also be made available. We now know that there will be seven banknotes and eight coins, which is somewhat more than Sweden's denominations at present. One face of the coins will carry a national motif that each country decides. The notes may also display a national symbol. Nickel in the coins? The question of nickel in the coins has also been discussed, for instance among finance ministers and central bank governors. Swedish retailers have demanded that coins denominated in euro and cent are not to contain nickel; the Riksbank and the Ministry of Finance have both worked hard to achieve this but are fighting rather a lone battle. Today it does look as though four to six out of eight coins will be nickel-free, which must be regarded as a major success for the Swedish position. A decision, however, is not due until the summer. Double currencies For a period of up to six months there will be two currencies to handle and retailers have demanded that the period be limited to three months. We can understand their argument in principle. Much will be required of traders. Instead of the present five denominations of notes there will be twelve and instead of four coins there will likewise be twelve. The value of cash holdings in retail trade (cash liquidity) will be greater than usual, with an increased risk of counterfeit notes and robbery, for example.

4  BIS Review 9/2001  Credits The monetary projection for 2001 envisages continuation of the intensified credit activity of banks registered in 2000. It is consistent with the expected growth in the banks deposit potential and the growth in the government deposits with the Central Bank. In 2001, total banks’ credits in favor of the non-government sector should increase by Denar 5,420 million or by 13.1%. Observed by structure, the Denar credits are projected to increase by 10.9%, or by Denar 3,610 million, while the foreign currency credits are projected to increase by 21.5% or by Denar 1,810 million. The monetary policy will be aimed at achieving the projected dynamics of the economic growth in the Republic of Macedonia, creating room for growth of banks’ credits to the non-government sector. Simultaneously, the downward trend in lowering the share of the non-performing credits in total banks’ credit exposure is expected to continue. This should derive from the initiated improvements in the commercial banks’ credit policy, stimulated by the strengthened banks' corporate governance, on one hand, as well as by the continuous strict supervision examination on the banks operations by the Central Bank, on the other hand.
In this Report the forecast in the main scenario is based on the assumption that the repo rate evolves in line with implied forward interest rates. According to this assumption the repo rate will remain at 1.5 per cent up to about the second quarter next year, when it gradually begins to be raised. Overall, the Swedish economy is forecast to grow at a comparatively firm rate during the forecast period. GDP growth is estimated to be 2.3 per cent this year and 3.0 per cent next year. Thereafter, it will gradually fall towards just over 2 per cent in 2008. Compared with the assessment in the June Report, this is an upward revision and the fundamental outlook is now more positive. For this year it is mainly the revision of the outcome for the first quarter that has affected the forecast. After that it is, among other things, the more expansionary economic policy compared with our June Report – both a slightly lower repo rate and more expansionary fiscal policy – that have raised the forecast.1  Resource utilisation to increase gradually There are now signs that the situation in the labour market is improving. Among other things, the number of hours worked has begun to rise and indicators of the number of redundancy notices and new job vacancies also point to a more robust labour market.

Ardian Fullani: Review of economic policies for Albania’s fast, sound and stable growth Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the Meeting with the Chairman of the Socialist Party and the Albanian Banking System Executives and Representatives, Tirana, 25 July 2013. *  *  *  Dear Mr. Rama, Dear Mr. Pencabligil, Dear banking system executives, First of all I would like to thank you for the invitation. This round table is a follow-up of our philosophy of a trialogue between the Bank of Albania, the banking system and the Government to discuss the economic policies for Albania’s fast, sound and stable growth. The presence of Mr. Rama, the incoming Prime Minister of Albania, gives this meeting special significance. The banking sector is not only the greatest and the most efficient driver of economic growth in Albania, but also the custodian of Albanian household savings and the determiner of funds destination in the economy. Today’s round table precedes discussions on the economic programme and budget of the incoming government. Dear guests, The Bank of Albania has just completed its periodic analysis of the Albanian economy. Also, in view of the Financial Sector Assessment Program (FSAP), we have maintained regular contacts with the international institutions to assess Albania’s financial soundness. Availing myself of this opportunity, I would like to share with you some preliminary conclusions and present the central bank’s vision for future development policies. The Albanian economy is facing big cyclical and structural challenges.
If that’s been true at all over the past couple of decades, however, it’s a much more accurate description of the pre-crisis economy, when interest rates were significantly higher, than of the years since. Currently, house prices, equity prices and mortgage lending are all still materially lower, when measured in real terms, than they were a decade ago (in fact, this has been the first ten-year period since the second world war in which the real stock of mortgage lending has declined in the UK.) So if there had been a macroprudential authority throughout the past twenty years its policies would presumably have been a lot tighter in  economy with low inflation and rapid credit growth, a single policymaker might well choose such a policy setting. It’s generally the case that, as long as there are at least as many objectives as policy instruments, and when there can be independent shocks to those objectives, the policy instruments will occasionally move contrariwise, whatever the arrangements for setting them. For example, the same would be true in an economy with a weak economy but an undesirably high public-sector deficit – the right reaction, even for a single decision maker, could well be to set tight fiscal policy but loose monetary policy (see Kohn (2017) on this point). 7 Differences in objectives also drive many results concerning fiscal and monetary policy coordination. The literature is significant and diverse. But one strand (e.g.

This difference is primarily due to the even more expansionary monetary policy compared with last December. With the global economy improving and Swiss business activity picking up, an enduringly expansionary monetary policy will in time lead to higher inflation rates. We consider the current level of the three-month Libor rate as appropriate for the time being to enable the economy to return to sustainable, inflation-free growth. Monetary policy decision-making is difficult under present circumstances. Given the strength of the Swiss franc we have very considerably relaxed monetary policy and cut interest rates much more than the European central bank. We are aware that our expansionary policy entails certain risks. Yet we believe that in view of the sluggish development of the Swiss economy and the strength of the Swiss franc we are conducting a reasonable policy. To adopt a more restrictive monetary policy would be premature at the present time and might jeopardise the still fragile economic recovery, notably in the export sector. We are also of the opinion that we still have sufficient leeway to counter any increased price pressures in good time and that price stability is currently not threatened. The National Bank must be ready and willing to react to changes in the world economy. At the moment, we see mainly two risks which might compel us to reassess the situation and to adjust our monetary policy course. For one thing, the economic recovery in Europe might be delayed somewhat. For another, the Swiss franc could again come under upward pressure.
Number of work permits in the UK, Ireland and Sweden issued to citizens of new Member States following the EU accession In thousands UK *  Ireland**  Sweden***  Total  In % of workforce †  Lithuania  44.72  26.37  0.37  71.46  4.4  Latvia  23.03  12.94  0.16  36.14  3.2  Estonia  4.68  3.39  0.36  8.43  1.3  Poland  204.90  70.14  2.16  277.20  1.6  Czech Republic  20.01  6.39  0.07  26.47  0.5  Hungary  10.35  3.83  0.20  14.37  0.3  Slovakia  36.36  10.93  0.09  47.38  1.8  10  HSBC “The Great Migration. How China’s 200 million new workers will change the economy forever”, HSBC Global Research, October 2005. 11  Chen N., Imbs J., Scott A. “Competition, Globalization and the Decline of Inflation”, CEPR Discussion Paper No. 4695, 2004. BIS Review 57/2006  5  *Source: Accession Monitoring Reports, http://www.ind.homeoffice.gov.uk. The data include the period between May 2004 and December 2005. NBP calculations. **Source: Skills needs in the Irish economy: The role of migration, A submission by the Expert Group on Future Skills Needs and Forfás to the Minister for Enterprise, Trade & Employment, http://www.skillsireland.ie. The data include the period between May 2004 and August 2005. ***Source: Migracje specjalistów wysokiej klasy w kontekście członkostwa Polski w Unii Europejskiej. Centre for Migration Research, Warsaw University.

This global, common factor explains not only the change in the inflation trend (the increasing inflation between 1960 and 1980 and its subsequent decrease), but also inflation fluctuation over a business cycle. The research has also shown that, where domestic inflation deviates from the “global” inflation, it exhibits a “global-inflation-reverting” tendency. As a consequence, modelling and forecasting of domestic inflation may be improved significantly by taking into account the “global inflation”. The fast-progressing globalisation is closely related to offshoring and outsourcing, whose scope is also growing. Unfortunately there is not much hard data that would allow for assessment of the scale of the phenomenon. Offshoring analysis is available only for selected countries and covers only selected industries. However, the growing scale of the phenomenon is reflected by data on global trade in goods and services and on foreign direct investment. Over the past 15 years, the shares of individual regions in the global trade have changed significantly, whereby the decreasing share of the EU is accompanied by increasing shares of the developing countries, including the Asian countries. Globally, foreign trade expressed as percentage of the GDP increased from the average 19% of the GDP between 1980 and 1989 up to 25% between 2000 and 2004. Table 1.
Bank of England (2016), Barnett et al (2014). 11  All speeches are available online at www.bankofengland.co.uk/speeches  11  The first is based on the UK Office for National Statistics (ONS) Annual Business Survey and employment surveys. 47  The ONS combines these surveys in the form of the Annual Respondent Database (ARDx). The  sample covers around 40,000 companies per year, accounting for around 80% of UK GDP. The data covers the period 2002 to 2014. This survey is stratified to match the UK population of companies and so should be broadly representative of aggregate UK trends. The second is the Bureau van Dijk (BvD) FAME database, compiled from UK company accounts. Whereas larger firms are required to submit full annual accounts, there are exemptions for smaller firms. So the sample is smaller, at around 20,000 firms per year, and is biased towards larger firms. However, it contains detailed data on firm-level characteristics which are useful when exploring the determinants of productivity. These data enable us to examine the distribution of productivity across firms. Chart 16a plots this distribution in 2014, based on the ONS data. 48  It is wide and elongated, with a long, thin upper tail of  high-productivity firms and a short, fat lower tail of low-productivity firms. This shape means that modal productivity among UK companies is around 50% lower than mean productivity. 49  One interesting question is how this distribution has evolved over time.

Notes: Scenario 1 assumes that half of firms with interest cover ratios of less than 1 exit the market. In scenario 2, only the lowproductivity half of firms with interest cover ratios of less than 1 exit the market. Chart 25: The estimated relationship between leverage and labour productivity  Source: Bahaj, Foulis, Gal and Pinter (2016). Notes: The figure plots the results from local regressions. The red line shows the results from local weighted scatter smoothing (LOWESS), the blue line shows the results from a third degree kernel weighted local polynomial smoothing where the gray area depicts the associated 95% bootstrapped confidence bands. Labour productivity is defined as the log of gross value-added per number of employees. During the local regression estimations, we trim the data by deleting the top and bottom 1% of estimated productivity and leverage values in order to mitigate problems of outliers. 35  All speeches are available online at www.bankofengland.co.uk/speeches  35  Chart 26: Distribution of average pay across companies  Source: ONS Research Database and Bank calculations. Notes: Series show wage deciles/percentiles. Chart 27: Distribution of firm level labour productivity, wages and profits in 2014  Sources: ONS Research Database and Bank calculations.
Even if our economies are slowing down, no recession lies on the horizon. Some lessons so far for the euro area The crisis is clearly not over and all the consequences of accumulated financial imbalances have not unravelled yet. However, after more than seven months, I think it is already possible to take stock of what we have learnt so far. My concluding remarks will draw tentative lessons along three main lines. 1. As regards liquidity management first, it should be emphasized that close cooperation between central banks, and notably between the ECB and the Fed has been crucial for dampening the effects of the protracted confidence crisis that has frozen up international money markets. Our coordinated actions with the Fed and other major central banks, notably to provide euro area resident banks with US dollars under swap agreements with the Fed, have clearly demonstrated our determination to act collectively to restore normal liquidity conditions in the interbank markets. Enhancing swift and complete information exchanges between central banks, and also between central banks and supervisors is certainly a continuing priority. I have to say that the French model of bank supervision, where the supervisors are inside the central bank, has shown once more its advantages in the current context. 2. As regards monetary policy, I want to stress that even a flexible policy – as inspired by risk management considerations à la Miskin – can only be implemented if needed when inflation expectations remain appropriately anchored to the central bank’s objective.

To better understand the fintech state of play in our economy we conducted the first national Survey and prepared a feasibility study, which clearly underline the opportunities and benefits that Fintech can bring to our country, as well as the barriers that need to be overcome for further development. The main conclusion of the feasibility study that follows the Survey is that digital transformation is high on the agenda for all parties involved in the ecosystem. Traditional players look to gain operational efficiencies, cut costs, and enhance the customer experience. At the same time, alternative finance firms are on the rise, bringing better products and services than traditional players can offer. However, it appears that regulation is a common challenge for Fintech led innovation and the entry of new players. On this front, Survey respondents see a need for changes in the payment services regulation, the regulation for electronic signature, AML/CFT regulation and rules for data protection. In the period ahead, we will focus our energy on activities related to governance arrangements and coordination issues with all stakeholders in the ecosystem. We also plan to devote special attention to developing effective consumer protection regulation in the area of financial services. Setting criteria for licensing process for newcomers is another activity that is on our agenda. Furthermore, we would also explore the feasibility of creating a regulatory sandbox, to enable firms to experiment with new technologies in a safe space.