samchain/econo-pairs-v1 huggingface dataset:
21 We can imagine the scale of possible savings if we consider the data published by the United Arab Emirates, which read that 45,000 transactions monthly are executed online only in Dubai, whose population slightly exceeds one million. 22 The benefits of e-administration development can also be demonstrated in financial terms — it has been estimated that companies in the European Union save approx. 10 euro under VAT on each online transaction 23 , whereas the research conducted for Trade-Net in Singapore shows that time of issuing the commercial permits online, reduced to one minute, has enabled business people to save approx. 1bn US dollars. 24 The more revolutionary the services are, the more advanced the technology and the greater back office integration of databases are. Without going into technical details, it means that enhanced quality of public services coincides with the increased risk related to the protection of privacy and commercial information. There is no doubt that confidence of the society is a key element of e-administration development because it has a significant role in determining the demand of citizens and business community for e-administration services. Lapses and mistakes made in the past by administration authorities in various parts of the world prove that upon designing and implementation of eadministration solutions, the safety of data and information as well as the ability to ensure privacy must be among the issues of top priority. In some countries, they have actually been incorporated in the vision of e-administration development.

So it is in Singapore, where the vision of e-administration development has been based on three basic areas and each of them contains elements related to 25 safety, privacy and confidence. 1. Networked Government as the basis for development. This administration network is to put into practice the motto: “Many offices, one administration.” It must also be effective, efficient, safe and adequate to the needs. 2. Delighted Customers as a manifestation of the focus on satisfying customers’ needs. Within this area, public e-services must be convenient and easy to use, they must go beyond the borders of organization and respect customers’ privacy. 3. Connected Citizens is an area that supports active attitudes demonstrated by the citizens. The area is best summarized by the following catchwords: Citizens as stakeholders, creation of communities and greater confidence and security. 20  Ibidem. 21  Top of the Web. User Satisfaction and Usage Survey of eGovernment services,” December 2004. 22  “Public Sector Technology & Management,” Vol. 2.2, March/April 2005, p. 14. 23  “Top of the Web – User Satisfaction and Usage Survey of eGovernment Services,” December 2004. 24  The research conducted by IBM Corporation, more information can be found, for instance, in “Paperless Trading:” Benefits to APEC”, Ministry of Foreign Trade and Economic Cooperation, 2001. 25  www.egov.gov.sg.
In addition to issuances in international reserve currencies that includes the US Dollar, the British Pound and Euro, more recently in Malaysia has been the issuance of sukuk in Renminbi. For the investors, the sukuk offers the diversification into multiple asset classes and different techniques used to structure medium to long term instruments. Given that the sukuk is based on underlying assets, it discourages over-exposure of the financing beyond the value of the underlying assets. Issuers are thus discouraged from leveraging in excess of the asset value. The prospect of over-indebtedness and its consequences on financial stability are thus reduced. There is also potential for direct participation of investors in the project, thereby granting investors beneficial ownership in the underlying assets, with the rights to receive a share of profits or rental income from the underlying asset of the sukuk while taking the associated risk of such ownership. The sovereign sukuk is generally the first inroad into Shariah compliant funding in the capital market, enabling the creation of reference prices over time, to which private sector entities can benchmark their fund raising activities. Governments have for the most part, remained the most active issuers in the history of the global sukuk market with sovereign issuances accounting for more than 80 percent of the global sukuk issuances. This recent few years has also seen a number of jurisdictions in developed economies strengthening their legal, regulatory and governance framework to facilitate such sukuk issuances.

On the other hand, it is hard to imagine that this scenario could have played out as it did without the worldwide glut of cheap credit in the years before the global financial crisis and Iceland’s position as a party to the EEA Agreement, which provides for a legal and regulatory framework based on European Union Directives, including free movement of capital and provision of financial services. The underlying principles are those of home licensing for operation throughout the EEA and a level playing field for competition, where size and location are not supposed to matter. This European “Passport” enabled the Icelandic banks to operate throughout the EEA, including through branches in other EEA countries. We know now that there were and are deep flaws in this framework: flaws that are important elements in the current eurozone crisis. A key issue here is the dichotomy between  BIS central bankers’ speeches  1  European passport rights, on the one hand, and national supervision, national deposit insurance, and national crisis management and resolution regimes, on the other. This is what recent proposals of a banking union are supposed to deal with. But then, for EEA countries outside the euro area, this framework entails potentially enormous foreign currency liquidity risk in the banking system that is not covered by a lender-of-last-resort (LOLR). This was a key element in the Icelandic banking crisis and must be addressed in future reforms of the system. Let me now say a few words about Iceland’s crisis and recovery.
When I asked on a recent visit to Northern Ireland about businesses’ top three concerns, the answer was revealing: skills, skills and skills. Surveys of workers tell a similar tale. Households’ outlook for their financial situation is currently in line with historical averages and well above troughs in previous economic downturns (Chart 6). It is easy to be blasé and to forget just how big a societal shift this represents. Job insecurity was the scourge of the latter part of the 20th century. During the 21st, and in particular over recent years, that scourge appears finally and thankfully to have lifted. 6  All speeches are available online at www.bankofengland.co.uk/speeches  6  Chart 6: Household financial position Net balance 20 15 10 5 0 -5 -10 -15 -20 -25 1985  1988  1991  1994  1997  2000  2003  2006  2009  2012  2015  2018  Sources: GfK and Bank of England calculations. Notes: Question in survey asks, “How do you expect the financial position of your household to change over the next 12 months?” Net balance refers to proportion of respondents expecting improvement minus proportion expecting worsening. The Pay Bust A tight labour market is usually a recipe for rising pay. Yet until recently, there was little sign of pay picking up closer to rates seen before the crisis. Chart 7 plots inflation-adjusted pay in the UK over the past 70 years.

It has also become necessary to evaluate whether the exercise of parate powers by commercial banks has achieved its objectives. According to banks and financial institutions, the very threat of parate action and publicity prompt defaulters to pay the debt. After fourteen years of the application of the debt recovery laws, it is therefore, fitting that an objective assessment be made to the recovery of debts through this legislation. The moderate development in the Sri Lankan economy in the past decade, saw a heavy demand for credit and the expansion of loan portfolios of banks. As banking is known to be a risky business, the monies placed on trust by depositors have to be prudently invested, but with a firm commitment to return funds to depositors when they call for it. In the circumstances, banks are duty bound to ensure the safety and soundness of their institutions by prudently deploying funds they mobilize. Loan defaults and non-performing advances are quite common in our part of the world. They have contributed to the maintenance of high interest spreads which in turn translate into high lending rates as banks tend to cover the cost of carrying large volumes of non-performing loans in their balance sheets. The cost of non-performing advances is therefore a charge on profits by way of provision to be made for these losses. Banks lose out on interest income that is rightfully theirs. Effectively therefore, the good borrowers pay the price for defaulting borrowers.
Monetary policy orientation  The recent improvement in the economy’s performance, the significant boost to domestic demand, the imbalances in the dynamics of spending and production, together with cost pressures, will influence the behavior of prices. How much will correspond to temporary effects and how much to more persistent ones will be key to determine the correct degree of expansion of the monetary policy stance, in order to ensure that the recovery of the economy is sustainable and continues to unfold in an environment of stable prices. In the immediate future, the Board estimates that the economy is still suffering from the impact of the pandemic and the lag of the labor market in the recovery. However, the high dynamism that consumption already exhibits and the additional boost to private spending represent major changes in the macroeconomic scenario of the coming months, making it necessary to recalibrate the expansionary nature of monetary policy going forward. In particular, the expected higher growth in spending and activity will make it less necessary for the monetary impulse to support the economy’s recovery with the current intensity, and it should begin to gradually moderate sooner than we anticipated in the last Report. This will help to avoid the buildup of inflationary pressures at a particularly sensitive time of the recovery. It is important to bear in mind that inflation is particularly detrimental to middle- and low-income households, which do not have the purchasing power and asset protection mechanisms available to the better-off.

See  Department for Business, Energy & Industrial Strategy (2022), 'Energy efficiency: what you need to knowOpens in a new window' 5 See CFRF (2022), 'Climate Financial Risk Forum Guide 2022: Scenario Analysis in  Financial FirmsOpens in a new window', NGFS (2023), 'Scenarios PortalOpens in a new window', Bank of England (2021), 'Guidance for participants of the 201 Biennial Exploratory Scenario: Financial risks from climate changeOpens in a new window'  7/7  BIS - Central bankers' speeches
As we look ahead, LIBOR transition also brings with it markets relating to the new risk-free rates (RFRs), like Secured Overnight Financing Rate (SOFR). According to ISDA’s Transition to RFRs Review published in August, trading activity in SOFR-linked OTC interest rate derivatives (IRD) continued to grow in Q2 this year, with the traded notional of SOFR-linked IRD increased by 22% to $ billion from $ billion in Q1 2021. Going forward, these new market segments will no doubt have further room to grow. 12. Closer to home in Hong Kong, we are adopting a multiple-rate approach, under which both Hong Kong Interbank Offered Rate (HIBOR) and HONIA are expected to co-exist. In line with the market development efforts across the world, we are taking active steps in promoting the further development of the HONIA-linked market. To facilitate the adoption and usage of HONIA, we are planning to issue HONIA-indexed floating rate notes (FRNs) under the Government Bond Programme later this year. We hope the proposed FRN issuance could encourage the private sector to consider issuing similar products in the future, and provide further impetus for the development of other HONIA-linked instruments in Hong Kong. 2/4  BIS central bankers' speeches  Sustainable Finance 13. Let me now turn to sustainable finance – another area that we are seeing growing awareness and increasing interest in our region. Here in Asia, we are home to the globe’s fastest growing economies. But, at the same time, our region also produces almost half of the world’s greenhouse gas emissions.

It is also worth noting that common debt issued under the SURE programme (Support to mitigate Unemployment Risks in an Emergency) and even more so the Recovery Fund will make the European Union one of the largest debt issuers in Europe relative to national sovereign debt issuers over the coming years. These changes do not seem to have altered the good functioning of the euro zone sovereign market. On the contrary faced with the economic and financial shocks triggered by the corona virus pandemic, they have fared well and proved resilient. They have consequently strongly helped, with the banking system, governments and the Eurosystem to implement forceful policies that have proved effective to help the private sector to absorb those shocks. In my initial remarks today I would like to highlight some dimensions of this resilience, looking in turns to bond and the repo market but also highlight a few vulnerabilities and point of attention from a financial stability standpoint that the role and functioning of Eurozone sovereign markets during the crisis has also revealed. 1. The resilience of European sovereign markets a) Regarding the sovereign cash market, its resilience during the crisis is first illustrated by financing conditions, which have remained favorable since March 2020. In 2020, yields on euro area country sovereign bonds continued to decline, to record lows including for the euro area’s most highly indebted countries, despite the strong increase in debt issuances ; and the dispersion of yield spreads between countries also narrowed.
We expect largely unchanged unit labour costs over the next three years due to low wage increases and rising productivity. We also expect the Swedish krona to continue to strengthen (Figure 22). This will mean that inflationary pressure will be low during the forecast period. Repo rate at all-time low At the monetary policy meeting in December, the Riksbank decided to maintain the repo rate at the all-time low of 0.25 per cent, standing fast by its previous assessment that it will not be necessary to raise the repo rate until the autumn of 2010 (Figure 23). The background to this decision is that a low level of resource utilisation, together with a slow development of prices and wages, is expected over the next three years. In order to meet the inflation target and to support economic recovery, the repo rate must remain low for a long time. This is the same repo rate path that we adopted as long ago as July. Since then, the forecasts for GDP growth and employment have certainly been revised upwards. The forecast for resource utilisation has accordingly been revised upwards. However, at the same time, the forecasts for inflation have been revised downwards. These two changes largely cancel each other out as regards their effect on monetary policy. Wage formation has functioned well for more than a decade Wage formation has functioned well over the last ten to fifteen years. The development of wages has been compatible with low and stable inflation.

For example, suppose a CBDC or the digital euro is easily and widely accessible across borders or in countries facing financial instability. In such cases the citizens could substitute local currencies with the digital euro and make the domestic financial situation even worse. This is the scenario we must avoid. UNCERTAINTY Finally, we must all ask ourselves in what kind of financial reality we want to end up in because it could be a world of indirect currency competition pursued by private companies only as a matter of industrial and technological race. But, at the same time, we could end up in a world where payments are safe, easy to use and settled instantly - both domestic and international and with negligible costs. But will we end up in a world where our privacy is protected and our trust in the system is preserved in times of crisis? Are we going to put our trust solely in computers, protocols, artificially generated outcomes or centralized private companies' algorithms with a global reach? Or do we want public institutions to do their job, protect our interests when no one else will, and be there when we need them? CENTRAL BANKS - LEADERS OF CHANGE Our mandate is to continue to provide trust in money in the digital age. To be a vital part of this new digital world, a new reality. We must not stay aside and observe while the "The Times They Are A'Changin'" and external factors move our whole world in a strange direction.
Sveriges Riksdag (2018), “Evaluation of monetary policy for the period 2016– 2018”, Committee on Finance report 2018/19:FiU24. Söderberg, Gabriel (2018a), “Why did the Riksbank receive a banknote monopoly”, Sveriges Riksbank Economic Review 2018:3, Sveriges Riksbank. Söderberg Gabriel (2019), “The e-krona now and in the future”, Economic Commentaries No. 8, Sveriges Riksbank. Wetterberg, Gunnar (2009), Money and power – the history of Sveriges Riksbank, Atlantis, Stockholm. Yates, Tony (2019), “Will central banks adopt higher inflation targets?”, Viewpoint, Fathom Consulting. 18 [21]  Figure 1: Weak development of inflation… KPIF, annual percentage change. 4  4  3  3  2  2  1  1  0  0  -1  10  11  12  13  14  15  16  17  18  19  -1  Sources: Statistics Sweden and the Riksbank. Figure 2: …and falling inflation expectations Annual percentage change. 3  3 Inflation expectations, 1 year  Inflation expectations, 5 years  Inflation expectations, 2 years  2  2  1  1  0  10  11  12  13  14  15  16  17  18  19  0  Sources: Prospera and the Riksbank. 19 [21]  Figure 3: Inflation back on target and expectations anchored Annual percentage change. Sources: Prospera, Statistics Sweden and the Riksbank. Figure 4: Good development of GDP and employment Left: annual percentge change. Right: Percent of population aged 15-74. Sources: Statistics Sweden and the Riksbank.

In particular, downside risks to the achievement of our employment and inflation goals amid very low interest rates were compelling arguments for a relatively cautious and predictable approach to policy. This proved its worth: The U.S. economy continued to expand at a healthy pace even as the Fed raised rates numerous times. For those who follow the Fed closely, you’ve noticed that the FOMC has been slimming down its statements of late and using less forward guidance about the future path of policy. In this vein, the FOMC in its recent statement removed language indicating that monetary policy remains accommodative.3 Let me make clear, these more concise statements do not signify a shift in our monetary policy approach. Instead, they represent the natural evolution of the language describing the factors influencing our policy decisions in the context of the strength of the economic outlook and inflation being near our 2 percent longer-run goal. These changes in our communication of policy views are a sign that we are nearing the end of the process of normalizing monetary policy and are inching closer to conducting normal monetary policy. Arguably, it’s been a long time since monetary policy was normal, so it’s worth describing what “normal” looks like in some detail. At its most basic level, monetary policy-making will remain the same: The path of interest rates will continue to be guided strategically by our dual mandate objectives and shaped tactically by the data and their implications for the economic outlook.
Fritz Zurbrügg: Swiss banks from a financial stability perspective Introductory remarks by Mr Fritz Zurbrügg, Member of the Governing Board of the Swiss National Bank, at the Media News Conference of the Swiss National Bank, Berne, 10 December 2015. *  *  *  In my remarks, I will start with an analysis of the situation at the Swiss banks from a financial stability perspective, looking at both the big banks and the domestically focused banks. I will then finish with some information on the new banknote series. Big banks Since the publication of our Financial Stability Report in June, the two Swiss big banks have improved their capital situation further. The improvement was especially pronounced at Credit Suisse, following a capital increase. The Swiss National Bank (SNB) acknowledges the progress made by both big banks in this area. However, a further strengthening of the leverage ratio in particular is necessary. Strengthening the leverage ratio – and hence resilience – will be achieved by means of the measures recently decided upon by the Federal Council as part of the revised ‘too big to fail’ regulations. The substantially increased leverage ratio requirements will put Switzerland back among the international leaders in this regard. Given that the ‘too big to fail’ issue is particularly pronounced in Switzerland compared to other countries, these measures are, in our view, essential.

Since then, the unemployment rate has fallen by a little less than 1 percentage point each year, and wage growth has picked up by 0.2 percentage points each year. Three quarters into 2014, wage growth is already up another two-tenths, to 2.1 percent at an annual rate. This pattern of rising wage growth is roughly what one would have expected judging by prerecession data. 3 If anything, wage growth has been running a bit above what we should have expected. This contradicts the view that the unemployment rate has understated labormarket slack. Of course, the Federal Reserve has a target for price inflation, not wage inflation. The rate of wage inflation consistent with our 2 percent price-inflation target depends on secular trends in labor productivity growth and in labor’s bargaining power – trends over which the Federal Reserve has no control and about which it can only make informed guesses. Nevertheless, the Dallas Fed’s study of the Phillips curve has an important lesson for Fed policymakers: If we keep pushing on the accelerator pedal until wage growth matches the rate that we believe to be sustainable, we will likely have pushed too far and missed our exit. Because wage growth reacts to slack with a lag, it will continue to increase even after policy stimulus is removed. Because wage growth rises at an increasing rate the farther the unemployment rate declines, the overshoot is likely to be large. I liken monetary policy to duck hunting.