samchain/econo-pairs-v1 huggingface dataset:
In addition, according to some studies, the Makenzie study for instance, point out that pandemics have intensified the challenges that women already face at the workplace – doing double work shifts, being at work, being at home with family responsibilities, and find that 1 in 4 women consider downshifting their careers because of family responsibilities and new COVID environment (interruption in schooling and childcare). These developments, such as lower employment and lower income, can negatively affect access to finance, to the financial system, especially banking system, as employment and income are one of the main criteria assessing the credit worthiness of the borrowers and can further amplify the risks or the challenges for women. Let me mention couple of numbers. For the Western Balkan region, about 60% of all borrowers from commercial banks are men and only 40% are women. And even more, 64% of all outstanding loans are extended to men. I think this number gives a flavor of the kind of challenges women face across the region. The access to finance is an important determinant, not only for the basic needs, but also for female entrepreneurship that lacks in the region in comparison to more advance economies. Overall, all the numbers that were discussed, clearly point that unlike other previous crisis episodes, this one has definitely disproportionately affected women in many respects, additionally accentuating the challenges that women have faced even before the crises.

Despite many challenges, I am delighted that exciting developments and initiatives are taking place in Thailand and around the region using fintech to address these problems. Allow me to highlight some of these initiatives. We have:  Accounting service applications for SMEs and start-ups on cloud platforms  Online mortgage refinance portals that help select the best refinancing option for mortgage clients  Real-time and low cost cross-border money transfer and remittance platforms  Biometric verifications for e-KYC to facilitate remote access to financial services  Machine learning using alternative data such as social media for credit scoring  Real-time invoice financing through common supply chain platform  Standardized QR Code for e-payments, which has reached nearly 1 million merchants within six months after exiting from the Bank of Thailand’s Regulatory Sandbox; and last but not least  PromptPay, a real-time payment infrastructure that has facilitated electronic payments for over 39 million registered IDs in Thailand 6-7  These are just some of the solutions available for SMEs and consumers in our market. To this end, I believe that over the next two days we will get to see many more exciting products and projects that can inspire innovation; broaden our understanding of the current technology landscape; and help set the policy agenda for strengthening Thailand’s and our region’s fintech ecosystems, especially to serve SMEs and consumers.
7  The international reform effort following the crisis has of course been focused precisely on reinforcing resilience and enabling resolution of banks, particularly globally systemic firms, to ensure a much safer channel of cross border bank finance. 8 Coeure (2014) 9 The speed of growth can itself be a risk which is not covered here. For example, the FPC has highlighted that the speed of credit growth in China (both inside and outside the formal banking sector) as a risk to global financial stability. See also Adrian (2017). 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  However, outflow of markets based finance particularly in fixed income have played a role in crisis. 11  there is evidence that asset managers may now behave more pro-cyclically (Chart 3). 10  And  So there are  reasons, for those charged with thinking about ‘what might happen’, to question whether the past remains a good guide to the future. Funds now encompass a broader spectrum of investors and invest in a much broader range of markets and products. The bulk of flows into funds since the crisis have been into funds invested in less liquid debt instruments and, due to the search for yield, in the riskier parts of the market. In this respect, given market news in recent days, it is worth noting the selling of volatility by asset managers – including it would seem to retail investors. The liquidity risk is amplified by a number of factors.

I hope that Standard Chartered Bank will lead the way in establishing affordable products and services for our small scale farmers throughout our country. I encourage you Madam Managing Director in your capacity as the Deputy Chairperson of the Bankers Association of Zambia to expand your horizon and collectively join hands with all stakeholders in addressing this problem. I thank you for your attention. 2  BIS Review 34/2009
Tony Latter: Preserving monetary stability in the face of budget deficits Speech by Mr Tony Latter, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Insight Investment conference in Hong Kong, 20 November 2002. *  *  *  Introduction There has been much talk recently in Hong Kong about the possible threat to exchange rate stability from the burgeoning budget deficit, which is predicted by many to reach about 6% of GDP for the current financial year as a whole. Evidence of this concern is apparent when any media report suggesting a deterioration in the fiscal position is invariably accompanied by a weakening, even if shortlived, in the forward exchange rate of the HK dollar. This phenomenon is not confined to Hong Kong. In Europe, news of widening budget deficits, threatening to breach the terms of the stability and growth pact, and allegations of lack of commitment among officials to the degree of fiscal discipline necessary to conform to that pact, have tended to weaken the euro's exchange rate, at least temporarily. But there is another story which can be told. This is of an economy where the budget deficit rose from about 1½% of GDP to 4½% in the space of 4-5 years. What happened to its exchange rate? It strengthened over the same period by some 70% in trade-weighted terms. The authorities reined in the deficit somewhat over the next couple of years, but then it began to expand again.

On this occasion, the deficit doubled within three years, while the exchange rate appreciated once again. That country was the United States and the references are to episodes when the deficit grew rapidly in the early 1980s and again at the turn of the 1990s. And some observers detect signs today of a similar replay beginning. To be fair, however, it should be noted that the dollar tended to remain as firm during the years of deficit reduction in the late 1990s as it had when the deficit was rising in the early 1980s, and that, on balance, there may not be a very clear long-term relationship in either direction between the US deficit and the dollar exchange rate. But at least the US experience warns us against presuming there to be an automatic negative causation flowing from the one to the other. The relationship between fiscal and monetary policies It may be worthwhile examining more generally certain aspects of the relationship between fiscal policy and monetary policy. The economy can be characterised as comprising any number of different sectors. At the highest level of aggregation the classification is usually the public sector, the corporate sector, the household sector and the overseas sector (the counterpart to the external balance of payments).
I have three key messages on GMS connectivity to share with you today and would like to invite you to be a part of this exciting journey: Let’s think of the young vibrant graduate I mentioned, there is so much potential and opportunity she can explore. She can broaden her skills and horizon as she gains experience and professional networks over time. She will unavoidably face some challenges along the way. But with support from her peers, together with technological advancement, she will be able to stay on course for success. This is similar for our vibrant GMS. First: The GMS is a region full of opportunities. This is owing to its geography, complementarity and connectivity among its members and with other regions; Second: GMS’s endowments and opportunities can be expanded through enhancing financial connectivity, technology and innovation; and Third: Despite many challenges, policymakers and their private-sector partners can make a difference to the GMS region. ***  1  1. Why do I say that the GMS is a region of opportunities? Over the past 25 years, integration within the GMS has deepened, integrating a diverse group of members through physical, trade, investment as well as people-to-people connectivity. Even more remarkable is the recent growth momentum of the GMS.

Financial service providers, both old and new, can capitalize on modern technology to provide new – and perhaps once unimaginable – products and services. These technologies will allow business to by-pass the traditional stages of financial market developments, especially those that are paper-based or those that rely on brick-and-mortar infrastructure. Let me cite a few examples which I find very encouraging. In Thailand, an offshoot of the TMB Bank, called ME by TMB, is a bank that does not rely on physical 5  World Bank Global Findex 2014, measured by numbers of those not having bank accounts  3  branches. Vietnam has a similar model called Timo Bank. Businesses are conducted online, making full use of digital payment technology. These banks pass on reduced costs to consumers in the form of better offers, such as higher deposit interest rates or better services. As technology provides more choices, there is room to provide more alternatives by easing some of our regulations. Take, for example, local currency usage for trade settlement and direct investment in our subregion. The Bank of Thailand is currently working with central banks in the region to relax regulations on the use of local currency for cross-border trade and investment. Amid volatile global financial markets, this will offer businesses more options in choosing currencies for trade settlements. Exporters and importers are able to reduce their foreign exchange conversion costs and better manage foreign exchange risks by using their local currency for settlement.
The impact that the Basel Committee's Accord has will depend to a great extent on how the major banks’ total capital requirements change going forward and how the banks choose to adapt to the new situation. This in turn will be affected by which national special requirements Sweden chooses to have in the future. One can then ask oneself why it is good that the regulatory framework is amended. An argument in favour of doing this is that the new regulations will become more transparent and that the capital requirements for Swedish and foreign banks will become more comparable. Multiple capital ratios and requirements will lead to a more robust financial system. This is something that benefits financial stability and therefore something I welcome. The banks determine a respectful distance to the capital requirement Some may claim that increased minimum requirements will cause the banks’ buffers to decline. By the banks’ buffers, I mean in this context the difference between the banks’ actual capital levels and the capital requirements, or as we sometimes call it; the banks’ respectful distance to the capital requirement. If the banks have substantial buffers over and above the requirements, it benefits us all, as it reduces the probability that they will not meet the requirements. However, in the end it is the banks themselves that decide what respectful distance to have to the capital requirements. Any changes in the size of the capital requirements do not affect this fact. And my hope is that the banks will act responsibly here.

Sweden’s special requirements need to be reviewed  Source: Sveriges riksbank  Without saying anything about what a future floor for risk-weighted assets may look like, I will simply assume in my example that no bank’s risk-weighted assets may be less than 75 per cent of what they would have been if the Basel Committee's standardised methods had been used. I would like to point out that this 75 per cent should not be seen as an indication of any future calibration of a floor for riskweighted assets. I have chosen this figure because 75 per cent lies between the 60 and 90 per cent that the Basel Committee mentioned in its consultation document in March 2016.4 Given this assumption, our most recent calculations indicate that the major banks’ aggregated risk-weighted assets would increase from the current SEK 2,800 billion to around SEK 4,500 billion. This would mean an increase in the current risk-weighted assets of more than 50 per cent. If, and I would like to emphasise if, Sweden retains its national special requirements in the future, the banks’ CET 1 capital requirements will increase by more than 50 per cent, or around SEK 300 billion. This would of course be a significant increase from the current capital requirement levels.
Ian Plenderleith: Monetary stability as a foundation for sustained growth Speech by Ian Plenderleith, Executive Director of the Bank of England, to the National Association of Pension Funds Investment Conference held in Eastbourne on 14 March 2001. *  *  *  The UK economy has embarked on the new millennium with much the same healthy stride as marked its progress through the final years of the old. Over the past year, we have seen the economy continue to achieve steady and sustainable growth. We are, indeed, now in the ninth year of continuous positive growth in output. This remarkable track record has brought with it a steady rise in employment, with the benefits being felt in high levels of job creation throughout the regions of the country; and unemployment has fallen to the lowest levels we have seen in decades. All of this has been achieved with inflation remaining low: the RPIX is currently running a little below our target of 2 1/2% and has averaged 2.4% pa over the nearly-four years since the MPC was given responsibility for managing interest rates. In the process, with inflationary expectations now anchored at low levels, 10-year bond yields have fallen to around 4 3/4%, as low as can be found in any industrialised country except Japan. What is particularly encouraging about the past year is not just that we have been able to continue on the track of steady growth.

The first concerns the continuity of the research and discussion processes in the respective areas of central bank cooperation. Continuity helps keep track of the emphases and priorities of regional members and promotes effectiveness of the ongoing collaboration efforts. The second aspect concerns the need to follow through cooperative initiatives that have been agreed upon by central banks in the region. The follow-through can be done effectively through intensified, and perhaps more conveniently organised, dialogue and information sharing. The third aspect concerns the approach towards central bank cooperation. There are many areas of common areas of interest among regional central banks, including monetary and financial stability, payment systems and reserve management, to name just a few. In short, there is a need to organise central bank cooperation in a more focused, coordinated and dedicated manner in order to pursue our common interests. 2  BIS Review 61/2006  Today, with the World Bank experts and policy-makers, regulators and private-sector participants of the region gathering here, the conference will offer us a good opportunity to exchange views on what is needed to further promote regional cooperation and financial integration in Asia. We will also cover more specific subjects including the broadening and deepening of securities markets, the development of securitization and derivative markets, and the role of the contractual savings and asset management industries in the development of capital markets.
Vahur Kraft: The euro in Estonia - the agenda and practical aspects Speech by Mr Vahur Kraft, Governor of the Bank of Estonia (Eesti Pank), at the international conference “Euro currency - French-German experience and Estonia future”, Tallinn, 30 September 2003. * I. *  *  Introduction  Based on the requests addressed to Eesti Pank information service we can say that there is a most encouraging - if somewhat surprising interest in Estonian national euro-coins among the general public - although these coins do not exist as yet. Some people are convinced that we have the euro coins already; the others would like to register in order to be the first to receive the new coins. But every coin has two sides - and in this case it means that a very significant percentage of the Estonian population are not at all eager to take leave of the Estonian kroon and replace it with the euro. They would like the central bank to proceed slowly. That puts the central bank into the unusual position of arguing for speed and decisive action instead of a conservative approach while the public is still somewhat confused by the recent results of the Swedish euro referendum. The Swedes would have liked, perhaps, to be a bit more papal than the pope - and they certainly have achievements to be proud of. But for Estonia - and with a long-term view in mind - proceeding rapidly and adopting the euro as soon as feasible would be the best.

The current account figures for the second quarter of this year offer a good illustration for this phenomenon - the primary current account deficit was 7% of the GDP - more than 6 pp below the actual deficit. At the present time foreign investors are taking into account the perspective of Estonia's EU membership within the near future, the optimistic growth forecasts and continuing increase of living standards. Due to favourable financing conditions, total investment activity has recently been the highest since the beginning of the transition period - during the first quarter of 2003 investments together with stock building accounted for 38% of the GDP in Estonia. At the same time, a number of small and medium-size enterprises are bringing their production plants in line with EU requirements. And of course, borrowing at the present low interest rates is very attractive to private individuals. But despite all the exceptional one-off factors behind the present high external deficit figures, we must not close our eyes to the fact that the level IS high. And reducing the imbalances - with all the attendant stress on increased public and private savings - is presently one of the main priorities for Estonia. BIS Review 42/2003  1  It must be stressed, in this context, however, that one indicator taken alone - even if it were an indication of possibly unfavourable developments - would not give an adequate picture of the relative health of an economy.
Further information can be found online here: http://www.tnongroup.com/ 2 See Mark Carney https://www.bankofengland.co.uk/speech/2019/50-note-character-selection-announcement 1  2  All speeches are available online at www.bankofengland.co.uk/news/speeches  2  It turns out the same thinking can be applied to a company’s workforce. Instead of equity capital you have human capital, and instead of investing in financial assets you are investing in people. A diverse portfolio makes a company more resilient, and so too does a diverse workforce - delivering better outcomes for individuals, communities and the company. As we look ahead, changes in society mean the workforce of the future will be markedly different from that of today. Recent surveys have found that just short of half of 18-24 year olds identify as something other than exclusively heterosexual or homosexual3, and a similar proportion of Millennials view gender as a spectrum4. These individuals are in and entering the workforce now. If we are to reflect the society we serve and in so doing attract the best talent, we need to make sure they know that they can bring their whole selves to work: that they belong. So the case for a diverse workforce is clear5. What many of us struggle with is how to attract, develop and maintain such a workforce. Unfortunately, diversity does not, in our experience, emerge organically at the workplace. It needs to be nurtured from recruitment to development and promotion. And it must be underpinned by an inclusive work environment for it to be sustainable.

In the face of a collapse in world trade even faster than that in the 1930s, countries needed no persuasion of the necessity of policy stimulus. But it has proved much harder to form a consensus on how to tackle the underlying problems. So, three years later, the imbalances in demand remain. Around the world, short-run stimulus packages of various kinds, and unsustainably low interest rates, have bought time. So far that time has not been used to deal with the underlying imbalances, or the weaknesses in bank and sovereign balance sheets. Four years after the financial crisis began, the foreign exchange reserve holdings of China are substantially larger than at the onset of the crisis. Markets now realise that before the crisis banks were seriously undercapitalised and so react in a volatile way to any news about the health of the banking system. And the indebtedness of governments around the world is certainly greater. Time is running out. So what is to be done? One way or another, domestic spending must be raised in the surplus countries and lowered in the deficit countries, relative to current trends. In the past, marketdetermined exchange rates have played an important role in rebalancing world demand and trade. Exchange rates are the natural safety valve, which can limit the extent of imbalances in demand across countries.