samchain/econo-pairs-v1 huggingface dataset:
Financial education can play a key role in getting to these outcomes. The financial education supports not only the individual well-being, but also the financial stability in one economy. Referring to the recent financial crisis, consumers that can make informed and sound decisions about financial products and services are helping to promote sounder  BIS central bankers’ speeches  1  economic stability. Not only the consumers will gain knowledge through financial education, but more important is that they are assured of fair treatment. Consumers need to apply the economic way of thinking while making their important financial decisions. In order to develop important skills, we need to provide them good quality education that will enrich their behavior with critical thinking and decision making skills as well. To provide contextual and conceptual effective financial education, we need to include financial education in the schools curriculums. Financially literate consumers can assess risks and make informed decisions about the suitability of financial products to their specific situation. The individual responsibility for financial planning takes on greater importance. Consumers need to clearly understand how the system works and what the new products really offer. At the institutional level, in 2011, the National Bank of the Republic of Macedonia launched its own Financial Education Project that has been growing and developing year after year, embracing many different activities mainly focusing on financial education for children and youth.

We are trying to build financial capabilities among the population lunching the project that has a goal to raise the awareness for the importance of savings. At the national level, by improving the cooperation between the regulatory authorities, it is vital to ensure that the respective strategies are aligned to achieving the common goals of financial education and financial inclusion. Since last year, there have been some efforts for institutional arrangements to bring authorities together in the Coordinating Body of the Regulatory Authorities for Financial Education in Macedonia to secure a joint commitment towards clearly defined and measurable financial education and financial inclusion goals. With joint strength, we will establish national co-ordination frameworks, and our main goal is to define the national financial education and financial inclusion strategies. While we focus on financial education initiatives at the national level, equally important is that adequate attention be accorded at the global level. We begin this two-day regional conference with our vision firmly focused on our long-term goal of universal access for children and youth to financial services. This event provides an opportunity that brings together knowledge, expertise and best practices from all across the Europe and Central Asia that I am sure will prove useful for all of you here and will provide fruitful meetings, interesting sessions and most importantly – will make an impact. Thank you very much! 2  BIS central bankers’ speeches
It will be good for the euro, because it will help to repair our monetary policy transmission mechanism. In other words, it will ensure that the ECB’s low interest rates will be effectively passed on to those countries that probably need them most. It will be good for the internal market, because it will be of help to reverse the significant financial fragmentation that we have seen so far. And it will be good for the recovery, as banks will be put on a stronger footing, confidence will be improved, and ultimately credit will start to flow again to enterprises on affordable terms. But what are the necessary elements of a banking union? To our mind, two elements are indispensable: a Single Supervisory Mechanism (SSM) and a Single Resolution Mechanism (SRM). Furthermore, it is important to have a single rulebook and the implementation of the Capital Requirements Directive and Regulation IV is key in this respect. A single European deposit insurance is not top on the regulatory agenda today and it may be tackled in the long term only. In fact, the Bank Recovery and Resolution Directive (BRRD) and its liability cascade makes it clear that deposits will come in only at the very end in bank resolution and thus the need for a single deposit insurance scheme is less urgent and a better harmonisation could suffice at present. Let me start with the Single Supervisory Mechanism.

Dimitar Radev: Assessment of the banking system in Bulgaria Statement by Mr Dimitar Radev, Governor of the Bulgarian National Bank, on the occasion of the completion of the asset quality review and stress test of the banks in Bulgaria, 11 August 2016. *  *  *  Today the Governing Council of the Bulgarian National Bank adopted the results of the asset quality review and stress test of the banks, as summarized by the international professional services company Deloitte. The main objective of the review was to present a thorough and independent assessment of the banks and the banking system as a whole. In its scale the exercise was unprecedented in the Bulgarian banking history and engaged more than 900 experts, including experts from the most reputable international audit firms, which acted under the direction of the BNB. The detailed results for each individual bank and the system as a whole will be announced at 1 PM on Saturday as per the formerly communicated announcement date. Following the announcement, the Bulgarian National Bank will be ready to address any specific questions related to the results. The asset quality review and stress test were mandated to the Bulgarian National Bank by law and they stem from the Government’s National Reform Programme. On that ground, I have presented the report on the outcomes to the Finance Minister and on Monday I will submit it to the National Assembly.
The big trends in technology affecting finance What are the big trends in technology affecting the financial industry? Let me cite six technologies that appear potentially transformative: •  digital and mobile payments  •  authentication and biometrics  •  block chains and distributed ledgers  •  cloud computing  •  big data  •  learning machines  First, mobile and digital payments. Payment services are increasingly being enabled by mobile applications and near-field communications (NFC). •  Gone are the days of the clunky cash register. •  Today, accepting payments can be as simple as attaching a small dongle, no bigger than a matchbox, to a tablet or smartphone. This is only the beginning. •  Payments at stores and restaurants may increasingly not even require physical touch points, and could take place entirely over the Internet, using the customer’s smart device to effect payments. •  Further out, we can look to a future of seamless payments, where technology automatically recognises the customer, checks out the goods, and charges to the customer’s account as he walks out of the store. Second, authentication and biometrics. Authenticating one’s identity is critical to gaining access to a variety of financial services and performing many financial transactions. As authentication technology progresses, we can look forward to more secure and efficient solutions to authenticate identity. Biometric authentication is making good advances.

In principle, that should promote greater and more efficient sharing and spreading of risk across the financial system. In essence, the recession which followed the financial crisis demonstrated how much the real economy depends on an efficient, functioning financial system. Financial innovation is a continuous process, and there are many examples of either new products or rapid growth in fashionable markets during the past few years. For example during 2010, there were significant developments in bank funding instruments such as putable CDs and evergreen repos.11 These products offer higher returns to investors compared with more conventional instruments, and also improve banks’ ability to meet new regulatory rules. There has also been an increase in the prevalence of long-term collateral upgrade trades where, for example, a real money investor lends a bank gilts against less liquid but higher yielding assets. Those repo transactions help the real money investor achieve a higher return, while banks build up their liquid asset buffers and fund their less liquid collateral. In that regard, these repo transactions look quite similar to a private sector version of the SLS. Where appropriate, such transactions can both improve the returns to pension funds and support lending to the real economy. Of course, the authorities need to monitor the extent to which these transactions strengthen the links between the banking and insurance sectors.
In this case, the use of macroprudential instruments might not be needed in the direction of tightening, as domestic credit expansion will weaken. Distinguished guests, I would like to underscore once more that as the Central Bank, our primary objective is to achieve and maintain price stability, and that as stipulated by Article 4 of the CBRT Law, we are responsible for “taking precautions for enhancing the stability in the financial system and taking regulatory measures with respect to money and foreign exchange markets”. Therefore, we will continue to act with due diligence in terms of financial stability in the upcoming period as well. However, the Central Bank is not the only entity in charge of financial stability. Other public authorities such as the Ministry of Finance, Undersecretariat of Treasury, Capital Markets Board of Turkey, and primarily the Banking Regulation and Supervision Agency, also have significant authority and policy instruments in this regard. It is essential that in the period we are going through, all policy instruments in hand should be deployed in a coordinated manner for the establishment of a sounder and more stable financial structure. To close my remarks, I would once again like to thank everyone who has contributed to the organization of this event. 4  BIS Review 174/2010

These different parts of the Islamic financial system not only facilitates the issuance and the distribution of the papers but also creates a strong demand for sukuk by providing a broad investor base. There is also a variety of Islamic instruments in the sukuk market in Malaysia that includes currency swaps and Islamic forward contracts available to facilitate hedging and other risk management activities. The Malaysian Sukuk market, is also supported by appropriate rules and regulations, and by the pool of experienced global and domestic players as well as the legal and accounting professionals including legal and tax consultancy, as well as documentation in the issuance and trading exercise. In promoting Malaysia as an International Islamic Financial Centre (MIFC) we aim to develop Malaysia into a centre for the origination, distribution and trading of sukuks to provide further impetus to the development of an increasingly vibrant and progressive bond market in Malaysia as well as in the Asian region. This would reinforce the international dimension of the sukuk market in Malaysia by providing linkages with international issuers and investors. To deepen and widen the bond and sukuk markets, Malaysia has further liberalised the foreign exchange administration rules to allow multilateral financial institutions, multinational  2  BIS Review 88/2007  and other national corporations to issue both ringgit and non-ringgit denominated instruments in our capital market.
There is a lot of policy tightening still in the pipeline. [2] Given this, when taking its decisions the MPC needs to be forward-looking in assessing inflationary pressures. That is why we put emphasis on inflation forecasts, both in our analysis of the economic situation and in our communication of policy decisions and their rationale to financial markets and the public. [3] The MPC needs to calibrate its monetary policy actions such that they have the appropriate impact on inflation as the lags in transmission unwind. In doing so, the MPC must recognise and quantify how much of the effect of its previous policy decisions still has to come through. All the while, the MPC needs to recognise the uncertainties it faces. As the American baseball player turned philosopher Yogi Berra famously said: “It is difficult to make forecasts – especially about the future”. New shocks to the economy can always happen (as my own experience on the MPC over the past 18 months amply demonstrates). And how previous disturbances to the economy ultimately affect inflation is itself unclear. This uncertainty is why the MPC has always emphasised the risks around its central forecasts. Famously, the MPC has presented its forecasts in the form of gradated fan charts, rather than as simple paths for the modal outlook. [4] As recent experience demonstrates, MPC communication has emphasised the skews and risks around the central projection as much as the central projection itself.

Converting the ‘wicked problem’ into a ‘puzzle’ appears to make resolution more achievable and likely, but potentially at the risk of missing a key aspect of what makes the underlying problem so challenging. On the MPC, we are focused on returning CPI inflation to the 2% target in line with our remit. Given our mandate, that is what we should, have to and are doing. In parallel, we need to recognise that returning inflation to target is not the end of the story. We have to keep it there on a lasting and sustained basis. Even if we return to more benign times in the coming years, the Bank of England will still need to make investments in human, analytical, technological and institutional capital to ensure it has the capacity and capability to meet its price stability mandate. And on the basis of those investments, it will need to ensure that shocks that create either inflationary or disinflationary pressures in the future are met with policy responses that support price stability. Many of you are studying economics (or related disciplines) here at Warwick. At the Bank, we are always seeking smart and dedicated recruits that want to contribute to our work. Even after the MPC has brought CPI inflation back to 2% – as I am sure it will – you can be sure that there will still be plenty of interesting and important work for you to do at the Bank if we succeed in attracting you to Threadneedle Street.
To this end, the functions of the Asian office have evolved and expanded over time – from organisation of meetings and seminars to conducting research, to providing dealing and banking services. And the office has grown from a start-up staff of six to its current 33. We are celebrating this occasion in this lovely restaurant above the Star Ferry – which is an icon in Hong Kong and a symbol of quality and value-for-money service. The BIS Asian office is also a "STAR" entity. The word "STAR" has been chosen carefully and with good reason – each letter of the word symbolises and embodies the excellence of BIS' activities: S:  Surveillance – The Asian office is clearly a star performer in its surveillance work on regional economic and financial developments. This is self-evident from reading the background notes prepared on the region for various BIS and regional central bank meetings. T:  Topical studies and research – The Asian office, with its pool of economists and financial experts, is well placed to conduct research. Under the auspices of the Asian research programme initiated in 2006, many topics that are of interest and relevance to Asian central banks have been, and continue to be, explored and developed. The BIS has made important contributions in this area, with its research providing useful information and insight for policymakers in the region.

Peter Pang: The 10th anniversary of the BIS Representative Office for Asia and the Pacific Remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, to a reception for the 10th Anniversary of the BIS Representative Office for Asia and the Pacific, Hong Kong, 7 July 2008. *  *  *  Mr Hannoun, Distinguished Guests, Ladies and Gentlemen, It gives me great pleasure to celebrate with you this evening the 10th anniversary of the BIS Representative Office for Asia and the Pacific. Ten years is a long time. Long enough for us to see the robust recovery of the Asian economies following the 1997 financial crisis. Long enough to see China catapult onto the world stage and its emergence as a global economic powerhouse. Long enough for oil prices to rise 11-fold from $ a barrel in 1998 to $ a barrel now. And it is long enough for terms like Google, eBay, Facebook and MySpace to move from being the preserve of computer geeks to the mainstream. I am sure you all have your own stories to tell about these past ten years. It was also 10 years ago that the BIS made the important decision to set up its first overseas office in the Asia-Pacific region, and to strategically locate it in Hong Kong. This put the BIS at the right place, and at the right time, to meet the growing needs of Asia.
If the link between short-term interest rates and economic growth is reasonably clear, at least during stable monetary regimes, the cyclicality of longer-term bond yields is less so. In the data they’re essentially acyclical (none of the orange bars in Chart 5 is statistically distinguishable from zero). Nor is there any empirical correlation between bond yields and the level of government debt (Chart 6). Chart 5: No significant correlation between economic growth and changes in long-term bond yields  Based on GDP growth smoothed over 2-year periods, and changes in Bank Rate and consols / long-term government bond yields over 2 years. Sources: Thomas and Dimsdale (2017), Klovland (1994), Capie and Webber (1985), ONS, DMO, Bank of England, and Bank calculations. Chart 6: No relationship in long-term UK data between level and cost of government debt  Sources: Thomas and Dimsdale (2017), Capie and Webber (1985), Neal (1990), Klovland (1994), Odlyzko (2014), ONS, DMO and Bank of England. I don’t think we should be terribly surprised by this. As far as the link with economic growth is concerned, we should remember that bonds are long-term assets. Their yields will therefore depend more on expectations about how the economy behaves over the future than on what’s happening to growth right now. There may have been specific instances, when such things can be isolated in the data, in which positive demand shocks pushed up bond yields. Using the same pre-WWI British data, Barro (1987) finds that wartime spending by the government was associated with higher long-term interest rates.

5  I say “to a degree” because the constraint wasn’t fully binding. Sterling was devalued in 1967, even before Bretton Woods started to break down. 5  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  5  First, the fiscal position is not, on its own, a reliable predictor of inflation. The prevailing institutional arrangements, and in particular the integrity of the monetary regime, matter at least as much. It’s hard to say whether the UK government’s concern about its financial position was in any sense a cause of the inflation of the 1970s and early 1980s. There were probably many contributing factors. But it’s surely at least as relevant that there was no fixed nominal anchor guiding monetary policy and no independent authority setting it. Also relevant is the cause of the increase in government debt. In wartime, debt goes up because the government is spending significant sums on actual goods and services, thereby putting significant pressure on economic resources. It buys more stuff and employs more people. All else equal, this is inflationary. It often requires real interest rates to rise, in order to “crowd out” spending by the private sector and its demand for those same resources. After the financial crisis, by contrast, debt rose not because government spending on goods and services went up but because, in the face of a sharp downturn in private-sector demand, tax receipts collapsed. The downturn in aggregate demand, actual and expected, depressed the appropriate level of real interest rates and bond yields.
This change has been prompted notably by the new information and communication technologies and by the realisation that the spread in Europe of pre-inflationary bottlenecks is, in itself, an obstacle to growth that is robust and sustainable because it is non-inflationary. To entrench this change in attitude, our strategy should move in three directions to:  5  BIS Review 115/2000  •  ease the constraints on labour. Some 53% of companies currently report that they are facing serious recruitment difficulties, notwithstanding the 9.4% unemployment rate. It is therefore necessary to step up the education, training and integration of people hitherto excluded from the workforce. Companies in particular must increase their efforts. As the Monetary Policy Council has been recommending for the past three years, a more extensive use of overtime should be accepted, especially in sectors where there is a labour shortage. More generally, the increase in Europe’s employment rate from the current 61% to 70% in ten years’ time, an objective which was confirmed by the European Council meeting in Nice and which aims at expanding the available workforce, is particularly timely and reveals a profound change in attitude;  •  invest massively and loosen the constraints on capital. Investment is essential in our economy in which the capacity utilisation rate is currently at a historic high, and where an increasing proportion of companies—41% today, as opposed to 30% at the end of 1999—are experiencing production bottlenecks.

Our regulators agreed to enhance information sharing and cross-border supervision of futures exchanges and intermediaries, as well as the substantive areas for cooperation in supervising exchange-trade derivatives. A MOU on staff exchange was also signed. c . Just two weeks ago, Chinese Premier Li Keqiang visited Singapore for the 33rd ASEAN Summit and related meetings. A key outcome of the visit was the signing of the Protocol to Upgrade the China-Singapore Free Trade Agreement (“CSFTA”). As part of the visit, MAS signed a FinTech Cooperation Agreement with the People’s Bank of China (“PBC”), and a MOU for the Cooperation and Exchange of Information on Regulation of Derivative Activities with CSRC. 3 To celebrate the success of China-Singapore financial cooperation over the last five  years and to tie-in with the commemoration of China’s 40 years of reform and opening up, we will be releasing an infographic during my visit here in Shanghai. This is a reflection of the close bonds with our partners in China, which MAS greatly values. In the next five years, we look forward to broader and deeper financial cooperation with China, reaching more milestones in a range of areas including Belt and Road collaboration, capital markets connectivity,  RMB internationalisation, and FinTech cooperation. 1/5  BIS central bankers' speeches  Singapore – Shanghai Economic Relations  Against this backdrop, we expect Shanghai-Singapore cooperation to grow from strength to strength, building on the strong economic and financial relations between both cities. 4  a .