samchain/econo-pairs-v1 huggingface dataset:
Fortunately for us, the concerted efforts of many statesman-like leaders and other far thinking persons who served in respected international organizations, that danger was averted. Nevertheless the world paid a huge price for that terrible experience. But, today in a different way, the world faces another destructive force of terrorism, which is almost as debilitating as the horrible world wars of the past century. As a result, from the world’s advanced economies to the lesser developed economies, many countries have to face some aspect of terrorism; directly or indirectly. These evil forces, if not eliminated, will soon hamper the global economic growth in many ways. It will destroy physical and human capital. It will weaken infrastructure development and institution building. It will force governments to divert more and more resources to national security and terrorism prevention. It will result in reduced resources that can be channeled to developmental efforts. In that context when we are focusing on sustainable growth, the ill-effects of terrorism must also be clearly identified and we must all take, as well as support, the necessary steps to deal with this threat, both politically and militarily; both locally and internationally; both directly and indirectly; both individually and collectively. The ever increasing oil and energy prices is another serious concern for all economic planners. International prices of oil, as we all know, has increased five-fold during the last 6 years. As the world bravely adjusts daily to these unconscionable and wild increases, the oil producers enjoy the unprecedented gains.

While this may not change dramatically in the very short term, we cannot preclude a significant share of bank revenues being eroded by new entrants into the financial sector. We are already seeing this in the retail lending and payment segments of the market. FinTech will most likely change our banking landscape as the public at large becomes more predisposed to the use of technology. The intermediation role of banks may totally change, and may no longer be the sole domain of the banking industry. So it is in the banks’ interest that any public disillusionment with banks be addressed preemptively. The role of compliance is very much a part of this conversation. It has to be, since the compliance function exists not only to ensure that rules are followed by banks. It can be used to 3/5  BIS central bankers' speeches  maintain public trust and to shape the cultural norms and values for an organisation. The compliance function complements enforcement and supervisory actions in upholding the sanctity of rules that safeguard public interests. Bank Negara Malaysia will continue to take strong enforcement actions against institutions with significant lapses in controls that might lead to risks in the financial system. We recognise that compliance is not an easy task. It is not possible to police every minute detail of a bank’s operations. Hence, a key priority should be to foster a culture of compliance within the inherent norms and values of an organisation.
My focus tonight will be on money: money as a social  1  Letter to David Hume, 7 June 1767, in The Correspondence of Adam Smith, Glasgow Edition of the Works of Adam Smith, 2nd Edition, p.125. 2  Viner, J (1927), “Adam Smith and Laissez Faire”, Journal of Political Economy, 35 No.2, p207. 3  There are, of course, many private institutions, such as companies, charities and universities. But in this lecture I shall be concerned only with social institutions that relate to collective decisions. BIS Review 102/2006  1  institution that, in the words of Joel Gray in the 1972 film of Cabaret, makes the world go round. And I shall try to relate the origins of money as a social institution to the role of the Monetary Policy Committee today. Let me begin, though, with Adam Smith himself. Despite a rather solitary life, much of it here in Kirkcaldy, and shunning invitations to join friends in Edinburgh, let alone London, he wrote two great works – The Theory of Moral Sentiments and An Inquiry into the Nature and Causes of the Wealth of Nations – that owe much to careful observation of the world and contain numerous practical examples of how industry and society worked. They are no dry academic treatises but commentaries on the world around him. They contain many insights, two of which are particularly relevant to my theme.

Anita Angelovska Bezhoska: The Republic of Macedonia has accessed the highest statistical data dissemination standard of the IMF - SDDS Plus Address by Ms Anita Angelovska Bezhoska, Governor of the National Bank of the Republic of Macedonia, at the event marking the adherence of the Republic of Macedonia to the IMF’s Special Data Dissemination Standard (SDDS) Plus, Skopje, 1 February 2019. * * * Dear ladies and gentlemen,  It is my great pleasure that the idea which at the national level was initiated by the National Bank of the Republic of Macedonia several years ago, and accepted and actively supported by the State Statistical Office and the Ministry of Finance, today is already a reality. On 28 January this year, the Republic of Macedonia officially became a member of the highest statistical standard of the International Monetary Fund – SDDS Plus. We have jointly succeeded our country to become part of an international data dissemination initiative, which so far included only seventeen countries, including the United States, Canada, France, Germany, Austria, Italy, Sweden, Japan... The Republic of Macedonia is the eighteenth country in the world, the second from Southeast Europe, and the first among the countries of the region that are still not members of the European Union. This successful project is a clear confirmation of the commitment of the three institutions for the continuous upgrading of national statistics and their harmonization with the latest, highest international statistical standards. What actually does this standard represent?
The challenges ahead It is clear from the foregoing review of events that at a time like the present we cannot become complacent because there is still a long path ahead. In the banking sector, it is necessary to complete the process of recapitalisation and adoption of new organisational structures envisaged in the February Royal Decree-Law. The Royal Decree-Law, which increases the capital requirements of Spanish banks, also promotes the raising of private capital and sets the timetable for recapitalisation of the banks that fail to reach the levels of capital required by the new legislation. Of the 114 groups or individual institutions (commercial banks, savings banks and credit cooperatives) that the Banco de España examined pursuant to the Royal Decree-Law, in more than 100 cases it concluded that there was no need for more capital. Accordingly, the great majority of Spanish institutions satisfied these exacting requirements. In twelve cases it was determined that additional contributions of capital were necessary to comply with the provisions of the new legislation. In one of these projects, the institutions that make it up have decided to go their separate ways, while in the other eleven cases there have been no incidents of note to date. Therefore, the Banco de España will probably have to analyse thirteen rather than twelve recapitalisation plans. Last week the banks submitted their strategies for complying with the new capitalisation requirements.

As is well known, Spain’s current system for valuing assets is highly demanding, both in terms of the criteria for classifying assets as troubled and in terms of provisioning and write-downs. One example would be the treatment of savings banks’ exposure to the construction and real-estate development sector. The total amount of this exposure is € billion, of which 28 billion (13%) is made up of doubtful assets. That said, the requirements of the Banco de España force the banks to also record as potentially troubled investments, and make the necessary provisions for, assets acquired in payment of debt, as well as standard loans under surveillance owing to some observed weakness, even if payments are up to date. As a result of these rigorous asset classification criteria, as at 31 December 2010 savings banks were obliged to recognise € billion of potentially troubled lending to construction and property development, i.e. 46% of their total loans and receivables in this sector. This gives an idea of the transparency efforts made, which have been far beyond those required in other parts of the world. Accumulated specific loan loss provisions represent 31% of these “extended” troubled assets, and if we add the general provisions this percentage reaches 38%.
However, with weaker economic activity abroad and at the same time continued high and broad inflationary pressures, it is important to be prepared for the tightening to be severely felt by many households and companies. High inflation and, at the same time, ever higher interest rates on mortgage loans, consumer credit and corporate finance will be tough for many households and companies, not least those with small margins. But, we cannot allow inflation to become entrenched at high levels. By raising the interest rate now, we will bring inflation down again. This is our mandate from the Swedish Parliament; low and stable inflation will result in better economic development for all. The frameworks we have built are worth defending, but we have built up vulnerabilities that we need to manage. Today, I would particularly like to highlight the question of investments: How can we ensure sufficient investment to build longterm resilience without further increasing household and corporate indebtedness? Does the fiscal policy framework contribute to a lack of investment in defence, infrastructure, education and climate transition? Can it be reformed so that we maintain budgetary discipline but at the same time open up for long-term investment that will improve the functioning of the economy, which also helps alleviate inflationary pressures by reducing supply side problems. 14 [16]  The Riksbank will act to bring inflation back to the target. But, monetary policy is affected by the functioning of the fiscal policy framework and the labour market.

The main policy measures under the programme included the following: •  Privatisation;  •  Decontrol of prices;  •  Decontrol of interest rates;  •  Abolition of exchange controls and a movement to a market-determined exchange rate regime;  •  A shift to the use of indirect instruments of monetary policy;  •  Introduction of Government securities auctions;  •  Establishment of an inter-bank money market;  •  Modernisation of the national payments system;  2  BIS Review 5/2005  •  Strengthening of the legal framework; and  •  Establishment of a stock exchange. Ladies and Gentlemen After a new Government came to power in 1991, its priorities were to restore economic growth through market-based stabilisation policies and promotion of the private sector as a prime-mover of the economy. Consequently, the economy was liberalised, giving market forces a greater role in the allocation of resources. Prices were decontrolled, while subsidies on all consumer items were removed. In addition, the Government embarked on a privatisation programme, whose objectives were to: (a)  Improve efficiency and service delivery in the economy;  (b)  Inject fresh capital and entrepreneurial skills given the ailing nature of the state owned enterprises (SOEs);  (c)  Secure, on a sustainable basis, employment in the privatized companies;  (d)  Enhance the companies’ revenue contribution to the Government budget; and  (e)  Overall, increase the private sector’s contribution to economic growth and, ultimately, poverty reduction.
Andrew G Haldane: Central bank psychology Speech by Mr Andrew G Haldane, Executive Director and Chief Economist of the Bank of England, at the “Leadership: stress and hubris conference”, hosted by the Royal Society of Medicine, London, 17 November 2014. *  *  *  The views are not necessarily those of the Bank of England or the Monetary Policy Committee. I would like in particular to thank Rashmi Harimohan, Jeremy Franklin, Michael McMahon and Nick Mclaren for assistance in preparing the text. I would also like to thank John Barrdear, Rob Elder, Bob Gilhooly, Chris Hackworth, Jeremy Harrison and Gareth Ramsay for their comments and contributions. 13 September 2007 will be seen as a red letter day in financial history. It was the date news broke of Northern Rock seeking emergency liquidity from the Bank of England, prompting the first run on a UK bank in over a century. It also fired the starting gun on what subsequently became known as “The Great Recession”. That very day, the Bank hosted a conference. In a painful irony, its theme was “The Great Moderation”. The Great Moderation described the long-period of pre-crisis macro-economic calm, with stable growth, stable inflation and stable banks. 1 This view held that central banks, while not eliminating boom and bust, had moderated macro-economic undulations. It also held that financial innovation, while not eliminating risk, had scattered it to the four winds. As Great Recession abruptly replaced Great Moderation, it was clear a grave analytical and policy error had been made.

13  All speeches are available online at www.bankofengland.co.uk/news/speeches  13  Table 2: Statements of Commitment to the FX Global Code by 30 largest asset managers  Firm  Assets Under Management $  SoC on public register, or have otherwise informed the Bank of England  1  Blackrock  6,060    2  Vanguard Asset Management  4,663    3  State Street Global Advisors  2,641    4  Fidelity Investments  2,284    5  BNY Mellon Investment Management  1,808    6  Capital Group  1,715    7  J.P. Morgan Asset Management  1,677    8  PIMCO  1,667    9  Amundi  1,626    10  Prudential Financial  1,323    11  Legal & General Investment Management  1,263    12  Goldman Sachs Asset Management  1,224    13  Wellington Management International  1,026    14  Natixis Investment Managers  947    15  T. Rowe Price  941    16  Nuveen  923    17  Northern Trust Asset Management  913    18  Invesco  890    19  AXA Investment Managers  850    20  DWS (Deutsche Asset Management)  800    21  Affiliated Managers Group  794    22  UBS Asset Management  756    23  Insight Investment  751    24  Sumitomo Mitsui Trust Bank  748    25  Aberdeen Standard Investments  739    26  Legg Mason  733    27  Franklin Templeton Investments  716    28  BNP Paribas Asset Management France  649    29  Mitsubishi UFJ Trust and Banking  611    30  Allianz Global Investors  568    Source: Firm AUM rankings from IPE’s ‘Top 400 Asset Managers 2018’, https://www.ipe.com/Uploads/k/x/x/Top-400-Ranking.pdf.
Figure 13: Crude Oil (Brent) (USD/Barrel) 150  Crude Oil  130  110  90  70  07.08  05.08  03.08  01.08  11.07  09.07  07.07  05.07  03.07  01.07  50  Source: Bloomberg. 10  BIS Review 100/2008  Members of the Press and Dear Guests, Our revised forecasts envisage slightly higher food inflation in 2008 and 2009 compared to the April Inflation Report. Although unprocessed food prices followed a relatively favorable course, processed food inflation is likely to stay at high levels for while, given the elevated course of agricultural commodity prices. Against this backdrop, we have raised the assumptions for food inflation from 13 percent to 14 percent for the year 2008, and from 8 percent to 9 percent for the year 2009. These changes have led to an upward revision in our inflation forecasts by about 30 basis points, for both 2008 and 2009. The projections envisage gradually moderating food inflation throughout the forecast horizon. In this context, assumption for 2010 food inflation is 7 percent. According to the framework drawn so far, we now forecast inflation to be around 10.6 percent at the end of 2008. Under the assumption of a limited tightening towards the end of 2008, our medium term forecasts suggest that, with 70 percent probability, inflation will be between 5.9 and 9.3 percent (mid-point 7.6) at the end of 2009, and between 4 percent and 7.8 percent (mid-point 5.9) at the end of 2010 (Figure 14).

In the second quarter of 2008, core inflation indicators also showed an upward trend. The rise in core inflation in the second quarter should be viewed as a temporary movement arising from the exchange rate pass-through, rather than deterioration in the general price setting behavior. Ongoing difficulties in global credit markets coupled with domestic uncertainties have led to a depreciation of Turkish Lira vis-à-vis major currencies in the first four months of the year. As a consequence, first round effects of exchange rate pass-through  BIS Review 100/2008  3  have been significant on the headline inflation as well as on core inflation figures during the March-May period. Yet, the recent rebound in Turkish lira and weakening domestic demand has limited the overall pass-through and consequently core inflation showed signs of easing in June. Currently, annual rate of increase in CPI excluding food, energy, tobacco and gold items stands at 6.4 percent, confirming that the inflation can be mostly attributed to factors beyond the control of the Central Bank of Turkey (Figure 5). Figure 5: Main Inflation Indicators and Policy Rates 18  18  16  16  14  14  Policy Rate H  12  12  I  06.08  03.08  12.07  09.07  4 06.07  4 03.07  6  12.06  6  09.06  8  06.06  8  03.06  10  12.05  10  H: CPI excluding unprocessed food, energy, alcoholic beverages, tobacco, and gold. I: H excluding processed food.
We are not out of firepower by any means, and to be honest it looks from today’s vantage point that we were too cautious about our remaining firepower pre-Covid. But, hindsight is a wonderful thing when you have it. In the decade ahead, I think we need to take on board the message the Covid crisis has reiterated, namely that our tools may be state contingent in their effects. And with that in mind, let’s not ignore the need to manage central bank balance sheets to enable such state contingency to take effect. There are times when we need to go big and go fast. Thank you. 6  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  6

Moreover, however, unemployment in Spain has historically shown very marked cyclical changes: in episodes of crisis, the unemployment rate has easily exceeded 20%. This means that each recession expulses extensive groups of workers from the market, particularly those with less work experience, low skills and, generally, those on temporary contracts and, therefore, with a lower degree of protection. True, the marked temporary employment ratio in the Spanish labour market shows its most damaging effects in periods of crisis. But it also has adverse economic effects in expansionary phases (e.g. in terms of firms’ and workers’ human capital investment decisions). In addition, insofar as the temporary employment ratio is essentially affecting the young, whose unemployment rate is very high, this Spanish labour market shortcoming also influences key decisions in people’s life cycle such as those relating to household formation. For all these reasons, reducing the high duality of our labour market is, in my view, an inescapable objective. Thus, employment protection mechanisms should be reviewed under the prism of squaring employee protection with flexibility needs, but, above all, with the aim of achieving a fairer distribution of protection among workers with a different contract status. We should also recall how, before the current crisis, almost 43% of the unemployed had been seeking a job for more than a year and that around 30% had been looking for more than two years.
At the heart of such thinking must be the view that the banking system exists to provide financial intermediation in support of the larger economy: it cannot be some abstracted, disembodied realm of activity in which intermediaries compete with each other to dream up ever more complicated ways of making a fast profit. But such thinking should not rule out innovation, as long as the objectives are clear: and the main objectives should be to serve activities in the greater economy, to increase the efficiency of the financial system without sacrificing its safety. This leads to my fourth and final observation. We have many examples of such innovation in Hong Kong to draw upon, but there is one that is particularly appropriate on this evening of reminiscences. I refer to the introduction of renminbi business into banks in Hong Kong – a development which seemed revolutionary at the time, but which now seems a very normal activity. It had small beginnings and is a gradual, cautious process: there is, of course, scope for much further growth and development. This innovation has clear practical uses in facilitating economic relations between Hong Kong and the Mainland, in reinforcing Hong Kong's role as an international financial centre, and in supporting the liberalisation of China's financial system. How many of us here, I wonder, recall that the idea of developing renminbi business in Hong Kong was first broached in 2001, during one of the Annual HKAB visits to the Mainland which I had the privilege of joining?

The Bank has put in place a structured, holistic and collaborative Scholars’ Development Programme to support all of our scholars throughout their studies. The programme aims to develop high-quality and well-rounded scholars with leadership qualities that will be the next generation of young talent who will be the leaders of tomorrow for the Bank and our nation. With regard to the achievement of our scholars enrolled in top university, I am glad to share with you that this year 3 of our scholarship holders will be entering the University of Pennsylvania to pursue their undergraduate studies in Economics and Finance, 1 scholar to pursue Engineering at the University of Cambridge and another scholar to pursue Philosophy, Politics and Economics at the University of Oxford. We wish all our scholars the best and to make the Bank proud of your excellence. BIS central bankers’ speeches  1