samchain/econo-pairs-v1 huggingface dataset:
The positive outcomes led to an increase in the current account surplus to Rls 338 billion in 2005 in comparison with a surplus of Rls 195 billion in the preceding year. In keeping with these developments, the money stock increased by 11.6 percent. These economic developments took place in an environment marked by stability in domestic prices. The cost of living index increased by less than 1 percent during 2005. It is expected that the positive results of the economy would continue at the same levels in this year, God willing. Custodian of the Two Holy Mosques, These positive economic developments were achieved in spite of surrounding challenges, internal or external. The composition of the Kingdom's population represents the most prominent challenge. The Saudi youth group (male and female), younger than 30 years, exceeds 60 percent of the Saudi population which entails continued extensive efforts to build Saudi nationals in scientific, health and intellectual terms to carry out their future development role in the best manner. Your direct attention to satisfy the current and future needs of the country and citizens has been embodied by Your directives providing for using a portion of the additional revenues realized due to  BIS Review 111/2006  1  improved fiscal balance in vital areas, at the top of which is the development of human resources as being the first pivot and ultimate goal of development.

Undoubtedly, since the unification of our country by His Majesty King Abdulaziz, May God bless him, it has been witnessing stability, thanks to God. However, the enactment of the Homage System will impart further stability in accordance with a clear institutional system, The Kingdom's fundamentals of governance will also be enforced, and this will be positively reflected upon the security and welfare of our Homeland. Custodian of the Two Holy Mosques, At present, we feel and reap the fruits of your efforts in the Supreme Economic Council in the field of regulating and restructuring all sectors of the national economy. Since the foundation of the Council in 1999 (1420H), the national economy has recorded an average annual real growth rate of 4.2 percent, exceeding population growth rate of 2.5 percent. The private sector recorded a continuous growth during the last six years and its average annual real growth amounted to 4.6 percent. In 2005, the Saudi economy continued achieving distinguished results that exceeded the average annual real growth of that period. Gross domestic product (GDP) grew by 6.5 percent as compared to a growth of 5.3 percent in the preceding year; the real domestic product of the private sector and government sector grew by 6.6 percent and 7.2 percent respectively. The State budget registered a surplus for the third consecutive year amounting to Rls 218 billion, with a wise expansion in the public expenditure, apart from what has been allocated to repay a notable amount of the public debt.
We are already in discussions with international organisations such as the International Finance Corporation on how to leverage their expertise on this. 18. Apart from these three initiatives, the HKMA helped to issue Hong Kong Government’s inaugural $ billion, 5-year green bond under the Government Green Bond Programme earlier in May. (i) We have seen strong demand for this issuance, attracting orders exceeding $ billion, allowing the green bond to be priced at a tight spread against the US Treasury at issuance. The issuance has helped to set an important new benchmark for potential green bond issuers in Hong Kong and the region. (ii) The deal has attracted interests from a diverse group of conventional and green investors. Orders were received from over 100 global institutional investors, and 50% of the Green Bond was distributed to Asia, 27% to Europe and 23% to the United States. By investor type, 29% was distributed to banks, 30% to fund managers, private banks and insurance companies, and 41% to sovereign wealth funds, central banks and supranationals. Based on some rough calculations by our Joint Global Coordinators, about half of the investors participating in our deal could be loosely defined as “green investors”. 19.

It is hoped that the discussions during the forum will assist in gathering a consensus on the viability of such an initiative where efforts and resources involved may be substantial. Indeed, it should be noted that there is certainly potential in the development of this shared platform, where combined resources and expertise would foster greater efficiency and provide fresh impetus for a more meaningful and far-reaching development of Islamic finance in the international stage. The prospects of such pioneering works with the possibility of international appeal, if successful, would certainly be exciting. Ladies and gentlemen, SSO, at first sight, seems very much the domain of large global players – where opportunities for significant cost arbitrage involved in, say, the relocation of call centres from the UK to Malaysia seem to be very compelling and obvious options. Understandably, the issue of SSO is tread very cautiously by the smaller and boutique players in the industry. Where bottom lines are concerned, an institution's Board may find little appeal in the proposition of outsourcing where the cost-savings involved may seem minimal. However, there are many rewards to be reaped by an institution's successful execution and maintenance of SSO arrangements and a reduction in operating costs may only form part of the picture. The outsourcing of back office operations, say, allows institutions to accord greater focus on their core competencies and core businesses such as the execution of growth strategies or capturing market share.
I trust that it will provide an incentive to internalise the system-wide dimension in the industry’s own risk models and stress-testing. Ladies and gentlemen, less than two years after the publication of the de Larosière report, Europe will have its own macro-prudential authority up and running. This is a remarkable achievement. We are now moving from designing the framework to implementing it. We have to make the enhanced resilience of the financial system our highest priority. I thank you for your attention. 4  BIS Review 156/2010

Therefore, AFI has an important role in leading the way in gathering examples of best practices based on specific country experience, in the area of financial inclusion and its relation to financial stability and consumer protection objectives. AFI is therefore also a key platform that brings together policymakers, financial service providers, telecommunication and technology industries to have greater awareness on the trends that can support the advancement of financial inclusion. Additionally, AFI’s engagement with international organisations is also key given the implications of their initiatives on financial inclusion. Conclusion Let me conclude. There is now greater appreciation that the level and quality of financial inclusion will have a significant impact on the prospect for balanced and sustainable growth. AFI has demonstrated its important role in leading the way for greater financial inclusion in the world economy. AFI is unique because its membership covers practitioners from developing and emerging economies, who can share approaches that can be customised to a respective country’s unique circumstances. We begin this two day global policy forum, with our vision firmly focussed on our long-term goal of universal access to quality financial services which will provide our communities with the chance to change. This Global Forum and AFI provides an unparalleled opportunity that brings together strategy, knowledge, expertise and best practices from across the AFI membership. This provides us with the real potential to make a difference in financial and economic inclusion and thus with the potential to transform lives. Thank you. 4  BIS central bankers’ speeches
A concluding reflection on the Riksbank’s communication Let me, before I go on to discuss the recent developments in the financial markets, conclude my discussion of the Riksbank’s communication with a reflection. The fundamental purpose of the changes we have made in our communication is that we shall become even more open and clear with regard to what we do and how we think. But at the same time the changes – particularly our own interest rate path – mean that we have stuck our necks out and opened ourselves up to criticism in a different way than before. We no longer describe our policy in the form of a simple – albeit perhaps slightly misleading – policy rule, but show a more composite picture; the way it looks to us when we make our decisions. The publication of our own interest rate path also means that it has become clearer than before when we reconsider our views of what policy will be appropriate in the future and when our views differ from those of the market. It is therefore perhaps not so surprising that some debate has arisen. But to refrain from making changes that we consider to be necessary because we run the risk of being criticised is not a good strategy. I am convinced that the best method of conducting monetary policy in the long term is to describe as openly and honestly as possible how we are acting and reasoning.

I do not believe that it would have been possible to build up confidence in the price stability target as quickly as we did if we had not been as open as we were regarding our work and our decisions. •  Secondly, openness and clarity are currently an important part of monetary policy in itself. You could say they are one of the tools in our toolbox. So what do I mean by this? There is a relationship between interest rates with different durations. And expectations of short-term interest rates, which the central bank governs, are important to the long-term interest rates. A central bank can therefore ”indirectly” influence interest rates with longer durations by influencing expectations of shortterm interest rates. Greater influence over interest-setting throughout the economy – the yield curve – makes the impact of monetary policy more effective. This is often called conducting monetary policy with the aid of “management of expectations”. And the best way to do this is to provide good information. •  The third and final aspect is that increased openness and clarity “outwards” can contribute to our working more efficiently within the Riksbank. This is a quite important argument. The more open we are, the easier it is for others to evaluate how well our monetary policy functions. This gives us an extra incentive to do a good job. What has the process towards openness and clarity resulted in?
For example, in countries where the private sector was already highly indebted, economic policies sometimes promoted further borrowing, in particular through low interest rates and fiscal incentives. If we wish to avoid recreating the conditions which led to this crisis, we must carefully examine the motives behind the economic policies that were implemented during this period. This exercise can be conducted at two levels. The first implies analysing the economic policies on the basis of the specific reference criteria of those policies. A policy may turn out to be inappropriate, for example, because it is based on incorrect economic forecasts or because it is implemented through ineffective instruments. Thus far, the discussion has mainly taken place at this level, and the remedies suggested have mainly been aimed at correcting these aspects. It is an important discussion, without a doubt, but there is a risk that such discussion is insufficient because it does not tackle the fundamental causes that led economic policy-makers to take certain measures. For this reason, a second, more profound level of analysis is necessary. Let us proceed in order. Let us begin with the first level of analysis. This involves examining the way in which the conduct of economic policies contributed to the emergence of the imbalances which caused the crisis. Various policies can be considered: structural, regulatory, fiscal and monetary policies.

I am more sure-footed on tussocky ground than on paved streets. A good doctor once told me that the reason people end up going in circles in a blizzard or a blind fog was that our feet differ in length and therefore walk at differing speeds. But then, it is possible to find scientific explanations for virtually any problem without being much closer to solving it. Monetary policy can never be a private affair belonging only to economists or experts. I would like to close today by quoting the late Jóhannes Nordal, former Central Bank Governor and the nation's most influential official of the twentieth century, who died a scant month ago at age 99 – bless his memory. In an article published in Fjármálatíðindi back in 1990, when enhanced independence for the Central Bank was in the offing, he said this: "Conferring significant monetary independence on a central bank is hardly a realistic option unless the economic objectives the bank must pursue are laid down clearly in the law and enjoy broad support in the community." The fact is that central banks can never operate in a societal vacuum. Twelve times I have had to face the nation and announce an increase in interest rates, and I have to admit that it has sometimes been a strain to be the bearer of bad tidings. There has been vigorous exchange of opinion about these decisions.
Not only will this require a much wider network of collaboration among the trade associations in Hong Kong, it will also require the financial institutions themselves to play a role in educating their customers and stimulating the potential supply and demand of Islamic financial products in Hong Kong. Last but not least, although Hong Kong is still a relative newcomer to this industry, it has the strengths and capabilities to make significant contributions to the global Islamic finance market. Hong Kong is in many ways fortunate to have access to the Islamic finance talents and knowhow through an extensive network of international and regional players here. And I believe that there is endless potential for us to innovate in the area of Islamic finance, especially in deploying our special strengths – our close affinity to China, our experience as an international fund raising centre and asset management hub, and our role as a testing ground for the Mainland’s financial liberalisation. There is, for example, no obstacle to Hong Kong’s becoming a centre for Islamic IPOs, given our distinct record as a leading IPO centre in the region. What is needed is maximum preparedness on the part not only of the regulators but also of financial market players, who are the driving force of financial innovation and growth. With great challenges come great opportunities, and Islamic finance is an area that has shown much promise over the past years. I believe that now is the time to lay down the groundwork for future growth and development.

These are indeed universal principles in all markets – or at least they should be: one of the lessons of the present financial crisis is that too little attention has been paid to them. This is not to suggest that Islamic finance is without  1  Source: Bloomberg. 2  Source: "Islamic inroads" by AsiaRisk, February 2009. 3  Source: "Sukuk market declined sharply in 2008, but long-term prospects remain strong" by Standard and Poor's, Islamic Finance News, 6 February 2009. 2  BIS Review 19/2009  risk – indeed many of the risks inherent in Islamic finance are similar to those of conventional finance, and, in fact, Islamic financial institutions may be subject to other unique risks from the liquidity and operational perspectives. But Islamic finance introduces an alternative form of financing, and one that offers many opportunities particularly when financial market conditions start to improve. From the perspective of Hong Kong, we are optimistic that the coming together here of Islamic finance with development opportunities in neighbouring Asian markets and China will provide an exciting growth stimulus for financial market participants. A key part of the Government’s strategy for developing Hong Kong as an international financial centre is a focus on Islamic finance. In support of this initiative, the HKMA, in collaboration with the Treasury Markets Association (TMA), has devoted considerable time and resources into establishing an appropriate infrastructure framework and developing an education and awareness programme both locally and worldwide.
Here we see that the share of new mortgage borrowing by applicants of all credit scores below the highest quartile declined, while that of the highest quartile increased from about 40 percent to 70 percent. This suggests that lenders were far more selective in their underwriting standards for mortgages than they had been in the period between 2000 and 2006. Many of these powerful forces of demand and supply that together led to the decline in household borrowing, and hence to the fall-off in resources available for consumption, have either diminished or slowly reversed as the economic recovery that began in 2009 has continued. First, equity values, which dropped 51% between October 2007 and March 2009, as measured by the S&P 500 index, have recovered significantly, rising by almost 140% percent through the end of 2013 Chart 8 (Stock Market Wealth also Fell Sharply, 2nd half). In addition, as seen in Chart 9 (House Prices Peaked and Fell Precipitously, 2nd half) house prices have finally begun to recover, and have been doing so on a broad geographical basis. House prices are up 21 percent since their nadir in 2011. This has helped restore owners’ equity in their homes Chart 10 (Result was a huge decline in Owners’ Equity in HH RE, 2nd half). In sum, as seen in Chart 11 (Household Net Worth), aggregate household wealth has recovered substantially as a percent of disposable income, albeit with a lesser contribution from housing and a greater contribution from corporate equities.

In Q2 this year, there are around 8.7 and 3.2 million agreements in Internet and mobile banking, respectively, of which 43 and 24 million transactions in volume that cost approximately 5,000 and 306 billion baths. Some banks, therefore, strategically reduce the role of branches, intentionally pay attention to Virtual Banking Concept, to efficiently reciprocate the target customers and to facilitate international businesses that tend to grow due to trends of globalization and economic integrations. The growth of IT investments and sophisticated products as well as advanced services in banking industry comes with a concern on “security ”, which is the challenging key to propel the sustainability of such a growth. In our role as central bank, we put “security” as our first priority align with standard setting to promote advancement of banking services. ii. The role of central bank (BOT)  What is our role? We have aimed at setting standards to create domestic and international banking networks as well as to promote banking and payment system stabilities by developing access to financial services including financial infrastructure for cross-border payment and IT systems or other innovations aligned with security. In terms of cross-border innovation, the Bank of Thailand in association with the ASEAN central banks established the Working Committee on Payment and Settlement Systems:  2  BIS central bankers’ speeches  WC-PSS in 2010 to study payment and settlement system environments in member countries and to present regional strategic plans in order to serve economic integration in 2015.
Think about how difficult it is to get a mortgage if you’re a lower credit-rated borrower today compared to 2005, 2006. And two, productivity growth in the economy has been very anemic, and I think generally, most economists think there’s a relationship between productivity growth and the 2 / 13  BIS central bankers' speeches  inflation-adjusted level of interest rates in the economy. So, productivity growth is strong, you tend to have high real rates. At 2% inflation you get a relatively high federal funds rate. If productivity growth is weak, you have low real rates. Add 2% inflation, you get a little bit lower level of interest rates. So generally, if you look at the FOMC projections, people think that the federal funds rate in the medium term is going to more like 3% rather than the 4% that might have been attained historically. Now there’s one little problem with this. Economists are terrible at actually forecasting productivity growth. So just because productivity growth has been weak over the last few years doesn’t mean it will necessarily be weak over the next five years. Maureen O’Hara: Well, it’s a tricky one. Here’s one that’s tricky, too. Are there issues connected with financial market valuations that concern you? And that’s kind of the grown-up question. Here’s the one we all want to know. Any predictions on the Dow reaching 30,000 this year? President Dudley: No way. Maureen O’Hara: Oh, quick, call your brokers.

So we have two goals: employment and inflation. And if the world is a really good place, it maybe makes it a little easier to achieve those goals. And if the world is at a more difficult place, maybe it makes it a little harder to achieve those goals. But it doesn’t change our goals, and it doesn’t change our monetary policy mission. Maureen O’Hara: Let me turn that, our focus, just a tiny bit. You’ve been a leading critic of culture in the banking industry, and I kind of have a two-part question here. Do you think the era of bad behavior in banking is behind us? And here’s the second part of the question: some people would argue that the behavior wasn’t really that bad but instead the regulators… President Dudley: Who are those people? Maureen O’Hara: There was Elizabeth Warren, I’ll say that, I think she’s convinced. But some people would argue 6 / 13  BIS central bankers' speeches  that the regulators used the opportunity to extract excessive fines from banks for behavior that maybe wasn’t ideal but wasn’t so horrible. There’s two different perspectives. I think no matter how we look at it, some of the behavior of the banks was sort of unacceptable. Are we past that, do you think? President Dudley: Well, first thing I would say is a lot of the behavior was just totally egregious, totally unacceptable. Not in the gray area.