samchain/econo-pairs-v1 huggingface dataset:
In our lives, there are many marshmallows to tempt us:   Do I buy that expensive pair of shoes?   How much should I spend on my wedding?   Can I afford to upgrade my HDB flat?   Should I take a holiday in Penang or Perth? Budgeting is critical to making financial decisions that work for us. One does not need to be a financial expert to do effective budgeting. Many regular people do this very well, on a weekly or monthly basis.   They look at how much they have, what they want to set aside, and what they need to buy.   They compare prices for the best deals, look out for bargains and sales, and stretch their dollar.   Most important, they set a target for how much they want to save and stick to the discipline, buying only what they need and postponing the rest. Building up our savings puts us in a stronger position to plan for big ticket items such as buying a home as well as to meet emergency expenditures. Saving is key to funding longterm commitments such as our children’s education and our own retirement needs. Borrow responsibly Second, borrowing. Even with savings, most of us have to borrow at some point in our lives: to buy a house, pay for education, or meet an emergency. It is not wrong to have debt. But good financial planning is about keeping debt low and managing it well.

அதாவது, நமது வாழக்ைகப் பயணத்திற்கு நிதித் திட்டமிடுதல் அவசியம். இவ்வாறு  திட்டமிடுவதற்கு,  ெபாறுைமயும்  முன்மதியும்  அடிப்பைடப்  பண்புகளாகும். The practical insights in Ponnaana Ethirkaalam are relevant not only for the Tamil or Indian community but for all Singaporeans. I understand the authors have plans to translate their book into English to reach out to more people. I congratulate MP Sellvem and Jaafar Ghany on their achievement and wish them every success in the launch of Ponnaana Ethirkaalam. Thank you. 4  BIS central bankers’ speeches
The positive response by investors of these issuances with maturities of up to 30 years is reflected by its oversubscription of up to 10 times. A relatively recent form of finance that has been gaining attention recently is green financing. The market for green bonds tripled in size in from 2013 to 2014, with over USD100 billion of issuances expected this year . Of significance, the signing of the "Paris Agreement", a global action plan on climate change, by 195 countries in December of 2015 will serve to further accelerate the momentum of green financing. As the principles of Islamic finance share substantial synergies with the concept of environment-friendly and sustainable development, there is also tremendous opportunity for Islamic finance to develop instruments that can support the global demand for green projects. These forms of finance can be embraced and brought together to leverage in a mutually reinforcing manner to enhance their collective impact. Socially responsible investments in the West began as far back as the 18th century, while Islamic finance evolved in the Middle East and Asia since the 7th century, in which lending based on Sharia or Islamic principles included moral directives in the conduct of business. Reinforced by globalisation, society today is no longer defined only by national boundaries. Finance, and indeed responsible finance has also evolved to be global. The need for responsible and sustainable form of finance is recognised - and even deeply desired throughout the world.

Oversight programmes of this type are highly systematic and entail assessing the financial system on the basis of a set of robustness criteria. The Governor of the Riksbank, Stefan Ingves, was by the way one of the architects of the FSAP programme during his time at the IMF. In this context it can be mentioned that before the crisis the United States did not think it needed an FSAP assessment, but such an assessment was conducted in 2010. Another example of an attempt to integrate the macroeconomic analysis and the financial analysis is that since the autumn of 2011 the IMF has published a consolidated surveillance report in which the main messages from all of the surveillance reports are summarised together with recommendations on how to manage the risks.4 To further improve and strengthen the surveillance of the financial sector, the IMF recently presented a more detailed strategy for how to conduct this surveillance in the future. The aims of the strategy are for the IMF to improve its understanding of macro-financial relations, to become better at identifying contagion risks across national borders and to increase its cooperation with other organisations. This is no easy task and the work involved is far from complete. This is something that the IMF will need to develop on an ongoing basis. 4  This report was initially called the Consolidated Multilateral Surveillance Report (CMSR) but was renamed to “Global Policy Agenda” ahead of the 2012 Annual Meeting.
Having learned by experience, however, economic agents will not believe this kind of promise unless the authorities commit themselves to delivering what they promise. In order to function, policy must therefore be timeconsistent and credible. In Norway, the devaluation decade from 1976 to 1986 may be an example of economic policy that did not fully recognise the role of expectations and the significance of credible policy rules. During this period, the krone was devalued ten times if we also include “technical adjustments”, which also implied devaluation. The many exchange rate adjustments in this period were in part aimed at remedying the deterioration of Norway’s relative cost level, which in turn was related to the government’s attempt to take responsibility for employment also when the social partners failed to do so. Gradually, expectations of a continued exchange rate policy that would maintain manufacturing’s cost competitiveness became widespread. This weakened the incentives for the social partners to keep wage and cost inflation at a reasonable level. The devaluations contributed to high inflation. When it finally became clear that this could not continue, it took many years before inflation was brought under control and interest rates in Norway could be reduced to the level of interest rates in other countries. The other lesson drawn from economic theory and economic policy in the 1960s, 1970s and 1980s was that in the medium and long term it is not possible to reduce employment by accepting somewhat higher inflation.

In the last Inflation Report, it was the Executive Board’s assessment that the projections conditional on the market’s interest rate expectations seemed to provide a reasonable balance between the objective of bringing up inflation, while avoiding excessive growth in output and employment. The previous Inflation Report, from July 2004, stated that “the most appropriate alternative now seems to be that the interest rate should be kept unchanged for a longer period than indicated by market expectations.” After this, we saw that interest rate expectations fell. By communicating our view concerning interest rate expectations, Norges Bank seeks to influence interest rate expectations. The objective is for interest rate expectations to be consistent with economic developments where inflation is on target over time and output is stable around its potential level. Most often, however, there will be a number of ways to achieve this. We need some references that provide some indication of whether a given interest rate path is reasonable. It is natural to turn first to monetary policy theory. In the theoretical literature, the trade-off between price stability and stability in the real economy is often described as a problem of minimisation, where the central bank wants to minimise a loss function, which includes variations in output and variations in inflation. The central bank shall then choose the path for the interest rate ahead that minimises the expected discounted “losses” in all future periods. In practice, no inflation-targeting central bank uses a loss function of this kind directly.
As for the gains, most estimates point to rather modest gains in transaction costs. Nevertheless, recent research points to an increase in trade. The estimated effect ranges from “modest” to “very sizeable”, with the respective best estimates at 9 per cent and 40 per cent (Baldwin, 2006 and Persson, 2001, respectively). 2 It is my belief that as the current customs union in EAC evolves into a common market and later a monetary union, intra-trade flows will continue to grow at a rapid pace. Expressed as a percentage of their total exports, between 1991 and 2004, Kenya and Tanzania tripled their exports to EAC, while Uganda’s has gone from 1.3 to 14 per cent of GDP. Hopefully, the continued expansion of trade also will entail a diversification and therefore a more broad based expansion. Assuming that the above-mentioned gains increase the growth rate by a moderate two tenths of a percentage point per year, this would nonetheless over the course of just one decade translate into an approximate increase in disposable income of 2 per cent. For the average household, this would amount to almost thirty thousand shillings in Uganda. It should be noted that gains from increased competition could be accrued also by those countries which are from the outset relatively more efficient than the other countries in the monetary union. However, further complicating the analysis is the fact that the above-mentioned gains and losses vary with the country and area at hand.

After implementation of a monetary union The main challenges after forming a monetary union are how to preserve stability and promote efficiency. With regard to efficiency, the message under this heading is very much in line with the previous one; since presumably no market functions perfectly there will always be room for improvement concerning flexibility and integration. However, given that certain markets can be more politically sensitive than others, we must recognize that such changes can take considerable time to implement. The view on stabilisation policy as such does not change because of the creation of a monetary union. In general, normal swings in the business cycle are counteracted by automatic stabilisers in the public budgets that dampen oscillations. As the experiences from active fine-tuning are discouraging, the primary aim of active stabilisation policy should be to counter the occurrence of unduly large asymmetric cyclical fluctuations. Overall, the trend in monetary policy towards price stability targeting has brought down inflation virtually around the globe and thus one necessary condition for macroeconomic stability has been fulfilled. When discussing the role of fiscal policy, the analysis is facilitated through addressing the roles of the monetary union and the individual country separately. Stabilisation policy from a union point of view Viewing the monetary union as a whole, the euro area can serve as an illustrative example on a couple of aspects. Firstly, the common fiscal budget is very small in comparison with national fiscal budgets.
Monetary policy  To summarise, at the monetary policy meeting in July we had a situation with rising inflation and inflation expectations together with growth coming to a standstill in Sweden and abroad. Such a situation brings central banks face to face with difficult decisions. Either they tighten monetary policy despite a slowdown in economic activity, or they accept a higher inflation rate. This was the choice we faced in July. Given the course of events outlined in the Monetary Policy Report, the Executive Board decided to raise the repo rate from 4.25 per cent to 4.50 per cent, and we assessed that a well-balanced monetary policy entailed raising the interest rate a couple more times over the year. Events since the previous meeting in April provided justification, in my opinion, for raising the interest rate and the interest rate path. The primary reasons were that inflation had increased and by more than we had previously expected, that inflation expectations had increased and were above the inflation target and that expectations of interest rates abroad had changed from falling to rising policy rates. We had revised our inflation forecast upwards for both this year and next year, despite the higher interest rates. However, this did not mean that I disregarded growth and employment. The Riksbank’s task is to ensure that inflation is low and stable. If we moreover can support growth and employment without neglecting the price stability target, we will do so.

For the world as a whole, the IMF calculated that inflation will rise from around 4 per cent in 2007 to almost 5 per cent in 2008. Inflation expectations have also risen in several countries. The most probable development is that inflation will slow down next year. When adjusted for energy and food prices, inflation has been relatively stable. Normally, inflation slows down when growth slows down, even if this is with some time lag, and our forecast in the Monetary Policy Report is for growth in the world to be lower this year and next year. At the beginning of the summer we were also able to note that, unlike the situation in the spring, monetary policy expectations had swung towards higher interest rates in several countries. A tight monetary policy contributes to dampening inflation. But there is a risk that the inflation process will be more prolonged. It was estimated that growth in the world will continue to be relatively strong, despite a slowdown in the United States and the euro area. In a slightly longer perspective, when the slowdown in the United States and the euro area becomes an upswing once again, there is also a risk that the problem of rising commodity prices will return. Several emerging countries will experience rapid growth for some time to come. 2. Developments in Sweden  Weaker growth and labour market in Sweden Growth will also slow down in Sweden.
During time, the banking sector has increased the number of branches, has improved its products to the public and has increased its intermediating role to provide an important contribution in the economic development of the country. At the same time, the entrance of well-know European banking groups from Austria, Greece, Italy and France, has been associated with consolidation in the banking industry. As it is the case in the entire region, the banking sector dominates the financial sector in our country. Our supervisory work aims at adopting the best international standards in the field. As a result, our legal and regulatory framework is considered to be consistent in achieving our objective of a stable and sound development of the banking activity, and is continuously improved. From the practical aspect, we combine both regulatory and risk based supervision. BIS Review 43/2009  1  The data reported from the banking sector are analyzed off-site and verified on-site. We also try to stay in close contacts and cooperate with foreign supervisory authorities, as an important instrument in improving the effectiveness of the supervisory work. Nowadays, the assets of the banking sector represent around 87 percent of the country’s GDP. Loan portfolio has reached around 37 percent of GDP. Due to increasing competition after the privatization, its growth has been very strong in the last 4 years, albeit starting from a low base. Deposits represent around 80 percent of the banking sector liabilities, and the loan/deposit ratio stood at around 62 percent.

The recent IMF report that I mentioned earlier noted the strong performance of Malta’s financial sector but also stressed the importance of strengthening the resilience of the sector. 8  BIS central bankers’ speeches  The elevated levels of credit and concentration risks call for stronger financial buffers, through higher provisioning and retention of profits. Such measures would strengthen the banks’ ability to absorb potential shocks and would also allow them to prepare themselves for compliance with stricter Basel III regulatory requirements. On the positive side, credit risk is being mitigated by prudent credit standards and cautious lending behaviour on the part of the banks. On the funding side, the resilience displayed by the banking system in the face of adverse international conditions is explained by the business model that has been a traditional characteristic of domestic banks, which rely strongly on retail deposits. Another indication of the overall prudent bias of the Maltese domestic banks is evident in the first chart presented earlier, which shows that leverage ratios of Maltese banks are considerably lower than in euro area in general. While the euro area average has declined on account of widespread deleveraging, the ratio remains significantly higher than the Maltese ratio, which has been quite stable. A further indication of the traditional funding model is the loan to deposit ratio, as shown in Chart 8, which is significantly low when compared with the major economies. This business model has served the domestic banking sector well.
They are unlikely to be the right response to the fourth. The rise of the thinking machine means the future world of work will no longer require narrowly cognitive skills. And in a world of 100-year lives and 70-year careers, educational institutions will need to equip old and young alike with these skills. Developing cognitive skills in the young was a brilliant model for the past 300 years, but not one for our educational future. Many different models are possible. Elsewhere, I have called one possibility multiversities, as distinct from universities.44 The multi serves double-duty. It connotes the need for these new institutions to expand their disciplinary horizons and become less subject-singular. History shows that creativity breakthroughs are often sourced in straddling disciplinary boundaries, in being subject-plural. Creating the right environment for creativity often means breaking free from disciplinary silos. Indeed, if we are to embed a cross-disciplinary culture, we may need to rethink how we classify subjects. Traditional domain-knowledge may make less sense in a creative rather than knowledge-based economy. A new classification system might recognise subjects like creativity and digital literacy, emotional intelligence and empathy, entrepreneurship and design. These would, by design, straddle disciplinary boundaries. The multi also signifies the need to straddle generational, as well as disciplinary, divides. Education will need in future to cater for old and young alike, making lifelong learning a reality. Rather than the sequential model, with first education and then work, we would instead have a rotation model over a career.

This morning, I would like to talk about some of the changes we are seeing in the practice of risk management and reflect on important priorities for risk management as observed from our work at Bank Negara Malaysia with the financial industry. I will then offer some brief perspectives on business continuity management and close with some final thoughts on the prospects for the insurance industry in Malaysia to contribute towards the advancement of risk management capabilities across Malaysian businesses. Changing practices in risk management Since the financial crisis, risk management practices have come under intense scrutiny. The spectacular failures in risk management in the lead up to the crisis prompted deep reflections on what had gone wrong with risk management systems and practices – not least of all among companies that had invested heavily in sophisticated risk measurement and management systems only to have them ultimately fail to detect or control risk exposures. Closer to home, businesses in Malaysia are currently facing a set of challenging business conditions and some are likely to find themselves ill-prepared to respond to the challenges, with important implications for their future prospects. So what can we learn about the changing practice of risk management from these experiences? A first observation to my mind concerns the importance of building a strong risk culture supported by governance arrangements that are explicitly aligned to a firm’s risk appetite.
Secondly, due to the development of the derivatives markets, the foreign trade level in a floating exchange rate regime will be the same as the level in a fixed exchange rate regime. Hence, exchange rate risk will not affect the level of foreign trade3. Turkish derivatives exchange (Turkdex) In this framework, the effective operation of derivatives markets is for enabling economic agents to hedge their balance sheets from exchange rate risks under the floating exchange rate regime. Macroeconomic stability and the structural transformation process have provided our economy with a  3  Baron D. (1976). Flexible Exchange Rates, Forward Markets and the Level of Trade. The American Economic Review. Vol. 66. No. 3. BIS Review 36/2005  19  sound environment for risk management. And, the establishment of the Turkish Derivatives Exchange has been an important step taken on the way. It would be useful to reiterate the potential favorable effects of derivatives markets on our economy. First of all, derivatives markets offer economic agents the facility of risk management and make their future revenue flows predictable. Moreover, expectations can be measured and reflected on prices through these markets. This, in turn, increases the predictability and efficiency of spot markets. In this way, market prices provide economic agents with accurate information and excessive volatility decreases. Analyzed in terms of their impact on the real economy, the use of derivatives markets increases resistance to shocks in the economy as a whole as it reduces weaknesses resulting from the imbalance on firms’ balance sheets.

The ratio of net public debt stock to national income declined to 64.5 percent end-2004 and the Treasury borrowed with a fiveyear maturity for the first time in the domestic market. Sustainability of debt will soon be taken off the agenda soon. In this framework, it will be possible for the risk premium and consequently real interest rates to go further down in the upcoming period, as public finance has been equipped with a sustainable structure  14  BIS Review 36/2005  with the continuation of tight fiscal policy and the launch of structural reforms in the areas of banking, taxes and social security. Graph 12: Budget Deficit, Primary Surplus and Domestic Debt Stock (% GNP) 80 70  Budget Deficit  Primary Surplus  60  Domestic Debt Stock  50 (%)  40 30 20 10 0 -10 -20 2004  2003  2002  2001  2000  1999  1998  1997  1996  1995  1994  1993  1992  1991  1990  1989  1988  -30  Source: Turkish Treasury. Now, I would like to underline a specific point related to the current tight fiscal policy. As I have mentioned earlier, tight fiscal policy played an important role not only in alleviating the public debt problem, but also in the improvement of expectations. The key factor regarding the tight fiscal policy in the said period was the target of a high primary surplus.