samchain/econo-pairs-v1 huggingface dataset:
19% of jobs in EU15 have been threatened by offshoring 24 . It should be noted, however, that for the developed countries this process does not mean losses of jobs. Mankiw and Swagel 25 cite research results, according to which relocation of jobs abroad may be positively linked to an increase in employment in the home country of the relocating company. It stems from the fact that foreign branches do not compete but rather complement the hitherto activity of companies, and thus help to improve effectiveness and quality, and lower costs, which may lead to an increased market for products or services of the given company, what may in turn result in an increase in employment in the home country. It is first of all the countries capable of manufacturing products and rendering services at a competitive price that gain a major advantage in acquiring new investments and creating new jobs. It is worth adding that the growing significance of offshoring has an impact on the distribution of remuneration in the countries, whose participation in the globalisation process is increasing. The wages of unqualified workers from the developed countries are falling, while workers with higher qualifications from countries with lower labour costs are being better rewarded. Labour costs remain an important, although not a sole, factor of investment attractiveness of a given country. In A.T. Kearney’s research 26 countries from our region, i.e. the Czech Republic, Poland and Hungary, are in the top eleven offshoring locations.

Another puzzle, described by the Federal Reserve economist Kevin Lansing 4 , is the fact that the growing share of the US society is aging and will leave the period of their highest income level behind. In such a situation, the Americans should be paying off their housing loans and accumulate savings. However, they do exactly the opposite thing. If this behaviour pattern does not change soon, many Americans may find themselves in a situation where retirement shall mean a radical decrease in their standard of living. Of course, it is difficult to point out a single factor that leads to all those changes. Yet, there is no doubt that one of the most important factors changing the structure of the global economy is the rapid globalisation of financial markets, trade, manufacturing and - in recent years - of services and knowledge. Globalisation has many dimensions but today I would like to focus on just two aspects that are actually interrelated, i.e. global imbalances and globalisation of manufacturing, services and knowledge, which takes on the form of offshoring. At the same time, I shall omit many other globalisation-related themes, such as globalisation of financial markets or migration. As I have mentioned before, one of the manifestations of globalisation in recent years are global imbalances. In 2005, the US current account deficit exceeded 5% of the GDP, and many forecasts of investment banks point to its further increase in 2006 and 2007 5 . The USA has had a negative current account balance for two decades now.
It must, however, be properly handled if the problems of the banking sector are not to intensify during the transition to a more commercialized system. In particular, the supervisory framework should be strengthened in advance of liberalization. Maintenance of asset quality 19. Let me turn to the challenge of the maintenance of asset quality. This applies across a wide spectrum in Asia from banks that are emerging from tight state control to those that operate on a fully commercial basis. A particular focus of concern, as I have already indicated, is that banks in some economies may have lent too freely to booming property sectors which are now suffering from over-supply. It remains to be seen whether the fears will be realized. A number of supervisory authorities around the region have tried to take measures to limit their banks’ exposure to the property sector. This is a sensible move, though the difficulties of enforcing limits should not be underestimated. 20. However, property lending is not the only problem area. In Korea, for example, the slowdown in export demand in industries such as semiconductors and in economic growth has exposed fragility in those companies which have over-extended themselves by taking on too much debt. Banks which have become used to years of buoyant economic growth may be ill-equipped to deal with these problems. There is also a perception that in some Asian economies the accounting rules and loan classification systems are not telling the whole story about the scale of the bad debt problem.

Lack of transparency can result in delay in tackling the problem and erode public confidence in the soundness of the banking system. Innovation and technological change 21. Asset quality is thus one main issue which Asian banks have to tackle. But one of the results of globalization is that even banks in relatively undeveloped banking systems are now having to cope with the challenge of product innovation and new technology. This can accelerate the transformation of such banking systems: modern computer systems can be installed and banks can make the jump straight from cash to smart cards. The downside is that banks may have less time to build up the skills properly to use the new technology and the new products which their counterparts in developed banking systems have taken many years to BIS Review 55/1997  -5-  acquire. Derivatives are a case in point. While the derivatives markets in the region other than Tokyo are still quite small, these products are certainly being sold to, and in some cases being traded by, local banks in the region; and a number of them have suffered losses as a result. 22. Looking further ahead, the opportunities provided by new technology will pose important strategic challenges for the banks. To what extent, for example, should they invest in new delivery mechanisms such as telephone or internet banking? These channels offer the potential to bring down dramatically the cost of transactions compared with the traditional branch network.
I also hope that the European Commission will soon formulate its view on interchange fees, so that uncertainties in this field are removed. Before I conclude, I would like to concentrate on an important additional issue: innovation. Innovation As I stressed at the beginning of my speech, SEPA is all about harmonisation, modernisation and innovation. The SEPA project has come a long way, but the process is far from being completed. More modernisation and innovation is needed. The information and communication technology is continuously evolving and we cannot lean back and watch. SEPA must evolve, and the SEPA products should be complemented with value-added services allowing customers to make payments, fast, easy and secure and, most importantly, as much as possible paper-free. I am here talking about initiation and confirmation services. Combining these services with the SEPA payments will make the payment process fully electronic. End-users will spend less time on payments – and less time also means less money! We refer to this perspective as the next stage of the SEPA project: eSEPA. eSEPA promises significant financial benefits for banks and customers via: •  Cost savings  •  Added revenue  •  Customer retention through value-added differentiation. Let me quickly run through three examples: 1. SEPA online payments  The European Payments Council (EPC) has worked on a project that enables online merchants to offer their customers a convenient, well-know payment solution.

Conclusion With just a few months before the launch of SEPA, banks are making preparations in order to be ready. I have been closely enough involved to see the tremendous efforts made by the banking industry, and I expect that the vast majority of banks will be operationally ready for SEPA. Operational readiness is, however, not enough. Indeed, SEPA is the next step of the euro. January 2008 will only be the start of this process. SEPA will enhance pan-European competition and foster integration, consolidation and innovation. SEPA requires us to take a broad view that goes beyond operational readiness. In the coming months, we need to go the extra mile and make an additional effort to ensure the readiness of customers and the card payments market. We also need to think about the next steps. And there are, indeed, important further steps in this process. Creative solutions will pay off! Some years ago SEPA was an idea. In 70 days, SEPA will be reality. I wish you an open and fruitful conference. Thank you for your attention. BIS Review 134/2007  5
In  1  The surplus target was originally 2 per cent of GDP, but this was later changed to 1 per cent, as a result of an EU decision to start recording premium pension fund saving as private saving rather than public saving. 2  BIS central bankers’ speeches  addition, it is also responsible for the official wage statistics. I usually view the National Mediation Office as the third party in wage negotiations. The Office ensures that there is a neutral arena in which the parties can meet outside formal negotiations. The outcome for wage earners has also been better in terms of higher real wage increases. Virtually no real wage increases took place during the 1970s and 1980s. The wage increases agreed upon in the wage bargaining rounds of 2007 were too high The two most recent wage bargaining rounds have taken place under widely-differing circumstances. The wage bargaining rounds in 2007 took place at the crest of an economic boom, when the economic prospects were also strong for the following years, while the wage bargaining rounds in 2010 took place during a financial crisis and a deep recession. The wage bargaining rounds for 2007 did not work well from an economic perspective. The agreed wages were too high. I myself was quite optimistic ahead of the negotiations. My assessment was that they could be carried out in good order and could result in wage increases in line with the Riksbank’s inflation target.

Our assessment was that there is a need to continue to raise the repo rate in order to stabilise inflation at a level close to the inflation target of 2 per cent and to avoid too high a level of resource utilisation in the future (see Figure 11). However, as usual, we would like to add that uncertainty concerning the future is great and the interest rate path we have calculated is a forecast, not a promise. Wage formation will probably continue to work well in the years ahead The conditions are good for wage formation to continue to work well in the years ahead, just as it has since the mid-1990s. This is also the assumption made in the Riksbank’s forecasts from April. The rapid improvement of the labour market means that the central agreements concluded in the autumn and next year are expected to reach higher levels than the agreements concluded last year. Wage increases over and above the central agreements (“wage drift”) are also expected to contribute towards slightly faster wage increases. The Riksbank’s assessment is that overall hourly wages will increase by about 3.5 per cent per year in 2012–2013, which is compatible with a CPIF inflation rate (inflation excluding interest rate changes) of close to 2 per cent at the end of the forecast period.3 But all forecasts are uncertain. This also applies to wage forecasts. It is normally easier to make good forecasts for the development of wages than it is for inflation.
Between France and Singapore, economic and trade ties are deep and growing. In 2008, total trade between France and Singapore stood at more than eight billion Euros, making Singapore the third largest Asian export market for France, after China and Japan. France, on the other hand, is the sixth largest European investor in Singapore. Some 800 French companies from a wide range of industries including petrochemicals, electronics, telecommunications, aerospace, biomedical sciences, education, and luxury goods are located in Singapore. BIS Review 133/2009  3  French financial institutions have a significant presence here. BNP Paribas is one of Singapore’s earlier Qualifying Full Banks. SocGen celebrated its 30th anniversary in Singapore recently. Credit Agricole would count as the oldest French bank in Singapore, through its acquisition of Indosuez which was set up more than a hundred years ago in Singapore in 1905. Natexis has been here for 27 years, while CIC just celebrated its 25th anniversary in Singapore this year. These institutions carry out significant banking and fund management activities here. There are also insurance firms like AXA with a major presence in Singapore. We appreciate the contribution of French financial institutions. Mr Claude Bebear, Honorary Chairman of AXA, was recently awarded the Public Service Star (Distinguished Friends of Singapore) Medal during our 44th National Day celebration. Mr Bebear is the first representative of the financial sector to receive such an award. This is a special award that recognizes individuals who have contributed significantly to Singapore in business, industry, technology and science.

Speeches 31 Oct 2022  Opening Keynote at the Hong Kong FinTech Week 2022 Eddie Yue, Chief Executive, Hong Kong Monetary Authority Innovation in action - looking back to look forward Introduction 1. Good morning, everyone. A very warm welcome to Hong Kong FinTech Week. 2. This is an exciting week for Hong Kong. For the first time in three years, we are welcoming many of our overseas friends to Hong Kong again for this Fintech Week and also the Global Financial Leaders’ Investment Summit and Rugby Sevens after that. This marks the beginning of our path back to normality, and all visitors can see and feel the vibrancy and dynamism of our city. 3. Part of this dynamism comes from the fast-growing fintech ecosystem in Hong Kong. Innovative fintech firms are exploring ways to drive the momentum towards an even more tech-enabled financial industry. Many are looking at how to make use of the fastevolving blockchain protocols to create products or services through crypto, stablecoins, NFTs, DeFi and the metaverse. 4. Some financial institutions are already using elements of the metaverse for brandbuilding and customer education; and it will be fascinating to see whether and to what extent the metaverse can form a new landscape for real-world financial activities one day. I hope the opening you just saw illustrates how the metaverse can mirror – and even improve on – reality. For example, my avatar definitely looks cooler, and is obviously a much better table tennis player than the real me. Looking Back 5.
Thanks to groups like the Sexual Law Reform Society and Stonewall, and initiatives like Pride, there has been huge progress towards ending the unfair treatment of people on the basis of sexual orientation and creating a society in which everyone can be their true selves without fear or favour.7  6  See https://webarchive.nationalarchives.gov.uk/20091005104048/ http://www.number10.gov.uk/Page20571 7 The Bank of England aims to be an LGBT+ inclusive employer, taking part in the London Pride parade every year and flying the pride flag atop its Threadneedle Street building. The Bank has a thriving LGBT+ & Allies Network which was launched in 2006 and now has around 350 members and allies. In 2018, the Bank supported the rollout of rainbow lanyards in the spirit of creating a visibly inclusive and supportive environment – these are now worn by more than 1,000 colleagues. We complete the Stonewall benchmarking exercise each year and were pleased to have increased our ranking by over 100 places in 2018. 5  All speeches are available online at www.bankofengland.co.uk/news/speeches  5  The Bank of England is committed to ensuring our banknotes are as inclusive as possible. That means celebrating the breadth of human achievement in this great country from science to the arts to statecraft to literature. And it means featuring a range of individuals who reflect the vibrant diversity of UK society. The design of the note Let me conclude by unveiling the image for the new Turing £ note. The design recognises the breadth and variety of Turing’s contributions to science.

The table taken from his seminal paper On Computable Numbers in the foreground is a succinct representation of a Turing Machine, and the ticker tape records Turing’s birth date in binary code. In the background are images of the ACE pilot machine and a section from the technical drawings of the Bombe. The portrait is by Elliott and Fry, and the quote is from an interview published in The Times, dated 11 June 1949. ******** The characters on our banknotes celebrate those who have advanced British thought, spurred innovation, shown exceptional leadership, shaped this diverse society and forged our common values. Alan Turing will join Winston Churchill on the £ note and Jane Austen on the £ and JMW Turner who will make his appearance on the new £ next year. Although we look to history when we chose a new character, Turing’s work inspires us to look to the future and imagine what is still to come as a result of his genius. If anyone can see the future, it’s the next speaker. It is my pleasure to welcome Demis Hassabis – artificial intelligence researcher, neuroscientist, video game designer, chess champion, co-founder of DeepMind and one of the 225,000 who submitted a recommendation to this process – to celebrate Turing’s past contributions to science and venture where they might take us tomorrow. 6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6
15 The Fed’s FR 2420 data on bank borrowing activity show that after each increase in the ON RRP offering rate, the distribution of fed funds trades shifted toward higher rates, with the vast majority of trades being executed at rates at or above the offering rate (Figure 3). The same patterns were observed in detailed data on brokered fed funds and Eurodollar trades, the latter of which encompasses a larger volume and wider set of lenders than fed funds, and also in secured markets. Examining in particular individual repo trades where money market funds and GSEs supply cash to counterparties over the tri-party platform, we saw repo rates shift higher and nearly all trading volume occur at or above the ON RRP rate. Thus, the rate on the ON RRP facility performed as a floor for nearly all overnight money market transactions, exactly as theory would predict for even small and temporary rate changes in the offering rate. After subsequently lowering the ON RRP offering rate back to its exercise baseline of 5 basis points in mid-December, secured rates declined. Interestingly however, average unsecured rates remained at somewhat elevated levels, even as a portion of the activity returned to lower rate levels (Figures 4 and 5). 16 The drivers of this dynamic remain unclear and illustrate the complexity of money markets, but may partly reflect some lenders in unsecured markets gaining information about their relative bargaining power as a result of the ON RRP tests.

In April of last year, the Fed launched the FR 2420 Report on Selected Money Market Rates, a mandatory daily collection of fed funds, Eurodollar, and CD transactions from around fifty domestic banks and one hundred U.S. branches of foreign banks. 24 The goal of initiating this data collection was to better understand institutional behavior in money markets, and indeed, as indicated in observations shared with you this evening, our findings have already helped us analyze results of our operational tests to prepare for normalization. These data also present an opportunity to make additional improvements in light of the recent international focus on identifying best practices for reference rates. 25 Earlier this year, the Fed announced plans to improve the process for calculating the fed funds effective rate by transitioning the data source from data supplied by federal funds brokers to data reported directly by banks through FR 2420. 26 The new data source includes more activity and transaction-level data, which will make the calculation process more robust. The Fed also announced it would begin daily publication of a second, broader measure of unsecured bank borrowing activity based on transactions in both federal funds and Eurodollars. This rate, called the overnight bank funding rate, will provide increased transparency on broad overnight funding costs for U.S.-based banking offices.
With these elements in place, comparability should be greatly enhanced. Moreover, unlike Basel I, the new Accord allows for the evolution of bank practice over time by building on the core elements of a bank’s internal methodologies - methodologies that are expected to continue to improve, particularly with supervisory and market encouragement. Basel II: Risk management improvements The second, and perhaps more significant, benefit I mentioned is the encouragement to improvements in bank risk management practices. Basel II has always had this objective in mind in addition to creating a stronger, more risk sensitive measure of bank capital. We are clearly already seeing this objective being realized. Basel II builds on risk measurement concepts that have emerged in the industry, although clearly the application of these leading practices varies within and across firms. There has been enormous progress as banks commit to programs that will bring their systems and practices into alignment with the standards articulated in Basel II. 2  BIS Review 35/2005  As I have emphasized, a major focus of our supervisory activities has been on ensuring that banks are actively engaged in advancing the linkage of quantified risk-taking to capital, as this is at the heart of both sound banking and Basel II. Let me offer some specific examples, beginning with credit risk and then turning to operational risk. An example can certainly be seen in the management of retail exposures.

Over the last decade, as the geographic dispersion and size of lending portfolios grew at large banks, and amid intense competition, reliance solely on expert judgment in the evaluation of the risks of retail exposures became less and less plausible. Banks developed, and continue to enhance sophisticated scoring systems to better express the likelihood of repayment of individual borrowers, and have grown increasingly sophisticated in their ability to segment exposures by characteristics that provide a fine classification of the risk of a homogenous pool of borrowers. Basel II allows banks to build off of these practices, bringing regulatory capital requirements into much closer alignment with internal economic capital estimates. Importantly however, this occurs only when banks use those models for risk management purposes - ensuring their continuing effectiveness. A key element of Basel II is that it establishes rigorous standards for data collection and the systematic use of the information collected. The greatest challenge for the industry, and the greatest potential long-run benefit, involves the collection and categorization of accurate, detailed information on borrower and exposure characteristics and exposure performance. This involves significant investments in technology, and for some firms the revamping of historical underwriting practices. Enhancements to technological infrastructure and MIS, combined with detailed, granular data will, over time, prove a powerful combination allowing firms to better price exposures and manage risk.