samchain/econo-pairs-v1 huggingface dataset:
It is highly likely that pricing behaviour in a low inflation regime differs from that when inflation is high. Another circumstance worth mentioning is that both external and domestic competitive pressure have increased and led in many cases to downward price adjustments or just a slow increase. The most recent figures for inflation are one of several illustrations of this phenomenon. While this is strictly speaking a matter of a series of one-off effects, the increased competition can continue to leave its mark on the general price level for some time to come. Another point worth noting is the prominent part that investment has played in the Swedish economy over the past six years. Increased investment tends to generate higher productivity growth. That in turn raises expectations of future corporate profits, which often leads to higher share prices. Higher corporate valuations stimulate additional investment by the firms in question and also give enterprises better access to risk capital for further expansion. Meanwhile, share-owning households perceive an increase in the net value of their assets. Increased wealth and optimistic expectations lead in turn to a stronger growth of consumption. BIS Review 41/2000  2  In this way, a growth process that is driven by investment can create a good circle. The supply side of the economy generates increased demand and a favourable composition of demand tends to strengthen the supply side still more. In the twenty years from 1974 to 1993, the annual growth of labour productivity averaged only 1.4%.

04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  Speeches  Published Date: 26 November 2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at “Growing Timber” MAS-IBF Webinar Series on 26 November 2020 Good morning and thank you for joining us. MAS and IBF are launching today the “Growing Timber” project – a series of monthly webinars and events focused on jobs and skills in the financial services sector. Jobs – the Central Economic Challenge of Our Times  In August this year, at the Jackson Hole Economic Policy Symposium discussing the economic challenges facing the world, Senior Minister and Chairman MAS, Mr Tharman Shanmugaratnam, said: “The central problem is in creating enough jobs in the first instance, and in raising the quality of jobs for more people over time”. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  1/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  I can’t agree more: jobs are the central economic challenge of our times. The success of economic policy is not measured by how well financial markets are doing, not by how well companies are creating new products, not even by how fast GDP is growing. The ultimate measure of economic success is this: are we creating enough good jobs for our people?
As indicated, the lower use of IRB models by our banks means they will not be affected by this concept. However, other changes, such as the new operational risk and Credit Valuation Adjustment (CVA) frameworks, or the introduction of changes in the standardised approach, will indeed affect our banks, which should prepare themselves to absorb the new requirements. 8/15  MREL  Another challenge banks face stems from the introduction of the new eligible liabilities requirements, known as MREL. As you will be aware, the introduction of MREL is the consequence of the change in paradigm in crisis resolution. We have now moved from the bail-out to the bail-in. The aim is to ensure that banks have sufficient unsecured liabilities on their balance sheet, whether own funds or “bailinable” debt, if you will allow me to use this expression, so as to avoid the use of public funds in the event of failure. The Single Resolution Board (SRB) has set MREL objectives for each significant institution at the European level. It has also informed them of the maximum time available to cover these requirements, which must be met through organic growth of specific liabilities and new issues. It is essential that each institution should plan the issues to be made appropriately. It is worth recalling here that the characteristics of these liabilities make them rather unsuitable for distribution among retail customers.

Smaller and midsize firms participating in the facilities can offer additional services to their clients, and more broadly, these firms may develop new business relationships and skills and deepen their expertise when operating in the markets for these facilities. With this as the motivation, let me review how we are broadening access to the facilities for two primary types of service providers: vendors and counterparties. Starting with vendors, in our effort to contain the damage from the pandemic and speed the launch of the facilities, the Fed directly negotiated with several outside vendors to accelerate the rollout of various facilities and to supplement our areas of internal expertise. Our initial vendor selections prioritized scale and, in many cases, the ability to dedicate a large team of personnel behind a wall of confidentiality. This approach proved successful in launching our facilities at maximum speed, but our strategy from the beginning has been to diversify our vendor base in the post-launch phase. Importantly, all of the contracts the New York Fed has signed are short term; each has a provision to cancel with 30 days' notice. Given this flexibility, we are evaluating all contracts after 90 days, with 3/4  BIS central bankers' speeches  priority on re-bidding those that were not competitively bid. The New York Fed will shortly commence a competitive bidding process for some of these vendor roles.
Speculation in construction was also less prevalent during the upswing at the end of the 1990s than during the rise in activity a decade earlier. Production of property has been relatively low, and projects have had pre-contracted tenants to a greater extent. In addition, the property crisis at the beginning of the 1990s was affected significantly by the structural changes that occurred during the period. The deregulation of the credit market together with the changes in economic policy required substantial adjustments in the market. So the present situation is not a cause for concern in the same way as the situation at the beginning of the 1990s. Some thoughts on the future The fact that the situation is not a source of concern does not mean that I am predicting a significant recovery in property prices. An increase in economic activity will of course stimulate demand, which sooner or later will apply upward pressure on prices. But at the same time I can see several factors which could restrain a rise in property prices, especially with regard to office premises. BIS Review 38/2003  3  Firstly, there is a risk that demand for office premises will be weaker than the general level of demand in the economy. From the mid 1990s, there was a gradual improvement in economic activity in Sweden, which resulted in higher employment in general, but particularly within office-intensive businesses such as IT and telecommunications.

The trend here has also been more closely correlated to the level of economic activity, with prices falling over the last three years. However, the price decline in Malmö [9 per cent] has been considerably gentler than in Stockholm [24 per cent] or Gothenburg [18 per cent]. These declines have been mainly caused by lower rents, which essentially have been a result of lower demand for office premises due to the subdued economic activity. It also makes sense that Malmö has been affected less than the other major cities given that the slowdown has not been as severe here. The rapid rise in prices and their subsequently rapid decline points to a trend not all that dissimilar from that experienced during the property crisis at the beginning of the 1990s. Nevertheless, there are many differences between the two situations. There is no doubt that we experienced a bubble at the beginning of the 1990s, when prices largely lost their relationship to fundamentals and were instead underpinned by expectations of future price rises. For a period of time the direct yield on property was 8 percentage points lower than the yield on a government bond. So investors must have expected prices to increase a good deal more than 8 per cent in order to compensate them for the risk of investing in property rather than bonds. In this case, you can really say that expectations of price rises were high! This is not the situation today.
William C Dudley: Opening remarks at the Economic Press Briefing on the Survey of Consumer Expectations Opening remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Economic Press Briefing on the Survey of Consumer Expectations, Federal Reserve Bank of New York, New York City, 18 November 2016. * * * Good morning, and welcome to the New York Fed’s Economic Press Briefing. I am pleased to have the opportunity to speak with you today about our Survey of Consumer Expectations. This is an important source of information that we use in our analysis of current and future economic conditions to help inform our monetary policy decisions. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System.1 In pursuing its monetary policy objectives, the Federal Reserve relies on a large number of data sources that provide information about recent developments and the current state of the economy. Most of these data sources are backward looking. That is, they provide data about past decisions and outcomes. In contrast, we know relatively little about the forward-looking subjective expectations and intentions of economic agents, which are a key determinant of current and future outcomes. This information, though, is essential for formulating policy and evaluating its effectiveness. The macroeconomic outcomes we observe reflect preferences and constraints, as well as beliefs of individual consumers and firms.

As a sign of Malaysia’s commitment towards this agenda, the ratification of ABIF commitments was completed in March this year. I hope that the ratification process can be concluded swiftly to enable Indonesian QABs to operate in Malaysia in the near future. Dawn of a new era The operationalisation of the ASEAN Banking Integration Framework represents the dawn of a new era of banking relationship between Indonesia and Malaysia. We are privileged to be a witness and contributor to this historical event. Financial integration is a key agenda for the ASEAN region and will only intensify further in the future. As an ASEAN bank embodying the ASEAN spirit, and the largest bank in Indonesia, Bank Mandiri can bring much experience and leadership across the region. Bank Mandiri’s current scope of activities covering trade financing, SME and micro banking products is highly relevant towards advancing the interests of both Malaysia and the broader ASEAN region. The entry of Bank Mandiri into Malaysia via the ABIF Framework would also provide an opportunity to further enhance the regional integration in payment systems between Malaysia and Indonesia. The current collaboration between the ATM switches in Malaysia (MEPS) and Indonesia (ATM Bersama) to facilitate cross-border cash withdrawals can be enhanced to facilitate cross-border remittances leveraging on over 11,000 ATMs in Malaysia and 17,000 ATMs in Indonesia. This can be leveraged upon by both the Malaysian and Indonesian population including the diaspora groups to undertake safe and efficient cross-border remittances.
During its lengthy preparation we held numerous consultations with the Czech Banking Association, individual Czech banks, the FAU, further financial regulators and other parties concerned, so as to transpose the international standards into the Czech practice in an optimal way. The CNB regulation covers all the standard elements of the AML measures I have already mentioned. One of its last paragraphs - but definitely not least - concerns the training of bank staff in AML issues. Given the emphasis on training, let me express the delight that your training course is taking place here in Prague. Given what I have said about the necessity to co-ordinate AML activities internationally, I am also glad to see that those attending the course come from numerous different countries. I hope that you will learn as much as possible here and that you will then have an opportunity to use your new knowledge actively in anti-fraud and AML activities in your home countries. Thank you for your attention. BIS Review 40/2003  3

With its long history and impressive membership, ACI has developed very much into an icon of professionalism in finance, contributing to "market development through education, market practices, technical advice and networking events for the financial practitioners of the world". The Association therefore has a very important role to play and faces in the coming years much greater challenge than before in promoting and upholding professional and ethical standards in finance. One interesting, perhaps even perplexing, aspect of the current financial turmoil is that emerging markets, particularly those in Asia, have only been lightly affected, so far. One reason is that financial innovation, in the form of credit risk transfer through securitisation by the "originate and distribute" model, has not caught on in Asia to the same extent as in the United States. Indeed, economies in different stages of financial sector development face different issues, notwithstanding the clear trend of globalisation in finance. Correspondingly, in promoting and upholding professionalism in finance, there may be a need for different emphases and approaches, having regard to the different development stages that individual regions and economies are undergoing. But it is also important that these different emphases and approaches should be developed within the framework of global standards. I therefore wholeheartedly support regional outreach initiatives of international standard setting bodies such as the ACI. Asia, of course, is region of rising importance in the global context, particularly in terms of finance.
But I draw upon my own experience in the corporate world and upon the insights offered by Goodhart to suggest that you simply take all this forward guidance and forecasting a year or more out with a big grain of salt, bearing in mind that the policy statements and forecasts issued by the FOMC are tactical judgments of the moment, made within a broader strategic context. 6  “Longer-term Central Bank Forecasts Are Step Backwards,” by Charles Goodhart, Financial Times, Feb. 2, 2012. BIS central bankers’ speeches  5  The most important announcement Which leads me to what I consider the third and most important announcement we made last week: the statement of our longer-range goals and strategy. For the first time, the entire 17-member committee stated that, given inflation over the longer term is primarily determined by monetary policy, we are able to specify that an inflation rate of 2 percent, as measured by the index for personal consumption expenditures, is most consistent with our mandate.

Richard W Fisher: A report on the Texas economy and a hawk(s)eye view on recent Fed pronouncements – what does it all mean? Remarks by Mr Richard W Fisher, President and Chief Executive Officer of the Federal Reserve Bank of Dallas, before the Headliners Club, Austin, Texas, 2 February 2012. *  *  *  Thank you, Patti [Ohlendorf]. I am flattered that such a great group of Austinites has turned out tonight. I am especially pleased that Alejandro and Rosa Laura Junco are here. Alejandro is CEO of the print media company Grupo Reforma. He has earned a sterling reputation for journalistic independence in a part of the world where independence is a rare and sometimes dangerous thing. Columbia University, the University of Missouri and Michigan State University have honored him for his journalistic accomplishments, and the University of Texas at Austin has named him a Distinguished Alumnus. Alejandro’s company and its flagship paper in Mexico City take their name from La Reforma, a period of liberalizing reforms that transformed Mexico into a nation state in the mid-19th century, beginning with the overthrow of the man Texans know best and like least – Santa Anna – and ending with the ascension to power of a good general gone bad, Porfirio Diaz. As a child growing up in Mexico City, I was taught about La Reforma in school.
This will allow investors to avoid the foreign exchange risk temporarily, although creditor risk vis-à-vis the Treasury will still exist. It is too early to speculate on the duration of the bonds that would be offered. That would be determined by the conditions prevailing at the time. The more successful the authorities are in reversing the trend in public sector debt, the more likely investors will be to buy long-term bonds and the better protected  BIS central bankers’ speeches  3  the Treasury will be against the short-term exchange rate volatility that could accompany capital account liberalisation. Implementation of precautionary rules is also an important part of the preparation for ultimate removal of the controls. Ladies and gentlemen The capital controls are harmful. No one knows that better than those who must enforce them. They are even more harmful if they are not enforced. There are those who want precisely dated schedules for more rapid liberalisation than is currently planned, and their impatience is understandable. But a precisely dated schedule would not necessarily speed up the removal of the controls – not without correspondingly greater willingness to take on risk. I welcome the constructive criticism and exchange of opinions that come to the fore at meetings such as this one, however, and I urge others to air their views. In my opinion, the capital account liberalisation strategy is based on sensible arguments, which I have described briefly in my presentation today.

Gent Sejko: Do crises change economic fundamentals in SEE Speech by Mr Gent Sejko, Governor of the Bank of Albania, at the Conference “Do crises change economic fundamentals in SEE?”, hosted by the Bank of Albania, organised in cooperation with the South East European Studies at Oxford, Tirana, 30 October 2015. *  *  *  Your Excellency Prime Minister, Dear Governor Hamza and senior central bank representatives, Your excellencies ambassadors, Dear guests, friends and colleagues, I am delighted to welcome you to the annual conference of the Bank of Albania organised in cooperation with the South East Europe Studies at Oxford. It is a pleasure to see that this cooperation brings together old and new partners. This has been a tough year full of challenges for the Albanian economy, consequently for the work of the Bank of Albania. The full recovery of economic growth and its further improvement in the future are and remain one of the top priorities of our work for the year. The prolonged crisis has impelled us and homologous institutions across the world to review many of the economic axioms, which we had taken for granted for a long time. It is not by accident that the main topic of the conference focuses on the causality and solutions for long-term problems we are facing during this period. Over the five year period, the Albanian economy has been growing in positive territory, yet, below its potential.
If there are prospects that inflation will become too low at the same time as debt and house prices are rising, the key policy rate’s main task is to ensure that inflation is again brought up towards the target. Several economic policy instruments makes it easier to achieve several objectives at the same time. Stricter banking regulation helps reduce systemic risk, but we cannot act on the assumption that tighter regulation alone will suffice to prevent future crises. There is considerable uncertainty with respect to potential shocks that may hit the economy in the future. Turbulence can arise abruptly and from unexpected events. Hence, it is important to guard against particularly adverse outcomes. 5 In recent years, Norges Bank has chosen to keep the key policy rate at a level that has consistently been a little higher than implied by medium-term inflation and output considerations. Financial stability considerations have played a role, without asset prices or debt having an independent role as target variables. The goal has been to achieve an improved path for inflation, output and employment over time. Let me explain further. 5  See Adrian, T. and N. Liang (2014): “Monetary Policy, Financial Conditions, and Financial Stability”, Federal Reserve Bank of New York Staff Report No. 690, for a further discussion.

Such surveillance efforts could also lead to discovery of parties trading on privileged insider information. SGX has the power to suspend or de-list a counter if conditions for orderly trading are found to be absent. •  MAS will carry out independent surveillance on a selective basis, to ensure that SGX is performing its responsibilities effectively. •  The MAS will have the power under the proposed SFA to pursue civil prosecution of listed companies which fail to make timely disclosure of material information, and of any participants suspected of market misconduct. The recently introduced civil remedy regime for insider trading will be extended to cover other forms of market misconduct such as market manipulation, or the employment of fraud and deceit in dealing. Civil remedy, which lowers the burden of proof against offenders, will complement the present framework of criminal remedy for offences under securities law. d.  Supervision of brokers  •  SGX supervises and inspects brokers to ensure that they comply with SGX's rules, are prudentially sound, and uphold high standards of market integrity. SGX has to act swiftly and firmly to deal with any unprofessional conduct by brokers and their representatives. •  MAS conducts continuous off-site review of brokers' operations to check if they comply with statutory licensing requirements. Such off-site reviews will be complemented by MAS' selective, on-site inspection of brokers to assure itself of the competence and effectiveness of SGX's supervision.