samchain/econo-pairs-v1 huggingface dataset:
Jessica Chew Cheng Lian: Remittance flows – benefitting lives in Malaysia and abroad Remarks by Ms Jessica Chew Cheng Lian, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Closing and Handover Ceremony of Project Greenback 2.0, Johor Bahru, 30 November 2017. * * * Two years ago, on this very same stage, Governor Muhammad Ibrahim set out two specific outcomes for Project Greenback 2.0 here in this beautiful city of Johor Bahru. First, to further improve on the costs of remittance transactions for individuals and businesses, and second, to help consumers make better and more informed decisions. Today, the results speak for themselves. The average cost of remitting funds* in Johor Bahru is now around 2%, compared to above 3% before we started the Project. The use of authorised money services business providers to conduct remittance transactions has increased by 21% in value terms on an annual basis for the period January to October 2017 against the corresponding period in 2015, offering better protection to customers while safeguarding the integrity of our financial system. Of this, remittances by SMEs using more cost-efficient formal MSB channels has more than doubled. This increase has also outstripped the growth in remittances for the industry as a whole as a result of initiatives under the Greenback project. Over 35,000 migrant workers and 3,700 SMEs were engaged to increase awareness and promote the use of formal remittance services through more than 40 education and outreach programmes organised over the last two years.

I would add that an excessive focus on price competition also inherently increases the risk profile of MSB companies which companies must carefully consider. It can lead to a loss of focus on longer term competitive positioning which remains key to any successful business, compromise service quality standards and heighten compliance risks. The insights gained from a deeper understanding of customer needs and priorities should serve to focus competitive strategies on how to improve the customer experience. We firmly believe this needs to be an important part of the conversation in pursuing the goals of more inclusive and efficient remittance solutions. We are encouraged by the efforts of some MSB companies that have responded to greater competition through a focus on innovation and investing in building a trusted company brand that consumers can be confident in. As an example, today, there are 17 remittance service providers that have introduced digital remittance services, almost double the number only 2 years ago. The requirement for employers to pay foreign workers’ salaries through their local bank accounts starting next year will provide further impetus for the digitalisation of remittance services. With a high level of smartphone penetration among migrants in Johor Bahru at 74% and internet access at 90%, significant opportunities exist to promote e-remittances. Currently, outward remittances conducted through mobile phones or the internet represents less than 10% of total outward remittances recorded by MSB companies.
The paper demonstrates that, among employees beginning their career in the expert salary band,4 after ten years the probability of promotion for men stood at 57%, while that of women was just 37% (see left-hand panel). However, the analysis also shows the marked impact of the ECB’s recent initiatives. In contrast with the preceding period, from 2011 onwards the gap between the promotion rates of men and women has been very small (see right-hand panel).5 Nevertheless, despite the ECB’s diversity policy, the gender differences in the career progression of its employees were not eradicated entirely. One important conclusion we can draw from studying promotion processes between 2012 and 2017 is that women are less likely to apply than men. Indeed, women’s application rate is around 40% lower than men’s. Therefore, given that the probability of promotion has been similar for men and women since 2011, women’s lower application rate means that those ultimately applying for these processes have a greater chance of being promoted. 2  Or five salary steps (see left-hand panel). 25 steps after five years and 29 steps after ten years. 4 Salary band F/G. 5 Based on three-year moving averages, the promotion gender gap was positive and statistically significant in each period until 2010, but statistically insignificant in the three-year periods since then. 3  5  This poses the question of whether women’s success at the ECB is down to positive discrimination or merit.

I am sure that its long experience, accumulated knowledge and proficient staff make the Central Bank of the Republic of Turkey an institution that can fulfil these expectations. I am proud of this institution. I owe a great debt of gratitude to my colleagues, who have greatly contributed to our accomplishments and to our policy implementation. BIS Review 47/1997
In view of those suggestions, and after considering the greater risks to the financial system posed by the Bear situation, we were able to work quickly on a companion facility that would transmit liquidity to parts of the market where it could be most powerful. This is what led the Board of Governors of the Federal Reserve System to approve the establishment of the Primary Dealer Credit Facility on March 16. Under Section 13(3) of the Federal Reserve Act, the Board of Governors is empowered to authorize a Federal Reserve Bank like the New York Fed to lend to a corporation, such as an investment bank, in extraordinary circumstances under which there is evidence that the corporation cannot “secure adequate credit accommodations from other banking institutions.” The Board of Governors needed to make the statutory finding that the circumstances were exigent and extraordinary, and it did so, based on the situation prevailing in the financial markets and the distinct possibility that absent an assurance of liquidity to major investment banks the deterioration in financial conditions likely would have continued with substantial effects on the economy. We recognized, of course, that the use of this legal authority was, in itself, an extraordinary step. At the same time, we were mindful that Congress included this lending power in the Federal Reserve Act for a reason, and it seemed irresponsible for us not to use that authority in this unique situation.

Summing up In conclusion, as we reflect on potential changes to the U.S. regulatory regime, we should not lose sight of the horrific damage caused by the financial crisis, including the worst recession of our lifetimes and millions of people losing their jobs and homes. We had a woefully inadequate regulatory regime in place, and while it is much better now, there is still work to do. We should finish the job as quickly as possible, and we should do no harm as we adjust our regulatory regime to make it more efficient. Thank you for your kind attention. I would be happy to take a few questions. 1 Figures are based on the CoreLogic home price index (including distressed sales) and the PCE price index as 6/7  BIS central bankers' speeches  the deflator. 2 For more background, see Fleming and Sarkar, The Failure Resolution of Lehman Brothers, December 2014. 3 For more background, see Chen, Cipriani, La Spada, Mulder and Shah, Money Market Funds and the New SEC  Regulation, March 20, 2017, and Cipriani, La Spada and Mulder, Investors’ Appetite for Money-Like Assets: The Money Market Fund Industry after the 2014 Regulatory Reform, June 2017. 4 For more detail, see Tri-party Repo Infrastructure Reform. 5 For more background, see Over-the-Counter Derivatives. 6 To paraphrase Andrew Carnegie and Mark Twain. 7 For related remarks, see William C. Dudley, Principles for Financial Regulatory Reform, April 7, 2017. 7/7  BIS central bankers' speeches
The number of traineeship positions available in the second run of the attach-and-train Technology in Finance Immersion Programme has tripled, allowing 220 mid careers to be attached to and trained at FIs to gain experience in key technology areas in financial services. 10. I thank the financial institutions which have joined us today, and hope to strengthen and expand this partnership with MAS and our tripartite partners to create more job opportunities for Singaporeans. Creating the opportunities is only part of the task ahead. We need to bring together individual FIs’ contributions into a collective whole and help with job matching, so that opportunities can be more easily accessed. 11. IBF, as the integrated service provider for jobs and skills in the financial sector, will play the role of such a “match-maker”. The virtual career fair today, is one example, with 16 employers participating to provide a range of resources and opportunities for job seekers. Over the next 12 to 18 months, IBF will progressively hold more career fairs to help job seekers source for and navigate the landscape. Outside of career fairs, job seekers can also approach IBF Careers Connect for career advisory and matching to suitable opportunities in financial services. Another example would be the Singapore FinTech Association Jobs Portal which was launched on 20 July. To date, it lists over 500 job opportunities in the FinTech sector. At the same time, we need to upskill our workforce to deepen financial capabilities and acquire future-enabled skills so as to take on the opportunities created.

These efforts have helped to avoid retrenchment of staff who might otherwise be displaced, and contributed to the steady decline in retrenchments in the financial sector, from the peak of 2,300 in 2016 to 1,300 in 2019.7 However, given the accelerated pace of digitalisation, we need to do more, and at scale. We are now experimenting an Artificial Intelligence (AI) platform with 13 FI partners to automate the process of identifying adjacencies in jobs and skills, so that more workers can benefit from reskilling and pivot into suitable roles. We hope to share more about the platform early next year. Creating Opportunities Our second priority is to expand opportunities for those aspiring to enter or reenter the financial sector workforce. 9. The National Jobs Council has been set up to mobilise tripartite partners’ resources to create opportunities amidst the weak labour hiring conditions. I am pleased to note that the financial sector is one of the top contributing sectors to 2/6  BIS central bankers' speeches  the jobs and traineeships programmes, offering a wide range of opportunities, including in technology and innovation, retail and corporate banking. Close to 60 FIs have offered about 1,300 SGUnited Traineeship positions for fresh and recent graduates in this challenging job market. As of end July 2020, 50 FIs have committed to hiring 900 Singaporeans over the next 3 years to be groomed for future leadership and specialist roles under structured talent development programmes supported by MAS.
32  Post-COVID-19 challenges (i) The need to reduce the structural deficit and public debt The legacy of the current crisis will be a very high level of public debt. Both in our country and abroad, managing such high levels of public debt will be a major challenge once the pandemic is over. In the short term, there is no sensible alternative to budgetary expansion. However, once the pandemic and its economic effects are under control, the need to redress general government finances must take centre stage, to prevent public debt crisis episodes like those experienced in several euro area countries following the last financial crisis. Reducing public debt is also necessary if we are to restore fiscal policy leeway in the medium term as a stabilisation mechanism for future crises. This is particularly important in the euro area, where monetary policy is decided by the ECB based on the overall economic situation. Indeed, the current crisis shows the importance of having healthy public finances that enable powerful fiscal action to be taken without generating doubts about future sustainability. This is a lesson we cannot forget when the effects of the crisis fade. The timeframe for reducing the public debt that we will have at the end of this crisis will be determined by the changes in the interest rate at which the debt is financed, GDP growth in real terms, the inflation rate and the pace at which the primary deficit eases.

Wage growth last year was the highest since 2011, with a further rise expected this year. The outcome of this year's wage settlement so far suggests that annual wage growth will be slightly higher than we projected in March. Higher wage growth means higher business costs and could lead to higher prices for domestically produced goods. The krone depreciation will generate higher costs for imported goods ahead. Chart 6: Further rate rise likely in June The Committee assesses that a higher policy rate is needed to dampen inflation. Since the publication of our March projections, overall economic activity has been broadly as expected. Excluding energy prices, consumer price inflation has also moved as projected. Higher wage growth and the krone depreciation will contribute to keeping inflation elevated ahead. If the krone remains weaker than projected or pressures in the economy persist, a higher policy rate than envisaged earlier may be needed. The future policy rate path will depend on economic developments, but we will most likely raise the policy rate again in June, at which time we will also present updated forecasts for the Norwegian economy. 2/2  BIS - Central bankers' speeches
Third, the decisions to waive seniority and make full use of the EFSF and ESM instruments send an important signal to markets. That signal is: policymakers have understood the complexity of the crisis and are prepared to exploit the flexibility of the rescue funds to address it. This is also evident in the decision by the Euro Summit to allow EFSF/ESM assistance for countries respecting their fiscal and structural reform programmes, reducing the stigma of requesting support. The ECB will play its part too by acting as agent for the EFSF and ESM to facilitate effective market operations. Overall, it is difficult to uphold the caricature that Europe does not have the tools to handle the crisis. If anyone had known, in 2010, that within two years there would be a firewall of 700 billion euro usable for loans to sovereigns, bond purchases and bank recapitalisation, the euro area would have been called ahead-of-the-curve. Now that this exists, it is criticised for being insufficient. This is simply the nature of evolving expectations. But it should not distract us from the steps that have been taken. They are impressive both in historical comparison and in their own right. 2. Fiscal consolidation and growth  The second current criticism of the euro area is that its focus on fiscal consolidation is destroying growth prospects. The argument goes that in a weak economy experiencing  2  BIS central bankers’ speeches  private sector deleveraging, an active public sector is essential to maintain demand.

Even then, its political system sometimes struggles to take difficult decisions. The euro area, on the other hand, has existed for just 13 years. The strengthening of its institutions began only two years ago. Against that background, what has been achieved through the creation of the European Financial Stability Facility and European  BIS central bankers’ speeches  1  Stability Mechanism, the entry into force of the “Six-Pack” legislation and the agreement on the Fiscal Compact, is already very significant. On 29 June, the Euro Summit took a further series of steps to strengthen crisis management. They agreed that loans to Spain as part of its bank recapitalisation programme would not have a senior status, removing a key concern for investors about the programme and their continued purchases of Spanish government debt. They committed themselves to use the full range of EFSF and ESM instruments in a flexible and efficient manner. And most importantly, they decided that the ESM should have the ability to recapitalise banks directly, once a single supervisory mechanism is in place involving the ECB. These are all very significant developments. Let me elaborate. First, the possibility for direct bank recapitalisation by the ESM is crucial to break the vicious circle between banks and their sovereigns that is at the heart of the crisis. It would allow for banks to be stabilised without increasing the debt level of the sovereign, thereby avoiding further damage to sovereign debt markets and banks’ balance sheets.
Honourable Minister, over the past two years, we have noted with delight that financial institutions in Zambia are beginning to rise up to the challenge by beginning to broaden the scope of their financial services and extending their services beyond the traditional customers to include previously unbanked communities. In addition, the Zambian financial sector has in recent years experienced growth in numbers of both registered commercial banks and non – bank financial institutions. We in Zambia, therefore, see this Forum as being timely and providing a unique opportunity for African financial institutions to share knowledge and experiences on how best to promote financial inclusiveness, particularly among our rural and peri-urban communities who have since not been fully integrated in the financial systems of most of our countries. This entails that they are not effectively participating in the economic growth that is being experienced in these countries. This Forum also comes at a time that we in Zambia have just lost a statesman who was passionate about rural development and empowerment of all citizens. The conference theme therefore, is appropriate for us as we carry on the vision of our beloved late President, Dr. Levy Patrick Mwanawasa, SC (M.H.S.R.I.P). In this respect, we would also like to acknowledge the many expressions of sympathy extended to us during our time of mourning. 2  BIS Review 118/2008  Distinguished delegates, on behalf of AFRACA, I would like to thank our various presenters and panelists for accepting to facilitate our deliberations over the next two days.

Second, we need to reduce the likelihood that systemically important institutions will come close to failure in the first place. This can be done by mandating higher capital requirements, improving the risk capture of those requirements and by requiring greater liquidity buffers for such firms. Although the raging crisis appears to be over, our work is not close to being complete. Making sure this work keeps moving forward and is coordinated internationally is hugely important. Differences in views across countries and regions should not divert the international community from the more important prize – taking the actions collectively that will ensure a robust and resilient financial system. BIS Review 14/2010  4
John C Williams: Good day sunshine Remarks (via videoconference) by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Midsize Bank Coalition of America, 21 June 2021. * * * Hello, everyone. It’s a pleasure to speak with you today. The summer solstice was yesterday evening, making today one of the longest days of the year. But please rest assured that I won’t take advantage of that and go on for too long. That way, there will be plenty of time for me to answer your questions. The good thing about virtual meetings like this one is that I get to speak with people from across the country with the click of a button. But I also know that there is nothing more heartwarming than when families and friends are finally able to get back together in person after all this time. Indeed, we are starting to see “the smiles returning to the faces,” and I mean that now quite literally. Today I’m going to talk about three things: first, I’ll briefly discuss the transition away from the London Interbank Offered Rate (LIBOR), a topic of particular relevance to this audience; second, I’ll talk about the outlook for the economy and where we are in the recovery; and finally, what that means for monetary policy.

But the data and conditions have not progressed enough for the FOMC to shift its monetary policy stance of strong support for the economic recovery. Specifically, the FOMC decided last week to maintain the target range for the federal funds rate at zero to ¼ percent and made no changes to its program of asset purchases. In thinking about adjusting its stance in the future, the FOMC has defined conditions and measures that will inform its decision-making. In terms of the federal funds rate, the FOMC said it expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the FOMC’s assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. The FOMC also said it will maintain its current asset purchase pace until substantial further progress has been made toward its employment and inflation goals.5  Conclusion I hope you remember the “things we said today,” but if not, here’s my final message. The sun is shining, both literally and figuratively. Progress on vaccinations and the economy is very welcome news, and I look forward to a full and complete recovery, accompanied by inflation that averages 2 percent over time. Thank you, and I look forward to your questions.
In December last year, the Hong Kong Mortgage Corporation signed a joint venture agreement with Cagamas Berhad, Malaysia’s national mortgage corporation, to establish a company to develop mortgage guarantee business in Malaysia and other parts of the world. Earlier this month, a new Dow Jones Islamic Market Index came to the marketplace to track China-related equities listed in the Hong Kong stock exchange, further enriching the Islamic index infrastructure in Hong Kong. These initiatives clearly demonstrate the dynamism of Hong Kong’s financial systems in responding to an emerging market opportunity. Is the timing right? Some observers have questioned whether it is a bit late for Hong Kong to develop Islamic finance, when some other financial centres in the region have already made a head start. It may be true that Hong Kong has started the development only recently, but so long as the demand is there, it’s never too late for Hong Kong to contribute to this vibrant and growing sector. The Islamic financial sector we believe has huge headroom for growth. Hong Kong can also learn from the experience of other established centres, and co-operate with them to grow the market. Indeed, there is no better time than now to contribute to the development of Islamic finance. This region is in possession of a significant part of the global oil reserves and has topped the world in the accumulation of wealth. The abundance of oildriven liquidity generates a huge appetite for investments that cannot now be satisfied within the Gulf area alone.

Petroleum activities and the Norwegian economy Per cent of GDP 18  18 Net cash flow from petroleum activities  16 14  16 14  12  12  10  10 Oil investment  8  8  6  6  4  4  2  2  0  0 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002  Source: National Budget 2003 and Norges Bank  4. The Government Petroleum Fund 1) Per cent of GDP  150  150  125  125  100  100  75  75  50  50  25  25  0  0  2000  2010  2020  2030  2040  2050  1) When expected return is used. Source: National Budget 2003, National Budget 2002 and Norges Bank  BIS Review 13/2003  7  5. The fiscal policy rule prevents large unexpected changes in the impulses from use of oil revenues Per cent of GDP for Mainland Norway  10 8 6  Structural non-oil deficit  4 2 0 2000  2010  2020  2030  2040  2050  Source: National Budget 2003  6. Return on oil vs petroeleuml fund 600  Value index for oil price and Petroleum Fund in USD (1.2.1986=100)  500  Petroleum Fund 400 300  Oil 200 100  fe b. 86 fe b. 87 fe b. 88 fe b. 89 fe b. 90 fe b. 91 fe b.