samchain/econo-pairs-v1 huggingface dataset:
I would not wish to speak in such apocalyptic terms. Nor would I go so far as to argue for controls. But I agree that we face a world crisis, and would add that if Hong Kong, with its sound fundamentals and prudent financial management, can be brought to the brink of systemic breakdown by aggressive cross-border speculation, then something must be wrong with the world financial order. The essence of the crisis is this: on the eve of the twenty-first century, as markets continue to open up, as information technology continues to advance, and as investment tools become ever more sophisticated, the global financial system becomes less restrained by distance and national boundaries, less inhibited by information barriers, by time differences or by other physical limitations. Yet the management of the global financial system remains primitive and fragmented. It continues to depend largely on the unaided efforts of individual jurisdictions, which are increasingly handicapped by asymmetric information flows between public and private sectors, and which rely, when they run into problems, more on emergency fire-fighting than on preventive health. In short, the management of our global financial system has become grossly inadequate in coping with the demands of global finance. BIS Review 2/1999  –6–  Solutions So what then are the solutions? I am acutely aware of the fact that a patient suffering from the contagious flu is not really in a good position objectively and dispassionately to prescribe medicine. Let me, nevertheless, put forward my views, for what they are worth.

The change in name is due to the fact that we have incorporated an additional perspective: the macroprudential supervision, whose ambitious aim is to prevent the formation of a crisis or, at least, to contribute to alleviating its effect, should it be unleashed. Clearly, the application of any pre-emptive policy calls for the identification and correction of potential macrofinancial imbalances before they reach worrying levels. The logic underlying this approach is conceptually straightforward: future crises are the consequence of our current actions. In other words, crises are endogenous and, therefore, avoidable phenomena. It is then rather ironic that, now that we have a framework aimed at correcting imbalances before they cause future crises, we have been caught unaware by an eminently exogenous crisis. In any event, we should be aware that macroprudential policy is a recent development. Its theoretical framework was approved in Basel in late 2010, just a decade ago. It has arisen as a complement to microprudential supervision, and its aim is to boost financial stability through the prevention and mitigation of so-called systemic risks and vulnerabilities, thereby fostering the sustainable contribution by the financial system to economic growth. To achieve this, risks are evaluated in an aggregate fashion system-wide, but considering also the potential interactions between individual institutions and financial sub-sectors. Since 2014, the Banco de España has had the possibility of introducing countercyclical capital buffers (CCyB).
Jacqueline Loh: Gearing up for sustainable growth Keynote address by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the Singapore Trustees Association Conference 2014, Singapore, 2 October 2014. *  *  *  1. Distinguished guests, ladies and gentlemen, good morning. First off, let me thank you for inviting me to join you at the third Singapore Trustees Association Conference. This Conference brings together industry professionals to discuss trends and challenges facing the trust industry, and how Singapore can stay ahead in this competitive environment. 2. It is believed that the origin of trusts dates back to the 13th century. As crusading English knights sought to protect and preserve their estates during their lengthy absence in battle, they transferred the legal ownership of their estate to a third party, usually a trusted friend, under the agreement that ownership would be transferred back upon their return. Today, some 700 years later, the key hallmark of trusts – the trust structure itself, the beneficiary and the trustee – remain unchanged. The trust structure continues to serve as an important fiduciary arrangement. It has remained relevant and reliable, through ongoing efforts by the industry in adapting and strengthening its capabilities to meet evolving needs as well as industry standards. 3. Your theme this year is therefore instructive. “Singapore: a Dynamic Trust Centre”. The Oxford Dictionary defines “dynamic” to be characterised by constant change, activity or progress.

To this end, I wish to mention that the Bank of Zambia with other stakeholders is in the process of putting in place a National Switch that will further enhance initiatives such as this one whose launch we are witnessing today. Ladies and Gentlemen, the Bank of Zambia will continue to support any efforts and innovations by the private sector that extend the provision of financial services to the majority of our citizens. I look forward to seeing the product being launched today live up to the expectations of providing a safe, efficient, secure and reliable service to the Zambian people. I hope that all customers will enjoy using the Airtel Money service. With these few remarks, I wish to declare Airtel Money officially launched and wish it all the success. Thank you. 2  BIS central bankers’ speeches
19  All speeches are available online at www.bankofengland.co.uk/speeches  19  Chart 22: Occupation job ladder 100% 90%  8 7  80%  6 5  70%  4 3  60%  2 1  50%  0 -1  40%  -2 -3  30%  -4 20%  -5 -6  10%  -7 -8  0% 1990  1995  2000  2005  2010  2015  Sources: ONS and Bank of England calculations. Notes: Chart shows percentage of jobs moves based on extent of upward or downward movement along the occupational job ladder. During the crisis, we would expect a larger number of moves down the industry and occupational ladder. There is some evidence of that, with the lower tail (grey zone) fattening and the upper tail (red zone) thinning a little. Thereafter, as the jobs market recovered, we would expect a fattening of the upper tail (red zone) and a thinning of the lower (grey and blue) zones. There is no real evidence of that. The zone of small rung movements has remained fairly static. We get a similar story if we look at the company destination for jobs moves, ranked by productivity. We would expect to see workers move down the productivity ladder during downturns and to rescale that ladder during upturns. The first part of that story is borne out in the data. Rates of productivity gain from a job switch fell from around 8% pre-crisis to around 3% afterwards.

The high degree of uncertainty militates against ambitious fine-tuning of the economy but favours focusing on the main task of monetary policy, which is maintaining price stability. Moreover, uncertainty necessitates broad-based and impartial analysis as well as judgment and flexibility in monetary policy decision-making. BIS Review 5/2008  1
Christian Noyer: The financial crisis – how are we doing? Speech by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the Global Interdependence Center Conference “Capital Markets in the Post-Crisis Environment” Part V, organised together with the Bank of Finland, Helsinki, 6 June 2011. *  *  *  It is a great pleasure for me to be here today in Helsinki. It is also a privilege to address such a distinguished audience. But as you all know, next Board of ECB Governors will be held in a few days and I am therefore to respect a silent period. The remarks that follow are general and do not prejudge the decision of the Board. I would like to take the opportunity I have been offered of giving you my assessment of how we are doing three years after the start of the crisis. For reasons you certainly understand, I would like to focus more on the situation in Europe and the euro area. Economic prospects are encouraging Recent macroeconomic developments point to a successful exit from the crisis. Recovery is now widespread, as most countries across the world experience pre-crisis growth rates. After a strong rebound, world trade is back on track to its pre-crisis trend. Financial conditions are favorable, with short and long-term interest rates at low levels and scarcely any signs of credit rationing.

It is difficult to completely capture a sequence of events where changes in different variables tend to reinforce one another in economic calculations. If the households have also been overly optimistic - irrational - in their expectations, it becomes particularly difficult to capture these effects. It is therefore important for forecasters to make more “qualitative” assessments in addition. Another reason for not trusting solely to formal models based on historical data is that the effects of structural changes that have taken place fairly recently can easily be underestimated. Let me give an example that to some extent captures these problems. During the years from the mid-1980s to the beginning of the 1990s, substantial changes were made in the economic structure and there was a clear correlation between the change in house prices and the change in household borrowing. The decline in house prices during the financial crisis at the beginning of the 1990s was largely due to an unfavourable combination of changes of both a structural and a cyclical nature. In connection with the deregulation of the credit markets during the second half of the 1980s, household borrowing increased substantially and the loans were largely used to buy houses. The fairly high and fluctuating inflation rate contributed to real interest costs after tax often being low, sometimes even negative, which in practice meant that one could at times make a profit from borrowing.
39 As an example, recently we collaborated with the Asian Bureau of Finance and Economic Research (ABFER) and NUS Business School to bring together global academics for our Workshop on Digital Currency Economics and Policy. I encourage more of such forums. In fact, I would not be surprised if the themes I have touched on have been discussed in research forums and this Cavalcade. 40  Thank you. 5/5  BIS central bankers' speeches

In addition, as a result of the financial crisis in the international markets, the trading of some securities, which were previously considered as favourite to the investors, has become challenging Second, the differences in the size of the banking sector’s institutions, the collateral’s quantity and quality, and the restrictions for the direct exposure among institutions hamper the circulation of liquid funds in the interbank market in the duly time and extent. Third, given the enhanced competition, there is a risk that significant disproportions arise between assets and liabilities in the balance sheet, with regard to type of currency and maturity term; Fourth, some institutions have also turned to borrowing from parent banks in order to maintain the lending promptness and size; Fifth, owing to objective factors that have conditioned the lack of efficiency, the banking sector at home has been characterized by very high liquidity levels. Given the enhanced competition and improved efficiency, it is objectively expected that liquidity indicators being to shift downward. These factors hamper the setting of the optimum liquidity level, in which the enhanced efficiency in fund use does not shackle the institution’s capacity to cope with the business risks. All these elements provide evidence for the need that the banks’ governing structures follow practices that allow the institution itself to meet the expected liquidity needs independently, however, having options which improve their capacity to generate liquidity in urgent cases.
The Project, titled Isuru Project, had as its objective, uplifting the economic and social conditions of the poorest of the poor with a  13  The yield ratio of paddy between the Western Province and more productive areas has been around 1:3. 14  In an earlier paper, the writer argued that Sri Lanka’s future depends on the services sector well integrated to the global economy. See, Professor Sirisena Thilakaratne Memorial Lecture, 2006. 15  Moral Hazard is not a new problem. According to the Buddha, the king in a kingdom found his citizens getting engaged in all types of thefts and robberies. On finding that they did so because they did not have any capital to start a livelihood, he gave funds to them from his treasury freely. People finding that, if they got into thefts more they could get more free funds from the king, committed more robberies and thefts. Chakkavatti Seehanada Sutra, Anguttara Nikaya. 16  Fernando, Nimal A, Understanding and Dealing with High Interest Rates on Microcredit, (2006), ADB, p 13. 17  Districts involved were Galle, Matara, Kandy and Puttalam where the incidence of poverty was considered the highest in the country. 4  BIS Review 22/2008  view to helping them to cross the poverty line within a given period and establishing the methods and techniques of sustainable poverty alleviation for emulation by other interested parties. The poorest of the poor were identified as those whose income was below Rs.

To prevent farmers from resorting to out-selling for short-term price benefits, buyers on many occasions agreed to raise the contract price to assure them an uninterrupted supply line. However, it is encouraging to note that the established farmers could not be lured by these temporary gains and preferred to enjoy long-run relationships with buyers. 10  BIS Review 22/2008  credit and continuous government patronage to cross the poverty line and join the mainstream of the economy, the Central Bank’s Isuru Project, coupled with the forward sale contract system, has been able to establish a more effective poverty alleviation system through the market mechanism. The success of the Isuru Project in this respect is due to the following features unique to the project: •  Selection of beneficiaries was free from political or other elitist interference and done by the beneficiaries themselves through a self selection process. Hence, undeserving elements were kept out of the project activities. •  Interest rates were deliberately set above the normal market rates so as to compel the borrowers to reckon the cost of funds in their project planning and avoid the misuse of funds. •  Lending was done on easy terms and procedures similar to the systems followed by informal money lenders. The objective was to eliminate money lenders competitively by providing a better service at a lower rate. •  Thrift and savings preceded lending to inculcate proper conservation habits among beneficiaries.
It also leads to an increased need for investment. From a Swedish perspective, housing investment is particularly important, as new construction has been slow for a long period of time now, although there have been some improvements in recent years. However, it is nevertheless important to have further measures in housing and taxation policy that increase the incentives to build housing and in particular cheap housing. Otherwise there is a risk that the positive effects of an increase in population growth will not take place. The link between migration and monetary policy is not entirely clear. But increased migration affects the labour market and resource utilisation in the economy. Increased immigration creates the conditions for long-term higher employment. If the labour market functions efficiently and the immigrants can be integrated into society this will entail higher long-term production. But there will always be a transitional phase – which can be shorter or longer – when the actual resource utilisation deviates from the long-term level. Monetary policy may need to take this into consideration. Moreover, if many immigrants have a low level of education, the long-term level will be more difficult to assess, as this group has greater difficulty becoming established on the labour market. I will return later to how monetary policy should give consideration to increased uncertainty in longterm trends. Another link concerns the collection of statistics.

Taking into account the strategic commitment of our country for EU membership, a few years ago, the NBRM initiated this project of cooperation with the ECB in order to identify the necessary changes in the national regulation, and the needed organization and human resources of the NBRM towards achieving EU central banking standards. The realization of the project, and hopefully, obtaining of a subsequent project for the implementation of the recommendations that will arise from this programme, should enable the NBRM to carry out the process of joining the European System of Central Banks, and later the Eurosystem more easily and efficiently, once the Republic of Macedonia meets the EU accession criteria. Over the past three months, experts from the ECB and the national central banks included in the project, in collaboration with the experts from the NBRM, carried out the activities planned with the first stage of setting the benchmarks according to the European standards and best practices for the operations of the NBRM in ten areas: monetary and exchange rate policy, economic analysis and research, statistics, payment systems, banknotes, accounting, legal services, internal audit, information technology and human resources. As a result of the good cooperation of the experts, their commitment and dedication to the project, at today’s first meeting, the Steering Committee adopted the benchmarks in all planned areas, whereby, I am pleased to say that the first stage of the project has been successfully completed.
But given the daunting changes that have occurred recently in the world economy, and the fact that the IMF has achieved truly universal status with the accession of the transition countries, perhaps the time has come to consider it. Without greatly altering the operation of the institution and the pivotal role of its Executive Board, such a transformation would give the IMF renewed and very valuable legitimacy for the increasingly difficult tasks it is called upon to perform.4 The second avenue, in the same spirit, would consist of making provisions every two years for the G-7/G-8 - on the occasion of their meetings - to join the heads of state and government of the 16 countries holding seats on the IMF and World Bank Executive Boards to discuss with them and with the heads of those two institutions and the WTO the major economic and financial questions of the day. This new G-24 would have the significant merit of its basic legitimacy, as it would strictly reflect the system of international representation established for monetary and financial affairs in Bretton Woods. This would clearly represent a step forward not only in terms of dispelling the current malaise, but also in terms of hastening the adoption of integrated policy responses to the challenges of the globalized economy. The Secretary General of the United Nations should also be invited to participate to take into account the work of the entire family of UN agencies, which could become a fourth humanitarian and social pillar of the world system.

So as to be able to have a new toolkit adapted to this crisis, more than half a dozen laws1 had to be approved, from first creating the Fund for the Orderly Restructuring of the Banking Sector (FROB) in 2009 to the last Decree Law approved in February, with regulations that have set about righting the shortcomings. These include the creation of an institution/fund allowing for the obligatory and orderly restructuring of non-viable banks and encouraging the merger of viable ones; the regulation of institutional protection schemes; the possibility of converting savings banks into banks; new capital requirements to speed through restructuring; the granting of greater powers to the Banco de España; the merger of the deposit guarantee funds, etc. Promoting all these changes in a full-blown crisis was like carrying out two tasks on a ship that has hit the rocks: while evacuating the passengers, it was necessary to repair the lifeboats. A most difficult task, as I said, but the seven laws have now been passed. And there is one very positive aspect, namely that all these regulations had the backing of the country’s two main parties. This is perhaps why these reforms have maintained a series of common characteristics and, while giving due merit to the main actors, i.e. the different governments and the legislative chambers, mention might be made of the advice that the Banco de España has offered and continues to offer.
The less good news is that the worrying international imbalances within and between the industrial countries persisted through most of the past year - though just between you and me, my Lord Mayor, and so long as you don’t breath a word to the Chancellor, there is a glimmer of a suggestion - no more than that - that those imbalances may now be becoming somewhat less worrying. In the United States evidence of a sustained improvement in the rate of productivity growth has persisted. We, in this country, must fervently hope that the seeds of this technological modification are blown in our direction and find a receptive environment here. There is no obvious reason why we should be immune from this highly desirable infection - though sadly the symptoms of contamination are still hard to detect. In the meantime its supply-side effects in the United States imply that the US economy can sustain faster growth than seemed possible before, without necessarily overheating - at least for a time and up to a point. But the same developments have also helped to raise the temperature on the demand side of the US economy, and the Federal Reserve has been administering monetary sedatives at intervals throughout the past year. But finding exactly the right dosage, and the right timing, to keep the body temperature near normal in present circumstances really does demand the wisdom of Solomon - or at least the wisdom of Greenspan.

1 These new products are currently available in German and French; from autumn 2016, they will also be available in English and Italian. All this information may also be accessed via our main website, www.snb.ch. “Our National Bank” helps us to fulfil one of our statutory tasks – informing the public about our activities. The new platform replaces “The world of the National Bank”, which has provided the general public with information until now. We hope that this new resource will prove useful to you, too, in one way or another. Ladies and gentlemen, thank you for your attention. It is now my pleasure to give the floor to Fritz Zurbrügg, who will present this year’s Financial Stability Report. 1  4  The Our National Bank brochure can be accessed in the form of a pdf file at our.snb.ch or ordered through library@snb.ch. BIS central bankers’ speeches