samchain/econo-pairs-v1 huggingface dataset:
It is also one reason why aligning with international standards - when they are appropriate to the UK makes Britain an attractive place for international firms to do business  We will tailor our rules to the UK Alignment with international standards leaves considerable scope for national authorities to make decisions about specific rules, and about risks not covered by those standards. So I’m going to move on now to explain another important way we can harness the UK’s strengths as a global financial centre. That’s by tailoring rules to UK circumstances. [15] This is something we work hard at. We are working alongside the Government to implement changes announced in December as part of the Edinburgh Reforms. [16] Meanwhile, we have used UK data to propose adjustments to some calibrations in the package of banking rules known as Basel 3.1 which we think would be overly conservative if applied here. That includes rules about unrated corporate borrowers, which form a very important sector of the UK economy. [17] We’re consulting right now on those Basel 3.1 proposals. So this is a good time for me to stress something important. That is that we are very open to evidence-based arguments about how we might change the tailoring we’ve suggested, or tailor other rules. In stressing this, I have in mind particularly some areas where the evidence is sparse, such as for infrastructure lending, or incomplete, such as for capital requirements for exposures to SMEs.

From time to time, we meet with stakeholders across the value-chain to gather practitioners’ views as to what the market needs in order to develop further. We will continue our work in this regard. Private banking One area we know we can improve is private banking. This is a business area that is growing exponentially in the region. According to industry research, Asia-Pacific has accounted for half the growth in global wealth from 2010 onwards. It also has a fifth of the world’s millionaires. And these numbers will get bigger, with global wealth expected to rise 50% by 2016. So, the opportunities for our region are enormous. We must ensure we have a regulatory framework that recognises this, one that is user friendly to private banking clients, yet sufficiently robust to provide appropriate investor protection, as well as being on par with international standards. To achieve this, we’ve recently introduced some refinements to our regulatory arrangements, following consultation with the industry. These measures were announced in June, so I’d just like to very briefly recapitulate four of the key points as follows. First, while we want to ensure appropriate protection to all investors, it is reasonable to treat private banking and retail banking clients differently in the investment process. So the first change is that we have provided an expanded definition for “private banking customers” that caters much better for the operational needs of private banks.
Plus the already mentioned fact that November’s consumer goods imports showed a rebound and that, while still pessimistic, consumer expectations have shown some increase in recent months, especially for durables. About investment, in the near future we see no significant projects, low activity in housing construction and still bad business expectations. Nevertheless, this component is expected to post positive growth in 2017, as assumed in September, after contracting for three years in a row (figure 11). Thus, the baseline scenario estimates that, as a percentage of GDP, gross fixed capital formation will continue to drop in both real and nominal terms, to 22.9% and 21.7% of GDP, respectively (22.6 and 21.8% in September). As for the external scenario, a current account deficit is expected with no major changes between 2016 and 2017, very close to September estimates: 1.7% and 1.9% of GDP, respectively. However, as this figure contemplates an improvement in the terms of trade, at trend prices the current account deficit is bigger than was implicit in the last Report, by about half a percentage point in 2017. Our current account forecast assumes that Chilean exports volume will grow about 2% in 2017, after a fairly flat 2015 and a down-sloping 2015. By sectors, we expect increased volumes of both mining and non-mining shipments (table 1). In this scenario, annual inflation will decline further, to less than 3% during most of 2017, and remain stable through the rest of the projection horizon.

Successful nations are those that have accorded priority to its human capital and to organisational review and transformation. Given the scarce high-powered human capital, there are tremendous opportunities for women with the capabilities to take on leadership responsibilities in the public sector and thus contribute towards achieving the greater well being of the population. Advancing women’s leadership in the public sector As an important component of the human capital resources women are increasingly becoming a growing force in the talent pool. To advance forward to leadership positions requires the investment in leadership development. While there are several common threads in leadership in both the private and public sectors, there are some specific leadership characteristics that are important for the public sector. Firstly, it involves having great clarity of the vision – of the objective that needs to be achieved by the organisation and the results that needs to be delivered. Unlike in the private sector, this is not measured in terms of financial results. Frequently this may be difficult to measure in quantitative terms. Nevertheless, it is vital so that the resources and energies of the organisation can be aligned to achieving the results. Equally important, it allows the organisation to stay focussed, to stay on course when there are a multitude of pressures that may disrupt or distract the organisation by different stakeholders that have different perceptions and expectations on the organisation.
Examples of this include the introduction of the steam engine and the telegraph at the beginning of the 19th century, the building of the railways somewhat later and the internal-combustion engine and electric motor in the 20th century. These changes usually follow a similar pattern of growth and structural transformation. The transitional phase initially involves a period of crisis, which is expressed in company closures and rising unemployment. After this, productivity and growth increase. Some industries expand rapidly and are met by expectations of large profits. The demand for labour is unevenly distributed and matching problems arise. Wage differentials increase. In many ways the “new” economy can be regarded as one in a row of structural changes taking place in society. It is thus more appropriate, in many respects, to talk of a blend of new and old, rather than a new economy. In comparison with the steam engine, the railways and electricity, today’s IT developments may be perceived as marginal. But, while there is considerable exaggeration in the discussion of the importance of IT, I would still say that today’s change process could be compared to these events. Computers and the Internet allow us to gather information easily, cheaply and rapidly, as well as facilitating contacts between buyers and sellers at almost all levels. IT affects a number of areas, such as financing, stock management and procurement. This often involves a dramatic reduction in costs.

The NCA also has a very important role in the prevention of pollution and emergency response in the event of spillages. The NCA head office’s Department for Emergency Response is located here in Horten. We at Norges Bank are very proud of the new banknote series – primarily because they are the most secure banknotes we have ever issued, but also because we are very pleased with the choice of motifs and theme. The new banknotes represent quite a significant break with Norwegian banknote tradition. For the first time since the Norwegian krone was introduced in 1875, Norwegian banknotes do not feature the portraits of well-known people. This time we have chosen a different type of motif, but a motif that has one thing in common with portraits: binding Norway together as a nation. The sea, which is the theme of the new banknote series, influences our country in many different ways. The Norwegian people live by the sea and use the sea both as a transport artery and for recreation. The sea is a source of well-being, welfare and prosperity. On the reverse side of the 500-krone banknote, the faint outline of an oil platform can be seen, symbolising an industry that has helped to raise the level of prosperity in Norway in recent decades. But the sea was also important before the oil age. Cod, shown on the new 200-krone banknote, has been one of our most important export products for centuries and still is today.
One reason for the popularity of securitised subprime mortgages was the development of collateralized debt obligations, CDOs, based on portfolios of these mortgages. The rating agencies have been actively involved in developing these products. Mortgages were often packaged in such a way that the securities in the most secure or senior tranches were given an AAA rating. This gave the subprime market access to funding from insurance companies and other investment managers that otherwise would not have invested in this market. High lending growth would probably not have developed without this type of financing. The securities in the least secured tranche (equity tranche) were in demand from investors seeking high returns, such as hedge funds. It has been difficult to price CDOs. As a rule, the issuer has calculated a fair value using complicated mathematical models. Because of the pricing difficulties, there has been little trading in these securities since their issue. This has resulted in problems for funds interested in selling, or who were forced to sell. In winter 2007, the rise in defaults on subprime mortgages resulted in a sharp increase in credit spreads for bonds backed by this type of mortgages. The credit spread for bonds backed by subprime mortgages rose further in June in the wake of problems in two funds specialising in investment in this kind of bonds.

Norwegian covered bonds are very different from US CDOs backed by subprime mortgages. The regulations ensure that Norwegian covered bonds are a more transparent and substantially more secure investment alternative. The cover pool in the mortgage credit institutions consists of mortgages with a maximum loan to value ratio of 75 per cent. The loan to value ratio of the cover pool in Norwegian mortgage credit institutions that have so far issued covered bonds is well below this. All holders of covered bonds have the same right to the mortgage credit institution’s cover pool. In other words, there is no tranching as is the case for CDOs backed subprime mortgages. Investors will also have an overview of the risk parameters for mortgages that are part of the cover pool. This means that Norwegian covered bonds are far more transparent with respect to the assets that are the bondholders’ cover than CDOs backed by US subprime mortgages. Another difference between subprime mortgages in the US and Norwegian mortgages is that the regulations relating to the provision of credit are stricter in Norway. Subprime mortgages in the US have been sold through agents and mortgage brokers that have not been subject to federal supervision. In a number of cases, mortgages have been extended to persons with no income. Before Norwegian banks extend a loan, they assess a customer’s debt-servicing capacity. Norwegian banks are also required to advise a customer against taking out a mortgage if they feel that the customer will find it difficult to service the loan.
Some economists urge the Bank of Japan to soon join the IT club 3 . So, what is so special about IT and what makes it so attractive for so many central bankers and economists? Undoubtedly, the source of the growing IT popularity is its effectiveness in ensuring macroeconomic stability. Firstly, IT has proved effective in delivering price stability. Though the contribution of IT to lowering inflation is still a matter of debate 4 , empirical research suggests that it has significantly  1  Volcker P. “Panel discussion: The Art of Central Ranking” at “Monetary Policy: A Journey from Theory to Practice - An ECB Colloquium held in honor of Otmar Issing”, 16 March 2006. 2  See: Bernanke B.S. “A Perspective on Inflation Targeting”, Remarks at the Annual Washington Policy Conference of the National Association of Business Economists, Washington, D.C. 25 March 2003. 3  According to Ito the Bank of Japan has not yet adopted IT for political reasons. See Ito T. “Inflation Targeting and Japan: Why has the Bank of Japan not Adopted Inflation Targeting?”, NBER Working Paper 10818, September 2004. 4  See “Does Inflation Targeting Matter?” Ball L., Sheridan N. in Bernanke B.S., Woodford M. (ed. ): The Inflation-Targeting Debate, NBER, 2005. BIS Review 42/2006  1  contributed to lowering inflation and its volatility, especially in emerging markets 5 .

Needless to say, Paul Volcker perfectly knows that it is low and stable inflation and not any inflation that inflation targeters are trying to achieve. Yet, if we know that low inflation is our objective then what is the most suitable monetary policy? How low should the inflation target be, which price index to target, what about stabilizing output or preventing asset bubbles, should we be strict or flexible inflation targeters, how to communicate our policies? All central bankers, both those beginning the IT adventure and those more advanced with it, have to address these questions. I hope this meeting will provide an opportunity to do it. *  *  *  Since 1990, when the pioneering Reserve Bank of New Zealand first introduced IT, over twenty countries have followed its example. The National Bank of Poland along with the Czech National Bank were among the first emerging market countries’ to adopt IT. From the very beginning IT has been practiced in very diverse economies, from the UK and Peru to Korea and Ghana. Many other and more diverse countries consider following the fashion, just to mention Botswana or China. IT attracts growing interest both in developing countries, some of which are still struggling with high inflation, and countries with relatively long history of macroeconomic stability such as the United States or Japan. It is widely known that Alan Greenspan’s successor Ben Bernanke is a strong advocate of IT 2 and this makes Fed’s adoption of IT quite probable.
Capital spending since then has been somewhat higher, but the marginal return from investment in existing fields has been declining, while the costs of tapping new sources of supply, such as Canadian oil sands and deep water fields, are relatively high. The bottom line is that while agricultural prices may fall back a little this year, oil (and also metals) prices are more likely to remain elevated. And there must be a risk that continued turmoil in the Middle East and North Africa results in a substantial oil price spike, present OPEC spare capacity notwithstanding. Looking even further ahead, there may continue to be general upward pressure on the prices of exhaustible resources as demand from the emerging markets continues to grow. As a net commodity importer, such an adverse development in the terms of trade between commodities and final goods and services would represent yet another headwind for the United Kingdom. The second factor behind the current elevated level of inflation is the substantial depreciation of sterling during the crisis – as noted earlier, down almost a quarter from pre-crisis levels (Chart 6). That fall occurred in two legs: a general drift down over the first year of the crisis, and a second, sharper, fall during the peak of the crisis immediately following the collapse of Lehman Brothers. Since early 2009, the effective exchange rate for sterling has, though, been pretty stable.

Goh Chok Tong: ASEAN – the third growth engine in Asia Speech by Mr Goh Chok Tong, Senior Minister of the Republic of Singapore and Chairman of the Monetary Authority of Singapore, at the Gala Dinner of Merrill Lynch Pan-Asia Rising Stars Conference, Singapore, 9 May 2007. *  *  *  A warm welcome to Singapore. Thank you for inviting me to your dinner and share my views on what is happening here. I will make a few observations about developments in the region and Singapore, and hope that my remarks will help digestion, rather than cause indigestion. Let me begin by thanking Merrill Lynch for organising this conference in Singapore. Such an impressive gathering helps our goal of making Singapore an important financial and business centre. I hope the conference will serve as a forum not just for the exchange of business ideas but also the conception of new growth opportunities. This year will be the 10th Anniversary of the Asian Financial Crisis. Despite the widespread devastation, Asian economies have bounced back. According to a recent World Bank report: “A decade after the financial crisis that devastated East Asia in 1997-98, the region is far wealthier, has fewer poor people and a larger global role than ever before. Led by continued strong growth in China, Emerging East Asia now has an aggregate output of over $ trillion, double the dollar value just before the crisis.
We anticipate a growth of  Meanwhile, core inflation continued its  5.5 – 6.0 per cent in 2017.  upward trend in 2016, reflecting the firming up of demand conditions in the  Central Bank of Sri Lanka – ROAD MAP 2017  8  economy and the revisions made to the  eleven months of 2016, an increase of  tax structure in the latter part of the  14.7 per cent over the previous year. year. Core inflation, based on CCPI,  Workers’ remittances recorded a  increased to 6.3 per cent, year-on-year,  moderate growth of 3.1 per cent during  at end 2016 in comparison to 4.5 per  the first eleven months of 2016 and  cent at end 2015, while NCPI based core  amounted to around US dollars 6.6  inflation was 6.8 per cent, year-on-year,  billion. With these developments, there  in November 2016.  was a narrowing of the savings –  In response to preemptive monetary policy measures, monetary aggregates, which expanded at a high rate, decelerated, while growth of credit to the private sector showed some slowdown, mainly reflecting the impact of increased market interest rates. investment gap as reflected in the lower current account deficit during the first nine months of 2016. Foreign investment in the government securities market saw a net outflow, while longterm loans to the government recorded a net inflow.

BIS Review 3/2007  1  We are caught between two poles. We need rules for policymaking, yet we must also retain some discretion. The response to the economic arguments should certainly not be: "The legal department has decided that the treaty says . . . ". 2  BIS Review 3/2007
Qualifying high-growth and high value-added financial activities will enjoy a concessionary tax rate of 5%, while a 10% rate will apply to tax-sensitive but mature activities. We have also enhanced incentives for specific activities, such as fund management, trustee and custodian services, insurance and capital market and treasury activities. We also undertook a fundamental review of the Central Provident Fund (CPF) Scheme, which is our social security and pension fund scheme. We refocused the CPF on its core objective of providing for the basic needs of the majority of Singaporeans, in terms of retirement needs, healthcare expenses and home ownership. We are tightening the use of CPF for buying properties, so as to leave more for retirement needs. We are reducing the coverage for high-income Singaporeans, who should be able to plan and provide for their own retirement. We are lowering contribution rates for older workers, who are most vulnerable to losing their jobs. These measures will make our labour market more flexible, and contribute to our economy’s overall resilience and competitiveness. Second, we want to encourage entrepreneurship in order to develop more local and foreign start-ups and emerging enterprises to complement our strong base of MNCs and established local companies. In this rapidly changing, unpredictable environment, the best way to spot and exploit new opportunities is not by centralised direction, but through the drive and entrepreneurship of our people. According to the 2001 Global Entrepreneurship Monitor Report, Singapore ranked 27th out of 29 countries in terms of entrepreneurial activity. We need to do better.

But we should adopt a longer-term, more nuanced perspective. Southeast Asia’s economic fundamentals remain positive – a sizeable market with a collective population of 500 million people, high savings, abundant natural resources, under-developed consumer appetites and a strong work ethic. The political problems can be overcome, provided governments act swiftly and resolutely to counter terrorism and restore order and confidence. Those countries which do so will regain investor interest, while those investors shrewd enough to discern which countries and projects deserve support will be amply rewarded by the risk premiums. Provided Southeast Asian countries adapt themselves to their new environment, remedy their economic weaknesses, and grasp the new opportunities, this region can once again become a vibrant part of Asia. BIS Review 61/2002  5