samchain/econo-pairs-v1 huggingface dataset:
I will conclude, therefore, by noting again that economic pressures in the banking industry are driving banks to try to diversify their income sources. This is contributing to erosion of the boundaries between different types of financial business. A consequence of this is that new approaches to financial regulation are also required. What we have done in Hong Kong is to come up with a pragmatic approach that tries to strike a balance between institutional and functional supervision. We believe that, with the goodwill and cooperation of all concerned, this can, and will, be made to work. 4  BIS Review 71/2001

Pending the enactment of the new legislation, the Central Bank too issued as far back as 2001, ‘Know Your Customer’ (KYC) guidelines to all banks and urged adherence when dealing with clients and counterparties. We cannot however be satisfied with the results because it is unlikely that terrorism activity in particular, on the scale that has been unleashed in Sri Lanka, could have taken place if these measures to combat terrorism financing and money laundering had in fact been effective. We believe, the measures introduced have only marginally deterred terrorism financing from delivering such ill-gotten funds to destabilize our country, particularly before 9/11/2001. As many know, Sri Lanka has been crying foul for many years about fund raising for terrorism, taking place in many countries, where the funds were used to procure and supply weapons to wage terrorist activity in our country. Sadly, our pleas were not taken too seriously. But the world took greater note of this scourge after 9/11/2001. Fortunately for us, post 9/11, anti money laundering and terrorism financing measures were pursued with vigour at international level and these processes have been evolving rapidly in recent years. The international community has witnessed the use of increasingly sophisticated methods to curtail the move of illicit funds through the financial systems across the globe. Sri Lanka, naturally, was keen to support this global effort and soon established a comprehensive legal and institutional framework for anti-money laundering and combating the financing of terrorism.
In addition, we must improve the inequality in Labuan as measured by the Gini Index. It has to improve to at least the national level. High inequality in income affects growth, productivity and opportunities for social mobility; and 2. Second, the average unemployment rate at 5.1% in the recent years continues to be above national average in Malaysia. While this might be cyclical because of the downturn in the global oil and gas industry, we need a diversification strategy so that over reliance over certain sectors is avoided. Further, the workforce participation rate, especially among women, is markedly lower than the national averag2. Both reflect a worrying trend where the labour market is not tailored to meet the needs of the local community. This state of affairs is disappointing and cannot persist. It reveals that an improvement in the current economic operating model is warranted. A new model must be designed that can benefit the local community in a more meaningful manner. Without doubt, it is our collective duty, as an industry whether as regulators or industry players, to advance the welfare of society through a more inclusive economic development. The success or failure to achieve this will reflect on us all as a collective. In this respect, Bank Negara Malaysia is proud to offer undergraduate scholarships to two deserving local students. This initiative to provide educational opportunities for deserving talents is very much needed and it exemplifies how one can contribute in a tangible manner to the local community.

Among women this is even more stark (47.8%  in Labuan vs 54.3% at the national level). 3 Shanghai financial centre was incepted in 2009. Latest available data shows that the share of employment and  tax revenue collected was 5% and 9.6%, respectively. 4 Refers to the BEPS Action 5 – Countering Harmful Tax Practices More Effectively, Taking Into Account  Transparency and Substance  4/4  BIS central bankers' speeches
However, one should not overlook the fact that the single bank resolution mechanism has the advantage of increasing the speed and credibility in addressing banking crises (especially cross-border failures). As regards the single deposit guarantee scheme, the underlying idea is that a larger pool of resources reinforces confidence in the banking system. A caveat is worth mentioning, however: in times of extreme financial stress, the size of potential liabilities may undermine the credibility of the mechanism. Even if this pillar is less urgent than the others, steps in this direction have already been taken. Specifically, the coverage of the national deposit guarantee schemes has been harmonised at the level of EUR 100,000/depositor/institution and measures to simplify protected deposit repayments have been adopted in terms of faster payouts and improved financing. This single protection scheme is designed to ensure an equal treatment of depositors across EU countries, in complementarity with the Single Supervisory Mechanism. From the perspective of non-euro countries, there are some potential negative consequences stemming from the establishment of the banking union in the euro area, which need to be assessed. First of all, the failure to join the banking union could lead to possible changes in the domestic banking structure. Parent banks may decide to turn their subsidiaries into branches. This would be reflected by (i) additional fragmentation of financial sectors across the region, (ii) low availability of information to host-country regulators and supervisors, and (iii) lower capacity at institution and group levels to respond to domestic and regional developments.

Another thing was that economic policy had reached the end of the road, inflation was clinging tightly to an annual level of 8-10 per cent in Sweden, growth was poor and unemployment was showing a tendency to rise. When the deregulation of the financial markets got off the ground in Sweden, the process was rapid – in 25 years we had moved over from being one of the most regulated financial systems in the western world to being one of the most free! However, the process was not exactly painless. The consequences of the macroeconomic imbalances built up during the period of regulation, combined with the Swedish banking system's incapacity to manage risk in its lending when credit granting was deregulated were dramatic, to say the least. We experienced this at the beginning of the 1990s, after the bank crisis and after abandoning the fixed exchange rate regime. During the difficult years at the beginning of the 1990s, with what was for Sweden record-high unemployment, a risk of the central government debt running riot and stubbornly high inflation expectations, despite a low inflation rate, there were not many people who dared to hope for such a rapid positive development as that we saw during the second half of the 1990s. The central government finances are now in good condition, the current account has showed a surplus for several years now, inflation expectations are at a stable level of 2 per cent and unemployment is down to around 4 per cent.
There are good steps being taken to re-build trust with the general public, both within banking and more broadly. This effort will not only take time but may require some quite different approaches to pursuing and communicating purpose – purpose in banking and indeed in central banking. Social capital is an elusive asset. But having seen it eroded, it now falls to us all to rebuild it, brick by brick, bank by bank, policy by policy, word by word. 16  BIS central bankers’ speeches  Appendix Chart 1 Word clouds from the Open Forum  Source: Bank of England Open Forum (2015). Notes: The size of the text in each word cloud indicates the number of times each word was reported back. The poll was conducted online in 2015 Q3 and via the Bank of England Agency network. It included over 2000 people, and included those from all regions of the UK, all age groups (from school children to retirees) and employment sectors (including those not employed). Chart 2 Annual Report Lengths Length of Report (Pages)  Barclays HSBC Lloyds  700 600  RBS  500 400 300 200 100  1990  1992  1994  1996  1998  2000 2002 Year  2004  2006  2008  2010  2012  2014  0  Source: Bank calculations based on published Annual Reports by Barclays, HSBC, Lloyds, RBS. BIS central bankers’ speeches  17  Chart 3 Linguistic complexity measures for a set of publications  Source: Bank calculations.

Japan, however, has also become an important market for Norwegian fish, and Japanese tourists spend a considerable amount of money in Norway. The previous large trade deficit with Japan turned into a surplus in 2002, even excluding oil. The current strong growth rates in Asia are boosting demand for commodities. This also influences prices for commodities that we produce. Oil prices have risen sharply since 2000. Prices for other products such as paper and aluminium have shown a flatter trend, but have picked up. Salmon prices, which are more heavily influenced by developments in Europe, have risen sharply since spring 2003 following a marked fall in 2002. The impact of increased competition from low-cost countries on the Norwegian economy Imports from China to Norway increased considerably after 2001, reflecting in part China’s membership of the WTO from December 2001. Imports from China will probably increase in the future. This in itself contributes to lower imported inflation. Moreover, inflation in Norway is restrained because the rise in prices for imports from trading partners other than China is also slowing. High economic growth in China may persist for a longer period, providing the possibility of a large market that will also be open to Norwegian firms. The enlargement of the EEA and the EU on 1 May this year will also open up new markets and sources of income for Norwegian firms, and increase the supply of labour. The transition to more open economies in Central and Eastern Europe has already had an impact on Norwegian firms.
Next, I’ll review recent developments in the national and regional economy, and at the end of my talk will be happy to answer any questions you have about the economic outlook. As always, what I have to say reflects my own views and not necessarily those of the Federal Reserve System or the Federal Open Market Committee. National economic conditions Let me begin by taking stock of where we are at the moment. Then I will address my expectations for the performance of the economy over the remainder of 2013 and into 2014. According to the National Bureau of Economic Research, which determines the timing of economic recessions and expansions, the current expansion began in mid-2009, more than four years ago. However, the expansion has been subdued so far, as the average annual growth rate of real GDP has been just 2.2 percent over the past four years. While that growth BIS central bankers’ speeches  1  rate is near most FOMC participants’ estimates of the U.S. economy’s longer-run growth rate as well as those of many outside analysts, a more rapid pace of growth likely is necessary to reduce meaningfully the significant economic slack that developed during the Great Recession. Consistent with the modest pace of economic growth, improvement in labor market conditions has been slow.

However, at the same time, this decline in the unemployment rate overstates the degree of improvement. Other metrics of labor market conditions, such as the hiring, job-openings, job-finding rate, quits rate and the vacancy-to-unemployment ratio, collectively indicate a much more modest improvement in labor market conditions compared to that suggested by the decline in the unemployment rate. In particular, it is still hard for those who are unemployed to find jobs. Currently, there are three unemployed workers per job opening, as opposed to an average of two during the period from 2003 to 2007. With respect to the second metric – confidence that the economic recovery is strong enough to generate sustained labor market improvement – I don’t think we have yet passed that test. The economy has not picked up forward momentum and a 2 percent growth rate – even if sustained – might not be sufficient to generate further improvement in labor market conditions. Moreover, as I noted earlier, fiscal uncertainties loom very large right now as Congress considers the issues of funding the government and raising the debt limit ceiling. Assuming no change in my assessment of the efficacy and costs associated with the purchase program, I’d like to see economic news that makes me more confident that we will see continued improvement in the labor market. Then I would feel comfortable that the time had come to cut the pace of asset purchases.4 Regional economic conditions Let me now turn to economic conditions in the region.
This is done by mapping from ratings to the yields paid on banks’ bonds; 6 and by then scaling the yield difference by the value of each banks’ ratings-sensitive liabilities. 7 The resulting money amount is an estimate of the reduction in banks’ funding costs which arises from the perceived government subsidy. Table 4 shows the estimated value of that subsidy for the same sample of UK and global banks, again between 2007 and 2009. For UK banks, the average annual subsidy for the top five banks over these years was over £ billion – roughly equal to UK banks’ annual profits prior to the crisis. At the height of the crisis, the subsidy was larger still. For the sample of global banks, the average annual subsidy for the top five banks was just less than $ billion per year. These are not small sums. Table 4 also splits UK banks and building societies into “Big 5”, “medium” and “small” buckets. As might be expected, the large banks account for over 90% of the total implied subsidy. On these metrics, the too-big-to-fail problem results in a real and on-going cost to the taxpayer and a real and on-going windfall for the banks. If it were ever possible to mint a coin big enough, these would be the two sides of it. These results are no more than illustrative – for example, they make no allowance for subsidies arising on retail deposits. Nonetheless, studies using different methods have found similarly-sized subsidies.

It is the single most important virtue that will enable you to achieve great things and do great works. As the great English writer Samuel Johnson famously said, “Great works are performed not by strength but by perseverance.” As I conclude, it is our great privilege to be able to support and be part of your life journey. Both of you and the other scholars are the future of our country. With your tenacity and guidance from your parents, lecturers, mentors and friends, I am confident that both of you will enjoy tremendous success in life. May you pursue excellence, mastery, adaptability and persevere through every circumstances in life. In this regard, we look forward to your many future and excellent contributions to build Malaysia to be a prosperous, inclusive and vibrant nation. 2/2  BIS central bankers' speeches
The Government has committed itself to improving socio-economic conditions of the entire Island with a mix of infrastructure development, human capital development, and enterprise development while providing a safety net to the needy segments. To do so, the Government  6  BIS Review 88/2007  is attempting to direct investments beyond the centre, focusing on public-private partnerships and promoting the utilization of resources in the provinces. In that way, both the private sector and the public sector will have to become engines of growth and development! In all these endeavours, our ultimate goal has to be the provision of better living conditions for our people. That is one reason why the Statistics Department of the Central Bank is in the process of constructing a Prosperity Index to ascertain national, provincial and district-wise economic prosperity Once in place, the new index will be able to track regional performance, and we are hopeful that it would serve as a measure and a catalyst to encourage poverty reduction and to induce a faster trickle down effect. At the same time, we believe that there is great role for academics and professionals in the development of our country. In fact, the Central Bank has consciously recognized the importance of professionals’ contribution and has made efforts to gain from their expertise and knowledge as well. For example, in January 2007, a Monetary Policy Consultative Committee was established in the Bank, comprising of professionals, experts and representatives from other stakeholders in order to obtain their views on monetary policy implementation.

Accordingly, some banks were alleged to have lowered their LIBOR submission below their actual likely borrowing rate to avoid the stigma associated with posting a higher borrowing rate and the possibility that their funding costs could increase as a result. Conflicts also reportedly abounded at the level of the individual submitters. Again, these highlighted profound compliance problems at some of the submitting banks. As I noted earlier, the intent was that the expertise of the submitter would be insulated from any internal pressures by the informational barriers within the submitting banks. The hope was that these informational barriers separating the submitters from the traders were thick and impenetrable. The investigations into LIBOR manipulation found that the reality was that they were often paper thin and porous. 4  See Darrell Duffie and Jeremy Stein. “Reforming LIBOR and Other Financial-Market Benchmarks.” September 19, 2014. BIS central bankers’ speeches  3  We have learned that false reporting and manipulative behavior was pervasive across firms and over time, took many forms and was often conducted in a nonchalant manner. This has been well-documented by the Commodity Futures Trading Commission in their published findings. For example, interest rate swap traders routinely asked colleagues to submit rates with an explicit goal to have the adjusted submission benefit the value of specific derivatives positions they held.
But the planned reduction in the deficit set out in the Budget plans is comparable with the fiscal consolidation we saw in the mid-1990s, when the public spending share of GDP was also cut significantly as the economy recovered, as Chart 6 shows. Though the latest Budget plans imply a somewhat bigger fall in the public spending share of GDP than in the mid-1990s, this is offset by a smaller rise in the tax burden. Taking tax and spending together, the projected impact is broadly similar. Public borrowing fell by over 8 percentage points of GDP between 1993/4 and 1998/9, compared with a 9 percentage point fall projected in the latest Budget over the next five years. 6 That period of public spending squeeze in the mid-1990s was also accompanied by a significant reduction in employment in the public sector, not dissimilar to the figures currently being discussed in the context of the current spending review. 7 However, the UK economy grew reasonably healthily over that period, with annual GDP growth averaging nearly 3.5% a year in the five years 1994 to 1998. Unemployment also fell because the private sector generated many more jobs than were lost in the public sector. As Chart 7 shows, the private sector created around 2 million extra jobs in the mid-1990s, dwarfing the reduction in public sector employment.

Emerging economies that can manage the risks have benefited from liberalized inflows in the past, but some of these economies may benefit more if their citizens can unload domestic systematic risk abroad. 7 Timely outflow liberalization may help smooth emerging market’s consumption and income, a significant welfare improvement. Set in this light, the immediate implications for Asian banks from the challenges that I have outlined earlier may initially be the deterioration in the quality of their loan portfolios, including potentially higher non-performing loans. But over time, in response to structural changes undertaken by other economic sectors as well as increasing disintermediation and competition from both domestic and foreign players, we should observe stronger and more competitive banks in emerging markets. This transformed well-supervised, prudent and enterprising banking sector will remain crucial to the dynamism of Asia. Ladies and Gentlemen, Extraordinary emerging market income and consumption volatility may be the result of macroeconomic shocks, their propagation mechanism as well as policy and institutional setup, but it can be ameliorated by better risk sharing with the world. In this welfareenhancing endeavor, international financial integration on top of ongoing trade integration can play an important role. To end my talk today, let me share with you briefly the approach taken by Thailand. The Bank of Thailand has sought a balanced approach to managing capital flows under flexible exchange rate. We also undertake concomitant reforms in the area of financial system and market development. These initiatives are closely related and progress in one requires progress in the others.
With financial data captured in a homogenous fashion across financial firms, the stage would be set for mapping much more comprehensively the contours of the financial world – an atlas of financial complexity to mirror Hausmann’s atlas of economic complexity. Technologically, there is no reason why tracking the financial web should be any more complex than tracking global supply chains or the web. Monitoring global flows of funds, as they ebb and flow, should be possible in close to real time. To get a sense of the possible, consider the case of meteorology. It operates within a huge, interconnected global network, with cross-border information pooling. The logistics are eye-watering. Forecasting the weather involves massively large-scale data sampling of over 100 million observations per day, across hundreds of thousands of locations scattered across the globe, measured along multiple dimensions. The result is a very high-dimension information grid, similar in some respects to the web. The information embedded in this high-dimension web is then aggregated, filtered and used to forecast weather patterns in close to real time. These weather predictions can be telescoped to any level of geographic granularity, from the smallest town to the largest continent. And the forecasts are made for timelines ranging from minutes to decades ahead. 40  G20 (2008). BIS central bankers’ speeches  13  There is no reason why, with the right data infrastructure captured in a common language, technology could not be used to map and simulate the risk contours of the global financial system.

11, 2020) ("The financial stability risks that would be associated with an unsuccessful transition away from LIBOR are as relevant in the current environment as they were before. "); Michael Held, "SOFR and the Transition from LIBOR" (Feb. 26, 2019). 28 See AnnaMaria Andriotis, "Americans Skip Millions of Loan Payments as Coronavirus Takes Economic Toll," Wall Street Journal (June 19, 2020); Anna Zabai, "How are  household finances holding up against the COVID-19 shock?" BIS Bulletin No. 22 (June 15, 2020). 29 See Board of Governors, Monetary Policy Report (June 12, 2020) at 23 ("Importantly, some small businesses and highly leveraged firms might have to shut down  permanently or declare bankruptcy, which could have longer-lasting repercussions on productive capacity.") and 25 ("Taken together, these data suggest considerable risk of failure for a large number of small businesses."). 30 See Adam Harris, "The Other Way the Coronavirus Will Ravage Our Cities," The Atlantic (Apr. 1, 2020). 31 Large Corporations Committee of the Bankruptcy & COVID-19 Working Group, Letter to Congressional Leadership (May 7, 2020). 32 International Monetary Fund, Global Stability Report: Markets in the Time of COVID-19 (Apr. 2020). 33 John C. Williams, "Now is the Time for Banking Culture Reform" (June 18, 2018). https://www.newyorkfed.org/newsevents/speeches/2020/hel200625  4/4