samchain/econo-pairs-v1 huggingface dataset:
Reinventing ourselves to stay relevant is in our DNA. In the 1960s and 70s, when it was fashionable to be anti-MNC, Singapore welcomed MNCs. Over the past 40 years, we have grown in partnership with MNCs in manufacturing. This strategy will continue. The manufacturing sector will remain a key driver of our economy. 42. But we have started to build a second platform to drive an innovation- and knowledge-based economy. New areas of focus include Research and Development, biomedical sciences and the creative industry. We have also undertaken extensive measures aimed at strategically positioning Singapore as a leading international financial centre. 4  BIS Review 83/2005  43. Singapore is also prepared to break old moulds and be flexible and practical in a changing world. For instance, we overturned our longstanding policy of disallowing casino gambling. To remake itself into a city with buzz, Singapore is developing Integrated Resorts, with casinos, convention facilities and world-class entertainment. Japan-Singapore partnership for the future 44. I see great potential in closer collaboration between Singapore and Japan. The landmark JapanSingapore Economic Agreement for a New Age Partnership (JSEPA) provides an excellent framework. Japanese companies can use Singapore as a hub with radiating spokes to tap global opportunities. From Singapore, companies can service a combined population of 3 billion. That is why 7,000 MNCs choose to hub in Singapore. Of these, 4,000 manage global and regional responsibilities. Recognising this strategic value-add, many Japanese companies have further expanded their operations in Singapore. 45.

Social progress is one of the key objectives of the European integration process: “The Union shall work for the sustainable development of Europe based on balanced economic growth and price stability, a highly competitive social market economy, aiming at full employment and social progress … It shall combat social exclusion and discrimination, and shall promote social justice and protection, equality between women and men, solidarity between generations and protection of the rights of the child”. (Article I–3 of the draft European Constitution). Welfare is not only a remedy for the failure of insurance markets, but also a tool to promote inclusion, solidarity and a sense of fairness. In the three post-war decades (the so-called “Golden Age”), which especially in Europe were marked by high growth rates, use of advanced technologies, high growth employment, stable lifetime employment, welfare started to emerge, at different times and on different scales depending on the country, as an integrated system that protects its citizens from significant risks. The European model redistributes many more resources for social purposes than the US and Japanese systems: on the eve of the crisis, the total expenditure on pensions, unemployment benefit, for children and families was, in relation to GDP, more than twice that of the US and Japan. This can take different forms as regards the composition of social policies and the degree of labour protection.
This implies that fiscal policy is given a clear mandate, with clear targets, strong institutional arrangements and a high degree of openness. Of course, using fiscal policy as an effective tool additionally implies a strong budgetary position over the cycle - which is also important given the present demographic trends which point to increased costs for supporting an ageing population. I believe this discussion could also be of some interest in relation to the present debate on the Stability and Growth Pact, as it stresses the importance of strengthening the institutional framework and the long term goals for national stabilisation policies in the monetary union, as opposed to a more passive policy simply letting automatic stabilisers take their course. And, like Sweden, the euro area needs a strong fiscal stance in order to cope with the future fiscal burden of ageing populations. Even more important than the alternatives for stabilising the economy are the structural reforms which are needed to increase potential growth and contribute to an economy more responsive to changing circumstances. If this is done successfully the problems of instability will probably not arise or will be of less significance. As we analyse Sweden's labour markets it is worrying that unit labour costs have increased slightly more rapidly in Sweden than in the Euro area recently. As the possibility to conduct an independent economic policy decreases, the need for functioning adjustment mechanisms increases which implies greater flexibility in factor and product markets in Sweden.

The sea and what the sea gives us has been part of the economic base for everyone who has settled along the Norwegian coast. Lighthouses, seamarks and lifeboats have made the lives of seafarers safer, but they have also helped to improve the prosperity of those who live near the coast. The first lifeboats, such as the RS 14 Stavanger, did not stay in port and wait for the alarm to sound. The lifeboats accompanied the fishing fleet out to sea, ready to respond in the event of a storm. Sometimes it was a question of life or death and lifeboat crews rescued people in danger of drowning, while at others the lifeboats were just needed to tow in a group of boats to calmer waters where they could be safe until the storm blew over. Because of the lifeboats, fishermen were able to stay out at sea longer, boosting their earnings and their ability to provide for their families. It is almost a year and a half since we launched the first two denominations in the new banknote series. The new 100-krone and 200-krone banknotes seem to have been well-received, and their production and distribution and the exchange of old banknotes have been on schedule. I am confident that the launch of the next two denominations will proceed just as smoothly. As I have touched upon, the main purpose of the banknote project is to have banknotes that are even more secure than previous banknote series.
Given this it may seem paradoxical for the Basel Committee to recommend a leverage ratio that does not vary with risk. However, we should remember – and this is important – that the traditional capital requirement has not prevented banks from borrowing too heavily, and this was one of the central problems during the financial crisis. As long as the economy ran smoothly the banks could use their debt-burdened balance sheets as levers and make large profits. However, as soon as the downturn began and the banks began to make loan losses they had hardly any capital that could be used to bear the losses. Instead, governments and taxpayers had to provide funds to rescue the indebted banks. Of course we do not want to experience such a sequence of events again. It is therefore positive that we are introducing a complementary capital requirement that ensures that the banks do not overburden themselves with debt. The idea behind the leverage ratio is to limit the growth of credit when the economy is going well. It therefore acts as a complement to the counter-cyclical capital buffer and helps to prevent an extreme expansion of the balance sheets. Another reason for introducing a leverage ratio is that most large banks use internal models to estimate the risks associated with their lending. If banks estimate these risks incorrectly, for example by underestimating them, they may not hold enough capital.

Therefore, professional status is an implied social contract to provide a service over and above normal duties. In this regard, a professional is viewed as one who carries additional moral responsibility and is honest, objective, impartial and with high integrity. Mr Chairman, the importance of a professional civil service in Zambia cannot be overemphasised. If we are to succeed economically as well as socially, we need to demonstrate appropriate levels of professionalism. A professional is open to views of others and are objective and their decisions are made in the best interest of the country. As professional in Zambia we need to evaluate our performance and aim to constantly improve. We need to see ourselves as part of the solution rather than the problem. Further, it is important to realise that civil service is a key component of Government as it supports the formulation and implementation of government policies and service delivery to the public. A professional civil service also ensures that government objectives and goals are achieved in an effective and efficient manner thus assuring confidence to the public. In order to carry out their duties, professionals need to be guided by a code of conduct which stipulates the core values and responsibilities of the profession. The code of conduct is usually developed by the profession to guide and to prevent exploitative behaviour and to preserve the integrity of the profession. The code sets a framework for meeting standards and provides disciplinary guidelines for unprofessional behaviour.
Companies report a decline in production, employment and orders for both the export and domestic market. Many companies have moved abroad or are planning to move all or parts of their production out of Norway. In recent years, the shipbuilding and engineering industries have sustained the activity level in Norwegian manufacturing. Shipyards experienced a sharp increase in new orders before end-2000 prior to the elimination of support to the shipbuilding industry in Norway and many European countries. The level of new orders has since then been very low, and the order backlog is nearly exhausted. A sharp increase in petroleum investment could provide positive growth impulses to the offshore-related industry. The demand impulses from petroleum investment to the mainland economy may, however, be weaker than has been the case earlier. Construction and installations with a high import content will account for a large share of the increase in investment from 2002 to 2003. Due to the high cost level in Norway, a growing number of contracts are also being awarded to foreign companies. At the same time, Norwegian shipyards are increasingly using foreign subcontractors in low-cost countries. This is having an impact on the Norwegian engineering industry. Many service industries have had to adjust capacity in pace with changes in operating parameters. Investment in service sectors has fallen sharply, and is expected to continue to fall. There is considerable excess capacity in the commercial building market.

Global growth is still expected to pick up gradually towards a more normal level, but the upturn may come at a later stage than previously assumed. However, we cannot rule out that the world economy is headed for a fairly long period of stagnation. Low interest rates in the US and Europe are a reflection of this risk. Weak external developments have had negative spillover effects on the Norwegian economy through the appreciation of the krone, the fall in equity prices and lower demand for Norwegian exports. Unemployment has increased, primarily in service industries. The prospects for manufacturing industry are deteriorating. High wage growth is forcing many businesses and municipalities to cut costs and reduce their workforces. In 2002, inflation was close to target at 2.3 per cent, but has been somewhat lower in recent months. The strong krone is the primary factor behind low price inflation. The rise in prices for domestically produced goods and services is marked by the considerably higher wage growth in Norway relative to trading partners. Wage growth moved up further last year, even in industries where profitability had been sharply eroded. A situation where wage growth does not react to the labour market outlook, can give rise to substantial real economic costs. Developments over the past year show that monetary policy is effective and that inflation can be kept at a low and stable level also in periods with high domestic cost inflation.
Jean-Pierre Danthine: Monetary policy is not almighty Speech by Mr Jean-Pierre Danthine, Vice Chairman of the Governing Board of the Swiss National Bank, at the Journée Solutions Bancaires, Geneva, 31 May 2012. *  *  *  Ladies and gentlemen, It is a great pleasure for me to be here with you all today. At the outset, please allow me to thank the organisers at Unicore for having invited me to speak at the 14th Journée Solutions Bancaires to be held here in Geneva. Today, I will reflect on what monetary policy can and cannot do. I would like to emphasise where central banks’ powers and responsibilities end and where those of fiscal policy and the private sector begin. “Why is he focusing on this now?” I hear you ask. “We are in the midst of a crisis. Shouldn’t he be emphasising what central banks can do, instead of what they cannot?” My answer to you is this: while the monetary policy measures taken in recent years have had a stabilising effect, today, monetary policy has acquired a degree of prominence that could lead to its powers and its reach being overestimated. Central banks are far from almighty and, in efforts to emphasise this, I will review the various policy options at the zero lower bound and the risks associated with the measures currently in place. I will first examine the issue in universal terms, before concentrating on the very unusual case of Switzerland.

Back office operations, important as they are, can prove distracting in managing a financial institution, where the focus should firmly be on the heart of the institution's business. Outsourcing arrangements can lighten the load of such a burden and these operations can often be performed more effectively and efficiently by skilled outsourcing providers than if performed in-house. Ladies and gentlemen, The essence of a successful outsourcing arrangement rests on the institution's overall strategy. In executing a successful outsourcing strategy, the various risks involved have to be recognised and mitigated. Controls and effective oversight on the external parties have to be put in place to ensure that there is no over-reliance or loss of an institution's control. Clarity on roles and responsibilities is paramount. Outsourcing strategies which maximise rewards and minimise risks can prove invaluable to an institution in enhancing its competitiveness. Therefore, a key to this is to conceptualise the outsourcing approach and early identification of the gains and pains that may arise. Bank Negara Malaysia , in our efforts towards facilitating the development of stronger and more focussed institutions in the financial sector, will endeavour to reconsider any regulatory barriers deemed to be impeding the outsourcing arrangements of banking institutions and insurance companies in the future. Our only wish is that the outsourcing arrangements should not in any way affect stability in the financial system. On that note, I wish you a productive and successful forum. Thank you. 2  BIS Review 133/2007
Regardless of whether we conclude that the repo rate must be increased soon or that it can be left unchanged for somewhat longer, the Riksbank’s commitment to price stability is intended to make a contribution to a path for output and employment in Sweden that remains stable. 5  BIS Review 84/2000

The federal funds rate would likely remain unchanged for another year or two, based on the information available today, and the winding down of the bond-buying program will come eventually. Monetary authorities in other advanced economies have also employed policy tools with similar features albeit with some variations in the timing, scope, and size. This configuration of monetary policies in major countries has created a challenging environment for small open economies to conduct policy. In the post-crisis period, the relative fundamental strength of emerging market economies was already drawing in substantial capital inflows. The additional push from this extraordinary stimulus, and the  BIS central bankers’ speeches  1  reach-for-yield behavior associated with it, has compounded the pressure. Many emerging market central banks have found themselves at critical junctures where broad reappraisals of their monetary and capital account policy frameworks were necessary. Take Thailand as an example. Since the beginning of the episode, we have adopted a multi-dimensional response to the spillovers. Currency appreciation was the main cushion against rising inflows. At times when exchange rate volatility became excessive in our view, we undertook some foreign exchange intervention. But we were mindful of intervention costs and its limited effectiveness. We also further deregulated controls on outflows. This was part and parcel of our longer-term plan to encourage outward investment by Thais. At the same time, we raised the policy interest rate in response to expanding domestic demand, rising price pressures, and strong credit growth.
Research into the “reversal” level of the policy rate – the level at which any further rate cuts become counterproductive – is still in its infancy. Initial results thus far suggest that the reversal rate is below zero but could be time dependent, rising the longer that policy rates are held in negative territory. 32 The precise level of the reversal rate varies significantly by jurisdiction and depends on factors like the structure of the financial sector. In the UK, the Bank’s analysis finds that very low interest rates are highly stimulative. Evidence from our panel survey of households suggests that a 50 basis point cut in Bank Rate (even at low levels) raises spending by 0.1% through cashflow effects alone. Moreover, the vast majority of savers who might lose some interest income from lower policy rates stand to gain from increases in asset prices that result from monetary policy stimulus, since only 2% of UK households have material deposit holdings without material financial assets or property wealth.33 Concerns that low policy rates could weigh on investment because they cause companies to divert funds towards improving the solvency of defined benefit pension schemes are also overdone, because these funds are not that large and companies are come likely to make up shortfalls by cutting dividends than capital expenditure. 34 The binding constraint on Bank Rate reductions is their impact on the financial sector, particularly on the net interest margins of building societies.

As a result, CGC is now able to undertake some new business activities such as securitisation, portfolio guarantees and collateralised loan obligations (CLOs). These are aimed at raising alternative sources of funds as well as attracting medium-term funding from the capital markets for SMEs. CGC firmly believes that these exercises are also key drivers in the Corporation's efforts towards achieving financial sustainability. The Corporation has also identified a number of strategies to help it to achieve financial independence. Of importance is the expansion in the product range that include capital  BIS Review 75/2008  1  market activities. In view of our commitment towards making CGC a financially sustainable institution, we have even gone a step further by working closely with our financial partners to ensure higher business quality. To encourage active participation, CGC introduced for the first time in 2008, a new award called the Best Financial Partner Award. The award acknowledges and recognizes the financial partner that contributed the most towards quality assets for CGC. It also recognises the financial institutions' conscientious efforts in ensuring that scarce funds are channelled to SME borrowers identified to have the capability and capacity to maintain good credit standing. The Best Financial Partner Award will be a regular feature in the years to come and we look forward to the active participation of all the financial institutions. In addition to the Best Financial Partner Award, another two awards were also introduced.
The last time this was done was back in 2003. There are expectations that the new ECB leadership will initiate such a review. What effect do the low interest rates have on the Bulgarian economy? The immediate effect is positive. The increased credit activity is one of the indicators for this. Such a development, however, is connected with some serious challenges, for Instance the profitability of the banks as a result of the diminishing interest margins. I should say that so far the Bulgarian banks manage to deal with this challenge. Cyclical risks are also accumulating, due to which BNB activated and subsequently increased the level of the countercyclical capital buffer for banks. In recent years we have seen a few large deals in the Bulgarian banking system. Do you expect the consolidation to continue in the future? Is it a completely positive phenomenon? Consolidation is one of the possible responses to the challenges facing the banks. I expect this process to continue. 3/3  BIS central bankers' speeches

As regards negative interest rates, although there is no conclusive evidence to date that they have adversely affected the supply of bank credit, we cannot rule out that maintaining rates at very low levels for an additional, potentially extended, period of time, could ultimately have some negative consequences for the bank-based transmission of monetary policy. In this regard, the mitigating measures adopted by the ECB, consisting of a tiered system for remunerating excess liquidity holdings, are intended to soften the negative impact on bank profitability of the new reduction in reserve remuneration, and thus ensure the expansionary effect on activity and inflation of any additional cuts to interest rates in the current setting. 2. Banking sector profitability This is the economic environment that banks, economic agents and, in particular, financial institutions will face in coming years. If I may, I will now move on to analyse the developments in Spanish banking sector profitability and the determinants thereof. Profitability is one of the main variables that characterise the financial position of banks and it provides the first line of defence against adverse shocks. Indeed, the volume of a bank’s profits determines the return its owners can earn on the capital invested. This, duly adjusted for the risks assumed, will affect the bank’s valuation. Moreover, profit levels determine the margin these agents have available to address shocks. Indeed, low profitability reduces the possibility of generating capital internally through retained earnings.