samchain/econo-pairs-v1 huggingface dataset:
Ladies and Gentlemen, you will also note that this investment is being made at a time when the Zambian economy is facing some major challenges arising from the spill-over effects of the ongoing global economic crisis. It is therefore our expectations that it will have a positive impact on the economy due to the evident backward and forward linkages that infrastructure development of this nature have on various sectors of the economy. This investment has also come at a time when new banks are entering the Zambian market. It is our expectation that the repositioning by the bank is one way of ensuring that there is healthy competition in the banking industry. It has always been the view of the Bank of  BIS Review 88/2009  1  Zambia that competition is the major way by which the quality of products and customer services for the banking public as well as competitive pricing of banking products can be achieved. Chairperson, let me also take this opportunity to reiterate my concern regarding the general cost of banking services in Zambia. It is my hope that as your bank continues with these well meaning initiatives, it will also be looking into ways and means of making the cost of banking services to the general public more affordable. I wish to therefore reiterate our appeal to banking service providers that include Stanbic Bank Zambia Limited, to make some meaningful efforts in addressing the high cost of banking services.

At that time, the par value of money had been restored over a period of 20 years, but now the authorities achieved the same in a quarter of the time at considerable real economic costs. 16 We usually refer to this as “parity policy”. The ambition to keep their promise was admirable, but the follow-through lacked flexibility. 17 We might say that in the 1920s, the central bank adhered rigidly to “the letter of the law”. 18 After the Second World War, unemployment in the 1920s and 1930s was often associated with the rigidity of “parity policy”, which led to considerable changes in views on economic policy. 19 The objective of a fixed exchange rate and a gold standard nevertheless remained intact and was achieved. Norway and a number of other countries pegged their currencies to the dollar under the Bretton Woods Agreement. In reality, they also linked the value of their money to gold, since the dollar was linked to gold. 20  13  In Norway, the silver standard was replaced by the gold standard on 1 January 1874. See annex by Ragna Alstadheim in Qvigstad, J.F. and A. Skjæveland (1994) “Valutakursregimer – historiske erfaringer og fremtidige utfordringer (Exchange rate regimes – historical experience and future challenges)”, in Berg, S. A., J. F. Qvigstad and K. Storvik (Eds.) Stabilitet og langsiktighet: Festskrift til Hermod Skånland (Stability and a long-term perspective: Festschrift for Hermod Skånland), 1994, Aschehoug.
I should also mention that Hong Kong is not alone in this culture campaign. In October last year, I was invited by President Bill Dudley of the New York Federal Reserve Bank to join him in a panel to discuss corporate culture. This was in fact the third annual conference on culture organised by the New York Fed. The key takeaway from the New York conference was that there is a growing momentum amongst key supervisors as well as large international financial 3/4  BIS central bankers' speeches  firms to encourage and nurture good corporate culture and ethical values in the industry. I should also add that, since my appointment to chair the Standing Committee on Supervisory and Regulatory Cooperation of the Financial Stability Board in April this year, I have been pushing for closer international collaboration in promoting good corporate culture. The priority of this Committee in the next year or two is to place greater emphasis on three aspects of governance, namely, (i) addressing information gaps and due diligence in employment of individuals with a history of misconduct, or the so called “rolling bad apples” problem, (ii) responsibility mapping for senior managers of financial firms, and (iii) the use of governance framework and appropriate compensation system to address culture risk factors that drive misconduct. These priorities, when implemented, will go a long way in promoting the right kind of culture in the financial industry and in helping restore public confidence and trust in the financial firms.

Simply put, a CTC could not claim tax deduction for interest paid to fund providers within the group as expenses, but all its interest income was subject to profits tax. This tax asymmetry greatly diminished the attractiveness of Hong Kong as a CTC hub, especially as our main competitors in the region and elsewhere do not seem to have this problem. 4. When faced with this possible deal breaker in our effort to promote Hong Kong as the CTC hub, what did we do? Rule number two in marketing: you cannot do good marketing if the product is not a good one. You can only fool some people some of the time but not for long. So one has to make good a product if it is found defective or inferior. Thanks to the help from the TMA, we formed a working group to study the problem and make recommendations to remove the obstacles undermining Hong Kong’s development as a CTC hub. We made a report to the Financial Secretary and obtained his support to change this tax anomaly. With the support of the Financial Services and the Treasury Bureau (FSTB) and the Inland Revenue Department (IRD), and in consultation with the industry, we managed to pass the legislative amendments to remove the tax asymmetry in May 2016. In addition, the Government has gone one step further by providing additional tax incentive by halving the profits tax rate payable on specified CTC activities in Hong Kong from 16.5% to 8.25%.
As of 2016, it is the yield of a 20-year zero coupon bond. For Germany, the series is the rate on a government bond or similar government debt instrument with 5-15 year maturity,  derived from a variety of historical sources by Jordà et al. (2019). As of 1972, it is the ten-year German Bund rate. For the US, the series is the rate on government bonds with around ten-year maturity, provided by Jordà et al. (2019). As of 1960, it is the ten-year government bond rate. The euro area OIS rate is for ten-year maturity. Latest observation: 11 November 2019. Chart 2 Yield curve slope and recessions in the euro area (percentage points)  Sources: CEPR, OECD, ECRI, Bundesbank, Thomson Reuters and ECB calculations. Notes: The slope of the yield curve shown is the spread between ten-year and one-year OIS yields since 1999. Before 1999, the spread is based on German bond data. German data back to 1972 are computed by the Bundesbank using the method of Svensson. German data prior to 1972 are extrapolated backwards based on historical series of short and longterm yields provided by the OECD. Long-term OECD yields refer to yields on outstanding listed federal securities with residual maturities of over nine to ten years traded on the secondary market. Short-term OECD yields are usually either the three-month interbank offered rates applicable to loans between banks, or the rates associated with Treasury bills, certificates of deposit or comparable instruments of three-month maturity in each case.

Notes: Surprise impact normalised to 10 basis points for the six-month maturity. Why do we see a stronger effect on longer maturities when the rate cut takes place in negative territory? One factor here is that cuts in negative territory were often accompanied by communication or at least market perceptions that the ECB was willing to lower the negative rate even further, if warranted by subsequent economic conditions. As a case in point, for the final two of the last five rate cuts, the introductory statement at the press conference clarified that the ECB’s Governing Council “expects the key ECB interest rates to remain at present or lower levels”. This type of communication about the scope of negative rates can provide accommodation even in the absence of actual rate cuts. This mechanism adds another dimension to the standard channels of rate forward guidance. Let me elaborate on this point. Consider the situation in which the central bank is perceived to be constrained by the zero lower bound. Guided by an understanding of the central bank’s reaction function and a depressed macroeconomic outlook, markets may think that in one year’s time, the central bank would like to set negative rates with positive probability but that, if constrained by the zero lower bound, the best the central bank can do in those states of the world is to keep rates at zero. In technical terms: the presence of the lower bound induces a censored distribution for future short rates.
Another is the growing integration of domestic and international payment flows, and efforts made to develop efficient cross-border clearing mechanisms. The emergence of non-banks in the payments system, playing a prominent role in introducing significant new developments, is a further by-product of this transformation. Banks still remain at the forefront of change, but the speed at which nonbanks advance in these new areas of activity, is a significant threat to banks. This trend is now emerging in Sri Lanka too where non-bank card issuing agencies have begun to compete with the banks in providing payment services. These changes have prompted central banks, in pursuit of their mission to ensure the smooth functioning of payment systems, to establish structured oversight functions to foster the stable, orderly and efficient development of this area in the financial system. 6. The public’s preferences and public policy  6.1 In assessing what might drive change and influence outcomes for payment systems, we must start by understanding the public goals. Regardless of the mechanism involved, people expect the payments system to possess at least three fundamental characteristics. First, it must have integrity, i.e. transactions must be safe, reliable, and secure. Second, it must be accessible and available to all. Finally, it must be competitive and efficient, i.e. the cost of making payments should be affordable.

The NPCs or payments committees will coordinate and liaise with all stakeholders in the payments area, in particular, banks and financial institutions, stock exchanges, securities traders, stock brokers, service providers, regulators and legal professionals. 8.3 The SPC will be reporting to the SAARCFINANCE Governors at their annual general meetings and will obtain general approval for implementation of the road map which will be discussed during the rest of today. The SPC will be assisted by a Secretariat for operational matters. For the time being, Mrs Siriwardena, Director/ Payments & Settlements of the Central Bank of Sri Lanka, has kindly agreed to be the Secretary to the SPC. The Secretariat will take the lead to prepare a road map by establishing working/study groups in the key areas, in particular, policy and communication, infrastructure, research and statistical analysis and legal and regulatory framework. BIS Review 35/2008  3  8.4 The advisory role played by the international standard setters and other agencies on regional payment initiatives has been important. In this regard, the Committee on Payment and Settlement Systems (CPSS) in the Bank for International Settlements (BIS), which is the standard setter for payment system development on a global basis, has intimated its willingness to provide technical assistance and guidance to the SAARC Payments Initiative. Similarly, we are informed that the World Bank is also willing to provide technical assistance and advice to enable the SAARC Payments Initiative to start off on a sound footing.
Austin Mwape: Improving financial transactions in Zambia Speech by Dr Austin Mwape, Deputy Governor-Operations of the Bank of Zambia, at the Official Launch of “Airtel Money”, Lusaka, 14 September 2011. *  *  *  The Managing Director of Airtel – Mr Fayaz King The Former First Lady, Mrs. Maureen Mwanawasa Management and Staff of Airtel Chief Executive Officers and Representatives of various institutions present Distinguished invited guests Members of the press Ladies and Gentlemen Let me begin by thanking the management of Airtel for inviting me to this occasion, which marks the official launch of “Airtel Money” and may I also thank the Managing Director of Airtel, Mr. Fayaz King, for inviting me to speak at this important occasion. As has already been stated, Airtel Money will provide an electronic wallet that will enable customers to make different types of commercial transactions conveniently, quickly and safely. Customers will be able to make person to person payments, make purchases and pay various utility bills using this product. Airtel Money will certainly contribute to improving the way in which we transact and will also provide an efficient tool that will give Airtel customers the ability to carry out financial transactions from the comfort of their own homes. As you may be aware, the Bank of Zambia in consultation with key stakeholders has put in place an enabling environment to promote the development of modern payment systems in Zambia.

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
In the course of the last 20 years, a revolution has taken place in global financial markets. Capital restrictions have been removed. Companies around the world are experiencing a wave of mergers, acquisitions and demergers. These transactions reflect a higher required rate of return among all companies and all areas of a business. At the same time, there is an increased willingness to take risk, with a soaring number of start-up companies. This trend has been particularly evident in the US, but European countries are also part of this process. Increased possibilities for using information improves financial markets’ ability to act as a catalyst for profitable restructuring and growth. Companies financed through equities, bonds and commercial paper are continuously monitored through a transparent process. Owners and potential investors follow company performance closely. There are ever-stricter requirements concerning information. A poorly performing enterprise can be acquired by others who feel they can either run it more profitably or use its resources more effectively elsewhere. One may be sceptical with regard to these developments, which seem to have created a situation where a few keyboard operations can lead to wealth and losses. Financial markets are driven by forces and psychological mechanisms that may result in extreme volatility. Financial bubbles fuelled by unrealistic optimism may lead to the darkest pessimism and fears. The so-called new economy may be a bubble. The concept “new economy” was first introduced prior to the stock market crash in 1929.

There then remains only 1 per cent of the debt of 170 per cent, that is, the net debt service required in the long run to keep the debt ratio constant is only 1.7 per cent of disposable income.16 With this reasoning, a debt ratio of 170 per cent is sustainable with a considerable margin. Figure 3 Capital over assets for households, some large listed companies and Swedish banks Per cent 80 70 60 50 40 30 20 10 0  Sources: Dagens Industri (capital/assets 2011 for listed companies and Swedish banks) and the Riksbank (household net wealth/assets). surplus of disposable income in a “left-to-live-on” analysis – which is described in footnote 17 – is around 58 per cent. The current value of this surplus is then around 1 000 per cent of disposable income. When these figures are compared with a debt of 170 per cent and added to real and financial assets of 510 per cent, households’ leverage ratio and debt-servicing ability undoubtedly appear to be pretty good. 15  Isaksen, Lassenius Kramp, Funch Sørensen and Vester Sørensen (2011). 16  A high mortgage rate after tax could be 5 per cent. A long-run level for the repo rate of 4 per cent plus an historically-high spread of 3 percentage points gives a mortgage rate before tax of 7 per cent and after tax of approximately 5 per cent ((1-0.3)x7=4.9).
The way forward We have made some progress on the TBTF problem, particularly in reducing the likelihood that a large complex firm will reach the point of distress at which society faces serious costs. But we have a considerable ways to go to finish the job and reduce to tolerable levels the social costs associated with such failures. Further international coordination is almost certainly going to be necessary to ensure that bankruptcy regimes interact in ways that minimize negative externalities. At home we also need to ensure that different authorities and resolution regimes operate in a mutually consistent manner. In particular, we may need to revisit the SIPC regime that governs securities firms in bankruptcy. At present, the bankruptcy of a securities firm is very disruptive because the claims of all counterparties are typically frozen for a considerable period and the value of these claims is not easy to ascertain or monetize quickly. As I have argued above, we shouldn’t focus on solving TBTF exclusively at the level of the individual firm. We need significant changes in market structures and practices as well in order to have a financial system in which the key players can fail without big social costs. We also must continue to ask ourselves the question of whether the steps in train go far enough. For example, one could make a good case that the capital surcharge for systemically important firms should be higher than that contemplated by the Basel Committee.

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.
7  All speeches are available online at www.bankofengland.co.uk/speeches  7  My colleague Ben Broadbent has suggested that one effect of the crisis and perhaps of other changes in the world of work and in workers’ perceived pricing power has been to lower or remove that ‘norm’. 15  I suspect changes in workers’ perceived pricing power and perhaps their appetite for risk have been responsible for some of the behaviour of pay and employment post crisis. If this has happened, and I will come onto why it might have done in a moment, the effect could indeed have been to lower the Phillips curve. With one caveat, the policy implications of a lower Phillips curve are the same whether the driver is a lower natural rate, lower/more anchored inflation expectations, or some change in real pay increase norms net of changes in productivity growth. The evolution of unemployment and pay growth will trace the same shape of curve, but pay growth, and hence domestic inflation pressure, will be lower for any given level of unemployment. All else equal the policy maker can therefore tolerate a lower level of unemployment before worrying about domestic inflation pressure in the pipeline. The caveat, and it is a very important one, is that if the Phillips curve has been lowered by the anchoring effect of central bank credibility on inflation expectations, attempting to exploit that change might damage the central bank’s credibility and increase expected inflation, shifting the curve back up again.

1-17 Haldane, Andrew G. (2017) ‘Work, Wages and Monetary Policy’ speech given at the National Science and Media Museum, Bradford IMF (2013) ‘The dog that didn’t bark: has inflation been muzzled or was it just sleeping?’ April World Economic Outlook, Chapter 3 Mishkin, Frederic (2007) ‘Inflation Dynamics’ NBER working paper 13147 Nagel, S and Malmendier, U (2011) 'Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?’ Quarterly Journal of Economics, Vol126(1), pp373-416 Phillips, A W (1958) ‘The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957’ Economica, Vol. 25, No. 100, p. 283–99 Pizzinelli, Carlo and Bradley Speigner (2017) ‘Matching Efficiency and Labour Market Heterogeneity in the United Kingdom’ Bank of England Working Paper No. 667 Saunders, Michael (2017) ‘The Labour Market’ speech given at the Resolution Foundation, London Stiglitz, Joseph (1997) 'Reflections on the natural rate hypothesis' Journal of Economic Perspectives, 11, 3–10 Yellen, Janet (2017) ‘Inflation, Uncertainty and Monetary Policy’ Speech at the "Prospects for Growth: Reassessing the Fundamentals" 59th Annual Meeting of the National Association for Business Economics, Cleveland, Ohio  18  All speeches are available online at www.bankofengland.co.uk/speeches  18