samchain/econo-pairs-v1 huggingface dataset:
Strategic decisions about the future needs to be made to sustain the ability to offer and deliver unique value propositions to customers whilst at the same time effectively managing customers’ expectations. An area that banking institutions may venture into is micro-financing. Micro-enterprises perform an important economic activity for a large segment of the country’s population. While institutional arrangements are being put in place to increase access to financing for such micro-enterprises, the banking sector with its large network of branches can become an important channel for such financing. 4  BIS Review 28/2004  These could be provided via a micro-financing window. Global experience has shown that such microfinancing operations can be successful and profitable with good loan portfolio quality. As part of the efforts to raise the quality performance in the financial services sector, Bank Negara Malaysia initiated a nation-wide survey in 2003 to assess the requirements, expectations and the satisfaction level of consumers on the quality of products and services offered by banking institutions. While the primary objective of the study is to develop an index on the levels of quality of customer service, the findings indicate that the real issues in enhancing the industry’s level of performance goes beyond this, towards developing a stronger customer-centric orientation. The findings provide a discernable indication of the differences in customer needs and requirements, and identify specific areas where customer-orientation issues tend to arise. Let me briefly share some of the key findings of the survey.

First, large Malaysian banks with nationwide and regional and international presence that are able to compete with global financial players;  b. Second, banking institutions with nationwide presence that are able to offer a broad range of financial products and services; and  c.  Third, specialist niche players delivering specialised value added products and services for specific segments of the market. Ladies and Gentlemen: The financial services industry has evolved considerably over the recent period. New emerging trends have provided us with new opportunities in our quest to create a dynamic financial system that will best serve our economy. In striving towards high performance and world-class standards in the industry, we look forward to working with you in this dynamic and challenging environment to achieve this common goal. Let me now conclude and wish you a most productive Summit. 6  BIS Review 28/2004
At that point, a bank under duress had to either close its doors or quickly sell assets. Of course, either action worked to intensify the panic and to increase the stress on the economy. The Federal Reserve was established so that there would be a lender of last resort that could lend against high-quality collateral and provide a reliable and elastic currency. 2 The knowledge that such a lender of last resort existed reduced considerably the incentives for depositors to race to their banks to make withdrawals at the first sign of trouble. 3 At that time, the provision of an elastic currency was especially important because the agricultural sector represented a significant proportion of the U.S. economy. As a result, the demand for credit increased significantly each fall when farmers incurred the costs associated with harvesting their crops. Prior to the establishment of the Federal Reserve, accommodating this seasonal demand necessitated a flow of currency and credit from the major financial markets such as New York and Chicago that put upward pressure on interest rates. With its ability to provide an elastic currency, the Federal Reserve would be able to dampen such seasonal swings in interest rates. At its inception, the Federal Reserve differed from central banks in Europe in that it was decentralized. The design reflected long-standing concerns in our country about the concentration of power in a single authority. These concerns are reflected in the federated system established by the Constitution in 1787.

According to a research of the World Bank, in the years 2005 - 2025, the labour force participation rate in the developed countries of high income will fall by ca. 20 million, whereas that the developing countries will increase by almost a billion. At the same time, in view of the aging populations, especially in Europe, there will be a rapid growth in the number of elderly people, from 36 per 100 working people to 52 per 100 working people. These trends, coupled with a fivefold difference in average wages between the developed and the developing countries, will inevitably bring about an increase in the economic migration rate. What triggered the emergence of the global labour market?
Data quality is less good than for frequent volunteering, but ONS estimate this could add a further £ The ONS have recently put out an estimate of the total value of informal volunteering in 2012. It is nearly as significant as formal Informal volunteering (not through volunteering, and its contribution is organisations) estimated at £ (both frequent and infrequent). You need to make assumptions here about the role of capital, and the level of productivity in volunteer jobs. Based on rough calculations that treat volunteer jobs Official estimates only measure the value of labour inputs to volunteering, not the outputs. like labour-intensive service industries, the current method could be understating “output” by perhaps a quarter. But this is very uncertain. Hard to know whether volunteers perform in It could be that volunteers are less the same way as paid workers (whose productive than experienced workers in wages are used as a proxy for volunteer some jobs. But they might be more output) enthusiastic. 1.25*(18.6 + 1.7 + 23.9) -> gives you around Potential higher estimate (very uncertain) £ as a possible alternative estimate. Infrequent volunteering (less than once per month)  Source: Bank and Pro Bono Economics calculations. 24  BIS central bankers’ speeches  Figure 11: Survey responses for volunteering regularly  Source: 2006/07 Helping Out survey.

The resultant oversupply of space contributed to one of the most severe downturns that the commercial property industry has ever seen. Since then, other asset classes have outperformed commercial property in most years. Many institutional investors have responded by continuing to reduce their property holdings. Property companies have suffered; we have seen some high profile failures and reschedulings. The banks have suffered very sizeable losses on commercial property. Construction companies and associated professions such as architects and designers have suffered from the reduced workload on commercial property. And we must not forget the  BIS Review 11/1997  -2-  valuing and surveying professions; the upturn in insolvency-related work was not sufficient to offset lower turnover and the corresponding heavy pressure on fees. 6 Possibly the only ones to benefit from the downturn were tenants fortunate enough to sign new leases in an environment of falling rents. The modest extent of subsequent development has probably meant that even these ‘beneficiaries’ have had a more limited choice of accommodation. 7 Other factors have also made the market very challenging, especially for investors and lenders. These have included the speed of building obsolescence and growing pressure on companies to manage property resources more effectively. Several initiatives aimed at enhancing the market’s efficiency and attractiveness made little headway in the first half of the 1990s. These included efforts to enhance liquidity, to develop property derivatives, and to improve information on the very sizeable part of the market that is not ‘prime’.
The budget rules at the national level were too weak to enforce an effective fiscal policy. And the EU rules that are intended to promote sound public finances, the so-called Maastricht criteria, simply did not work. 1 What appeared to be the emergence of an acute crisis at the end of last year has been averted, partly by measures taken by the European Central Bank. This has provided a necessary breathing space, but it has not solved the fundamental, underlying problems. 1  The lack of budget discipline cannot only be blamed on the countries that have now been hit hardest. The relaxation of discipline really began some 10 years ago, when both Germany and France deviated from the Maastricht criteria. Today, 23 of 27 member States fail to meet these criteria. BIS central bankers’ speeches  1  Growth prospects have weakened, partly as a result of the consolidation measures that the crisis has forced governments to take. Unfortunately, there are no good alternatives to such measures. If the countries that have the weakest public finances refrain from implementing them the interest rates on their sovereign debts will rise and there will thus be a risk of the crisis spreading to other countries. We have also seen some signs of credit tightening in parts of the euro area. 2 One of the factors contributing to this may be the European Banking Authority’s recommendation to introduce a capital adequacy requirement of at least 9 per cent for European banks no later than June this year.

However, as development in this area progresses it is probable that the number of specialised macroprudential-policy tools will increase. 10  10  The Bank of England recently carried out an inventory of the tools that could be used to conduct macroprudential policy, see Bank of England (2011): Instruments of Macroprudential Policy: A Discussion Paper prepared by Bank of England and Financial Services Authority staff, December 2011. BIS central bankers’ speeches  5  But do we really need any new tools in this area? Isn’t it enough that the supervisory authority can introduce a mortgage cap for consumer protection reasons and that the central bank can raise the interest rate to stabilise inflation and resource utilisation when credit growth is high? No, I don’t think so. Referring to consumer protection seems to be an overly narrow approach in the face of a rapid growth in lending to households and rising housing prices. On the other hand, the impact of the interest rate is too wide-ranging to be effective and risks doing more harm than good. A tool such as the countercyclical capital buffers may seem to be so wide-ranging that it should be able to work in approximately the same way as the interest rate. Both tools affect the price of credit in the economy. When the banks are forced to hold more capital their funding costs increase, as they do when the interest rate is raised, and the price of credit also increases.
Seeking broad adoption  So if we have reached the point where a new Code has been launched and there are encouraging early moves on adoption, what needs to follow? Most obviously, it’s important that we maintain this early momentum so that adoption becomes the norm. As I have already implied, virtually all of the firms directly engaged in developing the Code have publically stated their intention to sign up, and members of the various central-bank organised foreign exchange  4  http://www.globalfxc.org/public_registers.htm?m=62%7C379 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  committees across the globe will do so too. This captures many of the large sell side firms and infrastructure providers. The challenge at this stage is to ensure that firms engaging in the full range of wholesale market activities are equally committed to incorporating the Code into their business practices. The audience in this room represents a key constituency: buy-side participants. A traditional, though I hope fading, attitude is to view codes of conduct as the preserve of sell-side firms only. But the Code provides key guidance that is relevant to both sides of any FX transaction. Moreover, an objective behind providing principled rather than rules-based guidance was to encourage market participants to think through how those principles apply to their own business context, and to apply the Code in a manner which is proportionate to that context.

This could happen for a number of reasons - related to different cyclical positions, different fiscal positions, or as a result of external shocks or structural changes. The famous Maastricht criteria for sustainable convergence that are to be met, according to the Treaty, before a country qualifies for the Single Currency were designed precisely to reduce the risks of tensions of this sort arising after the start. I should like to think that the political leaders across Europe, who will take the decisions, all really appreciate the crucial importance of sustainable convergence to the success of the venture and that they do not see it just as a technical obstacle to their wider aspirations - I should like to think that. So, Mr. Chairman, some difficult decisions lie ahead. The period up to your next biennial dinner will be momentous. But that should not obscure the fact that our immediate economic prospects remain encouraging. I do not know of any serious economic forecaster who does not expect the economy to continue to grow over the next two year, or unemployment to continue to fall. The challenge is to ensure that we can still say that in two years’ time. BIS Review 5/1997
A resilient and innovative banking system will support the efficient allocation of capital and therefore technical progress and growth. Financial markets are fundamentally about risk-taking: credit risk, liquidity risk and market risk are basic components of even the safest and soundest banking systems. As a society, we need risk taking as part of the process of allocating capital to competing ends. And people who take risks – at least with their own money or their own careers – need to be rewarded (appropriately!) for that risk or they won’t take it. So we are not in a world where, as a matter of policy, we want to eliminate financial risk. The key is for financial risks to be properly appraised, priced, managed and provisioned. And we should discourage some of the cross-subsidisation of different types of risk taking if we want risk capital to be appropriately allocated. That includes any perceived public subsidy, which is what the ICB recommendations are about. We also want to avoid profits being made  2  The Forum, City AM, page 20, September 14 2012 (http://www.cityam.com/forum/why-britain-s-banking-rulesaren-t-restricting-our-economic-recovery)  BIS central bankers’ speeches  5  out of dishonest practices such as insufficient provision of information, the deliberate mis-pricing of risk or other market abuses. The new Financial Conduct Authority will have an important role to play in that. The regulatory reform process will inevitably take time. And while the process is developing there are risks arising from the uncertainty that it brings. We need banks to raise more equity capital.

The exchange rate would be able to move in response to the balance of payments, allowing monetary policy some latitude in reacting to domestic economic developments. In this framework, the real exchange rate appreciation that is a corollary of economic convergence could take place via nominal exchange rate appreciation. However, the introduction of a relatively wide fluctuation band could lead to unprecedented exchange rate volatility. In turn, this could jeopardise the Bank’s price stability objective. It may, therefore, be preferable to enter ERM II without a fluctuation band at all. This exchange rate strategy of course implies that the burden of adjustment to shocks will have to be borne by the real economy. In the first instance this means pursuing a prudent fiscal policy. The current aim of fiscal policy is indeed to reduce the deficit to GDP ratio to around 2.5% by 2004, from 5.3% last year and over 10% in the late 1990s. By restraining domestic absorption, a tighter fiscal stance will enhance the credibility of the exchange rate peg. Moreover, a smaller borrowing requirement will also free up resources for the private sector and contain upward pressure on interest rates, thereby stimulating economic growth. Finally, bringing the budget deficit closer to balance will then give fiscal policy the leeway it lacks today to respond to adverse shocks or cyclical downturns. The response to such disturbances will also depend on the degree of flexibility in the economy as a whole.
“Macroeconomic shocks and their propagation”. Handbook of Macroeconomics, Vol. 2, pp. 71–162, Elsevier. Reinhart, C. M. and Rogoff, K. S. 2009. “This time is different: eight centuries of financial folly”. Princeton University Press. Reis, R. 2019. “Can the central bank alleviate fiscal burdens?” The Oxford Handbook of the Economics of Central Banking. Sefton, J. and Weale, M. 1995. “Reconciliation of National Income and Expenditure: balanced estimates of national income for the United Kingdom, 1920-1990”. Cambridge University Press. Thomas, R. and Dimsdale, N. 2017. "A Millennium of UK Data", Bank of England OBRA dataset. Available at: http://www.bankofengland.co.uk/research/Pages/onebank/threecenturies.aspx. Vlieghe, G. 2018. “The yield curve and QE”. Speech given at the Imperial College Business School. Available at: https://www.bankofengland.co.uk/speech/2018/gertjan-vlieghe-imperial-college-businessschool-london. Vlieghe, G. 2020. “Monetary policy and the Bank of England’s balance sheet”. Speech given during an online webinar. Available at: https://www.bankofengland.co.uk/speech/2020/gertjan-vlieghe-speechmonetary-policy-and-the-boes-balance-sheet. 24  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  24

Banks’ capital reserves, transparency, funding, risk management, corporate governance and both micro and, especially, macro supervision and regulation need to be adjusted. Let me start with the fragile liabilities. We have experienced since August 2007 a funding liquidity dry-up. As I said before, in the run-up to the crisis, Spanish banks were highly dependent on foreign wholesale funding. As a result, the sector as a whole ended up suffering and some of the more dependent banks have been hit very badly. But bank liquidity also depends crucially on bank capital and, hence, banks with stronger balance sheets suffer much less from a lack of liquidity.8 The liquidity provided by the Eurosystem has been vital to minimise the liquidity shortages, but bank capital needs to be stronger so that all banks have access to private funding liquidity. Fragile assets were an important factor too, as very high volumes of credit (and risk) were granted during the good years. Some banks took more risk than others in the real estate bubble, and some banks recorded substantially lower profits and higher (realized and potential) loan losses during the current crisis. Hence, bank capital significantly decreased, especially for some groups of cajas; they, moreover, cannot easily raise capital because of their specific structure. The availability of bank capital is essential for two additional reasons: First, a bank capital crunch may lead to a credit crunch. Thus, in order to help the real economy recover, some weak banks need to be recapitalised.
13  Figure 3  Inflationary surprises by components (1) (percentage points)  2.0 2,0  Volatiles  Core  Total  1.5 1,5 1.0 1,0 0.5 0,5 0.0 0,0 -0.5 -0,5 Sep.21  Dec.21  Mar.22  Jun.22  Sep.22  Dec.22  Mar.23  (1) Cumulative surprises in respective MP reports. Sources: Central Bank of Chile and National Statistics Institute. Figure 4  Private consumption (*)  (index, 2018=100, original real series)  120  Current  Previous  Private consumption of goods and services (index, 2018=100, seasonally adjusted)  175  Private consumption Durable goods  115  150  Non-durable goods  110  Services 125  105 100  100  95 75  90 85  50 13 14 15 16 17 18 19 20 21 22  18  19  20  21  22  (*) For the fourth quarter of 2022 of the previous series, the annual change in the current series is used. Source: Central Bank of Chile.

In a scenario when we see oil prices slump from the current relatively high levels, both business and household expectations are set to be negatively affected for a time. However, we expect no reversal in the current positive economic trend. We cannot rule out a certain slowdown in the paces of growth between late this year and early next year; yet subsequently, the economic 2 / 14  BIS central bankers' speeches  trends of today will prevail. Businesses will be gradually building up investment as they capitalise on their profits accumulated in prior years. The real sector’s ability to borrow will also improve over time. Alongside with softer monetary conditions, this will give extra impetus to growth in investment. Consumer demand will recover gradually on the back of growing revenues and improving expectations. This process is expected to be smooth and create no inflation risks. The recent strengthening in the ruble is set to bring about increased demand for imports in the first half of 2017. Moving forward, however, this growth is on course to become slower; in this way, exports are set to grow at moderate paces. In 2017–2018, economic growth will total about 1-1.5%, with acceleration to 1.5-2% envisaged as early as 2019. Still, potential economic growth will be invariably constrained by structural factors. Following this recovery period, paces of GDP growth are expected to be equal or less than 1.52%. The current account balance is expected to rise in 2017, prompted by higher oil prices.