samchain/econo-pairs-v1 huggingface dataset:
Trades that give a false or misleading appearance of market activity, actions to rig the prices of securities or futures, are all prohibited under our law and severely dealt with. MAS works closely with the Commercial Affairs Department to take enforcement actions ranging from civil penalties to criminal action. Last year saw the fruition of MAS’ first civil penalty court action. We secured civil penalties against a fund manager who was found by the High Court to have window-dressed his portfolio by creating a false appearance relating to the price of one of the component shares. The fund manager and its CEO were ordered to pay a civil penalty of $ each to MAS, as well as costs of the court action. The decision was upheld by the Court of Appeal. The assistance that we sought, and obtained, from our foreign counterparts was vital to our success in this case. Similarly, MAS stands ready to assist our international counterparts in their enforcement efforts. Earlier this year, the Australian authorities successfully prosecuted a former fund manager of an Australian bank for insider trading. MAS had referred this case to the Australian Securities and Investment Commission (ASIC) and provided ongoing assistance during ASIC’s investigations. Infrastructure – sound and stable The final component of the capital market ecosystem is the infrastructure that supports the trading of securities and futures. Capital market participants trade either on a multilateral basis through organised exchanges, or bilaterally with each other over-the-counter or OTC.

Most of these cases came to light when the auditors were unable to confirm the companies’ cash and account receivables. The counters were suspended pending investigations by special auditors, and investors had to bear the losses. I still get  2  BIS central bankers’ speeches  letters from investors who had lost money in these shares. I can understand their frustrations. Many have asked MAS to do more to bring the full force of our law to bear on the wrongdoers. Let me state the position categorically: MAS will leave no stone unturned to take rigorous action against those who break our laws. But there are real challenges when the fraud is perpetrated by parties outside our jurisdiction. Cross-border investigations and enforcement are intrinsically difficult. Singapore is not alone in facing challenges with international listings. Co-operation among securities regulators and enforcement agencies in different jurisdictions is therefore critical. We cannot eliminate fraud. But we can and must ensure that companies that are brought to the market are of good quality. SGX must be rigorous in evaluating the suitability of listing applicants before admitting them. Other stakeholders must play their part too.   First, directors of the company seeking a listing must exercise adequate oversight of internal controls and ensure the veracity of information disclosed.   Second, IPO advisers have a legal and professional responsibility to conduct proper due diligence when bringing companies public.
Remarks on The Post-pandemic Landscape for Central Bank Statistics 11th IFC Biennial Conference Pablo García Silva, Deputy Governor, Central Bank of Chile August 25th 2022 I want to thank the organizers for the opportunity to participate in this distinguished panel, providing some remarks on the challenges we face as Central Banks and as providers of statistics, particularly in the environment we live today, as the pandemic recedes. Central Banks are keenly aware of the need to provide timely, accurate, and in-depth understandings of the changing economy. This not only to inform correctly policy making, but also to satisfy the shifting demands of society regarding the environment we live in. This inevitably implies trade-offs. Operative and budgetary constraints mean that a careful balance of timeliness, accuracy, and depth needs to be achieved. The ever-expanding complexity of economic relationships, and the speed at which policies have had to adapt to very large shocks, imply in my view that compared to a not so distant past timeliness is today at a premium. The times of change we live in require us to react promptly. This, however, carries the cost that both the accuracy and the depth of data will be inversely related to its timeliness. This brings about the implication that both policy making needs to consider the implicit uncertainty of the environment, and also that statistics providers need to be candid about those uncertainties when communicating with the public.

To ease and empower the user in manipulating and utilizing these new data we launched a new visualization tool developed in Power-BI. The lesson learned is also that to keep up with the changes and react promptly, we must continue encouraging the digital transformation of our organizations, incorporating advanced analytical techniques, and providing more timely and granular information that considers heterogeneity to complement conventional statistics. As the access to new large-volume databases and the use of granular data almost always poses the challenge of confidentiality, the Central Bank of Chile has sought to implement best practices and safeguards to exploit such information. With this objective, we established a Data Governance Agenda, led by a Strategic Committee that reports directly to the Board and whose executive management is located in the Statistics Division. Likewise, we are working on our Big Data Strategic Project, which contemplates a centralized data repository that all user areas can access. 2  Climate and distributional challenges Central banks actively participate in different initiatives to respond to the demands derived from climate change. In April 2022, the Intergovernmental Panel on Climate Change (IPCC) stressed the critical role of climate data in effectively aligning the financial sector with science-based decarbonization and adaptation goals.
Credit extended to the private sector went up by 12.1 percent to SAR 1,076.4 billion in 2013 (by 12.3 percent in January of this year). Domestic banks maintained their good financial solvency, recording a capital adequacy ratio of 17.9 percent at the end of 2013. The number of domestic and foreign banks operating in the Kingdom currently is 23, 12 of which are domestic and 11 are foreign which became 12 after licensing the Industrial and Commercial Bank of China (ICBC) in 2012. Driven by the aim of achieving a better spread and service to a larger portion of citizens and expatriates, bank branches operating in the  BIS central bankers’ speeches  1  Kingdom grew up by 4.2 percent (72 branches) to 1,768 branches at the end of 2013. The number of ATMs stood at 13,883, increasing by 9.2 percent (11,71 machines) at the end of 2013 compared to 2012. At the same time, POS went up by 16.5 percent to 107,783. With regard to the insurance sector in the Kingdom, SAMA continued to guide this sector toward further regulation to work in accordance with highly professional standards and practices, aiming at promoting the competence of its staff and providing better insurance services to policy holders. The insurance sector witnessed a quantum leap over the past few years represented by developed potentials, skills and technical expertise of companies and increased awareness of insurance benefits.

On the other hand, it is probable that monetary policy can indirectly, by contributing to a more stable economic development, create better conditions for good growth in the long term. Reliable assessments of the potential growth capacity of the Swedish economy are very important for successful conducting monetary policy. Given this, it is perhaps not so surprising that we have spent a significant amount of our time in recent years making analyses of issues related to economic growth. This is demonstrated in our working report series, which contains a relatively large number of studies on this subject. A complicating factor with regard to studies of potential growth is that they entail a quantity that cannot be directly observed and measured, but has to be estimated indirectly with the aid of another method. There are a number of statistical methods for this, each of which has both advantages and disadvantages. The estimated results have proved to be relatively sensitive to the method applied. This in turn means that there is good reason not to fasten on one individual method, but to use several methods and thereby increase the reliability of the estimates. At the Riksbank we apply three different methods for calculating the production gap and we regularly show and discuss the results of these in our Inflation Reports (Figure 2).
Brian P Sack: Implementing the Federal Reserve’s asset purchase program Remarks by Mr Brian P Sack, Executive Vice President of the Federal Reserve Bank of New York, at the Global Interdependence Center Central Banking Series Event, Philadelphia, 9 February 2011. *  *  *  It is a pleasure to be back in my hometown of Philadelphia and to be invited to speak tonight at this event hosted by the Global Interdependence Center (GIC) and the Federal Reserve Bank of Philadelphia. The GIC has an impressive history of promoting public dialogue about monetary policy and other topics, and it is a privilege to be able to participate in that process. Tonight I will focus my comments on the implementation of the recent monetary policy decisions of the Federal Reserve and the associated implications for its balance sheet. As always, the views I will express are my own and do not represent those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. Unconventional policy decisions In the second half of 2010, the FOMC made two important policy decisions about the size and composition of the Federal Reserve’s balance sheet. In August, it decided to begin reinvesting the principal payments from its holdings of agency debt and mortgage-backed securities into longer-term Treasury securities, thereby keeping the amount of domestic assets held in the System Open Market Account (SOMA) portfolio unchanged at about $ trillion.

Ardian Fullani: Economy and key interest rate in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on monetary policy decision-making of the Supervisory Council of the Bank of Albania, Tirana, 26 May 2010. *  *  *  The Supervisory Council of the Bank of Albania on its meeting of 26 May, 2010 reviewed and approved the Monetary Policy Monthly Report. Taking into account all the latest economic and financial development at home and their projections on the future, at the conclusion of discussions, the Supervisory Council of the Bank of Albania decided to leave the key interest rate unchanged, at 5.25 percent. *** The improvement of the world economic activity, as shown by the sharp growth of the emerging countries’ economies and by the moderate rise of the major part of developed countries’ economies, has characterised the early months of 2010. Economic recovery is accompanied by the increase of trade activity, in the meantime central banks and fiscal authorities have pursued to support the aggregate demand through easing policies. Notwithstanding the climbing trend of commodities prices, the inflationary pressures continue to be still low owing to the negative gap of production. However, the events occurring in the last weeks have revealed that both euro area and world economies are characterised by high uncertainties as regard the future. The economic and political discussions are particularly focused on the fiscal situation.
Even though the unemployment rate has declined by 2.7 percentage points from its peak of 10 percent in October of 2009, there are still many people that want jobs but are not counted as unemployed because they are not actively looking for work. An alternative measure of labor market conditions, the employment to population ratio, which is not influenced by changes in the number of these workers, has shown limited improvement. Job loss rates have fallen, but hiring rates remain depressed at low levels. Taken together, the labor market still cannot be regarded as healthy. Numerous indicators, including the behavior of labor compensation, are all consistent with the view that there remains a great deal of slack in labor markets. Nevertheless, as I have stated in earlier speeches, I see persuasive evidence of improving underlying fundamentals for much of the private sector of the U.S. economy. Key measures of household leverage have declined and are now near the lowest levels they have been in well over a decade. Household net worth, expressed as a percent of disposable income, has increased back to its average of the previous decade, reflecting rising equity and home prices and declining debt. Banks have eased credit standards somewhat recently after a prolonged period of tightness. As a result, we are now experiencing a fairly typical cyclical recovery of consumer spending on durable goods. For example, light-weight motor vehicles sold at a seasonally-adjusted annual rate of nearly 16.1 million in August, close to the number sold in 2007.

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.
Svante Öberg: Productivity and monetary policy Speech by Mr Svante Öberg, Deputy Governor of the Sveriges Riksbank, at a meeting at Handelsbanken, Stockholm, 7 June 2007. *  *  *  Let me begin by thanking you for the invitation to come here and speak to you! The rapid increase in productivity is the most important explanation as to why inflation has been low in recent years. The low inflation has in turn given us at the Riksbank the possibility to keep the interest rate at a low level. But productivity will probably show a slower increase in the future. Combined with higher wage increases, this indicates higher inflationary pressures and thereby higher interest rates over the coming years. In the light of this I shall devote today’s presentation to productivity and monetary policy. My speech will have the following structure: I shall begin with an introduction briefly describing how productivity has developed in historical terms. Then I shall move on to three important issues: The causes behind the strong productivity growth, developments in productivity over the coming years and the significance of productivity for monetary policy. I would like to make it clear from the start that I will not be talking about current monetary policy. I would also like to make it clear that I will today give my own views on productivity and its significance, which are not necessarily the views of the Riksbank.

But they need to be organised systematically into an analysis framework. A natural starting point is what is usually called growth accounting. 2  1  Barrell et al (2007)  2  This focus is based on what is usually called neoclassical growth theory. The starting point is considered to be two papers by Robert Solow (Solow, 1956 and 1957). A good and brief description can be found in, for instance, Romer (2005). 2  BIS Review 61/2007  The starting point for growth accounting is an assumption that a company uses two types of resources in its production; labour and capital. In addition to these, they also benefit from the available general technology, that is, how skilful we are at using capital and labour together. One classical example of this technique is the conveyor belt. In the simplest example of growth accounting labour productivity is divided into two parts. One part is concerned with the capital-worker ratio, what is known as capital intensity. The other part of productivity, often known as total factor productivity (TFP) is concerned with the available general technology. If we apply this division into developments during the period 1981-2004, the picture looks like this. The rate of increase in productivity for the whole economy during this period was around 2 per cent a year. The contribution from increased capital intensity and the contribution from total factor productivity were both approximately one percentage point. However, the difference between the 1980s and the later years is substantial.
In their own interest too, banks should be mindful of the uncertainties they create in the forex market which is not conducive to its smooth operations and, therefore, the perception by international markets and investors. As you are aware, worker remittance has financed around 69% of Sri Lanka’s trade deficit. There has been an increase in worker remittances in the recent past responding to active promotional campaign launched by CBSL with the support of the Sri Lanka Foreign Employment Bureau, overseas job agencies, foreign missions and the banks. Recently, the number of professionals and skilled worker categories were encouraged to take up foreign employment, which is catching up fast. Banks should make extra efforts to mobilize their remittances, as this will add to their fee-based income through enhanced financial services. The increase in remittances will have a beneficial impact in reducing the current account deficit and creating a greater stability in the foreign exchange market. Govt. securities market Commercial banks and a few non-banks are the primary dealers who buy and sell Govt. securities and create secondary transactions in this market. The Govt., tends to borrow from the debt securities market which is non inflationary. It appears that there are market collusion and cartel type operations which tend to drive returns on treasury bills and bonds to levels which are not in line with the current and expected movements in key macro variables. Often, CBSL has to reject bids because of the very high bidding rates quoted by primary dealers.

Over the same period, employment grew at its fastest rate over any peacetime decade since 1920, raising, probably temporarily, the growth rate of the supply capacity of the economy. Output growth was noticeably faster than its post-war average. Behind that expansion were three significant structural changes: one at home and two overseas. At home, there has been a sequence of reforms to the labour market which began in the 1980s and have continued since. Reforms such as the New Deal and Working Tax Credit have encouraged benefit recipients back to work. Changes to pay bargaining and a decline in the share of wage settlements covered by collective bargaining have made the labour market more flexible. Those reforms reduced the rate of structural unemployment. The two other structural changes reflect globalisation and the openness of the British economy. The first is the rise in the prices of the goods and, especially, services that we export relative to the prices of goods and services that we buy from abroad. The so-called terms of trade have improved markedly over the past decade. Countries such as China and India are now major players in the world trading system, and the prices of manufactured goods globally have fallen as a result. That has produced changes in the pattern of international trade, and in our own industrial structure. Although those changes were, and are, uncomfortable to make, they benefit us all as consumers.
36 If the financial markets come to the view that the investment risk premium for American debt securities has increased, the outflow of capital from this market – or even decreased capital inflows – may lead to a fall in bond prices, i.e. to a sharp increase in long-term interest rates, a slowdown on the housing market, depreciation of the dollar and, as a result, stagnation or even recession, which may be observed globally. In order to mitigate the probability of such a scenario, structural reforms should be implemented in many countries. The US should substantially reduce its budget deficit and – via a reform of the pension system and the healthcare system – increase the household savings rate. In the EU and Japan a series of structural reforms should be accelerated to raise the flexibility and competitiveness of the labour market and the market of goods and services. In the Asian countries, and first of all in China, the exchange rate regime needs to be made more flexible, which should be preceded by the reforms that would strengthen the financial system, also via a greater openness to foreign capital inflows. At present, it is difficult to assess the likelihood of the scenario involving a serious slowdown in the global growth; nevertheless, implementation of necessary reforms proceeds slowly. Should monetary policy take into account speculative bubbles? The globalization process is a great challenge for central banks and financial market regulators.

It is disappointing that lessons from the crisis on counterparty risk management were not properly learned. As we set out in our Dear CEO letter last year, Archegos is a prime example of this – a single client of many firms had built up risk concentrations that proved to be outsized. Some banks also got caught by this in the nickel market more recently. In other cases, we have seen groups of clients with similar risk exposures, whether that be large concentrated positions of their own or trades with banks that held such positions, which proved difficult to exit as market conditions and liquidity dynamics changed. Risk concentration should not only be assessed on a client by client basis, but across all clients combined. And most importantly, across the client’s market-wide portfolio, not just the portion held with a single firm itself. Whilst this information may not be readily available, the onus is on firms to demand of their clients the information they need to assess the risks they are exposed to. We also see some firms not adequately assessing the liquidity position of their counterparties. Look at the “Dash for Cash” in March 2020 or recent issues in the commodities markets. Whilst counterparties may be fully hedged against capital losses from sharp moves in asset prices, some have found difficulty in monetising their assets in order to meet margin calls.