samchain/econo-pairs-v1 huggingface dataset:
Sasana Kijang aims to provide such a platform to pursue this human capital development agenda to become a centre of excellence for learning with the state of the art facilities. Sasana Kijang also reflects our commitment for regional and international collaboration and cooperation. It is our intention for Sasana Kijang to provide a platform for the meeting of minds and to harness the wealth of expertise in the field of Central Banking and finance. As a centre for collaboration, Sasana Kijang has wide ranging facilities for regional and international meetings, seminars and conferences. These facilities are also shared with the South East Asian Central Banks (SEACEN) Research and Training Centre and the Islamic Financial Services Board (IFSB) which are now located in Sasana Kijang. For the SEACEN Centre, it is hoped that all the available facilities will support its enhanced role in the region, particularly, as financial and economic integration in Asia intensifies. For the IFSB, an international organisation that was established as a result of the collaborative efforts of regulators from different parts of the world, it is hoped that it will facilitate further collaboration in the development of Islamic finance and in safeguarding its soundness and stability. This is in fact what Sasana means in Sanskrit – a convening point for the wise and learned. When combined with Kijang, a word that is strongly associated with the Bank, Sasana Kijang represents a powerful meaning that is consistent with our identity.

All in all the potential impacts of this new regulatory approach may be profound and wide-ranging. I would like to explore some of these implications that have received some attention. 6. How Basel II will affect the flow of capital across borders. Let me start reflecting on how Basel II will affect the flow of capital across borders. Some observers suggested that the new capital framework’s heightened sensitivity to risk may reduce the flow of foreign investment in developing economies, since exposures to those economies might typically be considered of higher risk. I believe that, in the short run, Basel II will not have a material effect on the flow of capital, whereas in the medium and long term Basel II’s forward-looking elements will probably take over and higher risk efficiency will improve the financing of all kinds of economies. The first part of this comment, the lack of any short-term material effect on capital flows, is based on the notion that Basel II seeks to align capital regulations more closely to banks’ current practices, which today are already risk-sensitive. Therefore, it will not change the way that banks actually evaluate risk to decide whether to invest in emerging market economies. Yet some observers have assumed that a more risk-sensitive approach might drive up not just capital requirements, but also the pricing of credit to emerging market countries. This argument assumes that regulatory capital drives individual loan pricing decisions.
BIS Review 69/2008  3  Any lack of interoperability across mobile operators and across banks will not achieve the required critical mass and will also result in high transaction cost for consumers. It is hoped that market participants will be able to offer new and innovative mobile payment products and services that opens up new markets for mobile service providers and payment operators, offer the convenience at reasonable costs and thus deliver the cost savings and efficiency gains that consumers and businesses seek, and thus allow for the economic benefits to be realised. Industry players also need to work together. An area that needs critical attention is for the industry players to focus on the bigger picture and regard the mobile phone as a mechanism towards achieving a common goal. To promote the significant use of the mobile phone for financial services, the industry has to respond rapidly to address the need for interoperability and collaborate in areas such as developing a common infrastructure, common payment messaging format, as well as common security and authentication standards. Common standards and infrastructure will create an accessible, open and vibrant payment eco-system that will attract a wider consumer base allowing all market participants to reap the benefits of a larger customer base. A shared integrated network with common security standards and common messaging standards will make it easier, more cost-effective, and more convenient for consumers, merchants and service providers to execute and receive payments, thereby increasing the attractiveness of the mobile network as a payment channel.

Indeed, the large mobile subscriber base and the positive transformational effects of mobile banking and payments offer a unique opportunity to open up the financial system to more customers and communities, in order to achieve financial inclusion for all segments of our society. With the favourable market conditions, various mobile banking and payment initiatives have been launched in recent years. This however, has yet to achieve widespread acceptance. To date, there are only 460,000 subscribers for mobile banking and payment services. This represents only 1.8% of the 25 million mobile phone subscribers in the country. There is, therefore, a significant untapped, and potentially lucrative market for mobile payment and banking services. Pushing mobile channel beyond the tipping point of development There are fundamental issues that need to be addressed if we are to realise the opportunities and allow Malaysia to take full advantage of new mobile technologies. To achieve their full potential, it is important to identify the gaps in the service offerings, and plan the way ahead for Malaysia to make the quantum leap in e-payment adoption. Market participants need to address the mismatch between what consumers expect and what is being offered. Openness and inter-connectivity are also critical in the mobile banking and payment initiatives. Exclusive and proprietary services where the target market is limited to the customer base of individual mobile operators or individual banks will not allow for the potential to be realised.
In the speech we have already quoted, Mario Draghi also insisted upon the need to foster the cooperation of public and private institutions and keep trade open and fair in order to reap the benefits from private innovation: “International cooperation should not be limited to the official sector. Global trade is just as important and much has been said about this. The pandemic has shown us how collaboration between companies is paramount to foster innovation and boost production of essential medical goods.” In a nutshell, the changes required by transition are not only changes in policies within the existing institutional or societal framework. They require us to transform the frameworks themselves. This is very challenging. So is the need to rethink our perception of what abundance is. III. WITHIN BOUNDARIES Some scientists, in particular Johan Rockström and his colleagues,15 have developed the concept of planetary boundaries to refer to nine Earth system processes (including climate‐ and biodiversity‐related processes) that are vital to life on Earth. Human activity is contributing to crossing the boundaries within which these systems can maintain a safe operating space for humanity, and this could have disastrous consequences. This means that the task of our generation is to invent a new model to live (and live well) within these planetary boundaries, or within ecological limits. To be clear, living and thriving within limits is, as such, an immense challenge. 15  Rockström, J. et al. (2009). Planetary Boundaries: Exploring the Safe Operating Space for Humanity. Ecology and Society 14 (2): 32.

Data on developments in foreign trade of economy reveal a contracted trade exchange in the first five months of 2012. Value of exports marked a low annual growth of 1.3% in this period, reflecting the moderation of foreign demand and price developments in global markets. In this period, imports shrank by 2.0% in annual terms. These developments resulted to a decreased trade deficit in the first five months of the year by the annualised rate of 4.2%. Developments in foreign trade were determined mostly by electrical energy trade exchanges in this period. Excluding this effect, the growth in exports would be higher and the contraction in imports deeper, resulting in a contracted trade deficit, at 18.1%. The performance of monetary indicators was in line with the developments in the real economy and our analysis show contained monetary pressures on inflation. The annual growth of M3 was 8.7% in May, maintaining the average rates of the previous month of the current year. The growth paces of money supply slowed down compared to a year earlier, reflecting the lower demand of economic agents for money. The consolidated fiscal position  2  BIS central bankers’ speeches  was coupled with a decrease of public sector borrowing, whereas private agents of economy reflected a low demand for financing. Lending to the private sector rose by 7.5% in May, pursuing the slowing trend, which has started since the end of previous year.
To maintain the social compact, a balance needs to be struck between pushing through needed changes without delay, and spacing them out to reduce the political pain. Thus the Meiji reformers' slogan was fukoku kyohei, meaning "rich country, strong military". Their objective was not just better lives for individual Japanese, but a strong Japan taking its rightful place among the nations of the world. This assertion of Japan's role in world affairs led to the Pacific War. Margaret Thatcher believed in a strong Britain too, but hers was a very different model. She famously declared that "there is no such thing as society", only individuals, and that people must look to themselves rather than the government. But she went too far down this path. When she persisted in implementing the poll tax in 1990, the people revolted, and even her own party turned against her. The Iron Lady was out. In Singapore, consensus building is especially important as the remaking is to lead to an economy more reliant on private enterprise and individual effort. This can only work if Singaporeans feel that the system is fair to all, and benefits everybody over the long run. Hence we have worked hard to strengthen the social and political consensus in support of our remaking plans. We involved and consulted Singaporeans as widely as possible. We worked in partnership with both the employers and the trade unions in policy deliberations.

We are tracking the situation closely, and will take further steps as these become necessary. Singaporeans must be psychologically prepared for the problem to stay with us for some time. Each of us will have to learn more about the disease, adjust our habits and take sensible precautions, so that we can protect ourselves, our families and the people around us, and carry on with our lives. SARS is not just a medical issue; it is a test of how well Singaporeans can respond collectively to resolve a serious problem facing our society. Synopsis The same ability to respond collectively is critical to our remaking of the Singapore economy. So far the debate on economic reforms has focussed predominantly on Singapore's present situation, and indeed on our immediate problems. We need to take a step back from the close-up snapshots of where we now are, and see our challenges in a historical and international perspective. The story of a country consciously restructuring its economy to adapt to a changed environment is not unique to today's Singapore. It is a recurring theme in world economic history. Tonight, I will explore the challenges of remaking the Singapore economy against the broader context offered by the lessons and experiences of history. In particular, the experiences of Japan, China and UK offer useful insights into the process of our ongoing reforms.
Thirdly, competition will be further enhanced by the fact that RIX-INST is provided in a competitively neutral manner. Decisions about access and prices will be made free of any commercial interests that may characterise private systems of the same kind. This is particularly important in light of the entry barriers arising from network and scale effects and taking into account the future appeal of this specific type of payment, instant transfers of funds. A brief update on the status of the project:8 The new service is planned to go live in spring next year. I believe that we are well on track, not least due to good collaboration with our fellow central bankers within the Eurosystem, as well as the Swedish banks. At the same time, we are also exploring the potential to use the TIPS platform for instant payments between currencies like the krona and the euro. This could be a further benefit from this particular platform sharing. 8  More information about RIX-INST can be found at: https://www.riksbank.se/en-gb/payments--cash/the-payment-system---rix/new-service-in-rix-for-instant-payments/  11 [15]  New systems for wholesale transactions RIX-INST will be a service offered based on RIX, the Riksbank’s payment system. RIX is often referred to as the heart of the Swedish financial infrastructure. Among its existing services is RIX-RTGS which is used for large-value transfers between banks. It handles around 531,000 payments a month with an average value of approximately SEK 35 million. The yearly turnover in RIX-RTGS is about SEK 130 trillion, that is, near 26 times the Swedish gross domestic product.

Hence, we need to ensure sound regulation and oversight. Network and scale effects are as important as ever. With globalisation, the network effects are moving from the domestic market to the global. Regarding scale effects, I would argue that digitalisation has increased the fixed costs and lowered the variable costs, thereby increasing the large-volume advantage. Next-generation payment systems I will now turn to the present and focus the remaining part of my speech on the work at the Riksbank on developing the current infrastructure – building the payment systems of tomorrow, if I may say so. Naturally, this is not a solo task, but a joint effort involving many stakeholders, public and private, domestic and foreign. I will concentrate, however, on the Riksbank’s rationales for this work. They are to a large extent related to the lessons that I just highlighted. Before I do this, let me briefly reflect on what I said earlier about the higher pace of innovation in recent years. For those in the commercial sphere of payments, this has increased the risk of ‘falling behind’, we often hear. You need to master the new opportunities offered by the ‘era of digitalisation’ to avoid losing market shares. Add to this that network and scale effects tend to benefit suppliers that are first with a new solution or service. Here my point is that the same factor has also led to demands on central banks to be as vigilant as ever.
To sum up, as I see it there is no reason to change the main features of the assessment we presented in December regarding international economic activity and price developments. It could perhaps be argued that the upswing in Europe may be somewhat weaker as a result of the stronger euro, whereas the opposite may prove to be the case in the US. Therefore, there is neither any strong reasons to change our view of Swedish export market growth compared with December. In the period ahead, the rate of growth can still be expected to accelerate in the world economy and in Swedish export markets. Developments in equity markets also indicate expectations of a continued strengthening of economic activity in the period ahead. The rise in equity prices around the world, which began in the spring last year, has continued. At the same time, long-term international interest rates have fallen recently. It is difficult to determine how much of this is due to lower optimism about growth in the coming years or if it perhaps is more indicative of lower expectations of inflation. Looking ahead, there is reason for some concern regarding developments in long-term interest rates, partly against the background of the weak US public finances. Upswing also evident in Sweden, but the picture is not entirely clear With that, I am now ready to discuss the Swedish economy. Allow me to begin by noting that the Swedish economic outlook last year changed in approximately the same way as internationally.

350  300  300  250  250  200  200  150  150  100  100  50  Jan.05  Jul.05  Jan.06  Latin America Eurozone  Jul.06  Jan.07  Jul.07  Jan.08  Emerging Asia United States  Jul.08  50  Jan.09  Emerging Europe Japan  (*) MSCI for regions, Dow Jones for the U.S. and Nikkei for Japan. Source: Bloomberg. Figure 12 Commodities prices (index 01/03/2005=100; gold in US dollars per ounce) 400 Subprime crisis erupts  300  Bear Stearns  1,200  Lehman, AIG, etc. 900  200  600  100  300  0 Jan.05  Jan.06  Jan.07  GSCI grains and cereals GSCI energy GSCI metals  Jan.08  Gold  Jan.09  0  Source: Bloomberg. BIS Review 76/2009  13  Figure 13 Share of durable goods in total exports and contribution of exports to GDP quarterly growth in the fourth quarter of 2008  Durable exports (percentage of total exports)  HK  60  SIN  50  COR  HUN FIN  RCH  40  TAI  ALE  30  HOL BEL  R2 = 0,52 -35  -30  20  CAN  BRL AUS CHL  ARG  -25  -20  -15  -10  -5  NZL  10 NOR  0  COL  5  10  Exports (contribution to GDP, annualized quarterly change, percent) Source: Central Bank of Chile.
Consequently, it would be advisable to begin publication of the regional government monthly revenue and expenditure outturns as soon as possible, as envisaged in the Organic Law (Article 27.3). The law further includes coercive instruments to ensure compliance with budgetary targets by all levels of government. Such instruments can be effective in ensuring discipline if rigorously applied and if the appropriate procedures for overseeing the budget outturn throughout the year are set in place. But the pressure of everyday events should not make us lose sight of the medium and long term. Allow me to refer here to the major reform of the pensions system approved in July last year. This checked a pension spending dynamic that was endangering the sustainability of public finances over the medium and long-term horizon. But it should be recalled that this reform did not cancel out all the risks arising from population ageing. It would thus be desirable to properly define the so-called sustainability factor, so that the parameters of the system may adapt automatically to future demographic developments. Admittedly, the economic difficulties such as high unemployment and low growth that we face are most serious. But the main problem currently confronting the Spanish economy is the fall in all confidence indicators in recent months, exacerbated in recent weeks by the management of the latest banking crisis. Restoring confidence is the imperative at present, since without it, none of our problems will be resolved.

This is in light of the composition activity is likely to evidence, given the sizeable weight of exports and the weakness of private consumption and the real estate market, which may lead to lower revenue than the course of output might suggest, as was the case in 2011. The foreseeable decline in employment also appears to suggest Social Security contributions will be more modest than budgeted. Finally, there is substantial uncertainty surrounding projected revenue takings in respect of the special treatment accorded to undisclosed income. Turning to expenditure, the draft Budget outlines highly significant cuts in public investment, current transfers and goods and services purchases. These projections are not without risk, given the substantial inertia some of these items show, which hinders any permanent change in their trajectory. Precisely to reinforce this trajectory, the government added further education and health-care measures following the presentation of the draft Budget, which should contribute to attaining the targets set. That said, overspending on items such as unemployment benefits or pensions cannot be ruled out, since they depend on factors beyond the control of the authorities, such as the unemployment rate, demographics and inflation. Given these risks, the Budget must be rigorously implemented and mechanisms activated to enable any emerging deviations to be detected sufficiently in advance, so that additional countervailing measures may be taken. If this were necessary, measures to contain current expenditure or to increase indirect taxes could be adopted, as already contemplated in the Stability Programme ahead of 2013.
14 It should be noted, however, that a slower pass-through  13  This result, ho wever, masks a significant degree o f hetero geneity acro ss co untries: th e share o f ho useho ld debt with interest rates that reset within a year stands at 76% in Italy and 71% in Spain, but just 9% in France and 11% in Germany. 14  In spite o f the sluggish respo nse o f the remuneratio n o f retail depo sits, the pass-thro ugh o f market rates to retail lending rates in the euro area has been similar to in the past fo r mo rtgages, whereas in the case o f lo ans to non -financial co rpo ratio ns it has been mo derately faster, acco rding to Banco de España staff analysis. 7  to deposit rates may also have dampening effects on household spending, by slowing down the increase in savers’ financial income. On the other hand, certain factors point to a potential faster monetary policy transmission compared to past episodes. First, the current hiking cycle comes after the negative shock prompted by the pandemic, which adversely impacted the financial situation of firms by increasing their debt levels. This leaves them more vulnerable to interest hikes rates and their expenditure decisions may be more sensitive to monetary policy changes. Second, there is some evidence that monetary policy tightening is now impacting firms’ financing conditions more forcibly than in the past.

Compared with those published in September, the December staff projections contained an appreciable upward revision in the average inflation rates for 2023 and 2024 to 6.3% and 3.4%, respectively, and also envisaged inflation averaging 2.3% in 2025 (the last year of our projection horizon), above our 2% medium-term target. Importantly, the ECB/Eurosystem staff projections incorporate a number of financial indicators that reflect market expectations of our future monetary policy. A key indicator here is the risk-free yield curve, which is strongly influenced by investors’ views o n the future path of our key interest rates. The risk-free yield curve also plays a central role in the transmission of monetary policy to the economy, because the financing conditions of economic agents (households, firms, governments) are often linked to medium and longterm risk-free interest rates. This is why the staff projections use as an input the path of both short and long-term interest rates implied by the curve. It is also why the ECB, like many other central banks, typically accompanies its decisions on (short-term) interest rates with communication on how it intends, or expects, to set the latter – and other policy instruments – in the future, as this improves its ability to steer the yield curve and thus attain the desired overall monetary policy stance. Therefore, the inflation path in the December staff projections was a clear indication that the financial conditions prevailing before that meeting were inconsistent with a timely return of inflation to our 2% target.