samchain/econo-pairs-v1 huggingface dataset:
Every major systemic bank, the world’s largest insurers, its biggest pension funds and top asset managers are calling for the disclosure of climate-related financial risk through their support of the Taskforce for Climate-related Finance Disclosures (TCFD).1 Investors controlling over $ trillion in assets (across Climate Action 100+, UN PRI, and the Net Zero Asset Owner Alliance) want to see transition plans to a low carbon world from their portfolio companies. 2 This is backed by the critical roles that Multilateral Development Banks, Development Finance Institutions and National Development Banks are playing to accelerate their support to low carbon growth. Achieving net zero will require a whole economy transition—every company, every bank, every insurer and investor will have to adjust their business models. This could turn an existential risk into the greatest commercial opportunity of our time. As the Secretary of State said, finance is the COP 26 deliverable that “makes all the others - adaptation and resilience, nature, energy transition and clean road transport- possible.” The scale of these requirements are enormous: $ trillion in infrastructure investment alone every year for decades.3 All forms of finance: public, private and blended finance will play a part. Public finance to support a fair and inclusive transition across our economies. Development and blended finance to support adaptation and resilience. And mainstream private finance to help all companies realign their business models for net zero. The objective for the private finance work for COP 26 is simple: ensure that every financial decision takes climate change into account.

Executive Director Jan F. Qvigstad will give a more detailed presentation of the characteristic features of periods in price history that do not follow the norm – periods of high inflation and strong deflation. Once a norm has been established, the next question might be: What would the future look like if we make projections on the basis of what we know from history? Two variables of special interest for economists are GDP and consumer prices. One way to make a projection is to extend trends in historical developments. If economists in 1905 had had access to today’s statistical concepts and techniques, they might also have performed exercises such as this. Let us imagine that they did just that, and that they wanted the answer to the following question: What will be the level of prices and real income in Norway when the country’s citizens commemorate the dissolution of the union with Sweden in 2005? From our position in the present, we can say with some certainty that they would have been considerably off the mark. Looking back, it is also easy to understand why. In 1905, prices had remained approximately unchanged for several decades. The krone’s precursor, the speciedaler, and then the krone itself had been pegged to silver and gold standards since 1842. These systems provided a fixed nominal anchor for the economy and for prices. This was also the case for several of our trading partners. From 1875, Norway was also a member of the Scandinavian currency union.
Our approach will be explicitly forward looking. And we have no hidden agenda. Where we judge changes that are already under way to regulation, firm-level controls, market structure and technology are sufficient to restore fairness and effectiveness, we will say so. Where we do not, we will make recommendations on the most important priorities for change. A defining characteristic of our Review is a recognition that improving fairness and effectiveness is a shared responsibility between individuals, firms, the market as a whole and the public authorities. As I said at the outset, we believe that markets – when they work properly – are the best source of dynamism, prosperity and progress. So I expect that a key part of the Review’s final recommendations will consist of firm- and market-led initiatives. With that in mind, we will draw on input from an independent panel of senior market practitioners, chaired by Elizabeth Corley of Allianz Global Investors, and bringing together senior representatives of internationally active market participants and investors, market infrastructure providers, major corporate users of financial markets, and independent members. The final recommendations of the Review will be made by me and my co-chairs with the support of the excellent team we have assembled. But we hope the Panel will help launch and take forward those parts of the final recommendations requiring active market ownership. Where firm-led solutions are not enough to improve fairness and effectiveness, targeted interventions by the authorities will also be part of the Review’s toolkit. Where might the solutions lie?

These are like salt rubbed into the wounds to public confidence in financial markets. This is in no one's interest. Many leaders in the financial industry and the majority of those who work in these markets are ashamed of this bad behaviour and want to find a way to put it comprehensively behind them. The fines alone have been sufficiently large to require substantial reshaping of firms’ businesses. I am confident we can find a way forward. I recall the story of when the Queen visited the LSE in November 2008 and asked the gathered assembly of eminent economists why had nobody noticed that a crisis was on its way? The reply came in the form of a letter from the British Academy7. Their bottom line was that the crisis was caused by “a failure of the collective imagination of many bright people, both in this country and internationally to understand the risks to the system as a whole.” This is a moment when we need collective imagination – to imagine financial markets that are fair and effective and work in the interests of all of us.
Unlike in other economies with problems of excess household and corporate debt, such as the United Kingdom and the United States, in Spain weak nominal growth has weighed on the process of debt re-balancing and has made it reside, above all, on a contraction in lending. The last year in which lending posted a positive rate of change in Spain was in 2008. Since then, net credit flows, both to households and to non-financial corporations, have been  BIS central bankers’ speeches  3  negative overall, although there was a very slight increase in lending to households for house purchase in 2010. In 2012, total lending to the resident non-financial private-sector fell by 5.8%; credit to households fell by 3.7% while that to non-financial corporations decreased by 8%. When total credit to productive activities excluding construction, real estate development and financial services is considered, the decline was not as sharp, standing at 6%. Indeed, credit to productive activities excluding construction, real estate development and financial services was slightly positive in 2010, but has been negative in 2011, 2012 and in 2013 to date. In considering these developments it should evidently be borne in mind that credit for construction and real estate development activities had to shrink as the cyclical upturn ended and the excesses of the period 2004–2008 had to be corrected.

Now, I would like to take the opportunity to respond to some concerns that under our Linked Exchange Rate system, the Hong Kong dollar will appreciate alongside the US dollar, thereby weakening the competitiveness of our economy, in particular the tourism industry, and dealing a blow to the wobbly retail and tourism sectors. I wish to point out that there is no evidence to suggest a direct linkage between the recent decline in visitor numbers and BIS central bankers’ speeches  3  expenditure, and the exchange rate of the Hong Kong dollar. The Nominal Effective Exchange Rate (NEER) of the Hong Kong dollar rose by 6.6% year-on-year in the third quarter this year, but price levels for tourism-related merchandise and services fell by a greater magnitude. For example, prices for jewellery, clocks and watches fell by 8.2%, while the average room rate for hotels fell by 15.3%, which more than offset the effects of a stronger Hong Kong dollar. This clearly shows that Hong Kong’s economy is sufficiently flexible to adjust speedily to changing markets. 19. In addition, Hong Kong is different to other EMEs. We have sound and robust monetary, banking and financial systems. In response to the large capital inflows over the past few years, we have got ourselves well-prepared by introducing seven rounds of countercyclical macroprudential measures on property mortgages to enhance the resilience of the Hong Kong banking system.
Understanding of risks is key in ensuring that our AML/CFT measures are commensurate with the risks, in order for us to protect the financial institutions and the integrity of our financial system;  iii. Non-compliances will be viewed very seriously and strong regulatory and supervisory actions are to be expected;  iv. Cooperation and collaboration between financial institutions and LEAs are vital for an effective AML/CFT regime; and  v.  Legal, regulatory and operational frameworks alone are not sufficient without effective execution and overall implementation. Results would need to be measured based on the outcome and impact. BIS central bankers’ speeches  3  In relations to the Mutual Evaluation that will be undertaken from 13 to 25 November this year, I wish inform that some financial institutions will be called to meet the assessors during the on-site assessment in November. The purpose of the meeting is for the assessors to assess how effective AML/CFT measures are being implemented by the reporting institutions. We have identified several potential institutions as per the criteria given by the assessors. If your institution is being selected, you will receive formal notification from us in due course. Nevertheless, there are also high possibilities that the assessors may request to meet institutions of their choice during the on-site assessment.

On the final note, I would like to once again thank all of you here today for attending this conference and for the moderators and panellists who are willing to share their experiences for the collective benefits of everyone attending the conference today. I would also like to thank the Association of Banks, Malaysia (ABM), Association of Islamic Banking Institutions Malaysia (AIBIM), Life Insurance Association of Malaysia (LIAM), Malaysian Investment Banking Association (MIBA), Malaysian Takaful Association (MTA) and the Securities Commission Malaysia for coordinating the participation from your members. I wish all of you a successful and productive conference ahead. 4  BIS central bankers’ speeches
7  In a recent contribution, Nicholas Bloom and co-authors showed that US multinationals obtained higher productivity from IT than non-US multinationals and that establishments taken over by US multinationals (but not by non-US multinationals) increased the productivity of their IT. They attributed a bulk of productivity differences to differing people management practices across US and non-US firms. See Nicholas Bloom, Raffaella Sadun and John Van Reenen, 2012, “Americans do I.T. better: US multinationals and the productivity miracle”. American Economic Review 102(1), pp. 167–201. 8  For more information about the Network visit http://www.ecb.europa.eu/home/html/researcher_compnet.en.html. BIS central bankers’ speeches  3

Through the themes and art embodied in its design, the national currency remains a faithful herald of the development, culture and history of a country. Thanks to these attributes, the currency is in itself a significant element of the national identity. The theme of the current series of Albanian banknotes, created more than 20 years ago, features important historical periods of the Albanian nation, and prominent personalities of Albania. These themes, embodied in each banknote through the portraits of some of the most illustrious national figures, evoke notable episodes in the history of Albania in its endeavours for freedom and prosperity. The themes lead us on a journey through historical eras, starting from Antiquity, moving through the Middle Ages, the National Awakening, the Independence of Albania, and concluding with the symbols of the national flag and anthem on the latest and largest denomination, the 10.000 lek banknote. These symbols have been chosen as representative and unifying elements for every Albanian. While the new series that we are presenting today retains the same themes of the already existing series, its design is reconfigured and restyled, through the application of modern technologies in banknote production. Thanks to cutting-edge technology, the Albanian banknote is now more secure. Its security features – a key priority of the Bank of Albania – are enhanced. In addition, innovative printing techniques and materials have been used to increase durability and the banknotes’ dimensions have been optimised. The design now boasts a fresher look.
Enhancing financial well-being of borrowers 14 We want to help everyone to manage their finances well. The Government, financial industry and CCS are working together on a three-pronged approach. Thrust one: tightening credit standards 15 First, we have to avoid excessive borrowing in the first place, which is why MAS has introduced tighter credit standards. (a)  1  2  In June this year, the data in the consumer credit bureaus was enhanced to include information on the total amount of debts that an individual has across financial institutions. This enables financial institutions to make a more realistic assessment of an individual’s repayment capacity, before they grant a new credit card or unsecured credit facility, and before they increase the credit limits on such facilities. MAS imposes minimum income requirements and also limits the amount of credit that each bank can extend to individuals. BIS central bankers’ speeches  (b)  From June next year, financial institutions will not grant further unsecured credit to a person if his total unsecured debt across all financial institutions exceeds his annual income, for three consecutive months. This cap on further credit is to help individuals avoid accumulating unsustainable debts. MAS had announced this last year and provided for a transition period of 18 months to allow time for borrowers to adjust. However, even when the rule takes effect, financial institutions are encouraged to give borrowers time to repay their existing debts gradually. 16 The Government is also strengthening other social safeguards to protect higher risk borrowers.

Tharman Shanmugaratnam: Credit Counselling Singapore – ten years of helping individuals recover from debt problems Address by Mr Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at Credit Counselling Singapore 10th Anniversary, Singapore, 28 October 2014. *  *  *  Mr Kuo How Nam, President of Credit Counselling Singapore, Pioneers of CCS, Distinguished Guests, Ladies and Gentlemen, 1 Good afternoon. I am very happy to be part of CCS’ 10th anniversary celebrations today. I commend CCS and its pioneers for your contributions in helping distressed borrowers over the past 10 years. 2 CCS has come a long way from its modest beginnings in 2004. It has grown in strength, winning the confidence and trust of the people it has counselled as well as the banking industry. This is the result of the dedication of CCS’ leaders, staff and volunteers. 3 I would like especially to thank Mr Kuo How Nam, who as CCS President led and inspired the CCS team, and worked doggedly to establish partnerships with banks and other organisations. He has shaped the CCS of today – a credible source of inputs to Government on matters to do with individual credit, and a valuable partner for the financial and social services sectors.
The sole purpose of these actions has been to promote the dual mandate objectives of maximum employment and price stability in the wake of the financial crisis. The FOMC has stated that it currently anticipates keeping short-term interest rates exceptionally low until late 2014 and this has contributed to the decline in long-term rates. In addition, large-scale asset purchases and the maturity extension program have pushed down longer-term interest rates by removing duration from the private market. As a result, both the U.S. government and private-sector borrowers have benefited from unusually low borrowing costs. Indeed, the net interest burden data shown in Figure 2 actually overstates the net cost to Treasury. That is because the interest payments from the Treasury to the Federal Reserve are included in the net interest cost shown in Figure 2, but no offsetting adjustment is made for the fact that the Fed remits almost all of the interest it receives from the Treasury and on  BIS central bankers’ speeches  1  its other portfolio holdings right back to the Treasury. The Federal Reserve’s remittances to the Treasury are included in the budget separately in the miscellaneous receipts category. Thus, one should deduct these receipts from the debt service numbers to properly measure the Treasury’s net interest burden. Normally, this adjustment doesn’t change the picture much. However, it is relevant now because Federal Reserve remittances are unusually high.

At the outset of the financial crisis, the private balance, which was negative, swung sharply into surplus, and this was largely accommodated by a decrease in the public balance–in other words, an increase in the government deficit. Recently, 3 this accounting identity looked roughly like this: 6.5% of GDP private balance + (–9.5% of GDP) public balance = –3% of GDP current account balance Realistically, the public balance 4 needs to be reduced to about –3 percent of GDP over the next five years or so for the ratio of federal debt held by the public-to-GDP to stabilize around 75 percent to 80 percent of GDP. One might reasonably do more, but this just strikes me as the minimum adjustment that would be prudent and sustainable. This requires a large change from where we are today. For the accounting identity to continue to hold, which it must, there needs to be sizable shifts in the private balance and/or the current account balance. This is not a policy choice – it is basic math – but policy choices can help ensure that the adjustments take place in a way that is supportive of economic activity. The private balance can be further divided into two pieces–the household balance and the business balance. Currently, for the United States, the household balance is about 2.5 percent of GDP and the business balance is about 4 percent of GDP.
And – going to the apocalyptic end of the spectrum – if the global macro economy does turn very sour, at what point might falling asset prices and mounting banking losses start to feed on each other to push economies into a deflationary downward spiral? History does not give a clear steer. There have been financial and banking crises before, but not on the present global scale, and this must surely be the largest ever peacetime liquidity crisis. To take two extreme possibilities, is what we are seeing closer to a repeat of the US Savings and Loans crisis (whose real economy impact was small and shallow) or to Japan in  2  BIS Review 22/2008  the early 1990s (characterised as a “lost decade” of growth)? Or is it something else again? How much does it matter that this is one of the first crises where a credit boom has died of “natural causes”, rather than being choked off by some external macroeconomic or policy shock? The substantial equity cushions built up in the years of plenty should act as shock absorbers in the years ahead. Even the most pessimistic estimates of the total losses from sub-prime mortgages – around $ billion – compare with total global financial assets of at least $ trillion1. But there may be more shocks to come. The focus of current concerns is how far other assets may be impaired, as a result of the broader economic impact of this period of financial stress.

In this regard, the Bank of Zambia and the financial service providers under its regulation and supervision are pleased to be part of the celebrations for International Women’s Day 2008 Distinguished Ladies and Gentlemen, our country has made great economic strides in the past few years. We have had positive economic growth averaging 5% in the last five years. The macroeconomic environment has stabilised with the achievement of single digit inflation as well as reduced interest rates. In addition we have seen increased investments in the mining and other productive sectors. This improved environment presents great opportunities  BIS Review 29/2008  1  for our country for both men and women. As you all know, women have from time immemorial taken centre stage in the running of small and medium enterprises ranging from agriculture, mining, and tourism, to manufacturing as well as cross border trading. All these economic activities need financing in order to grow and contribute to our country’s Gross Domestic Product. Ladies and Gentlemen, this brings me to the theme of International Women’s day for this year and that is “Financing for Gender Equality”. At the international level, commitments have been made on financing for gender equality and the empowerment of women by governments all over the world. A large number of governments have taken initiatives to integrate gender perspectives into their national budgets in order to reflect the differentiated needs of women and men. At a national level, Zambia is committed to financing for gender equality.
The euro and the pound sterling also strengthened somewhat in the light of surprisingly favourable economic data. The Swiss franc is almost unchanged, with neither the tapering debate nor the ECB interest rate reduction two weeks ago triggering significant movements. This first attempt by the Federal Reserve to normalise monetary policy has made a number of things clear. First, the very expansionary monetary policy has made a major contribution to the positive sentiment on financial markets. Paradoxically, stock markets are reacting to negative macroeconomic data with gains, since markets expect that expansionary monetary policies will be maintained as long as economic growth remains weak. If the data are good, the opposite will occur. Second, the hefty reactions of some markets point to the danger that an exit from the exceptionally expansionary monetary policy could prove to be bumpy. Uncertainty about future monetary policy direction is predominant in the current market environment, and it is therefore vulnerable to abrupt changes in expectations on the part of investors. Tapering represents a challenge for the Federal Reserve. However, we are working on the basis that this process can be conducted step by step, without major disruptions. Growth momentum in the global economy remains moderate Looking at the global economic outlook, there is little to substantiate the possibility that a return to normal for monetary policy has moved closer. The recovery in the economy is delayed and the International Monetary Fund (IMF) has repeatedly reduced the 2013 growth forecast for the global economy during the course of the year (cf.

Even today, the value of the Swiss franc remains high, and there are no inflation risks. With interest rates at zero, the minimum exchange rate prevents an undesired tightening of monetary conditions in the event that the upward pressure on the Swiss franc should intensify once again. Thus we remain prepared to enforce the minimum exchange rate by buying foreign currency in unlimited quantities if necessary, and to take further measures as required. Consequently the monetary policy we have conducted to date will continue to apply without any restrictions. 6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11