samchain/econo-pairs-v1 huggingface dataset:
In respect of corporate income tax it is intended, in addition to reducing the rate in line with international trends, to make more rational use of the system of tax allowances and deductions. Although it is estimated that the impact of tax reform on revenue will be small, its effect on activity will be slightly expansionary. Accordingly, if the economy retains its current dynamism, it might be necessary to introduce some compensatory adjustment. It should be recalled that the entry into force of the EU Financial Perspectives 2007-2013 will entail fewer financial flows from Community coffers. That all reinforces the need in the coming years to design budgets that add to the stabilising role of fiscal policy. On the public spending side, now most spending powers have been decentralised, the co-ordination mechanisms between the different tiers of government must be strengthened. I should moreover stress the importance, once very high levels of decentralisation are in place, of achieving a greater degree of commitment by all levels of government to budgetary stability. The failure by many regional governments to meet the budgetary stability target in 2005 and the deficit projections for 2006 are warning signs for potential shortfalls, which should be prevented and avoided. The new stability laws should contribute to identifying and correcting these potential situations, promoting prompt and transparent information on regional public finances. Lastly, some comments on the challenges posed to the sustainability of public finances over the medium and long term, derived from population ageing.

Conclusion I spoke at length today about the responsibility that we have to combat crime and the ways to do so. Let me end by saying that eradicating financial crime makes good business sense. Financial crime is a cost and burden to all of society. Robust governance and greater transparency is good for business. It creates an environment of trust and a level-playing field for businesses to flourish. This is important as we seek to ensure longevity and continuity of businesses and the health of the economy as a whole. Therefore, let us be united in working for a better and brighter future for Malaysia. Greater governance and transparency will get us there. Thank you. 5/5  BIS central bankers' speeches
US Treasury (2011), “Financial Stability Oversight Council 2011 Annual Report” available at http://www.treasury.gov/initiatives/fsoc/Documents/FSOCAR2011.pdf Walker, D (2009), “A review of corporate governance in UK banks and other financial industry entities”, available at http://www.hm-treasury.gov.uk/d/walker_review_261109.pdf  BIS central bankers’ speeches  17  Figure 1: Payoff profile for bank equity  Figure 2: Payoff profile for bank equity with higher leverage  18  BIS central bankers’ speeches  Figure 3: Payout profiles for bank equity and debt  BIS central bankers’ speeches  19  Chart 1: Estimated distribution of UK banks’ assets to GDP  Source: Sheppard, D.K (1971) and Bank of England. (a) Data before 1974 are from Sheppard, D.K (1971). The definition of UK banking sector assets is broader after 1966, but using a narrower definition throughout gives the same growth profile. (b) Data after 1974 include total assets of UK resident banks from Bank of England data. Assets of the Bank of England’s Issue department and Asset Purchase Facility are excluded. Notes: The density estimates are based on a normal kernel function and a number of observations in each subsample. Chart 2: Estimated distribution of UK banks’ return on assets  Source: Capie, F and Billing, M (2004), BBA and Bank calculations. Notes: The density estimates are based on a normal kernel function and a number of observations in each subsample. There is a definitional change in the sample in 1967 and again in 2010.

We have also been able to note that productivity growth has shown an increase trend over the past decade. This has confirmed our opinion that structural factors in the economy lie behind the strong productivity growth. It is one thing to observe structural changes in the economy and have an opinion on the direction in which they will have an effect. It is another thing entirely to be able to predict with any accuracy how large and how lasting the impact will be. One of the conditions that must be taken into account is that  2  BIS Review 17/2007  productivity growth usually varies over the business cycle. At the beginning of the business cycle, for instance, productivity growth is usually quite high. Part of the strong productivity in recent years has probably therefore been cyclical. But exactly how much is difficult to say. At the same time, the assessment of productivity growth is an important building block in the Riksbank’s inflation forecasts. Gaining a deeper knowledge of the driving forces behind productivity growth will therefore remain a high priority area for the Riksbank. The Bank already has a project aimed at improving understanding of the correlation between, among other things, IT investments and productivity growth. We also intend to invite various researchers to an in-depth discussion on the driving forces behind productivity in Sweden and abroad. Hopefully, this will give us some new insights into productivity development.
We embarked on this voyage in the late 1990s because we realized that the original 1988 Basel Accord had been overtaken by advances in the financial sector – and in the broader economy. While the 1988 Accord represented an important advance, new technology, the globalization of financial markets, and innovative financial products and services have changed the way that banks monitor and manage credit, market, and operational risks in a manner that the 1988 Accord could not anticipate and does not address. •  To ensure that the New Accord remains flexible, forward-looking, and appropriate for the risks and capital needs of internationally active banks of the twenty-first century, the Basel Committee established several goals for its work, goals that the industry has embraced. BIS Review 61/2002  1  G  First, we intended to develop a framework that encompasses the "three pillars" necessary to support an effective system of regulatory capital: the appropriate measurement and minimum requirements, supervisory review, and market discipline. G  Second, we wanted to align the minimum requirements more closely with the actual underlying economic risks to which banks are exposed, which should help allocate capital resources effectively. G  A third goal was to encourage banks to refine their measurement and management of risk over time. By creating incentives in the New Accord for banks to re-evaluate and enhance their tools constantly, we expect that banks themselves will adopt a forward-looking perspective on risk.

Also, in today’s environment, the fear of an event often is the event itself, because of the inherent tendency of markets to anticipate developments and overreact. BIS Review 61/2002  3  G  But on the positive side, financial recoveries can proceed more rapidly in today’s environment, particularly with the right policy responses from borrowers. In part, this reflects the fact that today’s market participants generally have the capacity - and many have little choice, under mark-to-market accounting - - to digest losses and move on. The broader sourcing of capital today also gives more scope to the possibility that, while some investors may withdraw, others may take their place. The caveat here is that the well not be poisoned through unnecessarily broad or heavy-handed approaches, a point I will return to later. •  What is the right way to deal with this changed and changing environment? In my view, the solution is neither a single piece of financial engineering nor a compact between the official lenders and private creditors. Rather, it is a process incorporating a number of elements. Essentially, I would suggest that our current case-by-case approach to crisis management needs to evolve in ways that are market-based and adaptive, yet strategic, creative, and principled. •  Being successful in today’s environment requires adapting to the particularities of the case at hand, as well as the global financial and economic context, and requires seeking, as far as possible, to work with the grain of a given situation.
Going forward, he/she could also be in charge of a common budget. BIS central bankers’ speeches  3

The regulatory response to the crisis was oriented towards strengthening the banks’ soundness as well as designing treatment of systemically important banks which certainly require a special attention by the authorities. Systemic risk requires systemic and comprehensive solutions, including changes in the institutional setup. In the EU it was done by establishing crisis management mechanisms, strengthened governance aimed to monitor and prevent against any macroeconomic imbalances, as well as to move towards the banking union. The EU member states and institutions face many challenges when making the new institutional setup operational and when making the necessary adjustments in a reasonable time framework. In addition, all other countries face the challenge of converting the lessons from the crisis into policy actions. The changing role of central banks During the crisis, the role of the central banks moved from traditional way of monetary policy implementation towards combining the monetary and financial stability objectives, both being complementary components of macroeconomic stability. The set of instruments became more complex because of the unconventional measures, designed to bridge the period of extraordinary circumstances affecting the effectiveness of standard instruments, and aiming to strengthen the financial stability or economic recovery. Due to the variety of those unconventional measures across the countries, it is still difficult to assess their impact, although the experiences of countries could confirm the quite largely accepted consensus that the "monetary stimulus" really supported the economy.
How do these changes in the labor market occur in the midst of a recession and recovery? First, many jobs are destroyed rapidly and few created as the economy weakens. This pattern is a defining characteristic of recessions. Afterward, during the recovery, employment rises as layoffs subside and firms begin to hire more. As this process plays out, some hiring will be in different industries from the layoffs. For example, some auto manufacturing jobs may never come back, while health care providers continue to add jobs. Thus, employers are adding two sorts of jobs: new and old. Some jobs are in industries that continued to expand jobs throughout the recession and weak recovery, such as health care and education. We think of these as “new jobs.” These shifts in jobs are transformational. They are part of how our region adjusts to the evolution of technology, trade patterns and consumer preferences. In addition, now that we are in recovery, a broad set of industries are beginning to add jobs to replace earlier layoffs, such as administrative support and wholesale  BIS central bankers’ speeches  3  and retail trade. We think of these as “old jobs” because they restore their industries’ share of jobs as economic activity picks up. The two recessions before the current one saw an unusually high share of “new job” creation – in expanding industries, rather than rebounds of “old jobs” – compared with recessions in the 1970s and 1980s.

In particular, the advent of bancassurance and bancatakaful has seen more players packaging life insurance and family takaful with innovative investment options that incorporate banking product features. Today, bancassurance and bancatakaful constitutes a significant feature of Malaysia's financial landscape, and continues to develop rapidly in terms of market reach and operational sophistication. The recent passage of the Insurance (Amendment) Bill on Financial Advisers marks yet another important milestone in ongoing efforts to achieve a more diversified market structure. With the legislative framework now in place, I am pleased to announce that Bank Negara Malaysia will soon be issuing licences for financial advisers. The introduction of financial advisers in the Malaysian insurance industry will further diversify the distribution system for life insurance. Corporate bodies with a minimum paid-up capital of RM100,000 will be eligible to apply for a financial adviser's licence. Similar amendments to the Takaful Act 1984 will be undertaken in the near future within the context of more substantive and wide-ranging changes to the current legislation. Our foundations for financial stability will also continue to be strengthened with the ongoing evolution of a more diversified and balanced financial structure. Today, Malaysia stands at the forefront in the provision of comprehensive Islamic financial services covering banking, takaful, and the capital and money markets. In the area of takaful, Bank Negara Malaysia continues to undertake initiatives aimed at developing significant market players that are able to compete effectively and efficiently.
But it is testimony to the strong credentials that Carney brought to these jobs: •  a solid academic grounding – with a PhD in Economics from Oxford University;  •  extensive experience in the private sector – having spent more than a decade at Goldman Sachs;  •  a background in public policy – working on a variety of economic issues at the Canadian Department of Finance; and  •  most important, a commitment to serve the larger good of society. •  Carney’s topic today is The Future of Financial Reform. He is uniquely well placed to talk about this, having lived and breathed financial reforms in the aftermath of the Crisis, especially as the Chairman of the Financial Stability Board. •  Under Carney’s leadership, the FSB has worked intensely to correct the fault lines that led to the Global Financial Crisis. •  The FSB, in partnership with various standard setting bodies, has presided over perhaps one of the boldest and most far-reaching set of regulatory reforms in recent memory. •  We look forward to hearing from Carney the progress and implications of that work, the new risks emerging on the financial horizon, and the forward agenda of the FSB. I have had the pleasure and privilege of working with Mark at many international meetings over the last three-and-a-half years, at the BIS, the FSB, and the IMF. There are many smart central bankers on the international circuit. There are also many sharp financial regulators.

Ravi Menon: Introducing Mark Carney Introductory remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the 2014 Monetary Authority of Singapore Lecture, Singapore, 17 November 2014. *  *  *  Mr Mark Carney, Governor, Bank of England, Deputy Prime Minister and Chairman, MAS, Tharman Shanmugaratnam, Ambassadors, distinguished guests, friends and colleagues, good morning, Welcome to the eighth MAS Lecture. First held in 2000, the MAS Lecture has over the years featured several eminent members of the international financial community who have offered their perspectives on important economic and financial issues. Today, Mark Carney joins that distinguished band of leaders in finance, and it is my pleasure to introduce him. Carney has the rare distinction of serving as governor for not just one central bank but two: •  From 2008 to 2013, Carney was Governor of the Bank of Canada, playing a major role in helping Canada avoid the worst effects of the Global Financial Crisis. •  And since the middle of last year, he has been Governor of the Bank of England, the first time that a non-Briton has taken the helm of that hallowed institution in its 320-year history. •  Perhaps the transition was made easier by the fact that the appointments of both the Governor of the Bank of England and that of the Bank of Canada are made in the name of the Queen.
Climate-related shocks – and this is my first corollary – typically fall into this second category of shocks.7 Droughts and heatwaves often lead to crop shortfalls, putting upward pressure on food prices.8 Hurricanes and floods destroy production capacity, thereby raising input and output prices. And unusually cold winters can be seen as malign productivity shocks – that is, they may raise input prices for the same level of output. So, much like other supply shocks, weather-related disturbances typically pose a dilemma for central banks, which may then have to choose between stabilising inflation or economic activity. Policymakers have usually resolved this trade-off by calibrating their response to a supply-side shock according to its estimated persistence and size. If the shock is thought to be short-lived, and unlikely to affect the medium-term inflation outlook relevant for monetary policy, we usually “look through” the shock – that is, we tolerate its temporary effects on inflation without taking any action. If the effects prove more persistent, however, and are at risk of spreading more widely through the economy, monetary policy action may be warranted. The impact of climate change on monetary policy It is fair to say that most weather-related shocks have been short-lived and contained – at least so far. This year’s extremely hot and dry summer, for example, meant smaller harvests for many European farmers. But its overall price effects have been limited to vegetable prices, and will probably prove to be temporary.

17 This is despite oil price shocks having had on average much less impact on the economy, largely thanks to the  8/9  BIS central bankers' speeches  enhanced credibility central banks have gained over time. See, for example, Choi et al. (2017), “Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies”, IMF Working Paper No 17/196. 18 See, for example, Bielen et al. (2017), “The Future of Power Markets in a Low Marginal Cost World”, Resources  for the Future Working Paper 17–26; and Archer, C. and M. Z. Jacobson (2005), “Evaluation of global wind power”, Journal of Geophysical Research, Vol. 110, pp. 1-20. 19 See, for example, the Platform for Climate Adaptation and Risk Reduction on www.placard-network.eu. 20 Google, for example, managed to reduce its energy consumption by more than a third by optimising its cooling  system through artificial intelligence controlled systems. 21 On the positive side, however, the associated increase in the economy’s trend growth rate will help lift the  natural rate of interest, thereby increasing the policy space available for central banks to manage fluctuations in the business cycle. See also Cœuré, B. (2018), “Scars that never were? Potential output and slack after the crisis”, speech at the CEPII 40th Anniversary Conference, Paris, 12 April. 22 See the European Parliament resolution of 29 May 2018 on sustainable finance (2018/2007(INI)). 23 See Articles 11 and 127(1) TFEU and Article 3 TEU.
1/3  BIS central bankers' speeches  All of this was against the backdrop of a strong national economy. At the start of the year, most forecasts anticipated continued moderate growth throughout 2020 and into 2021. According to the data for April, the unemployment rate now stands at a staggering 14.7 percent— a figure I hoped that I would never see in my lifetime, and one that is sure to get worse before it gets better. If I think back to the economic picture of February, nobody could foresee this would be our reality within a few short months. It’s likely that the latest numbers do not reveal the full extent of the financial devastation faced by millions of American families. The data don’t capture those who had to leave their jobs, either for their own health or to take care of loved ones. Many more people have had their hours reduced or have been forced to take a pay cut. It’s going to be some time before we have a detailed understanding of the full economic effects of the public health measures necessary to combat the coronavirus. What we do know is that the pandemic has put a large question mark over the positive trends experienced in our state, as well as the nation as a whole. As social distancing measures are relaxed, we will get a better understanding of how different industries are affected. We know that travel, hospitality, and retail have all been hard hit.

4 For announcements of the various programs, see Board of Governors of the Federal Reserve System, Federal  Reserve Board Announces Establishment of a Commercial Paper Funding Facility (CPFF) to Support the Flow of Credit to Households and Businesses, March 17, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Board Announces Establishment of a Primary Dealer Credit Facility (PDCF) to Support the Credit Needs of Households and Businesses, March 17, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Board Broadens Program of Support for the Flow of Credit to Households and Businesses by Establishing a Money Market Mutual Fund Liquidity Facility (MMLF), March 18, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Announces Extensive New Measures to Support the Economy, March 23, 2020; Board of Governors of the Federal Reserve System, Federal Reserve Will Establish a Facility to Facilitate Lending to Small Businesses via the Small Business Administration’s Paycheck Protection Program (PPP) By Providing Term Financing Backed by PPP Loans, April 6, 2020; and Board of Governors of the Federal Reserve System, Federal Reserve Takes Additional Actions to Provide Up to $ Trillion in Loans to Support the Economy, April 9, 2020. 3/3  BIS central bankers' speeches