samchain/econo-pairs-v1 huggingface dataset:
During the same period, the ratio of population between the ages of 15 to 60 years is expected to increase albeit at a slower rate until 2020, and then decline to form about 63% of the population in 2040. The increase in life expectancy, or longevity, is very much attributable to advances in medical science and technology, as well to improved access to such facilities, resulting in a steady rise in the average age of the population throughout the world. This trend, and the falling of fertility rates, perhaps due to urbanization and higher number of working women, has long been experienced by the developed countries and is rapidly emerging in the developing economies. This demographic change has also brought with it an observable change in the social values of societies. The World Bank estimated that currently, about 74% of the elderly in Asia is being supported by, and live with their children or grandchildren. This finding is also  BIS Review 137/2007  1  consistent with a recent survey conducted in Malaysia which revealed that 67% of retirees' main source of income originated from their children. This “extended family” factor has often been quoted as the reason why retirement planning may not really be necessary in Asia . However, findings from the UN suggested that, as countries mature and develop, an increasing number of elderly are left to fend for themselves without their children's or family's support.

The theme for this year's conference, "Reinventing retirement strategies in the new world of risks" is most appropriate and relevant to Asia . As we are aware, the ageing population is also an issue in this part of the world. Statistics have indicated that worldwide, a greater number of people are reaching old age and living longer than before. For Asian countries, the World Bank reported that by 2040, the number of the elderly will surpass the number of children and by 2050, it is estimated that there will be nearly 1 billion elderly in Asia . The increasing number of ageing population, relative to a declining workforce in Asia , would significantly increase the dependency ratio in the Asian region from approximately 10% currently to 25% in 2050. Some Asian countries' dependency ratio is expected to reach even as high as 70% in 2050. Malaysia too is not spared from this worldwide phenomenon. The proportion of Malaysians age above 60 is expected to be more than doubled from 7% of the total population in 2000 to 16% in 2020. With improved standards of living, life expectancy is expected to further increase to 79 years for females and 75 for males. By 2040, therefore, one fifth of Malaysians are expected to be in the more than 60-years age bracket.
In Sweden too, authorities such as the Riksbank, the National Debt Office and Finansinspektionen (the Swedish Financial Supervisory Authority) have acted to alleviate the crisis. As in many other countries, the government has increased the national deposit guarantee scheme and has extended it to cover all forms of deposits in accounts. The government has also introduced a guarantee programme, set up a guarantee fund and decided on capital injections for banks. At the same time, the government is conducting a more expansionary fiscal policy than previously to mitigate the effects on the real economy. The Riksbank has implemented a large number of measures to safeguard financial stability and mitigate the negative effects of the financial crisis. We have changed the collateral requirements so that the banks can use more types of security as collateral when they borrow from the Riksbank. We have, for example, begun offering loans with commercial paper as collateral to facilitate the companies' financing. We have also begun to lend at longer maturities, with variable interest rates and with smaller supplements. We have provided special liquidity assistance to Kaupthing and Carnegie. In addition, we have entered into loan agreements with Iceland, Latvia and Estonia to ease the situation in these countries. All this has meant that during the second half of 2008 the Riksbank increased its total lending to the banks by more than SEK 450 billion. I will discuss what this entails in just a moment.

Similar issues of division of responsibility and coordination arise in relation to the issue of supervision of banks' securities business. As you know, this is a somewhat controversial issue because of the exemption that banks and other authorised institutions enjoy from much of the current securities legislation. Although this exempt status is retained in the new Securities and Futures Bill currently going through Legco, the scope of the exemption will be drastically reduced and the banks will in fact be exempt in name only under the new legislation. In future, in respect of their securities business, banks will be subject to most of the same legislation, rules and standards of conduct that will apply to the brokers. These rules and standards will be set by the SFC, in consultation where necessary with the HKMA. The HKMA will act as the front-line regulator of the banks' securities business on a day-to-day basis. That way the banks should normally have to deal with only one regulator, which should make their lives simpler. But, like the MPFA in respect of MPF business, the SFC will remain in the driving seat; and if problems arise in respect of a bank's securities business, the SFC will have the right to conduct its own investigation and to exercise disciplinary powers. There is much more that I could say on the subject of banks' securities business, but that is perhaps best left to another speech.
And it is interesting to note that within the past year both the Federal Reserve  BIS central bankers’ speeches  5  and the Bank of Japan have adopted a target for annual inflation of 2%. The anchoring of inflation expectations has been the most successful aspect of the inflation targeting regime and it has allowed the Bank to avoid an unnecessarily damaging tightening of policy in response to short-run movements in inflation. It would be irresponsible to lose that. Second, the inflation target is not an impediment to achieving recovery today. It has not prevented the MPC from taking measures to combat the downward momentum in the economy following the shock of 2008. It is precisely because inflation expectations have so far remained firmly anchored that the MPC has been able to respond flexibly to weak demand. So the challenge we face is not the inadequacy of the framework, but the fact that there is no easy route to recovery after a major banking crisis. Recovery is inevitably slow and protracted. The healing process will take time, and patience is not a quality associated with our political debate. Patience and a sense of realism are sometimes mistaken for fatalism. Our economy is recovering, more slowly than we might wish, but we are moving in the right direction. The Bank has not been, and will not be, inactive. Low interest rates will not be withdrawn prematurely, but we should not rely solely on general stimulus to aggregate demand.

How much discretion to give to the MPC and how much should remain with the Chancellor is an interesting question that was raised, but not fully resolved, in 1997 with the system of open letters which gives the Chancellor the opportunity to comment on the horizon over which the MPC plans to bring inflation back to target. So there are certainly aspects of the inflation targeting regime to consider. In assessing the current framework, however, there are two factors that should not be ignored. First, the primary responsibility of any central bank is to ensure stability of the price level in the long run. To drop the objective of low inflation would be to forget a lesson from our post-war history. In the 1960s, Britain stood out from much of the rest of the industrialised world in trying to target an unrealistic growth rate for the economy as a whole, while pretending that its pursuit was consistent with stable inflation. The painful experience of the 1970s showed that this illusion on the part of policy-makers came at a terrible price for working men and women in this country. The battle to bring inflation expectations down was long and hard, and involved persistently high levels of unemployment. Wishful thinking can be indulged if the costs fall on the dreamers; when the costs fall on others, it is unacceptable. So a long-run target of 2% inflation should be an essential part of our macroeconomic framework.
Page 1  Climate Capital − speech by Sam Woods Given at a webcast hosted by the Global Association of Risk Professionals  Page 2  Published on 24 May 2022  We recently tested the UK’s largest banks and insurers on how prepared they are for financial risks caused by climate change. Sam Woods talks about the results. Speech Climate change is now firmly in the focus of prudential regulators across the globe. In that context, I want to use this speech to outline the results of our first exploratory scenario exercise on climate risk – the ‘CBES’[1] – which were published earlier today. But before that, I want to put those results in context, and set out how I see climate risk fitting within the Prudential Regulation Authority’s (PRA’s) wider mission. [2]  The role of prudential policy Tackling the threat from climate change will involve efforts by governments across the globe, as well as by many other organisations and individuals. In the UK, the effort to get to Net Zero greenhouse gas emissions is being led by government, with a wide range of other public bodies doing their part. Where does prudential policy fit into this effort? The role of prudential policy is to ensure the safety and soundness of banks and insurers, so that they can continue to provide vital financial services to the real economy.

To be more precise, it is the yield curve of both the home and the foreign country, and thus the monetary policies of both the home and the foreign country which affect the exchange rate between two currencies. In practice, exchange rate movements often deviate significantly from what interest rate differentials would suggest. In light of the practical uncertainties about the effects of monetary policy on exchange rates, the exchange rate transmission channel for monetary policy is also not easily exploitable. Other assets Apart from bonds and exchange rates, monetary policy also affects the stock market. The relationship between monetary policy and stock prices is complex, because stocks are influenced by monetary policy through several channels. First, if stocks are priced using the dividend discount model, then monetary policy affects stock prices via the interest rate which is used to discount future dividends. Interest rates may also affect the value of domestic assets of a company, and the exchange rate affects the value of its foreign assets and foreign profits. In addition, monetary policy influences the financing cost of a company as well as the availability of loans. Moreover, the medium-term effects of monetary policy on the real economy can influence a firm's profits. Monetary policy can also affect commodity prices. Expansionary or restrictive monetary policy supports or weakens real activity in the medium run and can thus influence the demand and the price for commodities. Obviously, this dynamic can only occur in economies large enough to impact the global demand for commodities.
I don’t want to meddle in a decision that is for the British people to make. However, as a citizen and a European, of course I want the United Kingdom to remain in the European Union, to which it brings so much. That said, it is normal for us to prepare for any possible scenario, and its impact on euro area banks. If the other scenario prevails and the United Kingdom remains in Europe, were you reassured by the results of the Brexit negotiations between London and its partners? We had two main concerns. One was to make sure that the discussion would not make further euro area integration more difficult. The second was that it wouldn’t fragment the single market for financial services and strip the capital markets union project of its substance, notably the single rulebook for financial regulation. The final agreement is a balanced one and we have been reassured, even though ambiguities remain, of course. BIS central bankers’ speeches  3

ICT, Security, Operations, Credit Control, Anti-Money Laundering and Fraud Investigation departments need to break down the various silos to facilitate faster detection and prevention of cyber financial crimes. No single department or function can be an island in this battle. In the same vein, no bank or financial institution can be an island. One financial institution brought down by a cyber-attack would impact other banks and could ultimately destabilize the entire financial sector. It is for this reason that I call upon all CEOs  2|Page  here present to ensure that Cyber Security is entrenched in our day-to-day operations and strategic plans. Ladies and gentlemen, I am aware that other countries have set up Computer Incident Response Teams (CIRTs) for various industries, including the Financial Sector. It is high time that we seriously begin to consider setting up a financial sector CIRT in Zambia. I believe that the CIRT would, not only assist in ensuring that all financial institutions are collaborating and working as one in mitigating cyber risks, but also enable information sharing. I am therefore calling upon Bankers Association of Zambia to work with Bank of Zambia to ensure that this is achieved. Ladies and gentlemen, I wish you the best and I encourage you to participate actively during the presentations and discussions. Use every opportunity to tap into the vast experience of the resource persons and your peers during these few days. With these remarks, I declare this workshop officially open. Thank you and God bless you all. 3|Page
Fact checkers have also developed a code of conduct to enable users to assess the veracity of their work. 34  There have also been examples of new institutions being created to enhance trustworthiness in areas where trust has been eroded. In the wake of the series of misconduct scandals around misselling of financial products, LIBOR and foreign exchange rigging, two institutions were established. The first, the Banking Standards Board, is focused on improving conduct standards in banks. The second, the FICC Markets Standards Board, seeks to pre-empt future problems by establishing acceptable standards of practice in wholesale financial markets. These initiatives will take time to bear fruit, but are illustrative of trying to rebuild trustworthiness when it has lapsed. Schools and universities will have to do more to educate students to be more discerning consumers of information, and public awareness campaigns on media literacy may be warranted. 35  In a striking piece of  research based on testing of thousands of students across the United States, the Stanford History Education Group concluded that young people’s ability to reason about information on the internet could be summed up as “bleak.” They tested students on whether they could distinguish an ad from a news story or whether they noticed that data came from a political lobbying group. “At every case and at every level, we were taken aback by students’ lack of preparation.

“Experts,” who were regarded as the handmaiden of this system, were seen as responsible for many of these ills and skepticism about their credibility loomed large in the debate about Brexit. In addition to experts having been seen to have “got it wrong,” their monopoly on opinion has been weakened by technology. Social media and the internet have contributed to a disintermediation of experts as information has become more widely available, news has become more targeted to individual interests and preferences, and as people increasingly choose who to trust and follow. Who needs experts when you have Facebook, Google, Mumsnet and Twitter? Better to rely on oneself and one’s network of friends over a set of experts in the pockets of corporations, political parties and banks. I want to explore these developments because I think they speak to some of the most important issues of our time. They will determine the quality of politics and policy in the future, who is trusted and why. There are also some important lessons for policy makers as well as for universities which are the factories for producing experts and the place in which a great deal of expert debate occurs. What have the experts ever done for us? Recall the scene in the Monty Python skit, the Life of Brian, in which a group named the People’s Front of Judea is organizing a rebellion against the Roman empire.
The one-week repurchase agreement rate, following the last cut in January 2013, reached the lowest historical level, to 3, 75%. It is a record low, not only historically but also if we compare it with all other economies in the region, including most new EU member states as well. The Bank of Albania deems that the monetary conditions are appropriate to ensure the meeting of inflation target in the medium run, providing at the same time the necessary monetary stimulus to support domestic demand. However, from the viewpoint of this meeting, the future of monetary policy is what really counts. As stated in the last Statement by the Bank of Albania’s Supervisory Council, the Bank of Albania will continue to pursue a stimulating monetary policy, as long as inflationary pressures remain weak. Furthermore, I would like to ensure the banking system that the operational framework we provide will maintain the same stimulating nature. It aims at preventing banks from any tensions, even sporadic ones, with regard to market liquidity adequacy (its quantity, price and maturity). 3 – Prudential pillar While both first pillars impact indirectly and over an extended period of time, the prudential pillar impacts directly and swiftly on credit recovery. It includes a number of measures that will release financial resources to banks and will encourage them to channel those resources toward lending. Regulatory changes are at the core of these measures: •  Reduced requirements for liquid assets by banks;  •  Changed risk coefficients in the investment structure to boost lending.

In parallel, this process should be treated at its roots, to establish a transparent and stable mechanism that addresses factors, which contribute to the increase of public sector liabilities toward private companies, and avoids their increase in the future. Furthermore, the Bank of Albania will amend the regulatory framework to urge banks to support borrowers’ request for credit restructuring, from the moment the credit is considered as good. If the banks realise this in an effective manner, they will have a lower cost as regards requirements for credit risk provisioning. This element would enable banks to address more prudently and proactively their best clients, who may be showing their first signs of credit repayment problems due to factors that are beyond their control. As an element to keep this action in check, the regulatory framework will envisage that this loan stay temporarily under this category (or in the substandard category), and will immediately fall in a lower category, if the loan quality deteriorates after restructuring. After broad consultations with the banks, the Bank of Albania has drafted the relevant instructions that will guide them in the debt restructuring process. BIS central bankers’ speeches  5  Similarly, the Bank of Albania finds that a part of the non-performing loans, mainly the loss loans, remain in the balance sheets of the banks owing to different interpretation by the banking industry and the tax authorities about the commencement and completion of the legal proceedings against a debtor.
Given the anticipated gradual pace of the economic recovery, wage developments should remain moderate. The latest data on wage growth in the fourth quarter of 2003 lend support to this view. Moreover, the past appreciation of the euro exchange rate will continue to alleviate import price pressures and dampen the inflationary impact of higher oil and commodity prices, which are also related to strong demand at the global level. Again, this outlook for price developments is in line with available forecasts and projections. Given their conditional nature, we will continue to monitor all indicators closely. In particular, the increase in commodity prices and the evolution of long-term inflation expectations deserve close attention. Turning to the monetary analysis, annual M3 growth has been moderating since the summer of 2003, though only slowly. At the same time, the growth of loans to the private sector has been edging up. Both monetary and credit growth seem to be supported by the low level of interest rates prevailing in the euro area and may also reflect the improvement in the economic environment since the summer of 2003. Given the strong M3 growth over the past few years, there is currently more liquidity in the euro area than is needed to finance non-inflationary growth. The effects of this high liquidity on inflation over the medium term will greatly depend on future developments in the economy and financial markets. Should excess liquidity persist, it could lead to inflationary pressures over the medium term.

In autumn 1997 the Riksbank accordingly presented its first more cohesive public analysis of financial stability. The new report was intended to signal the importance the Riksbank attached to work on stability and it also helped to focus and develop the internal efforts. The experience of work on the Inflation Report had been encouraging, so it seemed natural to build up the work on and communication about issues to do with stability in the same way. By launching the Financial Stability Report or, as it was called initially, the Financial Market Report, the Riksbank was the first central bank to issue a public account of its appraisal of financial system stability. Its example has been followed to date by about thirty other countries. Recurrent financial crises have made it clear that there will always be problems which the authorities are obliged to address in some way and it may therefore be of some assistance to have a clear, structured presentation of the approach to financial stability. This has led the International Monetary Fund, for example, to pay growing attention to these issues. Since 1999 the IMF and the World Bank are engaged in joint evaluations of national financial systems in what is called a Financial Sector Assessment Program. Matters to do with stability are also on the agenda almost every time I meet my colleagues from other countries. BIS Review 53/2003  1  Principles for financial system oversight First I should perhaps reiterate what we mean by the financial system.