samchain/econo-pairs-v1 huggingface dataset:
This industry process formally began in January 2011, issued its requirements document in May 2011 and recommended a consortium led by the Depository Trust and Clearing Corporation (DTCC) as its preferred provider in July 2011. DTCC is currently running a private sector entity identification pilot project, starting with over the counter derivatives. Although this market is fairly concentrated, building the database still  24  Dodd-Frank Wall Street Reform and Consumer Protection Act (2010). 25  European Commission (2010). 26  G20 (2009). 27  Financial Stability Board (2010). 28  CPSS-IOSCO (2011). 29  Office of Financial Research (2010). BIS central bankers’ speeches  9  poses challenges. DTCC anticipates the database could contain over 1 million entities. This pilot will provide valuable experience when moving to a broader range of products and market participants. The FSB is constructing an LEI roadmap, harnessing the efforts of both official and private sectors. Its destination is a single, global LEI standard. As announced last week, significant progress is being made across five fronts: governance, operational model, scope and access, funding and implementation and phasing.30 The FSB will present its LEI recommendations to the next G20 summit in June 2012. Creating a PI for finance is altogether more complex. Finance is in the pre-barcode era for retail products or the pre-web era of the internet. But enough work has already been done to demonstrate that PIs are feasible.

1  Paper by Robleh D Ali, Andrew G Haldane and Paul Nahai-Williamson. 2  Oh et al (2011). 3  Oh et al (2011). 4  Ginsburgh and Weber (2011). 5  Counterparty Risk Management Policy Group (2008). BIS central bankers’ speeches  1  Compared with these industries, finance has been a laggard. But the tide is turning. Since the crisis, significant progress has been made by financial firms, regulators and trade associations in developing information systems and the common data standards necessary to underpin them. Conferences like this are evidence of that. At the same time, there is a distance to travel before banking harvests the benefits other industries have already reaped. A common financial language has the potential to transform risk management at both the individual-firm and system-wide level. It has the potential to break-down barriers to market entry, leading to a more decentralised, contestable financial sector. And it thereby has the potential to both boost financial sector productivity and tackle the too-big-to-fail problem at source. There is no technological barrier to this transformation. And private and social interests are closely aligned as improved information systems are a public as well as a private good. That public-private partnership is one reason why such good progress has been made over the past few years. So stand back for a good news story – a story of how finance could transform both itself and its contribution to wider society.
2  But weak UK investment also reflected a necessary adjustment in the capital stock. That overhang – which peaked at close to 10% in the UK – is being gradually worked off through a combination of a recovery in output and a prolonged period of subdued net investment (Chart 5). And in part weak investment could reflect a misallocation of capital in the run-up to the crisis. In this regard, the situation in the UK was a bit different to that in countries such as Spain and the US where significant residential and commercial property construction booms subsequently turned to busts. Without a housing glut to work off, the weakness of UK investment is all the more striking. Another form of misallocation could be the ability of so-called zombie firms to live on in the very low interest rate environment. The BIS’s proxy for this has seen the share of the “living dead” more than double since 3  the crisis. In contrast, the Bank of England estimates that the proportion of zombie firms in the UK has fallen by a quarter since 2008 (Chart 6). 1  See, for example, Reinhart, C. and K. Rogoff. 2009. This Time is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press, and Jorda, O., Schularick, M. and Taylor, A. (2013), ‘When Credit Bites Back’, Journal of Money, Credit and Banking, Vol. 45, Issue s2.

6  All speeches are available online at www.bankofengland.co.uk/speeches  6  Chart 1: G4 non-residential investment weak since the crisis Percentage changes since 2007 15 United Kingdom  United States  Euro area  Japan  10 5 0 -5 -10 -15  2007  2008  2009  2010  2011  2012  2013  2014  2015  -20 2016  Sources: Eurostat, ONS, OECD and Bank of England calculations. Notes: The data for the UK, the US and Japan are for private non-residential investment; the data for the euro area include public nonresidential investment. Chart 2: Weakest UK business investment in half a century Indices, peak in GDP = 100 160 Range of previous recessions  150 140  2008 Average of previous recessions  130 120 110 100 90 80 70 60  -20  -16  -12  -8  -4 0 4 8 12 16 20 24 Quarters relative to date when GDP peaked  28  32  36  Sources: ONS and Bank calculations. Notes: The chart plots real business investment. The range includes the recessions of 1973, 1979 and 1990. 7  All speeches are available online at www.bankofengland.co.uk/speeches  7  Chart 3: UK real business investment to GDP ratio is falling Percent of GDP 12 10 8 6 4 2  1997  1999  2001  2003  2005  2007  2009  2011  2013  2015  0 2017  Source: ONS.
It is also important for the takaful business, like other financial services providers, to select an efficient and cost-effective distribution channel that is strategically aligned to meet the participants’ reasonable expectation. Strategic alliance in the bancatakaful arrangement has become an important delivery channel with significant improvements in the takaful contributions during the past years, evident by its positive increasing trend for general takaful and by being the leading distribution channel for family takaful, accounting for 50.3 percent of contributions in September 2010. The bancatakaful arrangement between Alliance Bank Malaysia Berhad and American International Assurance Bhd. indeed offers attractive value proposition for both partners. It is our aspiration to see AIA AFG Takaful Bhd. emerge as an effective and progressive takaful operator with strong presence in the domestic financial landscape and be among the anchor players to expand takaful business at the global front. I am confident that AIA AFG Takaful Bhd. should be able to strategise itself by optimising and leveraging on its shareholders’ wide customer base and network, strength, expertise, experience and infrastructure in offering diversified products of high quality and enhanced customer service. Given the strong international network and experience of its foreign insurance partner, AIA AFG Takaful Bhd. is also certainly well positioned to establish its global Takaful centre of excellence for the region in Malaysia, therefore reinforcing Malaysia’s position as an international Islamic financial hub. On this note, I wish AIA AFG Takaful Bhd.

Such initiatives are laid down for industry players to capitalise on, to achieve sustainable success and to unleash their potential gains both locally and abroad. In light of this, allow me to share my thoughts on some key focus areas and developments which embed our aspirations on the future direction of the takaful industry. Against a backdrop of growing opportunities and challenges as the business environment becomes more intensified and challenging, capacity and capability building measures for industry players to compete effectively and efficiently will continue to be pursued. These complement our efforts to further strengthen the institutional infrastructure of our takaful industry by increasing the diversity and strength of players in the Islamic financial system. The emergence of AIA AFG Takaful Bhd. in the Islamic financial landscape is therefore timely to further inject the competitive element that would propel the growth of the takaful industry. This is particularly so, as part of Malaysia’s recent liberalisation measures aim to develop a resilient, diversified and efficient financial sector with financial institutions that are in greater state of readiness to compete in a more liberalised and challenging environment. The granting of four new family takaful licenses by Bank Negara in 2009 is also complementary of Bank Negara’s initiatives of promoting the establishment of a core of robust industry players that could heighten competition and spur innovation in the takaful industry.
Lending growth rates remained high in all segments, which is the main indicator evidencing that monetary conditions remained accommodative, rather than neutral in the third quarter as well. 2/4  BIS central bankers' speeches  Over the period from the September meeting to yesterday, yields on federal government bonds rose by 50–60 basis points. The increase in short-term yields suggests a revision of market expectations regarding the key rate, whereas growth in long-term yields is driven by the trends in global markets. Deposit rates continued to go up in September—October, although more slowly than in the previous months. Deposit terms are not yet sufficiently attractive to boost households’ demand for this form of savings. As regards lending, the corporate segment continues to expand steadily. Growth in consumer lending has slowed down somewhat. As regards the mortgage segment, after a slight deceleration in July—August due to the revision of the subsidised mortgage lending programmes, growth sped up again in autumn. In this context, we have revised our forecast range of retail lending growth for this year upwards by 3 percentage points to 21– 25%. The forecast for lending in the economy in general remained unchanged. Currently, the actual changes in the credit market are obviously not sufficient to form such monetary conditions that would help bring inflation back to 4% and stabilise it at this level. Our today’s decision will accelerate the adjustment in the credit and deposit market. As regards risks to the forecast, proinflationary ones currently prevail.

Jean-Pierre Roth: Fifteen months of financial crisis – a status report Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Associazione Bancaria Ticinese, Centro di Studi Bancari, Vezia, 3 December 2008. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  The financial crisis broke out a little over fifteen months ago. The magnitude of the turmoil experienced by the financial industry has been greater than all the forecasts. So far, our entire attention has been focused on the problems of the financial industry, while the real economy appeared to be passing through this difficult period without too many problems. We now realise that this view was deceptive: the situation in the non-financial sector is deteriorating substantially. This could lead to new challenges in 2009. After having benefitted extensively from the international expansion of the past few years, we are currently experiencing the consequences of a widespread recession. This situation is difficult for our country, but we may be better placed than others for coping with it. BIS Review 150/2008  1
Ardian Fullani: Recent developments in the Albanian economy Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on monetary policy decision of the Supervisory Council of the Bank of Albania, Tirana, 30 September 2009. *  *  *  The Supervisory Council of the Bank of Albania reviewed the Monthly Report of Monetary Policy, at its meeting of September 30, 2009. After getting acquainted with the latest economic – financial developments at home and at the conclusion of the discussions on their expected future performance, decided to keep the key interest rate unchanged, at 5.75 percent. This interest rate is in consistency with the maintaining of inflation close to the Bank of Albania target for a medium-term period. *** The analysis of the latest economic and monetary developments confirmed our expectations for an overall downturn of the economic activity at home and a reduction of the domestic inflationary pressures, for a relaxation of monetary markets and a slowing recovery of financial intermediation, and has also highlighted the still fragile equilibrium of the economic and monetary indicators. The conclusions of our discussions converged to a decision-taking to keep the key interest rate unchanged. The purpose of this position is to further maintain and consolidate the established balances, thus considering the macroeconomic stability as an indispensable precondition for a stable and long-term growth.

Imports performance incurred the same development declining by about 8 percent in annual terms. External economy developments are accompanied by the maintenance of high trade deficit rates, which affect the imbalance of the demand to supply ratios for foreign currency in the economy. Nevertheless, the maintaining of the exchange rate flexibility, the correcting tendency of trade deficit and the attraction of savings denominated in ALL, as higher interest rates and of low inflation, serve to relaxed and prudential volatilities of the exchange rate and to a strong position of ALL in the short-term and medium-term period. Monetary indicators of July have reflected the more relaxed dynamic of financial intermediation. External sector highlights of the economy have affected the negative paces of the foreign currency component of money stock. However, banking system carried out the intermediation to increase lending in ALL extended to private and public sector with positive paces. Thus, while monetary supply picked up at slower annual paces, about 4.4 percent, M2 aggregate maintained high paces of the annual growth at 9.7 percent as at July. The slowdown of lending pace to economy in foreign currency and the lower supply of foreign currency inflows from external sector have led to a negative annual pace of deposits growth denominated in foreign currency of the system. Lending to private sector increased by 15.8 percent in real annual terms, relative to 17.9 percent in June. Lending to business provided the main contribution on the monthly growth of credit, a constant phenomenon, which this month appeared particularly more emphasised.
And second, the shocks had generally become less persistent across economies. That’s less obviously true for the UK in this version of the chart, but it appeared true in the data that was available at the time. Thirdly, the country whose resilience had increased the most between the two periods of all the G7 countries was the UK. Chart 2: typical response to an economic  Chart 3: typical response to an economic  shock, 1985-96 subsample  shock, 1997-2007 subsample  Per cent deviation from trend output 2.0  Per cent deviation from trend output 2.0  1.5  1.5  1.0  1.0  0.5  0.5  0.0  0.0 -1  0  1 2 3 Years since shock  4  5  -1  0  1 2 3 Years since shock  4  Canada  Germany  France  Canada  Germany  France  Italy  Japan  UK  Italy  Japan  UK  USA  5  USA  These charts replicate charts 2.4a and 2.4b in Gurney (2008), “Resilience in the UK and other OECD economies: Treasury Working Paper No. 2”, available online at https://webarchive.nationalarchives.gov.uk/20081112160625/http:/www.hmtreasury.gov.uk/d/bud08_workingpaper2_557_.pdf. The replication is only approximate as the OECD have discontinued their quarterly output gap series: we estimate a simpler AR(1) model using their annual estimates. See also the OECD work summarised in Duval, Elmeskov and Vogel (2007), “Structural Policies and Economic Resilience to shocks”, available online at https://www.oecdilibrary.org/economics/structural-policies-and-economic-resilience-to-shocks_140152385131, which reached similar conclusions.

My second lesson from the crisis was that we need to think about resilience much more broadly. Reflecting that, economic policy makers now think as much about stability over the financial cycle as we do over the business cycle – a broader definition of resilience. One major response to the financial crisis was the creation of a new Financial Policy Committee as part of the Bank of England, giving it an explicit mandate to identify, monitor and take action to remove risks to the financial system. The Committee’s goal is to ensure the financial system is resilient to shocks, so that it doesn’t again act as an amplifier, worsening the impact on households and businesses in the real economy, as it did in the crisis. My MPC colleague SIlvana Tenreyro sets out these arguments in detail in her spech “The fall in productivity growth: causes and implications”, available online at https://www.bankofengland.co.uk/-/media/boe/files/speech/2018/the-fall-in-productivity-growth-causesand-implications.pdf. 4  6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6  The FPC has been active in pursuing this goal. We have a mandate to ensure the safety and soundness of the financial system as a whole. To do that, one of the things that we do is to regularly reassess and actively adjust the amount of loss-absorbing capital that banks, who are at the heart of the financial system, are required to hold as our assessment of the level of risks changes. (Our tool for doing this is called the counter-cyclical capital buffer rate, or CCyB.)
2  BIS central bankers’ speeches  Chicago Fed economists first did work on the prospects for a declining labor force participation trend back in 2001 – near the time the rate peaked at just over 67 percent. 3 Even after revisiting this topic numerous times and with multiple generations of research assistants working on the programs, our economists’ views about the trends that are consistent with the composition of the population and a labor market near equilibrium have not changed much since then. 4 Among the many robustness analyses they performed, their models produce nearly the same trend for labor force participation as they have since 2001. 5 Depending on the details of the specification, Chicago Fed economists estimate that at the end of the second quarter of 2014, the labor force participation rate was between 1/2 and 1-1/4 percentage points below trend. Furthermore, the participation rate was as much as 3/4 of a percentage point below predictions based on its historical relationship with the unemployment rate. This disparity suggests that there likely is an extra margin of slack in labor markets beyond that indicated by the unemployment rate alone. It is interesting to dig further into these “labor force participation gaps.” Virtually all the gap during this cycle has been due to withdrawal from the labor market of workers without a college degree. By contrast, a participation gap never materialized for college graduates, even during the depths of the recession. There is no simple explanation for this striking contrast.

Many economists, our Chicago Fed staff included, have been working long and hard on research related to this topic. In my remarks today, I will briefly talk about some of our results that touch on several of the most contested labor market issues on the table today. These involve labor force participation, job openings and wages. To give you the punch line, this research and work done by others in the field lead me to conclude that, although we have made great strides, a good deal of slack remains in the labor market. Labor force participation and employment As everyone in this room is aware, the labor force participation rate has fallen throughout the recession and recovery and is now at a 35-year low. 2 Much of that decline is due to trends that far predate the Great Recession. The movement of baby boomers into retirement age and the long-running declines in teenager and prime-age male participation would have significantly reduced labor force participation rates independently of the economic downturn. 1  See Yellen (2014). 2  The labor force participation rate is defined as the share of the population aged 16 and older who are either employed or unemployed. To be unemployed, a person has to not have a job but be actively looking for work in the prior four weeks and to be currently available to work. These data are collected by the U.S. Bureau of Labor Statistics as part of its monthly Current Population Survey.
And I will group them under four headings in the terminology of the Phillips curve: we have under-measured slack in the labour market; the curve has shifted downwards; the curve has become flatter; and the curve is not there. 8  The premise of the Phillips curve – that the rate of change in prices is related to the gap between supply and demand – extends beyond the labour market. Indeed, although Phillips’ paper looked at wage growth the term Phillips curve is now often used to describe the relationship between general prices – inflation – and the unemployment gap (or other measures of supply/demand imbalance). In a stylised world, price and wage Phillips curves would tell us the same story – in a closed economy (where there is no impact from changes in import prices) in which the labour share is constant and productivity is growing in line with trend, there should be a steady relationship between wage inflation and price inflation. The labour share in the UK has been relatively flat since the turn of the century. 9  The natural rate of unemployment, sometimes referred to as U*, typically refers to equilibrium unemployment in the long-run. However, there may be temporary factors that affect the level of unemployment consistent with stable inflation, and therefore the medium-term equilibrium unemployment rate, sometimes called the NAIRU – the ‘non-accelerating inflation rate of unemployment’.

The missions were initiated after the Commission's General Secretariat had received the findings of the institutions' "internal validations". The purpose was to make sure that institutions were in compliance with the minimum regulatory requirements and, more generally, to check the quality of their information systems and the conditions in which these mechanisms are used and controlled. These inspections revealed that institutions had indeed already made extensive achievements, but also showed that some of them needed to make further progress on Pillar 1 of Basel II, especially with regard to: -  the collection and estimation of the Basel parameters, particularly probabilities of default (PD) and loss given default (LGD): on this point, it is important that banks should steadily upgrade again their historical data so as to cover full business cycles;  -  permanent control and validation of information systems and/or models: implementing thorough benchmarking and back-testing processes is crucial in this context. With regard to Pillar 2, the Commission Bancaire urges banks to make certain that their Internal Capital Adequacy Assessment Processes capture risks which are covered incompletely or not at all by Pillar 1, especially concentration risk, liquidity risk and overall interest rate risk. In the months ahead, priority must be given to developing stress tests that are more comprehensive, i.e. that encompass the various risks (credit, market, etc.) and that aim for exhaustive coverage of risk exposure. Banks must also meet their transparency requirements under Pillar 3 (market discipline), for both the content and the frequency of their disclosures.