samchain/econo-pairs-v1 huggingface dataset:
Labour market policies must seek to facilitate the shift of workers from domestically-oriented sectors facing weak demand to export-oriented sectors, and from depressed regions to resurgent ones. And wages must become more flexible, so that firms can ride out cyclical downturns without losing competitiveness. 47. Next, tax reform. The debate needs to shift from the rate of taxation to the structure of the tax system. The US could do with a broader tax base, simpler tax codes, and less exemptions. In Europe, similarly, there are opportunities to increase the efficiency of the VAT system including in broadening its base. 48. Lastly, pension reform. Government spending in many advanced economies needs to be overhauled in the face of impending demographic challenges. Effective pension reform requires a judicious combination of increases in the statutory retirement age and reductions in the generosity of benefits, with the balance varying from country to country. Emerging Asia: domestic demand, financial deepening, productivity 49. In Emerging Asia, the key structural reforms are in the areas of boosting domestic demand, deepening financial markets, and raising efficiency and productivity. 50. Boosting domestic demand is perhaps the most important medium-term imperative for Emerging Asia. Public and private sector deleveraging in the advanced economies has at least dented, if not extinguished, the export-powered growth model that has been largely responsible for the “Asian Miracle”. Reforms are needed to stimulate private consumption in some Asian economies, and investment in others. 51. In China, the issue is consumption, not investment.

And the New York Fed's Global Supply Chain Pressure Index has declined to a level that indicates supply chain pressures are now actually somewhat lower than normal.6 At the same time, the March price data indicate some moderation in overall rent inflation. And rents for new leases have been showing slower rates of increases, which should bring down shelter inflation in coming months. This is important because shelter inflation had been a significant driver of higher inflation over the past year. But the most persistent area of inflation is in core services excluding housing, which has been running around 4-1/2 percent since last August . This is driven by a continued imbalance in overall supply and demand, and it will take the longest to bring down. Bringing Back the Balance In "The Rise of Skywalker," Anakin urged Rey to "bring back the balance." The FOMC has been taking strong actions to do just that. Last week, the FOMC raised the target range for the federal funds rate to 5 to 5-1/4 percent, its tenth consecutive rate increase. In its post-meeting statement, the FOMC indicated that "in determining the extent to which additional policy firming may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.
-  -  -  to provide financial knowledge to women in community, or schools (Primary and Secondary Schools), and enhance their entrepreneurship. Similarly, in 2021, the Ministry of Women’s Affairs and the NBC conducted “women entrepreneurs talk program” to promote financial inclusion and enhance digital financial literacy to women, woman enterprises, and woman university students. Under the “Catalyzing Women’s Entrepreneurship project”, the NBC has been closely cooperating with UNESCAP to initiate training and seminar for women and woman enterprises to enhance their financial management knowledge and increase their financial accessibilities and usage. The NBC has also been cooperating with Good Return to establish “Let’s Talk Money” Campaign, which was launched in 2016. So far, the NBC and Good Return had successfully achieved phase 1 of the campaign which consists of 6 educational videos, a comic book, a mobile application called NBC-Edu, as well as the creation of “Let’s Talk Money” Facebook page and website. In addition, Let’s Talk Money phase 2 “little by little” has also seen the delivery of 4 financial literacy videos, which has since reached hundreds of thousands of people through social media platform. The NBC and Good Return also conducted a training, targeted at representatives from Cambodia Women Entrepreneurs Association (CWEA) and Cambodian Women for Peace and Development (CWPD), which helps the women deliver face-to-face training to women entrepreneurs and garment workers respectively.

The PRA has authorised ten banks in the last two years, and currently we have a substantial pipeline of interested parties. We are thinking about competition in our domestic work, but also about how we approach international policy issues. For instance, this week our response to the European Commission’s consultation on the impact of the new capital regime has been published. It is quite often said that aspects of the capital regime discriminate against smaller banks and building societies that use the so-called standardised capital approach versus larger banks that use their own models. The consequence of this is that smaller banks and building societies cannot compete effectively in lower risk asset markets such as prime mortgages because the capital requirements are too far apart and in favour of large banks. This forces them into riskier assets and undermines their position. This is an area where the leverage ratio acts to counterbalance the difference, a point that is not well enough understood. But in our response to the European Commission we said that while the financial stability benefits from regulation of large, internationally-active banks mean these firms should meet global standards, a differentiated approach for smaller firms would recognise the high costs and smaller benefits of applying global standards to them, and should enable us to find ways to create a regime which is more simple and which reduces their reporting burden. This would help to foster competition and would be good for the European Single Market.
The Malaysia International Islamic Financial Centre, or MIFC, initiative, launched in August 2006, has taken Malaysia's liberalisation strategies to a new level with the aim of positioning Malaysia strategically in this new growth area. Islamic banking institutions are allowed to undertake a broader array of Islamic financial activities that include commercial banking, consumer banking, investment banking as well as international currency business under the MIFC initiative. Financial institutions need to consider their own competitive positioning in this area and to have the appropriate strategies to participate in this dynamic growth sector. Finally, the regulatory and supervisory paradigm will also continue to evolve. Indeed, we have over the recent decade witnessed significant global shifts in the approaches to regulation and supervision across many countries. These have ranged from radical policy responses in some countries that led to the introduction of costly regulatory systems to address the problems have emerged, to bold deregulatory measures pursued in other countries, especially during times of exuberance and strong market conditions. A convergence towards the middle ground between these two extremes now seems to be emerging. Two dimensions of regulatory change will be relevant to the context of the new environment. First, the emphasis on creating a strong risk management culture that is fundamental to sound banking operations will become significantly more pronounced. T he transition to Basel II and the implementation of the risk-based supervisory regime are important elements of this change.

At this point, a financial regulatory reform was necessary at international level, to address such risks. Under the guidance of the G20, broader and more comprehensive regulatory reforms were designed, with a special contribution by Basel Committee, the Financial Stability Board, IMF/WB group and many other. Such reforms were aiming to: •  strengthen the resilience of the financial system;  •  avoid future similar crisis;  In more details, such reforms included: •  Improving the surveillance superstructure of the financial system, through:  –  establishing institutions with macro-prudential powers to monitor, assess and address systemic risk (in EU – ESRB, ECB; in US – FSOC; in UK – FPC; etc.
Clothing prices, as measured in the consumer price index, have fallen by 15 per cent since 1995. In comparison, other consumer prices  2  BIS Review 65/2002  have on average risen at about the same rate in the same period. In 2002, cheaper clothes will save Norwegian consumers about NOK 4-5 billion.1 I would like to highlight two factors that have had a particular influence on economic policy when we compare today’s situation with the situation 30 years ago. •  The phasing-in of a large petroleum sector and thereafter of the revenues from this sector. •  Development of the Norwegian financial market and its integration in the global market. Norway's large petroleum revenues pose considerable challenges to economic policy. Norway’s export revenues and central government revenues can be expected to be high as long as production remains high. At the same time, we know from experience that revenues may vary sharply from year to year. As a result of the high level of earnings and fluctuations in these revenues, the most important contribution fiscal policy can make to stabilising the Norwegian economy is to provide a sound, longterm strategy for the use of petroleum revenues. Attempts to use the central government budget to fine-tune economic activity may achieve the opposite of what is intended if these attempts are perceived as a break with the long-term strategy for the phasing-in of petroleum revenues. Second, economic agents look to the future today when they make decisions about consumption and investment, wages and prices.

But when monetary policy is oriented towards low and stable inflation, this will contribute to a stable krone exchange rate over time. Interest rates influence inflation through their impact on domestic demand and on the market for NOK. When interest rates rise, it is more profitable to save and more costly to borrow. This dampens consumption and investment and hence aggregate demand. Lower demand in turn curbs the rise in prices and wages. Higher interest rates make it more attractive to take krone positions and borrow in foreign currency. As a result, higher interest rates normally lead to an appreciation of the krone. This reduces prices for imported goods. In addition, a strong krone reduces activity and profitability in the internationally exposed sector. It is important to be aware of the relationships between employment, output and inflation. If there is a shortage of labour and other economic resources, a tight monetary policy stance will reduce inflation by affecting aggregate demand. Conversely, when unemployment is high, low interest rates stimulate demand, which will contribute to stable wages and prices. A monetary policy stance that is aimed at stabilising inflation will thus also contribute to stabilising aggregate output and employment. But there is little monetary policy can do to prevent an increase in unemployment that is driven by high cost inflation. The mandate implies that the interest rate must be adapted to the outlook for the Norwegian economy.
While the unemployment rate – which is based on a different survey – ticked higher last month to 9 per cent it is nonetheless 0.8 percentage points lower than it was in November, a relatively rapid decline by historic standards. Private-sector job growth has been strong enough to more than offset government layoffs, particularly at the state and local level. A particularly encouraging sign is the rapid growth of manufacturing jobs over the past year and the recent broadening strength in services employment. While the exact pace of a jobs market recovery is always hard to  BIS central bankers’ speeches  1  predict, we were expecting the rate of job growth to pick up over the first half, and I am hopeful that job growth will continue to strengthen in the coming months. We would welcome this. Even if the economy added 300,000 jobs per month from now on, we would likely still have considerable labor market slack at the end of 2012. Despite these clearly encouraging signs, there are still some downside risks to the growth outlook that bear watching. Let me list them for you:   As I mentioned earlier, high oil and commodity prices have cut into household purchasing power, a difficult situation for many families that could constrain overall spending more than I anticipate.   The renewed decline in home prices could dampen consumer spending and housing activity more than I expect.

We cannot simply assume that people want to work more, even if an increased labour input will result in higher income and greater prosperity. It is natural to use some of the increase in prosperity for leisure. The considerable share of part-time employment may reflect choices that individuals do not necessarily want to change. BIS Review 20/2002  9  On the other hand, if we increase our labour input to the level in Sweden, without reducing productivity, our future income would increase by more than the increase resulting from a doubling of our petroleum wealth. The structure of the tax and pension system influences the choice between work and leisure. Lower tax rates on employment income could boost labour input. The pension system is also of significance to labour input, as it influences employers’ labour investment decisions. The expansion of the labour force is coming to a halt. At the same time, the number of old-age and disability pensioners is rising rapidly. Twenty years ago, there were nearly three persons in the labour force for every pensioner, whereas in 20 years, there will be fewer than two. Although life expectancy is high, the average retirement age in Norway is steadily falling. For men over 50, the average retirement age fell from nearly 67 in 1970 to a little more than 63 at the end of the 1990s. For the entire labour force, including all age groups, the average pension age in the National Insurance Scheme was down to 58.
For example, the central bank could commit to being the lender of last resort as long as it judged the firm to be solvent and with sufficient collateral. This would reduce the coordination problem and the risk of panics sparked by uncertainty among lenders about what other creditors think. If the central bank is willing to provide backstop liquidity, then a lender that judges the financial firm to be solvent should be willing to lend. The backstop liquidity ensures timely repayment. The lender of last resort role eliminates the externality in which the expectations about the willingness of one lender to lend influences the decisions of others. However, providing a liquidity backstop is not without its own set of problems. If firms have liquidity backstops that are viewed as credible, then this creates moral hazard. Firms do not have to worry as much about what lenders think about their capital adequacy or the size of their liquidity buffers. This creates incentives to run leaner in terms of capital and liquidity, which increases the risks to the backstop liquidity provider. To mitigate such effects, the backstop liquidity provider could presumably charge financial firms for the value of the backstop. But what fee would be appropriate? It is difficult to assess the probability of financial panics and the value of backstop liquidity facilities.7 Fifth, regulators could take steps to reduce the difference between the value of the firm dead versus alive.

For example, the Federal Reserve introduced the Commercial Paper Funding Facility (CPFF) to reduce rollover risk in the commercial paper market, the Federal Reserve and other central banks’ massively expanded the ability of banks to obtain dollar funding through the TAF and associated foreign exchange swap programs; the Treasury guaranteed money market mutual fund assets; and the FDIC increased deposit insurance limits and set up the Temporary Liquidity Guarantee Program (TLPG) to backstop bank and bank holding company debt issuance. Having described “what” happened on the liquidity front during the crisis, I next want to examine, in a bit more detail, “why” it happened. To do this, I will lay out a simple conceptual framework that I will then use to assess what can be done to mitigate the risk of such runs occurring in the future. As a starting point, I will talk about how unsecured lenders react in a crisis, and then I will consider the behavior of secured lenders. Unsecured liquidity providers run for two basic reasons. First, they run because there is a risk that the company they are lending funds to is insolvent. In other words, there is a risk that the assets will be worth less than the liabilities, creating the potential for loss to the creditor. The second reason that unsecured creditors run is the risk that they will not be repaid in a timely way.
They are universal banks; and as such much less vulnerable to funding market conditions. Sound and revolving sources of profits are a vital asset at the current juncture. In this context, French banks can play an active role in the ongoing restructuring of the international financial sector. All in all, beyond sometimes serious tensions and incidents, French banks are now reaping the benefits of the major advances in productivity and innovation they have made over the last two decades. Public policy during the crisis both from a public and a private sector perspective Past months have seen a marked change in public policy. Having been in a first phase geared exclusively to providing liquidity to financial intermediaries, public intervention is since last Fall also aiming to support banks’ financing and own funds. This is a significant shift. Needless to say, restoring liquidity remains a pressing priority. Inter-bank markets have shown gradual signs of improvements. Yet, there is still some way to go. To this end, central banks have mobilised considerable ammunition. A process underway for over a year has culminated in the central banks having adjusted their operational frameworks in various areas. The maturity and currency of their facilities have been expanded. The range of eligible counterparties has been broadened. The tender procedures have been modified with a view to ensure unlimited amounts of central bank money. The list of collateral for refinancing has been widened. As for the Eurosystem, they have been providing liquidity at a fixed rate for unlimited amount.

Finally, I also look forward to discussing with you on the governance and other related issues of our Start-up Committee. Without further ado, let us now give our attention to Alfred who will be updating us on AFI’s latest progress and lead us through the rest of today’s agenda. Thank you for your attention. Alfred, the floor is yours. 2  BIS Review 87/2009
At bottom, of course, is the historical experience of the effects on the real economy of financial market 3  Remarks of Edward W. Kelley, Jr., Member of the Board of Governors of the Federal Reserve System, at the Cyberpayments Conference ’96 (June 18, 1996). BIS Review 17/1997  -3-  disruptions and bank failures, especially when the disruptions and failures spread beyond the initial impetus.”4 A bank supervisor should have concerns other than cost, and these comprise the bad news -- the “risk” aspect of banking on the Internet. In the simplest terms, while we strive to ensure that banks remain efficient and cost-effective, we also have to ensure that banks know what they are getting into, and that they are capable of handling the risks that accompany banking on the Internet. The tension between the two is very constant and real, particularly because the technology today seems to be moving so much faster than bankers or bank supervisors can fully absorb. At the Federal Reserve Bank of New York, we are being proactive in this area. We currently conduct on-site, information systems examinations of State member banks in our district -- in addition to commercial, trust, trading, and compliance examinations -- in which we try to review and constructively criticize the examined bank’s entire MIS infrastructure. There is no separate, independent electronic or Internet bank exam as such.

Still, if Internet banking and commercial transactions were to grow in volume and complexity, it is quite possible that private contract law could evolve into a specialized commercial law of cyberspace, and eventually be codified into parts of the UCC. On a less theoretical note, I should mention that a multi-national Task Force on the Security of Electronic Money, established by the Committee on Payment and Settlement Systems and the Group of Computer Experts of the Group of Ten Central Bank Governors, and chaired by Israel Sendrovic of the Federal Reserve Bank of New York, issued a report on its findings entitled “Security of Electronic Money” in August 1996. This Task Force examined primarily consumer-oriented stored-value payment products by, among other activities, surveying the leading global suppliers of both card-based and software-based stored-value systems, and concluded that the technical security measures of these systems are being designed to achieve an adequate level of security relative to other forms of common retail payment, assuming they are implemented appropriately. I recommend the report to anyone interested in a general discussion about security issues and stored-value systems, Internet-based or not. Moving away from consumer banking and the Internet, and looking perhaps not-so-distantly into the future, I have also had occasion to question what the repercussions are for large-value payments transfer systems, such as Fedwire, with the emergence of a different, much more secure Internet. Generally speaking, the Internet today is a “somewhat” secure environment in which to conduct banking and financial service activity.