samchain/econo-pairs-v1 huggingface dataset:
However, the Riksbank's most important contribution is not this type of “fine-tuning”, but rather maintaining the inflation target and upholding confidence in price stability. When we achieve this, we can contribute to stabilising real growth in production and employment. But this is not our main objective. Productivity growth - an expansion Last year, employment in the business sector showed an unexpectedly weak increase, while growth was roughly as expected. This was reflected, as I have already mentioned, in the fact that productivity growth was unusually good. The most recent National Accounts figures also indicate a stronger productivity growth last year than we assumed in our December assessment. The question is what this implies about the future; is what we are seeing a sign of higher productivity growth which will continue over a number of years or is it a temporary rise as a result of an improvement in economic activity? Or is the upturn perhaps a chimera and the result of statistical problems connected with, for instance, difficulties in measuring productivity in certain sectors, such as the telecom industry? In the United States, the pattern of a weak growth in employment, combined with a recovery in economic activity has been established for a number of years. According to the National Bureau of Economic Research, NBER, the US economy bottomed out in November 2001.

•  Payments – Apple, Google, Paypal, Amazon, and Alibaba have payment solutions that replace physical wallets and credit cards. •  Lending - Zopa, Lending Club, and Funding Circle offer peer-to-peer lending solutions that match lenders and borrowers on their online platforms. •  Investment – “robo-advisers” like WealthFront use data analytics to dispense online personal financial advice and investment management services. Indeed, these non-financial firms look set to disrupt the financial industry. •  As a senior banker in the US puts it: “People need banking, not banks”. The second thing that is happening is that FIs are fighting back. •  As disintermediation threatens FIs, they are being pushed into a rethink of their business models. •  Rising costs, shrinking margins, and the weight of new regulatory requirements are pressing FIs to look into more cost-efficient ways of running their businesses. •  They are increasingly turning towards innovation and technology for solutions. BIS central bankers’ speeches  1  •  In an ironic way, the FinTech insurgency is forcing change among the incumbent FIs. Leveraging on their size and networks, FIs are using technology much more intensely to enhance their product offerings and service delivery. •  Example: US insurance companies, Progressive and Allstate, are using telematics to develop usage-based motor insurance, also known as Pay-As-You-Drive (or PayHow-You-Drive). •  Instead of rewarding past good driving behaviour, these insurers are able to price premiums contemporaneously with current driving habits. What does all this mean?
A recently published study shows that the tax has worked and actually reduced emissions in Sweden, see Andersson (2019). 18 See Swedish Economic Research Council (2020) 19 See Wagner (2020). 20 In November 2016, the global climate agreement from Paris entered into force. One of its goals is to keep the global temperature increase below 2 degrees and then limit it even further to 1.5 degrees. 15  9 [18]  need to work to ensure that international financial market regulation mitigates the risks of climate-related financial instability, in the same way as central banks have worked to combat other systemically important risks in the financial system.21 What does all this mean for the Riksbank? To answer this, we should start by looking at how the Riksbank’s mandate and activities relate to it. The Riksbank’s mandate is to promote price stability and an efficient and safe payment system. I believe that the different measures the Riksbank can implement fall into three main categories:     Research and analysis Regulation of the financial system Management of the bank’s own balance sheet  Let me now discuss the options available to the Riksbank to contribute to climate adaptation within these three areas. Strengthen research focusing on economic sustainability To prepare for the effects of climate change, it is important for central banks to support and contribute themselves to research that sheds light on the economic consequences of global warming.

Norman T L Chan: What does it take to build a “Hong Kong Brand” for financial services? Welcoming remarks and keynote speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the Treasury Markets Summit 2016, Hong Kong, 6 September 2016. *  *  *  Good morning, Ladies and Gentlemen, 1. Today I would like to talk about building Hong Kong as a “Brand” for financial services. So what is a “Brand” made up of? For merchandise goods, “quality” and “credibility” are two major components of a “Brand”. Quality 2. Quality means the product or services are suitably designed, structured and built to meet the needs of consumers/customers. In the field of fashion or luxury goods, customers’ taste is evolving all the time but very often the “Brand” actually takes the lead in shaping the trend. 3. In the context of financial services, the concept of “quality” entails the availability of a wide range of financial products that can adequately and effectively meet the needs of customers with vastly different financial needs. For individual customers, such products range from the basic banking services for the mass market, to very sophisticated private wealth management services for high net worth customers. For corporate customers, quality products range from the basic transactional banking for the SMEs, to the very diverse and sophisticated services in treasury, hedging, and equity and debt financing for the very large corporates. 4.
Krzysztof Rybiński: Poland and EURO Panel speech 1 by Mr Krzysztof Rybiński, Deputy Governor of the National Bank of Poland, at a debate organised by demosEUROPA – Centre for European Strategy and Ebert Foundation, Warsaw, 26 November 2007. *  *  *  In my speech 2 in June this year I outlined the key benefits and costs of adopting the euro. Let me briefly restate what they are: On the benefits side of adopting a common currency economists usually mention the following factors: lower transaction costs, lower interest rates, financial integration and trade creation. When speaking about costs economists usually cite two groups of factors: asymmetric shocks and arising micro- and macroeconomic imbalances. It is important to note that some costs will materialize if asymmetric shocks hit the enlarged eurozone. We do not know the likelihood of such shocks though, so it is impossible to calculate the expected value of costs related to these events. We know, however, that the probability of asymmetric shocks declines with rising similarity or progressing real convergence of the EU economies. Let me also stress that the magnitude of costs depends crucially on domestic policy – prudent banking sector supervision, labor market reforms and sound fiscal policies to name a few. Adoption of proper policies reduces future potential costs related to eurozone membership and, at the same time, enhances future benefits.

This evening, it is my honor to share with you my thoughts on the recent economic developments and the way forward for the Thai economy, which I believe is at the heart of Japanese businesses in Thailand, as much as it is at the heart of us at the Bank of Thailand. In the first part of my talk, I would like to recap the current global market developments and highlight Thailand’s financial strength as we venture through the world of volatility. Second, I will share the Bank of Thailand’s view on the country’s current economic conditions and outlook. I will then turn to discuss key initiatives and factors to drive the Thai economy forward, in particular how Thailand is working towards becoming a regional connector for trade and financial services. Let me start by talking about global volatility Ladies and gentlemen, The year 2016 started off with growing concerns about the global financial markets, with significant spillovers to stock markets, exchange rates and commodity prices across emerging economies. What brought about heightened volatility in the global markets? I would like to highlight three key sources at play. The first factor is inevitably China. Large fluctuations in its financial markets reflected investors’ concerns on slowing Chinese economic growth and policy responses. More importantly, China’s economic restructuring, with transitions from investment to consumption, and from manufacturing to services, has altered growth pattern and created enormous uncertainty to the world economic recovery as well as the global financial markets.
Repo rate with uncertainty band Per cent, quarterly averages 7  7  90% 75% 50% Reporänta  6  6  5  5  4  4  3  3  2  2  1  1  0 dec-02  0 dec-03  dec-04  dec-05  dec-06  dec-07  dec-08  dec-09  dec-10  Source: The Riksbank  14  BIS Review 138/2007

Supervisory Cooperation  To support responsible openness to international wholesale banking, be it as branches or subsidiaries, and to meet our objectives on safety and soundness and financial stability, we need confidence that: a. the Home State Supervisory regime delivers outcomes which are sufficiently equivalent to the UK regime; b. there is effective supervisory cooperation; and c.  3 4  there is assurance over the home state resolution framework. https://www.bankofengland.co.uk/speech/2020/sam-woods-city-banquet https://www.bankofengland.co.uk/financial-stability-report/2020/december-2020 4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  The first and last points concern in large part the legislative framework, rules and powers of intervention that home states and authorities have. The better the outcomes they deliver, so the more reliance we can place on risks arising from overseas operations being manageable. The second point is about how those powers are applied, the practices, and openness of overseas authorities that wield them. It is on this point that I want to focus as a supervisor. Cooperation with Home State Supervisors  For both branches and subsidiaries, the PRA places reliance on cooperating closely with the Home State Supervisor, for branches this is particularly the case for prudential requirements, because a branch is not a separate legal entity. But for both there needs to be effective regulatory and supervisory cooperation if openness is to be ‘responsible’. We have a long history of working very effectively with a range of supervisory authorities, including the US, EU, Switzerland, Japan, and many others.
An illustration of this can be found for instance in the Memorandum of Understanding on high-level principles of co-operation in crisis management situations that have been agreed on, in March 2003, between the EU banking supervisory authorities and central banks. Third, because banking supervision ultimately ends up into the surveillance of individual institutions, supervision at the national level and the role of domestic supervisors remain strategic. The specificity of this domain calls for the preservation of two major principles: the participation of supervisors and central banks to the drafting of regulation on the one hand, the permanent improvement of an efficient decentralised and highly co-operative supervisory approach on the other hand. Again, Memoranda of Understanding (MOU) currently organise the bilateral exchange of supervisory information, for instance covering the special information needs in case of financial troubles. 2.3 Second, I would like to focus on the necessary restoration of public confidence in financial markets. Over the past year, in both the United States and Europe, reforms have been undertaken in the area of corporate governance and financial disclosure with a view to restoring investor confidence in listed companies. These legal and regulatory reforms mainly concerns three areas: External and internal audit, financial transparency.

1.1 Naturally, it is on the euro money market that the highest degree of integration can be found, as a result of the unification of monetary policy, and thanks to the efficiency of the cross-country largevalue payment system that support it, i.e. the TARGET system. Interest rates differentials between what are nowadays regional deposit markets have quickly vanished following the advent of the euro and the “law of one price” applies to the transactions conducted within a deep and highly liquid euroarea wide market. The recognition granted to money market reference rates such as EONIA and Euribor, the sheer development of derivatives markets based on these references - the OIS-based swap market and Euribor futures and options contracts, the impressive increase in cross-border transactions are illustrations of this already well-advanced, if not already completed unification. On the inter-bank market, cross-border transactions conducted with EU counterparties represent more than 50% of the whole inter-bank euro deposit business. Similar developments are recorded in the  BIS Review 32/2003  1  repo market: the increasing share of non-domestic euro area collateral in transactions combined with the growing use of tri-party agreements, as well as the share of cross-border transactions - which is more than 50% - provide clear evidences of an increasingly integrated market. 1.2 Changes have also been impressive, albeit more contrasted, on the securities markets. The euro had clearly stimulated the rapid development of the corporate bond markets.
Let me briefly give you our (Albanian) experience with remittances and some suggestions to improve their ingress and effectiveness in the economy. During 90s, Albania experienced a massive migration movement abroad, which soon became a crucial financial source for the new market economy. According to some studies (Barjaba, 2004; INSTAT, 2002; Kule et al, 2002, 2002), since 1990, nearly 800,000 Albanians may have left the country either permanently or temporarily. Some more recent estimations show that the number of Albanians living abroad may have reached 1 million. This is a considerable figure for a small country like Albania with just 3 million of inhabitants. As a result, exodus phenomenon has attracted a great deal of attention in political and economic circles. Remittances role in the economy has grown considerably over time. We can appreciate their weight easier if we put them against some main economic indicators. However, before doing that I want to say a few words on data reliability of remittances. It is very difficult to carry out an accurate estimation of remittances in Albania bearing in mind that a large share does not go through formal (official) transferring channels, therefore escaping the official registration of capital flows. The Bank of Albania traces only that part of remittances that goes through the official network, which includes banks and money transfer agencies. Remittances sent unofficially such as, cash brought by emigrants or their friends during their visits to Albania, need to be estimated.

Regulatory authorities in respective countries could be of help in this respect. Also, Albanian banks may receive Albanian workers’ remittances via “banking correspondent institutions” in the resident country and microcredit and microfinance Albanian organizations which could serve as local agencies to handle this process. Third: Directing workers’ remittances toward country’s development needs. Usually, emigrants are out of the main focus of banking services, since this category of clients is considered to have unstable jobs. Nonetheless, there exists opportunities to offer financial services to emigrants too. Among others I could mention here: linking of workers’ remittances with investments for example by channelling remittances flows toward micro-credit loans or projects; also supporting of migrants’ contribution and migrants societies in the development of the country. Remittances could also help approaching rural areas population to the banks. If the recipient families also decide to keep remittances in their bank accounts this could assist economic development as more funds are available to be lent to private sector. Microcredit programs and qualitative improvements of banking infrastructure, in concert with introduction of new financial instruments that would attract more remittances, are also important. Finally, I would like to express my sincere appreciation to those involved in this conference which provides us a valuable support in our efforts to improve effectiveness of remittances utilization in our economies.
How do we promote sustainable innovation Let me illustrate now more concretely what we do to foster sustainable innovation. Our actions 2/5  BIS central bankers' speeches  take two main forms: - The support to and implementation of regulatory frameworks and supervisory practices that foster both innovation and the stability of our financial system  - Our inclusion as a player in the financial innovation ecosystem 1Most of the current regulatory framework was designed before the technological “disruptions” that we are now facing. It therefore seems logical to adapt it to these  technological evolutions as well as to their challenges and associated risks. The same, naturally, applies to our supervisory framework and methods. The success of the payment services directives (PSD1&2) has illustrated that the European legislation can accompany new trends and trigger innovation. With new settlement assets such as Global Stablecoins, the adaptation of existing regimes will have to fit into a larger regulatory framework, to be adopted at a global level. These adaptations must preserve and consolidate two fundamentals of financial sector regulation: the financial stability objective and the principle of monetary sovereignty. In this respect, I would like to commend the ambitiousness of the European Commission’s recent Digital Finance Package and its priorities, in particular those to fight against the fragmentation of the digital single market for financial services and to address the new challenges and risks associated with the digital transformation.

Stablecoins deserve special attention and scrutiny in this regard. 2- A second reason why we care about innovation is that it is a new lever for financial inclusion. Financial inclusion is definitely a major challenge and digitalisation should help identify new avenues to improve it. Inclusion is not only an essential topic for the financial sector and the economy, but more broadly for society as a whole. Without this access, there is no or only limited ways for people to take part in the formal economy, build up capital, buy goods and services, develop an entrepreneurial project, or save their earnings in a secure and easily manageable way. This is essential because it is about reducing inequalities and making sure that more fragile populations, households and small businesses, are not left out of economic development. Of course, private actors have understood that financial inclusion might benefit improvements and have a huge role to play in such a journey. There are many areas where private actors can help: improving access to financial services, for instance via mobile devices, gathering more and better data, which allows for more tailored and better-priced products, driving down operation costs, and making relationships with fragile clients more profitable. These expected benefits should obviously not hide new risks related to financial inclusion in a digitalised world: a risk of digital divide, leaving out those who are not at ease with digitalisation, or even the risk of security issues for personal data if not handled properly.
Combined with the quarterly Monetary Policy Statement issued by the Central Bank, the market is provided with regular information  2  BIS Review 10/2005  on current and expected monetary conditions. The deregulation of pricing under the new interest rate framework has also acted as a catalyst for more efficient pricing in the financial system. Against volatile world currency markets, the pegged exchange rate regime continues to accord significant benefits to the Malaysian economy by providing greater predictability and stability for international trade and investment. From time to time, isolated developments or rumours have prompted market speculation on the need to review the pegged exchange rate. Bank Negara Malaysia has consistently maintained that the exchange rate regime would not be reviewed unless the Ringgit is expected to be fundamentally misaligned or if the regime is no longer consistent with economic fundamentals arising from major structural changes within the international and regional financial systems. It should be noted that while the Ringgit has declined with the US dollar, its depreciation against Malaysia's trading partners' currencies as a group has been relatively small. Given the small degree of undervaluation, the inflation pass-through arising from the weakness in the US dollar is also likely to be small, and consequently, the potential for misalignment is correspondingly small. Therefore, the peg exchange rate regime remains fundamentally sound and we expect that it would continue to serve the economy well.

The immediate future: consolidating the measures taken and putting the reforms on a firm footing In recent weeks international financial market dynamics have continued to be influenced considerably by the high degree of risk aversion and by fragile confidence levels. There has been a resurgence of the doubts – first seen in the case of Greece – about the solvency of euro area Member States. The uncertainty over the euro area’s fiscal sustainability cannot be explained merely by the economic downturn and its impact on public finances. The measures taken by authorities to avoid the collapse of the financial system have involved, in the case of Ireland, guaranteeing the funds lent to the banking system by depositors and wholesale investors. Markets are suspicious about the ability of certain small States, with relatively large banking systems, to meet these commitments. The European Union has come to the aid of Ireland, which has experienced problems precisely because it used substantial amounts of public funds to shore up a banking system bloated with real estate assets, particularly offices and houses in the Dublin area. In Spain the situation is very different as regards both the public sector and the banking sector. Despite the substantial rise in the budget deficit in 2008 and 2009, public debt as a percentage of GDP remains relatively small in comparison with the euro area average, which is 20 percentage points higher.