samchain/econo-pairs-v1 huggingface dataset:
On the contrary, they could be used by the owners, who in many cases are part or all of the market collective to begin with, in order to gather exclusive and valuable information on, for instance, market behaviour. Given this, it is hardly surprising that ownership issues are often the most important in this context. A further problem - and I shall return to this in a little more detail later - is that the increased anonymity in trading - which entails certain advantages - can also have the disadvantage that it becomes more difficult for the players involved to check their counterparty risks. The Swedish market today I mentioned at the beginning some of the problems today on the Swedish fixed income market. These are partly connected with the radical fall in the national debt. During the 1990s, the national debt increased by an average of SEK 80 billion on an annual basis. Only a few years ago, namely in 1997, this debt amounted to SEK 1,420 billion, or almost 80 per cent of GDP. This should be compared with today's level of SEK 1,280 billion, or approximately 60 per cent of GDP. According to the Ministry of Finance, the national debt will have been reduced by a further SEK 140 billion in 2004. The successful budget consolidation process has thus cut down on business opportunities in that the volumes have been reduced. However, the main thing is that the market has become more stable with fewer interest rate fluctuations.

Credit risk derivatives constitute another financial innovation which has played an increasingly important role in the last years. It has contributed to avoiding credit institutions to be heavily impacted by the large credit defaults that have occured recently. Credit risk derivatives have also enabled banks to fine-tune the risk-return profile of their loan portfolios. From a macro point of view, credit risk derivatives are helping diversify and spread risk, under the assumption that buyers of risk will deliberately alter their own risk-return profile. But the ultimate risk remain and as a result, some sectors, such as insurance companies or pensions funds, which hitherto did not feel the direct pressure of a worsening in credit quality, may now find themselves directly impacted, had they sold such derivatives at an earlier stage. Against this background, and beyond the primary objective of achieving price stability over the medium-term, which part should central banks play to improve the functioning of financial markets and promote financial stability? Apart from their operational tasks –such as the management of money market liquidity and the monitoring of large value payment systems– central banks must endeavour unremittingly to create the conditions for the international economy to minimize misalignments in asset prices, excessive volatility, purely speculative phenomena and dangerous herding behaviour. This is the underlying message in central banks' repeated calls for prudence and caution. I would like now to address my third point, that is, the prospects of the European Union enlargement.
The British Museum holds a £ note from Henry Austen’s bank in Alton. The images of people on Bank of England banknotes are a recent addition. The monarch did not generally appear prior to 1960 and it was another decade until the first character – another great of English literature, William Shakespeare – was included. Even more unusually, the new £ joins the £ in being printed on polymer, rather than paper. Polymer marks a major innovation. It is cleaner, safer and stronger. Resistant to dirt, moisture and curry. This added strength means notes will remain in good condition for longer, with a lifespan at least two and a half times that of paper notes. When they do reach the end of their useful lives, polymer notes will be recycled. As a result, the costs of producing notes – both economic and environmental – are lower. 5 6  Mansfield Park (1814). http://libraryguides.goucher.edu/c.php?g=242484&p=1612598. 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  Importantly, the use of polymer also allows the Bank to bolster the security features in our banknotes. The new £ features see-through panels, coloured foils and detailed metallic images. The design of the new £ makes full use of polymer’s potential. It features a portrait of Jane Austen, taken from an engraving by William Home Lizars, commissioned in 1870 by her nephew and based on a watercolour sketch by her sister Cassandra.

7  To the side are two further images celebrating Austen’s work: an illustration of Miss Elizabeth Bennet 8  undertaking “The examination of all the letters which Jane had written to her”; and an image of Godmersham Park, home of Austen’s brother, Edward Austen Knight, and believed to be the inspiration for a number of her novels. The central design in the background of the note is inspired by the twelve-sided writing table and writing quills used by Austen at Chawton cottage, where she lived and wrote most of her novels. Also included is a quote from Pride and Prejudice – “I declare after all there is no enjoyment like reading!”  9  As Austen’s final resting place, this building – Winchester Cathedral – is also commemorated in the note, featuring in the foil. The Bank of England is committed to ensuring our banknotes recognise the diversity of their users not only through the characters represented but also through their ease of use. That is why we are introducing a new tactile feature on the £ to help the visually impaired: a series of dots in the upper left-hand corner. These dots join existing features, such as differing colour palettes and raised print, that enable those who are blind and visually impaired to recognise different notes, ensuring the nation’s money is as inclusive as possible. 10  This short video illustrates these and other features of the note.
We have the foundations to take our financial sector to a new level of development that will focus on new areas that will further strengthen the competitiveness and efficiency of the financial sector and its potential role in facilitating Malaysia’s ongoing economic transformation and in strengthening our linkages in the region. As Malaysia evolves and the new financial landscape emerges, one prominent area of focus is the development of deep, liquid and efficient financial markets in particular, the development of our domestic bond market. Malaysia’s bond market has already grown to MYR867 billion or 105 percent of GDP in 2011, and has become one of the largest debt securities market in South East Asia which has now been liberalized to allow issuance by foreign corporation and in multiple currency. Our Islamic capital markets have also thrived, with a growing presence of international issuers and investors operating in both the ringgit and foreign currency sukuk markets in Malaysia. We have seen new innovative structures for sukuk issuances including a world’s first issuance in Renminbi from Malaysia’s own sovereign wealth fund, Khazanah Holdings. The money and foreign exchange markets also continue to grow in depth and liquidity. The volumes transacted in the domestic money market and the foreign exchange market have now reached RM23.5 trillion and RM9.21 trillion trades respectively. Participation in these markets have also broadened significantly with the growing presence of new issuers, banks, institutions and investors in general, including a growing presence of regional players.

Zeti Akhtar Aziz: Asian money, bonds and derivatives in the new global economy Keynote address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 13th Annual Conference of Fixed Income, Money Market and Derivatives Association of India (FIMMDA) and Primary Dealers Association of India (PDAI), Kuala Lumpur, 27 January 2012. *  *  *  It has been more than half a decade since the beginning of the global financial crisis, and its ramifications continue to reverberate across the world. Currently, the global financial and economic landscape continues to be confronted with stress and uncertainty, stemming from the prevailing structural weaknesses, deleveraging of the private financial and non-financial sectors, and the escalating strains in public finances in the advanced economies. Despite these significant near-term challenges, the fundamental global economic and financial transformation that commenced prior to the crisis has continued unabated. A new global economy is emerging. The rise in significance of the emerging economies is resulting in a fundamental realignment in the global landscape as the balance of global economic strength shifts to the emerging economies, with its consequent implications on long-term global economic and financial flows. With the rapid growth in domestic demand, reinforced by the vast productive investment opportunities within and across the emerging economies, it is projected that the emerging world will account for 60 percent of total world output by 2030, higher by 20 percent from its current level.
One explanation for this, common to all these countries, appears to be keener competition, which has led to high productivity growth. In the first round, heightened competition affects companies’ profit margins. But enterprises respond by reducing their costs. This occurs in part in the individual business, but subcontractors also come under pressure to reduce their prices and enhance efficiency. Increased competition therefore triggers higher productivity growth in the economy. Low inflation may thus be matched by higher productivity. Economic developments External cyclical developments and events are of considerable importance to developments in the Norwegian economy. In autumn 2003, activity in the global economy picked up from a very low level. After rising sharply for several quarters, economic growth in the US slowed in the second quarter of 2004. Economic growth has picked up from a low level in the euro area. Growth has also gained momentum in Sweden and the UK. Strong growth in the US and China exerted upward pressure on commodity prices in 2003 and into 2004. A number of central banks have increased interest rates. Interest rate increases are expected in a number of countries. Oil prices have also risen considerably during the summer. High oil prices constitute a risk factor with regard to developments in the global economy. In Norway, output growth has picked up after a growth pause in 2003.

The “crypto winter” caused by the crashes of Terra-Luna followed by Celsius Network, by no means signifies that cryptos are over; it’s more of a weeding-out process. The share of stablecoins that are, in principle, backed by mechanisms to stabilise their value has risen fivefold in 20 months. Ensuring a lasting future for stablecoins – which is a legitimate goal – means remaining vigilant with regard to the associated risks. Because, in reality, the name covers a wide range of different forms: -  “crypto-backed” stablecoins, where the word “stablecoin” is a misnomer  as the coins are backed by other crypto-assets; or algorithmic stablecoins, a category to which Luna belonged; -  stablecoins backed by a basket of assets held in reserve, for example  commodities or monetary assets, such as money market funds and commercial paper; in reality these are similar to investment tools and should be treated as such; -  last, stablecoins backed by bank deposits denominated in a single  currency, which are designed to be used as global payment instruments. Page 4 of 5 Regardless of what form they take, stablecoins are, at this stage and in the majority of cases, denominated in dollars and have been developed outside Europe. Their widescale use within Europe would therefore pose a dual challenge, for our strategic autonomy and for our monetary stability; indeed this is one of the reasons why the Eurosystem has launched an investigation phase on a retail digital euro.
•  However, credit derivatives might also encourage banks to monitor risks less carefully than in the past and thus mitigate the aforementioned effects that dampen the credit channel. To the extent that banks monitor their risks efficiently that mitigating impact should nevertheless be only partial. Research conducted within the Eurosystem Inflation Persistence Network has already shown that the interest rate channel is a prominent channel of transmission in the euro area 12 . As financial innovation tends to strengthen that channel, it would be tempting to assert that it makes monetary policy more efficient. However, countervailing effects make it difficult to draw a general conclusion. Furthermore, empirical work is lacking on this issue. I would thus strongly encourage researchers to provide policymakers with further evidence – drawing especially on micro-data. 3. Financial innovation may in some cases endanger financial stability and central banks should take appropriate action in order to mitigate potential systemic risks  Such issues may arise both at the microeconomic and at the macroeconomic levels. -  Let us first look at the microeconomic level •  Specific difficulties may arise in the infancy of new products: valuation difficulties, lack of market liquidity, possible lack of expertise of some traders, and so on. However, such problems can be regarded as mostly transitory in nature. Indeed, financial innovation has improved and increased the efficiency of the financial system. In particular, risks are spread among a greater number of agents, who are willing and a priori able to bear them.

And, in light of the central role of banking in our economic system, it also allows us to examine the conditioning factors of many decisions taken by bank debtors, i.e. by firms, households and governments over time. I therefore believe we should welcome a new publication which describes and identifies for the first time, in an orderly fashion, the contents of 10 different historical archives of banks or Spanish institutions and of the 218 documentary series they comprise. The publication also contains a full map of the development of the Spanish banking system from its origins until late 2017. Adding to it is the article by Pedro Tedde, which rigorously analyses the Spanish banking system during the twentieth century. A reading of the publication offers clues that the process of change has, with differing degrees of intensity, been continuous. Hence, while the current transformation in banking may have different causes and rhythms than those in the past, deep knowledge of previous events can also offer us significant lessons today on the challenges currently ahead of the Spanish financial system. In any event, the publication we present today is a good exponent of a long-standing tradition that has led the Banco de España to promote and sponsor economic history research, and to highlight the value of the documentary and bibliographical collection in our Historical Archives and in our Library. The list of eminent personalities from our central bank noted for their love of history and its study is a long one.
William J McDonough: Toward greater financial stability Remarks by Mr William J McDonough, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Bank of Thailand, Bangkok, 5 February 2001. *  *  *  It is my pleasure to accept the invitation of the Bank of Thailand to speak to you tonight on how we can promote greater financial stability. In the wake of the Asian crisis, authorities in the region have done much to promote increased financial stability, through a variety of measures to strengthen domestic banking systems and corporate sectors, and institute broader improvement in accounting, legal, and supervisory systems. Thailand has taken a number of such actions, including efforts, among others, to close troubled financial institutions, attract significant private sector capital (including foreign capital) into the banking system, and improve the legal framework. Macroeconomic policy adjustments, including the move to flexible exchange rates, have also furthered greater stability. These actions have helped countries recover from large-scale banking crises, and restore solid growth generally. That said, in Thailand and elsewhere, the recovery is not yet complete, and much remains to be done. Moreover, the restructuring and reform agenda will be challenged by slowing global and regional growth, which may contribute to already apparent signs of increasing reform fatigue within the region.

These rates are not only modest, but are also subject to certain risks, which, on balance, point to even lower increases in economic activity. Turning to prices, for some months now inflation has been well short of the 2% benchmark, which is the ECB’s medium-term monetary policy target. The forecasts available continue to point to the risk of inflation remaining too low for too long. The ECB’s latest projections entail a further downward revision, with inflation expected to stand at 0.7% in 2015 and 1.3% in 2016. In recent months, against a background in which, given the weakness of demand and fierce competition, firms have limited price-setting power, the slump in the price of oil has exacerbated the drop in inflation. At the end of 2014, the annual rate of inflation stood at –0.2% (the average rate in 2014 was +0.4%) and it is expected to remain at very low or negative levels in the early months of 2015. This heightens the risk of second-round effects on wages and prices that could have an adverse impact on inflation expectations in the medium term. Indeed, the latest private sector forecasts have seen substantial downward revisions for all terms. Thus, for example, according to the January edition of Consensus Forecasts, the leading private sector economic forecast publication, the average rate of inflation forecast for 2015 is just 0.1%, compared with 0.6% forecast for the same period a month earlier.
Working from home should be simple and everything should function properly even when a senior official is at home looking after children. Staffing therefore has to be arranged with this in mind. We are also having a drive for more women in managerial posts. Last year we started a mentor programme for female administrators with a view to broadening the base for the recruitment of new managers. ·  Besides altering the ways in which we communicate monetary policy in order to reach a wider public, during these years we have run an educational programme for upper secondary teachers and developed an Internet game called Stargold. At present we are working on an idea for a competition in civics between classes in Sweden's upper secondary schools. 2  BIS Review 51/2001  Evaluating all this is not an easy matter, particularly when one is fully engaged in it. I believe, however, that our efforts to make the Riksbank more transparent have worked well. To use the terminology of the BIS report, we have certainly become more "outward-looking". It has been more difficult to break what the same terminology refers to as "upward-looking". It is not so easy to build up an efficient cooperation and sense of responsibility, unencumbered by prestige, throughout our organisation. It is gratifying that among students in our subject, we are the most popular workplace in the public sector. In the league of all workplaces in Sweden, we rose seven pinholes last year to fourteenth place.

But we are not content with this and aim for a further improvement. The tasks as such, the proximity to economic policy and the international dimension should be sufficiently attractive. If, in addition, we can create an environment in which people can grow and feel they are an important part of the organisation, then I believe we can do still better. There are many connections between an open, clear relationship with the outside world on the one hand and our internal work on the other. Distinct goals have helped to focus internal operations and tighten the analysis. By making things less hush-hush we have also made it possible to include more people in a realistic discussion of monetary policy, for example. We are now open to criticism of a sharper and more specific nature and that has been good for us. The Riksbank's motto, Hinc robur et securitas (Hence strength and security), which used to allude to our earlier functions as the producer of notes and coins, for example, now refers at least as much to our analytical competence, the accuracy of our analyses and our efficiency as an authority. Management with an executive board One consequence of the new Riksbank Act, effective from the beginning of 1999, was that a new Executive Board, consisting of six members, is collectively responsible for all the Bank's operations.
Andrew G Haldane: Rethinking the financial network Speech by Mr Andrew G Haldane, Executive Director, Financial Stability, Bank of England, at at the Financial Student Association, Amsterdam, 28 April 2009. I would like to thank Ian Bond, Sebastiano Daros, Kemal Ercevik, David Gregory, Sujit Kapadia, Iman van Leyveld, Sarah Parkinson, Filipa Sa, Nick Vause, Lewis Webber, Matthew Willison and Peter Zimmerman for comments and contributions. I would also like to thank Lord Robert May for conversations on the topic. *  *  *  On 16 November 2002, the first official case of Severe Acute Respiratory Syndrome (SARS) was recorded in Guangdong Province, China. Panic ensued. Uncertainty about its causes and contagious consequences brought many neighbouring economies across Asia to a standstill. Hotel occupancy rates in Hong Kong fell from over 80% to less than 15%, while among Beijing’s 5-star hotels occupancy rates fell below 2%. Media and modern communications fed this frenzy and transmitted it across borders. In North America, parents kept their children from school in Toronto, longshoreman refused to unload a ship in Tacoma due to concerns about its crew and there was a boycott of large numbers of Chinese restaurants across the United States. Dr David Baltimore, Nobel prize winner in medicine, commented: “People clearly have reacted to it with a level of fear that is incommensurate with the size of the problem”. The macroeconomic impact of the SARS outbreak will never be known with any certainty.

As woe became the popular narrative, depressed expectations may have become selffulfilling. In their recent book, Animal Spirits, George Akerlof and Robert Shiller emphasise the role of popular psychology – “stories” – in shaping people’s perceptions and actions. Depression is a psychological state as well as an economic one. Perhaps the best explanation we have about events following the Lehman crisis is that these two states merged. Adroit communications by the authorities, like counselling, might help head-off future bouts of clinical depression in the financial system. This is undoubtedly an ambitious agenda. But experience after the Great Depression suggests grounds for optimism. That crisis brought about a revolution in thinking about macroeconomic theory and macroeconomic policy. In many respects, it marked the birth of modern macroeconomic models – in the form of IS/LM analysis – and modern macroeconomic policy – in the form of activist monetary and fiscal policy. 27  Newman (2002). 28  Haldane (2009). BIS Review 53/2009  13  Though less heralded, it also resulted in a revolution in macroeconomic data. Despite attempts in the 1920s and 1930s, it was from the 1940s onwards that national accounts data emerged for the main developed economies. This was largely a response to the evolution in macroeconomic thinking and policy-making following the Great Depression. Crisis experience led theory which in turn led data. That is the evolutionary path finance now needs to be on.