samchain/econo-pairs-v1 huggingface dataset:
In 1996, the Bank Guarantee Schemes Act was passed, which continues to be current Norwegian law. The act makes it possible to write down equity capital and force banks to issue new shares to the government, enabling them to be nationalised. 9  Forhandlinger i Stortinget [Proceedings of the Storting] No. 18, 17 October 1991: Address by the Minister of Finance on the situation at Kreditkassen etc. (in Norwegian). BIS central bankers’ speeches  5  Subordinated debt – debt instruments with characteristics similar to equity capital – is to be written down in proportion to banks’ losses. In this way, banks can continue operating under government ownership. Should a bank nevertheless be closed, deposits of up to NOK 2 million per depositor are guaranteed by the Norwegian Banks’ Guarantee Fund. For a long time, this was one of the world’s most modern bank resolution laws and Norway weathered the crisis in 2008 better than most countries. Moreover, Norwegian banks have probably also drawn lessons from the banking crisis of the 1990s. Norwegian banks had via that crisis gained greater insight into crisis risk than banks in many other countries had before the global financial crisis erupted in 2007. Managements and boards of Norwegian banks were probably also more conscious of their social responsibility than those in many so called leading financial centres elsewhere in the world. But the Bank Guarantee Schemes Act does not provide for the imposition of losses on creditors who have made ordinary loans to banks, without, in practice, closing the bank.

A number of avenues need to be explored. • First, if this exercise is necessary per se, its full potential will be delivered only if all lessons are properly drawn. Some guiding key principles, or “Fundamental elements”, to be designed in the wake of the G7 exercise, will help achieve this objective. • Second, we must leverage on this G7 exercise: the regular practice of coordinated crisis management exercises should be encouraged in order to enhance the resilience of the financial system. • Third, an enlargement beyond the remit of G7 countries should be considered with some other jurisdictions and/or with BIS involvement, and possibly beyond the sole financial sector actors. In future exercises, the current format will require cooperation arrangements on a wider scale. ** Regulation and supervision, information, and preparation: these are the areas where we clearly need to improve our coordination. I would like to conclude with a last imperative: action. We all share the principles, but there was today in this conference a sense of urgency, of concrete urgency. This is where the French presidency of the G7 intends to be useful: • First, by giving greater visibility and support to the CEG work, which is going to deliver important papers on cross-sector coordination and on the assessment of vulnerabilities.
Summing up, the significant expansion of the balance sheet, in a context of economic deterioration, reflects the counter-cyclical behavior of the Bank, which is necessary to secure the fulfillment of its mandate, and the existing confidence in our currency. This counter-cyclical operation, coupled with efficient asset and liability management and austerity in budget administration, will allow the Bank to regain positive net worth which, if sustained over time, would allow it to deliver profits to the Treasury for the first time in history. III.3. Technological development The fast-technological advances, marked by the digital revolution, has effects on our Central Bank as it does in any knowledge-based institution, but moreover by its impact on the specific area in which we operate. At the Bank level, we have been investing in the digitalization of its operations and in cyber security. The sanitary contingency has accelerated this process, namely by extending teleworking systems to almost all the staff, allowing them to keep performing most of their usual activities. The emergency of recent months sped up several plans, such as the use of cloud infrastructure capabilities, which has facilitated work from home, coordination among the workers and granted the necessary working flexibility to the teams that so require. Throughout 2020, efforts have continued to be devoted to make the Bank’s systems more resilient by providing a minimum infrastructure that is independent of the current processing centers and that allows the operation of the main business processes to be maintained even when both centers fail at the same time.

However, the closing of the capacity gaps that widened in this period and the convergence of inflation to the target will only be completed by 2022. Moreover, this scenario is still surrounded by high levels of uncertainty and significant risks. Let me now turn to the details of the macroeconomic scenario. II.1. Macroeconomic scenario The behavior of the pandemic continues to be the driving factor in the evolution of the macroeconomic scenario. Several months after it first appeared, the Covid-19 has affected all the countries of the world over the course of this year, but its current dynamic is varied. While some countries have seen a more favorable evolution, others have had outbreaks or increases in infections that have yet to be brought under control. In some countries with good sanitary responses to the pandemic, it has been possible to avoid reinstating tougher restrictions in the face  1  of new epidemic outbreaks. The Latin American region overall currently accounts for the largest number of new infections, but they differ from one country to another in terms of their trajectories (Figure 1). In Chile, health indicators have improved, and the authorities have implemented a plan for gradual deconfinement nationwide. Thus, the percentage of the national population subject to quarantine has dropped from its peak of 54% in July to 40% this week. Particularly marked have been the changes in the Metropolitan Region, where the percentage of the population in quarantine has fallen from 98% in July to 46% today.
Most of the local banks also service small depositors. This will continue. However, over the longer term, the conflicting pressures on banks on the one hand to provide a public service, and on the other to earn competitive returns for shareholders, will persist and intensify. ABS has encouraged banks that engage in consumer banking to provide affordable basic banking services to lower income Singaporeans. MAS welcomes this, and hopes that these banks will find ways to meet this need. MAS will monitor the situation closely, together with ABS and the banks. When it becomes necessary, MAS will require all banks with significant retail operations in Singapore to provide basic banking accounts with defined minimum features to low income Singaporeans. Cross-border partnerships As the financial industry continues to change rapidly and the global banks grow even larger, consolidation among the local banks alone may not be sufficient. Apart from seeking growth and acquisitions abroad, the local banks may also seek out foreign partners. Strategic partners can bring expertise and market discipline to Singapore banks. MAS has encouraged the local banks to explore such strategic alliances and is prepared to approve significant stakes by foreign banks, provided three conditions are met:  4  BIS Review 61/2001  a. One, the foreign player must be more than a financial investor. It must become a strategic partner bringing specialised skills, new technologies, or business strategies to the bank. The outcome must be in the long term interests of the bank;  b.

On the few occasions when a foreign bank has run into difficulties, MAS has managed to ring-fence the banks' Singapore operations in time – as we did during the Asian crisis – so that Singapore depositors did not suffer losses. However, as we liberalise, foreign banks will gain market share. Local banks will also venture abroad. The safety and soundness of both local and foreign banks will increasingly be affected by factors beyond our control. We have seen how in other countries even well-run international banks supervised by highly-regarded authorities can nevertheless run into financial trouble. Even as we strengthen MAS supervision, we cannot expect our supervisors to always be in time to pre-empt any difficulties that the bank has not prepared itself for. No government can promise to bail out depositors whenever a bank runs into trouble. If a government did so, depositors would lose the incentive to seek out sound banks, and banks would lose the incentive to lend prudently, knowing that even if they run into trouble their downside risks will be absorbed by the government. This is what bankers call moral hazard. However, in the absence of a deposit insurance scheme, there will be an implicit expectation, both by depositors and banks, that if something goes wrong, particularly with a large bank, the government will be there to pick up the pieces. And should a mishap happen, the government may come under strong political pressure to do so. This can be destabilising.
In my speech today, I will  1  Alf Collet (1915): Familien Collett og Christianialiv i gamle dage (The Collett family and life in Christiania in olden days), Cappelen, Kristiania. 2  See Facts 2011 – The Norwegian petroleum sector, Ministry of Petroleum and Energy: http://www.npd.no/en/ Publications/Facts/Facts-2011/  3  Report to the Storting on Long-Term Perspectives for the Norwegian Economy, Section 4.5: http://www.regjeringen.no/en/dep/fin/press-center/press-releases/2009/long-term-perspectives-for-thenorwegian.html?id=542381  BIS central bankers’ speeches  1  discuss in particular what sound management entails from an economic viewpoint. I will also touch upon how we practice oil wealth management in Norges Bank. Intergenerational saving The first question that must be answered is: Who owns the oil wealth? Does it belong to the present generation of Norwegians? Does it also belong to future generations? 4 Even though I will be speaking from an economic vantage point, I will borrow a point made by the philosopher Henrik Syse. He asks whether we have the right in the course of a single generation to expend resources that it has taken nature millions of years to produce. But there are also counter arguments. The next generations are likely to be wealthier than us in any case. Should we save for them? Saving for the future can also be supported with vicarious arguments by those who are worried about their own upcoming pension payments. Today’s pension obligations are underfunded but can be more easily met if oil revenues are saved.

The Bear Stearns share, which was trading at well over $ 100/- per share just a week before the event, was to be given to JP Morgans at $ At the same time, the Federal Reserve was to pump many more billions of dollars to prop up the Bank. Now they have negotiated the price per share up to $ or so I believe, but yet an amazing debacle! Then, there was also the case of Société Générale, which, although some what unconnected to the sub-prime issue, showed what may be happening underneath a calm exterior. While all this was happening the risk of the US economy going into recession was increasingly becoming very real. So, the US Government and the Federal Reserve Bank have to come up with what is now hailed as a “Policy Stimulus Package”, (which actually is what we, in our part of the world may quite naively and innocently call a “Hand-out”), in order to deal with the situation. The US Government generous hand-out was going to be to the tune of a massive 160 billion dollars, more than 5 times the GDP of Sri Lanka! So, this is the type of turmoil that the world is in today. We, in Sri Lanka, cannot think that we are well isolated from all these problems and that these happenings will not affect us. We cannot think that the deadly virus will not catch up  BIS Review 55/2008  1  with us and infect us as well.
Stronger labor market conditions are perhaps the best means to improve the economic well-being of most Americans, particularly those who have been struggling and are most 2/7  BIS central bankers' speeches  vulnerable to economic downturns. And, as discussed in the Federal Reserve’s July Monetary Policy Report and in Chair Yellen’s accompanying testimony before Congress, it is encouraging that unemployment rates continue to fall for most demographic groups, including African-Americans and Hispanics. 2 At the same time, we should remain concerned that the jobless rates for those groups remain above the unemployment rate for the nation. Recent U.S. Census Bureau estimates of household income growth also provide some reason for optimism. Median real household income rose 3.2 percent in 2016, after strong gains the prior year. Gains were particularly notable among African-American and Hispanic households, and the poverty rate fell to near pre-crisis levels. While this is good news, I think we can all agree that we have a long way to go to improve income inequality and mobility in the United States. As I see it, these are among the most important issues we face as a nation. Income mobility and education Now, it is clearly the case that, given differences in individuals’ abilities, a free-market society will generate some level of inequality. However, there are persistent trends toward growing inequality and diminished economic mobility—and in my view, these are problematic.

While college is generally a good investment, it has become increasingly expensive over the last several decades to attend a four-year program, as costs have risen considerably faster than wages—especially wages for all but the very top of the income distribution. This means that college has become increasingly unaffordable for those families who need it most, if we are to increase social and economic mobility. Of course, one result of the increasing unaffordability of college education is that fewer people get a college degree, which could help account for the 4/7  BIS central bankers' speeches  slowdown in the growth rate of the college-educated workforce that I discussed earlier. However, recent research by my colleagues at the New York Fed shows that young Americans have mostly adjusted to rising tuition and fees not by foregoing college education, but rather by amassing more debt. Over the past few decades, funding for higher education has shifted from state and local sources to students and their families. While the federal student loan program has helped ease that transition, the result has been that more students are leaving college with significantly higher amounts of debt. In fact, student loan debt has grown 170 percent over the last decade and now totals over $ trillion.16 To be clear, I don’t want to downplay the importance of student loans. When accompanied by college completion, they allow students to make what generally turns out to be a very worthwhile investment. I personally benefited from student loans while at Berkeley.
Budget deficit for 2010 settled to around 3.0% of GDP, reduced by 52% compared to a year earlier. This deficit was funded mainly through the issue of domestic debt instruments. However, deficit financing was a novelty in 2010, with the issue of the first Albanian Eurobond. Its issue, at EUR 300 million, met a part of the public sector’s need for foreign currency and was accompanied by reduction in domestic borrowing. Current account deficit narrowed by 21.5% in 2010, to 11.9% of GDP. This was reflected in augmented private and public sectors savings. Increased exports as a result of invigorated foreign demand, depreciated exchange rate and improvement of trade terms over this period also contributed to it. Notwithstanding the improvement recorded in 2010, current account deficit remains high. As we have continuously stated, the Bank of Albania deems that compilation of structural policies to dampen the external economy misbalance should be a priority. Net flows in the capital and financial account recorded a decline by 11.2% in 2010, leading to current account deficit financing to 87.5%. Excluding privatisations, foreign direct investments were estimated at 9.3% of GDP and constituted the main source of foreign financing of the Albanian economy. Foreign reserve increased by about EUR 178.8 million and its stock of EUR 1.9 billion may cover 4.8 months of goods and services import.

Also, during this year:   The economy’s external position improved;    The ratio of budget deficit and public debt to GDP dropped;    Financial stability consolidated;    Financial intermediation expanded further; and    Interest rates and risk premiums in financial markets decreased. On the other hand, 2010’s developments underlined the need to continue and intensify structural reforms, which are pre-requisites for a sustainable and long-term economic growth. First, the new agenda of structural reforms should aim at establishing the requisites for a more balanced and sustainable growth in the long run. Greater orientation of Albania’s economy to export and overall higher competitiveness of our products in international and domestic markets dictate the need for continued structural reforms at macro- and microeconomic levels. Second, macroeconomic stability consolidation requires more work in the future. The greatest lesson that the recent global financial crisis taught us is that prevention is better than cure. Maintaining the country’s internal and external balances requires further development of decision-making architecture and macroeconomic coordination, as well as economy and market supervisory and regulatory mechanisms. Analytical forecasting and decision-making skills of public and private economic agents should also be further improved. BIS central bankers’ speeches  1  Third, ensuring the country’s financial stability requires coordinated action by all supervisory and regulatory institutions, and a greater attention by private agents of the market.
A PCC structure would facilitate multiple issuances in one vehicle with its segregation of assets and liabilities, and is sometimes preferred by issuers for its efficiency in cost and operations. b. Second, we understand speed to market is a crucial factor for issuers as it provides certainty for their reinsurance structure. We will work closely with issuers to explore the potential of further streamlining the licensing requirements and process in Singapore. c. Third, we recognise that structuring ILS requires specialised roles beyond the conventional pool of debt capital market teams, such as loss reserve specialists and capital market advisory teams. MAS will explore support for the setting up of specialist teams in Singapore, to facilitate knowledge transfer to the local market. To raise the industry’s skills in this area, there are plans to incorporate catastrophe modelling for catastrophe bonds in existing training programs. d. Fourth, the need for quality data. Data is key for catastrophe risk quantification and the design of risk transfer tools like ILS. We know that there is room to improve data quality in this region and have embarked on the Natural Catastrophe Data Analytics Exchange since April 2017 to bridge the data gap. High resolution data, obtained through innovative technology and new methodologies, can complement other traditional sources of industry data, and support the underwriting of traditional insurance products and structuring of ILS.

Jacqueline Loh: Unlocking insurance linked securities growth through Asia Opening speech by Ms Jacqueline Loh, Deputy Managing Director of the Monetary Authority of Singapore, at the Artemis ILS Asia 2018 Conference, Singapore, 12 July 2018. * * * Distinguished guests, ladies and gentlemen, a very good morning to all of you. 2 I am very pleased to be here today at the Artemis ILS Asia 2018 conference. The third time that it is held in Singapore, the conference is a good market barometer that Insurance-linked securities (ILS) are becoming more prominent in Asia, and prospects are bright for the coming years. Alternative Capital becomes Mainstream 3 We are gathering here at an exciting time for the global Insurance-linked securities industry, with alternative capital being an increasingly important part of an insurer’s risk transfer toolkit. Born from a need to bring additional loss absorbing capacity following the devastating disasters in the mid-1990s – Hurricane Andrew and the Northridge earthquake in California – the development of the ILS market has been a remarkable story of innovation. 4 Twenty years later, the global ILS market continues to thrive. Emerging from the HIM (Harvey, Irma and Maria) hurricane losses, earthquakes in Mexico and wildfires in California, 2017 has been widely billed as the Global Financial Crisis equivalent for the ILS market, as it registered the largest losses in more than a decade. Yet, the ILS market has remained largely resilient.
The dollar functioned as an anchor currency in the Bretton Woods system of international exchange rate management. The period was marked by high economic growth and low inflation. By participating in an international system we achieved credibility as to the authorities’ commitment to the fixed exchange rate. During the devaluation period in the 10 years between 1976 and 1986, the credibility of the fixed exchange rate regime was severely impaired. In this period, a total of ten devaluations or "technical adjustments" that entailed a devaluation were made. The devaluations took place under the so-called European currency snake and under the currency basket system that was established in December 1978. The many exchange rate adjustments during the devaluation period were among other things aimed at correcting the previous deterioration in Norway’s relative cost position. As the chart shows, while the Norwegian krone gradually lost value in nominal terms against the Deutsche mark, in real terms the value was broadly constant. Such repeated "reoptimisations" eventually led to expectations that the authorities would not honour their promise of a fixed exchange rate in the future. Instead,  4  Kydland, F. and E. Prescott (1977), “Rules rather than discretion: The inconsistency of optimal plans”, Journal of Political Economy, 85, 473-490. BIS Review 10/2007  9  there were growing expectations that if price and cost inflation became too high, the authorities would devalue the krone. The social partners and businesses then factored in higher inflation in their wage demands and price-setting.

Higher potential growth can also influence real interest rates in the long term as households seek to smooth consumption over time. Higher potential growth generates expectations of higher future income. Households may then want to borrow against expected future income and thereby reduce saving already today. Lower saving implies higher real interest rates. The time preference rate can be looked upon as an expression of households’ impatience in consumption. The higher the degree of impatience, the more households will want to consume today at the expense of future consumption, and the higher the real interest rate has to be in order to provide sufficient savings to meet investment demand. It is important to stress the long-term perspective of this analysis. In the really long term, it is potential growth and saving preferences that determine the relationship between desired saving and desired investment and thereby also the real interest rate. In the short- and medium-term, however, the economy is regularly exposed to shocks that influence economic developments, and thereby also the interest rate. It is not unlikely that we might see sizeable deviations of actual rates from the theoretical rates over longer periods. Such deviations may be exactly what are needed to bring the economy back towards a new and sustainable equilibrium. Moreover, uncertainty and risk premia are often disregarded in the theoretical world. In the real world, different types of risk premia exist that can lead to deviations from these stylised theoretical considerations.