samchain/econo-pairs-v2 huggingface dataset:
the guarantee bolsters the confidence that the public has in singapore ’ s financial system. it provides certainty to singaporeans during such challenging and uncertain times in the international environment, notwithstanding that in singapore our institutions are fundamentally sound. third, financial services are an important pillar of singapore ’ s economy, accounting for 12 % of gdp and 5 % of singapore's employment. beyond this substantial direct contribution to gdp, the financial sector plays a critical role in intermediating credit for the economy, and in providing other critical financial services to companies and depositors in singapore. it is therefore important for the whole economy that the financial sector continues to function normally. should financial institutions in singapore become less competitive or credit become less readily available, it would hinder the financing of economic activities and raise the borrowing costs of businesses. this would aggravate the already challenging economic situation and thereby adversely affect our growth and jobs. fourth, this financial crisis is not confined to any country or region, but is a global one. singapore ’ s guarantee of deposits demonstrates our confidence in the soundness of our financial system, and helps contribute towards restoring confidence in the international financial system. why the guarantee is sufficient and prudent the deposits of individuals and non - bank customers with banks, finance companies and merchant banks in singapore amount to about s $ 700 billion. in view of mas ’ stringent regulations and close supervision of financial institutions in singapore, their strong capital and asset positions, and the potential support that foreign institutions in singapore can avail themselves of where necessary under the government guarantees provided by their home jurisdictions, mas and the ministry of finance have assessed that the backing of s $ 150 billion of the government ’ s reserves provided to the guarantee would be more than sufficient. let me explain. first, the likelihood of a bank failure as a result of problems in singapore is small as our banking system is sound and closely supervised, even though it is possible that problems elsewhere will affect a bank ’ s operations in singapore. second, even if a bank were to fail here, it should still have substantial assets to meet its liabilities to depositors. under the law non - bank depositors enjoy priority in being paid, ahead of other unsecured creditors. this makes it more likely that the failed institution will have sufficient assets to pay out to depositors. hence, for the guarantee to be called, two things have to happen : a bank has to fail, and at the same time its assets must be worth so little that

##ans and the economy, which are in turn dependent on a strong and competitive financial sector. the risk of drawing on the guarantee and potential impact on singapore ’ s reserves are low. this is a measured, precautionary action that will help us to weather the global economic slowdown and the ongoing financial crisis in international financial markets.
##rsion could become exacerbated by geopolitical events. in this context, mexico ’ s fiscal stance should be fortified, and its monetary policy must continue to employ complete flexibility in order to consolidate the convergence of inflation to the permanent target, thereby shielding the economy with stronger macroeconomic fundamentals. see banco de mexico ( 2016 ). “ encuesta sobre las expectativas de los especialistas en economia del sector privado : julio de 2016, ” august. bis central bankers ’ speeches

markets contracted due to the increase in counterparty risk perception, ending in a flight to government - backed assets. as professor robert lucas has clearly pointed out, this financial crisis was very similar to that during the great depression, in which credit froze due to the fall in bank deposits originated by the bankruptcy of many financial institutions. however, unlike that episode, this time, the fed did not allow a contraction of highly demanded liquidity. 3 in particular, the fed used conventional monetary policy to reduce the fed funds interest rate from 5. 25 percent in july 2007 to levels close to zero at the end of 2008. since the second half of 2008, as an extraordinary measure, the fed also bought a significant amount of illiquid ( and low - quality ) assets from financial intermediaries in exchange for liquid reserves held by them at the central bank. these operations confirmed that monetary policy tools are not exhausted when the policy interest rate reaches zero. under such circumstances, conventional monetary policy is ineffective because it involves operations with short - term government securities which, by paying a rate close to zero, become quasi - money and therefore the central bank cannot supply liquidity effectively through open market purchases. the overall strategy contributed to the dissipation of financial panic by the end of the first quarter of 2009, as reflected by the reduction in the spread between the cost of private financing and that of public financing to levels close to those prevailing prior to the crisis. 4 see robert e. lucas, jr., op. cit. for example, the spread between the 3 - month libor rate and the overnight indexed swap, which reflects the banks ’ funding cost as compared to the central banks ’ reference rate, began to increase in august 2007, reaching their highest mark of 364. 4 basis points during the fourth quarter of 2008, and then decreasing to 36 basis points ( pre - crisis levels ) by the second quarter of 2009. bis central bankers ’ speeches the effect in spite of the towering financial turmoil was that gdp fell significantly less than during the great depression but, unlike that time, there was no deflation. although the central bank ’ s intervention as a lender of last resort was effective, it was not free of costs, as the bail - out of low - quality asset holders created incentives for excessive risk taking in the future, a problem known as “ moral hazard ”. nevertheless, this cost might have been lower, at least in the short term, than that if financial panic had not been
. in fact, the outstanding amount of cash in circulation has been increasing in major advanced economies, except in special cases such as sweden. in japan, people using cashless payments seem to have increased since the introduction of the “ point reward project for consumers using cashless payment ” by the government in october 2019. however, at the same time, the outstanding amount of cash in circulation has also increased by two percent annually. the preference for cash remains surprisingly strong. having said that, with the emergence of new services and greater awareness of their convenience, the move toward the cashless society will not be hampered in the long run. second, diversification of payment service providers is likely to continue. a recent development of the cashless society seems to be led by nbpsps such as bigtechs, fintechs, retailers and transport companies, rather than banks. for example, funds transfer service providers, typically named “ xyz pay, ” and prepaid payment instruments issuers, such as retailers and transport companies, issue digital money that differs from traditional cash and bank deposits, and the use of such digital money seems to be expanding. diversification of payment service providers will likely have various impacts on financial regulations as well as the operations of payment and settlement systems operated or managed by the central bank and the private sector. third, money and data will become more closely linked. many nbpsps provide convenient cashless payment services. their aim is not only to improve the convenience of customers, but also to seek to expand their own ecosystem via network effects by inducing customers to use other relevant businesses nbpsps offer. this strategy is called “ data - network - activity ( dna ). ” in the past, making payments for purchases, in other words, using money, meant an exchange of certain amount of economic value. nowadays, it also means an exchange of relevant data on who has purchased what, when and where. in some cases, the exchanged data could be data that the web advertisement has just been viewed, but nothing has been purchased. therefore, when we explore the future of the payment and settlement systems, it becomes more vital to discuss issues concerning the protection and effective use of personal data. cbdc discussion in foreign central banks in a world where the environment surrounding the payment and settlement systems and money 2 / 4 bis central bankers'speeches has been rapidly changing, what roles and functions will be expected for cbdc? foreign central banks investigating the issuance of cbdc could

to build a digital and carbon - neutral future. finally, better access to venture capital would help young european firms turn innovative ideas into marketable products. 1 / 2 bis - central bankers'speeches for now, i look forward to implementing our newly established partnership and to the benefits it will bring to our financial system. 2 / 2 bis - central bankers'speeches
issued a proposal simplifying and tailoring requirements under the volcker rule, to ensure that the most stringent requirements apply to the firms with the most trading activity, and that compliance is as simple and objective as possible. we also issued a rule limiting the exposure of large firms to a single counterparty, addressing a key source of contagion during the financial crisis. we have received thoughtful input from the public that will help inform our implementation of all of these measures. board of governors of the federal reserve system, federal deposit insurance corporation, and office of the comptroller of the currency, “ agencies propose rule to update calculation of derivative contract exposure amounts under regulatory capital rules, ” news release, october 30, 2018, https : / / www. federalreserve. gov / newsevents / pressreleases / bcreg20181030a. htm. - 7finally, we have continued to engage with supervisors and central banks overseas. the ultimate goal of having an efficient and transparent regulatory system is to help the american economy - - to enable banking organizations to offer safe, stable financial services to households and businesses around the country. but american businesses compete in a global marketplace, and as the financial crisis showed, when regulatory standards fall in other countries, americans can pay the price. engaging overseas, through forums like the financial stability board and the basel committee on banking supervision, helps level the playing field - - and it helps ensure that all countries, not just the united states, do their part to maintain and protect the global economy. our work to improve regulatory efficiency is not done, and we expect to make additional progress in the months ahead on a number of issues. in particular, we are working with our counterparts at the occ and fdic on a community bank leverage ratio proposal. we expect that this proposal would meaningfully reduce the compliance burden for community banking organizations, while preserving overall levels of capital at small banks and our ability to take prompt action when problems arise. i look forward to continuing our efforts to make our regulatory framework simpler, more transparent, and more efficient - - and i look forward to participating in the committee ’ s oversight of those efforts. as chairman powell said at his swearing - in : “ as a public institution, we must be transparent about our actions so that the public, through its elected representatives, can hold us accountable. ” 12 we will continue to do so to the best of our ability. thank you, and i look

forward to answering your questions. jerome h. powell, “ remarks at the ceremonial swearing - in ” ( speech at the federal reserve board, washington, dc, february 13, 2018 ), https : / / www. federalreserve. gov / newsevents / speech / powell20180213a. htm.
plan, and the payment infrastructure in the country is expected to be ready to join the euro area by the end of 2023. the project for ensuring full reachability within the single euro payments area ( sepa ) for credit transfers in euro from / to bulgaria will be brought to completion by the end of this year. preparations are ongoing for the implementation of instant credit transfers in euro as a continuation of the already implemented instant credit transfers in levs. the migration of budget payments to the sepa standards, planned to take place in october 1 / 4 bis - central bankers'speeches 2023, will finally bring the payment infrastructure in alignment with the sepa standards. as a result, customers will be able to benefit from faster and more secure payment transactions. the innovations in the payment services segment are clearly visible in the statistical data that we have. for yet another year, the trend of increasing basic indicators of payment services, and mostly of those provided electronically, is confirmed. in 2022 the number of cashless customer payments conducted in the country rose by around 1 / 4th relative to the previous year. the number of payments with cards issued in bulgaria went up by nearly 1 / 3rd compared to 2021. also, there was impressive growth in the number of initiated e - money payments in 2022, by more than 40 % compared to 2021. we can outline several segments whose development would have an impact on payment processes in the medium term. first of all, this is the development of central bank digital currencies. a 2021 survey of the bank for international settlements 2 shows that nearly 90 % of the central banks in the world are exploring the potential of digital currencies, and 14 % are devising pilot projects. especially interesting is the development of such a project in china over the last few years, where the digital renminbi is undergoing public testing in certain areas of the country. the development of central bank digital currencies is driven by significant factors, one of which is the fact that cash is being used less and less as a means of payment. central banks should respond to the continuing digital transformation of the business and the evolution of payment instruments, and also to the possibility of global corporations with immense client bases developing their own private digital means of payment. with regard to the digital currency projects of central banks, the managing director of the international monetary fund, ms kristalina georgieva, says in one of her statements in 2022 3 that'the history of money is entering a new

bis - central bankers'speeches 5 https : / / www. ecb. europa. eu / paym / intro / news / html / ecb. mipnews230425. en. html 4 / 4 bis - central bankers'speeches
of this is our new rules on collective investment undertakings, which will underpin bahrain ’ s position as the region ’ s leading funds centre, by introducing – for the first time – regulations specifically geared for expert funds and other alternative asset classes, such as hedge funds. collectively, these initiatives have aimed to ensure that bahrain maintains its leading role as a financial centre, in terms of responding to evolving market demands. i am pleased to say that these efforts were positively acknowledged by the imf last year, in their financial sector assessment review of bahrain. but we are not complacent, and we will be continuing to develop our regulations in light of market needs and evolving standards. on this note, let me now turn to my colleague from the edb, shaikh mohammed bin khalifa al - khalifa, who will present in more detail bahrain ’ s financial sector.

protection is usually referred to as deposit insurance. in bahrain we have had a deposit insurance system for some years. until now this has protected deposits up to a maximum of 75 % of bd15, 000. it is also what is know as an “ expost ” funded scheme in that the required funds can be collected from the other banks only after a bank has already failed. this takes time, and one of the lessons of the recent financial crisis is that it is important that depositors should be compensated promptly after their bank fails. reflecting the lessons of the financial crisis, and also the recent development of international best practice standards on deposit insurance, the central bank is in the process of finalizing a new regulation on reform of the existing deposit protection arrangements. the purpose of this reform will be to establish a pre - funded scheme. this will be a scheme in which a fund of money is accumulated in advance of the scheme needing to make any payouts to depositors. the fund will be accumulated by regular contributions from the banks that are members of the scheme. the purpose of all the measures i have described to you is to ensure that bahrain ’ s financial system remains sound, stable and able to provide the credit that the domestic economy needs. sometimes these measures might lead to complaints from particular sectors or groups that their access to credit is being impeded, but as a central bank we need to take a broader view of the overall stability of the system. it would be in no one ’ s interests to allow banks in bahrain to take excessive risks. a sound banking system is one in which firms are well - diversified, have many different revenue sources, and do not concentrate their risks in one particular economic sector. this is one of the most important lessons we can draw from the financial crisis. thank you for your attention.
it has 41, 000 kms, second only to the us. it is adding the equivalent of the uk ’ s total power generating capacity every year. beijing alone plans to build 15 new metro lines by 2020, to create a network larger than the london underground. no surprise, then, that china consumed 50 % of the world ’ s cement last year. third, and more tentatively, there seems to have been an increase in the international mobility of labour. this is the area where the continuing, largely political, barriers to free movement are most apparent, and where, partly in consequence, it is hardest to assemble reliable information. nevertheless, many developed countries seem to have been experiencing increases in their long - and short - term immigrant workforces, both skilled and unskilled - notably the us, where the foreign - born work force is now around 15 % of the total, and a number of southern european countries. italy and spain both had increases in their foreign - born workforces of over a million in the five years to 2004. there have been smaller, but still sizeable, increases, in germany, sweden, ireland, the netherlands, and the uk. 1 it is too soon to assess the full impact of these developments on the performance of industrial countries. a few obviously important effects have been identified but they may not turn out to be the most significant in the long term. most comment has focused on the direct effects of the emergence of china on relative prices, especially the price of manufactures relative to other goods and services. the emergence of an economic superpower with abundant supplies of labour and a relatively poor natural resource endowment has probably had several effects. first, it has pushed down on the price of manufactured goods over a long period of time. across the world ’ s industrial countries the real price of goods ( adjusted for general inflation ), fell by over 10 % between 1995 and 2005. second, in the last couple of years it has helped to fuel a sharp surge in world prices for energy and other commodities. between the beginning of 2004 and their peak in august of this year, world oil prices rose from $ 30 to $ 78 a barrel. there have been comparable increases in the prices of metals and other raw materials over the same period. economists have also speculated that globalisation may be changing wage - and price - setting behaviour in developed countries, by adding to the competitive pressures facing domestic producers and wage earners. this is not just a reflection of increased competition from cheap manufactured imports,

creating an opportunity effect, because experience tells us that participants can easily relocate to another territory offering more flexible laws. several international organisations have set up working groups to explore this question, under the leadership of the g20. while some of the discussions are still in their infancy, the aim in the medium term is to come up with a framework and an international code of conduct to preserve security for everyone and promote financial stability, which is a common good that we all share. thank you for your attention. 5 / 5 bis central bankers'speeches
ewart s williams : governance, regulation and financial crime prevention opening remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the 2010 regional forum “ governance, regulation and financial crime prevention ”, port - of - spain, 9 august 2010. * * * i would like to thank the sponsors, the international governance and risk institute for inviting me to provide some opening remarks to what should be a most stimulating forum, given the impressive array of presenters. your seminar theme is about “ financial crime prevention ” and while many of your sessions would be on money laundering and terrorist financing, i am pleased to see that the forum will cover other areas of financial crime. i would like to make some brief comments on some aspects of corporate financial crime which appear to be on the increase in trinidad and tobago. i will also say something about anti - money laundering efforts here in trinidad and tobago. for convenience, financial crime is defined to cover any non - violent crime resulting in financial loss. this definition will easily cover fraud on the public, credit card fraud, improper self - dealing, stock market manipulation and other breaches of fiduciary trust. money laundering is clearly an important category of financial crime. obviously, i will look at the issue from my vantage point as regulator. the recent massive destruction of financial wealth in the us and europe ( most notably enron and worldcom but there were others ) raised the profile of corporate financial crime. in the last two years or so, we have been introduced by madoff and stanford. what all of these have in common is a breach of fiduciary trust whereby depositors or investors were bilked of considerable sums by unscrupulous operators who were reckless with other peoples ’ money, driven by greed and self - dealing. in recent years, we in the caribbean have had our own high profile examples of financial crime, of various levels of sophistication. some of you may remember the “ fantasy tours ” a pyramid scheme which collected more than tt $ 100 million in a year before its inevitable collapse. a similar scheme in jamaica, plus, is estimated to have raked in between us $ 100 - 500 million. there was one in grenada reported to have cost investors an estimated us $ 30 million. it is worth noting that both in trinidad and tobago and jamaica, it was not only the lowerincome or the financially naive that were caught in the net. in fact, several people, who considered themselves

out, and the bankers, when the public tar them all with the same brush. yet we should be aware that the value of the financial system is measurable against one key criterion : your reliability, ladies and gentlemen, as a service provider to the real economy. so let ’ s use this understanding to work together to make the financial system more stable – the ecb, bafin, the bundesbank and the banks. this symposium is a magnificent opportunity to exchange views and develop ideas. let ’ s use it. thank you very much. bis central bankers ’ speeches