samchain/econo-pairs-v2 huggingface dataset:
paper - based payments include the fact that transactions go undocumented, and that they are exposed to the risk of loss, theft and forgery. electronic payment means are characterized by ease of use and availability to those who have access to them ; they are efficient, quick and documented, thus contributing to a decrease in illegal activity. they are also relatively safe from loss or theft, and bridge physical distance. however, their dependency on technology exposes them to both technological and security failures – issues whose risk mitigation requires significant investments. in the past few years, the bank of israel has pushed a number of reforms and a number of systems have been built, which have improved the infrastructure for the use of advanced means of payment : • development of an rtgs, an immediate and final settlement system, which allows for real time transfers and payments • including the shekel in cls bank for settlement purposes, thus turning the shekel into a convertible currency which is traded freely worldwide • the enactment of the payment systems law, 5768 - 2008, whose aim is to ensure the efficiency of israel ’ s payment systems and minimize the risks embedded in them • changes and improvements were implemented in the existing payment systems – checks, masav ( ach ) and the security exchange ’ s clearing houses. bis central bankers ’ speeches the committee for the reduction of paper - based payments ( the locker committee ), which is working to reduce the use of cash and special check endorsements, will further push the development and expansion of the use of advanced means of payments. in the past decade, the use of advanced payment means has increased, both in terms of the percentage of transactions, and even more so – in terms of transaction amounts. in this context, in 2013, 56 percent of the transactions, in nis terms, were made through the zahav system ( albeit a minor percentage of the number of transactions ), with each money transfers greater than nis 1 million being required to be made through the system. technological advancement and innovation have not bypassed the payment means field, or even traditional means of payment : the new banknote series – the first denomination of which, nis 50, is expected to enter the market by the end of the year – includes innovative security means, such as marks which become visible under ultraviolet light and micro lettering. thus, for example, the leaf illustration on the bill includes tiny lettering – featuring tchernichovsky ’ s poem “ oh, my land, my homeland

depends, among other things, on how employment develops in arab society in the next few years. if we know how to maximize the potential for increased growth and how to reduce the gaps, we will all – jews and arabs – be able to enjoy the fruits of this process. if we can ’ t manage to do this, then in my estimation, we will pay a heavy economic and social price in the years to come. later in the conference, there will be an in - depth discussion of the details, solutions and plans on the agenda. i wish us all an interesting and productive conference. bis central bankers ’ speeches
in respect of non - performing loans. but that ’ s our job. it is our job to address 2 / 6 bis central bankers'speeches vulnerabilities in the banking sector. and who would deny that non - performing loans are among the biggest vulnerabilities? we have to deal with them. and more than that, our actions complement the npl action plan agreed on by european finance ministers in the summer. after all, it ’ s not just up to banks and supervisors to deal with npls. governments can and should help too, with a view to repossessing the collateral. in some countries there are no specialised courts or judges to deal with insolvencies, for instance. also, there are often no time limits for insolvency procedures. all these factors and others slow down the resolution of npls, and they could all be addressed by national governments. with a level playing field in mind, we should aim for a situation where court resolution of npls works equally smoothly in all countries, and where out - of - court settlements are common tools. ladies and gentlemen, non - performing loans have slowly built up over the years. so there was hardly an element of surprise. other risks are different. they linger out of sight for a while, and then they emerge suddenly and unexpectedly. brexit is the most recent example. brexit – the clock is ticking as regards brexit, the main issue for banks has been clear from day one : market access. once the united kingdom has left the eu, banks operating from the uk might lose the eu passport. and with it, they might lose access to the european market. and by the way, that is also an issue for european banks that do business in the uk. they keep the eu passport, of course, but might lose access to the uk market. so, once the uk has left, banks that operate from there might have to seek another route into the european market. and the most obvious one is to become part of the european market, that is, to relocate. likewise, european banks that operate in the uk might have to find a way to maintain market access. and that is a pressing issue, as the deadline is just over 16 months away. so banks should be taking expeditious steps now. but are they? well, the picture is a bit mixed. first, there are those banks which access the european market from the uk – the “

bring added benefits for the population and inspire other individuals and firms to tap into the opportunities that exist to further develop the country's digital financial services landscape. to conclude, i extend warm congratulations to the board members, management and staff of nebula fintech limited for embarking on this venture and wish the team all the very best in their endeavour to contribute towards efforts to bring more innovative payment services to seychelles. thank you 2 / 2 bis - central bankers'speeches
still in need of an answer.

the sfc is in close coordination with broad project on strengthening the governance of the financial system for sustainable development, coordinated by the united nations environment program. on the institutional front, just 10 months ago, banco de mexico created a directorate of environmental and social risk policy and analysis with the goal of mainstreaming the environmental approach and factors into our main operations and functions. the aforementioned demonstrates our commitment to the transition to a green and inclusive economy. concerning esg standards in mexico, i would like to share that in a joint effort, in december 2021, we set up a task force on climate - related financial disclosures ( tcfd ) in mexico, emulating the successful case of the tcfd consortium in japan. the mexican tcfd is a private sector platform with the participation of financial authorities as observers, focused on disclosing tcfd recommendations divided into four pillars : governance, strategy, risk analysis, and metrics. this will expedite the disclosure of material information and the use of such information by investors. i am confident we are already on the right track and moving forward decisively. we are going through an intensive stage in acquiring knowledge and promoting education that should lead us to implement an effective deployment strategy. last but not least, i would like to mention that since 2016, private and public mexican institutions have issued a total of more than 33, 000 million pesos in green bonds, of which more than 90 % is outstanding today. there is an increasing appetite for these instruments, and the issuances have had a positive performance. i trust it will continue this way. i will stop here, and i will gladly take your questions now.
. acco rding to this database, the wages fo r new jobs have been gro wing by clo se to 6 % year - o n - year in recent mo nths. is aligned with the new technological and demographic context. in my opinion, these reforms should be an economic policy priority in the years to come. thank you very much.

outpaced wages, as a result of which, in 2015, the average pension was equivalent to almost 44 % of the average wage. behind this result are aspects such as pension indexation decisions or the so - called substitution effect which arises from the fact that new entrants into the system have pensions which, on average, are higher than the pensions of those leaving the system. distinguishing between the various determinants of pension spending is also useful to illustrate the medium - and long - term challenges the system faces. the most significant challenge stems from the progressive increase in longevity and, consequently, from the gradual rise in the retirement - age population as a proportion of the total population, i. e. progressive population ageing. 3 / 6 by way of illustration, the life expectancy of a 65 - year - old today is six years more than that for a person of the same age in 1975 and, on the latest ine demographic projections, that same person today will live around five years less than a 65 - year - old in 2060. as a result, the dependency ratio may be estimated to more than double from 2016 to 2060. one initial means of checking or compensating for the effect of the rise in longevity on pension expenditure is to raise the employment rate. for example, if it is assumed that the spanish economy can increase its employment rate from the current rate of 56 % to 80 % by 2060, up to 60 % of the pressure on spending derived from population ageing might be offset. a second means of compensating for demographic pressure is by reducing the replacement rate. changes in macroeconomic variables – in productivity in particular – and the definition of the various parameters used to calculate the system ’ s benefits may both contribute to achieving this reduction. a higher productivity growth rate in the economy – which is one of our main economic policy challenges – has a stabilising impact on pension spending as a proportion of gdp, precisely through a reduction in the replacement rate, insofar as existing pensions are indexed below productivity growth. the sustainability factor, which will come into force in 2019, and the new pension revaluation index, introduced in the 2013 reform, also temper spending by reducing the replacement rate. in practice, the new pension revaluation method, in force since 2014, sets the annual growth of pensions according to past and future behaviour of revenue and expenditure in the system, which depends on factors such as the number of pensioners and average
to make plans which are 50 years ahead. 1 the commission de surveillance du secteur financier is the supervisory authority of the luxembourg financial sector. 5 / 5 bis central bankers'speeches

of september 2016 and in any case until we see an inflation path that is sustainably approaching our objective. this assessment will be made by looking at the trends and not at the individual numbers that could result from temporary phenomena. early evidence shows that these measures, in combination, have been effective. bank lending rates to firms started to decline in the second half of last year, and gradually showed less dispersion across countries. lower interest rates in markets are now being transmitted along the entire chain of financial intermediation. the contraction of credit seems to be reversing. and the lower cost of finance – both of debt and equity – means that investment projects which were previously unprofitable become attractive. gdp growth projections by ecb staff were raised from december to march, by 0. 5 percentage point for 2015, and 0. 4 percentage point for 2016. inflation is projected to be zero for the euro area as a whole in 2015, largely because of the fall in oil prices, but projections for subsequent years have been raised to 1. 5 % in 2016 and 1. 8 % in 2017. this underpins the optimism that monetary policy is contributing to deliver a more robust cyclical upturn, and that the governing council of the ecb will fulfil its mandate. 2. from monetary policy to structural policies we know that, by itself, monetary policy cannot create lasting growth of a structural kind. and it cannot create even growth because it is not the right tool to correct divergences between countries that emanate from low growth potential and high structural unemployment. at the same time, we cannot expect those divergences to be addressed through means such as permanent transfers from economically stronger countries. the euro area was not created to be a union with permanent creditors and debtors. it is an area where each country, by exploiting its comparative advantages and the opportunities afforded by the single market, and by converging to the highest standards in terms of competitiveness and income, must be able to stand on its own two feet. and this is where structural reforms come in. they are essential to raise potential growth, which provides the basis for lasting prosperity. they are also essential to make economies more resilient to economic shocks, and help them diverge less when a crisis hits. and both these effects are today more important than in the past as we face a large stock of outstanding debt and an ageing population. yet, in several euro area countries, potential growth has been
itself. financial markets, however, come in different colors and rich hues. to make an integrated market come alive, we need the breadth and depth of capital markets. the ability to raise capital is necessarily premised on having thriving fixed income and equity markets so that surplus funds can be invested on those willing to take an entrepreneurial risk. doing so requires a payments and settlements system that is holistic and efficient, from large - value to retail payment systems and securities settlements. this must be supported by the necessary financial market infrastructures – ccps, csds, trs – run under uncompromising standards of good governance and risk management. all of these must be in place in each jurisdiction and then linked and aligned with the rest of the asean jurisdictions6. as i understand, there is still much work to be done in this area, particularly in light of the global market reform agenda. we need a functioning insurance market so that stakeholders can either hedge their risk exposures or transfer the risks to those who are better positioned to manage them. the notion of an “ insurable event ” for both property and finance has shifted through time and the same dynamism is necessary if we are to adapt to a fast evolving market landscape. and certainly, we need indigenous asean banks to bridge markets, offer products and services and meet the varied needs of consumers and producers. asean ’ s saving – at 31 % of gdp and 11 percentage points higher on average than the rest of the world – needs a repository before these can be intermediated or invested. with collective gdp at usd2. 57 trillion7 in 2014, the amount of economic saving is not trivial. asean banks must have the depth of risk capital and the breadth of expertise if they are to handle cross - border banking. this is for a region that has consistently grown but is also defined by the diversity of its member states. ibid. “ southeast asia at the crossroads : three paths to prosperity ”. mckinsey & company. november 2014. “ asean community 2015 : managing integration for better jobs and shared prosperity ”. adb & ilo. 2014. the current linkage is the asean trading link – on equity exchanges of thailand, malaysia and singapore. data from asean website. bis central bankers ’ speeches market “ surprises ” : what we learned for all asean ’ s current strength and potential, recent global developments have had an impact. one would surmise that asean trade exposures to greece would not be that significant. yet, when

overnight financing rate ), which is the global benchmark short rate in us dollars, is assumed to be between 3. 5 percent and 4. 5 percent. finally, we assume our exports will grow by 6 percent and our imports by 5 percent as global demand recovers and as international trade normalizes. 3 / 4 bis - central bankers'speeches let me end by saying that the bsp will continue to support policies that promote price stability, financial stability, and an efficient payments and settlement system, which we think are essential for sustainable and inclusive growth. thank you very much. 4 / 4 bis - central bankers'speeches
can work together on new models of cross - border payments to improve settlement time, allow for round the clock operations, and reduce settlement risk. 4 / 5 bis central bankers'speeches this is an opportune time for dlt collaboration, and more broadly fintech collaboration, between andhra pradesh and singapore. i look forward to seeing fintechs in singapore developing solutions for use cases in andhra pradesh that will create value and opportunity for the people of this up - and - coming state. thank you and i wish you fruitful and stimulating discussions. 5 / 5 bis central bankers'speeches

”. how does a blockchain make sure that what you see is what i see without third party verification? first, data are recorded and shared in a way that ensures a consistent view across multiple parties. copies of the data are spread around all the nodes of the blockchain network. rather than trusting any single party, the trust is placed in the collective view of all parties. anybody can check whether something is wrong. second, data are heavily encrypted or signed with digital signatures that makes the blockchain secure against tampering. this means that all parties in the blockchain can be sure that no one can unilaterally make changes without the signature of the others. third, data are generated by smart contracts which always execute in the same expected way. the smart contract acts as an impartial judge. it executes contracts faithfully in accordance with the pre - defined contractual terms that all parties on the blockchain have agreed to. a blockchain is essentially a database that provides proof of who owns what at any given moment and an immutable record of all transactions. it is, in other words, a distributed ledger. distributed ledger technology, or dlt, has the potential to transform many industries and economic activities. this goes well beyond the original application of blockchains to bitcoins and cryptocurrencies. in fact, although crypto - currencies have attracted the most public attention, it is the broader applications of dlt that hold more promise over the short to medium term. industry applications of distributed ledger technology dlt is particularly suited for industry applications where it is important to know the histories of ownership but there is no trusted central party or reliance on the central party is inefficient or costly. take supply chain management for instance. dlt can provide the means for registering, certifying, and tracking the supply chain process at low cost. all goods will be uniquely identified and transferred through the distributed ledger, with each individual transaction verified, time - stamped, and encrypted in a transparent process. in financial services, dlt is being experimented with for a variety of applications. dlt may provide a more efficient alternative to credit bureaus that compile consumer credit information from banks. the insurance industry in singapore is looking at how dlt can help prevent duplicate insurance claims. 2 / 5 bis central bankers'speeches probably, one of the potentially more powerful applications in financial services is in
are to maintain financial stability, we have to consolidate our efforts to build up a framework of cooperation and an appropriate division of roles between the authorities involved. these include the central bank, the finance ministry and the financial supervisory agencies. secondly, information asymmetry is one of the major factors working to increase financial instability so we must strengthen our efforts to heighten the transparency of the accounting and management information of financial institutions. lastly, financial market players tend strongly toward herd behaviour, which fosters the accumulation of risk factors and the spread of crises. in order to calm this galloping herd, the policy authorities should provide appropriate information on market conditions, so that players can decide upon the level of risk they wish to accept from a long - term and system - wide perspective. concluding remarks so far, i've briefly dealt with our experience of financial crises and the importance of macro - and micro - prudential surveillance, together with the tasks ahead. i am sure that this conference will provide a great opportunity to build up an effective framework for financial stability. thank you for listening so attentively.

survey on the access to finance of enterprises in the euro area, april to september 2017. 4 see the box entitled “ assessing labour market slack ”, economic bulletin, issue 3, ecb, 2017. 4 / 4 bis central bankers'speeches
in american society to share this assessment. rather than arguing the merits of international trade in the abstract, advocates of free trade might gain more traction by arguing against concrete examples of protectionism. each year brings new actions by the u. s. government to protect individual sectors from imports. antidumping duties are imposed when domestic industry is believed to be injured by the sale of imported goods at less than “ fair value. ” countervailing duties are intended to counteract subsidies to foreign producers. safeguard actions are intended to protect a domestic industry that has been seriously injured by a surge in imports. 20 as of august 2004, 359 antidumping and countervailing duty orders were in place in the united states against imports from 51 countries. 21 by discouraging unfair commercial practices, such actions, in principle, promote a more stable and competitive environment for international trade. in practice, identifying anticompetitive practices is a murky process. for example, in antidumping cases, determining the “ fair value ” of a good may involve a degree of discretion, thereby complicating the assessment of whether foreign goods are being sold below their appropriate price. 22 domestic producers have a strong incentive to lobby for trade actions regardless of whether such actions are merited. because they inhibit free trade, protectionist actions have an array of adverse consequences that one would expect : they reduce variety and raise costs for consumers ; they distort the allocation of resources in the economy by encouraging excessive resources to flow into protected sectors ; and they foster inefficiency by reducing the extent of competition. perhaps more important in the eyes of the public, however, may be several related and highly egregious consequences of protectionist actions. first, by raising the cost of goods that are inputs for other producers, import barriers may destroy more jobs in so - called “ downstream ” sectors than they save in protected sectors. according to one study, the 2002 steel safeguard program contributed to higher steel prices that eliminated about 200, 000 jobs in steel - using industries, whereas only 187, 500 workers were employed by u. s. steel - producers in december 2002. 23 second, trade protection may lead to very large payouts to a small number of producers and hence is often inequitable. any time a product receives import protection, of course, a relatively small number of domestic producers receive benefits - through higher prices - at the cost of all domestic consumers in the economy. on top of this,

of the u. s. financial system.