samchain/econo-pairs-v2 huggingface dataset:
market in which he would sell his products. a feature of the market is that it is driven by the consumer who is considered the sovereign. if the consumer does not need a product, no one could force him to buy it, even when it is supplied free of charge. hence, the goods and services that are produced by micro - businesses should always meet the requirements of the consumers. how can a micro - entrepreneur identify the market requirements? what proxies can he use for that, if he does not have direct information on the same? a problem which he would face in this respect is that he has to produce for the future. hence, any information relating to the past may be a poor guide for that. this is not a problem unique only to micro - businesses. it is equally relevant to big producers as well. but the advantage for such big business firms is that they have the benefit of the results of consumer preference surveys conducted by various institutions. such survey results are expensive and beyond the financial capacity of micro - businesses. yet, without the benefit of such results, it would be a pure gambling for a micro - business to get into the production of these goods and services. in a world where information is costly, this would be a serious blow to the potential micro - entrepreneurs. what this means is that if correct information is not available, micro - businesses are doomed to fail. hence, in the delivery of microfinance, it is equally important to arm the micro - entrepreneurs with accurate market information regarding the consumer preferences. though such information may be costly to a single user, it may not be so if all micro - entrepreneurs get together and acquire the necessary information wholesale. such information could be kept in an information bank maintained at microfinance institutions. since it is not advisable to provide such information free of charge, due to the potential moral hazard problem, a fee should be charged from the users. in addition, microfinance institutions too could conduct such market research and disseminate the required information among their customers. that should also be provided at a price. another important requirement of micro - businesses is the need for preparing micro - business plans. the necessary technical know - how for this is not available with the ordinary micro - entrepreneurs. it requires them to prepare the estimates of cash flows, market sales, funding requirements, legal and marketing aspects and business disaster management techniques etc. once they are put into a generally accepted format, then only they would be acceptable to the

and many others that will be highlighted during the rest of this summit will be taken up by the banking community and service providers and that they will work closely with the spc to take the region ’ s payment system development process forward. thank you.
budgetary discipline, but what we need above all is progress on structural reforms in order to enhance growth potential, within a renewed european pact. that should be our ambition.

players involved, more complex the process to address customer grievances within the shortest span of time. as a result, either customer complaints take a long time to resolve or remain unresolved, both of which situations needs to addressed in right earnest. some criticism 36. we have been ahead of many countries world - wide, including even advanced countries, in the introduction of many efficiencies and safeguards in payment systems. two factor authentication is a good example. the recent upi, ussd and nuup are further examples. similar measures are being introduced by these countries now and we are being asked to share our experiences increasingly in international forums. 37. despite this, we are said to be over - protective in some aspects as a payments system regulator. we are asked as to why there is a regulatory arbitrage in favour of banks and why nonbank entities cannot be given an equal footing in terms of access as well as activities they are permitted to undertake. there is a feeling that opening up the system to private players will bring in the payments revolution faster, similar to the telecom revolution which happened with the opening up of the sector to private players and giving a level playing field to all entities. 38. let me first answer why there is primacy for banks in payment systems. as i mentioned right in the beginning, payments can be effected only in either of two ways – one you use cash to make payments and the other you transfer money in your bank account. there is no third method. thus for the non - cash payments, the origination and ending places are banks only. therefore, minus the banks, there is no non - cash payment instrument or system. critics do not seem to have understood this. 39. as regards the opening up of access to various systems and activities for non - bank entities, we have been opening up the space and gradually allowing entry to non - bank entities. at origination, in between originating bank and destination bank and at the receiving end, there is no restriction for a non - bank entity to be present. examples include the ppi issuers, bbps operating units, treds, wlas, payment aggregators, etc. 40. critics ask why a non - bank cannot be allowed to keep bank accounts. they quote the success of mpesa, a non - bank entity in kenya in ushering payment revolution in that country. our answer is simple. if you maintain a bank account, then you are a bank and you
to declare cetzam ’ s “ tusunge ” savings product officially launched. i thank you for your attention. bis central bankers ’ speeches

##ship and sustainable investing is also based here. we are seeking to anchor centres of excellence, think tanks and research networks. mas is bringing together experts in our universities and financial institutions to undertake sustainability research tailored for asia ’ s needs. https : / / www. mas. gov. sg / news / speeches / 2020 / harnessing - the - power - of - finance - for - a - sustainable - future 10 / 13 14 / 10 / 2020 “ harnessing the power of finance for a sustainable future ” - keynote speech by mr ravi menon, managing director, mas, at the finan … today, i am pleased to announce the launch of the singapore green finance centre — a collaboration between singapore management university ( smu ) and imperial college business school ( imperial ). the centre will conduct rigorous research tailored to the asian context, synergising smu ’ s strength in financial economics and imperial ’ s forte in climate finance. the centre will also groom a pipeline of talent in green finance across the career spectrum — from the undergraduate to the executive education levels. the centre has strong support from our financial industry, which will play a key role in steering the centre ’ s focus towards market - oriented outputs. i would like to thank the founding partners — bank of china limited, bnp paribas, fullerton fund management, goldman sachs, hsbc, schroders, standard chartered bank, sumitomo mitsui banking corporation, and ubs ag. mas will continue to promote a vibrant green finance research and talent development ecosystem. we will look to anchor more centres of excellence with [UNK] strengths and focus areas — to provide a diversified pool of research and talent in green finance. conclusion people across the world – and in singapore – are increasingly concerned about climate change and environmental degradation. and they want to do something about it. climate change is becoming a rallying cry to inspire people to step up to a higher cause, to take collective action for the common good of our planet. the looming climate crisis poses not just an existential challenge to be overcome but also an economic opportunity to be seized. the coming revolution in sustainability has the potential to remake the world, cleaner and greener, creating new value and new jobs. let us harness the power of finance to help create such a world, and a sustainable future. * * * [ 1 ] oxford smith school briefing paper, october 2018, carbon lock - in curves and southeast asia https : / / www. mas. gov
: that markets operate efficiently when private - sector firms compete to provide the highest - quality products to consumers and businesses at the lowest possible cost. in general, the government should compete with the private sector only to address market failures. consideration of the case for a federal reserve cbdc this brings us back to my original question : what is the problem with our current payment system that only a cbdc would solve? could it be that physical currency will disappear? as i mentioned before, the key to having credible commercial bank money is the promise that banks will convert a dollar of digital bank money into a dollar of u. s. physical currency. but how can banks deliver on their promise if u. s. currency disappears? accordingly, many central banks are considering adoption of a cbdc as their economies become “ cashless. ” eliminating currency is a policy choice, however, not an economic outcome, and chair powell has made clear that u. s. currency is not going to be replaced by a cbdc. thus, a fear of imminently vanishing physical currency cannot be the reason for adopting a cbdc. 7 could it be that the payment system is too limited in reach, and that introducing a cbdc would make the payment system bigger, broader, and more efficient? it certainly doesn ’ t look that way to me. our existing interbank payment services have nationwide reach, meaning that an accountholder at one commercial bank can make a payment to an accountholder at any other u. s. bank. the same applies to international payments — accountholders at u. s. banks can transfer funds abroad to accountholders at foreign banks. so, a lack of connectedness and geographic breadth in the u. s. payment system is not a good reason to introduce a cbdc. could it be that existing payment services are too slow? a group of commercial banks has recently developed an instant payment service ( the real - time payment service, or rtp ), and the federal reserve is creating its own instant payment service, fednowsm. 8 these services will move funds between accountholders at u. s. commercial banks immediately after a payment is initiated. while cross - border payments are typically less efficient than domestic payments, efforts are underway to improve cross - border payments as well. 9 these innovations are all moving forward in the absence of a cbdc. consequently, facilitating speedier payments is not a compelling reason to create a cbdc. could it be that too few people can access the payment system

their activities inside the present eu. the role of the authorities is to support, not hamper these processes. therefore, my second conclusion is that frustration with the inability to politically consolidate the existing area should not become a reason for constraining its political expansion. in the end, business would find its way through, but europe would lose.
foster a resilient and sound global islamic financial system. the ifsb is an important part of these endeavours and its work remains relevant as we face a time of increasing uncertainties. the strategies identified in the ifsb ’ s strategic performance plan for the year bis central bankers ’ speeches 2013 to 2015 provides the focus for the ifsb to achieve the key result areas charted in the roadmap. i am confident that the ifsb would effectively manage its journey ahead amidst the increasing challenges, with the collective support from its members. indeed, we look forward to the constructive outcome of the deliberations during this 10th ifsb summit. we also hope that you will also have the opportunity to experience malaysia during your time here. on that note, i thank you for your attention. bis central bankers ’ speeches

move away from globalization towards the rise of protectionist policies such as the protracted trade tensions between the us and china. while the philippines is not directly affected with the tariff impositions, the continued trade friction could take its toll on the country ’ s external sector. fourth, there is also the so - called rise of the fourth industrial revolution. while technological innovation in itself is not bad, and indeed often brings benefits, the velocity and depth of transformation could have potentially disruptive effects, especially in the short term. in fact, rapid technological innovation has already ushered in broad structural economic changes that policymakers are only just beginning to understand. certainly, this would have significant impact in the conduct of economic policy and the way we do business. on top of these global risks, we also have to deal with the infrastructure gap on the domestic front. nonetheless, despite these risks, we are cautiously optimistic that the philippine economy is poised to sustain its growth momentum amid lingering global headwinds. let me close by assuring everyone that the bsp will continue to adhere to sound policies and remain focused on its mandate. you can continue to count on us to remain steadfast in our primary objective of price and financial stability, factors that reinforce the vibrant investment environment. having said all these, i am looking forward to a productive, open, and stimulating discussion with you and will be receptive to your insights. thank you and mabuhay. 3 / 3 bis central bankers'speeches
weaknesses in the regulation and supervision of banks around the world, in the eu such weaknesses were exacerbated by fragmentation. from the early stages of the crisis the banking sector fragmented along national lines, driven by diverging macroeconomic conditions in different countries and by governments ’ diverging responses in dealing with failing banks. differently from the us, common resolution frameworks backstopped by public money were absent. governments that could do so, because of their sound budgets, massively bailed out their failed banks. an opportunity for bank consolidation was lost, but their economies were spared a credit crisis after a financial crisis. in other countries where bailouts were not possible due to constrained finances or new regulatory restrictions introduced by the bank recovery and resolution directive ( brrd ), the crisis lasted much longer. european supervision and the european framework for managing bank failures, of which the brrd is an important part, have made such a cause of fragmentation, namely the different countries ’ responses to banking crises less likely today. but more needs to be done. 4 / 6 bis central bankers'speeches progress in completing the banking union – namely, first harmonising options and discretions, completing resolution, and laying the groundwork for the creation of an effective deposit insurance – is essential and i am confident that significant steps in this direction will soon be taken. but let ’ s keep in mind that fragmentation starts with the decision by banks not to operate in regions where the risk - return of lending is judged to be insufficient to remunerate their invested capital ultimately, what ensures a steady flow of bank lending to the economy, even in times of unforeseen stress or disruption, is a growth - friendly environment, which can only be assured by the appropriate government policies. 1 report to the council and the commission on the realisation by stages of economic and monetary union in the community ( werner report ), 1970 ; report on economic and monetary union in the european community ( delors report ), 1989 ; padoa - schioppa t. ( 1999 ), “ emu and banking supervision ”, international finance, vol. 2, no 2, pp. 295 – 308 2 ecb ( 2008 ), financial integration in europe, april. 3 see : about the single supervisory mechanism 4 european central bank ( 2016 ), “ chapter 1 – topical issue : the ecb ’ s macroprudential policy framework ”, macroprudential bulletin, issue 1. 5 the 10 % average requirement refers to

lgd ”, deutsche bundesbank discussion paper series 2 : banking and financial studies, no 06, 2011. rannenberg, a. “ asymmetric information in credit markets, bank leverage cycles and macroeconomic dynamics ”, nationale bank van belgie / banque nationale de belgique, mimeo 2011. bis central bankers ’ speeches
this conference and i am looking forward to the contributions from the upcoming high - level panel discussion among g20 policymakers, to whom i am pleased to give the floor with no further hesitation. 3 / 3 bis central bankers'speeches

has thus become an important complement to market conduct and prudential regulation. raising the financial competencies of individuals has become a long - term policy priority for the financial industry. this is particularly crucial in hong kong where, as you know, we have a regulatory framework based on disclosure and complementary customer suitability assessments. in that context, it is especially important that consumers understand a product ’ s features and risks thoroughly when considering their investments. they have to decide whether or not an investment suits their objectives, and whether they have the ability to assume the associated risks. thus, a key component of any efforts to enhancing financial education and protection must be improving individuals ’ ability to ask the right questions and increase their awareness that ultimately they are responsible for their investment decisions. bis central bankers ’ speeches “ conclusion ” so, we ’ ve discussed how important consumer protection and education are. and we ’ ve covered the roles of each of the three groups in bringing about better protection and education. let me now try to bring these strands all together. something that became very clear in the wake of the financial crisis was that apparently low - probability risks at the margin of an industry can have profound impacts – and that a rules - based system alone is inadequate in guarding against them. after the crisis, there has been increasing recognition that each of us in fact operates in a financial eco - system – in some respects, a fragile system – in which the well - being of the whole rests on the health and actions of each part. through suasion and regulation, financial regulators like the hkma can do a lot to support consumers. but we will always be one step remote from the point of transaction. that ’ s why we look to banks and other financial institutions not just to follow our rules, but to show leadership by really engaging in this area. institutions can do a lot, individually and together, to self - and peer - regulate and, above all, ensure integrity throughout their organisations, particularly at the consumer - facing levels. in the end, though, in this financial eco - system as with any other, so much depends on its beating heart – the consumer. that ’ s why i believe one of the best things we in this room can do is to bend our efforts towards greater financial literacy. through initiatives to better inform and empower consumers, they can be the judge of their own best interests. that way, the benefits accrue not only to individual consumers, but to the sector and society more widely.
prasarn trairatvorakul : “ challenges and opportunities ” speech by dr prasarn trairatvorakul, governor of the bank of thailand, at the german business talks event, bangkok, 28 february 2012. * * * good evening, ambassador rolf schulze, distinguished guests, ladies and gentlemen, i would like to thank the german embassy for inviting me to give the key - note speech at the german business talks event. germany is by far the biggest trading partner of thailand within europe, accounting for over 20 per cent of total trade volume between europe and thailand. with the increasing presence of german multinational corporations in thailand, i hope that our businesses will become more integrated and continue to prosper together into the future. in this session, i would like to focus on two key issues. the first concerns the future challenges facing thailand. the second issue is about the bank of thailand ’ s ( bot ) role in meeting these challenges. let us begin with the challenges. on the external front, the global economy is beset by substantial risks and uncertainties. major advanced economies are still grappling with fragile recoveries. in the us, despite some recent positive news from the labor market, economic activity continues to be weighed down by substantial debt over - hang. this inhibits a full recovery in the housing sector and consumer spending, which together form the backbone of the us economy. in the euro - area, everyone here is obviously keenly aware of the unfolding sovereign debt crisis. against the backdrop of fear and uncertainty, banks have tightened their lending and consumers have become more cautious in their spending. this will act as a drag on the euroarea economy going forward. a key constraint for both the us and euro - area, as well as many other advanced economies, is the limited policy space available to authorities. in these countries, monetary policy and fiscal stimulus have been pushed to their limits. limited capacity to respond to new shocks thus represents a real risk for these economies, and for the global economy, that we must be weary of. in this setting, and given the deep - seated nature of the problems being faced, meaningful remedies rest just as much on political factors as on economic ones. how governments respond and how their electorates receive these responses will be an important source of uncertainty. in contrast, the rising economies in asia offer a more positive outlook. despite the slowdown in exports of many asian countries, reflecting the softer global economic backdrop,

to blossom into the future. thank you. bis central bankers ’ speeches
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. this concern is unwarranted for a number of reasons. first, even if the elimination of the penny did result in a rounding up of prices to the nearest multiple of 5 cents, which is unlikely, that would be a one - time price increase and not a change in trend inflation. second, this one - time price increase of one or two cents would be so small, relative to the prices of the items that make up the basket of goods and services priced by the total consumer price index ( cpi ) that it would not register on that index since the cpi is rounded to the nearest 0. 1 per cent. third, it is very unlikely that prices would be rounded up, since such rounding would not carry through to the cash register after sales taxes are applied, and retailers would lose the perceived marketing benefit of posting a price that ends in 9 cents. in the absence of a penny, rounding would only need come into play in cash transactions and would apply to the total bill after tax, and not to each individual item purchased. if applied symmetrically, varya taylor. “ trends in retail payments and insights from public survey results. ” bank of canada review. ( spring 2006 ) : 25 - 36. rounding down of cash purchases ending in 1, 2, 6, and 7 cents would offset the rounding up of those ending in 3, 4 8, and 9 cents. in new zealand, for example, the choice of rounding up or down on cash transactions was left to retailers after the country eliminated its one - and two - cent coins in 1989. many larger retailers opted to round down ; a few small retailers opted to round up. ultimately, there was no noticeable effect on inflation in new zealand. indeed, that has been the international experience that we have seen. in both australia and new zealand, the elimination of small coins ( one - cent and two - cent coins ) has had no noticeable effect on inflation. inflation, however, does have an influence on the value of the penny. since the coin was first produced by the royal canadian mint in 1908, the penny has lost 95 per cent of its purchasing power. in other words, the penny then had the same purchasing power as 20 cents would today. indeed, in 1908, you could buy your daily newspaper for two cents, and a loaf of bread cost five cents. on that, i thank you for your invitation to appear here tonight, and welcome the opportunity to answer your questions related to the future of the penny