samchain/econo-pairs-v2 huggingface dataset:
and reward best performing staff ( s ) for going out of their way to create incentives that implement and add value to the bank. i have directed corporate affairs group in consultation with the other groups to put the framework together for next year onwards. for this year, i will be making some announcements towards the end of the year after consultations with hr and the respective assistant governors. i am sure you will all agree i have spent enough time singing everyone ’ s praises and that now it is well and truly time to relax and celebrate. welcome, one and all! enjoy the rest of the evening. thank you. 4 / 4 bis central bankers'speeches

##rganized sector is bis central bankers ’ speeches inconsistent with what are believed to be high rates of unemployment and underemployment in the informal economy. the index of industrial production ( iip ) is another statistic that has shown counter - intuitive trends. during the period when the global financial crisis was at its peak – december 2008 to june 2009 – iip growth was positive according to the then available iip series. this was contrary to our assessment of the underlying trend of some deceleration on account of the crisis. the new iip series, revised with 2004 / 05 as the base, now shows that iip growth was, in fact, negative during that period vindicating our intuition. again, the old iip series indicated that industrial activity slowed in the second half of last year ( 2010 / 11 ) relative to the first half but the revised iip series shows that industrial growth maintained roughly the same pace between the two halves of the fiscal year. another problem with iip has been its volatility, with the volatility being even larger in the capital goods sector. this is analytically bewildering. the volatility persists in new series too. it is important for policy purposes to determine whether the root cause of such behaviour is the production decisions in the wake of uncertainty or whether it is due to the compilation process. several explanations have been offered for this including that iip captures the product manufactured in the month and not the product ’ under production ’. hence, items, particularly with a manufacturing cycle of longer than a month, can lead to sharp month - to - month spikes / dips, not necessarily consistent with the underlying demand in the economy. the above illustrations demonstrate how poor quality data could potentially mislead policy calculations. data revision the reserve bank ’ s policy formulation is also handicapped by frequent revisions to data. we make policies in real time and if the provisional data that these are based on are inaccurate, the resultant policies can turn out to be sub - optimal choices. take estimates of gdp growth. for the year 2009 – 10, for example, the advance estimate of gdp growth rate at market prices from the expenditure side, that came out in february 2010, was 6. 8 per cent. that was changed to 7. 7 per cent in the revised estimate in may 2010 and further to 9. 1 per cent in the quick estimate in february 2011. therefore, policy that per force had to use information on advance estimate of gdp
##ling off since april ( chart 11 ). 1997 q1 - q2 = 100 chart 12 nominal gdp indices in us $ terms hong kong indonesia korea malaysia singapore taiwan thailand q1 q2 q3 q4 q1 q2 q3 q4 q1 q2

interest in its dual role as regulator and shareholder. towards the end of this presentation i shall briefly return to the question of how we intend to set about disposing of this portfolio. before i do that, i should first like to update you on the state of our economy as the painful adjustment process draws to a close and as clear signs of economic recovery emerge. i should also like to address some of the concerns – unnecessary ones, in my view – that still seem to be clouding the view of hong kong from outside. the recovery those of you who heard me in june last year may well be a little sceptical about any advice from me on the outlook for the hong kong economy. although i was under no illusion about the less prosperous times that lay ahead, like many at the time i was perhaps a little too sanguine in my assessment about the impact that the asian crisis would have on hong kong. however, the temptation now for many is to go to the other extreme : to be very cautious in making predictions about the future and to acknowledge signs of recovery only very reluctantly. this is understandable when we are still only just moving out of our sharpest recession on record. yet even the pessimists would now, i think, acknowledge that the storm signals are down, the clouds are thinning out, and there are shafts of sunlight in the distance. i speak only metaphorically, of course. as those of you who have been in hong kong recently will know, this has been a very stormy summer from a meteorological point of view : we have just had the worst typhoon in sixteen years and the wettest typhoon since records began more than a hundred years ago. economically, the most recent figures suggest that our wet and windy summer has brought with it a distinct turn for the better. chart 1 gross domestic product ( % ) - 2 - 4 year - on - year change - 6 quarter - on - quarter change, seasonally adjusted - 8 q1 / q2 q3 q4 q1 / q2 q3 q4 q1 / q2 q3 q4 q1 / q2 • gdp – a rebound in the second quarter ( in excess of 3 %, quarter on quarter ) after six consecutive quarterly declines ( chart 1 ) chart 2 external trade ( hk $ bn ) ( % yoy ) overall trade balance imports of goods exports of goods - 5 - 7 - 10 - 14 - 15 - 21 - 20 - 28 - 25 - 35
think about how we can further improve our efforts in combating money laundering. prosecuting money laundering is a key tool in combating money laundering and other crimes in fiji. let ’ s come back to the 4th annual money laundering conference next year with more positive stories to share and not have to revisit where we have been falling down! our anti - money laundering laws and the efforts by financial institutions, the police, fiu and other investigative agencies will be in vain if criminals are not being successfully prosecuted for money laundering. it will also be in vain if criminals are allowed to live off the profit of their illegal activities. so let us return to our workplaces with clear and definite goals of how we can apply the lessons learnt from today ’ s conference in our respective work areas. our collaborative efforts in investigating and prosecuting money laundering crimes will provide a strong message to criminals and their associates that “ crime does not pay. ” ladies and gentlemen, thank you for your patience and i now have the pleasure of formally closing the 2011 3rd national anti - money laundering conference. vinaka vakalevu bis central bankers ’ speeches

report further progress with this ambitious but essential set of reforms. bis central bankers ’ speeches
flood re in the uk is one way of mitigating the risk of a shock to supply of insurance. but we should be mindful of the risk of moral hazard and of crowding out private capital. to return to the example of cyber risk, the industry is now able to provide explicit cyber cover for those aspects of the risk that are insurable such as recoverability, physical damage and the cost of notification of lost records. and we know there is appetite in the market to keep the insurance business model relevant and seek out alternative sources of profit by underwriting new risks. as investors in longer - term, illiquid assets, insurance companies are well suited to support the uk ’ s economic recovery as this audience will be well aware, the industry ’ s contribution to the economy goes further than transfer and pooling of physical and financial risk. the life insurance sector plays important roles : first, providing the security of income in retirement not only to current retirees – via in payment annuities – but also to future retirees – via deferred annuities and savings products ; confidence in security of income both current and prospective supports spending and demand for goods and services in the real economy. secondly, life insurers channel savings into long term investment. through these functions the life sector also has a crucial role to play helping the economy to emerge from the pandemic and adapt to potentially profound structural change. whilst covid - 19 has created new financial risks on both the asset and liabilities sides of insurers ’ balance sheets, there are also opportunities for insurers as investors in a wide range of long - term high quality illiquid assets, such as infrastructure, which are key to supporting recovery and adaptation. these may extend to the even bigger structural change of transition to a zero carbon economy necessary to avoid the worst impact of climate change. this, by the way, is another example of how providing financial services to the wider economy – in this case financing low carbon alternative technologies, has a positive feedback to balance sheet strength by reducing risks on both the asset and liability sides. 2 see speech by anna sweeney ( 2020 ) : paving the way forward : managing climate risk in the insurance sector all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice following the crisis some companies will enter the recovery phase with more highly leveraged balance sheets, some from a starting point that was arguably itself over

standards. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice
and micro - schemes as it will greatly reduce their operational costs, in particular travelling. of course, with proper funds management, their savings should similarly increase. some mobile service providers are linked up with banks in partnership, hence availing main stream banking services to all. there will be the possibility of withdrawing and depositing money linked to bank accounts. there are more benefits ladies and gentlemen. through mobile money, there can be transfer of funds between persons. it means that a “ bubu ” in lau can receive funds from her grandchild working in rakiraki. likewise, government and other agencies can use the mobile phone to pay salaries and wages to their employees in the remote areas. and, you can pay your electricity, water, and other utility bills from the comfort of your living room or whilst out fishing. the need to carry cash will be reduced as you can equally pay for goods and services through your mobile phone. therefore, this also increases safety of handling and keeping cash. where for instance, theft of cash from tills etc is taking place, the customer can transfer money directly to the seller without the need for sales persons to handle cash. role of the rbf the rbf ’ s commitment to the e - money fiji project is because we realize the great potential this development will have in extending financial services to the unreached areas. more importantly, that in the process, there will be greater economic activity in the remote and maritime areas. overall, it will improve the lives of our people in these regions. we have been working closely with the two mobile phone companies in fiji to roll out this service. following a provisional licence provided by the rbf early this year, mobile phone network operators have completed their pilot test phase on mobile money services and are now at the final stages of preparation for their commercial launch. it is important to note, that international remittances outward is not approved at this stage. inward remittances from abroad however can be transacted using mobile phones, but this service will be available down the road. this, we hope, will further increase remittances into fiji. i also wish to mention here that we would expect the mobile network providers to have their mobile money systems inter - operable as soon as possible. that is, a client of vodafone for example should be able to send and receive funds from a digicel handset without any restrictions. the role of agents is very critical in the mobile money.

you all a fruitful week. with these few words, i have much pleasure in declaring the 2009 afspc annual workshop and meeting open. vinaka vakalevu.
in this direction during the crisis, be it through forward guidance on their policy or enhancing communication with the public. and this is in my view a thoroughly welcome development. the days of central banks acting as opaque and secretive institutions should be consigned to the past. more transparency benefits central banks by making them more accountable and effective. and in our case it also helps deal with the particular challenges of setting monetary policy in a multi - country monetary union. throughout the crisis citizens in some parts of the euro area have been calling on the ecb to do more, while elsewhere we have been called to do less. this is inevitable in a monetary union. but i trust that by publishing our account we can help the public to understand how all viewpoints are reflected and respected in our decisions, and how in the end we strive to take the decision that best serves the euro area as a whole. bis central bankers ’ speeches

implemented macro - prudential measures by specific countries under the aegis of the esrb may actually enhance both financial stability and financial integration by protecting the single market from excessive boom - bust cycles. by avoiding, or at least mitigating, such cyclical swings, macro - prudential authorities may effectively contribute to the smooth functioning of the eu financial system and the single market in the medium to long term. the work of the mars is an important contribution to a new pillar of policies that the crisis showed to be indispensable. as you can see, the ecb follows your work with great interest. i wish you a very fruitful conference. many thanks for your attention. bis central bankers ’ speeches references abildgren, k., “ business cycles, monetary transmission and shocks to financial stability – empirical evidence from a new set of danish quarterly national accounts 1948 - 2010 ”. danmarks nationalbank working paper no 71, 2010. beau, d., l. clerc, and b. mojon, “ macro - prudential policy and the conduct of monetary policy ”. banque de france, occasional papers no 8, 2011. eichberger, j., k. rheinberger, and m. summer, “ credit risk in general equilibrium ”. university of heidelberg, university of applied sciences vorarlberg and oesterreichische nationalbank, mimeo, 2011. fornari, f., and w. lemke, “ predicting recession probabilities with financial variables over multiple horizons ”, ecb working paper series no 1255, 2010. goodhart, c. a. e., a. kashyap, d. p. tsomocos, and a. p. vardoulakis, “ financial regulation in general equilibrium ”, london school of economics, university of chicago, university of oxford and banque de france, mimeo, 2011. lambertini, l., c. mendicino, and m. t. punzi, “ leaning against boom - bust cycles in credit and housing prices ”, working paper 8 / 11, banco de portugal, 2011. louzis, d., and a. vouldis, “ financial stress index for the greek banking system ”, bank of greece, mimeo, 2011. memmel, c., a. sachs, and i. stein, “ contagion at the interbank market with stochastic
the time of our 6 september interest rate announcement, the risks around the basecase projection are judged to be a little greater than at the time of the july update. the main upside risk relates to the momentum in household spending and housing prices, while the main downside risk is that the u. s. economy could slow more sharply than expected, leading to lower canadian exports. the bank judges that the risks to its inflation projection are roughly balanced. on 17 october, we left our key policy rate unchanged at 4. 25 per cent. the current level is judged, at this time, to be consistent with achieving the inflation target over the medium term. the bank will continue to pay close attention to the evolution of risks, as well as to economic and financial developments in the canadian and global economies.

difficult times. significant geopolitical and global economic uncertainties continue to overhang the economic outlook for all countries. it is during times like these that policy - makers may be tempted to put the four principles aside and focus instead on short - term economic problems. in canada, we have learned that it is by sticking to these principles that we create economic structures that can withstand turmoil. the four policy principles have proven to be the most effective tools for meeting the challenges of a very uncertain world.
i thank the stock exchange of thailand and co - hosts for this occasion to bring together investors and government agencies to renew our focus on investments and opportunities for the future. thank you for your attention. bis central bankers ’ speeches

will complement structural reforms in the real sector to bring about strong foundations for further economic growth and stability. structural reforms in the real sector continue to need concerted efforts from both the private and public sectors as well as support from foreign investors like all of you here. the bot is committed to doing all the necessary work for a strong financial sector that will provide a supportive environment and infrastructure for the private sector to prosper. ladies and gentlemen, the essence of my talk today is to reassure you that the performance of the thai economy has been satisfactory and that, despite the adverse environment and challenges facing the thai economy, i strongly believe that the thai economy will be able to continue to perform favorably while moving forward. we are strongly committed to implementing the most appropriate policies to help foster growth, stability and resiliency of the economy and to further strengthen its solid foundation. in closing, i would like to express my appreciation to japanese businesses for their contribution to the progress of the thai economy over the years. here's hoping that we continue to build and strengthen the foundation of this great relationship. again, i am deeply grateful for this opportunity, and thank you for your kind attention.
, isidro, the floor is yours. 3 / 3

transformations in economic and financial relations globally force us to re - think the design of economic policies in order to better contribute to the progress of our society. in particular, these forums are instrumental for central banks in its role of providing guidance for economic policies that are not in their mandates. let me add that in order to exert this role of assessing public policies, central banks need to be granted with political and operational independence, in order to provide recommendations free from political pressure or vested interests. the theme of this conference, financial integration and inclusive development, is particularly timely at this current juncture of the world economy. global economic growth is at its lowest level since the global financial crisis, partly as a consequence of the high level of uncertainty surrounding trade and international relations. this weakness of the global economic landscape is adding to the new challenges that have emerged over the last decades : population aging, migration, security threats, the emergence of new economic and political powers, and climate change, to mention only some. and this evolution has taken place in an era of increasing globalization, that is being threatened by the emergence 2 / 3 of protectionist measures, and of digitalization and rapid development of new technologies. together, these developments constitute a new frontier for policies that make it necessary to promote mutual understanding and make extensive coordinated efforts in the field of policies. in order to preserve the benefits derived from financial interconnectedness and technological innovation, it is now of the essence to put in place an internationally agreed response that allows to achieve the benefits of innovation while ensuring the mitigation of its potential risks. policy - makers have the responsibility to support the research and analysis to base to foster growth and fight inequalities. in this conference we are going to debate on a number of challenges that our countries are currently facing : from technological innovations in finance to migration flows in search for better opportunities, going through increasing financial interdependences or the need of boosting financial education. i have no doubt that the quality of the discussions we have today will allow us to deepen our understanding of these challenges and, hopefully, allow us to draw some useful conclusion in terms of economic policy. i leave the floor now to mr. isidro gonzalez, deputy secretary general of the union for the mediterranean, thanking him as well as you all for your presence here today, and thanking mr. senen florensa, president of the executive committee of iemed, for the cooperation in the organisation of this event. now
questions that you may have. i ’ ll be joined in addressing these by the bank ’ s chief cashier and executive director for banking services chris salmon, and the head of our notes division victoria cleland. bis central bankers ’ speeches

along the way, this discussion will help you also understand what all these mean for you and the institutions you represent. let me begin with capital. the bsp is now more “ focused ” on capital adequacy – but from the perspective of strengthening the ability of capital to absorb losses. lest i be misunderstood, i want to emphasize that our regulations in the past were never just simply bis central bankers ’ speeches about exacting compliance to a specific ratio. what is different today is the focus. now the goal is to make capital more efficient in mitigating potential losses from the type of bailouts we saw in other jurisdictions. today, we are ( in a sense ) being “ stricter ” about what goes ( or does not go ) into both the numerator and the denominator of that ratio. by doing this, we are broadening the risks that are accounted for by such capital. this is the bsp view on car from a financial stability perspective. the car should not keep only your compliance officer awake at night … it should concern everyone here, including you who are in the confines of your trading rooms …. ladies and gentlemen, the types of transactions and risks you can undertake will now be defined by the amount and kind of capital your institutions have … but you already know that … from the example of the 15pct risk weight on ndf. it is this kind of policy framework that drives the new regulations we have been putting out … and this is my second point … we now view regulation using the “ systemic ” lens. after the additional ndf risk weight, you must have noted that the bsp has become more visibly concerned with issues that have systemic implications. these are reflected in, among others, the refinements to sda trading, which have been intended to contain possible carry trades funding sdas, and initiatives to improve reporting on real estate exposures, which are expected to ensure that all possible exposures are contained in the net and accounted for in the limits set. these reforms are some of the most recent that we put out … but many more lie ahead – from the money market to the capital market and to the derivative market. some in the pipeline are 1 ) defining the benchmark yield curve so that pricing is transparent and independent of one large market participant ’ s rejections ( i meant actions ) in the auction market, 2 ) awakening the moribund repo markets so that liquidity is improved and one - sided quotes will be a