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---
tags:
- sentence-transformers
- sentence-similarity
- feature-extraction
- generated_from_trainer
- dataset_size:45044
- loss:CoSENTLoss
- economics
- finance
base_model: samchain/EconoBert
widget:
- source_sentence: >-
a consumer protection point of view, including through remuneration
arrangements. failure to manage conduct risks can expose a financial
institution to a variety of other risks which, if not managed properly, can
threaten its solvency and sustainability. the regulatory regime for market
conduct therefore provides a framework for the identification and management
of conduct risk as a complementary framework to prudential regulation. this
is part of the motivation for rigorous coordination and cooperation
arrangements between the pa and the fsca envisaged by the financial sector
regulation bill aimed at ensuring that all risks are holistically managed
within an overarching financial stability policy framework. strengthening
conduct in wholesale otc markets another initiative has been the development
of a code of conduct for south african wholesale over - the - counter ( otc
) financial markets in a collaborative effort between regulators and key
market participants. i will return to this aspect later. against the
background of various investigations undertaken in many foreign
jurisdictions in relation to foreign exchange market manipulation, the sarb
and the fsb launched a review bis central bankers ’ speeches of the foreign
exchange trading operations of south african authorised dealers in october
2014. as the rand is a globally traded currency, the aim of the review was
to establish whether there may have been any spillover into our markets in
relation to any misconduct or malpractice. it is important to note that,
unlike in other jurisdictions, the south african review was not informed by
whistle - blowing or any allegations – or indeed concrete evidence – of any
misconduct. we had no evidence of widespread malpractice in the south
african foreign exchange market but felt that, given the broad - based
nature of investigations in other jurisdictions ( which also involved
trading in emerging market currencies ), it would be prudent to obtain
comfort that our foreign exchange trading practices were in line with best
practice. it was therefore a proactive step on the part of south african
regulators. the foreign exchange review committee established for this
purpose – chaired by former senior deputy governor james cross, who is with
us today – released its report in october 2015. the committee reported that
it had found no evidence of manipulation or serious misconduct in the
domestic foreign exchange market during the period covered by the review,
but that there was scope for improvement in relation to governance and
conduct. the committee also recommended that legislation be enhanced to give
market conduct regulators wider powers to strengthen enforcement. south
african regulators are in conversation with each other on how best to give
effect to the implementation of the recommendations. there was also the
recommendation
sentences:
- >-
luigi federico signorini : g20 sustainable finance working group private
sector roundtable welcome address by mr luigi federico signorini, senior
deputy governor of the bank of italy, at the g20 sustainable finance working
group private sector roundtable, online event, 17 may 2021. * * * welcome,
and a good day to you all. i am happy to open the private sector roundtable,
an event promoted by the g20 presidency and by the chinese and american co -
chairs of the sustainable finance working group. the roundtable will focus
on the role of finance in helping fight climate change and promoting
lowcarbon transition. the g20 finance ministers and central bank governors
recently recognised the need to ‘ shape the current economic recovery by
investing in innovative technologies and promoting just transitions toward
more sustainable economies and societies ’. low - carbon transition is
urgent and must be accelerated : the later we act, the greater the costs. it
requires an unprecedented and unremitting effort. while quantitative
estimates vary, the investments needed for transition are certainly huge ;
they need to be sustained for a long time. governments have a central role
in that they need to point the way by adopting an appropriate policy
framework. a clear and credible path for government regulatory and fiscal
action is also a prerequisite for efficient choices on the part of private
finance. indeed, while many governments will directly invest their own money
in many countries and mdbs will play their part, it is likely that the
private sector will be called upon to finance most transition investment.
there will be no transition without a general awareness of the need for it
and a willingness, even a desire, to finance it. there are in fact quite a
few encouraging signs. since last year, we have seen an explosion of ‘ net -
zero commitments ’ in the private sector — though such commitments ( i am
told ) are still confined to one sixth of publicly listed companies
globally. at the same time, the appetite of ultimate investors and asset
managers for ‘ green ’ investment is growing fast. i am sure many in the
audience will have a clear perception of this fact. however, the path is
still fraught with difficulties. on the market side, while sustainable
finance is increasingly popular, it suffers from a lack of clear definitions
and standards. ‘ greenwashing ’ is a danger ; good data, an agreed taxonomy,
and adequate company disclosure are necessary. global consistency is
important, as fragmentation of standards across jurisdictions is confusing
for investors and costly for companies. standards are currently being
drafted
- >-
later, by more. so we raised interest rates through the second half of last
year - and again in june - trying, as best we could through our tactics, to
minimise any further unwanted upward pressure on sterling. but things have
now clearly moved on. the outlook for the world economy deteriorated further
through the summer under the impact of a series of new shocks. japan, the
world ’ s second largest economy, slipped further into recession. russia -
which had only weeks earlier embarked on an imf program - saw the collapse
of the rouble and default on its debt. and acute nervousness spread through
many of the world ’ s financial markets. although there has been some
improvement in sentiment over the past month or two, and although the us and
european economies continue to expand, the likelihood remains that world
economic growth will be significantly slower than had been expected earlier
in the summer. slower growth of world activity is bound to prolong the
restraining external effect on growth and inflation in the uk, even though
the exchange rate has now started to weaken. at the same time there are also
now clearer signs of overall slowdown in our own economy. the evidence for
this is less obvious in the backwards - looking economic and monetary data
than it is in the forward - looking surveys, but even so the data suggest
that we are beginning to see an easing of pressure, including an easing of
pressure in the labour market. and the surveys themselves now point to a
slowdown in service sector growth, including retail distribution, as well as
a sharper decline in manufacturing output. this prospect is consistent with
the reports which we receive directly from the bank ’ s network of regional
agents and their 7000 - odd industrial and commercial contacts around the
country. of course we pay very careful attention to this forward - looking
evidence of developments in the economy alongside the data, and, like
others, we have revised down our forecasts for output growth and inflation.
and we have eased monetary policy quite sharply in the past two months, in
the light of that evidence. our current best guess - published in last week
’ s inflation report is that, after the interest rate cuts, the growth of
overall output next year will be around 1 %, picking up through the
millennium to around trend in the second half of the year 2000. meanwhile,
we expect underlying inflation to remain close to the target rate of 21 / 2
% - though perhaps a little above that rate during the course of next year.
now no - one likes to see the
- >-
daniel mminele : conduct and culture in the banking and financial sectors
opening address by mr daniel mminele, deputy governor of the south african
reserve bank, at the g - 30 forum on banking conduct and culture, pretoria,
18 february 2016. * * * governor kganyago ( sarb ), governor sithole (
central bank of swaziland ), deputy governor mlambo ( reserve bank of
zimbabwe ), deputy governors, groepe and naidoo ( sarb ), second deputy
governor sullivan ( central bank of seychelles ), sir david walker ( vice
chair of the group of thirty steering committee ), dr stuart mackintosh (
executive director of the g30 ), ms maria ramos ( chief executive officer of
barclays africa ), the leadership of banks and other financial institutions,
panel members, and esteemed delegates. it is a privilege and an honour for
me to welcome you, on behalf of south african reserve bank ( sarb ), to this
forum on banking conduct and culture, which we are co - hosting with the g30
and barclays africa. the g - 30 has, over the years, played a significant
role in bringing together members of the banking, financial and regulatory
community to discuss issues of common concern and examine the choices
available to market practitioners and policymakers. given the enormous trust
deficit that has built up since the global financial crisis, the topic of
conduct and culture is of great importance and highly relevant to the global
banking and financial sector. bankers have always had a delicate
relationship with the societies they serve. it would appear that, at any
point in time, it is almost a national sport across the globe to take a
swipe at bankers. mark twain famously said : “ a banker is a fellow who
lends you his umbrella when the sun is shining and wants it back the minute
it begins to rain. ” and j m keynes asked : “ how long will it take to pay
city men so entirely out of proportion to what other servants of society
commonly received for performing social services not less useful or
difficult? ” we would be terribly misguided to treat the current wave of
discontent and deep mistrust as just another wave that will eventually
subside. the most recent global financial crisis, from which almost nine
years later we are still struggling to recover, shook the very foundations
of our financial system and almost caused its total meltdown. in a nutshell,
the crisis was about failures in conduct, culture, and supervisory
practices. the consequences
- source_sentence: >-
of our central bank distribution scheme have grown in number to embrace the
physical quality of notes in circulation and the denominational mix. the
last of these – denominational mix – poses the biggest challenge, but in the
uk i believe we now have evidence to support the business case for atm and
retailer dispense of £5s. and, finally, i am sometimes asked why this
matters to the bank of england? after all, i can assure you that in the
current financial conditions we are not short of difficult challenges. the
answer is simple. we should not forget that our job is to ensure that
confidence in our currency is maintained – and crucial to that is satisfying
the public ’ s demand for our notes.
sentences:
- >-
##factory ". but the two clouds are moving towards us. so let us examine
them. the outlook for the world economy has deteriorated markedly in recent
months as a result of the sudden slowdown in the united states and signs of
renewed stagnation in japan. the speed of the deterioration was a surprise,
but not the fact of a slowdown. last year saw the fastest growth rate of the
world economy for twelve years. growth in the us reached an annual rate of 6
% in the second quarter of last year, well above even optimistic estimates
of sustainable growth rates. a slowdown was not only inevitable ; it was
desirable. the main surprise in the us was the sharp and sudden break in
both business and consumer confidence. us manufacturers'optimism is now
almost as low as it was in 1991 - the last time the us economy experienced a
recession. consumer confidence also fell sharply in january, driven by
marked pessimism over the short - term future. quite why this break in
confidence should have been so rapid is not easy to understand. and its
origins will largely determine the nature of the us downturn. on the one
hand, greater use of information technology to economise on inventories may
have led to shorter lags between changes in final demand and changes in
output. if so, then it is possible that the speed of the downturn will be
matched by the speed of the recovery, leading to a short - lived episode of
output growth close to zero as the result of an inventory correction. on the
other hand, the slowdown could be much more protracted if the imbalances in
the us economy which have built up in recent years start to unwind, leading
to a reduction in spending as both households and businesses seek to reduce
the amount of outstanding debt on their balance sheets. the key to the
nature of the us downturn is what will happen to productivity growth. over
the past five years there has been accumulating evidence that the
application of information technology has raised productivity growth in the
us economy - the " new economy ". expectations of higher productivity growth
increased demand by more than it raised supply initially, as firms invested
in new technology and households anticipated higher future incomes. as a
result, spending grew rapidly, outstripping supply and large imbalances
emerged. the current account deficit in the us is now close to 5 % of gdp, a
post - war record. it is sustainable as long as foreigners are prepared to
finance it. so far, the profitability of
- >-
83 6. 06 27. 05 39. 42 37. 59 kccs ( no. in lakh ) 243. 07 271. 12 302. 35
337. 87 82. 43 gcc ( no. in lakh ) 13. 87 16. 99 21. 08 36. 29 22. 28 bc -
ict accounts ( no. in lakh ) 132. 65 316. 30 573. 01 810. 38 677. 73 ict
accounts - bc - total transactions ( no. in lakh ) 265. 15 841. 64 1410. 93
2546. 51 4799. 08 bis central bankers ’ speeches
- >-
core business and therefore set out to develop the expertise required to
finance the smes successfully. fairly often the discussion on sme financing
is reduced to two diametrically opposed positions. on one hand, smes are
considered by banks as representing a high risk and therefore, should be
avoided or only dealt with cautiously and at a premium price. on the other
hand, banks are accused of being inflexible and risk averse and consequently
irrelevant to the sector. it is important to understand where the truth lies
in these two statements in order to advance the cause of sme financing.
firstly, it is a fact that smes present higher credit risk than well -
structured corporate entities. smes may not have proper accounting records,
may have severe governance issues which undermine accountability, have poor
access to markets, poor skill levels including financial illiteracy by
promoters, lack collateral which the lender can rely on in the event of
failure, may not even exist in an appropriate legal form and even the
assessment of the viability of a project might be difficult. lending to smes
can be a lenders nightmare for bankers. but it is also true that banks which
are structured to deal with corporates are risk averse and inflexible when
they deal with smes. often when they bring inappropriate risk assessment
tools, they may focus too much on collateral rather than project viability.
they may even regard sme financing as peripheral to their business. because
of their limited knowledge of smes, they experience failure which itself
reinforces the notion that smes are risky. what we want are financing
institutions that are structured to respond to the unique characteristics of
smes. specialised sme lending institutions are more likely to handle the
risk problem presented by smes as a challenge to be overcome with
appropriate products and credit risk management strategies and not as a
basis for inaction or avoiding the sector altogether. in short, lending
strategies which ensure success with corporates do not necessarily ensure
similar success with smes. appropriate sme financing institutions must at
the very least make lending to smes the core business. the second area of
reflection that i would urge this meeting to consider is that of building
appropriate financing models that have been shown to work in africa or other
developing countries so that we all benefit from the best practices
available. in south africa, for instance, franchising which allows the use
of brand names and building capacity have been an bis central bankers ’
speeches important driver of sme financing since it reduces the perceived
- source_sentence: >-
and non - financial sectors take hold. these concerns are heightened by the
recent upward shift in bond yields owing to the global " higher - for -
longer " narrative and the flare - up of tensions in the middle east, which
have added to the uncertainty surrounding the outlook. after a period of
lower market volatility until august, the rising prospect of higher -
forlonger rates has started to weigh on riskier asset valuations in recent
months. risk sentiment in markets remains highly sensitive to further
surprises in inflation and economic growth. higher than expected inflation
or lower growth could trigger a rise in market volatility and risk premia,
increasing the likelihood of credit events materialising. this brings me to
the vulnerabilities in the non - bank financial sector. as regards credit
risk, some non - banks remain heavily exposed to interest rate - sensitive
sectors, such as highly indebted corporates and real estate. deteriorating
corporate fundamentals and the ongoing correction in real estate markets
could expose non - banks that have 2 / 4 bis - central bankers'speeches
invested in these sectors to revaluation losses and investor outflows.
furthermore, low levels of liquidity could expose investment funds to the
potential risk of forced asset sales if macro - financial outcomes
deteriorate. corporate profitability in the euro area has held up well, but
higher interest rates are weighing on the debt servicing capacity of more
vulnerable firms. a weakening economy could prove challenging for firms with
high debt levels, subdued earnings and low interest coverage ratios. real
estate firms are particularly vulnerable to losses stemming from the ongoing
downturn in euro area commercial real estate markets. in an environment of
tighter financing conditions and elevated uncertainty, real estate prices
have declined markedly. the effects of higher interest rates have been
compounded by structurally lower demand for some real estate assets
following the pandemic. although banks'exposure to these markets is
comparatively low, losses in this segment could act as an amplifying factor
in the event of a wider shock. euro area households, especially those with
lower incomes and in countries with mainly floatingrate mortgages, are being
increasingly squeezed by the higher interest rates. tighter financing
conditions have reduced the demand for housing, putting downward pressure on
prices. on a more positive note, robust labour markets have so far supported
household balance sheets, thereby mitigating the credit risk to banks.
spreads in government bond markets have remained contained as many
governments managed to secure cheap financing at longer maturities during
the period of low interest rates.
sentences:
- >-
market. and if we are to raise our national economic vantage point and take
advantage of the momentum coming into 2013, thrift banks need to consider
lending more to this economic segment. i say this because msmes provide
great employment opportunities. a healthier msme sector will help ensure our
economic growth is broad - based and inclusive. thrift banks, however, must
not just lend more in terms of nominal amounts. the challenge to the
industry really is to ensure that such lending continuously creates further
opportunities. in this way, msmes can be assured of viability, regardless of
mandated credit programs. final thoughts friends, you want this convention
to be a discussion on broadening your horizon, our horizon. in trying to
look ahead, i took us through the more scenic route of our recent past. the
numbers tell us an encouraging story of growth and consistency of economic
and financial stability. however, the paradox of financial stability is that
we may just be at our weakest when we believe we are at our strongest
position. complacency often sets in when positive news is continuous and
this is reinforced by encouraging market parameters. if we fall into this
trap of complacency, we risk losing our focus. for the thrift banking
industry, the growth trajectory that many are anticipating suggests even
better times ahead. it is therefore in our collective interest, if we wish
to truly broaden our horizon, to agree on a common vision where thrift banks
have a definitive role to play. bis central bankers ’ speeches in my
remarks, i have suggested specific action points you may consider in order
to accomplish just that, and over time broaden your horizon. i challenge the
industry to 1 ) further improve credit underwriting standards for real
estate and consumer loans and raise your vantage point by looking at your
processes with the lens of financial stability, 2 ) interact with your
clients and raise your vantage point by enhancing your practices with the
heart of consumer protection and financial education, and 3 ) increase
lending to msmes and raise your vantage point by lending with the mind to
create greater value. but much more can be done. as the old board takes its
place in ctb lore, your new board is now at the helm to guide the industry
forward. it is never an easy task to move forward but rest assured that the
bangko sentral ng pilipinas will be with you as we take that journey
together into broader horizons. thank you very much and good day to all of
you. bis central bankers ’ speeches
- >-
prices, which may also come under upward pressure owing to adverse weather
events and the unfolding climate crisis more broadly. most measures of
underlying inflation continue to decline. the eurostat's flash estimate for
inflation excluding energy and food points to a further decline to 4. 2 % in
october, supported by improving supply conditions, the pass - through of
previous declines in energy prices, as well as the impact of tighter
monetary policy on demand and corporate pricing power. at the same time,
domestic price pressures are still strong and 1 / 4 bis - central
bankers'speeches are being increasingly driven by wage pressures and the
evolution of profit margins. while most measures of longer - term inflation
expectations stand around 2 %, some indicators remain elevated and need to
be monitored closely. the resilience of the labour market has been a bright
spot for the euro area economy, but there are signs that the labour market
is beginning to weaken. fewer new jobs are being created and, according to
the latest flash estimate, employment expectations have continued to decline
in october for both services and manufacturing. monetary policy based on our
assessment of the inflation outlook, the dynamics of underlying inflation
and the strength of monetary policy transmission, the governing council
decided to keep the three key ecb interest rates unchanged at its october
meeting. the incoming information has broadly confirmed our previous
assessment of the medium - term inflation outlook. our past interest rate
increases continue to be transmitted forcefully into financial and monetary
conditions. banks'funding costs have continued to rise and are being passed
on to businesses and households. the combination of higher borrowing rates
and weakening activity led to a further sharp drop in credit demand in the
third quarter of this year. and credit standards have tightened again. we
are also seeing increasing signs of the impact of our policy decisions on
the real economy. further tightening is still in the pipeline from the
current policy stance, and it is set to further dampen demand and help push
down inflation. we are determined to ensure that inflation returns to our 2
% medium - term target in a timely manner. based on our current assessment,
we consider that the key ecb interest rates are at levels that, maintained
for a sufficiently long duration, will make a substantial contribution to
this goal. we will continue to follow a data - dependent approach to
determining the appropriate level and duration of restriction. financial
stability let me now turn to financial stability. in our upcoming financial
stability review, we highlight that the financial stability outlook remains
fragile as the gradual effects of tighter financial conditions on both the
financial
- >-
the conservation of natural resources. it was only in the fitness of things
that he delivered the inaugural address today. sir, we are overwhelmed by
your insightful address and i am sure all of us have immensely benefited
listening to his valuable views on a subject which is not only very dear to
you but also so vital for the country ’ s economic growth. 4. i also note
that the seminar includes several eminent speakers with vast experience on
the subject. there are sessions on agricultural productivity, role of
research and technology in improving agricultural productivity, linkages
between productivity and farm income, incentivizing productivity enhancing
investments, relation between credit growth and productivity growth and
mitigation of risks in agriculture. in my address today, coming as do from
the rbi, i would broadly focus on major trends / issues in agricultural
productivity and credit, and the role of agricultural credit in improving
agricultural productivity. i would also touch upon some of the steps that
can yield results in the short - term. importance of agriculture 5. as you
are aware, the recent indian growth story has been service - led. services
sector has completely replaced agriculture, which was traditionally the
largest contributor to india ’ s gdp. however, the fact that agriculture has
the smallest share in gdp of only about 14 per cent today from a high of
more than 50 per cent, does not belittle its importance for bis central
bankers ’ speeches the indian economy. this is because first, as we all
know, agriculture remains the largest employer having a share of around 60
per cent. secondly, it holds the key to creation of demand in other sectors
and remains by far an important indirect contributor to india ’ s gdp
growth. the agriculture sector needs to grow at least by 4 per cent for the
economy to grow at 9 per cent. thus, though having a small share, the
fluctuations in agricultural production can have large and significant
impact on overall gdp growth. thirdly, since food is an important component
in basket of commodities used for measuring consumer price indices, it is
necessary that food prices are maintained at reasonable levels to ensure
food security, especially for the deprived sections of our society. in fact,
food security is emerging as an important policy concern, and the role of
agriculture in ensuring equitable access to food has added a new perspective
for policy makers. trends in agricultural productivity 6. i would like to
discuss certain trends in agricultural productivity in india. as is
wellknown, the year 1968 marked the beginning of a turning point in indian
agriculture. the country
- source_sentence: >-
having a reserve currency may also be desirable for other reasons. first,
with more reserve currencies available, portfolio diversification
opportunities are enhanced. this is desirable because, all else equal, it
would allow investors to move further out on the risk / return frontier.
second, more currencies are likely to be close substitutes, which could
dampen currency volatility. with many viable reserve currencies available,
no particular one would necessarily have to bear the bulk of any adjustment.
the dollar ’ s dominant reserve currency status has sometimes been referred
to as the united states ’ “ exorbitant privilege, ” implying that the u. s.
benefits extraordinarily from this privileged status. i ’ d argue that the
situation is much more nuanced. yes, this status does allow the u. s. to
benefit from seigniorage. more than half of all u. s. currency outstanding
is held abroad. but, there are also costs of being the dominant reserve
currency. for example, this can lead to shifts in the valuation of the
dollar that are due primarily to developments abroad that affect risk
appetites and international capital flows. in such cases, the dollar ’ s
valuation can be pushed to levels inconsistent with u. s. economic
fundamentals. for the united states, i believe that the most important goal
must be to keep our own house in order. if we do this, then i expect that
the u. s. dollar will earn the right to remain the most important reserve
currency in the world. the united states has a number of advantages in
sustaining the dominant reserve currency status of the u. s. dollar. first,
there is a first - mover advantage. as the leading reserve currency in the
world, there is no strong incentive for countries to move to other
currencies as long as the dollar continues to have the attributes i
discussed earlier. the history of reserve currency usage is characterized by
considerable inertia. the u. s. dollar emerged as the leading reserve
currency quite a bit after it became the world ’ s largest economy.
typically, the loss of dominant reserve currency status requires either
substantial economic decline or political instability that motivates foreign
counterparties to shift to a new reserve currency. second, the u. s. has the
deepest and most liquid capital markets in the world. this is important in
making u. s. treasuries and agency mortgage - backed securities attractive
holdings as part of countries ’ foreign exchange reserve portfolio
sentences:
- >-
as those on student visas, are assumed to begin arriving early next year,
subject to appropriate quarantine restrictions. but tourists and other short
- term visitors will not be able to return until later. in the baseline and
upside scenarios, we assume that the borders reopen in mid 2021. in the
downside scenario, where the global spread of the virus does not subside as
quickly, we assume the borders are closed for all of 2021. it is always
possible to construct other scenarios. the near term would be stronger if
there were a major medical breakthrough on treatments soon. an effective
vaccine would take a bit longer to be distributed, so it would mainly affect
outcomes next year and the year after. but it could also result in a
stronger recovery than we have assumed even in the upside scenario presented
here. a worse outcome than our downside could be conceivable if the virus
cannot be contained and further waves of infection occur around the world
for some years yet. there are also plenty of other risks that can be
contemplated ; we discuss some of these in the statement. geopolitical
tensions were an issue even before the coronavirus outbreak, and could
escalate further. the pandemic has also in some places exacerbated domestic
political tensions. it is hard to know how these tensions will play out over
the next couple of years. if they escalate, it is possible that some
countries'recoveries will be derailed. domestically, there are also a number
of uncertainties that go beyond the direct effects of the virus and
associated activity restrictions. for example, we have assumed that
households and businesses are quite cautious in their use of the fiscal and
other cash flow support they have been receiving. it is possible that people
spend more out of that support than we are assuming. it is even possible
that some people do more to make up for the consumption opportunities that
were not available during periods of lockdown and other activity
restrictions. on the downside, the longer the economy remains weak, the more
the recovery will be impeded by scarring effects on workers, the destruction
of business supply networks and other lingering damage. what has changed in
the past three months the scenarios presented in the past few months.
statement incorporate several lessons from the experience of the first, the
economic contractions induced by health - related restrictions on activity
in the june quarter were very large. however, they were not quite as severe
as initially expected. the peak - to - trough declines in output and hours
worked
- >-
. norway was hit by oil price shocks in the following years and economic
reforms were implemented in several areas. after a period it became clear
that the central government budget would be in surplus and that transfers
would be made to the fund. norway ’ s experience from its first 30 years as
an oil - producing nation led to the introduction of the fiscal rule, which
has been a key element of norwegian economic policy for the past decade.
report no. 29 to the storting of 2001 laid down guidelines for the phasing -
in of petroleum revenues into the norwegian economy, establishing two main
principles : economic policy must contribute to stable economic developments
and be sustainable over time. by linking petroleum revenue spending to the
expected real return on the fund – and not to current petroleum revenues –
the fiscal rule provided for a gradual and sustainable phasingin of the
revenues. if we can restrict spending to the return, the fund will never
shrink. norway will also be less vulnerable to fluctuations in current
petroleum revenues. ( chart 8 : effect on the size of gpfg of change in oil
price and return ) in the first ten years after the establishment of the
fiscal rule, the pace of the fund ’ s growth was determined by oil prices.
prospects in 2001 indicated that a 25 percent higher oil price over a 10 -
year period would increase the size of the fund by almost nok 800 billion.
uncertainty with regard to the return on the fund was far less important for
growth. this situation will change as the fund grows and oil and gas
production declines. from 2020 to 2030, the oil price will play a less
prominent role for the size of the fund, while the return on the fund will
be all the more important. in the initial years, the actual return, adjusted
for inflation and costs, was close to 4 percent. in recent years, with the
financial crisis and the sovereign debt crisis, the real return has been
lower, averaging about 2½ percent since 1998. source : lie, e. and c.
venneslan : over evne. finansdepartementet 1965 – 1992 [ beyond our power.
ministry of finance 1965 – 1992 ]. pax forlag, 2010. see report no. 25 to
the storting ( 1973 - 74 ) : “ petroleumsvirksomhetens plass i det norske
samfunn ” [ the role of petroleum activity in norwegian society ]. bis
central bankers ’ speeches we should be careful about taking a rear -
- >-
, increasingly relies on price signals generated by trading activity that
takes place daily in these markets. the reliance on secondary market trading
for price discovery constitutes the fundamental difference between funds
from securities markets and loans from banks. let me be a bit more specific.
in securities markets, investment decisions are driven by prices that arise
from a trading process that reconciles differential information from a
diverse group of investors. in bank loans, investment decisions are based on
the bank ’ s private information about specific borrowers. while a bank
makes its own investment decisions, securities markets rely on the consensus
of a multitude of investors. when securities markets work well, they provide
efficient ways of aggregating information and allocating risks among a wide
range of investors. in order to function well, however, these markets
require a trading infrastructure. this infrastructure may consist of an
exchange, a network of brokers and dealers, and a clearing system. these
markets also rely on a cadre of relatively well - informed investors, who
confidently judge asset prices and take positions on the – 2 – strength of
their judgments. if the trading infrastructure fails or investors lose
confidence, trading will grind to a halt. the global fixed - income markets
are unlike equity markets. in equity markets, everyone knows something about
the trading infrastructure, which is centralized in exchanges. thus, there
is no question as to the focal point of trading information. but the
importance of fixed - income markets, which are multiple - dealer, over -
the - counter markets, is sometimes hard to appreciate because they are so
decentralized. in the united states, the bond market is where companies have
been raising most of their funds in recent years. during the last ten years,
for example, u. s. nonfinancial corporations borrowed a net amount of $ 785
billion in the form of bonds, three times the net amount they borrowed from
banks. over this same period, these companies as a group spent $ 600 billion
more to retire stock – through buybacks and mergers – than they raised in
new offerings. accompanying these increased levels of debt market activity
has been a continuous process of financial innovation. this innovation has
served to unbundle different kinds of risk and, thereby, to enlarge the menu
of risks that investors may choose to bear. for example, interest - rate
swaps, futures and options help reconfigure various interest - rate risks.
total return swaps and creditspread options are tools for reallocating the
payment risks primarily of emerging market
- source_sentence: >-
education shocks arising from the pandemic could signify the largest
reversal in human development on record, equivalent to erasing all the
progress in human development of the past six years4. the risk of reversing
progress in achieving financial inclusion is accentuating why financial
inclusion matters now more than ever. optimising islamic finance for
inclusive economic recovery policy and regulatory responses across the
globe, and likewise in malaysia, have been focused on safeguarding economic
resilience, managing risks to financial stability and minimising
repercussions to society. this is done in tandem with the different stages
of the pandemic – namely, containment, stabilisation and recovery. at the
onset of the crisis, governments along with financial regulators have
deployed sizeable stimulus packages and various assistance programmes in
order to contain the crisis and stabilise the economy. this includes
addressing demand and supply disruptions, maintaining cash flows and keeping
workers employed. in malaysia, the total stimulus package amounted to usd
73. 55 billion ( rm3056 billion ) with an additional fiscal injection by the
government totalling 1 / 4 bis central bankers'speeches rm45 billion. as at
september 2020, a total of 2. 63 million workers and 321, 000 employers had
benefitted from the wage subsidy programme, involving an expenditure of
rm10. 4 billion. to provide further stimulus to the economy, the bank has
reduced the overnight policy rate ( opr ) by a cumulative 125 basis points (
from 3. 00 % to 1. 75 % ) this year, alongside reduction in the statutory
reserve requirement by 100 basis points ( from 3. 00 % to 2. 00 % ). the
reduction in the opr is intended to provide additional policy stimulus to
accelerate the pace of economic recovery. the financial industry, including
islamic financial institutions, also lent support to their borrowers and
customers. in the first half of 2020, a total of rm120 billion7 was
disbursed in lending / financing to smes, with more accounts being approved8
in aggregate in 2020 compared to the same period in previous years. islamic
financial institutions and related associations have been actively educating
and reaching out to affected borrowers about the financial assistance
programmes available in response to the pandemic. the takaful and insurance
industry also facilitated affected certificate holders by offering temporary
deferment of contribution and premium to promote continuity of takaful
protection coverage. more than 1. 1 million9 certificate and policyholders
have benefited from this relief measure. while the
sentences:
- >-
education at an early age. a credit union is similar to a commercial bank,
it can provide the same products and services like a commercial bank, but
what is different is that the credit union is owned by members who are the
shareholders and at the same time are customers to the credit union. credit
unions can provide different saving accounts to suit the needs of their
members. they can create saving products such as junior saving accounts for
the children. credit unions provide lending products for their members. and
credit unions can provide insurance coverage for their members as well. one
of the reasons people explain why they don ’ t want to open an account with
a commercial bank is that because banks charge fees to keep their accounts.
while paying fees is something that we all cannot avoid because provision of
banking services costs money, in a credit union the interests, fees and
charges that are paid by members is distributed back to the members as net
interest income. i say this because i am also member of our staff credit
union called bokolo credit union limited day one when i join the central
bank of solomon islands and know the benefit credit unions can give members.
as the registrar for credit unions, i take note of the progress in the
growth of the assets of both the soltuna employees credit union limited and
the tuna trust credit union limited. if the board and management of these
credit unions continue to manage these credit unions professionally, they
will both be the vehicle to encourage our children and youth here in noro
and munda community to learn how to save and earn and become good financial
and economic citizens of our country. finally, let me take this opportunity
to thank the many people who made this global money week celebration
possible. to the board of directors of both tuna trust credit union limited
and soltuna employees credit union limited. i salute you for accepting our
request to work together to host this global money week. i would like to
thank selwyn talasasa, one of the long serving credit union promoters who
has been a credit union person since day one of his career. he has been very
helpful in organizing our global money week. thank you selwyn. i also thank
the global money week committee for their assistance in organising this
global money week. and thanks to the management of both national fisheries
development limited and soltuna limited for your support in hosting this
global money week. thank you nfd and soltuna, you made us all proud as good
cooperate citizens. to our noro town clerk for your support.
- >-
in tandem, the policy rate of this central bank would have to be changed
frequently and forcefully in the same direction to offset the shock. but
what would happen in the other economy, if it – unlike the first – were more
prone to supply shocks? experience suggests that supply shocks yield sharp
transitory increases in inflation, possibly followed by smaller, more
permanent “ secondround ” effects, though the longer - run impact on
inflation is obviously significantly determined by the response of monetary
policy. given the transitory nature of the initial inflation bursts, the
simple hypothetical rule – which incorporates the reaction to expected
inflation – would advise the central bank to “ look through ” the immediate
disturbance and change policy only to the extent needed to offset the
anticipated more permanent effects of the shock on inflation in subsequent
quarters. its policy rate, again, would be observed to be less variable.
what is important to note is that the same rule – equally active strategies
– would support two different patterns of observed policy behaviour in
different economic environments. the third case is perhaps the most
interesting of all. here exogenous shocks are identical, but economic
structures differ. different transmission mechanisms therefore propagate the
same shocks with lags that vary between the two economies. the first economy
has more rigid adjustment mechanisms : price - setters and wage -
negotiators are more sluggish than those in the other economy in processing
economic news – including changes in the stance of monetary policy – and
bringing them to bear on their decisions. what is the source of those
rigidities in the first economy? there can be many reasons for rigidity.
perhaps labour practices and contractual institutions – dating from the
early post - war decades when the economy was heavily regulated – induce
distortions in large a similar interpretation of “ interest rate inertia ” –
the tendency of central banks to adjust rates in the same direction and in
small steps – can be found in g. rudebusch, “ term structure evidence on
interest rate smoothing and monetary policy inertia ”, journal of monetary
economics, vol. 49 ( pp. 1161 - 1187 ), 2002. segments of the labour market.
this stands in the way of an efficient matching of skills and productive
capabilities. perhaps tight regulatory restraint on business and statutory
inhibitions discourage innovation and impede a faster response to new shocks
and new opportunities. whatever the source of rigidity, the observational
result is that prices and wages in the first economy reflect changes in
fundamentals with considerable lags. how should
- >-
fund ( uncdf ) are also actively developing financial inclusion knowledge,
and supporting countries in implementing financial inclusion strategies
globally. over the years, we have since witnessed the rapid deployment of
innovative financial inclusion solutions that have changed the lives of
many. since the introduction of the mpesa mobile banking service in kenya,
the number of adults with access to financial services has increased from 42
% in 2011 to 75 % today. agent banking in malaysia has provided consumers
with an innovative and alternative channel to access financial services,
resulting in the percentage of sub - districts served by financial services
access point to increase from 46 % in 2011 to 96 % in 2014. this has enabled
99 % of malaysians, particularly those in rural areas, to conveniently
access and benefit from financial services. the microfinance “ global
financial development report 2014 ”, world bank, 2014. discussion note “
redistribution, inequality, and growth ”, imf, 2014. bis central bankers ’
speeches institution grameen bank in bangladesh has extended credit through
its 2, 500 branches to almost 8 million people, with 60 % of them lifted
from poverty. the loan recovery rate is higher than 98 percent. the
experience in bangladesh, in particular, dispels the myth that the poor is
not bankable. of proportionate regulation and the global standards the
proportionate application of global standards for financial regulation is a
critical factor in enabling innovative financial inclusion solutions,
ensuring its delivery in a safe and sound manner. my remarks today will
touch on the following topics : recent developments in global standards and
financial inclusion ; focus areas to advance proportionality in practice ;
and the importance of the global symposium to galvanise action. recent
developments in global standards and financial inclusion global standards
developed after the global financial crisis were designed to address the
financial stability and integrity issues that came to the fore in developed
countries. many of these issues involved the activities of global
systemically important financial institutions. the effects of these
standards on financial inclusion, such as the impact on smaller financial
institutions in developing countries most likely were not taken into
consideration. fortunately, standard - setting bodies have now recognised
the principle of proportionality, emphasising on the balance between
objectives of financial stability, integrity and inclusion. however, the
real challenge lies in implementing proportionality in practice. if
principles are not implemented in a proportionate manner, there could be
unintended consequences for financial inclusion. for example, despite the
financial action task force ’ s guidance on the implementation of a risk -
based approach to anti money laundering /
pipeline_tag: sentence-similarity
library_name: sentence-transformers
metrics:
- pearson_cosine
- spearman_cosine
model-index:
- name: SentenceTransformer based on samchain/EconoBert
results:
- task:
type: semantic-similarity
name: Semantic Similarity
dataset:
name: econosentencev2
type: econosentencev2
metrics:
- type: pearson_cosine
value: 0.8556254615515724
name: Pearson Cosine
- type: spearman_cosine
value: 0.8619885397301873
name: Spearman Cosine
- task:
type: semantic-similarity
name: Semantic Similarity
dataset:
name: econosentence prior df
type: econosentence-prior_df
metrics:
- type: pearson_cosine
value: 0.8373175950726144
name: Pearson Cosine
- type: spearman_cosine
value: 0.8294930387036759
name: Spearman Cosine
license: apache-2.0
datasets:
- samchain/econo-pairs-v2
language:
- en
---
# SentenceTransformer based on samchain/EconoBert
This is a [sentence-transformers](https://www.SBERT.net) model finetuned from [samchain/EconoBert](https://huggingface.co/samchain/EconoBert). It maps sentences & paragraphs to a 768-dimensional dense vector space and can be used for semantic textual similarity, semantic search, paraphrase mining, text classification, clustering, and more.
This model is the second version of the previous [samchain/econo-sentence-v1](https://huggingface.co/samchain/econo-sentence-v1). They both used the same base model but have been trained on different datasets.
The model has been evaluated both on the newest dataset and its precedent version:
- `econo-pairs-v2` is the newest dataset. Check its card [here](https://huggingface.co/samchain/econo-pairs-v2)
- `econo-pairs-v1`is the oldest version. Check its card [here](https://huggingface.co/samchain/econo-pairs)
## Model Details
### Model Description
- **Model Type:** Sentence Transformer
- **Base model:** [samchain/EconoBert](https://huggingface.co/samchain/EconoBert) <!-- at revision 1554ddcdc25e1886cc43e05b9c77a2b8c4888da6 -->
- **Maximum Sequence Length:** 512 tokens
- **Output Dimensionality:** 768 dimensions
- **Similarity Function:** Cosine Similarity
<!-- - **Training Dataset:** Unknown -->
<!-- - **Language:** Unknown -->
<!-- - **License:** Unknown -->
### Model Sources
- **Documentation:** [Sentence Transformers Documentation](https://sbert.net)
- **Repository:** [Sentence Transformers on GitHub](https://github.com/UKPLab/sentence-transformers)
- **Hugging Face:** [Sentence Transformers on Hugging Face](https://huggingface.co/models?library=sentence-transformers)
### Full Model Architecture
```
SentenceTransformer(
(0): Transformer({'max_seq_length': 512, 'do_lower_case': False}) with Transformer model: BertModel
(1): Pooling({'word_embedding_dimension': 768, 'pooling_mode_cls_token': False, 'pooling_mode_mean_tokens': True, 'pooling_mode_max_tokens': False, 'pooling_mode_mean_sqrt_len_tokens': False, 'pooling_mode_weightedmean_tokens': False, 'pooling_mode_lasttoken': False, 'include_prompt': True})
)
```
## Usage
### Direct Usage (Sentence Transformers)
First install the Sentence Transformers library:
```bash
pip install -U sentence-transformers
```
Then you can load this model and run inference.
```python
from sentence_transformers import SentenceTransformer
# Download from the 🤗 Hub
model = SentenceTransformer("samchain/econosentence-v2")
# Run inference
sentences = [
"education shocks arising from the pandemic could signify the largest reversal in human development on record, equivalent to erasing all the progress in human development of the past six years4. the risk of reversing progress in achieving financial inclusion is accentuating why financial inclusion matters now more than ever. optimising islamic finance for inclusive economic recovery policy and regulatory responses across the globe, and likewise in malaysia, have been focused on safeguarding economic resilience, managing risks to financial stability and minimising repercussions to society. this is done in tandem with the different stages of the pandemic – namely, containment, stabilisation and recovery. at the onset of the crisis, governments along with financial regulators have deployed sizeable stimulus packages and various assistance programmes in order to contain the crisis and stabilise the economy. this includes addressing demand and supply disruptions, maintaining cash flows and keeping workers employed. in malaysia, the total stimulus package amounted to usd 73. 55 billion ( rm3056 billion ) with an additional fiscal injection by the government totalling 1 / 4 bis central bankers'speeches rm45 billion. as at september 2020, a total of 2. 63 million workers and 321, 000 employers had benefitted from the wage subsidy programme, involving an expenditure of rm10. 4 billion. to provide further stimulus to the economy, the bank has reduced the overnight policy rate ( opr ) by a cumulative 125 basis points ( from 3. 00 % to 1. 75 % ) this year, alongside reduction in the statutory reserve requirement by 100 basis points ( from 3. 00 % to 2. 00 % ). the reduction in the opr is intended to provide additional policy stimulus to accelerate the pace of economic recovery. the financial industry, including islamic financial institutions, also lent support to their borrowers and customers. in the first half of 2020, a total of rm120 billion7 was disbursed in lending / financing to smes, with more accounts being approved8 in aggregate in 2020 compared to the same period in previous years. islamic financial institutions and related associations have been actively educating and reaching out to affected borrowers about the financial assistance programmes available in response to the pandemic. the takaful and insurance industry also facilitated affected certificate holders by offering temporary deferment of contribution and premium to promote continuity of takaful protection coverage. more than 1. 1 million9 certificate and policyholders have benefited from this relief measure. while the",
'education at an early age. a credit union is similar to a commercial bank, it can provide the same products and services like a commercial bank, but what is different is that the credit union is owned by members who are the shareholders and at the same time are customers to the credit union. credit unions can provide different saving accounts to suit the needs of their members. they can create saving products such as junior saving accounts for the children. credit unions provide lending products for their members. and credit unions can provide insurance coverage for their members as well. one of the reasons people explain why they don ’ t want to open an account with a commercial bank is that because banks charge fees to keep their accounts. while paying fees is something that we all cannot avoid because provision of banking services costs money, in a credit union the interests, fees and charges that are paid by members is distributed back to the members as net interest income. i say this because i am also member of our staff credit union called bokolo credit union limited day one when i join the central bank of solomon islands and know the benefit credit unions can give members. as the registrar for credit unions, i take note of the progress in the growth of the assets of both the soltuna employees credit union limited and the tuna trust credit union limited. if the board and management of these credit unions continue to manage these credit unions professionally, they will both be the vehicle to encourage our children and youth here in noro and munda community to learn how to save and earn and become good financial and economic citizens of our country. finally, let me take this opportunity to thank the many people who made this global money week celebration possible. to the board of directors of both tuna trust credit union limited and soltuna employees credit union limited. i salute you for accepting our request to work together to host this global money week. i would like to thank selwyn talasasa, one of the long serving credit union promoters who has been a credit union person since day one of his career. he has been very helpful in organizing our global money week. thank you selwyn. i also thank the global money week committee for their assistance in organising this global money week. and thanks to the management of both national fisheries development limited and soltuna limited for your support in hosting this global money week. thank you nfd and soltuna, you made us all proud as good cooperate citizens. to our noro town clerk for your support.',
'fund ( uncdf ) are also actively developing financial inclusion knowledge, and supporting countries in implementing financial inclusion strategies globally. over the years, we have since witnessed the rapid deployment of innovative financial inclusion solutions that have changed the lives of many. since the introduction of the mpesa mobile banking service in kenya, the number of adults with access to financial services has increased from 42 % in 2011 to 75 % today. agent banking in malaysia has provided consumers with an innovative and alternative channel to access financial services, resulting in the percentage of sub - districts served by financial services access point to increase from 46 % in 2011 to 96 % in 2014. this has enabled 99 % of malaysians, particularly those in rural areas, to conveniently access and benefit from financial services. the microfinance “ global financial development report 2014 ”, world bank, 2014. discussion note “ redistribution, inequality, and growth ”, imf, 2014. bis central bankers ’ speeches institution grameen bank in bangladesh has extended credit through its 2, 500 branches to almost 8 million people, with 60 % of them lifted from poverty. the loan recovery rate is higher than 98 percent. the experience in bangladesh, in particular, dispels the myth that the poor is not bankable. of proportionate regulation and the global standards the proportionate application of global standards for financial regulation is a critical factor in enabling innovative financial inclusion solutions, ensuring its delivery in a safe and sound manner. my remarks today will touch on the following topics : recent developments in global standards and financial inclusion ; focus areas to advance proportionality in practice ; and the importance of the global symposium to galvanise action. recent developments in global standards and financial inclusion global standards developed after the global financial crisis were designed to address the financial stability and integrity issues that came to the fore in developed countries. many of these issues involved the activities of global systemically important financial institutions. the effects of these standards on financial inclusion, such as the impact on smaller financial institutions in developing countries most likely were not taken into consideration. fortunately, standard - setting bodies have now recognised the principle of proportionality, emphasising on the balance between objectives of financial stability, integrity and inclusion. however, the real challenge lies in implementing proportionality in practice. if principles are not implemented in a proportionate manner, there could be unintended consequences for financial inclusion. for example, despite the financial action task force ’ s guidance on the implementation of a risk - based approach to anti money laundering /',
]
embeddings = model.encode(sentences)
print(embeddings.shape)
# [3, 768]
# Get the similarity scores for the embeddings
similarities = model.similarity(embeddings, embeddings)
print(similarities.shape)
# [3, 3]
```
<!--
### Direct Usage (Transformers)
<details><summary>Click to see the direct usage in Transformers</summary>
</details>
-->
<!--
### Downstream Usage (Sentence Transformers)
You can finetune this model on your own dataset.
<details><summary>Click to expand</summary>
</details>
-->
<!--
### Out-of-Scope Use
*List how the model may foreseeably be misused and address what users ought not to do with the model.*
-->
## Evaluation
### Metrics
#### Semantic Similarity
* Datasets: `econo-pairs-v2` and `econo-pairs-v1`
* Evaluated with [<code>EmbeddingSimilarityEvaluator</code>](https://sbert.net/docs/package_reference/sentence_transformer/evaluation.html#sentence_transformers.evaluation.EmbeddingSimilarityEvaluator)
Econo-sentence-v2 evaluation results:
| Metric | econo-pairs-v2 | econo-pairs-v1 |
|:--------------------|:----------------|:-----------------------|
| pearson_cosine | 0.8556 | 0.8373 |
| **spearman_cosine** | **0.862** | **0.8295** |
Econo-sentence-v1 evaluation results:
| Metric | econo-pairs-v2 | econo-pairs-v1 |
|:--------------------|:----------------|:-----------------------|
| pearson_cosine | 0.7642 | 0.8999 |
| **spearman_cosine** | **0.758** | **0.8358** |
The v2 and v1 differs in terms of training as the v2 has been train on 0.5 labels, while the v1 is only trained on 1 and 0.
The results show that the v2 still performs on par with its predecessor on the prior dataset while improving the performance by 10 points on the latest.
<!--
## Bias, Risks and Limitations
*What are the known or foreseeable issues stemming from this model? You could also flag here known failure cases or weaknesses of the model.*
-->
<!--
### Recommendations
*What are recommendations with respect to the foreseeable issues? For example, filtering explicit content.*
-->
## Training Details
### Training Dataset
#### Train set of econo-pairs-v2
* Size: 45,044 training samples
* Columns: <code>text1</code>, <code>text2</code>, and <code>label</code>
* Approximate statistics based on the first 1000 samples:
| | text1 | text2 | label |
|:--------|:-----------------------------------------------------------------------------------|:------------------------------------------------------------------------------------|:---------------------------------------------------------------|
| type | string | string | float |
| details | <ul><li>min: 3 tokens</li><li>mean: 454.6 tokens</li><li>max: 505 tokens</li></ul> | <ul><li>min: 6 tokens</li><li>mean: 458.88 tokens</li><li>max: 505 tokens</li></ul> | <ul><li>min: 0.0</li><li>mean: 0.49</li><li>max: 1.0</li></ul> |
* Samples:
| text1 | text2 | label |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-----------------|
| <code>in credit intermediation is not disrupted. i hope the analysis and observations i have shared today can assist with a process of learning, evolving, and improving that will prevent future disruptions. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches</code> | <code>richard byles : update and outlook for the jamaican economy monetary policy press statement by mr richard byles, governor of the bank of jamaica, at the quarterly monetary policy report press conference, kingston, 21 february 2024. * * * introduction good morning and welcome to our first quarterly monetary policy report press conference for 2024. the year has started with inflation being above the bank's inflation target. statin reported last week that headline inflation at january 2024 was 7. 4 per cent, which is higher than the outturns for the previous three months, and above the bank's target of 4 to 6 per cent. core inflation, however, which excludes food and fuel prices from the consumer price index, was 5. 9 per cent, which is lower than the 7. 1 per cent recorded in january 2023. the inflation outturn at january is higher than the bank had projected in november 2023. as we communicated then, in the wake of the announcement by the minister of finance and the public service of th...</code> | <code>0.0</code> |
| <code>european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, frankfurt am main, 4 may 2006. * * * ladies and gentlemen, let me welcome you to our press conference and report on the outcome of today ’ s meeting of the ecb ’ s governing council. the meeting was also attended by commissioner almunia. on the basis of our regular economic and monetary analyses, we have decided to leave the key ecb interest rates unchanged. overall, the information which has become available since our last meeting broadly confirms our earlier assessment of the outlook for price developments and economic activity in the euro area, and that monetary and credit growth remains very dynamic. against this background, the governing council will exercise strong vigilance in order to ensure that risks to price stability over the medium term do not materialise. such vigilance is particularly warranted in a context of ample...</code> | <code>vitor constancio : strengthening european economic governance – surveillance of fiscal and macroeconomic imbalances speech by mr vitor constancio, vice - president of the european central bank, at the brussels economic forum, brussels, 18 may 2011. * * * thank you very much for the invitation to participate in this panel today. the session is intended to focus on “ surveillance of fiscal and macroeconomic imbalances ”, which arguably is the most important strand of the economic governance package. but one should consider that this package – beyond the 6 legislative acts – also contains three other strands : the euro plus pact, the creation of the european stability mechanism and the setting - up of the european system of financial supervision. a fundamental strengthening of economic governance in the euro area requires simultaneous progress in all three areas. the first strand is necessary to prevent and correct imbalances ; the second to ensure the conditions for future growth and com...</code> | <code>0.5</code> |
| <code>. innovation is already altering the power source of motor vehicles, and much research is directed at reducing gasoline requirements. at present, gasoline consumption in the united states alone accounts for 11 percent of world oil production. moreover, new technologies to preserve existing conventional oil reserves and to stabilize oil prices will emerge in the years ahead. we will begin the transition to the next major sources of energy perhaps before midcentury as production from conventional oil reservoirs, according to central tendency scenarios of the energy information administration, is projected to peak. in fact, the development and application of new sources of energy, especially nonconventional oil, is already in train. nonetheless, it will take time. we, and the rest of the world, doubtless will have to live with the uncertainties of the oil markets for some time to come.</code> | <code>oil industry to build inventories, demand from investors who have accumulated large net long positions in distant oil futures and options is expanding once again. such speculative positions are claims against future oil holdings of oil firms. currently, strained capacity has limited the ability of oil producers to quickly satisfy this markedly increased demand for inventory. adding to the difficulties is the rising consumption of oil, especially in china and india, both of which are expanding economically in ways that are relatively energy intensive. even the recent notable pickup in opec output, by exhausting most of its remaining excess capacity, has only modestly satisfied overall demand. output from producers outside opec has also increased materially, but investment in new producing wells has lagged, limiting growth of production in the near term. crude oil prices are also being distorted by shortages of capacity to upgrade the higher sulphur content and heavier grades of crude oi...</code> | <code>1.0</code> |
* Loss: [<code>CoSENTLoss</code>](https://sbert.net/docs/package_reference/sentence_transformer/losses.html#cosentloss) with these parameters:
```json
{
"scale": 20.0,
"similarity_fct": "pairwise_cos_sim"
}
```
### Evaluation Dataset
#### Test set of econo-pairs-v2
* Size: 11,261 evaluation samples
* Columns: <code>text1</code>, <code>text2</code>, and <code>label</code>
* Approximate statistics based on the first 1000 samples:
| | text1 | text2 | label |
|:--------|:------------------------------------------------------------------------------------|:------------------------------------------------------------------------------------|:--------------------------------------------------------------|
| type | string | string | float |
| details | <ul><li>min: 4 tokens</li><li>mean: 451.65 tokens</li><li>max: 505 tokens</li></ul> | <ul><li>min: 6 tokens</li><li>mean: 457.79 tokens</li><li>max: 505 tokens</li></ul> | <ul><li>min: 0.0</li><li>mean: 0.5</li><li>max: 1.0</li></ul> |
* Samples:
| text1 | text2 | label |
|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:-----------------|
| <code>the drying up of the unsecured interbank market a price worth paying for lower interest rate volatility and tighter interest rate control in the money markets? at present, it is difficult to envisage how the unsecured interbank money market could be revived in full in the near future, reaching the pre - global financial crisis levels. this is due both to regulatory reasons and to fragmentation. post - crisis, banks appear reluctant to lend each other in the unsecured interbank market, pricing such lending at levels that are sufficient to compensate for counterparty credit risk. at the same time, short - term ( below 6 months ) interbank funding does not contribute towards satisfying the nsfr requirements. as a result, the unsecured segment of the interbank market is unattractive for prospective borrowers and is not expected to regain importance. furthermore, heterogeneity within and across the banking systems of euro area countries impedes the efficient redistribution of reserves acros...</code> | <code>##obalisation, artificial intelligence, as well as the green transition and climate change adaptation policies. 1 / 7 bis - central bankers'speeches given the uncertain overall impact of these effects and the significant unknowns and ambiguity surrounding the computation of natural interest rates, their prospective level and evolution are not easily determined. turning now to the lessons learnt, experience gained during the past crises has been extremely valuable. first, monetary policy needs to remain flexible so that it can accommodate potential future shocks to price stability, of any nature and direction. second, financial stability considerations need to be taken into account in the decision making of monetary policymakers, in their pursuit of price stability. the past decade provided us with new insights into what monetary policy can do. we are now better prepared to implement the appropriate monetary policy mix, with standard and non - standard tools, if we were to face new chal...</code> | <code>1.0</code> |
| <code>therefore worries me that greece might go backwards in terms of its reform agenda. suffice to say, it is not enough to correct misalignments solely at the national level. we also need structural reforms at the european level. and here, a lot has been done since the crisis broke out. first, the rules of the stability and growth pact were tightened and a fiscal compact was adopted in order to restore confidence in public finances. second, a procedure for identifying macroeconomic imbalances at an early stage was established. and third, a crisis mechanism was set up to serve as a “ firewall ”, safeguarding the stability of the financial system in the euro area. in addition to these measures, the euro area took a major step toward deeper financial integration. on 4 november 2014, the first pillar of a european banking union was put in place. on that day, the ecb assumed responsibility for supervising the 123 largest banks in the euro area. together, the banks concerned account for more tha...</code> | <code>andreas dombret : the euro area – where do we stand? speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the german - turkish chamber of trade and commerce, istanbul, 10 february 2015. * 1. * * introduction ladies and gentlemen thank you for inviting me to speak here at the german - turkish chamber of industry and commerce in istanbul. isaac newton once observed that “ we build too many walls and not enough bridges ”. istanbul has for centuries been a bridge between two continents – asia and europe. it seems to me that istanbul is therefore an excellent place to hold this year ’ s g20 meetings. after all, the purpose of these meetings is to build bridges between nations by fostering dialogue and the mutual exchange of information. and this objective is of course also pursued by the german - turkish chamber of trade and commerce. moreover, mutual exchange is essential in a globalised world where countries are no longer isolated islands but part of ...</code> | <code>1.0</code> |
| <code>for vital issues regarding the agenda. i desire you all success with the materialization and accomplishment of your present and future projects and i conclude by wishing all the foreign guests at this conference a good stay in romania. i am now giving the floor to mr kurt puchinger, coordinator of the eu strategy for the danube region and chair of the first session, to start the conference. thank you. bis central bankers ’ speeches</code> | <code>national bank of romania, as they capture appropriately the opinions of the real sector on some key issues, such as : ( i ) the most pressing problems that firms are facing in their activity ; ( ii ) the investment needs and priorities ; ( iii ) challenges raised by climate change and energy efficiency. the survey shows that firms in romania have become less optimistic regarding investment conditions for the year ahead. while this is a worrying trend, we are rather positive that romania will be able to overcome the main problem identified, the energy costs, in the near future. i would add here that the government has implemented several measures in this respect, such as electricity and natural gas price capping schemes, the compensation of the price of motor fuel / liter and caps on the firewood price. also, we are aware that the war in ukraine and the related sanctions will continue to generate considerable uncertainties and risks to the outlook for economic activity, through possibly...</code> | <code>0.5</code> |
* Loss: [<code>CoSENTLoss</code>](https://sbert.net/docs/package_reference/sentence_transformer/losses.html#cosentloss) with these parameters:
```json
{
"scale": 20.0,
"similarity_fct": "pairwise_cos_sim"
}
```
### Training Hyperparameters
#### Non-Default Hyperparameters
- `eval_strategy`: steps
- `per_device_train_batch_size`: 16
- `per_device_eval_batch_size`: 16
- `learning_rate`: 2e-05
- `num_train_epochs`: 2
- `warmup_ratio`: 0.1
- `fp16`: True
- `batch_sampler`: no_duplicates
#### All Hyperparameters
<details><summary>Click to expand</summary>
- `overwrite_output_dir`: False
- `do_predict`: False
- `eval_strategy`: steps
- `prediction_loss_only`: True
- `per_device_train_batch_size`: 16
- `per_device_eval_batch_size`: 16
- `per_gpu_train_batch_size`: None
- `per_gpu_eval_batch_size`: None
- `gradient_accumulation_steps`: 1
- `eval_accumulation_steps`: None
- `torch_empty_cache_steps`: None
- `learning_rate`: 2e-05
- `weight_decay`: 0.0
- `adam_beta1`: 0.9
- `adam_beta2`: 0.999
- `adam_epsilon`: 1e-08
- `max_grad_norm`: 1.0
- `num_train_epochs`: 2
- `max_steps`: -1
- `lr_scheduler_type`: linear
- `lr_scheduler_kwargs`: {}
- `warmup_ratio`: 0.1
- `warmup_steps`: 0
- `log_level`: passive
- `log_level_replica`: warning
- `log_on_each_node`: True
- `logging_nan_inf_filter`: True
- `save_safetensors`: True
- `save_on_each_node`: False
- `save_only_model`: False
- `restore_callback_states_from_checkpoint`: False
- `no_cuda`: False
- `use_cpu`: False
- `use_mps_device`: False
- `seed`: 42
- `data_seed`: None
- `jit_mode_eval`: False
- `use_ipex`: False
- `bf16`: False
- `fp16`: True
- `fp16_opt_level`: O1
- `half_precision_backend`: auto
- `bf16_full_eval`: False
- `fp16_full_eval`: False
- `tf32`: None
- `local_rank`: 0
- `ddp_backend`: None
- `tpu_num_cores`: None
- `tpu_metrics_debug`: False
- `debug`: []
- `dataloader_drop_last`: False
- `dataloader_num_workers`: 0
- `dataloader_prefetch_factor`: None
- `past_index`: -1
- `disable_tqdm`: False
- `remove_unused_columns`: True
- `label_names`: None
- `load_best_model_at_end`: False
- `ignore_data_skip`: False
- `fsdp`: []
- `fsdp_min_num_params`: 0
- `fsdp_config`: {'min_num_params': 0, 'xla': False, 'xla_fsdp_v2': False, 'xla_fsdp_grad_ckpt': False}
- `fsdp_transformer_layer_cls_to_wrap`: None
- `accelerator_config`: {'split_batches': False, 'dispatch_batches': None, 'even_batches': True, 'use_seedable_sampler': True, 'non_blocking': False, 'gradient_accumulation_kwargs': None}
- `deepspeed`: None
- `label_smoothing_factor`: 0.0
- `optim`: adamw_torch
- `optim_args`: None
- `adafactor`: False
- `group_by_length`: False
- `length_column_name`: length
- `ddp_find_unused_parameters`: None
- `ddp_bucket_cap_mb`: None
- `ddp_broadcast_buffers`: False
- `dataloader_pin_memory`: True
- `dataloader_persistent_workers`: False
- `skip_memory_metrics`: True
- `use_legacy_prediction_loop`: False
- `push_to_hub`: False
- `resume_from_checkpoint`: None
- `hub_model_id`: None
- `hub_strategy`: every_save
- `hub_private_repo`: None
- `hub_always_push`: False
- `gradient_checkpointing`: False
- `gradient_checkpointing_kwargs`: None
- `include_inputs_for_metrics`: False
- `include_for_metrics`: []
- `eval_do_concat_batches`: True
- `fp16_backend`: auto
- `push_to_hub_model_id`: None
- `push_to_hub_organization`: None
- `mp_parameters`:
- `auto_find_batch_size`: False
- `full_determinism`: False
- `torchdynamo`: None
- `ray_scope`: last
- `ddp_timeout`: 1800
- `torch_compile`: False
- `torch_compile_backend`: None
- `torch_compile_mode`: None
- `dispatch_batches`: None
- `split_batches`: None
- `include_tokens_per_second`: False
- `include_num_input_tokens_seen`: False
- `neftune_noise_alpha`: None
- `optim_target_modules`: None
- `batch_eval_metrics`: False
- `eval_on_start`: False
- `use_liger_kernel`: False
- `eval_use_gather_object`: False
- `average_tokens_across_devices`: False
- `prompts`: None
- `batch_sampler`: no_duplicates
- `multi_dataset_batch_sampler`: proportional
</details>
### Training Logs
| Epoch | Step | Training Loss | Validation Loss | econosentencev2_spearman_cosine |
|:------:|:----:|:-------------:|:---------------:|:-------------------------------:|
| 0.0888 | 250 | 4.2245 | - | - |
| 0.1776 | 500 | 3.6201 | 3.5284 | 0.7812 |
| 0.2663 | 750 | 3.5093 | - | - |
| 0.3551 | 1000 | 3.4858 | 3.4938 | 0.8177 |
| 0.4439 | 1250 | 3.5671 | - | - |
| 0.5327 | 1500 | 3.3165 | 3.2432 | 0.8302 |
| 0.6214 | 1750 | 3.2781 | - | - |
| 0.7102 | 2000 | 3.2901 | 3.1754 | 0.8355 |
| 0.7990 | 2250 | 3.2053 | - | - |
| 0.8878 | 2500 | 3.1673 | 3.1109 | 0.8422 |
| 0.9766 | 2750 | 3.0844 | - | - |
| 1.0653 | 3000 | 2.7478 | 3.1557 | 0.8483 |
| 1.1541 | 3250 | 2.7042 | - | - |
| 1.2429 | 3500 | 2.6291 | 3.1707 | 0.8541 |
| 1.3317 | 3750 | 2.6193 | - | - |
| 1.4205 | 4000 | 2.6128 | 3.1136 | 0.8546 |
| 1.5092 | 4250 | 2.5762 | - | - |
| 1.5980 | 4500 | 2.5992 | 3.0960 | 0.8579 |
| 1.6868 | 4750 | 2.4983 | - | - |
| 1.7756 | 5000 | 2.3061 | 3.1615 | 0.8608 |
| 1.8643 | 5250 | 2.3459 | - | - |
| 1.9531 | 5500 | 2.418 | 3.1436 | 0.8617 |
### Framework Versions
- Python: 3.10.12
- Sentence Transformers: 3.4.1
- Transformers: 4.49.0
- PyTorch: 2.1.0+cu118
- Accelerate: 1.4.0
- Datasets: 3.3.1
- Tokenizers: 0.21.0
## Citation
Samuel Chaineau
### BibTeX
#### Sentence Transformers
```bibtex
@inproceedings{reimers-2019-sentence-bert,
title = "Sentence-BERT: Sentence Embeddings using Siamese BERT-Networks",
author = "Reimers, Nils and Gurevych, Iryna",
booktitle = "Proceedings of the 2019 Conference on Empirical Methods in Natural Language Processing",
month = "11",
year = "2019",
publisher = "Association for Computational Linguistics",
url = "https://arxiv.org/abs/1908.10084",
}
```
#### CoSENTLoss
```bibtex
@online{kexuefm-8847,
title={CoSENT: A more efficient sentence vector scheme than Sentence-BERT},
author={Su Jianlin},
year={2022},
month={Jan},
url={https://kexue.fm/archives/8847},
}
```
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