sentence-transformers safetensors bert sentence-similarity feature-extraction generated_from_trainer dataset_size:45044 loss:CoSENTLoss economics finance en dataset:samchain/econo-pairs-v2 arxiv:1908.10084 base_model:samchain/EconoBert base_model:finetune:samchain/EconoBert license:apache-2.0 model-index autotrain_compatible text-embeddings-inference endpoints_compatible region:us
---
base_model: samchain/EconoBert
datasets:
- samchain/econo-pairs-v2
language:
- en
library_name: sentence-transformers
license: apache-2.0
metrics:
- pearson_cosine
- spearman_cosine
pipeline_tag: sentence-similarity
tags:
- sentence-transformers
- sentence-similarity
- feature-extraction
- generated_from_trainer
- dataset_size:45044
- loss:CoSENTLoss
- economics
- finance
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 /'
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
---

# 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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