samchain/econo-pairs-v1 huggingface dataset:
The newest and possibly most promising area of growth is sustainable finance where we aspire to support Asia’s transition to a low carbon economy. The task of reducing emissions is urgent, as pointed out by the most recent report of the United Nations Intergovernmental Panel on Climate Change. All sectors of the economy need to achieve progressive and deep emission reductions. Some $ trillion in infrastructure investments will be needed over the next decade to enable Southeast Asia’s transition towards sustainability [3] . In Singapore, we are developing strategies to build a comprehensive ecosystem for green and transition financing. We are aligning financing efforts with credible sectoral transition plans, that provide clarity about transition pathways and carbon emission targets. This in turn generates investor confidence and catalyses greater sustainable finance flows. We are promoting blended finance solutions, where targeted risk sharing by governments or multilateral development banks can crowd in private capital more effectively. We are stepping up efforts to enhance collection of emissions data, develop credible transition taxonomies, and implement consistent climate-related reporting and disclosure standards. One key initiative which MAS has embarked on with the industry is Project Greenprint, which comprises common utility platforms. These platforms will harness technology to address the financial sector’s sustainability data needs, and enable a more transparent, trusted and efficient ESG ecosystem that can catalyse green and sustainable finance. One of the most encouraging aspects of the strong growth of the financial sector is the number of good jobs that are being created.

Consequently, the optimal path of  BIS Review 46/2006  3  monetary policy may differ. Monetary independence gives us the capacity to react to asymmetric shocks and to limit their negative impact on the domestic economy. To sum up my arguments thus far, monetary independence allows Switzerland, first, to live with a comparatively low rate of inflation and, second, to reduce the impact of Switzerlandspecific shocks, which limits the volatility of Swiss inflation and growth. The third reason for monetary independence, which I would now like to turn to, is the protection of the Swiss interest rate advantage. Continuity of the interest rate advantage One major attraction of adopting the euro for countries with a record of high inflation was that national interest rates would drop in the run-up to the monetary union and converge to the German level, which was the lowest among the euro's founding members. Swiss interest rates, by contrast, have historically been lower, even lower than those in Germany. The reason why Switzerland enjoys the lowest interest rate levels in Europe has nothing to do with the appeal of our bank secrecy, as many believe. Switzerland is not a net importer of capital, but rather a major capital exporter. Traditionally, the Swiss economy displays a large excess of savings over investments. In 2005, our current account surplus represented 14% of GDP and Switzerland exported more capital than the whole euro area.
It has been rolled out in educational centres that voluntarily decide to participate in this initiative and to impart financial education. Indeed, some 500 centres each year throughout Spain have taken part. The participant centres have educational material provided by the Plan itself, through the Gepeese portal, so they may be used by teachers according to their own criteria and programmes. Complementing this is specific training for teachers, who are provided with supplementary educational resources (such as games and workshops). There is also an annual competition for participating pupils. In fact, on 1 October 2018 I had the opportunity to congratulate the winners of this competition from a school in Plasencia. In order to gauge the impact of this school programme, inform society of it and seek to continually improve it, an exhaustive evaluation of the programme was conducted in the 2014-2015 academic year.9 The evaluation of the short-term impact of the programme showed that:           Pupils following the financial education course obtained better results in financial literacy tests at the end of the year than pupils who did not. In terms of theme-based content, it was found that the financial education course especially increased pupils’ knowledge in “bank relations” (e.g. opening and closing bank accounts, the consequences of an overdraft and knowledge of bank fees, along with the notion of interest rates and their calculation). The impact of the course was less evident on matters such as saving, means of payment and responsible consumption.

The Survey is a very extensive study in which over 8,000 people were interviewed and asked – among other issues – about their financial knowledge; their holding and acquiring of saving, credit and insurance products; their work-related expectations; and their attitudes to consumption and saving. It is the most comprehensive, representative and internationally comparable information source available on Spanish citizens’ financial competences. 3/8  It is, therefore, a most useful survey. And it is novel regarding the additional information it provides on the social and economic context in which Spaniards take their financial decisions. In this connection, it measures competences which, without being strictly financial, can indeed affect peoples’ decisions, such as their degree of reading comprehension and their ability to understand specific graphics. The Survey thus provides us with a sound database for assessing our efforts to increase financial literacy. I encourage you, as specialists in this area, to exploit it by using both its aggregate findings and its microdata, which are available for research on the Banco de España’s Internet portal.1 With regard to the population’s financial knowledge, the Survey shows that an extensive group of Spaniards are not familiar with basic concepts such as inflation, interest rates or risk diversification. To answer correctly the question on inflation in the Survey requires understanding that an amount of money loses purchasing power when prices rise. 42% of interviewees are not able to answer this question correctly.
Faced with this situation, with the dual objective of easing financing conditions and addressing emerging signs of financial fragmentation among euro area countries, on the ECB Governing Council we approved a package of measures which acted in two main dimensions: asset purchases and liquidity-providing operations. First, through the pandemic emergency purchase programme (PEPP), and second, through targeted longerterm refinancing operations (TLTROs). These measures have subsequently been expanded and strengthened (most recently, in December), owing to the persistence of the pandemic and its negative effects on the economy. I would now like to discuss each of these measures in greater detail. The PEPP, a programme for the purchase of public and private-sector bonds, was launched in March 2020. Its flexibility is what sets it apart from the previous asset purchase programme (APP). Thus, whereas the APP is relatively rigid in terms of how the asset purchases are distributed both over time and across jurisdictions, during the most critical months of the pandemic the PEPP has allowed us to concentrate purchases on those countries whose financing conditions have, at any given time, been subject to a greater degree of tightening. 2  Thanks to this flexibility, together with its large initial envelope, the announcement of the creation of the PEPP on 18 March served to substantially reduce interest rates on sovereign debt (especially that of the countries hardest hit by the health crisis at that moment, such as Italy and Spain).

“October 2020 Bank Lending Survey in Spain”, Analytical Articles, Economic Bulletin, 4/2020, Banco de España. 20
OECD government debt will grow for several years ahead and may increase from 80 per cent of GDP in 2008 to almost 120 per cent later this decade. Cuts in social welfare expenditure and public service production and higher taxes will be necessary for many years ahead to bring debt down to a level that will restore governments’ fiscal space. And should the need arise, governments’ capacity and appetite for intervening with new measures and rescue operations will probably have diminished in the meantime. 2  BIS Review 15/2010  Markets are now focusing on the four euro area countries Portugal, Ireland, Greece and Spain. Ireland may have broken the circle – by reducing nominal wages and showing the ability to cut government spending sharply. The other countries have not yet managed to regain the confidence of funding markets. The challenge they face is not only high deficits and substantial debt today, but also limited potential to grow out of their debt problems. The only remedy in that case is spending cuts. Icelandic banks were particularly vulnerable and their collapse had a severe impact on Iceland’s economy. The real economic environment in Iceland, with income levels now down to UK and Swedish levels, is conducive to growth. However, the problems left by the banks must be resolved before the economy can start to pick up. Third, in the US, the euro area countries and the UK, there is again almost double-digit unemployment.

With a few taps on the keyboard, people can make home equity withdrawals that are deposited in an online bank and are used to finance new purchases and current consumption. During a downturn bank earnings fall, losses rise and banks tighten lending. This can trigger several rounds of decline. This is the mechanism whereby fluctuations in the economy are amplified. The global banking crisis shows that credit cycles and property market bubbles that burst represent one of the greatest challenges to economic policy. They can build up over a long period. They are difficult to identify in real time and even after they burst there is doubt as to the causes. The fall in prices is abrupt and costly. It is particularly important to develop structures and mechanisms that better enable the economy to regulate itself. New equity capital and liquidity requirements for banks can promote financial stability. The requirements should probably be tighter in Norway than the minimum requirements that are likely to be agreed internationally. Norway’s economy is small, with concentrated risk for the banks. It is also important to cooperate with the other Nordic countries to avoid a situation where more lightly regulated banks aggressively market loans in Norway. Owing to flaws and major shortcomings, the tax treatment of capital and property in Norway amplifies credit cycles and house price fluctuations. The 1992 reform resulted in a tax system for Norway that is based on sound principles.
Anti cash campaign Recent developments have impacted cash reduction in the economy. On the other hand, we have carried out an intensive public activity, of clarifying and promoting nature where meetings of another  BIS Review 39/2005  3  nature were held too, in which we, all of us as a banking system, have been concretely engaged. Allow me to remind you the meetings we have organized with business and utility services business and also that on the primary market of Treasury bills. Using this opportunity I would like to bring again to your kind attention the problems raised even beforehand. I hope that now, on the eve of finalising the Automated Electronic Clearing House project, each bank separately and the Association itself are seriously thinking to raise the profit level from this facility that Bank of Albania offers in this moment. I would appreciate if from the Association will have some comments or potential reactions on the system preparations and the possible assistance and co-operation of Bank of Albania in this direction. After the completion of this project, I deem that we must think more seriously about the numerical and qualitative addition of electronic payments. For this purpose I would envisage to start thinking from now about future projects in the payment infrastructure. I personally will insist that even in this direction all of us as a banking system look forward to the European Union directives, in order that each future step is oriented toward the country integration in the European Union.

We experienced an economic contraction for five consecutive quarters and property prices plunged by more than 60%. Many families found themselves trapped in “negative equity”, and the unemployment rate was above 8%. Hong Kong began to recover in 2003 after six years’ hard struggle. I am sure that this experience is still fresh in our memory. 4. Japan is another good example. It enjoyed rapid economic development after World War II, quickly becoming a powerful industrial nation. During the late 80’s when its stock and property markets were booming, a huge bubble was created, which we only realised afterwards. Few people spotted the emergence of a bubble at the time, and the extraordinary and irrational exuberance was interpreted as the “Japanese miracle”. We all know now that what a disaster this “Japanese miracle” was for its people. Twenty years on, the Nikkei Index still hovers around the 10,000 level, only a quarter of its peak of 39,000, while the average residential land price in six major cities is equivalent to only a third of its level two decades  BIS Review 167/2009  1  ago. Of course, there are other structural problems that have prevented a Japanese recovery for such a long period. 5. The current global financial crisis was caused by the bursting of the property bubble in the US, which left many financial institutions under stress.
The MPC’s inflation target sits within the Bank’s wider mission – set out in our founding charter from 1694 – to promote the good of the people of the United Kingdom. These are not just words from an old charter. It is the heart and soul of what we do. It is therefore important to us to listen to what the people of the United Kingdom have to say. We of course also talk to financial market participants through our market intelligence gathering, and our Agents travel to all corners of the country. We join them regularly in this work. I personally go on visits to each of the 12 regions and nations of the UK at least once a year to hear from businesses and organisations first-hand. Page 3  Bank of England outreach programmes Listening to people from all parts of the United Kingdom  But today I would like to focus on our outreach programmes: our citizen’s forum consisting of 12 regional panels, each chaired by a devoted volunteer from the local community, and currently counting 4,000 members; our community forums for charities and the people they support; and our youth forum specifically for young people aged 16 to 25. These are the events where we talk with and listen to people from all walks of life. We set out some of the high-level themes from those conversations in a report from the chairs of the regional panels published today. What we hear from them is sobering.

Furthermore, banks and Financial Institutions in Zambia have in the past lamented the low levels of banking and economic knowledge among graduates from tertiary institutions as well as the borrowing public in general. It is therefore gratifying to note that this evening, we celebrate and showcase the depth of the entrepreneurial talent that is flourishing in our schools of higher learning. It is also heartening to see these young men and women putting up high quality business proposals of a diverse range of projects. This speaks well for the inventiveness of our learning institutions and is a very welcome development indeed. Ladies and Gentlemen, this initiative represents a major milestone in developing linkages between the industry and tertiary institutions which is key in bridging the gap between expectations of employers and those of the labour force. It is also testimony that we have financial institutions and business entities that are willing and committed to promoting private entrepreneurship among young people in our country at the level of start-up businesses. Once again, I commend the sponsors and their partners for this important initiative. I am certain that your efforts will go a long way in contributing to the building of an entrepreneurial society in Zambia. This is a task not only for you but for everybody. I wish to urge in particular, the education system in Zambia to enhance their efforts in promoting positive attitudes towards entrepreneurship in the institutions of higher learning.
Governance structure and management model Now, let me turn to the Fund management model. The governance structure is based on a clear division of responsibilities between the political authorities and the operational management. •  The Ministry of Finance is the owner of the Fund. The Ministry defines the mandate and monitors and evaluates performance. •  The management of the Fund is delegated to Norges Bank. The Bank’s task is to implement the investment strategy and exercise ownership rights. Norges Bank also provides professional advice to the Ministry on investment strategies. The Fund’s investment strategy is to maximise financial return with moderate risk. The longterm strategic allocation is defined in terms of a benchmark portfolio, which consists of equities and fixed income instruments. Equities account for 60 per cent of the Fund's strategic benchmark portfolio. The size of the Fund implies that it currently owns about 1 per cent of listed European equities and ½ per cent of listed equities on a global basis. Fixed income instruments account for 40 per cent. 2  BIS Review 81/2008  Furthermore, the Ministry has recently decided that the Fund should prepare the ground for investing in real estate at 5 per cent of the strategic benchmark portfolio. In time, this will reduce the fixed income share to 35 per cent. Norges Bank has built an organisation with emphasis on investment returns and based on three fundamental principles: Accountability, transparency and professional standards.

In 2006, the name was changed to the Government Pension Fund – Global. In spite of the name change, the Fund is more similar to an endowment than to a pension fund. Since the first transfer of some USD 400 million was made in 1996, the Fund has grown rapidly in size. Its assets are currently valued at around USD 400 billion. One third of the portfolio, about USD 130 billion is invested here in North America. The Fund is expected to grow rapidly in coming years, and may double in 5-10 years. The Fund was established as a tool to support prudent management of Norway’s petroleum wealth. One purpose is to shield the non-oil economy from price fluctuations (see Chart 3). The Fund is also a long-term savings instrument. It will help to cope with future financial commitments linked to an ageing population. Accumulation of capital in the Fund reflects the depletion of a non-renewable resource, which is exchanged for financial assets through the Fund’s investments. By setting up the Fund, it became possible to establish a path for production of oil and gas that is independent of the profile for petroleum revenue spending. Furthermore, to effectively shield the non-oil economy, and to make sure that private sector investment decisions could be made independently of the public sector’s saving of petroleum wealth, the Fund is only invested abroad. This also enhances the expected return on government wealth and reduces the risk.
Figure 7(a) foreign currency reserve in relation to GDP and to the Swedish banking system’s foreign funding and Figure 7(b) foreign currency reserve as a proportion of the country’s short-term debts in foreign currency 2016 7(a ) 15  7(b) 100  Reserves to FX funding Reserves to GDP  342  90  322  80  12  124  70  66  60 52  9  50 41  40 6  36  30  26  20  0 0  02  04  06  08  10  12  14  16  14  18  9 10 6 7 8 8 3 4 4 4 4 5 1 1 2 2 2 3 3  IRL CYP NDL GRC MLT BGR FRA DEU BEL GB SWE prel FIN EST ESP ITA SVN CAN AUT SVK AUS SWE SGP NOR HKN JPN CHE CZE ISL KOR  10  3  Note. Fi gure 7(a), per cent. Foreign funding refers to Swedish banks’ (including Swedish subsidiaries but excl uding foreign s ubsidiaries) market funding and deposits i n foreign currency. The broken part of the l ine represents the Riksbank’s forecast based on the reduction of the currency reserve proposed i n the draft. Figure 7(b), countries marked in grey belong to the euro a rea. Sources: IMF, Statistics Sweden a nd the Riksbank. Conclusions for monetary policy I opened by noting that these are unusual times in the Swedish economy.

SPEECH DATE:  16 May 2017  SPEAKER:  Governor Stefan Ingves  VENUE:  Swedish Economics Association  SVERIGES RIKSBANK SE-103 37 Stockholm (Brunkebergst org 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn @ riks ban k.se www.riksb ank.s e  Monetary policy challenges – weighing today against tomorrow* I’d like to begin by thanking you for the opportunity to come here to the Swedish Economics Association. As many of you know, this is a tradition, and today’s speech is my twelfth in a row. I have always appreciated the opportunity to come here and discuss both current issues and long-term themes of more fundamental significance for the Riksbank’s operations. Today’s speech is about monetary policy and its challenges in a slightly longer perspective. But before broaching that subject, I would first like to comment on the news item published by the Riksbank this morning. In brief, it states that the Executive Board is considering switching over to a new target variable, the CPIF, this autumn, and introducing a ‘variation band’ to illustrate uncertainty over the development of inflation. Ever since the inflation target was introduced nearly 25 years ago, it has been defined as the annual change in the consumer price index, the CPI. However, in recent years, the CPI has become increasingly difficult to use as guidance for monetary policy.
Overall, given the acceptance of countercyclical approaches to macroprudential policy, I am sure that the panel discussion tomorrow on the Spanish countercyclical provisions experience will offer not just an interesting study in history, but also some lessons for the future. Without further ado, I am pleased to open this first Conference on Financial Stability giving the floor now to Rafael Repullo, director of CEMFI, who will chair the first session. Thank you for your attention. 5/5

Zeti Akhtar Aziz: Malaysia - encouraging savings in a dynamic economy Opening remarks by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of the Merdeka Savings Bond, Kuala Lumpur, 2 January 2004. *  *  *  Ladies and Gentlemen, It is my honour and pleasure to welcome you to the launch ceremony for the Merdeka Savings Bond. The launching of this bond marks another step forward in our efforts to enhance the diversity of financial products for Malaysian consumers. In this more dynamic environment, the Malaysian economy has continued to expand with per capita income rising to exceed levels prior to the Asian financial crisis. This growth has been supported by comprehensive pro-growth policies and the development of a much stronger banking sector that is able to better manage new risks and challenges. As a trade-oriented economy, external developments will continue to be important in affecting our growth prospects. In order to reduce our vulnerability to adverse external developments, increased attention has been given to promoting domestic demand. Policy strategies have therefore been directed at promoting domestic consumption and investment. Low interest rates, together with policies to increase disposable incomes, have led to higher consumption and a recovery in private investment. These trends have been important in sustaining growth. As a high savings country, Malaysia has the potential to promote a higher level of consumption without undermining the prospect for financing of private investment from domestic sources.