samchain/econo-pairs-v1 huggingface dataset:
After the 2016 referendum, open-ended property funds added 20% to normal market transaction levels, even though many eventually suspended redemptions and despite them holding only 5% of commercial real estate.14 And they have made the financing of emerging markets less stable too.15  This is a complex and challenging global problem. The general form of the solution to this is known: funds’ redemption terms should be consistent with the liquidity of their assets. This was in fact recommended by the G20’s Financial Stability Board, with our support, in 2017.16 In principle, redemption terms could be made ‘consistent’ with asset liquidity in a number of ways. Investors who want their money out in a day could be offered a price based on a quick-sale valuation of the fund’s assets. At the other end of the spectrum, the redemption term could be limited to the time it takes to sell a fund’s assets and realise quoted market prices, even under stress. Either way, this consistency would ensure that no investor faced an incentive to get out before any other. As yet, this general solution hasn’t been translated by the relevant regulators into specific global rules. So in July, the Bank of England and the FCA announced that we will assess how funds’ redemption terms might be better aligned with the liquidity of their assets. That will include assessing the effectiveness of liquidity tools that are already used and the cost and benefits of aligning the redemption terms with the typical time it takes to sell a fund’s assets.

And, in some forms, they pose a danger to the environment and to other societal objectives. Stablecoins, meanwhile, are vulnerable to runs, as we have recently seen with algorithmic stablecoins. In this context, it is vital that any remaining regulatory gaps in the crypto-asset ecosystem are closed. I count on the work of this Parliament to ensure that an ambitious regulatory framework emerges from the current negotiations on the EU Regulation on Markets in Crypto-Assets (MiCA)[11] and on the current legislative proposals on anti-money laundering and countering the financing of terrorism, especially in relation to information accompanying transfers of funds and certain crypto-assets (FCTR). [12] To avoid this confusion about what digital money is and what it is not, we need the central bank to provide one of its own, responding to the demand for digitalisation and providing an anchor of stability in the world of digital finance. Protecting the stability of the financial system For the digital euro to play this role, we need to carefully evaluate its potential impact on monetary policy, financial stability and the provision of services by financial intermediaries. [13] A digital euro would of course be issued by the central bank. And unlike potentially dominant private actors in tomorrow’s digital payments market – such as big techs – the central bank would pay close attention to financial stability considerations and to preserving a diverse and vibrant ecosystem. This does not imply that the status quo must be maintained.
For example, the MPC’s monetary loosening added around £ per year to the average household’s net interest income, £ to their labour income and £ to their net wealth. The lower part of Figure 1 looks at the effects of non-financial channels on well-being, namely the reduction in the probability of unemployment, translated into income-equivalent units. 44  The increased probability of  being in a job adds in excess of £ each year for the average household. All in, this gives a boost to welfare for the average UK household of close to £ This is large relative to annual household income of £  As a memo item, and point of comparison, Figure 1 also shows an estimate of the annual cost of undertaking monetary policy, using data from the Bank of England’s accounts. 45  On a broad estimate, this annual cost  amounts to around £ per household per year. This “servicing charge” for monetary policy is clearly a very small fraction of the annual benefit to households from looser monetary policy over the period. The disaggregated analysis set out means that, in principle, a monetary policy scorecard like this could be fitted to any individual’s circumstances. As an illustration, Figures 2-4 show scorecards for three different hypothetical households: a renter under the age of 30; a 30-50 year old mortgagor; and a 50-plus home-owning household.

Notably, the launch of the ASEAN Banking Integration Framework (ABIF) in March 2015 and the progress made in integrating the regional capital markets and the payment and settlement systems are important milestones in this process. Partnerships for a Successful Future While the authorities and policy makers in ASEAN have entered into multilateral partnerships to achieve the common goal of a more promising future, so has the private sector, given the immense opportunities the more integrated region presents. This is also reinforced by the intrinsic predisposition of the DNA of the region and its people and institutions. The future of ASEAN needs to be built on the collective actions that are for the advancement of ASEAN. Businesses have already been proactive in harnessing the benefits arising from the diversity  2  BIS central bankers’ speeches  and complementarities in the region. To date, these efforts have culminated in the launch of the ASEAN Economic Community in 2015. In a global landscape that is constantly evolving, uncertain and complex, building effective and smart partnerships has become an imperative for the common goals that ASEAN aims to achieve. Partnerships are important because no one entity has all the solutions, answers and expertise to take full advantage of all the opportunities and synergies that are created in such partnerships. Moving forward, building successful partnerships is an important strategy to realise the true economic potential of ASEAN. As an example, effective partnerships in the financial sector have made important contributions to institutional building in our financial systems.
the development of e-economy, since such economy may benefit most from the process of globalization. There are numerous examples of such actions taken by many governments, and this problem has been discussed in more detail in my recent speech at the Congress of e-Economy. The text of the speech is available on the NBP website: www.nbp.pl → publications → speeches and lectures. In today’s speech, I will try to present the reasons why the economic policy must not only take into consideration the process of globalization and adjust accordingly but also why it must be conducted in a way that enables to take the chance that globalization gives to the Polish economy. It applies especially to various aspects of the labour market, such as the education system, the role of the labour market institutions, including that of trade unions, its mobility and flexibility as well as to the aforesaid creation of favourable conditions for the growth of innovation. 1  Newsweek, 17 October 2005. 2  Aguiar M. et al. “The New Global Challengers. How 100 Top Companies from Rapidly Developing Economies Are Changing the World”, The Boston Consulting Group, May 2006. BIS Review 64/2006  1  Demographic changes A discussion on the global labour market must be commenced with a presentation of the demographic trends. Over the past fifty years, demographic factors had a significant influence on labour markets, and these changes will go even further in the next fifty years.

At present, there are changes taking place in the global economy that will change the situation to some extent. Global GDP growth is on the rise, particularly in industrialised countries. Commodity prices are rising, and inflation in industrialised countries appears to be increasing as well. Interest rates have been raised in the US, and the period of very low or even negative interest rates in the euro area may be coming to an end. This has various effects on the Icelandic economy. It is not a given that terms of trade will continue to improve, and imported deflation will subside as well. Domestic inflation could therefore rise above target more quickly unless domestic pressures ease commensurably. On the other hand, the interest rate differential with abroad will narrow, other things being equal, and this will make the conduct of monetary policy less difficult and reduce the Central Bank’s accounting loss due to the foreign exchange reserves, as I will discuss more fully in a moment. Monetary policy conduct is generally much more complicated during times of significant change than under calmer conditions. The signposts of the policy – such as equilibrium interest rates, output, unemployment, and the exchange rate – could begin to move. However, because these variables are not observable but must be derived from developments in other variables, it is highly uncertain at any given time how much they have changed once they start to move.
This is also evident in the KfW-ifo-Mittelstandsbarometer. Germany is an open and integrated economy, so it is not surprising that a slowdown in the rest of the euro area has an impact here. Intra-euro area trade amounts to around 40% of  BIS central bankers’ speeches  1  German GDP. And around 65% of foreign direct investment in Germany comes from other euro area countries. But it is less often noted how problems in the wider euro area affect the financial situation in Germany. It is the weak euro area economy that is keeping interest rates here at very low levels. And it is the crisis of confidence in some euro area countries that is causing safehaven flows of money into Germany, depressing interest rates even further. This highlights the fact that countries in a single currency area are connected like communicating vessels. A change in one vessel creates an equal change in all the others. As interest rates rise in countries in difficulty, they fall in strong countries like Germany. As TARGET2 liabilities increase in some countries due to capital outflows, TARGET2 claims increase in Germany due to capital inflows. Financial developments in Germany are the mirror-image of financial developments in the rest of the euro area. And this means that measures to ensure the stability of the euro area as a whole will also be to the benefit of Germany. So let me now turn to the actions being taken by governments to achieve that goal of stability.

5 The current economic situation in Sweden In my review of the economic situation in Sweden I will focus on five areas: GDP, the labour market, inflation, the current account and public finances. My experience is that these variables usually provide a good picture of a country’s economic situation. Signs of a turnaround, but the recovery will be weak The Swedish economy has also been hard hit by the international economic downturn. We forecast in the Monetary Policy Report that GDP in Sweden will fall by more than 5 per cent this year (see Figure 12). However, during the spring there were several signs that the deep recession may have bottomed out. The financial markets have begun to function better, which creates opportunities for an economic recovery. World trade, which is very important for the Swedish economy, has also shown signs of stabilising during the spring. At the same time, we believe that the recovery will be weak. This is usually the case following serious financial crises. Our forecast is that GDP will not reach the same levels as prior to the start of the economic downturn in the second quarter of 2008 until 2012. Since the most recent monetary policy meeting there have been further signs to support the view that the worst is now over. The preliminary national accounts published on 31 July indicate that GDP remained unchanged between the first and second quarters of this year after four quarters of falling GDP (calendar-adjusted).
In the movie, several millions of refugees fled their villages and towns to go to Xi’an（西安）, where they hoped they could find food and help, but most of them did not make it and perished during the long journey. In desperation, many parents sold their children for a tiny sum of money or just a bowl of rice in order to survive a few more days. The movie presented graphically a shocking story, a tragedy of the very harsh reality and unspeakable human sufferings endured by our parents’ generation not that long ago. 3. Well, this very depressing and horrible scene was only a movie. We now live in a comfortable world in which food is abundant and there is no shortage of daily necessities. Most of us take good lives for granted. The ugly and unpleasant scenes of parents selling their children as depicted in the movie “1942” were something of the past and do not seem to have any relevance in modern times. Is it so? 4. For those of us who are parents, we are absolutely convinced and determined that we will do our utmost to protect our children. We will give them nothing but the best that we can afford so that they have a good life and a bright future. All of us here would find it unthinkable why any parents would want to give away or mortgage their children. So, why should I choose this subject for tonight’s theme?

If a government borrows money to finance productive investments in physical infrastructure, such as ports, airports, roads, bridges and power plants, or to finance the development of human capital, such as education, research and training, then these investments should bear fruit in the future by raising the productivity and competitiveness of the economy concerned. In that case, the repayment of the money borrowed should not be problematic in the future. However, if the government borrows to finance consumption, wasteful investments and excessive welfare, then over time the economy will find it hard to repay the debts. 14. It is difficult for anyone to be overly optimistic on the prospects of an early resolution of the leverage trap in the developed world. Leveraging brings about enjoyment and pleasure, as it supports domestic consumption and demand, for as long as the capital market is willing to finance the borrowings at reasonably low interest rates. Deleveraging brings the opposite outcome, which is very, very painful. Deleveraging could result in economic recession, fall in asset prices, rise in unemployment, drop in personal, corporate and government income etc. in the short run. None of these is pleasant and it is not surprising at all to see the very strong pushback by the people in the crisis-hit countries in Europe on measures that attempt to redress the fiscal sustainability problem. Excessive government debt and “collective irresponsibility” syndrome 15.
Denny H Kalyalya: Sustainable finance - savings are globally diverse, we are united in responsibility Speech by Dr Denny H Kalyalya, Governor of the Bank of Zambia, at the World Savings Day and Financial Literacy Awards, 4 November 2022. *** SALUTATIONS Mr. Phillip Chitalu, Secretary and Chief Executive Officer, Securities and Exchange Commission Mrs. Namakau Ntini, Acting Registrar, Pensions and Insurance Authority Mr. Markus Wittkamp All Senior Government officials Mrs Mizinga Melu – Chairperson Financial Literacy Working Group and BAZ All Chief Executive Officers of Financial Services Providers All Cooperating partners Nominated Participants for the Financial Literacy Awards Invited Guests Ladies and Gentlemen Good afternoon, It is an honor for me as Champion of financial education, to engage with you during the public awareness campaign for the 2022 World Savings Day and the Financial Literacy Awards ceremony. This year's theme focuses on preparing for the future, continuing with the 2021 theme "Sustainable Finance: Savings are globally diverse, we are united in responsibility." Sustainable finance involves taking due account of environmental, social and governance considerations when making investment decisions. This is pertinent considering the threat environmental risks are increasingly presenting to the economy. It is therefore expected that efforts to promote sustainable finance will contribute to the attainment of a climate resilient economy. The recently launched 8th National Development Plan also supports a low carbon and climate- resilient development pathway towards attainment of Vision 2030 and the Sustainable Development Goals.

Be assured that I am committed to supporting the implementation of the National Strategy on Financial Education through such campaigns. Ladies and Gentlemen The World Savings Day celebrations would not be successful without recognising individual and organizational contributions towards improving financial literacy in Zambia. In this regard, awards will be presented under nine categories namely: 1. Exceptional individual contribution to financial education, 2. Outstanding theme interpretation; 3. Exceptional leadership in financial literacy; 4. Champions award; 5. Most innovative financial education programme; 6. Outstanding financial literacy footprint; 7. Exceptional financial literacy media outreach; 8. Outstanding initiative by an educator; and 9. Best savings product of the year. I am delighted to grace this year's World Savings Day award presentation and wish the nominated participants all the best. In conclusion, I would like to thank the organisers and stakeholders under our partnership arrangement, in particular, the Bankers Association of Zambia, Securities and Exchange Commission, Pensions and Insurance Authority, Rural Finance Expansion Programme and DSIK for their continued support to the World Savings Day celebrations every year. THANK YOU  3/4  BIS - Central bankers' speeches  4/4  BIS - Central bankers' speeches
Also under this initiative, activities such as buy-back, switching and pre-funding arrangements will be explored, not only to increase tenor, but also to reduce cost. Most importantly, we will take all steps necessary in the medium-term to establish a credible term structure of interest rates enabling to build up a long-term yield curve, while also smoothing the structure of debt. This would help reduce debt vulnerabilities. We have had a clean and unblemished track record with regard to debt repayment in the past. This must be  27  continued and every effort will be made to do so. Similar to Treasury bonds, we will also take measures to introduce a new primary issuance system for Treasury bills to further improve transparency and efficiency of government borrowings from the domestic market. In order to deepen and broaden the secondary market for government securities, we propose to establish an Electronic Trading Platform (ETP) and a Central Counter Party (CCP) arrangement along with the required legal reforms. Through this arrangement, we will establish a mechanism to disseminate information on debt instruments in the secondary market with a view to enhancing transparency and eliminating the risk of imperfect information among the agents in the market. In addition, we will take measures to increase the efficiency and effectiveness of settlement for investors by way of facilitating the Euroclearing of government securities. The government has a clear development and reform plan set for the medium-term.

In order to face the current and future challenges proactively, and to address the already identified deficiencies in the existing processes, the Central Bank, as outlined in its latest Strategic Plan for the medium term, expects to robustly strengthen its institutional frameworks by:  7  a) enhancing the monetary policy framework; b) strengthening the financial sector oversight; c) modernising payment and settlements; and, d) upgrading public debt management. The improved policy frameworks will enable the country to take advantage of greater integration, while mitigating the risks involved and increasing the resilience of the economy. In this respect, as already mentioned, we are steadily progressing towards an effective FIT framework to ensure price stability. At the same time, we are striving to promote a dynamic and resilient financial sector in order to lower vulnerabilities in the financial system. This is a priority for achieving objectives in relation to growth, employment and incomes. Modernising the infrastructure of the payments and settlements system to pave the path towards a less cash society and facilitating a digital economy are also important policy priorities in the medium term. We are also determined to strive for prudent debt management with a view to ensure debt sustainability, enhance effectiveness and transparency of the primary auction system, promote market development and minimise risks. Our policies are aligned to achieve these strategic priorities which will be instrumental in supporting the country’s economic and price stability and financial system stability.
Spillovers from foreign countries are not confined only to conventional monetary policies, nor is the U.S. the sole source of transmission. There also is evidence that the unconventional monetary policies of the ECB and the BOJ have spilled over onto the U.S. yield curve and broader financial conditions.7 This is interesting because all three monetary areas share the characteristics of flexible currencies and capital mobility. I will now conclude with a few related comments from the U.S. perspective. The Fed’s statutory mandate, like that of other central banks, is domestic. The Federal Reserve Act states that the Fed should “promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates”. Within this mandate, there are good reasons to consider the international effects of monetary and regulatory policies. The U.S. economy and the economies of the rest of the world have important feedback effects on each other, and adverse international spillovers can harm U.S. prosperity. Like other central banks, the Federal Reserve can help promote global prosperity and stability, by promoting growth and stability at home. The FOMC has taken a number of steps in recent years to increase transparency and improve communications, to effectively convey policy intentions to market participants and policymakers. The Fed has also made considerable progress in strengthening the safety and soundness of the U.S. financial system, through improved regulation and supervision of banks and a broader group of systemically important institutions.

Before I conclude, let me briefly turn to the issue of accountability, which – as I said in my introduction – is essential to secure and reaffirm trust in the central bank. For the ECB, accountability to the people of Europe is not only a matter of good accountability practices. It is important for the central bank of a currency union to reach out to the whole euro area, to people in all parts of Europe and to spread trust in our currency, our institution and our policies. As I mentioned, the ECB is accountable to the people of the European Union and – as that Union is a representative democracy – to the European Parliament, which is the only European institution elected by popular vote. Our President regularly visits Parliament to report on and explain the ECB’s policies. The Governors of the national central banks in the Eurosystem have similar hearings before their national parliaments. In addition, we have a continuous dialogue with all relevant institutions involved in the European political process, such as the European Commission, and we have regular exchanges with the finance ministries of the euro area Member States. We also regularly report on and publish our monetary policy decisions. This panel today is one such occasion. Especially in times of crisis, when policies become less conventional and more complex, it is all the more important to carefully explain our decisions.