samchain/econo-pairs-v1 huggingface dataset:
The value stored in money does not disappear when inflation is high; it is transferred from savers to  1/8  BIS - Central bankers' speeches  debtors. So a 20% negative real rate meant that a fifth of Icelanders' savings shifted from depositors to debtors each year, eating quickly into principal. The 1970s saw one of the biggest transfers of wealth in the history of Iceland - from depositors and pension funds to borrowers and debtors, and from the older generation to the younger. This runaway inflation laid the foundations for the 1968 generation's asset formation while eroding elderly Icelanders' assets, even pushing them into poverty, while simultaneously subsidising the operations of many large companies in the country. It was precisely in 1979[, during the tenure of Prime Minister Ólafur Jóhannesson,] that broad-based price indexation of savings and loans was adopted in Iceland with what came to be known as Ólafur's Law, passed by Parliament five months before the publication of the above-cited Reykjavík Letter. In some respects, indexation was a gesture of defeat - it was perhaps more an adaptation to circumstances, in that it enabled the economy to function during an episode of high inflation. It was based on the same fundamental premise as my lambs and my deposits to the co op: the value of money was pegged to actual value. Inflation certainly had yet to rise still further, though. On an annualised basis, it hit an all-time record of 130% in February through May 1983.

We live in a small open economy and are forced to import inflation through our purchases of necessities from abroad. Because of this, we must trust that our trading partners will take decisive action to bring inflation down within their own borders. Iceland is now reaping the rewards of the ironbound policy formulated during its reconstruction following the 2008 financial crisis - a policy that insisted on a secure financial system with strong lines of defence against external instability. Icelandic banks have extraordinarily strong capital in historical and international context, and they are under close financial supervision. Moreover, the news from abroad confirms that merging the Central Bank and the Financial Supervisory Authority back together at the beginning of 2020 was the right decision. The merger and, in particular, the increased power the Bank has been granted in the area of financial stability have been of vital importance in ensuring that the current fluctuations in demand, interest rates, and financial conditions do not give rise to a credit bubble or excessive risk-taking in the financial sector. Iceland carries very little household, corporate, or government debt in comparison with other countries. It is clear that these conditions provide monetary policy with full flexibility to act. There are no handcuffs here. Honoured guests: I don't know whether any of you have gotten lost in the fog, found yourselves going around in circles, and been convinced that water flows upstream. I have never gotten lost in the Icelandic outback, but I have often done so in foreign megacities.
Inflation has risen slightly in most countries, owing mainly to the increasing oil price. But excluding oil, inflation has not risen at the same rate. There are plenty of spare resources in several of the biggest economies, and in recent years competition has toughened in many industries. As a result, international inflation is forecast on the whole to be relatively moderate in the coming years. The economic situation in the US and the euro area In the US the economic situation is continuing to improve. In the fourth quarter last year GDP in the US rose by 0.8 per cent compared with the previous quarter, partly due to a sharp increase in investment. This reflects a benign investment climate in the US with historically high profits and optimism among firms. Indicators of growth prospects for the fourth quarter provide a positive picture of the activity level in the US economy. As resource utilisation has picked up the Federal Reserve has raised its key policy rate from 1 per cent to 2.5 per cent. Many factors suggest that we can expect the tightening to continue in the spring. Inflation is estimated to rise in the period ahead, partly because the weakening of the dollar in recent months has made US imports more expensive. In the main scenario of the Riksbank’s most recent Inflation Report the US economy is expected to continue to perform strongly in 2005 and 2006.

We recognize that timely and accurate information about our region, which is highly valuable to us, can also help to reduce uncertainty and inform the economic and financial decisions of regional residents, businesses, communities and governments. To that end, we make our various regional measures and analysis available to the public through our website and a variety of outreach activities. These activities include making presentations on topics of current concern to business and community organizations throughout the District. We welcome you here today to brief you on our views of the current state of activity and employment in the regional economy and to review the rich portfolio of resources that we make available to help monitor economic conditions across the region. 2  BIS Review 49/2010
It also firms up an international 13  leverage ratio regime (borrowing a number of elements from the UK regime ) while also, and more controversially, introducing an aggregate output floor calibrated at 72.5% of standardised risk weights to guard against excessive risk-weight variability. By introducing the output floor in addition to the leverage ratio, model variance will be constrained at a wider set of banks. The leverage ratio acts as a break to debt-funded asset growth focussed on low risk-weighted assets (RWAs) (Chart 5). It binds for banks that specialise such assets, e.g. repo, clearing services, and low-LTV mortgages. On the other hand, the output floor affects banks for which the leverage ratio is not binding yet nonetheless might be exposed to model risk, for example banks that are active in a range of asset classes but their internal models tend to systematically produce results that are significantly lower than the RWAs based on standardised approaches. The Basel Committee will continue to monitor closely the implementation of the Basel III standards, which will include the impact on risk-weight variability. 14  What is next? The finalisation of Basel III signals that the wave of regulatory reform following the Global Financial Crisis is now over. You should not expect a lot of further reform to bank regulation, particularly regulations regarding banks’ capital and liquidity. 15  The focus of regulators, both in the UK and internationally , is pivoting towards three things:   Completing the implementation of the post-crisis reforms – e.g.

The central bank will ensure that economic agents do not believe that inflation of 5 per cent has become the normal level,  29  The new recognition that policy should be based on confidence rather than a series of surprises reflects the influence of theoretical developments on practical policy, c.f. footnote 24. 30  In recent times, central banks throughout the world have become more independent but at the same time more predictable in their communication with other economic agents. This is also related to the new recognition referred to in footnote 24. 31  Norges Bank reports on the conduct of monetary policy in its Monetary Policy Report and Annual Report. Norges Bank’s reporting obligations are set out in § 75c of the Constitution and § 3 of the Norges Bank Act. The Annual Report is submitted to the Ministry of Finance, presented to the King in Council and communicated to the Storting in the Government Credit Report. The Governor of Norges Bank also appears at an open hearing of the Standing Committee on Finance and Economic Affairs. 32  The objective of EMU is consumer price stability in member countries as a whole, rather than stable prices in the individual country. The arguments for a stable value of money are the same as for Norway. 8  BIS Review 136/2008  thereby preventing such a belief from affecting their behaviour. Under an inflation targeting regime, the central bank will accept, when shocks occur, a price increase without having to reduce other prices.
Another example is that MAS is now working on a data analytics system to scour through the 3,000 “suspicious transaction reports”, or STRs, that financial institutions file each month on money laundering or terrorist financing risks. A major source of pain for financial institutions is regulators requesting for the same data more than once under different data collection exercises. We will fix this. By taking a more cohesive approach to data, MAS will aim to achieve zero duplication in our data requests to financial institutions. If we ask for the same data twice, the institution will be allowed to gently turn us down! We will work with the industry on making this a reality. And saving the best for the last: MAS will transform the way it collects data from financial institutions for supervisory purposes. Today, financial institutions’ data submissions to MAS often involve manual processes to extract the information from their databases and fill up the MAS-provided form or template. And over at MAS, processing that data is also done manually. We will make this more painless. We have set a goal: all data requests from MAS will eventually be in machine readable templates. The requested data will flow seamlessly from financial institutions’ databases to our forms and ultimately to the supervisory dashboards of MAS officers. No more “cut-and-paste”. We will work with the industry on an implementation plan and a reasonable timeline.

Trust is the foundation for a market economy. In financial services and in the digital economy, it is absolutely critical. Customers must have the confidence that systems are reliable, transactions are safe, their data are secure, and service offerings are in their best interest. 8/9  BIS central bankers' speeches  Finally, everything we do in FinTech must have a larger purpose. Ultimately, it must solve realworld problems, so that people’s lives are better off … so that deserving small and medium enterprises can get financing to grow their businesses; so that migrant workers can send money back to their families cheaply, quickly, and securely; so that people can plan their finances holistically to meet their needs. This room is filled with innovators, investors, business leaders, and policymakers from around the world. Together we can re-create finance with technology and innovation. As Tennyson puts it, “Come my friends, ‘tis not too late to seek a newer world”. Thank you. 1 1 Abu Dhabi, Australia, Denmark, France, Hong Kong, India, Japan, Malaysia, Philippines, Poland, South Korea,  Switzerland, Thailand and the United Kingdom, as well as the Association of Supervisors of Banks of the Americas. 9/9  BIS central bankers' speeches
The Iranian sanctions are designed to stifle the Iranian regime’s nuclear ambitions. The Cuban sanctions are intended to hinder the advancement of communism in the Americas and to change an oppressive regime through a trade embargo. For U.S. financial institutions, which operate on the basis of a public charter issued in the United States, the public purposes supporting economic sanctions and the detailed sanctions regulations are in harmony. With respect to rule compliance, the staff will follow those rules not simply because they are required to but also because they want to. While I am not here to speak for foreign institutions that have committed sanctions evasion, including BNPP, my sense from the evidence is that these institutions looked at economic sanctions very differently. They looked at economic sanctions as technical “American” rules that were not seen as consistent with the organization’s and the home country’s larger value system. In Europe, they found no similar sanctions, and there it was perfectly legal at the  BIS central bankers’ speeches  1  time to do business with these sanctioned jurisdictions. Some European bankers almost naturally adopted the view that there was no value system underlying the technical American legal rule. The foreign institutions saw the situation as providing financial services to just another country; not to a country committing genocide; not to a country building a nuclear weapon; and not to a country fostering a dehumanizing ideology. This failure to correlate the rule with the value is the root of real mischief.

At the same time, the yield curve has steepened somewhat further, implying that the attractiveness of short-term instruments included in M3 continues to decline compared with more highly remunerated longer-term instruments outside M3. On the counterpart side, the annual growth rate of bank loans to the private sector continued to conceal differences in the magnitude of growth across sectors. The growth of loans to non-financial corporations stood at –0.2% in December, after –0.1% in the previous month, while the growth of loans to households strengthened to 3.0% in December, after 2.8% in November. Taking into account the effect of derecognition of loans from bank balance sheets and looking through short-term volatility, the latest data confirm a continued gradual strengthening in the annual growth of lending to the non-financial private sector. At the same time, the latest data point to the overall size of bank balance sheets having contracted again after expanding for most of 2010, mainly on account of a reduction in lending between banks. It is important that banks continue to expand the provision of credit to the private sector, in an environment of increasing demand. To address this challenge, where necessary, it is essential for banks to retain earnings, to turn to the market to strengthen further their capital bases or to take full advantage of government support measures for recapitalisation. To sum up, the current key ECB interest rates still remain appropriate. We therefore decided to leave them unchanged.
The debit card should be positioned as a cost-effective payment card to make it more affordable for small merchants to accept card payments. The expansion of the POS network would allow for wider acceptance of the debit card to be used more pervasively, to displace the use of cash, thus bringing about cost savings for the country in the long run. To correct the distortions and promote competition in the domestic payment card market, a Payment Card Reform is certainly timely to stem the indiscriminate increases in interchange fees and correct the price signals with the view to widen the POS network especially in non-traditional industries and rural areas. 2. Development and sharing of infrastructure investment  To be successful, e-payment solutions must not only be affordable, their expansion must also be sustainable in the long term. Sustainability entails the ability to leverage on an enlarged network which enables market players to build critical mass and achieve the desired economies of scale. In this regard, the importance of collective industry efforts to develop and share infrastructure cannot be emphasised enough. Infrastructure development is very expensive and the banking industry ought to share the required investments. Infrastructure should not be used as a competitive tool but rather as an enabler that would promote modernisation of the payment system. Besides minimising cost and lowering the entry barrier for new players, collective infrastructure development and sharing of infrastructure costs would allow market players to compete directly on product offerings and quality of services, thus providing better value to consumers.

Malaysia has a high mobile phone penetration of 144 per 100 inhabitants as at end-2013. In addition, the country’s broadband penetration at 67 per 100 households as at end-2013, is projected to increase with the implementation of the second phase High-Speed Broadband (HSBB) project. Malaysia also has a wide network of about 9,000 access points to banking services comprising bank branches and agent banking network accounting for approximately 4 access points per 10,000 adults.1 Under the agent banking network, basic banking services are provided to customers through third party agents such as post offices, petrol stations, retail outlets and telecommunication agents. The access points are also complemented by  1  2  As at end-May 2014, there are 2,953 bank branches and 5,802 agents under the agent banking network nationwide. BIS central bankers’ speeches  12,430 ATMs nationwide which represents about 6 ATMs per 10,000 adults. All districts and Parliamentary constituencies now have access to basic banking services.2 We believe that the payment instrument that has the highest potential to drive financial inclusion in Malaysia is the debit card. Malaysia has a high debit card penetration of 19.2 million “active”3 cards-in-circulation which is almost equal to the bankable population of approximately 20.4 million adults. The unbanked on the other hand can leverage on prepaid cards which function just like debit cards.
BIS Review 41/2010  3  As for dealing with consequences of capital inflows, we see the current managed float exchange rate regime as appropriate and beneficial to the Thai economy. We will continue to let the level of exchange rate be determined by market forces, but make sure that it is not too volatile to the extent that it will be too difficult for the private sector to adjust to. And to give the private sector greater flexibility to manage foreign exchange risks, last month we further relaxed restrictions on Thai direct investment abroad and on the unwinding of foreign exchange hedges. These moves, which are parts of our ongoing capital account liberalization plan, will also make our capital flows situation more balanced, by facilitating two-way foreign exchange flows. On the fiscal front, you will agree that fiscal policy is one of the key instruments to support the economy during the difficult times when private sector growth engines have been impaired. However, the stimulus packages that the government announced last year, have been done on the assumption that Thailand will face the most severe global recession in the last 60 years. But as it turned out, the global crisis was not as severe as thought. Given that our economy is on the robust recovery path, the need for stimulus may be less. And the government should also find the way to normalize the fiscal policy stance at an appropriate time.

Any deviation would cause problems on the other policy measures, in particular the monetary policy and such a deviation may lead to change the direction and path ahead. If I may reiterate, fiscal support is very critical for monetary policy to be effective. It is therefore clear that the 2007 budget is a forward looking stage setting document which not only has extended the fiscal policy measures to assist sustainable growth in a number of ways but also provides a way forward through a well focused policy coordination. Although a temporary deviation from the path ahead may not be crucial, it is essential to closely monitor the program, (preferably on a monthly or quarterly basis) to ensure that all actors get back on the track during a shorter period and ensure that all are moving towards the right direction. 4  BIS Review 7/2007
This increase in costs may, in turn, drive up the prices of those goods whose production requires more energy and, subsequently, a decrease in the demand for them, affecting firms’ revenues. Household real income would also be affected. New greener technologies may reduce these energy costs due to their greater efficiency, but they may also increase firms’ leverage, on account of the need to invest in these new production processes. In the case of households, investment and adaptation will be needed in personal transport and housing. Also, the transition could generate a change in consumer preferences, in favour of greener goods and services. This would involve changes in relative prices that would affect firms and sectors unevenly. As regards the impact of the physical risks, damage to physical capital, including housing, and production disruption as a result of the materialisation of these risks would affect institutions’ revenues and costs, and also the value of collateral and wealth. For one thing, insurance and maintenance costs will rise, causing an overall increase in companies’ costs. Furthermore, physical capital damage would necessitate new investment, which would increase leverage. Additionally, revenues would also suffer from these risks due to their  5  Climate Change impacts and adaptation in Europe, Joint Research Centre, European Commission, May 2020. 6  Climate-related risk drivers and their transmission channels, BCBS, April 2021. 2  negative effects on production capacity.

Eva Srejber: New economy - or blend of new and old? Speech by Eva Srejber, Second Deputy Governor of the Sveriges Riksbank, at a meeting arranged by WM-Data ub Tylösand on 23 October 2000. *  *  *  Major technological changes have occurred before. Then as now, many people talked about a new age that would involve better communications, new economic relations and a very promising future. It is therefore important to keep a level head amidst the technological enthusiasm over future opportunities. The fact that I am today emphasising the risks more than the advantages, is not because I consider the risks to be more important than the advantages, but because the risks appear to have been largely forgotten in the general debate on the economy. Let us make a sober analysis of what is happening, and maybe we can avoid repeating the mistakes made during previous technological leaps. Moreover, I will touch on the uncertainty and lack of information regarding the structural changes currently taking place in the economy. In conclusion, I will also indicate to what extent these phenomena have already affected and can be expected to affect monetary policy. It has happened before A nation’s economy is constantly subject to changes that lead to reappraisals or to the development of old economic relations and theories. This is nothing new.