samchain/econo-pairs-v1 huggingface dataset:
That is all the more important as the boundaries between ‘buy-side’ and ‘sell-side’ activities become increasingly blurred.   Fourth, from the end of 2019, when the Senior Managers Regime comes into force in the UK for FCA-regulated asset managers, behaving in accordance with a recognised market Code will help Senior Managers demonstrate they are observing ‘proper standards of market conduct’ – a key requirement of the regime9. That is a significant positive benefit to signing up to the Code – and to ensure firms are able to take full advantage of that, the Global Code has been submitted to the FCA for formal recognition; and    Fifth, signing up to the Code gives buy-side firms a stronger voice in the ongoing development of the Code and the FX market as a whole: a vital part of ensuring the Code is fit for purpose, future-proofed, and reflective of the needs of the whole market. Explanation (4): Concern about the cost of signing up and implementing the Code – “this is just one of many things we are being asked to comply with. We act for 1000s of different investors, with multiple expectations and mandates. Our regulatory team is overwhelmed.” We understand that buy-side firms face many competing challenges, and have taken steps to help with implementation. I have already mentioned the proportionality principle that lies at the heart of the Code, and the steps that the new GFXC buy-side groups will be taking to help improve understanding and promulgate best practice for implementation.

Caleb M Fundanga: Improving school infrastructure in Zambia Remarks by Mr Caleb M Fundanga, Governor of the Bank of Zambia, at the Handover Ceremony of computers to Mumbwa High School, Mumbwa, 4 February 2010. *  *  *  The Board Chairperson, Mr Gracious Hamatala Board Members Present The PTA Chairperson, Mr Mwila Kabange The Headmaster, Mr Kizito Kalonga Distinguished Teachers Students Members of the Press Ladies and Gentlemen It is an honour and privilege for me to be with you today as the Bank of Zambia makes this humble donation of 5 computers to Mumbwa High School. I am also glad because in some small way we are making a contribution towards ensuring a brighter future for the students. Chairpersons, I am informed about the numerous challenges and difficulties, the school continues to face in its quest to produce high quality education to students. For instance, I am aware that there is a critical low level of books compared to the population of students in the school. Further, having been established 40 years ago, the School’s infrastructure urgently needs to be rehabilitated. The refurbishment of infrastructure is not an easy task but in the able leadership of the Board Chairperson, I have no doubt that a solution will be found in good time. As we grapple with the ways and means of improving the school infrastructure, let me reiterate that the school need to maintain and protect the little infrastructure available.
But the Isuru Project was able to maintain its recovery rate at 97%, because its beneficiaries could not be lured by the short-term gain offered by the loan forgiveness. 6  BIS Review 22/2008  to men. As a result, the overall women’s participation in the project remained as high as 70% throughout the project period. They played a very active role in all areas of project work including training, saving, borrowing and taking leadership. It was observed that women were better participants due to several reasons. First, they had the patience to go through the hectic but the rewarding long process of beneficiary development laid down by the project. Second, they had the best interest of their families throughout the period and did not waver after they had begun their move along the prosperity path. Third, women were better savers and also better borrowers with a pronounced reluctance to be branded as loan defaulters. Fourth, their high academic standards enabled them to carry out different functions involving accounts record keeping. Fifth, unlike men who got into social vices when the income level went up, women remained permanently committed to the family and the project. Sixth, they had the leadership ability dormant with them and the project was able to bring out that competency to the fore. As a result, all the leading roles in the project were played by women who formed the majority 23 .

A huge amount of work has already been done: the recommendations of the FSB’s Task Force on Climate-related Financial Disclosures (TCFD) provide a comprehensive and consistent basis for the voluntary disclosure of information about risks. In addition, I propose that we identify European best practices, and move gradually towards a compulsory transparency requirement in Europe, provided that two conditions are met in order to avoid overburdening financial institutions: this requirement should be based on (i) a “comply or explain” principle and on (ii) a common taxonomy with a sufficiently broad level of aggregation. France already requires by law13 that asset managers, banks and insurance companies publish information about the way they take climate change into account. On top of that, we should develop forward-looking carbon stress tests for both insurance companies and banks – what I call “the video of risks”. It is obviously a complex and difficult task, but it is essential. Today we are able to perform sensitivity analyses to ascertain the size of probable losses for financial institutions’ portfolios under a range of economic scenarios. But one of our duties in the NGFS will be to carry out additional work on two key issues: (i) how to translate climate change scenarios into economic scenarios that can be used in our stress testing frameworks, and (ii) assessing the impact of shocks on the probability of default over a much longer horizon than the usual one of one year. 2.
(3) Proportion of unemployed persons (including available starters) and employed persons that responded having looked for a job in the reference week, all as fractions of the labor force (including available starters). (4) Also known as SU3. Proportion of unemployed persons (including available starters) and those that are part of the potential labor force, with respect to the extended labor force (including available starters and potential labor force). Sources: Central Bank of Chile and National Statistics Institute (INE). Figure 8 2020-2022 growth forecast (real annual change, percent)  2020  2021  2022 4.75  3.5  3.75 3.0  2.5 1.5 0.5  -1.5 -2.5  Dec.19  Mar.20  Dec.19  Source: Central Bank of Chile. 12  Mar.20  Mar.20  Figure 9 Domestic demand and current account forecast for 2020 in latest MP Reports (*) (annual change, percent)  6  6  3  3  0  0  -3  -3  -6  -6  -9  -9  GFCF  Consumption  Current account (% of GDP)  (*) Evolution of forecasts between Monetary Policy Reports of September 2018 and March 2020. Source: Central Bank of Chile.

Figure 4 2020 growth forecast in latest Monetary Policy Reports (*) (annual change, percent)  8  8  6  6  4  4  2  2  0  0  -2  -2  -4  -4 EE.UU. Eurozona  China  A. Latina  (*) Evolution of forecasts from MP Reports of September 2018 to March 2020. Source: Central Bank of Chile. 10  Figure 5 Commodity prices 2020 forecasts (1)  Terms of trade (2)  (USD/lb; USD/ barrel)  (índex, 2013=100)  3.00  65  110  110  2.75  55  100  100  2.50  45  90  90  2.25  35  80  80  2.00  25  70  Copper  70 04  Oil  07  11  14  17  20  (1) Evolution of the forecast between the MP Reports of March 2019 and March 2020. (2) Red diamonds show forecasts for the period 2020-2022 contained in the MP Report of March 2020. Source: Central Bank of Chile. Figure 6 How do you feel about the performance of your business over the next six months? 100  Very preoccupied  Slightly preoccupied  Not preoccupied  50  100 50  0  0 Unfolding of social conflict  Effects of Covid-19  Global economic situation  Tightened lending standards  How will your firm's number of employees evolve in 2020 with respect to today?
As an example, each percentage point in higher capital is calculated to lead to 15 basis points in higher interest cost. 4  BIS central bankers’ speeches  Proposals of time-varying regulation, such as time-varying capital requirements, are particularly interesting. Their more apparent connection with risk build-up may make them less costly than the alternative of introducing a constant higher minimum requirement. Timevarying regulations might also be structured in a way to be more pointed than monetary policy, which also varies with time. For instance, reducing the LTV threshold ratio for maximum lending against real estate can be more effective in mitigating a housing bubble than general interest rate increases. Along the same line of thought, another possibility is to introduce differentiated regulation. After all, the credit market is not entirely homogenous and it is, for example, possible to make a distinction between a household market and a corporate market. Making some regulation sector specific is also a viable way of reducing the regulatory costs. There is also a debate regarding the role that central banks should play in matters of supervision and the application of rules. Various institutional arrangements can be imagined. One possibility would be for the central bank to determine the policy rate and for the supervisory authority to determine regulations. Time-varying regulations also raise the issue of what would be an appropriate form of institutional organisation.

Stefan Ingves: The Riksbank and the Swedish economy Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, to the Swedish Association of Local Authorities and Regions, Tylösand, 28 May 2007. *  *  *  Introduction Firstly, thank you for the invitation to come and speak to this assembly. Today I will talk about my views on the role of the Riksbank and about the current monetary policy situation, roughly as expressed in the discussion at the May monetary policy meeting. International economic activity remains good Sweden is a very open economy and large parts of the business sector are dependent on being able to sell their products to customers abroad. If the economies in countries around us are doing well, then the Swedish economy also does well. In recent years global growth has been extremely high. We believe that the growth rate will slow down slightly in 2007 and 2008, but will nevertheless remain high. After many years of high growth the US economy has now entered a slowdown phase. Economic activity has been dampened above all in the housing sector, but also in the manufacturing industry. Productivity growth is lower. The earlier upturn in house prices has slowed down and residential construction has declined. The problems have been aggravated by the fact that it has been easy for people with low incomes to obtain large loans for housing. As yet the problems in the housing market do not appear to have spread to the rest of the economy.
But the risk of inflation staying above the target into the medium term needs to be weighed against the downside risk to growth and the prospect of a persistent margin of unused resources in the economy. Allowing inflation to come back gradually towards the target would allow the margin of spare capacity to close more rapidly, and would be in line with our remit that tells us that temporary deviations of inflation from the target are permissible if they help to avoid excessive volatility in output. I hope my remarks today have given you some insight into the issues that the MPC is presently grappling with. You will be aware that the spread of opinion on the Committee is unusually wide right now. That is in large measure a reflection of the substantial challenges and uncertainties facing the UK economy at the current juncture. Indeed, given the extreme nature of recent events, it would be surprising if the Committee were entirely at one in its assessment of the outlook and its judgement of the appropriate policy response. But the Committee is united in its objective of meeting its inflation mandate in the medium term and playing its part in restoring the economy to a high and stable level of activity. Thank you!

In terms of the outlook, a key issue that the Committee faces in deciding the appropriate stance of policy is the extent to which the current elevated levels of inflation will persist into the medium term. Our most recent projections, conditioned on market interest rates, existing fiscal plans and the futures prices of commodities, are shown in Chart 10. The central view is for inflation is to rise further in the near term as recent commodity price increases pass through, but then to fall back, particularly in 2012 as the rise in VAT to 20% drops out of the twelve-month comparison. It then continues to ease back, reflecting the continuing – though uncertain – drag from the margin of spare capacity in the economy. A number of factors will determine the rapidity of that return to target. Profit margins have been squeezed during the recession and businesses are likely to want to rebuild these as the recovery proceeds. But the real purchasing power of wages has also been severely squeezed and employees may also seek to recoup some of that. Ultimately this is about how the costs of the recession and the deterioration in the terms of trade associated with higher real import costs are shared out 7 , but during the adjustment phase it may be manifested in temporarily higher wage and price inflation. Consistently above-target inflation, whatever its cause, may also lead people to believe that it will remain high in the future.
Minnesota Attorney General Hubert Humphrey III filed six lawsuits in 1995 against six companies accusing them of engaging in illegal business practices or running outright pyramid schemes over the Internet, although none of the six companies was based in Minnesota, and no Minnesota citizen ever came forward to complain about the companies. The fact that a Minnesota resident could have accessed the scams run by the companies, claimed Attorney General Humphrey, was sufficient to confer jurisdiction of his lawsuits in the Minnesota courts. Lest this argument sound wildly and improbably expansive, it should be noted that the “Internet access = jurisdiction” idea has already been accepted by some of the Federal district courts that have decided such cases, although it must also be noted that these courts’ decisions have been inconsistent, have all had slightly different facts, and have taken great pains to distinguish themselves from one another. New case law on the issue of jurisdiction conferred by Internet access is undoubtedly being made as we speak. At a minimum, then, banks offering services through the Internet should have signed contracts with electronic and Internet banking customers that specify to the courts where claims or disputes may be brought. Web-sites designed merely to advertise a bank’s financial services should be designed to be as controversy-free as possible, although that may be difficult without making the sites content-free as well. Banks should err on the side of caution until the jurisdictional issues have had more time to sort themselves out.

At bottom, of course, is the historical experience of the effects on the real economy of financial market 3  Remarks of Edward W. Kelley, Jr., Member of the Board of Governors of the Federal Reserve System, at the Cyberpayments Conference ’96 (June 18, 1996). BIS Review 17/1997  -3-  disruptions and bank failures, especially when the disruptions and failures spread beyond the initial impetus.”4 A bank supervisor should have concerns other than cost, and these comprise the bad news -- the “risk” aspect of banking on the Internet. In the simplest terms, while we strive to ensure that banks remain efficient and cost-effective, we also have to ensure that banks know what they are getting into, and that they are capable of handling the risks that accompany banking on the Internet. The tension between the two is very constant and real, particularly because the technology today seems to be moving so much faster than bankers or bank supervisors can fully absorb. At the Federal Reserve Bank of New York, we are being proactive in this area. We currently conduct on-site, information systems examinations of State member banks in our district -- in addition to commercial, trust, trading, and compliance examinations -- in which we try to review and constructively criticize the examined bank’s entire MIS infrastructure. There is no separate, independent electronic or Internet bank exam as such.
However, that is a political decision and it is not within my competence. In any case, we need our tightest monetary policy in twenty years to be accompanied by a credible budget consolidation plan, which the public will trust to support our efforts to reduce inflation. Inflation is our responsibility. However, we are in this together with the government. We need support from fiscal policy and from you. Reducing inflation is in the country's interest. We have already tamed several money flows in the economy. Above all, reducing the country's debt is now needed for a long-lasting return of inflation to low levels. However, banks should also raise interest paid on all household deposits and motivate people to save even more. And this is what we should fight for together. For less debt and more savings. In the interest of the republic. References Adam, T. and Michl, A. (2022). Inflace v R:cyklický i acyklický píbh? [Inflation in the Czech Republic: A cyclical or acyclical story?] (cnBlog – official blog of the Czech National Bank). Adam, T. and Michl, A. (2023). Inflace klesá – prbžné vyhodnocení dezinflaního procesu v esku [Inflation is falling – an interim assessment of the disinflation process in the Czech Republic] (cnBlog – official blog of the Czech National Bank). Bianchi, F. and Melosi, L. (2022). Inflation as a Fiscal Limit (external link). (FRB of Chicago Working Paper No. 2022-37). 5/6  BIS - Central bankers' speeches  Cochrane, J. H. (2023). The Fiscal Theory of the Price Level. Princeton University Press.

Protecting intellectual property rights and minimizing regulatory burdens for businesses are the two key areas that continue to require reform efforts. I would like to note that several moves in the right direction are already in place. Government’s massive investment plan in water management and long-term infrastructure is one of them. At the very least, the attempt has managed to elevate the urgency of infrastructure upgrading to the status of a national reform agenda. On a related note, the government also has the plan to push Thailand toward an innovation-driven economy. While these are laudable initiatives, challenges still remain in the implementation phase, and more work remains to ensure that we get the biggest bang for the baht and that fiscal discipline is respected. (3)  Leveraging existing opportunities around us  Ladies and Gentlemen, The third ingredient I would like to discuss today is the importance of identifying opportunities surrounding us and leveraging them. Upgrading efforts that I spoke about at length should put the country in a better position to reap benefits from these opportunities, which can make the route to prosperity less arduous. The timing is still on our side. First is China’s changing role in the international trade – from a large manufacturer of export goods to a large import country of the world. Even with signs of losing some steam, one should not forget that even a 6-to-7 percent growth of today’s Chinese economy still adds far more to global demand than the double-digit growth of the past decade.
degree of transparency and  Hence, countries, which were  accountability. dependent on monetary targeting  Inflation targeting is known to be  frameworks, have been moving away  operationally complex. It requires greater awareness of the whole  Central Bank of Sri Lanka – ROAD MAP 2017  12  monetary transmission mechanism  upgrade the technical capabilities of the  (MTM) and is based on a working link  Central Bank staff. from policy interest rates to interbank interest rates and to long-term interest rates. Under our enhanced monetary policy framework, we expect to predominantly employ market-based instruments, particularly policy interest rates and open market operations (OMO) to guide the average weighted call money rate (AWCMR), which is considered as the operating target, along the desired path. This would ensure effective transmission of monetary policy. With a view to strengthening its policy formulation and modelling capacity, the Central Bank of Sri Lanka has been obtaining technical assistance from the IMF in the area of macroeconomic forecasting, modelling and policy analysis. As such, a joint effort has been made by the Central Bank and the IMF in developing a structural model-based Forecasting and Policy Analysis System (FPAS) to strengthen the monetary policy decision making process and to support Sri Lanka’s transition to a  Within this enhanced framework, the  flexible inflation targeting regime. The  Central Bank does not set any monetary  FPAS is a medium-term, pre-emptive  targets explicitly.

Andrew Sentance: Let it grow – how monetary policy can support sustainable economic growth Speech by Mr Andrew Sentance, External Member of the Monetary Policy Committee of the Bank of England, at the Confederation of British Industry (CBI) East of England Annual Lunch, Horringer, Bury St Edmunds, Suffolk, 22 March 2011. All speeches are available online at www.bankofengland.co.uk/publications/speeches. *  *  *  I would like to thank Tomasz Wieladek and Adrian Chiu for research assistance and I am also grateful for helpful comments from other colleagues. The views expressed are my own and do not necessarily reflect those of the Bank of England or other members of the Monetary Policy Committee. Good afternoon, ladies and gentlemen. I am delighted to have the opportunity to address this year’s CBI East of England annual lunch. In my time as a member of the Monetary Policy Committee, I have particularly appreciated the opportunity to talk to businesses and business groups around the UK. As an economist with strong roots in the business world, I place great weight on the input that the MPC receives from the business community, which we get from a wide variety of sources – including business surveys and the reports from the Bank’s Agents. But there is no substitute for visiting individual companies and meeting business groups to gauge economic sentiment at the grass roots level around the country.