samchain/econo-pairs-v1 huggingface dataset:
This leads in turn to a rise in redundancies, something we have unfortunately seen in these last few weeks. Banks then become uncertain as to whether companies can pay back their loans. When uncertainty arises about the financial strength of companies, interest rates go up and it becomes more difficult for the financial system to mediate credit from lender to borrower. Investors, those who normally want to invest money to increase their returns, back away. When they do so, the functioning of other markets increasingly deteriorates. The Riksbank acts as a safeguard so that the system does not run out of money It is now a question of trying to shorten the period of risk aversion and credit shortage as it can exacerbate and prolong the downturn in the economy. As the Riksbank functions as the banks’ bank and supplies them with money which they then pass on to others in society, the Riksbank’s task is to supply money to the financial system. This reduces the risk of money shortages and sharply rising interest rates exacerbating the situation. By guaranteeing ample access to Swedish kronor that keeps down interest rates, the Riksbank helps to ensure that consumption and investment do not fall as much as they otherwise would have done. In this perspective, the Riksbank’s task is key in order to mitigate the effects on jobs and companies. And we take this task extremely seriously because “it is no game”, as one business leader put it in our survey.

This is because our local currencies are generally correlated with each other. Also, there will be less reliance on currencies of advanced countries which last year account for over 85 percent of Thailand’s trade with Indonesia and Malaysia. 2  You may recall that earlier this year, Bank Negara Malaysia and the Bank of Thailand implemented a ringgitbaht arrangement in March as a pilot project. Since then, we have seen a noticeably narrower spread between the ringgit and the baht. Moreover, we have noted an increasing number of businesses applying this local currency scheme in their day-to-day business conduct. Today, I am very delighted that Bank Indonesia is carrying on this initiative by signing the MoUs with both Bank Negara Malaysia and the Bank of Thailand. I really hope that this scheme will continue to expand to other countries in the region. Ultimately, this would be one important step closer to having greater regional financial integration in ASEAN. On this note, may I invite Governor Agus to say a few words, and followed by Governor Muhammad Ibrahim. Thank you. 3
During the current year, however, the krona has weakened relatively sharply. In the markets, the focus at present seems to be very much on interest rate differentials in relation to abroad. Personally, I find the weakening of the krona somewhat surprising given that underlying factors such as the real economy, the relative inflation rate and so on point to the opposite. For that reason, we also expected in October that there would be an appreciation in the period ahead. I have difficulty seeing any reason for us now to change that assessment in our main scenario. But a weaker krona is a risk that we have to take into account. Were the krona exchange rate to remain weak, it would of course have implications for the inflation forecast. In October, as before, we forecast that inflation would rise gradually in the period ahead. Resource utilisation was expected to pick up both in Sweden and abroad. We predicted that productivity growth would slacken somewhat and that cost pressures would gradually become higher. Substitution in favour of cheaper imported goods was expected to continue, but rising global resource utilisation was estimated to mean that global price pressures nevertheless would increase slightly on the whole. Against that background, our assessment was that UND1X inflation would rise from today’s low level and be close to the target a couple of years ahead. In my opinion, the information that has been received since October suggests that our assessment of inflation prospects at that time is holding up well so far.

Irma Rosenberg: The property market, the economic situation and monetary policy Speech by Ms Irma Rosenberg, Deputy Governor of the Sveriges Riksbank, at a seminar on the property and rental market, Karlstad, 11 November 2005. Picture to this speech can be found on the Sveriges Riksbank website, www.riksbank.com. *  *  *  Thank you for your invitation to come to Karlstad and participate in this seminar on the property and rental market. To begin with, I intend to speak about the property market and why it is important for us at the Riksbank to monitor how it is developing. Then I will discuss the economic situation internationally and in Sweden and give my view on inflation prospects and monetary policy. The property market Developments in the property market are important both in view of the Riksbank's function to promote financial stability and of the monetary policy objective to maintain price stability. On account of that we regularly monitor the situation in both the commercial property market and the housing market. That the property market is significant for the Riksbank’s stability analysis is due to the clear linkages that exist with the financial sector. The most important is that property companies are major borrowers from the banks. Moreover, a large proportion of bank lending is secured on commercial and residential property. So if problems were to arise in the property market, they could spill over to the financial sector.
For a period during the winter, major Swedish companies encountered difficulty in obtaining funding on the international credit markets and so turned to the Swedish banks, with the result that they squeezed out smaller companies, to a certain degree. The Swedish economy, which is strongly dependent on exports, was also hit hard by the collapse of world trade. Many foreign  companies reduced their investment levels in order to deal with their liquidity problems, which subdued demand for Swedish export goods. Some lessons from the crisis What lessons can be learned and what do these lessons mean in terms of economic policy and the actions of the central banks in the future? Here are a few thoughts, although the list is far from exhaustive. There are serious shortcomings in regulation and supervision. This is entirely evident, forming the subject of intensive discussions among politicians and in the media. It is beyond the scope of this speech to provide a comprehensive account, so I will make do with pointing out a couple of the overall problems. One main problem has been that banks and other financial institutions have had too little capital in relation to the risks they have taken in their balance sheets, whether these risks consisted of traditional lending, the holding of various hard-to-value securities or large shortterm positions taken when trading. This meant that many financial companies, for many years, were able to provide high returns on equity, higher than in most other industries.

However, experience tells us that increased interest rates are seldom enough to break the trend. Optimism can be such that investors are glad to pay the extra interest costs or to accept a correspondingly lower return on assets, as they are convinced that prices will continue to rise. For example, in Sweden in 1989, the direct yield requirement on the commercial property market lay at around 4 per cent, while a risk-free five-year government bond had a return of up to 12 per cent. So the market preferred an unsecured property asset to a covered bond with a return of 8 per cent more! No monetary policy can defeat that kind of optimism. Furthermore, it could be the case that inflation is low despite the strong economic development. If this is the case, monetary policy may need to become more expansionary to attain the inflation target, which, in turn, may fuel financial imbalances. During the years preceding the current crisis, increasing globalisation resulted in a heavy dampening of import prices, which pushed inflation down and contributed to an expansionary monetary policy in many countries. Monetary policy thus fuelled the bubble, rather than counteracting it. If a crisis becomes really serious, as is the case with the present crisis, the conditions for conducting monetary policy become very difficult. The situation became exacerbated when rising risk premiums increased the interest rates affecting households and companies. Falling inflation and inflationary expectations led real interest rates to increase even more.
We use weights based on the American Community Survey to construct summary statistics for our public releases. The survey consists of a core monthly module on expectations about macroeconomic and household-level variables and an additional quarterly module that allows us to address special topics. Our core module contains questions about survey respondents’ expectations for inflation, wage growth, home prices, various commodities, household income and spending, taxes, government debt, credit access, and job search. So far, quarterly modules have included questions on housing and employment, work history, job search, retirement, financial literacy, consumption and savings behavior, student loans, and various field experiments. These quarterly modules are developed by Federal Reserve staff in collaboration with academic consultants and the Nielsen team. First, however, new questions are evaluated using cognitive interviews, and every new module is pilot-tested before being put into the field. The Bank began publishing the results of the Survey in January 2014, after having fielded the Survey since December 2012. We introduced it through a series of posts on our Liberty Street Economics blog; eventually, after a suitable embargo period, we plan to release to the public all the micro data from the Survey. Approach to and benefits of eliciting probabilistic beliefs As I mentioned earlier, an important innovation of our Survey is that, in addition to asking the respondent for a point forecast, it uses probabilistic questions to elicit a respondent’s density forecast.

As well as being a year that saw a considerable strengthening of fiscal and macroeconomic discipline in Europe, 2012 also saw significant progress towards a banking union. Why has a banking union suddenly become such an indispensable and urgent project? Simply because we are now certain that many of the problems we have experienced, could have been avoided with a banking union. A banking union is necessary for the smooth functioning of a monetary union for the following three reasons: •  It breaks the link between banks and sovereigns by bringing banking supervision and crisis management to the federal level. With the banking union, banks will be considered as euro area institutions over and above their nationality; it will ensure that credit conditions in the euro area will not depend on where you are but on who you are, which is what should be expected of an efficient financial market. •  It allows re-integration of the European banking system. A supra-national supervisor is in fact better placed to assess the risks of cross-border activities and therefore to protect and encourage such activities; it is not subject to national biases that can lead to the temptation of economic introversion. It is therefore more credible and strengthens stability and confidence in the area;  •  Moreover, it restores the full efficacy of monetary policy.
Bwalya K E Ng’andu: Improving the investment climate in Zambia Opening remarks by Dr Bwalya K E Ng’andu, Deputy Governor (Operations) of the Bank of Zambia, at the Foreign Private Investment & Investor Perception Survey 2011 Dissemination Workshop, Lusaka, 22 December 2011. *  *  *  Permanent Secretaries; Chief Executive Officers; Distinguished Participants; Ladies and Gentlemen. I would like to welcome you all, on behalf of the Bank of Zambia, the Zambia Development Agency and the Central Statistical Office, to this Foreign Private Investment and Investor Perceptions 2011 Survey Dissemination Workshop. I want also to take this opportunity to thank the companies that participated in the Survey which was conducted by the three institutions in the third quarter of 2011. The insights and the various valuable revelations on the investment climate in Zambia contained in the survey report were only made possible by their co-operation and support to the process. We want to thank them most sincerely. This dissemination workshop is built around two objectives. The first one is to give representatives of respondent companies the chance to comment on the contents of the report. In this sense, this can be considered as a validation workshop from which inputs into the final version of the report will be received. The second objective is to give the three institutions that commissioned the survey the opportunity to receive feedback on what the community of investors considers to be the main issues in investment.

These challenges include infrastructural deficiencies in transport, telecommunications and energy, the small market that Zambia presents, constraints to doing business, enduring perceptions of corruption, inadequate skills and talent management. Although the country has seen increase in investment in many sectors such as construction, agriculture and the financial sector, copper remains the major focus of foreign investment. But over-dependence on natural resource wealth and the related commodity prices is not a very sustainable route to growth. This consideration brings into focus one aspect that this workshop should address, that is the need to encourage private investment across many sectors. The country must diversify in such a way that it reduces its present dependence on copper and draws strength from other sectors. We all know the effects of over-reliance on the copper exports on our economy. It remains a source of vulnerability due to price fluctuations in the international market, making the country’s incomes highly volatile. Apart from private investment being a stimulus for job creation, development of local suppliers, skills transfer; it can be a critical source of long-term capital for driving economic diversification. I urge you to reflect on all these issues so that the final document that is produced from this effort will be comprehensive and point to viable strategies that will promote economic diversification through directed private investment. The end result of this workshop will be posted on the website of the Bank of Zambia and Zambia Development Agency.
increased sectoral granularity and geographical coverage, especially in emerging economies; inclusion of short-term scenarios, incorporating more adverse tail-risk events such as a sudden policy shock; and improved representation of acute physical risk. Blended finance To get to net-zero by 2050, we have to close a large financing gap. According to McKinsey, net zero by 2050 will require about $ trillion of investment per year, but only about $ trillion per year is being invested today. We are more than 35% short of the annual investment required for net-zero. Blended finance will be crucial to unlocking more capital for green and transition projects, particularly in emerging economies. Blended financing structures can alter the risk-return profile of many marginally bankable projects. This can be done through catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources to crowd in multiples of private capital. By mitigating a portion of project risks, providing technical assistance, and lending their reputation and expertise, the public sector can help to attract private capital which may otherwise be hesitant to invest. We need to mobilise the financial system to deploy blended finance at scale. The NGFS will contribute to this effort in three ways. We will use our convening power to raise awareness of blended finance and help to bring the relevant parties into the room. We will seek to identify potential regulatory, market or policy barriers that hamper the scaling up of blended finance.

deposits of less than € secured liabilities, such as covered bonds; and liabilities arising from participation in payment systems, along with interbank liabilities with an original maturity of less than seven days. The draft Directive further requires Member States to set up ex-ante resolution funds. These funds will be used to temporarily support banks under resolution by means of loans, guarantees, asset purchases or capital for bridge banks. They will also be used to fund what may be called an “element of flexibility” of the Directive, which I shall refer to in a moment. Over the next 10 years these funds must be built up to a volume equivalent to at least 0.8% of the insured deposits of the country’s credit institutions. In this connection, banks must make annual contributions based on their liabilities. The draft Directive leaves to the discretion of the Member States the matter of whether resolution funds and deposit guarantee funds are merged or kept separate. Finally, as I said earlier, the Ecofin agreement introduces an “element of flexibility” so that national resolution authorities, in certain exceptional cases and subject to strict criteria, may fully or partially exclude any category of liabilities from the bail-in, and use the resolution fund to finance this exclusion. However, as a general rule, they may only resort to such flexibility after losses have been imposed on shareholders and creditors for a minimum amount of 8% of the total liabilities of the bank subject to resolution.
Jessica Chew Cheng Lian: Opening remarks - World Bank's Sustainable ExchangE Development Series (SEEDS) Opening remarks by Ms Jessica Chew Cheng Lian, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the World Bank's Sustainable ExchangE Development Series (SEEDS), 25 October 2021. * * * Good morning. It is a privilege and pleasure to be a part of this year’s edition of the World Bank’s webinar series on sustainable finance. We are grateful to the World Bank for organising this programme. Learning from our peers continues to be one of the most important and practical ways in which we can help each other effect meaningful change to ensure that finance truly serves our communities. The effects of the COVID-19 pandemic have now been with us for almost two years. While ambitions to pursue sustainable finance goals started well before the pandemic, the pandemic will surely be remembered as a defining period in shaping the path taken to a more sustainable future. The pandemic has extracted an enormous toll not only on global health, but also on poverty levels and inequality. More vulnerable groups, including those who earn lower incomes, have lower levels of education, or are holding less secure jobs, have borne a disproportionate brunt of the fallout from the pandemic. While policy measures are helping to mitigate these effects in the short term, the longer lasting impact on society and future economic prospects are likely to be far more significant. This could amplify pre-existing inequalities, particularly in emerging economies.

The world around us is changing so rapidly, and the challenges we face so multi-faceted, that our best hope for creating sensible financial policy and effective conditions for sustainable development must lie in working together. This has certainly been our experience in Malaysia, particularly in recent periods. Let me just mention three of these partnerships. In Islamic and sustainable finance, the Value-based Intermediation Community of Practitioners or VBI COP has played a key role in driving the industry-wide implementation of VBI principles. The COP has been instrumental in developing practical frameworks, tools and guidance that have 2/3  BIS central bankers' speeches  been widely adopted by the industry in supporting the offering value-based financial solutions that are aligned with the SDGs. As an example, for green finance, the Islamic banking industry is supporting approximately 4,500 renewable energy and green projects worth more than USD2.2 billion. On climate, the Bank and Securities Commission Malaysia have established the Joint Committee on Climate Change or JC3 to pursue collective climate actions. The Committee brings regulators and the financial industry together to promote alignment and drive climate actions in five areas – risk management, governance and disclosures, green finance and innovation, data and capacity building. Finally, sustainable finance would ring hollow without ensuring that our communities – especially our most vulnerable communities – have the means and ability to make good financial decisions.
To promote sustainable growth and poverty reduction, this must not come at the cost of less resilience. As such, the FSB is working to understand better both the potential benefits and risks technology poses to the financial system. (iv)  Resilient  I want to conclude by underscoring how fundamental the FSB’s core mission is to achieving the SDGs. Without an open, global financial system that can support sustainable crossborder investment flows, there can be no sustained economic growth or financial contribution sufficient to achieve the development goals. In this way, the FSB’s core work complements broader G20 initiatives to promote in inclusion, infrastructure, innovation and green growth. Inevitably, since the crisis, the FSB’s principal focus has been on agreeing reforms to fix the fault lines in banking that led to that crisis. Given the enormous progress made, we are now increasingly concentrating on building a diverse and resilient system that will harness the potential of market-based finance. Since the crisis, market-based finance has grown significantly, bringing new sources of credit and investment, promoting financial openness and international capital flows, and adding welcome diversity to the system. Emerging market and developing economies (EMDEs) have particularly benefited from these developments, doubling their stock of international bonds to $ trillion over the past five years. 15 And average annual portfolio flows to EMDEs have more than tripled from their average in the decade prior the crisis. 16 For the SDGs to be achieved, such flows must be larger, more reliable and better utilised.

Mark Carney: The Sustainable Development Goal imperative Remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the United Nations General Assembly, High-Level Thematic Debate on Achieving the Sustainable Development Goals, New York City, 21 April 2016. * 1. *  *  The SDG imperative  The Sustainable Development Goals are a moral imperative, with objectives that include nothing less than ending poverty, fighting inequality and injustice, and tackling climate change. 1 The SDGs are also an economic imperative. Their achievement would mean greater productivity, increased labour supply and ultimately stronger growth. In short, they could pull the global economy out of its current malaise of secular stagnation. 2. The scale of investment required to achieve the SDGs is immense  Achieving the SDGs will require both a step change in the quantum of investment and a marked reorientation of its destination. Over the next 15 years, the global population is expected to grow by just over a billion. 2 Another one and a half billion people are expected to urbanise. 3 Although moving to a low-carbon future will not necessarily require substantially more investment than business as usual, 4 it will require a radical re-focusing of that investment from high- to lower carbon technologies. Overall, it is estimated investments of between $ and $ trillion a year are needed for infrastructure, clean energy, water, sanitation, agriculture, and the other SDGs. 5 This is significant but achievable. 3.