samchain/econo-pairs-v1 huggingface dataset:
There are currently approximately  BIS Review 2/2002  5  22,000 apartments vacant throughout the country and scenarios indicate that the vacancy rates in certain areas may increase further. What would market rents involve for areas in Sundsvall, Karlskoga, Boden or Bergsjön in Gothenburg? Would the rents in a market-adapted system be reduced in these areas to be able to compete with the single-family dwelling market? Yes, that is possible, but the question is whether the vacancies would be filled in all of the “emigration” regions? It would probably only apply to regions within commuting distance of jobs. However, if market rents and other changes in the regulations may mean that housing is built where it is needed, which will enable the labour market to function better, this could in any case improve Sweden’s potential growth. There are indeed a number of important future scenarios that need to be considered by both the housing companies themselves and the banks as lenders. 6  BIS Review 2/2002

However, keeping with the global and domestic economic trends, the relative importance of the agriculture sector has been shrinking. Accordingly, the share in agriculture reduced to about 12 per cent of GDP by end 2007. What has been the impact? It has not been able to create sufficient value or wealth with the reduced share of sectoral importance. While recognizing the historic importance of the agriculture sector we should recognize the fact that it has a limitation in the form of low contribution to the national output and low productivity in the current context. Notably, as about one third of the labour force is engaged in agriculture, its total output is distributed among a large number of workers. According to the World Development Report 2006 of the World Bank, the agricultural value added per agricultural worker in Sri Lanka, measured in 2000 US dollars, has been US dollars 696 for the period of 1989-91. This has increased only marginally to US dollars 737 in 2001-03. However, the comparable figures for other countries, even in emerging countries, have been much higher than these figures. What is the result? As a result, the income of agricultural workers in Sri Lanka has been very low, keeping them below the poverty line. At the same time, underemployment has been the natural consequence since employment in agriculture is seasonal and there is a higher concentration of a large farm-based work-force on limited extents of cultivable land.
Finally, not only financial markets but also other asset markets, such as real estate markets, have to be monitored closely. Currently, financial stability issues in the euro area are analysed on the basis of existing data collected for monetary policy or supervisory purposes. Evidently, the coverage and definitions of data collected for monetary policy purposes do not always fulfil the needs of financial stability analysis. In addition, the data from supervisory sources are not harmonised across countries. The development of harmonised bank profitability, asset quality and capital adequacy data is a big challenge for a multinational economy such as the euro area. The same applies to the much needed enhancement and harmonisation of information on insurance corporations and on the financial  1  The financial and non-financial accounts would cover the following sectors in principle: households (including non-profit institutions serving households), non-financial corporations, financial corporations, government and the rest of the world. 4  BIS Review 67/2004  situation of firms and households. Moreover, this work should exploit synergies with the initiatives of other international organisations, in particular the work of the IMF on financial soundness indicators. The need for a comprehensive analytical framework Statistics as well as additional information such as synthetic indicators, model forecasts and anecdotal evidence provide economic analysts with the raw material to derive a consistent and timely judgment about the true prevailing economic circumstances and the position of the economy in its business cycle.

The HKMA has now decided that Participating AIs can include two more types of RMB assets, namely “RMB sovereign bonds issued in Hong Kong by the Ministry of Finance of China” and “RMB bond investment through the Mainland interbank bond market”, in the calculation of this limit. The above two relaxations take effect today. I believe they will help expand the scope of development for offshore RMB business in Hong Kong and provide banks with a greater flexibility in RMB asset management, which will be conducive to further development of the market. Third, the HKMA has imposed some restrictive arrangements on the inclusion of RMB assets as liquid assets in calculating the statutory liquidity ratio of AIs. As the offshore RMB market in Hong Kong becomes more mature, I believe there is room for suitably relaxing these restrictions. Since the adjustments to be made in the calculation are more complicated and technical, we shall announce the details later. BIS central bankers’ speeches  1
William C Dudley: The role of the Federal Reserve – lessons from financial crises Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Annual Meeting of the Virginia Association of Economists, Virginia Military Institute, Lexington, Virginia, 31 March 2016. *  *  *  Kenneth Garbade, Jack Gutt, Joyce Hansen, Michael Held and Joseph Tracy assisted in preparing these remarks. It is a great pleasure to have the opportunity to speak here today as part of the Virginia Association of Economists annual meeting at Virginia Military Institute and Washington and Lee University. This is an appropriate setting for the topic I will be addressing – the role of the Federal Reserve as the central bank of the United States. When the Federal Reserve Act was enacted in 1913, H. Parker Willis, who had been a professor at Washington and Lee University, played a critical role. He worked closely with Representative Carter Glass of Virginia in crafting the legislative proposal that established the Federal Reserve, and Willis became the first Secretary of the Federal Reserve Board in 1914. Of course, I’m tackling this subject today not just because H. Parker Willis was a professor here in Lexington. Instead, I’m addressing this issue because of the ongoing debate about the role of the Federal Reserve and its structure and governance. My purpose is to demystify the nation’s central bank and to respond to some of the critiques that we continue to face.

We are confident that you, together with other stakeholders would overcome the various challenges and someday soon, we would all be in a position to truly state that we have ushered in development with equality. I wish your Conference all success. BIS Review 88/2007  7
Eddie Yue: What quality means to Hong Kong as an international financial centre Opening keynote speech by Mr Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, at the Hong Kong Management Association 2020 Quality Award Presentation Ceremony, Hong Kong, 14 October 2020. * * * Helmuth, YK, ladies and gentlemen, honoured guests, 1. Good evening. It gives me great pleasure to deliver the keynote speech at tonight’s prestigious ceremony. 2. The Hong Kong Management Association and the Hong Kong Monetary Authority are like twin brothers. Not only that we share the same HKMA acronym, but we also share similar beliefs. We both have a deep commitment to management excellence, developing human capital and upholding the highest standards of quality. 3. Ten years ago, at this same event, my predecessor Norman Chan shared his thoughts on how the HKMA – the Monetary Authority, that is – can achieve quality in public service. He said that the community expected nothing short of the highest standards of quality from the HKMA. And he highlighted the importance of professionalism, passion and pride to our organisation. 4. I believe the last ten years have demonstrated the truth of these words. So, tonight, I’d like to build on what Norman said at that time by taking a broader perspective on what quality means to Hong Kong as an international financial centre. Quality in an international financial centre 5. We can all discern quality in products and services.

In both dimensions, I believe this kind of long-term approach is the hallmark of a high-quality financial system. Concluding remarks 27. I hope these reflections have shed some light on Hong Kong’s distinctive qualities as an international financial centre. It is resilient – our institutions and markets remain safe and sound in good times and bad. And it offers huge opportunities to local and global participants, driven by the Mainland’s continued financial liberalisation, as well as developments in fintech and green finance. 28. My team and I are committed to upholding these qualities. We will continue to reinforce Hong Kong’s position as an international financial centre of the highest quality. This journey has no end – and we will rely as always on strong support from everyone that we work with, including many of you. I am confident that, by working together, we can continue to build on Hong Kong’s unique foundation – and enhance our position as one of the world’s pre3/4  BIS central bankers' speeches  eminent financial centres. 29. It only remains for me to thank the Hong Kong Management Association for having me here tonight; to thank you all for your attention; and to congratulate the winners of the Quality Award – your achievements are rightly honoured today. 4/4  BIS central bankers' speeches
Norway has had room for manoeuvre because solid state finances secure credibility and because inflation expectations are firmly anchored. Even though oil prices fell from close to USD 150 per barrel in summer 2008 to almost USD 30 at the end of the year, Norway’s state finances were not called into question. In addition, oil prices increased markedly as early as spring last year. The oil fund mechanism curbs the effects of oil price fluctuations on demand and output – as well as on inflation and the krone exchange rate. The Government Pension Fund Global is also an important source of funding for public spending in the next decades. Reductions in government welfare spending, which will probably be a matter of necessity with an increasingly ageing population, will be smaller than would have been the case without the fund. 10  BIS Review 69/2010  5. Challenges to the Norwegian economy  In the period 1992–2008 the Norwegian economy experienced a long upturn. In the 2000s, the cost level started to rise, partly reflecting a sharp improvement in our terms of trade. Prices for Norwegian goods, such as oil, gas, metals, minerals and fish increased sharply while import prices fell. Looking ahead, the impact of these driving forces cannot be expected to be as favourable. It is hardly likely that export prices will show a renewed surge. Moreover, our economy has become vulnerable. Norwegian labour has never been as costly as today.

The key policy rate was reduced substantially in order to mitigate the effects of the financial crisis on the Norwegian economy. This contributed to a pickup in economic growth. There are prospects that inflation over some time will remain fairly close to the inflation target. The downturn in Norway proved to be mild and unemployment has not moved up to a high level. Developments in Europe are also amplifying the uncertainty concerning the outlook for the Norwegian economy. Thank you for your attention. 12  BIS Review 69/2010
Second, I worry that taking unusually large policy steps may validate a market narrative that Bank policy is either foot-to-the-floor on the accelerator or foot-to-the-floor with the brake. This narrative was fuelled by the (perhaps necessarily) activist responses to the onset of global financial crisis and pandemic.26 It is not unique to the UK. In my mind, the perceptions underling this narrative may help to explain both markets’ reluctance to price in policy tightening in the middle of last year and the subsequent relatively rapid steepening of the money market yield curve of late as central banks have embraced the need to address inflationary pressures. And such perceptions can shape reality. If such swings in market sentiment and expectations were to weaken central banks’ ability to steer the market rates of most relevance to spending and investment decisions, then the transmission of monetary policy will be at risk. Of course, there may be occasions where aggressive monetary policy actions are necessary. Recent history is littered with them: the global financial crisis and onset of the pandemic are cases in point. I would certainly not wish to rule out changes in Bank Rate of more than the usual 25bp in all circumstances. 13  All speeches are available online at www.bankofengland.co.uk/news/speeches  13  Retaining flexibility is important. And given the inflationary pressures we currently face, I can certainly understand why colleagues on the MPC voted for a 50bp hike last week.

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Kydland, F and Prescott, E (1977), “Rules rather than discretion: the inconsistency of optimal plans”, Journal of Political Economy, vol 85, pp473–490. Malmendier, U and Nagel, S, (2007), “Do macroeconomic experiences affect risk taking”, mimeo. Met Office (2010), “Changes to Met Office forecasts”, Press Release, 5 March. Morris, S. and Shin, H.S. (2002), “The Social Value of Public Information,” American Economic Review 92, 1521–1534). May, R. and Arinaminpathy, N. (2010), “Systemic risk: the dynamics of model banking systems.” Journal of the Royal Society Interface. (In Press). Palm, R (1995) “Earthquake insurance: A longitudinal study of California Homeowners”. Plous, S (1993), “The psychology of judgment and decision making”. Philadelphia Temple University Press. Scheinkman and Woodford (1994), “Self-Organized Criticality and Economic Fluctuations.” American Economic Review, Vol. 84, No. 2. Sims, C (2003) “Implications of rational inattention”, Journal of Monetary Economics, vol 50, no 3, pp 665–690. Sugihara, G and May, R (1990) “Nonlinear forecasting as a way of distinguishing chaos from measurement error in time series”, Nature, 344, 6268, 734–741. Surowiecki, J (2004), “The Wisdom of Crowds”. Tucker, P (2009) “The Debate on Financial System Resilience: Macroprudential Instruments” available at http://www.bankofengland.co.uk/publications/speeches/2009/speech407.pdf. BIS Review 36/2010  13

One characteristic of the Chilean economy is that changes in costs are regularly passed on to consumer prices. Markets for foodstuff are globally integrated and competitive. In the case of fuels, every week the changes in the international price are passed on to domestic consumers. However, there is a price stabilization fund to smooth out short run fluctuations  BIS Review 39/2008  3  and recently there has been a gasoline tax cut, which ameliorates the large increase in international prices. Finally, the electric power price-setting mechanism is designed to pass changes in upstream marginal costs to retail prices. Electric power rates, affected by a rise in costs, posted an average increase of 23% during 2007 compared with a less than 6% average increase between 2000 and 2006. This context of price flexibility provides the right signals to markets. In the case of Chile, with the increase in the prices of electricity and minerals, several investment projects are in the pipeline, which will propel an expansion of supply. Electricity $ MM; index Dec-98=100) 1200  240  1000  200  800  160  600  120  400  80  200  40  0  0 96  98  00  02  04  06  III  07  Energy investment (2)  III  08 (1)  CPI Electricity  (1) Figures as of February. (2) Includes investment in buildings, engineering, equipments and others.
The Member State concerned will have to prepare a corrective action plan with a roadmap and the deadlines for implementing adequate measures. Note that this process may end up in sanctions up to 0.1% of GDP, in case of non-compliance by the affected Member State. The procedure for identifying and correcting macroeconomic imbalances is very important and addresses a concern that the ECB has voiced repeatedly in the European context. Also in this case it will be important to implement it fully, while being aware of the unavoidable difficulties, also of an analytical nature, of identifying relevant imbalances ex ante. Macro-prudential policies. Turning to macro-prudential policies, in line with other jurisdictions the EU has equipped itself with a body whose task is to recommend actions to reduce systemic risk in the EU financial sector, the European Systemic Risk Board (ESRB), which is closely associated with the ECB. While the ESRB cannot take direct action, its advice and recommendations carry great weight. In addition, the Single Supervisory Mechanism (SSM) – which I am about to describe in a moment – will assign micro-prudential powers to the ECB for the banking sector of those countries which adhere to the SSM. The ESRB will remain responsible for macro-prudential issues in the EU as a whole and for the whole financial sector (i.e. beyond banks). Financial market union. Let me now turn to plans to establish a financial market union in the euro area.

How the crisis revealed institutional weaknesses in the euro area  As I already noted, the monetary policy response to the crisis has been mainly aimed to buy time for reforms that become effective with some time lag, but it cannot substitute for reforms as time goes by. In this respect, the crisis has unveiled the incompleteness of the euro area’s institutional design which currently policy makers are addressing both at the national level and at the euro area/EU level. Let me first outline these main weaknesses and then go through the progress that has been made so far and the road ahead. The euro area was missing an effective framework for (i) crisis prevention (ii) and crisis management and resolution, which are, as I will argue, essential ingredients for effective policy-making in a monetary union. Let me elaborate. The lack of effective crisis prevention framework before the crisis was indeed evident. First, too complacent regulatory policies in the financial sector still allowed excessive risk to build up. The establishment of the monetary union made is easier for deficit countries to finance macroeconomic imbalances through cross-border capital inflows for too long, resulting in the accumulation of risk. When these flows turned into outflows as the economic environment deteriorated after 2008, these imbalances not only led to problems for the countries concerned but also produced contagion to other parts of the euro area.
I would like to stress that being among the first is not an aim in itself but arises from the acknowledgement that Estonian economic fundamentals have stood firm and that our economy will be ready for joining the mechanism in a few years. •  Joining the Economic and Monetary Union is a crucial step for the Estonian economy, which will secure the sustainability of a favourable investment climate and strengthen the prerequisites for a continued long-term and balanced economic growth;  •  The estimates by foreign investors and rating agencies on the reliability of Estonian economy have already taken into account the imminent membership of the EMU, which is evidenced by the interest margins and credit ratings that are already on the levels comparable to the old member states;  •  A prerequisite for sustaining the outstanding reliability achieved to date is as fast as possible changeover to the euro, i.e. becoming a full member of the Economic and Monetary Union. An important argument in favour of a comparatively swift changeover to the euro is Estonia’s current economic situation. What are the grounds for such a claim? In order to evaluate the broader economic impact of joining the euro system and choose the right accession moment, the UK has adopted five 'euro tests'. These are the following: 1. Have the economic structures and cycles of the accession country and the euro zone converged sufficiently for a successful application of the common monetary policy? 2.

•  The third option is to secure as efficient as possible operation of the education market in the private sector where people themselves pay for their education. One possibility to contribute to this is, for example, through carefully planned implementation of the system of education capital units that has already been under discussion, in the similar way to the pension insurance system that has been successfully launced. When we know which areas will boost Estonia's competitiveness, we should make sure that those who pay for their education themselves would choose the right specialities (they should be motivated by the fact that their anticipated pay is going to be higher - hence they would be willing to bear higher costs). Currently the problem in Estonia is that people choose law and business specialities where the external impact is small, and fewer engineering professions, mathematics, etc. where the external impact is presumably high. •  Probably the main problem here is lack of information. In order to secure improved circulation of information, future students should be systematically informed of the  8  BIS Review 26/2004  differences in pay and the opportunities of finding employment in different areas - however, pay differences today do not always reflect what is to become in the future. For example, the excessive supply in business specialities compared to other areas should lower entry-level salaries. Another area about which students should be systematically informed is the level of schools.