samchain/econo-pairs-v1 huggingface dataset:
Venture Capital Funds seek to provide finance to enable businesses to start-up, expand or restructure through the use of equity and quasi-equity instruments such as preference shares, convertible debentures, and shareholders loans that reflect the risk and reward in investing in such businesses. Furthermore, given the relatively high interest rates prevailing, debt financing is not easily available to start-up and other emerging enterprises because they generally lack the collateral, track record, or earnings required to get loans. To this effect, venture capital funds can be essential to these enterprises as they are a combination of equity and professional know-how. To be attractive investment vehicles, venture capital firms must be able to deliver a rate of return that is more attractive than those available in markets for publicly traded stocks and other securities. Mr Chairman, in line with the workshop theme, “exploring and creating financial opportunities”, it should be noted that the financial sector in Zambia is considered relatively under-developed and has had limited reach to all sectors of the economy. A 2005 study by Finmark Trust revealed that only 33% of the total population in Zambia had access to financial services. The survey also revealed that most Zambians prefer to invest in nonfinancial instruments such as a businesses, livestock, land or agricultural equipment. In recognition of the strategic importance of the financial sector to the country’s development and poverty reduction efforts, the Zambian Government launched the Financial Sector Development Plan (FSDP) in 2004 to address weaknesses that had been identified in the financial sector.

Sources: Statistics Sweden and the Riksbank  BIS central bankers’ speeches  15  Figure 11. Lending to households and companies Annual percentage change, seasonally-adjusted 20  20  Lending to households Lending to companies  15  15  Total  10  10  5  5  0  0  -5  -5  -10  -10 99  00  01  02  03  04  05  06  07  08  09  10  11  Source: The Riksbank  Figure 12. Market surprise at repo-rate decision Basis points 50  50  0  0  -50  -50  -100  -100  -150  -150 Change in the repo rate  Feb 07 Mar 07 May 07 Jun 07 Sep 07 Oct 07 Dec 07 Feb 08 Apr 08 Jul 08 Sep 08 Oct 08 Oct 08 Dec 08 Feb 09 Apr 09 Jul 09 Sep 09 Oct 09 Dec 09 Feb 10 Apr 10 Jul 10 Sep 10 Oct 10 Dec 10 Feb 11 Apr 11 Jul 11 Sep 11 Oct 11  Market surprise  -200  -200  Note. The market surprise is measured on the basis of the change in the interest rate for a 1-month STINA swap in connection with the publication of the repo-rate decision. Sources: Reuters and the Riksbank  16  BIS central bankers’ speeches  Figure 13.
A flexible exchange rate can reduce fluctuations in employment and output. Empirical studies do not provide any evidence that floating exchange rates have reduced growth in industrial countries. Rather, they suggest that industrial countries with floating exchange rates have fared well, and often better, than countries with an exchange rate target. A precondition is that there is an economic policy framework so that inflation does not spin out of control. Economic developments and prospects External cyclical developments and events have had considerable implications for developments in the Norwegian economy. BIS Review 11/2004  9  Chart 12. a. Output gap  b. Inflation  Deviation from trend BNP. Per cent  Per cent  5  4  4  US  2  Euro area  3  0 2  -2  1  Euro area  -4 1992  1996  2000  US  2004  0 1992  1996  2000  2004  Sources: OECD and EcoWin  The US fuelled the international upswing in the 1990s, with strong growth in private consumption, rising equity prices and a high level of investment. Inflation was low because productivity increased. In Continental Europe, the upturn started later and was weaker. Capacity utilisation in Germany and France was low through most of the 1990s. Chart 13.

An economic turnaround has occurred, with a soft landing after the long period of high cost inflation in Norway and a low level of activity in other countries. But inflation is too low. As mentioned, there are three main factors that have contributed to this. First, the global downturn had considerable implications for the impact of interest-rate setting in Norway. A strong krone contributed to the decline in inflation. The krone has now returned to its previous level so that the effect will be reversed. Second, low inflation in other countries and rapid changes in the international division of labour have resulted in a fall in prices for imported goods and services, even when measured in terms of what Norwegian importers pay in foreign currency. Third, intensified domestic competition also appears to have exerted downward pressure on prices. As a result of both changes in the international division of labour and increased domestic competition, there is idle labour and available real capital in Norway. We cannot rule out that adjustments will be made over a period of time and that these adjustments will encompass a large portion of the domestic economy. Thus, it is possible that the level of output that is consistent with stable inflation will increase. Inflation will remain low in 2004. However, the easing of monetary policy will gradually push up inflation. As mentioned, it may take some time before interest rates in other countries are increased to a considerable extent.
Indeed, the “Lamfalussy” process has proved to be effective with a readjustment of the content of the texts between the legislative and regulatory levels and a shortening of the timeframe for the adoption of directives. The four-level regulatory approach of the Lamfalussy procedure is now fully operational, with the two bodies in charge of “comitology” - the European Securities Committee (ESC) and the Committee of European Securities Regulators (CESR) - working on the preparation of measures to implement directives, sometimes in parallel with the political negotiations. As I have mentioned it earlier, the Financial Services Action Plan (FSAP) has endowed Europe with a coherent and market responsive regulatory framework. Up to now, 34 out of the 42 initially proposed measures have already been finalised, and I would like to remind you how impressive were the progress made in implementing the Financial Services Action Plan over the last six months: in addition to the directive on market abuse, adopted in January 2003, the directive updating the accounting provisions of the fourth and seventh Company Law directives and the directive on pension funds were adopted at the beginning of May 2003. Moreover, in February 2003, the European Council and Parliament agreed on a common position on the draft directive on prospectuses, which is expected to be adopted during the course of the year, as will probably be also the directive on taxation of savings income and even the new directive on take over bids.

An independent study carried out for the European Commission concluded in November 2002 to a significant macroeconomic positive impact in the long run of a full integration of European financial markets, not only in terms of GDP, but also in terms of business investment and employment. Needless to say, as a central banker, I attach great importance to financial markets integration: the implementation of the single monetary policy would not have been possible without an efficient and fully integrated money market. A high degree of integration of the securities market is also required because central banks’ credit operations are fully collateralised and rely heavily on the smooth transfer of securities. Moreover, efficient and integrated markets favour a homogenous transmission of monetary policy actions across the euro area. So where do we stand today? I think it is fair to recognise that significant progress has been made already in the integration of European Capital Markets. At the same time, one has to acknowledge that integration is an on-going process, that faces renewed challenges in a constantly evolving environment. Let me elaborate on these two aspects successively. 1. European capital markets already exhibit a high degree of integration  If one stands back and compares the organisation, functioning and structure of European financial markets today with the situation that prevailed five years ago, the magnitude of the changes that already took place is striking, not only in the various market segments but also in their infrastructures: indeed, the euro area already benefits from highly-integrated capital markets.
Fortunately, though, once the next IMF review is complete, there will be no doubt about it. The foreign exchange reserves now total 1.7 billion euros, apart from shortterm obligations. In the next few months, they will expand by 453 million euros due to transactions related to Avens, 255 million euros from the sale of FIH bank in Denmark, and 620 million euros following the third IMF review. The reserves will then exceed 3 billion euros. In comparison, the next two years’ interest and instalments on two Treasury bond series total 1.5 billion euros, 400 million of which have already been bought back at a discount. The following two charts show clearly how much foreign liquidity will improve. They show that the foreign exchange reserves will grow as large as 4 billion euros if Iceland draws the full amount of the loan facilities available through the IMF programme, and that they will cover the Treasury’s instalments and interest payments through 2015. Of course, access to foreign credit markets will open up long before that time, and a part of the debt will be refinanced in the market. 4  BIS Review 130/2010  I know that all of you who are assembled here today are very interested in how the exchange rate will develop once the Icelandic economy rights itself, hopefully within a few quarters. The chart below shows the real exchange rate of the króna, which is currently about 20% below its historical average but dropped as far as 33% below that average during the crisis.

News conference  Berne, 15 December 2016 Andréa M. Maechler  Introductory remarks by Andréa M. Maechler  I will begin by reviewing the situation on the financial markets, before going on to talk about the impact of negative interest on the money and capital markets. I will finish my presentation with a few comments on the progress that has been made in reforming benchmark interest rates. Situation on the financial markets  Since the last news conference in June, movements on the financial markets have been heavily influenced by two political events: the unexpected outcome of the Brexit vote in June and the US presidential election in November. Both events generated short-term uncertainty among investors. Nevertheless, positive risk sentiment prevailed overall. Leading equity indices in the US, Japan and Europe have recorded price gains since mid-year (cf. chart 1). In the US, all key indices hit new record highs at the beginning of December. In Switzerland, the SMI, however, lagged behind the general trend: it is currently virtually unchanged from its mid-year level. The reason for this is the index’s strong weighting in defensive equities, from the healthcare and consumer goods sector for example. These securities, which tend to benefit less from increasing risk appetite among investors, came under selling pressure as a result of rising interest rates. On bond markets, high-quality government bond yields have climbed since mid-year (cf. chart 2a). Firstly, economic data bolstered investor confidence in a global economic recovery.
For a generation or more, businesses and families up and down the country were told, not least by the City, that the disciplines of the market economy were essential, even if painful in the short run, for greater prosperity in the longer term. That belief in the merits of a market economy was embraced and for many years was not misplaced. But out of the blue – in this case the financial sector – came a crisis that did not stem from weaknesses in the real economy. It has wreaked havoc on those same businesses and families. Unemployment, as we saw in today’s figures, is rising sharply. And yet it is the banking system that has received financial support on an almost unimaginable scale. We who work in the financial sector have much to do to regain the trust of those who work outside it. “My word is my bond” are old words, but they were important. “My word is my CDO-squared” will never catch on. There is no support in this country, and no case, for excessively bureaucratic regulation. But change to the structure, regulation and indeed culture of our banking system is necessary. Blaming individuals is no substitute for acknowledging the failure of a system, of a certain type of banking. We have a real opportunity now to put that right, and regain the trust that has been lost.

But if they are not adequately addressed - whether within the system as a whole or at the level of the individual market or individual firm - they could - like purely financial failures - weaken public confidence or attract public responses, which would have a damaging effect on overall activity. Mr Chairman, I can’t imagine that anyone working in the City will become bored as we move into the new millennium in the face of these challenges. How successful we are in confronting them will depend, as in the past, upon the interaction of the technical and professional skills and self-discipline of the market and the structure, substance and application of the rules of the game as they are reflected in public policy. We have unique experience within the City on which to build. The market has repeatedly demonstrated its capacity to respond successfully to new challenges and currently attracts representatives of the strongest participants from all parts of the world. It is supported by very highly qualified professionals and professional bodies which play an important role in setting and maintaining standards. It is supported, too, by an extraordinary range of specialist professional and technical organisations, which help to ensure that the rules of the game are sensibly formulated and clearly understood.
Jean-Claude Trichet: Fostering sound financial globalisation – the role of Europe Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Paris Europlace Financial Forum “The Paris Marketplace Contribution to the Global Economy”, Paris, 2-3 July 2008. *  *  *  Ladies and Gentlemen, Mesdames et Messieurs, Je suis très heureux d’intervenir aujourd’hui à l’occasion du Forum financier de Paris Europlace. En premier lieu, permettez-moi de préciser que mon discours intervient durant la « purdah period » précédant une réunion du Conseil des gouverneurs. En conséquence, aucun de mes propos ne saurait être interprété en termes d’intentions du Conseil des gouverneurs sur l’orientation de la politique monétaire et le niveau des taux directeurs. Je me concentrerai aujourd’hui sur le rôle de l’Europe dans les marchés financiers globalisés. Il est en effet particulièrement opportun de procéder à une évaluation de la contribution, au sein de l’économie mondiale, des marchés de capitaux européens. Les événements observés sur les marchés de capitaux depuis plusieurs mois nous ont rappelé à quel point le système financier mondial était devenu étroitement intégré. La mondialisation financière est un facteur important du dynamisme économique mondial et de la stabilité, car elle favorise une allocation efficace du capital et accroît les possibilités de partage et de diversification des risques. Il convient toutefois que son développement se déroule dans un environnement caractérisé par l’efficacité et la discipline. Pour cela, il nous appartient à tous d’assumer notre part de responsabilité pour garantir un fonctionnement sûr et efficace du système financier mondial.

Michael Gondwe: Outline of Zambia’s recent macroeconomic performance and projected outlook Opening speech by Dr Michael Gondwe, Governor of the Bank of Zambia, at the 15th Bank of Zambia Media Seminar, Siavonga, 1 May 2014. *  *  *  Mr Chairman, Distinguished Colleagues from the Media Fraternity, Senior Director – Monetary Policy, Senior Director – Supervisory Policy, Fellow Bank of Zambia Officials, Ladies and Gentlemen. It’s my great pleasure and honour to be with you today at this important Seminar for Professional Media Practitioners. Allow me first, on behalf of the Bank of Zambia, and indeed my own behalf, to begin by welcoming you to this very important event, being the 15th in the Bank of Zambia – Media Seminar Series that we have been conducting for Journalists from across the Zambian media fraternity. Distinguished Colleagues, it is simply not possible to overemphasise the importance of the media to matters affecting national development. You are the window through which the world sees us all. Your reporting conveys important information about the economy, as well as the business environment and financial performance of the country, industries, institutions, households and indeed individuals. This information becomes very useful to a wide range of users in making business decisions. Therefore, as Journalists, you bear a great responsibility of keeping the public as well informed as possible and it is imperative therefore, that you report factually and accurately.
Last week the High Council for Financial Stability alerted on potential risks associated with commercial real estate, especially: “the sharp rise in demand by investors on certain market segments and a high level of prices, in particular office prices in the Paris area”. The HCSF’s assessment will be released for public consultation in the coming weeks. We are ready, when needed, to take action with macroprudential measures, to prevent and mitigate any systemic risks that might arise. In sum, monetary policy is doing a great deal to counter weak inflation and support economic activity – it is our duty and we will continue to do so with steadfast resolve: we are consistent in our objective, ready to act with the right instruments, and alert to any possible risks. However, I would like to stress again that “monetary policy cannot be the only game in town”. Other economic policies also have a crucial role to play. This is precisely what the members of the G20 reiterated in Shanghai on 27 February: “Monetary policies will continue to support economic activity and ensure price stability, consistent with central banks’ mandates, but monetary policy alone cannot lead to balanced growth”. Where there is sufficient margin to do so, fiscal policy must support demand – this is not currently the case in France, but it is in other countries in Europe. Moreover, structural reforms remain absolutely vital in France, to encourage creations of jobs and of businesses and thus bring the economy back to full potential.

In normal times, central banks cut their key rates, and this passes through to the yield curve. However, in order to deal with the financial crisis, the ECB like other central banks have brought their key interest rates to very low levels, around zero. This means that our traditional monetary policy tools had to be supplemented by other instruments, known as non-standard instruments, in order to reach our prices stability objective. I will return to this point later. b) What is more with regard to the challenges we currently face, these deflationary pressures create the risk of an unanchoring of expectations, which would make it harder for us to achieve our 2% target again. Indeed, if inflation stayed too low for too long, economic agents may revise downwards their inflation expectations, which would create second round effects. Lower inflation expectations influence economic agents’ price- and wage-setting behaviour, which in turn keeps inflation low. It can even raise the risk of deflation, defined as a cumulative process of falling prices, including those of assets, or even wages and production, as the world economy experienced in the 1930s or Japan partially underwent in the 1990s. Such deflationary dynamics are not at play today. But this risk is the BIS central bankers’ speeches  1  reason why our inflation target is symmetrical. We consider too low inflation to be just as costly as too high inflation. And, therefore, it is more risky for central banks to act too late than too early.
Furthermore, in 2009, the Government approved the extension to the initial five-years of the FSDP in order to continue the national strategy of strengthening our financial sector and enhancing financial inclusion. The second phase of the FSDP will focus on three main pillars namely: (i) enhancing market infrastructure; (ii) increasing competition; and (iii) increasing access to finance. Overall, the vision is to have a dynamic and inclusive financial sector that supports all aspects of the economy. Therefore, the theme for this workshop and exhibition “Enhancing Financial Access for Women: A Tool for Poverty Reduction” is timely and appropriate. Our aim is to recognise and heighten awareness of women’s issues within this context. More specifically, the main objective of this forum is to showcase a variety of financial services and products available and sensitize the general public on: (i)  how financial institutions are contributing to increasing gender financing in Zambia;  (ii)  bringing awareness to the women on the opportunities that are available for them to access finance and mitigate related challenges;  (iii)  the role of the Bank of Zambia and other financial institutions in meeting the objective of financial inclusion;  (iv)  how the United Nations as the lead international organisation and other local agencies are supporting women in Zambia; and  (v)  sharing experiences in running businesses, and the opportunities and challenges in accessing finance in order to grow the income base.

The analysis of the latest statistical data points to a further decline in the annual inflation rate, which followed a lower-than-forecasted path and ran below the lower bound of the variation band of the flat target, due to the steeper drop in volatile prices and to the increasingly weak inflation on external markets, overlapping the lingering negative output gap and the ongoing downward adjustment in inflation expectations. In December 2014, the year-on-year inflation rate stood at 0.8%, while the average annual inflation rate stuck to 1.1% and the annual average inflation rate based on the Harmonised Index of Consumer Prices – which is relevant for assessing convergence with the European Union – came in at 1.4%, the same as in the previous month. The fall in the inflation rate allowed for successive policy rate cuts (to an all-time low of 2.25% in February 2015) and for interbank rates to decline markedly to record lows, amid favourable liquidity conditions in the money market. In August 2014, the NBR resumed the rate cutting cycle so that in February 2015 the monetary policy rate ran at 2.25% versus 5.25% in June 2013. Moreover, January through November 2014, the NBR gradually lowered the minimum reserve requirement ratios. Thus, at present the minimum reserve requirement ratio on leu-denominated liabilities of credit institutions is 10% (from 15% at end2013) and that on foreign currency-denominated liabilities is 14% (from 20% in December 2013).