samchain/econo-pairs-v1 huggingface dataset:
According to the Global Competition Index, Turkey became one of the countries that increased its competitive power at the most in 2006 and drawing ahead by 12 rows, ranked 59 within 125 countries 1 . Maintenance of this growth and establishment of a sustainable growth process are indispensable requirements for an increase in social wealth, which is the final objective of all economic policies. Therefore, today everyone should focus on the things to be done for the sustainability of the growth process in our economy rather than the daily market transactions. When successful country samples regarding growth and development processes are considered, we see that there are certain phases in the growth process. These phases are growth based on factor accumulation; increase in efficiency; research and development activities and innovations respectively. Turkey is currently going through a process of growth based on increase in efficiency. However, ensuring the permanency of growth in the medium and long-term necessitates focusing on the research and development activities besides increases in efficiency and going through a process of growth based on innovations. Dear Guests, It is obligatory for the private sector to establish medium and long-term strategies rather than shortterm ones, in order to last long within the domestic and foreign competition environment that is gradually becoming more challenging owing to both the changing domestic dynamics and the increasing openness.

In this respect, via ensuring the implementation of active policies to create employment and providing resources for new investments, the investment atmosphere should be improved by strengthening the relationship between the real and the financial sector. Additionally, educational policies oriented towards increasing the labor power compatible with the labor demand should be put into effect. Besides, having the unregistered employment registered, should be given priority because it leads to unfair competition and this necessitates decreasing the taxes and other burdens on employment gradually. Dear Guests, Finally, I wish to briefly mention current account deficit, which frequently occupies the agenda. Current account deficit is one of the sensitive points of the Turkish economy. With a retrospective look, we see that current account deficit grew faster in the periods when growth rate accelerated due to the structural peculiarities of the Turkish economy. The periods when the current account deficit  BIS Review 28/2007  7  decreased or surpluses were experienced have been the years in which the growth rate decreased or crises broke out. This structure shows us that the current account deficit bears a structural quality rather than a cyclical one. This process can be identified as followings: improvements recorded with respect to the macroeconomic stability decrease the general level of interest rates. This decline in interest rates increase consumption and investment demand and so the credit demand accordingly on the one hand; while leading to a decrease in domestic savings on the other.
Third, the estimates of the natural level of output at the end of 2022 are much lower than predicted before the pandemic. The current HLW estimates of r-star in the United States are shown in Figure 3. For comparison, the figure also shows estimates using a version of the model that is not adjusted to take into account COVID or outliers and holds the parameter values fixed at estimates using data through the end of 2019. The two sets of estimates are very similar through 2019. They differ sharply during the acute period of the pandemic, however, when the estimates from the unmodified model exhibit large swings due to the presence of sizeable outliers. Interestingly, the two estimates are very close to each other at the end of the sample. That is, the modifications to the model do not interfere with "letting the data speak." A Modest Imprint Based on the new r-star estimates for Canada, the Euro Area, and the United States, we see no signs of a significant reversal of the decline in r-star estimates evident in prior decades.13 In fact, in all three economies, the r-star estimates in 2022 are within twotenths of a percentage point of the corresponding estimate in 2019. The largest differences between model estimates pre- and post-pandemic relate to the level of each economy's potential output. Figure 4 compares the model's measure of the natural level of output based on estimates using data through the fourth quarter of 2019 (the blue line) to current estimates.

Interest income grew by 162% over the year and interest expense by 178%. In total, interest income increased by 15.6 b.kr. and interest expense by 13.7 b.kr. to leave net interest income of 1.9 b.kr. Operating expenses, i.e. salary and payroll expenses and other operating expenses, were 1.5 b.kr., depreciation 90 m.kr. and a supplementary contribution to the Bank Employees’ Pension Fund 386 m.kr., in accordance with an agreement between the Fund and its member organisations. By law, the transfer to the Treasury is calculated as one-third of net profit, i.e. 16 m.kr. Profit after transfer to the Treasury but excluding exchange rate gain therefore amounted to 32 m.kr. In 2006, the Central Bank's balance sheet total increased by 159 b.kr. to almost 322 b.kr. at the end of the year. The main explanation is that total Treasury deposits in the Central Bank rose by 135 b.kr. over 2006 to 211 b.kr. at the end of the year. The balance on Government current accounts increased by 47 b.kr. and the deposit in the foreign currency account amounted to 94 b.kr. at the end of the year. Most of the foreign currency deposit is accounted for by the € billion loan taken by the Treasury towards the end of the year to boost the Central Bank's foreign reserves. Notes and coin in circulation grew by 10% to 14.5 b.kr. and the Central Bank's liabilities towards deposit money banks by just over 10 b.kr.
This gap is especially pronounced in the upper echelons of decision-making structures where women make up 28% of board membership and a third of senior management with limited participation beyond marketing positions; 2. The number of borrowers was dominated by men. The number of men with loan accounts in every 1,000 adults was 27 at the end of 2014 compared to 12 for women; 3. When it comes to paying back of loans, women had better repayment behaviour than men. The percentage of non-performing loans for women averaged 4.3% compared to 4.9% for men. Further, women-owned small business accounts exhibited the lowest percentage of nonperforming loans, which ranged between 1-3% during this period. This is, on average, 17 percentage-points lower than that of men. This showed that women and women-owned businesses are more prudent borrowers than men and men-owned businesses; 4. Few financial institutions, offered gender- focused products and services. These products and services were mostly tailored for individual women and women smallholder businesses; 5. Most financial institutions’ Information Management Systems are unable to provide sex2/3  BIS central bankers' speeches  disaggregated data. Of the 64 institutions surveyed, only 25 institutions (mostly banks and microfinance institutions) had information management systems that can generate reports based on the sex of account holders, such as the number of women-owned and male-owned accounts, and the number of male and female borrowers; and 6. The number of digital wallets, or e-wallets, has been on the increase. It rose steadily in both number and value.

Ladies and Gentlemen, the main purpose of collecting sex-disaggregated data is to determine the levels of access, usage and quality of financial services; identify barriers to women financial inclusion; and assist with modifying the existing policies, strategies and regulatory measures that have been earmarked for increasing women’s financial inclusion in the medium to long term in Zambia. Collection of sex disaggregated data and the use of this data provides an opportunity for countries to develop policies that specifically target women’s financial inclusion and at the same time provides data and information for financial service providers to build the business case for developing products and services for women. Data will help us to know where we are, where we need to be and which areas to focus on. Thus the main objective of the project we embarked on last year is to establish a framework for collection of reliable, quality and comparable sex-disaggregated data that can facilitate the measurement of progress made toward closing the gender gap. Distinguished guests, let me highlight the key findings from the Survey, which will be the subject of detailed discussion in the course of this morning. The survey revealed among others that; 1. While the financial sector was among the sectors that employ a high percentage of women, they make up 45% of those employed in the sector, presenting a five percentage gender gap.
From 2009 to 2011, euro area countries, on average, reduced the deficit-to-GDP ratio by 2.3 percentage points, and the primary deficit improved by about 2½ percentage points. Fiscal adjustment in the euro area is continuing in 2012, and it is indeed crucial that efforts are maintained to restore sound fiscal positions. At the same time, structural reforms are as essential as fiscal consolidation efforts and the measures to repair the financial sector. Some progress  2  BIS central bankers’ speeches  has also been made in this area. For example, unit labour costs and current account developments have started to undergo a correction process in most of the countries strongly affected by the crisis. However, further reform measures need to be implemented swiftly and decisively. Product market reforms to foster competitiveness and the creation of efficient and flexible labour markets are preconditions for the unwinding of existing imbalances and the achievement of robust, sustainable growth. It is now crucial that Member States implement their country-specific recommendations with determination. We are now at your disposal for questions. BIS central bankers’ speeches  3

In fact, some positive elements stand out from the evolution of the Spanish economy in recent years, such as, for example, the ability to continue to run external surpluses during the upswing, something that was not normal in previous recoveries, and which would indicate that at least part of the correction of the external imbalance is structural in nature, and is associated with cumulative improvements in competitiveness and the increase in the geographical diversification of exports and in the number of firms that regularly export to the rest of the world. This growing internationalisation of Spanish companies has served, in  7/18  turn, to stimulate business investment and employment. Indeed, more than 2.5 million jobs have been created since the beginning of the recovery. Also notable in recent years has been the deleveraging carried out by the non-financial private sector. This has reached a very advanced stage, both in the case of non-financial firms and households. For example, the debt to GDP ratio of Spanish companies has been reduced by more than 40 pp from its peak and it is now below the average level in the euro area. In the same vein, I would like to highlight the intense process of banking industry rationalisation, recapitalisation and restructuring. This has led to a more efficient allocation of capital across firms and sectors, which, as we will see later, has contributed to productivity growth.
Closely related to this is the need to strengthen the framework for consumer protection to provide an avenue for redress in cases where consumers are placed in a disadvantaged or unfair position resulting from financial transactions taken due to lack of transparency and understanding. The move towards the adoption of the supervised market approach requires continuous efforts to enhance product disclosures and to elevate the level of financial literacy of consumers. Dealing with consumer awareness and education require considerable time and commitment. While recognising the potential benefits of liberalisation to the domestic financial system, the need to ensure the proper sequencing, and to manage the liberalisation process must be accorded importance. Financial systems in emerging economies have and are expected to continue to play a significant role in the economy. As such, the process of international integration of the domestic financial system has to be paced with developments in the domestic system so as to ensure that the system is adequately prepared to cope with the challenges arising from the liberalisation process without destabilising effects on the domestic economy. The liberalisation process must be managed with respect to identifying the potential sources of risks to the system.

The development of the venture capital industry, a better framework for SME financing and the provision of micro financing continue to be important priorities to ensure that credit is made available to all segments of the economy, as well as to support the growth of new areas and industries. Increased focus on developing these financing modes has been supported with higher public sector budget allocations for the venture capital industry and for specific development financial institutions to channel micro-credit to small micro-enterprises. Priority has also been accorded to investment in information and communications technology by the banking sector. With the completion of the consolidation exercise, domestic banking institutions have actively embarked on upgrading their systems, including in product delivery, risk management and information systems. The adoption of technology in the Malaysian banking system has predominantly been to automate business processes. However, more recently technology has been used as a tool to assess and drive business performance. With competition in the market becoming increasingly intense, the ability to understand the drivers of performance and the ability to make prompt response is vital to remain competitive. Business delivery channels and business processes have also been reviewed to enhance efficiency levels and service quality to the customers. Many have formed strategic alliances with partners to enrich their value proposition to their customers through cross-selling of products and services. Indeed, the Malaysian banking industry has now become more consumer-centric.
This indigenous population growth has been reinforced in recent years by the phenomenon of immigration, and has been an essential explanatory factor of our recent growth. In addition to the foregoing causes, which can be quantified, there are others that are more difficult to measure since they refer to qualitative aspects, but which are equally relevant. Thus, for instance, Spanish trade unions have progressively adopted a bargaining strategy more in keeping with the requirements stemming from Spanish euro area membership and with the challenges posed by globalisation, and that has been conducive to employment generation and the growth of the Spanish economy in recent years. 2  BIS Review 32/2007  Something similar may be said of the substantial continuity over time of the broad thrust of economic policy, irrespective of the different governments that have successively been in power. Such continuity has also impregnated the natural debate under democracy between the various policy options. Underpinning this debate has been a degree of agreement on the importance of stability-oriented macroeconomic (fiscal and monetary) policies and the microeconomic policies geared to improving the workings of markets. And this is not something that is found in all developed countries. Specifically, continuity in privatisation and market liberalisation policies, which has placed Spain in a leading position in continental Europe and has contributed significantly to the growth in the past 20 years, would not have been possible without this underlying agreement.

As a famous economist once said, monetary policy seems to operate with “long and variable” lags. More significantly, the MPC isn’t concerned solely with inflation. It is also asked to avoid “undesirable volatility in output”. And occasionally – in particular following shocks to costs or supply – there are trade-offs between the two. These can lengthen the optimal time over which to bring inflation back to target. I think this had real relevance at the time I joined the MPC, in mid-2011. At that time, the economy looked a bit like the starting point of these simulations. After a tepid recovery there was still plenty of spare capacity in the economy. Companies said they were operating well below capacity; unemployment was still high. But thanks to a series of cost shocks, including the big depreciation of sterling’s exchange rate 2-3 years earlier, inflation was nonetheless well above target. BIS central bankers’ speeches  3  In response, the MPC might have behaved like Committee A, ramming up interest rates to get inflation back to 2% as quickly as possible. But that would almost certainly have pushed the economy back into recession. Instead it took a more balanced approach. As I tried to explain in a speech I gave later that year, the MPC had arguably tolerated the (then) high rate of inflation for longer than it might have done because the real side of the economy was so weak. It signalled this choice more explicitly in early 2013.
If we calibrate that using multipliers from the Bank’s model, cumulative recession probabilities would rise from around 45% to around 65% at a 3-year horizon. These ready-reckoners are, if anything, likely to understate the behavioural impact of a tightening in a nerve-frazzled environment. This suggests that a policy of early lift-off could be self-defeating. It would risk generating the very recession today it was seeking to insure against tomorrow. In that sense, the low current levels of interest rates are a self-sustaining equilibrium: moving them higher today would run the risk of a reversal tomorrow. These self-reinforcing tendencies explain why the glue sticking interest rates to their floor has been so powerful. Taking these risks together, my judgement on the appropriate monetary stance in the UK is relatively little altered from earlier in the year. The current level of interest rates remains, in my view, appropriate to assure the on-going recovery and to insure against potential downside risks to demand and inflation. Looking ahead, I have no bias on either the size or direction of future interest rate moves. Conclusion In Stuck, the boy’s attempts to unstick his kite from the tree come, well, unstuck. The cat, the gorilla and the ocean-liner, along with assorted other objects, get stuck up the tree too. In  10  BIS central bankers’ speeches  trying too hard to unstick his kite, the boy makes a difficult situation worse. Eventually, with the passage of time, the kite comes free of its own accord.

The education and training sector will play a critical role both in developing entrepreneurial mindsets and in equipping future entrepreneurs with the skills necessary to successfully position new enterprises and manage their development and growth. Ladies and Gentlemen, it is a fact that a thriving entrepreneurial culture has the potential to make a substantial contribution to our economic and social development and to achieving a balanced economic growth. The key therefore, is for businesses to be innovative and competitive at all times. To achieve this we need to develop outstanding young men and women who can be leaders in their fields and who are ambitious with a mindset to be successful and to compete at the highest level. Mr Chairman, I have no doubt that awards like yours can be hugely influential in fuelling the entrepreneurial urge and in inspiring youths to emulate the achievements of those whose enterprising dreams will be rewarded this evening. The award will also be key in raising public awareness on the need for continuous innovation among our youths. As you are aware, the engine of the fast growing economies such as China and India is the innovation and creativity of the young entrepreneurs in those economies. It is incumbent upon us therefore to also encourage our youths to take up their rightful place and contribute to the country’s development.
Fourth, taking a longer term perspective, beyond the current crisis, we need to continue to improve our understanding of monetary policy in a globalized world. What other important ingredients need to be considered when implementing monetary policy or when forecasting growth and inflation ahead? The role of external shocks is likely to become more important and needs to be considered more carefully. We need to find ways to anticipate these shocks including the future financial architecture and improve upon limitations in our foresight and in the forecasting ability of our models. Fifth, the role of policy makers in other countries which will add to these external shocks opens up room for greater policy coordination and cooperation at the international level. Like other previous crises, the current crisis is likely to be followed by discussion about intensive reforms at the international level. We should grab this opportunity to highlight the need for international cooperation in monetary policy in maintaining global financial stability. I don’t need to point out that international cooperation in the area of supervision is far ahead, both in normal times and in time of crisis. In order to secure international cooperation in monetary policy, we need more research and dialogues on how to make early warning and surveillance really work at a global level. In addition, coordination may not be enough; a redesign of global financial architecture may be necessary, and we need to work on this area as well.

But the important point here is that financial innovations, coupled with technological advances in communications, helped to link financial markets across the globe. This globalization of financial services allowed the collapse of major financial centers to spread to the rest of the globe so efficiently. In fact, these very financial instruments which had been earlier used to diversify risks turned out to be the very means for spreading contagion. The spread of the impact of the financial crisis onto the global real economy through the trade channel changed the world’s economic outlook rapidly and dramatically. This had a drastic impact on the inflation outlook, and the threat of inflation has rapidly shifted to one of possible deflation. At the same time, central banks are running out of traditional monetary policy ammunition to fight the slowdown in growth and potential deflation – namely cutting interest rates. Given the increasing influence of external factors on global inflation dynamics, traditional monetary policy which focuses on domestic dynamics of inflation needs to be reconsidered. As a result of globalization, the prices of important commodities and goods tend to move together, making external price shocks a more and more important determinant of domestic inflation. Fluctuations in oil prices and other commodity prices, or even a sustained period of cheaper or dearer exports, can change global inflation dynamics.