samchain/econo-pairs-v1 huggingface dataset:
Mervyn King: Stocktake of the UK economy Speech by Mr Mervyn King, Governor of the Bank of England, at the East Midlands Development Agency/Bank of England Dinner, Leicester, 14 October 2003. *  *  *  The Bank of England is back in Leicester. Between 1844 and 1872 there was a branch of the Bank of England in Leicester, located in Gallowtree Gate. Sadly it operated at a loss, in part because the Agent lived in style driving about town in a carriage and pair with two men in livery, and the branch was closed. Only six years ago did we re-establish our links with the City through the creation of a new Agency in the East Midlands. The purpose of that Agency - staffed by four members of the Bank who work in rather less style than their predecessors - is to listen to you and other businesses about what is happening on the ground. The reports of our Agents around the country are crucial to the Monetary Policy Committee. The information we receive from you, and our other eight thousand business contacts around the country, are key pieces in the large jigsaw puzzle of the UK economy that we assemble each month in order to see the big picture. Some of the statistical fog hanging over the British economy lifted a week or so ago with the publication of a new picture of demand and output over a number of years.

This story was much more unique, as it involved the first banking crisis in Europe since the EU single market was formed in the early 1990s. Let me briefly discuss each of these in turn, in order to set the stage for the policy discussions. First, the macroeconomic boom-bust story. All the usual suspects were present: very strong capital inflows fuelling a credit and asset price boom that subsequently turned into a bubble at the same time as the economy overheated and an unsustainable external position developed, as could be seen in a double-digit current account deficit. And macroeconomic and prudential policies were not up to the task. At the deepest level, this part of the story was related to three factors: 1. The complications that tend to arise with macroeconomic management as very small, open economies become more and more financially integrated;  2. The specific conditions of ample and cheap credit at the global level;  3. And major policy mistakes in Iceland, both of the type that would be deemed to be such in any book (such as giving an already overheated economy a demand stimulus), and those more closely related to the orthodoxy prevailing at the time: freely floating exchange rates, interest rate policy focusing mainly on low inflation in terms of goods and services, and good micro-supervision; and let the markets do the rest. The first factor is perhaps of interest here.
What I am asking is for us to harness the best parts of capitalism and to use it to tackle what is the biggest challenge of our generation. I certainly hope that our conversations today will help us better understand the issues at hand and inspire us to find better financial solutions. Let us find ways to green the financial system, and subsequently finance the green. Finally, earlier I spoke about the key players in tackling the climate challenge, namely the Government, NGOs, business and the financial sector. I have left the most important one actually, which is the individuals. Change can only come if we start with ourselves. We ought to start with a small personal change, which is to lower our personal carbon footprint. By itself it might be small, in terms of emission. Importantly however, it will initiate a deeper realisation, stoke more passion for the issue, catalyse deeper and more engaged conversations with others, and hopefully create more momentum for systems level change that we all aspire to see. 1  Source: Asian Development Bank (2020). Green Finance Strategies for Post-Covid-19 Economic Recovery in Southeast Asia: Greening Recoveries for Planet and People. October. 2 Malaysian Green Financing Taskforce Report 2019 3  Joint Statement by Bank Negara Malaysia and Securities Commission Malaysia – Accelerating climate action through the financial sector  3/3  BIS central bankers' speeches

Muhammad bin Ibrahim: The way forward for development financial institutions Opening address by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Global Symposium on Development Financial Institutions “The Way Forward for Development Financial Institutions”, Kuala Lumpur, 19 September 2017. * * * Selamat datang” and a very warm welcome. Thank you for the opportunity to speak today at this important gathering to discuss the way forward for development financial institutions. In 2012, the music video “Gangnam Style” by Korean pop artist PSY took the world by storm. Being the first video to record more than 1 billion YouTube views, its infectious dance moves have become universally recognised, transcending borders and social status. The video marked the beginning of the rise of the Korean cultural phenomenon known as Korean Wave or “Hallyu”, a new growth area for its economy. Today, the export of Korean culture content, including films and music, is estimated at USD83.2 billion. In under a decade, the sector grew to contribute 0.7% to South Korea’s GDP in 2011, supported over 67,000 jobs and generated USD3.3 billion in tax revenues. This extraordinary rise of the Korean Wave can be attributed to the growth of investment in the creative industry. The industry was boosted by the government’s strategy to prioritise the sector as an engine of growth after the Asian Financial Crisis. The Korean government had earmarked 1% of the national budget for development financial institutions to kickstart the sector.
See also Krishnamurthy, A. and A. Vissing-Jorgensen (2013), “The Ins and Outs of LSAPs,” presented at the Federal Reserve Bank of Kansas City’s Jackson Hole Symposium on the Global Dimensions of Unconventional Monetary Policy; IMF Policy Paper on “Global impact and challenges of unconventional monetary policies”, October; Neely, C. (2013), “Unconventional Monetary Policy Had Large International Effects”, Federal Reserve Bank of St. Louis Working Paper 2010–018E, updated August 2013; Joyce, M., M. Tong and R. Woods (2011), “The United Kingdom’s quantitative easing policy: design, operation and impact”, Bank of England Quarterly Bulletin Q3. BIS central bankers’ speeches  3  The concerns expressed by various economists and the media that the extraordinary increases in the monetary base in many countries would lead to significant inflation rates, never materialised. As the following slide illustrates, there was no transmission in the prevailing economic situation by the banks, to credit or broad money aggregates. Inflation did not respond, putting in doubt the quantitative vision about its origin. When asked about what Japan should do to overcome deflation, Milton Friedman answered in 2000: “It is very simple. They can buy long-term government securities and they can keep buying them and providing high-powered money until the high-powered money starts getting the economy into an expansion”.2 The more recent Japanese experience is still open to analysis but the channels envisioned by Milton Friedman have seemingly not been operating in the other advanced economies.

Jean-Pierre Roth: Rising oil prices – a challenge for monetary policy? Speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, Déjeuners de la Finance, Geneva, 2 November 2005. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  Despite oil prices being at a historically high level, inflation has increased only slightly in recent quarters and growth appears to be robust. Are we to assume, therefore, that oil no longer plays an important role in today’s economic environment? What challenges does the current situation pose for monetary policy? For the first time, the steady rise in energy prices is not the result of a political boycott by oil-producing countries, but of an increase in energy demand, coming in particular from the newly industrialised countries in Asia. In other words, the rise in crude oil prices this time can be attributed to the strong growth in global economic activity. This does not mean, however, that the role of monetary policy has changed. Although core inflation currently appears to be under control in most countries, a persistent and continuous rise in energy costs could have an effect on all prices and wages in the long run, thereby jeopardising monetary stability. Notwithstanding the low level of inflation (excluding energy prices), it is vital that the monetary authorities maintain a forward-looking stance so as not to put their credibility on the line and to ensure long-term price stability. 1/1
One positive recent surprise has been the greater dynamism of investment, especially in machinery and equipment, which outperforms GDP growth in our projections for the period 2018-2020. The greater contribution that is foreseen for mining investment stands out, in line with the near 40% growth that it showed in the first quarter of this year. The new five-year plan announced by Codelco is added as background. In any case, generating conditions for the development of larger projects remains a challenge if we are to sustain high growth rates. This is especially relevant if one considers that the observed and projected currency depreciation in the baseline scenario will reduce spending on tradable goods, and that an important part of this greater investment is explained by capital replacement needs. On the construction side, activity shows more limited dynamism. With this, GFCF as a percentage of GDP—in both nominal and real terms—will reach 21.7% this year and will border 22% next year (Table 1). Regarding fiscal policy, our working assumption is that in 2018 the economy will receive a fiscal impulse consistent with the current budget. From then on, we assume that the structural deficit will follow the path of gradual reduction defined by the authority. Although the CBC is an independent organization and does not coordinate its monetary policy decisions with the government, it does need to anticipate the evolution of the fiscal position as part of the macro framework within which it makes its decisions.

The CBC is governed by the principle of transparency in exercising its public function, enshrined in Article 8 of the Constitution, the bylaws of its own Constitutional Organic Act and the relevant legislation that has expressly included the CBC, such as Law No 20285 on Access to Public Information (2009), Law No 20730, which regulates the lobbying and management of private interests (2014), and Law No 20880 on public service probity (2016). Still, the Board has added several transparency standards that go beyond the aforementioned norms. For example, last March we made available to the public a total of 96 minutes of past monetary policy meetings held during the period 2000-2007, a practice that will continue into the future years. We have also included as passive subjects of transparency all division directors, area managers and heads of departments that may have relevant decision-making powers, and we have supplemented the obligations of the Lobby Law with the publication on the CBC’s website the weekly agenda of the Governor and all Board members. In addition, we have established an external Audit and Compliance Committee and an internal reporting channel to denounce situations of harassment or abuse. From the perspective of using the powers inherent to an autonomous institution to strengthen transparency in more specific areas that are not covered by general legislation, the CBC is preparing some additional initiatives to implement over the next twelve months. One, we want to raise the levels of information and guidance we give to the community regarding monetary policy decisions.
But apart from our interest in the effective transmission of monetary policy, there is a broader reason why central banks wish to see greater integration. At the end of the day, the ultimate objective of a central bank, as of any public policy maker, is to enhance citizen welfare. A number of pieces of empirical evidence reveal that financial integration has a positive effect on economic growth and, therefore, on welfare. The European Commission, London Economics and several researchers have provided us with interesting studies which estimate that a total removal of national barriers in European financial markets would imply a long-term increase in GDP growth of up to one percentage point. There is also evidence for the US, based on analysis of the effects of the removal of restrictions on cross-state bank branching and ownership, which points in the same direction. These two aspects – monetary policy transmission and promoting citizen welfare - explain the efforts that central banks have made to contribute to the integration process, although the leading roles and initiatives rightly correspond to the European Commission and to market forces. Maybe the most telling example of the central bank contribution is the establishment of TARGET, promoted by the Eurosystem and introduced at the beginning of Stage Three with the aim of integrating the system of large value payments across the euro area. It is widely recognised that its success has played a crucial role in the integration of interbank markets in Europe.

Miguel Fernández Ordóñez: Financial integration and stability in Europe Opening remarks by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, at the Conference on "Financial Integration and Stability in Europe", organised by the Bank of Spain, the European Central Bank and the Center for Financial Studies, Madrid, 30 November 2006. *  *  *  Good morning ladies and gentleman. First of all, allow me to welcome you. We are really delighted to host this conference at the Banco de España in Madrid. Some of you are perhaps too young to remember, but it was here in Madrid, in 1989, that the European Council decided to embark on the first stage of Economic and Monetary Union, as envisaged in the Delors Report which was the catalyst for the EMU process. I would like to start my intervention today with a quote from the Delors Report; a quote that refers to financial integration. Simplifying, it said the following: The objective of a single financial area, in which all monetary and financial instruments circulate freely, and banking, securities and insurance services are offered uniformly throughout the area, would be fully implemented through the approval and enforcement of the necessary Community directives. You can appreciate the appealing simplicity of its definition of an integrated financial market: one where all monetary and financial instruments circulate freely, and where banking, securities and insurance services are offered uniformly.
Proportion of open unemployed members of different unemployment benefit funds Per cent of members  Hotel and restaurant workers  Building workers  Commercial employees  Industrial workers  Transport workers  SEKO  HTF  SIF  M unicipal workers  Local government officers  Graduates  Teachers  2002 2003  Government officers  10 9 8 7 6 5 4 3 2 1 0  10 9 8 7 6 5 4 3 2 1 0  Note. HTF = The Salaried Employees’ Union. SIF = The Swedish Union of Clerical and Technical Employees in Industry. SEKO = The Union of Service and Communication Employees. The building workers’ funds consist of The Building Union’s and the Swedish Painters’ Union’s unemployment benefit funds. The industrial workers’ funds consist of the unemployment benefit funds of the Swedish Metal Workers’ Union, the Swedish Forest and Wood Trade Union, the Swedish Food Workers’ Union, the Swedish Paper Workers’ Union, the Swedish Graphic Workers’ Union and the Industrial Workers’ Union. The number of members in the unemployment benefit funds included in the chart comprised in 2003 around 88 per cent of the total number of unemployment benefit fund members in Sweden. Source: National Labour Market Board. BIS Review 65/2004  7

2/2  BIS - Central bankers' speeches
I stress their importance because they promote a multilateral cooperation framework agreement and set minimum requirements for achieving the rapid and consistent conclusion of the cooperation agreements between deposit guarantee schemes (DGS). These cooperation agreements will address operational cross-border challenges, 1 such as ensuring that depositors in EU branches of institutions headquartered in other Member States are treated similarly to depositors in the home Member State. The H2C (home-host cooperation) project, which has just been extensively presented is also a remarkable new step towards finding and experimenting with solutions to shared problems, and this must be encouraged. It is an example of the constructive cooperation between DIS operators or authorities despite their diverse regulatory or operational approaches. 1  2  These guidelines concern (i) the modalities for repaying depositors by local DGS at branches of banks established in other European Member states, (ii) the modalities for the transfer of contributions from one DGS to another in the event of a credit institution ceasing to be a member of a DGS and joining another DGS, and (iii) modalities for mutual lending between DGSs  BIS central bankers’ speeches  From a regulatory perspective, there is the example of the FSB Key Attributes that have been applied through the Crisis Management Groups, with relevant authorities holding discussions to find ways to tackle the recovery and resolution of GSIBs.

This is something that I and my colleagues will continue to work on explaining over the coming year. At the same time, it should be emphasised that this is a complex task and that it is therefore quite natural that there is a debate on monetary policy. Nor are we Executive Board members always unanimous on which interest rate decision will be the best one in a given situation, despite the fact that we are agreed on the objective of our monetary policy. Credibility demands openness and clarity In order to combine confidence in price stability in the longer term with flexible inflation targeting, it is important that we are open and clear when conducting our monetary policy. This is also a necessary condition for the legitimacy of the Riksbank’s objective, independence and actions. Important elements of this endeavour include publishing the analyses on which interest rate decisions are based in the form of Inflation Reports. In addition, after every monetary policy meeting a press release is published, which gives an account of the reasons behind the decision made. Moreover, when an Inflation Report is published or the repo rate is adjusted, the Riksbank holds a press conference. The Executive Board’s monetary policy discussions are reported in separate minutes of the monetary policy meetings, which are published around two weeks after each meeting. In this way, all those who wish can closely follow our reasoning and a basis for evaluating our assessments and decisions is created.
What attracted me most at that time was the collection of journals he, as a college student, was having in different subjects: Free World from the US Embassy; Commonwealth Today from the British High Commission; Nawa Yugaya from the Lake House; Rasawahini from the Times Group etc. I had the habit of leafing through those magazines and enjoying the titles and photographs. He did not mind our bothering him. He, in fact, encouraged us to write to the respective Missions for complimentary copies. When I entered the Vidyodaya University (now, the University of Sri Jayawardenapura) to do my undergraduate studies in management in late 1960s, Professor Tilakaratna had just returned to the island having completed his doctorate at the prestigious Queen’s University in Canada. He took all our courses in economics: micro, macro, welfare economics, international finance, international trade, public finance, development economics etc. Hence, we could safely say that our whole undergraduate knowledge of economics was imparted to us by him. He had referred to all the latest text-books, meticulously prepared his notes and updated them continuously. I still recall that the students were eagerly waiting for his lectures. This was because of the comprehensiveness of the lectures and the unique method of delivery. He used to explain the technical terms again and again as and when they emerged in his lectures, until their meaning was permanently implanted in our minds. We were all benefited by his up to date treatment of the subject.

When I went to the UK for my post-graduate studies in mid 1970s, it was only in the case of subjects he had covered that I did not have the so called knowledge gap. Professor Tilakaratna was not only an academic, but also a policy advisor, manager and administrator. In early 1970s, he functioned as an advisor to the Ministry of Plantations Industry and was appointed as Chairman of the newly established Coconut Marketing Board. Unlike other academics who thought that they knew all, he had the modesty and humility to learn from industry. A big magnate in coconut industry recently related to me how he once visited a coconut factory and insisted on learning a to z of everything there. My frequent visits to him either at the Coconut Marketing Board or at his residence were intellectual and academic journeys through all aspects of and issues relating to the coconut industry. We always returned home being much wiser than before. The university authorities too recognized his academic excellence and erudition fairly early. He was elevated, by double promotion, to the post of Professor of Economics and Head of Department at such a young age as 34. Immediately after that, he re-organized the Department of Economics, introduced a Post Graduate Diploma in Applied Social Statistics and strengthened the Department with new staff. I was one of the students who completed this Diploma in its first batch.