samchain/econo-pairs-v1 huggingface dataset:
CPI and underlying inflation 1997 Annual average, per cent CP I  U N D 1X  U N D IN H X  4  3  1 .7 2  1 .4 0 .9  1  0 1997  UND1X = CPI excluding interest expenditure, taxes and subsidies UNDINHX = UND1X excluding goods that are mainly imported  3  BIS Review 61/1999  4. CPI and underlying inflation 1998 Annual average, per cent CPI  U N D 1X  U N D IN H X  4  3  1 .8 2  1 .0 0 .4  1  0 1 998  UND1X = CPI excluding interest expenditure, taxes and subsidies UNDINHX = UND1X excluding goods that are mainly imported  5. CPI and underlying inflation 4 3  UNDINHX 2  UND1X  1 0  CPI -1 1995  1996  Average impact on CPI  Annual rate for  1997  1996 •Interest rate fall -0,6p.p. •Tax changes -0,6p.p. 0,8 / 2,2 / 2,9  1998  1997 •Interest rate fall -0,9 p.p. •Tax changes +0,6 pe  0,9 / 1,4 / 1,7  CPI/ UND1X/ UNDINHX  BIS Review 61/1999  1999  4  1998 •Interest rate fall -0,6p.p. •Tax changes +0,2p.p. •Coffee, petrol -0,1 p.p.

In this regard I would like to call upon other corporate entities and business houses in Lusaka and other cities around the country to emulate the efforts of the financial sector and help keep Zambia a beautiful, clean and healthy place to live in. I must hasten to mention here that, by undertaking such initiatives, we are in no way trying to take over the responsibility of the local authorities but merely supplementing their efforts of keeping the country clean and healthy. BIS Review 112/2009  1  Hon Minister, allow me to make an earnest appeal to the local authorities through “His Worship the Mayor” to assist in the maintenance of the islands by providing security to minimize the rampant vandalism, theft and destruction of plants and other essentials that occur on a daily basis. We also make a humble request to the Lusaka City Council to consider working on the water reticulation system, as this is one area posing a great challenge in the maintenance of the islands. Furthermore, there are still a number of places, which require urgent attention in the City. Your Worship, we have observed that a number of incomplete buildings have been abandoned posing a danger to the lives of many while others remain without a colour wash for years giving an unattractive sight to our beloved capital city.
We are therefore doing all in our power to compliment the efforts of the Government and other well meaning partners to help foster economic and social development. To this end, our corporate social responsibility is focused on providing a stimulus that will help promote excellence in every aspect of our development, but more so in EDUCATION. By supporting the education sector, our aim is to achieve the following: •  contribute towards the development of the human resource base required to drive economic activities in the country. In this regard, our objective is to open doors leading to abounding opportunities for future generations in our own small way. We hope that by providing for those who have the ability to achieve academic excellence but cannot do so for lack of financial support, we can help restore the academic prowess for which Sierra Leone was known in the continent. We would therefore assure everyone, not only those in secondary schools, but also institutions and individuals who have the talent and the commitment to demonstrate outstanding performance, that you will get our attention and support, if you are deserving. Mr Chairman, Distinguished Guests, Ladies and Gentlemen, it is only recently that the Bank of Sierra Leone has taken up the responsibility of helping in the pursuit of excellence especially in education, as a vehicle of development in Sierra Leone.

This is largely due to the scarcity of the instruments in the market. In Malaysia, the growing ringgit sukuk market has resulted in an active secondary market. This is largely due to the regular and varied issuances throughout the year. This is supported by the investment in research and development and in talent development to ensure the availability of expertise in the structuring of sukuk instruments and in sukuk documentation. Having the potential to innovate new instruments will depend on having the necessary talent. This is an area of focus in Malaysia to develop the skills, expertise and capability. The Islamic financial system in Malaysia now offers a wide range of financial products and services that are competitive and able to meet the changing requirements of the domestic and global economy. Way forward for the global Islamic financial system As we advance forward, we need to recognise the forces of change and the transformation taking place in the international financial system and global economy. Relentless efforts have been initiated to reform the international financial system by the international community to address the weaknesses that have contributed to the recent crisis. In this environment, Islamic finance needs to continue to evolve to remain effective and competitive. The Islamic financial system does not exist in isolation and will continue to develop as an integral part of the global financial system.
The market is a strict master and serves painful punishment for mistakes or ill-thought initiatives. BIS Review 55/2002  3

Whatever the reasons, we must endeavour to find a workable solution to narrow the gap or else it will significantly impair Asia’s growth potential as well as constraining the development of Asia’s financial markets. 7. In conclusion, I would say that today’s Conference is very timely as it will discuss the key challenges facing Asia’s finance in the future. Asia is now at a crossroad and we must work together to choose the right path. I have no doubt that this Conference will contribute useful insights and advice on this very important subject. Thank you. 2  BIS central bankers’ speeches
And while the ECB’s (European Central Bank) framework is less focused on quantitative targets, there is little doubt that the ECB’s willingness to expand its balance sheet through lending and through the OMT (Outright Monetary Transactions program) has been a key support to stability. This activism has some observers asking – with some justification in my view – whether central banks are trying to do too much. Concerns are being raised as to whether price stability and financial stability are being put at risk, and about potential spillovers into currency markets. Monetary policy is, after all, a blunt instrument. It supports investment and consumption in the real side of the economy by stimulating financial activity, by lowering borrowing costs and boosting financial wealth. But, as we have learned the hard way, easy monetary and credit conditions are also the stuff out of which credit excesses and bubbles can form So the question many central banks face is whether the benefits of further easing are worth the potential costs: in essence, will we get enough risk-taking on the real side of the economy, before we get too much on the financial side? Of course, this is not a static calculation. Sound structural policy can improve the odds that monetary stimulus feeds through to the real economy. After all, firms’ decisions to invest, hire more workers and expand their operations depend not just on the cost and availability of funds, but also on the opportunities and the uncertainties in the business environment.

I expect GDP growth to be around 2-1/4 percent this year, moderately above my estimate of the long-run sustainable growth rate for the economy. In my past speeches, I often mentioned the fact that we’re nearing the longest expansion on record. Well, as of this month, I can finally say that we’ve reached that milestone. The economy has been growing for 121 months—a little over 10 years. 1/3  BIS central bankers' speeches  While this is undoubtedly good news, the headline data mask a more nuanced economic picture. Consumer spending has been an important driver of growth, and the most recent readings have been very positive. However, other signs point to slowing growth. In particular, the latest indicators suggest that business fixed investment has softened and that manufacturing production is in decline. And the outlook for growth outside the United States has dimmed, which will weigh on demand for U.S. products. This mixed picture is mirrored in the employment data. On one hand, the unemployment rate, which stands at 3.7 percent, is near the lowest we’ve seen in 50 years. On the other, job growth has slowed this year relative to last year’s pace. Finally, turning to prices, the latest data show that underlying inflation is 1.6 percent, below our 2 percent goal. The major challenge with inflation that’s persistently lower than 2 percent is that low inflation feeds into inflation expectations.
In the case of systemicallyimportant banks there is also an extra capital requirement over and above the minimum requirements. How large this supplement is depends on how systemically important the bank is. For global systemically-important banks the extra requirement will begin to apply from next year. For the last 12 months there has also been an agreement in the Basel Committee on the short-term liquidity measure, the LCR. In brief, the LCR means that the banks must have a large enough buffer of high liquid assets to be able to cover their cash outflows during a 30-day long stressed scenario. The aim is to strengthen the banks’ resilience to short-term liquidity stress. The LCR will come into force no later than 1 January 2015, but some countries are already applying it. In Sweden, a stricter version of the LCR has been applied since 2013. Leverage ratio complements the risk-based capital requirement As I mentioned earlier, the Basel Committee has made a lot of progress on the leverage ratio this year. In January the Committee agreed on a common method for calculating the ratio. The leverage ratio can be described as measure of how much of a bank’s assets the bank funds using its own capital. Like the risk-based capital measure, the leverage ratio aims to increase the ability of the banks to cover losses. However, unlike the risk-based capital measure, the leverage ratio does not take differences in risk between a bank’s different assets into account.

The Riksbank is of course always able to lend Swedish kronor, but in my view it is not reasonable that the banks can take liquidity risks on the assumption that the Riksbank will always be at hand if things do not go according to plan. The Riksbank should, potentially, be the lender of last resort, not the lender of first resort. Liquidity regulations in Swedish kronor would also give the banks incentives to extend the maturity of their funding. This is because, all else being equal, a bank that extends the maturity of its funding will reduce its short-term cash outflows and will thus have a higher LCR. We can also view risk-weight floors for mortgages as a complement to the existing regulatory frameworks. The leverage ratio deals to some extent with the problem that the risk weights perhaps do not always reflect the actual risk in the banks’ portfolios, but it does not do so precisely enough. International measures may eventually be proposed, but until then and as  2  6  Financial Stability Report, November 2013. Sveriges Riksbank. BIS central bankers’ speeches  long as household indebtedness constitutes a significant risk we need a sufficiently high riskweight floor for Swedish mortgages. At present, we have a risk-weight floor of 15 per cent in Sweden. As long as household indebtedness increases, there are good reasons for raising this floor to at least 25 per cent.
The strong and close bond has continued to evolve in the areas of trade, investment, education and finance. While the bilateral trade in goods between the United Kingdom and Malaysia only accounts for 1.4% of our total trade, Malaysia's bilateral trade in services with Britain accounts for 6.3% of our trade in services in 2008. While the balance of trade is in our favour, the balance in the services account is in the favour of the United Kingdom amounting to RM2.3 billion. In the area of mobility of people between our two countries, there continues to be a significant two-way flow relating to employment, education and tourism. Tourists from Britain represent the largest group of visitors from the European market. In the area of education, there are a great number of Malaysian students studying in the United Kingdom. This has been reinforced by the twinning programmes. In addition, British education for Malaysians has been strengthened by the branch campuses in Malaysia. More recently, the relationship building has extended into the area of Islamic finance. This relationship was cemented with the signing of a Memorandum of Understanding between the UK Trade and Investment and Bank Negara Malaysia. The early development of Islamic finance was very much domestic-centric. This recent decade has seen the internationalization of Islamic finance. This has increased the potential for strategic partnerships between international financial centres that will bring with it mutually reinforcing benefits.

I favor delaying liftoff until I am more certain that we have sufficient momentum in place toward our policy goals. And I think we should plan for our path of policy rate increases to be shallow in order to be sure that the economy’s momentum is sustainable in the presence of less accommodative financial conditions. I look forward to the day when we can return to business-as-usual monetary policy, but that time has not yet arrived. 3  6  Lockhart (2014). BIS central bankers’ speeches  References Federal Open Market Committee, 2014, Summary of Economic Projections(external-pdf), Washington, DC, September 17. Kocherlakota, Narayana, 2013, “A time of testing,” speech, St. Paul Chamber of Commerce, St. Paul, MN, November 12. Lockhart, Dennis, 2014, “Thoughts on liftoff,” speech, Global Interdependence Center, Sixth Annual Rocky Mountain Economic Summit, Jackson Hole, WY, July 11. BIS central bankers’ speeches  7
Famously, during the Great Depression, a group of economists at the University of Chicago recommended the end of fractional reserve banking (the so-called “Chicago Plan”). There have been similar calls since the 2008–09 financial crisis10. Proponents of narrow banking have generally argued it should be imposed by regulatory fiat, rather than via some sort of nationalisation of deposit-taking by the central bank. An exception is a 1987 essay by the economist James Tobin11. To avoid relying too heavily on deposit insurance to protect the payments system, Tobin argued, the government should create what he called “deposited currency accounts” (DCAs) at the central bank. “I think the government should make available to the public a medium with the convenience of deposits and the safety of currency, essentially currency on deposit, transferable in any amount by check or other order.” There are two interesting points about Tobin’s proposal. One is that he made it long before anything like the “distributed ledger” was conceived (he suggested that DCA branches could be housed in post offices). Another is that he fell short of suggesting the wholesale nationalisation of deposit-taking: he thought there should still be room for commercial banks to raise deposits of their own and that they should continue to be insured12. One reason is that draining deposits from commercial banks is unlikely to be costless. In particular – and this is the potential catch with too widespread a CBDC – it might threaten their lending activity.

The MPC’s central projection in the May Inflation Report is that the pace of output growth will slow. But a slowdown in economic growth is not, in itself, sufficient to hit the inflation target. The central issue for monetary policy is whether total BIS Review 53/1998  -2nominal demand will slow sufficiently quickly to prevent retail price inflation rising when the favourable effects of a high exchange rate and lower commodity prices wear off. The extent to which domestic demand growth slows down is crucial. At present, we are relying on a sharp deterioration in the trade balance to keep output growth down to levels that do not lead to rising inflationary pressure. But in the longer-run domestic demand growth must fall from its present rate of 3½ - 4% to something closer to trend. During 1997 as a whole, consumption grew by 5%. That growth rate is already moderating. And the MPC’s central projection is for a further slowdown in domestic demand during this year. That is likely to be brought about by a combination of the fiscal and monetary tightening that has been put in place over the past year or so. But there are real uncertainties. There is a risk that consumption may prove stubbornly buoyant. Real personal disposable income increased by 4.2% last year, and the ratio of net financial wealth of households to their income reached an all-time high of over 3. Those factors will support consumption.
Think of the potential gain of efficiency for a supervisor if he could take advantage of big data and artificial intelligence, for example, to analyse the huge amount of quantitative and qualitative data reported regularly to him as well as weak signals collected in the market. Or if a supervisor could turn his backward looking monitoring tools into predictive processes. Of course, supervisors are just at the beginning of the learning curve and they will clearly face a number of challenges: facing risks inherent to innovative projects, understanding the capabilities and limitations of new technologies, enhancing a modern data culture in supervision, hiring people with new and rare skills. But these challenges must be overcome because the stakes are high. And it is not only a question of efficiency: it also has to do with supervisory credibility. How can a supervisor be in a position to supervise processes based on new technologies if he has no in-depth experience of it? On the contrary, a supervisor who engages in the “suptech journey” gives a clear and positive signal to market players: he is willing to accompany an evolving sector so that supervisory methods can be adapted and remain relevant and consequently, the financial system can remain safe and trustworthy. That is clearly the road that we, at the Banque de France and the ACPR, want to take.

Davíð Oddsson: Review of the Icelandic economy Address by Mr Davíð Oddsson, Chairman of the Board of Governors of the Central Bank of Iceland, at the Bank’s annual meeting, Reykjavik, 31 March 2006. *  *  *  Chairman of the Supervisory Board, Prime Minister, Cabinet Ministers, Ladies and Gentlemen: On behalf of the Board of Governors of the Central Bank of Iceland I welcome you all to the 45th annual meeting since the Central Bank was established on April 7, 1961. The Bank’s financial statements for the year 2005 have been ratified today by the Prime Minister. The Bank’s annual report has also been published. It includes a report on the Bank’s performance and a summary of how it has implemented its mandatory role. The Chairman of the Supervisory Board devoted part of his address to Birgir Ísleifur Gunnarsson, the former Chairman of the Board of Governors. The present Governors endorse his words wholeheartedly. In this context I would like to draw attention to two points that the former Chairman of the Board of Governors mentioned at the last annual meeting. One concerned the Bank’s forecast for inflation and the current account deficit. At that time the Bank forecast that the current account deficit would be equivalent to 12% of GDP in 2005 and inflation would be 2½% by today. Now it is clear that developments have been less favourable than was forecast and hoped. The current account deficit ended up at 16.6% of GDP and inflation is currently 4.5%.
Central banks of advanced economies have stated clearly that they will continue to apply the quantitative easing, as long as inflation remains below the target and unemployment remains high. Actually, the so-far solutions have been in forms never experienced before. In fact, they pose new challenges with regard to implementation and potential risk spillover effects projected in the long run. Under these circumstances, the Bank of Albania, considering the situation as rather complicated and after an intensive work, has succeeded in designing a full package of measures. They aim to boost credit and improve micro and macroeconomic balances of financing the economy, about which I will inform you in the following. Package of credit recovery The idea about the package that we are introducing today occurred last year, where we discussed, jointly with you and representatives of the Ministry of Justice, about legal amendments needed to promote collateral execution. Since that meeting, our experts have worked intensively for enriching it and bringing it to today’s form. The package consists in three pillars: legal pillar; monetary policy pillar and prudential pillar. I will dwell on them in the following: 1 – Legal pillar The rapidly increased non-performing loans in the recent years, reflects, inter alia, a number of known and unknown problems of collateral execution. Therefore, together with the banking industry, we have identified and made relevant proposals for a higher efficiency of the collateral execution process.

Dimitar Radev: Spillovers from the ECB’s monetary policy decisions are fast and strong Statement by Mr Dimitar Radev, Governor of the Bulgarian National Bank, for the IFLR Yearbook: Global Banking & Financial Policy Review 2019/2020, published on 24 September 2019. * * * There is much discussion these days about the course of monetary policy in the euro area. What global headlines rarely catch, however, is how such policy affects the European economies outside the euro area. Bulgaria is an example where, due to the high openness of our economy and the strong financial links with the euro area, spillovers from the ECB’s monetary policy decisions are fast and strong. Around 50% of Bulgaria’s exports go to the euro area. Investors from the euro area account for 67% of our FDI stock. Our banking system is dominated by the presence of euro area owned banks, which hold around 55% of the sector’s assets. The monetary policy regime in Bulgaria (a currency board with the national currency fixed to the euro) is another factor enhancing the direct transmission of ECB’s monetary policy. Therefore, even though Bulgaria is not a member of the euro area yet, it is important to consider how our economy is affected by the ECB’s continued accommodative stance. Financial stability and its implications are issues to be potentially concerned about. The ECB’s monetary policy in recent years has succeeded in sustaining the economic recovery in the EU following the great financial crisis.