samchain/econo-pairs-v1 huggingface dataset:
These relate to the high levels of public and foreign debt and to the high dependence on foreign capital, which advise perseverance in maintaining macroeconomic stability and in furthering structural reforms, especially those aimed at strengthening the institutional framework and the respect for property rights One salient aspect, in my view, which arises from the examination of the international situation is the fact that the firming of the economic recovery did not contribute to correcting the external imbalances between the main regions. On the contrary, despite the marked depreciation of the dollar, both the US external deficit end the surplus of Japan and the rest of Asia increased, while the slight surplus in the euro area hardly changed. Possibly, the deprecation of the dollar may not yet have had a corrective effect on foreign trade flows since, as we know, this tends to come about with a considerable delay and, in the short term, the exchange rate deprecation may even lead the deficit to widen. But the scant impact of the dollar depreciation on the current-account balances of the main areas appears also to be related to the asymmetry in the reaction of the main currencies: while much of the nominal effective depreciation of the dollar in 2003 was bilaterally against the euro, the Asian economies and, to a lesser extent, Japan, checked the rising trend of their currencies by means of heavy intervention on the foreign-exchange markets which has contributed to increasing their already high levels of reserves even further.

In the past decade major headway has been made in many countries in areas such as the downsizing of the public sector, the efficiency of the tax system and, more unevenly, the workings of markets. That should not prevent us from acknowledging the weaknesses the European economy still exhibits. In particular, in a more competitive international environment, the continuing rigidities in goods and labour markets and the absence of sufficient incentives for innovation and the incorporation of new  2  BIS Review 39/2004  technologies are inhibiting investment in Europe, to the beneft of other more dynamic geographical areas. As a result, growth potential is being significantly impaired. Likewise, population trends in Europe are exerting growing pressure on the financial viability of the current public arrangements for social security and health-care. That tends to make those aspects of labour regulation and tax systems that act as a barrier to joining the labour market and to the reduction of the dependency ratio even more onerous. It may thus be the case in the current circumstances that agents perceive more clearly the potentially negative influence on their future income of structural deficiencies, and that this is inhibiting their propensity to spend. Accordingly, defining and boosting the reform agenda, in line with the commitments made at the Lisbon and Barcelona Summits, is not just necessary for ensuring greater sustainable growth in the medium tend; it is also a crucial requirement for improving agents’ confidence and, thereby, contributing to the dynamism of activity, likewise in the more immediate term.
The promise of high returns is so tempting that individuals who are in other circumstances perfectly rational and ready even to advise others of good investment outlets get carried by enchanting talks and end up losing their money. 2  BIS Review 82/2009  The responsibility of microfinance practitioners The wide-spread existence of spurious microfinance institutions in the society projects the entire microfinance industry as a fraudulent activity in the eyes of the public and law enforcement authorities. This is not a healthy sign for the future of microfinance industry at all. Microfinance practitioners should put a stop to this unhealthy development by establishing a proper governance structure in microfinance institutions. They teach the poor of the importance of and the need for leading a responsible life. This responsible life includes behavioural traits like being truthful, being honest, being respectful and being exemplary. The cultivation of these qualities in life makes the poor wholesome individuals and that is the ultimate goal of any microfinance intervention in the society. If the microfinance practitioners do not practise what they preach, then, it is a serious lapse of the governance structure of microfinance institutions. Since governance principles are rules of good behaviour and there is no effective way of ensuring their proper practice, the practitioners should make an extra effort to follow them. It requires full commitment and devotion on the part of microfinance practitioners and, in turn, depends on the personal qualities which they have cultivated in themselves.

Christian Noyer: A new regulatory framework for a new financial system Speech by Mr Christian Noyer, Governor of the Bank of France, at a round table discussion at the University of Paris-Dauphine, Paris, 11 December 2008. *  *  *  Ladies and Gentlemen, It is a great pleasure for me to take part in this round table discussion. Today, the prevailing view is – and justly so – that it is necessary to rethink financial regulation. There are two reasons for this: a)  Financial markets and banks are, more or less strongly, confronted with problems of asymmetric information;  b)  Operational inefficiencies may arise, leading, in some extreme cases, to the seizing up of certain market segments. Needless to say that these imperfections are interconnected. In many respects, the financial crisis is the expression of these imperfections. Three examples can be used as an illustration. The underestimation of risk and the mispricing of assets during the upswing of the financial cycle show that markets may generate excess investment in certain sectors of the economy (e.g. the US real estate sector). Furthermore, it appears that financial innovation and the change in banks’ economic models have resulted in a significant increase in information asymmetries and, more importantly, in lower incentives for economic agents to pay attention to these asymmetries. Lastly, the fact that some market segments seized up during the crisis suggests that some infrastructures necessary for their functioning are lacking.
To this end, the Bank, together with Securities Commission Malaysia and various Government ministries and agencies, collaborate through the Financial Education Network to increase the level of financial literacy and access to information and resources on financial matters. The Financial Education Network also serves as a focal point to drive the implementation of Malaysia’s National Strategy for Financial Literacy. I know that over the course of these webinars, we will learn much more about the priorities, approaches and strategies to advance sustainable finance development across the region. As we absorb the many valuable lessons and experiences shared towards this common goal, I am reminded of Winston Churchill who said, ‘It is no use saying we are doing our best. We have got to succeed in doing what is necessary”. In the end this is what counts. Policymakers and the financial industry have a responsibility to do what it takes to succeed in making sure that finance works for sustainable development. Let me end here and thank you very much for this opportunity to offer some remarks today. 3/3  BIS central bankers' speeches

There are structural vulnerabilities in the financial system caused by both of these problems in the non-bank world. And the dash for cash episode was the sort of stress event that nearly caused the problems to crystallise in a big way, and arguably would have done so but for the rapid intervention on a substantial scale by the authorities. Lessons from the March 2020 “dash for cash” episode Let me put this into the context of the role of money market funds and what happened during the dash for cash. I will describe the events using evidence from sterling money markets, and then draw on some broader evidence (the UK story is very well described and assessed in Hauser (2020)). The dash for cash was, of course, a broader financial system – and indeed economy wide – phenomenon, driven by the underlying health shock and its economic implications. Nonetheless, money market funds are an important part of the dash for cash story because they seek to bridge between the desire of investors for immediate liquidity (in other words a cash or depositlike desire) and the desire of the banks, in which they invest a sizeable part of the funds, for term funding in the form of commercial paper or certificates of deposit. They are therefore carrying out a form of maturity transformation which in times of stress can become prone to runs.
Throughout the 1990s, the objective of monetary policy was to stabilise the krone and thereby make a contribution to low inflation. The central government budget was to smooth fluctuations in output and employment. This became increasingly demanding as favourable economic developments and oil revenues generated government surpluses. Both the interest rate and the government budget had then, in periods, the effect of amplifying, not dampening, cyclical developments. This resulted in fluctuations in the krone exchange rate. 31 Norges Bank was forced to recognise that it could not fine tune the exchange rate from day to day or month to month. Nor would the Bank knowingly contribute to fuelling inflation or deflationary downturns. Interest rate policy was then instead geared to keeping inflation in line with euro area countries. As from 1999, the Bank’s policy was in practice oriented towards an inflation rate of around 2 per cent. 32 Keeping inflation low and stable is the best contribution monetary policy can make to economic stability and a stable krone exchange rate. A formal inflation target – with a target of 2.5 per cent – was introduced in Norway in March 2001. The new monetary policy framework was introduced at the same time as the government drew up new fiscal policy guidelines that provided for a gradual, albeit sustainable, phasing in of oil revenues into the Norwegian economy.

Finanstilsynet (the Financial Supervisory Authority of Norway), for example, sets limits on the size of a single loan in relation to the collateral provided. Another possible measure is to set minimum requirements for the risk weights banks can use in their internal model-based approach to calculating capital adequacy. 46  As an extraordinary measure, in connection with the establishment of the swap facility, 2- and 3-year fixedrate loans specially designed for small banks were allotted. This was extensively explained in the Storting documents. 47  See also Peter Stella: “Minimizing Monetary Policy”. Paper presented at the Annual General Meeting of the Bank for International Settlements in June 2009. http://www.bis.org/events/conf100624/stellapaper.pdf  48  The mechanism in known in economic theory, see the Modigliani-Miller theorem. BIS Review 154/2010  15  In other countries the procedures are now being revised to allow central banks to participate when such discretionary measures are implemented. In Norway, Finanstilsynet is highly competent in the oversight of individual institutions. However, Norges Bank has more competence in macroeconomic matters, given its tasks. The central bank also has an informational advantage as we are the bankers’ bank and operate in foreign and domestic markets. The division of responsibility should be based on the advantages specific to each organisation. The Ministry of Finance should define the objective of macroprudential supervision and delegate its use. The Ministry must also assess whether the objective has been achieved. One alternative is to delegate responsibility for implementing discretionary measures against systemic risk to Norges Bank.
This year will also be the year of the European elections on May 26, which are essential for Europe, and of the French Presidency of the G7, which may be an opportunity for furthering effective solutions at the international level. Tonight, however, I would like to focus on three wishes for the smooth financing of the economy: for the euro, for financial stability, and finally for inclusive finance. 1 - My first wish is for the euro, which has just celebrated its 20th anniversary The euro is an undeniable success. Average annual inflation has been brought down from 4.9% over the two decades preceding the euro to 1.7% over the past two decades. This has contributed to preserving the purchasing power of European citizens. Financing costs are significantly lower. Our currency is now supported by 75% of euro area citizens, and 72% of French citizens: it is the highest level ever achieved since 2003. In 2019, euro area growth – although down – is expected to remain above its potential. In this environment, the normalisation of our monetary policy, which started with the successful termination of our net asset purchases in December, remains desirable. It must be gradual – according to the sequencing that we specified – and pragmatic - in the implementation timeframe where we must keep our options open in the face of uncertainty. At the same time, we need to finally strengthen our Economic Union, particularly if we are to face a downturn.

Among women this is even more stark (47.8%  in Labuan vs 54.3% at the national level). 3 Shanghai financial centre was incepted in 2009. Latest available data shows that the share of employment and  tax revenue collected was 5% and 9.6%, respectively. 4 Refers to the BEPS Action 5 – Countering Harmful Tax Practices More Effectively, Taking Into Account  Transparency and Substance  4/4  BIS central bankers' speeches
The systematic work of our distinguished archaeologists and of the dedicated central bank employees over the years has helped in materialising the efforts for presenting the history of the Albanian currency, from the axes of the Hoard of Torovica, to the first coins struck in Dyrrhachium, to those in circulation throughout various historic periods, up to modern days. Through over 30 exhibits and 5 educational rooms in the Museum, we show interactively the ancient history of our currency. The permanent exhibition in the lower floor displays collections from monetary systems that have existed in our territories over the past two thousand years. They are part of the numismatic collection of the Bank of Albania and the Albanian Institute of Archaeology. We have selected and studied them meticulously in a close and long process of cooperation with archaeologists, numismatists, historians and ethnologists in Albania. I take this opportunity to thank them for their valuable contribution. Our Museum, however, is not just a money museum. It is also the museum of the central bank, which considers financial education as an essential objective. The public needs to be informed in order to be able to make judicious and sound financial decisions, which, in turn, contribute to financial stability. That is why we have dedicated the upper floor of the Museum to financial information and education. Through a number of activities, educational publications, lectures, films, and applications, irrespective of their age, visitors learn about financial products and system.

Such cooperation is an excellent opportunity to Bank of Albania employees, who may benefit from valuable skills and expertise for our Museum. It would also contribute to new networking and collaboration in research activities. In light of promoting and furthering cooperation, we are committed to turning our Conference of the Museum of the Bank of Albania into an annual event. Also, in 2017, the Museum of the Bank of Albania will organise a cycle of lectures dubbed as “Nights of the Museum”, which will address a variety of topics, such as numismatics, banking history, economic and financial education, philately, art and architecture. These projects aim at developing another aspect of our work at the Museum, which would focus on social developments vis-a-vis museum objects. Dear participants, The first conference of the Museum of the Bank of Albania coincides with the 25th anniversary of the establishment of the modern central bank of the Republic of Albania and a two-tier banking system. In these 25 years, the Bank of Albania has served to the country’s economic and financial development, supporting successfully the development of an efficient and stable financial system. It will continue to remain an institution with ambitious objectives in the field of European integration and approximation with the European Central Bank. Today, it is undertaking a new challenge: opening to the public, not only to communicate clearly its primary objectives, but also to contribute to helping the public learn about the history of money, art and tradition that it represents.
17 [19]  Diagram 8. The Riksbank’s repo rate Per cent  Note. Unbroken line refers to outcome, broken line represents the Riksbank’s forecast. Outcomes are daily rates and forecasts are quarterly averages. Source: The Riksbank. Tabell 2. Overview of the effects of policy rate raises and QT, respectively Raises in the policy rate  Interest rates  Demand  Exchange rate  Higher short-term rates  Higher financing costs for households and companies with variable loan rates  Stronger  Lower demand for consumption via  higher savings  cash flow effects Lower investment demand Broader impact QT  Somewhat higher long-term rates  Higher financing costs for some companies  Moderate rise in spreads for corporate and mortgage bonds  Higher financing costs for banks’ mortgage loans  Stronger  Moderate reduction in consumption and investment Narrower impact Source: The Riksbank. 18 [19]  Diagram 9. Riksbank's asset holdings declining through maturities from 2023 – no purchases beyond 2022 Nominal amounts, SEK billion 1 000 800 600 400  200 0 2015  2018  2021  2024  2027  2030  2033  Total assets, bonds in SEK  Technical projection  Note. Quarterly data. The figure shows a technical projection of the Riksbank's total asset holdings if no reinvestments are made after 2022. Source: The Riksbank. Diagram 10.

Institutional responsibilities are divided between the Malta Financial Services Centre, which is responsible for the regulation and supervision of banking, insurance and investment services; and the Central Bank, which is charged with ensuring the stability of the system as a whole. The Central Bank is also responsible for the domestic payments system, which is being upgraded in line with developments in the euro area. BIS Review 46/2002  3  2  According to a recent background paper prepared by the European Central Bank(ECB) , Malta already has a domestic financial intermediation mechanism that broadly mirrors the composition of different financial market segments in the euro area member states. While there has been considerable growth of non-bank financial intermediaries and development in the money and capital markets, the banks remain the key financial institutions. Total bank assets amount to more than double GDP, whereas the ratio of domestic credit to GDP is broadly in line with the EU average. More importantly, the banking system is generally healthy, enjoying ample liquidity and a broad capital base, with the ratio between own funds and risk-weighted assets standing close to 14% in March of this year. Although there are concerns about the quality of loan portfolios after a recent period of rapid credit expansion, the banks have reinforced their capacity to assess and contain risk. In this regard, the sale of one of Malta’s two large banks to a major foreign banking group in 1999 was particularly important.
I welcome this as a step in the right direction and hope that more will follow.   On the fiscal side, it is important that we see progress in Washington in addressing the long-term fiscal challenges facing the country in a manner that is credible and supports economic recovery. Not only is this important to reassure households and business that the U.S. budget is on a sustainable path, but also this would be important from a larger confidence perspective – demonstrating to our citizens and the world that the political process can still work to make tough choices in the national interest. In this regard, the ability of the so-called Congressional “Super Committee” to reach agreement on a way forward is an important opportunity that I hope is not squandered. Regional economic conditions Now, how has the region fared during the downturn and its aftermath? Based on the New York Fed’s indexes,1 the downturn in the economy in New York City ended in November of 2009. Since then, the city’s economy has been on the mend and, as of September, the recovery continues at a healthy clip. The local economy has fared better than the nation during this deep recession and slow recovery. Employment fell by a smaller percentage in the city than it did nationally. During the recovery, New York City has already regained half of the net jobs lost during the recession.

In 2001, the Norwegian parliament approved new fiscal policy guidelines stipulating that the annual transfer from the Fund to the fiscal budget – that is annual spending of oil money – should correspond to the expected real return on the Fund. The expected real return is estimated at 4 per cent. The point of reference for the spending rule is a normal cyclical situation. In the event of particularly high capacity utilisation, spending should be lower than 4 per cent, whereas in a cyclical downturn, somewhat higher spending may be appropriate. The intention is for this wealth to be transferred to future generations, and that each generation should only spend the returns. The rule gives weight to long-term considerations when addressing current economic policy challenges. The rule also helps stabilise exchange rate expectations. The fiscal rule has the advantage of having intuitive appeal, and it is easy to check whether it is being followed over the business cycle. In line with the rule, the transfer from the Fund was higher than the expected real return of 4 per cent in the cyclical downturn in 2003 and the following two years. Since 2006, however, the transfer has been lower. It should also be noted that the target for the rule is the cyclically adjusted transfer, shown by the solid line in Chart 6. Automatic stabilisers are allowed to work, thereby reducing actual transfers during upturns and increasing them during downturns, as illustrated by the broken line in Chart 6.