samchain/econo-pairs-v1 huggingface dataset:
Unemployment has remained low, and the employment rate has increased to the highest level seen in over 10 years. In recent months, economic growth has slowed. The labour market is still tight, but labour shortages have eased. Recently, unemployment has risen slightly. House prices fell in autumn 2022 but have since edged up again. Chart 5: In 2022 wage growth reached its highest level since 2011 In 2022 wage growth reached its highest level since 2011 and is expected to rise further this year. Higher wage growth means higher business costs, and high economic activity may make it easier for businesses to pass on higher costs to their selling prices. Overall mainland business profitability is solid, even though there are wide differences across industries. The Norwegian wage formation model is characterised by a high degree of coordination, and the social partners take into consideration employment and firms'  2/5  BIS - Central bankers' speeches  profitability when negotiating wages. Experience has shown that wage growth adjusts faster in Norway than in other countries when the economy turns. This reduces the risk of wage price spirals, which thereby lessens the need for monetary policy tightening in response to a cost shock than would otherwise have been the case. After the pandemic, Norges Bank was one of the first central banks to raise its policy rate in autumn 2021. But policy rates were then raised substantially in many countries through 2022 in response to the surge in inflation.

Economic policy cannot shield the economy totally from shocks that may arise, but can dampen their impact. A framework that provides monetary policy predictability makes it easier to succeed. Thank you for your attention. 5/5  BIS - Central bankers' speeches
In the office space sector, new square meters built were not matched by an equivalent increase in demand, generating a significant increase in the vacancy rate, as we warned in previous Reports. These levels could remain for a prolonged period due to the inertia of the market and the incorporation of new projects (figure 11). Aggregate household indicators remain relatively stable, but with some of them showing a marginal deterioration. The debt over disposable income rose in 2014, while the financial burden remained around 14 percent of income, due to low interest rates (figure 12). The lower interest rates facing households are also the result of a change in debt composition, away from higher-rate consumer loans to lower-rate mortgage loans. No changes in indicators of bank default are seen, whereas in non-bank lenders a new increase is observed. This latter phenomenon is partly explained by regulatory adjustments, although a worsening of the credit portfolios of said lenders cannot be ruled out. Commercial and consumer credit exhibit bounded growth rates, not so mortgage loans, which remain strong (figure 13). The behavior of commercial and consumer loans is in line with the slower growth in private spending. Demand-side factors could be behind these dynamics, as suggested by the Bank Lending Survey. The expansion of mortgage lending is largely explained by the increase in the average debt, which is consistent with the dynamic of housing prices and debt to collateral ratios, which have remained stable. Bank financial indicators have been stable.

Rodrigo Vergara: The Monetary Policy Report and the Financial Stability Report Presentation by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, before the Finance Commission of the Honorable Senate of the Republic, Santiago de Chile, 3 June 2015. *  *  *  Accompanying charts can be found on the Central Bank of Chile's website. The Monetary Policy Report of June 2015 and the Financial Stability Report of the first half of 2015 can be found at http://www.bcentral.cl. Introduction Mr. President of the Finance Committee of the Senate, Senator Andrés Zaldívar, senators members of this Committee, ladies and gentlemen. Thank you for inviting me to share the vision of the Board of the Central Bank of Chile on recent macroeconomic and financial developments, their prospects and implications for monetary and financial policy making. This vision is contained in detail in the Monetary Policy Report of June 2015 and the Financial Stability Report of the first half of 2015. The macroeconomic scenario shows minor changes with respect to forecasts in March. Annual inflation declined between February and April, but it remains above 4%. Output and demand continue to grow at a moderate pace, and the first quarter was better than expected, but incoming data suggest that the remainder of the year will be somewhat less dynamic than previously estimated. In the global economy, the growth outlook showed no major changes either. The weaker US figures early in the year and the consolidation of better prospects in Europe are worth mentioning.
But I also pointed out that we must be prepared to reconsider the direction of our monetary policy, if developments abroad turn out to be much weaker than we have expected. (Figure: Repo rate). 6  BIS Review 109/2010  Back in April we were expecting to need to raise the repo rate either in July or September. We later had to make a substantial upward revision to the forecast for GDP growth this year, at the same time as the forecasts for inflation and wages remained largely unchanged. This pointed towards raising the repo rate in July rather than waiting until September. But, despite the fact that the forecast for GDP growth in 2010 had to be revised up substantially, we were nevertheless expecting resource utilisation to remain low for most of the forecast period, and inflationary pressures to be modest. This pointed towards the repo rate needing to be held at a lower rate than normal over the coming period. However, our joint assessment was that we ought to ease up on the accelerator and gradually raise the repo rate towards a more normal level, as resource utilisation increases. I also felt it was reasonable that we in Sweden should begin to raise interest rates sooner than the United States and the euro area. This was because we were forecasting a higher GDP growth and a slightly higher inflation rate in Sweden, particularly in comparison with the euro area, in June.

2  For the banks to manage the stress test their Tier 1 capital ratio, that is, their Tier 1 capital in relation to their risk-weighted liabilities, must not fall below 6 per cent. In the stress test the major Swedish banks were calculated to have Tier 1 capital ratios of 8.9–10.3 at the end of the test period. 4  BIS Review 109/2010  Strong GDP growth The Riksbank’s Monetary Policy Report from July forecasts relatively high GDP growth in the coming years: that Swedish GDP will grow by 3.8 per cent this year, and then by on average just over 3 per cent a year in 2011 and 2012. (Figure: GDP growth). We could also note that the first quarter of the year had been better than expected. It is particularly pleasing that the upturn was on a broad front – all of the components of GDP contributed to the upturn. Moreover, the Riksbank also saw good opportunities for a continuing recovery. Domestic demand is being maintained by a continued expansionary economic policy, combined with an optimistic view of the future in both the household and corporate sectors. In addition, growth abroad is expected to rise during the forecast period. This will contribute to an increased demand for Swedish export products, which in turn will benefit business sector investment as resource utilisation rises. Our picture of a recovery in the Swedish economy is also supported by new statistics published after the Monetary Policy Report.
Nedelkoska, Ljubica and Quintini, Glenda (2018), “Automation, skills use and training”, OECD Social, Employment and Migration Working Papers, No. 202, OECD Publishing, Paris. OECD (2015), “The Future of Productivity”, OECD Publishing, Paris. Roine, Jesper (2016) ”Automatiseringens effekter på arbete och fördelning – en översikt av trender och mekanismer” (The effects of automation on work and distribution of income – an overview of trends and mechanism), Fores policy paper 2016:3 Rudholm, Niklas and Lindgren, Charlie (2019), ”Prisspridning på e-handelsmarknader med låga sökkostnader” (Price spread on e-commerce markets with low search costs), Commissioned research 2019:1, Swedish Competition Authority. Schumpeter, Joseph (1942) “Capitalism, Socialism and Democracy”, New York: Harper, 1975, [orig. pub. 1942]. Skingsley, Cecilia (2018), “Considerations for a cashless future”, speech at SNS finance panel, Sveriges Riksbank. Swedish Trade Federation (2018) ”Det stora detaljhandelsskiftet” (the major retail trade shift). Sveriges Riksbank (2015), Monetary Policy Report February, Sveriges Riksbank. Sveriges Riksbank (2018a) ”The Riksbank’s e-krona project, Report 2”, Sveriges Riksbank. Sveriges Riksbank (2018), “A review of the Riksbank’s forecasts”, Riksbank Studies, March 2018, Sveriges Riksbank. Sveriges Riksbank (2018c) Riksbank Business Survey in November, Sveriges Riksbank. 12 [12]

There is also positive response from the local and foreign financial institutions to establish International Islamic Bank, International Takaful Operator, as well as International Currency Business Unit to undertake international currency business in Islamic finance in Malaysia. To date, eight financial institutions have been granted approval to set up such International Currency Business Units in Malaysia. Commercial banks and investment banks licensed under the Banking and Financial Institutions Act 1989 (BAFIA) are allowed to establish International Currency Business Units to carry out Islamic banking business under their existing entities. BIS Review 88/2007  3  To enhance the delivery system to facilitate their establishment, an "executive green lane" has been accorded to expedite applications by expatriates for long-term employment passes with multiple entry visas. In addition, the Foreign Investment Committee rules are also relaxed further to allow for 100 percent foreign equity ownership in these financial institutions. The MIFC portal has also been launched as the primary source of comprehensive online information on the latest initiatives and developments, and enables convenient access to application forms, procedures and guidelines related to entrance and participation in the MIFC. This Portal, is now accessible online at www.mifc.com. The large gathering of practitioners here for these two days to discuss the wide ranging matters that relate to issuers and investors will contribute to enhancing the collective understanding and expanding the boundaries of our knowledge on the opportunities in the sukuk market and the potential that the Malaysian sukuk market provides and its linkages with other international Islamic financial systems.
Øystein Olsen: Management of the Government Pension Fund Global Introductory statement by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the hearing before the Standing Committee on Finance and Economic Affairs of the Storting, Oslo, 3 May 2021. * * * Please note that the text below may differ from the actual address. I would like to thank the Committee for the invitation to speak on the Bank’s management of the Government Pension Fund Global (GPFG). Norges Bank manages the GPFG with the objective of achieving the highest possible return over time within the limits of the investment mandate defined by the Ministry of Finance. The GPFG is to be managed within an adequate control and risk management framework and in a responsible and efficient manner with a high degree of transparency. The GPFG is managed to track the benchmark index fairly closely, ie the return largely tracks the return on the benchmark index. The benchmark index is defined by the Ministry of Finance and endorsed by the Storting. However, even though Norges Bank closely tracks the GPFG’s benchmark index, many large and small choices have to be made every day. These choices are based on a clear mandate from the authorities and a well thought-out investment strategy. The year 2020 was a special year for us all, including the GPFG. As for many others, working conditions during the Covid-19 pandemic have been demanding.

One point on which I don’t agree with Franco Bruni’s analysis concerns his judgement on changing the objective of monetary policy after the failure of Lehman Brothers on 15 September 2008. Bruni writes: “…the objective became only that of saving the credit system from the collapse. This last change of objective is of great conceptual and political importance, it has a significance that could prove to be, so to speak, historic. And yet it has never been officially declared, particularly by the ECB”. The proof that he provides for the above remarks is the decision to reduce interest rates from 2% to 1.5% in March this year, a step which, in his opinion, was not justified by the trend of the economy, but by the problems facing Europe’s banking system. There is a misunderstanding here that needs to be quickly clarified, also in view of the ensuing discussion on macro-prudential supervision and on the powers of the central banks in question. From the outset of the crisis in August 2007, the ECB has pursued a policy of separation between, on the one hand, the interest rate decisions, based solely on the priority objective of price stability and, on the other hand, the decisions concerning the instruments used to pump liquidity into the system in order to tackle the difficulties being encountered by the market.
It can be done on a portfolio level at the outset, subject to some conditions being met. These conditions include the preparation of an Investment Mandate stipulating the types, risks and allocation of investments after taking into account all relevant circumstances of the client. The Investment Mandate should be explained to and agreed by the client, and a copy of the Mandate should be provided to and acknowledged by the client. The Investment Mandate should of course be reviewed and, if necessary, modified whenever there are material changes to the relevant circumstances of the private banking customer. Usually the review of client risk profile is expected to be conducted at least once every two years. However, we appreciate that private banks need to minimise demand on the time of customers and have regard to the fact that private banking services are normally conducted on a continuous basis. As a result, the HKMA agrees that private banking clients need not go through the biennial reviews if they can confirm that there is no material change in their circumstances that warrants updating or modification of the Investment Mandate. Moreover, private banks may choose to document the rationale for recommendations in writing instead of audio-recording a face-to-face interview with the clients. I am pleased to say that the above-mentioned measures, which are aimed at making private banking more user friendly, will be promulgated in an HKMA Circular to be issued later today.

This is an expanded definition to cater for the operational needs of private banks. Once we have defined who qualifies as a “Private Banking Customer”, the next step is to consider specific measures that would help make private banking more “user friendly” without compromising the need to accord appropriate protection to private banking customers. First of all, let’s talk about suitability assessment. The HKMA agrees that private banks need not mechanically match their client’s overall risk tolerance level to product risk level. This is because in private banking, customers often look to their private bankers for investment advice on a continuous basis having regard to the customers’ entire portfolios or balance sheets. This is quite different from the retail end of the market in which one-off sales transactions are common. We therefore consider that suitability assessment for private banking customers can be conducted on a holistic or portfolio basis, taking into account all the relevant circumstances of the customers. For example, as long as the portfolio allocation and the overall risk level agreed with the client is adhered to, a low or medium risk tolerance client buying high risk products that only constitute a minor proportion of his portfolio is not necessarily a “mismatch”. The same principle applies to some other aspects like investment tenor and concentration risk of AUM with any individual private bank because the entire portfolio of the customer will be taken into account. Also, we agree that the documentation of rationale for recommendations need not be on a per transaction basis.
Michael Held: Risk management Remarks by Mr Michael Held, Executive Vice President of the Legal Group of the Federal Reserve Bank of New York, at the University of International Business and Economics, Beijing, China, 18 May 2017. * * * It is an honor to join you at the University of International Business and Economics in Beijing. Thank you for inviting me. As always, the views I will express are my own. They are not necessarily those of the Federal Reserve Bank of New York or the Federal Reserve System.1 “Federal Reserve Bank of New York” is a lot to say. From now on, I’ll just call it the “New York Fed.” My topic today is the role of lawyers in what is called “risk management.” I am not sure how familiar the term will be to you. We certainly did not cover it in law school—although, in retrospect, many of the principles I learned might be rephrased in the language of risk. Risk management is, however, a daily feature of my practice as a lawyer at the New York Fed. “Risk” is the possibility of injury or failure. It is a component of most decisions in life—big or small. Opportunities for growth or gain tend to entail some risk of failure. “Risk management,” therefore, does not always mean eliminating all risk. To do so would mean that one is also eliminating all opportunity.

I wish you all the very best of luck as you embark on your careers. I would be happy to take a few questions. 1 James Bergin, Erin Kelly, Lev Menand, Thomas Noone, Brett Phillips, Joseph Sommer, Joseph Tracy, Shawei  Wang and Jennifer Wolgemuth assisted in preparing these remarks. 2 See Michael Power, The Risk Management of Everything: Rethinking the Politics of Uncertainty (2004), 37–38  (“Afunctional explanation for the phenomenon suggests that the emergence of a systematic, generic and broad approach to risk management is a rational response to the fact that the environment of individuals and organizations, indeed the world, has become genuinely ‘more risky.’”). 3 Richard Dzina, Advancing the Fed’s Wholesale Services in an Era of Unprecedented Challenge and Change,  Remarks at Securities Industry and Financial Markets Association’s Operations Conference and Exhibition 2017, Boca Raton, Florida, May 9, 2017. 4 Final Report of Neal Batson, In re Enron Corp., No. 01–16034 (S.D.N.Y. Bankr. Nov. 4, 2003), at 115. 5 Association of the Bar of the City of New York, “Report of the Task Force on the Lawyer’s Role in Corporate 6/7  BIS central bankers' speeches  Governance” (2006), 95. 7/7  BIS central bankers' speeches
Of course, RPI has a long history of developing cutting edge technologies and fostering startup companies. RPI’s Emerging Ventures Ecosystem initiative provides an excellent example 4  BIS central bankers’ speeches  of how a leading university can help local firms access the knowledge and intellectual property provided by its faculty and students. These types of collaborations are a key ingredient to improving the competitiveness of local businesses and increasing the relevance of the universities to the communities they serve. We should take every opportunity to exploit these partnerships as much as possible to unleash their full potential. The strong foundation that has already been built has clearly been successful, and I expect these partnerships will support the region’s economic vitality going forward. College graduates finding jobs Finally, I know that many of you here today are students, and you may be concerned about your ability to find a good job upon graduation. There is no doubt that this is a difficult time to be graduating from college and starting your career. While finding a job has gotten a bit easier over the past few years, finding a good job can still be a challenge. Indeed, research we’ve conducted at the New York Fed finds that underemployment among recent college graduates has continued to climb even as the unemployment rate has fallen. This is a troubling trend, and one we are actively trying to better understand.

Old-style central bank balance-sheet expansion coupled to ever higher risk-taking, operations that were considered unthinkable until a decade ago, have become almost a 1/4  BIS central bankers' speeches  mainstream instruments. The pandemic has tested the resilience of the Albanian economy and of our banking system. It has put an immense social and financial strain on households and businesses and has forced the authorities to act swiftly to address the health crisis and to introduce major policy initiatives in order to contain its impact. The Bank of Albania has used a wide range of policies to support financial activity and aggregate demand. We reduced the policy rate to a historical low of 0.5% and increased the amount of liquidity injected into the system. These actions were aimed at reducing the debt servicing costs across the economy and at supporting continued financial intermediation. In addition, in close consultation with the banking industry, we applied targeted – though temporary – regulatory reliefs, designed to encourage both the temporary deferral of loan installments and the consensual restructuring of loans for borrowers in difficulties, but with sound business prospects. Finally, we took both macro and micro prudential measures in order to strengthen the banks’ balance sheets and preserve their lending capacity. On the fiscal side, the Albanian government delivered fiscal accommodation through: Allocating additional funds to support the health sector; Increasing social transfers to compensate for the households’ loss of income; Offering temporary tax relief to businesses and introducing sovereign credit guarantee schemes to improve their access to finance.