samchain/econo-pairs-v1 huggingface dataset:
Flodén, M. (2018), “How large should the Riksbank’s balance sheet be in the future?”, Speech, Swedish House of Finance, 13 April 2018. Gertler, M. and P. Karadi (2013), "QE 1 v. 2 v. 3...: A framework for analyzing largescale asset-purchases as monetary policy toll”, International Journal of Central Banking 9 pp.. 5-53. Goodhart, C. (2014), “The Changing Role of Central Banks”, BIS Working Papers, No. 326, Bank for International Settlements. Greenwood, R., S. G. Hanson and J. C. Stein (2016), “The Federal Reserve’s balance sheet as a financial-stability tool” in Designing Resilient Monetary Policy Frameworks for the Future, Federal Reserve Bank of Kansas City Economic Symposium at Jackson Hole. 26 [35]  P. Gustafsson and T. von Brömsen (2021), “Coronavirus pandemic: The Riksbank's measures and financial developments in spring and summer 2020”, Economic Review 2021, No. 1, Sveriges Riksbank. Ingves, S. (2020), Future money and payments”, Economic Commentaries, No. 9, Sveriges Riksbank. International Monetary Fund (2020), “Technical Assistance Report — Proposed Amendments to the Riksbank Act”, IMF Country Report, No. 20/239, August 2020. Kocherlakota, N. R. (1996), "Money is memory", Federal Reserve Bank of Minneapolis staff report, No. 218. Lagos, R., G. Rocheteau and R. Wright (2017), “Liquidity: A new monetarist perspective”, Journal of Economic Literature 55, pp. 371-440. Lundvall, H. (2020) “What is driving the global trend towards lower real interest rates?”, Economic Review, No. 1, Sveriges Riksbank. Melander, O. (2021), “Effects on financial markets of the Riksbank’s government bond purchases 2015–-2017”, Economic Review No. 1, Sveriges Riksbank.

Retailers will also have to consider temporary storage space for cash-boxes and additional transport requirements. The Riksbank is likewise working to make the period with double currencies as short as possible. There are, however, other aspects to consider. Incorporating euro in the system will take time. Just the work of distributing the new banknotes will be time-consuming. We shall be looking into what is feasible in practice. Time will also be needed to adapt the automatic teller systems (Bankomat and Minuten) to the new currency. Another matter to be investigated is whether the distribution of euro to banks, post offices and possibly retailers can start before the date on which the new currency becomes legal tender. Moreover, some consumer interests, for instance, have said than many consumers would prefer a relatively long changeover period in which to get used to the new currency. The question of the period with double currencies therefore calls for further discussion in order to arrive at a solution that everyone can accept. Retailers have also put forward the view that it should be possible to provide change only in euro from day one. We believe this may be difficult both in practice and on the grounds of the accepted BIS Review 41/1997  -5-  changeover principle of "no compulsion - no prohibitions". It has been said that people in general are to be free to decide whether to use euro from the start on 1st January 1999 or to wait until the changeover is completed in 2002.
3  One explanation of this is that a household’s propensity to consume is affected by how highly indebted the household is. Studies have found that a highly-indebted household reduces its consumption more in a crisis than a lowly-indebted household. See, for example, Andersen, A.L., Duus, C. and Jensen, T.L. (2014), “Household debt and consumption during the financial crisis: Evidence from Danish micro data”, Working Paper, Danmarks Nationalbank and Mian, A. Rao, K. and Sufi, A. (2013), “Household Balance Sheets, Consumption, and the Economic Slump”, Quarterly Journal of Economics 128(4), pp. 1687–1726. 2  BIS central bankers’ speeches  total level of indebtedness. 4 I would also like to point out the difficulties that many individuals experience when bad times coincide with high private debts. An additional factor is that mortgage lending forms an important part of the Swedish banks’ assets, which means that the financial system is sensitive to risks linked with indebtedness. The banks fund as much as three-quarters of their lending for housing purposes on the market for covered bonds and access to funding on this market is based on Swedish and foreign investors being highly confident in the safety of the the underlying assets. If confidence wanes, funding costs may increase and access to funding may decline. This would disrupt the functioning of the financial system and thus have a direct negative effect on financial stability.

But in this case it can be shown that the rational expectations equilibrium does exist but is not unique. Intuitively, the fact that the central bank uses for its decision-making market forecasts, which already implicitly assume certain central bank behaviour, could produce huge output and inflation volatility. Former Fed Vice-Chairman Alan Blinder wrote about this issue: “This can create a dangerous ‘dog chasing its tail’ phenomenon wherein the market reacts, or rather overreacts, to perceptions about what the central bank might do, and the central bank looks to the markets for guidance about what it should do.” Bernanke and Woodford call the situation a “sunspot equilibrium” in which the central bank responds to random variables only because it is expected to do so. The main message I would like to pass on to you tonight is that the uncertainty surrounding the evaluation of the economy’s current state cannot be solved simply by following the market expectation. As a straightforward implication I would like to stress that the central bank must rely primarily on its own evaluation of the economy’s current state. The central bank must both develop its own structural model of the economy and gather relevant information from a variety of sources. As a consequence, surprising the market is nothing the central bank should be blamed for, and the market should be prepared to face such surprises from time to time. 2  BIS Review 10/2005
Thanks to the development of new information and communication technologies, there has been an increase in trade in services, which - until recently - have been considered nontradable. The importance of the services sector in the economy should be stressed, as this sector constitutes a 70-percent share of the GDP in the developed economies. The whole accounting departments or customer support call centres outsourced are only some of the services that take advantage of new technologies. Some of those innovations have already become a permanent element of our reality: the possibility to purchase an airline ticket via the Internet, creation of inventory control systems in IT companies, a possibility to gather and process information on consumer behaviour. The aforementioned solutions embody the new forms of labour organisation and the development of new products and services, which are becoming increasingly common. Research by van Ark 29 indicates that the results of a comparison of the growth in labour productivity in the services sector in the USA and the EU-15 in the past 10 years are in favour of the USA. The advantage of the USA has resulted primarily from a higher labour productivity in retail and wholesale trade and in the financial services. Among the causes for the lower increase in labour productivity in the EU countries one should mention lower innovative capabilities of the European companies and a lack of reforms that could have forced the sector to take advantage of its potential.

These factors will become more acute in an increasingly complex and technologydriven financial system. Financial education has an important role in breaking such barriers. This will require more innovative approaches, broader partnerships and a deeper understanding of the social attitudes. Our own experience in Malaysia through the work of Bank Negara Malaysia and the Credit Counselling and Debt Management Agency (a subsidiary of the Bank) has shown that the impact of financial education strategies depends  2  BIS central bankers’ speeches  on the ability to effectively combine broad-based and targeted strategies, and having a wellcoordinated approach that relies on multiple channels to reach different groups. Financial education is also a lifelong endeavour, from encouraging children to save their pocket money to helping adults attain financial security and independence for their old age. In supporting the inclusion agenda, financial education initiatives in Malaysia are designed as an important life skill, where consumers are exposed to knowledge on financial management during the different periods in their life. An increasing trend is for financial capability to be promoted from an early age through the integration of financial education into the formal school curriculum that covers basic money management, spending and savings, credit and debts, e-payments, financial risk management and consumer responsibilities. For the youth and adult segments of the population, Malaysia has also adopted a life event approach to the development and delivery of financial capability programmes.
Thus, to keep things manageable, one needs to be selective. Specific standards and codes included in the FSAP therefore differ from country to country depending on their relevance and significance to its financial system. In the case of Thailand, I suppose the scope of the FSAP would likely include most, if not all, of the following core modules: •  Banking supervision  •  Securities market regulation  •  Insurance sector regulation  •  Payment system  •  Monetary and financial policy transparency, and  •  Anti-money laundering and combating the financing of terrorism. In order to attest to the efficacy of each of these regulatory mandates, the FSAP assessment process also involves face-to-face interviews and discussions with a number of private sector institutions. BIS Review 61/2004  1  The third aspect of the FSAP involves identification of follow-up measures for the authorities to address any gaps in the country’s regulatory framework; which also provides a foundation for future technical assistance programmes, if necessary. In the course of today’s workshop, our experts from the IMF will no doubt enlighten us on what the FSAP process would entail in practice. So please feel free to ask any question you may have, especially those who have already embarked on the self-assessment exercise for the relevant modules.

Some differences in our practice as compared to international standards may not warrant any further action at all, for they reflect our conscious intention to adopt rules that best suit our own unique situation as well as rules that should be phased in gradually to comply with international standards only at an appropriate time. We welcome the opportunity to discuss and share this understanding with the FSAP assessors, who are drawn not only from IMF and World Bank staff but also from other countries’ central bankers, regulators, and international experts. Before I let you get on with the workshop, I would like to conclude by saying that, with or without the FSAP, the Bank of Thailand will continue to strive for a safe and sound financial system, both through efforts to restructure financial institutions under the Financial Sector Master Plan, and through continued strengthening of prudential standards and supervisory practice. Risk-based supervision approach has been adopted. Loan classification and provisioning requirements have been and will be tightened further. Good corporate governance has been enforced, including appropriate composition of the Board of Directors and, most recently, fit and proper criteria for the top management of commercial banks. We have come a long way since the 1997 crisis and we do not intend to look back. Yet, many formidable challenges lie ahead. On the international front, a lot of preparations and adjustments are needed in response to the introduction of IAS39 and the new Basel Capital Accord.
22.06.18  “The financial education challenge” Closing session of the seminar “La economía ante el blockchain. Lo que está por venir”, UIMP – APIE (Santander) Javier Alonso Deputy Governor  Good afternoon. It is a pleasure to be here again in Santander and to have the opportunity to close this seminar, successfully organised year after year by the Menéndez Pelayo International University and the APIE (the Spanish Association of Economics Journalists). As always, I much appreciate their kind invitation to be a part of this traditional event on the calendar. Last year, the seminar turned on how the digital agenda affects the economy and industry. This year, it is structured around one technological development in particular, the blockchain. The interest in new technologies is thus clearly apparent. Undoubtedly, new technologies are one of the challenges facing the economy in general, and the banking industry in particular. I have repeatedly addressed this challenge in recent interventions, in which I highlighted the fact, moreover, that at the Banco España we have recently created an Associate Directorate General for Financial Innovation and Market Infrastructures, with the aim of building up our knowledge on the challenges the provision of financial services is going to face in this setting of technological developments, and on the consequences for the financial system in general, and for banks in particular.

This is reflected in the diversity of banking services and products offered in the Kingdom and their highly advanced level. Currently, 15 banks are operating in the Kingdom with a network of 1,251 branches at the end of the first quarter of 2006, including the branches of Gulf and foreign banks such as the Gulf International Bank, the Emirates Bank, BNP Paribas and Deutsche Bank which was opened last week. In addition, licenses were granted to several Gulf and foreign banks to open branches in the Kingdom. Also, the establishment of a Saudi bank with a paid-up capital of Rls 15 billion has been approved. Preparations are currently underway on finalizing the procedures of its establishment under the name of “Bank AlEnma”. On this occasion, I congratulate the NBK on the commencement of its operation in the Kingdom, and I wish the Bank and its staff good luck and success. BIS Review 70/2006  1
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, 18 December 2012. The Monetary Policy Report of December 2012 and the Financial Stability Report of the second half of 2012 can be found at http://www.bcentral.cl. *  *  *  Introduction Mr. President of the Senate’s Finance Commission, Senator Jose García, senators members of this Commission, ladies and gentlemen, I appreciate your invitation to present our Board’s vision on recent macroeconomic and financial developments, their prospects and implications for monetary and financial policy. This vision is contained in detail in our Monetary Policy Report of December 2012 and our Financial Stability Report of the second half of 2012. The year that is ending has brought good news to our economy. The inflationary fears we expressed early in the year have abated. This year our economy will grow 5.5 percent. Unemployment is low, labor income is growing steadily and consumer and business expectations are optimistic. Investment is high by historic standards. A year ago, when we presented our reports to this Commission, we foresaw that the deepening of the Eurozone crisis at the time could have significant effects on our economy, including a major slowdown during 2012. It did not.

Provided the City is properly prepared - as it will be - and here I commend to you the Bank of England’s quarterly reports on the practical, preparations we have been making in London for the introduction of the euro from 1st January next year - available, amazingly, at no charge from the Bank - then there will be a vigorous Euro-euro market in London, from Day 1, just as there are vigorous markets in Euro-DM and Euro-francs as well as Euro-DM and Euro-Yen now. If not our dowry exactly - since we are not entering into the marriage at this stage - it will be our wedding present. The wholesale financial markets in the UK derive their strength from London’s position as a uniquely international, rather than simply a national or regional European, financial centre. This reflects the critical mass of markets and financial services in commercial and investment banking available in London including the strongest financial businesses from all around the world. For instance, there are more banks operating in the City which are incorporated abroad than there are domestic banks, and more than half the total deposit base (over £ trillion) of the UK banking system is denominated in foreign currencies. And, the fact that so many foreign-owned institutions including very many from our European partner countries - continue to build their presence in London, suggests that they share this perception. The City in this capacity is, I know, seen as something of a mixed blessing by some people on the Continent.
It is not an end in itself. The goal is a well-controlled firm with respect to its risks. There is a potential danger associated with applying the three lines of defense framework so rigidly that it detracts 1/7  BIS central bankers' speeches  from that goal. Independence and expertise are desirable. Silos are not. Excessive formalism can limit the overall control framework of an organization. I offer these observations with humility gained through experience. I have witnessed many discussions about where lawyers fit into the three lines of defense. First line? Second line? Not in any line? In hindsight, such debates are a distraction. It is much more important to think instead about the tasks the lawyer is performing. How do those tasks fit in to the overall goal of helping the organization control its risks? Ultimately, substance matters much more than form. Of course, clarity of roles and responsibilities is important. It is also important that a front line business feel accountable for managing the broad set of risks confronting it. Indeed, one of the benefits of the three lines of defense model is that the business lines think more expansively about the risks they face, beyond just traditional notions of credit and counterparty risk. But an effective risk manager worries less about whether her firm’s risk management framework exactly matches the theory of the three lines of defense, and more about whether the risks facing the firm are well controlled.

17 See Association of the Bar of the City of New York, Report of the Task Force on the Lawyer’s Role in Corporate  Governance 95 (Nov.2006), (“Not to waver or equivocate is no easy challenge for lawyers in some circumstances because of the economic and professional pressures already noted, and because the answers to legal issues are seldom completely free of doubt. It may take genuine professional courage to provide unwelcome advice and stick to it.”). 18 See Ben Heineman, The Inside Counsel Revolution 7 (2016). 7/7  BIS central bankers' speeches
Continued weak growth in the labour supply will mean in concrete terms that the Swedish economy will reach its capacity ceiling at an earlier stage and that the Riksbank may be forced to raise the repo rate at a lower growth rate than would otherwise have been the case. Another dimension of the problem is that the ageing population gives rise to greater expenditure on medical treatment, care of the elderly and pensions, which burden government budgets. At the risk of sounding repetitive, as this is something pointed out by many in the debate, I would nevertheless like to emphasise that the only realistic means of alleviating these effects is for more people to work and pay taxes and for fewer to be dependent on the social welfare system. This area will offer one of the largest challenges to economic policy in the future. Another factor that has proved surprisingly negative is the development of the krona. If someone had said to me ten years ago – when I first came to the Riksbank – that we would have as good macroeconomic growth as we have had, I would never have imagined that the krona would develop as weakly as it has done. The question is why this has happened? Traditional explanations based on competitiveness, relative inflation rates or growth rates are not sufficient. The Riksbank has therefore begun a large-scale study with the aid of external academics to try to understand this development.

Lars Heikensten: Introduction on monetary policy Speech by Mr Lars Heikensten, Governor of the Sveriges Riksbank, at the Riksdag Committee on Finance, Stockholm, 20 October 2005. *  *  *  Let me begin by thanking you for your invitation to the Committee on Finance. We have now been working with inflation targeting for just over ten years in Sweden. We have had open hearings in their current form since 1994. The hearings are one of the cornerstones of the Riksbank’s strategy regarding openness and are an important instrument with which to win democratic legitimacy for monetary policy. Today is the last time I will have the opportunity to appear before the Committee in my capacity as Riksbank Governor. Against that background I thought I would begin with a look back at the last ten years. What have we achieved during these years? What has gone well and less well? I also intend to discuss a couple of issues concerning the formulation of the inflation targeting policy; what expectations are reasonable to have? How is policy being conducted and how can it be developed? These are relevant questions, not least given the discussion that we have seen recently. Finally, I intend to speak about the outlook for the economy and inflation that is presented in the Inflation Report and my own view on future monetary policy. Developments in the past ten years As I’m sure you all remember, our country was hit hard by a deep economic crisis at the start of the 1990s.