samchain/econo-pairs-v1 huggingface dataset:
Ms Hessius speaks about the monetary policy and growth conditions for Sweden’s economy  Speech given by Ms Kerstin Hessius, Deputy Governor of the Sveriges Riksbank at the Chairmens’ Conference of the Västmanland’s Local Authorities Association on 27 August 1999. * * * The whole speech The bright picture of the Swedish economy that has been coming to the fore in recent years now seems to be becoming increasingly distinct. Growth is stable and employment is rising, accompanied by price increases that are moderate. It is important now that this bright picture can become permanent and that the work of creating good conditions for long-term economic development continues. Today I shall be considering the economic situation in Sweden and the rest of the world, with some discussion of the conditions for consolidating the favourable trend. Functions of the Riksbank Ever since Sweden abandoned the fixed exchange rate regime in November 1992, monetary policy has been conducted with its sights on inflation. Sweden was one of the first countries to adopt an inflation targeting strategy. In many respects, the period with the inflation target has been characterised by good results in the Swedish economy. Interest rates and inflation have fallen to levels that are historically low and, after the crisis in the early 1990s, growth has been comparatively high and stable.

BIS Review 90/1999  2  Public sector The financial position of the public sector has been strengthened appreciably in recent years, partly as a result of decreased unemployment, but also because interest expenditure on government debt has been reduced as a consequence of lower interest rates and debt repayment. This has been accompanied by comparatively high tax payments from households as well as the corporate sector. For 1998 the financial surplus – measured as public sector revenue less expenditure – was almost SEK 40 billion, which is equivalent to over 2% of GDP. In recent years the central government budget process has been changed with a view to tightening the control of government spending. The new budget process includes a spending ceiling that sets the maximum level for central government expenditures. In addition to the new budget process, the goal has been established of achieving a general government financial surplus equivalent to 2% of GDP over the business cycle. Thus, the goal is formulated in terms of the average over the business cycle, not as an annual target. These rules do not owe their existence to happenstance. Both the expenditure ceiling and the goal of a government financial surplus over the business cycle serve to promote greater confidence in economic policy. The direction of budget policy, like the monetary stance, is highly important for economic developments. The observance of these rules is important. Stable fundamental rules encourage economic agents to make long-term decisions.
It can be estimated, but not observed. The Central Bank devotes much effort to estimating Malta’s potential output growth and its underlying determinants. Growth in potential output can be largely ascribed to structural reform measures that bring about changes in the factors of production, namely labour and capital, and the way they are combined, or productivity. We estimate that the potential growth rate of the Maltese economy has more than doubled from below 2% at the time of the global financial crisis to over 4% today. This partly reflects a steady increase in the labour supply, coming from higher female participation in the work force, measures to increase the effective retirement age and the influx of foreign workers, mainly from EU countries. Apart from the increase in labour  supply, the quality of human capital has also improved. At the same time, a pick-up in investment, partly driven by developments in the energy sector, has boosted the capital stock. However, there is ample scope for improvement of labour productivity in the coming years. Indeed it is critical that it must improve. A sound and stable financial system is an essential pre-condition for strong and sustainable economic performance. The performance of the domestic financial system, especially the core domestic banks, which have the strongest linkages to the domestic economy, remained sound with strong capital ratios, high liquidity and remained very profitable despite the challenges of a prolonged low interest rate environment.

W A Wijewardena: The role of statistics and challenges for statisticians Keynote address by Mr W A Wijewardena, Deputy Governor of the Central Bank of Sri Lanka, at the Stat Day, organized by University of Colombo, Colombo, 26 March 2009. *  *  *  Consciously or unconsciously, we use statistics in everything we do in our day to day life. When we say that it rained yesterday, we simply pronounce a fact we have observed as having happened. When we say that it is raining now, we again mention something that we have observed as happening. When we say that it will rain tomorrow, we are predicting a future event. Our life is full of such statements: facts that have been experienced by us in the past, facts that are happening now and being experienced in the present and facts that we feel would happen in the future. What has happened and is happening now are our personal experiences. What will happen are our learned judgements based on our experiences. If we keep these experiences and learned judgments to ourselves, then, it would not form the subject matter of statistics. It becomes statistics only when we share them with others. Hence, statistics is basically, observing, analysing, learning and sharing facts about the real world. That sharing of facts need not necessarily be in quantitative or measurable form. They can be simple expressions in verbal form so that others could form opinions on the happenings in the real world.
(iv)  More efficient retail payments  Given its legal mandate, one of the priorities of the Central Bank is to contribute to the development of the retail payment system in a manner that strikes a right balance between security and innovation, efficiency, and inclusion. The Central Bank will continue with an active agenda in this area, just as in previous years, although the focus might shift from “traditional” issuers and acquirers of payment cards towards fast or instant payments. In the near future, it is urgent to solve frictions that affect the market of payment cards, which may affect incentives of market participants to continue the path of development that we have seen in recent years after changes in regulation made by the Central Bank. Recently, new acquirers and issuers of prepaid cards have entered the market bringing competition and alternatives to persons and merchants, and the use of digital payment instruments has had a huge increase. This is the result of long-standing efforts, and momentum gained during the pandemic with a wider use of digital payments. 12  Regarding fast or instant payments, there is an international trend to implement systems that allow funds to be received by the final beneficiary as soon as it is triggered by the payer. In Chile, this has been the standard for a long time for electronic transfers of funds, but we believe that there is still room to improve.

“Recent developments in the Chilean Financial System and Challenges ahead” Rosanna Costa, Governor of Central Bank of Chile Chile Day – December 12 and 13, 2022 – London, United Kingdom Good morning distinguishes authorities and dear friends. I am going to talk about the recent developments in the financial system in Chile and the view of the Central Bank of the challenges ahead. Introduction In December of last year, the former Governor of the Central Bank of Chile (and nowadays the Minister of Finance) presented in this very same forum in London about the developments and prospects of the Chilean economy. By then, our country was going through a process of strong recovery from major shocks that affected our economy: first the social unrest of 2019 and then the pandemic of Covid-19. Therefore, the discussion last year focused on the aftermath of the pandemic and the different measures that were adopted by the Central Bank and the government to mitigate its effects on the real economy. Since July 2021, the Central Bank has been hiking the monetary policy interest rate, due precisely to strong pickup of household consumption driven by governmental aids and pension funds withdrawals. A year ago, the Central Bank also raised a note of caution for 2022 and 2023 due to the weakening of the capital markets, identifying several factors including the reduction of long-term savings due to pension withdrawals and its impacts on access to long-term financing for companies and individuals, risk of fiscal deterioration and persistent uncertainty, among others.
However, before I go into this further, I should like to provide some background to this by reminding you of a time when some risks were managed inadequately, which led to a serious systemic crisis, namely the Swedish banking crisis at the beginning of the 1990s. The banking crisis from a risk management perspective Taking a narrow view, one could say that the banking crisis was the result of the institutions and authorities lacking the capacity to assess and manage risks. The banks came from an environment that had been strictly-regulated for many decades and where their operations were so firmly controlled and restricted that a cursory awareness of risk management sufficed in day-to-day operations. The demand for credit was much greater than the supply, which meant that only those with the best credit ratings were allowed to borrow. When the regulations were gradually phased out during the 1980s, the banks and other financial institutions lacked the expert knowledge and organisation necessary to manage the new, increased risks, which were also more difficult to assess. As this curb no longer existed and the banks instead began to compete for market shares, they took on hasty and in many cases unhealthy risks. We were not the only country to experience this development. Over the past fifteen years, many countries around the world have suffered financial crises for similar reasons; as the result of financial deregulation, which has not been combined with the necessary improvements in risk management and supervision.

We will do whatever is necessary to ensure that this pandemic, which is having a massive economic impact, does not turn into a debt crisis or a crisis of the financial system. We will not allow this to happen. We are dealing with a situation which requires us to act with extreme intensity. You have said that the measures taken by the Spanish government and other European governments are appropriate. But you have also hinted recently that the European Union has perhaps not responded quite as effectively. Are you afraid that a crisis of this kind could take its toll on the European project? Let’s hope not. The ECB has already acted. Basically what remains is for Member States also to act and continue to act through their fiscal policies. And we need a pan-European response. We need a coordinated EU fiscal policy response. I am sure that this is what will happen in the end. The ECB cannot be the only policy tool used from an economic standpoint. Monetary policy cannot be the only instrument employed. I am certain that Member States will do something about this and they will adopt a coordinated position in terms of the fiscal policy instruments employed by the EU in response to this huge crisis. The economic impact will be enormous. We just hope that it will be temporary.
In policy meetings during the Autumn of 2011, I started to warn of a growing state of dysfunction as some markets – such as for bank funding – closed completely, others saw bid-offer spreads widen and those firms perceived to be weak found their credit lines from fellow banks being cut. The situation was growing very dangerous. To a large extent it was the ECB three-year LTROs which dealt with that dysfunction – leading to the reopening of bank funding markets in particular.

So equity-linked structured notes, for example, have been out of fashion. High yield (non-financial) corporate bonds and Exchange Traded Funds (ETFs) have both been in. But since the risks in some ETFs were highlighted – by the UK’s new Financial Policy Committee amongst others – some of the more complicated ETFs and those with opaque securities lending programmes, have faded somewhat. It is not that investors are avoiding all credit risk – where it can be properly assessed and a diversified portfolio is possible. For example, the end-investor demand for corporate credit ex-financials is generally very strong. The announcement of OMTs by the ECB and the other announcements by the US Fed and the Bank of Japan, appear to have led to a collective sigh of relief in recent weeks. Yields on Spanish and Italian debt have fallen since the announcement – by 100bps or so at 10 years – and equity markets are up. I hope that the ECB action lays the foundation for a successful resolution of the European debt crisis. The view of markets so far is positive in that regard. I would caution, however, that we have been here before. Along with every other market participant I hope that this time will be different. But central banks cannot solve fundamental problems in the real economy, even using unconventional measures – they can only give the time and space for governments and private sector agents to do so.
It can provide financial assistance to Member States in difficulty, thereby reducing threats to financial stability in the euro area as a whole. But we need continuous efforts, particularly in the area of financial policies. The “Four Presidents” of the EU were mandated to provide a vision for Europe. In the context of our discussion today, I would say that they were tasked with identifying and outlining the minimum conditions to ensure the full viability of the euro area – which are the same as the minimum conditions to ensure continued trust in the euro. Four pillars have been identified: a banking union with a single supervision and common resolution framework; a fiscal union to prevent and correct unsustainable fiscal paths; an economic union that can guarantee sufficient competitiveness to sustain high employment; and a political union that can deeply engage euro area citizens. As I discussed accountability, let me say a word on the last pillar, political union. I think that the general issue here is to clarify who does what, to establish a network of responsibilities. The notion that the euro is a currency without a state is in my view misguided. The euro is a currency with a state – but it’s a state whose branches of government are not yet clearly defined. The ECB is part of the construction of Economic and Monetary Union, with a very clear but very limited mandate.

Then, and provided that precedence is respected, the ECB can support the economic policies of the EU on a broader scale. The legal formulation of the Treaty is an abstract determination of priorities. To define the objective precisely and establish a relationship between the objective and the policy – consistently conducted and communicated – a strategy is needed. 1  I wish to thank Tobias Linzert, Stefano Nardelli, Massimo Rostagno and Arthur Saint-Guilhem for their contribution to this speech. I remain solely responsible for the opinions contained herein. 2  Michel Aglietta: “Money: a matter of credit and trust”, Journées internationales d’économie monétaire et bancaire, Lyon, 6–7 juin 2002. BIS central bankers’ speeches  1  The strategy of the ECB makes the Treaty mandate more precise in three respects. First, it provides a quantitative definition of “price stability” by indicating a range for year-on-year changes in the harmonised index of consumer prices which the ECB considers consistent with conditions of stable prices. That does not necessarily mean zero inflation. The price stability range that the ECB considers equivalent to “stable prices” covers positive inflation rates lower than 2%. Second, the strategy identifies, within that range, inflation levels which the Governing Council of the ECB aims for, in its monthly policy decision. We aim at inflation rates that are below, but close to, 2%.
Here is a graphic summary of where jobs were created in the Lone Star State in 2013:  BIS central bankers’ speeches  3  In terms of number of jobs created, the leading sectors in Texas last year were trade, transportation and utilities (accounting for 73,700), professional and business services (44,600), leisure and hospitality (42,300), educational and health services (33,500), construction (26,800), government (19,700) and financial activities (18,100). This year through July, Texas employment has already increased by 238,200 jobs, a 3.6 percent annualized growth pace. Over the 12 months ending this July, Texas added just shy of 400,000 jobs – more jobs than any other state. Clearly, Texas employment is growing at an impressive clip. Another misperception is that all of these jobs created in Texas are low-paying jobs. Wrong. We have been creating jobs in every income quartile, unlike the rest of the country. This graph, recently updated, covers the 13-year period from 2000 to 2013. It charts job creation by wage quartile in Texas and in the nation ex-Texas. As you can see, Texas has had healthy growth in every income quartile, while, without Texas, the United States has actually seen job destruction, on net, in the two middle-income quartiles. (This fact deeply concerns me because middle-income groups are the backbone of America.) 4  BIS central bankers’ speeches  U.S. economy is on the mend The reality, Mr.

Tarisa Watanagase: The prospects of the Thai economy and monetary policy Speech by Dr Tarisa Watanagase, Governor of the Bank of Thailand, at the Japanese Chamber of Commerce (Bangkok) Dinner Talk, Bangkok, 16 March 2007. *  *  *  President Banno, fellow bankers, distinguished business leaders, ladies and gentlemen, good evening. "First of all, I would like to thank the Japanese Chamber of Commerce (JCC) for inviting me to speak at this dinner." Japan's relationship with Thailand has a long history and encompasses many aspects – as a trading partner, investor and major contributor to Thailand's economic development. Japan is ranked as Thailand's number one trading partner and investor. In 2006, Japan contributed 16.3 percent to Thailand's total trade, while net foreign direct investment (FDI) from Japan constituted 32.6 percent of Thailand's total net FDI inflows. It is therefore my pleasure to be here and share my views on the Thai economy – the outlook and challenges, as well as our monetary policy, with all of you. I would like to structure my talk to cover three key areas. First, I will touch briefly on the overall condition of the economy. Secondly, and in relation to the first one, I will elaborate on recent monetary policy decisions. Finally, before concluding, I will share my views on the prospects and challenges facing the Thai economy. Let me begin with the economy. The past year was one of the more challenging times for Thailand, in terms of both political and economic aspects.
Islamic finance by its very nature has synergies with climate finance in that it seeks to avoid investing in socially detrimental activities.4 The ESG-linked sukuk market, though currently small – only 2.6% of global outstanding sukuk – is fast-growing, and expected to increase to around 5% of the sukuk market in the next 5 years.5 Global annual sukuk issuance itself is estimated to grow at a rate of nearly 7% per year over the next five years, reaching $ in 2027.6 The growth of green and sustainability sukuk over the coming years presents an opportunity for the world to accelerate sustainable investment. The Bank of England's role in supporting the transition to net zero The Bank of England is supporting the transition to net-zero in three main ways. First, through policy advocacy. The Bank of England supports the global objectives of mobilising finance flows consistent with the Paris Agreement and supporting climate-  2/5  BIS - Central bankers' speeches  resilient development. For example, during the Indonesian G20 presidency, the Bank has worked to ensure consistency and comparability in climate disclosure frameworks in its support for the IFRS's ISSB and its draft standards. For the global financial sector to mobilise finance efficiently to support the transition to net zero, we need a transition finance infrastructure to be put in-place. This includes common definitions, climate disclosures, broader government policy and transition plans from across the economy.

Through a potentially much greater contribution from Islamic finance, progressed by our discussions and learnings today, we can better achieve the G20 Indonesian Presidency aim to "recover together, recover stronger". I would like to thank Zish Jooma, Amy Lee and Rupal Patel for their help in preparing the text and Arshadur Rahman, Timothy Rawlings and Christopher Worthington for their comments and contributions. 4/5  BIS - Central bankers' speeches  1 I am indebted to my colleague Andrew Hauser for this speech reference, which was  included in his December 2020 speech 'Why Islamic finance has an important role to play in supporting the recovery from Covid – and how the Bank of England's new Alternative Liquidity Facility can help', at the launch of the ALF. 2 International Energy Agency (2021), World Energy Outlook 2021 3 Glasgow Financial Alliance for Net Zero, GFANZ (2022), Financial Institution Net-zero  Transition Plans 4 Rahman, A. (2018) Chapter 9: The Case for GDP-linked sukuk. In Shiller, R, et al.,  Sovereign GDP-linked bonds: Rationale and design(pp. 79-88), CEPR Press, London. 5 Fitch Ratings (2022), Special Report: Global ESG Sukuk Market 6 Refinitiv (2022), Sukuk Perceptions and Forecast Study 2022: Navigating a New  Environment  5/5  BIS - Central bankers' speeches