samchain/econo-pairs-v1 huggingface dataset:
El-Erian, M (2016), The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse, Random House, USA. Eusepi, S and Preston, B (2010), ‘Central Bank Communication and Expectations Stabilization’, American Economic Journal: Macroeconomics, Vol. 2, No. 3, p. 235-271. Federal Reserve Bank of Atlanta Decision Maker Survey (2017), available at www.frbatlanta.org/research/surveys/decision-maker/ 39  All speeches are available online at www.bankofengland.co.uk/speeches  39  Garriga, A (2016), ‘Central Bank Independence in the World: A New Data Set’, International Interactions, Vol. 42, No. 5, p. 849-868. Geraats, P (2002), ‘Central Bank Transparency’, Economic Journal, Vol. 112, p. 532–565. Goodfriend M (1986), ‘Monetary Mystique: Secrecy and Central Banking’, Journal of Monetary Economics, Vol. 17, p. 63-97. Govier, T (1997), Social Trust and Human Communities, Montreal: McGill-Queen’s University Press. Graham, C (2017), Happiness for All? Unequal Hopes and Lives in Pursuit of the American Dream, Princeton University Press. Grilli, V, Masciandaro, D and Tabellini, G (1991), ‘Political and Monetary Institutions and Public Financial Policies in the Industrial Countries’, Economic Policy, Vol. 6, No. 13, p. 341-392. Gürkaynak, R, Sack, B and Swanson, E (2005), ‘Do Actions Speak Louder Than Words? The Response of Asset Prices to Monetary Policy Actions and Statements’, International Journal of Central Banking, Vol. 1, No.1, p. 55-93. Gürkaynak, R, Levin, A and Swanson, E (2010), ‘Does Inflation Targeting Anchor Long-Run Inflation Expectations? Evidence from the U.S., UK and Sweden’, Journal of the European Economic Association, Vol. 8, No. 6, p. 1208-1242.

It may be time to pay some attention to communication with the general public…In the end, it is the general public that gives central banks their democratic legitimacy, and hence their independence.” 37  9  All speeches are available online at www.bankofengland.co.uk/speeches  9  might spread between people. For example, the recent work of George Akerlof and Robert Shiller has emphasised the role of “popular narratives” in shaping the public’s expectations and decisions. 39  Story-telling is the ultimate communications device. History is no more than a sequence of stories. These stories spread word by word, mail by mail, Tweet by Tweet. They obey the same laws of motion as epidemics, with viral spread beyond a tipping point. And in a world of modern media, these popular narrative epidemics are probably spreading further and faster than ever previously. This matters for individuals’ feelings and decisions and, potentially, for macro-economic behaviour. Pessimistic popular narratives have been used to explain the sharp contraction of spending at the time of the Great Depression and the Great Recession. 40  With popular narratives more virulent than in the past,  tracking their source and spread may be increasingly important for understanding the economy. This poses risks to policymakers. But it also presents opportunities if they are able to shape and shepherd these narratives through adroit communications.
For these reasons alone, the use of petroleum revenues may in periods deviate from the 4 per cent rule. Spending was also increased in response to the economic downturn in 2003. We can therefore safely affirm that the fiscal rule has been normative for fiscal policy. Nevertheless, over the last years more oil money has flowed into the Norwegian economy than earlier. Petroleum investment shows a pronounced increase this year. Moreover, government petroleum revenue spending has increased in recent years. The fiscal rule is part of a set of economic policy guidelines. The various components of economic policy have varying effects. This is why they have different functions: •  Monetary policy steers inflation in the medium and long term and can also contribute to smoothing swings in output and employment. •  The central government budget – growth in public spending – influences the krone and the size of the internationally exposed business sector in the medium term. Government expenditure and revenues must be in balance in the long term. •  Wage formation, the structure of the economy and incentives determine how efficiently we use our labour resources and other economic resources. There is also an interaction. To give you an example: •  In its budget resolutions, the government authorities will attach importance to the effects of the budget on the Norwegian economy and will therefore take account of interest rate effects.

I encourage you all to be engaged both at the individual and the firm level – to share your perspective and contribute to the process to help strengthen best practices, and to support adherence to such standards in this critically important market. Conclusion To sum up, the foreign exchange market is one of the most vital markets in the world. Individuals, institutions, and the global financial system as a whole rely upon the ongoing effective functioning of this market. The market is constantly evolving, and it remains imperative that the industry work to strengthen the foundation of the market, and help to ensure that its integrity is upheld. Particularly in the wake of recent scandals, there is a role for industry participants to restore and maintain market integrity through support and development of best practices. You all have a shared stake in this. As you move forward, always bear in mind the critical role that the FX market plays and think about whether your choices enhance or weaken the integrity of the market. I appreciate the work of those around the room to do so, as well as publications such as FX Week and others, for sharing their perspectives and providing continued coverage of these and other issues relevant to the market. Thank you. 15  See http://www.bis.org/review/r150213c.htm. 16  See http://www.bankofengland.co.uk/publications/Documents/speeches/2015/speech821.pdf. 8  BIS central bankers’ speeches
The strong and continuing support and commitment shown by the industry will augur well for the success of the Financial Mediation Bureau. Ladies and gentlemen, In recent years, much progress has been achieved in developing and strengthening the financial sector through policy initiatives in the areas of regulatory and supervisory frameworks, risk management and corporate governance. These have been complemented with consumer protection and education initiatives that promote more active consumerism to create a dynamic and responsive financial system. Moving forward, Bank Negara Malaysia will continue to focus on the development of the necessary infrastructure to ensure that consumers are given greater access to information on financial products and services that will enable them to make well-informed choices and safeguard consumer interests. Among the measures that are being finalized for implementation is the issuance of guidelines to ensure that the public has access to banking services at reasonable costs. Guidelines have been issued to banking institutions to govern the imposition of fees and charges. With effect from 1 February 2005, banking institutions will also be required to provide ‘basic banking services’ to Malaysians at minimal costs. The guideline specifies the minimum threshold of services and monthly transactions that are to be offered without charges. The details of the services offered under this guideline are being announced today. Over and above these financial services, as products and services become more complex, financial institutions need to provide appropriate pricing that not only reflect costs but also adequately reflect the cost saving that arises from investments undertaken.

Enrique Marshall: Central banks’ contribution to financial stability – the experience of Chile Speech by Mr Enrique Marshall, Board Member of the Central Bank of Chile, at the Central Bank of Bolivia’s First Financial Workshop “Macroregulation and Financial Stability”, La Paz, 29 September 2010. *  *  *  I am indebted to Kevin Cowan and Jorge Cayazzo for their valuable comments on an earlier version of this presentation but the opinions expressed here are the exclusive responsibility of the author. 1. Introduction  Financial stability has been a concern for central banks since their very origins. The functions for which they were created – to regulate money and credit markets and to serve as lenders of last resort – have a direct bearing on the objective of financial stability and this relationship has been further reinforced by the fact that many central banks have also undertaken a role in regulating and supervising the banking system. Both the economic literature and historical experience provide sound grounds for this concern for stability, clearly demonstrating that the functioning of the real economy requires an efficient and stable financial system. The hardest lesson of history, however, is that financial crises have occurred time and again, with a very high cost in terms of both their fiscal impact and the associated losses of output. 1 Financial stability has, as a result, emerged as a paramount objective of public policy.
One developing area is the need for common green financing language that can crowd in private financing required to green Asia’s economies. Concerns about green washing and the lack of clarity on what constitutes green or transition activities can impede financing flows to these activities. MAS is therefore working with the financial sector to assess the potential of a taxonomy for Singapore-based financial institutions, to facilitate the financial sector to channel capital more eﬀectively to support Asia’s green and transition needs. We are also a member of the International Platform on Sustainable Finance, and will contribute to global eﬀorts in establishing greater inter-operability between existing taxonomies. 23. I note that one of the three panels today will discuss sustainability issues. I believe that this will be the start of the many more useful sessions that the Asian Financial Markets Forum will put together, and this will provide us valuable insights as we continue to progress on the sustainability agenda. Conclusion 24. To conclude, Asian financial markets are in good stead to support the positive growth momentum in Asian economies in this new decade, and the building of a more sustainable world. 25. I thank ACI for organising this event, providing us a front seat and a chance to contribute to the meaningful conversations on important issues to the region. 26. I wish you a fruitful discussion ahead. Thank you. ***  [1] World Bank, January 2021, “Global Economic Prospects.” [2] IMF, October 2020, “World Economic Outlook.” [3] See footnote 1.

[12] Ernst & Young, 2019, “The Impact of Wider Integration of Data Analytics and Automation on  Manpower in the Singapore Financial Services Sector, commissioned by the Institute of Banking and Finance Singapore (IBF) and MAS” [13] Global Climate Risk Index 2020 (data from 1999 to 2018). [14] Median of 2.2% to 2.4% -2020 – Preqin Global Infrastructure Report 2020 [15] Swissre, 2010-2019, Protection Gap Tracker Map [16] Reuters, January 2020, “Green Bond Issuance Hit Record $ billion Last Year [17] OCED, April 2017, “Mobilising Bond Markets for a Low-Carbon Transition” [18] HSBC, November 2020, Asia’s Green Finance Booms  Related News Media Releases https://www.mas.gov.sg/news/speeches/2021/riding-the-growth-momentum-in-asia  10/11  12/02/2021  "Riding the Growth Momentum in Asia" – Keynote Speech by Ms Jacqueline Loh, Deputy Managing Director (Markets & Development), …  Published Date: 10 December 2020  MAS Announces Winners of the 2020 Global FinTech Innovation Challenge Under the theme of “Building Resilience, Seizing Opportunities, Emerging Stronger”, three winners for the Global FinTech Hackcelerator and twelve winners for the FinTech Awards have been selected for their solutions that address the challenges faced by the financial industry due to the COVID-19 pandemic and climate change. Media Releases Published Date: 09 December 2020  Singapore and Hungary Strengthen Cooperation in FinTech MAS and the Magyar Nemzeti Bank (MNB) have signed a Co-operation Agreement to strengthen cooperation in FinTech innovation between Singapore and Hungary.
It is not necessarily a case of assuming that one has succeeded in capturing all possible sequences of events in a balanced manner and then choosing the repo-rate path that provides the smallest deviations from the inflation target and a long-term sustainable development of employment during the forecast period. 4  BIS central bankers’ speeches  As my colleague Stephen Poloz at the Bank of Canada recently pointed out, the shaping of monetary policy is more a question of risk management than a precise feat of engineering. 3 If one takes the uncertainty seriously, and I think we have to do that, my assessment is that one should put particular emphasis on the really serious negative scenarios that we have the capacity to influence with monetary policy. One such risk that we have tried to take into account is that in a situation where macroprudential policy measures cannot manage all of the risks linked to household indebtedness, a low repo rate over a long period of time could aggravate and increase the probability of a domestic crisis caused by household indebtedness. Another risk that requires particular consideration is that a low inflation rate over a long period of time could make inflation expectations lose their connection to the inflation target. When I entered a reservation against the monetary policy decision in July this year, all of us Executive Board members agreed that the repo rate needed to be cut for inflation to rise. The difference concerned how much it should be cut.

This is partly because of the conflict in Ukraine and the remaining questions regarding European banks’ balance sheets. The public finance situation is not entirely clear in all of the countries either. But once this uncertainty has calmed, developments in the euro area may also pick up, as we are expecting that monetary policy will remain very expansionary, fiscal policy will ease and credit granting will function better. The currently weak development in the euro area is of course also leaving its mark on the Swedish economy. The development of exports is weak, which is in turn holding back investment. Exports will not pick up again until economic activity abroad strengthens and it may take a year or so before export growth returns to a normal rate. But then investment is also likely to pick up as interest rates are low and the funding opportunities are good. Demand from our most important trading partners is currently fairly weak, therefore, and this has contributed to dampening growth in Sweden. On the other hand, demand from Swedish households has developed positively. In recent years, household incomes have increased at a good pace and consumption and housing investment have shown strong development. Since our previous forecast at the beginning of September, new revised GDP statistics for the second quarter showed a somewhat higher GDP and a somewhat stronger development in consumption and investment than we had reason to expect, given the preliminary statistics.
There is also a risk that financial operations will simply be moved somewhere else, where the regulations function better. Role of the krona unchanged Now that I have discussed the role of the euro in integration of the financial markets in the euro zone, I will take the opportunity to deviate from the subject slightly and mention briefly the euro's role on the Swedish financial market. You will no doubt remember the discussions on the marginalisation of the krona prior to the introduction of the euro in 1999. Some prophets of doom claimed that the krona would not be able to survive so close to such a large currency. Swedish companies and individuals would spontaneously and rapidly go over to the euro. As we now know, this was not the case. According to the statistics the Riksbank collects on a monthly basis from the Swedish credit institutes, it can be concluded that the krona's share of the total assets has declined slightly. However, it has not been replaced by the euro, but by other currencies, probably chiefly the US dollar. At the end of last year, the euro comprised only 6-7 per cent of the total assets. The Riksbank's studies also show that the total Swedish activity in euro on the money market is relatively slight and in particular concentrated to the deposit and swap markets. There are still a few programmes of certificates in euro and the secondary trading in euro-denominated short-term papers is very small.

Eva Srejber: Internationalisation and financial integration Speech by Ms Eva Srejber, Second Deputy Governor of the Sveriges Riksbank, to The Bankers' Club, Gothenburg, 29 March 2001. *  *  *  Thank you for the invitation to come to Gothenburg and speak about internationalisation and the ongoing process of integration in the financial markets. I intend to begin by putting developments on the financial markets in a historical perspective and then to deal with the forces behind current developments. I shall then focus more specifically on Europe and the role played by the euro and, finally, I shall briefly discuss the important work pursued by international organisations in strengthening the financial system and thus reducing the risk of crises arising. Globalisation from a historical perspective Over the past few decades we have seen how the global economy has been internationalised on a large scale and how deregulation and technological achievements, particularly within the IT field, have created new conditions for growth. During the same period, global purchasing power has more than doubled. And it is not only the western world that has benefited from the opportunities offered by internationalisation; many poor countries have managed to climb a few steps up the global income ladder. The Asian 'tiger' economies are good examples of this. A look back in time shows that this development is not unique.
Let me highlight three areas where improvements in the robustness of the financial network seem feasible: mapping; regulating; and restructuring. (a)  Mapping the network  The SARS episode may be remembered by historians as an overblown economic reaction to a small health risk – that was Nobel Laureate Dr David Baltimore’s prognosis. But there is an alternative reading of the runes, one which offers some lessons, and not a little hope, for financial policymakers. In 2000, the World Health Organisation (WHO) established the Global Outbreak Alert and Response Network (GOARN). This brings together over 120 international institutions and networks to share resources to better identify and manage outbreaks. In the case of SARS, the speed and scale of response was striking. On 12 March 2003, less than two weeks after the Hong Kong outbreak, the WHO issued a global health alert. On 15 March, a “general travel advisory” was issued. By 17 March, a network of scientists from 11 laboratories in 9 countries was established to devise diagnostic tests, analyse samples and share results in real time. This allowed national agencies to promulgate information quickly and widely, with governments in Thailand, Malaysia, China,  22  For example, Bank of England Financial Stability Report, October 2008. BIS Review 53/2009  11  Singapore and Canada each imposing some combination of travel bans, quarantining and public health notices.

This means (1) a system in which the major institutions are less vulnerable to shocks; (2) a system that is less vulnerable to margin spirals and a generalized pull-back in liquidity and funding; and (3) a system that is more able to withstand the effects of failure of a major financial institution. Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system. At the level of the financial institution, the key financial shock absorbers are capital and reserves, margin and collateral, liquidity, and the risk management and control regime. Financial stability starts with ensuring that individual institutions in periods of expansion and relative stability hold adequate resources against the losses and liquidity pressures that can emerge in economic contraction or instability. For the infrastructure of the financial system, these shock absorbers include the resources held against the risk of default by a major market participant across the set of private sector and cooperative arrangements for the funding, trading, clearing and settlement of financial transactions. Simplifying and consolidating the regulatory architecture will be instrumental to these efforts by establishing a common framework of rules, clear responsibility and authority, and by reducing opportunities for arbitrage. Through close coordination across central banks, supervisors and market regulators, we need to adopt an integrated approach to the design and enforcement of capital standards and other prudential regulations critical to systemic stability.
On the ECB Governing Council, then, we have reiterated our readiness to do everything within our power to help the euro area economy overcome the current deep-seated difficulties. This commitment includes, in particular, the possibility of increasing the volume of asset purchases or their duration and of adjusting their composition. The overriding aim is to eliminate any obstacle that may hamper the effective transmission of monetary policy and to prevent euro area fragmentation risks. 26  The role of the financial system in overcoming the crisis In parallel with the multi-faceted economic policy strategy to tackle the crisis, financial institutions should also contribute to mitigating the adverse effects on the various agents in the economy. The aim here is that banks should be in a position to provide financing to agents which, before the pandemic, had a favourable payment record, but which, after it, face sudden liquidity needs. As I stated earlier, banks now have higher solvency levels than in the previous crisis, which should help them play a leading and active role in this setting. So that the financial system may contribute to overcoming the crisis, national and international authorities with prudential powers - which include the Banco de España, the ECB, the European Banking Authority and the Basel Banking Supervision Committee - have adopted certain decisions aimed at preventing a mechanistic interpretation of the prevailing rules with which banks must comply from leading to fewer loans being granted by them just when this is all the more necessary. These decisions affect two differentiated areas.

Øystein Olsen: Managing natural resources - lessons from Norway Speech by Mr Øystein Olsen, Governor of Norges Bank (Central Bank of Norway), at the seminar &quot;Preparing Mozambique for natural gas&quot;, Bank of Mozambique, Maputo, 27 March 2019. * * * Accompanying slides. Let me start by expressing my heart-felt sympathy for the victims of the cyclone that struck your country. I am both honoured and saddened to be here at this difficult time. I can hardly imagine the pain and sorrow so many of your people are now experiencing. Mozambique is a country of great beauty and is now an emerging leader in the natural gas industry.. For Norway, on the other hand, petroleum production peaked some years ago. As a nation, we have benefited tremendously from the revenues and the activities. Let me share some of our experiences with you. Norway is a small, open economy, which was transformed by the discovery of oil on our continental shelf almost 50 years ago. Back in 1970, the year after the first discovery, income levels were relatively low compared with other western countries. That picture has changed completely. Today, Norway ranks among the richest countries in the world. For some countries, natural resource discoveries have been identified as a curse. For Norway, the discovery of oil has been a blessing. We have managed to transform oil and gas resources into real and financial assets.