samchain/econo-pairs-v1 huggingface dataset:
It has since picked up again. When population growth is taken into account, this picture also changes. Growth in fixed capital per capita has declined and is close to zero, even after three years of low interest rates and solid growth in the economy. Investment in the mainland economy has been at a low level in the years following the financial crisis. Thus, our overall value added per capita has increasingly been spent on consumption and on replacing existing fixed capital. Chart 18: High growth in labour-intensive sectors The phasing-in of a highly profitable oil industry and higher petroleum revenue spending via the central government budget has amplified the structural shifts in the Norwegian economy. Services production has increased. When the financial crisis hit, industries that do not benefit from oil sector demand or public spending stagnated. The differences in growth across industries has thus widened since 2008. Labour-intensive sectors with relatively low productivity have accounted for a large share of employment growth in recent years. Employment has shown only moderate growth in industries with a high share of fixed capital per employee and a high productivity level, such as manufacturing and technical activities. Chart 19: Public purchases of goods and services Budget spending priorities have pushed in the same direction. In the past 40 years, public consumption as a share of mainland GDP has increased considerably from 18 percent in 1970 to 28 percent in 2011. In the same period, the share of investment has remained virtually unchanged.

News conference on new banknotes  Berne, 3 September 2019 Fritz Zurbrügg  Introductory remarks by Fritz Zurbrügg  Ladies and gentlemen I am very pleased to welcome you to our presentation of the new 100-franc note, the last denomination of the ninth banknote series to be issued. To mark the final milestone in this challenging project, as well as inviting the media we also have some guests here who were heavily involved in developing and producing the new banknote series. It gives me great pleasure to welcome representatives from our suppliers Orell Füssli, Landqart, Sicpa and Kurz. I am going to start by unveiling the hotly anticipated 100-franc note, before showing you the full series, with all six denominations together for the first time. My colleague Thomas Jordan will then review the issuance process for the entire new series, before looking to the future. After that, we will take your questions on the new 100-franc note, and the ninth series in general. We do of course have all the denominations here with us, so that you can take photos of both the 100-franc note and the entire series. Finally, we will round off today’s event with a drinks reception, to which you are all warmly invited. But let’s start by unveiling the last denomination in the new banknote series. Voilà, the new 100-franc note. I’ll now take you through the details of the new note. Like its predecessor, the new 100-franc note is blue.
Many countries have had to reallocate budgets, issue debt, or rely on foreign aid to finance immediate relief and reconstruction efforts. Most have yet to develop robust public disaster risk financing strategies using ex-ante risk financing solutions, which includes setting aside reserves, establishing contingent credit, and tapping on insurance and capital markets. 8. Several ASEAN countries, however, have made significant strides in the right direction. For instance, Philippines has put in place a disaster risk management strategy since 2010, and implemented a parametric insurance programme covering 25 provinces, which will provide rapid liquidity for the government to enable rebuilding and recovery efforts when disaster strikes. It is now working with the World Bank on a sovereign catastrophe bond to complement the insurance programme, which will provide cover for more extreme events. Over the years, Indonesia has consistently increased its budget allocation for disaster management. Most recently, Indonesia has adopted a new disaster risk financing and insurance strategy, which encompasses the government insuring government buildings from this year. A Coordinated approach to Disaster Risk Financing 9.

The interest rate applicable to the long-term financing facility, which aims to stimulate lending, was reduced and an expanded asset purchase programme was announced. This programme includes, in addition to the purchases of asset-backed securities and covered bonds issued by the private sector, purchases of bonds issued by euro area central governments, agencies and European institutions. The size of this expanded programme is ambitious, with monthly purchases amounting to € billion. The purchases will commence in March and, in principle, it is intended that they will be carried out until September 2016, although the Governing Council of the ECB has given itself the option to continue to make purchases if the path of inflation is not consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term. The programme requires that, to be eligible for purchase, securities must be at least investment grade, or if not, that their issuers are under an EU-IMF financial assistance programme. These conditions are similar to those applied in the requirements for collateral to be eligible for monetary policy operations and those envisaged, in August 2012, in the announcement of the sovereign bond purchase programme known as Outright Monetary Transactions (OMTs). Of the additional asset purchases, 12% will be purchases of bonds issued by European institutions and the other 88% will be purchases of bonds issued by central governments and agencies of countries in proportion to their shares in the ECB’s capital key.
And progress on guarantees, while gradual, has also been encouraging, with a number of banks issuing bonds even without the use of the guarantee. Libor spreads have also edged down and are now expected to fall a bit further and faster than before the package (Chart 8). Many banks continue to face a period of deleveraging and rebalancing to reduce their dependence on Central Bank finance and on short term wholesale funding. However a stronger capital and financing position will make it possible for them to do that over a period of some years, which will diminish the squeeze on lending in the short run. More widely, of course, the financial system remains under acute strain. The falls in equity markets, corporate bond prices and the prices for leveraged loans is hitting both long term institutional investors and leveraged investors, including hedge funds. Some are being forced to sell into a falling market in response to margin calls and redemptions. BIS Review 132/2008  3  And there are growing signs of stress in many emerging market economies. We have already seen a banking sector and currency crisis in Iceland and in the past few days the IMF has also announced loan packages for the Ukraine and Hungary. In short, the package of measures introduced in the UK and elsewhere has improved the prospects significantly, especially for banks but it is too soon to declare the crisis over. Authorities worldwide need to remain vigilant and to be ready to step in again if necessary.

The focus of their concerns shifted from future profitability to future survival. CDS premia rose to unprecedented levels (Chart 6), bank equity prices fell sharply and the money markets seized up. Interbank lending spreads widened dramatically (Chart 7) and lending became almost entirely concentrated in the overnight market. The shortening of interbank maturities generated a dangerous “snowball” effect as maturing term funding had to be rolled overnight. It was to tackle that wider loss of confidence that the UK authorities announced on 8th of October its comprehensive package of support for recapitalisation, guaranteed funding and enhanced liquidity. It was designed to remove solvency fears by ensuring that banks had more than sufficient capital to survive a severe economic downturn and thus to enable them to continue to lend on normal criteria to good credits. The new capital and the government guaranteed borrowing and liquidity support was designed to ensure and be seen to ensure that banks would be able to sustain their businesses through a downturn. With the banking system fully solvent, guarantees could be extended without exposing taxpayer to unacceptable risks. In a remarkable show of international consensus, a similar approach was quickly adopted by many other countries both in the US and EU and more widely. Looking ahead The early signs suggest that the package is underpinning the banking system both directly and as a demonstration of the authorities’ determination to do whatever is needed to reestablish confidence. In particular CDS premia for banks have fallen markedly (Chart 6) since the package was announced.
On the other hand, the consideration of guarding against the risk of future financial imbalances that may disturb activity and inflation somewhat further ahead suggest that the key policy rate should not be kept low for too long. Chart 10: Percentage change in the CPI since the beginning of each decade. 1980s and 2000s Chart 11: Percentage growth in mainland GDP since the beginning of each decade. 1980s and 2000s Drawing some of the threads together from the past decade, it can be said that inflation has been fairly stable and close to the target, which shows that monetary policy has been effective. Compared with the 1980s, for example, inflation has been considerably lower the past decade and growth in the mainland economy has been markedly higher. There has been no conflict between low inflation and high economic growth as many economists previously maintained. 4 The challenges encountered have provided new insight. Inflation is not self-stabilising and there are costs involved in bringing it back to target. The Bank’s analyses and communication have evolved. The Bank has gained insight into how the interest rate functions under an inflation targeting regime. Economic agents have become familiar with our response pattern. In interest rate setting, we do not give weight exclusively to bringing inflation back to target, but also take into account the impact of the interest rate on output and employment. After a decade of learning, inflation targeting has become more flexible. That flexibility is good to have, and easy to lose.

As you will have so many other matters to discuss, apart from the economy and the euro, you must forgive me for dedicating so much time to my own specific subjects. To conclude, I am sure these present Tertulias will, as in all the previous meetings, be successful, that the participants will enjoy themselves, and that our British friends will have very good memories of this visit to Madrid. Thank you. 2  BIS central bankers’ speeches
The views and conclusions expressed in the presentations are of the authors and not necessarily of the respective institutions or the Bank of Albania. Wishing success to the conference, I hope that all the participants will benefit from the interesting presentations that will be shared with the audience today. I have now the pleasure to invite our keynote speaker, Prof. Olivier Picard, former Director of the French Archaeological School in Athens, Professor at the Sorbonne University, Member of the “Académie des Inscriptions et Belles – Lettre” (Institute of France), who will hold a presentation on “Minting of coins in Illyria in wartime”. Thank you! 2/2  BIS central bankers' speeches

We asked: “How can the New York Fed best leverage our resources to help our community?” We heard that it could be challenging to find key recovery information and advice online. So we pulled key resources under one roof – or I should say under one URL. We developed our Sandy Information Center with the best information we could find for residents and businesses impacted by Sandy – including key deadlines along with expert legal, finance and insurance guidance. Conditions are not entirely back to normal, and restoration and repair activities continue in a number of hard-hit neighborhoods. Connecticut, along with New York, New Jersey, Maryland and Rhode Island, have been appropriated federal funding for relief efforts and this should help move the area’s recovery forward. I am confident that these areas will recover over the course of the year. The legislation also contains funding for helping coastal communities to prepare to weather future storms better. My meeting with you today is part of our continuing efforts to understand what is going on at the grassroots level of our economy. Let me offer a few examples from this trip. Yesterday evening I met with some of Stamford’s business leaders to discuss the local state of economic and business conditions. This morning I met with Mayor Finch and key economic development staff to discuss Bridgeport’s redevelopment initiatives. Local efforts such as these and your business council are essential complements to the Fed’s support for economic recovery.
The operational target of monetary policy shall be annual consumer price inflation of approximately 2½ per cent over time. In general, the direct effects on consumer prices resulting from changes in interest rates, taxes, excise duties and extraordinary temporary disturbances shall not be taken into account. Storting Report no. 29 of 2001, "Guidelines for economic policy" states: "Consumer price inflation is expected to remain within an interval of +/-1 percentage point around the target." The inflation target of 2½ per cent over time is slightly higher than the targets in Sweden, Canada and the euro area, but corresponds to targets in the United Kingdom and Australia. In the US, consumer price inflation has been somewhat higher the last ten years. The target is approximately in line with the average inflation rate in Norway in the 1990s. In our view, with its change in monetary policy, the Government has recognised low inflation as a benefit in itself. History has shown that high inflation does not result in either sustained economic growth or lower unemployment rates. A track record of low inflation since 1990 has provided Norges Bank with a good basis for implementing monetary policy even though, as I mentioned, the inflation target was introduced during an upturn. Higher interest rates curb demand for goods and services and reduce inflation. Lower interest rates have the opposite effect. If evidence suggests that inflation will be higher than 2½ per cent with unchanged interest rates, the interest rate will be increased.

Two weeks after each meeting, the Bank publishes minutes, which make it clear whether there was a lack of consensus in the Committee. Publication of the minutes is required by law. An account of the implementation of monetary policy is provided in the Annual Report. All committee members are free to express their personal views on economic issues and monetary policy. In Sweden, too, interest rate decisions are made by a board of experts – the Executive Board. The members work full time, and participate in the daily operations of the central bank. An inflation report expressing the Executive Board’s collective view of the inflation outlook is published four times a year. As in the UK, special emphasis is placed on the individual responsibility of the Executive Board members. The individual members’ voting and assessments are disclosed. Any lack of consensus regarding the inflation outlook and setting of interest rates emerges from the minutes that are published from two to four weeks after each monetary policy meeting. Grounds are given for decisions on interest rates, but no press conference is held immediately after monetary policy meetings. The Executive Board does not directly announce its stance regarding interest rate movements in the period ahead, but this is implicit from the uncertainty associated with the projection, which Sweden’s Riksbank also illustrates by means of a fan surrounding the inflation projection. The Executive Board reports twice a year to the Swedish parliament, the Riksdagen.
Ravi Menon: Remarks on the MAS Annual Report 2022/2023 Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the MAS Annual Report 2022/2023 Media Conference, Singapore, 5 July 2023. *** Good morning and thank you for joining us today for the release of the MAS Annual Report and the MAS Sustainability Report for FY 2022/23. I will focus my remarks this morning on four issues: What is the balance of risk between inflation and growth? Why did MAS record a financial loss and is it cause for concern? How is MAS harnessing the benefits and addressing the risks of wealth inflows? How is MAS safeguarding the Official Foreign Reserves against climate risk? WHAT IS THE BALANCE OF RISK BETWEEN INFLATION AND GROWTH? Let me begin with the balance of risk between inflation and growth. A material slowdown in global economic activity in the later part of this year looks increasingly likely. Global growth held up strongly in Q1 2023, on the back of strong consumer demand for services, supportive labour market conditions, and China's reopening. But the restraining effects of monetary policy tightening is expected to bear down more heavily on consumer demand in the US and Eurozone. In China, the boost from reopening is expected to ease over the next few quarters as household spending normalises and sluggish external demand weighs on exports. Inflation appears to have peaked globally though there is uncertainty over how quickly inflation will return to targets.

Third, we will also encourage SFOs to invest in Singapore companies and the local equity market. We will make two enhancements. One, the scope of the tax incentive will be expanded to recognise all investments in non-listed Singapore operating companies (including private credit), and not just private equity investments as is the case today. Two, we will recognise twice the amount invested in Singapore-listed equities, and in eligible Exchange Traded Funds (ETFs) and unlisted funds which invest primarily in Singapore-listed equities, for purposes of meeting the SFO's investment requirement. Fourth, we will encourage SFOs to contribute more to job creation and value creation for the Singapore ecosystem. We will make two enhancements: One, we will now require that at least one of the investment professionals that SFO applicants currently need to hire is a non-family member. This will expand the pool of available jobs for professionals in Singapore. Two, all new SFO applicants will have to now meet the business spending requirement solely from spending locally unlike previously when this could be met with overseas spending. This will help channel greater benefits to Singaporebased businesses and service providers. Fifth, we will encourage SFOs to conduct philanthropic activities through Singapore, both locally and overseas. We will make two enhancements. One, to encourage giving locally, we will recognise donations to local charities alongside normal business spending. Two, to encourage giving overseas using Singapore family offices as a base, we will launch today the Philanthropy Tax Incentive Scheme (PTIS) for family offices.
13  Remarkably, an excessively low repo rate was something that Dagens Nyheter’s editorial pages warned against in December 2009, when Lars Svensson entered a reservation against holding the repo rate at 0.25 per cent and advocated cutting it to zero and they commented on his “input to the Executive Board of the Riksbank being reminiscent of a captain slavishly following his nautical chart, even when the ship hits an iceberg. It was one thing to cut the repo rate in an acute situation during the crisis to ward off a depression. But now that the economy has begun to recover, a zero interest rate would only add fuel to the housing price fire.” (See Wolodarski, 2009). 14  Of course, some measures were taken earlier, but the introduction of the framework must nevertheless be regarded as an important condition for being able to conduct macroprudential policy systematically. BIS central bankers’ speeches  5  Unfortunately, I believe one must accept that this cannot be quantified in a very precise way. I can only note for my own part that if I had not found the developments in household debt and on the housing market problematic, I would have advocated a somewhat more expansionary policy – but definitely not that the repo rate should remain at 0.25 ever since the crisis. But it is difficult to be more precise than this.

[S]uch an approach was seen as likely to be relatively simple and efficient to administer, relatively straightforward to communicate, and effective in enabling interest rate control across a wide range of circumstances.”13 The second major issue facing the FOMC is whether to change its strategic framework to mitigate the risk of a return to the effective lower bound for interest rates. Once the federal funds rate is close to zero, the FOMC is constrained in its ability to lower short-term interest rates further, and the other available policy options to provide monetary policy stimulus may be less effective. If the FOMC were unable to provide sufficient stimulus, the economy could have difficulty recovering. In turn, inflation and inflation expectations could fall—and thus raise real interest rates—effectively tightening monetary policy and making the task of generating a sustainable recovery even more difficult. Some have argued that a desirable way to reduce this risk would be to raise the FOMC’s inflation objective from 2 percent to perhaps 3 or 4 percent. Their reasoning is that if the inflation objective were somewhat higher, nominal interest rates at the later stages of the business cycle would also tend to be higher, which would provide greater scope for the FOMC to cut short-term interest rates to stimulate the economy, if necessary. 4/7  BIS central bankers' speeches  While recognizing that there is a legitimate effective lower bound risk, I do not support the option of raising the inflation objective, for three reasons.