samchain/econo-pairs-v1 huggingface dataset:
Although the gradual move out of cash has made paper-based instruments such as money orders, postal orders, bank drafts etc., popular for several decades, their market sizes have continued to decline, largely due to inherited inefficiencies and cumbersome processes in effecting and settling payments. Some of these retail payment instruments and systems have now been replaced by electronic payment instruments and cards, and the tendency is to move towards electronic credit and debit transfers. According to the statistical reports of the Bank for International Settlements, some interesting movements in the use of retail payments in selected countries can be seen. In volume terms, France, Germany, Italy and the UK have reduced cheque use from a range of 3-38 percent of total non-cash payments, respectively, in 2000 to a range of 1-26 percent in 2006, while there are no cheques at all in the Netherlands. In Brazil too, cheques have decreased from 57 to 25 percent or less in the same period. Credit and debit transfers and cards, on the other hand, have risen significantly in these countries. This picture is different to that of India, where cheque use has reduced at a slow pace from 84% in 2004 to 73% in 2007 and in Sri Lanka from 75% to 65% in the same period, indicating the dominance of cheques. I believe the situation is the same for other countries in the SAARC region.

Jean-Pierre Roth: The current economic and monetary policy situation Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, at the Centro di Studi Bancari, Vezia, 17 September 2007. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  It is difficult to determine to what extent the turmoil in the US sub-prime mortgage market impacts on the real economy. It has hit Switzerland at a time when our economy is in enviably good shape. Should the situation in the financial markets not deteriorate any further, it is hard to imagine these factors abruptly slowing economic growth. With its decision to let the Libor slide back towards 2.75% in the short term, the SNB has clearly signalled to the markets an easing of the situation. In Switzerland, price stability has been maintained for the past 13 years, economic growth is significantly higher than in the 1990s and our unemployment rate is the lowest of all industrialised countries. It is our goal to preserve this favourable situation. BIS Review 102/2007  1
If an upward shift in public spending is perceived as permanent, forward-looking households and firms will increase saving to meet higher tax payments in the future. Consequently, the effects of increased public spending on demand for goods and services may be limited. If households know that the increase in public spending is temporary, and is subsequently matched by lower spending, state finances will not be a source of concern for households and firms further ahead. In that case, they do not have to increase saving and increased public spending today will have a stronger effect on total demand. It is therefore important to tighten the fiscal stance in favourable periods to secure the effectiveness of economic policy in difficult periods. Norway is in a favourable position in this respect. The fiscal rule provides a good framework for tightening the stance when the economic cycle turns. Fiscal policy in Norway is conducted with the knowledge of how monetary policy will react. Today’s flexible inflation targeting provides a monetary policy framework and guidelines as to how monetary policy is to be conducted in different situations. The fiscal authorities can internalise the monetary policy response pattern. It is also natural for them to do so as the government and the Storting (Norwegian parliament) have laid down the mandate for monetary policy. When the monetary policy response pattern is known and is consistent over time, the social partners can factor in a monetary policy reaction when setting wages. This viewpoint is most relevant when wage formation is centralised.

BIS Review 119/2009  3  The winding down of extraordinary measures has started In Norway, it has been appropriate to start winding down the unconventional measures earlier than in other countries. In recent months, liquidity has not been supplied through the currency swap lines or liquidity in foreign currency. Loans at long maturities have not been provided since February – several of the loans have now matured. As the markets are now returning to normal, the supply of liquidity will be adjusted so that the money market rate reflects the key policy rate. We want the banks to redistribute liquidity in the interbank market. The underlying structural liquidity in the banking system, i.e. liquidity excluding Norges Bank’s liquidity provision, has been negative in recent years. Structural liquidity was influenced by ingoing and outgoing payments via the government’s account in Norges Bank and is projected to increase ahead, primarily because the government can partly finance increased lending to state banks, payments from the Government Bond Fund and the State Finance Fund and share subscriptions by drawing on their large deposits in Norges Bank. The banking system’s demand for central bank loans can then decrease considerably. The swap arrangement involving covered bonds in exchange for government securities has made a considerable contribution to securing banks’ long-term funding. This spring we saw that the covered bond market started to reopen. The minimum price in the swap arrangement is thus adjusted to the interest rate forming in the market.
Moreover, a portion of existing international investments is even being repatriated to Switzerland. This has very substantially increased private demand for Swiss francs, resulting in upward pressure on the currency. 1  4  At the end of 2012, Switzerland’s foreign assets amounted to some CHF 3.5 trillion, of which approximately 85% were invested in foreign currencies. BIS central bankers’ speeches  Some of this was absorbed by the high levels of foreign currency purchases by the SNB in recent years. Thus, responsibility for upward pressure on the Swiss franc cannot be attributed to foreign investors alone. Swiss franc investment must therefore be made less attractive for all investors. As I have just explained, it is inappropriate to differentiate between domestic and foreign investors from a monetary policy point of view. Since foreign interest rates are close to zero or negative, Swiss interest rates cannot remain at zero. They have to move into negative territory in order to restore the traditional interest rate differential. Criticism of negative interest Let me now discuss negative interest in more detail. As I have explained, negative interest helps to make investment in Swiss francs less attractive and thereby limit net inflows into our currency. This reduces upward pressure on the Swiss franc and eases monetary conditions. We are aware that the current low interest environment is very challenging for investors, especially pension funds. Acceptable investment options are limited.

A sustained rise in medium-term inflation expectations would represent a threat to our price stability mandate and would not be tolerated.” [http://www.newyorkfed.org/newsevents/speeches/2011/dud110228.html]  6  BIS central bankers’ speeches  and salaries are reflecting heightened unemployment, and show no evidence that potential inflation concerns are placing upward pressure on wages and salaries. Core inflation rates tend to be a reasonable predictor of inflation in the intermediate term. Core inflation remains well below my long-run target for inflation. This gives us flexibility to focus on accommodative monetary policy doing what it can to promote more rapid growth in the economy. As Figure 18 illustrates, the percent of the adult population that is employed now is quite low in relation to recent history, and has shown only a slight improvement over the course of the recovery. So with significant slack in labor markets, stable inflation expectations, and core inflation well below our longer run target, there is currently no reason to slow the economy down with tighter monetary policy. Until we make more progress on both elements of the Federal Reserve’s mandate – employment and inflation – the current, accommodative stance of monetary policy is appropriate. Thank you.
Stefan Ingves: A cure for crises – confidence, confidence and trust Speech by Mr Stefan Ingves, Governor of the Sveriges Riksbank, at the Eurofi Forum, Gothenburg, 29 September 2009. *  *  *  It is an honour for me to hold this keynote address at the EuroFi-conference here in Gothenburg. We have recently witnessed a financial crisis of historic proportions. We may have seen the worst, but the crisis is not over. The development of the last year gives me an excuse to address a topic that has followed me for much of my working life: namely financial crises and trying to sort them out. I could go on and talk about financial crises for hours, but I promise you that I will stay – at least roughly – within my time limit. I have been working with the resolution of financial crises for almost two decades. I started out, here in Sweden, with the banking crisis of the early 1990s. Later, I toured the world as an IMF employee, assisting in crisis resolution in many different countries, and I came to know many difficult situations from within. In my present role, the last year has, to a large extent, been about dealing with the repercussions of the latest financial crisis. One difference this time is the magnitude and the global reach of the crisis – it is not really just any other domestic crisis. However, I do believe that financial crises are related creatures – or monsters if you prefer.

The Governors of the Nordic countries have built trust for a long time. This building of trust dates back to the 19th century. Although it is not very widely known, in 1873, Sweden, Denmark and Norway formed a monetary union based on the gold standard. This union was eventually dissolved in 1924. However, I believe that one legacy of the union has been that the Governors of the Nordic Central Banks – adding Iceland and Finland to the group – have continued to meet regularly since then. This tradition of regular meetings has built trust. It has taken some time, but today the trust is there. The Nordic example shows that trust between authorities can be achieved, but that trust takes time to build – so patience is warranted. At the same time, we need to start getting this process going immediately. On a European level, I think that the MoU can enhance crossborder cooperation by increasing harmonisation, regulatory convergence and, not least, by building trust. Consequently, we should continue to fully implement the MoU. We are working on this in the Nordic and Baltic countries and are currently establishing a Nordic-Baltic Voluntary Specific Cooperation Agreement. This may serve as an example and, although it may take some time, I am confident that we can increase trust in Europe as well. BIS Review 118/2009  5  Conclusion In my speech, I have talked about confidence and trust. Confidence is essential for a wellfunctioning financial system.
The SNB will closely monitor the effectiveness of the revised self-regulation. In  1  Federal Council (2019): Bericht des Bundesrates zu den systemrelevanten Banken. www.admin.ch/opc/de/federal-gazette/2019/5385.pdf  Page 2/4  Berne, 12 December 2019 Fritz Zurbrügg  News conference  parallel, it will continue to regularly reassess the need for an adjustment of the countercyclical capital buffer. Climate change and financial stability  Let me now turn to climate change, a subject already addressed by my colleague Thomas Jordan. Climate change can pose longer-term risks to financial stability. There are primarily two ways in which climate risks can affect the financial system. One is through the increase in the frequency and severity of natural disasters with all their consequences, and the other is through changes to climate policy and to the corresponding regulations. It is the responsibility of individual financial system participants to fully understand climate risks relevant to them and to correctly assess the potential consequences from a business perspective – just as with other risks. For its part, the SNB is focusing on how climate risks could impact on the stability of the Swiss banking system as a whole, as well as on systemically important financial market infrastructures. Currently, the SNB considers the likelihood of risks linked to climate change threatening the stability of the banking system as a whole to be low. In the case of financial market infrastructures, climate risks are minimised, for example, by stipulating that technical facilities be distributed over different locations.

Mohd Razif bin Abd Kadir: Further development of the Islamic financial services industry in Malaysia Speech by Mr Mohd Razif bin Abd Kadir, Deputy Governor of the Central Bank of Malaysia, at the official launch of HSBC Amanah Takaful (Malaysia) Sdn. Bhd., Kuala Lumpur, 12 September 2006. *  *  *  Bismillahir Rahmanir Rahim It is indeed an honour to be here this morning to commemorate the launching of HSBC Amanah Takaful (Malaysia) Sdn. Bhd. This occasion chalks up another accomplishment in the takaful industry in Malaysia, as we position ourselves towards achieving a dynamic, competitive and efficient Islamic financial system that is able to contribute to the overall development of our economy, and to enhance the integration of our Islamic financial system with the global market. The launching of HSBC Amanah Takaful (Malaysia) Sdn. Bhd. marks another significant milestone in terms of our strategy towards developing a progressive takaful industry, that is able to adapt to the increasingly challenging and competitive environment as well as adjust to the forces of change that has redefined the domestic and international financial landscape. Ladies and gentlemen, Over the past two decades, the takaful industry in Malaysia has grown progressively, underpinned by the holistic and pragmatic approach in the development of the Islamic financial industry. Indeed, we have witnessed an orderly development of the takaful industry.
The productivity challenge  In recent decades the increase in total factor productivity (TFP), which measures the efficiency with which productive factors are used, has been notably meagre in Spain. Indeed, TFP posted negative growth rates for much of the 2000s. In Spain, it has averaged growth over the past 20 years of approximately 0.2%, 0.2 pp less than the euro area average, according to European Commission estimates. 10/18  Such poor productivity has a cost in terms of wealth. A simple calculation helps illustrate the fact that, if Spanish TFP had performed like that of the euro area, income per employee would today in Spain be almost 90% of the euro area average, as opposed to its current level of 83%. The latest economic literature stresses the role of business dynamism in productivity. Specifically, innovative business start-ups and the destruction of relatively unproductive firms are at the root of productivity gains. On Eurostat data, the pattern of business start-ups in Spain prior to the crisis was relatively similar to other advanced economies, and the destruction of firms somewhat lower. Yet during the crisis the rate of business start-ups underwent a sharper fall than that observed in other economies, while destruction increased, being concentrated moreover in the least productive companies. Since 2013 the business sector has proven somewhat more dynamic.

They also depend upon other key players like the Ministry of Finance and they depend upon the efficient working of the financial markets. Other preconditions for Inflation Targeting can partly be met by the Bank of Albania. The full implementation of Inflation Targeting can therefore take place ONLY conditionally. One can compare this situation with the tailoring of a suit for a special occasion. Let me make this comparison. One can find a good tailor and ask him to make a suit for a special occasion. All measures can be taken, such as the length of the arms and the length of the legs. The suitable materials can be found. One needs the appropriate fabric, in the appropriate color. Upon all these preconditions of (1) the good tailor (2) the precise measures (3) suitable materials, the tailor can start the tailoring of the suit. But, there is still no guarantee that the suit will fit you perfect. Or, it may happen that you look appealing in the tailor-shop, but not at the day of the special occasion. For instance, the temperature may have fallen so that you need an additional coat, or even a different fabric. Or, the environment of the special occasion may make you look overdressed. You tried to make it perfect, but the environment is lagging behind. Factors that you could not influence yourself can make you look different from how you had wished to look with the new suit.
However, as these temporary factors dissipate, economic slack declines further and inflation expectations remain stable, inflation should slowly move up toward the Federal Open Market Committee’s longer-run objective of 2 percent. Using data from the National Income and Product Accounts, this expansion so far has exhibited unusual features compared to previous long expansions. Most notably, the pace of growth during the early years of this expansion was well below that of the early years in previous long cycles (Table 1). Among the factors for the slower growth were unusually low contributions from residential investment and from nondurables and services consumption. In contrast, the contribution from durables consumption, particularly for motor vehicles, was similar to that observed in previous expansions. Even though real GDP growth has picked up some in the past two years, these patterns are still evident (Table 2). The slow growth during the current expansion, what we might call the long shallow recovery, is likely a result of a confluence of many factors including constrained monetary and fiscal policies, demographic factors and economic and financial developments abroad. Today, I’d like to consider developments in credit markets in the context of this shallow recovery. Credit availability is a crucial ingredient in any advanced economy’s recipe for economic growth because credit can support investment in productive enterprises and can smooth household spending from fluctuations in income. Credit is the means through which financial assets accumulated by savers can earn returns by being put to productive uses.

James McAndrews: Credit growth and economic activity after the Great Recession Remarks by Mr James McAndrews, Executive Vice President and Director of Research of the Federal Reserve Bank of New York, at the Economic Press Briefing on Student Loans, Federal Reserve Bank of New York, New York City, 16 February 2015. *  *  *  Accompanying tables and figures can be found at the end of the speech. Good morning and let me welcome you to our press briefing focusing on developments in the student loan market. My remarks will concentrate on the role of credit markets more generally during this economic expansion. As a reminder, these remarks reflect my own views, and not those of the Federal Reserve Bank of New York or of the Federal Reserve System. First, let me say a few words on the current economic outlook. Real GDP grew 2.4 percent over the course of 2014. As New York Fed President Dudley noted earlier this month, despite what appears to be a soft first quarter, we expect that real GDP growth will continue over the next couple of years at a similar rate, supported by solid underlying fundamentals and accommodative financial conditions. Unemployment should continue to decline and approach 5 percent by late this year. Because of the recent sharp fall in oil prices and the appreciation of the dollar, inflation will be very low over the coming months.
I will first refer to some stylized facts and factors behind the recent surge in capital inflows, and then on the policy challenges. Monetary policy in the developed world has had to take on the burden of cyclical stimulus. Hence, policy interest rates in the main high-income economic zones have been kept low for longer than expected at the end of last year, and several central banks have actually reinforced traditional monetary policy with further unconventional measures. The discussion about exit strategies has morphed into further balance-sheet stimulus, and markets are pricing-in that monetary accommodation will continue well into 2011. In contrast to the situation in the largest developed economies, emerging markets and some financially-stable developed countries have transited to a quick recovery phase, which in some cases is leading to above-trend growth and the fast closure of output slack. Macroeconomic policy has responded accordingly, first through the normalization of extraordinary liquidity and financial stability measures, then by moderating their fiscal and monetary impulses. Interest rates in emerging economies have, therefore, started to increase and are, according to most expectations, slated to continue increasing over the course of the next few years. These monetary policy trends have naturally led to discussions regarding their implications for capital flows, current accounts, economic growth, and real exchange rates. In particular, some concerns have been voiced about the risk of returning to a situation much like the one observed in the mid 2000s, when low interest rates in the developed world boosted capital flows into emerging economies.

BIS central bankers’ speeches  1
In this regard, the fiscal policy adjustments are important, also to obtain external financing to support the balance of payments. The NBRM, with the decision made today, for interest rate increase on the CB bills, is making an additional step towards reducing the external imbalance, and for achieving the interim and final objective of the monetary policy, remaining prepared to futher undertake additional measures, if necessary. V.  In the end, one more information. Today, the Council of the National Bank of the Republic of Macedonia held its 3rd session this year. Among other issues, on this session, the Council has adopted the 2008 Annual Report of the National Bank of the Republic of Macedonia; the 2008 Annual Report on Managing Foreign Reserves; the 2008 Internal Audit Report. All these documents shall be available on our web site in the following days. BIS Review 60/2009  5

The kick-off meetings, which have been taking place since early summer between the current supervisors, the ECB and the banks, are simply a first step. In this connection, allow me to stress the inherent dangers in supervision not only of being too far removed, but also of being too close. Other viewpoints and new supervisory approaches and methods may sharpen our perception and mitigate the danger of accepting a bank’s unjustified customs merely because they have long been familiar to us. The comparisons and analyses I referred to earlier will also help to counter this danger. But that is not all. We will also address this issue in terms of our staffing policies. The head of a Joint Supervisory Team (JST) must come from a different country to the country in which the institution it is supervising is established. In concrete terms: the head supervisor for Deutsche Bank will be a French lady; BNP Paribas will be supervised by an Italian man. In addition, there will a rotation of staff members among the JSTs. All in all, this will not only enable us to reach more objective judgements about a bank, but will also foster the development of a common supervisory culture. Banking supervision in a central bank Allow me to say a few words about banking supervision in a central bank. Housing the SSM within the ECB will enable us to benefit from synergy effects.