samchain/econo-pairs-v1 huggingface dataset:
The Storting (Norwegian parliament) has approved a fiscal guideline for the use of petroleum revenues. It states that, in general, petroleum revenue spending shall be limited to 4 per cent, or the expected annual real return on the Petroleum Fund over time. This fiscal rule shall ensure that the use of revenues in the Norwegian economy is at a level that can be sustained over time. The usefulness of a fiscal guideline is that it gives weight to long-term considerations when addressing day-to-day economic policy challenges. The fiscal rule stabilises enterprises’ expectations concerning competitiveness and the krone exchange rate, thus preventing abrupt and pronounced swings in the structure of the economy. If the government authorities disregard the rule, enterprises will lose an important reference. A policy rule can make matters worse if economic agents have drawn up longterm plans on a faulty basis. The fiscal rule for the budget states that the government can use 4 per cent of the Fund over time. This year, around 6 per cent of the Fund is being used. The deviation partly reflects an unexpected shortfall in tax revenues from the non-oil economy in recent years. The government budget deficit is the difference between total revenues and total expenditure. They each account for about half of total GDP in Norway. Even small deviations from expenditure and revenue projections can have a major impact on the deficit. Exchange rate changes will also lead to fluctuations in the value of the Petroleum Fund.

Second, the Monetary Policy Council has set monetary policy against the background of potential growth for the French economy of around 2.5% per year. We consider the average growth of our economy in the medium-term, and it could be exceeded given that we have a potential to catch up in the medium term. We reckoned with a maximum price increase of 2% and potential real growth of between 2.5% and 3% in the medium term to arrive at a figure of 5% for the medium-term growth trend of the money supply. * *  BIS Review 2/1997  *  -5-  It is very important to bear in mind the essence of the policy implemented by the Monetary Policy Council. Parliament confers on the Banque de France an objective, namely the objective of price stability. Maintaining the value of the currency preserves the purchasing power of the currency, and therefore that of French citizens. In addition, Parliament has sought to create the conditions for growth and for job creation, via the stability of the currency. This is also the goal of the Monetary Policy Council. To achieve this goal, we use two means. First, by preserving the value of the currency, we enhance its credibility in France, in Europe and in the world and allow our economy to benefit from financing at favourable market interest rates.
Some segments of the export industry are feeling the effects of lower turnover and a strong krone. A high level of uncertainty is causing households and enterprises to be more cautious in their consumption and investment decisions. At the same time, house prices and household debt are still rising. Capacity utilisation in the Norwegian economy is now near a normal level. Growth in mainland GDP is projected at about 3 percent this year and in the years ahead, broadly in pace with potential output growth. Chart 11  The operational target of monetary policy is annual consumer price inflation of close to 2.5 percent over time. Recently, inflation has been low, close to 1 percent. Inflation will be brought back to target, but how long this will take depends on the disturbances to which the economy is exposed and their effect on the prospects for the path for inflation and the real economy ahead. When setting the key policy rate, we do not exclusively assign weight to bringing inflation back to target, but we also take into account the impact of the interest rate on output and employment. The inflation targeting regime is flexible. By taking account of the deviation in the nominal interest rate from a normal level when setting the key policy rate, Norges Bank seeks to counter the build-up of financial imbalances that may disturb activity and inflation further ahead. This does not mean that the level of the key policy rate is an independent objective of monetary policy.

Well defined mandates and a clear delegation of responsibility in the field of monetary policy has worked well. Similarly, the legal authority to implement macroprudential measures to safeguard financial stability should be delegated. We can never fully insulate the financial system from shocks. But we can increase our resilience. One of the most important things we can do is to keep our own house in order – by preventing major imbalances from building up in the economy or in the financial system, and by ensuring that the financial system in general is robust. Thank you for your attention. BIS central bankers’ speeches  13
This could in turn create imbalances on the labour market. Many analysts argue that, instead of the most important aim of 10 [17]  wage formation being to safeguard the international competitiveness of industry, it should be to achieve balance in the labour market as a whole. 10 Another important aspect highlighted in the discussion is the extent to which this wage standardisation is always compatible with an inflation-targeting regime. The reason for highlighting this issue is the strikingly low overall nominal wage growth in the economy despite a healthy economic situation and more or less on-target inflation. That wage agreements in Swedish industry have been restrained is due to a large extent to modest wage growth in our European competitor countries, probably because many of these countries have been hit very hard by the international financial crisis and subsequent European debt crisis. As the agreements in industry also set the standard for wage agreements in other sectors that are only partly or not at all exposed to competition, these agreements will also be low. From a theoretical perspective, this type of wage standardisation should not be incompatible with inflation targeting in the long term as the euro area’s inflation target is very much in line with Sweden’s. But in periods when wage growth in the euro area is unusually low, standardisation based on the industrial sector contributes to low wage growth in the Swedish economy as well.

As far as Sweden is concerned, it is quite clear that the inflation target has helped provide greater orderliness by playing this role, and this has probably been an important explanation for the Swedish economy having developed so favourably since the crisis at the beginning of the 1990s. … but these benefits seem to have begun to fall into oblivion As I noted earlier, there is broad support for the inflation target. But as regards wage formation, there is currently an opinion, at least in some quarters, that the inflation target has played its part and become irrelevant: It was important when bringing down wage inflation from its high levels of the 1970s and 1980s, but once this has been achieved, the target no longer fulfils any function and might as well be abolished. For several reasons, I see this as a historically questionable and myopic argument, and it would be unfortunate if this view were to gain a firmer foothold. First, it is always sensible to not let oneself be influenced too much by the prevailing situation when discussing the design of frameworks that are expected to be stable and be in place for a long time. It is of course true that the kind of inflation  9 [17]  and wage surge seen during the 1970s and 1980s does not seem likely in the foreseeable future. But at the end of the day, what do we really know about how the situation will be a few years in the future?
Lee Hsien Loong: Remaking Singapore's financial sector Speech by Mr Lee Hsien Loong, Deputy Prime Minister of Singapore and Chairman of the Monetary Authority of Singapore, at a MAS Staff Seminar, Singapore, 29 October 2002. * I. *  *  Introduction  We are gathering in an uncertain environment. On the economic front, Asia’s key export markets – the US, EU and Japan – remain weak, blighting South East Asia’s prospects for recovery. In Northeast Asia, China’s vitality and transformation continues to dominate investor interest. After September 11, security has become the top concern worldwide. The bomb blasts in Bali and the recent hostage taking in Moscow are sobering reminders that the war on international terrorism has just begun. All these developments have implications for Singapore’s growth prospects and our aspirations to become a world-class financial centre. Certainly, these are challenging times. But if we could suspend the present for a moment, let us cast our minds back to 1997, when we embarked on this journey to remake our financial sector. II. Reflecting on the last 5 years  Five years ago, the global financial landscape was undergoing dramatic changes. Financial markets were becoming more integrated, with freer and faster flows of information and capital. Globalisation was boosting liquidity and facilitating growth. But it was also transmitting market disturbances with greater speed and virulence, and complicating the conduct of monetary and exchange rate policies. Globalisation, coupled with deregulation, technological change, and borderless competition, was revolutionising the way financial institutions competed and did business.

In the bank’s drive for excellence and customer satisfaction, the Bank of Sierra Leone has continued and will continue to create the enabling environment for safe and sound banking. For instance, in collaboration with other stakeholders, the Bank of Sierra Leone is putting in place measures to implement all provisions of the Anti-Money Laundering Act so as to prevent money launderers using our financial system for their criminal activities. A recently concluded workshop organised by UNODC/GIABA//Bank of Sierra Leone succeeded in drafting a National Anti-Money Laundering Strategy with the aim of providing a framework for an Anti-Money Laundering regime that will ensure effective crime prevention and detection, and at the same time avoid creating excessive burden on the financial system and its users. The workshop attracted various stakeholders, including the Association of Commercial Bankers in Sierra Leone to which GTB is an active member. The Bank of Sierra Leone shall continue to maintain the open door policy and encourage dialogue in the process of ensuring a sound and stable financial system. BIS Review 79/2006  1  Mr Chairman, Distinguished Ladies and Gentlemen, allow me to close this brief remarks by once again congratulating the Board, Management and staff of the Guaranty Trust Bank (SL) Limited for another step taken to enhance the public image of the bank. I thank you for your attention. 2  BIS Review 79/2006
Total GDP growth for the three years 2010–2012 is just above 10 per cent, which is four percentage points more than growth according to trend of just above 6 per cent. What does resource utilisation mean to inflation and current monetary policy? Previously, I said that the Riksbank also strives to stabilise production and employment around development paths that are sustainable in the long term, and that by potential GDP I mean the level of GDP that is compatible with a utilisation of available resources sustainable in the long term and that will not push inflation up or down. As you know, the target for monetary policy is to keep inflation at a low and stable level. However, one problem when shaping monetary policy in practical terms is that the link between resource utilisation and inflation is not particularly clear. I will now discuss what resource utilisation means to inflation. 6  BIS Review 130/2010  In Sweden, the link between resource utilisation and inflation has been weaker since the mid1990s than it was previously. This is due to the fact that monetary policy has gained a high level of credibility. As long-term inflation expectations among households and companies are now solidly anchored around the inflation target of 2 per cent, there is simply not much scope for other variables to affect inflation. However, it is also due to the fact that inflation is affected by many other factors than resource utilisation, such as variations in energy prices, exchange rate fluctuations and changes in interest rates.

To this end, the Blueprint seeks to align the financial sector with the national aspiration to not only become a high value-added and high-income economy, but also lay a solid foundation for a more dynamic, inclusive and sustainable development path. Fourth, we continue to be firmly anchored on the Bank’s monetary and financial stability mandates. As we have always emphasised, sustainable economic growth can only happen within a context where monetary and financial stability is preserved, and where the integrity of the financial system is safeguarded. This Blueprint is the fruit of the labour of many, both from within and outside Bank Negara Malaysia. For this, our heartfelt thanks goes out to all who have generously given ideas, insights and time to make this Blueprint possible. I would also like to thank Yang Berhormat Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Finance for gracing this event and launching the Blueprint. While producing the Blueprint has been a lot of hard work, the greater task for us is to turn its 2/3  BIS central bankers' speeches  vision into reality. This requires us to work and think outside the box as the nation enters a new stage of development. It is our desire and belief that the financial sector will continue to serve Malaysia well in the years ahead, doing its part to improve the well-being of people now and for the generations to come. 3/3  BIS central bankers' speeches
In this way, we can assess the relevance of vulnerabilities on the mortgage and real estate markets for financial stability, and decide on any need for action. Of course, we are continuously developing our risk monitoring. Thus, we regularly review the range of indicators and the stress tests we use, taking into account new research findings as 6  7  Cf. Aldasoro, I., C. Borio and M. Drehmann (2018): Early warning indicators of banking crises: expanding the family, BIS Quarterly Report, March 2018. With a focus on Switzerland, cf. also Jokipii, T., R. Nyffeler and S. Riederer (2020): Exploring BIS credit-to-GDP gap critiques: the Swiss case, SNB Working Papers, 19/2020. Cf. emi.snb.ch/en/emi/HYPO (consulted on 30 August 2021). Page 5/12  well as experiences gained in other countries. Significant progress has been made in recent years in terms of the data available in Switzerland, particularly with the aforementioned Hypo_B survey on newly granted mortgage loans. However, there are still no corresponding data in Switzerland on outstanding mortgage loans. Please allow me to appeal to the researchers among you here: As of this year, Hypo_B survey data in aggregate form are also available to the general public. With this step, we would also like to make a contribution to new research in the field of financial stability – and we look forward to the results.

This means that the more mortgage loans for residential property a bank holds on its balance sheet, the more additional capital it is obliged to hold. We regularly assess whether the required capital buffer level is appropriate. If we decide that an adjustment of the buffer is required, we make a proposal to the Federal Council after consultation with FINMA. Ladies and gentlemen, ongoing communication, targeted adjustments of the regulatory framework and the activation of the CCyB have all proved effective in recent years. I will return to this later. Such measures taken by the authorities are essential in dealing with cyclical risks, and we need to continue to review the instruments at our disposal on an ongoing basis and to adjust them to the risk situation. 9 However, let me add at this point that, although the possible applications and effects of macroprudential instruments are important, they do have their limits. Measures taken by the authorities are therefore no substitute for market participants’ own responsibility – it is ultimately up to them to manage their risks. Current assessment of the situation This takes me to our current assessment of the situation in Switzerland. Let me start by jumping to our overall evaluation. We consider the vulnerabilities on the mortgage and real estate markets to be at a high level at present. Allow me to elaborate on this, first turning to the mortgage market and then to the real estate market.
1-Challenging Operating Environment So, let me start with a brief discussion on the key challenges that the banking industry faces today. Three challenges are particularly worth highlighting: the state of the global economy; the revolution in financial technology; and the rapidly evolving needs and expectations of customers. i. Global Economy First, let us look at the global economy where headwinds are intensifying. The IMF has twice lowered its global growth projections for 2019 to 3.2%, with developed economies expected to grow at a much slower rate of 1.9%1. A key driver of this slowdown is the economic uncertainty brought about by rising trade tensions and protectionist policies. If trade tensions continue, the IMF may Central Bank of Kuwait - Public ‫ عام‬- ‫بنك الكويت المركزي‬  -3-  further revise down its economic growth projections. The Bank of England estimates that a 10% increase in tariffs between the US and its trading partners could lead to a reduction of 2.5% in US GDP, and 1% in global GDP excluding the US.2 In its recent publication, the Institute of International Finance (IIF) also highlighted economic policy uncertainty as a key risk to business sentiment. The IIF estimates that economic policy uncertainty in both the US and China is at a record high, and its impact is being felt in terms of reduced investments and lower consumption.3 We have already seen the impact of trade disputes and attendant economic uncertainty on markets across the globe.

These measures are necessary to secure long term sustainable prosperity and modernisation of the country as we move forward. Lest we forget, a well-compensated labour force also makes for good consumers as well. Devising policy to be part of the future. We are constantly crafting policies to secure a stronger foothold in the future. Businesses and policymakers need to be proactive and agile. To embrace and facilitate, not to deter or hinder. This is the Bank’s modus operandi in embracing financial technology, or FinTech for short. We were one of the pioneers to implement a Regulatory Sandbox, which allows for the safe experimentation of FinTech innovations. We shall facilitate and make the hard decisions necessary if the innovations benefit the economy, even if it means changing the status quo. In meeting demands of the future economy, Malaysia welcomes innovators to develop the ‘next big thing’. This year, the Government launched the world’s first Digital Free Trade Zone in collaboration with e-commerce giant, Alibaba Group. The hub will be Alibaba’s first e-hub foray out of China. 5/6  BIS central bankers' speeches  The sharing economy is another new source of growth that promises to increase efficiency in an inclusive manner. Unlike the conventional work structure, it is accessible to anyone who has idle or under-utilised assets, skills or time to spare. Recognising its vast potential, the Government has partnered with the industry to promote sharing economy, while safeguarding against its risks. The measures include ensuring adequate worker and consumer protection, and creating a level playing field.
Benoît Cœuré: Rebalancing in the euro area – are we nearly there yet? Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, to the Danish Economic Society, Kolding, 15 January 2016. *  *  *  Ladies and gentlemen, Mr President, dear Per, The euro area crisis was a crisis fuelled by imbalances. Imbalances laid the ground for economic and financial turmoil, in part due to the euro area’s design flaws. And the difficult process of repairing imbalances within that design sustained the turmoil further and let its consequences become entrenched, tearing our social fabric. If we want lasting stability and growth in the euro area, we cannot let the same things happen again. The long-term solution is to complete our monetary union and make it less vulnerable to shocks. The foundations of this road have been laid by the Five Presidents’ Report, and it implies setting up new risk-sharing mechanisms among the participating economies. But that will not happen in a situation where large imbalances between member countries already exist and are considered as a state of nature. Just like John Rawls pointed out with his concept of the “veil of ignorance”, it is impossible to achieve an optimal solution for a group if the winners and losers are clear a priori. Citizens are rightly suspicious that risk sharing may turn into risk shedding.

This may not contribute to net external liabilities, but it contributes to the general debt overhang, which holds back credit and investment. Internal debt, therefore, also needs to be tackled to achieve a sustainable internal rebalancing. 4  For a description of how current account adjustment takes place at the extensive margin (creation of new goods and services), rather than at the internal margin (increased trade in existing goods and services), see Corsetti, G., Martin, P. and Pesenti, P. (2013), “Varieties and the transfer problem”, Journal of International Economics, Vol. 89, pp. 1–12. 5  See Tressel, T. and Wang, S. (2014), “Rebalancing in the Euro Area and Cyclicality of Current Account Adjustments”, IMF WP 14/130. 6  See ECB (2015), “What is behind the recent rebound in euro area employment?”, article in the Economic Bulletin, Issue 8: https://www.ecb.europa.eu/pub/pdf/other/eb201508_article01.en.pdf?07f79a90715d214297004b476b416430. 7  For the importance of within-sector resource reallocation to foster sector and aggregate productivity growth see, for example, Krizan, C.J., Foster, L. and Haltiwanger, J.C. (2006), “Market selection, Reallocation, and Restructuring in the U.S. Retail Trade Sector in the 1990s”, The Review of Economics and Statistics, MIT Press, Vol. 88(4), pp. 748–758, November. 8  See http://ec.europa.eu/economy_finance/eu/forecasts/2015_spring/box3_en.pdf. 4  BIS central bankers’ speeches  Structural rebalancing In short, former deficit countries still face twin challenges to achieve sustainability: they need to further lower their net external liabilities, while continuing to rebalance their economies internally. The difficulty is how to do this without the one objective cancelling out the other. Let me explain.