samchain/econo-pairs-v1 huggingface dataset:
This dynamic process, which started in 2001 and has reached a certain point today – though it still has a long way to go – is the process that will reveal the potential of our economy and determine its place in the world. Since that time only five years have passed. This is a short span of time for an economy that needs structural changes and whose policies are formulated towards to this end, in order to implement reforms, achieve results and ensure the sustainability of such results. Yet, the achievements attained in macroeconomic aggregates have been even beyond the program forecasts. CPI inflation declined to single digit figures after 35 years, from 68.5 percent as of end-2001. While inflation was in decline, high growth rates were achieved. Annual growth in GNP, which was realized as 3.9 percent on average between 1970 - 2001, became 7.8 percent between 2002 - 2005. The ratio of public net debt stock to GNP, which had led to concerns about the sustainability of public debt, decreased to 55.8 percent as of 2005, from 90.5 percent. With the contribution of all these favorable developments in economic aggregates, the Turkish economy has continued to integrate with the world and Turkey’s foreign trade volume has expanded by nearly 170 percent since 2001, reaching USD 196 billion on an annual basis, by April 2006. The main factors that lie behind this rapid change that is clearly observed in the macroeconomic aggregates are; confidence, stability and the enhancement of predictability.

I would like to stress the fact that after integration of supervisory institutions in the central bank we also integrated data collection and data storage systems for both supervisory and statistical purposes. These systems enable collecting data only once, which saves the costs of all respondents, allowing the CNB to use a single set of data for different purposes. As I have already mentioned, these comprehensive data sets also served us well during the period of turbulence, allowing us to monitor the developments in the banking sector. The name of the conference “Statistics: Investment in the Future” means that the papers which will be presented in the next two days will be forward-looking ones. In recent years, we have witnessed a number of initiatives at the international and European level dealing with capturing new phenomena of economic developments in statistics such as wider use of mortgages, lending provided by non-bank financial institutions to households or securitisation of loans and other loan transfers. Recently, the European Central Bank Regulation on statistical reporting requirements as regards securitisation has entered into force. Securitisation of loans and their transfer to specialised institutions had been identified as an important phenomenon at least two years ago when the work on the Regulation started. There are also additional initiatives in the pipeline that attempt to capture new phenomena, such as more detailed statistics on insurance companies and pension funds. This financial sub-sector has become the second largest one at the European level.
As regards the economy and the financial markets in particular, the season has been harsh and often stormy, and now, on March 28th, when the vernal equinox is past and the days are lengthening visibly with every week that passes, there are few signs that spring is near for the economy. And despite the fact that this rather pessimistic statement is anything but an exaggeration, it is surprising to realise how many people are still convinced that things have seldom been better than they are now, and that Icelanders are enjoying boom times in most respects. But is this really as astounding as it might seem at first? Our employment levels are very high, excess demand for labour is considerable, public access to credit institutions has been subject to few limitations until very recently, and though credit has not exactly been cheap, terms have not been as unfavourable as one might expect, thanks to high levels of employment and rising disposable income. The Treasury has been operated with an acceptable surplus and is well able to meet the demands made of it. As a result, there is considerable pressure to increase government expenditure, though neither the labour market nor other economic conditions have yet required such increases. The government must be steadfast in resisting the pressure to increase expenditure at a time when it cannot honestly be said that the money doesn’t exist.

Ultimately, whether we transform and succeed will depend on our finance professionals taking ownership of their own professional development. IBF will continue to introduce new platforms to help our finance professionals do just this. IBF has recently launched the MySkills Portfolio. This is an online tool which can be a useful resource for individuals to plan and manage their learning. MySkills Portfolio allows individuals to track their training progress and receive programme recommendations based on their training goals. It also functions as a repository of training records. Most of all, IBF is about building a community. Today we celebrate our latest cohort of IBF Fellows and Distinguished Fellows. These individuals have contributed their time and expertise, not just on policy ideas, but also as speakers, trainers and mentors to our young finance professionals. All of you compete vigorously when it comes to business – and that is good. But together we have created something unique here in Singapore’s financial sector: a shared vision for building up our capabilities; working towards the greater good; looking out for one another and bringing people along. And we must bring our people along. This is what will help ensure that our financial sector grows from strength to strength; that we create good job opportunities for Singaporeans; that we build up skills and raise standards across the industry; and that all those who work in the industry enjoy the fruits of growth. Thank you once again for your strong support, and I wish everyone an enjoyable evening.
The U.S. will fall short of March forecasts, due to the slow recovery of its labor market, a real-estate sector that is still unable to leave the subprime crisis behind, a household deleveraging process that continues its course, and little additional room to apply any measures to boost growth. But, compared to March, the biggest difference in terms of world growth lies in the emerging world. In contrast with 2011, the main emerging economies have lost dynamism. Some indicators for China suggest that the decline in its growth rate will be sharper than forecast in March. This has prompted the adoption of more expansionary fiscal and monetary policies, and India has followed suit. The rest of emerging Asia is feeling the effects of lower growth in China, the U.S. and Europe in its exports and its manufacturing industry. In Latin America, although there is more heterogeneity, the poor performance of Brazil in the first quarter stands out. Other economies, like Mexico, Peru, Colombia and Chile remain strong, sustained by their domestic demands. This world scenario of weaker economies and reduced inflationary pressures due to the lower oil price has triggered a relaxation of monetary policies of several emerging economies. The baseline scenario forecasts that Chile’s trading partners will grow 3.6 and 3.9 percent in 2012 and 2013, respectively, a little less than was foreseen in the previous Monetary Policy Report. This will also result in lower prices for copper and oil than were expected in March.

Taking the case of floor clauses, it is widely known that marketing transparency, or rather its absence, was why the Supreme Court declared these clauses null and void in May 2013. In its ruling, the Supreme Court considers that it is not enough that the clause may have been comprehensible in isolation. The bank should rather have explained, in an understandable fashion, all the legal and economic implications of this clause, so that the consumer might understand what its effects would be during the life of the contract. The clause thus needs to be clear and understandable, and explained in detail by the bank. But it is also evident that, to be able to take this type of economic decision appropriately, customers must, in addition to having all the necessary information, be capable of understanding the longterm consequences of what they are signing. Patently, contracts must be transparent and understandable, and decisions, sensible. Consequently, financial education and knowledge are vital tools for improving financial inclusion, but also for preventing future crises and promoting financial stability. Fortunately, this view is an increasingly shared one. Financial education is seen today as a pivotal feature of stability and balanced economic development in society. Following OECD recommendations, many countries have developed national financial education strategies. In Spain, since 2008, impetus has been given to the Financial Education Plan by a collaborative agreement between the CNMV and the Banco de España, which have subsequently been joined by other central government agencies.
Nor Shamsiah Mohd Yunus: Reshaping Malaysia's future - setting the goal for greater governance and transparency Keynote address by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 10th International Conference on Financial Crime and Terrorism Financing "Malaysia's Future – Setting the goal for greater governance and transparency", Kuala Lumpur, 30 October 2018. * * * A very good morning to all of you. It is my pleasure to address all of you today at this very important conference. Financial crime. Terrorism financing. Corruption and money laundering. These are heavy words that carry the feelings of outrage and displeasure, amongst others. The United Nations Office of Drugs and Crime estimates that every year globally, a staggering amount of USD2.6 trillion is stolen through corruption. Yet, I suspect, in reality, figures like these are so large that many may find it hard to relate to it. To put it in perspective, the figure is around eight times larger than the Malaysian economy. Let us also take the UN Sustainable Development Goals that aims to improve the lives of the poor, improve governance and address inequality. Some estimate that it will take around USD5-7 trillion to meet all the SDGs. This represents 2-3 years’ worth of money lost to corruption. In other words, the money lost through financial crimes is a devastating opportunity cost, draining the resources that could have been used to permanently uplift the lives of billions in this world.

Against this background, I would like to organise the rest of my remarks today around three issues. First, why do we find ourselves in the current, low inflation predicament? I sustain that inflation fluctuations have been somewhat surprising ever since the beginning of the Great Recession. In part, they were the result of adverse exogenous shocks. To some extent however, they were also connected with unwarranted variations in markets’ expectations of the future stance of monetary policy. Second, I will argue that the Governing Council meeting at the beginning of June is important not only for the decisions that were actually adopted. It is important also for the clear signal that we provided about the determination to do more in the future, in the event of additional downward pressures on inflation. I will develop these two points which deal with the way our recent policy decisions will produce effects. The third question is: how would the ECB react, should the risks of a protracted period of low inflation materialise? At this point in time, this is essentially a scenario analysis – and specifically an analysis of a low probability scenario. Outright purchases of a range of financial assets would be effective in this situation, but structural reforms would also be essential to spur economic growth. 3  See Giannone, D., M. Lenza, H. Pill and L. Reichlin (2011): “Non-standard policy measures and monetary developments”, ECB Working Paper Series No. 1290; De Pooter, M., R.F.
The current uncertain macroeconomic and market environments underscore the importance of staying vigilant to new or growing risk areas and vulnerabilities. 3. But it is also important not to lose sight of the long-term positives. Our capital markets continue to attract a diverse range of players and activities. Besides SGX, international exchange groups such as the InterContinental Exchange (ICE) and EUREX, have or will establish exchanges and clearing houses in Singapore. These will add to the vibrancy of our exchange landscape in parallel with the continued growth in our asset management industry. The last asset management survey done for 2014 showed robust growth in total assets under management, with assets under management increasing by 30% to $ trillion. There is clearly a role for our capital markets to help match savers and users of capital and in the management of financial risks. 4. The SGX Equities Dialogue this afternoon is a good occasion for sharing, discussion and reflection on developments affecting our securities market. Allow me to use this address to share some thoughts on our market regulatory structure, and MAS’ roles in market surveillance and enforcement; and I will conclude by sharing some shorter remarks on new trends and on skills development. A sound regulatory system 5. As an international centre, Singapore’s financial market is influenced by many external factors.

The reduction in Norges Bank’s key rate through 2003 and into 2004 resulted in low interest rates. Low interest rates have contributed to a relatively sharp rise in household demand throughout this upturn. At the same time, solid growth in other countries has generated increased demand for many Norwegian export goods, resulting in high prices. Petroleum sector fixed investment has increased strongly, resulting in growing demand for goods and services supplied by mainland enterprises. Mainland fixed investment has also picked up. Commercial property markets After several years of fairly low activity, the number of commercial building starts is now increasing nationwide, including in Hordaland, where growth in this industry is solid. Through last year and so far this year, building activity has been particularly high in the retail trade sector. Commercial building starts have more than tripled since the trough in 2003. These developments are reflected in the lending figures. Through 2004 and 2005, banks’ and mortgage companies’ lending to enterprises in property management and services, and the retail trade and hotel and restaurant sectors increased markedly. In the first quarter of this year, total lending to these sectors was NOK 440 billion, an increase of close to NOK 73 billion compared with the same quarter last year. The value of shop premises has risen more than the value of office premises since the mid-1990s, and more in line with the rise in the housing market. Developments in the value of office premises in Norway have tracked developments in a number of other European countries.
Such models tend to abstract from the maturity structure of interest rates and the impact of term premia, especially in their commonly used linearised versions. So far, we have seen the typical reaction of the yield curve to rate cuts in normal times: first, a reduction of the policy rate tends to lower and steepen the yield curve as short-term maturities decrease by more than their long-term counterparts; second, in addition to actual rate changes, communication about future rates influences the curve so that intermediate maturities react most strongly; and third, the transmission of  monetary policy action and communication on short rates to long rates not only works through rate expectations but also through term premia. Assessing the impact of non-standard monetary policy on the yield curve The transmission of negative rates to the yield curve Turning to non-standard policy, let me start with negative interest rates. Chart 5 shows the characteristic footprint of a cut in the policy rate – in negative territory – on the yield curve. It is constructed on the basis of high-frequency financial market information in the same way as Chart 3. There is a clear difference: compared with standard rate cuts in positive territory, rate cuts in negative territory have had a stronger effect further out along the yield curve. Chart 5 Estimated effect of policy rate (deposit facility rate) cut in negative territory on the OIS curve (basis points)  Sources: Based on Altavilla et al. (forthcoming).

Ardian Fullani: Overview of Albania’s latest economic and financial developments Speech by Mr Ardian Fullani, Governor of the Bank of Albania, on the Monetary Policy Decision-Making of the Bank of Albania’s Supervisory Council, Tirana, 30 January 2013. *  *  *  Today, on 30 January 2013, the Bank of Albania’s Supervisory Council reviewed and approved the biannual Monetary Policy Statement. Based on the latest monetary and economic developments in Albania, and following the discussions on their future outlook, the Bank of Albania’s Supervisory Council decided to lower the key interest rate by 0.25 percentage points. After this decision, the one-week repurchase agreement rate drops to new record-low level of 3.75%. The Supervisory Council deems that further easing of monetary conditions will help in meeting the inflation target in the medium term. Let me now proceed with an overview of economic and monetary developments, and key issues discussed at today’s meeting. * * * The Albanian economy improved slightly in the seconds half of 2012. This performance was driven by a fuller reflection of monetary stimulus and improved external economic and financial environment. However, the economic activity remains below potential and the growth resources appear unstable. Production growth is not reflected in decreasing the overall uncertainties, which contain private investments and consumption, and lead to downward credit demand and supply. The banking system has sound and liquid balance sheets but it remains highly prudent in terms of financing long-term investments. These tendencies will condition the economic developments over the period ahead.
The following are some of the attributes of an enterprise with good corporate governance:  2  BIS Review 79/2008  (i)  A well managed and coordinated company;  (ii)  Role and duties are clarified;  (iii)  Easier access to finance;  (iv)  Financial awareness and the ability to respond quickly;  (v)  Significant reduction in business risk and corporate failure; and  (vi)  Increase in monetary value of the firm. In the case of Zambia, a BoZ Microfinance Survey of 1999 highlighted that most of the MFIs were inadequately capitalised and had weak corporate governance structures. The survey also pointed out that there were about 98 MFIs operating across the country in an unregulated environment. The study further revealed that the nature of microfinance business in Zambia was generally targeted at the lower income group which have limited or no access to financial institutions offering financial services such as credit or savings. Following the study, broad consultations were held with various stakeholders, including Government, commercial banks and other financial institutions, and the general public. The purpose of the consultations was to ensure that the development of legislation relating to the microfinance sector was as comprehensive and appropriate as possible. The consultations by the Bank of Zambia were extended to various countries to obtain international best practice that could be of benefit to our local environment.

One industry that reports a very solid first half year is the fish farming industry. This industry is particularly important in Hordaland, which alternates with Nordland in being the county that produces the most farmed fish. Prices for fresh farmed salmon rose sharply at the beginning of the year, generating solid earnings in the industry. Prices have fallen somewhat since June but are still higher than they have been in recent years and far higher than unit productions costs. Our contacts in region South-West also report that the market outlook for the next six months is favourable in all sectors. Service industries are most optimistic about growth. In this year’s highestgrowth industries, oil and gas and building and construction, growth is expected to be slightly lower. Most sectors expect an increase in investment. In the local government and hospital sectors, the investment level remains relatively stable. Employment is rising in most sectors in this region. Seven of ten enterprises report that labour shortages are limiting their possibilities for expansion. The situation is particularly demanding for manufacturing and building and construction, as well as for some parts of the public sector. More than half of the contacts plan to increase their workforce during the next three months. The labour market is tightening further in the region. This is reflected in falling unemployment and rising wage growth. A number of sectors now expect higher annual wage growth in 2006 than indicated in the previous round of interviews.
As undertaken by him at the time of appointment, exactly after three years, he relinquished his responsibilities as governor to pave way for a Sri Lankan to occupy that high post. The Central Bank is, forever, deeply indebted to John Exter. The rationale and philosophy of the central bank which he evinced in his report in the late 1940s are equally valid for today as well. His report is unique in that sense, because it carries a justification of each and every section of the Monetary Law, so that the later generations of central bankers would not have any ambiguity of what was meant by them. As a result, even today, the Exter Report is used by both central bankers and academics as their bible. Hence, by any standard, Exter is a central banker for all times. The appointment of John Exter to a one man committee on the establishment of a central bank is also marked by an interesting legend. Edmund Eramudugolla, a former Senior Deputy Governor of the Central Bank, has narrated this legend in his Reminiscences of the Central Bank of Sri Lanka. According to him, the government of newly independent Ceylon decided to replace the Currency Board System which it had inherited from the British with a more flexible central bank. Accordingly, the government decided to seek foreign assistance to prepare a blueprint for a central bank based on the country’s specific position and future prospects.

A few points about both monetary policy and supervision in this context. It is now the consensus of most practicing central bankers that monetary policy can’t do much preemptively to correct an existing substantial asset price misalignment. But if monetary policy is calibrated appropriately to keep aggregate demand growing roughly in balance with aggregate supply and to keep inflation low and stable, this reduces the risk that such misalignments will emerge and expand. This is not always easy. It is especially hard to do in circumstances where the central bank is subject to other policy objectives. The most prominent source of conflict is an exchange rate objective; countries with even modestly open capital accounts will not find it possible to sustain a commitment to prevent the exchange rate from appreciating without eventually facing the risk of rising credit growth, asset price inflation, and inflation in the price of goods and services. This challenge is becoming harder to manage for some large emerging market economies, and it is the principal reason why in those countries there is an expectation in the markets that monetary policy will have to be tighter and exchange rate regimes more flexible over time. And as this happens it will, among other things, alter the balance of forces that have been operating on global capital flows. Beyond monetary policy, the principal tools available to policymakers are the province of supervision.