samchain/econo-pairs-v1 huggingface dataset:
Our currency did not mark a notable change against emerging market economies competing with Turkey in the exports markets. In this respect, the relatively stable course of the real exchange rate index compared to developing countries underpinned the maintenance of Turkey’s competitive power in foreign trade. As is the case across the world, the Central Bank’s decisions on monetary and exchange rate policy also affects the economy as a whole in Turkey. Under a fixed exchange rate regime, it is possible to control the nominal level of the foreign exchange rate. Nevertheless, under free market conditions, whatever the exchange rate regime and exchange rate policy are, it is impossible to control the real exchange rate level. The real exchange rate level will ultimately move towards the long-term balance level according to the structural features of the economy. In an environment of pressurized nominal foreign exchange rate, this movement will emerge by the changes in the prices of goods and services; i.e. inflation. In countries like Latvia, Estonia, Lithuania, Bulgaria, where a fixed exchange rate regime was implemented, this was experienced before the global crisis and these countries faced the problem of high inflation. We foresee that the distinguishing characteristics of countries will come to the fore in the upcoming period and currencies of those countries with lower risk, stronger economic and financial fundamentals and high growth potential are expected to perform better. Should macroeconomic stability be maintained and structural reforms be put into effect, Turkey will also have a place among these countries.

I would like to say that, as we all know, the Spanish financial system has undergone intense restructuring and recapitalisation, as well as a significant consolidation process. I am confident that Spanish banks are prepared for this rigorous exercise. Setting up the Single Supervisory Mechanism and making it operational is not going to be a simple task. Both from the procedural and organisational standpoints, it will be a complex process, requiring great effort, and will be a major responsibility for those who take on the leadership of this new European Union-wide institution. BIS central bankers’ speeches  1  Ms Sabine Lautenschläger’s responsibilities as member of the Executive Board of the European Central Bank and Vice-Chair of the Supervisory Board of the SSM place her in a unique position. I have no doubt that her intervention will be extremely interesting and informative to us all. 2  BIS central bankers’ speeches
The withdrawal of household income probably peaked in 1996 but even in the two following years the fiscal stance measured in this way is tight.

Although the international economic outlook is somewhat less favourable than in March, the upswing in the global economy is likely to be maintained in the months ahead. In the US, in particular, the latest production and labour market indicators have been disappointing. Due to the high commodity prices and the production losses in Japan, the SNB has revised its 2011 growth forecast for the advanced economies downwards to some extent. Moreover, numerous countries are planning to undertake additional cost-cutting measures in the year  BIS central bankers’ speeches  1  ahead. The rise in commodity prices since autumn of last year is expected to result in significantly higher inflation worldwide in 2011. Swiss economic outlook According to the SECO estimate, the growth of real GDP in Switzerland slowed in the first quarter, mainly because of the muted advance in private consumption and equipment investment. By contrast, exports recorded a marked gain as a result of robust international demand, particularly from Germany and Asia, despite the strength of the Swiss franc. The strong momentum in construction also supported growth. Utilisation of technical capacity continued to pick up and was above the long-term average in manufacturing; in the construction sector it actually attained a record high level. The recovery on the labour market also continued. After a massive increase during the crisis, measures introducing short-term work have largely been retracted. In May, the seasonally-adjusted unemployment ratio decreased to 3.0% and companies are reporting more difficulties in recruiting qualified employees.
Despite the weakening of large emerging countries, the French and European economies should continue to benefit from an exceptional combination of three trends: (i) the significant drop in oil and commodity prices (–45% and–31% respectively, in dollar terms, between 1 January 2015 and 14 January 2016); (ii) the downward trend in the exchange rate of the euro against the dollar (–10% over the same period); (iii) and very low interest rates (–80 basis points in bank lending rates since June 2014). The non-standard monetary policy that we have conducted in Europe since June 2014 has done a lot for our economy. We now have reliable and concurrent estimates of its effectiveness: it has boosted growth prospects in the euro area by about 1% for the period 2015 to 2017, and those of inflation by 0.5 percentage point in 2016 and 0.3 percentage point in 2017. All this is a lot... and in this respect our growth performance remains insufficient, lower than what should be achieved thanks to these exceptional economic stimuli, and lower than the European average. b) We must now turn our too moderate economic recovery into strong, sustainable and job-creating growth. This shall notably be achieved by boosting business investment. The problem does not lie with the amount of French investment, since the investment rate of nonfinancial corporations, which stood at 22.9% in 2015, is slightly above its long-term average, i.e. 21.4% since 1980.

Lars Nyberg: Swedish housing financing and the EMU  Speech by Mr Lars Nyberg, Deputy Governor of the Sveriges Riskbank, at Economics Day held at HSB Bank, Stockholm, on 8 November 2000. *  *  *  I would like to start by thanking you for inviting me to HSB Bank’s Economics Day and giving me this opportunity to talk about Swedish housing financing from an EU perspective. Introduction One of the main purposes of the Single Market and the introduction of EMU is to create a more efficient market for goods and services, a market which is characterised by greater competition and better products at lower prices. On the mortgage market, this should mean that borrowers can expect a wider range of products, more choice of suppliers and lower interest rates. The national mortgage markets in Europe vary considerably, as does their significance to the country’s economy. This is illustrated in the following diagram (Figure 1). In countries such as Germany, Denmark, Sweden, the Netherlands and the UK, the total outstanding stock of loans with property as collateral amounts to over 50% of GDP. In other countries, such as Greece and Italy, the corresponding figure is less than 10%. The differences are mainly due to factors such as different regulations, tax legislation and market structures in the different countries. As in Sweden, housing financing issues have often aroused considerable political interest, a fact which is reflected in all of the above factors. The outstanding stock of European mortgage bonds divided by GDP 1998.
16  For fund holdings, see the NBIM website: http://www.nbim.no/en/Investments/holdings-/  17  National income in OPEC countries decreased on average by 1.3 per cent annually in the period between 1965 and 1998 while OPEC oil production increased. 18  See “Globalisering, olje og pensjonsfondet” [Globalisation, oil and the pension fund] by Ragnar Torvik, available on the Ministry of Foreign Affairs website (Norwegian only): http://www.regjeringen.no/nb/dep/ ud/kampanjer/refleks/innspill/oekonomi.html?id=491448  BIS central bankers’ speeches  5  Over several decades, the investment share of GDP 19 was close to 30 per cent, markedly higher 20 than in other western economies. But the Norwegian economy still expanded at a slower pace than nearby countries. A more efficient use of capital could have boosted consumption without negatively affecting economic growth. The high investment level entailed human costs in that consumption of important goods were rationed. A visible cost was limited imports of fruit. As I recall, the selection of fruit and vegetables at that time would have made the recommended “5 a day” serving of fruit and vegetables far more difficult to follow than today. In recent years, 15–20 per cent of GDP has been invested in the mainland economy, or about the same percentage as our neighbouring countries. But we are always faced with demands for more investment, which is perhaps not that surprising. All of us have probably been stuck in a traffic jam and felt irritation over poor road conditions. It is easy to agree that investment in knowledge is sensible and of benefit for the future.

After his death, Collett’s heirs insisted on maintaining an extravagant lifestyle as if the income was still intact. Their wealth rapidly withered away and in 1829 the coffers were empty. The farm was taken over by the state. 1 The time it took Collett to make a fortune is about the same as it took Norway to build up its oil-based financial wealth. Nearly 40 years after Phillips Petroleum discovered commercially viable oil reserves in the Ekofisk field 2, we have an oil-based sovereign wealth fund worth more than NOK 3 trillion. Few other countries are sitting on such huge financial reserves. But our wealth primarily comes from other sources than the oil fund, now called the Government Pension Fund Global. The value of our current and future labour resources is more than ten times as great as the value of our oil and the oil fund combined. 3 The oil fund would be depleted in three years if government tax revenues were to disappear entirely. Our economic future depends above all on our capacity to produce goods and services that others value. But the visible oil revenues may give the impression that we have a huge treasure trove at our disposal. Sound wealth management is therefore first and foremost a question of maintaining and developing the value of our productive resources, particularly our labour resources. A nation that comes into a large fortune must make a number of choices and trade-offs. They can be considered from a legal, ethical or financial standpoint.
Many among the audience would be familiar with a concept that is fast gaining traction, “integrated reporting”. This approach, as described by the International Integrated Reporting Council, “communicates a clear, concise, integrated story that explains how resources are creating value”. It covers a much broader scope of factors connected to business activities, including greater consideration of social impact and value creation for the future. By identifying the inter-linkages between financial, environmental, social and corporate governance, we are better placed to adopt a more holistic and socially meaningful approach towards strategy development. Adopting the ‘Integrated Reporting’ approach has immense potential for public sector disclosures. It provides an excellent template that will help the public better understand the governance, deliverables and long-term direction of the public sector. It also motivates institutions to think about how best to measure and describe outcomes in relation to their mandates. Going forward, accountants will likely have an important say on how these performance measurements are designed and defined. Conclusion Peter Bakker, the president of the World Business Council for Sustainable Development, famously said that “Accountants would save the world.” There is some truth to the statement. Few other professions have the same power to dictate the language and context of that discourse. As we work together towards change, our ability to continuously learn, improve and reinvent ourselves will ensure that we emerge a more successful nation in the decades to come. With integrity, agility and vision, I am confident that we will triumph over the unfamiliar which most likely characterize our future.

Thank you, and I wish all of you a fruitful and engaging conference ahead. 4/4  BIS central bankers' speeches
However it is worth recalling that when this massive inflation propagation began, private agents were expecting 4.4% for December 2008 inflation, while May’s Monetary Policy Report placed it at 4.7%. The actual figure was 7.1%, with a peak in October of 9.9%. The inflationary upsurge certainly took everybody by surprise, coinciding with peaking oil prices. Chile was, at the same time, one of the countries where inflation rose fastest during the episodes of increasing commodity prices and also where inflation dropped fastest afterwards (figure 3). Why was that? We know it was not because of changes in the traditional variables, such as the evolution of economic activity or the exchange rate. The speed of the adjustments may be explained by us being an open, market economy, with few price distortions. The rise in the oil price may have also created the perception that the increase would be very persistent, accelerating the adjustment of local prices. However, beyond the need to deepen our understanding of inflationary dynamics, what counts here is the capacity to react and the flexibility of monetary policy, two characteristics that it exhibited in its response to this phenomenon. In our May Report of last year, when the MPR was at 6.25%, we announced that in the most likely scenario the path of the MPR would be in line with market expectations, that showed a further increase of at most 25 basis points in the next twelve months. Things changed and, naturally, monetary policy decisions changed as well.

The expiry of the moratorium on deferral of loan repayments could also give rise to an increase in non-performing exposures. This moratorium was possible on the basis of the EU-wide regulatory framework established by the European Banking Authority (EBA) in its Guidelines onlegislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis. The application of this framework has provided banks with flexibility and relieved tens of thousands of their customers, natural and legal persons, experiencing difficulties in the crisis. In September this year a decision was taken at the EBA to phase out the moratoria on bank loan repayments; however the re-emergence of the pandemic and the new restrictive measures gave rise to an up-to-date analysis and extension of the moratoria upon introducing restrictive conditions. The Bulgarian National Bank, jointly with the other national supervisory authorities, actively participated in the EBA discussions on this topic. We are ready to quickly implement the necessary decisions in Bulgaria, subject to the conditions approved by EBA – extension until 31 March 2021 of the deadline for submission of applications for deferral of liabilities and their approval by banks, with a maximum allowable 9-month deferral, including the term of an already approved deferral on the relevant exposure. Outside the scope of the moratorium, banks have the opportunity to individually renegotiate loans of their customers – an opportunity they have already been using.
In the long run, the persistence of structural reforms remains a priority for stimulating the economic growth rates. The Bank of Albania has constantly called for the restructuring of the Albanian economy and the need for a new economic growth model. It should be an export-oriented growth model and it should create a more favourable environment for promoting foreign direct investment  BIS Review 175/2010  1  at home. Increasing economic growth potential is, among others, a necessity against a background of steady employment growth and lower unemployment figures. The Bank of Albania has been consistent and transparent about the targeted macroeconomic policy approach. We have requested and welcomed the re-orientation of fiscal policy towards bringing the budget deficit down and keeping the public debt level in check. The successful borrowing via the issuance of Eurobond is a positive signal for the Albanian economy and it will help finance public sector’s activity with foreign currency in the short-run. On the other hand, the quotation of the Albanian sovereign debt in the international markets will require greater commitment in order to maintain appropriate parameters of fiscal sustainability. Pursuing these principles in 2011 budget and in the medium-term public finance framework would be the first right step in this regard. Keeping inflation under control will continue to guide our monetary policy judgment and decision-making on interest rates and the liquidity conditions in economy.

Exports continue to grow, deflation has moderated, and unemployment appears to have peaked. Less easy to quantify is the change in mood, although it is, as I have said, shown to some extent in the activities in the markets, as well as in consumer spending. What is, I think, clear to every observer, however cynical, is that there has been, among all sectors of the community, a marked and quite sudden turnaround, from pessimism bordering on despair to a cheerful if cautious optimism. This comes as a huge relief after the gloom and despondency of the second quarter. Important initiatives, such as CEPA and the relaxation of restrictions on individual travellers from the Mainland, have undoubtedly helped to stimulate confidence. So too have the general - though by no means conclusive - signals that the world economy is also in better shape. It is also very likely that the recent surge in markets and the gradual growth in economic activity are part of a longer-term trend, going on for at least a year now, in which there have been underlying improvements in the Hong Kong economy. Deflation, under the discipline of the Link, has made Hong Kong more competitive: it is now a less expensive city in which to do business or take a holiday. The real effective exchange rate for the Hong Kong dollar - which is a true measure of the competitiveness of an economy - has declined by 24% over the past five years.
Figure 2 Households’ assets and debt in relation to disposable income Per cent 600  12  Real assets (own home, tenantowned apartments, second homes) Total assets (excluding collective pensions) Debt  500  9  Total own saving, excluding collective charges (right scale)  400  6  300  3  200  0  100  -3  0  -6 81  85  89  93  97  01  05  09  13  Sources: Statistics Sweden and the Riksbank  Households’ “leverage ratio”, net wealth over total assets, compared with the relationship between capital and total assets among the banks and some large Swedish listed companies in 2011 (Figure 3). Households thus have a leverage ratio comparable with the bestcapitalised listed companies and much greater than the banks’ very small ratios between capital and total assets.14 Swedish households are also well capitalised from an international perspective.15  14  Households, unlike the large listed companies, have a separate disposable income that mainly consists of wages and that can be seen as return on the household’s human capital. Households’ human capital is not included in the normal balance sheet for households. To assess the value of human capital one can conservatively take the present value of 20 years of disposable income (many young households will work for a much longer period).

As a result, total outstanding ringgit bonds increased by 10.7% to RM363 billion, which is equivalent to 81% of the gross domestic product. The general market conditions have also remained favourable for both issuance and trading activities, given the low inflation and interest rate environment and the strengthening of economic fundamentals. The Islamic bond market has also experienced exceptional growth. In 2004 the market expanded by 13.4%. To further enhance market turnover, Bank Negara Malaysia announced in January this year the usage of repurchase agreements as a monetary policy instrument, introduced the Institutional Custodian Programme to enable borrowing and lending of securities, and provided a securities lending facility for principal dealers. The implementation of these measures are aimed at improving the price discovery process and increasing the efficiency of capital allocation within the financial system. To facilitate the further development of the Islamic bond market, the Government has also imposed tax neutrality between the treatment on Islamic and conventional capital market products. BIS Review 29/2005  1  It has been just one year since we allowed Multilateral Development Banks and Multinational Corporations to issue Ringgit denominated bonds in Malaysia, and we are now witnessing the third issuance of such bonds by a supranational. In that, I am pleased to welcome the IBRD's issuance of its 760 million Ringgit Wawasan Bonds in Malaysia. We are pleased to note that the World Bank has decided to make its inaugural issuance structured in compliance with the Shariah.
» Issue Brief 2019-3 – March 2019 xvii Philippe Aghion, Gilbert Cette, Elie Cohen, Changer de modèle, Odile Jacob, 2014 xviii OECD (2016), PISA 2015. xix OECD xx OECD (2016), PISA 2015: on average, the PISA 2015 sample covers 90% of the national population of 15-yearolds in Europe/EU/euro area. For the OECD, this coverage rate is an approximate measure of enrolment rates in grade 7 or higher. xxi OECD (2018, 2016) Education at a Glance. xxii OECD (2018), Equity in Education: Breaking Down Barriers to Social Mobility, PISA, OECD Publishing, Paris. Performances measured in science xxiii Column in Les Echos, 20 April 2018 xxiv Hans Jonas (1991), The Imperative of Responsibility: In Search of Ethics for the Technological Age xxv Mario Draghi (2019) Sovereignty in a globalised world, Speech at the University of Bologna, 22 February xxvi Simone Veil, President of the European Parliament, 1979

Over the years, the Bank established specialised institutions to enrich the talent ecosystem. These institutions, namely INCEIF, ISRA, IBFIM, the Chartered Institute of Islamic Finance Professionals (CIIF) and the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS) have collectively contributed towards sustainable development of professionals and expertise in the industry. I am pleased to note that the industry has significantly benefitted from the contribution of these institutions. INCEIF is now widely recognised as a global university in Islamic finance and has enrolled more than 2,000 students from 80 countries and produced over 1,000 graduates to date. ISRA plays an instrumental role as a dedicated Shariah research arm as well as a knowledge repository for Islamic finance. It is known as one of the key players in Islamic finance research globally and has emerged as the top contributor in Islamic finance research between 2011–2013. IBFIM, which is the industry training arm, has also made significant achievements with over 6,400 participants attending its training programmes in 2015. In raising the bar of professionalism, the Chartered Institute of Islamic Finance Professionals as the first professional body in Islamic finance seeks to promote the highest standards of professional practice amongst Islamic finance practitioners. Two standards on the admission of members and accreditation of institutions have been issued in November last year and two more are anticipated in 2016. ASAS, with prominent scholars as its members, has also embarked on various initiatives that have contributed towards its objective of inculcating the highest level of professionalism of Shariah advisors.