samchain/econo-pairs-v1 huggingface dataset:
XX(1), pp.61 - 65. [8] Department of Statistics (2020), “Rebasing of the Consumer Price Index for General Households”,  Statistics Newsletter Singapore, Issue 1. © 2021, Government of Singapore.

At the end of 2015, in Bulgaria the share of SEPA credit transfers in the total number of customers’ credit transfer orders in euro was 59%, and the migration to the EMV standard for bank payment cards and POS terminals is over 90% and is nearly complete. • With effect from 1 February 2016, Member States must remove settlement-based national reporting obligations on payment service providers for balance of payments statistics relating to payment transactions of their customers. Soon the National Assembly is going to pass amendments to the Currency Law, introduced with the Law on consumers’ real estate loans, and the related changes are going to be made to Ordinance No.27 on the balance of payment statistics. Therefore, payment service providers will no longer be required, for the needs of the balance of payments statistics, to keep registers and provide the BNB with information on transactions and payments between residents and non-residents and on  BIS central bankers’ speeches  1  cross-border transfers of over BGN 100 000. We expect that these changes would be passed by the end of July this year. • In relation to the agreement reached between the MoF, BNB and market participants, the BNB as the fiscal agent of the government works on a project for the technical implementation of direct connection of the Government Securities Depository with the EBOND system to the BLOOMBERG PROFESSIONAL platform and the system of the Bulgarian Stock Exchange.
Shaw-Taylor, L, and Wrigely, E A (2014) “Occupational structure and population change”, in Floud, Humphries and Johnson (eds) The Cambridge Economic History of Modern Britain, Volume 1 (Cambridge University Press, Cambridge, 2014). Stanislaw, U (1958) ‘Tribute to John von Neumann’, Bulletin of the American Mathematical Society. Ricardo, D (1821) “On the Principles of Political Economy and Taxation”, Library of Economics and Liberty Online. Trade Union Congress (2014) “UK workers suffering the most severe squeeze in real earnings since Victorian times”, Labour Market and Economic report, available at: http://www.tuc.org.uk/economic-issues/labour-market-and-economic-reports/economicanalysis/britain-needs-pay-rise/uk. Wallis, P (2014) “Labour markets and training”, in Floud, Humphries and Johnson (eds) The Cambridge Economic History of Modern Britain, Volume 1 (Cambridge University Press, Cambridge, 2014). Woirol, G R (1996), “The technological unemployment and structural unemployment debates” (No. 173), Greenwood Publishing Group.

At the same time, new guidelines for fiscal policy were drawn up, providing for the use of petroleum revenues over the central government budget equivalent to the expected real return on the Government Petroleum Fund. 2  BIS Review 90/2001  The new guidelines for monetary policy did not entail any significant change in the conduct of monetary policy. Quantifying an inflation target, in line with international practice, has made it easier to explain and understand Norwegian monetary policy. The implementation of monetary policy Monetary policy influences the economy with considerable and variable lags. Our analyses indicate that a substantial share of the effects of an interest rate change occurs within two years. Two years is thus a reasonable time horizon for achieving the inflation target of 2½ per cent. The effects of interest rate changes are uncertain. In addition, it may be difficult to assess the current situation. Different indicators may point in various directions and economic statistics are normally published with a lag. This suggests that a gradualist approach to setting interest rates is appropriate. We will then acquire new knowledge and can adjust interest rates underway. If evidence suggests that inflation will be higher than 2½ per cent with unchanged interest rates, the interest rate will be increased. If it appears that inflation will be lower than 2½ per cent with unchanged interest rates, the interest rate will be reduced. There is symmetry here.
But as innovation and competition lengthen that chain of action and introduce more actors into it, the current regulatory framework does not capture the full ‘end to end’ risks in the chain. As a result, the Financial Policy Committee of the Bank of England has recommended to the Treasury’s Payments Review that the regulation and supervision of systemic payments systems should reflect the financial stability risk, rather than the legal form, of payments activities and ensure end-to-end operational and financial resilience across payment chains. 12 Similar changes are happening in other countries, both advanced and emerging economies. 13 12  See https://www.bankofengland.co.uk/-/media/boe/files/financial-policy-summary-and-record/2019/october-2019.pdf The Committee on Payments and Market Infrastructure reports there are 45 jurisdictions now “live” with fast payment services, and know of 12 jurisdictions planning to introduce fast payment services in the future. 13  8  All speeches are available online at www.bankofengland.co.uk/news/speeches  8  And central banks and others are working through the BIS Committee on Payments and Financial Market Infrastructure and the Financial Stability Board to produce, for the G20, proposals to improve the coverage, efficiency and reliability of current systems for cross border payments. Crypto assets and stablecoins  It is important to emphasise that the developments we have seen in electronic payment systems we use over the last 50 years have been innovations in the transfer of commercial bank money – the claims we hold on licenced, deposit taking commercial banks – to make transactions.

5 In the UK, the Financial Services Compensation Scheme guarantees retail bank deposits up to £ 6 On the eve of the financial crisis HBOS, Lloyds and RBS held over £ billion of sight deposits from UK households, and provided close to half of the UK’s personal current accounts. 7 As the then-Governor Mervyn King said at the time “The actions that were taken were not designed to save the banks as such, but to protect the rest of the economy from the banks.” 4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4  60% of payments were made in cash, by 2018 this had fallen to 28%, and has been predicted to drop to 9% of payments by 2028.8 [See chart 2]. Technology, alongside changes to domestic and European regulations designed to foster competition and innovation, is also enabling a new set of players, in addition to banks and card companies, to provide transaction related services. Some of these seek to replace banks or card companies in performing operations in existing payment systems while others seek to add new services to those operations. These developments are about improving the efficiency and functionality of transacting electronically in commercial bank money. But there is also a new wave of technological development that enables the transactional use not of central or commercial bank money but rather a new form of asset, so called ‘crypto-assets’ - cryptographic digital tokens, recorded in distributed ledgers and held in electronic safety deposit boxes called ‘wallets’.
The financial institutions have the responsibility to establish a compliance mindset throughout the organization as a foundation that places high regard on ethics, trust and values. Energies that are used by some banks and financial institutions to design ways and means of flouting instructions and defying directives should be diverted to observance of governance and compliance. 6.2 I have highlighted the challenges that financial institutions could encounter in implementing GRC amidst ongoing increasing globalization, continuously changing laws and regulations, various forms of financial stresses and continuous evolution of complex financial products. These challenges underscore the importance of compliance and best practice, which have already been set by the financial services industry regulators and supervisors as well as the international standard setters. 6.3 In the present financial industry environment, where the stakeholders and other interested parties put pressure for greater transparency and corporate responsibility, the Board of Directors and senior management have to set high standards in all aspects of GRC. The increase in investments to improve the IT infrastructure and human resources to integrate GRC management can improve risk management as well as compliance performance and its efficiencies. The financial institutions that have strong governance and  6  BIS Review 15/2008  compliance processes in an integrated GRC framework will be more capable of winning public confidence, attracting investors, improving corporate reputation and efficiency, as well as contributing to promote financial system stability.

Keeping up with the international best practice is not an easy task, but we have much less choice in not doing so. It will also bring in new challenges for the supervisory and legislative community. The changes that occur at high speed, the new risks and complexities that cut across the financial industry at an international level may pose difficulties for institutions to be compliant at all times because their compliance today may not hold for tomorrow, but it is important to realize that today’s challenges are tomorrow’s history. So, it is necessary to act today. 4.4 Given the expansion of financial markets associated with rapid growth in India and China, it is essential for banking and financial institutions in the Asian region to analyze risks relating to innovative financial products that will be sold by these markets. In this regard, the wider financial system in Sri Lanka should be adequately robust and resilient to deal with complex risks associated with these new products. In this context too, Sri Lanka’s financial services industry should focus on GRC as a package and deal with these three pillars or imperatives within an integrated framework. 4.5 Introducing an “awareness culture” of GRC is also a serious challenge. It is necessary to ensure that the integrated GRC should be a prime concern of the employees and the Boards, as well as the senior management of financial institutions. Continuous training of relevant stakeholders would be a solution to this challenge. 5.
Inflation reached at 8.3% in October, continuing to remain the main threat to the macroeconomic stability and to both the stable and long-term growth of Albania. Given these circumstances, the Bank of Albania has undertaken a gradual monetary policy normalization process, ensuring that the speed of this normalization will return inflation to target within a reasonable period of time and with the lowest cost possible to the economic activity. Our efforts to control and contain inflation have also been helped by the appreciation of our currency vis-à-vis the euro. During 2022, our currency, the lek, has appreciated by 2.5% on average against the euro, due to significant revenues generated by tourism, high FDIs, and stable risk premia in our domestic financial markets. This was further strengthened by the convergence of our monetary policy cycle with that of the euro area. In parallel, the regulated energy price for Albanian households has helped in absorbing the foreign pressures. This conclusion is well documented by previous and recent research conducted by our staff at the research and policy departments and by the econometric models that support our monetary policy. Foreign price pressures helped by persistent domestic demand are already feeding to inflation of domestically produced goods and services, thus driving to the increase of production costs, and most importantly, of inflation expectations. This is evident in the labor market, capacity utilization rate and the capital markets, which seem to have already internalized these expectations in their decision making.

The Deutsche Bundesbank and the rest of today’s Eurozone members (the former Exchange Rate Mechanism members) may serve as a useful example. By imposing the uncovered interest rate parity predicts that the pegging central bank either follows the interest rate policy of the leading central bank or faces significant pressure on its exchange rate. Well, this is exactly what happened, for instance, in the 1980s when the Banque de France tried to lower its interest rate below that of the Deutsche Bundesbank, and again at the beginning of the 1990s when the Bank of England and Banca d’Italia did not want to follow the policy tightening of the Deutsche Bundesbank. In both cases the opening of a negative interest rate differential created depreciation pressures on the exchange rate. As you may well know, the British pound and Italia lira were subsequently forced to abandon the Exchange Rate Mechanism. The existence of exchange rate crises and speculative attacks thus serves as clear empirical evidence in favour of the uncovered interest rate parity. In addition, recent empirical studies based on advanced econometric techniques and using intraday data have shown that when the historical data are used properly the result may support the uncovered interest rate parity concept. The exchange rate plays a crucial role for the Czech economy as well and is therefore an important part of our forecasting devices. And yes, the core forecasting model we use relies on the uncovered interest rate parity equation.
This information is necessary for making a proper assessment of the budget projection in Spain, given the high degree of decentralisation of our public sector: in 2012, central government was responsible for 27% of total consolidated public spending; the social security system for 32%; the regional governments for 30%; and local government for 11%. As I indicated here a year ago, this Budget Plan marks an important step forward: over time, this document is destined to play a key role in the overall programming of total public spending, with the dual aim of making the budgets of the different tiers of government consistent and offering this information in an accessible and transparent fashion to the public at large, analysts and institutions. The macroeconomic figures accompanying the 2014 Budget project real GDP growth of 0.7%, as a result of the positive 1.2 pp contribution of the external sector, offset in part by the negative contribution of national demand. These forecasts are prudent and in line with the above-mentioned central growth scenario and, broadly, with what may be inferred from the consensus reached by analysts. The deficit targets for 2014 are well-known and match those approved by the European Council last July. The overall general government deficit should stand at 5.8% of GDP, 0.7 pp down on the forecast for 2013.

I am confident that these issues I shared with you provide a summarised vision of some of the main directions of our work during this period. BIS central bankers’ speeches  3  Looking forward to a productive exchange during the proceedings of the conference, I thank You for your attention! 4  BIS central bankers’ speeches
I would now like to lead you through the details of our role in growth and hope that by the end of our talk you will have gained firmer belief that Thailand’s policy makers are committed to the country’s long-term growth. My talk today will cover the two roles that the Bank of Thailand plays in building sustainable growth. Firstly, I would like to describe the ongoing role of economic stabilization, as stability is a prerequisite for sustainable economic growth in the long term. Secondly, I will address growth opportunities available to Thailand and the Bank of Thailand’s role in developing the financial structure that enables the capture of these opportunities. Due to necessity as well as design, several structural changes are now underway in Thailand, and the Bank of Thailand aims to facilitate the transformation of these changes into sustainable long-term growth. Ladies and gentlemen, When businesses go about their daily activity, they not only produce goods for consumption today, but they also innovate and improve their tools of trade in order to produce more and newer goods in the future. When the economy enters a long slump, these improvements are foregone and future growth potential is diminished, a situation known as hysteresis. Therefore a smooth growth path is desirable for sustainable growth. This brings us to the first role of the central bank in this talk, safeguarding stability and balance in the economy. In particular, the Bank of Thailand monitors three facets of stability: growth stability, price stability, and financial stability.

Prasarn Trairatvorakul: “The Role of the Central Bank in Driving Thailand’s Sustainable Growth” Speech by Dr Prasarn Trairatvorakul, Governor of the Bank of Thailand, before the Thai Forum, New York, 8 October 2014. *  *  *  Ladies and gentlemen, Thailand has undergone much change this year, and the usual visitors from abroad may have chosen, understandably, to watch developments from afar. It is thus my sincere pleasure to bring some of Thailand to your very doorstep. The country is now at an important junture. Political uncertainty has subsided and some promising government plans have taken place. Therefore there is no better time for domestic and international investors alike to capitalize on the new wave of growth. Thailand’s immediate challenge is to restore growth to its potential. For much of the past seven years, we have been experiencing sub-par growth rates. As the economy now wakes up from its third contraction since 2008, it is time to focus on Thailand’s avenues for restoring normal growth again. How can an economy rebound from a contraction back to growth? Part of the answer lies in the economy’s strong fundamentals, and the Bank of Thailand, as the central bank, plays a part in safeguarding them as attested by quick rebounds of the Thai economy after the Great Recession in 2008 and the Thai floods in 2011. In addition, as caretaker of the country’s banking system, the Bank of Thailand also fosters development of the financial system to bring about growth.
Moreover, resource utilisation is low to begin with, and is expected to remain low in the coming period. This justifies the expansionary monetary policy we are now conducting to attain the inflation target and to stabilise resource utilisation. References Apel, M., Friberg, R. and Hallsten, K. (2004): “Price-setting behaviour in Swedish firms”, Economic Review no. 4, 2004, Sveriges Riksbank. Adolfson, M. (2004), “Exchange Rate Pass-Through – Theory, Concepts, Beliefs and Some Evidence”, unpublished paper, Sveriges Riksbank. Bachetta, P. and van Wincoop, E. (2003), “Why Do Consumer Prices React Less than Import Prices to Exchange Rates?” Journal of the European Economic Association 1, 662–670. Burnstein, A., Eichenbaum, M. and Rebelo, S. (2002), “Why Are Rates of Inflation So Low after Large Devaluations?” NBER Working Paper 8748. Cheung, Y-W, Chinn, M.D. and Pascual, A. G., “Empirical Exchange Rate Models Of The Nineties: Are Any Fit To Survive?” Journal of International Money and Finance, 2005, 1150–1175. Cumby, R.E. (1996): “Forecasting Exchange Rates and Relative Prices with the Hamburger Standard: Is What You Want What You Get With McParity?” NBER working paper 5675. Froot, K. and Rogoff, K. (1995), “Perspectives on PPP and Long-run Real Exchange Rates”, G. M. Grossman and K. Rogoff (red. ): Handbook of International Economics 3. Froot, K.A. and Thaler, R (1990): “Anomalies: Foreign exchange”, Journal of Economic Perspectives 4: 179–92. Goldberg, P.K. and Knetter, M.M. (1997), “Goods Prices and Exchange Rates: What Have We Learned?” Journal of Economic Literature XXXV, 1243–1272. Hansson, J. and Johansson, J.

(2007): “Alternative measures of inflation for monetary policy analysis”, Economic Review no. 3, 2007, Sveriges Riksbank. Lagervall, B. and Nessén M. (2009), “The long-term development of the krona”, Economic commentaries no. 6, Sveriges Riksbank. Lothian J.R. and Taylor M.P. (2008): “Real Exchange Rates Over the Past Two Centuries: How Important is the Harrod-Balassa-Samuelson Effect?” Economic Journal 118. McCarthy, J. (2000), “Pass-Through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrial Economies”, Federal Reserve Bank of New York Staff Report 3. Meese, R. and Rogoff, K. (1983), “Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?” Journal of International Economics 14 , 3–24. Rogoff K. (1996), “The Purchasing Power Parity Puzzle”, Journal of Economic Perspectives, p. 647–668. 14  BIS Review 3/2010  Parsley, D.C. and Wei, S-J. (2007): “A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates” Economic Journal 117, 1336–1356. Rose, A.K. and Yellen, J.L. (1989), “Is There a J-curve?” Journal of Monetary Economics 24, 53–68. Taylor, M. P. (2002): “A Century of Purchasing Power Parity”, Review of Economics and Statistics 84, 139–150. BIS Review 3/2010  15
A number of factors should help accomplish this rebalancing, and monetary policy has an important role to play. First, with the omicron wave now ebbing and COVID vaccines and treatments much more widely available across the globe, we should see a gradual restoration of supply and a resolution of associated bottlenecks and shortages. Over time, consumers should also start to cut back on buying goods that are in short supply and switch back to in-person activities like travel, dining, and entertainment, where supply is less constrained overall. Together, these developments should contribute to more balance between supply and demand in the economy. The second factor is fiscal policy, which provided a huge boost to the economy during the past two years but is unlikely to be as significant a source of demand this year. This is true not only for the United States, but also for many other economies. Last—but definitely not least—is monetary policy. After providing maximum support to the economy for the first year and half of the pandemic, the FOMC is adjusting the stance of monetary policy with the aim of bringing demand in balance with supply and thereby bringing down inflationary pressures. The same is true for many other central banks, which either already have moved in this direction or are expected to this year.

In addition, both house prices and debt accumulation are affected by structural changes in capital and credit markets and by changes in lending willingness, demographic trends and migration patterns. It is difficult to determine to what extent house prices have risen as a result of structural changes and wealth gains and to what extent house prices have been pushed up by expectations of a continued high rise in house prices. Developments since the beginning of the 1990s may have engendered expectations that house prices will only continue to rise. This may have increased house purchases for pure investment purposes and induced younger buyers to enter the housing market earlier than otherwise. The pronounced fall in  4  BIS Review 102/2007  saving over the past few years indicates that households take greater chances. The housing market may have been in a state of euphoria. We can influence house prices through the interest rate, but if the interest rate had been increased to a markedly higher level in order to curb house price inflation, the krone would have been significantly stronger and CPI inflation significantly lower. Yet it is low and stable inflation that is the operational target of monetary policy. There is symmetry here as well. Should house prices fall sharply, we will in interest rate setting concentrate on dampening the effects on inflation and overall activity in the economy.