samchain/econo-pairs-v1 huggingface dataset:
When the effects of these transitory influences wane, inflation will begin to move closer to our 2 percent objective for the personal consumption expenditures deflator. Second, the tightening of the labor market may soon lead to some strengthening in the labor compensation trend. Although the recent data are as a whole inconclusive, I find it noteworthy that the four-quarter change of the Employment Cost Index for all civilian workers, which I view as the most reliable indicator of labor cost trends, rose by 2.6 percent as of the first quarter of this year, up from around 2 percent in the first quarter of 2014. Also, work done by my staff suggests that we are at that point in the labor market recovery where, in the past, we have typically seen a pickup in wage compensation. Third, the risk that inflation expectations, which are important in influencing inflation outcomes, might become unanchored to the downside seems to have diminished. In particular, anxieties created by the decline in breakeven inflation compensation measures based on the relative yields of nominal Treasuries versus TIPs have lessened. For example, the 5-year forward, 5-year inflation compensation measure has climbed by about 25 basis points from its low point in late January. 3 Implications for monetary policy So what are the implications of the economic outlook for U.S. monetary policy?

More important for financial market asset prices than the precise timing of lift-off is the expected trajectory of short-term rates over the next few years following lift-off. Most likely, this will be a shallow, upward path. Because of the persistent headwinds associated with the recent financial crisis, the level of real short-term interest rates consistent with a neutral monetary policy seems considerably lower now than in the past. And, if potential GDP growth is much lower – due to slower labor force growth and productivity growth – the long-run equilibrium real short-term rate is also likely to remain lower than normal in the future even after those headwinds fully dissipate. But there must be considerable uncertainty about the path for short-term interest rates. After all, the economic outlook is uncertain. Moreover, the appropriate stance of monetary policy will be influenced by how financial market conditions respond to the Federal Reserve’s actions. All else equal, if financial conditions tighten sharply, then we are likely to proceed more slowly. In contrast, if financial conditions were not to tighten at all or only very little, then BIS central bankers’ speeches  1  – assuming the economic outlook hadn’t changed significantly – we would likely have to move more quickly. In the end, we will adjust the policy stance to support the financial market conditions that we deem are most consistent with our employment and inflation objectives.
As a starting point I think it is worth taking a step back and reminding ourselves why the Riksbank and many other central banks in general have developed inflation targets. 1 The advantages of an inflation target Money as we know it in modern times has no natural, intrinsic value. Historically, coins were minted using valuable metals and central banks promised to redeem banknotes in exchange for a certain quantity of such metals. However, since the early 1970s every trace of this kind of link to valuable metals has disappeared. The reason why banknotes and coins nevertheless have a stable value is based on expectations and confidence – expectations that the money will continue to be valuable in the future and confidence that the central bank will pursue a monetary policy consistent with price stability. There are several ways to build expectations of price stability. It has often been attempted to develop some form of nominal anchor for the economy. The anchor could, for example, be a fixed exchange rate, a target for the development of money supply or an inflation target. When it is credible, an inflation target acts as a benchmark and guides expectations in the economy. When economic agents have a common picture of how prices will develop in the future, it becomes easier to plan for the long term. The inflation target therefore lays the foundations for efficient price and wage formation.

6 It is therefore difficult to understand why the effects should be so much bigger and more permanent in Sweden that the inflation target should be lowered here but not in any other countries, or why the rest of the world has not identified the problems. 7 It is possible that digitisation and globalisation have played some role in how inflation has developed in recent years, but the Riksbank’s assessment is that the low inflation seen in Sweden since 2010 is mainly explained by a strong exchange rate, a weak global economy, falling energy prices, and that companies have generally not been inclined to raise their prices. That prices have not been raised could be due, for example, to the fact that uncertainty has increased following the crises and that inflation expectations have fallen as inflation has remained low for so long. 5  Another way of expressing this is that inflation is fundamentally a monetary phenomenon. 6  There is a lively debate about the low interest rate policy also in the US, but it has a slightly different focus than the Swedish debate. Those who criticise the Fed for pursuing an overly expansionary monetary policy are usually convinced that inflation will soon return to the target even if the central bank tightens monetary policy (see for example George, 2015, and Lacker, 2015). 7  According to Hammond (2012), 27 countries were fully fledged inflation targeters a few years ago.
Zeti Akhtar Aziz: Islamic banking and finance Welcoming address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the inauguration of the Islamic Financial Services Board, Kuala Lumpur, 3 November 2002. *  *  *  "In our endeavour to build a strong and sound Islamic financial system, of importance are the critical milestones that we establish to crystallize this quest ... the first was the establishment of the Islamic Development Bank in 1975. The second was the establishment of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in 1990. And today, the establishment of the Islamic Financial Services Board marks another important milestone". It is our great honour and pleasure to welcome you to this momentous occasion to commemorate the inauguration of the Islamic Financial Services Board. This occasion is of particular significance as, on this day, with the grace of Allah, we are laying the foundation for the promotion of a sound and stable Islamic financial system that will pave the way for its successful integration as a viable and credible component of the global financial system. Allow me to take this opportunity to express our gratitude to Yang Amat Berhormat Dato Seri Dr. Mahathir bin Mohamad for his unwavering commitment and support for the development of Islamic banking and finance. This has indeed opened a gateway for Malaysia to develop a comprehensive Islamic financial system and our participation in the global development of Islamic banking and finance.

In this connection, a more flexible capital framework that promotes an enhanced degree of capital sensitivity to actual risk intricacies is indeed appropriate for the governance of an Islamic financial institution. An Islamic financial institution's asset profile is characterized by a diverse spectrum of Islamic financing structures ranging from the low risk sales and lease-based modes of finance to the higher risk-equity-based modes. Each of these modes of finance has a distinct intrinsic characteristic dictated by its underlying Shari'ah principles and thus, entails different risk profiles. Ladies and Gentlemen: As the Islamic financial services industry ascends to maturity, it will be desirable to achieve a gradual increase in equity-based finance as this is deemed to be a more equitable financing structure in the eyes of the Shari'ah. It is therefore important to design an appropriate capital requirement that is commensurate with the associated risks. While equity-based finance may involve higher risks and therefore attract higher capital requirements, this, however, should not deter Islamic financial institutions from venturing into equity-based finance. A similar approach is needed to balance between regulatory requirements and financial innovation. Given that the Islamic financial services industry is still in its early stages of development and with the degree of flexibility accorded by the Shari'ah, there.15 vast potential for financial innovation to expand.
SPEECH DATE: 29/01/2018 SPEAKER: First Deputy Governor Kerstin af Jochnick LOCALITY: Sveriges riksbank, Stockholm  SVER IG ES R IK SB AN K SE-103 37 Stockholm (Brunkebergst org 11) Tel +46 8 787 00 00 Fax +46 8 21 05 31 registratorn @ riks ban k.se www.riksb ank.s e  How the Riksbank contributes to financial stability* In Sweden we have a large financial system, which contributes positively to jobs and growth. But it also entails risks, not only for financial companies, but also for the entire Swedish economy. We have in modern times experienced two bank crises, which the responsible authorities have succeeded in managing in a good way, but which have in the long run lowered production levels and thus general welfare in Sweden. Discussing what central banks and other authorities do in the field of financial stability is therefore important. Right now it is particularly interesting to discuss what the Riksbank does, as the Riksbank Committee is in the process of reviewing the Sveriges Riksbank Act. One of the areas the Committee is to analyse is precisely the Riksbank's responsibility for financial stability, and it is good that this is clarified. The current act says that the Riksbank shall "promote a safe and efficient payments system”. The concrete meaning of this text is not self-evident, but the Riksbank has interpreted it as a task of promoting financial stability.

If such a bank makes losses on loans in one state it can offset them with gains  BIS central bankers’ speeches  3  in another – thus at least in part internalising the costs. In the euro area, however, banks tend to have a more domestic focus, meaning losses in one country are more likely to exhaust the capital of the domestic banks. In the capital markets, the US has integrated equity and debt markets, allowing losses from bank failures and corporate insolvencies to be dispersed across the whole market. In the euro area, by contrast, cross-border capital markets are only partially developed, which means the effect of a negative economic shock is fully concentrated at home. In Germany and France, for example, around 85% of equity is held domestically. One should not underestimate the importance of this: it has been estimated in a paper that two-thirds of economic shocks in the US are absorbed via the integrated financial market.1 While the launch of the euro seems to have encouraged more private risk-sharing between EMU countries, it remains at much lower levels than between US states, and markets are vulnerable to fragmentation.2 This point underscores that the private and public banking unions are to a significant extent interdependent. Having a strong set of federal institutions can stop market failures such as a fragmentation during a crisis.
Mohamed S Fofana: Banking developments in Sierra Leone Statement by Mr Mohamed S Fofana, Deputy Governor of the Bank of Sierra Leone, at the launching ceremony of the new Guaranty Trust Bank logo, Freetown, 28 July 2006. *  *  *  Mr Chairman, Hon Vice President, Solomon E Berewa, Hon Ministers, Board of Directors, Management and Staff of the Guaranty Trust Bank (SL) Ltd, Distinguished Ladies & Gentlemen I am pleased to be here with you this morning at the launching ceremony of the new logo of Guaranty Trust Bank (SL) Limited. We are all aware that change is inevitable in a dynamic world. And that change itself is dynamic, which is why we are all gathered here today. Distinguished Ladies and Gentlemen, a logo is a symbol or trademark designed for the clear and easy recognition of an institution by both its clients and its competitors. We in the Banking industry, as indeed the nation in general, have come to identify Guaranty Trust Bank with a particular logo in the recent past. The change from the old logo, which is two small squares flanking Guaranty Trust, to a new logo, which is a big orange square with a small white square at the top right side and GT Bank inscribed at the bottom of the orange square, is welcomed by the Bank of Sierra Leone.

The features of the new logo, which are orange - representing passion for people and the drive for excellence, white - representing commitment to integrity and professionalism, and the squares - representing stability and dependability, are all symbols of the bank’s commitment to growth, prudent and efficient service delivery to our country, as well as customer care. Mr Chairman, since the Guaranty Trust Bank (SL) Limited commenced operations in January 2002 after the successful take over of the First Merchant Bank PLC Nigeria, it has consistently improved its performance and expanded its operations in the country; notably with the establishment of three branches. As at 31st May 2006, Guaranty Trust Bank’s total assets amounted to Le47.05 billion and shareholders’ funds stood at Le5.84 billion. Loans granted to various sectors of the economy have also gone up to Le9.16 billion. All of these are significant and commendable achievements in a short time. Distinguished Ladies and Gentlemen, over the last couple of years, the bank has committed itself to the provision of efficient banking services to the people of Sierra Leone. It has introduced among other things, money gram money transfer, which is one of the fastest means of transferring money into and out of Sierra Leone, and has also introduced mobile banking services. This last development has given its customers the opportunity to access and initiate transactions on their accounts from anywhere and at any time of the day.
Today there are a number of positive signs: bond market activity is reasonably buoyant, yields of peripheral countries have declined slightly and stock markets have picked up. However, two major weaknesses persist: –  Financial markets are highly fragmented within the euro area and sovereign yield spreads remain substantial;  –  Growth is weak and, here too, there are major disparities within the euro area. In the second quarter, growth stood at -0.2% for the area, after stagnating in the first quarter. Germany posted the highest growth, at 0.3%, and Portugal the weakest, at –1.2%. We are still expecting growth to recover very gradually next year. Before discussing how to address these problems, we have to correctly analyse the causes. In my opinion, three mutually reinforcing causes gave rise to the euro area crisis. 1. The main origin of the crisis lies in the lack of fiscal discipline on the part of most Member States. While these countries had had to make considerable consolidation efforts to fulfil the convergence criteria and to be allowed to join the euro, almost all of them became more lax as soon as they entered. In the first ten years of EMU, they ran up deficits and debts, including during times of growth. As a result in 2008, when the crisis started, these countries had no more fiscal room and their public finances deteriorated substantially.

Ardian Fullani: Recent economic and monetary developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on the Monetary Policy Decision of the Bank of Albania Supervisory Council, Tirana, 29 June 2011. *  *  *  Today, on 29 June 2011, the Supervisory Council of the Bank of Albania reviewed and approved the monthly Monetary Policy Report. Based on an analysis of Albania’s latest economic and financial developments and following discussions on their performance outlook, the Supervisory Council of the Bank of Albania decided to leave the key interest rate unchanged at 5.25%. The Supervisory Council holds that the actual monetary conditions are appropriate for meeting the inflation target and for continuing to stimulate the economic activity. Let me now proceed with an overview of economic developments and main issues discussed at today’s meeting of the Supervisory Council. *** Annual inflation pointed to 4.2% in May, remaining close to preceding months levels. Under higher foreign prices pressure, the prices of “processed foods” and “non-food consumer goods”, including oil, were the main contributors to inflation rates. In the meantime, the seasonal effect of increased domestic supply of fruits and vegetables is reflected in a lower contribution of the “unprocessed food” to inflation. The rise of some administered prices and the effect of higher excise tax rates for some goods continued to provide a constant, but positive, contribution to annual inflation.
We have incorporated substantial improvements in the generation of regional statistics, and we are moving forward in experimental statistics with greater timeliness and scope, but potentially at the detriment of accuracy costs. We have focused on quarterly regional GDP and expenditure releases, gender statistics and, recently, business demographics. 1  We also developed and deployed a new financial market infrastructure with the derivatives repository. This platform makes it possible to enhance market transparency, promote financial stability and facilitate supervision by regulators. We have continued with the internationalization of the peso, the rules for savings accounts have been made more flexible and we launched a Payments Report that will be published annually. And in connection with payments, we are compiling the views of various agents and government agencies on the issuance of digital currencies by central banks, a work that will be released early in 2023. This year also saw the beginning of our financial policy meetings. We opened new communication channels and strengthened our financial education program. We have continued working with microdata, which has allowed us to enrich our analysis, parts of which have been shared with the public in different reports. Another line of work is related to environmental issues, which we are addressing from different areas within the scope of our competencies, and we are participating as advisors in some governmental bodies such as the Preparatory Committee for a Green Taxonomy.

In recognition of the rapid spread of the concept of Islamic banking worldwide, Bank of Zambia undertook a survey to determine the extent of the knowledge and demand for Islamic Banking among banks as a way of enhancing the regulatory preparedness. Significant findings were that the extent of the existing knowledge on, and demand for Islamic Banking in Zambia is quite limited and that currently none of the banks offer Islamic Banking services. The results also indicated that 80% of the respondents intend to introduce Islamic banking products in the near future. Further, most banks had received enquiries from their clients on Islamic banking products. I have no doubt that this conference is very timely and that it provides a unique opportunity for stakeholders in the financial sector to share knowledge and experiences on how best to promote financial diversity and inclusiveness to all sectors of the economy by introducing and incorporating Islamic banking. Distinguished delegates, On behalf of Bank of Zambia, I would like to thank our various presenters and panelists for accepting to help facilitate our deliberations over the next two days. I therefore, would like to appeal to all delegates to engage fully in these discussions and make the most of the wealth of knowledge generated in the house. Ladies and Gentlemen, It is my pleasure and privilege to welcome you to the Islamic Banking Conference and officially open the Conference. 2  BIS Review 131/2008
In my opinion, however, this could have been counteracted by a more expansionary monetary policy. Today I intend to describe the factors that in my view indicate that aggregate demand has been too low in recent years, and to explain why, as I see it, monetary policy and fiscal policy have not been used to a greater extent to counteract low demand. My explanation is by and large that the possibility to use monetary policy and fiscal policy to stabilise aggregate demand has been limited by concerns about financial stability. Even though Sweden has coped well with the financial crisis, I believe that it has left decision-makers with the feeling that they have just had a near-death experience. Financial stability has therefore come to seem far more important that standard business cycle stabilisation. This prioritisation may well be reasonable. However, I believe that it is important to the Swedish economy that we have an effective policy for business cycle stabilisation at the same time as we conduct a policy to promote financial stability. I will discuss how this should be done towards the end of my speech. Low aggregate demand since the financial crisis When Sweden was hit by a collapse in the demand for Swedish export products at the end of 2008, GDP fell heavily. However, it did not take long for GDP to rise again and in 2010 growth figures reached almost record levels.

The significant dimensions of this change include the increased pace of globalisation, the emergence of new technologies and the increasing importance of knowledge as a defining factor in a country's performance. In particular, knowledge accumulation and its application lies at the core of a country's competitive advantage in the global economy. The traditional comparative advantage of abundant natural resources and low-cost labour are now becoming less relevant. It is for this reason that Malaysia has directed significant resources and attention to human capital development, and in particular, to strengthen the intellectual capacity of our nation. As Malaysia transitions into the next stage of development, the vital factor will be having the right skills, knowledge and expertise. If we are to make the quantum leap forward to become a high performance economy, we need to invest in our capabilities. This will become increasingly important as Malaysia ventures into new, cutting edge industries and develops new areas of comparative advantage in this more competitive world economy. To compete effectively in the more challenging global market place that we face today, it will require significant investment in human capital. This is to enable the workforce to deliver superior high value-added products and services and adopt advanced business practices so as to ultimately realise the strategic goals. This trend has become important for all sectors in the economy. Within the financial sector, for example, significant structural enhancements have been made to enable financial institutions and markets to respond to the rapidly changing demands.