samchain/econo-pairs-v1 huggingface dataset:
In general, in this process the Bank of Albania, shall consider the alternations that shall occur in the European standards, by supporting the strong collaboration with other central banks and supervisory authorities. In conclusion, let me point out that the ultimate goal of the new financial regulatory changes that is being identified in the international level is to provide the right incentives, which over time will ensure a more balanced, risk-averse and stable financial markets and institutions activity in the future. On a global and national level, such changes should be complemented by other more general economic measures that should enable an adjustment process to ensure a better alignment of asset and liabilities in the balance sheets of the various economic agents. All this should be achieved, as we still want the social benefits of economic and financial integration. This means the path ahead will witness a continuous and challenging effort to find and strike a new and more appropriate balance between risk appetite and more stable returns by the economic agents, and between short-term national concerns and long-term regional economic and political integration objectives. Once again, I wish to the Central Bank of the Republic of Kosovo, to its management and staff, a successful future! Thank you for your attention! 6  BIS Review 139/2009

Albania owns around 24% of its territory as agriculture land, and offers still fully unexploited possibilities in the fields of agritourism and agribusiness. This potential should be considered a joint growth possibility to both agriculture and banking industry, as well as a possibility to diversify credit risk sources in your balance sheets. The continuous structural improvements, modernisation of agriculture and productivity growth, the enhanced support with funds and public attention, provide a new reality in agriculture sector. In this framework, the convergence process with the European Union provides for additional opportunities. In this light, without affecting its soundness’ indicators, I am confident that banking system will know to position itself as a supporting-development agent. This sector ought to increase its attention and the financing, analysing and advisory capacities, by fulfilling its mission for the sustainable growth of the country. Thank You! 2/2  BIS central bankers' speeches
Depending on how they are structured, stable coins may have the characteristics of a bank deposit or a privately issued banknote. This would be the case for the Swiss franc stable coin, were it to be used widely for cashless payments or as a store of value, as it would effectively become a substitute for Swiss franc bank deposits. The issuers of such Swiss franc stable coins would take on functions similar to those of a bank – all the more so if they were to use the funds collected to finance risky, long-term projects and engage in maturity transformation. If the economic function of stable coins is comparable to that of bank deposits, their issuers should have to play by the same rules as banks. The principle of regulating by activity rather than by technology (‘same business, same risks, same rules’) must apply here. On the other hand, not all stable coins are directly comparable with bank deposits, particularly if a token is used more for investment purposes. Certain stable coins could therefore conceivably be issued without the issuer holding a banking licence. Today, the Swiss Financial Market Supervisory Authority already classifies tokens according to their function, and the regulatory treatment is  Page 4/7  different for each category. However, the more a stable coin resembles a bank deposit or cash in terms of its economic function, the greater its utility as money will be.

Speech  Embargo 5 September 2019, 6.00 pm  Currencies, money and digital tokens 30th anniversary of the WWZ and VBÖ, University of Basel  Thomas J. Jordan* Chairman of the Governing Board Swiss National Bank Basel, 5 September 2019 © Swiss National Bank, Zurich, 2019 (speech given in German)  *  The speaker would like to thank Oliver Sigrist for his support in preparing this speech. He also thanks Simone Auer, Nicolas Cuche-Curti, Matthias Gubler, Christoph Hirter, Carlos Lenz and Alexander Perruchoud, as well as SNB Language Services. Page 1/7  Ladies and gentlemen It is a great pleasure, and an honour, to be invited to speak to you today, on the occasion of the 30th anniversary of the University of Basel’s Faculty of Business and Economics (WWZ) and the Vereinigung Basler Ökonomen (VBÖ). I congratulate you wholeheartedly on reaching this milestone. There is a long-standing and close association between the Swiss National Bank (SNB), on the one hand, and the WWZ and the University of Basel on the other. Many SNB economists were trained here and some of our staff regularly give lectures at the WWZ. I would like to thank the University of Basel and the organisers for inviting me to this special event. I am sure that the ties between our institutions will continue to be close for many years to come. For central bankers, Basel is a special place.
By 2020, the estimated number of millionaires in Mainland China and Hong Kong together will be 3.7 million, with an accumulated wealth of $ trillion.2 So it is beyond doubt that the expanding affluent population in China and the rest of Asia will generate ever increasing demand for private banking services for high-net-worth individuals. While it is clear that there will be increasing number of wealthy people in Asia looking for private banking services, the question we need to ask is: “Will they choose Hong Kong?”. This begs the question on what Hong Kong can offer over and above the other centres that are equally keen to gain market share as a private banking hub. In this regard, there are  1  Global Wealth report 2011, Credit Suisse Research Institute  2  Deloitte and Oxford Economics  BIS central bankers’ speeches  1  several fundamental attributes that make Hong Kong exceptionally well placed to become the leading private banking hub in Asia: •  Hong Kong has a robust legal framework with an independent judiciary that safeguards property rights. We have a simple, low and predictable tax system. Only profits and income derived in Hong Kong are subject to Hong Kong tax. There are no withholding tax, estate duty, and tax on capital gains, dividends, interests and so on. We have well established laws to protect the confidentiality of customer information.

I have chosen this topic because over the past few months, the Hong Kong Monetary Authority (HKMA), together with the Securities and Futures Commission (SFC) and the Financial Services and the Treasury Bureau, has been working very closely with the Hong Kong Association of Banks (HKAB) on what Hong Kong should do to take the private banking industry to the next higher platform. I would like to take this opportunity to share with you my views on the steps Hong Kong needs to take to develop as the premier private banking hub in Asia. To start with, I want to talk about some facts relevant to Hong Kong’s realisation of this aspiration. Hong Kong’s strengths to be a leading private banking centre Wealth in Asia-Pacific is growing exponentially. According to industry research, the region accounted for half of the growth in global wealth from 2010 onwards. In particular, China was the second top contributor to the growth in global wealth after the US.1 In 2011, there were about 30 million millionaires worldwide. Among these, about 20% were from Asia-Pacific.1 This trend is likely to continue. It is estimated that global wealth will rise 50% further by 2016.1 This is hardly surprising in that the International Monetary Fund forecasts that, emerging Asia, led by China, will contribute almost 60% of the world’s GDP growth by 2016.
The recent rise in inflation and in measures of inflation expectations have increased my confidence around this outlook compared to earlier in the year, but it is still possible that the return of inflation to our objective could take longer than I anticipate. The forecast that I have just described is my best assessment of how the U.S. economy will evolve this year. As always, there is uncertainty and risk relative to this forecast, which also needs to be taken into consideration in assessing the implications of the outlook for monetary policy. I see the uncertainties around my forecast to be somewhat greater than usual. This assessment reflects the divergent economic signals I highlighted earlier. In addition, the factors behind the financial turbulence we saw earlier this year do not yet appear to be resolved fully. Although the downside risks have diminished since earlier in the year, I still judge the balance of risks to my inflation and growth outlooks to be tilted slightly to the downside. The low levels of energy and commodity prices may signal more persistent disinflationary pressures than I currently anticipate, while renewed tightening of financial market conditions could have a greater negative impact on the U.S. economy. Also, there is significant uncertainty about economic growth prospects abroad and how this will affect the U.S. economic outlook. I continue to monitor global economic and financial market developments closely to assess their implications for the outlook.

Looking at the countries, which experienced a similar process that Turkey went through, it is clear that the falling inflation period differs from the environments where chronic inflation had previously existed or price stability is maintained afterwards. The falling inflation process is a transition period. Therefore, the features of the targeted price stability environment and the former high-inflation period can appear together. This can be explained by the fact that some sectors and economic agents can adapt themselves to the process relatively fast, while some sectors, failing to adapt to the new environment, take on different expectations and perception of risk factors shaped in the framework of their former habits. Let me elaborate this point as it is of great importance with regard to the achievement of price stability. In relatively fragile economic environments such as Turkish economy, where price stability has not yet been fully maintained and current policies have not gained credibility, some economic agents may take the exchange rate, monetary aggregates, interest rates and similar aggregates as reference while  BIS Review 63/2004  1  making their decisions. Therefore, as you will agree with me, expectations and risk perceptions in the economy will change according to the size of the referenced aggregate. In this period, some of the economic agents that I have mentioned are negatively affected by the referenced aggregates, which are adopted in accordance with the former habits that contradict with economic realities.
Durmuş Yilmaz: Inflation in Turkey – an overview Speech by Mr Durmuş Yilmaz, Governor of the Central Bank of the Republic of Turkey, at the press conference for the presentation of the Inflation Report, Ankara, 28 April 2006. *  *  *  Dear Press Members, Distinguished Guests, The second issue of the Inflation Report, the leading communication means of the Inflation Targeting regime, which was put into effect as of January 2006, has been published on the web site of the Central Bank of Turkey today. As repeatedly emphasized in our previous presentations and press releases, the impacts of monetary policy decisions on the economy manifest themselves during a certain period. In this context, on the way to achieve pre-announced inflation targets, central banks should analyze the developments that will affect the medium-term tendency of inflation and release inflation forecasts based on these analyses at certain periods within the framework of the inflation targeting regime. In the event of a remarkable deviation from the promulgated forecasts, explaining the reasons for such a deviation and the policy measures that should be taken to general public via inflation reports is of special importance under the transparency and accountability principles. In this framework, the Central Bank published its first Inflation Report, which includes inflation forecasts and the analyses related to the economic outlook that lies behind the said forecasts in January 2006.

textiles and apparels)  *Quarterly moving averages. Source: TURKSTAT. 10  BIS Review 67/2006  It is expected that the current account deficit will not pose any risk with respect to economic stability and the inflation target in the short-term. Along with growth in the share of foreign direct investments that have gained pace with privatization revenues, the increase in the share of long-term credits in the credit composition of the banking sector and the private sector eases concerns about the sustainability of the current account. It is predicted that foreign direct investments, which reached USD 8.6 billion in 2005 (2.4 percent of GDP), will prevail at high levels in 2006 as well due to the continuance of privatization revenues and company acquisitions. Moreover, the process of convergence with the European Union is expected to ensure the continuance of international capital’s interest in Turkey. Costs While productivity rose at a high rate in the private manufacturing industry, real unit wages dropped by 8.2 percent compared to the same period of the previous year due to the decline in real wages (Graph 16). The persistence of the drop in real unit wages became one of the leading factors in the continuation of the disinflation process. Graph 16.
Svante Öberg: GDP growth and resource utilisation Speech by Mr Svante Öberg, First Deputy Governor of the Sveriges Riksbank, at Statistics Sweden’s annual conference, Saltsjöbaden, 6 October 2011. *  *  *  It’s a pleasure to be back here in Saltsjöbaden again. It has now been ten years since I was involved in starting these annual conferences as the head of Statistics Sweden. In those days, this was a matter of improving economic statistics. What several of the proposals we discussed had in common was that they were important for our efforts to elucidate and understand productivity growth. These proposals included a better price index in the private service sector, better capital stock calculations, better input-output statistics and better IT statistics. I also considered that Statistics Sweden should do more to describe and analyse productivity growth. I am therefore very pleased to see that the conferences have come to focus on the important area of productivity growth and its causes. My speech today can be summed up in the following three points:   Resource utilisation can be measured in several different ways, among others as actual GDP in relation to potential GDP (the GDP gap).   The financial crisis has lowered the growth rate of potential GDP.   Resource utilisation is thus largely normal, even though GDP is only slightly higher than before the crisis. I will start by describing GDP growth over the longer term.

Employment rate Percentage of population aged 16–64 85  85  80  80  75  75  Employment rate  70  70  Mean, 2000-2008  65  65  60  60 80  82  84  86  88  90  92  94  96  98  00  02  04  06  08  10  12  Source: Statistics Sweden  14  BIS central bankers’ speeches  13. RU indicator and GDP gap Standard deviation and percentage 6  6  GDP gap (PF) RU indicator  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6  -8  -8 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14  Note. The RU indicator has been normalised so that the mean value is 0 and the standard deviation is 1. The reference period is 1996–2008. GDP gap according to production function (PF) approach. Sources: Statistics Sweden and the Riksbank  14. Actual and long-term unemployment Per cent of labour force aged 16–64 12  12  10  10  8  8  6  6  4  4  Unemployment Unemployment, forecast  2  2  Mean, 2000-2008 Long-term unemployment  0  0 80  85  90  95  00  05  10  15  20  Note.
Inflation measured in terms of the CPIF, in which mortgage rates are kept constant, is more stable but it is expected to be below 2 per cent for most of the forecast period (see Figure 8). My view of the situation At the latest monetary policy meeting, I advocated an unchanged repo rate and repo rate forecast. This was also the decision made by the majority. As in July, we also decided to offer our monetary policy counterparties loans at a fixed interest rate for one year. As I mentioned earlier, this can strengthen expectations that the repo rate will remain at the decided level throughout the maturity of the loans and also contribute to lower interest rates for households and companies in other ways. Many analysts felt that the decision to leave the repo rate unchanged was self-evident. The decision to retain the same repo rate path that we adopted in July was perhaps more unexpected. I will explain the reasoning that led to my conclusion that this constitutes a wellbalanced monetary policy. There are several factors to take into account in this decision. Perhaps the most obvious factor is the change in the economic prospects. As I mentioned earlier, the forecast for GDP growth in Sweden has been revised upwards somewhat. Irrespective of which indicators you look at, resource utilisation is still very low in Sweden and abroad and the development of employment is expected to be weak throughout next year.

This is a balance that is much easier to achieve in theory than in practice! However, as I have explained here today, my assessment at the latest monetary policy meeting was that it will still be necessary to keep the repo rate at this low level for a long time to come. Thank you! BIS Review 111/2009  7  1. Financial markets functioning better Basis spread, basis points 400  400 Sweden  350  350  Euro area USA  300  300  United Kingdom  250  250  200  200  150  150  100  100  50  50  0  0  Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09  Note.
There are also numerous examples of tax systems discriminating between domestic and international financial transactions, which of course impedes the customers’ incentives to use foreign suppliers, even if they offer more favourable terms for the actual service. Integration contributes to greater welfare Despite the difficulties in moving ahead more quickly with financial integration in the EU, there are estimates that it may be extensive enough in the future to make a contribution of more than one half of 1 a per cent to GDP on an annual basis. The actual figure should perhaps not be seen as exact, but there is reason to expect an unequivocally positive connection between financial integration and real growth on the basis of the development trends observed so far. A larger market makes it possible to benefit from economies of scale and economies of scope. This means increased economic welfare for the financial system’s customers, provided that a sufficient degree of competition is maintained on the market and that there are efficient systems for supervision and oversight to ensure the stability of the system is upheld. If, for instance, European securities funds could operate under the same market conditions as American ones, they could become much larger than they are now. According to the same source as above, this could entail annual savings for European fund savers of 5 billion euro 2 close to 50 billion kronor! More diversified demand A more efficient supply also presupposes changes on the demand side.

The Bank of Albania asserts that the financial markets and agents have sound and liquid balance sheets, but they continue to be risk averse into undertaking long-term investments. In conclusion, the Supervisory Council decided that the actual monetary policy stance is appropriate and decided to keep the key interest rate unchanged at 2.0%. The new information analysed at the meeting does not change our evaluations for the current situation of the economy and financial markets, and expectations for their outlook. The current monetary conditions are adequate for ensuring the return of inflation to our 3.0 % target in the medium term. Judging from the expected developments and the balance of risks surrounding them, the Supervisory Council deems that the monetary policy of the Bank of Albania will continue to maintain its stimulating nature, for some quarters ahead. 2  BIS central bankers’ speeches
Given that the relative magnitudes and rates obtained from the surveys, including the unemployment rate, should not change much, this means that in the last three years the Chilean labor market has been able to accommodate between 120 and 190 thousand migrants per year more than what the surveys indicate, without a significant increase in unemployment. Both the revised remunerations figures and the estimated revisions for employment are in line with recent administrative files and clearly above what would be obtained if adjustments to employment growth, remunerations and hours actually worked were not considered. This does not mean that labor market gaps are closed or nonexistent. Full absorption of the increase in labor supply can take longer, so this increase in employment growth does not imply that more unemployment does not exist. In fact, wage indicators—both the revised INE figures and administrative records—show low growth rates, consistent with a labor supply increase, a vision that coincides with the contents of our IPN. This special study on the labor market, however, goes beyond the review of current indicators, as it seeks to understand the characteristics that shape its behavior over the course of the business cycle and at longer terms. In particular, it presents a characterization of the labor market in Chile from an empirical perspective, using diverse sources of information to provide the broadest view possible.

Figure 2  Manufacturing output (*) (annual change, percent)  Manufacturing PMI (Index, based=50)  30  30  60  60  20  20  55  55  10  10  50  50  0  0  45  45  -10  -10  40  40  -20  -20  35  35  08  09  India  10 Brazil  11  08 China  09 Brazil  10  11 China  (*) For China, data up to November 2011; for the rest, up to October. Source: Bloomberg. BIS central bankers’ speeches  7  Figure 3 Interest rates in US dollars and pesos in local market (1) (porcentaje) 14 12 10 8 6 4 2 0 -2 08  09  10  Interest rates on private sector bonds (1) (2) (porcentaje)  8  14 12 10 8 6 4 2 0 -2  8  7  7  6  6  5  5  4  4  3  3  11  06  Libor + 90-day on-shore spread $ Libor + 180-day on-shore spread $  07  08  AAA  90-day deposits trated on Stock Exchange $ 180-day deposits trated on Stock Exchange $  09 AA  10  11 A  (1) Vertical dotted line marks statistical cutoff date of September's Report.