samchain/econo-pairs-v1 huggingface dataset:
They bear a considerable risk. As compensation, shareholders have received a higher return over time – a risk premium. It is a good strategy for a fund such as ours to exploit this risk premium to seek excess returns. This is why the chosen allocation to equities is relatively high. In addition, a reasonable distribution between bonds and equities can contribute to reducing the Fund’s overall risk, as bond and equity prices tend to move inversely. The bond portfolio may thus be seen as a kind of hedge against a drop in equity prices. In recent years, the Fund has also invested directly in real estate. In the light of its size and long horizon, the Fund is well positioned to make gains in low liquidity markets. Real estate investment is an example. The mandate provides for an increase in the real estate allocation up to 5 percent, while the allocation to fixed-income instruments is to be reduced from 40 percent to 35 percent. A few years from now, almost two-thirds of the Fund will thus be invested in real assets. This is a fairly high share. A pertinent question may still be whether as much as a third of the Fund should be invested in low-yielding instruments. In the long run, a bond allocation of 20–25 percent should suffice to maintain the Fund’s needed hedge against a fall in equity prices. Risk management must encompass the Fund’s overall risk. This can only be achieved if total risk is managed and controlled.

In the discussion at Eidsvoll, Christian Magnus Falsen, a key member of the Constituent Assembly, said that no state can exist without a well-functioning monetary system. Another prominent member of the Assembly, Count Wedel Jarlsberg, insisted that the nation must have its own bank. The people’s elected representatives took responsibility for the monetary system, as stated in Article 75 of the Constitution: «It devolves upon the Storting to supervise the monetary affairs of the Realm». The Storting delegated the task of supervising the monetary system to Norges Bank, which was established in 1816. The king would no longer have the authority to print money at his own will. At its inception, Norges Bank’s head office was located in Trondheim, a twelve-day journey from the government in Christiania, and even farther from Stockholm, giving the central bank a geographical – and not just formal – distance from the government authorities. Much has happened since 1814. Norway no longer lags behind other western economies. Inflation is low and stable. We have established a clear division of responsibility for economic policy and well developed institutions founded on the Constitution written at Eidsvoll 200 years ago. Chart: Shift in the world’s economic centre of gravity In 1814, the great powers of Europe dominated world trade. The world’s economic centre of gravity has since then shifted westward. Today, in the 21st century, the centre of gravity is moving across the Pacific to Asia.
The fund raising outlook for impact investing strategies remains strong despite recent challenging months. Managers in Asia can play a meaningful role in creating impact 14.  and capitalise on this opportunity. For example: Impact Investment Exchange, a Singapore-based enterprise whose platforms connect impact investors with underserved communities, issued its second Women’s Livelihood Bond in January this year. The $ million social bond is listed on the Singapore Exchange and a third bond is being planned as part of the $ million series. BlackRock recently launched an actively managed impact fund to invest in firms addressing global challenges like COVID-19 and advancing the UN SDGs. Conclusion 15. In conclusion, the pandemic has raised the importance of the climate and sustainability agenda, and I encourage the financial sector to not lose sight of these issues even as countries and corporates rebuild. This virtual conference, bringing together over 5,000 participants from 80 markets, is timely for us to continue sharing insights and experiences as we work together to address global challenges. I hope that you will form new partnerships and deepen existing ones 3/4  BIS central bankers' speeches  through this virtual conference. I wish you a very fruitful week ahead. Thank you.

“Our monetary policy decisions also take into account changes in asset prices and other financial variables. At present, there is reason to give particular consideration to the credit expansion and to  1/2  house price developments. This is primarily a question of avoiding severe fluctuations further ahead. When economic activity eventually begins a downswing, this could result in an abrupt adjustment with falling house prices and weak growth in demand. The risk of this type of development increases if monetary policy is excessively expansionary for too long,” continued Mr Öberg. “There has recently been unease on the stock markets. However, it is too early to draw any more farreaching conclusions from recent events. As usual, the Riksbank will monitor developments and how these may affect inflation and other macroeconomic developments,” concluded Mr Öberg. 2/2
Since joining the EU and until 2018, Romania had accessed more than 21 billion EUR as EU funds that contributed to development and bridged the gap of convergence with developed economies in the EU. 1/2  BIS central bankers' speeches  NBR’s recent research on the impact of EU funds on Romanian economy shows that an increase by 1 percentage point of GDP in structural and cohesion funds has a short term eﬀect of up to 0.7 percentage points on economic growth and a medium-term effect of up to 3 percentage points1. Thus, significant efforts should be made to guarantee that Romania improves the efficiency of EU funds absorption. In order to achieve that, Romania needs sound policies oriented towards macroeconomic balance and safeguarding financial stability. Foreign direct investments are also essential for economic growth. The picture here is mixed. During the second half of the year 2018 and in 2019, persistent pressures on global economic growth and subsequent downward revisions of expected growth rate impacted the investments and the reallocation of capital. Constant trade tensions, terrorism and geopolitical uncertainties are causing a slowdown in economies across the world. At the same time, new technologies have disrupted global value chains and the classic employment model, while new climate change related risks have emerged in the financial sector. On the other part, investing in companies with strong environmental, social and governance (ESG) policies, in green bonds and in new technologies supporting the digital economy, will contribute to achieving the Paris Agreement objectives and a sustainable development.

I remember that moment vividly, as it happened during my mandate as Prime Minister of Romania. As a veteran, in office since 1990, I am fully aware to what extent Romania has benefited from the significant support provided by the European Investment Bank. The projects financed by EIB proved to be a catalyst for development, with a multiplier effect in all the economic sectors. Nevertheless, Romania continues to need (i) to develop solid growth strategies based on investments and (ii) to accomplish the development priorities in infrastructure, healthcare and small and medium enterprises (SMEs), as well as (iii) to enhance cohesion with the other EU member states. The future will certainly bring challenges as well as opportunities. One opportunity, as per the latest European Investment Bank’s flagship report on investment, is the present context of low interest rates, which could provide support for speeding up lending and investments. There is adequate room for upscaling public investment in areas such as: smart infrastructure, digital technology and education. Fairly new topics like the digital economy and FinTech, as well as climate change risks and Green Finance are gaining ground and importance on everyone’s agenda, having the potential to shift capital allocation and contribute to new investments. Ladies and gentlemen, please allow me to stress the importance of the EU structural and cohesion funds for Romania and to point out the need for further foreign direct investments.
In the months leading up to June 23 there was a tight correlation between the value of the currency and the perceived likelihood of a “remain” vote (Chart 1). That’s why the MPC, in conditioning its May 2016 forecasts on that outcome, assumed a  Chart 1: Sterling sensitive to expected result well before the referendum itself  higher path for the exchange rate. It’s also why the Committee suggested there might be a “sharp correction” in sterling’s value in the event of a leave vote. And in the event that’s what we got. On June 23 and 24 sterling fell further against the dollar than over any two-day period since the devaluation of 1967. You didn’t need any economics to make this prediction – the relationship in in Chart 1 was enough. But you probably do need some economics if you want to understand why the currency reacted this way. While we don’t know  Source: Bloomberg, Thomson Reuters Datastream, Betfair  precisely what’s in the collective mind of the foreign exchange market, in my view there are two broad possibilities: Brexit is expected either to weaken domestic demand or raise the cost of exporting. 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  To understand these effects remember first what the real exchange rate is: the relative price of consumption 1  here compared with that in our trading partners .

Gent Sejko: Banking developments and financial market infrastructure. The role of structure, size and market infrastructure in risk mitigation and financial intermediation Welcome address by Mr Gent Sejko, Governor of the Bank of Albania, at the Annual Conference 2017 of the Bank of Albania, Tirana, 9 November 2017. * * * Your Excellency Mr President, Honourable Mr Minister, Dear Prof. Anastasakis, Honourable Governors, Your excellencies Ambassadors, dear guests and participants, I would like to warmly welcome you to the Annual Conference of the Bank of Albania. For almost two decades, the Conference has become a prevalent event in the research and professional activity of the Bank. Our analyses and conclusions, over the years, have endeavoured to respond to many challenges and dilemmas for our national economy and beyond. Thanks to the cooperation with the University of Oxford, more specifically with St. Anthony’s College, this Conference has aimed, and I believe it has succeeded in doing so, at exploring and providing answers for a number of issues, which, given their nature, effect and interlinking, are present across the region of the South East Europe. The theme of this year focuses on similar issues. During the day, national and international experts of the economy and finance as well as academics will analyse the latest trends and developments in the financial sector in the region, focusing on potential implications on the macroeconomic equilibrium and financial stability of each economy. The theme of the Conference is relevant to both the current and the future developments.
Accordingly, we should conduct this process carefully and gradually if we wish to minimise any undesirable economic and social consequences. The goal is to achieve what has been dubbed “a fair transition”, affording due attention and support to those groups and geographical areas most severely affected by this process. Naturally, we should stress that the change of production model will also entail opportunities for economic agents. In any event, we should consider how banks may contribute to bringing about a decarbonised economy; ultimately, when we think about climate change we see particularly pollutant activities, from which banking is naturally missing. I shall try to explain today why, despite being a “low emissions” sector, banks have a major role to play as facilitators of change. If I manage to do this I hope that I will also, at the same time, dispel another doubt that many of you will have entertained: what is the Deputy Governor of the Banco de España doing opening a forum on the decarbonisation of the economy? 3/9  Combating climate change internationally As you know, combating climate change has been a recurrent goal of international institutions, at least since the United Nations Summit in Rio de Janeiro in 1992. Traditionally, the companies dependent on oil products have been those most affected by the environmental regulations resulting from these international agreements. Conversely, we should admit that the financial sector’s involvement in this battle has been rather limited. When referring to the financial sector I include both credit institutions and central banks and supervisors.

The role of supervisors – in-house initiatives As well as these initiatives, which may be considered external, we are also working in the Banco de España to adapt to this new reality. Firstly, we have created an internal function entrusted with assessing the impact we as an institution have on the environment. The aim is to articulate and coordinate the necessary measures to reduce that impact. Secondly, as a macroprudential supervisor, we clearly need to be able to assess and quantify the risks that the transition towards a more sustainable economy poses, both for individual banks and the financial sector as a whole. Among other functions, we need to be able to assess the level of financial institutions’ exposure to high-carbon emission activities, perform stress tests for the financial system overall and define scenarios and methodologies to be applied by banks individually. In consequence, we are designing internal governance structures and methodologies, actively participating in the cultural shift in the SSM supervisory model. Naturally, we are also evaluating the information and data requirements needed to address this challenge. Nor should we forget that central banks are also important investors in the debt markets, both in the area of monetary policy and reserve management. Although we have not yet included environmental risk assessment in our credit analysis, we are working to remedy this. 5  ESG - Environmental, Social and Governance.
The policy rate must always be decided on the basis of the best available information at any given time. Experience shows that paths change sharply from one forecast to the next and the central banks explain the assumptions behind such changes thoroughly. Above all, these central banks aim to exert a specific effect on expectations, which is the principle behind a successful monetary policy. This appears to have produced results in New Zealand and Norway. Another option is for the baseline forecast to assume a policy rate path calculated from a monetary policy rule that steers inflation to target within the forecast horizon. This was done in the alternative scenario published in the November 2006 Monetary Bulletin. Other inflation-targeting central banks take different approaches, including the assumption of an unchanged policy rate as the Central Bank of Iceland initially did after moving onto an inflation target. The choice of assumptions for the Central Bank’s next macroeconomic and inflation forecast has yet to be decided. It is still under consideration and discussion in-house. What is crucial for the Central Bank is the credibility of its forecasting and the ability to exert the impact on expectations that it deems necessary. 4  BIS Review 16/2007  Conclusion It is not the Central Bank of Iceland’s policy to maintain high interest rates. However, this is necessary for as long as the recent macroeconomic conditions prevail. High interest rates subdue private consumption and investment.

Gent Sejko: Statement - press conference with IMF Mission Chief Statement by Mr Gent Sejko, Governor of the Bank of Albania, at the joint press conference with the International Monetary Fund (IMF) Mission Chief for Albania Minister of Finance and Economy, Tirana, 10 October 2022. *** Dear media representatives, In the last two weeks, the Bank of Albania and the Albanian government have been engaged in intensive discussions with the IMF Mission, which visited Albania in the framework of the regular Article IV consultations. Discussion focused on current challenges for the Albanian economy, as well as structural reforms that would enable a faster and more sustainable development of the country in the long term. Allow me - first and foremost - to extend my thanks to the IMF Mission for the open share of views in addition to the fruitful and transparent discussions. Overall, the Bank of Albania and the IMF share similar opinions on the developmental challenges that lie ahead. The swift upsurge of prices in the global markets following the unprovoked military aggression of Russia over Ukraine, have triggered serious economic and social challenges for the economies and citizens of all countries around the world, including Albania. Inflation hit 8% in August, increasing at a rapid pace and having a broad base. Based on our judgement, we have previously stressed out that the high inflation is the main threat on the macroeconomic stability and both the stable and long-term growth of Albania.
William C Dudley: Important choices for the Federal Reserve in the years ahead Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at Lehman College, Bronx, New York City, 18 April 2018. * * * It is a pleasure to have the opportunity to speak here today at Lehman College. In my remarks, I will focus on the economic outlook—both over the near and longer term—and I will discuss some of the important monetary policy issues that will be considered in the years ahead, after my tenure at the Federal Reserve Bank of New York is (sadly) over. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System.1  The economic outlook Over the near term, the economic outlook remains quite favorable. I anticipate that the economy will continue to grow at an above-trend pace in 2018 and 2019, which will put sufficient pressure on the nation’s resources to push up inflation to the FOMC’s longer-run 2 percent objective. There are several reasons to be confident in this growth outlook: Monetary policy remains accommodative, financial conditions are still easy, and the global economy is in the midst of a synchronized expansion. Moreover, significant fiscal policy stimulus from tax cuts and increased federal spending will boost real household disposable income and corporate profits, which should support further gains in consumption and capital spending.

Although the jury is still out on this question, last month’s Summary of Economic Projections, or SEP, is instructive.5 Most FOMC participants—including me—have the unemployment rate moving considerably below their estimate of NAIRU by 2020, with inflation climbing slightly above 2 percent and the federal funds rate moving above their estimates of its likely long-run value. Thus, the March SEP implies that most FOMC participants expect that monetary policy will need to become slightly restrictive in the years ahead. Recent fiscal and trade policy developments are likely to increase the uncertainty around the distance to a neutral monetary policy stance and the possibility that the FOMC will have to move to a restrictive stance. The shift in fiscal policy toward stimulus is somewhat challenging because of its timing—it is unusual to move fiscal policy sharply in a stimulative direction at a mature stage of a business cycle—and because the shift puts the nation’s fiscal path on an unsustainable trajectory. According to the projections released earlier this month from the Congressional Budget Office, or CBO, the federal budget deficit is anticipated to exceed 4½ percent of GDP in 2019, well above the level that would be needed to keep the federal debt-toGDP ratio from rising.6 Moreover, the CBO expects that the pressures on the budget will be substantial over the next decade, with deficit projections ranging between 4½ and 5½ percent of GDP throughout the period.
Consistent, meaning that once the assessment is made by the international community on the concept of the participation of the private sector in the crisis solution, we have to stick to it. 2. Let me turn now to the second topic of my presentation which relates to the economic strengths of the euro zone and its impact on the euro itself  More specifically, I would like to stress the three reasons which make me confident in the euro zone and therefore convinced that the euro will significantly appreciate in the future: –  the euro zone may expect a long phase of steady economic growth;  –  structural reforms are underway so that a strong economic growth will be sustainable;  –  European firms are restructuring themselves and entering further into the global competition. 2.1  The euro zone may expect a long phase of steady economic growth  In the past months, the euro zone has benefited from a strong economic recovery. At the end of 1998 and more notably in the first half of 1999, most European countries faced a temporary economic slowdown, partly resulting from the financial and economic turmoil of East Asia. But since then, the euro zone has benefited from a strong economic recovery (4% in annual term during the second half of 1999). One important feature of this evolution is the fact that countries whose economic growth had been lagging so far are now catching up.

According to the present analysts’ consensus, growth differential between the two zones is to narrow this year and practically disappear next year. According to the IMF forecasts, growth should reach 3.2% in the US in 2001 compared to 3.0% in the euro zone. 2.2  Structural reforms which are underway in Europe are likely to permit a sustainable non-inflationary growth  The undertaking and speeding up of structural reforms is one of the conditions for a complete success of the euro. In this regard, the Lisbon European Council, held last 23 April, can be viewed as a further BIS Review 52/2000  4  important step towards the necessary medium term strategy for structural reforms in the Union. The labor market has become more flexible in the past few years in Europe. I would like to give a few examples of this evolution. In all countries, the number of people on fixed-term contracts has quickly increased; they counted for a large part of jobs created between 1995 and 1998 and the trend has continued since then. In many countries, fiscal measures (for instance reduction of non-wage costs) have given incentives to hire younger and less-skilled people (France, Italy, Spain and Germany). Another key change is the rapid growth in part-time employment, especially among women. While Europe has long had a strong tradition of economic regulation, it must be acknowledged that deregulation is well underway in most countries.