samchain/econo-pairs-v1 huggingface dataset:
My assessment is based on a longer time perspective and it may differ from a year on year approach. Romania is one of the few success stories of converging within the European Union, even during and after the crisis. GDP per capita at PPS increased from 50.6% of EU average in 2008 to 62.5% in 2017. The real GDP was higher by 17.5% in 2017 as against 2008; and the real potential GDP was 23% higher in 2017 as against 2008 (Figure 1). By the end of 2018, these figures will further grow by approximately 4 percentage points, according to IMF and EC forecasts. 2  IMF/EU programs from 2009 to 2015 were successful in many ways, contributing to a sharp adjustment in the budget deficit, exit from the Excessive Deficit Procedure in 2013 and reaching the MTO in the period 2013-2015. Structural reforms also advanced during the programs, one indicator of these being the large reduction in public government and state enterprises’ arrears. Exports of goods and services doubled in the last ten years, from 38.3 billion euro in 2008 to 77.9 billion euro in 2017, while imports increased by only 42.7% over the same period. CPI-based Real effective exchange rate (REER) is also lower than in 2008 (Figure 2). Consequently, the negative contribution of net exports to GDP has diminished, and the current account deficit witnessed a major adjustment of about 10% of GDP.

This is because experience has shown that it is difficult for small economies to pursue independent monetary policy if interest rates are their only policy instrument, their currencies float freely, there are no restrictions in residents’ unhedged foreign exchange risk, and financial integration with the rest of the world disconnects the transmission of monetary policy through the interest rate channel. I would like to pause here, as this last item is of particular importance for Iceland at present. I conducted a study of this topic during my tenure with the Bank for International Settlements in 2004–2009.1 I delved into it again last summer, as can be seen in the speech I gave in Singapore last August, which can be found on the websites of the Bank for International Settlements and the Central Bank, and in my forthcoming paper, to be published in the  1  4  “Financial globalisation: key trends and implications for the transmissions mechanism of monetary policy”. BIS Papers No. 39, April 2008. http://www.bis.org/publ/bppdf/bispap39c.pdf  BIS central bankers’ speeches  Singapore Economic Review. These writings contain more detailed explanations, but if we consider the main points and allow the tendencies entailed in financial integration to develop to their limit, the outcome is abundantly clear. The interest rate channel of monetary policy becomes utterly clogged up in small, open, and financially integrated economies where longerterm interest rates are determined by rates in large economies. Monetary policy transmission shifts entirely to the exchange rate channel.
I have focused here on the reform efforts around LIBOR, which is only one reference rate, albeit one that is widely used and a core part of our financial system. But, the need for stronger governance and more accountability spreads much further within the set of benchmark rates, and further  10  Reforming Major Interest Rate Benchmarks, Financial Stability Board. 11  Reforming U.S. Dollar LIBOR: The Path Forward, Remarks by Jerome H. Powell at the Money Marketeers of New York University, September 4, 2014. 6  BIS central bankers’ speeches  to encompass a wide range of practices within the financial system. For example, accusations have recently surfaced related to business practices within foreign exchange markets. While the concerns are technically very different than the practices uncovered around LIBOR submissions, the common theme is the willingness of a small number of market participants to behave improperly and contribute to a decline in confidence in the integrity of benchmark rates specifically and of major financial institutions more generally. Next steps I have discussed some of the observed problems in major reference rates that reflect egregious personal behavior. Some individuals responded to poorly-designed incentives and weak controls at some of the largest financial institutions. The regulatory community has already taken important steps to mitigate those concerns and real progress has been made. While this has helped to restore some of the integrity of particular reference rates, such as LIBOR, more work needs to be done before confidence in these rates are put on a firmer foundation.

BIS Review 5/2010  1  In addition, it is common knowledge that Zambians prefer to be in formal employment rather than engage in entrepreneurial activities on a full time basis. The small number of educated Zambians engaging in entrepreneurial activities limits the scale of indigenous businesses as evidenced by the non participation of Zambians in major sectors of the economy like mining or manufacturing. It is however, important to realise that individual entrepreneurs as well as small and medium sized enterprises form the engine of economic and social development as they generate the much needed employment for our people. Hence the need to encourage all efforts aimed at stimulating entrepreneurship. Distinguished Invited Guests, our institutions of higher learning play an important role by molding and developing innovative and creative mindsets amongst our young people. With this belief in themselves, young people can be productive, take responsibility in their respective communities and ultimately drive our economy forward. We need to remind ourselves that Google was founded by students; Facebook was founded by a student; and even Microsoft was formed by Bill Gates as a student. Ladies and Gentlemen, let me assure you that the Bank of Zambia is committed to ensuring the availability of finance to viable entrepreneurs including small and medium sized businesses.
The apparent increase in the incidence of such spikes in recent months may be because the “comforting cloak” of “low-for-long” has been less of a factor in suppressing volatility in preceding months. Turning to the “So what?”, it is definitely not that the rise in volatility that is a concern per se: if anything, policymakers have long been concerned about the potential financial stability risks associated with a long period of low volatility. Even with the recent rises, volatility in most asset classes is only close to the average level of the pre-crisis period; a period which after the fact proved to have been associated with the under-pricing of risk and suppressed market volatility. Nor is it that necessarily the case that some decline in the liquidity of financial markets would be a concern: the correct answer is not always maximal liquidity as I noted earlier. We are unlikely to return to this pre-crisis world and should not see it as an aspiration. But, if we accept the hypothesis that the market’s ability to digest significant news has changed such that sudden increases in volatility and loss of liquidity are more likely, then the concern is that the stabilising factors which dampened the impact of such events in recent months may not always kick-in. In those circumstances the period of market dislocation could become more persistent, increasing the scope of spillovers across financial markets, with potentially more significant impacts for financial stability. Put another way, recent months have shown the potential for short, sharp shocks.

In my Bank’s and the Basle Supervisors’ work with the industry to meet the Year 2000 challenge, a number of issues have arisen that are worth calling to your attention. Probably the most significant issue is the relationship that banks have with third-party vendors and service providers. Not infrequently, we have found that banks have assumed either that vendors will make their products and services Year 2000-compliant, or have sought only general assurances from the vendors, which have been accepted at face value. Either approach puts a bank at significant risk. In addition, we uncovered instances when products represented by vendors as compliant simply were not. More significantly, we found that even if a vendor has made appropriate modifications and tested a product, there can be no guarantee that it will work properly in a bank’s unique operating environment or in concert with related applications. It is now quite clear that every product must be tested and certified as compliant by the user, and testing must be repeated upon the release of new compliant applications, environmental software, and hardware. Remote operations and foreign activities pose special challenges for Year 2000 programs. Efforts to develop or use off-the-shelf applications or to put in place a general plan of action can fail to take into account activities that are unique to a particular business or location. Making certain that inventories are complete for complex organizational structures and geographically dispersed banks is proving to be a very difficult task.
As some of you may recall, during my presentation in Arusha, I did indicate that our economy had shown some resilience in the midst of the global economic crisis. I am delighted to inform you that following the presentation, we have seen further improvements in macroeconomic indicators with GDP growth for 2009 estimated at 6.3% while inflation edged downwards to 9.9% in December 2009 and 9.6% at end January 2010. The exchange rate of  BIS Review 18/2010  1  the Kwacha against major international currencies has also shown some stability in the recent months. This is no mean achievement and credit must go the Government for providing a stable macroeconomic environment. However, the recent crisis has exposed clear gaps that need to be addressed in order to create wealth and reduce the high levels of poverty in our country. There is need to have innovative solutions to the problems that our economy faces today. These innovative solutions are expected to come from various stakeholders including associations such as yours. For us to make a significant dent on poverty, the economy should record growth rates of 8% and above. This can only be achieved by innovation and competitiveness on the world market. Ladies and Gentlemen, despite the stable macroeconomic environment, we have not reaped full benefits from the international trade arena.

Caleb M Fundanga: Innovation for leadership excellency Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Eastern and Southern African Management Institute (ESAMI) launch of MBA Alumni Zambia Chapter, Lusaka, 12 February 2010. *  *  *  The Eastern and Southern African Management Institute (ESAMI) Director General, Prof. Bonnard Mwape; The President, ESAMI MBA Alumni Zambia Chapter, Mr. Christopher Mulenga; The Ecobank Zambia Limited Managing Director, Mrs Charity Lumpa; ESAMI Alumni; Distinguished Invited Guests; Members of the Press; Ladies and Gentlemen. It is a great pleasure for me to officiate at the launch of the ESAMI MBA Alumni Zambia Chapter. I wish to take this opportunity to welcome Prof. Bonnard Mwape and other ESAMI staff that have travelled from Arusha to come and witness this important occasion. I am particularly delighted to be part of this launch because my first interaction with the ESAMI MBA alumni members was during the recent summer school event held in Arusha, Tanzania, where I was invited to present a paper on “The Effects of the Global Economic Crisis on Zambia”. Indeed my memories of that lively interaction are still very fresh and that is why I graciously accepted to officiate at this function when I received the invitation from the President of the association. Ladies and Gentlemen allow me to congratulate the President and his team for this excellent initiative of bringing together individuals with a common academic background under the Alumni umbrella.
Ravi Menon: A smart financial centre Keynote address by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the Global Technology Law Conference 2015, Singapore, 29 June 2015. *  *  *  The Honourable Chief Justice Sundaresh Menon, The Honourable Justice Lee Seiu Kin, Distinguished guests, ladies and gentlemen, good morning. And to all our foreign guests, a warm welcome to Singapore. “The Geeks Shall Inherit the Earth” Technology is changing the way we live, work, and play. •  •  Robots and unmanned drones are becoming more common. –  Robotic cleaners like iRobot have lightened the load of household chores. –  Pizza restaurants in cities ranging from Mumbai to Moscow have started to deliver pizzas using drones. Digital payment systems are taking off rapidly, especially in developing countries. –  Kenya launched in 2007 M-Pesa: a simple and low-cost service that allows users to deposit and transfer funds through SMS text messages. When the legal profession is organising a conference on technology, you know that something momentous is brewing! I congratulate the Singapore Academy of Law for its acumen in setting technology as the theme for its conference. A sector where I believe technology is going to be fundamentally transformative is financial services. In fact, there is a new buzzword: “FinTech” – financial technologies or the integration of finance and technology. Two things are happening. First, non-financial players are using technology to offer innovative solutions that mirror the services traditionally offered by financial institutions (“FIs”).

More recently, we have engaged industry players more directly to co-create rules and guidance – in other words, to jointly come up with proposals. •  An example is the Private Banking Industry Code – developed by industry practitioners but in close consultation with MAS. •  Such co-creation is particularly relevant for developing rules or guidance on new technologies whose benefits and risks are not fully known and where a more flexible approach may be desired. 8  BIS central bankers’ speeches  A further possibility in co-creation might be MAS and the industry working together to develop common technology infrastructure that meets regulatory requirements. The aim is to clarify and address issues and uncertainties upfront during the course of development. MAS is not seeking a zero-risk regime. And we understand that failure is part of the learning process. •  If things do go wrong with an innovative product or service, and there will no doubt be some failures, the FI will need to review its implementation and draw lessons. •  MAS will examine the facts to assess if there is any systemic or deeper issue that needs to be addressed, and determine if any action needs to be taken. Development initiatives for a smart financial centre Besides providing a conducive regulatory environment, MAS will work closely with the industry to chart strategies for a Smart Financial Centre.
We attribute a greater role to credit in the economy and debt, which our model previously left out. Deputy Governor Eva Zamrazilová also spoke about this at the University of Economics and Business. Deputy Governor Jan Frait also discussed this topic in his lecture at the university in Ostrava in  2/6  BIS - Central bankers' speeches  2023. Credit market developments very well combine our two main objectives – price and financial stability. Because of the transmission lag, the central bank should correctly stop raising rates before inflation peaks. The problem of this academically and practically correct approach is that people can see that inflation is still high and might think that the central bank is not determined to fight inflation because rates have stopped rising. So, I try to explain over and over again that the CNB's interest rates are already at a level that is dampening economic activity. We have the tightest monetary policy in more than twenty years and we want it to remain so for some time. The current data from money flow monitoring are as follows: The volume of new mortgages fell by 64% year on year in January–April 2023. New koruna loans to firms fell by 54% year on year in the same period. However, firms are fleeing to the euro – 47% of new loans to firms are currently in euros. Nevertheless, this channel is also gradually cooling as the ECB raises its rates. The volume of new euro loans to firms fell by 16% in January–April.

In the US, EA and UK house prices have broadly grown at or below the growth rate of the economy, and real house prices have actually fallen relative to their pre- global financial crisis levels. Since the crisis, there has also been a marked reduction in financial sector debt as a share of GDP, which suggests that reforms have reduced leverage and risk markedly within the financial sector (Chart 3). This is not to be complacent. 25 The magnitude of interest rate cycles across the UK, US and EA have varied. Over both loosening and tightening  cycles between 1994 and 2007, the average cumulative change in interest rates in the UK has been around 150bps in the UK, compared to around 250bps in the EA and around 275bps in the US. 12  All speeches are available online at www.bankofengland.co.uk/news/speeches  12  Aggregates can hide significant problems. In some advanced economies, particularly the US, corporate debt has, as I have noted, been growing at a very fast rate accompanied by a loosening of underwriting standards. And to the extent that financial asset prices are being driven either by unrealistic expectations either of interest rates or of economic growth, there could be a sharp correction. Chart 2. Total debt stock in  Chart 3.
Under your wise leadership and continuous guidance, the Supreme Economic Council continued to accomplish a number of development steps aimed at restructuring and reorganizing the economy and streamlining regulations and legislation in order to promote the rise of the level and competitiveness of the economy, achieve the optimum operation of the production factors and provide an attractive environment for domestic and foreign investment. As a result, the investment environment has improved. According to the “Doing Business Report 2012” issued by the World Bank, the Kingdom ranked twelfth among 183 world countries in terms of ease of business performance. The Executive Board of the International Monetary Fund noted that the Kingdom was well posed to encounter the global financial crisis. However, the sound supervisory and regulatory frameworks significantly contributed to strengthening the capacity of the financial sector to withstand the crisis. The Board stressed that the sound economic management of oil wealth provided the necessary financial resources to confront the global financial crisis in addition to reducing the public debt from 104 percent of GDP in 1999 to 7 percent in 2011 and strengthening the position of net foreign assets of SAMA. The IMF Executive Board also commended the strength of the Kingdom’s banking system, which is well-capitalized and has high liquidity levels. It has noted that the banking system has showed an ability to encounter a set of regional and global shocks.

Despite the increasing role of the non-oil sector in the national economy, particularly the role of the private sector, the oil sector is still the main driver of the national economy, where most of the country’s revenues and receipts of the balance of payments are coming  2  BIS central bankers’ speeches  from. Therefore, it is necessary to continue to work hard in order to diversify sources of income to ensure the sustainability of economic development in the long run and reduce the risks associated with relying on a single source of income. Third: Reduction of high domestic consumption of oil and gas, as figures indicate an annual average increase in domestic consumption of 7.3 percent over the past five years, which is high by any measure and not commensurate with the rate of growth in population and GDP. There is no doubt that the increase in domestic consumption of oil, in addition to being a drainage of resources that God has bestowed upon us, it limits the quantities available for export in the future. Thus, it is necessary to consider the reasons of the increase in domestic consumption of oil and gas to rationalize their consumption. Custodian of the Two Holy Mosques: As we are on the threshold of a new gracious budget, I pray for the Almighty Allah to preserve you as the leader of the march of this blessed and generous country. May Almighty Allah lead your steps to success. BIS central bankers’ speeches  3
This will assist the Islamic banking institutions in mitigating part of the risks emanating from asset and liability mismatches. The Islamic capital market, in particular, the Islamic debt market, has also experienced rapid growth since its emergence in the 1990s. The issuance of Islamic bonds has expanded steadily at an average growth rate of 33.7% since 1995. In 2003, the total funds raised via the issuance of Islamic bonds amounted to RM8.1 billion, constituting 19% of the total funds raised in the bond market. New innovative Islamic financial instruments such as Islamic asset-backed securities have also emerged and the financial structures underlying Islamic securities have become more diversified. The number of Shariah-based unit trust funds has also grown consistently over the years to reach 55 in 2003 with a net asset value of RM4.75 billion, constituting a market share of 6.8%. The rapid growth of Islamic unit trusts comprising a variety of bond funds, equity funds and balanced funds increases the efficiency and potential of the Islamic financial system as an intermediation channel by providing investors access to professional asset management that is based on their distinct risk tolerance levels. The development of a vibrant, efficient and effective Islamic capital market requires the creation of a broad spectrum of innovative Islamic financial instruments and the infrastructure to promote active trading so as to enhance the breadth and depth of the market.

Indeed, many of the reforms that are now being widely debated to address the weaknesses observed in the global financial system during this crisis have already been implemented in Asia. This includes the adoption of sound liquidity frameworks, substantially strengthened  2  BIS Review 91/2010  governance and risk management practices, comprehensive financial safety nets, and the implementation of counter-cyclical measures such as loan-to-value ratios. While a decade of financial reforms have paid off, increased regional efforts on surveillance, crisis management, liquidity support arrangement, and financial supervision and development of regional financial markets continue to be the focus of attention going forward. Conclusion Let me conclude my remarks. The global economy is experiencing a significant and fundamental shift. Asia is very much at the centre of this shift. As Asia becomes an increasing source of demand and as a more financially integrated Asia becomes more interlinked with the rest of the world and as Asia further strengthens its resilience, the stage is set for Asia to assume a more prominent role in the global economy. In the endeavour to achieve the shared goals of balanced global growth and the common interest of global financial stability, Asia holds the potential and the promise of a platform for meaningful collaborations towards attaining sustainable global solutions and progress in this more inter-connected world. BIS Review 91/2010  3