samchain/econo-pairs-v1 huggingface dataset:
The progress made by the Asian countries is consistently manifested in the rankings, where, despite the use of various methodologies, at least two of the following countries — Singapore, Taiwan, South Korea and Hong-Kong, always rank among the world leaders. The table below sets forth a ranking of selected countries according to the index of readiness to implement e-administration 17 , developed by the UN. 18  Poland ranks at the end of the fourth ten, far beyond Estonia, Hungary, the Czech Republic, Mexico and Slovakia. Compared with other EU Member States, we rank extremely poor 19 when it comes to  17  The UN index of readiness to implement e-administration comprises the ability (readiness) and willingness (efforts) of the countries to: firstly, use e-administration solutions to ensure ICT-based development; secondly, use ICT to promote access to e-administration among citizens and expand their share in co-creation of the State, i.e. in the decision making process. Therefore, the index covers both evaluation of website development and access descriptions, e.g. the infrastructure or the ability to use it. The e-administration readiness index is composed of the three indices, namely the website index, the telecommunication infrastructure index and the human capital index. More information is available in “Global E-Government Readiness Report 2005. From Egovernment to E-Inclusion,” United Nations, 2005. 18  Ibidem.

The Fund’s business is to take calculated risks, and in the new environment of integrated markets, there are cases where heavy financing of a country’s balance of payments difficulties is justified. In Korea, for instance, it was  BIS Review 69/2004  3  a success. The 50billion dollar rescue package supported a rapid turnaround in confidence and economic performance. This being said, however, one point should be very clear. The IMF is not, and should not be, in a position to always fully offset the volume of private flows. For one thing, Fund resources are limited. For another, the systematic relief of debtors’ and private creditors’ responsibilities through Fund financing would create problems of moral hazard. An excessive bail-out of negligent investors would also be perceived as unfair by those who are left behind to bear the cost of the crisis. The most important aspect in decisions on exceptional access to Fund resources does not concern amounts. It is rather an issue of whether lending is justified altogether. To help to take this decision - and also to increase the predictability of Fund action - a framework was developed. According to this framework, the Fund should grant exceptional access if three basic conditions are fulfilled. First, there must be a high probability that the debt will remain sustainable; second, the country must have good prospects of regaining access to private capital markets; and third, the policy program of the member country must provide a reasonably strong probability of success.
In turn, the banks, being financial intermediaries, do not provide loans at rates lower than the cost of funds raised from households and businesses. And our survey of banks showed that when banks are asked about the key rate, in particular, whether they are ready to reduce their corporate lending rates in case the Bank of Russia reduces the key rate, banks respond in the negative, because there is a problem of excessive outstanding borrowings of enterprises in some industries and another problem of  BIS central bankers’ speeches  3  high risks. And, of course, interest rates on loans can only be reduced after the reduction of inflation. However, this is not enough, it is important to conduct changes in the real sector itself, it is necessary to reduce the risks of borrowing in order to bring down lending rates. I need three minutes more, please... There should be a selection of efficient projects, competition for efficient projects, and the rates reduction based on lowered inflation, which will allow the financing of investment projects. (Slide 6) It is quite obvious that under the influence of unforeseen external factors the inflation will be higher this year than we projected. Unfortunately, it will reach 8%, but we have all the grounds and prerequisites for the inflation reduction in the medium run. Besides, we believe it is important to fix our inflation target for the medium term at 4.0%.

In particular, due to the still exceptionally low interest rates, there is, however, a considerable risk that these imbalances continue to build up, and the risk of an abrupt correction over the medium term keeps increasing. Under these circumstances, the SNB is carefully monitoring the developments in mortgage and real estate markets. It periodically assesses the necessity to activate the countercyclical capital buffer. Issuance of the new banknote series in 2015 at the earliest In February 2012, the National Bank informed the public that the new banknote series would be postponed. Today, I would like to provide some background information on our decision. The National Bank is committed to putting banknotes into circulation that are state of the art in terms of both their design and their technological aspects. In order to meet this standard, such a project must be launched at an early stage. Integrating and combining security features involving new technologies that have not previously been used for banknotes presents a special challenge. Since the development phase for new security features is very long, launching a new series is likely to take several years for the technical feasibility assessment alone. Certain insights can only be gained during the actual serial production. 2  BIS central bankers’ speeches  The development of the new banknote series began in 2005 with a design competition.
Over the past few years, there has been increasing interest in the financing of long-term investment. In 2013, the G30 produced a report on “Long-term Finance and Economic Growth” and the European Commission produced a Green Paper on “Long-term Finance of the European Economy”. Most recently, the G20 has this year taken as one of its signature projects stimulating longer-term investment. All of this has a direct link to the portfolio choices of long-term savings institutions. Their behaviour over recent years, de-equitisation and all, jars uncomfortably with this emerging agenda. Financial capital, even among long-term institutional investors, has become restless at just the time the economy requires patience. In response, a number of fledgling initiatives are underway which could begin to turn the tide. For example, a week ago the European Commission issued a second communication on long-term financing. Among the ideas in there are a reconsideration of the regulatory rules for banking (the Capital Requirements Regulation) to ensure they are not serving as a disincentive to long-term financing. A second set of initiatives concern securitisation. The very word securitisation has become tainted by the crisis. Pre-crisis, there were too many examples of over-opaque, overcomplex, under-collateralised products delivering nasty surprises to end-investors. But, slowly, the market is being rehabilitated and reconstructed in a different image, helped by public and private sector initiatives to improve transparency. One element of this would be the creation of a new class of securitisations which clearly differentiate themselves from the mistakes of the past.

Spencer Dale: Inflation, inflation, inflation Speech by Mr Spencer Dale, Executive Director and Chief Economist of the Bank of England, at Cardiff Business School, Cardiff, 22 September 2010. *  *  *  I would like to thank Venetia Bell, Rohan Churm and Łukasz Rachel for their considerable help in preparing these remarks. The views expressed are my own and do not necessarily reflect those of other members of the Monetary Policy Committee. Introduction Thank you for the invitation to speak this evening. I studied for my undergraduate degree in economics at what was then University College Cardiff in the mid 1980s. I had three wonderful years in Cardiff and it is a huge pleasure to come back tonight and to see so many familiar faces. Although I hope some of those familiar faces will be kinder to my speech tonight than they were with my essays back then. The theme of my talk tonight is inflation. I hope that you won’t find that too disappointing. I fear that some of you were looking forward to a talk on more exciting topics like the financial crisis, the new responsibilities that have been granted to the Bank, the speculation concerning a double dip. But I make no apology for focussing on inflation. One of the cornerstones of our economy’s stable and consistent growth in the 15 years or so prior to the financial crisis was the period of low and stable inflation that was achieved then.
It can typically run into hundreds of pages, with detailed descriptions about the company’s business operations, its competitive environment, governance practices, and risk exposures, not to mention a full set of financial statements. Most retail investors cannot easily digest all this information. But the scrutiny of the prospectus by analysts and institutional investors helps to bring to light any significant weakness in the company. Having said that, I must acknowledge that greater disclosure does not always improve our understanding of investment products. While all material and relevant information must be disclosed, there is a tendency for disclosure to be voluminous and legalistic – often made for the purpose of limiting legal liability rather than facilitating understanding by retail investors. MAS therefore seeks to ensure that information disclosed is not only adequate but also transparent. Transparency MAS has sharpened the focus on providing investors information in a clear and concise manner to aid understanding. Earlier this year, we introduced a new regulatory requirement for a Product Highlights Sheet to accompany offers of investment products that come with prospectuses. Its purpose is to convey key risks and product information in plain language and in a simple question-and-answer format. Let me give an example. In one recent prospectus, the right of the investors to cancel their subscription within seven days was spelled out in two rather technical paragraphs using a total of 170 words. In the Product Highlights Sheet, the same point was made in two simple sentences.

Singapore’s investing public should seek good financial advisers who are prepared to even advise them against buying an unsuitable product. They should be prepared to pay a fee for such advice. Investor education Even with the best of disclosure and transparency, investors can make informed decisions only if they have the knowledge and skills to do so. This brings me to the fourth area of investor protection – education. The centerpiece of Singapore’s investor education efforts is the MoneySENSE national financial programme. It was launched in 2003 to raise consumer understanding of basic money management, financial planning, and investment products. Through various seminars and media initiatives, MoneySENSE has reached a large segment of the population since its launch. In the last year alone, MoneySENSE events attracted close to 100,000 attendees while media initiatives reached more than two million people. These events are conducted by industry practitioners, academics, and investor advocates. To-date, Money SENSE has published more than 230 educational articles on its website and in the media. More than 30 consumer guides have been issued and are available online. While we have made steady progress, much more needs to be done. Most Singaporeans have sound savings habits and are generally responsible in managing credit, but many still do not have a good understanding of common investment products. Every month, MAS receives, on average, about 10 complaints from the public involving the sale of investment products. I read many of these letters.
This would cause both an inward shift, and steepening of, the Phillips curve, raising the price level and increasing its responsiveness to upward demand pressures. The UK has been a particular beneficiary of demographic trends over recent years. The UK working age population has risen, on average, by over ½% per year over the past two decades. It has also experienced rising rates of labour market participation, in particular among older workers and women. The first, and possibly both, of those factors are now in reverse gear. The share of the total UK population of working age has been falling since 2008. Globally, dependency ratios – the fraction of the population not in the workforce – is forecast to start rising from around now for the first time since the 1970s (Chart 15). This rise in dependency ratios is fastest in high-income countries, such as the UK. Until recently, this effect had been more than offset by rises in the UK population. But that, too, is changing. Recent estimates suggest the UK population may have shrunk by as much as 1.3 million people over the past year.18 If these demographic trends continue – a smaller population fewer of whom are in work – this would turn the demographic tailwinds of the past decade into a headwind looking ahead, constraining supply and potentially amplifying inflationary forces. 16  Friedman (1961). Goodhart and Pradhan (2020). 18 See O’Connor and Portes (2021). The authors themselves describe this estimate as an upper bound.

With global trade barriers tending to rise over recent years, and with Covid having provided a further impetus towards localisation, it seems unlikely globalisation will remain as powerful a disinflationary force in the future  19  See, for example, the work of Richard Baldwin here and here. 19  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  19  as it has been in recent decades. And it is certainly possible trends in globalisation could even go into reverse in the period ahead, adding inflationary impetus.20 Chart 16: Global Trade and Growth  per cent  20 15 10 5 0 -5 -10 -15  World Trade  2019  2017  2015  2013  2011  2009  2007  2005  2003  2001  1999  1997  1995  1993  1991  1989  1987  1985  1983  -20  World GDP  Source: IMF WEO, World Bank, Bank calculations. On top of these long-standing supply-side forces came the Covid crisis. One of the casualties of this crisis, from a supply-side perspective, is likely to be capital formation. The MPC’s projections assume around a 6½% hit to the capital stock from Covid, and a long-term scar on the UK economy’s supply-side of around 1.75%. This will also serve to tighten supply-side constraints as demand increases. There are very significant uncertainties either side of these scarring estimates.
For both historical and geographical reasons, our country is exposed to a considerable commercial risk in Europe, with 60% of our exports going to European countries. These European markets are no longer the most dynamic, nor will they become so in the future. Clearly, in recent years, the emerging economies in Asia have become one of the vibrant regions of the global economy. This is precisely why globalisation makes sense for an economy open to international markets, such as ours. Therefore, it is essential that we step up the diversification process so as to ensure the expansion of our export sector. It is in our own best interests to further strengthen economic relations with Asia. With our liberal philosophy and sound financial standing we have the necessary tools to pursue a policy of openness and enhance our strong presence abroad. Our monetary framework Switzerland is well-known for its stable monetary framework. Average inflation over the last 20 years has been 1.8%, and for the last 13 years, we have had price stability. We have never gone through monetary reforms as many European countries have done over the past few decades. Our monetary regime has been unchanged since 1973, when the peg to the US dollar was removed. Today, the Swiss franc is freely determined by market forces. As a representative of a country that has had floating exchange rates for over thirty years now, I can only underscore the importance of an exchange rate regime that reflects the realities of the market.

In Asia, Swiss direct investments amount to 35 billion Swiss francs, and Swiss firms employ 300,000 people, up 20% from 2000. In Singapore, to take an example, Switzerland is among the top European investors, ranking third after the UK and the Netherlands. The 250 Swiss companies here contribute 18% to total European investment in Singapore. Our trade relations with Singapore have developed rapidly in recent years. Since the late 1990s, total bilateral trade has increased by almost 50% to a new record of 1.9 billion Swiss francs last year. As a consequence of the rapid expansion of our trade with Asia, in general, and Singapore, in particular, the overall significance of Asian trade for us is now of the same magnitude as our trade with the United States. However, taking into account the relative size and the potential in Asia, there is still a lot of leeway for Swiss firms. A similar picture can be observed with respect to Swiss direct investment on the continent of Asia. Despite an increase of 30% between the late 1990s and 2004, Asia still only accounts for 7.7% of total Swiss investment abroad. Although Singapore commands the lion's share in this regard – 2.5% or 11 billion Swiss francs – it is evident that there is enormous potential for the expansion of bilateral economic relations between our two countries, and even more between Switzerland and other emerging Asian countries.
However, after deducting the effect of certain defence-related payments outstanding from previous years, as well as the possible spending arising from liability associated with legal proceedings relating to the insolvency of the toll motorways, this item is projected to grow only very moderately this year and over the next few years. Under these plans, therefore, the downward trend in public investment as a proportion of GDP, which has already lasted more than a decade, would continue. Interest payments are expected to continue to decline as a result of the expected favourable developments in financing conditions, although at a more moderate rate than over the last two years. The increase in revenues included in the Stability Programme is based mainly on the measures approved in December last year in Royal Decree-Law 3/2016. Notable among these is the amendment to corporate income tax to broaden the tax base, the increase in duties on alcoholic drinks and tobacco products, the increase of 3% in the maximum social contribution base and the 8% increase in the minimum wage. Notwithstanding the positive impact of these measures, achievement of the government’s medium-term revenue target is subject to some uncertainty, as revenue will need to perform more favourably relative to activity than it would if the historical relationship between these two variables were to remain unchanged.

Therefore, in the previous years, we have organized numerous work-shops on many current topics, international conferences, and our employees lecture in several faculties in the country. Also, four years ago, we introduced the Annual Reward for Young Researchers, which has proved to be a very successful example, followed by other institutions, as well. Today’s opening of the Joint Public Information Centre is another contribution to the upgrade of the scientific and research profile of the Central Bank, which has been established and developed very hard all these years, in parallel with the operational portfolio of the basic functions of NBRM: determining and implementation of the monetary policy, the banking sector supervision, the financial stability support, ensuring smooth functioning of the payment system, and above all, realization of the ultimate objective of the NBRM’s monetary policy – the price stability. I believe that with the opening of this Center, we open another channel for knowledge dissemination, which will be additional stimulus for the scientific and research activity. I believe that the Center will also serve for further deepening of the NBRM and World Bank cooperation, inter alia, also in the domain of organization of forums and debates on various current topics, as well as in the providing of foreign expertise, comparing the domestic with the international experience. Dear friends, We are glad that this library will join the libraries the American journalist Carl T. Rowan calls “knowledge food”, saying also that “the knowledge has liberated much more people than any war made in the entire history”.
Following a two-week dual circulation period during which payments could be made using either euro or Slovak koruna, the euro became the sole legal tender in Slovakia from 17 January 2009 and the changeover was very smooth. Today, the single currency is used in an area that stretches from Cyprus to Ireland and from Portugal to Finland. As you know, the euro cash did not enter into circulation until 1 January 2002, when it replaced the banknotes and coins of the national currencies like, in the case of Italy, the lira. To support the cash changeover, which was one of the largest logistical operations undertaken in Europe, extensive information campaigns were successfully run to acquaint citizens with the visual appearance of the euro banknotes and coins. The euro is widely recognised as a currency of major significance on the international level. Some 12 billion banknotes circulate in Europe and beyond, representing a face value of more than EUR 700 billion. The number of euro banknotes in circulation continued to grow since the initial cash changeover in 2002 and their value has almost tripled since the end of the changeover period. With this success story in mind, we are confidently looking forward to the anniversaries to come, which will be marked by the full consolidation of the euro and its further adoption by new member states. 2. The Euro Exhibition  Today we inaugurate the Euro Exhibition here in Rome.

It refers to our children’s booklet, specially drafted for primary students. To ensure that the children understand and enjoy the story in their mother tongue, the Italian translation of the story was tested by the students of the Italian section of the European School in Frankfurt, Germany. It is a pleasure for us to present this booklet to you today. The booklet tells an exciting short story, set against the realistic background of a counterfeit case and explains, in an appropriate way for children, how to verify the authenticity of a euro banknote. As an additional educational benefit, its multilingual format can arouse the children’s interest in other languages. The name of this booklet is Anna & Alex take on the banknote forgers. After these introductory remarks it is now a pleasure for me to declare this Euro Exhibition open. You are kindly invited to come closer to view the exhibition and the children’s booklet. 2  BIS Review 44/2009