samchain/econo-pairs-v1 huggingface dataset:
For example, establish a shared infrastructure that enables more efficient tracking and monitoring of the performance and impact of the programme on the target segments. This would also enable financial institutions to better intermediate social impact funds to deliver the SDGs. Conclusion Achieving the SDGs is a collective effort – one that requires a whole-of-nation approach. Each of us, be it the financial institutions, the customers, the regulators, the government and funds providers play an important role in creating a better, safer and sustainable future. Indeed, such collective effort is equally warranted across geographical borders and governments. In Malaysia, we recognise this. Therefore, I welcome individuals or organisations that are passionate about SDG to collaborate with Malaysia and partner with global organisations such as UNDP to codevelop the areas mentioned by leveraging on Malaysia’s strengths to achieve SDG goals together. In addition, I would also like to invite such individuals and organisations to take part in the Royal Award for Islamic Finance Impact Challenge Prize 2022. This new initiative by Malaysia aims to reward innovative creations and solutions that strengthen the economic and social resilience of financially impacted communities globally through the application of Shariah principles. Applications are open until 25 March 2022. To end my speech, I wish you every success with today’s conference and I trust the event will generate interesting conclusions and concrete actions. Thank you.

The requirement for increased flexibility in the labour market could apply both to increased variability in nominal wage increases and to increased geographical and professional mobility of the labour force. Increased adaptation to the rate of wage increase in the Euro area and increased variability in nominal wage costs? The design of the negotiation system probably has significance both for the adaptation of wage increases to that within the Euro area and for the degree of nominal wage flexibility. Wage formation in Sweden can be characterised by a combination of centralised and decentralised agreements. During 2001 trade and industry had a relatively high percentage of agreements with local wage formation. Almost 70 per cent of employees in the private sector had wage agreements that entailed complete or partial local wage formation. The percentage of local wage agreements in the public sector has also increased during the 1990s. A more decentralised wage formation process could entail greater nominal wage flexibility, as wage costs could then be connected to a greater extent to the individual company’s situation. On the other hand, a more co-ordinated wage formation could also entail increased flexibility, as it would make it easier for those determining wages at a central level to take the overall considerations required to enable the economy as a whole to develop favourably. It is unclear to what extent a potential Swedish participation in Stage Three of EMU would entail incentives for a more decentralised or more co-ordinated wage formation process.
Productivity growth has stagnated in most OECD countries. Goods production has declined, while services production has increased, as in Norway. But this shift was based on borrowing rather than increased earnings in many countries. After the financial crisis, funding sources dried up and these countries were faced with a debt crisis. Fundamental structural problems with eroded competitiveness came into evidence. These countries must not only reduce their debt levels, but also engage in a painful process of adjustment and rationalisation. Only then can these economies find the path to renewed growth. The Norwegian economy has experienced virtually 20 consecutive years of growth. We have invested in a hugely profitable oil industry and found a balance between spending petroleum revenues domestically and saving petroleum revenues in the form of foreign investment. On the other hand, it seems that both the public and private sectors are having difficulties finding profitable mainland investment projects. Taking a longer view, this is a source of concern. Should petroleum revenues shrink, we need more pillars to stand on. Otherwise, we would have to embark on the path of adjustment towards renewed growth, the path that other countries are already going down. Conclusion Let me return to Johan Borgen. For Wilfred Sagen and his peers, the festive times did not last long. The war came to end and freight earnings declined. The boom period was followed by hard times. Banking crises, parity policy and protectionism led to prolonged and deep recessions in the world economy. The environment is entirely different today.

Flexible inflation targeting builds a bridge between the long-term objective of monetary policy, which is to keep inflation on target and provide an anchor for inflation expectations, and the more short-term objective of stability in the real economy. Low inflation in recent years is both the result of monetary policy assessments and unforeseen disturbances to the economy. Towards the end of 2002, Norges Bank shifted its monetary stance in an accommodative direction as new information indicated that developments in output and unemployment might be weaker than projected and inflation might be lower than target. The key rate was reduced markedly in 2003 and 2004. The low interest rate level has contributed to a considerable increase in demand for goods and services. Increased petroleum investment and favourable prices in markets for our export products have also made a contribution. So far in this cyclical upturn the mainland economy has expanded by an average of close to 4 per cent. Wage developments reflect and influence the business cycle. Strong employment growth in the 1990s resulted in a rise in labour costs, which in turn had a dampening impact on growth. Moderate wage growth in recent years has been accompanied by a strong cyclical upturn. It appears that wage growth will be somewhat higher in 2006 than in 2005, but not higher than expected. Employment growth was lower over a long period compared with the cyclical upturns in the 1980s and 1990s.
Süreyya Serdengeçti: Inflation targeting – performance and challenges Opening speech by Mr Süreyya Serdengeçti, Governor of the Central Bank of the Republic of Turkey, at the Conference on Inflation Targeting: Performance and Challenges, Istanbul, 19 January 2006. *  *  *  Ladies and gentlemen, I would like to welcome you all. It is a great honor for me to open this conference entitled “Inflation Targeting: Performance and Challenges”. I am very pleased to host such distinguished guests and I’d like to thank you all for joining us here in Istanbul and share your knowledge and experience on inflation targeting. The inflation targeting regime has been adopted by a growing number of countries, especially by emerging market countries, in the last fifteen years. As economic and political conditions of emerging market countries have generally been considered as vulnerable and unstable, these countries perceive inflation targeting as a credible and a safe “way out”, after the successful experiences of industrialized countries. Turkey is now the newest member of the club. We have studied the experiences of more than 20 industrialized and emerging market countries as we were working on the general framework of the inflation targeting regime for Turkey. Along with these experiences, historical, socio-political and economic dynamics of the Turkish economy have been taken into account to create a model that is specific to Turkey. I believe that those countries who will adopt this regime in the future will benefit from our experience as we did from others.

The ECB’s Governing Council has now decided that, from 2021, the Eurosystem will accept bonds with coupons linked to certain sustainable performance targets as collateral for credit operations and outright purchases for monetary policy purposes, provided that they comply with all other eligibility criteria. Building on these three criteria, we should continue to do what we have been doing all along: ensuring that our accountability practices remain commensurate by letting them evolve in a flexible manner and by adapting them in line with the demands for scrutiny from European citizens. And because we can only make improvements if we are aware of people’s expectations and concerns in relation to the ECB and its policies, we are inviting everyone in the euro area to share their ideas and comments through the ECB Listens portal on our website. Conclusion Let me conclude. Our regular exchanges are crucial in explaining the ECB’s actions to people across Europe and to you as their representatives. This is even truer in testing times when the people of Europe expect the EU to rise to the challenge. A recent survey commissioned by this Parliament shows that more than two-thirds of Europeans would like to see the EU have more competences to deal with crises such as the COVID-19 pandemic. Citizens clearly look to the EU for answers and you play a central role in ensuring that such answers are forthcoming. The measures adopted thus far by national governments and the European institutions are reinforcing our policies.
Political life and legitimacy continues to occur mostly at the level of nation-states. This implies that to foster legitimacy we have to act on the two levels the European and the national by giving for instance, the European Parliament a stronger euro area dimension and engaging national parliaments more in euro area discussions. I wanted to highlight the importance of these issues but as I said I will not dwell upon them further. Conclusion Let me then conclude. The euro area was designed in the 1990s and we should not be too critical of the fact that its architecture was influenced by the prevailing economic theory. However, we now have more than a decade of practical experience of sharing a single currency in Europe. It is unacceptable if we do not learn the lessons of that experience. The most important lesson is that, to maximise its benefits, the single currency needs strong common institutions. Strong institutions to supervise and stabilise the single financial market. Strong institutions to guide fiscal policies and preserve budgetary sovereignty. Strong institutions to guarantee competitiveness and encourage sustainable growth. And strong institutions to engage citizens more closely in the European project. In this effort the European and national dimensions of legitimacy must be balanced. Nevertheless, we must also recall that Nations are a construct of man, not a natural reality, meaning that our consciousness and our knowledge are socially constituted. A form of civic community among strangers was somehow created to shape several European nation-states only as late as the XIX century.

This means that most participants can be assumed to be highly knowledgeable about the products they trade, and capable of making educated investment decisions. As a result these markets have historically tended to work primarily on the principle of caveat emptor – or “buyer beware.” In legal terms, caveat emptor expresses the basic principle that a buyer of property purchases it at his or her own risk, and that — unless expressly agreed otherwise with the seller — there is no guarantee that the value of that property will not fall. In such circumstances, market participants should invest time and energy in looking after their own interests, voting with their feet when they are poorly treated. Such market discipline has historically always been thought of as a key bulwark against widespread abuse in FICC markets. However, caveat emptor has never meant “anything goes”, and certainly does not trump the obligation on a firm to act honestly, fairly and professionally. Change is happening The structure of these markets is already changing, and recent high profile enforcement actions have brought sharply renewed focus on conduct issues, particularly where they are seen as targeting individuals. The FCA has a “credible deterrence” enforcement strategy, and recently highlighted its intention to pursue a more proactive approach to wrongdoing in wholesale markets. Since 2010 it has issued 15 final notices for misconduct in FICC markets and imposed more than £ million in financial penalties.
Jon Nicolaisen: What should the future form of our money be? Speech by Mr Jon Nicolaisen, Deputy Governor of Norges Bank (Central Bank of Norway), at the Norwegian Academy of Science and Letters, Oslo, 25 April 2017. * * *  Origins of the central bank The Dutch financier Johan Palmstruch arrived in Stockholm in 1647. Some ten years later, he was granted permission to open a private bank, Stockholms Banco, where he combined two important innovations. The first of these, pioneered by Palmstruch, was to use customer deposits to fund lending. The second utilised Johannes Gutenberg’s invention, the printing press, to print the first European banknotes. Stockholms Banco was authorised to issue banknotes backed by the copper and silver coins in use at the time. Coins could be deposited at the bank in return for banknotes, and banknotes could be exchanged for copper and silver at the bank. The banknotes proved to be popular and were soon in circulation. Stockholm Banco also offered loans in the form of banknotes. For the Swedish king, Karl Gustav, this occurred at a convenient time. Wars were in progress that had to be financed, and a bank that would offer loans was like manna from heaven. King Karl Gustav made good use of the money. Sweden’s victory over Denmark-Norway in the 1658 Dano-Swedish War, leading to the permanent cession to Sweden of the strategically and historically important territory of Båhuslen in southeastern Norway, was thus at least partly the result of a financial innovation.

Money must therefore also function as a store of value. The first coins to be struck, imprinted with the king’s mark as a guarantee of their weight, were produced in Lydia almost 2500 years ago – with the reverse bearing the mark of King Croesus. Since then, coins in a variety of metals have been widely used. The currency of Norway was directly linked to a metal for centuries, until the gold standard was abandoned in 1931. 1/9  BIS central bankers' speeches  Wealth in the form of silver and gold coins can – literally – be a heavy burden. The emergence of banknotes that could be exchanged for a specific monetary value in metal made it easier to manage large sums of money. A banknote is in reality a promissory note – an interest-free claim on the issuer. Its value depends on trust that the issuer will keep his word and that the banknote proves to have the promised value. The issue of banknotes by private entities was a fundamentally unstable system. The solution was to establish central banks in order to build abiding trust in the currency. The Swedish central bank, the Riksbank, the first central bank in history, was founded because the issue of banknotes by a private bank – Stockholms Banco – led to a banking crisis. The origins of the US Federal Reserve are similar: during the so-called “free banking” era, private banks could issue their own banknotes in various denominations.
When I was finalising my speech, I was told by my staff that the average turnaround time to process damage motor claims has increased by 10, from an already miserable record of 83 days. In the 19th century, Jules Verne wrote that anyone can travel around the world in 80 days. We can’t settle an insurance claim any earlier in the 21st century. Go figure. My own experience suggests that the turnaround time is the most important aspect of takaful operations that shapes the industry’s image in the eyes of the customer. The industry has to seriously look at this. It should relentlessly pursue changes in processes, rules and parameters that are necessary to improve the experience for customers. This requires creativity and persistence. The situation is not much better in the family takaful business, although we are putting in place the infrastructure to tackle this problem. The Bank, the insurance and takaful industry, and the National Registration Department will roll out a new, automated mechanism this year to expedite the process for claiming death benefits. With this, the industry will be better able to help those in their hour of need. The Bank, through the LIFE Framework and other initiatives, is determined to ensure that customers receive a fair deal. The recent implementation of the balanced scorecard will increase the professionalism of takaful intermediaries. It is now incumbent upon the industry to establish and maintain trust and goodwill with its customers.

5  On this occasion, the Board considers that situations of this type are mainly of domestic origin. In particular, in the dynamics of inflation and its determinants. The upper bound is defined by events in which local inflation is more persistent than expected. In this aspect, the information provided by domestic expenditure and CPI prints will be key. The Board will evaluate the inflationary implications of these events, as they could mean that the process of reducing the MPR would be slower. Upward inflation surprises in developed economies could require higher international monetary policy rates, which would contribute to a depreciation of emerging currencies, the peso included. This would increase local inflation in the short term, although its impact on the MPR would be mitigated to the extent that it implies a greater contraction in activity and spending. The lower bound of the MPR corridor shows a scenario where the adjustment of the Chilean economy is faster than expected, leading to an earlier convergence of inflation. Different indicators of capacity gaps suggest that inflationary pressures have been gradually contained. A scenario where such gaps become more negative than expected would lead to a more accelerated reduction in the MPR. Such could be the case if a sharper deterioration occurs in the labor market and private consumption (figure 20). As for risks, these emanate mainly from the global macro-financial situation. A further deterioration could trigger episodes of high volatility, reduce liquidity and encourage capital outflows away from the emerging world.
While the Bank has decided to implement a more systematic approach to risk assessment, other supervisors - who traditionally operate a rule book - are (in a fast moving marketplace characterised by rapid product innovation) moving towards a regime that gives more scope for supervisory judgement. But the fact that regulators internationally are converging in their approach does not necessarily mean that they are right. They may all be converging on an inappropriate model. Indeed some would argue that regulators do as much to create problems as to solve them: that regulators create perverse incentives - even as we speak bankers may be designing products whose whole rationale is to exploit anomalies in our rules. Perhaps we would all be far better employed elsewhere, leaving the market to regulate itself. Why should we not facilitate that process by concentrating on rules of disclosure, obliging banks to publish accurate information on their capital adequacy and risk profiles, and leaving the rest up to the market - perhaps with some safety net for small depositors and investors? As you know, the New Zealanders have made an interesting move in this direction in the last couple of years. Should we then get out of the business and leave it all to the markets? To answer that question, it may be helpful to go back to first principles. Back in 1958, Modigliani and Miller demonstrated that in a frictionless world a firm’s capital structure cannot affect its value.

‘OECD median’ is the median change in inactivity across 38 OECD countries. It’s not clear what is driving this participation puzzle[3]. But whatever is behind it, low participation is a key component of the tightness in the UK labour market. Employment growth has slowed but unemployment has fallen to 3.6% - the lowest rate since 1974 - the number of vacancies also remain close to record highs and the redundancy rate remains close to its record low. Moreover, regular pay growth in the private sector has continued to rise to 6% in July 2022. The decline in participation is another negative supply shock which is at present impacting on an already tight labour market and adding to the upward pressure on nominal wages. The MPC has made successive revisions to our assessment, each time forecasting the labour market will stay tighter for longer. This tightness has been a key consideration in my MPC votes over the last year[4]. Models estimated by Bank staff indicate that the pickup in underlying private sector pay growth so far has been driven not just by the tightening labour market but also the rise in short term inflation expectations (Chart 3). While the latter probably reflects higher headline inflation itself, a point I will come back to, these factors are expected to push up pay growth in the near term. This would be consistent with the message of the latest surveys by the Bank’s Agents which suggest pay growth will strengthen further.
As we work to help restore balance to the economy and bring down inflation, our actions will always be driven by the data, and we will remain focused on achieving maximum employment and price stability. 1 Board of Governors of the Federal Reserve System, Statement on Longer-Run Goals and Monetary Policy  Strategy, as adopted effective January 24, 2012. 2 See Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, November  3, 2021; Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, December 15, 2021; and Board of Governors of the Federal Reserve System, Federal Reserve Issues FOMC Statement, January 26, 2022. 3 Board of Governors of the Federal Reserve System, Principles for Reducing the Size of the Federal Reserve's  Balance Sheet, January 26, 2022. 4/4  BIS central bankers' speeches

The economic environment in which we operate today is a direct consequence of the demographic and productivity shifts taking place. Low neutral interest rates are very real, and they’re here to stay. Conclusion The facts have changed, and so it is time to change our minds also. It is often said that change is hard. But, experience teaches us that it is better to prepare for the future than wait too long. Ultimately, failure to prepare often means preparation for failure. 1 United Nations, World Populations Prospects: Key Findings and Advance Tables, 2015 Revision. 2 Antonin Bergeaud, Gilbert Cette, and Rémy Lecat, Productivity Trends in Advanced Countries between 1890 and  2012, Review of Income and Wealth, Volume 62, Issue 3, pp. 420–44, September 2016. 3 Shigeaki Fujiwara, Yuto Iwasaki, Ichiro Muto, Kenji Nishizaki, and Nao Sudo Fujiwara, Developments in the  Natural Rate of Interest in Japan, Bank of Japan Review, October 2016; Kathryn Holston, Thomas Laubach, and John C. Williams, Measuring the Natural Rate of Interest: International Trends and Determinants, Journal of International Economics, Volume 108, Supp. 1, pp. S59-S75, May 2017. 4 Thomas M. Mertens and John C. Williams, Tying Down the Anchor: Monetary Policy Rules and the Lower Bound  on Interest Rates, Federal Reserve Bank of San Francisco, Working Paper Series, May 2019.