samchain/econo-pairs-v1 huggingface dataset:
The provision of infrastructure, particularly in rural areas is an equally important challenge as without good infrastructure very little will happen in the way of expanding financial and other services to these areas and not to mention the resident population. iv. Innovation – the Financial Service Providers themselves need to invest in new technology and human resources that will enable them to provide lower cost financial services and expand their client base. While conventional dedicated, fullservice banks, with “brick and mortar” branches, have high costs and staffing requirements, the use of technology can aid the delivery of low-cost (and hence lowcharge) banking services. Many financial transactions do not require staffed bank branches; for instance cash can be assessed through ATMs (which could, for instance, be installed in all post offices). Another opportunity arises from mobile phone banking, which has much potential for low-cost banking and financial services and therefore able to transform financial access through extending banking to the unbanked using existing mobile communications infrastructure which already reaches many unbanked people. v.  Consumer awareness, there is need to enhance financial literacy so that the public can fully appreciate the cost of financial services. Such knowledge would enable them to make informed decisions about their levels of financial commitments. Tied to this is the need to promote responsible lending. Developments in the financial system are critical for the achievement of sustainable growth in the long term.

That be as it may, like in many other developing countries the financial sector in Zambia still faces a number of challenges. The Financial Sector Assessment Programme (FSAP) Report of 2002 highlighted a number of these including limited access to financial services by the rural and peri-urban population and doubtful sustainability of financial services in Zambia. In light of these findings, and in recognition of the strategic importance of the development of the financial sector in contributing to sustainable economic growth and poverty reduction, the Government of the republic of Zambia developed and launched the Financial Sector Development Plan (FSDP) in 2004. The FSDP is a comprehensive five year strategy to build and strengthen the financial sector infrastructure to enable it to support economic diversification and sustainable growth. In addition, and in furtherance of the objectives of the FSDP, the BoZ Strategic Plan for 2008 – 2011 has made financial inclusion as one of its key strategic objectives. Under the FSDP two important studies, the FinScope™ Surveys of 2005 and 2007, on the demand for and supply of financial services in Zambia have been completed. These studies have augmented the earlier findings of the FSAP with respect to the key developmental challenges for the financial sector in Zambia.
The more the adjustment, the less will be the additional flows, and hence the pace of reserves accumulation. But to be successful, the adjustment will require both expenditure reduction, through higher US real interest rates, and expenditure switching through a US dollar depreciation. So far, the burden of adjustment is more on the dollar than on interest rates. Another thing to keep in  2  BIS Review 134/2007  mind is that the process of adjustment is likely to take time as it requires a shift in resource allocation. This point was brought out clearly by the Asian experience. But as surpluses decline, the pace of reserves accumulation will ease. In such process, a key risk to watch is the possibility that financial adjustment, driven by the forces of market, can outpace the adjustment in the real sector, thus potentially creating a disorderly movement. Therefore, we need better coordination of policies amongst countries to ensure an orderly adjustment process. What role can reserves accumulation play in this process? It has been pointed out that reserves accumulation can help smooth the process by limiting an abrupt US dollar decline, while enabling emerging markets to continue support the global economy by maintaining growth. This is a so-called /falling with a parachute1 scenario. In addition, the recycling of official reserves to the US market can help limit the pace of interest rates adjustment in the US, thereby supporting a smoother correction in US output.

Paul Tucker: Remarks on “Making Monetary Policy by Committee” Discussant remarks by Mr Paul Tucker, Executive Director and Member of the Monetary Policy Committee of the Bank of England, on “Making Monetary Policy by Committee” by Alan Blinder, at the Bank of Canada Conference “International experience with the conduct of monetary policy under inflation targeting”, Ottawa, 22-23 July 2008. * * * Central banking involves a lot of learning – by doing, by thinking, researching, and by comparing ourselves with our peers. At the core of that learning process is exchanges amongst central bankers themselves, much of it in Basel. The other rich seam is the academic literature. But relatively few turn (or return) to scholarly reflection after periods of alternatively practising and theorising about central banking. Alan Blinder has therefore provided a signal service, since stepping down as Vice Chairman of the Federal Reserve Board, through his series of papers on monetary policy practice and how it both draws on and fuels theory. Today’s paper, on the role of committees in the making of monetary policy 1, places central banks into categories Blinder first set out a few years ago: single decision taker; autocrat-led college; genuinely-collegial; individualistic. It is especially interesting to the Bank of England, where for just over a decade we have operated a one-member/one-vote system for deciding our policy rate. As Blinder rightly says, comparatively speaking, this is clearly at the ‘individualistic’ end of the spectrum, and is a rare example of the species.
As host supervisors we learnt all too clearly the need to get sufficient detail on the significance of overseas banks’ branch activities to understand their potential impact on UK financial stability, the need to understand the major risks run by a global parent and the impact that might have on UK operations, and the potential need for early supervisory intervention. In the immediate aftermath of the crisis, and reflecting these lessons, there was a change in approach from this fragmentation to regulatory balkanisation. This approach is aligned with the pure host-led model I described earlier and is based on the premise that host entities should be clearly separable and separated from their parent group. At the extreme, this treats local subsidiaries in isolation from the parent group, with a sufficient local pool of capital and liquidity so that it is self-sustainable in the event of failure, ensuring that the entity can be resolved on its own. On the face of it, this provides for domestic financial stability. However, it is not without cost. The benefits of international trade and capital flows are reduced. Total global capital requirements are higher since the benefits of diversification in international banking are not recognised. And how realistic anyway is the premise of self-sustainability at the individual country level for businesses that are inherently global and closely integrated – as opposed to groups that represent in effect a collection of standalone retail banks.

It can credibly act as a counterweight against the host supervisors’ natural desire for higher local equity capital to be pre-positioned. At the same time internal TLAC can also help to ensure that there will be sufficient locally held capital to enable an orderly wind down of that entity in the event of stress. This approach recognises the integrated nature of many international groups. It recognises that having a clear agreed resolution strategy, combined with committed cooperation including in-depth sharing of information between the home and host supervisor, is key to understanding the risks that are shared by the parent and subsidiaries of large, complex groups. But it also seeks to ensure that the potential risks of a disorderly resolution are mitigated. In summary there are a number of key components to committed cooperation. a. A credible resolution strategy and equivalence of the home resolution regime, supported by internal TLAC. 6  BIS central bankers’ speeches  b. A high degree of commercial, operational, and financial entanglement between subsidiary and parent. c.  Transparency over the financial position of the parent group, its capacity to support the subsidiary, and the equivalence of the home supervisory regime. d.  Transparency over the intervention framework, including host and home discretion and triggers for action.
History is littered with examples of similar speculative assets that have made a very large amount of money for those that got out in time -- and that have cost those who did not an equally large amount. Technology does not make assets with no intrinsic value a safe or a one-way bet. A second example is the need for a commonly accepted settlement asset or means of transaction – aka “money” – to have a stable value under stress. If confidence breaks down in the “money“ used as a means of transaction, stress can be transmitted extremely quickly through any system using that form of money. The settlement asset used in the majority of crypto transactions is a so called ‘stablecoin’, digitally native crypto-assets that purport to peg their value to a fiat currency, almost always the US dollar. They are used to buy and sell crypto assets on platforms as they avoid the costly ‘off-ramps’ and ‘on- ramps’ from fiat to crypto, can be integrated into smart contract protocols and can be held as a store of value within the crypto eco-system. The purported peg can be effected in a variety of way – by backing with real economy assets, by backing with crypto assets or by an algorithm intended to guarantee stable value. Last year, 75% of all trades on crypto-asset trading platforms involved a stablecoin[2]. They are integral to the functioning of crypto-markets. In recent months we have seen two of the three largest stablecoins break away from their dollar pegs.

Rather, it encourages combining these new technologies with more traditional measures and advocates establishing a sound shared vision as a first step in the laying of the necessary foundations.10 This implies that to really achieve a profound transformation, an ambitious range of actions is required, beyond the mere operational or technical aspects, like the development of international guidelines, improvement of surveillance practices or the removal of obstacles to the exchange of data, just to name a few. Nevertheless, the importance of digital technology in this context should not be underplayed, even though its full potential may only be realised in the long run. Indeed, it is worth mentioning that a number of the enhancements foreseen as part of this action plan  7  “Enhancing Cross-border Payments: Stage 1 report to the G20”, Financial Stability Board, April 2020. [https://www.fsb.org/wp-content/uploads/P090420-1.pdf] 8  “Enhancing cross-border payments: building blocks of a global roadmap: Stage 2 report to the G20”, Committee on Payments and Market Infrastructures, CPMI Papers, No 193, July 2020. [https://www.bis.org/cpmi/publ/d193.pdf] 9  See footnote 8. 10  Indeed, one such measure is devoted to the potential issuance of a CBDC/stablecoins. This underlines my key message, i.e. that emerging technologies offer us an opportunity to address old problems in novel and, eventually, more effective ways. 5  are ultimately designed to help knock down some of the existing barriers to the emergence of new cross-border payment infrastructures and arrangements. Conclusion I would like to conclude by sharing some final thoughts with you.
Caleb M Fundanga: Relations between the Embassy of France and the Bank of Zambia Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the signing ceremony of the memorandum of understanding between the Embassy of France and the Bank of Zambia, Lusaka, 18 January 2005. * • • • •  *  *  Your Excellency, the Ambassador Members of the Press Distinguished Invited Guests Ladies and Gentlemen  It gives me great pleasure to welcome you all to the signing ceremony of the memorandum of understanding (MoU), governing the conduct of French lessons, between the Embassy of France and the Bank of Zambia. For some time now, our two institutions have been collaborating closely on the details of this MoU to ensure that it captures the mutual interests and aspirations of our two institutions. Although it has taken a bit of time to complete due to circumstances beyond our control, it is pleasing to note that we are now able to conclude it. Your Excellency Let me begin by stating the reason for our existence as a central bank. Our Mission Statement is to, I quote: “formulate and implement monetary and supervisory policies that ensure price and financial system stability” End of quote. In order for us to achieve this Mission Statement successfully, we need competent and skilled staff who are able to communicate effectively with a wide range of clientele at international, regional and national fora where the bank’s and, indeed, the nation’s interests are advanced.

Mervyn King: Trusting in money – from Kirkcaldy to the MPC Speech by Mr Mervyn King, Governor of the Bank of England, delivering the Adam Smith Lecture 2006, St Bryce Kirk, Kirkcaldy, Scotland, 29 October 2006. I am indebted to Alex Brazier, Chris Salmon, Morten Spange and Tony Yates who have worked closely with me and are effectively co-authors. I am also grateful to Charlie Bean, Tim Besley, Iain McLean, Mark Cornelius, Andrew Hauser, James Proudman and Peter Rodgers for their helpful comments and to Kath Begley for valuable research assistance. *  *  *  My Lord Lieutenant, Chancellor, My Lords, Ladies and Gentlemen, In June 1767, Adam Smith wrote from Kirkcaldy to his dear friend David Hume: “My Business here is Study in which I have been very deeply engaged for about a Month past. My Amusements are long, solitary walks by the Sea side. You may judge how I spend my time. I feel myself, however, extremely happy, comfortable and contented. I never was, perhaps, more so in all my life”. 1 There is more wisdom in that remark than most busy people would ever care to admit, and it was perhaps that contentment which allowed his mind to wander far and wide – across the sea by which he walked – to imagine a society and an economy very different from the one in which he lived. Last year I was in the audience when Alan Greenspan delivered the Adam Smith Lecture.
Public authorities must be alert, decisive and effective at a global level: this is not a problem of the industrialised countries alone; this is a global issue that has to be addressed  6  BIS Review 123/2008  with the full participation of the emerging countries. At the same time, private financial institutions and market participants must behave wisely, prudently and with a solid sense of responsibility. It is time to keep our composure. I thank you for your attention. BIS Review 123/2008  7

During the Spanish flu pandemic, many people died from secondary bacterial infections which can now be treated more effectively. And we are economically in a much better position to deal with a shock of this nature. Why? The internet puts a whole range of technical options at our disposal that allow us to continue working. Our social security systems are much better. People will only stay at home if they continue to be paid when they get sick. At the same time, there is now more international division of labour than there was back then, so we feel the impact more strongly if supply chains break down. The economy is estimated to have contracted by 6% at the time of the Spanish flu. Is this 3/4  BIS central bankers' speeches  virus crisis economically less bad? No-one can say, but we will play our part in containing the economic consequences of this crisis. 4/4  BIS central bankers' speeches
The Rt Hon Sir Edward George: The state of the UK economy and the Bank of England’s conduct of monetary policy Speech by The Rt Hon Sir Edward George, Governor of the Bank of England, at the Welsh Development Agency/Bank of England Dinner, Brangwyn Hall, Swansea, on 16 October 2001. *  *  *  Thank you, David for that kind introduction. And thank you, too, for agreeing to co-host this dinner in the Brangwyn Hall this evening. It gives me great pleasure to add my welcome - on behalf of the Court of the Bank of England - to all of our guests. We are grateful to you for joining us. I should like to say a few words this evening about the state of the economy, and in particular to account to you - as stakeholders - for the Bank's conduct of monetary policy. If you look back, since the recession of the early 1990s the UK has enjoyed 9 years of steady progress. Inflation over that period, on the Government's target measure, has averaged just 2.6% - and has been more stable than at any time in our history. Now some people think that's all we care about at the Bank of England - and we certainly do care about it - it is after all what we are paid for. But it is certainly not all we care about.

Also, all the participants would benefit from getting a view from the Academia on the implications for the Economics of the lack of diversity. Gender, of course, is one important aspect of diversity, but this webinar also brings together studies from authors affiliated to institutions all over the world. This geographical diversity would enrich the discussion and expand the menu of possible action points. The conclusions we may reach over the course of these two days will certainly boost the actions to be carried out by our institutions which should be expected to lead by example 1  not only within the financial sector but also, as a public administration, fulfilling our duty to serve public interest. Banco de España has already committed different internal actions. Among others we have created a group of D&I Ambassadors, representing all the business areas together with HR -of which I am proud to be the Sponsor-. This group has the purpose of enhancing diversity and inclusion consciousness and helping to step up specific measures across the organization.
This is what creates the potential for the ‘second round effects’ that seek to avoid the real cost of higher energy prices to sustain above target inflation even as the original impulse to headline inflation from the direct effect of higher energy prices on household utility bills recedes. [24] In other words, the level of energy prices is likely to have implications for how much intrinsic inflation persistence exists in the aftermath of an energy price shock. If a rise in energy prices in seen as permanent, it is more likely to trigger greater intrinsic inflation persistence. And the greater the proportion of any energy price rise that is seen as being lasting rather than temporary, the greater the intrinsic inflation persistence that is likely to follow. Page 9  Making assessments of this type is particularly important at present. Headline inflation is set to fall sharply in the coming months, both because the big contributions from energy price rises last year will drop out of the annual calculation and because wholesale gas prices have reverted of late. But the level of energy prices remains well above pre-pandemic levels, so the scope for some sustained momentum in inflation stemming from greater intrinsic inflation persistence exists.

Ultimately, monetary policy can do little to offset the real impact of real shocks: all it can do is support the necessary and inevitable adjustment of the economy to that real shock in a manner that guarantees inflation will remain at its 2% target on a sustainable basis over the medium term. Higher international energy prices weigh on UK real incomes and spending power. This is inevitable – monetary policy cannot avoid these effects. An important question in this context is how the inevitable cost of higher imported energy prices is distributed across UK residents. [22] Understandably, firms and households will seek to resist the impact of higher energy prices on their spending power by seeking to pass those costs onto their customers or employers and by raising their own prices and wages. But at the aggregate level, attempts to shift the unavoidable cost to someone else are self-defeating. All they achieve is to create additional nominal demand pressures on resources that ultimately will create inflation and endanger the achievement of the inflation target. [23] Other things equal, that element of inflation driven by firms’ and households’ attempts to avoid the real cost of higher energy prices is likely to persist as long as energy prices remain high, not just while energy prices are rising.
Governor Bob Duffy, convene a meeting of our Upstate Advisory Board, whose members are major leaders in the upstate economy, and visit the Roswell Park Cancer Institute to learn about their role in economic development in western New York and in the broader world arena. My colleagues and I at the New York Fed continually track conditions in our District, and we have created a number of tools for that purpose. For example, my staff produces monthly indexes of economic activity for New York City, the state of New York and New Jersey. These indexes are essentially measures of local output – similar to gross domestic product, or GDP, at the national level. These measures provide a more complete gauge of activity than the employment report, which is another important metric at the state level. We have also constructed a consumer credit panel to track local household credit conditions at the county and even the zip code level, including the amount and type of personal debt and whether payments are being made in a timely way. In addition, we conduct a periodic poll about the credit needs of small businesses, which are an important source of new jobs. We are just launching our latest poll that also includes questions about the skill needs of small businesses and whether the right kinds of skilled labor are available. Almost 900 regional businesses responded to our last poll, some of which were from this region.

In response to the question: “Does trade with other countries lead to job creation in (survey country), job losses, or does it not make a difference?”, 67% in China answered “job creation”. In the US, only 20% responded in this way, and 50% responded “job losses”. See http://www.pewglobal.org/question-search/?qid=1890&cntIDs=&stdIDs= xviii YouGov (2015). See https://yougov.co.uk/news/2015/10/13/public-split-globalisation/. xix Haldane, A. (2015), “Labour’s share”, speech given at the Trades Union Conference, 12 November. xx This uses the economic policy uncertainty indices developed by Baker, S, Bloom, N and Davis, S (2015), “Measuring economic policy uncertainty”, NBER Working Paper No. 21633, October. Refers to 12-month trailing averages. xxi A range of factors can explain these trends including, recently, investors’ increasing aversion to disaster risk and desire to hold safe assets – like bonds – instead of risky ones – like equities. These other factors include the nature of the monetary policy regime, and the types of macroeconomic disturbance responsible for macroeconomic fluctuations. For example, commodity price shocks in the 1970s led to inflationary recessions, causing nominal bond prices to fall as inflation expectations rose, and equity prices to fall as the economy slowed. Improvements in the anti-inflation credibility of central banks, by contrast, reduced inflation risk premia in nominal bonds, raising their prices and lowering yields, while achieving such disinflation required temporary reductions in growth, lowering equity prices. Finally, demand shocks, which tend to create disinflationary recessions and inflationary upswings, tend also to generate negative co-movement between nominal bond prices and equity prices.