samchain/econo-pairs-v1 huggingface dataset:
During this period no one is to be compelled to use euro, though this will be encouraged. Kronor and euro will both have the status of legal tender, so we must be prepared to handle them both during this period. But the discussion of this question should continue. Responsibility for information The retail trade report considers that society must be responsible for information about the new currency system. At the same time the Ministry of Interior and others consider that information at points of sale, for example, is primarily a business responsibility. This makes me somewhat uneasy. I believe we must all be prepared to accept an additional responsibility for information about these matters. Otherwise there is a risk of people feeling they are getting insufficient guidance, with an increased risk of the changeover being arduous for everyone. At the Riksbank we will try to do our bit. Brochures about the new means of payments will be distributed, possibly accompanied by ready-reckoners for the conversion rates. Our Payment System Department is working on this. Price information Retailers will be obliged to work for a period with some form of double pricing. The practical arrangements for this are mainly a matter for the retail trade and consumer interests. Rounding In Sweden we have grown used to having the total sum rounded to the nearest 50 öre.

As I said on previous occasions4, our medium-term target needs to be viewed in two ways: it has to be forward-looking to guide inflation expectations, but it cannot ignore the past either. If credibly symmetric and medium-term, our inflation objective would probably achieve similar outcomes ex post than explicit average inflation targeting. 3/ Finally, we need to rethink our “second pillar” – the present monetary analysis – notably in light of financial stability concerns. To do so, we could track a broader set of nominal aggregates:  Financial aggregates, from the perspective of financial stability, and potentially look more closely at the assets of financial institutions including non-banks (such as their provision of credit in the broadest sense) rather than at their liabilities only (including money, as in the past). Other economic aggregates, starting with nominal GDP growth, which is a key metric in the assessment of private and public debt sustainability. But also employment and income distribution, which respond to the demands of the Treaties as well as to the expectations of the public. II. The three cornerstones to restore fiscal sustainability Of course we should not repeat the mistakes of the last crisis, and tighten, the fiscal taps too quickly. But in the longer term, fiscal discipline is also needed. In the current context of an unprecedented rise in public debt, some tempting illusions have arisen. We must not give into them. We cannot, for instance, allow ourselves to believe that cancelling the public debt held by the central bank is a viable solution.
Interestingly, the higher interest rates have been attracting some inflow of funds into the Hong Kong dollar, as investors took advantage of the higher return and as borrowers chose to finance their activities by raising US dollars and switching them into Hong Kong dollars, being comfortable about a little currency mismatch given our strong commitment to the link with the US dollar. As a result, Hong Kong’s foreign reserves have continued to 19 Foreign currency assets as at end of: $ billion  June 1997 July 1997 August 1997 September 1997 October 1997 November 1997 December 1997 January 1998  82.9 81.7 85.3 88.1 91.4 96.5 92.8 98.1  BIS Review 19/1998  -8grow, contributing further to the easing of Hong Kong dollar interest rates at the longer end of the yield curve. Pain of Adjustment 26. There is no doubt, however, that the discipline of the currency board system requiring rather harsh adjustments through interest rate changes means that there are innocent parties who may rather unfortunately be affected. I am conscious of the plight of, for example, the businessmen who happened to have interbank rate related loans due for interest rate fixing on 23 October 1997, or the home mortgage payers who have now to live with a mortgage rate, after two increases, which is 150 basis points higher than before, or those who have been investing their life long savings in the stock market, the property market and other asset markets, seeing these markets fall under the influence of higher interest rates.

Instead, it requires the monetary base, defined in the case of Hong Kong as the amount of Hong Kong dollar bank notes issued and the Hong Kong dollar clearing balance of the banking system held with the Hong Kong Monetary Authority (HKMA), to be fully backed by US dollars at a fixed exchange rate16. In other words, 14 Article 111 of the Basic Law provides, among other things, that “the Hong Kong dollar, as the legal tender in the Hong  Kong Special Administrative Region, shall continue to circulate”. 15 As a matter of fact, in the fourteen and a half years since the Hong Kong dollar’s link was established in October 1983, the  RMB has depreciated by a total 76% against the US dollar. 1616 Insofar as the banknotes are concerned, since the inception of the linked exchange rate system in October 1983, the issue  and redemption of bank notes, through the note issuing banks, are required to be made against US dollars at the fixed exchange rate of $ to $ However, at the time when the linked exchange rate system was introduced, there was no institutional arrangement whereby banks in Hong Kong maintained clearing accounts with the currency board.
Several reasons may lead to the interplay between monetary and fiscal policy failing to function. Interplay functions well when the decision-making bodies are conscious of how one body’s decisions influence the decisions of the others. Unless this fact is recognised, a decision will not produce the result that was planned. The economy may move in a very undesirable direction, with high interest rates, sluggish economic growth and a deterioration in the state’s financial position. Without coordination, a good result may still be achieved if fiscal policy acts as “leader” and monetary policy as “follower”, to use expressions taken from game theory. The fiscal policy authorities can internalise the monetary policy response pattern. The central bank’s response pattern must of course be known so that the fiscal authorities can take this into account. The social partners can similarly take any monetary policy response into account when wages are being determined. The “leader” in this interplay - the social partners - can take the “follower’s” - Norges Bank’s - response into account. This view is most relevant in centralised wage formation. In decentralised wage formation, monetary policy will instead affect wage growth via market mechanisms by stabilising aggregate demand. A precondition for interplay that functions well is that monetary policy is known and remains firm. The outcome of this year’s wage settlement indicates that the social partners have not internalised the monetary policy response pattern.

The ultimate vision is for the Asia School of Business to be a premier business school that develops transformative and principled leaders who will contribute to the advancement of the emerging world, particularly in Asia. Bank Negara Malaysia’s commitment to this collaboration is not only in providing the 20-acre land that is in the green lung of Kuala Lumpur for the campus and in building state-of-the-art facilities for the School, but being very much part of the Asian region, we hope that Malaysia, and more specifically, the Central Bank, will also be leveraged upon for our knowledge and experience in the region. BIS central bankers’ speeches  1  Located in the heart of Asia, Malaysia offers an eclectic mix of cultures and ethnic backgrounds that reflects the heterogeneity of Asia. As a highly open economy, Malaysia has strong economic and financial inter-linkages with the world, from Asia to the advanced economies and other emerging economies, including Latin America, the Middle East and Central Asia. The School will, therefore, draw extensively from the network of businesses in the emerging world to provide a platform for learning and research, and thus offer an extensive experience of the diversity that exists, in particular, in Asia. With the strength founded in the collaboration, I am confident of our potential to develop the Asia School of Business on solid foundations. The Bank looks forward to working with MIT Sloan in making this collaboration a success.
The first, the stability oriented approach, can be characterised as attempting to dampen economic fluctuations by promoting stable economic growth over time, subject to the primary focus on price stability. The second, the activist view, can be seen as suggesting that, in addition to price stability, an equally important goal of monetary policy is to actively guide the economy towards attainment of its “potential.” That is, an important guide to policy is the “output gap”, which measures how far GDP deviates from its potential. But policy activism in this sense can be dangerous. Trying too hard to close real activity gaps can lead to worse results in both price stability and economic stability. The reason is simple. Too often, the measures of the output gap that our experts can produce give the wrong signal in real time, when policymakers need to take decisions. Distracting attention away from price stability by attempting to fine tune the real-economy might result in a central bank remaining too accommodative for too long following a recession. There are numerous examples of policy recommendations that have proved to be wrong for this reason, and not just from the 1970s. This risk must be avoided. Nothing should distract a central bank’s focus on preserving price stability. A central bank should strive to remain focused and be pre-emptive in its fight against inflation.

As late as 2008, the year 2006 was still being seen as one of wasted resources. But by 2009, with revised estimates, the experts were telling us that three years earlier, the euro area was overheated and output exceeded its potential by a significant amount. Mismeasurement of the output gap can lead to errors not only in monetary policy – if and when central banks incorrectly rely on this information – but can also lead to mistakes in fiscal policy. In 2006 we had a fiscal deficit in the euro area as a whole. Alarms about fiscal soundness should have sounded before the crisis. But the alarms would have sounded much louder if the EC, the IMF and others had not suggested that the economy was running below potential. Inappropriate reliance on mismeasured output gaps can lead to complacency during good times. 2  BIS central bankers’ speeches  I recount this example about how the output gap can be misused in policy debates because once again, as we are coming out of the crisis, some voices are stressing the extent of the output gap that the euro area is facing today, perhaps drawing conclusions about policy that could again be reversed as time goes by. The focus on price stability must remain unrelenting. *** That said, another lesson is the following: the central bank focus on price stability is insufficient to maintain overall stability in the economy.
The road ahead may not always be smooth as financial globalization has yet to unveil its full impact on the global economy and emerging markets. But this should not prevent us together from having a pleasant journey towards the more prosperous future. 4  BIS Review 107/2007

Internet compared with railways Simplifying somewhat, the advent of the Internet can be compared with the era of railroad construction in Sweden in the second half of the nineteenth century. In the initial phase there was a boom for those who constructed the railways and manufactured rolling stock. In the closing decade of the century Swedish firms began to produce locomotives; previously BIS Review 118/1999  2  that had been the preserve of British manufacturers. The Swedish firms took over the domestic market and were even able to export their products. Much the same happened with the manufacture of passenger carriages and goods wagons. Today we can see similar developments in the IT industry. Besides the giant, Ericsson, Sweden has many different IT enterprises. But growth is still being driven not so much by users of the new communication facilities as by the production of new possibilities. To continue with the comparison, in the next phase people started to travel by rail. A journey from Stockholm to Gothenburg admittedly took 11 hours and 45 minutes in 1865, but that was nothing compared with a horse-drawn carriage. Travelling became quicker and more efficient; people gained new impressions and learned new things. Sweden became smaller. Today we travel on the Internet by gathering information simply and efficiently from all over the world, largely for the price of a local telephone call. Millions of people in all parts of the world are indeed using this facility and in that sense the world has now become smaller.
Jessica Chew Cheng Lian: IFRS 17 Insurance Contracts Welcome address by Ms Jessica Chew Cheng Lian, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Joint IFRS Foundation &amp; MASB Regional Workshop “IFRS 17 Insurance Contracts”, Kuala Lumpur, 17 May 2018. * * * Good morning ladies and gentlemen and welcome to today’s Regional Workshop on IFRS 17 Standards for Insurance Contracts, jointly organised by the IFRS Foundation and the Malaysian Accounting Standards Board (MASB). Allow me first of all to congratulate the IFRS Foundation and MASB for putting this workshop together, with an impressive line-up of experts and practitioners to share their knowledge and insights on IFRS 17. We are especially privileged to have with us today two senior members of the IASB Board Mr. Darrel Scott and Mr. Amaro Gomez, both of whom have been with the IASB for more than 10 years. The strong interest in IFRS 17 and its importance both to financial systems and businesses are clear from the turnout today, with more than 250 participants from over 15 countries, representing industry players, accounting firms, national standard setting bodies and financial regulators. It is an honour for me to offer some brief remarks this morning to kick off today’s workshop. On my way here, I recalled a joke in which a lady was once told by her doctor that she would only have six months to live. Understandably very distraught, she asks the doctor for advice on what she should do.

But the work must start now, and it must start right by taking a broader and integrated approach to implementation. Today’s workshop aims to bring some of the most important issues in implementation to light, and provide you with valuable insights from our distinguished speakers and subject matter experts. With greater clarity and knowledge to inform careful preparations, insurers can be confident of not just achieving a smooth transition to IFRS 17, but of laying strong foundations for long term growth and success. 4/5  BIS central bankers' speeches  That is the ultimate goal. 5/5  BIS central bankers' speeches
The most devastating ones have laid fertile land barren, reduced the supply of labour and entailed a loss of knowledge. During the Spanish flu pandemic, more than 50 million lives were lost, many of working age. Once the Covid-19 pandemic is over, we will have been through a long period of restrictions on how we spend money, how we get from place to place and how we work. The Covid-19 pandemic will leave behind scars as well. 4  NORGES BANK  Chart 3 Economic growth has fallen Mainland GDP per capita. Contribution to average annual growth 4  4  Productivity Employment GDP per capita  3  3  2  2  1  1  0  0  1970-79  1980-89  1990-99  2000-09  ECONOMIC PERSPECTIVES 18 FEBRUARY 2021  2010-19  Sources: Statistics Norway and Norges Bank  Growth in output per capita has been moving down over several years (Chart 3), and labour input is now growing at a snail’s pace. At the same time, the primary source of growth – productivity – is making a steadily smaller contribution. This is a trend we share with other advanced economies. An underlying driving force – cross-border trade – is showing signs of flattening out. The pandemic could influence these trends. Previously, sharp declines in economic activity have been followed by a persistent rise in unemployment and a lower labour force participation rate.

The farmers maintained contact with the outside world by sending and receiving letters placed under a stone at the entrance to the valley. This past year, the letter stone has been replaced by the internet. 2  A HISTORICALLY DEEP DECLINE  NORGES BANK  Eleven months after the first lockdown, daily life has yet to return to normal. Norway has been quite successful in keeping down infection rates, although we have seen regular flare-ups. The country’s borders are now closed. ECONOMIC PERSPECTIVES 18 FEBRUARY 2021  The measures to contain infection are necessary, but they do have side effects, both economic and social. People in risk groups have been isolating. Young people have been following courses online – many alone in a bedsit. Socialising with friends has been put on hold Chart 1 Historically deep decline GDP for mainland Norway. Annual growth. Percent 0  1921  1931  1940  1944  1989  0  2009  2020  Sources: Statistics Norway and Norges Bank  For Norway, the economic downturn will stand as one of the deepest in history (Chart 1). Not since the Second World War has activity in the Norwegian economy shown such a steep decline. The crisis has had uneven effects. Containment measures and fear of infection have resulted in a sharp decline in spending on services. During the lockdown last year, unemployment increased fourfold over a few weeks, reaching 400 000 persons, or close to 15 percent of the labour force.
Of course, openness also brings with it greater exposure to external shocks, particularly for small economies that cannot aspire to any degree of self-sufficiency. Experience, however, suggests that such exposure does not necessarily translate into vulnerability for small economies if they are closely integrated with larger ones. For example, the greater resilience of countries in Central and Eastern Europe over that of a number of other transition economies has been 2 attributed to the relatively stronger trade links which the former have with rich, neighbouring countries. In addition, the latest IMF World Economic Outlook shows that over the past 25 years less integrated economies exhibited a higher degree of susceptibility to financial crises than economies with strong trade linkages, and that financially integrated economies in turn experienced a lower degree of output 3 volatility than those with closed financial markets. This suggests that trade and financial integration with major trading partners remains a preferred option. This conclusion is borne out by the experiences of small states such as Luxembourg and Singapore. The fundamental characteristics of these countries resemble Malta’s in that they too are small open economies which lack natural resources. Both, however, have achieved far higher levels of 4 prosperity. Luxembourg, for example, with a population only slightly larger than that of Malta has a per capita income three times higher. This success is attributed to Luxembourg’s ability to reap economies of scale by integrating with larger, prosperous territories in a way that has permitted high-value, export-oriented firms to flourish alongside domestically-oriented ones.

4  BIS Review 158/2010  d’Italia in this domain, as shown in the paper by Angelini, Neri, and Panetta 12 which has been presented at this conference. I look forward to further research on this new dimension of macroeconomic policy. If research on new topics has some form of diminishing returns, the first good papers in this area will have huge visibility and numerous citations. I know that the brain power in this audience is first class. Let me tell you that if you ever dreamt of having an impact on the design and the implementation of economic policy, this is the time. Your inputs are badly needed ! 12  Paolo Angelini, Stefano Neri, and Fabio Panetta (2010), “Monetary and Macroprudential Policies”, Banca d’Italia, mimeo. BIS Review 158/2010  5
Figure 3 Lending interest rates without reduction in the MPR (percent) Consumer loan rates at 3 years or more  Commercial loan rates at 30-89 days  Mortgage interest rates  40  40  20  20  5.5  5.5  36  36  17  17  5.0  5.0  32  32  14  14  4.5  4.5  28  28  11  11  4.0  4.0  24  24  8  8  3.5  3.5  5  3.0 Jan. 08  20  Jan. 08  May 08  Oct. 08  Effective  20  Feb. 09  5  Jan. 08  May 08  Estimated  Sep. 08  Jan. 09  May 08  Sep. 08  Jan. 09  3.0  Simulated without MPR reduction  Source: Central Bank of Chile.

The single supervisory mechanism could be created through the transfer of prudential supervision attributes from national authorities to the ECB. In this context, a number of tasks such as consumer protection, fight against money laundering and supervision of banks based in non-EU countries remain at the national level. Meanwhile, the ECB takes the actual responsibility for supervising the banking system, being in charge of licensing credit institutions, ensuring compliance with capital, leverage and liquidity requirements and also supervising financial conglomerates on a consolidated basis. A gradual timetable was designed to smooth the transition to the new mechanism. Starting from 1 January 2013, the ECB may choose to take over the supervision of any credit institution in the banking union. A particular focus will be on the entities which have received or requested public funding. By 1 January 2014, all other banks should be under central supervision, with an earlier cut-off date (1 July 2013) for banks of major systemic importance. The successful implementation of the mechanism would hold considerable weight in restoring confidence and increasing transparency in banking supervision. However, a couple of downsides are worth mentioning: (i) voluntary participation of non-euro states in the banking union may result in the fragmentation of the EU single market into participating and non-participating countries, and (ii) there is still uncertainty regarding the role of these countries within the single supervisory institution. 6  BIS central bankers’ speeches  The question arises whether the decision to entrust the ECB with a banking supervision mandate was the appropriate choice.