samchain/econo-pairs-v1 huggingface dataset:
It is an assumption about the future conduct of the Board itself, because this is the instrument used by monetary policy. When we began publishing the Monetary Policy Report at the beginning of this decade, like many other central banks we worked on the assumption that the monetary policy rate would remain constant for the whole policy horizon. Even though this was not wholly plausible over a horizon of two years, it did seem to be not far off reality since the monetary policy rate was thought to be around its neutral level. However, this working assumption became extraordinarily unreasonable when, towards the end of 2002 and early 2003, the monetary policy rate fell well below its neutral level. That is why, since then we have taken as a working assumption a monetary policy rule that adjusts the interest rate in order to meet the target. 3 This does not involve a commitment to the future rate path but it serves to organize our discussions and deliberations. We communicate this path by comparing it (saying it is higher or similar, etc) to the implicit path seen in the forward curve and the expectations, and in general we indicate what this means in terms of possible rate changes during the year.

References Central Bank of Chile (2003), Modelos Macroeconómicos y Proyecciones del Banco Central de Chile 2003, Santiago, Central Bank of Chile, available in http://www.bcentral.cl/publicaciones/politicas/polit05.htm. Central Bank of Chile (2007), La Política Monetaria del Banco Central de Chile en el Marco de Metas de Inflación, Santiago, Central Bank of Chile, available in http://www.bcentral.cl/publicaciones/politicas/polit07.htm. Bernanke, B. (2008), “Challenges for Health-Care Reform”, speech at the Senate Finance Committee Health Reform Summit, Washington, D.C. Blinder, A. (2004), The Quiet Revolution: Central Bank Goes Moder, New Haven, Yale University Press. Blinder, A., M. Ehrman, M. Fratzcher, J, De Haan and D-J Cansen (2008), “Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence”, ECB Working Paper, No. 898, forthcoming in Journal of Economic Literature. Caputo, R., M Núñez and R. Valdés (2008), “Análisis del Tipo de Cambio Real en la Práctica”. Economía Chilena, april, pp. 61-91, available in http://www.bcentral.cl/estudios/revista-economia/2008/abr/v11n1abr2008pp61-91.pdf. Corbo, V. and A. Tokman (2007), “Latin America in a Global World: Challenges Ahead”, Central Bank of Chile, Documento de Política Económica No. 19. De Gregorio, J. (2008), “El Crecimiento Económico de La América Latina: Del Desencanto del siglo XX a los Desafíos del XXI”, El Trimestre Económico, Vol. LXXV (1), No. 297, pp. 4-45. Ehrman, M. and M. Fratzscher (2008), “Purdah. On the Rational of Central Bank Silence Around Policy Meetings”, ECB Working Paper, No. 868. Greenspan, A. (1998), “Income Inequality: Issues and Policy Options”, speech at a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming.
In this way, they avoid a situation where growth in public spending and the interest rate push the economy in different directions. Norway’s history as an oil nation goes back to the end of the 1960s. At the beginning of the oil age in Norway, the relationship between the use of petroleum revenues and changes in industry structure was highlighted. However, since then, competitiveness in the business sector in Norway has deteriorated both due to high wage growth and in later years an appreciation of the krone against our trading partners. Costs rose sharply from the mid-1960s to the mid-1970s. In subsequent years, costs have varied around this higher level. So far this year, competitiveness in Norway’s manufacturing industry has been about 5.5 per cent weaker than the average for the period 1970-2004. Over the past 30 years, manufacturing has been scaled back in waves. A substantial decline occurred in the period 1977 to 1984 and from 1987 to 1992. The last wave occurred around the turn of the millennium. Manufacturing employment decreased by close to 55 000 persons from 1998 to 2004. There are many studies in international literature2 that point to the pitfalls facing a country that suddenly discovers large natural resources. Certainly, the Norwegian manufacturing sector has undergone substantial changes over the past 30 years. On the other hand, this period has also been marked by substantial productivity gains in parts of the sheltered sector, for example in retail trade and the banking sector.

Therefore, in the present exercise MAS will allow the principal shareholders to continue owning indirect stakes in the banking groups through the non-financial entities that they control. MAS will review this arrangement later. Management To avoid conflicts of interest, the management of the financial entities should be separate from the management of its non-financial affiliates. There should be no sharing of executive directors and management staff, such as the chief financial officer and chief operating officer. On the board of directors of a regulated financial entity, a majority of the directors should not be holding directorships on the boards of the non-financial affiliates as well. Name-sharing Mixed conglomerates usually leverage on common brand building. Many of the non-financial affiliates of local banks share the name of their parent banks. Financial and non-financial entities alike have built up goodwill in the brand name over the years. But reputational and contagion risks can result from sharing of names and corporate badges between the bank and its non-bank affiliates. Where an unregulated entity sharing a name fails or falls into disrepute, the public may attribute its problems to the bank, causing a bank run. MAS will therefore disallow the sharing of names and logos between the financial and non-financial entities. We are considering amending the Banking Act, to prevent the use of names or acronyms by companies that may confuse the public, or give the impression that a company is related to or associated with any Singapore-incorporated bank.
No more checkouts, no more lines, no more fussing with cash and credit cards. Fantasy? Just visit Amazon Go – it is already happening. Imagine a world where insurance is intuitive. How many of us truly understand our insurance policies … or are fully confident they will pay out when we need them? Imagine a world where the payout is automatically triggered by events and is instantaneous. No more lengthy claims forms, no more waiting time, no more opaque processes. Science fiction? Not quite. MetLife’s Lumenlab here in Singapore is already making this a reality for gestational diabetes insurance. They are testing this out in MAS’ regulatory sandbox. Imagine a world where financial advice is integrated. Imagine our own personal financial dashboard on our mobile devices. giving us a complete view of our finances - pulling in data from banks we have deposits with, insurance companies we have policies with, and broker-dealers we have investments with …. …. not to mention, our pension or social security funds, tax liabilities, and mortgages … all in one place: a personal balance sheet – in real-time! And where financial advice is customised for us, based on an integrated view of our unique situations, at important milestones in our life …. … buying our first home, planning our children’s education, looking for investment opportunity to grow our retirement nest. Many FinTech firms are already developing apps and solutions to do this.

BIS Review 24/2007  Underlying assets The underlying assets largely consist of corporate bonds; these account for around 80 per cent. However, there are other types of credit, such as traditional bank loans and various forms of sovereign debt. The corporate bonds market currently covers more than USD 6,000 billion in global terms. This means that the outstanding volume in credit derivatives is more than twice as large as the total amount of outstanding corporate bonds. The reason for this is that credit risks are resold on the market through new derivative contracts. This is not actually any stranger than insurance companies selling part of their risks by reinsuring themselves, but it may be good to bear this in mind when looking at the statistics. Today, credit risk is priced on thousands of corporate credits through credit derivatives, although most of the trade is still in a few hundred very large companies. Companies in all types of industries and with different credit ratings are traded. Communication, such as the example of TeliaSonera, is one of the most traded sectors, together with the automobile industry and finance. The credit quality of the underlying bonds is generally very high. But appetite is increasing for underlying assets with low credit ratings. The standardised maturities have also increased in number with time and there is a tendency for longer maturities, five to ten years, to be traded more.
Among other things, there was considerable uncertainty surrounding trade tensions between the US and China and the UK’s withdrawal from the EU. Despite somewhat lower growth, unemployment continued to edge down in many countries. US unemployment is now the lowest in 50 years. Consumer price 1/3  BIS central bankers' speeches  inflation among trading partners picked up in 2018, mainly owing to higher energy prices. Underlying inflation was fairly stable among our main trading partners. Chart: International interest rates Official policy rates in the US, UK and Sweden were raised in 2018. The US federal funds rate has been raised in several steps in recent years, and the target range is now 2.25 to 2.5 percent. Nevertheless, the global interest rate level remains low, and market expectations indicate a low level in the years ahead. In the euro area, there are prospects that the ECB deposit facility rate will be negative for some time to come. Chart: Oil prices and the krone exchange rate The tailwind from the rebound in oil prices has provided a considerable boost to the Norwegian economy in recent years. Oil prices have more than doubled since the low in early 2016. In 2018, oil prices were highly volatile in periods, primarily reflecting supply-side conditions. Towards the end of 2018, uncertainty about global economic prospects had a dampening impact on oil prices. After rising to above USD 85 per barrel through autumn, oil prices fell to below USD 55 per barrel at year-end. Prices have edged up again since then.

Ladies and Gentlemen As has been done for many years now, Zambia joins the international community in commemorating the World Savings Day which is celebrated every year on 31 October to emphasize the significance of savings for individuals. It is important to note that there are various forms of savings which include among others Government securities, listed securities and equities, pension and insurance funds, savings accounts and other investment products. It is important that Zambian citizens are aware of the different types of products and services that are available to help them save, in a sustainable  1/4  BIS - Central bankers' speeches  manner. These campaigns are therefore aimed at creating awareness to enhance skills, attitudes and behaviours on personal financial management amongst children, youth and adults. All citizens should be aware of the effect their decisions have on the environment. This is critical if they are to have the confidence and motivation to make sound financial decisions, use appropriate financial services to improve their financial well-being and contribute to sustainable national development as adults in the future. Distinguished Guests Sustainable Finance can only be effectively entrenched when individual financial decisions are aligned to sustainable practices. Individual behaviours are shaped early in life, therefore the focus on financial education being incorporated in our education system is quite critical.
But for now expectations for investment remain relatively robust. Though professional forecasters have slightly downgraded their projections for investment growth this year – from around 3% to around 2.5% – the fundamentals are in place for investment to rebound, if global growth stabilises. Capacity utilisation stands close to its long-term maximum, financing conditions remain very favourable and corporate leverage5 (as a percentage of total assets) has fallen to levels last witnessed in the early years of EMU – although gross corporate indebtedness6 (as a percentage of gross value added) still stands above its pre-crisis level. The latest surveys also suggest some recovery in business sentiment. While consumption is typically less affected by external developments, its growth rate has slowed over the last year. Higher uncertainty may have played a role, as reflected in the rise in the household saving rate over the course of 2018. But the main drivers were idiosyncratic factors unrelated to the global economy, coupled with country-specific factors in France and Italy. The most important issue for the consumption outlook is the labour market, since higher employment has been the major driver of consumption during the current expansion. So far the labour market has been resilient to the growth slowdown.

This is especially valid with respect to the area of macro-prudential tools and instruments, in view of the significant differences across countries in their initial conditions or stages of development and convergence. Starting with the obvious focus of interest for every central bank – namely monetary policy – I would like to remind you that the BNB is among the few central banks in the world with such recent know-how in two remarkably contrasting monetary policy regimes. Since the start of transition from the centrally planned economy 25 years ago and the restoration of the traditional two-tier banking system in Bulgaria, we initially practiced discretionary monetary policy, and then after our crisis, we introduced the currency board arrangements in 1997. In addition to conducting monetary policy aimed at maintaining price stability, the BNB was traditionally entrusted with the regulation and supervision of the Bulgarian banking system. The banking regulations in Bulgaria and the supervisory powers of the BNB were strengthened after our crisis in the mid-1990s. The BNB has ever since persisted in implementing highly conservative supervisory standards. As a result, today the banking system of Bulgaria remains one of those in the EU where no single bank needed to be rescued or supported with taxpayers’ or central bank money. Furthermore, our banking system is already in full compliance with the new Capital Requirements Directive and the Capital Requirements Regulation.
Its independent, external scrutiny of the outlook for the public finances will bolster the credibility of the process, thereby helping to add stability in what is a volatile environment at present. The need for a balance between, on the one hand, targeted and timely action on other dimensions to complement monetary policy decisions (which, by nature, have a broader and more medium-term impact) and, on the other hand, wider respect for the institutional framework for macro policy, also arises in the context of actions taken by the Bank and other actors to support the functioning of financial markets for financial stability purposes. Monetary policy works through the financial system. Monetary policymakers therefore have a stake in liquid and well-functioning markets as vehicles for the transmission of their policy decisions. More widely, the Bank of England as a whole has an obvious interest in maintaining orderly markets that support healthy price formation and an efficient allocation of capital and resources. The Bank also has a statutory responsibility for financial stability, which it takes very seriously. In the face of dysfunction that has emerged in some specific market segments in recent weeks, the Bank is conducting a set of temporary and targeted financial stability operations to support the gilt market. Their goal has been to permit an orderly deleveraging of positions held by so-called liability driven investment (LDI) funds, which became vulnerable in the volatile market conditions we have seen of late.

We have moved away from the forward guidance that signalled Bank Rate would remain floored at its effective lower bound that met me when joining the MPC last year. In its place, the MPC has emphasised that its policy decisions are driven by the evolution of the data, while signalling a willingness to respond more forcefully to signs of greater persistence in inflation, should that prove necessary. At every juncture, the MPC has remained committed to a medium-term view that stabilises inflation around the 2% target. In that spirit, a couple of weeks ago I argued at a talk in London that the significant market reaction and economic implications of recent macro news – including recent fiscal policy news – was likely to prompt a significant monetary policy response at the MPC's next meeting on 3 November. Of course, that rendezvous is still some time away. And, of course, much can happen in the intervening period, with markets exhibiting volatility and the geo-political and economic environment uncertain. Anyway I can only speak for myself today, not for the nine-member committee as a whole. But as things stand, I stand by my London statement. Given where we are, I continue to expect a significant monetary policy action at the MPC's next scheduled meeting. So in the body of my remarks this afternoon, I don't want to dwell further on what we are trying to achieve or whether we are working towards it. I hope I have made my views on those two questions very clear.
Eddie George: A snapshot of developments in the global economy  Speech by The Rt Hon Eddie George, Governor of the Bank of England, at the Lord Mayor’s Dinner for Bankers and Merchants of the City of London at the Mansion House, on 15 June 2000. *  *  *  I spoke last year - somewhat hopefully, even optimistically for a central banker - about the still nascent global economic recovery from the Asian crisis and its aftermath. But, more characteristically, I worried about the international imbalances affecting the major industrial countries, and the related imbalance within our own economy. The good news, my Lord Mayor, is that the global recovery has turned out to be rather stronger than we dared to hope a year ago. The world economy is currently growing at around its long-term trend rate - of 4% or rather more - and is expected to continue to grow close to that rate over the next couple of years. Although global inflation has meanwhile so far remained generally subdued, monetary policy in the major industrial countries - which had been directed to stimulus during the period of sharp world economic slowdown - has, to varying degrees, reverted to being less accommodating with the equally sharp recovery.

That went well beyond constructive pressure to improve efficiency to destructive agony. We’ve been only too well aware of that - we could hardly not have been; and we’ve not been insensitive to it either. We have consistently taken account of the unexpectedly persistent strength of the exchange rate in both our forecasts and in our monetary policy judgements. But when you come right down to it, for as long as economic conditions between one country and another diverge, whether for cyclical or structural reasons, there is a choice. Countries can either aim to stabilise their respective domestic economies, accepting that that may mean exchange rate volatility, or they can aim to maintain exchange rate stability, accepting that that may destabilise their respective domestic economies. These are the horns of the uncomfortable dilemma we have been on. I have no doubt, in terms of the macro-economy as a whole, that we have been right to persist in aiming to stabilise our domestic economy - the facts speak for themselves. It is possible - even perhaps likely - that our dilemma may now become less acute, at least for a time as the euro strengthens to a more sustainable level. Our best chance of maintaining that happier position - if indeed it occurs - is to persist in domestic stabilisation and structural reform alongside our European partners, but it is difficult to be confident at this stage that the dilemma will not re-emerge. BIS Review 50/2000  2
Over a number of years, before the current financial market turmoil, global financial markets were characterised by abundant liquidity which had indeed reached unprecedented levels. Financial market liquidity, a concept distinct from monetary liquidity, is a measure of the ability of market participants to undertake transactions without triggering large changes in asset prices. The abundant financial market liquidity over the period 2003 until the summer of 2007 was associated with very low market volatility, especially in equity and bond markets [chart 11], low risk aversion [chart 12], low corporate bond yield spreads [chart 13] and credit spreads, high leverage and high market turnover. It also reflected the “search for yield” and confidence in the smooth functioning of the market. A composite indicator of financial market liquidity in the euro area equity, bond, credit and foreign exchange markets, 17 constructed at the ECB [chart 14] shows that financial market liquidity had increased significantly since 2001, rose sharply in 2003 and 2004 and remained at high level until the summer of 2007. A similar indicator constructed by the Bank of England for the UK financial market highlights the global dimension of this phenomenon and a similar trend. It has been argued by some that increasing financial market integration –the liberalisation of international capital flows– was a key determinant of this increase in market liquidity and the associated decline in market volatility.

In addition, it would be appropriate to consider the possibility of developing centralised and binding dispute settlement arrangements, such as those in place in other European countries, possibly with the participation of the industry, to correct the shortcomings of the present system. BIS central bankers’ speeches  7  6. Final thoughts  Let me finish by saying that in mid-2010, at the height of the financial crisis, Alexandre Lamfalussy, one of the architects of European monetary and financial integration, with whom I was fortunate enough to work with in the mid-1990s and who passed away just a few days ago, ended one of his last public speeches as follows: All the actors – central banks, governments, international organisations and, naturally, market participants – are navigating in waters uncharted by reliable historical experience. The complexity of the current situation is without precedent. But there is no way of “opting out” of this complex world. Wishing that we could go back to the professional and intellectual comfort of the pre-crisis years is a pipe dream. This does not make me a pessimist.3 I believe that when one looks back at the work done to overcome the problems that beset the Spanish financial sector, Lamfalussy’s words are fully applicable. Thanks to the efforts made by all the agents concerned the most serious shortcomings of the banking industry have been remedied, allowing it to resume, gradually, full exercise of its role in the economic system and which is vital for our prosperity as a nation.