samchain/econo-pairs-v1 huggingface dataset:
However, it seems reasonable to also use monetary policy in certain situations when major risks build up in the financial system. A necessary condition here, of course, is that the credibility of the inflation target is not affected and that this happens when other policies to safeguard financial stability do not fully succeed in limiting the risks. This is thus an exceptional case; in most situations, the preventive work to safeguard financial stability falls to policy areas other than monetary policy. Monetary policy and fiscal policy are also interdependent. Stable public finances are necessary for price stability and to avoid fiscal dominance, that is, a situation where fiscal policy "dominates" monetary policy in the sense that it is fiscal policy that determines inflation. The risk of this in Sweden is currently small, partly because we have a fiscal policy framework designed to keep government debt at manageable levels. Fiscal policy also affects the Riksbank's ability to achieve the inflation target in the shorter term. If fiscal policy is expansionary when inflation is too low, and contractionary when inflation is too high, it can help the Riksbank achieve the inflation target more easily. There may also be periods when the fiscal policy conducted makes it more difficult to achieve the inflation target. A tight fiscal policy may  2 [30]  have contributed to the Riksbank's problems in bringing up inflation in the aftermath of the global financial crisis. The Riksbank's independence is important for maintaining confidence in the inflation target.

20 [30]  However, the interdependence between monetary and fiscal policy is not reflected in the monetary and fiscal policy frameworks. The frameworks are designed so that the two policy areas function independently of each other. The Riksbank has a high degree of autonomy and a mandate that prioritises price stability. The budgetary policy objective of fiscal policy is to ensure that fiscal policy is stable over time, which in practice means that government debt should be sustainable in the long term. This approach is based on the view that fiscal policy has little impact on inflation; that monetary policy has negligible fiscal consequences; and that a fiscal policy mandate that stabilises government debt and budget deficits is sufficient to support the central bank's inflation target.38 Central banks' difficulties in bringing inflation up to target without relatively drastic measures after the financial crisis may indicate that this view has been too simple. A fiscal policy that is expansionary when inflation is too low and contractionary when it is too high makes it easier to achieve the inflation target.39 It may of course be politically easier to conduct an expansionary fiscal policy, but it is important that it is symmetrical so that the national debt does not risk becoming too large.
Singapore as a smart financial centre Singapore needs to position ourselves for this new future too. We have embarked on a national Smart Nation initiative, which seeks to harness info-communication technology, networks and data to support better living, create more opportunities, and support stronger communities. The Government will put in place the infrastructure, policies, ecosystem and capabilities to enable a Smart Nation, but we also need industries and citizens to work with us to explore and experiment with new solutions. And if these solutions can work here, we hope that they can also be relevant to other parts of the world. In line with our national vision to be a Smart Nation, MAS is also seeking to create a Smart Financial Centre, one where technology and innovation are used to increase efficiency, create new opportunities, manage risks better, and improve lives. The MAS will pursue this with the industry on two complementary fronts – a calibrated regulatory approach conducive to innovation while fostering security, twinned with development initiatives to augment the Fintech ecosystem here. •  On the regulatory front, financial institutions like yourselves are free to launch new ideas without first seeking MAS’ approval, so long as you are satisfied with your own due diligence. We are also encouraging a “sandbox” approach for you to launch your innovative products within controlled boundaries.

First, the Bank of Thailand will ensure ample liquidity in the system in order to accommodate the economic recovery. As policy normalization by the Fed is imminent, the risk of liquidity withdrawal from Emerging Markets increases. We anticipate limited impact on the overall Thai economy as markets have priced in the Fed’s initial hike. Besides, it is widely expected that the Fed fund rates would rise gradually from then on. As for now, despite the slow economic growth in Thailand, the overall credit to the private sector continues to expand at around 5 per cent. Furthermore, enterprises have issued a sizable amount of corporate bonds, leveraging on lower yields compared to last year. Commercial banks’ liquidity position is stable. All these are indications of favorable domestic financing conditions. Should a sudden reversal scenario occurs, the Bank of Thailand would make sure that liquidity will not become an impediment to economic recovery. The Bank of Thailand will also ensure that “cost of funds” is accommodative to the ongoing recovery. The two pre-emptive cuts in the policy interest rate earlier this year, in response to greater downside risks to growth, have eased domestic cost of funds. In addition, low inflationary pressure gives room for monetary policy to remain accommodative. This would ensure that the overall monetary conditions are conducive to the economic recovery. Nevertheless, we keep a cautious eye on risks to financial stability, especially under the prolonged low interest rate environment. Household debt, although it has stabilized, remains high in relation to GDP.
I would also like to thank the Co-lead Managers, DZ BANK AG, Hong Kong Branch, ICBC (Asia) and BMO Capital Markets Corp and Co-Managers, ANZ Investment Bank and Commonwealth Bank of Australia, for managing and distributing the issue. I look forward to your continuing support of our Corporation and its debt issuance activities. Thank you. 2  BIS Review 116/2006

Lifting the health restrictions has also resulted in some of the demand for services being released, prompting an acceleration in recreation, hospitality and tourism prices. In addition, changes in practices, such as the rise of working from home, have led to higher spending on household appliances, exerting further pressure on their prices. In the case of the euro area and Spain, analysing the disaggregated data reveals the following stylised facts: 1. The magnitude of the increase in inflation is unprecedented in recent times. In the euro area, August saw the harmonised index of consumer prices (HICP) reach 9.1%. In Spain, it has risen from slightly negative rates at end-2020 to 10.5% in August 2022. For context, to encounter a similar rise we need to go back to 1977. 2. This inflationary episode is characterised by its high persistence. In Spain, inflation has stood above 2% for 16 months. The last time this happened was in 2010-2011. You also have to go back to that period to find such a persistent episode of inflation above 2% in the euro area. 3. In terms of its components, the role of energy stands out. 40% of actual inflation in Spain in August was attributable to electricity (2.3 pp) and other energy (1.9 pp). The percentage is very similar in the euro area (43%). 1  4. The persistence and intensity of the rises in electricity and gas prices have been surprising.1 As a result, they lie behind a highly significant portion of the inflation forecasting errors in recent quarters.
That is the reason why we ourselves are telling all members of the euro area to respect the Stability and Growth Pact. It is the legal framework that we have as a quid pro quo for the fact that we do not have a federal budget and a federal government. And it is economically based on solid ground. Consider the spreads for the refinancing of the various government’s treasuries: they are taking into account the various fiscal policies. Consider the Ricardian effects, the level of confidence or the lack of confidence that you observe in the various constituencies of economic agents, particularly at the level of households: they suggest that there are certain situations where if you do not behave properly you might lose more in terms of confidence than what you are supposed to gain through the additional spending. We also say regularly to the various members of the euro area that they must be aware of the unit labour cost evolution, of the relative competitiveness of the various economies inside the euro area, and inside the single market of the 27 EU members. This is something which is also very important. FT: But of course the Stability and Growth Pact, thanks to the French government, 1997, is still very constricting. Trichet: It is supposed to function so as to prevent the various fiscal policies from loosening during the positive part of the business cycle in order to provide appropriate room for manoeuvre when we are in the downbeat episode of the business cycle.

Supervisors and regulators are required to review the efficiency of banks’ risk management practices and capital allocation methodologies, and empower market participants to make informed judgments on the efficiency of banks. Despite challenges, many researchers suggest that Basel II leads to rising rewards and discipline in banking industry. The indicators are that pay back for getting Basel II right and for looking beyond mere compliance to the real business benefits will be greater than originally anticipated. Encouraging banks to understand and believe that enhanced economic capital framework would be the key to high performance is undoubtedly a regulatory challenge. 17. I believe the deliberations of this seminar will improve our knowledge on ways and means of dealing with regulatory challenges posed by Basel II and operational risk mitigation measures. I wish the seminar a success and thank you all for your attention. 4  BIS Review 88/2005
Here I am using the term in a broader sense, to describe the view that monetary policy is the only tool necessary to stabilise the economy. Friedman advocated the control of money as superior to fiscal measures for stabilising the economy. In Friedman (1948) he argued that financing variations in the government deficit or surplus with monetary expansions or contractions would be stabilising. Later, in Friedman (1960), he advocated a constant growth rate of the money stock as a means to stabilise the economy effectively. Following the experiences of the 1980s, there is today great scepticism that the velocity of money circulation exhibits the kind of stability necessary to make the quantity equation operative as a means of inflation control, although money may still have useful information content as an indicator. As Gerry Bouey said, “We didn’t abandon the monetary aggregates, they abandoned us.” See Friedman, M. 1948. A monetary and fiscal framework for economic stability. American Economic Review 38, 256–64; and Friedman, M. 1960. A Program for Monetary Stability. New York: Fordham University Press. ii Growth in India and China in particular has contributed to a marked fall in the global Gini coefficient, from 0.74 in 1975 to 0.63 in 2010. Niño-Zarazúa, M., Roope, L. and Tarp, F. (2016), “Global Inequality: Relatively Lower, Absolutely Higher,” Review of Income and Wealth, July. iii Reinhart, C. and Rogoff, K. (2009), This Time is Different, Princeton University Press.

In August, the balance of these demand, supply, and exchange rate effects was consistent with the need for additional monetary policy stimulus. These measures are working. For those looking to borrow, credit is widely available. For those with debts, the cost is cheaper. Neither solely due nor totally unrelated to the actions the MPC took in August, growth appears to have been materially better than we had expected in the summer. Households appear to be looking through Brexit-related uncertainties at present. For them, signs of an economic slowdown are notable by their absence. Perceptions of job security remain strong. Wages are growing at around the same modest pace as at the start of the year. Credit is available and competitive. Confidence is solid. 16  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  16  In contrast to developments in the real economy, financial markets have taken a less sanguine view of Brexit prospects. Sterling is currently around 16% lower than its peak a year ago. Partly reflecting this depreciation, measures of inflation expectations have picked up notably. Chart 17: Growth has been increasingly driven by consumption Other Real GDP (oya)  Chart 18: Saving rate back to pre-crisis level since around 2013, and consumption rising as a share of employee income  Consumption  Saving rate  4  Per cent 14  3.5  12  Per cent  3 10 2.5 2  8  1.5  6  1  4  0.5 2  0  Source: ONS and Bank calculations.
27 The Federal Reserve has not, to date, determined the extent to which its  supervised firms may engage in cryptocurrency related activities. 28 E.g., Vullo v. OCC 378 F.Supp.3d 271 (May 2019). See also Comptroller’s  Licensing Manual Supplement: Considering Charter Applications from Financial Technology Companies. 29 81 Fed. Reg. 83934, 83978-80 (Nov. 22, 2016). 30 A uniform state-law proposal drafted in 2017 that was designed to establish a  uniform framework for states to regulate digital currency businesses, such as issuers, exchanges, and custodians, but has not been adopted by any state. Uniform Regulation of Virtual-Currency Businesses Act. 31 Randal K. Quarles, Vice Chair for Supervision, Board of Governors of the Federal  Reserve System, Remarks at European Banking Summit: The Financial Stability Board at 10 Years—Looking Back and Looking Ahead (Oct. 3, 2019). 32 Pablo Hernández de Cos, Chairman of the Basel Committee on Banking  Supervision (BCBS) and Governor of the Bank of Spain, keynote speech at Euro Finance Week: Financial Technology: The 150-year Revolution (Nov. 19, 2019). 33 See 12 U.S.C. §§ 5323, 5462(6), & 5463.

It is a fact that today, most central banks are granted significant independence. This holds also for the SNB, which, by law, is functionally, institutionally and financially independent, as well as with regard to personnel issues, from the Federal Council, the Federal Assembly and any other body. 4 There are compelling reasons for this delegation of monetary policy power to an independent central bank: It is a fact both in theory and practice that an independent central bank better fulfils its mandate, namely, ensuring price stability and thereby contributing to sustained economic developments, than a central bank that is under the influence of political interest groups. However, a further important fact in this regard is that the SNB’s independence is far from unlimited. First, our independence is not an end in itself. It applies only to the pursuit of a clearly specified mandate. This mandate is defined in the political realm. It is stipulated in article 99 of the Federal Constitution and set out in detail in the National Bank Act. 5 Second, independence goes hand in hand with accountability. With the privilege and duty of conducting an independent monetary policy comes a particular responsibility. As bearer of this responsibility, the SNB is accountable to the Federal Council, the Federal Assembly and the public for the decisions it takes, the means it chooses and the results it achieves. The precise scope of this accountability is also clearly defined in the National Bank Act. 6 Yet having a sound legal framework in place is clearly not enough.
All I can say is that I am encouraged by the close cooperation between the Bank and the FSA which I am confident we can build upon, enabling us to withstand the strain when the first pink elephant is sighted! The Standing Committee of the Treasury, Bank and FSA has met each month over the past couple of years. Cross-membership of our respective Bank and FSA boards is firmly established. Howard and I meet regularly together. And most fundamentally our respective staff are in more or less continuous contact at working level - it is a culture that we must continue to work together to maintain. To be honest I have felt as closely in touch with significant developments, even in the banking sector, as I did before and perhaps better informed about developments in the financial system more widely. In part this is because, without day by day responsibility for banking supervision, particularly its consumer protection dimension, the Bank has been able to refocus on and develop its wider oversight role, focusing particularly on strengthening the market infrastructure, intensifying our surveillance and crisis management, both nationally and internationally. I think perhaps you can get the flavour of our broader focus if you look at our half-yearly publication the Financial Stability Review. The next edition is due out in a fortnight or so, and I’m sure that my office would be happy to make it available to you for a small commission - or you can download it free from our website.

Our third core purpose - the promotion of the efficiency and effectiveness of the financial system in serving the interests of the wider economy - was more unusual for a central bank, but arose from a long-standing tradition of catalytic involvement in the development of our financial system, including, in its international dimension in particular, encouragement of the role of the City. These three core purposes have been essentially carried over into the new statutory framework introduced through the Bank of England Act of 1998. There are certainly some very important changes in the more precise nature of the Bank’s role. In relation to monetary stability, the Bank, through its new Monetary Policy Committee, now has independent responsibility for the operation of monetary policy and for achieving consistently low inflation as defined by the Chancellor. And in relation to financial stability, responsibility for banking supervision has passed from the Bank to Howard at the FSA - which helps to explain why I have retained more of my hair ... than ... I might otherwise have done! But, notwithstanding these important changes, our core purposes remain. The Memorandum of Understanding between the Treasury, the Bank and the FSA, in particular defines our respective responsibilities in relation to financial stability and provides a structure for the necessary close cooperation between us. In the terms of the MOU the Bank is responsible for the overall stability of the financial system as a whole.
According to employment by economic activity, as at the 3rd quarter of 2007, of the total occupation, women accounted for 35% and 26%, respectively, in agriculture and manufacturing. During 2003-2007 of the estimated worker contracts abroad, on average, 65% have been females. Although there has been some impact following the removal of export quotas for garments  BIS Review 40/2008  1  under the multi-fiber agreement in 2005, the important point is that, in terms of employment, the female labour force has not suffered significantly. Women’s contribution to growth has been much more significant in the recent decades, given their enhanced involvement as garment and apparel factory workers, domestic helpers in the Middle East and other destinations, and tea plantation workers. In terms of foreign exchange inflows during 2007, garments and apparel have accounted for USD 3.3mn, worker remittances for USD 2.5mn and tea exports for USD 1.0mn. Around 80% of exports have been dependent largely on the fortunes of the garments industry in which over 90 per cent of employees are women. The 3 export processing zones, i.e. Katunayake, Biyagama and Koggala, the increasing number of industrial estates located in the different parts of the country, and around 150 rural garment factories, provide employment opportunities for young women between 18-30 years. Although precise statistics are not available to indicate the participation of women or their contribution to enhance foreign exchange inflows, undoubtedly, women’s contribution has been very significant.

However, even after several rounds of discussions, the program has not got off the ground as yet. Recent initiatives taken by the Central Bank and the banking and financial sector As in India, banks and financial institutions in Sri Lanka, at the grass root levels, have been advised to engage in basic banking with “no frills”, or to entertain minimum balances and reduce charges where possible to enhance access to finance and financial inclusion. The recent efforts taken by the Central Bank of Sri Lanka as well as some banking institutions have enhanced access to finance and financial inclusion. They are: •  10% mandatory credit to agriculture by banking sector;  •  Agency banking through mobile phones: Permission has been granted to commercial banks to provide facilities using telecommunication services to appoint a number of agents to enable on the spot banking facilities such as depositing and  BIS Review 40/2008  7  withdrawing money and receiving remittances abroad through these agents located throughout the country; •  Upgrading of post offices to provide banking and financial services: The HSBC Bank has established links with post offices which are considered to be grass root financial institutions and providing access to finance in terms of drawing their pensions, monthly allowances and, where possible, remittances from abroad.