samchain/econo-pairs-v1 huggingface dataset:
Monetary Policy In 2000, in order to achieve the price stability as its primary objective, the National Bank of the Republic of Macedonia successfully implemented the monetary strategy of targeting the nominal exchange rate of the Denar against the Deutsche Mark. Hence, the Central Bank aimed the money supply at preserving the exchange rate stability as a nominal anchor in the economy. Thus, the stock of money supply was sized according to the needs for regular execution of financial transactions in the economy. It should be underlined that in the first half of 2000, the money supply registered considerably high annual growth rates, while in the second half of the year they slowed down, due to the high comparison base from the previous year. Thus, in June 2000, the money supply M2 - Denar component compared to the same month of the previous year, was by 24.4% higher, while in December 2000, compared to December 1999 was higher by 17.5%. At the end of December 2000, the broadest money supply aggregate M4 registered annual growth rate of 21.7%. Considerable challenge for the NBRM in 2000, was the high amount of foreign currency purchased by the Central Bank on the foreign exchange market, which exceeded the projections. Nevertheless, the close coordination between the monetary and fiscal policy and the high growth of the government deposits with the NBRM adequately sterilized the monetary effects of the Central Bank foreign exchange transactions.

Ljube Trpeski: Goals and objectives of the monetary policy for the year 2001 Address by Ljube Trpeski, Governor of the National Bank of the Republic of Macedonia to the Parliament of the Republic of Macedonia on 6 February 2001. *  *  *  Honorable, According to Article 3 of the National Bank of the Republic of Macedonia Act, the Central Bank is responsible for the stability of the domestic currency, the monetary policy and the overall domestic and international payments liquidity in the Republic of Macedonia. Furthermore, the National Bank, within its rights and duties, is responsible for providing and preserving sound banking system of the Republic of Macedonia. Given such defined legal duties and taking into account achievements in this area, it may be concluded that in 2000 the National Bank of the Republic of Macedonia, acting in compliance with the given rights, accomplished its legal duties. Stability of the domestic currency The stability of the domestic currency may be observed from two aspects: •  Stability of the internal value of the Denar. It is expressed through its purchasing power, i.e. the price stability in the Republic of Macedonia; and  •  Stability of the external value of the Denar. It is expressed through the stability of the exchange rate of the Denar, i.e. its preservation at adequate level against other currencies. The preservation of the price stability is the primary objective of the monetary policy of the National Bank of the Republic of Macedonia.
It is necessary for the communication policy of the Central Bank that the open letters and Inflation Report would be perceived as complementary factors. Role of public sector in inflation targeting strategy It should be reemphasized that the monetary policy should be supported by fiscal policy in order to be able to turn the downward trend in inflation into a long-term and lasting achievement. The fiscal policy can affect inflation through various channels. A particular channel, through which fiscal policy has direct effects on inflation, is the price and tax adjustments in the goods and services produced by the public sector. Making these adjustments in line with a pre-announced schedule or a pre-described rule would diminish  BIS Review 4/2008  3  uncertainties regarding inflation forecasts and thereby contribute to the reputation of inflation targeting regime. The Central Bank sets inflation targets on the basis of the budget projections of public sector. Therefore, while updating the monetary policy stance, the trend of public sector expenditures, which is a very important component of total demand, is closely monitored. Moreover, keeping public sector wage adjustments consistent with the inflation target is very important as the private sector take these adjustments as a benchmark for their own wage adjustments. Due to all these reasons mentioned above, the Central Bank closely monitors the income and fiscal policy implementations, and frequently emphasizes the importance of structural reforms that would enhance the quality of fiscal discipline and predictability of fiscal policies.

The aim of such rules would be, in a crisis situation, to split off those units of a bank that are important for the functioning of the economy and wind down the rest. This does not mean, however, that this type of approach would question the universal bank model as such. The SNB is aware that rules governing the organisational structure of large financial institutions are not easy to draw up. Legal and operational aspects would therefore need to be analysed with the requisite care and any regulations drawn up in close collaboration with the banks affected. We are convinced that everything needs to be done to implement one of these approaches for facilitating the wind-down of large financial institutions. If significant progress is not achieved within a reasonable time frame, measures that address the size of the banks should also be examined. One way in which the size of a bank can be influenced is through capital regulations. Capital requirements that are dependent upon size reduce a bank’s incentive to inflate its balance sheet without restraint. Measures with a direct impact on the size of banks are also conceivable. A size restriction would of course be a major intervention in an institution’s corporate strategy. Naturally the SNB is aware that there are advantages to size. For this reason, the advantages and disadvantages of such a measure would have to be examined and weighed up very carefully.
The bank’s new statutes promulgated in February 2006 confirmed its independence in the conduct of monetary policy and enshrined price stability as its primary objective mandate. As you know, the Eurosystem attaches greatest importance to cooperating with central banks of emerging market economies, including those in the Mediterranean region. The ECB, as the central bank of the world’s second largest integrated economy, very closely monitors economic developments in regions nearby, notably the Mediterranean. 1  See Wilson, D. and R. Purushothaman “Dreaming With BRICs: The Path to 2050”, Global Economics Paper No. 99, Goldman Sachs, 1 October 2003. BIS Review 66/2009  5  As I said earlier, we have been working more closely in recent years by holding regular EuroMediterranean Seminars for central banks. And further east, we have established a similar seminar with the governors of the Gulf Cooperation Council. The group’s first meeting was held in Germany last year. Conclusion To conclude, I would like to call your attention to the following points. To start with, we are, for the first time, putting to the test the soundness and resilience of the globalised economy, which has become increasingly integrated over the past fifteen years. We now have to draw, systematically and without complacency, the lessons of the global crisis that we are fighting against. Secondly, we have a duty. Our duty is to considerably reinforce the resilience of the global financial system and the soundness of the real global economy.

The Directorate General for Banking Supervision is the business area in the Bank most affected in terms of functions and human resources owing to the start-up of the SSM, though it is not alone in this. It had a staff of 416 at the start of 2013, 16% of our total employees, 373 of whom were managerial staff (222 were bank examiners) and 43 belonging to other  BIS central bankers’ speeches  1  areas of professional specialisation. As I shall now explain, it is naturally this area that has been and should continue in the future to be the focus of the efforts to adapt to the SSM. The functioning of the SSM Let me very briefly describe the core characteristics of the SSM. The new banking supervisory authority has two components: the European Central Bank, accommodating the new Supervisory Board, and the national supervisory authorities. It makes sense for the SSM to be called a “mechanism” because what is actually involved is an institution made up of different interconnecting cogs and wheels. The Mechanism is based on cooperation arrangements entailing decision-making by the Supervisory Board and, ultimately, by the ECB Governing Council, which remains the maximum decisionmaking body, and by the national supervisory authorities, which continue to play an essential role, since they will provide most of the human and material resources for the Mechanism and combine the experience and knowledge of the different national banking systems.
There are increasing signs that the labour market is tightening and nominal wage growth is picking up: the Phillips curve is back to work, albeit a bit later than expected; and this should pass through to core inflation which has been lagging behind due to the temporary effects of the appreciating terms of trade and declining corporate margins. We at the Governing Council are thus increasingly confident in the sustained adjustment in inflation back to our objective, with our forecast for 1.7% in each of 2018, 2019 and 2020, vindicating our unanimous decisions in June. Alongside these positive developments, there are, however, growing uncertainties: protectionism – I will come back to this later; rising oil prices; the US policy-mix – a warranted monetary policy normalisation and a less warranted fiscal stimulus – with which many EMEs are struggling; and equity market valuations, that may appear more in line with economic fundamentals and corporates earnings after the latest correction, but remain volatile in part due to geopolitical risks as well. Within Europe, Italian fiscal policy is under investor scrutiny. And there is Brexit, although its direct effect on the euro area macroeconomy is likely to be small. How should we, as euro area central bankers, respond to this economic environment? By combining two apparently contradictory aims: clarity and flexibility. As regards clarity, our first duty as policymakers is to provide markers to help guide economic actors and financial markets in the increasing fog of uncertainties.

07.07.2022  1st Banco de España Conference on the Spanish Economy – welcome address Banco de España Pablo Hernández de Cos Governor  Good morning and welcome to the First Banco de España Conference on the Spanish Economy. Let me announce in advance that our intention is for this conference to take place on an annual basis and for it to be our flagship conference in relation to the Spanish economy. Let me first elaborate on the motivation behind the organisation of this conference and I will then focus briefly on the topics that have been chosen for discussion this year. The main aim of this conference is to bring together leading scholars and policymakers to discuss frontier research on the challenges facing our economy and the policy options to address them. The rationale for doing this is our understanding of the importance of the interaction between economic policy and applied research as a crucial tool to support the design and development of economic policies, as well as the evaluation of their effects. Indeed, high-quality research is an indispensable tool for advising on and adopting sound policymaking decisions. This is generally well understood in the central banking community, where research produced by central banks plays an important role in policymaking and the interaction with the academic community is usually very strong. At the Banco de España this is indeed the case, including first by promoting research within the institution. This is something we have tried to further enhance during the last years.
When we look at future prospects, a good estimate for the output gap can therefore provide a better indication of the outlook for wage and price inflation. Both these simple measures are based on stylised assumptions concerning productivity growth and must therefore be used with caution. Wage gap1) and output gap Per cent 4  4  3  3  Output gap  2  2  1  1  Wage gap  0  0  -1  -1 -2  -2 1) Up to 2000: difference between rise in hourly labour costs in manufacturing in Norway and among trading partners. Thereafter growth in excess of 4.5 per cent. -3 -4 1991  1992  1993  1994  1995  1996  1997  1998  1999  2000  2001  -3 -4  2002  Sources: Statistics Norway, TRCIS/IMF and Norges Bank SG Gausdal 31.01.03  The high level of wage growth in 2002 implied a tight monetary policy. The interest rate differential against trading partners widened. The krone appreciated further. Relationships in the foreign exchange market are unstable, but there are a number of fundamental forces that influence the krone. High oil prices and the phasing in of petroleum revenues into the Norwegian economy are part of the explanation, but the predominant factor is probably the cyclical divergence between Norway and abroad. Krone exchange rate1) and 12-month interest rate differential against trading partners.

In this regard, the Bank of Thailand meets with external auditors at the beginning of each year, in order to exchange views on common areas of concerns and to gain greater insights on the planned audit scope for the coming year, for example, the quality of risk management, the reliability of assigned collateral and foreclosure values. In addition to ongoing meetings with external auditors, there are periodic discussions at the agency level between the Bank of Thailand and the accountancy bodies. Regularly, the Bank of Thailand seeks comments from the Institute of Certifed Accountants and Auditors of Thailand prior to the issuance of new regulations. Likewise, the Bank of Thailand’s supervisors are regularly invited to be a member of the auditing standard committee whose responsibilities involve the development and improvement of Thai auditing standards. In summary, the Bank of Thailand has signifcantly benefited from the increasing coordination between supervisors and external auditors. Despite these benefts, there are several challenges ahead in our relationship with external auditors that merits careful deliberation. First, supervisors should be sensitive to the independence of the external auditors, particularly when the auditors provide various types of consulting services to the bank, which often times may be far more lucrative than external auditing fees. In Thailand, the Ministry of Commerce released a ministerial regulation in 1991 to prohibit external auditors from providing auditing services to any entities where their independence cannot be maintained. However, this regulation still leaves the assessment of independence to the external auditors themselves.
Ravi Menon: Asia – short-term bumps along long-term growth path Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the opening of Korea’s National Pension Service Office, Singapore, 17 September 2015. *  *  *  Dr Choi Kwang, Chairman and Chief Executive Officer, National Pension Service Ladies and gentlemen, good afternoon I am delighted to join you to celebrate the opening of the Singapore office of Korea’s National Pension Service (NPS). This is an exciting development for Singapore’s asset management industry. •  NPS manages one of the largest pension funds in the world, with KRW 500 trillion of assets under management. The decision by NPS to set up an office here is significant. •  This will be NPS’s first overseas office in Asia and its third in the world after New York and London. In setting up an overseas office in Asia, NPS is affirming the long-term growth prospects for the region. NPS is clearly taking a strategic view of Asia against the backdrop of recent market volatility and moderation in growth. Asia’s recent tantrum: what does it mean? Financial markets, including those in Asia, have experienced a surge in volatility over the past several weeks. •  Equity markets have taken a beating. The stock indices in Emerging Asia are down by an average of 18% since their highs in Q2 this year, with the Chinese stock market correcting the most, by about 40%. 1  •  Currency markets saw sharp movements.

Third, it is necessary to implement the legislative program, which is not a matter of readiness with draft legal acts, but rather a matter of parliamentary procedures for discussion and adoption of the prepared legal acts. Next, in fourth place, are the tasks related to technical and logistical preparation. The banking sector has made relatively good progress and continues to work actively and systematically on this issue. The fifth group of tasks is related to the communication campaign, which must be launched without further delay and which will be an important factor in reaching both the messages and the answer to the specific questions to businesses and people. The success of the overall euro accession process will depend crucially on our ability to achieve political, institutional and fiscal consolidation. Thank you for your attention! 5/5  BIS - Central bankers' speeches
In short, the balance of risks between inflation being above or below target in the medium term shifted decisively to the downside. That was the background to the internationally coordinated reductions in interest rates in early October and the aggressive cut of 150 basis points in Bank Rate in November, the largest reduction in official interest rates since 1992 (indeed I believe it was only the third time Bank rate had been cut by 150bp since the Bank was founded over 300 years ago). Even so, our latest medium term projections for inflation show inflation remaining below target in the medium term and suggest further reductions may be necessary (Chart 7). Of course, there are large uncertainties around that projection; more so than usual. In particular, they take no account of any fiscal measures that the Government may announce next week. Just as we had to change gears on monetary policy, so we needed to change our approach to the banking sector. The tripartite authorities – the Bank, FSA and Treasury – were criticised for the handling of Northern Rock and for being slow off the mark when the crisis started in 2007. But we learned from that experience. We have established new ways of providing the market with the liquidity that it needs. And, as the crisis has widened, we have dealt with vulnerable and failing banks, such as Bradford and Bingley, more speedily and cleanly.

But growth has a price. This is particularly reflected in increased emissions of greenhouse gases as a result of increased human activity. It is still uncertain how serious the impact of gas emissions will be. But once the impact comes into full evidence, it may be too late to take corrective action. There is also the risk that the concentration of greenhouse gases in the atmosphere reaches such a high level that it exceeds critical values that cannot be reversed. We are very pleased to have Dr John Llewellyn, Senior Economic Policy Advisor at Lehman Brothers, here today to enlighten us on how globalisation affects the environment. Changes  BIS Review 27/2008  1  in our environment affect the way we are able to interact: it is important to combine knowledge about nature with knowledge about the functioning of the economy. The last decade or so, we have witnessed increased financial integration and competition across national borders. This is a positive development. Deeper and more mature markets tend to be better equipped to deal with uncertainty and distress. But increased financial integration also raises the potential for more widespread contagion if something goes wrong, as witnessed by the current financial turmoil. Professor Philip Lane, Director of the Institute for International Integration studies at Trinity College Dublin, is one of the foremost experts on financial globalisation, and we are very much looking forward to hearing what he has to say on this subject.
However, as these projects imply a profound transformation, we can only make progress with a strong commitment of all actors: legislators and regulators, European and national authorities, private and public agents. * We are only a few weeks away from the next European elections. Underlining the threats we face is also an opportunity to remind ourselves that, in a globalised world where size is key, our strength lies in our ability to exercise shared sovereignty. And talking about the “burning obligation” to deepen Europe’s financial integration is also a chance to underline the real but often forgotten successes in the construction of Europe, as well as the costs and dangers of incomplete integration. It illustrates, once again, that Europe is not only a project that can benefit everyone, but also one that cannot be achieved without the fullhearted and determined commitment of each and everyone of us. 7/7  BIS central bankers' speeches

In this sense, I believe the emotional relationship of citizens to the euro has become stronger. Question: What, in your view, is the greatest achievement of the first ten years of the euro? Answer: For me, the greatest success is the fact that, after having promised the citizens that the euro would be equal, in terms of stability and the maintenance of value, to the previously most solid currencies, including the Deutsche Mark, we have fulfilled this promise effectively. Question: And what is the greatest challenge for the next ten years? Answer: There are a number of challenges that face us. The first is to maintain the level of credibility and confidence that the euro has gained during the first ten years. And in addition to all the other challenges that an important central bank in the industrialised world has to deal with, I would stress two challenges that are entirely specific to the ECB. First, the fact that we are ourselves actively contributing to achieving the single market with a single currency and, second, that we must prepare in the best possible fashion for a successful enlargement of the euro area. Question: In addition to price stability, the stability of the financial markets has become the focus of attention in the context of the current crisis. Would it be sensible for the ECB to have an explicit mandate to safeguard the stability of the financial markets? Answer: Our primary mandate, to ensure price stability, is a very important prerequisite for financial stability.
Businesscycle for labour productivity in business sector 8 quarters before and 4 quarters after business activity trough in four most recent business cycles Percentage 12-month change (5 quarters sliding average) 5  5  Current stage in business cycle Business activity trough  4  4  3  3  2  2  1  1  0  1982Q4 1981Q1 - 1984Q1  1993Q2 1991Q3 - 1994Q3  1996Q3 1995Q4 - 1997Q4  0  2003Q3 2002Q1 -2003Q3  -1  -1 -8  -4  0  4  -8  -4  0  4  -8  -4  0  4  -8  -4  0  4  Note. Business activity trough are noted in the quarters when the output gap, calculated with an HP filter, was as it largest. Another piece of the puzzle is the development of factor productivity (Figure 6). As I mentioned earlier, a more rapid growth in factor productivity at aggregate level could be a sign that IT capital is being used more efficiently even outside of the sectors producing IT capital. The best method would be to study factor productivity excluding the sectors producing IT capital, but this is not an easy task, due to various statistical problems. The calculations of factor productivity we have made at the Riksbank indicate a relatively clear upturn in recent years. 6.

Capotă, L.-D., Giuzio, M., Kapadia, S. and Salakhova, D. (2022), “Are ethical and green investment funds more resilient?”, Working Paper Series, No 2747, November.