samchain/econo-pairs-v1 huggingface dataset:
Moreover, the financial sector in Sweden has some distinguishing characteristics which make stability and clear game rules particularly important. From an international perspective, the Swedish banks’ collected balance sheet totals are large in relation to our GDP, market funding comprises a larger share than in most other countries, and funding from abroad is relatively extensive and largely short-term. Our own Swedish regulatory framework also needs to be renewed. For one thing, we need to look into the division of responsibility and the powers of authority of the different government agencies. For instance, the Riksbank is responsible for the stability of the financial system in Sweden, but has no really effective tools to carry out this task. Finansinspektionen (the Swedish Financial Supervisory Authority), on the other hand, has tools that could be used to influence the banks’ behaviour. But it does not have the task of counteracting macroeconomic developments than entail risks for financial stability. Another important issue that needs to be addressed in a new regulatory framework is how the state should manage banks in distress. 3  See, for instance, Ben S. Bernanke, “Fiscal Sustainability and Fiscal Rules”, speech given at the Annual Meeting of the Rhode Island Public Expenditure Council, Providence, Rhode Island, 4 October 2010. BIS Review 149/2010  5  In February we presented a report to the Riksdag proposing that the regulatory framework in Sweden should be reviewed. We mentioned these two areas as examples of important objects for analysis.

Dimitar Radev: Accession to the euro area - a catalyst for social and economic prosperity Summary of a statement by Mr Dimitar Radev, Governor of the Bulgarian National Bank, at the Annual Government Meets the Business conference, Sofia, 29 January 2019. * * * During the Annual Government Meets the Business conference dedicated to Bulgaria’s path to the eurozone, the Bulgarian National Bank’s Governor, Mr. Dimitar Radev, outlined the activities of the central bank in this process and the anticipated effects for the economy and the business from the national currency’s entry into the Exchange Rate Mechanism (ERM II) and the adoption of the euro in Bulgaria. Provisionally, the work will be conducted in two stages: a short- and long-term. The short-term stage is linked to the preparation for simultaneous accession to the Banking Union and lev’s entry into ERM II. The second stage is Bulgaria joining the euro area. Mr. Radev underlined that the BNB is currently focused on the first stage, the outcomes of which will determine the next steps to follow. In terms of content, the first stage consists in joining the Single Supervisory Mechanism and the Single Resolution Mechanism. As regards the Single Supervisory Mechanism, the BNB is concentrated on three work blocks. The first one is creating the necessary regulatory framework. Overall, work in this direction was completed with the adoption of the necessary package of legislative amendments by the National Assembly at the end of last year.
Outflow for portfolio investment was first permitted in 2003. Since the beginning of this year, we have expanded the limits of Thai direct investment and portfolio investment abroad. To promote more balanced-capital movements, further liberalization measures, including the relaxation of FX holdings by juristic persons and individuals, were implemented during the last two months, and we are currently monitoring their impact on capital outflows. Indeed, the appropriate degree of financial openness through time is a controversial issue. Key is the right pacing and sequencing of capital account liberalization. It is also important to underline the fact that big market events that pose systemic risks tend to reflect collective mistakes in which most market participants are offside in the same direction. In this regard, capital control measures can be useful tools for reducing the chance of prolonged financial misalignment with economic fundamentals. Ladies and Gentlemen, The Thai financial landscape is changing. Therefore, it is our goal to ensure that our regulatory and supervisory responses keep pace with the financial intermediaries and the products they offer. In this endeavor, the Bank of Thailand has put emphasis on robust stress testing, enhanced counterparty risk management, and safe and efficient market infrastructures. Our financial and legal infrastructures will continue to be strengthened particularly through the introduction of a number of legislations and amendments. The new Deposit Insurance Act and the Financial Institutions Act are in the pipeline.

I will then discuss the risks and challenges facing the Thai economy, especially those relating to volatile international capital movements and their impact on the Thai baht in the short term and in building resiliency and enhancing productivity for the longterm. Ladies and Gentlemen, Let me start with the global picture. For a number of years now, we have witnessed strong global growth driven mainly by growth in the US economy and in emerging markets, particularly non-Japan Asia. During this same period, we have also seen growing global imbalances with the rest of the world financing the US’s growing current account deficits. There is yet no consensus on how this global financial imbalance will unwind, but everyone expects that a large dollar correction will be part of the unwinding process, which will impact on financial markets and exchange rates worldwide. My view is that we are likely to see more market jitters along the unwinding process of this global imbalance. Indeed, for the last couple years, we have already experienced large magnitude of capital fluctuations and exchange rate volatilities. This year alone, we have observed two episodes, in February and again in August, of the shift toward greater risk aversions, with sharp falls in the stock markets across the world, from New York to Shanghai, and Bangkok included. At this juncture, there seems to be an increasing disconnect between global growth and financial stability.
And finally, I would also like to thank the Parliament of Iceland, particularly the Economic Affairs and Trade Committee, for their collaboration. BIS central bankers’ speeches  5

Because we had cut the repo rate so quickly and substantially during the autumn of 2008 and early 2009, the scope for pursuing traditional monetary began to shrink as the repo rate began to approach its lower limit. Determining what level is the repo rate's lower limit also proved to be difficult. Can the repo rate be cut all the way to zero, or even to a negative level? There is no clear answer to these questions. However, in line with the majority of the Executive Board, my assessment in July was that the repo rate should not be cut beyond 0.25 per cent. The reasons for this were the concern that some financial markets would find it difficult to function normally at lower interest rate levels and that it could have a negative impact on the profitability of the banks. My view was that the economic situation in principle called for an even greater cut. At the same time, I thought it was too risky to reduce the repo rate even more when we did not really know how the financial markets would function with such low interest rates. One can note after the event that cutting the repo rate to 0.25 per cent was carried out without any apparent problems. In this perspective, the fears that I had in July would seem to be somewhat exaggerated.
The chart shows Norges Bank’s estimate for public purchase of health and care services. The estimate is based on the assumption that the public sector will finance the same share of public services as today. The source for the estimate for public consumption is the Government’s Long-Term Programme, and the estimate is, among other things, based on unchanged tax rates. The fundamental problem is that demand for health and care services is growing faster than tax revenues. There will be a limit on the extent to which the state can reduce appropriations for other important social objectives such as education, research and the judicial system. Something has to give. 17  BIS Review 14/2000  Chart 20  Even after all the structural changes of recent years, there is probably still room for efficiency gains in the health and care sector. However, this is hardly sufficient to fully address the challenges. Users may therefore have to finance a substantially greater share of these services, whether the services are provided by public or private operators. There are limits to the extent to which the public sector should and can impose user fees without creating unacceptable distributional effects. A private insurance system is not a fail-proof solution. It seems obvious that there is a need for a clearer definition of the public sector’s core activities in the health and care sector, and in other areas. There is a need for delimiting what the public sector should finance based on tax revenues.

An improved wage-setting process, in conjunction with an active fiscal policy, contributed to curbing the real economic costs. Hence, the experience of 1986 and the beginning of the 5  BIS Review 14/2000  1990s probably provides a realistic picture of the minimal costs associated with stamping out high inflation. At the same time, an active fiscal policy enhanced the credibility of monetary policy because it led to lower unemployment than would have been the case otherwise. In Norway, high inflation is a war phenomenon and phenomenon of the 1970s and 1980s. In the aftermath of high inflation, we experienced substantial real economic losses and financial instability. The cost of inflation has been high. History shows that lower unemployment cannot be achieved in exchange for higher inflation in the long run. A monetary policy that fuels inflation does not generate economic growth. On the contrary, the result is booms and speculative bubbles, which are the precursors of recession and unemployment. In the absence of nominal stability, employment and production will not show stability either. The economy must be endowed with a nominal anchor. This is the task of monetary policy. The Norwegian economy was lacking a nominal anchor during the period of low interest rates and devaluations in the 1970s and 1980s. This led to rising inflation and instability. From 1986 the fixed exchange rate regime restored confidence in monetary policy and subsequently laid a foundation for more stable economic developments.
Mark Carney: Opening statement at the European Parliament’s ECON Committee Opening statement by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the European Parliament’s ECON Committee, Brussels, 7 December 2015. *  *  *  Mr Chair, Honourable Members of the Economic and Monetary Affairs Committee, It is a pleasure to address you in my capacity as Vice-Chair of the European Systemic Risk Board. Maintaining financial stability requires strong policy frameworks, a dynamic understanding of risks, and, when appropriate, co-ordination of individual macro-prudential policies. The need for a coordinating authority within the EU is particularly important, given the unique nature of the single market and its high degree of integration. In fulfilling this role, the ESRB is making financial stability policy more effective across the EU. 1. On openness in the EU  The openness of European member states supports economic dynamism by facilitating trade and specialisation, by enhancing competition, and by encouraging more diversification and risk-sharing. Larger markets mean wider choice, bigger incentives for innovation, and greater scope to realise economies of scale. While openness boosts dynamism, it also increases exposure to shocks from abroad. Financial linkages in particular can create new vulnerabilities and the potential to deepen shocks. The ESRB can help build the resilience to maximise the benefits from openness and minimise the risks it entails. In this spirit, I would like to outline three specific contributions of the ESRB during my time as Vice Chair. 2.

The probable continuation of the current upswing on the mortgage and real estate markets means that risks to financial stability are likely to remain in the spotlight. Containing these risks will continue to require the participation and support of all market players: the authorities, the lenders, and the borrowers. Thank you for your attention.
My discussion therefore, is structured as follows: i. First, I will look at the contribution of the Zambian real estate sector to gross domestic product (GDP) in Zambia. During the discussion of this issue, I will also look at the characteristics of the Zambian real estate finance sector; and  ii. Secondly, I will explain the role of the Bank of Zambia in the real estate sector. Ladies and Gentlemen In Zambia, the share of the real estate sector has increased from an average of 6.8% between 1995 and 1999 to 9.4% between 2000 and 2004. This is a welcome development, as it shows that real estate business has been contributing positively to real GDP growth over the last six years. However, I strongly believe that the sector can perform even better than this, especially that most of our people have no good and affordable accommodation, as evidenced by emergence of large unplanned residential areas. This is a challenge for you experts in the real estate business to facilitate the building of more houses and office accommodation to reduce rentals for these facilities to affordable levels and stem the expansion of unplanned residential areas. In spite of the growth in the share of real estate to GDP, the Zambian real estate finance sector is still characterized by inadequate long-term finance. Prior to 1990, the sector was dominated by the Zambia National Building Society (ZNBS), which following the liberalisation of the economy in the 1990s, is unable to meet the demand for real estate finance.

Ladies and Gentlemen In conclusion, I wish to reiterate the importance of the real estate sector in economic and social development in the country. With your contribution, and that of other stakeholders Zambia could easily achieve the national socio-economic goals in the medium term. Every economic unit needs the services of a booming real estate and construction sectors for them to contribute more to economic growth and development. In this regard, I trust that the various institutions represented here will continue to facilitate and promote investments in the real estate sector in Zambia. On our part as the Bank of Zambia, we will continue to facilitate real sector economic activity by continuing to improve the macroeconomic conditions in the country that are critical to the mobilisation and expansion of business. In turn, it is expected that other sectors of the economy will benefit and contribute to accelerated economic growth and development. I THANK YOU. BIS Review 46/2005  3
To provide you with some insight into how we work when we make projections for the Norwegian economy, it may be practical to use a tripartite approach: the short-term or current situation, the medium-term or projection period and finally what we call the long-term. The dividing lines are not clearly defined, but are to some extent overlapping as indicated in the chart. Knowledge about the current economic situation is absolutely essential to making projections of economic developments that are useful for monetary policy. We must form a picture of capacity utilisation in the economy and whether it is increasing or decreasing. We must also try to identify the driving forces or disturbances that influence developments. A macroeconomic model will be a useful tool in this connection. Nevertheless, thorough analyses of available economic statistics are the most important source when we are assessing the current situation. To obtain a good picture of the current situation, it is important to consider developments in context and to distinguish between genuinely new information and noise. There is always uncertainty associated with statistics and the quality can vary depending on the source. Frequency and the time from measurement to publication also vary considerably. Economic data are published with a time lag and are often revised. A very useful cross-reference and alternative information channel to official statistics is therefore our own regional network which consists of enterprises, organisations and local authorities throughout the country.

We have a long history of working together and reaching remarkable useful consensus on critical issues when it matters most, this time will be no different. Honourable Ministers and Governors I am sure we have all had a very hectic day on discussing all these issues and look forward to a very relaxed evening. For those that have not had time to look around this beautiful and historic city I implore you to find time to explore our beautiful beaches and various historic sites. BIS Review 115/2010  1  I wish you fruitful deliberations and hope that Freetown would forever be remembered as the venue where key decisions affecting the African continent would be made. I thank you. 2  BIS Review 115/2010
Measures to create confidence The Riksbank and other authorities, both in Sweden and abroad, have regularly injected oil into the machinery to ensure that financial markets function more smoothly. To alleviate the type of effects I just mentioned. As I said earlier, in our case it is a question of taking measures to directly increase the access to loans in SEK and USD, providing the banks with loans at longer maturities and against a broader spectrum of collateral than normal. By allowing the banks to borrow against newly-issued commercial paper, we have also tried to facilitate the supply of credit to the corporate sector, although interest in these auctions has so far been moderate. As you know, we have also granted special liquidity assistance to Kaupthing and Carnegie. Other authorities have also taken significant measures. These include various market measures taken by the Swedish National Debt Office and the fact that the Riksdag and Government have decided on and implemented guarantee programmes and changes in the law. It is quite simply a question of using various tools that complement one another and together help to restore confidence in the markets. In some cases it merely concerns "being there” in the background in various ways. The total, massive stability measures taken around the world have had an effect. The fact that the spread between interbank rates and treasury bill rates with the same maturity has fallen is one example of this.

The MPC, therefore, decided to maintain the policy interest rate at 1.25 percent per year  2  BIS Review 164/2009  during the most recent meeting. At the same time, the BOT is expecting that the Thai economy will return to a positive growth of 3.3–5.3 percent in 2010. Ladies and Gentlemen, I believe we have a consensus that the worst of the global economic crisis is already behind us. At this juncture, policymakers and businesses are starting to look beyond the crisis and gauging what lies ahead. At the Bank of Thailand, we envisage the following three challenges for the post-crisis era. First, the outlook for Thai export market will not be as good as the pre-crisis period. This is because the global financial crisis is likely to reduce both the purchasing power and the potential growth of Thailand’s major trading partners, especially the industrialized economies. Moreover, as the unemployment rates continue to increase in the G3 countries, protectionist sentiment may be intensified in an attempt to protect jobs at home. It is a common knowledge that, since the 1997 financial crisis, Thailand has relied on exports as our primary engine of growth. This dependency is expected to continue for quite some time as our domestic demand is not large enough to substitute the purchasing power from abroad. Therefore, exporters need to be more adaptive, while policymakers need to ensure supportive policies.
In those days, even university students in the USA would not find it easy to have access to mainframe computers, let alone doing non-stop programming. But Gates had the opportunity and the advantage of having done lots and lots of programming, probably more than 10,000 hours, when he started Microsoft, which subsequently outperformed all other competitors in the field by huge margins. The question that I have is this: Would Bill Gates still be the same Bill Gates that we now know if he did not have the opportunities that were opened to him in these early years of his adolescence that enabled him to jump start on his programming career ahead of so many other equally clever and talented people in the USA? I don’t quite know the answer, but let me turn to another example of great success in the last century in the musical world – the Beatles. Being a person born in the 1950s, it is not surprising that I am very fond of the Beatles. John Lennon, Paul McCartney, George Harrison and Ringo Starr were clearly very, very talented. Ever since they launched their hugely successful tour of the USA in February 1964, the Beatles had for several decades became the centre of the rock and roll world. But is it true that Beatles became so good and so successful simply because they were music geniuses? BIS Review 174/2010  1  Is it that simple? Let’s look closer at the days before they became the idol of the world.

Although such a euro area stance is prevailing, the contribution of individual Member States to the aggregate outcome is suboptimal. Some of them need to take additional measures to ensure compliance with the fiscal rules, while others have scope to use available fiscal space. In addition, all euro area countries should strive for a more growth-friendly composition of fiscal policies by prioritising public investment and reducing the tax burden on labour. The current political and economic momentum in Europe also provides an opportunity to strengthen our Economic and Monetary Union (EMU). Further integration needs to be achieved 2/3  BIS central bankers' speeches  above all by implementing what has been agreed and by completing the common projects we have started. This includes completing the banking union and building a capital markets union. A more complete EMU, with further steps towards a deeper financial, fiscal and economic union, will be the foundation for a stable, flourishing and resilient euro area economy. That is the best contribution which Europe can make to global economic growth and financial stability. By delivering on its mandate, the ECB will continue to play its part in this endeavour. 3/3  BIS central bankers' speeches