samchain/econo-pairs-v1 huggingface dataset:
Operations may be contracted on the basis of an exchange rate negotiated with financial institutions or the SML rate itself, calculated based on the average real-dollar rate published daily by the Central Bank of Brazil, and the Argentine reference peso-dollar rate. At the closing of both markets, the SML rate will be announced daily. Financial settlement of operations carried out through the system will take place in three business days (d+2). Banking institutions that have Reserve Accounts at the Brazilian Central Bank may be accredited to operate in the system. Authorization to operate on the exchange market is not a prerequisite. The SML is a highly promising initiative for small and medium businesses that have less access to derivative mechanisms to neutralize foreign exchange risk. At the same time, large companies have also shown interest in the system, primarily those that already have mature operations in the two economies. BIS Review 124/2008  1  There is no doubt whatsoever that the system we have just inaugurated will not only stimulate trade transactions between Brazil and Argentina but also enhance competitiveness in both countries. This initiative is a first and important step forward toward greater integration of our economies and of Mercosul. Congratulations to all of those who have played a role in making this historic moment feasible. Thank you. 2  BIS Review 124/2008

In light of recent developments, I am optimistic about the economic prospects for the Bronx and local small businesses. I also believe that community banks and community development organizations have an important role to play in paving the way forward. As always, my comments today reflect my own views and not necessarily those of the Federal Open Market Committee or the Federal Reserve System. 1 The economic outlook for the Bronx To appreciate where we are, we need to remember where we’ve been. Those of you who are long-time Bronxites know that starting in the 1950s, but especially during the 1970s, the Bronx endured a massive economic slump. In that one decade, the 1970s, the borough’s population fell by 20 percent – and by even more in many well-established neighborhoods. As people moved out in droves, buildings were abandoned, crime increased and jobs vanished – all in a vicious cycle, creating an atmosphere of despair. Yet, the borough persevered and conditions began to stabilize and then to even improve a bit in the 1980s. Today, while there is still much progress to be made, the Bronx is in dramatically better shape on many dimensions: its economy has been growing at a brisk pace, its population is on the rise, its housing stock is being rejuvenated and many businesses are thriving, creating strong job and income growth. This is particularly evident in neighborhoods like Hunts Point and the area around Yankee Stadium, down to the Bronx Terminal Market and beyond.
Number of work permits in the UK, Ireland and Sweden issued to citizens of new Member States following the EU accession In thousands UK *  Ireland**  Sweden***  Total  In % of workforce †  Lithuania  44.72  26.37  0.37  71.46  4.4  Latvia  23.03  12.94  0.16  36.14  3.2  Estonia  4.68  3.39  0.36  8.43  1.3  Poland  204.90  70.14  2.16  277.20  1.6  Czech Republic  20.01  6.39  0.07  26.47  0.5  Hungary  10.35  3.83  0.20  14.37  0.3  Slovakia  36.36  10.93  0.09  47.38  1.8  *Source: Accession Monitoring Reports, http://www.ind.homeoffice.gov.uk. The data include the period between May 2004 and December 2005. NBP calculations. **Source: Skills needs in the Irish economy: The role of migration, A submission by the Expert Group on Future Skills Needs and Forfás to the Minister for Enterprise, Trade & Employment, http://www.skillsireland.ie. The data include the period between May 2004 and August 2005. ***Source: Migracje specjalistów wysokiej klasy w kontekście członkostwa Polski w Unii Europejskiej. Centre for Migration Research, Warsaw University. The data include the period between May 2004 and December 2004. †Workforce – people of 15 and more years of age in Q1, 2004. 10  HSBC “The Great Migration. How China’s 200 million new workers will change the economy forever”, HSBC Global Research, October 2005.

Going forward, activity will grow above potential over the next two years and inflation will converge to 3% during 2020. The beginning of the MPR normalization will depend on our conviction that inflation is in a clear process of convergence to 3%. Especially important for this evaluation will be the way the labor market absorbs the strong immigration flow, the response of investment and external developments. At the same time, there are important risks around these projections. Let me now describe this scenario and associated risks. II. Macroeconomic scenario  II.1. Recent evolution of activity and inflation In the first quarter this year, activity grew 1.6% annually, which combined a 3.6% fall in the mining sector and a 2.2% increase in the non-mining sectors (Figure 1). The high basis for comparison of the same period in 2018 anticipated that first-quarter growth this year would underperform that of 2018, but the result was lower than expected. This combined the negative performance of mining—affected by climatic factors, downtime at some mines and the lower ore—and several of the more volatile sectors—linked to natural resources—of non-mining GDP. In particular, the worse-than-expected performance of agriculture, fishing, and electricity, gas and water stood out. Most of the non-mining sectors whose activity is more related to demand behaved in line with expectations, particularly construction and services. One exception was the export industry, which combined high bases for comparison, weak demand from its target markets—mainly Latin America—and stronger competition abroad.
It’s one thing when we have a view into all of the operations and access to decision makers at the top of the house – both senior management and boards of directors – as is the case when we are the home country supervisor. It’s another thing when we see but one piece of the organization. I can’t help but think of the fable about the blind men and the elephant – each of whom feels a different part of the elephant and each thinks he is right about what the elephant really is. I could continue the analogy, but I think my point is clear – without the context of the global organization, we can’t be sure whether we are seeing the head or the tail of the elephant, or the organization. If done well, host country supervisors can be the eyes and ears for the home country supervisor. We have context for the activities of the banks doing business in our markets and can provide that to the home country supervisor. In addition, host county supervisors can be helpful in ferreting out where practices aren’t consistent across a firm; identifying where certain practices (like stress testing) aren’t occurring as necessary; providing insights into key business lines that are primarily conducted in the U.S., such as municipal finance and certain products within sales and trading; and helping to assess the risk culture in the U.S. operations, which can be a key input into the overall view of the home country supervisor.

Consider the example of fixed income, currencies and commodities (FICC) markets, which have historically relied heavily on informal codes and understandings.17  12  Recall that the Arrow-Debreu world relies on people being able to calculate the odds of each and every possible scenario. Then they can trade contracts and insure each other against risks they are unwilling to bear. Even a moment of introspection reveals the absurdity of these assumptions as a description of the actual world. More often than not, even describing the universe of possible outcomes is beyond the means of mere mortals, let alone ascribing subjective probabilities to those outcomes. 13 Knight, F (1921), Risk, uncertainty and profit, Signalman Publishing. 14 FA Hayek Nobel prize speech 1974 “The pretence of knowledge”. 15 In Keynes (1936), Chapter 12, he wrote: “Even apart from the instability due to speculation, there is the instability due to the characteristic of human nature that a large proportion of our positive activities depend on spontaneous optimism rather than on a mathematical expectation, whether moral or hedonistic or economic. Most, probably, of our decisions to do something positive, the full consequences of which will be drawn out over many days to come, can only be taken as a result of animal spirits – of a spontaneous urge to action rather than inaction, and not as the outcome of a weighted average of quantitative benefits multiplied by quantitative probabilities.” Keynes, J M (1936), The General Theory of Interest, Employment and Money, Palgrave Macmillan.
Ida Wolden Bache: The conduct of monetary policy Introductory statement by Ms Ida Wolden Bache, Governor of Norges Bank (Central Bank of Norway), at the hearing of the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament) in connection with the Storting's deliberations on the Financial Market Report, 9 May 2023. ***  Accompanying charts of the speech Thank you for this opportunity to report on the conduct of monetary policy. When I was here in April last year, Norges Bank had started a gradual normalisation of the policy rate following the coronavirus pandemic. Chart 1: In March 2022, a gradual rise in the policy rate was envisaged The Norwegian economy had recovered after the sharp downturn during the pandemic. High energy prices and a sharp rise in international goods prices had driven up consumer price inflation to a level markedly above the inflation target. Economic activity was strong, and job vacancies were high. Norges Bank expected rising wage growth and higher imported goods inflation to push up inflation through the year, and overall price inflation was projected to be 3.4 percent in 2022. The policy rate was projected to rise towards 2 percent over spring 2023. Chart 2: The policy rate has been raised more than projected a year ago These forecasts were less than accurate. The policy rate has been raised faster and more than projected in March 2022.

Jean-Claude Trichet: I expect that the cooperation with the UK authorities, particularly with the Bank of England, and for me personally with its governor, will be extraordinarily close. It’s a job at the level of the EU 27 where you will need a very close cooperation between Mervyn King and all of us, and I expect that this is the way we are all looking at it. 4  BIS Review 115/2010
1 Jaison Abel, Jason Bram, Gerard Dages, Richard Deitz, Suzanne Elio, Jack Gutt, and Andrew Haughwout  assisted in preparing these remarks. 2 See, for example, our Report on the Competitiveness of Puerto Rico’s Economy, June 2012, and An Update on  the Competitiveness of Puerto Rico’s Economy, July 2014. 3/3  BIS central bankers' speeches

But there is a second set of design choices about how the stress scenario impacts will be modeled. To begin, capital ratios are measured separately for individual institutions, with no attempt to capture dynamic 3/8  BIS central bankers' speeches  interactions, spillovers or specific cross-firm exposures. Similarly, outcomes for the banking sector do not interact dynamically with the macroeconomic scenarios, which are inputs to the calculations. As a result, the calculations are “stand alone” in the sense that the outcomes for any individual institution are independent of those for others in the set of stress-tested firms. Results for the banking system are therefore simply the sum of results for individual institutions, rather than capturing interactions among them. The stand-alone approach reflects the microprudential objectives of the various U.S. supervisory stress test programs, along with practical considerations. While the SCAP and CCAR/DFAST stress tests programs have strong macroprudential elements15 , in each case the results have also been used to make firm-specific supervisory judgments about capital adequacy. This individual firm application pushes towards measurement approaches that capture more detailed, firm-specific characteristics. At the same time, fully dynamic models that capture interactions and exposures among firms or that build in feedback from banking sector outcomes to the macroeconomic scenario can be informationally demanding, computationally intensive and, at the stage of model development prevailing during the SCAP and early phases of the CCAR/DFAST regime, generally would have involved higher level, “industry average” assumptions about the performance of banks under the hypothetical stressed conditions.
The results of this work are expected by the end of this year and, as in the two previous cases, will be submitted to this Commission as soon as they become available. This last point allows me to emphasize the accountability dimension of these evaluations, and the constructive orientation that the CBC wishes to give to these exercises. In particular, we would like to stress that with these exercises we are not seeking the mere approval of external organizations or experts, but rather we want to have input for the institutional evaluation that may be carried out by the Senate of the Republic, before which the law requires us to report on our measures and their results. In this perspective, we would like to ask the Commission to open a space in its full agenda for us to present in greater detail the content and actions derived from these three evaluations. Thank you very much for your attention and we look forward to hearing your comments and answering your questions. ***  https://www.bcentral.cl/documents/33528/2905204/CHILE%E2%80%94Central+Bank+Transparency+Code+Review+.pdf.

Successive boom-bust financial cycles have made it clear that unsustainable buildups of credit and leverage lies at the heart of financial fragility. It is hard to deny the critical role that monetary policy plays in this. Monetary policy sets the price of leverage and hence has first order implications for the pricing of all financial assets and the evolution of the financial cycle. A framework in which monetary policy reacts systematically to the financial cycle, in addition to traditional inflation and output developments, will help to keep the economy on an even keel. This differs from an approach in which policy leans against the wind only when financial stability risks become evident. Given the long and drawn-out nature of financial cycles, such an approach would inevitably lead to doing too little too late, as the cumulative impact of policy over the whole financial cycle is ignored. 8  Just as the proliferation of inflation targeting frameworks starting in the 1990s helped to bring down the level and volatility of inflation rates worldwide, a general trend towards a more systematic leaning against the financial cycle approach to monetary policy, especially among advanced economies, could yield significant benefits. I believe that if central banks coordinate on such a framework, and thereby adopt a longer through-the-cycle perspective in policymaking, the problems from cross-border spillovers and perceptions of competitive devaluations will be significantly diminished. The key challenge will be one of communication.
In this context, let me briefly point out that enhancements will be required in a number of areas, with particular focus on (i) aspects of the prudential framework, relating to capital and liquidity risk as well as to banks’ liquidity risk management practices; (ii) transparency, including full disclosure of banks’ exposures on structured products and off-balance sheet vehicles; (iii) valuation standards, especially as regards marking-to-market illiquid assets; (iv) market functioning, including possible conflicts of interest of credit rating agencies and their role in rating structured finance instruments; and (v) authorities’ responsiveness to risks and arrangements for crisis management. At the present juncture, the key priority is to ensure the expeditious and effective implementation of the respective recommendations set out in the FSF report. There is a strong consensus among the international community to act with determination in this regard. In addition, it is fortunate that many of the recommendations were developed by the authorities that now have the mandate to apply them. Nevertheless, the competent national,  3  The report was published on 11 April 2008. It is available at http://www.fsforum.org/home/home.html. BIS Review 86/2008  5  regional and international authorities and bodies will need to make every possible effort to ensure adequate progress. This relates especially to those actions which were agreed to be implemented within 100 days or by the end of this year.

In addition, it will be crucial to continuously monitor the progress made in order to keep up the momentum for reform and, possibly, to identify elements that may require further follow-up action. The FSF will play an instrumental role in monitoring the efficacy of the implementation of its recommendations. I would like to point out that some of the financial system weaknesses exhibited during the recent financial market correction present more structural, longer-term challenges and will require our continued attention in the coming years. Let me draw your attention to four important issues in this regard. First, it will be crucial to ensure adequate transparency regarding financial markets, institutions and financial instruments. The availability of adequate information is the basic prerequisite for sound investment decisions, effective risk management and market discipline. In this way, transparency not only contributes to a more efficient allocation of capital, but is also the best insurance against irrational herd behaviour and the propagation of financial turbulence. Various episodes of financial stress, including the most recent one, have clearly demonstrated that the lack of reliable financial information is a key element in the excessive building up and unwinding of financial imbalances. The continuous enhancement of financial disclosure requirements, accounting rules and valuation practices in line with market developments will therefore be indispensable. Second, pro-cyclical features of the regulatory framework need to be identified and addressed.
Nor Shamsiah perseverance  Mohd  Yunus:  Mastery,  adaptability  and  Remarks by Ms Nor Shamsiah Mohd Yunus, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 2018 Kijang Emas Scholarship Award “Mastery, adaptability and perseverance”, Kuala Lumpur, 21 September 2018. * * * When I entered university in Australia many years ago, the Times named the Computer the ‘Man (or in this case, Machine) of the Year’. It was a significant signal in public consciousness on the importance of the computer. The byline was, “The Computer moves in”. The world then, as is now, was a world in a state of constant change. Today, we see that technology is at the forefront in transforming almost every aspect of our lives. It is doing so at an unprecedented and relentless pace. This is exciting, but also for many, it brings about the feeling of trepidation, discomfort and uncertainty. Therefore, as both of you begin your next chapter of your life, I encourage you to make the most of your years in university, to not only excel in your chosen discipline, but also to absorb lessons that will serve you well in life. Let me just mention three today: mastery, adaptability and perseverance. First, on mastery. Even in a world where knowledge decays quickly, mastering a field of knowledge is the foundation in building one’s expertise and credibility. Mastery is not mere information accumulation. It is the ability to understand the inter-linkages between complex and evolving situations.

But it is our own individual responsibility if we want to be relevant and useful to society, to learn new skills, knowledge and behaviours. In central banking, we are also preparing for a future where the landscape of the financial sector will be dramatically different. In the medical field, which both of you are in, the role of the various medical professionals will change as we strive to continuously improve the quality of care with new technologies. The world’s greatest innovations have been born out of a willingness to embrace change, adapt and push the boundaries for a better future. Third, on perseverance. When speaking of perseverance, I am reminded of a Japanese proverb 1/2  BIS central bankers' speeches  that says, “Fall down seven times, get up eight”. Both of you have a long journey ahead of you. Do not be surprised, there will be many challenges, hurdles and speed bumps in your journey. Life does not progress in a linear fashion. Each time you face a challenge and fall, do not be afraid to get up, adapt, improve and try again. The fact that you have come this far is a testament that there are more than a few people who believe in you and are rooting for you to succeed. Take encouragement from that and nurture and develop your ability to persevere. This can be nurtured and developed from facing and overcoming hard knocks and refusing to be defeated by them.