samchain/econo-pairs-v1 huggingface dataset:
The Fund serves as a buffer between current petroleum revenues and the use of these revenues in the Norwegian economy. According to the fiscal rule, future petroleum revenue will be added to the Fund while spending shall be limited to the expected real annual return on the Fund, estimated at four per cent. When all the petroleum revenues have been extracted, the Fund would grow no further, but its value in real terms would be maintained – in principle for eternity. This ensures an equitable distribution of the petroleum wealth across generations. The fiscal spending rule partly insulates the economy from fluctuations in the petroleum sector – and when followed it ensures that revenue spending is at a level that can be sustained over time. The difference between the net cash flow and spending is reinvested in foreign financial markets. Norges Bank manages the Fund, and our London office plays a pivotal role in the investment activities. The Pension Fund also functions as a buffer and dampens the wide fluctuations in the krone exchange rate that petroleum revenue inflows might otherwise have generated. The Fund is invested solely abroad, thus acting as a kind of “revolving door” for currency inflows from petroleum activities. With the fiscal rule, it was recognised that the most important contribution fiscal policy can make to stabilising the Norwegian economy is to provide a sound, long-term strategy for petroleum revenue spending. As a consequence, monetary policy had to take responsibility for smoothing the business cycle to a greater extent than earlier.

Gent Sejko: Statement - press conference with IMF Mission Chief Statement by Mr Gent Sejko, Governor of the Bank of Albania, at the joint press conference with the International Monetary Fund (IMF) Mission Chief for Albania Minister of Finance and Economy, Tirana, 10 October 2022. *** Dear media representatives, In the last two weeks, the Bank of Albania and the Albanian government have been engaged in intensive discussions with the IMF Mission, which visited Albania in the framework of the regular Article IV consultations. Discussion focused on current challenges for the Albanian economy, as well as structural reforms that would enable a faster and more sustainable development of the country in the long term. Allow me - first and foremost - to extend my thanks to the IMF Mission for the open share of views in addition to the fruitful and transparent discussions. Overall, the Bank of Albania and the IMF share similar opinions on the developmental challenges that lie ahead. The swift upsurge of prices in the global markets following the unprovoked military aggression of Russia over Ukraine, have triggered serious economic and social challenges for the economies and citizens of all countries around the world, including Albania. Inflation hit 8% in August, increasing at a rapid pace and having a broad base. Based on our judgement, we have previously stressed out that the high inflation is the main threat on the macroeconomic stability and both the stable and long-term growth of Albania.
Consequently, part of the debate about direct European recapitalisation and about the role of the SRM in delinking banks and sovereigns, was post-factum somewhat misplaced. The implications of this Directive are therefore far-reaching. Participant countries in the Banking Union are shedding considerable sovereign power. In fact, large countries with strong public finances are effectively renouncing their ability to provide domestic banks with the implicit subsidy of public support that would reinforce their advantages in increasing their market share. The strength of these banks when competing in the European market will be reduced as the new situation will be progressively reflected in their ratings and funding costs. Similarly, countries with vulnerable public finances and smaller banks will no longer be able to support and possibly not be able to keep their national champions. In accepting the transfer of supervision and resolution of banks to the European level, euro area countries are committing to a remarkable sharing of sovereignty which could be a positive sign of their willingness to deepen European integration in general. It is worth mentioning that the BRRD rules about bail-in enter into force only in January 2016. They will therefore not apply to the recapitalisations in the context of the Comprehensive Assessment that the ECB is conducting and to be implemented this year and the next.

Compare the worldwide costs for taxpayers stemming from the absence of public intervention to rescue Lehman Brothers, with the zero cost for taxpayers following the US TARP 700 billion dollars injection into US banks in 2008 which have by now been totally repaid by the banks. In other words, financial instability can have a meaningful cost to taxpayers even if it is not visible in the very short term – a notion that all policy makers should keep in mind. The new European legislation does allow, as a last resort, for interventions that can safeguard financial stability in a Member State or in the area as a whole. I trust that this legislation will be applied by the competent authorities with rigour, wisdom and a sense of proportion in the aftermath of our Comprehensive Assessment. BIS central bankers’ speeches  5  SRM as a necessary complement to the SSM My remarks about the SRM – as a mechanism less relevant than the BRRD rules for the severing of the bank-sovereign nexus – do not aim to belittle the crucial importance of the SRM for Banking Union. To begin with, the implementation of the BRRD bail-in rules will be done by the SRM at the European level. The credibility of the SSM as supervisor is also dependent on the existence of a credible mechanism to proceed swiftly, orderly and efficiently in the resolution of banks that have attained the point of non-viability.
Tharman Shanmugaratnam: Opportunities facing Islamic finance and challenges in managing capital flows in Asia Outline of special address by Mr Tharman Shanmugaratnam, Chairman of the Monetary Authority of Singapore, at the 8th World Islamic Economic Forum, Johor Bahru, Malaysia, 4 December 2012. *  *  *  The Prime Minister of Malaysia, His Excellency Dato’ Sri Najib Tun Razak The President of Comoros, His Excellency Ikililou Dhoinine The President of the Islamic Development Bank, His Excellency Ahmad Mohamed Ali Chairman of the World Islamic Economic Forum Foundation Tun Musa Hitam Ministers and distinguished guests Ladies and gentlemen Introduction It is my pleasure to be here today and have the opportunity to share some thoughts. Let me first congratulate the WIEF on the progress it has made in establishing itself as a leading international forum for economic leaders and opinion shapers from a broad range of countries to discuss issues of interest in Islamic Finance and related themes in global finance. The theme of the Forum, “Changing Trends, New Opportunities” is particularly relevant. Allow me to first offer a brief perspective on opportunities facing Islamic finance. I will then go on to talk about the challenges we face in Asia in managing capital flows in the aftermath of the Global Financial Crisis. Islamic finance: opportunities for growth The Islamic finance industry is estimated to have grown by some 19% per year since 2006 – to record nearly $ trillion of total shariah compliant assets in 2012.

This is in addition to our other Government support schemes that FinTech players can benefit from: i) SPRING Singapore will provide Singaporean start-ups grants matching $ for every $ raised, up to a cap of $ ii) The National Research Foundation will co-invest, together with a technology incubator, up to 85% of an investment into a Singapore-based start-up. Deep skills and continuous learning 9 Not all of us can be entrepreneurs. But we all have to build the skills and expertise necessary to power the digital economy. The financial sector in particular has to build new capabilities. 10 We are often caught up in speculation as to which jobs technology will destroy and what kinds of new jobs it will create. The likelihood is that many jobs will remain but most jobs will be transformed, requiring new skills and capabilities to make the most of new technologies. 11 In the financial sector, there is already growing need for skills in data analytics, in digital and mobile user interfaces, and in application development, in addition to core finance skills. Take for example bank relationship managers who provide wealth management advisory services. They are unlikely to be completely replaced by robo-advisers. But relationship managers will increasingly use data analytics tools to analyse client profiles and offer better, customised financial solutions.
The achievement of the overriding policy objective: price stability  Confronted with a series of adverse exogenous supply shocks (affecting in particular oil prices, food products and services prices), the Eurosystem has been able to contain inflationary pressures despite considerable volatility: since the Eurosystem became responsible for monetary policy in the euro area, HICP inflation has averaged 2.0 % (1.7% excluding unprocessed food and energy), which is near our definition of price stability at which we aim over the medium term. This figure mainly reflects the sharp increase in oil prices over the last two years. However, HICP inflation has remained below 2% since September 2006. In addition, let me remind you that HICP inflation was around 4% in the 1980s and about 9% in the 1970s [see Figure Annex p3]. Until recently, the single monetary policy also succeeded in stabilising and anchoring medium to long-term inflation expectations at around 1.8% to 1.9%, despite all the above mentioned shocks. That is to say, once again, at a level close to, but below, 2% in accordance with our definition of price stability – whether one takes the inflation expectations derived from surveys (for example, Consensus Forecast, or the ECB survey of professional forecasters – [see Figure Annex p4] ) or those drawn from market data, notably index-linked government bonds. Recently, the awareness of a higher cost of oil has pushed expectations slightly above 2%.

I think there is a broad agreement on the fact that interest rate decisions are state-dependent rather than time-dependent and as a consequence, both the frequency and the amplitude of the policy changes are mainly driven by the underlying state of the economy. As far as the Eurosystem is concerned, the more gradualist approach is nothing but the reflection that the economy of the euro area has been less affected by cyclical fluctuations than the US economy. Moreover, recent research carried out by the Eurosystem on inflation persistence tends to show that the degree of inflation persistence in the euro area is quite moderate while the degree of price stickiness is considerable and higher than in the United States. This finding may provide another justification for a gradualist monetary response to cost-push shocks as: first, the impact of an inflation shock will be small as agents anticipate a low persistence of this shock and therefore will maintain their expectations of future inflation at low levels; in turn, the negative response of the output gap will be limited implying a less persistent response of the real rate. 5. As a result, the Eurosystem monetary policy has won European citizens’ confidence in and acceptance of the new currency  Finally, the euro has been readily accepted by economic agents and is now part of European consumers’ daily lives. Surveys confirm that the general public has confidence in the euro, as a solid currency, and in the Eurosystem as their Central Bank.
And all the time, we need to stand ready to develop new tools and make new kinds of analysis – so that we can reach our inflation target. If the world changes, we need to change with it. The ideas in this speech have developed through the course of many conversations over the years. The opinions expressed are my own. I would like to thank Marianne Nessén for her help in writing this speech, and Magnus Andersson, Emma Bylund, Charlotta Edler, Dag Edvardsson, Heidi Elmér, Frida Fallan, Martin Flodén, Jesper Hansson, Per Jansson, Cecilia Kahn, Björn Lagerwall, Stefan Laséen, Cecilia Roos-Isaksson, Marianne Sterner, David Vestin and Anders Vredin for their help and valuable viewpoints, as well as Elizabeth Nilsson, Calum McDonald and Gary Watson for help with translating it into English. ∗  1 [13]  International changes affect monetary policy There is good reason to look back and see what lies behind this development. This has certainly been done before. Both the Riksbank and other central banks have published and discussed a great deal about various international changes that have led to changes in monetary policy. But I believe we need to continue the discussion, partly because this makes it easier to understand current monetary policy, and partly because it forms a necessary basis for a conversation on what the monetary policy of the future might look like. Today, I would like to address some of the most important international changes that have a bearing on monetary policy.

Ladies and gentlemen, in today’s forum, we have arranged two panels, chaired by Eddie Yue and Arthur Yuen respectively, to elaborate on and discuss the initiatives and measures I have just mentioned. It would be useful for us to receive your comments and feedback. These initiatives and measures require persistence, dedication, and collaborative efforts of all the stakeholders: regulators, industry practitioners, international bodies, environmental groups. We must all work together. Thank you very much. 3/3  BIS central bankers' speeches
Both figures are well below those of our regional peers, suggesting that we are relatively more immune to abrupt capital flights. On the external stability front, Thailand continues to perform well across most indicators. Last year, our current account recorded a large surplus of over 8% of GDP, and it is expected to grow further this year. Moreover, we continue to have more than enough international reserves to cover our foreign debt obligations. Our banking system continues to be strong, with ample capital buffer and cushion against bad loans. Their capital adequacy ratio continues to be well above the required level of 8.5%, and has increased slightly since my last address. Moreover, amid the gradual economic recovery, banks continue to accumulate high level of loan loss provision to cushion for deteriorating loan quality. The aggregate NPL figure remains manageable at around 2.7% and the combined profits of the banking sector remain sizeable despite being slightly trimmed by the additional loan-loss provisioning. Ladies and Gentlemen, Maintaining sufficient buffers have proved essential in coping with the financial turbulence of the past year, as they helped to shield the economy from facing the full impacts of external shocks. Besides the financial system, the real economy has also been a beneficiary of stable financial environment. In the first half of this year, the Thai economy expanded by 3.4%.

In the 2/5  BIS Central Banker's Speeches  former, we aim to provide an accommodative and stable macroeconomic and financial environment, so that the ongoing recovery is supported by ample liquidity and not interrupted by excessive volatility. In the latter role of development, we aim to put in place more efficient financial infrastructure in order to facilitate business activities and thereby enhancing their competitiveness. Let me elaborate on each role one by one. Recent experiences have demonstrated to us just how volatile the financial environment could be – both in terms of risks to economic growth and the policy responses that follow. Unfortunately, the journey ahead is paved with similar challenges, if not greater – financial stability risks and economic rebalance in China, the growing monetary policy divergence, the lower-for-longer interest rate policy and perhaps a more widespread use of unconventional measures by central banks of Advanced Economies. As a small open economy, we must therefore ensure that there is sufficient policy room to mitigate the potential adverse impacts or events that could unfold in the future. In this context, the Monetary Policy Committee’s  decision to maintain the policy interest rate should be viewed as a preference to preserve the limited policy space for rainy days ahead. The Monetary Policy Committee expected headline inflation to return to the target band later this year, while core inflation has stayed positive at around 0.8% since the beginning of this year.
There is no option for financial institutions but to be able to deliver and ensure the integrity of their services – banking, payments, insurance or takaful, in dealing with customers – digitally or online during these times. The road is thus wide open for fintech. In a not so distant future, we can expect that fintech will be part of the mainstream, perhaps even becoming the primary mode of delivery for financial services, no longer requiring strategising and planning on how we could fully embrace it in conferences and dialogues like we will be doing today. Before I conclude I would like to congratulate ISRA for their development of the I-FIKR App, which 2/3  BIS central bankers' speeches  will be launched during the event. The App certainly fits well with the digitalisation of the Islamic finance knowledge of the Islamic finance industry. We hope to see it as another home-grown product that will contribute further toward the advancement of the Islamic finance Industry. Finally, once again I would like to thank and commend ISRA for organising the Islamic Fintech Dialogue 2020. Events such as this provide us an opportunity to take a step away, allowing us the space to focus on key issues and challenges which I hope will inspire us to improve on our vision and strategies for innovative transformation in Islamic finance. Over the course of this 2day event, with the array of speakers and moderators, I am confident this will be achieved.

Rosthom Fadli: IMFC Statement Statement by Mr Rosthom Fadli, Governor of the Bank of Algeria, on behalf of the Islamic Republic of Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Libya, Morocco, Pakistan and Tunisia, at the forty-third meeting of the International Monetary and Financial Committee, Virtual IMF Spring Meetings, Washington DC, 8 April 2021. * * * The COVID-19 crisis has taken a heavy economic toll and caused tragic loss of lives and immense human suffering. No country has been spared. The synchronized, forceful, and timely global policy response prevented a worse outcome, but the damage has been still very significant and widespread. The recovery is gaining momentum, though its course and pace are highly dependent on the dynamics of the pandemic. The pandemic’s long term scarring effects are also still uncertain. The crisis has exacted a heavy toll on the low-income countries (LICs), in many cases reversing, in a matter of few short months, their hard-earned gains achieved over decades in alleviating poverty and improving social conditions. The vulnerable groups—youth, women, low skill labor and workers in the informal sector—have been hardest hit. The crisis has pushed millions of people into extreme poverty and severe food insecurity in addition to millions already suffering. Saving lives is still the highest priority. Multiple waves of the virus and its still uncontrolled spread in some regions pose serious threats to the global fight against the pandemic and further loss of lives.
Firms whose credit conditions have tightened face a profits squeeze and cut their production of (red and blue) cars. Households facing the same tightening in credit conditions face an income squeeze and cut their consumption of (red and blue) cars. As a result, aggregate activity or GDP in the economy – the sum of red and blue car production – falls in this hypothetical economy. There is a recession. While both regions are affected, the impact of this recession is not felt equally. Red firms might borrow more than Blue ones and Red consumers more than Blue ones. This means the tightening of credit conditions  2  In practice borrowing behaviour is likely to be driven by several other factors, such as expectations of future earnings, access to finance and the amount of collateral with which to borrow against. 3  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  3  has a larger impact on Red Car than Blue Car region - its recession deeper, the impact on unemployment greater. This further widens the income gap between Red Car and Blue Car regions. What can be done? Enter a central bank with a mandate to support the whole economy. They can do so in two ways. First, they can cut the interest rate at which they lend to banks which, in turn, is reflected in banks’ lower cost of lending to companies and households.

This will result in an extra 0.1% of GDP in infrastructure spending in 2017/18, rising to 0.3% of GDP by 2021-22. Over five years, the incremental spending amounts to an extra £ billion. This fund will be focussed on transport, housing, telecoms and research and development. 22  Just yesterday, the CBI published a report on differences in regional productivity performance and outlined a sequence of measures to help boost productivity and narrow regional differences. These measures included developing regional scorecards to enable productivity hotspots (and coldspots) to be identified; increased investment in skill-building through improved school and vocational education; increased infrastructure, in particular transport, spending; and improvements in managerial practices. The work of the “Productivity Commission”, chaired by Sir Charlie Mayfield, has identified a long tail of companies across all sectors in the UK whose productivity performance is falling short. 23  The Commission  are developing, among other things, a tool which would enable firms to benchmark themselves relative to others in their sector along several key business dimensions. This could then serve as a prompt for action, enabling firms to boost their productivity performance through targeted action. I think this micro-level assessment of productivity is a useful way to formulate plans which support productivity, and narrow productivity differences, regionally and sectorally. For example, recent work by the OECD has looked at the changing distribution of productivity across firms over time.