samchain/econo-pairs-v1 huggingface dataset:
Swedish inflation 1900–2022 Annual percentage change 60  60 First World War  50  CPI  50  40  40  30  30  20  Second World War  Wars in the Middle East and oil crises  Korean War  20  10  10  0  0  -10  -10  -20  -20  -30 1900  1910  1920  1930  1940  1950  1960  1970  1980  1990  2000  2010  2020  -30 2030  Note. The figure for 2022 relates to the average of January-April. Source: Statistics Sweden  4 [14]  There are some occasions when it has been higher than 10 per cent, sometimes much higher. All of them occur in connection with war or some other type of conflict. Some periods are short peaks, where inflation rapidly falls back again, while inflation in the 1970s and 1980s was fairly high over a longer period of time. Although inflation did not always exceed 10 per cent, I have chosen to regard this as a continuous period. I intend to go through each of these periods – why inflation rose, why it fell back again, and how economic policy-makers thought and acted. Highest inflation in connection with the First World War So let me then begin with the First World War. The inflation during the First World War is by far the highest in the whole period and peaked in 1918 at 47 per cent.

This imperative translates into the need and demand for more Islamic microfinancial products. In emerging as a new market niche, Islamic microfinance would meet the differentiated demands of low income communities and provide support to entrepreneurial activities. Its strong value proposition reinforced by financial inclusion would  2  BIS central bankers’ speeches  result in significant potential to uplift the economic performance and development. Furthermore, Islamic microfinance, if supported by microtakaful, has the potential to provide a more comprehensive, sustainable and accessible financing and protection solution for the lower income groups and small businesses. Access to financial products and services enhances the potential to thrive and to generate growth and employment. Investment in talent development and research activities for this purpose can thus contribute towards evolving a more inclusive Islamic financial system. This is also within the paradigms of development and welfare in the Islamic context, as the Islamic finance model is also designed to be relevant to social welfare and economic development of not only the under-privileged communities, but also of contributing towards intensifying the progress of low income countries in the world. Thirdly, is for the effective dissemination of information to facilitate the standardisation and harmonisation process in Islamic finance. Several developments in this recent decade have facilitated standardisation and harmonisation in Islamic finance. The extensive engagement related to setting the prudential standards for Islamic finance by the Islamic Financial Services Board (IFSB) has facilitated consistent implementation of regulatory and supervisory standards.
The analysis in the June Inflation Report showed that a reduction in the sight deposit rate towards 3 per cent, combined with some depreciation of the krone, 2 could bring inflation up towards the target two years ahead. More moderate wage settlements in the 3 future would provide a basis for even further monetary policy easing and a weaker krone. Without considerable monetary policy easing, inflation might have remained too low for an extensive period. The short-term nominal interest rate in Norway has now reached a historically very low level. Interest rates have not been lower since the first nine to ten years following the Second World War. The real interest rate is also low, although by no means as low as it was when inflation plagued Norwegian savers in the 1970s and 1980s. The low interest rate must be viewed against the risk of persistently low inflation both in Norway and in other countries. So far, indicators of inflation expectations do not point to any substantial deviation from the inflation target of 2½ per cent. However, if inflation should remain too low for an extensive period, there is a risk that expectations of continued very low inflation will be generated. It may then prove difficult to fuel economic activity by stimulating demand. A marked easing of monetary policy has therefore been appropriate. The inflation target is symmetrical. It is equally important to avoid an inflation rate that is too low as it is to avoid an inflation rate that is too high.

I will then turn to the main issue I want to discuss – the implications of a ‘low for long’ world on financial stability and the interaction with monetary policy. My colleague, Ben Broadbent, has argued in an excellent speech for the separation of powers, with which I agree, between monetary and financial stability (or ‘macro-prudential’) authorities.2 But monetary and financial stability, to some extent, depend upon each other and I will look at the implications that ‘low for long’ has on those interdependencies. Chart 1. UK long-term nominal interest rates (a) Percent  18 16 14 12 10 8 6 4 2 0 1753  1778  1803  1828  1853  1878  1903  1928  1953  1978  2003  Source: A Millennium of Macroeconomic Data (available at https://www.bankofengland.co.uk/statistics/research-datasets) and Bank of England calculations (https://www.bankofengland.co.uk/statistics/yield-curves). The red line shows yields on new long-term issues of perpetuities and consols (a mixture of month-end and monthly averages). The last remaining consols were repaid in June 2015. The blue line shows the 30-year zero coupon spot rate (monthly average). The data are up to September 2019. 2  Broadbent (2018). 3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  Low for Long  What explains the current very low level of market interest rates in advanced economies?
Thus far, this disinflationary effect has mostly affected the 9  prices of goods (Chart 5), as trade in goods has been liberalised to a much greater extent than services. 10  Monetary policy makers in advanced economies have responded by accommodating relatively higher services price inflation in order to meet their inflation objectives. For example, in the UK core goods prices fell an average of 0.3% over the past two decades, services prices rose by an average of 3.4% and total CPI inflation was on average at target. 11  7  The slowing of trade growth since the financial crisis largely reflects the rotation of global growth to countries with less import intensive demand, notably the US and EMEs, as well as the declining import intensity of final domestic demand in China as the composition of growth there rotates towards consumption and services. 8 This positive supply shock comes about because the availability of cheap imports improves advanced economies’ terms of trade – the price of exports relative to that of imports. For more detail on this channel, see ‘Globalisation and Inflation’, speech given by Charles Bean at the LSE, 24 October 2006. 9 Abdih, Y, Balakrishnan, R and Shang, B (2016) ‘What is keeping US core inflation low?’, IMF Working Paper No. 16/124. 10 For example, barriers to services trade are estimated currently to be up to three times higher than those for goods trade. See ‘A fine balance’, speech by Mark Carney at the Mansion House, 20 June 2017.

Thomas Jordan: Monetary policy and government debt – different perspectives Summary of a speech by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the 13th Zermatter Symposium, Zermatt, 28 August 2007. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  The effects of fiscal and monetary policy overlap. Fiscal policy can have a cyclical effect, while monetary policy can also generate income for the government. However, theory and practise have shown that, first and foremost, monetary policy must be used to ensure price stability and – to a limited extent – to dampen economic fluctuations. The principal aim of fiscal policy, however, must be to ensure that the national budget is financed as efficiently as possible. When government debt levels are high and budget deficits get out of hand, they pose a significant threat to a monetary policy that is geared to stability. Misusing monetary policy as an instrument of fiscal policy inevitably leads to a loss of purchasing power. Many episodes of high inflation have come about, ultimately, as the result of funding requirements on the part of the state. Nowadays, the independence of many central banks shields them – to a large extent – from the fiscal greed of politicians. Nevertheless, time and time again, when government finances have fallen into disarray, central banks have been seen to come under political pressure. From a monetary viewpoint, however, government debt is not entirely unwelcome.
Ranee Jayamaha: Budget 2007 – a path ahead Speech by Dr Ranee Jayamaha, Deputy Governor of the Central Bank of Sri Lanka, at a seminar organised by the Society for International Development, Colombo, 21 November 2006. *  *  *  Let me first elucidate the key themes underlying the budget and identify the strategies and future directions as announced in the budget. I will then try to outline the macro-economic policy framework highlighted in the budget focusing on the need for closer coordination. Underlying themes First, the govt. intends to achieve sustainable development, in particular, a growth around 8-10% in the medium term by focusing on productivity increases through enhancement of infrastructure investments, provision of support facilities, diversion of funds, where possible, from recurrent expenditure to capital expenditure and clearing any administrative impediments. Second, the 2007 budget attempts to reduce income disparities in different regions and provinces by improving island-wide infrastructure facilities which includes roads, rail roads, port services, airports, telecommunication, etc. and address poverty and unemployment issues. Third, the budget aims to improve the service economy to promote Sri Lanka as a trading and service hub in South Asia. Accordingly, sustainable development through investments in infrastructure (Rs 735 bn), the attainment of an equitable growth and improving the service economy are three key themes underlying the 2007 budget. The strategy and way forward or the path ahead The year 2007 budget sets out a 10-year horizon within which a medium term plan is presented for the period 2006 - 2009.

Instead it is probably the labour market that should be focused when analysing resource utilisation. Another reason for doing so is that in a price analysis at macro level, the weightiest item in costs is wages: total wage costs are equivalent to over two-thirds of GDP. The level of unemployment, although it has been reduced, is still high, particularly compared with the post-war period up to the early 1990s. Seen from that angle, some might say that the Swedish economy has plenty of unutilised resources. Experience from other European countries has taught us, however, that when an economy has been through a severe shock, as happened in the early 1990s, unemployment tends to stick at a high level, at least for a while. This structural or equilibrium unemployment cannot be reduced by means of expansionary economic policies. Attempts to do so simply lead in the end to a higher inflation trend and probably an economy that functions less efficiently. This is because wage costs tend to adjust upwards as the expansionary policy acts on the economy and higher long-term inflation expectations are established. Viewed in this way, unemployment could be divided into two components, structural and cyclical. If the level of structural unemployment could be identified with some precision, it would be easier to gauge how much room the Swedish economy still has for expansion above its potential growth trend. As always when one turns from theory to practical policy, things immediately become much more difficult.
The recovery in the property market is welcome but it should not decouple from economic fundamentals. 5 / 11  BIS central bankers' speeches  If property prices rise too rapidly, they will outpace the growth in income. Households will have to take on more leverage than they are able to manage; this risk will be compounded as interest rates rise over time. A rapid increase in prices also raises the risk of a destabilising market correction later when additional supply comes on-stream. MAS, the Ministry of National Development, and the Ministry of Finance, are closely monitoring developments in the residential property market, and remain committed to ensuring a sustainable market. FINANCIAL INDUSTRY TRANSFORMATION MAP: A MID-TERM REPORT CARD I will now move on to the financial services sector. The Financial Services Industry Transformation Map (ITM) sets out strategies co-created by MAS and the industry to make Singapore a leading global financial centre in Asia. We have set ambitious targets over the 5-year period from 2016 to 2020: value-added growth in financial services of 4.3% p.a. and creating 3,000 net jobs in financial services and 1,000 net jobs in FinTech p.a.. We are now exactly at the half-way mark of the ITM; let me give a report card on how the industry has fared so far. Financial services—defined as the finance and insurance industry excluding holding companies, slightly different from the DOS definition—grew an average of 3.3% per year during 2016 and 2017. This is below the 5-year target of 4.3% per annum.

Much of the increase in debt issuances here was by Asian issuers—mostly from China, Indonesia and India—raising debt capital in Singapore for the first time. Green bonds are also gaining traction, with local and foreign issuers issuing over $ billion of green bonds here. The life insurance industry is doing well, with net premiums growing by 16% p.a. over 2016 and 2017. Growth was boosted by Asian consumers demanding more savings and investment products in search of yield. Non-life insurance business is, however, facing structural challenges and weak growth. Net non-life premiums grew by just 2% p.a. over 2016 and 17. 7 / 11  BIS central bankers' speeches  Business conditions have been challenging globally, due to excess capacity and downward pressure on premiums. But Singapore remains attractive as the premier reinsurance hub in Asia. Global reinsurance players such as Swiss Re and Munich Re have recently set up their regional headquarters here. And we are making a push into alternative risk solutions such as risk pools and insurancelinked securities or ILS. Foreign exchange trading declined last year although we remain the third largest FX centre globally. Singapore’s average daily FX trading volume grew by 20.5% in 2016 but declined by 6.7% in 2017. This was mainly due to lower volatility in key currencies such as the Japanese Yen; and some temporary trading desk turnover which has since been filled.
Put to good use, this transformation can probably create stronger potential growth, lead to higher productivity growth and lower inflation, and benefit employment. The favourable changes that have occurred over a number of years in the Swedish economy since the 1980s suggest that such a development is within our grasp. All forecasts to date about the spread of the Internet have been on the low side. In the United States, it was 38 years before 50 million households had radio sets, while the intervals for television sets and cable television were 13 and 10 years. The Internet, however, had reached 50 million households after only 5 years and according to some estimates the number of users will increase greatly during the next few years. It has been said that whereas conventional telephony in Sweden is growing by 7% a year, traffic on the Internet is currently rising at this rate every week. It is not just that more and more people are subscribing; those who surf on the Internet are doing so more and more. The number of surfers is measured by Sifo Research & Consulting; the figures show that almost 3.5 million people in Sweden surf, which is not quite half of the population aged 12 to 79. Of these, as many as 2 million stated that they surfed on a daily basis. Another noteworthy figure is that in the age group 50-79 years, almost 20% are active users of the Internet. So the Internet is not something that only young people find attractive.

PPKM together with the Asian Institute of Chartered Bankers will cooperate in the future to develop a series of high quality, advanced level financial market forums and seminars, thus creating a platform to expand network, develop expertise and to advance the Malaysian financial market community to another level of professional and technical excellence. Fourth, technology has become a crucial enabler in the financial industry as it continues to provide benefits by reducing financial transaction cost and enhancing trade execution efficiency. We need to embrace new technology, such as electronic platform. Technology also greatly facilitates market surveillance and transparency by offering real-time information. This is particularly critical in a fast moving market, where delay in information mean loss of opportunities for banks, and delay in taking action to stabilise market. The need for real-time information in a fast moving market is urgent. For instance, trades that are still being concluded through traditional voice broking and conversational dealing screens are already obsolete in developed markets. Technological advancement requires behavioral change As we move forward, financial market participants who rely on the traditional ways for dealing and communicating, they must relook at how they strategize their business to remain relevant in this era of rapid technological innovation. If we fail to change, the consequence is obvious, loss of business and demise of your business. BIS central bankers’ speeches  3  Fifth is the trend towards further regional integration. With the implementation on ASEAN Banking Integration Framework, regional markets will be more integrated.
The Gini coefficient shown is calculated over final income, which includes direct and indirect payments, benefits, and benefits in kind such as health and education. Source: World Wealth and income database and Atkinson, Anthony B. (2007). The Distribution of Top Incomes in the United Kingdom 1908-2000; in Atkinson, A. B. and Piketty, T. (editors) Top Incomes over the Twentieth Century. A Contrast Between Continental European and English-Speaking Countries, Oxford University Press, chapter 4. 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013  1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011  0.2  At the same time as these intergenerational divides are emerging, evidence suggests that equality of xi  opportunity in the UK remains disturbingly low, potentially reinforcing cultural and economic divides. xii  6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6  All of this matters. As the community groups here in Liverpool will attest, and more formal studies of people’s happiness find, subjective well-being is significantly affected by perceptions of inequality and the sense of community.

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.
Indeed, such is further complicated by the fact that this invisible crime operates on the fringe of society, acting as a bridge between the underworld and the rest. Hence, we need a collaborative approach to work together to overcome such challenges that could damage the image and reputation of Samoa’s financial system, as well as the good standing of NPOs in the country. I now have the pleasure of officially opening this Anti-Money Laundering and Countering Terrorist Financing Activities Workshop. BIS Review 85/2009  5

In recent weeks, my team has been travelling across the country, meeting with members of the public, businesses, community leaders, and students. This is not just to explain our work, but to also hear from them to get a better pulse of the nation. We will continue to simplify our messages to make them more relatable and easier to understand. In the same spirit, today's Symposium will offer a further opportunity to engage the public in deeper discussions around our work. It is my hope that the Symposium will also serve as a springboard for others to build on in order to move us forward in the interest of the nation. I am sure that the sessions today will be informative, lively and engaging, and so I don't plan to summarise the issues that will be covered. But if anything, I thought that it would be important for me to speak about the economy. Even as we face headwinds from abroad, domestic economic activity has already exceeded pre-pandemic levels. From real wages and employment prospects to investments and domestic demand, various indicators point to relative strength in our economy. 1/3  BIS - Central bankers' speeches  This underscores the importance of a solid foundation. We entered the pandemic crisis economically stable and well buffered. We could not have achieved this without our sound fundamentals and the conventions of measured and evidence-based policymaking – as they say, "sains dan data". This is especially true of monetary policy.