samchain/econo-pairs-v1 huggingface dataset:
Table 2 Economic growth and current account (annual change, percent) 2010  2011  2012  2013 (f)  GDP  5.8  5.9  5.6  4.5-5.5  4.0-5.0  Domestic demand Domestic demand (w/o inventory change) Gross fixed capital formation Total consumption Goods and services exports Goods and services imports  13.6 10.3 12.2 9.7 2.3 25.9  9.1 9.4 14.7 7.9 5.2 14.5  7.1 7.3 12.3 5.8 1.0 4.9  6.1 6.1 7.2 5.7 3.1 5.9  4.9 5.1 5.5 5.0 3.8 5.0  Current account (% of GDP)  1.5  -1.3  -3.5  -4.4  -4.7  Mar.13 Report  Jun.13 Report  (f) Forecast. Source: Central Bank of Chile. BIS central bankers’ speeches  9  Figure 4  CPI inflation (*) (annual change, percent)  CPIEFE inflation (*) (annual change, percent)  10  10  10  10  8  8  8  8  6  6  6  6  4  4  4  4  2  2  2  2  0  0  0  0  -2  -2  -2  -2  -4  -4  -4  -4  07  09  11  13  15  07  Mar.2013 Report  09  11  13  15  Jun.2013 Report  (*) Gray area, as from second quarter of 2013, shows forecast. Sources: Central Bank of Chile and National Statistics Institute (INE).

Future challenges for wage formation The Municipal Workers' Union's termination of its collective wage agreement for 450 000 members before the third year and the demand for relative wage changes entail touchstone for wage formation. The union has for a long period watched its wages situation deteriorate in relation to industrial workers and other groups in the public sector. During the previous bargaining rounds, however, the LO unions were agreed that the Municipal Workers' Union should receive higher wage increases than the other member unions in order to improve its relative wages. However, the union is dissatisfied with the outcome so far, which it claims has given only 0.4 percentage points above the wage increases achieved through collective bargaining. This union's members are currently among those with the lowest wages in the labour market, with an average wage of approximately SEK 16 000. The Municipal Workers' Union's wage demands are not in themselves a threat to the inflation target, as long as other groups in the labour market are prepared to stand back in favour of this union's members. However, there is a risk that other trade unions will follow their example and also demand higher wages. Approximately 70 per cent of the employees in trade and industry have the possibility of renegotiating their agreements during the final year of the agreement. Already, there have been demands for compensation if the Municipal Workers' Union members should be given higher wages.
There are still highly profitable sectors and businesses with plenty of scope for expansion, so firms have to be able to refocus their activity flexibly and to set up new companies without hindrances in a framework of competition. Moreover, the cyclical weakness will require firms to follow a moderate pricing policy and reduce mark-ups, which would be easier to achieve if competitive pressure were to increase in the sectors where it is weakest. Second, faced with the inevitable fall in domestic demand, firms have no alternative but to turn to foreign markets. It is important to realise that, compared with the foreseeably low growth of national demand in the next few quarters, Spain’s export markets may grow at relatively high rates in the coming years. In 2008 Q2, for example, national demand grew by 1.4% in year-on-year terms, while goods and services exports rose by nearly three times that figure. For this reason, efforts to boost the internationalisation of Spanish firms must be maintained. Compared with the 46 million people comprising the Spanish market, the inhabitants of the euro area countries number 320 million and the European single market consists of nearly 500 million. Note that Spain’s share of goods exports in world trade is still below its share of world production. Also, Spain sends a smaller fraction of its exports to the emerging economies (whose imports are more dynamic) than the other EU countries.

In time, several aspects of transition differed from one country to another: smaller countries, such as the Baltic states or Slovenia and Slovakia, opted for a fast track towards Eurozone entry, inter alia because of geopolitical and security reasons, while states with larger and more complex economies, such as Poland, Hungary, Czechia or Romania, focused their efforts more on internal development. For instance, in Poland there is talk of “Polish-ization” and “nationalisation” of development, the spotlight being on the requirement to increase the country’s power resources: “if you cannot stand on your own feet, no one will listen to you”. In Romania, we had a very difficult transition in the first post-communist decade, with half-hearted, gradual reform, yet after 2000 our economy has evolved more coherently, having two important anchors: the EU and NATO. Events that were hard to foresee in the early ’90s took place as well. For instance, who would have thought that Slovakia, the less developed part of Czechoslovakia, would join the euro area and Czechia would not? Under the circumstances, does euro adoption testify to a high development level?
We believe that the direct contact with various social groups in different geographic regions (that is to each and every family), in addition to the traditional means of communication, press conferences, monetary policy or financial stability reports, is a very efficient tool and frequently determinant. BIS Review 115/2008  1  I would like to dwell today on some matters of interest to the entire audience. First I would like to make a brief outline of the Bank of Albania’s latest analysis of the economic and financial situation in Albania: In brief, three are the main developments of greatest interest to the audience: With regard to the international developments, the economic and financial situation has been very complex in the last months. Inflation has turned into a point of concern in most foreign economies, mainly driven by the high prices of raw materials, oil and food. In addition, economic activity in developed economies has experienced sharp turns. Euro area economy is at present in front of many questions, while the US and some Asian economies have shown slow rates of economic growth. Credit crisis has caused many reputable international institutions to experience large financial losses and its contamination process is still present. Recently, the two US mortgage giants, Freddie Mac and Fannie Mae, which were on the verge of collapse, were subject to an unprecedented and costly rescue plan designed by the US Treasury Department.

Capital inflows, largely through the banking system, helped finance a boom in investment and real estate. Distortions in the financial system led to a misallocation of resources so that high rates of private investment did not generate substantial improvements in productivity. Exchange rate regimes where the domestic currency was fixed to the dollar generated false expectations of stability, and the resulting increase in unhedged borrowing generated large exposures to changes in the exchange rate or interest rates. By 1997, the short-term external debt of the private sector had risen substantially, relative to GDP and to reserves, and this created conditions similar to a classic bank run, when the crises hit. The initial spark for the loss of confidence is still not fully clear, as is often the case in financial crises. And although the particular dynamics differed across the countries in the region, the basic pattern was common, with a rapid and sustained effort by domestic and foreign investors to reduce their exposure to further losses. The initial effects of this behavior made the exchange rate commitments untenable, and when those commitments were broken and currencies fell, the panic became self-reinforcing. Uncertainty and lack of information fed the run. Market participants were unable to judge whether deteriorating developments reflected temporary liquidity problems or deeper solvency issues. They  BIS Review 65/2007  1  reacted by assuming the worst. These shifts in market sentiment risked becoming self-validating, with liquidity problems transformed into solvency problems with broader risk of default.
•  In the 1980s, Singapore became the world’s leading producer of hard disk drives – an early form of memory storage used in computers at the time. The first two decades of Singapore’s economic history could be described as the “take-off” phase. It was the period when the economic fundamentals of prudent public finances, sound monetary policies, co-operative industrial relations, outward orientation, and market-based strategies took root. The economy grew by an average of about 10% each year during this period, and Singapore emerged as a newly-industrialised economy at the forefront of developing countries. 1985–2010: Liberalisation and the rise of modern services In 1985, the Singapore economy went into recession – the only time in our history the domestic economy contracted while the global economy was still growing. The 1985 recession exposed structural strains in the economy, which had hitherto been masked by strong economic growth. •  As the earlier phase of “catch-up” growth came to an end, resource constraints and diminishing returns to investment began to set in. •  The cost advantage that Singapore enjoyed began to narrow. The 1985 recession was a significant milestone in Singapore’s development history. It led to a fundamental review of the policies and strategies that prevailed at the time.

In this respect, EU financial groups will be instrumental factors for building bridges of cooperation among economies of the region and its transformation into a larger, better integrated, more competitive, more profitable and prosperous economy, eventually leading to a prosperous economic future through economic cooperation. In this respect, I encourage foreign groups to adopt a regional rather than a country specific view when considering their future in the region. It goes without saying that any policy that restricts commitment and exposure of EU financial groups in the region does not support economic cooperation among our countries. It rather creates a struggling environment and a less prosperous future for all economies of the region. The Western Balkans region offers great opportunities and profitable perspectives for EUbased corporations and financial groups. The harmonization of above-mentioned reforms will create an even more attractive environment for different private entities interested in investing in our region. I invite EU financial groups to see the region under this perspective. European institutions and financial groups should support and become a positive force to facilitate, smoothen and support regional economic cooperation, which will lead to a better prosperous future and a faster European integration process of the region. Thank you for your attention! BIS central bankers’ speeches  3
These changes include most notably the increasing degree of internationalisation of institutions; the ongoing emergence of more sophisticated and complex new products; the increase in risk transfer processes and, finally, the growing importance of a whole set of risks that not long ago were difficult to quantify. Financial institutions have to respond to these challenges by improving their services to consumers and to society and simultaneously intensifying their efforts in two areas requiring a wide range of actions. First, they have to step up the efforts made to date in designing and implementing robust risk management systems firmly based on corporate governance best practices. In recent years, institutions have become fully aware of their importance and have made considerable headway in this direction, supported by improvements in calculation methods, available technical capabilities and databases, among others. At the same time, they must not neglect the need to invest in human capital, an essential factor in banking. But these investments in technical and human resources - and this is an additional challenge - must not involve any let-up in the pursuit of greater efficiency, which is the key competitive factor in a world of increasingly integrated markets. Financial institutions must therefore redouble their efforts to enhance their capabilities in relation to risk identification and the quantification of committed exposures. They need to design their strategies for managing risk, as well as their capital and liquidity, bearing in mind that economic and financial conditions vary over the cycle.

Jaime Caruana: Presentation of the Annual Report Address by Mr Jaime Caruana, Governor of the Bank of Spain, at the presentation of the Annual Report to the Governing Council of the Banco de España, Madrid, 18 June 2004. *  *  *  Ladies and gentlemen, The recovery in the international economy - which was described as modest, hesitant and uneven in the speech presenting last year’s Annual Report - progressively gathered momentum during 2003 and early 2004, as well as extending to other regions. Adding to the initial buoyancy of the US economy was the considerable dynamism of a large number of east Asian countries, including most notably China. The Japanese economy, flagging in a marked depression during the previous decade, picked up clearly, and the central and eastern European countries sustained relatively high growth rates. Only the euro area, among the industrialised economies, and Latin America, among the emerging group, showed a more hesitant recovery in activity. The favourable developments in the international economy were compatible with continuing low inflation, despite the notable rise in oil and other commodity prices. The risk of deflation which, at times, it was feared might affect some of the main economies, including the United States, faded as the recovery firmed. The sound behaviour, on the whole, of the financial markets and the trend of confidence indicators seem largely to indicate that expectations about the future course of the world economy are now brighter again.
We therefore like to suggest to the banking community to plan wisely and avoid rushing to comply or exceed the NSFR requirement, as this will create the same disruptive cycle caused by LDR-fixation. Nobody gains from any disruption. It does not bode well for our financial market. Therefore, we need to behave accordingly and contribute in creating orderly market conditions. Second, as an advanced and resilient financial market, we require our human capital to keep abreast of latest knowledge, skills and practices to enable us to remain professional and relevant. On this front, I am delighted that the Continuing Professional Development program will start from next year, and will become mandatory for all FMAM’s members. I am encouraged to hear that the association is working with the Asian Institute of Chartered Bankers to identify and formulate the necessary modules for treasury and financial market professionals. The modules are intended to equip association members with the relevant expertise and knowledge to serve the financial market with integrity and professionalism. Closing Before I end my speech, I would like to give in advance, my congratulations to the leading FX and FX derivative banks which will be announced later. Let me take this opportunity to thank the association for organising this year’s dinner and I wish you all a prosperous year ahead. 1 Ethier, W and Bloomfield, A (1975): “Managing the Managed Float”, Princeton University, Essay in International  Finance, No 112  7/7  BIS central bankers' speeches

What is particularly pleasing to me about the preparations of the European Money Quiz is its massiveness. It is noteworthy that the number of registered classes is much higher than expected. It is assessed that about 3,000 students aged 13–15 years will participate in the internal testing phase. Such an approach envisaging testing of entire classes, enables all these students to become familiar with the issues of financial education, with aspects related to the operations of the central bank, commercial banks, securities markets. It is a significant benefit, which is probably, the goal of the initiator – the more massive scope, the wider education. Of course, some will be more successful and continue in the next stages of the competition, however it is a great benefit that all participants will have the opportunity to expand their knowledge in finance and economy, which is our common goal. In the end, let me once again express the readiness of the National Bank to actively support the overall process of preparation, both for the national and international competition in Brussels. I wish you the mentors, a successful work with the students, best luck to all, and of course, let the best students win! Thank you! 2/2  BIS central bankers' speeches
Luis M Linde: Monetary policy in the advanced economies Speech by Mr Luis M Linde, Governor of the Bank of Spain, at the Nueva Economía Fórum, Madrid, 8 July 2014. *  *  *  Let me first thank the Nueva Economía Fórum for their kind invitation to participate in today’s event. I shall briefly be discussing the monetary policies currently being implemented by the main advanced economies. The similarities and differences between such policies are not always readily understandable and they add complexity to the current economic circumstances. After a brief overview of the role monetary policies are playing in managing the international crisis, I shall specifically refer to the cases of the United States, the United Kingdom and Japan, and then focus in greater detail on the European Central Bank’s approach and on the measures it has recently adopted. The role of monetary policies in managing the international crisis Unlike in the Great Depression, and largely as a result of the lessons learned from it, the economic authorities responded swiftly, robustly and in a relatively coordinated fashion internationally when the crisis in the advanced economies broke. This response took the form of a raft of measures to support financial systems and the application of a series of expansionary demand-side policies. The measures set in train were aimed firstly at heading off a potential global liquidity crisis, which would have seen the functioning of financial systems and, therefore, of economies themselves collapse.

Strengthening the partnership between Shanghai and Singapore will bring broader benefits to our economies, and together with other financial centres such as Hong Kong, Tokyo, and Sydney, create a more vibrant financial ecosystem across Asia. 3/3  BIS central bankers' speeches
The existence of a wage Phillips Curve, its stability, its slope and its identifiability in the data are collectively one of the more contentious subject areas in economics – and for some of you my next chart (Chart 4) may not do much to persuade you of any of these. Nevertheless I think most practising economic policymakers would expect to see at least some link between 4  falling unemployment and rising wages. Indeed one reason for the fall in the curve over time is arguably policymakers’ success at using that link to control inflation and bring down nominal wage expectations. At any rate, the stubborn failure of wage growth to rise much above 2% - that is, above half its pre-crisis rate – and workers’ surprising willingness to absorb that in real wages represents one more surprising feature of the British economy. 4  The original observation was made in: Phillips, A. W. (1958). "The Relationship between Unemployment and the Rate of Change of Money Wages in the United Kingdom 1861-1957". Economica, 25 (100): 283–299. For more recent MPC discussion, see: Tenreyro, S (2018). “Models in macroeconomics”, speech at the University of Surrey, 4 June 2018; Vlieghe, G (2018), “From asymmetry to symmetry: changing risks to the economic outlook”, speech at the Confederation of British Industry, Birmingham, 23 March 2018; Broadbent, B (2017), “Brexit and interest rates”, speech at the London School of Economics, 15 November 2017; Cunliffe, J (2017).

–  Regarding the impairment of financial assets, the two boards have eventually agreed on a joint project based on a forward looking model that should allow for the building up of provisions at an earlier stage of the life of the portfolio. It is of the outmost importance to have a converged standard to avoid any accounting arbitrage across the Ocean and to facilitate international comparisons between global banks. A balanced standard should be able to dampen the effects of an economic down turn. 4  BIS central bankers’ speeches  –  Concerning the classification of instruments, the importance given to the business model of the banks has led to recognize an amortized cost category for a broader range of instruments, and to reconsider the extensive use of fair value in the IFRS standards. Nevertheless, convergence between the IASB and the FASB is far from being achieved. Even if the US standard setter has recently set an amortised cost category, the latter would have a narrower scope than in IFRS and the overall architecture of the classification model is not yet finalised. –  The SEC is expected to give its decision on the adoption of IFRS by the end of this year. Definitely, the easiest path to fill in the gap between the IFRS and the US GAAPs would be the adoption of IFRS by the US. * * * Let me conclude. –  The various G20 statements set clear directions and deadlines.
More recently, during the pandemic, Malaysia’s financial sector continued to serve as a source of strength, with banks and insurers stepping in to offer important relief to households and businesses. This in turn, cushioned the economic shock from lockdowns. Earlier multi-year reforms to digital financial infrastructures, especially on e-payments, also proved to be useful. Consumers and businesses could transition to low-touch demands with greater ease. 34. In fulfilling the aspirations set out in the Blueprint, all these experiences will continue to be relevant as the financial sector plays its part to secure the future of Malaysia. Conclusion 35. Let me conclude. The future ahead will be challenging, highly uncertain and unpredictable. However, we are not in a crisis, our growth trajectory remains positive and we should remain confident about the future. The next one to two years will present a crucial window for Malaysia to be taking bold steps forward. As a country, we must now focus on strengthening our economic fundamentals, resilience and flexibility. Our neighbours within the region are actively pressing on with reform measures. We run the risk of being left behind if we do not act now. 36. I am confident that we as a nation can achieve this if we put our minds and importantly, act together. History is instructive. We have time and time again, done what is necessary to transform ourselves to reach for greater heights. I am certain that this time is no different. Thank you.

For some years now, monetary policy decision taking has benefited from having a clear framework and from the Bank being transparent about its analysis of the economic outlook. Yesterday, by modernising the sterling money markets, the Bank provided a similarly clear framework for how we implement those interest rate decisions. I hope it makes your jobs a little easier.