samchain/econo-pairs-v1 huggingface dataset:
These developments in the growth rate and in the twin deficits highlight the need to critically evaluate the economy’s overall performance and its prospects. The recent IMF mission has done just that and we at the Central Bank concur with its findings. The IMF team concluded that while there do not yet appear to be clear signs of a loss of competitiveness, there are warning signals. What then are we to do? What viable strategic options are available to seek to overcome the obstacles that threaten the continued enjoyment of current living standards? In difficult times such as these some might be tempted to seek shelter from external shocks by pursuing an inward-looking growth policy. Numerous experiences of countries far larger than ours have shown that this course of action only serves to promote inefficiencies that would defeat the original purpose. Malta’s own experience during the early 1980s amply confirms this fact. The fastest-growing economies have been those who faced international competition head-on and pursued outward-oriented policies designed to achieve integration into a globalizing world economy. Malta itself recently reaped the benefits of a similar approach when the removal of protective levies last year was followed by an increase in output and employment in the hitherto protected sectors. Others advocate fiscally-led growth through an expansion in expenditure or a reduction in taxes. In this context, it must be understood that government expenditure puts money in people’s pockets without necessarily expanding the economy’s supply capabilities.

Aggregate demand would thus grow at the expense of higher inflation or an increase in imports. This policy would be appropriate if the economy were in a situation of severely depressed demand relative to its supply capabilities. In an economy operating at relatively high employment levels with a deficit in the external current account, however, a fiscally-driven expansion in aggregate demand would only produce short-lived growth. At this juncture, therefore, the best contribution that fiscal policy can make to the economy’s growth prospects lies in the further consolidation of public finances, a policy stance that has already contributed positively to Malta’s standing with credit rating agencies and the IMF. 2  BIS Review 83/2001  Some commentators think it is possible to stimulate the economy via monetary policy, that is through the lowering of interest rates. As I have often had occasion to explain, the intermediate objective of monetary policy in Malta is to maintain a stable exchange rate by pegging the lira to a basket of currencies of low inflation countries. This restrains volatility in import and export prices, thereby contributing to lower costs; mitigates domestic inflationary pressures and contributes to export price competitiveness. If we are to continue enjoying the benefits of the exchange rate peg, our interest rates will have to shadow those prevailing in the currency basket countries, especially as restrictions on international capital flows are being lifted. The alternative would be to risk outflows of funds and a possible financial crisis.
I wish you a fruitful time, not only exploring new ideas and identifying new opportunities at this conference, but also discovering new delights during your stay here in Singapore. Thank you. 4  BIS central bankers’ speeches

Older workers tend to suffer larger earnings losses, and often face more difficult transitions. Displaced workers may not have the appropriate skills to find good jobs in other areas of the economy, including in growing export sectors. When the affected industry represents a large share of the local economy, the damage is often magnified. In this case, the burden can become more widespread as the level of wages across the community is negatively affected. And, this doesn’t begin to capture the full human toll— 3/8  BIS central bankers' speeches  including the impact on workers who have lost confidence in the future and the poorer health outcomes that occur because of increased stress. Research on Brazil has found that workers employed in regions facing larger tariff cuts experienced declines in formal sector employment.6 They also generally did not migrate to more favorable regions. Instead, they either became unemployed, moved into the informal sector of the economy, or—when more fortunate—moved into another sector within the same region. We should find better ways to help communities that are struggling because of the effects of free trade. In the United States, we have historically experienced a high degree of geographic labor mobility—much higher than in other advanced economies. The ability to move in search of better opportunities, when possible, has helped to mitigate some of the adverse effects of trade. But, mobility has declined in the United States in recent years, implying that the adjustment costs to trade may have increased.
Through these Lecture Series, which have successfully ended today, it has been highlighted that the central bank, like the rest of the economy, adapts to changes in the market environment. In the case of the Bank of Zambia, prior to 1991, the Bank had numerous roles, including the promotion of economic growth through the provision of credit to critical sectors such as agriculture, manufacturing, mining, etc, as well as issuance of export guarantees to exporters. As expected, the multiplicity of functions led to conflict of interest. For instance, on one hand, the Bank was expected to control the growth of money supply while, on the other hand, it was required to inject money into the system through the provision of credit to the selected sectors. The introduction of economic reforms by the Government beginning the end of 1991 therefore brought about enormous challenges for the Bank of Zambia. To meet the new challenges, the Bank’s operations needed to be more focused. In this respect, the Bank of Zambia Act was amended in 1996 to reflect the changed nature of the operating environment. By amending the Act, the Bank’s primary role was solely “to formulate and implement monetary and supervisory policies that will ensure the maintenance of price and financial system stability”. This was deliberate, as experience world-over has shown that you can only achieve sustained and high economic growth in an economic environment characterised by low and stable inflation.

Thus, by working to ensure price stability as well as maintenance of a safe, sound and efficient financial sector, the Bank is contributing to the achievement of sustainable economic growth and, ultimately, poverty reduction. In a nutshell, following the amendment of the Bank of Zambia Act in 1996, the Bank’s main responsibilities comprise price and financial system stability. The Bank ensures financial system stability by licensing, supervising and regulating the activities of banks and non-bank financial institutions so as to promote the safe, sound and efficient operations and development of the financial system. BIS Review 74/2004  1  Ladies and Gentlemen, I trust that, as members of UNZABECA, you have actively participated in these series of lectures and expanded your knowledge of the functions of the Bank of Zambia. On our part as Bank of Zambia, we strongly encourage investment in education, which has been demonstrated by the sponsorship of these Lectures. In this regard, I wish to take this opportunity to call upon other institutions to support our university by either sponsoring a series of lectures, like the Bank of Zambia has done, or rendering any financial assistance. As many of you may be aware, most of the companies in Zambia have benefited, in one way or the other, from the services offered by our universities. As for the Bank of Zambia, most of its management members of staff, including myself, are graduates of this university and were members of UNZABECA.
Mark Carney: The Sustainable Development Goal imperative Remarks by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the United Nations General Assembly, High-Level Thematic Debate on Achieving the Sustainable Development Goals, New York City, 21 April 2016. * 1. *  *  The SDG imperative  The Sustainable Development Goals are a moral imperative, with objectives that include nothing less than ending poverty, fighting inequality and injustice, and tackling climate change. 1 The SDGs are also an economic imperative. Their achievement would mean greater productivity, increased labour supply and ultimately stronger growth. In short, they could pull the global economy out of its current malaise of secular stagnation. 2. The scale of investment required to achieve the SDGs is immense  Achieving the SDGs will require both a step change in the quantum of investment and a marked reorientation of its destination. Over the next 15 years, the global population is expected to grow by just over a billion. 2 Another one and a half billion people are expected to urbanise. 3 Although moving to a low-carbon future will not necessarily require substantially more investment than business as usual, 4 it will require a radical re-focusing of that investment from high- to lower carbon technologies. Overall, it is estimated investments of between $ and $ trillion a year are needed for infrastructure, clean energy, water, sanitation, agriculture, and the other SDGs. 5 This is significant but achievable. 3.

All of us need to make sure we are paying sufficient attention and applying appropriate resources to the Year 2000 issue. Only in that way will we be able to insure that the millennium changeover is an occasion for joy and optimism. BIS Review 87/1997
This slide shows that our bank tellers, vehicle mechanics, hairdressers, and bus drivers earn a good (median) wage that is quite close to the median. In fact, our bus drivers appear to be paid just below the median in Singapore, comparable to their counterparts in Australia, US, UK. And hairdressers in Singapore are doing amazingly well. They earn much closer to the median wage compared to their counterparts in Australia, the US and the UK. The story of our bus drivers is interesting. Since the introduction of the Bus Contracting Model by the Ministry of Transport and the entrance of foreign bus operators, there has been greater competition in the bus industry, raising the game. Bus driving became more professional. The focus is on driving well, increasing fuel efficiency, and meeting the targets set by the Ministry of Transport on frequency and timeliness. More women have also been drawn into the industry with the introduction of flexible working arrangements and maternity leave. The result is that the dependency on foreign workers has been reduced, and productivity and wages have increased. Now our bus drivers are making close to the median wage in Singapore. 15 / 17  BIS central bankers' speeches  In sum, demographics is not destiny and economic dynamism is not about numbers. Dynamism is about quality – the quality of our workforce, the quality of our enterprises, and the quality of our institutions. It is about high levels of efficiency and productivity.

Ardian Fullani: Recent economic and monetary developments in Albania Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the press conference on the Monetary Policy Decision of the Bank of Albania Supervisory Council, Tirana, 31 August 2011. *  *  *  Today, on 31 August 2011, the Supervisory Council of the Bank of Albania reviewed and approved the Monthly Monetary Policy Report. Based on the analysis of Albania’s latest economic and financial developments and following discussions on their performance outlook, the Supervisory Council of the Bank of Albania decided to leave the key interest rate unchanged at 5.25%. The Supervisory Council holds that the actual monetary conditions are appropriate for meeting the inflation target and for continuing to stimulate the economic activity. Let me now proceed with an overview of actual and expected economic developments and main issues discussed at today’s meeting of the Supervisory Council. Annual inflation in July was 3.6%, following the downward trend noted in the second quarter of the year. Consumer price performance continues to be under the pressure of rising prices in global markets, although lower than in previous months. Annual inflation was primarily formed by the contribution of processed food prices, most of which are imported. Decline of the annual inflation rate reflects the downward contribution of unprocessed foods as a result of increased supply of domestic agricultural products, a seasonal development, which in July 2011 appeared to be stronger than a year earlier.
In the euro area, meanwhile, the ECB made it clear that additional monetary stimulus would be required. A tangible sign of these diverging patterns was the substantial weakening of the euro against the dollar. With the clear prospect of a significant QE programme in the euro area, the pressure on the minimum exchange rate intensified hugely at the beginning of 2015 – especially in the last few days leading up to the SNB’s decision on 15 January. Against that backdrop, the minimum exchange rate became unsustainable and the SNB had no choice but to discontinue its policy. By maintaining the minimum exchange rate for longer, the SNB would have run the risk of losing control over its balance sheet. This, in turn, would have hampered its stability-oriented policy in the future. Once you have arrived at such a conclusion, you have to act swiftly. Speculative position-taking against the minimum exchange rate could easily have caused the SNB’s balance sheet to double within a few months. We would subsequently have been compelled to discontinue the exchange rate floor under even greater pressure, with all the consequences for our balance sheet and the Swiss economy that this would have implied. The costs of maintaining the floor would have been out of all proportion to the benefits. As a consequence, the Swiss economy is now dealing with very difficult exchange rate conditions. In an interdependent world with highly integrated and liberalised capital markets, the strengths of an economy like Switzerland can, paradoxically, turn into a major challenge.

Both are home to world-class corporations, as well as very innovative small and mediumsized enterprises. But there are also some crucial differences. Unlike Belgium, Switzerland is not part of European monetary union – nor indeed of the European Union (figure 1). Switzerland has chosen to preserve its political autonomy and conduct an independent monetary policy. As a result, its economy has at times been subject to major exchange rate shocks. Furthermore, since it is not part of a large internal market, Switzerland is particularly dependent on open international markets. The purpose of my remarks this evening is to show how Switzerland perceives its position on the international economic scene, between the two poles of attraction mentioned in the title of my speech: independence and interdependence. I will, in particular, elaborate on features which, in my view, have been key in allowing the Swiss economy to strengthen its resilience to external shocks and to fully benefit from globalisation. Switzerland is known as a country with one of the highest living standards in the world. Yet this privileged condition should not be taken for granted. Quite the opposite: Achieving and maintaining economic and social progress is an ongoing challenge. The years since the beginning of the global financial and economic crisis have been particularly testing. The events of the last few weeks are a striking example of this. As you certainly know, the Swiss franc has again appreciated rapidly and massively. I will take this event as the starting point for my presentation. 2.
I believe that the notion of enlargement provides a mean for the EU to increase its power both in political and economic environment in the world and to face challenges in the international arena as a global power. I will refer once again to Prime Minister Tony Blair’s words: "It would be a Europe confident enough to see enlargement not as a threat, as if membership were a zero sum game in which old members lose as new members gain, but an extraordinary, historic opportunity to build a greater and more powerful union. Because be under no illusion: If we stop enlargement or shut out its natural consequences, it wouldn't, in the end, save one job, keep one firm in business, prevent one delocalisation. For a time it might, but not for long. And in the meantime Europe will become more narrow, more introspective and those who garner support will be those no in the traditions of European idealism but in those of outdated nationalism and xenophobia. But I tell you in all frankness: It is a contradiction to be in favour of liberalizing Europe 's membership but against opening up its economy. "3 Since its foundation in 1957, the EU has continuously been engaged in a process of enlargement. The process, having begun with the inclusion of the UK, Ireland and Denmark in 1973, has proceeded for the time being with the challenging accession of the ten Central and Eastern European countries on May 1St, 2004.

The process of adjusting to a new, higher rate of productivity growth leads initially to a good circle. Rising productivity tends to drive share prices up and that in turn makes new investment easier to finance. New investment and a growing capital stock imply a larger proportion of capital and accordingly give productivity growth a further upward shift. This in turn drives share prices upwards again and so on. A continuation of this process can lead to risks for economic development: •  One source of problems can lie in the financial markets’ reaction to rising productivity. Expectations of the future unfortunately become unduly optimistic at times. Under such circumstances, expectations of rising profits lead to an increased supply of credit, rising prices for shares and real estate that result in a further expansion of credit, and so on. When such a bubble ultimately bursts, the negative economic effects can be serious and lead to a crisis in the banking system. 4  BIS Review 30/2001  •  Excessive euphoria can also lead to an undue expansion of the capital stock. This perspective is derived from the Austrian school. Extensive investment is undertaken in sectors that will never yield the return that was expected initially. The speculative fever simply results in misplaced investment. The subsequent process of adjustment accordingly involves markedly subdued investment activity and an attendant economic trend that is weak for a fairly long period. 4.
Zeti Akhtar Aziz: Islamic finance developments in Malaysia Address by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the Launch of Public Islamic Bank Berhad, Kuala Lumpur, 3 March 2009. *  *  *  It is my pleasure to be here today on the official launch of "Public Islamic Bank Berhad". This marks the transformation of the Islamic window operations into an Islamic subsidiary, a dedicated institutional structure that will give greater focus to Islamic banking business operations. The continued progress of Islamic finance in our financial system has demonstrated that despite the on-going global financial crisis, it has not discouraged the further expansion and development of Islamic finance. Malaysia now has a total of 17 Islamic banks, of which nine (9) are the subsidiaries of the domestic banking groups. The underlying philosophy for the incorporation of an Islamic subsidiary is primarily aimed at further strengthening the institutional structure for Islamic banking business operations. Financial institutions which have achieved a critical mass in their Islamic banking business, have migrated from their Islamic banking window operations to an Islamic subsidiary. The establishment of Islamic subsidiary has greater potential to complement the goals of the banking group by providing business flexibility and autonomy to the Islamic subsidiary. Currently, the Islamic banking system in Malaysia has successfully positioned itself as a robust and competitive component of our financial system.

Financial waters, already extremely chilly, then froze solid. Banks found it almost impossible to finance themselves because no-one knew which banks were safe and which weren’t. From the start of the crisis, central banks provided emergency loans but these amounted to little more than holding a sheet in front of the emperor to conceal the nakedness of the banks. They didn’t solve the underlying problem – banks needed not loans but injections of shareholders’ capital in order to be able to absorb losses from the risky investments they had made. From the beginning of 2008, we at the Bank of England began to argue that UK banks needed extra capital – a lot of extra capital, possibly £ billion or more. It wasn’t a popular message. But nine months later, market pressure forced banks to raise new capital or accept 2  BIS central bankers’ speeches  it from the state. UK tax payers ended up owning large portions of two of our four biggest banks, Royal Bank of Scotland and Lloyds TSB, but almost all banks would have failed had not taxpayer support been extended. That bold action in October 2008 could have happened sooner. But the most important thing is that it was done. And the policy of recapitalising the banks was soon copied by other countries. Bailing out the banks came too late though to prevent the financial crisis from spilling over into the world economy.