samchain/econo-pairs-v1 huggingface dataset:
Second, latest data show that net private transfers are lower then projected in conditions of growing demand for foreign exchange on the currency exchange market and of changes in the currency structure of the deposit potential. Third, certain indicative categories (stock exchange data on foreign investors' activities, developments of the net foreign assets of banks) indicate high probability of obtaining lower then expected capital inflows, which is consistent with more of global limitations on external financing. Figure 4 Dynamics of exports and imports of goods (annual changes)  4  BIS Review 60/2009  IV. Presented trends from our economy undoubtfully confirm and justify the additional reaction of the National Bank of the Republic of Macedonia. As I stated, the reaction is towards the further tightening of the monetary policy. The characteristics of our economy and of the monetary strategy deriving from it, whose central objective is maintaining the foreign exchange stability, make the requests for undertaking anticrisis measures similar to those of the developed countries, inappropriate and with no foundation. Therefore, we constantly repeat.

The devaluation of the denar would cause additional distortions in our economy, because of the following: -  the structure of trade of the Macedonian economy characterises with high reliance of the export on the import of raw materials and manufacturing supplies, low representation of import goods that could be substituted with domestic products (machines and other equipment), weak price ellasticity of certain type of import demand (especially energy products), due to which the devaluation of the domestic currency will not reduce the problem of the structural trade deficit;  -  On the other hand, the negative implications, that can be seen through the transmission effects of the devaluation of domestic currency on prices, further psychological pressures and the opening up of a new cycle of expectations for an additional depreciation of the value of the currency, will certainly appear and they will represent a potential threat for the price stability;  -  Additional unfavorable element is the currency mismatch, i.e. the net indebtedness of domestic economy abroad, which clearly implies substantial negative effects from any possible depreciation of the domestic currency. Therefore, the reaction of the monetary policy, by increasing the interest rate, is directed towards stabilization of the foreign exchange market, further maintenance of the foreign reserves at adequate level and continuation of the policy of stable foreign exchange rate. Obviously, the succesfull maintenance of the external balance imposes the necessity of appropriate and well coordinated measures by all the carriers of the macroeconomic policies.
China, India and other emerging economies will continue to grow strongly and to account for an increasing share of the world economy. The international competition in the product and labour markets and the international financial integration process will thus continue to increase during the foreseeable future. The deregulation of several markets during the 1990s has probably largely already made its impact on productivity. I interpret the SNS report published at the beginning of the year to say that the most likely development is that this factor will contribute less to the rate of increase in productivity during coming years. 7 At the same time, there is still relatively large scope for continued reforms in this field. A survey indicates that around 32 per cent of consumption was exposed to competition at the turn of the millennium. This figure for Sweden can be compared with the figure for the EU of around 45 per cent. 8 A similar picture is shown in a report by the Swedish Competition Authority. 9 This states that around half of the higher prices compared with the OECD arise from a lack of competition in Sweden. IT will probably fuel productivity for a long time. It takes time for companies to adjust to the new circumstances. This can be illustrated by means of a historical comparison. IT is just like electricity a technique for general use. The advent of electricity had no noticeable effect on productivity until companies literally rebuilt their factories.

This is mainly due to companies rationalising their operations to manage the competition with other companies and to new companies being able to enter the market. There are several studies, made by for instance the OECD and the SNS, which have described this development. Globalisation also reinforces competition and encourages productivity growth. This applies in particular during the past fifteen years, among other things as a result of the EU enlargement, China’s rapidly growing international trade and the opening up of the previously planned economies in eastern Europe. For instance, Sweden’s exports as a percentage of GDP have increased from around 30 per cent in 1990 to around 50 per cent in 2006. Traditionally, developments in trade are explained by income and relative price effects. A study made at the NIESR in London shows that this still applies, on condition that one also takes into account the trade agreements within the World Trade Organisation (WTO), the development of the EU and the North American Free Trade Agreement (NAFTA). 1 The significance of IT is visible in two ways; in production and use. If we look at the production of IT, we can observe that the telecom industry's share of the total industry is substantial in Sweden compared with other countries. This means that the rapid development in productivity that has taken place in the telecom industry has significance for the development of productivity in the economy as a whole.
The projections for the key rate, inflation, output and other variables are based on our assessment of the economic situation and our perception of the functioning of the economy and monetary policy. If economic developments are broadly in line with our projections,  5  See Staff Memo 2008/3 from Norges Bank. BIS Review 37/2009  13  economic agents can expect that the interest rate path will also be approximately in line with that projected. On the other hand, the interest rate path may shift if the economic prospects change, or if the effect of interest rate changes on inflation, output and employment differs from that assumed. In the Monetary Policy Report, we present two alternative scenarios where demand is higher or lower than presented in the baseline scenario. The yellow lines in the chart illustrate a scenario where growth in private consumption is stronger than expected and the turnaround occurs more rapidly. In this scenario, interest rates may decrease to a lesser extent and move up more quickly. The red lines in the chart illustrate a scenario where the global downturn is deeper and more prolonged, with more pronounced effects than assumed. It will then be appropriate to set a lower interest rate in order to stimulate the economy and thereby prevent inflation from becoming too low. The primary effect of a key rate close to zero will probably come via a weaker krone. It will then be appropriate to consider instruments other than the interest rate.

Monetary policy normally operates by lowering key rates to reduce the real interest rate when expected inflation and market risk premiums are stable in the short term. When the key rate moves close to its lower bound, the real interest rate can still be influenced through key rate expectations, influencing risk premiums and anchoring inflation expectations. The expectations channel will be particularly important if the current key rate cannot be further reduced. For Norges Bank, the expectations channel is an established part of monetary policy in that we provide forecasts for the key policy rate. To sum up, it is useful to decompose the factors behind the change in the interest rate path since 17 December 2008. The interest rate forecast in the Monetary Policy Report is lower than the forecast published in December last year. The outlook for global growth has deteriorated further. The slowdown in the Norwegian economy appears to be more pronounced than expected in December. Lower global and domestic demand would suggest a lower key policy rate than projected in December. Our inflation forecast, along with the stronger krone and lower key rate expectations abroad also suggests a lower key policy rate than projected at that time. 14  BIS Review 37/2009  Let me conclude. Monetary policy cannot fine-tune developments in the economy, but it can mitigate the largest effects when the economy is exposed to shocks. Overall, the outlook and the balance of risks suggest that the key rate should be gradually reduced further.
After reaching record highs in late August, it now more than doubles the average prices observed at the start of the year. In the absence of an integrated energy market, the economic consequences of this energy dispute are affecting European countries unevenly, depending on their different levels of dependence on Russian gas. For example, around 18% of mined energy products (gas and coal) and 9% of oil derivatives consumed in the EU are imported from Russia, compared with 3% and 2.5%, respectively, of those consumed in Spain. However, given the surge in energy prices and European economic integration, economies, like Spain, that depend relatively little on Russian imports, will also be affected. Indeed, according to the Harmonised Index of Consumer Prices (HICP), gas consumption accounts for some 2% of households’ consumption basket in the euro area, and for 1.5% in Spain. Yet beyond the direct impact on inflation of higher gas prices, inflationary pressures are also fuelled by firms’ higher production costs, as natural gas is the main source of energy for the industrial and services sectors (except for transport-related sectors),1 and by the impact of gas prices on electricity price formation in the European markets.2 In addition, the slowdown in economic activity in the hardest hit countries will pass through, via trade flows, to the other economies in the form of lower external demand.

But corporate governance rose to prominence only in the last two decades, starting with the UK’s Cadbury Report in 1992. Since then, there has been a continuous stream of reforms in the UK to strengthen corporate governance, culminating in the UK Corporate Governance Code, which operates on a “comply or explain” principle. Corporate governance reforms in the US took a slightly different trajectory, leading to the Sarbanes-Oxley Act. Unlike the UK Code, Sarbanes-Oxley is enshrined in legislation and compliance is mandatory. 5. In Singapore, our corporate governance journey began in 2001, with the introduction of the Code of Corporate Governance. Since then, the Code has undergone two reviews to take into account changes in our corporate landscape as well as international developments. The most recent review was conducted by the private sector led Corporate Governance Council in 2010. MAS accepted all of the recommendations of the Council, with minor modifications, and issued a revised Code of Corporate Governance earlier this year. Key changes to the Code focused on strengthening Board independence, enhancing remuneration practices and disclosures, clarifying the Board’s responsibility in risk governance, and providing further guidance on companies’ engagement with shareholders. Going beyond the rules 6. Rules on corporate governance – mandatory or otherwise – have been considerably enhanced in most major jurisdictions. Yet, rules alone cannot assure us of high standards of practice. The recent financial crisis has exposed significant shortcomings in the governance of companies. We have seen monumental failures in risk management, a spate of accounting scandals and outright fraud.
And central to the assessment of the outlook for monetary policy, it increases the risk that the inflation that has come to us from abroad gets embedded in more persistent domestic inflationary pressures. Let me draw all of this together, and pull out the implications for monetary policy. The big external shocks – from Russia and supply chains – account both for a large part of the inflation overshoot above target and for the squeeze on real incomes. My sense of the latest data is that the supply chain/goods shock has started to ease, but the Russian impact – particularly on natural gas prices in Europe is going the other way as we look ahead to the winter. The effect of these shocks has been to increase the cost of things we import relative to things we produce domestically. This is a very large shock to our national real income. I think we can already see the effects, with the economy slowing (I would urge caution in interpreting the May GDP number as strong – given  Page 5  the changed pattern of public holidays). Monetary policy has to be set taking into account the scale of this shock to real income, while keeping our focus on inflation and inflation expectations. Returning inflation to its 2% target sustainably remains our absolute priority. But we recognise a trade-off in a situation of high inflation and weakening growth.

8/9  As this is my last appearance before the Senate as Governor of the Banco de España, and to conclude, I should like to express my gratitude for the consideration that has always been extended to the Bank and to me in this chamber, and for the quality of the interventions and questions raised on which I have had to comment. I have always thought, and have said so on different occasions, that the lower and upper houses are the “natural fora” in which an institution such as the Banco de España should preferentially express itself, cooperating and contributing, as best it can, to parliamentary functions. Thank you for your attention. 9/9
There has also been increased treasury and risk management activities carried out in Singapore to meet the needs of global investors and businesses in this time zone. Besides increasing fund flows, more regional and global MNCs have been setting up their corporate treasury centres in Singapore to facilitate capital raising, cash management and risk hedging, as their regional businesses grow. Singapore is a major derivatives trading hub in the region, with three derivatives exchanges oﬀering multi-asset class risk management products. We are also Asia Pacific’s largest FX centre, third largest globally, with average daily trading volume reaching $ billion in 2019, as we intermediate flows between regional teams of buy-side and sell-side players in Singapore and beyond. 10. Looking ahead, Asian financial markets are expected to become even more vibrant as the world economy’s centre of gravity shi s further towards Asia. Market participants in the region should embrace this opportunity to shape the future of Asian markets. While the growth trajectory has been very encouraging, more work needs to be done to develop deep and liquid capital markets in Asia, so that they can play a key role in financing economic growth, alongside continued development in the banking segments. 11. I will highlight a few additional areas of focus for Singapore: In foreign exchange, trading volume of Asian currencies, including that of Asian emerging markets currencies, has risen.

It is an idea that the ECB fully supports. The development of the market for simple and transparent Asset Backed Securities deserves particular support. Member States should consider the provision of public guarantees to support lending to small and medium sized enterprises. There also needs to be a consistent and credible application of the Stability and Growth Pact across time and across countries. Within the existing framework, countries should explore how to support productive investment. In monetary policy, we have deployed a number of non-standard tools to ensure our very accommodative monetary policy stance is transmitted to the real economy. Last week, the Governing Council decided to start the purchase of certain high-quality asset-backed securities and covered bonds in October. Senior tranches of such ABS have proven to be high quality assets. Alongside our Targeted Longer Term Refinancing Operations, we expect these measures will enhance the functioning of monetary policy transmission, provide further accommodation now that we are at the lower bound, and have a sizeable impact on our balance sheet. *** Ladies and gentlemen, It is a pleasure to be here tonight with you in Milan. In a recent speech in Jackson Hole, I spoke about the need for a policy mix involving monetary, fiscal and structural policies to jump-start the economic recovery in the euro area. We are currently facing a set of conditions – low growth and low inflation, high debt and high unemployment – that can only be addressed by concerted action on both the demand and supply sides of the economy.
In the financial system, this involves putting in place more comprehensive regulatory frameworks, complemented by enhanced surveillance arrangements and relatively more intrusive supervisory oversight. It also involves having wide-ranging policy tools, including macro-prudential policies, to mitigate and manage the risks emanating from excesses in the financial system. As the experience in the advanced economies has shown, the source of imbalances can arise in a number in segments of the economy, including from the household, the financial and the public sectors. This underscores the importance of prudence; to ensure that growth is underpinned by sustainability and not excesses. A further lesson is to build buffers during the good times to better position us to withstand future shocks. Equally important for policy in the emerging economies is to put in place the necessary foundations for long-term growth. This involves few areas of significance. The first is to create a competitive environment that allows for greater economic flexibility. This includes reforms for a sequenced and gradual removal of distortions prevailing in the economy, lowering the costs of doing business, and to streamline the involvement of the public sector in businesses. The second is to accord importance to investments in modern infrastructure, and to enhance technological readiness that will enable the economy to prepare for the changing economic and financial landscape. Another area of significance is to ensure balanced and inclusive development.

It is likely that a significant portion of these moneys is managed out of Hong Kong. In fact, over 40 Mainland companies providing fund management, securities and futures, insurance, and other services have already established a presence in Hong Kong to manage the funds flowing out of the Mainland and engage in fund advisory businesses. 13. So, the implications from the gradual liberalisation of Mainland China’s capital account are clear. Hong Kong is bound to be a key destination as well as the management hub for the gradual increase in the portfolio flows from Mainland China. This trend will present huge opportunities to financial institutions, private banks, fund managers, and other financial service providers looking to tap these funds. 14. Having said that, one should expect that the process of financial liberalisation in Mainland China will be a gradual and controllable one, in a manner that will fit the Chinese saying of “crossing the river by feeling the stones” so that one can adjust the speed and tactics of crossing the river without fear of falling in and getting drowned. It is, however, important to realise that this process has already begun: this is something that global financial firms, especially asset managers, should not ignore in their business planning process. The wider external use of the RMB 15. RMB. 2  Now, let me move on to the second important trend: the wider external use of the  BIS Review 153/2010  16.
Or their domestic policy needs may diverge as a result of economic shocks of some sort - a classic but unique example being German unification, but the recent global economic disturbance is perhaps another example. So the risks of divergent monetary policy needs within the monetary union are real. They are essentially similar to the risks of sectoral and regional divergences within a national currency area. And if there were to be material divergence within the Eurozone the tensions could be more severe than in a national currency area because alternative mechanisms - labour migration or fiscal redistribution through a central budget - which help alleviate regional disparities in the national context - are less well developed at the Eurozone level. Some commentators point to the present inflationary pressures in Ireland as an example of the problems that could arise on the upside as it were - through I’m not sure how far one can generalise from the Irish case. The fact that the UK did not join in the first wave of EMU was a disappointment to some people, including to some of our European partners - but it was also a considerable relief to them - we could have been the elephant in the rowing boat! It was I must confess also a relief to me. If we had joined EMU from the start - and had Eurozone interest rates over the past year or so it is very difficult to envisage how we would have avoided an inflationary boom in this country.

Its members, individually and collectively, are publicly accountable for the way in which that responsibility is exercised. The supply-side agenda, under successive governments has inevitably been more diverse. It has included a strong commitment to free markets and competition as the motive forces for productive efficiency, and as the essential means of allocating financial and real resources. It includes an equally strong parallel commitment - both regionally within the European Union but also more broadly - to international free trade in goods and services and to the global free flow of capital. The supply-side agenda has included an extensive program of “privatisation”, bringing market disciplines to bear on commercial activities previously undertaken within the public sector, but often involving new forms of regulation in areas of activity that might otherwise be dominated by natural monopolies. It has included extensive deregulation - for example in relation to financial services, including banks and building societies, though this has been accompanied by improvements in the financial infrastructure and by enhanced prudential supervision. It has included measures of labour market deregulation and Trade Union reform. And it has included increased emphasis on education and training; measures to encourage business enterprise - especially among smaller businesses; and reforms to the welfare system to improve incentives to work. The list could go on.