samchain/econo-pairs-v1 huggingface dataset:
Figure 1: A stylised depiction of the monetary policy trade-off  The blue line in the figure is the Phillips curve, which summarises the structure of the economy and, in particular, how changes in demand, via the output 9  gap, affect inflation. The economy’s equilibrium is at the intersection of these two lines. In the case of an inflationary shock that induces a trade-off, the Phillips curve shifts up, as shown in the figure. Monetary policy needs to tighten to lower pressure on resources and reduce inflationary pressures, such that the economy ends up on the  9  Originally formulated by Phillips (1958), albeit as a relationship between wage growth and unemployment. See: 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. 5  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches  5  red line, consistent with the policymaker’s preferences (as shown by the dotted arrows in the figure). The slope of the Phillips curve is crucial in determining in the size of the fall in output needed to reduce inflation to an acceptable level – the sacrifice ratio. Figure 2: Stylised policy responses  Frequently, the economy experiences shocks that drive inflation and output in the same direction. These shocks to aggregate demand can include variations in government consumption, households’ desire to consume, or business’ desire to invest. Increases in demand put pressure on the use of resources, causing prices to rise.

Among the latter, ADB was the first to issue RMB bond in Hong Kong in October 2010. A number of multilateral agencies also issued RMB bonds in Hong Kong after ADB’s debut issue. With the rapid growth of China’s cross-border trade and investment flows, the offshore RMB bond market would provide a useful financing platform and facilitate the greater use of RMB in these transactions, thereby minimising the currency risk associated with the use of a third currency. Notwithstanding the encouraging developments over the past years, the capacity of the regional bond markets is still limited compared with the huge infrastructure and other financing needs of the region, resulting in heavy reliance on bank financing. Much work still needs to be done, including but not limited to expanding the issuer and investor types, gradual liberalisation of barriers to entry of non-resident investors, promoting financial infrastructure linkages, improving corporate disclosure and transparency, more standardisation in legal and governance terms, to name a few. Policymakers will have a key role to play in facilitating market developments and removing market impediments in the process. And we hope to see ADB, the region’s long-standing partner in promoting bond market development, to further its efforts and cooperation with governments in the region on this front. Thank you. 2  BIS central bankers’ speeches
Consequently, issues relating to information sharing, allocation of powers, responsibilities, accountability and coordination among the various agencies must be clearly and explicitly addressed at the outset. The legislative mandates would need to provide clear roles and responsibilities for each relevant authority. This will form the foundation for the adoption of an integrated and coordinated approach. The need for such coordinated action becomes particularly important in conditions of an imminent financial crisis. Having in place a crisis management framework would allow for its prompt and effective implementation. The issues relating to the effective management of the inter-relationships between the safety net participants were brought to the forefront recently in the United Kingdom, testing the framework in which the functions of lender of the last resort and the supervisory function are placed in separate entities. In comparison, when a single agent such as the central bank is entrusted with these respective functions, the interrelationship issue, as well as potential conflicts and trade-offs become internal and would be resolved across the organisation. It would nevertheless still need to rely on an adequate accountability regime among the respective departments or divisions that are responsible for each mandate. Malaysia's own experience during the Asian financial crisis exactly ten years ago allowed the Central Bank as a single regulator, to promptly respond to the liquidity and solvency issues that were confronting the financial system. The preemptive action that was supported by a comprehensive resolution programme significantly reduced the cost of the crisis on the financial system and the overall economy.

Dear ladies and gentlemen, Safe and efficient fulfilment of the economy’s need for money, in terms of value and structure, and guaranteeing the confidence of the public in our currency, which is one of our main responsibilities, have been at the core of our efforts in preparing this new series. Therefore, I am very honoured to unveil today, for the first time, for the eyes of the public, this new series of banknotes. As the Governor of the Bank of Albania, through this symbolic signing, I open the doors for the first two banknotes of the new series to start their journey and circulate in the Albanian economy. In the hope that the new banknotes will be welcomed by the public, let me now present to you their design. I would also like to call on the public to handle banknotes with due care, in order to preserve their durability, quality and integrity. From 30 September 2019, the banknotes of the new series 200 lek and 5000 lek will be legal tender in the Republic of Albania and will be used as means of payment, alongside the existing banknotes. 2/2  BIS central bankers' speeches
Relative unit labour costs in the manufacturing industry: Sweden compared to TCW-weighted countries Index, 1970-01-01=100 120  120  110  110  100  100  90  90  80  80  70  70  60  60  50  50  40  40 70 72 74 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 06 08  Source: OECD  Note: Converted to SEK. Figure 4. Real hourly wages Annual percentage change 6  6  4  4  2  2  0  0  -2  -2  -4  -4  -6  -6 60  63  66  69  72  75  78  81  84  87  90  93  96  99  02  05  08  Source: National Mediation Office  10  BIS Review 154/2008  Figure 5. Unit labour costs in entire economy Annual percentage change, seasonally-adjusted data 8  8 Unit labour costs Productivity Labour costs per hour  7  7  6  6  5  5  4  4  3  3  2  2  1  1  0  0 -1  -1 94  96  98  00  02  04  Note: Broken lines and columns are the Riksbank’s forecasts. 06  08  10  Sources: Statistics Sweden and the Riksbank  Figure 6.

Our assessment now is that hourly wages will increase on average by 3.7 per cent per year during the three-year period 20072009 measured using the National Mediation Office's method for presenting statistics, and by three tenths more using the method for presenting wage developments in the National Accounts. This is around half a percentage point per year more than during the previous three-year agreement period. … and a weaker development of productivity will lead to higher cost increases Labour costs per produced unit have, however, increased considerably more than we expected in the spring of 2007 as the development of productivity has been much weaker than we predicted at that time. In February 2007, we predicted that unit labour costs would increase by 2.3 per cent per year during the period 2007-2009. We now calculate that unit labour costs will increase by an average of 3.8 per cent per year in 2007-2009 compared to the figure of practically zero per cent per year in 2004-2006 (see Figure 5). This means that many companies are now faced with the choice of either increasing their prices to counteract the decline in profitability, which may be difficult in the present situation with a steady decline in demand, or of making staff cuts. Our assessment is that the companies will probably choose the latter. Price increases will be moderate while employment will decrease significantly. In the three preceding agreement periods, the high rate of increase in productivity helped to keep unit labour costs down.
Thus, while banks take some advantage of the arbitrage opportunity, competitive conditions in the unsecured money markets haven’t proven strong enough to narrow the spread between the fed funds rate and the IOER rate to very small and stable levels, and the floor on rates that IOER is meant to provide appears soft. Although longer-term correlations remain fairly robust, the federal funds rate and other money market rates are no longer moving as closely together on a day-to-day basis. In recent years, the fed funds rate has been relatively stable on a day-to-day basis, while other  6  The Federal Reserve also pays interest on required reserve balances, which reduces the opportunity cost that depository institutions incur by holding required reserves at a Federal Reserve Bank. The Federal Reserve Board is responsible for setting the rate of interest on reserves. Since December 16, 2008, the interest rates on required reserve balances and excess reserve balances have been ¼ percent, although the rates need not be the same. 7  Although interest on reserves represents an overnight rate, it is calculated and paid out on a lagged basis according to two-week reserves management maintenance periods. The payment is based on daily account balances and a weighted average of applicable overnight rates over the maintenance period.

Evolution of New York Fed’s Effort In the ten years that followed the financial crisis, we have continued to see a stream of misconduct scandals and cultural failures, and a corresponding increase in significant litigation and enforcement activity, with costs estimated at an aggregate of $ billion worldwide.3 At the New York Fed, our work in advocating culture and behavior reform in the financial sector 1/5  BIS central bankers' speeches  started in late 2013 when our former President, Bill Dudley, delivered a speech on the “too-big-tofail” problem.
Independence is not only secured in legislation, but also by the people that have embodied it for the past 20 years: Wim Duisenberg, Jean-Claude Trichet, and today, Mario Draghi. I would go so far as to talk of a threefold independence: from national governments of course, but also from pre-existing camps (the hawks and the doves) or schools of thought, even if all three of them have their own well-established economic background. Consequently, they have been able to take a pragmatic approach to innovation: for example, when Jean Claude Trichet addressed bank liquidity risk through the Fixed Rate Full Allotment in 2008 or introduced the first security purchases with the SMP in 2010; and of course when Mario Draghi gave his “whatever it takes” speech in July 2012 or began expanding non-standard instruments in 2014. And finally, independence from trends in the media and short-termism, which I shall come back to later. C - The spirit: general European interest These three men have also upheld the European spirit, through their culture and their convictions. Far from being a technocratic arrangement, initially the euro was actually a political aspiration advocated by Helmut Kohl, Jacques Delors and François Mitterrand in parallel with German reunification. And it is now supported by 75% of euro area citizens, the highest approval rating since 2003, and as much as 85% of Luxembourgers and 81% of Germans [slide 4]. This popular support is our greatest success and our greatest asset.

Various indicators suggest that yields have fallen further from a low level, and that prices have risen once again. Moreover, there are isolated signs that risk appetite among the domestically focused banks has, if anything, increased again over the last six months. For example, affordability risk and direct interest rate risk at domestically focused banks have risen once more. The SNB will continue to monitor developments on the mortgage and real estate markets closely. Accordingly, it will regularly reassess the need for an adjustment of the countercyclical capital buffer. Announcement of issue date I would like to round up my speech with a few remarks on the new banknote series. On 14 August 2015, the SNB announced that it would begin issuing the new Swiss banknote series in April 2016. The first denomination to be released will be the 50-franc note. Today, we can announce the exact issue date. The new 50-franc note will be presented to the public for the first time at a news conference on 6 April 2016, and will first be issued on Tuesday, 12 April 2016. The new notes will be put into circulation continuously from that date onwards. A largescale information campaign will inform the general public about the new note and on ways to check its authenticity. The remaining banknotes in the series will be issued subsequently at half-yearly or yearly intervals. The SNB will announce each new issue date well in advance. The current eighth banknote series will continue to be legal tender until further notice.
So when nominal interest rates change, the real interest rates that determine real consumption and investment decisions change with them. And markets may operate with ‘excess supply’ or ‘excess demand’ for as long as it takes wages and prices to adjust to shifts in either demand or supply. Rather, it is over longer stretches of time that monetary policy is indeed ‘neutral’, and that we can think of the level of economic activity as being driven entirely by supply. By facilitating low and stable inflation, monetary policy helps create conditions conducive to economic growth. But other forces will ultimately determine the growth path of the economy. Economic growth – and with it the prospects for our real national income – will be determined by technological progress, investment and innovation, and by skills and trends in the population. Equally, both the structure of the economy and the distribution of real national income are beyond the realm of monetary policy. Yes, monetary policy affects asset prices and unemployment over the near term. And yes, excess demand or supply may give rise to sectoral imbalances. But over the longer term, these features of our national economy will be driven by real factors and by structural policies rather than monetary policy. Over time, even the level of interest rates is determined by such structural factors. While monetary policy steers market interest rates here and now, we do not set Bank Rate in a vacuum.

This global resolve is in fact, fundamentally in congruence with, and accentuates the role and relevance of Islamic finance on the global economic stage in this post-crisis era. Islamic finance, through its emphasis for the attainment of socioeconomic goals based on the objectives of Shariah, provides the discipline that enhances the prospect of strengthening the global economy and overall financial stability. The relatively better performance and the sustained momentum of the growth in Islamic finance during this period of global financial turmoil exemplifies its inherent strengths – its emphasis on a strong linkage to productive economic activity which predisposes the economy to financial deepening without the excesses, its emphasis for accountability, disclosure and transparency and its inbuilt checks and balances, all of which underpin Islamic finance as a stable form of financial intermediation that strengthens its prospects as a contributor to economic growth and financial stability. While the amount of funds managed in the Islamic financial system is still only a fraction of the total assets of the international financial system, it represents that portion of financial activities that is truly supported by underlying productive capacity that generates growth of economies across continents. It is this form of financial activities that we would want to encourage, as opposed to the financial flows that are destabilising and not contributing to generating real economic activity.
Multipurpose: Consumer can use money paid in advance to purchase goods and services from different retailers determined by the e-money issuers  E-money can be categorized into network-based and card-based depending on how the value is stored. -  Storing value in a network basis requires no physical item to store value but is kept in the service providers' system. -  Storing value in a card-basis is the use of a plastic card with embedded chip to store value. E-money is regarded as non-traditional financial services which lead to new ways of security and control implementation. Furthermore, it may facilitate money laundering activities. That is why in Thailand, we prohibited the transfer money among customers without going through service providers' data system. In addition, the system must be able to trace all activities. A bank should set a maximum limit of e-money that can be used . And, it can only be issued in Thai Baht currency and used in Thailand. IT outsourcing means allowing other service providers to perform on behave of a financial institution IT functions which are normally done by the institution itself. By the advent of rapid changes in technology and competition, financial institutions tend to reduce costs and to improve their services by outsourcing some technology-related functions to third parties both within and across borders. In Thailand, we see a few distinctive characteristics of IT outsourcing services. -  Full scope of IT operations.

But these opportunities can only be realised if new forms of digital money are safe – which means recognising and properly regulating the elements that are age-old. I am grateful to Morgane Fouche, Matthew Osborne, Stephanie Haffner, Robert Page and James Pople-Hoskins for their help in preparing these remarks. I am also grateful to Antoine Lallour, Nicholas Butt, David Copple, Shiv Chowla, Andrew Hauser and Victoria Cleland for their helpful comments. 1 Private money mainly takes the form of deposits held in bank accounts. The only form of public money  accessible to the general public is cash, in the form of coins and notes. 2 This is based on the amount of cash held by the public as a share of total cash and sight deposits. See Part V  of ‘A millennium of macroeconomic data’, Research dataset, Bank of England. 3 See LINK News and media contact, 'Coronavirus Crisis means cash use down but UK still withdrawing  £ from ATMs each week’Opens in a new window; See LINK, 'Statistics and trends’Opens in a new window; See chart A in ‘New forms of Digital money’ DP, June 2021. Moreover, in practice, the UK authorities remain committed to ensuring access to cash to those that need it. The Bank, HMT, FCA and the PSR have been working together on the Joint Authorities Cash Strategy group to monitor the use of cash, ATM availability, and ensure cash remains available despite the impacts of Covid. 4 See the example of the Corralito in Argentina.
For example, between 2003 and mid-2007, corporate loans to construction and real estate activities constituted almost 60% of total flows of loans to non-financial corporations in the euro area. 6 The easy flow of credit to the housing sector contributed to the overheating of property markets in some countries. When the crisis set in, the declines in credit were most pronounced in countries such as Spain, Ireland, Belgium and Greece, which had been experiencing double-digit credit growth rates during the lead-up to the crisis. Banking credit developments prior to the crisis were excessive owing to a combination of three factors: 1) financial innovation; 2) insufficient supervision, and 3) a highly accommodating monetary policy. Let’s take a quick look at these factors. The significant advances in financial innovation over the last decade fuelled the idea that asset liquidity had increased and that there was a greater potential for risk diversification. This idea proved, in part, to be an illusion. When the crisis erupted, the presumed liquidity of these assets disappeared. Banks’ balance sheets were thereby clogged by illiquid assets. The growing role of infrastructure for clearing and settling OTC trades – non-standardised and predominantly bilateral – created uncertainty regarding the distribution of exposures among the various counterparties, fuelling their mutual distrust. Another factor that helped create the perception of greater liquidity was the increased funding available from wholesale financial markets.

3  See D. Gerdesmeier, H.-E. Reimers and B. Roffia, “Asset price misalignments and the role of money and credit”, ECB Working Paper Series, No 1068. The authors find that the credit growth gap, the investment-to-  30  BIS Review 10/2010  For example, the global credit-to-GDP ratio gap, an indicator of the risk of speculative bubbles, had exceeded its threshold in mid-2007. Likewise, the credit growth gap and the investment-to-GDP ratio had been on a strong upward trend, signalling the turmoil to come. Looking at the various market segments confirms the excessive ease with which banking credit had been obtained, for instance, the boom in lending to finance leveraged buyouts (LBOs). 4 Fast credit growth in the period leading up to the crisis took place against a background of high capital ratios. 5 This was likely driven by four main factors. First, a large share of the credit granted by large banks, in particular, was shifted off-balance sheet via securitisation. Second, non-banks (financial leasing companies, credit card firms, etc.) also contributed to the credit flow. Third, the high profitability of banks contributed to the bolstering of their balance sheets. Finally, most banks, particularly those in the United States, were operating under the Basel I regime. Increasing risks, therefore, were not fully reflected in minimum capital requirements. The flow of credit, apart from being “excessive”, was in part also channelled to insufficiently productive uses. There was excessive leverage in some sectors, which contributed to the misalignment of underlying asset prices.