samchain/econo-pairs-v1 huggingface dataset:
This is consistent with a lower degree of matching efficiency post-crisis, with the unemployment level still remaining high despite rising labour demand over the duration of the recovery. Hysteresis effects and monetary policy So what is the role of monetary policy as regards hysteresis effects? Though our primary mandate is price stability and not employment, in conditions of weak aggregate demand there is typically a “divine coincidence” between those two variables, since unemployment rises while inflation falls after adverse shocks hit the economy. So, only by reducing labour market slack can we create the conditions for wage and price pressures to emerge and for inflation to return to our preferred aim within our definition of price stability. This is largely what we have seen in the euro area. Since the adoption of the ECB’s credit easing package in June 2014, around five million jobs have been created in the euro area. Model-based evidence indicates that our policy has contributed meaningfully to this increase: the current recovery has, by and large, been driven by monetary policy, with additional temporary support from the fall in oil prices. So, forceful policy action in the face of risks to our price stability mandate has measurably reduced the risks of hysteresis by creating the financial conditions necessary for growth and employment to flourish. What is more, our actions have also defeated a potentially very nasty form of hysteresis, namely a destabilisation of inflation expectations.

Launched in Paris last December, the NGFS started out with eight trailblazing supervisors but has since grown to include 19 members and five observers, including the Sustainable Insurance Forum (SIF). We are working hard on two subjects where insurers are in the vanguard: disclosure of current climate risks and the projection of dynamic stress tests based on future risks. A report detailing the network’s first year of work and making recommendations will be presented at a conference in Paris on 17 April next year. ** I have called green finance “the new frontier for the 21st Century”. Today, you are talking about “pushing back the limits of insurability”. These images testify to your pioneering role and evoke your spirit of entrepreneurship and innovation. The risks facing the world in 2018 are unquestionably growing, and we need these qualities more than ever before. Thank you for your attention. 3/3  BIS central bankers' speeches
Further expansion of renminbi business into trade settlement and related financial services would bring convenience for traders and enterprises on both sides. More importantly, it will help to lay the ground work for the use of renminbi for trade related activities through a formal and supervised channel. The demand for a wider use of renminbi outside the Mainland is likely to increase further as the Mainland economy grows. In addition, the recent global financial turmoil has highlighted the need for a more diversified international monetary system, including more currency choices for international transactions. In time renminbi could be one of the obvious choices for many countries. In this process, using the well-established institutional framework of renminbi business in Hong Kong for pilot schemes will enable better monitoring and assessment of the flows, and mitigate the potential risks particularly on the domestic monetary policy management. One important pre-requisite for designing appropriate policies to facilitate the Mainland's capital account opening is a good understanding of the economy and financial system. Here at the HKMA, we have closely monitored, as well as undertaken in-depth analytical work on the Mainland economic, monetary and financial developments. Our Half-Yearly Financial Stability Report has a section devoted to the Mainland economy, and research reports on the Mainland are published as working papers available on our website. We also started in 2006 a China Economic Issues series dedicated to detailed analysis of economic and financial market issues in the Mainland.

This conference series is also a good way to organise informed discussions on the Mainland's financial sector issues. The first part of the conference examines the experiences of Chile, India, Korea and Thailand in their capital account liberalisation, with the view of drawing useful lessons for Mainland China. The second part focuses on the Mainland, assessing the effectiveness of current policies in dampening the impact of capital inflows on the domestic economy, their costs, as well as policy options of outward investment. A final paper will gauge the current level of financial integration between the Mainland and Hong Kong, and discuss the policy implications. I am pleased that this conference has brought together a group of experienced researchers and policymakers from a wide range of central banks, international organisations and research institutes. As earlier noted, the recent global financial turmoil will probably turn out to be the most critical time in recent economic history which will shape future economic and policy thinking. I hope this conference can provide a useful platform for fruitful discussions on capital account liberalisation to enhance our understanding on the issue. I wish the conference great success. BIS Review 141/2008  3
From the perspective of the National Bank, this means that the Government is trying to anticipate the policies that we implement to maintain the level of the exchange rate and it takes them into consideration when adopting the budget. It is clear that the National Bank and the Government may adopt essentially good decisions in their respective spheres of action if they cooperate even during the discussions which precede the decisions. The cooperation with the Government would also be in terms of creating conditions for the social dialogue to take into account the challenge we face in conducting the monetary policy. This actually means that the inflationary pressures which in themselves would result in faster development of the domestic economy, as well as more positive output gap compared with the countries of the Eurozone, would also lead to more pronounced interaction with the increase in unit labor costs. The perception of close coordination between the Central Bank and the Government in dealing with this challenge would mean that both public institutions are aware of the need to adjust to the conditions that the maintenance of price stability through the exchange rate brings. This adjustment would prompt the Government, through dialogue with social partners, to advocate a moderate growth of wages, i.e. wage growth which will take into account productivity in both the tradable and non-tradable sectors. This would lead to increased employment, while simultaneously improving the competitive position of enterprises, which would alleviate the emergence of imbalances in the economy as a whole.

Consequently, the essential question for the monetary independence comes down to whether it contributed to building confidence in the specific context in which it was accomplished. The answer to this question in the last fifteen out of the twenty years that have passed since the monetary independence is an unambiguous YES. Even though we lost a lot of effort in dealing with the consequences of premature abandonment of the said Anti-inflationary program, the National Bank has been successful for fifteen years in achieving its main objective – maintaining price stability. BIS central bankers’ speeches  1  Stable exchange rate is an intermediate objective for achieving the main objective. The interest rate on the main instrument of the National Bank is an operational signal that we are truly determined to maintain the stable exchange rate. Of course, there were and there will be speculations on the currency market, as there were and there will be debates, to some extent caused by partial economic interests, regarding the overall structure of the monetary policy. The former are an integral part of the market economy, and the latter are part of the public debate. The National Bank has the capacity to respond to a speculative attack on the exchange rate and at the same time it is an active participant in theoretical debates and empirical studies.
Specifically, the  4  BIS Review 104/2007  latter Act will stipulate prompt corrective action and grant the Bank of Thailand power to conduct supervision on a consolidated basis. The current Financial Sector Master Plan (FSMP) will move into its second phase, with an emphasis on increased competition and consideration on potential entry of new players to further enhance financial efficiency and resiliency. Our accession to the Basel II accord will upgrade the risk management of banks to the best standard and will further enhance financial sector stability. Ladies and Gentlemen, To end my talk today, I would like to emphasize that policymakers must avoid misplacing the focus of policies just on short-term issues. They must instead always weigh very carefully between short-term and long-term objectives toward achieving strengthened resiliency of the overall economy. Only with such resiliency, will a small open economy like Thailand be able to sail through the waves of global financial turbulence in the years ahead. BIS Review 104/2007  5

It should vary according to the type of collateral which banks provide, as indeed it does to some extent now. Access to central bank money or asset swaps should, as far as possible, encourage banks to manage liquidity risk prudently. Without the correct pricing structure, the incentives to encourage future risk taking are obvious and potentially large. Valuation margins – or haircuts – are used to protect our balance sheet. By themselves, they aren’t sufficient to create a general pricing structure. The cost imposed by a margin depends primarily on the difference between the costs of secured and unsecured funding, and that will vary across banks and over time. So the key is in the interest rates charged by the central bank. The second challenge is to overcome the ‘stigma’ problem that has plagued the use of central bank facilities throughout the crisis. Commercial banks have feared that, by accessing funding from the central bank, they would acquire a ‘black spot’ in the market. They have been reluctant to come to their central bank unless in good and extensive company. These are challenges that all major central banks are grappling with. They will not be easy to overcome. But with our international colleagues we are aiming to devise a framework that does so.
So it is not right to argue, as some people have done recently, that because inflationary risks and pressures arise from the global economy they should be ignored by the monetary authorities.7 In the UK and in many other countries, monetary policy responds to global shocks and influences all the time. Nor is it correct to argue that inflation generated by import prices is outside the control of monetary policy. Monetary policy affects the exchange rate – which in turn can offset or reinforce our exposure to rising import prices. And the demand climate and the price expectations of firms can affect how much of this imported inflation comes through to the consumer. Yet in the UK, monetary policy has not only accommodated a large part of the recent surge in energy and commodity prices but also allowed a very significant sustained fall in the value of the pound, which has aggravated the rise in UK relative inflation relative to our peer group of other European economies.8 Rather than dismissing the impact of global influences on domestic inflation, monetary authorities need to assess how far they pose a threat to price stability – either in the direction of persistent inflation or persistent deflation. In the UK, we took the view in late 2008 and 2009 that the threat of deflation was the biggest risk in the wake of the global financial crisis, and cut interest rates to historically low levels, supported by direct injections of money into the economy through the policy of Quantitative Easing.

While this is good from the point of view of fiscal management, it was not conducive to debt market development, in the sense that we did not have a representative yield curve for the Hong Kong dollar. As we all know, a liquid and deep debt market is an important component of a financial centre. The HKMA therefore decided to develop a local debt market through a two-pronged approach, namely to develop a market of high quality Exchange Fund paper, and to build an efficient financial infrastructure. A market for exchange fund paper In order to facilitate the development of a Hong Kong dollar debt market, the HKMA rolled out the Exchange Fund Bills and Notes programme in 1990. This initiative has been very successful in creating a yield curve for Hong Kong dollar. As of today, the yield curve has been extended up to 10 years and serves as a benchmark for debt instruments issued by other entities in the local market. In order to maintain a liquid market for the Exchange Fund paper, the HKMA has also put in place a market-making system under which market makers are obliged to quote two-way prices. Currently, 26 banks in Hong Kong have been appointed as market makers, and tenders of Exchange Fund Bills and Notes of maturities between 3 months and 10 years are held regularly. These arrangements have been effective to help promote the liquidity of the Exchange Fund paper and enhance the credibility of the Hong Kong dollar yield curve.
Zamani Abdul Ghani: Growth and development of SME’s in Malaysia Opening address by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the Top SMI Supporter Award Presentation, held at the Credit Guarantee Corporation Malaysia Berhad (CGC), Petaling Jaya, Selangor, 9 June 2008. *  *  *  Bismillahirrahmanirrahim Distinguished fellow members of the Board of Directors of CGC, Yang Berbahagia Datuk Wan Azhar Wan Ahmad,Managing Director of CGC Distinguished Guests and Representatives of Financial Institutions Members of the Media Ladies and Gentlemen Assalamualaikum w.b.t. and a very good afternoon On behalf of the Board of Directors and Management of the Credit Guarantee Corporation, (CGC), I am pleased to welcome you to this Top SMI Supporter Awards Presentation ceremony. This occasion is held in conjunction with the CGC's 35th Annual General Meeting that was successfully concluded just a while ago. I am pleased to note the encouraging representation made here today by fellow members of financial institutions. This signifies the importance that financial institutions attest to this CGC's annual award presentation ceremony. That said, allow me to record our appreciation to all of you for making this ceremony an important event in your calendar. This Top SMI Supporter Awards presentation ceremony, as you are all well aware, is an annual occasion. It recognises the active participation by financial institutions in CGC's credit guarantee schemes in particular, and contributions by financial institutions to SME development in general. We firmly believe such efforts should not go unnoticed.

Our leadership must lead to an outcome which makes practical sense, measures up to international best practices, and must be market-oriented. On this front, we have been actively involved in the consultation process for the New Basel Capital Accord, which will provide a more comprehensive and sensitive approach to addressing risks through the use of minimum capital requirements, supervisory reviews and market discipline. The second agenda of the banking sector reform is enhancing our risk management capacity. Toward this end, our Supervision Group has moved from regulation and transaction-testing toward risk-based supervision. We realize that good rules alone do not automatically translate into honorable practices. Therefore, we consider an upright supervisory role as a sine qua non to ensure honest banking practices. The new supervisory practices can be considered a milestone in this area. Our aim is to nudge Thai banks to change their business practices. Currently, they are working harder than ever to satisfy some of the new rules, notably those that link risk-based classification of debts to provisioning for loan losses. BIS Review 16/2002  3  We are in effect encouraging banks to eschew the old norm of collateral lending and adopt new practices of examining cash-flow projections and other indicators. This reform was implemented hand in hand with the corporate sector reform under the purview of the SEC. This practice will only lead to a more efficient allocation of financial resources.
Figure 8 Nominal exchange rate (index, 1 Jan 2000 - 19 Dec 2011=100) 180 160 140 120 100 80 60 40 Australia Japan Switzerland Czech Rep. N. Zealand China Brazil Thailand Canada Peru Colombia Norway Sweden Malaysia Philippines Eurozone Chile Israel Poland S. Korea Hungary U.K. South Africa U.S. (2) Russia India Mexico  180 160 140 120 100 80 60 40  Range (1)  Average  July (3)  Spot  (1) The range shows maximum and minimum values of the currency during indicated period. (2) Considers Broad index . (3) At 27 Junly. Sources: Central Bank of Chile and Bloomberg. BIS central bankers’ speeches  11  Figure 9 Actual and expected MPR (percent) 9 8 7 6 5 4 3 2 1 0 07  08  09  10  11  MPR  12  13  FOS, first half December 2011 Forward , Forward December 2011 Report 2011 IPoM diciembre  EEE, December 2011 Source: Central Bank of Chile. Figure 10 Total corporate debt (1) (% of GDP) 100  100  80  80  60  60  40  40  20  20  0  0 05  06  07  08  09  10  11.I  11.II  Banks' external debt  External bonds debt  External non-financial debt (2)  Bank debt (3)  Factoring & leasing  Bonds (4)  11.III  (1) Total debt Chilean non-financial firms. (2) FDI-related loans and commercial credits. (3) Commercial & comex.

When the implementation was slow, at the end of 2003, the European Central Bank (ECB) intervened to speed up the process outlining to the banking community a defined and stringent timetable and requiring greater commitment from the banking industry in delivering SEPA. The governance of SEPA has also been entrusted to banks and banking associations implying the need for extra regulatory processing. This move too failed and resulted in unsatisfactory outcomes. Similarly, product development has not been advantageous to the users as expected earlier. Another problem encountered by SEPA was that some of the SEPA instruments were seen as too basic to fit both the user requirements and the efficiency improvement in the European payment system. A market driven migration from existing national non-cash payment products to the new Euro area-wide SEPA products have not been able to provide the same minimum service levels that exist in individual countries. In order to ensure that the new Euro area–wide products use technology developments and produce future oriented or forward looking payment instruments, the ECB had to intervene and caution product developers. SEPA is an example which illustrates the consequences of leaving matters with a group which is not fully committed to the task, without appropriate leadership. The ECB has to stepin to ensure successful completion of the initiative and to move the project on a time target. This episode indicates that the selection of a catalyst and a responsible leader is essential for national as well as regional payment reforms.
I am glad that, true to private sector entrepreneurial spirit, you have opened a branch in Luangwa where there was no bank representation from pre-independence days. In spite of the not - so reliable electricity supply to the area and the not – so good road to Luangwa, you did not see these as impediments to bringing banking services to Luangwa but rather you have looked at them as challenges to be overcome. Mr Managing Director, the step taken by your bank is to be lauded. I take this opportunity to appeal to the entire management to take the findings of the FINSCOPE Survey as a serious challenge to the Banking Industry to reduce the percentage of the unbanked population. 6. Planned move to the Listed Tier of Lusaka Stock Exchange  I am informed that due to the phenomenal growth of the Bank, Management and shareholders have agreed to move the Bank up the ladder to the Listed Tier of Lusaka Stock Exchange very soon. This has become necessary in order to raise more requisite capital and enhance the bank’s profile and oversight. This is an important step as it will mean that the bank will broaden public participation in its ownership and other public institutions will now participate as well. I therefore call upon Zambians and parastatals to take up shares in the bank. I am told that the Bank is about to venture into new products such as Women Empowerment loans and Islamic Banking.

Zamani Abdul Ghani: Malaysia – seizing the opportunity to evolve Opening remarks by Mr Zamani Abdul Ghani, Deputy Governor of the Central Bank of Malaysia, at the Seminar on Financing for Overseas Project, Kuala Lumpur, 14 January 2010. *  *  *  I am pleased to be invited today to officiate this Seminar on Financing for Overseas Project. On behalf of Bank Negara Malaysia, I wish to thank and congratulate the EXIM Bank, the ICD and the CIDB for their efforts in organizing this important and invaluable Seminar. The continuous collaboration among Malaysian private and public related organizations with the IDB and its related organizations demonstrate the solidarity of the Muslim Ummah and the community at large towards achieving a strong and sustainable economic development. This also reflects the growing importance of cross border trade and investment among the OIC member countries. We, at Bank Negara Malaysia, are pleased to note that over 200 participants from more than 100 companies in Malaysia are participating in this Seminar. Today’s Seminar which brings together participants in the related industries, not only provide information on the business opportunities abroad, but also serves as an excellent platform to establish new networking links as well as sharing of innovative ideas and invaluable experiences. Malaysia has always accorded and will continue to accord a high priority on enhancing collaboration with the OIC member countries towards fostering intra-OIC trade and investment. Realizing the large business opportunities in the OIC countries, Malaysia entered into an MoU with the IDB in 2004.