samchain/econo-pairs-v1 huggingface dataset:
The first is that price formation for rental properties in relation to tenant-owned properties is distorted, which means that the stock of tenant-owned apartments may come to comprise an overly large part of the total apartment stock. This could be negative for growth, as it could mean that, for instance, young people and other groups with a shortage of capital may experience difficulty in entering the housing market and moving to where the jobs are. Prices of apartment blocks are largely governed by prices for tenant-owned apartments, as apartment blocks are currently sold most often in connection with a changeover from rental property to tenant-owner associations. This means that as long as the utility value principles apply for apartment rents and prices for tenant-owned apartments remain high, the difference between the development in rents and prices will remain. As the utility value system limits the income a rental property can generate, the market value of rental property is also limited, and both the owner of the rental property and the future tenant owners profit if the property is transferred at a price somewhere between the market value for rental properties and the market value for tenantowner apartments. Despite the fact that prices for tenant-owned apartments have fallen slightly, the difference between the price of apartment blocks sold to tenant-owner associations and the price of rental properties indicated by rent levels.

The banks’ credit assessment procedure is not a static process. The major Swedish banks currently have well-functioning organisations, methods and systems for assessing loans and managing credit risk. Developments in financial theory and rapid advances in IT over the past decade have created new and improved conditions in this field, and the banks have made good use of this. As a borrower it is important to be aware that the individualisation in the modern credit granting process has also been taken up in the shaping of the new capital adequacy rules, where it will be possible to price loans more fairly. Why do we have capital adequacy rules? As the banks play such a central role in the payment system, and the costs of disturbances in the system and in the credit market would be very large and have to be borne not only by the borrowers and lenders, but by society as a whole, the banks have long been subject to scrutiny and oversight with regard to their risk-taking. Since 1988 we have had an international agreement, the Basel Accord on capital adequacy rules. This involves, in simple terms, regulations as to how much capital a bank must hold with regard to different borrower groups for each hundred krona it lends out. It is much more costly for the banks to finance themselves by holding their own capital than through borrowing, just as for other companies.
This was particularly so in the final stretch of the lockdown-easing process when trips between provinces in different regions and the arrival of foreign tourists from the Schengen area were once again permitted. However, it is worth noting the role that voluntary limitations on movement probably continue to play. These mean that movement is still some way off full normalisation, especially as regards international movements, which are so important for a country such as Spain where, as you know, the significance of tourism within the productive structure is so high. In late June, the volume of air traffic was still 65% down on the previous year. The recovery has been more patent in the mobility indicators, which tend mainly to reflect national movements (such as motorway traffic), or the indicators constructed with mobile telephony data, which include trips to workplaces, retail establishments or leisure centres, with yearon-year reductions of around 15% in all instances. This path of partial recovery in mobility has been reflected in the high-frequency indicators of economic activity, whose year-on-year declines have progressively eased. By way of example, the fall in electricity consumption by firms is expected to have eased between the opening weeks in April and the final weeks in June by close to 20 pp, to around - 10%.

At best the advisory bodies would create a continuous national dialogue with warnings and recommendations to politicians that would boost transparency and put long-term fiscal goals at the heart of the debate - a reinforced version of the process that has helped Denmark, the UK and Sweden to improve fiscal soundness. The experience of central banks is that transparency and goals help form expectations and behaviour, enlisting the public in the struggle for macroeconomic soundness. After a while, the discipline that initially seemed practically unattainable becomes almost natural. Thank you. BIS Review 66/2004  3
Currently, the inflation rate is too low, but the main factors pushing down domestic inflation are of a transitory nature. Medium-term price stability is not in doubt. Thank you very much for your attention. 6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches

Brian P Sack: Preparing for a smooth (eventual) exit Remarks by Mr Brian P Sack, Executive Vice President of Markets Group of the Federal Reserve Bank of New York, at the National Association for Business Economics Policy Conference, Arlington, Virginia, 8 March 2010. *  *  *  Thank you for inviting me to speak today. In my remarks, I will provide an update on the progress that the Federal Reserve is making toward preparing for a smooth exit from the extraordinary policy actions that were taken in response to the financial crisis. 1 I should note up front that I will not be providing any information about the likely timing of policy tightening; those decisions will be made and communicated by the Federal Open Market Committee (FOMC). Instead, I will focus my comments on the policy tools and strategy that are likely to be used whenever that exit becomes appropriate. I will also discuss the preparedness of financial markets for the Fed’s exit, in order to assess how financial conditions may evolve as the exit approaches and gets under way. When the time comes to tighten monetary policy, the Federal Reserve will be embarking on a tightening cycle like no other in its history. First, this tightening cycle will have two policy dimensions, in that the FOMC will have to decide on the path of its asset holdings in addition to the path of the short-term interest rate.
In the last decade, where inflation has been 3.2% on average, output volatility has dropped markedly with respect to previous decades (Figure 2). These results suggest that the conduct of monetary policy by an autonomous central bank has had a first-order effect on our macroeconomic performance. As for the inflationary process, the research findings are encouraging. The greater credibility of the Central Bank regarding its inflationary objective, which is confirmed directly in the market’s inflationary expectations two years ahead, has reduced the well-known tradeoff between inflation and growth. The evidence shows that today inflation is better anchored in future inflation expectations. Inflation looks less to the past and more to the target. This means that when shocks hit the  BIS Review 156/2009  3  economy, the adjustments entail a smaller stabilization cost and, therefore, more output stability, without jeopardizing the inflationary objective (Céspedes and Soto, 2007). Proof of the importance of the central bank’s autonomy and the associated gain in credibility has to do with the capacity to implement countercyclical policies. The stabilizing actions of an autonomous central bank allow it to confront negative shocks without sacrificing credibility. A good example is the recent Chilean experience. The substantial injection of liquidity and the subsequent sharp cut in interest rates as a response to the international financial crisis of September 2008 occurred within a context where inflation expectations over the policy horizon remained in line with the inflation target.

Erroneous price signals lead to mistaken investment decisions, that is, to a less efficient use of resources, which reduces the economy’s productive capacity and, ultimately, its growth. There is abundant evidence of the harmful effects of inflation on long-term growth (Barro, 1995; De Gregorio, 1995). But, why does inflation tend to be higher when the central bank is not autonomous? To begin with, there is a need for public expenditure financing. There are various reasons why there is always pressure to increase public spending. Many of them are well-known and it is beyond the purpose of this presentation to discuss them. The truth that this tendency to raise public spending combined with the fact that the inflation tax is easy to collect, creates a natural pressure towards higher inflation. BIS Review 156/2009  1  Numerous episodes where fiscal objectives have dominated price stability goals have resulted in significant inflationary spirals, which are very costly for society. This fact is wellknown in Chile and in the rest of our region. A second element behind the inflationary bias has to do with the so-called dynamic inconsistency problem. In parallel with the tendency of the government to increase public spending comes the incentive to boost economic activity above sustainable levels. There are several reasons for this to occur. Potential market failures may result in a less than socially optimal output level, or political cycle motives can lead the central bank to try to boost economic activity beyond the level believed to be sustainable in the medium term.
For instance, it confirmed the rather worrisome result that financial knowledge amongst young persons of age 18-29 years in general is rather low. In particular, they score 4.4 out of 7 compared to 5.3 out of 7 for the 40-49 age group. Econometric evidence also shows they are 3.2 times less likely to achieve the minimum score of 5 out 7 in knowledge questions than the 40-49 age group. According to the international literature, it is crucial for policymakers to intervene and ensure that financial literacy is taught as a course in the school curriculum early on when children are active, keen learners and more willing to get educated about new concepts. Therefore, schools as an environment conducive to learning, play an essential, if not the most important role, in the formulation of a National Strategy in order to address the problem of financial illiteracy early on in an individual's life. Further to the analysis undertaken by CBC staff in support of the work of the Committee, online meetings and regular contacts have taken place between the Committee and a team of distinguished scientific collaborators, who have specialised and international expertise in the field. Namely, Dr Adele Atkinson (Atkinson Financial Research and Policy, formerly from the OECD), Dr Maria Demertzis (Deputy Director at Bruegel), Prof. Michalis Haliassos (Goethe University Frankfurt), Prof. Alexandros Michaelides (Imperial College London), and Prof. Dennis Philip (University of Durham) whom I have already mentioned.

But of course, the handing of such powers to an unelected group of people raises serious issues and challenges. How can such a group be trusted to implement what our society wants when it cannot be sent packing through the ballot box? How can it be legitimate that unelected technocrats take decisions that affect people’s lives? These are understandable, real concerns. And they must be addressed. Those of us to whom a degree of independence has been granted must remember that we have no natural right to it. We are citizens in service, not people in power. Two important features of the way power has been delegated to us make that so. First, Parliament delegates to us a clear mandate. We cannot pursue whatever our own preferences may be. That’s why we have, as it’s known in the trade, instrument independence, but not goal independence. We do not have the independence to decide what the instruments are used to achieve. 5 Second, our performance against Parliament’s mandate must be able to be assessed. This means we can be held to account for delivering what we’ve been told to deliver. These two features were central to the creation of the Monetary Policy Committee in 1997. It has a clear remit from Parliament: a target of 2% consumer price inflation. There is no danger of the committee being able to impose any other standard. 5  Guy Debelle and Stanley Fischer. "How independent should a central bank be?". Federal Reserve Bank of Boston, 1994.
All these developments contributed to the growth of the Kingdom’s economy and enhanced the stability of its financial sector. Domestic banks’ capital adequacy ratio (Basel Standard) stood at 17.8 percent at the end of the second quarter of 2014, exceeding the prescribed rate of 8 percent. In addition, stress tests conducted periodically by SAMA on commercial banks showed good results. Banking services witnessed further expansion throughout the Kingdom. Commercial banks’ branches increased by 53.8 percent to 1,862 at the end of July 2014, compared to 1,211 at the end of July 2004. In recognition of the importance of using latest technological developments in the banking field, SAMA worked with domestic banks on the introduction of the latest secure banking technology. In this regard, the value of transactions carried out through SARIE system picked up to SAR 54.6 trillion in 2013 from SAR 8.1 trillion in 2004. Moreover, the total number of transactions executed through ATMs went up to 1,335.5 million in 2013 from 412.1 million in 2004. During the same period, the total number of transactions carried out through POS terminals increased to 294.1 million with a total value of SAR 144.3 billion from 52.1 million with a total value of SAR 23.9 billion. The number of bills paid through SADAD system increased to 160.8 million with a value of SAR 176.6 billion in 2013 from 43.5 million with a value of SAR 22.0 billion in 2007.

SAMA effectively contributes to the efforts exerted in international regulatory reforms, enabling SAMA to cope with the latest developments and international standards in supervision and control. On this occasion, I pray to Almighty Allah to preserve the security and stability of our country and may the Kingdom’s continue its development march under the wise leadership of the Custodian of the Two Holy Mosques, Crown Prince and Deputy Crown Prince. 2  BIS central bankers’ speeches
Household income has been sharply restricted, particularly in 1995–96. So have public activities. In one respect, moreover, the outlook is still troublesome, namely as regards employment. Despite the economic recovery, a rapid expansion of employment has proved difficult to achieve. It is worth noting, however, that the number of private sector jobs, in services in particular, has in fact been rising continuously since 1995. But this has not made up sufficiently for the contraction of employment during the 1990s in, for example, the public sector and construction. After this review of developments in recent years, I shall now discuss the Riksbank’s appraisal of the coming twenty-four months, which is the period we need to consider when conducting monetary policy. 3. The message in June In the latest inflation report last June the Riksbank presented an economic forecast for Sweden and its implications for the path of inflation up to the middle of the year 2000. Our assessment was that the trends in recent years, with high growth and low inflation, would continue in the years ahead. The economic upswing was assumed to continue in the forecast period, with annual growth rates around 2.5 per cent this year and 3 per cent in the next two years. The forecast involved an increasing contribution from rising domestic demand, accompanied by a successive fall-off in export growth. Private consumption was expected to pick up, partly in view of rising household income.

A forecast rate of inflation above the target normally leads to interest rate increases, just as an expected rate below the target prompts the Riksbank to lower the repo rate. Inflation is assessed on a continuous basis. New information—fresh economic statistics, for instance, or signs of a change in some economic relationships—leads the Riksbank to review its current forecast and make the necessary changes. If a new forecast indicates that future inflation will deviate from the target, then the Riksbank has to adjust the repo rate in accordance with the new assessment. However, assessments of future inflation—like any other forecast—are bound to include an element of uncertainty. Moreover, observers are liable to differ on which future path is most probable. So it is hardly surprising—rather a healthy sign—that our inflation assessments and monetary policy are sometimes a subject of lively debate. But while inflation assessments may vary, in Swedish society today there is broad support for focusing monetary policy on price stability. BIS Review 66/1998  -22. Recent years The Swedish economy, as we all know, went through a profound crisis in the early 1990s. This is not an occasion for discussing the causes of the crisis in depth. It will suffice to note that the origins lay in structural weaknesses in Sweden’s economy. But the crisis also had to do with shortcomings in stabilisation policy in the late 1980s and early 1990s. Since production stopped falling and growth restarted in the course of 1993, economic developments in Sweden have exceeded expectations in several respects.
At the end of the 1980s, Sweden found itself in a situation with rapidly rising inflation and a rate of wage increase of around 8 per cent, just under half of which comprised wage drift. The high increases in payroll expense in Sweden finally became untenable when demand plummeted in connection with the international recession in 1991. The Carlsson government succeeded after many vicissitudes in parliament in establishing a stabilisation agreement for the period 1991-1992, what was known as the Rehnberg agreement. This included a ban on local bargaining and thus wage drift. The inflationary flexibility clauses were abolished. The Rehnberg agreement contributed, alongside lower inflation, falling profit margins and a severe decline in demand, to a reduction in the rate of wage increase from approximately 10 per cent in 1990 to around 4 per cent in 1992. The agreement expired in 1992, but was in practice extended, after a normative agreement was signed in the trade sector. When the 1995 collective wage agreement bargaining began, there was still considerable uncertainty. The krona had weakened significantly following the Mexico crisis and the budget consolidation process was not yet complete. There was a risk that inflation might accelerate again, partly because of a sharp rise in producer prices in the wake of the krona depreciation. The Swedish Trade Union Confederation's attempts at coordination in wage bargaining failed, while the employers were calling for decentralised wage formation. 1995 proved to be a year filled with conflicts.

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.
The Fund’s business is to take calculated risks, and in the new environment of integrated markets, there are cases where heavy financing of a country’s balance of payments difficulties is justified. In Korea, for instance, it was  BIS Review 69/2004  3  a success. The 50billion dollar rescue package supported a rapid turnaround in confidence and economic performance. This being said, however, one point should be very clear. The IMF is not, and should not be, in a position to always fully offset the volume of private flows. For one thing, Fund resources are limited. For another, the systematic relief of debtors’ and private creditors’ responsibilities through Fund financing would create problems of moral hazard. An excessive bail-out of negligent investors would also be perceived as unfair by those who are left behind to bear the cost of the crisis. The most important aspect in decisions on exceptional access to Fund resources does not concern amounts. It is rather an issue of whether lending is justified altogether. To help to take this decision - and also to increase the predictability of Fund action - a framework was developed. According to this framework, the Fund should grant exceptional access if three basic conditions are fulfilled. First, there must be a high probability that the debt will remain sustainable; second, the country must have good prospects of regaining access to private capital markets; and third, the policy program of the member country must provide a reasonably strong probability of success.

Students spend about one to two days in class, and three to four days at work each week for a period of one or two years. Now in its fourth year, the programme has taken in 37 students. This includes 22 who have graduated from the programme, of which 9 students have successfully secured a job oﬀer at the bank before graduation. The WSDeg programme is a win-win proposition. The students get an early taste of what the industry is like which can help them make better informed career decisions. For the firms, internships are an eﬀective talent attraction tool – employers can tell a lot more about the suitability of prospective employees through a short internship on the job compared to any number of interviews and tests. We need to dramatically scale up such programmes. https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  14/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  MAS will introduce a new Work-Study Support Programme to co-fund the internship stipend of students who are trainees at financial institutions under WSDeg programme. Funding will be at 80% of the monthly stipend, capped at $ per trainee. MAS has been working with the private banking industry for an indicative commitment of about 200 trainees over the next 3 years. We plan to expand our eﬀorts in other growth areas too, such as asset management.