samchain/econo-pairs-v1 huggingface dataset:
(Zero repo rate is like throwing petrol on a bonfire) SvD Näringsliv online version, 31 October. Svenska Dagbladet (2014c), “Riksbanken bäddar för kris”. (Riksbank paves the way for a crisis) Interview with Lars Jonung, SvD Näringsliv (business section of Svenska Dagbladet newspaper), 7 November. Svensson, Lars E. O. (2014), Inflation Targeting and “Leaning against the Wind”. International Journal of Central Banking 10(2), June 2014. Visco, Ignazio (2014), The challenges for central banks. Central Banking Journal Volume XXV, August. Wolodarski, Peter (2009), Iskallt uppdrag. (Icy mission) Signed editorial, Dagens Nyheter, 27 December. Wolodarski, Peter (2014), Noll rätt för Riksbanken de senaste åren. (Zero right for the Riksbank in recent years) Sunday column, Dagens Nyheter, 2 November. Woodford, Michael (2012), Inflation Targeting and Financial Stability. NBER Working Paper No. 17967. Yellen, Janet L. (2014), Monetary Policy and Financial Stability. Speech at The 2014 Michel Camdessus Central Banking Lecture. International Monetary Fund, 2 July.

Although hikes were seen in these indicators, which edged up again in  BIS central bankers’ speeches  3  November and December, the main trend of inflation remained in line with medium-term targets (Figure 7). Against this background, medium-term inflation expectations declined significantly (Figure 8). While near-term inflation expectations declined in a higher ratio compared to the previous quarter, the longer the maturities, the less was the decline in expectations. 12 and 24-month ahead inflation expectations remained above the figures implied by the targets for 2011 and 2012 year-ends, however, the difference went down slightly in the last quarter (Figure 9). 4  BIS central bankers’ speeches  2. Monetary policy response  After commenting briefly on inflation developments, I would now like to cover the policies pursued by the Central Bank during the last quarter. The second round of quantitative easing initiated in the last quarter of 2010 by some advanced economies and the attendant ramp up of capital inflows to emerging markets has required significant modifications to the CBRT’s strategy. Macroprudential measures were needed because short-term capital inflows have strengthened the divergence between domestic and foreign demand causing the current account deficit to widen rapidly. Since core inflation trends were in line with medium-term inflation targets, the monetary policy was able to focus on financial stability. The new monetary policy strategy envisions the use of multiple instruments to manage both internal and external balances.
BIS central bankers’ speeches  15  the use of cash means that central bank revenue from the issuing of banknotes and coins – known as “seigniorage” – decreases, which further inflates the risks of central bank finances becoming more strained than previously in the period ahead. Less room for manoeuvre in the wake of financial globalisation Central banks’ room for manoeuvre is affected not only by how independent they are in accordance with national regulatory frameworks. I have today spoken about how central bank operations, in basically all areas, are influenced by financial globalisation. Over the past 30 years, international capital flows have increased dramatically. 34 This reflects the gradual liberalisation of capital flows that has occurred over a long period. In the right circumstances, especially when countries have achieved a certain level of institutional and financial development, and when there are regulations and oversight, free capital flows lead to considerable efficiency gains. But it does not mean that the completely free movement of capital is good for all countries at all times. The fact that many countries have been affected by the US credit cycle is nothing new, but the fact that this synchronisation now includes developing countries as well as a large number of other countries is a more modern phenomenon. This increased global financial covariation does not just apply to credit in relation to GDP but also within basically all financial asset types.

Even if property prices do fall further, there is a strong incentive for homeowners to continue to service their mortgages. The main problem loans we have seen so far have been in the corporate sector and in trade finance. Some companies have run into unavoidable problems because of the regional situation while others may have over-extended themselves. However, it is worth noting that the corporate sector in general in Hong Kong has avoided the excesses seen in the rest of the region. In general, companies in Hong Kong are not highly leveraged compared with their counterparts in the region and have not poured resources into an indiscriminate build-up of fixed assets. The banks have also tended to follow more prudent lending policies than those elsewhere and are better protected by their ability to take and realise good collateral. We do not therefore expect to see the collapse of asset quality that has occurred in some regional economies where corporates and the banks have also had to contend with massive exchange rate depreciation. The local banks in Hong Kong also have the benefit of the cushion provided by their high capital adequacy ratios. This means that even if the banks do have to make higher provisions this year, it will be their profitability rather than their solvency that is affected. While lower profitability is by no means welcome, it is not, by itself, a cause for concern in terms of the stability of the banking system.
Ardian Fullani: Bank of Albania – progress during 2006 Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the “Round Table on Target Inflation 2”, Tirana, 8 December 2006. *  *  *  Ladies and gentlemen, I want to conclude this Round Table by thanking you all for your contributions. We are really happy that you came to Tirana for discussing the monetary policy strategy of the Bank of Albania. This Round Table on Inflation Targeting was an excellent follow-up of the Open Forum. At the Open Forum last year in December we globally discussed the many preconditions for Inflation Targeting. During these two days of the Round Table, yesterday and today, we went far deeper on these complex issues. These issues need to be solved before the Bank of Albania can put a fully fletched Inflation Targeting regime into place. At this Round Table we have discussed the progress that the Bank of Albania has been making during 2006. One of the discussed topics was the econometric modeling and forecasting. The Bank of Albania uses now a reliable analytical framework that provides information useful to the monetary policy decision making. Under Inflation Targeting more information would be needed about the expected inflation developments in the future. As laid down in the central bank law, the primary objective of the Bank of Albania is to achieve and maintain price stability in Albania. For keeping prices stable we need to be able to forecast the development of prices in the future.

Next to the broadening and deepening of the statistical framework the Bank of Albania will improve upon its communication with the public. We discussed during this Round Table the transparency of the Bank of Albania. We concluded that significant progress has been achieved. But next to transparency, the Bank of Albania wants to improve upon the information that it provides to the public. The Bank of Albania aims at making monetary policy understandable to everybody. We know already that money matters. The more money we possess, the more we can buy, and the more our economy will grow. The more our economy grows, the more people can share. Poverty will be reduced. But what about monetary policy? We all know that higher wages or lower prices are beneficial for our personal pockets. The higher the wages, or the lower the prices, the more we can buy. But for the Albanian economy as a whole, there is a flipside. This flipside is inflation. More spending will lead to higher prices in the medium to long term. And these higher prices, I can also say “higher inflation”, is damaging for the Albanian economic growth. For this reason the Bank of Albania safeguards price stability. Our main task is to keep prices stable. In order to do so, we set the main interest rate. The Bank of Albania wants to communicate better on all these monetary policy issues. It wants to explain the monetary and financial benefits at the micro and at the macro level.
In short, to be effective, markets must also be fair. And we need to invest in social capital just as we invest in economic capital. That is why the Bank, Treasury and Financial Conduct Authority are undertaking a major review to secure true markets. Markets:  3  4  Adam Smith (1789), The Theory of Moral Sentiments. BIS central bankers’ speeches  •  that are open and transparent;  •  where access extends beyond a privileged few;  •  where all who wish to trade have common information and commonly accessible prices; and  •  where the informational integrity of key benchmarks is beyond question. Some of this will require changes to the way markets work. Some can be delivered by bringing more activities within the scope of regulation. And some may require new codes of conduct. We need a simple approach that recognises that the actions of a few to manipulate, game or profit from unfair access weakens the effectiveness of markets for all. Such actions hold back prosperity. They should therefore have clear consequences. Our approach should deliver true markets which are the greatest source of dynamism, prosperity and progress. Completing this agenda will reinforce the G20’s efforts to rebuild an open and resilient financial system, and in doing so it will support underpin global trade and investment to the benefit of all. Conclusion The UK, the Commonwealth and the world have always drawn inspiration from great Scots.

This morning, I would like to illustrate to you how our commitments to fintechs are being implemented in practice: (i) firstly by enhancing dialogue, (ii) secondly by facilitating their integration into the regulatory framework, (iii) and lastly by conducting experiments with them. I. Enhancing the dialogue with fintechs We communicate with fintechs primarily through the specific correspondents of the Banque de France and the ACPR. At the Banque de France, thestart-up correspondents, also French Tech correspondents, assist start-ups at all stages of their project (financing, ratings, etc.). At the ACPR, the Fintech Innovation Unit is a dedicated gateway for fintechs. Each year, about 250 discussions are conducted in this context, half of which being initial contacts with innovative project leaders. With the development of the fintech ecosystem, it became necessary to broaden dialogue to all stakeholders, which is what our ACPR-AMF Fintech Forumembodies today. In addition to the productive working groups it initiated – I will come back to this later – this annual Forum day was introduced last year. This year, it is also part of the “French Fintech Week” in association with France Fintech (the sector’s professional association) and Swave (the first French start-up accelerator dedicated to financial services). As a sign of our commitment, the Banque de France and the ACPR will attend several key events during the week and Dominique Laboureix, Secretary General of the ACPR, will conclude the week in Lyon. II.
In another case, the employees of a bank that reported a suspicious transaction, were called and probed in the prosecutor office as being those the persons of actually being involved in ML. The reporting subjects and the institutions that implement the law, must define among each other certain procedures that would eliminate the occurrence of such case and that ensure the protection of confidentiality of the persons that have filed the suspicious reports. As long as this element is not totally ensured, any other discussion on the matter risks being a purely theoretical one, without much practical values. In conclusion, as a Governor, I must say that I would encourage a better cooperation among the institutions that are subject or that implement the law on AML. At the same time, Bank of Albania as the supervisory institution of its licensees will promote a stronger contribution by banks in Anti Money Laundering requirements implementation. In exerting our function, we shall not be limited to the verification of the existence and the functioning of the internal structures and procedures, but will deepen further on assessing the support the management structures of the banks, give to the real implementation of the AML internal policies. The position of a central bank is, according to the law, very comfortable, but playing the proactive role of a responsible central bank, showing the concrete implementation of this responsibility, we will intensify our efforts together with the other actors of interest to enable a better implementation of the law on money laundering prevention.

Allow me to close this speech, thanking the co-organisers of this workshop, the Tirana office of FSVC and the Albanian Association of Banks. I thank in particular all the specialists of the commercial banks and of the non-bank financial institutions that took part in this seminar, for their valuable contribution on preventing money laundering in their institutions. I thank particularly the foreign experts, Mr. Farrell and Mr. Burnside, that accepted to share with us their valuable experience. I wish this workshop has also been for them an interesting event. Thank you. BIS Review 49/2005  3
Islamic finance, ingrained with the values of socio-economic justice and the spirit of cooperation, has the potential to provide an answer to this quest. Already, it is gaining much traction around the globe. “For Malaysia to remain a central part of this solution”, we must build on our experience and continue to promoting legal certainty for Islamic finance – especially in importing and applying Shariah requirements to the Malaysian law. I certainly believe we can. I wish you all the best in your interesting discussions on dispute resolution today, and also in the days to come. 4/4  BIS central bankers' speeches

Furthermore, the SNB is obliged to give full account of its actions. This serves to make its decisions readily understandable for the general public, and to show whether and to what extent the targets have been met. The phrase ‘the overall interests of the country’ means that monetary policy is to be focused on the economy as a whole, rather than individual interests. It does not provide a basis for pursuing other objectives with monetary policy, even if the desired goals – as in the case of climate protection – are right and important for society. The SNB will remain committed to maintaining the current institutional framework in the future. Price stability is the most important contribution monetary policy can make with regard to growth and prosperity. This can also be seen in the current situation. High inflation has quickly pushed other important problems down the list of societal and political priorities. Ensuring price stability is thus also a prerequisite for successfully tackling other challenges facing society. Page 11/16  V. Concluding remarks The environment in which we conduct our monetary policy has changed. In recent years we have been concerned about inflation being too low; now we are concerned about it being too high. In this difficult and changing environment, a narrow mandate and a definition of price stability that anchors inflation expectations at a low level while at the same time allowing a certain amount of leeway with regard to the accepted level of inflation are important factors for a successful monetary policy.
Overall, market expectations suggest that interest rate hike cycles are nearing their end in a significant group of emerging economies. Moreover, several of them are expected to cut rates during 2023, particularly those that started raising their rates earlier (figure 10). In this context, global financial markets continue to show significant volatility. The local financial market has been adjusting to a lower risk scenario, with a significant drop in interest rates in pesos. Compared to early September, nominal 10-year papers posted decreases in the order of 125 basis points. Shorter-term rates —i.e., 1- and 2-year overnight index swaps (OISs)— fell by around 250 basis points in that period. At the same time, the spread with respect to international rates narrowed significantly. This behavior of nominal rates has arisen in a context of deteriorating economic expectations for 2023 and a reduction in expected inflation. Furthermore, the decomposition of long-term interest rates shows a growing preponderance of external risk factors, while domestic risk factors have decreased (figure 11). In any case, real rates show movements of a smaller magnitude. 4  The nominal exchange rate has continued to fluctuate significantly in recent months. Compared to the previous year-end, the peso depreciated by around 1%. Finally, domestic bank credit continues to be slow, amid a constrained supply and limited demand. The different credit categories show low annual variations by historic standards, while interest rates remain high. The third-quarter Bank Lending Survey indicates that credit supply conditions have become more restrictive, in the face of tight demand.

14  Figure 11 Structural decomposition of 10-year zero rate (*) (basis points, accumulated since 1 July 2019)  5 4  Growth Risk premium Total  Monetary Policy External  3 2 1 0 -1 -2 Jul.19  Jan.20  Jul.20  Jan.21  Jul.21  Jan.22  Jul.22  (*) Historical decomposition of the long rate from a BVAR based on the identification strategy proposed by Eterovic and Eterovic (2022), incorporating an external bloc. The exogenous bloc encompasses all U.S. shocks (monetary policy, growth, risk aversion and pure risk), which have been aggregated for simplicity. Source: Central Bank of Chile based on RiskAmerica data. 15  Figure 12 Trend growth trajectory (percent)  5 4 3 2 1 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Source: Central Bank of Chile. Figure 13 Inflation forecast (1) CPI inflation (annual change, percent)  14  Core inflation (2) (annual change, percent)  CPI  12  MP Report Sep.22 MP Report Dic.22  10  8  14  Core CPI  12  MP Report Sep.22 MP Report Dec.22  10  8  6  6  4  4  2  2  0  0 19  20  21  22  23  24  19  (1) Gray area, as from fourth quarter of 2022, shows forecast. (2) CPI without volatiles Sources: Central Bank of Chile and National Statistics Institute (INE).
The public authority role means that we are at the end of a delegation chain. The people have elected a parliament which has legislated on the Riksbank’s objective and appointed the General Council of the Riksbank. The General Council in turn appoints the Executive Board with six members who are to make the monetary policy decisions. This type of delegation may be appropriate when political decisions risk leading to time horizons that are too short. This problem is dealt with in monetary policy by the Riksbank having a high degree of independence and a clear statutory task. Delegation may also be appropriate if there is a question of technically complicated activities. Monetary policy is such an activity. There are also many other authorities, for example, the Swedish Nuclear Power Inspectorate and the Swedish Civil Aviation Authority, who are responsible for technical issues that have considerable importance to society. Most people probably think that, for instance, the length of a runway at an airport or the design of the cooling system in a nuclear power station should be determined by experts and not through political voting. Some of the demands made of us on the basis of our role as authority are fairly obvious. We must, for instance, to the best of our ability try to meet the price stability target we have been allocated. We must also be able to explain in a good way to the general public why we act in the way we do.

…to our own interest rate path These problems disappeared or at least were much alleviated when we chose to present our own forecast for the interest rate path. One important reason why the new interest rate assumption was introduced was so that it would become easier to understand the motives behind our decisions. This creates better opportunities to evaluate monetary policy. It thereby provides good conditions for accountability and legitimacy for an independent central bank like the Riksbank. To refer back to what I said earlier this evening – I believe that the new system will enable us to better meet the requirements for openness and clarity made of us in our interaction with the general public and the financial markets. As I mentioned earlier, it is probably difficult a central bank to be much clearer than this with regard to what they consider to be well-balanced monetary policy. We gain an even better tool for influencing expectations among households, companies and agents in the financial markets. This is a precondition for monetary policy to function well. One aspect that may not have been given so much attention is that it has become simpler for households planning their private economy to form an impression of which direction the interest rate will take. Previously, many people were probably forced to rely entirely on financial advisers to understand how the Riksbank envisaged interest rate developments a couple of years ahead. Now this information is available in our Monetary Policy Report.