samchain/econo-pairs-v1 huggingface dataset:
It is also possible to use other methods, e.g. foreign exchange interventions, as we did in the summer, as a means of achieving our objective. However, the repo rate is the monetary policy instrument normally used. Our monetary policy strategy can be described, somewhat simplified, with the rule of thumb that when inflation one to two years ahead is estimated, taking into account the risk scenario, to deviate from the inflation target, the steering interest rate is adjusted. The Riksbank’s assessment of the future inflation rate is communicated, for instance, in the Inflation Reports presented four times a year. The Riksbank has chosen to set its inflation target in a medium-term perspective. This is because monetary policy influences inflation with some time lag. An ambition to try to ensure that inflation also developed in line with the target in the short term would probably require significant changes in the steering interest rates and thereby contribute to unnecessarily large fluctuations in demand. The fact that the inflation target is expressed in terms of a medium-term perspective also plays down the importance of temporary price changes. Consumer prices are sometimes affected by various disturbances that have temporary effects on inflation. Political decisions, for instance, on tariffs and indirect taxes, can also have a temporary effect on the rate of price increase. It may also be useful here to describe briefly how monetary policy affects inflation. A change in the interest rate has effects on the rate of price increase via a number of different channels.

Which digital challenges can the interested parties manage on their own? And where might shared solutions be beneficial for all concerned? Ultimately, we have a common goal: to maintain confidence in our currency. Against this backdrop, an efficient and secure payment system will be as critical as ever in the years ahead. Conclusion Ladies and gentlemen, the SNB has a mandate to facilitate and secure the operation of cashless payment systems. It fulfils this task by acting as commissioning party for the SIC system, and guiding the latter’s ongoing development in conjunction with the banks. In so doing, it creates the conditions at the infrastructure level for efficient, secure and future-proof Swiss franc payments. The SNB acts in the interests of all stakeholders in cashless payment systems in Swiss francs. To this end, we are engaged in active dialogue with both banks and non-banks. This evening, we have given you the perspective of the central bank, however it is important to hear other perspectives, too. So I am particularly looking forward to our panel discussion. The noted economist and author Jürg Müller will act as moderator. After the discussion, our panellists, Thomas Moser and I will be happy to take questions from the audience. I hope we can all continue these conversations during the drinks reception.
24  Without the monetary stimulus, GDP in the UK would have been around 8% lower,  unemployment 4 percentage points higher and the level of consumer prices 20% lower. Although there are significant uncertainties around these estimates, especially at crisis time, these effects are clearly large. The second mapping is from these macro-economic aggregates to the balance sheets of households. This mapping focusses on four main channels of transmission: (a) cash flow channel (the direct effects on households’ interest payments and receipts); (b) labour income channel (the effect on household wages and  23  The same is true of other measures of inequality, such as the 90/10 ratio. Sampling issues mean caution is needed when interpreting in particular the wealth-based measures of inequality. 24 See Carney (2016) and Haldane (2016) for more details. Lower interest rates and QE operate through slightly different transmission channels. 8  All speeches are available online at www.bankofengland.co.uk/speeches  8  employment); (c) wealth channel (the effect on households’ financial, housing and pension wealth); and (d) inflation channel (the effect of prices on real household deposits and debt). 25  The key point is that these multiple channels of monetary transmission are fully recognised and calibrated. Some of these channels are direct and immediate, such as cash flow. Others are indirect and slower-acting, such as labour income. By combining them, we can calibrate the general equilibrium consequences of the UK’s monetary relaxation on the economy, in aggregate and across cohorts.

I entered the University with very good grades. I am forever grateful and indebted to a fellow student who was then in 2nd year who sarcastically told me that there were a lot of brilliant girls who had gone to University only to be redirected after a year due to poor performance. For me, that was the rude awakening of the need to be focused. YOU MUST BE FOCUSSED. YOU MUST KNOW WHY YOU ARE HERE. Avoid indiscipline, and indeed the company of those who are undisciplined. Do not succumb to negative peer pressure both in the academic realm and in the social realm. We are all aware that being socially undisciplined can in fact lead to death. Zambia wants to raise an HIVAIDS free generation. You are a big part of realizing that dream. You need to have strong moral values to stand up for what you know is right, and to do the right thing. In an environment like this one, it is very easy for anyone to fall into the temptation of succumbing to peer pressure and end up in wrong and unpleasant situations. I will take this opportunity to encourage you and reiterate that you observe what you constantly hear, know and see about the campaign against contracting the virus that causes AIDS. We have so much information about the disease to inform each one of you. Each of you, as an individual, has a big role to play in preventing the spread of the disease.
Jessica Chew Cheng Lian: Financial advisers the future – right here, right now Keynote address by Ms Jessica Chew Cheng Lian, Assistant Governor of the Central Bank of Malaysia, at the 3rd Annual Conference of the Association of Financial Advisers “Financial advisers the future – right here, right now”, Kuala Lumpur, 31 October 2014. *  *  *  At this Conference last year, I spoke on four key priorities identified by Bank Negara Malaysia (the Bank) to further develop the financial advisory industry and to enable the financial advisers to effectively perform their role. Let me first say that these priorities remain relevant today and our focus has not changed. This morning I would like to share with you how we have moved some of these priorities forward, and the steps that remain in order to further strengthen the financial advisory channel. To recap, the key priorities of the Bank are: •  First, to ensure that financial advisers are highly competent and professional when they provide advice;  •  Second, to identify and address the barriers that are preventing qualified parties from entering the industry, and the constraints that are limiting the ability of financial advisers to recommend the best solutions to their clients;  •  Third, to improve the alignment between the interests of consumers and financial advisers; and  •  Fourth, to intensify our review of the quality of advice provided by financial advisers to consumers through our supervisory work programme.

It also boosts the value of people’s wealth, which should encourage more spending. As I noted a moment ago, we aim to acquire the gilts from institutions other than banks. But as a by-product of the purchase, banks will find that they have both more customer deposits and an increase in their claims on us (what are known as bank reserves). That may encourage them to increase their lending, though in the particular circumstances prevailing during and after the financial crisis, we expected this effect to be quite weak. That is in line with the observed weakness in bank lending over the past three years. Our analysis of the first phase of quantitative easing suggests bond yields were around one percentage point lower than they would otherwise have been. And UK equity prices rose 50% during the programme, though only a small part of that is likely to be down to quantitative easing. That made it cheaper for companies to access finance through the capital markets and issuance was indeed strong during 2009. But the ultimate aim was to sustain demand. Though we cannot be sure what would have happened in the absence of our asset purchases, our internal work suggests that the first phase of quantitative easing boosted the level of activity by around 1½–2%. Having finished the first programme of purchases in early 2010, why then did we deem it necessary to restart the programme last October and extend it at our February meeting?
The general principle is straightforward: it consists in ensuring that supervision manages to limit risks for the stability not only of a particular institution, but also of the entire financial system. Its implementation, however, is complex. For the moment, we are only at a preliminary stage, contemplating which tools a macro-prudential policy could be based on, and how these tools could be used. As regards supervision, this crisis has shown three things. First, it has highlighted the merits of having the banking supervisor close to the central bank. The point is not to claim there is an optimal supervisory structure that fits any country’s circumstances. Rather, it is to note that a system such as the one we have in France has proved very useful in allowing for an in-depth knowledge of the banking sector and the various financial institutions. It also allowed for very swift and timely exchanges of information, and, as a result, allowed us at the central bank to quickly pass sensitive judgments, not least on the usefulness of injecting liquidity. Second, the crisis also revealed that, as far as supervisory infrastructure is concerned, simple, robust and pragmatic plans have shown their efficiency. Thirdly, the crisis stressed the need for supervisory structures to adapt to their environment. This is very true for Europe. I guess it is also true for other countries and regions.

This must be done without haste, but no stone should be left unturned. Improved regulation appears to be necessary in several domains, from rating agencies to risk management, the organisation of financial markets and even the question of compensation. As a contribution to this debate, I would like to make two sets of remarks. One has to do with the fluctuations of financial systems. The other concerns financial supervision. Financial systems that operate in the context of a developed market economy are, by nature, subject to cyclical forces. Some are a consequence of the business cycle. Credit activity is an obvious example, as credit demand is heavily influenced by economic activity. Others are from within financial systems. For instance, financial institutions’ equity position moves in line with asset prices specially in a fair value world where fluctuations result in capital gains or  BIS Review 143/2008  3  losses. This effect tends to be exacerbated when financial intermediaries actively manage their balance sheets to target a preferred degree of leverage. The challenge for the authorities is to assess whether and to what extent regulations reinforce these dynamics and impact the entire financial system. With these questions in mind, work is being undertaken to examine the impact of prudential standards. It is also on this basis that the accounting adjustments that I mentioned earlier have been made. We will have to set up supervisory systems that are more suited to economic developments. The need to develop a “macro-prudential” policy is now under debate.
Zeti Akhtar Aziz: Launch of the Asian Bond Fund (ABF) Malaysia Bond Index Fund Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the launching of the Asian Bond Fund (ABF) Malaysia Bond Index Fund, Kuala Lumpur, 18 July 2005. *  *  *  Ladies and Gentlemen, The "Exchange Traded Fund" is a significant and highly successful product of financial innovation that is found in more developed financial markets. First introduced in Canada in the early 1990's, the use of Exchange Traded Funds gathered momentum after the listing of the S&P Depository Receipts Trust Series 1 (also known as "Spiders") on the American Stock Exchange in 1993. Since then, the Exchange Traded Funds have grown tremendously and there are currently a total of 350 such funds on the global exchanges with about USD313 billion in assets, comprising not only stocks and bonds but also currencies and commodities. Ladies and Gentlemen, It is my great pleasure to be here today at this ceremony of the inaugural listing of the ABF Malaysian Bond Index Fund, the first Exchange Traded Fund in Malaysia. In the EMEAP region, (the East Asia Pacific region) the ABF Malaysian Bond Index Fund represents the second country sub-fund to be launched, following the successful listing of the ABF Hong Kong Bond Index Fund on 21 June 2005. Six other EMEAP country sub-funds will be launched in due course.

All the revenue is channelled to the Government Pension Fund Global. The fund’s capital is invested abroad. The annual transfers from the fund to the fiscal budget are guided by the fiscal rule, which stipulates that on average over the cycle spending must be limited to the expected real return on the fund – currently estimated at 3 percent. The general view in Norway is that the management of our natural resource wealth has been a success. The OECD and the IMF have commended the framework. Still, there is an ongoing debate on whether current spending is too high. Some argue that the planned consumption profile takes too little account of future obligations, in particular pension liabilities. Others claim that the estimates of the expected real return on the fund’s capital are too optimistic. Bergsten and Gagnon (2017)1 and Gagnon (2018)2 present a different view. They point to high current account surpluses over a number of years and argue that Norway instead spends too little. Hence my presentation’s title – does Norway save too much? I will proceed by giving a few general perspectives on global current account imbalances. I will then turn to the question of how much oil producers should save – and the reasons for high saving in Norway. Graph: Outline 1/6  BIS central bankers' speeches  WHY A SURPLUS OR DEFICIT? The international capital market allows countries to decouple the size of savings from investments.
And finally, a bank needs a process to ensure that the results of stress tests receive the high-level attention necessary for the bank to respond effectively to the results. In the near term, supervisors also must re-examine how they think about concentrations. One lesson from the recent turmoil is how correlations in market prices arise from previously unsuspected linkages: countries with similar government debt structures or similar exchange rate regimes, institutional investors with similar risk strategies, and instruments traded with widely different customers, but with a common element of market risk, such as a countryrelated risk. Stress testing also can be useful in identifying such concentrations, particularly when accompanied by thoughtful analysis from bank management. These issues will be addressed in the ongoing work of the Committee on credit and liquidity risk management. In two other areas, we have begun work, but the magnitude of the efforts will involve more time. The first area is capital. The added focus on stress testing by banks and by supervisors should also influence how supervisors evaluate capital adequacy at banks. As banks are developing risk management and stress testing approaches, some are beginning to look at how they determine whether their capital is adequate to absorb losses, including losses under reasonable stress scenarios. One lesson from the current environment is the enormous size of market movements that are possible in such a stress scenario—whether in currency or equity markets or in credit spreads, and how quickly losses from even small positions can mount.

News conference  Berne, 13 June 2019 Thomas Jordan  Introductory remarks by Thomas Jordan  Ladies and gentlemen It is my pleasure to welcome you to the Swiss National Bank’s news conference. I will begin by setting out our monetary policy decision and our assessment of the economic situation, and will also be explaining an adjustment to our monetary policy strategy. I will then hand over to Fritz Zurbrügg, who will present this year’s Financial Stability Report. After that, Andréa Maechler will talk about the situation on the financial markets, the progress made in replacing the Libor, and the SNB joining the Network for Greening the Financial System. Finally, we will – as ever – be pleased to take your questions. Monetary policy decision and introduction of the SNB policy rate  Let me begin with our monetary policy decision. We are maintaining our expansionary monetary policy. Interest on sight deposits held by banks at the SNB remains at –0.75%, and we will continue to be active in the foreign exchange market as necessary, while taking the overall currency situation into consideration. Our expansionary monetary policy remains necessary. We thereby stabilise price developments and support economic activity. At our monetary policy assessment we also decided to make a small adjustment to our monetary policy strategy. We are now introducing the SNB policy rate, which will take over the function previously performed by the target range for the three-month Libor. The SNB policy rate currently stands at −0.75%.
2  See, for instance, Eggertsson, G. and P. Krugman, “Debt, Deleveraging, and the Liquidity Trap”, Federal Reserve Bank of New York Working Paper, February 2011 and Mian, A., K. Rao and A. Sufi, “Household Balance Sheets, Consumption, and the Economic Slump”, Chicago Booth Working paper, November 2011. 3  See, for instance, Eichengreen, B., R. Rajan and E. Prasad, “Central banks need a bigger and bolder mandate”, Financial Times, 24 October 2011. 2  BIS central bankers’ speeches  there is then a risk that both will become unclear. The outcome may also be poorer and it may be more difficult to hold policymakers accountable.4 The problems are exaggerated by those who believe that both types of policy must be coordinated… I can understand both points of view, but I believe that both have exaggerated their arguments somewhat. Those who say that monetary policy and financial stability policy should be integrated to a greater extent sometimes give the impression that they believe the central bank should at every monetary policy meeting both determine the policy rate and activate a number of macroprudential supervisory levers to find a policy mix that is appropriate for both monetary policy and financial stability. I do not believe that this is the way things will be done – I believe that this way of thinking is too coloured by recent events. After all, it is not as though problems arise from overgenerous credit granting during every economic cycle. Most cycles are ”normal”, with no financial imbalances or balance-sheet problems.

However, it is often the case that a rapid fall in a credit and debt cycle entails a corresponding fall in the normal economic cycle – and not uncommonly a balance-sheet recession.6 Monitoring the credit and debt cycle thus becomes a way of stabilising the normal economic cycle. With this view, it is less obvious that financial stability policy and monetary policy should be conducted separately. But, once again, it is probably quite rare that there will be reasons to coordinate them. The policy rate will probably need to support financial stability policy With regard to the question of the role of the policy rate in financial stability policy, it is my personal opinion that one must always be prepared to use it to slow down an excessive expansion in credit, or to “lean against the wind” as it is usually called. Hopefully, it will be possible to find a set of macroprudential tools that are efficient enough so we do not need to use the policy rate for this purpose. Hopefully it will also be possible to find appropriate forms as to when they shall be used and by whom. But my feeling is that even when we have a proper framework for macroprudential supervision, situations may arise where support is needed from monetary policy “leaning against the wind”. One reason is that experience shows that it is difficult to construct regulations that can never be circumvented. The policy rate is a blunt instrument, as it has a broad impact on the economy.
The report to Parliament underlying the establishment of the National Bank of Romania in 1880 saw Belgium as – and I quote – “a small but happy country”, which developed rapidly with the assistance of its national bank, rendering it a suitable model for the institutional set-up of Romania. As regards the neighbouring Netherlands, the name of Romania’s domestic currency – the leu (meaning lion) – comes from a Dutch silver coin very popular in this part of Europe in the 17th and 18th centuries: the lion-thaler. Crossing the channel, our most beloved Queen Marie was the granddaughter of Queen Victoria of the United Kingdom. It was her son, King Charles II, who reconstructed this Royal Palace. Moving west again, let us not forget that the Irish writer Bram Stoker took Vlad the Impaler as an inspiration for his famous novel Dracula, creating a myth that Romania is frequently associated with. Returning to Romania’s monarchs, under whose reign the country saw a remarkable modernisation, they belonged to the German House of Hohenzollern-Sigmaringen. As for the economic ties with Germany, I would mention the fact that the name of the street where the Old Palace of the National Bank of Romania is located, i.e. Lipscani, derives from Leipzig (Lipsca in Romanian), the place where long ago local merchants used to bring their goods from. Going further back in time, the Saxons (originating also in the Luxembourg area) settled in Transylvania, which they called Siebenbürgen (seven fortified towns).

One of these towns is Sibiu or Hermannstadt, where Romania’s current President was born and where the Informal Summit of Heads of State or Government of the European Union will take place in May. 2/3  BIS central bankers' speeches  On a lighter note, children in Romania enjoy playing with Lego, Denmark’s registered trademark. As regards Finland, Mika Waltari’s books have consistently been bestsellers in Romanian bookshops and Angry Birds ranks as one of the most popular mobile apps among young Romanians. As surprising as it may seem, there is a link with Sweden as well. In the early 18th century, King Charles XII, after the battle of Poltava, moved southwards to Romanian lands, turned into an entrepreneur and built the Colțea Tower, the tallest building in Bucharest at the time, which stood very close to the current headquarters of the National Bank of Romania. The importance of Austria and of its capital city, Vienna, for Romania is unquestionable. It should be pointed out that the Austrian influence is not confined to Transylvania. To give you just one example of a Romanian landmark figure who refined his personality in Vienna, our national poet Mihai Eminescu studied a few years in this prestigious academic hub. I cannot conclude without mentioning that Romania is inhabited by diverse minorities belonging to nations in the region, namely, Hungarians, Czechs, Poles, Slovaks, with whom we have so many things in common that it would take me too long to talk about.