samchain/econo-pairs-v1 huggingface dataset:
By comparison, the Bank estimates that raising interest rates to achieve the same reduction in GDP-at-risk would have reduced the central forecast for GDP by 0.9% per year, a far greater cost for the same benefit, because raising interest rates impacts the whole economy. 22,23  time estimate – it does not take potential persistence or probability of realising benefits into account. The costs in both charts are an upper bound, as they assume no offset to lower demand from monetary policy. 22 The MPC’s remit states that the FPC’s macroprudential tools are the first line of defence against financial stability risks. If the FPC judges that the MPC’s attempts to keep inflation at target is exacerbating imbalances and creating a potential risk to financial stability that its macroprudential tools cannot keep in check, then the MPC may allow inflation to deviate from the target temporarily. 23 The FPC’s mortgage market Recommendations were implemented pre-emptively, ahead of risks building to elevated levels. Their calibration reflected lenders’ own practices at the time, and so acted as insurance against the risk of any future deterioration in underwriting standards. This also means that the costs to the wider economy from introducing these tools was less than it would be if more aggressive action later in the financial cycle was required.

Caleb M Fundanga: Economic and environmental growth of Africa Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the 2nd Green Accord Media Forum, Rapolano, Italy, 3 November 2004. The references for the speech can be found on the Bank of Zambia’s website. * 1. *  *  Introduction  The world community faces unprecedented ecological challenges in the twenty-first century. Many political and business leaders have embraced the idea of sustainable development, calling for economic growth without destroying the natural environment or depleting the natural resources on which future generations will depend. Yet the concept has remained controversial, and implementation has been difficult. The task for policy makers and corporate leaders will be to find ways to meet both economic and environmental goals in the coming decade, without sacrificing either (Post-LawrenceWeber, 1999). In Africa, environmental issues are also frequently sidelined on most policy makers’ agendas due to insurmountable economic and social problems that the continent continues to face. Notwithstanding the economic and social hardships, as Africa constantly strives towards attaining economic development, environmental sustainability remains a key area of concern (UNEP, 2003) although usually remote to most economic policy makers. In addition, environmental sustainability is hardly seen by many in Africa as an underlying factor in economic development yet it is so critical that, if adequately and promptly addressed, will have positive secondary effects on other crucial areas pertaining to economic development and people’s welfare.
In managing this crisis, MAS has focused on maintaining the strength of Singapore’s financial system, based on three key pillars: first, maintaining sound financial institutions; second, ensuring well functioning markets; and third, maintaining confidence of investors. Let me touch on these in greater details. 1  In July 2009, IMF upgraded its 2010 world GDP growth forecast from 1.9% to 2.5%. Its 2009 world GDP growth forecast was lowered slightly to -1.4% from -1.3% previously. BIS Review 91/2009  1  Strengthening resilience – what MAS has done Given the openness of our financial system and the severe downturn in our economy, Singapore’s financial system cannot be insulated. MAS focused on maintaining the soundness of financial institutions in Singapore. We intensified supervision of financial institutions through close monitoring of their financial soundness, holding regular discussions with the board, management, and auditors of financial institutions, and for foreign financial institutions, having constant dialogues with their home regulators and head-office auditors. Stress testing major financial institutions is one of our supervisory tools that is used regularly even before the crisis. In this crisis, we have given stress tests an added emphasis, and the latest stress tests of banks and life insurers were conducted in Q1 2009. As the banks and insurers here were well-capitalised and financially sound, the objective of the stress test was not to ascertain what recapitalization amount was needed, because the need did not arise.

As trade collapsed towards the end of 2008 and into the first few months of this year, Asia’s export-reliant economies were hard-hit. Against this external backdrop, the Singapore economy contracted sharply, as our manufacturing, transport, logistics and wholesale trade industries were closely tied to global and regional trade flows. By the first quarter this year, the economy had posted an output loss of around 10% from its peak a year ago, the steepest decline in its history. The unprecedented global financial crisis has weighed heavily on financial markets worldwide, leading to severe declines in valuation across many asset classes amidst heightened market volatility. MAS’ investments were negatively affected by the crisis. As at the close of the financial year on 31 March 2009, MAS recorded a net loss of $ billion, about 3.5% of MAS’ average total assets. This compares with profits of $ billion in the previous year and $ billion in FY06. This severe crisis has therefore pared back about 80% of the gains in the preceding two years. The extent of loss has been mitigated as we raised the liquidity profile of our portfolio in the early part of 2008, in the face of greater uncertainties. With the broad based upturn in financial markets after the close of the financial year, the valuation of MAS’ foreign assets has improved and more than half of the losses have been recovered. Despite the severe global conditions, Singapore’s financial system has, by and large, weathered the crisis well.
So targeted macroprudential measures for residential real estate markets and the activation of macroprudential capital buffers 2/4  BIS central bankers' speeches  should be considered in some euro area countries to build resilience in a timely manner. In the medium term, after the COVID-19 crisis it will be important to look at the capital framework for banks holistically, with a view to simplifying it and removing potential obstacles to its effectiveness. In particular, the functioning of capital and liquidity buffers warrants further consideration, and an assessment needs to be made of whether there is sufficient releasable capital in place to address future systemic shocks. Specific attention may need to be paid to the non-bank financial sector, where the COVID-19 market turmoil revealed significant vulnerabilities. Taking into account its growing role in financing the real economy and the interlinkages with the rest of the financial system, the sector needs to be made more resilient through regulatory reforms and the further development of a macroprudential approach. Longer-term financial stability vulnerabilities have been also building up. The pandemic has left a legacy of significantly higher debt in non-financial sectors. Residential real estate prices have continued to rise sharply in many euro area countries, underpinned by strong lending dynamics, which raises concerns of potential overvaluation. Vulnerabilities in financial markets have also increased amid strong risk exposure and deteriorating liquidity at non-bank financial institutions.

And in the banking sector, long-standing challenges associated with weak profitability and overcapacity may limit some banks’ ability to invest to stay competitive in a more digitalised future. International crisis response Global cooperation has been instrumental in our response to the pandemic so far, and this cooperation should continue. Preserving trade openness and ensuring universal access to vaccines and treatments remains of key importance for a durable global economic recovery. Support for the most vulnerable countries needs to remain high on the international agenda, also in view of the divergence in vaccination rates and limited policy space in emerging markets and low-income countries. In this context, the ECB welcomes the crisis response measures taken by the IMF as well as the G20 Debt Service Suspension Initiative (DSSI) and the Common Framework for debt treatments beyond the DSSI. This support was further strengthened in August by the general allocation by the IMF of special drawing rights (SDRs) of a historical magnitude, which is a strong signal of constructive multilateral cooperation helping the global recovery. We call for additional IMF members to sign voluntary SDR trading arrangements to facilitate SDR exchanges and ensure the burden is adequately shared across a wider set of countries. We take note of the discussions on channelling SDRs to vulnerable countries. National central banks of EU Member States may only lend their SDRs to the IMF if this is compatible with the monetary financing prohibition included in the Treaty on the Functioning of the European Union.
To fully assess the impact of the SMP it would be necessary to know the counterfactual, that is the situation that would have prevailed in the absence of the SMP. By definition this counterfactual cannot be observed. There is, however, no doubt that through the purchases of government bonds the SMP has contributed to restoring the monetary policy transmission mechanism in the euro area. Other things equal, the programme also helped contain volatility in the markets concerned. 9  For an overview of quantitative easing (QE) and its impact, see A. Krishnamurthy and A. Vissing-Jorgensen (2011), “The effects of quantitative easing on interest rates: Channels and implications for policy”, mimeo., Northwestern University, October (http://www.kellogg.northwestern.edu/faculty/krisharvind/papers/QE.pdf). For more specific policy views regarding the nature of QE policies by the US Federal Reserve and the Bank of England, see Chairman B. Bernanke (2009), “The crisis and the policy response”, Stamp Lecture, London School of Economics, January, and M. Joyce, M. Tong and R. Woods (2011), “The United Kingdom’s quantitative easing policy: Design, operation and impact”, Bank of England Quarterly Bulletin, 51(3). BIS central bankers’ speeches  5  It is essential that the nature of the SMP as a measure that supports the central bank in the pursuit of its goal of maintaining price stability does not distort the incentive structure among different policy actors that lie at the heart of EMU.

Furthermore, a QR Code payment system is safe and reliable since it was developed on existing payment infrastructures of banks and payment service providers such as PromptPay or credit and debit card infrastructures, which are highly secure, compliant with international standard and subject to regular examination. The forth is facilitating further innovations. This open infrastructure will lead to further development of various financial innovations in the future. E-Payment will not only facilitate payment flows but also provide solid foundation for SME’s financial data collection. Data from retail electronic payments can be effectively used to support credit granting, which will provides more alternatives for SME financing. Financial Institutions in many countries have started to provide information based lending instead of traditional collateral based lending. These four important criteria of QR Code will lead to an expansion of QR Code payment services to all merchants in our daily life such as department stores, fresh markets, coffee shops, and convenient stores. QR Code payment services are accessible for all type of merchants, including brick and mortar stores and e-Commerce. Moreover, it can easily be rolled out to various locations such as business districts, tourist destinations, or rural areas. To promote standardized QR Code payment, BOT has allowed banks and payment service providers to propose their projects for consideration in the central bank’s  4  Regulatory Sandbox.
Mario Draghi: IMFC Statement Statement by Mr Mario Draghi, President of the European Central Bank, at the thirty-third meeting of the International Monetary and Financial Committee, Washington DC, 15 April 2016. *  *  *  The euro area economy is continuing on a path of gradual recovery, notwithstanding an external environment characterised by some further deceleration in economic growth and occasional bouts of financial volatility. But the outlook for euro area growth remains faced with uncertainty, mainly as a result of downside risks to growth prospects in emerging market economies, a clouded outlook for oil prices and their economic implications, and also geopolitical risks. Given the new risks to the outlook for inflation, as well as the materialisation of some of the existing ones, the Governing Council of the European Central Bank has adopted a comprehensive package of monetary policy measures to further ease financing conditions in the euro area, stimulate bank lending and thereby reinforce the momentum of the euro area’s economic recovery and accelerate the return of inflation to levels below, but close to, 2%. In order to reap the full benefits of these monetary policy measures, decisive implementation of structural reforms and greater progress towards sustainable and more growth-friendly public finances is necessary. Such a combination of policy actions will not only lead to higher sustainable growth but will also make the euro area more resilient to global shocks.

BIS Review 150/2007  1  The financial sector weaknesses are being addressed through a public and private sector partnership. The implementation structure is chaired by the Secretary to the Treasury at Ministry of Finance and National Planning with the secretariat function responsible for the coordination of activities based at the Bank of Zambia. Mr Chairman, the goal of the FSDP is to have a financial system that is stable and marketbased in order to support efficient resource mobilization necessary for economic diversification and sustainable growth. A number of reforms have already been undertaken under this plan. For instance, a Credit Reference Bureau has been established and we expect it to be operational in the coming year. In addition, studies have also been taken to comprehend the constraints to broader access financial services. One of the outputs of the FSDP has been a market knowledge study called Finscope Zambia which is a nationally representative survey of the use of, and demand for, financial services. It provides insights into how consumers source their income and manage their financial lives. This is the first time a survey like this has been conducted in Zambia and provides valuable information for players in the financial market. The survey, which was conducted in 2005, notes that very few Zambians use the formal financial sector. The report reveals that most Zambians prefer to invest in non-financial instruments such as a business, livestock, land or agriculture equipment.
We have to make sure that when achieving the nominal criteria a substantial progress in real convergence will have been achieved as well. Thus, in my presentation today I thought that, by giving an analysis of the Romanian economy’s path to the adoption of the European single currency, it is adequate to focus not only on nominal convergence, a topic which I have repeatedly approached, but also on several issues pertaining to real economic convergence. Or, this means, in a plain language, to put in place the conditions necessary for a rapid, sound and sustainable economic growth. The large disparities between the performance of the Romanian economy and that of European Union countries compel us to do that. In this context, allow me to approach a topic less debated during public meetings in our country, but which is deeply linked to the capacity of the Romanian economy to maintain a rapid and sustainable growth. It is all about the general problems relative to structural reforms and, in particular, about labour market flexibility, the imperative need for this to come into line with the most modern practices applied in successful countries, by taking into account both the realities of the Romanian economy, and the requirements of competition on an increasingly demanding international market. At first glance, there are few connections between the changeover to the euro and labour market flexibility. In fact, the connection is strong, even essential, I would say.

I don’t think any of us want to return to the Great Inflation of the 1970s. Inflation also tends to become more variable at high levels, making it more difficult for both businesses and households to plan ahead and make financial decisions. By keeping inflation low and stable, we contribute to maintaining economic activity and employment at a high level. 2/3  BIS central bankers' speeches  High and variable inflation rates also have distributional implications. As an unexpected rise in prices will not automatically be followed by an increase in wages and benefits, the result will be a reduction in purchasing power, particularly for those with low incomes and small margins. Norges Bank cannot influence international commodity prices or water reservoir levels. Inflation caused by these factors is beyond our control. But we can take steps to prevent inflation from becoming entrenched. Higher interest rates have the effect of reducing demand for both labour and goods and services, thereby pushing down wage and price inflation. In addition, higher interest rates can contribute to strengthening the krone, which can in turn curb the rise in prices for imported goods. Chart: Household debt has increased As the policy rate is raised, residential mortgage rates will rise. Norwegian households are highly leveraged. Over the past 30 years, household debt as a percentage of disposable income has doubled. With higher debt, increased interest rates will have a stronger impact on household budgets and, combined with the high level of inflation, will curb growth in household consumption ahead.
What makes one transmittal of funds different from another is purpose. An understanding of purpose often comes from meeting a customer in person and speaking with her about her business goals. Improve Communication One final way forward is to improve communication and information sharing. Here are some questions you might consider. 4/6  BIS central bankers' speeches  Within your firms, how does the front office communicate with the control and audit functions about money laundering risk? Is there a frank discussion about common challenges? Or do those discussions resemble depositions or some other defensive exercise? Between and among firms, do you take advantage of inter-bank information sharing opportunities pursuant to Section 314(b) of the USA PATRIOT Act? 16 If you are a smaller, community-oriented bank, how are you using recent federal guidance that encourages collaborative arrangements that pool anti-money laundering resources?17 Regardless of size, does your firm insist that customers use the proper SWIFT message type with all the required fields completed in the right format? And, if your firm processes high-risk activity with limited transparency, do you ask respondent banks to supplement payment messages with additional information? When communicating with the government, how helpful are your suspicious activity reports—or SARs, for short? Are you filing them in the spirit in which they were intended, or for defensive purposes? Are you picking up the phone to call law enforcement when you file a SAR that presents heightened concerns and perhaps should not wait to run through the formal reporting and referral process?

We do that through the minutes of our monthly meetings and the quarterly Inflation Report; and, in terms of our individual analyses, through speeches, etc. But, like anybody else, we cannot predict with certainty what will happen in the economy. There are always material risks around the central outlook. We have to weigh those risks in our policy decisions in much the same way as you do in your business and financing decisions. In the midst of all this unavoidable uncertainty, however, a few things are not in doubt. The MPC’s official interest rate is certain. So there should be no uncertainty about the general level of overnight rates in the money markets. In fact, though, overnight rates in the UK have historically been highly volatile. Various steps taken over the past decade or so moderated that volatility – with some success; it has for some while been much lower than in the mid-1990s (Chart 1). But it has remained greater – from day to day, and during the day – than overnight rates in dollars, euros etc (Charts 2 and 3). That has created uncertainty for users of the sterling money markets – banks, asset managers and, of course, corporate treasurers. Avoidable uncertainty. BIS Review 47/2006  1  It is the Bank of England’s responsibility to remove that uncertainty as much as we possibly can. And yesterday, after more than three years’ preparation and extensive collaboration with market participants, we introduced a completely modernised system to do just that.