samchain/econo-pairs-v1 huggingface dataset:
Growth in demand and output is expected to remain high in the near term. Unemployment may fall somewhat more quickly than has been the case over the past year. The output gap is expected to be positive in 2005. Higher demand for companies’ goods provides scope for increasing prices. Experience shows that inflation is directly influenced by the level of capacity utilisation in the Norwegian economy. Some of the rise in prices for domestically produced goods and services can be attributed to higher margins in the business sector. The effects of the interest rate decline on demand, output and employment have been pronounced. It has taken time for inflation to pick up. This partly reflects low external interest rates and high oil prices, which have moderated the impact on the krone exchange rate. Higher imports from low-cost countries, competition and improved efficiency in Norwegian production have also kept inflation at a low level. Initially, it was the fall in prices for imported consumer goods that pushed down underlying inflation. After a period, the rise in prices for domestically produced goods and services also decelerated. This was due in particular to increased competition in some goods and service markets. At the same time, wage growth slowed as a result of lower capacity utilisation in the economy. A slower rise in house rents also contributed. Inflation measured by the CPI-ATE reached its lowest level in the first months of 2004. Inflation remained at less than ½ per cent until after the summer before picking up in autumn.

7  With the leaders of the industry here, we hope that today’s discussions will identify emerging risks and challenges, and explore how we can all work together to address potential vulnerabilities as we continue to build real markets for the good the people of the UK and beyond. In this spirit, before concluding, I want to briefly touch on one of the biggest challenges facing us right now – the transition to Risk Free Rates. The move to new Risk Free Rates Libor is a prime example of critical hard (market) infrastructure that has not kept up with market developments. Libor is meant to measure the short-term unsecured funding costs of banks. But the reality is that, since the financial crisis, Libor really has become the rate at which banks don’t lend to each other. Bank funding markets have changed enormously. Banks no longer take sufficient short-term wholesale deposits to form the basis for a robust transaction-based Libor benchmark. As a result Libor is overly reliant on expert judgement rather than actual transactions. And global markets remain overly reliant on Libor, a benchmark that may not exist beyond 2021. That reliance is neither desirable nor sustainable. That’s why authorities internationally have worked with market participants to identify alternative benchmarks based on actual transactions. These are overnight rates – a relatively pure read on risk-free rates in each economy. In sterling, the market has chosen SONIA, a benchmark now administered by the Bank of England.
Muhammad bin Ibrahim: Enhancing the quality of Malaysia’s Islamic finance education Speech by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the launch of the Educator’s Manual on Shariah Standard Murabahah, Kuala Lumpur, 15 August 2016. *  *  *  We are here today to witness the launch of the Educator's Manual on Shariah Standard Murabahah. The Manual is a pioneering effort. Translating the Shariah standard and operational requirements into a user-friendly format for adoption in the academic syllabus of our local universities will go a long way in enhancing the Islamic finance syllabus by educational establishment. This is a great team effort. I would like to congratulate the panel of authors that have tirelessly contributed towards the production of this teaching guide. The Shariah Advisory Council (SAC) members, researchers from the International Shari'ah Research Academy (ISRA), representatives from the Islamic Banking and Finance Institute Malaysia (IBFIM), the academic fraternity and the industry players. The dedication of the team has produced a manual that will make the overall learning experience more comprehensive, exciting and interactive. My congratulations and appreciation to Universiti Sains Islam Malaysia (USIM) and the International Islamic University Malaysia (IIUM) for being visionary to participate in this pilot project. There is a wealth of benefits to be gained. It is our aspiration that other universities would be a part of this initiative that would contribute towards enhancing the quality of our Islamic finance education.

Despite all these achievements, we must admit that there is no room for complacency. We must continue to establish new grounds and set new thresholds for our organisations towards greater success. In this context, I am pleased to inform that the Bank will be forming a Steering Committee made up of representatives from both industry and academia to undertake an indepth review of the strategic positioning of these important organisations. It is as part of our efforts to re-energise and reinvent the Islamic finance talent development landscape. 4  BIS central bankers’ speeches  Conclusion The collective efforts of everyone here today will determine the path of Islamic finance moving forward. A simple yet meaningful event to witness the launching of the Educator’s Manual today will be an important learning tool for many of our future students. I wish to record again our sincere thanks for the contribution and commitment of many people, particularly from the panel of authors and members of academia and wish everyone continuous success for the upcoming series of the future manuals. Dengan lafaz Bismillahirrahmanirrahim, saya melancarkan Educator's Manual on Shariah Standard Murabahah. Thank you. BIS central bankers’ speeches  5
We are tracking the situation closely, and will take further steps as these become necessary. Singaporeans must be psychologically prepared for the problem to stay with us for some time. Each of us will have to learn more about the disease, adjust our habits and take sensible precautions, so that we can protect ourselves, our families and the people around us, and carry on with our lives. SARS is not just a medical issue; it is a test of how well Singaporeans can respond collectively to resolve a serious problem facing our society. Synopsis The same ability to respond collectively is critical to our remaking of the Singapore economy. So far the debate on economic reforms has focussed predominantly on Singapore's present situation, and indeed on our immediate problems. We need to take a step back from the close-up snapshots of where we now are, and see our challenges in a historical and international perspective. The story of a country consciously restructuring its economy to adapt to a changed environment is not unique to today's Singapore. It is a recurring theme in world economic history. Tonight, I will explore the challenges of remaking the Singapore economy against the broader context offered by the lessons and experiences of history. In particular, the experiences of Japan, China and UK offer useful insights into the process of our ongoing reforms.

These ideas emphasise that private enterprise must increasingly lead growth, and that to continue to thrive, we must be willing to venture into the unknown, explore new ideas, and establish new enterprises. To succeed, the initiative must come from individuals rather than the state. The government's role is to facilitate the creation of wealth and to enable individuals to do well. It is not to provide handouts or excessive social safety nets. 4  BIS Review 19/2003  Many Singaporeans, particularly the workers, feel instinctively that the ERC changes are far-reaching, and worry that we are moving too fast. On the other hand, some analysts and journalists have faulted the ERC recommendations for not being bold enough. I hope that setting the changes within this larger philosophical context will help to bring out their true significance. Much more so than the two previous paradigm shifts of the 1960s and 1985, the current one calls for a mindset change - on the part of everyone. That is the fundamental remaking that we are striving for. Singapore is by no means alone in facing the challenges of a fundamentally altered landscape. The other NIEs also face similar environmental changes, and are also searching for new strategies and policies. South Korea has been revamping its chaebol-centred industrial system and has also opened up its economy to foreign investment and competition. Taiwan is confronting the hollowing out of its manufacturing industries to mainland China, while Hong Kong is adjusting to the deflationary consequences of its currency peg system.
Owing to the amendments to laws adopted by the State Duma, the requirement for the testing of non-qualified investors wishing to purchase complex products will become effective as early as autumn, that is, six months earlier than initially scheduled and discussed. We are now authorised to establish the rules for selling financial products to ensure that market participants do not sell complex products to individuals who are unable to comprehend them, or products involving non-transparent conditions of returns, which makes it impossible to assess the risks of investment. Moreover, the new law allows us to set the rules for selling not only the investment products we discussed, but actually any financial products and services. Already this year, we will stipulate the main rules for the interaction between financial institutions’ employees and consumers and the rules for information disclosure. We will also evaluate how well they are complied with in the course of test purchases. It is no secret that financial institutions’ employees selling products often focus on their KPI, which is the basis for their personal bonuses. This KPI is the amount of products they sell and they might not care about the quality of products they sell to people. Of course, we need to alter this system. The protection of retail investors is an important but by far not the only area where we believe it essential to enhance financial consumer protection.

Ida Wolden Bache: Norges Bank’s management of the Government Pension Fund Global Introductory statement by Ms Ida Wolden Bache, Governor of Norges Bank (Central Bank of Norway), at the hearing of the Standing Committee on Finance and Economic Affairs of the Storting (Norwegian parliament), 3 May 2022. * * * I would like to thank the Committee for its invitation. Norges Bank manages the GPFG with the objective of achieving the highest possible return over time within the limits of the investment mandate defined by the Ministry of Finance. The objective of the highest possible return is to be achieved within an adequate control and risk management framework, in a responsible and cost-efficient manner with a high degree of transparency. The investment mandate is extensive. Around 70 percent of the over NOK 11 000 billion in the GPFG is invested in equities, which means we are one of the world’s largest shareholders. We a minority shareholder in around 9000 companies in 70 countries. In addition, we have a broad portfolio of fixed income investments. Some of the GPFG is invested in unlisted real estate, and in 2021, we also invested for the first time in unlisted renewable energy infrastructure. The GPFG is managed to track the benchmark index fairly closely, so that the return largely tracks the return on the benchmark index. The benchmark index is defined by the Ministry of Finance and endorsed by the Storting.
José De Gregorio: Macroeconomics, policymaking and the crisis Keynote speech by Mr José De Gregorio, Governor of the Central Bank of Chile, at the Bank of Finland and Bank of Italy Conference on Challenges of the Global Crisis to Macroeconomic Theory and International Finance, in honour of Pentti Kouri, Helsinki, 11 June 2010. *  *  *  I am grateful for useful discussions and comments from Mariana García and Pablo García. It is an honor to participate in this tribute to Pentti Kouri. I did not have the pleasure to be close to him, but I not only know well who he was and his work, but we also share some things in common. We both study at MIT and did international finance. We were very close to Rudi Dornbusch. There is a group of economists from all over the world, Chile and Finland for example, which had the privilege to work close to him, as students or as colleagues, and to enjoy his unconditional friendship and intellectual influence. In this conference there are a few of this fortunate group. Kouri and Dornbusch had pathbreaking work explaining exchange rate fluctuations as movements of asset prices. Kouri’s papers were always an important reference in our course’s work. By the time I was student, late 80s, reading Kouri’s papers, he was a successful investor living in Connecticut. I remember a couple of times when Rudi told me that he would visit this great friend, economist and successful investor to get some funds for the department.

Distinguished guests, Stability to be established in the general price level in Turkey will foster macroeconomic stability and financial stability through the fall in country risk premium, acceleration in reverse currency substitution, accelerated accumulation of foreign exchange reserves and perpetual decline in financing costs. This will create a viable setting for investment, production and employment to continue growing in a healthy and sustainable way. I would like to thank you all for your participation.
From this standpoint, the allocation of pensions to the Reserve Fund with a charge to the social security surplus is unquestionably an essential part of this strategy, although the amount of the funds involved so far is small in comparison with the magnitude of the risk of increased pension expenditure due to population ageing. Therefore, an attempt will have to be made aver the next few years to entrench the social security surplus and thus ensure that this practice continues for a sufficiently long period at a sustained rate. That said, achieving a soundly based social security system in the medium term may require more ambitious policies, including reform of certain aspects of the pension systems. At the same time, the maintenance of sustained growth over time requires a more efficient economy with a more flexible pattern of specialisation and a more intensive incorporation of new technologies. However, with a view to the future, this pattern, which has enabled a part of the considerable unemployment generated in the past to be absorbed, cannot be considered satisfactory. First, because the scant headway in productivity undermines the basis of competitiveness and, second,  6  BIS Review 39/2004  because demographic developments indicate that, within a few years, employment will tend to make a lower contribution to growth. I am not going to list here the measures for raising productivity, but I would like to remind you of the fundamental role of structural reform in this respect.

It is crucial that investment in equipment should gain in momentum and that its greater vigour be accompanied by more expansionary, export-led net external demand. The improvement in these components would then provide for a situation in which the necessary moderation in household spending, especially on house purchases, did not lead to a loss of dynamism. It should not be forgotten that some of the factors behind the buoyancy of expenditure may tend to lose steam or even disappear The most patent case here is that of the prolonged expansionary influence exerted by lower interest rates. The current scenario of exceptionally low interest rates is the result of a very particular economic situation at the European and international level. And although EMU membership ensures moderation in rates, it is likely these will return to more neutral levels as the recovery in the area takes hold. Nor is it conceivable that the exceptional intensity of employment generation per unit of output in recent years can become a permanent feature. Probably, once the labour market has been fully adjusted to a situation of price and wage stability and to a more flexible regulatory framework, the relationship between job creation and growth in the economy will resume a pattern more in step with long-term trends.
Christian Noyer: Challenging times for finance and banking in Europe Keynote address by Mr Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the Bank for International Settlements, at the Paris Europlace International Financial Forum, Paris, 8 July 2014. *  *  *  Ladies and gentlemen, dear Arnaud, I am pleased to be able to give this keynote address today for our Paris Europlace International Financial Forum, before the round tables begin. These are challenging times for economic policy-makers, central bankers and professionals working in the field of finance and banking in Europe I will address three questions: is the euro crisis over? Does Europe face the prospect of a lost decade? What short-term policy challenges are we facing today? And I will finally say a few words about recent changes in our communication strategy. I. Is the euro crisis over? Less than two years ago, the euro area was fighting for its existence. Euro pessimists were questioning its ability to survive. Not anymore. Analysts may be questioning Europe’s ability to grow. But the challenges that we are facing are different. They are macroeconomic, not existential or systemic. Thanks, mainly, to the Eurosystem’s actions, financial conditions are normalising. Spreads in peripheral countries have been dramatically reduced. Soon, budgets will be reasonably balanced and there will be no more fiscal drag on the economy. Households and corporates have strong balance sheets.

This exceptional liquidity will be provided at long maturity (up to four years) and a guaranteed fixed rate, a clear sign that monetary accommodation should persist for a very long time. Finally, the Eurosystem is actively preparing to buy asset based securities that will help channel monetary accommodation and ease financial conditions to private non financial borrowers, especially SMEs. IV. New communication strategy  As you know, two important decisions were made at the last Governing Council: the frequency of monetary policy meetings will change to a six-week cycle; and starting in January 2015, the ECB intends to publish accounts of its monetary policy discussions. Why these decisions and why now? The starting point is that monetary policy is becoming more complex. This is true for all major central banks. Monetary policy does not only consist anymore in moving interest rates, but also comprises many other non-conventional measures. This makes it more difficult for markets and economic agents to understand the economic rationale behind these complicated sets of decisions. Still it remains crucial for central banks to be able to influence expectations. Indeed, one form of non conventional policy, namely, forward guidance, depends entirely on managing expectations about future interest rates. There are, therefore, important challenges in implementing monetary policy in the post-crisis environment. The response is to place more emphasis on enhanced communication. As you know, the Eurosystem has always put a priority on transparency. We were the first to systematically organise press conferences after our policy meetings.
MAS posted a net profit of $ 5.0 billion for the year due to higher returns from MAS’ foreign investments in buoyant financial markets globally. VIII  Further enhancing transparency of MAS’ operations  In this annual report, we have included a new section that highlights our key achievements and work in progress. To enhance transparency of our decision making framework, we also disclosed details of the Board Committees in the annual report. Conclusion In closing, MAS continues to be focused on supporting non-inflationary economic growth, developing the financial sector and enhancing the supervisory framework for a sound and resilient financial sector. The economy is expected to do well this year. The IMF/World Bank Financial System Stability Assessment concluded that our financial sector is robust, and our legal, supervisory and institutional framework is sound. Rating agencies like Standard & Poors, Moody’s, and Fitch continue to re-affirm the strength of our economic fundamentals, which underpin our status as the only Asian country with a triple A sovereign credit rating on both domestic and foreign currency debt. We are committed to Singapore’s vision as a leading financial centre. We continue to stay abreast of market developments and industry concerns and uphold our high standards of regulation and supervision. We will work with the industry to continue to develop a more dynamic, competitive and vibrant financial sector. BIS Review 43/2004  3

Oil revenue spending over time is required to correspond to the expected real return on the Government Pension Fund Global, which has been revised down from four to three percent. In our analyses published in March this year, we have assumed that oil revenue spending as a share of the economy will remain approximately unchanged in the years ahead. This will entail lower growth in public demand than in recent years. At the same time, monetary policy continues to be expansionary. According to Norges Bank’s March 2017 forecast, the key policy rate will remain close to today’s level in the years ahead, followed by a gradual rise from 2019. Chart: Key policy rate and inflation ahead In 2016, the pace of consumer price inflation was at its highest for many years, driven to a great extent by the considerable depreciation of the krone up to the beginning of last year. Inflation has slowed since last summer and our projections in the March Monetary Policy Report indicate that inflation will slow further in the years ahead. At the same time, inflation expectations seem to be firmly anchored. The upturn in the real economy appears to have taken hold and unemployment has declined. With a key policy rate close to today’s level, there are prospects that inflation will pick up again further ahead. The Ministry of Finance is currently assessing the need to modernise the regulation on monetary policy. After more than fifteen years, this is a natural step.