samchain/econo-pairs-v1 huggingface dataset:
The Central Bank lacks the capacity to alter the economy’s potential growth or shield it from the shocks that affect it, but it can contribute to smooth the cyclical adjustment. This is what we have been doing, always with our eyes firmly focused on our constitutional mandate to safeguard price stability, which is one of our greatest contributions to our country’s development. Our policy framework, especially exchange rate flexibility, has played a key role in this process. Suffice it to compare it with some past episodes where the exchange rate adjustment was not allowed or was tried to avoid, to later realize the important role that a fluctuating currency plays in this. But, as is always the case, every adjustment process of any significance has short-term costs to pay. In this case, inflation has been above the target range for longer than we expected. As we have stated many times before, Chile has a sound macroeconomic policy framework that allows us to adequately address the changes occurring in the economic environment. In recent years, the adjustment has been made and there are no significant macroeconomic imbalances yet to be corrected. The best contribution we can make as the Central Bank is to simply fulfill our mandate of price stability. Rest assured that we will do everything necessary to make it happen. Thank you.

Ardian Fullani: Effects of the exchange rate regime Speech by Mr Ardian Fullani, Governor of the Bank of Albania, at the lecture of the Governor of the Central Bank of the Republic of Turkey, Mr Durmus Yilmaz, entitled "Current Global Financial Crisis and Recent Developments in the Turkish Economy and Monetary Policy", Istanbul, 24 September 2009. *  *  *  Ladies and Gentlemen, It is my great pleasure to give the greeting speech in this joint meeting, in which our dear and honourable friend, the Governor of the Central Bank of the Republic of Turkey, Mr. Durmus Yilmaz, will address very important theoretical and practical issues related to the most recent global developments, sharing at the same time his experience in Turkey. The global financial crisis hit all the advanced economies severely. It certainly affected the emerging economies of South-East Europe, our two countries are part of. The contraction of global economic growth, the decline in foreign trade, the higher risk premiums, the interrupted functioning of the credit system and the rush to get liquidity affected our economies as well. These economies remain closely related to the Euro area economy through a number of trade and financial channels. The response of fiscal and monetary policies to this crisis is of prime importance; this aspect will be thoroughly elaborated by our dear friend.
15  All speeches are available online at www.bankofengland.co.uk/speeches  15  At the time of the global financial crisis, then, workers and their employers were faced with a stark outcome of job insecurity (jumping off the ladder) or income insecurity (stepping down the ladder). Unlike in previous recessions, most chose the latter path. The result was lower-than-expected unemployment, but weaker pay and productivity growth. Charts 17a and 17b: Proportion of workers facing nominal pay freezes or cuts Job stayers  Job switchers Per cent  Per cent  40  40  35  1990  1994  1998  2002  2006  2010  Cut  Freeze  2014  35  30  30  25  25  20  20  15  15  10  10  5  5  0 2018  0 1990 1994 1998 2002 2006 2010 2014 2018 Cut  Freeze  Sources: ONS ASHE and Bank of England calculations. Notes: Chart shows percentage of workers either in current job or moving job who faced nominal pay cuts or freezes in a given year. Chart 18: Wage growth for job movers Per cent  12 10 8 6 4 2 0  1998  2001  2004  2007  2010  2013  2016  Sources: ONS ASHE and Bank of England calculations. Notes: Median hourly pay.

New generations are used to surrendering their privacy, to renounce their data sovereignty in favour of digital payment and social network providers. Some social networks even work that way - to make your own digital identification or to verify it is exactly You or Me out there on the web. Public concern over digital privacy has been identified in the 2021 document "Public consultation on a digital euro" and the idea of a unique digital identity for citizens in the EU is being developed by the European Commission. [5] This tendency is also at the heart of the digital euro project, and the digital euro will offer the highest levels of privacy for the citizens. Let me assure you that the central bank has no interest in peoples' payment behaviour, nor will we store or even see any of people's personal data. So, considering that our role is to act in the best public interest and at the same time, we see a proliferation of digital payment channels offered by various private entities or even networks without recognizable issuers, isn't it right to think that we also need to offer our citizens digital version of public money? To offer our citizens a way to access public money in the digital sphere? Or, to paraphrase ECB President Christine Lagarde, "Don't we all need to have access to public money in the digital age?".
Some parts of the subregion sometimes have problems with floods, but in many parts there is permanent lack of even drinking water. Macedonia’s track record within the relations with the World Bank, can be assessed as quite successful. The World Bank has been one of the most important partners in the process of designing and implementing important structural reforms. The strong focus of the World Bank programs on the financial and the enterprise sectors, public administration, and business environment, has proved to be an important trigger and contributor to the productivity gains and real convergence of the economy. Personally, I am deeply grateful to the World Bank and the IMF for the contribution they have made in overcoming our existential problems. It is my personal opinion, however, that our need for the cooperation with and support of the World Bank is more than necessary. We have made some progress, but we have also encountered a lot of problems. The global crisis emphasized a number of structural issues that are bottleneck for the growth of the Macedonian economy. A comparative analysis shows that Macedonia has pretty low level of investments (on average about 15% of GDP during 1997–2007). Thus, further support which will lead to higher investments and higher stock of capital will play an important role for the long-term growth. We substantially lag behind those we want to keep up with. The unemployment rate is still staggering (32.4%).

But if you look at the facts, total deposits in Hong Kong’s banking system rose by almost 3% in 2019. They increased by another 7.8% in the first eight months of this year. In simple terms, the strength of the Hong Kong dollar and this expansion of the deposit base tell us that there is more money coming in than going out. 13. Our banking system continues to be robust. Hong Kong’s banks have among the highest capital adequacy and liquidity ratios in the world. And despite a difficult operating environment, our classified loan ratio is still low – around 0.8%. And that resilience provides room for our banks to continue lending and providing relief measures to customers during the COVID-19 outbreak. 14. And our capital markets are thriving. Hong Kong was the world’s leading IPO centre last year. Although global markets were tested by extreme volatility in the first quarter, our capital markets have continued to function without incident. As several large Chinese companies that had listed in the US seek secondary listings in Hong Kong this year, we should once again achieve a very high ranking in the global IPO league table. 15. None of this happened by luck or by chance. The resilience we see now is the result of sustained efforts over many years. It’s the result of building capital and liquidity buffers into the banking system; and prudently managing the reserves that support the Linked Exchange Rate System.
Scope 1,2,3 GHG Emissions  42%  22%  39%  41%  28%  26%  29%  38%  c. Climate-Related Targets  50%  24%  45%  53%  32%  30%  24%  51%  Recommendation Governance  Recommended disclosure  Strategy  Through multi-sector TCFD summits and more focused TCFD industry preparer forums, companies should continue to share knowledge on how, what and where they disclose information to give the market the information it needs. Better TCFD disclosure is an opportunity. Research by the Bank of England and PwC finds a positive correlation between companies’ stock price and the number of TCFD disclosures that firms make.10 This could be because investors reward companies that are leaders in managing climate-related risks or simply  9  TCFD Status Report (2019) On average each additional TCFD disclosure correlates with a 0.18% increase in stock price. While a positive correlation between financial metric and TCFD disclosure does not indicate that TCFD disclosure caused an increase in stock price, it raises questions for further analysis about the effect of climate-related disclosures. 10  6  All speeches are available online at www.bankofengland.co.uk/news/speeches  6  because TCFD adoption identifies companies that are more naturally disposed to longer-term strategic thinking and planning.

In general, and certainly if someone’s performance can be easily verified, it helps to offer incentives of this sort1. But if over-simplified targets sufficiently distort an employee’s incentives, because they ignore the less verifiable aspects of a job, it can be better simply to pay a flat wage2. The same analysis can also be used to think about how multiple tasks should be allocated in the first place. In some cases the various aspects of a job are inextricably linked – they can only be done by one person. Those broader parts of a child’s education have to be provided by the same institution – a school – that teaches what’s needed to pass exams. But in other cases the allocation may be a matter of choice. When it is, it turns out that it makes sense – all else equal – to group the more visible objectives together, in one job, and the less verifiable tasks in another. This limits the risk that one dominates the other. I think this insight has some bearing on how central banks, whose responsibilities have been expanded since the crisis, should be organised. Specifically, it’s relevant when deciding whether the newly created “macroprudential” policies should be conducted separately or jointly with monetary policy. Some have argued that, because there are significant interactions between the two, monetary and macroprudential policy should be housed not just in the same institution, but in the same policymaking committee within the central bank. The distinct MPC and FPC should become a single “FMPC”.
So we are seeing many different effects emerge at the same time across the whole world. The likelihood of a recession has thus risen considerably. What is your expectation for economic growth? Our latest projections put euro area growth at 0.8% for this year. But that is now out of date. We will certainly have to adjust our projection significantly downwards. Below 0%? We don’t know yet. The greatest uncertainty is how long the crisis will last. Originally, many economists thought that there would be a short, sharp crisis and that things would subsequently pick up again quickly. It very much depends on how quickly the spread of the virus can be contained, but also on the economic policy reaction. You have done intensive research on financial crises of the past. Is there any crisis that was similar? The current situation cannot be compared with the 2008 financial crisis. That crisis originated in the financial system. Today we are looking at a shock to the real economy that is affecting many countries at the same time and for that reason is so devastating for the global economy. If we want to draw a comparison, we should look at other pandemics. The Spanish flu? Yes, for example – that pandemic was indeed devastating. The precise figures are not known, but between 20 and 100 million people died back then. Now we are in a much better situation. First, medicine is much more advanced.

Recognising the important role of payment cards in the Malaysian payment system and in the electronic payment agenda, Bank Negara Malaysia spearheaded the migration from magnetic stripe to the chip-based card infrastructure on a national scale for both the ATM and credit cards. This migration is also to counter fraud due to cloning, skimming or counterfeiting. We began with the ATM card migration and by 2005, Malaysia became the first country to fully migrate to the EMV chip-based credit card infrastructure on a national scale. Financial inclusion Efforts and emphasis on accelerating the adoption of electronic payments would also contribute towards Bank Negara Malaysia’s objective of building a progressive and inclusive financial system. Financial inclusion is a high priority in our national agenda and the Bank’s commitment in enhancing financial inclusion is explicitly mentioned in our new Central Bank of Malaysia Act 2009. Malaysia has one of the highest penetration of deposit and loan accounts in the world. Based on the study conducted by the World Bank in 2008, more than 80% of the Malaysian population has access to at least a deposit account. In 2009, the penetration of deposit accounts and loan accounts in Malaysia are 3,300 deposit accounts per 1,000 adults and 1,100 loan accounts per 1,000 adults, respectively. The World Bank has also ranked Malaysia number one for three years (2008–2010) in terms of getting credit. Much of this success in achieving a high level of financial inclusion is due to the strategies and policy initiatives undertaken by the Bank over the years.
This means that the central bank gives weight to fluctuations in output as well as to inflation. The expected future paths for inflation and output are included in the loss function. Let us now include a variable that captures the transmission of financial market instability to the wider economy. In this stylised model, the variable, called zt, enters the aggregate demand function. To simplify, we assume that there are only two states with respect to financial stability: either normal times with well-functioning financial markets or a situation of financial market stress (cf. the α parameter). If instability in financial markets emerges (i.e. α equals 1), the impact on the real economy will depend on the level of the financial imbalances. Within this framework, the risk of financial instability is endogenous, and monetary policy can influence this risk. A higher risk of instability can depress expected growth and inflation. When the central bank assesses the future path of inflation and output, it therefore has an incentive to dampen the build-up of financial imbalances. In this way, the central bank can contribute to a smoother expected path for inflation, output and employment over time. Let us now introduce an economic situation that is not unlike the one experienced in Norway in recent years: interest rates abroad decline and there are prospects that they will remain low for a long period. This results in a widening of the differential between interest rates at home and abroad, leading to an exchange rate appreciation.

The banks have also increased their capital levels over the past few years. As a result, the financial system in Norway is now more resilient to shocks. An accountable and credible macroprudential policy must be based on an understanding of how systemic risk arises. The academic research on macroprudential policy issues is growing, but is still at an early stage. Some conclusions seem, however, to be robust. Many studies single out rapid credit growth in particular as a symptom of rising systemic risk. This is in line with the recommendations from the Basel Committee and the EU, which state that decisions on the countercyclical capital buffer should be based on the credit gap. Chart: Basis for advice on the countercyclical capital buffer: key indicators In preparing its advice on the buffer decision, Norges Bank adds three other variables as key indicators. The three variables are, as shown in the chart: house prices, commercial property prices and banks’ wholesale funding ratio. Together, the four indicators contain a considerable amount of information about how cyclical systemic risk evolves. Chart: Early warning models for financial crises A number of studies have indicated that credit growth, real estate prices and banks’ wholesale funding ratio show a systematic pattern ahead of financial crises. At Norges Bank, we have examined data from 16 OECD countries to see whether such a systematic pattern exists. 2 We have developed empirical models for estimating the probability of a crisis.
At the same time, however, the international financial supervisory community recognized that it would be useful to establish a public-sector group, called the Joint Year 2000 Council, that would work with the private sector and also maintain a high level of attention on the Y2K problem among financial market supervisors and regulators worldwide. 2  A videotape containing highlights of the Global Year 2000 Round Table is available free of charge from the Bank for International Settlements. Please contact the Joint Year 2000 Council Secretariat at the Bank for International Settlements, Centralbahnplatz 2, CH-4002 Basle, Switzerland. (telephone: 41 61 2808432, fax: 41 61 280 9100, email: jy2kcouncil.bis.org) The Federal Financial Institutions Examinations Council ("FFIEC") has also placed the entirety of this videotape on its web site, where it is available for downloading in whole or in part. Please see http://www.bog.frb.fed.us/y2k/video_index.htm#19980408 BIS Review 56/1998  -4-  Joint Year 2000 Council The formation of the Joint Year 2000 Council was announced at the end of the Global Year 2000 Round Table on April 8, 1998. The Joint Year 2000 Council consists of senior members of the four Sponsoring Organizations. Every continent is represented by at least one member on the Council. The Secretariat of the Council is provided by the Bank for International Settlements. I am honored to serve as the Chairman of the Joint Year 2000 Council.

This will help local bank managements to concentrate on their core business of banking and finance, and limit the risk of contagion from non-financial businesses to the banks’ business. Market discipline and caveat emptor Our efforts to promote market discipline and a caveat emptor regime have focussed on enhancing the amount, quality and timeliness of information disclosed by institutions. We have shifted from a meritbased supervisory approach to a disclosure-based approach that emphasises market discipline to incentivise financial institutions to conduct their business in a sound, efficient, and professional manner. The local banks in particular have significantly improved their disclosure practices. We must continue to update our disclosure standards in line with industry developments and international best practice. Furthermore, the mindset change is not yet complete. The public still expects to be protected from downside risks, for example when playing the stock market, but more so when depositing their money in banks. Hence one major motivation for introducing deposit insurance is to change this mindset, and get people to understand that only a limited first tranche of their deposits with a bank is protected should the bank run into trouble. But disclosure by itself is not enough. It must be accompanied by investor education. Investors have to understand and use the information provided to them. They must learn to make sense of this information and use it to look after their own interests.
You may recall that just a year ago the main problem faced by emerging economies was how to deal with inflationary pressures, given the narrowing of domestic capacity gaps and the rise in prices of commodities in international markets. This happened at the same time as the two-speed recovery process I just mentioned was accompanied by an interest rate differential that redirected capital flows towards emerging markets, exerting strong pressures to appreciate our currencies. Our concern then was the pace at which we would lower impulse to our economies, taking care that it did not intensify pressures on the exchange rate and cause new imbalances. Only six months later our major concern had changed dramatically. The intensification of financial tensions in the developed economies drastically changed our perception of the future of the global economy. Financial markets drastically picked up this change of mood  BIS central bankers’ speeches  1  and very quickly we saw, among other developments, drops in stock prices, hikes in risk premiums, and reductions in the prices of commodities. The tough discussions held in the United States on fiscal issues, together with the weakness of its economic data towards mid-year, fueled these negative perceptions. Overall, emerging economies dramatically changed their perceptions and communication as to the future of monetary policy.

Rodrigo Vergara: The global economic scenario and monetary policy management Speech by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, at the 2012 Latin American Forum of the Institute of International Finance (IIF), Montevideo, Uruguay, 17 March 1012. *  *  *  I thank Luis Oscar Herrera, Enrique Orellana and Tatiana Vargas for helpful comments. Thank you for inviting me to speak at the 2012 meeting of the IIF Latin American Economic Forum. This is my first time here as governor of the Central Bank of Chile. I have been asked to share with you some thoughts on the impact on our region of the crisis that is affecting the developed world, especially of how we can confront it using policy instruments, and the challenges that lie ahead of us. These last years have been very challenging in terms of the evolution of macroeconomic conditions in our region and worldwide. After the crises in Argentina and Brazil of the late 1990s and early 2000s, for the most part Latin American economies experienced a period of sustained growth, lower unemployment and a drop or relative stability of inflation rates. Nonetheless, towards the end of the past decade this state was abruptly interrupted by the international financial crisis. The worst came with the fall of Lehman Brothers in September of 2008. The abrupt and significant collapse of global demand caused serious problems in all our economies. Terms of trade plummeted and soon we were facing a completely different picture.