samchain/econo-pairs-v1 huggingface dataset:
However, it can be said that this period of time is much shorter in case of the expectations channel, which is a part of the transmission mechanism and operates in a very effective manner in our economy. At this point, I would like to emphasize that the Turkish economy has entered a normalization process. As a matter of fact, in comparison with previous periods, the banking sector has a more robust structure and fiscal dominance has decreased considerably. As a result of this structure, any measures to be taken regarding the policy instrument should be evaluated in terms of the impacts of the monetary policy on inflation, rather than in view of the likely effects of these measures’ consequences on the above-mentioned areas. In other words, the increase in short-term interest rates, which are the policy instrument, should be evaluated merely as a necessary reaction of monetary policy for achieving the medium-term inflation targets. When the sub-indicators demonstrating the main trends in inflation are analyzed, it is observed that the targets for 2007 and 2008 seem achievable in light of the medium-term outlook as of the present date, as long as the cautious stance in monetary policy is maintained. Certainly, for the course of inflation to follow a path in line with the forecasts of the Bank, certain conditions need to be satisfied. In other words, there are some risks to the sustainability of the disinflation process in the medium-term.

In public relations, Eesti Pank has repeatedly emphasised that central banks are being forced to take on a role that does not suit them. Functions that are alien to the Eurosystem are best left to the European Stability Mechanism. There are two advantages to such a solution. Firstly, establishing conditions for the award of financial support allows guiding the recipient country’s economic policy in the desired direction. As we all know, monetary policy measures cannot be used for eliminating the causes of the sovereign debt crisis. Secondly, this will tighten the control of the member states’ governments and parliaments over crisis measures and ensure a better overview of the costs of the crisis measures. [TO SUM UP] 1. The right decisions can only be made when we understand the economy. It does not serve our interests to monitor just our own activities – we also need to monitor the development plans and objectives of other euro area countries (and not only Greece or Portugal). The European Economic and Monetary Union already has all the good characteristics for the achievement of which the union was established to begin with. We now need to enhance the union’s efficiency, potency and security in the service of our best interests. Honourable President of the Riigikogu, honourable members of the Riigikogu. I would like to finish the speech by expressing my gratitude for the seven years of cooperation. Thank you for taking notice and account of the messages of Eesti Pank!
The Bank is now working with the FCA to assess how funds’ redemption terms, including pricing and notice periods, might be better aligned with the liquidity of their assets in order to minimise financial stability risks.31 More effective and impactful IMF surveillance The deficiencies in the current IMFS mean that the IMF should play a central role in informing both domestic and cross border policies. In particular, discussions at the Fund can identify those circumstances when spillovers from the core are particularly acute. This in turn can help guide central banks’ use of the flexibility inherent in their monetary policy frameworks, the deployment of macroprudential tools and, in extremis, capital flow management measures.32 In these regards, transparent, evidence-based discussions convened by the IMF can both discipline policy and avoid potentially antagonistic misunderstandings that could lead to de-stabilising tit-for-tat retaliations. Reinforcing the GFSN The IMF’s core liquidity function can also play a more important role. Collective action should improve the adequacy of the global financial safety net (GFSN) to reduce the need for EMEs to accumulate reserves of safe assets as insurance against less sustainable capital flows. Over the past two decades, the GFSN has Estimates are based on the FSB’s measure of ‘collective investment vehicles with features that make them susceptible to runs’; see FSB Global Monitoring Report on Non-Bank Financial Intermediation 2018. 31 The review will also assess the effectiveness of measures that are already used to deal with misalignment of redemption terms and asset liquidity, such as swing and fair value pricing and suspensions.

Thus it became an official unit, called Head Office for the National Republic of Macedonia, supposed to perform part of the central banking activities. Therefore, we have decided this year to commemorate those 60 years dedicated to central banking, i.e. 60 years dedicated service to the state. From a historical viewpoint, it is not a long period. For us, however, it is fundamental, since it de facto means fulfillment of the centuries-long endeavors of our people to have their own state with all attributes - in this case also with accomplishment of full financial sovereignty. Why is the role of central banking important for an economy? Because it is responsible for maintaining the purchasing power of the currency aimed at the general stability of the economy, as the main prerequisite for its sustainable growth and development. Such responsibility is not always easy to fulfill, since the response to this challenge surely lies in the multitude of social and cultural factors, in the extent to which they support the idea that price stability is an indispensable, yet insufficient factor for achieving those objectives. It would have been nice had we found only successful stories in the history of central banking in the Republic of Macedonia. However, in the largest part of the past 60 years, facts are different. Both successes and failures are evident.
And while this figure is far below the peak recorded in May (3.2 million people on average for the month), it remains high. The combined impact of these two channels can be seen in “actual” registrations, a variable constructed by stripping out workers on furlough schemes from the social security registrations figures. Although this indicator has been gradually improving since May, when it posted a year-on-year decline of 20.9%, it was still showing a fall of 6.2% in September (on average monthly data) compared with the same period a year earlier. The increase in the unemployment rate is being partly contained, so far, by the resort to furlough schemes (ERTEs). However, according to the Labour Force Survey figures for Q3 published last week, in this period the unemployment rate is estimated to have risen to almost 16.3% of the labour force. This is the highest rate since early 2018 and is 2.5 pp above the figure observed in 2019 Q4. 4  Public finances have also been severely affected in recent months as a result of the pandemic’s direct impact on health spending, the effect of the automatic stabilisers and the various measures implemented by the Government to alleviate the impact of the economic crisis on household and corporate income. Hence, the general government deficit rose strongly in the first half of the year to 6.9% of GDP in June in cumulative 12-month terms, more than 4 pp above the level recorded in 2019.

In the same spirit, the Government should be prepared for the possibility that, should the course of the pandemic worsen, it may be necessary to introduce additional measures or to extend or recalibrate those already in place. In addition, there needs to be a transition from the current income support policies for households and liquidity and funding support policies for businesses towards measures geared to fostering medium and long-term growth. In particular, this requires that budgetary policy favour, rather than hinder, the necessary reallocation of resources. This is how the new incentives for furloughed workers to return to work, envisaged in the latest extension of these measures, should be understood. Moreover, although the structural changes that may be triggered by this crisis have become a recurrent subject of debate, the specific nature of these changes is as yet uncertain. On the one hand, it is noticeable that as a consequence of the pandemic, certain transformations that were already under way, such as teleworking or digitalisation, are accelerating. Yet on the other hand, and by contrast to the experience of the previous crisis, which saw structural correction of certain industries in Spain, such as construction and financial services, that were oversized, it is not at all clear that the sectors currently most affected by the social distancing rules resulting from the pandemic will see a permanent fall in their demand once we have overcome the health crisis.
For example, our collaboration with social enterprises has been focused on supporting the youth segment who are not in Employment, Education, and Training (also coined the "NEET Youth"). 9. COVID-19 has been a defining period for the world in many ways. While it has exacted a huge toll on society, it has also become a point of inflection for the adoption of digital financial services. The World Bank, in its Global Findex 2021 report released in June earlier this year, revealed that 79% of Malaysian adults use digital payments, of which 42% did so for the first time after the pandemic. This trend is evident in the strong adoption of e-payments recently, where e-payment usage in 2021 increased by 30% from 2020, a doubling of the long-term average growth rate prior to the pandemic. 10. To sustain this momentum, we will continue to work with the industry and key stakeholders to further promote e-payment adoption through a coordinated nationwide e-payment initiative under the banner of "e-Duit", with the tagline "Selamat, Senang dan Segera". 11. The evolution of digital financial services opens up enormous opportunities to deepen financial inclusion and expand access to previously excluded and underserved populations. But these opportunities can only be fully realised if our society is equipped to use digital financial services effectively, responsibly and confidently. Low awareness and trust, and limited digital and financial literacy, can become barriers to the adoption and effective use of digital financial products and services. 12.

Individuals, therefore, need to be supported to understand the risks associated with using financial products and services that are accessed through digital means so that they can better protect themselves against these risks. Given the rate at which technology evolves, this can be daunting for the average consumer to keep up with which is also precisely why financial education is so critical. 2/4  BIS - Central bankers' speeches  13. One of the more striking results from the 2021 FCI Survey is the low level of digital financial literacy observed, which is deeply concerning. One in three individuals surveyed stated that they would be willing to share their bank account passwords or PIN numbers with close friends. This increases the risk of online fraud, including being used knowingly or unknowingly as 'mule accounts' to perpetrate fraud. Almost twothirds of individuals surveyed do not pay attention to the security features of a website before they perform online transactions (such as to check if the page for making payment is legitimate and can be trusted). As a result, individuals are far more likely to be deceived into providing their banking credentials through a fake website that enables scammers to use their information to commit fraud. Using mobile devices and apps inappropriately has also led individuals to fall victim to fraud such as phishing, hacking, and data theft. 14.
Mervyn King: Monetary policy developments Speech by Mr Mervyn King, Governor of the Bank of England, to the South Wales Chamber of Commerce, Cardiff, 23 October 2012. *  *  *  Of the many memorable moments in an eventful summer, recall that balmy night in late July when attention was diverted from the economy by the Opening Ceremony of the Olympic Games. The sound of Welsh children singing Cwm Rhondda on that beautiful beach in Rhossili filled the Olympic stadium. Inside the stadium, we saw not manna descending from heaven, but thousands of athletes and volunteers rising to their challenge. If the Olympics aimed to inspire a generation, the challenge for economic policymakers is to give that same generation the opportunities to make the best possible use of their talents in a vibrant economy. After a period of lopsided expansion, with growing trade deficits and debt levels, and a collapse of their banking systems, advanced economies across the world are facing a huge adjustment. Such is the scale of the global adjustment required that the generation we hope to inspire may live under its shadow for a long time to come. During the course of this year, the challenge has grown as the economic sky has darkened. The storm clouds coming from the Euro area have not yet lifted, and in other parts of the sky new clouds have drifted over. China, India and Brazil, the three largest emerging market economies, are all slowing.

The quantity of gilts in private hands is higher now than when we began our asset purchases, and the government continues to issue new gilts at a rapid rate. As far as the effectiveness of gilt purchases is concerned, it is of course true that as gilt yields have declined the room for further falls is reduced. But it is not the sole objective of asset purchases to push down on government bond yields. Raising the price and reducing the risk premium on a much wider class of assets is equally important. Although monetary policy can play a crucial role in supporting the economy in these difficult times, there are limits to its ability to stimulate private sector spending. Those limits are inherent in any form of monetary easing, not only asset purchases. Two limits are important. First, monetary policy supports demand and output by encouraging households and businesses to switch demand from tomorrow to today. But when tomorrow becomes today, an even larger stimulus is required to bring forward more spending from the future. Since the paradox of policy has been evident for almost four years, tomorrow has become not just today but yesterday. When the factors leading to a downturn are long – lasting, only continual injections of stimulus will suffice to sustain the level of real activity. Obviously, this cannot continue indefinitely. Policy can only smooth, not prevent, the ultimate adjustment. At some point the paradox of policy must be resolved.
Accordingly, it will set the ground for a sound and sustainable increase in investments, production, and employment. Dear shareholders, In the upcoming period, implementing the reforms set out in the Economic Reform Package announced by our Government will be crucial to reinforcing confidence and stability and thus, to achieving both a permanent fall in inflation and sustainable growth. On the other hand, like before, we will continue to use our communication channels actively to enhance the effectiveness of our policies and get the views and suggestions of our stakeholders. In line with the transparency and predictability principles, we will share our decisions with the public. As I end my speech, I would like to thank you all for your participation.

Kerstin af Jochnick: Current monetary policy and the economic situation Speech by Ms Kerstin af Jochnick, First Deputy Governor of the Sveriges Riksbank, at the Centre for Business and Policy Studies, Stockholm, 21 August 2015. *  *  *  Accompanying figures can be found at the end of the speech. Economic developments in Sweden look positive and the Riksbank’s expansionary monetary policy is continuing to support the upturn in inflation. I am pleased to note this as I hold an August speech for the fourth year in a row based on the monetary policy decision in July and discuss what has happened during the summer. Although I expect most people here follow events on stock exchanges and other markets around the world even during the summer, I hope that a summary of the most important events may be useful prior to assessing the prospects for the autumn. One can say that Greece has not entirely unexpectedly been in focus during the summer, too. The forecasts in our July Monetary Policy Report were based on the sequence of events not preventing a recovery in the euro area. While some work remains to be done before the new 3-year loan programme is formally in place, my assessment is nevertheless that developments so far are in line with the assumptions we made in July.
I will argue that those phenomenons can all be ascribed to two common causes: a worldwide based shift in the primary distribution of income; and asymmetries in financial development among countries. Together, they combine to produce (1) excess saving in emerging economies (2) strong capital inflows to the US (3) an increasing frequency in financial booms and busts and asset price bubbles in both advanced and emerging economies. Let’s look first at income distribution. In China, the share of wages in GDP has declined from 55% in 1992 to 48% in 2008. In the US, the median real wage has been stagnant over the last fifteen years despite the fact that real GDP has grown annually by above 3% over the same period. These are deep changes mostly driven by technology and demographics, in proportions which are hotly debated, and partly unexplained. In contrast to wage developments, consumption trends have been widely divergent. In China, the share of consumption has gone down by more than 10 % of GDP over the last decade. In the US, consumption kept growing (both in absolute and in GDP share) fueling the demand for imports. Households in the US could consume more and save less because they felt richer. And they felt richer because the value of their houses and financial assets was rising at a quick pace and that trend was expected to persist. Broadly speaking, the worldwide equilibrium between demand and supply of goods was based on a continuing asset price bubble in the United States.

You are notorious for your ability to pick apart shallow arguments and for your intolerance of superficiality. Your brilliant mind has often put you at the forefront of European debates. In the 1990s you were already writing about how to build a more deeply integrated European framework around the countries that would go on to share the single currency.3 You understood very early on that a monetary union comprising different sovereign states can only be sustainable if there is mutual trust. And you realised that trust does not emerge through declarations or treaties: it is built through actions that demonstrate the commitment of states to abide by the promises they have signed up to. You saw, in other words, that rules are not an end in themselves. I have so often heard you mention the words “implementation, implementation”, because you knew that it is through faithful implementation and respect for the rules that trust builds up between countries. And it is once trust has developed that more sharing of sovereignty can follow, which reinforces the strength of the Union and each of its members. In the face of changing reality, the challenge, of course, is how to ensure that governance is both credible and flexible. As you have said yourself, “sticking to rules […] does not mean a lack of creativity or originality.” 4 And it is this spirit that we will need to channel in our efforts to deepen our Economic and Monetary Union.
If that happened, and those expectations were built into higher wages and prices, the benign adjustment would not be repeated. So we are closely monitoring developments in inflation expectations. Unfortunately inflation expectations can’t be observed directly. But a number of measures, including household surveys and financial market instruments, can act as a guide (Chart 6). While all these measures have their drawbacks, most have risen – in some cases markedly – over the past year. It is unclear to what extent these measures contain information about the medium-term – the horizon over which the MPC aim to bring inflation back to target. And it is comforting that other measures – such as money spending remain stable and in line with the average rate of increase since 1997. And the Committee’s commitment to ensuring inflation returns to the 2% target should give those setting prices and wages some confidence that inflation will be close to target in the future. Conclusion There is no doubt that the current climate is the most challenging the MPC has ever had to face. Balancing the downside risk to demand associated with tighter credit conditions against the inflationary pressures emanating from the rest of the world is an enormous challenge. And the immediate prospect is for a deterioration in both output growth and inflation. Monetary policy cannot prevent the economy being buffeted by developments in the wider world economy but the experience of the past 10 years has shown that the economy is now more flexible in responding to events.

Second, the country in which the gold is stored must be politically and economically very stable and guarantee the immunity protection of central bank investments. Unlike the other two demands of the gold initiative, the manner of storing the gold reserves has no immediate implications for monetary policy. In our opinion, however, the principles of risk diversification and the requirements of due diligence in the conduct of business still speak for decentralised storage in Switzerland and abroad. Concluding remarks Ladies and gentlemen, in order for the SNB to continue fulfilling its statutory mandate, it is important that it can maintain its capacity to act in the conduct of monetary policy. Given the challenging environment in which we will also be operating this year, we once again need broad support. In this spirit, I would like to thank our shareholders for their loyalty and great interest in the activities of the SNB. On behalf of the Governing Board, my thanks also go to our staff for its tireless efforts for our institution. Thank you all for your attention. BIS central bankers’ speeches  5