samchain/econo-pairs-v1 huggingface dataset:
Nonetheless, sectorial mismatches in banks, non-banks, and households, still need to be monitored. In Chile, as mentioned above, these mismatches are limited due to FX hedging and regulation. The CBC was an early adopter of an inflation-targeting regime, shortly after its independence granted in 1989. A fully floating FX regime was adopted in September 1999 and capital controls where abolished in a necessary step to complete a coherent framework to effectively control inflation. Since then, the Central Bank has kept its commitment of no intervention in the FX market, except when required by extraordinary circumstances. Page 9 of 12  Central Bank of Chile September 2019 High-level Policy Seminar on Integration or Fragmentation? International Capital Flows in the Post-crisis World, September 2019 CENTRAL BANK OF CHILE  Monetary policy framework and its effectiveness  The Chilean experience with capital controls and FX interventions FX rate and capital controls: 1990-2018 (*)  International reserves and FX interventions: 1982-2017  (CLP per USD)  (millions of USD)  800  45000 Capital controls 40000  700  FX interventions  FX bands  35000 600  30000 25000  500  20000 400  15000  Reserves requirements to the foreign loan and later extended it to capital flows not related to debt, the American certificates of deposit of foreign shares, and potentially speculative FDI. Increased the discount rate.

Consequently, banks which sold euros for less than CHF 1.20 did not receive the best market price and had – relatively speaking – to accept losses. Since there is no compulsion to make business transactions at the best prices, such anomalies cannot always be excluded. However, they can only be maintained for a very short period. How is the SNB organised in operational terms for implementing the minimum exchange rate? Since the introduction of the minimum exchange rate, the SNB has monitored the foreign exchange market from market opening in Asia on Sunday evening to market closing in New York on Friday evening without any interruption. The same applies to holidays. The interbank market, which is the market of relevance for the SNB, includes its counterparties. The SNB accepts well over 100 banks with more than 700 trading desks as counterparties. Thanks to this network of contacts, the global foreign exchange market is almost completely covered. On the part of the SNB, the trading limits amount to some hundreds of billions of  BIS central bankers’ speeches  1  euros a day. These limits can be flexibly adjusted by the SNB, should this be necessary. Via electronic trading systems, the banks have access at all times to the offers. The SNB’s strategy for implementing the minimum exchange rate has proved effective – including in the last few days. On the relevant interbank market, CHF 1.20 per euro qualifies as the lowest exchange rate. Consequently, the minimum exchange rate applied at all times.
While most of the news focused on New York City, Long Island and New Jersey, parts of Fairfield and New Haven counties – cities and towns like Bridgeport, Stamford, Milford, and Fairfield – were severely affected as well. Thankfully, Sandy’s disruptive effect on the region’s economy seems to have been short-lived. Fairfield County did see some job  BIS central bankers’ speeches  5  losses during the winter months, and Sandy likely contributed to that. But, in the spring this area saw a strong and broad-based rebound in employment. In fact, in May employment in Fairfield County surged to a more than four-year high. Even with this recent surge in employment, however, the county has recouped only about 60 percent of the 36,000 jobs lost during the last downturn, whereas the nation has recouped close to three-quarters of its job losses and New York City has more than fully rebounded. And, at more than 7 percent, the county’s unemployment rate remains high. Another dimension of the local economy where we have seen modest improvement is housing. Homebuilding, as measured by housing permits issued, languished from 2008 through 2011; but last year, multi-family construction picked up noticeably, and this year single-family construction has begun to move up as well. Home values have also begun to recover. After falling about 25 percent between 2006 and early 2012, home prices have risen by 5 percent in Fairfield County and 3 percent across Connecticut overall.

Your new Commissioner of Housing – whom I note, formerly worked at the New York Fed – attended that conference. We also conduct a periodic poll about the credit needs of small businesses, which are an important source of new jobs in the District. If you represent a small business and would like to participate in our next poll, please pass your business card to my colleagues, who are in the audience, or see me after the speech. And if your business is somewhat larger, I urge you to consider becoming one of our business contacts – just indicate your interest to us on your business card. So how is the region doing? I want to begin by pointing out that Fairfield County has a number of strengths, beginning with a highly-educated workforce: Two in five adults in the county hold a college degree, nearly twice the nationwide average. It also has an array of fine educational institutions, including Fairfield University, UConn Stamford, the University of Bridgeport, Sacred Heart University, Western Connecticut State University, Housatonic Community College and Norwalk Community College. The industry mix here is quite diverse, with a good representation of jobs in the high-paying finance sector. In fact, roughly 35,000 jobs in the county, about 9 percent of total employment, are in the finance and insurance industry, a share almost twice as large as in the nation and even slightly higher than in New York City.
If market participants expect prices to continue to fall, the real interest rate may be high since the nominal interest rate cannot fall below zero. Households and enterprises may then find it profitable to increase saving pending a decline in prices, which leads to further fall in demand. The real debt burden increases as a result of the fall in prices. This curbs demand. Deflation is often accompanied by a decline in asset prices. This reduces banks’ collateral value for loans and may reduce banks’ total lending. Deflation can be spread across countries. Even though Norway is not experiencing deflation, we see that increased imports from low-cost countries are curbing inflation in Norway. Inflation in Norway is now low. It is primarily developments in prices for imported consumer goods that have pushed down the rise in consumer prices adjusted for tax changes and excluding energy products (CPI-ATE). The low rise in prices reflects the appreciation of the krone through 2002 and the low rate of inflation abroad. The rise in prices for domestically produced goods and services has also slowed, particularly prices for goods influenced by world market prices. As a result of the fall in inflation rates globally, key monetary policy rates are now low in the major economies. Monetary policy has also been eased considerably in the US and the euro area over the past few years as a result of the economic downturn. Norway’s monetary policy must be adapted to a global economy that is marked by unusually low interest rates.

Fellow Members of Staff, Invited Guests, Ladies and Gentlemen, as we move ahead and look to the next 50 years of Central Banking in Zambia, the Bank of Zambia will continue to play catalytic role in facilitating the exchange of ideas among financial sector players and all other key stakeholders. BIS central bankers’ speeches  1  Today, we are here to officially launch the celebrations of 50 years of our existence. I would like take this opportunity to inform you that a number of activities have been lined up to commemorate this wonderful occasion. These include: 1. An international symposium to discuss selected pertinent to the Bank of Zambia and in line with the theme of our celebration, scheduled for 7th August 2014;  2. An exhibition dedicated to the history of the Bank of Zambia;  3. The publication of a book on the History of the Bank of Zambia;  4. The launch of a book on Economic Policies in Zambia;  5. A national school quiz; and  6. A family day to show our gratitude to the families of the members of staff for their support in our execution of the Bank’s mandate. Ladies and Gentlemen, it is our expectation, therefore, that all members of staff will take part in the upcoming activities in order to make the anniversary celebrations a success and memorable.
The less optimistic scenario — the U Some observers see a risk of the upturn occurring more slowly than the V scenario assumes. They see a path that instead resembles a capital U, with a downturn that is more protracted. Investment has been a strong factor behind the upward phase in recent years and proponents of the U scenario consider the economy has been hit by excessive investment, so that an unduly large capital stock must now be adjusted. This adjustment is accentuating the economic slowdown, making this more difficult to counter than seemed likely earlier. It will take time — perhaps a long time — for the interest rate cuts to have an effect on demand from households and firms. Moreover, the conditions for a quick recovery have been worsened by the imbalances that have accumulated in the economy. This scenario envisages that the U.S. labour market is still so overheated that if IT prices fall while commodity prices rise, at the same time as a weaker dollar adds  2  BIS Review 20/2001  to the cost of imports, then inflation will move up even though growth is weak. The Federal Reserve might have more difficulty in handling this scenario because if inflation is threatening to rise, the interest rate would be less available for turning activity upwards. There is also the possibility of the promised tax cuts taking time to materialise, which would be liable to postpone a recovery.

There are also risks of higher wage outcomes in some of the areas where settlements are still pending and, in that case, of this spreading throughout the labour market in the coming years. That could add to domestic price pressure. This might be particularly troublesome if it were to be accompanied by falling productivity, which has been the historical pattern in an economic slowdown. There are grounds, however, for being cautious about historical comparisons. Some slackening of productivity seems likely but not to the same extent as previously because firms now seem to adjust their labour force more quickly. These, briefly, are the tensions in the situation in which monetary policy is being formulated at present. On the one hand a clear slackening of international activity that may become more marked; on the other, wage negotiations that can still cause problems, rising domestic inflationary pressure and an exchange rate that may lead to inflationary impulses. It is still too early to judge the strength of these factors and reach conclusions about which of them will predominate. Against this background it is important during the spring to maintain a high state of readiness for a repo rate adjustment if new information indicates that this is called for. 4  BIS Review 20/2001
At the same time, it is still too early to comprehensively assess the effectiveness of all bank support schemes in improving the longer-term funding of banks and in fostering bank lending to the private sector. The implementation of the bank support schemes has been gradual over the past few months and the evidence is relatively limited. But on one aspect, the facts already speak a clear language: namely that the use of guaranteed debt has been indispensable in providing banks with access to medium and longer-term financing: most –and in some countries even the totality – of the new bank debt issued since October last year has been government guaranteed. Banks should take advantage of the available government support and strengthen their capital buffers, not least with a view to the prospect that the current extraordinary liquidity provision by the ECB will not remain in place indefinitely. This issue relates to the exit strategy to which I will return shortly. The governments’ actions aimed at dealing with the crisis have not been limited to the support of the financial sector. Fiscal stimulus packages across the euro area amount to € billion (1.1% of euro area GDP) this year and a further € billion (0.8%) is planned for  6  BIS Review 65/2009  next year.

The highest body responsible for the Bank of Albania, the Supervisory Council has paid attention not only to complying with the legal obligations of the Bank, but also to strengthening the institutional governance, as an essential precondition for enhancing its credibility. In 2017, the Medium-term Development Strategy of the Bank of Albania, together with the medium-term budget, was updated. The Medium-term Development Strategy of the Bank of Albania sets out the main objectives for the 2018–2020 period. It establishes the priorities in the main functions of the Bank of Albania and development of auxiliary services. Thus, the Bank of Albania has adopted the model of a number of banks of the European System of Central Banks, which have a twofold strategic planning system: (i) a major planning process, once in 3-5 years; and (ii) a yearly update. The span of the application ensures adequate planning support for the guiding medium-term budget of the Bank of Albania for 2019 and 2020. For the first time, this year the capital expenditures and the projects included in the budget were preliminary approved by the Capital Expenditure Committee, a body established as a control measure over major expenditure and investments. With a view to strengthening the internal audit process, the Audit Committee was established in 2015 and is composed of three members of the Supervisory Council. In 2017, this Committee exercised its duties with a view to support the strengthening of internal and external control lines. It met regularly, without the presence of the administrators, with the Inspector General.
The reason for the gradual approach was that, in December 1989, Romania’s regime changed in a dramatic manner, which was more painful than the experience of other former communist countries. A completely different approach was noticeable, for instance, in Poland, where short-term concerns were left aside in order to create, from the very beginning, a climate conducive to lasting economic growth based on solid foundations. This shock therapy, delivered by the then finance minister Leszek Balcerowicz, who would later go on to become governor of the Polish central bank, kicked off by triggering extremely high inflation (its annual average rate nearing 600 percent in 1990), but afterwards enabled a relatively steep decline in inflation to moderate levels, where it stabilised. In Romania, where the “shock therapy versus gradualism” dilemma was solved in favour of the latter option, such a feat in taming inflation would not have been possible in the early years of transition. The gradual liberalisation of prices, launched in the autumn of 1990, was broadly concluded no earlier than towards the end-nineties, which translated into perpetually high inflation rates. We named it corrective inflation, but it was difficult to explain repeatedly to the public that this kind of inflation was necessary. As a result, an inflationary climate became the norm in Romania. No matter which monetary policy the National Bank of Romania would have pursued at the time, the environment in which it was implemented was utterly unfavourable for ensuring price stability.

This increase is believed to have been adequate to supply the demand of the economy for money under the conditions of an economic growth of 6 percent and of an inflation rate within the two-to-four percent targeted range. Money supply and the closest money aggregate (M1) have known faster growth rates during 2004 compared to year 2003. This is a consequence of a rising demand of the economy for monetary assets, reflected even in the invigoration process of lending to the economy throughout the year. Also, the controlled inflation level has rendered possible the maintenance of a real interest rate in positive terms, despite the ongoing reduction of nominal interest rates. The real positive interest rate has maintained the tendency of households to deposit their savings in the banking system, bringing about further reductions of the relative level of currency outside banks that circulates in the economy. The rising demand for monetary assets has been shaped mainly as the demand for monetary balances in Lek. The demand for Lek has been particularly evident in the summer time, being partially supplied even by means of liquidity injection through the Bank of Albania intermediations in the foreign exchange market. The annual growth rate of deposits in Lek was 12.9 percent, being a satisfactory growth compared to the average historical rate. It was adequate to cover Government demand for the financing of deficit and the economy demand for credits in Lek. Meanwhile, deposits in foreign currency grew by 17.1 percent during 2004.
A precondition for maintaining a stable exchange rate against the euro is that price and wage inflation is on a par with that of euro countries over time. When the krone exchange rate is weak, Norges Bank therefore sets the interest rate with a view to low price inflation. At the same time, we must avoid a situation whereby interest rates are so high that monetary policy contributes to a downturn that undermines confidence in the krone. Interest rates are set based on these considerations. This is not a new policy. In an address to the annual general meeting of Forex Norge in August last year, Kjell Storvik stated: BIS Review 10/1999  –9–  “I would point to the well-known fact that a lower krone exchange rate may contribute to fuelling inflation expectations and that such expectations may in turn generate expectations of a weakening of the krone exchange rate, thereby reinforcing depreciation pressures. Price expectations may thus prove to be a self-fulfilling prophecy. The interest rate level which has now been established should, in addition to directly contributing to stabilising the krone exchange rate, also limit price expectations...” I should also like to quote the following from the Revised National Budget for 1994: “A stable exchange rate can generate expectations of continued low inflation, which in turn influence both price and wage determination.

In a medium-term horizon, the global economic growth rate is expected to converge in a lower balance than the one that has prevailed over the last two decades. This slowdown may be accompanied by economic and social problems for those countries, which would not know how to figure out their relevant implications. In a short-term horizon, discussions on the state’s role in the economy, on economic development and growth patterns, on the philosophy and appropriate practices regulating the financial markets, will dominate the political round-table debates. In particular, the economic growth model will be a sensitive topic for economies significantly affected by the crisis, including many Eastern European countries. Promoting competitive advantage and increasing competitiveness in global markets will be the subject of discussions and intended reforms. BIS Review 11/2010  1  Turning to domestic economic developments, the analysis of available indicators shows that the Albanian economy has had a positive economic growth during the first nine months of the year. However, these indicators suggest that the growth rate was characterized by a progressive slowdown during 2009. Such performance was conditioned by reduced foreign demand and slowed domestic demand, in the presence of a tight liquidity situation, financing restriction and increased uncertainty. According to preliminary data from INSTAT, the economic growth for the first nine-month period of the year was 4.9 percent, against 7.8 percent recorded for the same period of the previous year.
This regulatory tool has considerable potential to foster financial inclusion and it can signal to Fintech industry participants that the regulator is open to innovation. All these issues will be part of the first National Fintech Strategy, as one of our strategic goals in the period ahead. As you can see the agenda is ambitious, but the idea is to react proactively even though the market demand is still modest. While no one can predict the future with certainty, we know one thing for sure – digital transformation is here to stay profoundly changing the way we live and work. Looking forward, I see three main priorities:  3/4  BIS - Central bankers' speeches  First, we should balance between enabling financial innovation on the one hand and addressing challenges to market and financial integrity, consumer protection, and financial stability on the other. Second, close cooperation between regulators is of utmost interest. It includes international cooperation as well, considering that innovations could have cross-border implications. Third, there is a need for strong industry engagement and commitment by all stakeholders to enable efficient implementation of the National Fintech Strategy in practice. Enhancing public-private dialogue (PPD) between regulators and industry participants can enhance mutual understanding of Fintech innovation and risk profiles, their role in financial inclusion, and can help to strengthen compliance with international standards. We can learn and benefit from one another. In this context, dialogue plays a major role, and events like this can help us enhancing the dialog with one another.

Similarly, customers must also be engaged, as they play a crucial role in creating much needed demand for Fintech led transformation. Therefore stakeholders have to consider how to educate consumers and businesses about the benefits of Fintech as well as making them aware of risks and challenges, so that they build trust, and can make informed financial services decisions. Let me conclude with a final thought. The digitalisation of the financial sector will continue to accelerate over the coming years. To help capture the greatest benefit from continuing waves of innovation, we must build trust in new financial technologies - by promoting an atmosphere that encourages creativity and innovations to the benefit of our societies, but without sacrificing consumer protection or undermining the financial system stability. Thank you! 1 https://www.worldbank.org/en/news/press-release/2020/12/03/fintech-market-reports-  rapid-growth-during-covid-19-pandemic  4/4  BIS - Central bankers' speeches