samchain/econo-pairs-v1 huggingface dataset:
Even though, there were recent indications of a possible slowdown of momentum, the risk remains of a further build-up of imbalances followed by a significant price correction in the residential real estate market 5. Against this backdrop, it is important that banks use prudent credit standards to limit potential default risks and are well-capitalised so they can withstand such potential losses should they arise 6. The third challenge is specific to Switzerland’s systemically important global banks. Like their peers abroad, they will have to adapt to new supervisory requirements that address “too big to fail” issues and the resulting moral hazard. In the past, systemically important banks enjoyed an implicit bailout guarantee by their governments. Not only did this lower their refinancing costs, but it also led to various distortions in the areas of leverage, excessive risk taking and compensation. A wide range of measures will address problems caused by institutions that are too big to fail. These include a systemic risk capital surcharge, recovery plans and organisational measures. The systemically important banks will have to adjust to these measures. This process will take time and will not occur overnight. Implications for the Swiss National Bank I have discussed the challenges that arise for Switzerland as a financial centre from the SNB’s perspective. Our mandate is to maintain price stability, while taking due account of the development of the economy. To ensure that we can always conform to this mandate, we need a stable banking system.

Our focus should now move to a consistent and rigorous implementation of the Basel III framework across the globe. Concluding remarks Ladies and Gentlemen, I have discussed the challenges Switzerland faces as a financial centre. While I consider these challenges to be high hurdles, they are not insurmountable. The Swiss financial industry has constantly adapted throughout its history; it will continue to adapt to the current challenges and continue to be successful. What can the SNB contribute to the success of the financial industry? I am convinced that an independent, stability-driven central bank with a clear mandate, willing and able to act forcefully if appropriate, is a necessary condition for a competitive and vibrant financial centre. However, this condition is far from being sufficient. In that spirit, allow me now to throw the ball into your court. The future of the Swiss financial industry is in your hands. It is your integrity, your power of innovation and your service to the customer that is pivotal for the Swiss financial industry. It is up to you to shape the future of this industry. While I certainly do not pretend to know the business decisions you will have to take in the years to come, I am pretty sure that jumping out of the window is not the best option. In this regard, it may be worthwhile remembering that Voltaire himself made a fortune, and went on to be celebrated as an old wise man – without, to my knowledge, ever following his own advice.
8  BIS Review 106/2009  Figure 8  2008  2007  2006  2005  2004  2003  1987  2002  0 2001  -4 2000  0,5 1999  -2 1998  1  1997  0  1996  1,5  1995  2  1994  2  1993  4  1992  2,5  1991  6  1990  3  1989  8  1988  3,5  % GDP  10  $  Copper price and fiscal balances  Copper price  Actual balance  Structural balance Sources: Bloomberg; Budgets Bureau, Ministry of Finance. Figure 9  120  4  110  3,5  2,5  90  2  80  $  3  100  1,5  Real exchange rate  2009  2007  2005  2003  2001  1999  1997  1995  1993  0,5 1991  60 1989  1 1987  70  1985  index, 1986=100  Real exchange rate and copper price  Copper price  Sources: Central Bank of Chile; Bloomberg. BIS Review 106/2009  9  References Acemoglu, D., S. Johnson, and J. Robinson (2003), “An African Success Story: Botswana,” in In Search of Prosperity: Analytical Narrative on Economic Growth, D. Rodrik, Princeton University Press. Arezki, R. and F. van der Ploeg (2007) “Can the Natural Resource Curse be Turned into a Blessing?

But what we clearly did is to give the financial and economic sectors visibility over our monthly purchase volume for the whole of 2017. 2. What are the challenges facing the finance industry and how should we tackle them? A healthy financial sector is key for a robust economic recovery. I’d like to remind you of the significant progress that has been made in this area since the financial crisis. We shouldn’t judge the European financial sector only on the basis of its difficult cases, or those “trailing at the rear”. On average, the sector is now far more resilient than before the crisis. This is the result of considerable work carried out to strengthen regulation and to harmonise supervision in the euro area, notably with the Banking Union which is a significant step forward. It also comes from the industry’s remarkable efforts: European banks are now in a much stronger position than a decade ago, in terms of capital, liquidity or risk-taking. Regarding their capital for instance, the 2/9  BIS central bankers' speeches  Common Equity Tier 1 ratio of significant euro area banking groups has risen from less than 7% in 2008 to more than 14% today. Overall, banks are now less risky, and investors should take into account this progress by reducing their expected rates of return: banks’ cost of equity should go down. However, while solvency has improved, there is still one challenge facing European banks: profitability [slide 4].
The players in financial markets had found ways of getting round the regulations, which in some cases had thereby become virtually toothless. In Sweden, for example, the capital controls had gradually lost much of their bite; companies were able to take up exchange positions, for instance, by shifting trade credits over time. There was also a growing awareness that economic growth would benefit from fewer controls. The interventionist line of economic policy had not been particularly successful. The pace of deregulation varied from country to country and the process was rather protracted. Britain and  1  BIS Review 52/1999  the United States led the way. Sweden was one of the last countries to abolish controls on crosscountry flows of short-term capital. Since the 1970s, financial market turnover has risen markedly and is now very much larger than the flows generated by global cross-country trade in goods and other services. According to the latest BIS study, from 1995, global exchange market turnover, for instance, was 1200 billion dollars, which is approximately five times the value of Sweden’s annual GDP. The figure is roughly twice the level at the end of the 1980s. A new BIS study, for 1998, is due next week and can be expected to show a further increase in global exchange market turnover. Equity and bond market turnovers have also risen rapidly. To some extent, the nature of the flows as well as the players in international financial markets have changed.

One thing is certain: the sooner we start the transition, the better to ensure longterm sustainable growth and price stability. * In economic and financial matters, there is always a degree of uncertainty. In French, the word “espérance” has two meanings: hope, and mathematical expectation. “Espérance” has been the driver for Europe and the euro, in both its meanings. Daring decisions made by visionary men and women in the past decades have proved winning bets. They were guided by the same conviction as another French writer, Georges Bernanos, who wrote in 1941 in his Letter to the English: “It is in my reason, not my heart, that lies the principle of my invincible hope”.iii I thank you for your attention. Page 10 sur 9 i  State of European Tech Report, December 2021 Schnabel, I., speech, “Looking through higher energy prices? Monetary policy and the green transition”, 8 January 2022 iii Bernanos, G., in Letter to the English, 1941 ii
Let me start by saying that New Jersey is well-positioned for growth. The state has a population of 8.8 million, the 11th largest state, and despite the fact that this is a fairly mature region, the state’s population expanded by 4.5 percent over the past decade. More than 40 percent of the population 25 years of age and older in the state have a college degree, a full 5 percentage points higher than the national average. Our population is quite ethnically diverse: roughly 20 percent of the state’s residents were born abroad, and that share is even higher in Essex and Bergen counties. Significant numbers of the foreign born residents in the state come from India, Mexico, the Philippines, the Dominican Republic and Korea. The state’s economy is also quite diverse, and its industry mix mirrors that of the national economy. A sizeable number of jobs in the state are in the healthcare, professional and business service, wholesale and retail trade, and leisure and hospitality categories. When we look at the northern part of the state, we see a somewhat greater concentration of jobs in finance, particularly in Hudson County, in goods distribution, related to the ports, rail lines and trucking and warehousing activities that are prominent here, in pharmaceuticals manufacturing and research and development, and in the private education sector. The area also has important links to New York City. For example, the data centers here in the state serve many of the city’s financial firms.

My colleagues and I introduced the concept of cultural capital for financial firms in a white paper in late 2017 as a type of intangible asset that impacts how a firm operates and ultimately performs.1 Cultural capital is an input into a firm’s production process that determines its ability to deliver the products and services that it offers. It is analogous to physical capital like the equipment, buildings and property a firm uses; to human capital, which is the accumulated knowledge and skills of its workers; and to reputational capital, which includes the franchise value or brand recognition of a firm. More broadly, culture can be defined as the shared set of norms within a group that influences decision-making and is evidenced through behavior. 2 Cultural capital is a conceptual way to link a firm’s culture, including its values, assumptions and behavioral norms, to its business outcomes. For financial firms, it is not loss-absorbing in a financial sense like equity capital, but it can be loss-preventing by influencing decisions, behaviors, and outcomes over time. As an intangible asset, we generally see the impact rather than the thing itself. But, its impact can be measured, assessed, and ultimately influenced. In an organization with a low level of cultural capital, for example, behavioral risk is high.
Equally, excessive public expenditure - which had ultimately to be financed through higher taxation - imposed burdens on the private sector which weakened its capacity to generate employment and income and wealth. So the emphasis now, more or less everywhere, is on effective price stability as the immediate objective of monetary policy - not simply as an end in itself but as a measure of the balance between aggregate demand and underlying supply in the economy as a whole, in order to moderate rather than aggravate the economic cycle, and so to provide the basis for sustainable growth at around the underlying rate of growth of productive, supply-side, potential. And the emphasis now - again more or less everywhere - in relation to fiscal policy is to limit public sector borrowing, and the outstanding level of public sector debt, to levels that can be sustained into the future, without the need for increasing tax burdens or raising real interest rates on the private sector. These objectives of macro-economic policy - monetary and fiscal policy - will be familiar to you in recent years in this country; they are at the heart of the policies being pursued in Continental Europe by those countries that, in just under a fortnight from now, will agree to move ahead to Monetary Union; and they are the policies endorsed, too, by all the members of the IMF in the Madrid Declaration adopted at the IMF Annual Meeting in 1994 and expanded and updated eighteen months ago.

Against that background the G7 surveillance discussion focused particularly on Japan, where financial fragility - in the wake of the bubble and subsequent collapse of asset prices continues, which is itself acting as a drag on the domestic economy and which is compounded by a loss of both consumer and industrial confidence. Both the financial fragility and the domestic economic weakness are now aggravated by the problems elsewhere in Asia. Everyone at the meeting welcomed the Japanese commitment of public funds to strengthen the financial system and the recent announcement of large fiscal stimulus to strengthen domestic demand led growth, which will help to reduce Japan’s external surplus and also to strengthen the Yen. BIS Review 36/1998  -7-  In relation to the other major industrial countries there was general puzzlement at the persistent strength of equity markets and about the implications if it were to continue - or even if it does not. Particular points made in relation to continental Europe were that it is important there, too, that the gathering recovery - hitherto driven largely by external demand - should increasingly be based on sustained growth of domestic demand; and that continuing structural reforms will be necessary to combat persistent high unemployment - especially now in the context of monetary union.
BIS Review 2/2002  Conclusion A crucial aspect of globalisation is unquestionably our increased interdependence. This has been largely beneficial in terms of increased prosperity, more widespread democracy and so on. But it has also had negative consequences, ranging from environmental destruction across national borders to higher interest rates and currency crises generated by circumstances in some distant region. The management of such problems calls for increased international cooperation. For Sweden today this amounts in practice to collaborating to a growing extent with our European colleagues and then acting with greater weight in the global arena. We can also learn more and more from the experiences of others, as was in fact the direct purpose of my stay in Peru. Whereas the number of people in absolute poverty (living on less than a dollar a day) rose up to the early 1980s, in the past two decades the number has decreased. Moreover, life expectancy in developing countries has lengthened from 40 years in 1950 to 65 years in 1995. Another example is literacy, which increased in this period from 40 to 70 per cent. However, the positive trend has not spread to all parts of the world. Poverty is still widespread in countries such as Peru. But this does not have all that much to do with globalisation as such. It is essentially bound up with internal conditions, for example various power relationships, corruption, a lack of education, harsh climatic conditions and other obstacles to development. So providing money is not enough.

Our sights should be raised instead to achieve an order whereby those who are worst off benefit more than others, so that gaps in the world are narrowed. Today I shall begin with some reflections about the concepts of democracy and market. I am prompted to do so in that those who arranged this seminar first asked me to speak about “a democratic world economic order”. Then I shall concentrate on some of the issues of a mainly economic nature that have featured in the debate in recent years on globalisation. In doing so I will be drawing on some of my personal experience of economic cooperation. Then I shall sum up and draw some conclusions. Democracy and markets In my opinion there is no contradiction between democracy and markets. It is rather the case that they are two complementary components of a viable social system. A market economy is the form for organising economic activities that in almost every situation has proved superior to other alternatives, such as a centrally planned economy. Democracy is seen today as the self-evident form for political decision-making. One of the points about a market economy is that it allows for decentralised decisions about economic matters — agents can conclude agreements that are mutually beneficial. Political intervention is normally warranted only when a third party stands to lose. However, such situations are relatively common, for instance in environmental questions.
In 2000, relative price stability was achieved and the inflation rate on annual basis (December 2000 / December 1999), measured through the retail prices index equals 10.8%. Measured through the costs of living index, as agreed with the IMF arrangement, the inflation in 2000 equaled 6.1%. In 2000, compared to the previous several years, the inflation is higher, however it should be underlined that the reason for that is not the monetary policy, but the impact of the non-monetary factors. These factors are the following: •  one-time effect of the introduction of the value-added tax on prices;  •  increase in the price of oil on the world markets, accompanied with the appreciation of the US Dollar;  •  increase in the price of electricity and maintaining higher tariff for calculation of the price of the electricity;  •  increase in the prices of particular services which are under direct control of the government  However, it is crucial that the potential fundamental generators of inflation such as the monetary policy, the fiscal policy, the exchange rate and the wages remained under control and coordination. Therefore, the Central Bank considers that the impact of the non-monetary factors that gave rise to the inflation in 2000 are of temporary character and that in 2001 the inflation will get back to the level from the previous several years.

Monetary Policy In 2000, in order to achieve the price stability as its primary objective, the National Bank of the Republic of Macedonia successfully implemented the monetary strategy of targeting the nominal exchange rate of the Denar against the Deutsche Mark. Hence, the Central Bank aimed the money supply at preserving the exchange rate stability as a nominal anchor in the economy. Thus, the stock of money supply was sized according to the needs for regular execution of financial transactions in the economy. It should be underlined that in the first half of 2000, the money supply registered considerably high annual growth rates, while in the second half of the year they slowed down, due to the high comparison base from the previous year. Thus, in June 2000, the money supply M2 - Denar component compared to the same month of the previous year, was by 24.4% higher, while in December 2000, compared to December 1999 was higher by 17.5%. At the end of December 2000, the broadest money supply aggregate M4 registered annual growth rate of 21.7%. Considerable challenge for the NBRM in 2000, was the high amount of foreign currency purchased by the Central Bank on the foreign exchange market, which exceeded the projections. Nevertheless, the close coordination between the monetary and fiscal policy and the high growth of the government deposits with the NBRM adequately sterilized the monetary effects of the Central Bank foreign exchange transactions.
In terms of output, third quarter data showed a marked slowdown that continued into the beginning of the fourth quarter, but which has tended to dissipate according to incoming information. The most recent data show that this deceleration has continued, albeit at a slower pace than forecast. Likewise, as regards financial conditions, after a shift towards a tighter situation at the end of last year, more recently we have returned to a more normal situation. In particular, the monetary market frictions that occurred in late 2011 were quickly overcome after the Central Bank adopted transitory measures to provide greater liquidity. To go into more detail regarding Chile’s current economic situation, allow me to provide some background on the challenges we face in light of last year’s economic developments in our country. BIS central bankers’ speeches  1  The Chilean economy in 2011 In early 2011, several emerging economies, among them Chile, experienced an increase in inflationary pressures due to an episode of rises in international prices of commodities, particularly oil and some foodstuffs. Additionally, in Chile domestic demand, output and employment recovered quickly, helping close output and labor market gaps. Likewise, in the face of rising prices of oil and foodstuffs, the private sector’s inflation expectations rebounded, reflecting a greater risk of inflation. Core inflation measures remained at reasonable levels, below the minimum level of the target range. In this setting, the Central Bank Board decided to speed up the normalization of monetary policy during the first half of the year.

An outstanding event has been the announcement by the Chinese authorities of a lower growth goal for this year. In Chile, the effects of the international crisis have been limited and lower than was foreseen a few months ago. Several effects that were noticeable toward the end of last year have been reversed to a great extent or have become less intense. Terms of trade have improved over the last months, due to rises in the copper price. Conditions for external financing have also improved, as a result of increased confidence in international markets. Local financial markets – one of the transmission channels of external crises towards the domestic economy – show that stock indexes, risk premiums and exchange rates have gone back to levels similar to those that existed before the intensification of international financial tensions. Other indicators such as amounts and terms of external banking sector financing have stopped the decline that occurred toward the end of last year. The Chilean peso has appreciated nearly 7% so far this year. The real exchange rate is close to its average level of the past 15 to 20 years. The movements of the exchange parity have matched the evolution of the US dollar in international markets, in the face of calmer markets and a greater appetite for risk. This has occurred with the price of copper at 3.8 dollars a pound, its highest level of the last five months. Its trend has been similar to that of other markets of commodities.