samchain/econo-pairs-v1 huggingface dataset:
We thus kept our monetary autonomy intact. 4. Conclusion  Let me conclude by first emphasizing the positive global influence that the euro has had since its introduction in 1999. Not only does the common currency contribute to the integration of the European market, but the appearance of a counter-weight to the US dollar has helped stabilize the international monetary order. Exchange rates of third currencies can thus evolve closer to their economic fundamentals, and the impact of exchange rate fluctuations on capital flows and foreign trade are dampened. Developments in the financial markets over the past 5 years have shown us that although highly integrated in international markets and despite the emergence of a bipolar currency environment, the SNB can keep its monetary autonomy and follow an independent monetary policy that is adapted to the needs of the Swiss economy. As a result of our independent and successful policy, together with the global character of the Swiss economy, the Swiss franc has retained its own profile. However, as we know, this particular profile is not without risks. Extreme volatility of exchange rates cannot be excluded, but our experience with the euro/Swiss franc exchange rate has shown that currency markets are not as irrational as some people believe. With a relatively stable exchange market, low inflation and lower interest rates than the rest of Europe, the monetary situation of Switzerland is relatively comfortable. Ladies and Gentlemen, The title of my speech was “Swiss franc and the euro: two sister currencies?” I can now answer the question.

We must continue to do so if we want to win our economic marathon. Paterson showed us the need for a central bank. Its modern variant is a leading macroprudential institution, well equipped to face the challenges of promoting a balanced expansion. Hume demonstrated the virtues of free trade. The UK, already one of the most open economies, can help lead the development of new EU trade deals as our businesses diversify their markets. Smith showed us the importance of social capital. With a financial system that is a global good and a national asset, the UK is leading financial reforms to build a resilient global financial system with fair and effective markets at its core. And finally Wells and McColgan showed us the enormous pay-offs for hard work, dedication and perseverance. Winning the economic marathon will take similar determination. But the prize of a durable expansion is great and, if inspired by some of Scotland’s many heroes, we should not fail. BIS central bankers’ speeches  5  Chart 1: Average GDP growth (2008–2013) of UK export destinations(a)(b) %  11%  23%  4.5 4.0 3.5 3.0 2.5 2.0 1.5  2012 share of UK exports =66%  1.0 0.5  US, EU, Switzerland, Japan  (a) (b)  6  Commonwealth  Other emerging markets  0.0  Bars show the mean calendar-year GDP growth rate between 2008 and 2013 for all countries included in the groupings. UK export share data is not available for all countries.
Svante Öberg: GDP growth and resource utilisation Speech by Mr Svante Öberg, First Deputy Governor of the Sveriges Riksbank, at Statistics Sweden’s annual conference, Saltsjöbaden, 6 October 2011. *  *  *  It’s a pleasure to be back here in Saltsjöbaden again. It has now been ten years since I was involved in starting these annual conferences as the head of Statistics Sweden. In those days, this was a matter of improving economic statistics. What several of the proposals we discussed had in common was that they were important for our efforts to elucidate and understand productivity growth. These proposals included a better price index in the private service sector, better capital stock calculations, better input-output statistics and better IT statistics. I also considered that Statistics Sweden should do more to describe and analyse productivity growth. I am therefore very pleased to see that the conferences have come to focus on the important area of productivity growth and its causes. My speech today can be summed up in the following three points:   Resource utilisation can be measured in several different ways, among others as actual GDP in relation to potential GDP (the GDP gap).   The financial crisis has lowered the growth rate of potential GDP.   Resource utilisation is thus largely normal, even though GDP is only slightly higher than before the crisis. I will start by describing GDP growth over the longer term.

At the Bank of England, one of the questions we now more or less routinely ask in our MI work goes along the lines of “is the Street and/or is the fund community short volatility /gamma/vega in a big way  3  ‘The dynamics of US dollar interest rate adjustment’, Financial Stability Review, Issue 15, December 2003, page 22. 4  ‘Structured notes and the US dollar/yen exchange rate’, Financial Stability Review, Issue 14, June 2003, page 43. BIS Review 50/2005  3  in any particular market?” This is discussed further in the latest edition of the Bank of England’s Financial Stability Review, which is published next Monday. Regulators can put any general information gleaned from MI alongside their more granular sources on the positions of firms. A risk properly understood is, I hope, a risk that can be managed effectively. And so my analysis of the impact of options hedging on market dynamics does not cancel out the benefits that derivatives can potentially bring. For the reasons described earlier, the plugging of ‘missing markets’ is something to welcome. Innovation, competition, and risk management That so many markets are no longer ‘missing’ owes something to innovation in the wholesale financial services industry. The underlying forces driving innovation seem to be powerful, and indeed perhaps self-feeding. They may also give rise to some risk management challenges. One possible story – there are others – would go along the following lines. Core wholesale markets have become more efficient.
Specific to financial industry players, such preferential treatment must be coupled with clear business strategy that integrates the desired expected outcomes of contributing positively to the national and the local economy. 3/4  BIS central bankers' speeches  The intended outcome of the revised tax structure would enhance the economy of Labuan with balanced development. The revised tax regime should also improve regulation, compliance and prevent tax leakages. There will be greater and closer cooperation between the authorities to address any regulatory arbitrage. The enhancement is also consistent with our continued commitment in advocating strong transparency and promoting greater fiscal sustainability. The review of tax incentives is also to preserve the IBFC’s reputation and competitiveness. Conclusion The outcome that we seek is for an inclusive, sustainable and prosperous Labuan. All must benefit from the financial activities in Labuan. How we will get there is by design, by determination and the courage to institute reform. Leonardo da Vinci once said “Knowing is not enough; we must apply. Being willing is not enough, we must do”. It is not an option for us to remain where we are. We must embrace the new reality, change course and design a new strategy for our industry. Or else we will perish. We are in this as a community. As I said last year, we need to swim, or we will sink, together. Thank you. 1 RM15,328 vs RM3,654 2 Lower participation rate in Labuan (66.5%) vs national (67.7%).

Among women this is even more stark (47.8%  in Labuan vs 54.3% at the national level). 3 Shanghai financial centre was incepted in 2009. Latest available data shows that the share of employment and  tax revenue collected was 5% and 9.6%, respectively. 4 Refers to the BEPS Action 5 – Countering Harmful Tax Practices More Effectively, Taking Into Account  Transparency and Substance  4/4  BIS central bankers' speeches
Thanks to specialized software, every morning I receive information from the web that has tags I am interested in (for instance in the Technorati service), along with information about the blogs I am interested in (for example from bloglines) and search results on .gov and .edu domains for the entries I am interested in. I get RSS messages from the selected newspapers from several continents containing information I am interested in. Moreover, I have a number of favourite websites with articles by outstanding economists or columnists. Specialized software informs me once a day when there have been any changes to these websites, that is when these people publish something new. As you can see, my problem today – and simultaneously John Global’s problem in 20 years’ time  BIS Review 90/2006  5  – is not lack of information but its abundance, and the ability to smartly select important and useful information. Today, I use a program that summarizes texts in English. I use 25% compression. It is sufficient and allows to make reading 4 times more efficient. What is more, I occasionally visit the website of the People’s Bank of China translated live into English by specialized software. Soon, I will start my own blog on economics, which will allow me to use the emerging global networks of experts to solve problematic issues, exchange views and create knowledge along with other experts. That was about our Global and a bit about me, too. And what can be said about e-government in today’s Poland?

The lunch was excellent, and the ambience was fostered by a holographic show of pictures from the trip that Global stores on a photo server accessible via the Internet. They were watching the pictures on a display fixed in the restaurant. Global is a regular here, so his bank will take care of the bill. On his way home, Global buys flowers paying e-money by accepting the receipt in his communicator. As the weather is stunning, he takes a walk home. Passing by a sweet shop, he gives in to temptation and indulges in a big portion of ice-cream. He pays by his communicator, which includes a RFID payment card. (It is worth pointing out that the communicator is one of the most useful gadgets, as it plays many roles, e.g. that of electronic signature, ID card, driving license, passport, global tax ID, social security ID, season ticket in domestic and international transport, to name just a few. It is biometrically protected. This means that in order to activate it, Global touches a scanner which needs only a fraction of a second to read his papillary ridges). Afternoon At home, Global finds his son in front of the computer. He is preparing to go to Warsaw to take part in a workshop. Moving and communicating is easy, so Global has more time to spend with his son than his parents had for him. Even during his business trips, he can have eye contact with his child.
Moreover, some definitions are also derived from the concept of instability. In recent years, globalization of financial markets, increased richness in financial instruments, financial deepening and structural changes have caused the system to become much more complicated, thus enhancing the significance of financial stability. Any fluctuation that may occur in foreign markets may rapidly spread to other countries. As a matter of fact, recent developments in international financial markets were also reflected on Turkey. I can say with great pleasure that the strengthened financial structure of Turkey has minimized the unfavorable effects of recent fluctuations. This case, once again, has proven the significance of a sound financial system with risk sensitive policies, which is reinforced by effective monitoring and supervision. It is a widely known and accepted fact that the primary objective of central banks is to achieve price stability. Monetary policy is conducted via operations carried out in financial markets and its success depends on the flawless operation of financial institutions and markets. Therefore, financial stability is a sine qua non for effective monetary policy. Besides, the responsibility of central banks for the operation and supervision of payment systems oblige them to monitor financial stability. The fact that financial instability may pose serious risks to macroeconomic targets such as sustainable growth and price stability enhances the significance of financial stability for central banks.

Furthermore, at the end of the workshop, participants should be able to: •  Better understand the linkages between macroeconomic programming and strategic planning;  •  Plan steps to be taken with respect to sustainable capacity development for macroeconomic modelling and strategic budgeting at various country levels; and  •  Strengthen the national ownership and leadership in MDG-based planning and implementation process. Mr Chairman, Central banks the world over have a critical role to play in a country’s economic development. As you may all be aware, central banks’ monetary and supervisory policies are implemented to ensure that there is price and financial system stability to promote macroeconomic development. In this regard, monetary policies or any other policy for that matter that are not consistent with the MDGs in the current macroeconomic dispensation should be considered irrelevant to the welfare of our countries. It is for this reason that, without exception, monetary policies in the developing countries have to be MDG-consistent. Price stability The primary objective of most central banks is price stability, which is achieved through the implementation of appropriate monetary policy. High inflation is a major source of concern to any country as it poses a threat to economic development. It is in this context that a central bank’s primary role is to reduce inflation to low and stable levels.
Many central banks apply an interest rate corridor, like the Riksbank, with the aim of keeping the short market rate in the centre of the corridor. This applies for instance to the Bank of England and the ECB. Like the Riksbank they carry out weekly repos at a particular interest rate, with the objective that the short market rate should be close to this. In addition, there is the possibility to carry out fine-tuning operations. An important difference from the Riksbank is the application of a minimum reserve requirement. Like many other central banks, both the ECB and the Bank of England require that the banks on average during a certain period have a particular, predetermined amount in their accounts with the central bank. The banks receive interest on these funds, at a rate close or equal to the policy rate. As long as the banks on average fulfil the minimum reserve requirement, they can to some extent decide themselves when the deposits and withdrawals from the account will be made during the period. This means that the minimum reserve requirement can be used to even out temporary imbalances in the payment flows between the banks, and between the banks and the central bank. As long as the average minimum reserve requirement is met, there is usually no cost if a bank wishes to deposit more in its account at the beginning of a period, for instance.

This has also put upward pressure on interbank rates. Some central banks have thus experienced problems in keeping the overnight rate, the shortest interbank rate, at the target levels. These events have led to several central banks taking different types of measures. To carry out their task of stabilising the overnight rate, the ECB and the Bank of England for instance, have been more active than normal in supplying and withdrawing liquidity through their open market operations. To reduce the pressure on the slightly longer interbank rates and to contribute to efficient markets for different durations, several central banks have also taken measures to increase the supply of loans with longer durations. In this context it is important to clarify that it has not always been a question of a net supply of liquidity. When liquidity is added in the slightly longer term, the ECB for instance has often restored the corresponding amount at shorter durations to avoid the overnight rate deviating too far from the policy rate. A further measure has been to accept more securities than before as collateral for its lending. The Bank of England has also cut its policy rate, but this was also linked to signs of weaker economic activity. 6  BIS Review 51/2008  What has happened in Sweden? In Sweden the interbank market has on the whole functioned smoothly. The financial turmoil has not expressed itself in an increased demand for investment in the Riksbank overnight or in an increased reluctance to lend on the interbank market.
The purchasing programme was soon extended and prolonged; during the years 2015 to 2019, the Executive Board decided to purchase government bonds for a total of SEK 400 billion, corresponding to around 8 per cent of Sweden’s GDP.3,4 I would like to highlight two effects of this asset purchase programme: that the rates on government securities fell and that confidence in the Riksbank’s mone-  3 The purchase programme was formulated at ten policy decision meetings in 2015 to 2019. I entered reserva-  tions against the purchases in February 2015 and against the decisions in 2017-2019. In total, I supported purchase decisions of SEK 250 billion during 2015 and 2016. In Table A1 in the Appendix I list the monetary policy meetings where we decided on asset purchases. There are also links to decision grounds and minutes from the meetings where the motives for my reservations are described. 4 During the period up to the outbreak of the pandemic, bonds worth more than SEK 80 billion matured, at the same time as coupon payments were reinvested over and above the amounts described here. And even prior to initiating the asset purchase programme, the Riksbank had a holding of government bonds worth SEK 10 billion. All in all, this means that the Riksbank's nominal holdings of government bonds at the end of February 2020, immediately prior to the outbreak of the pandemic, amounted to SEK 338 billion (38 per cent of the outstanding stock of government bonds). 3 [30]  tary policy strengthened.

In addition, foreign direct investors have placed more importance on factors other than just the exchange rate alone. In managing exchange rate policy, no amount of exchange rate manipulation would satisfy the interests of all parties at all times. Indeed, it is a stable and fundamentally sound exchange rate system that will best serve the overall economic interests of the country. This will continue to be the objective of our exchange rate policy. Ladies and Gentlemen, Dr. Yilmaz Akyüz’s lecture today would provide an international perspective on managing financial instability and shocks in a more globalised world and touches on some of the issues I have mentioned. Although the regional financial crisis occurred more than six years ago, the issues it raises are not history. They are still very relevant and important. Emerging economies need to continue to evolve approaches and solutions on how best to manage the vulnerabilities and to promote and preserve stability. In this endeavour, there is potential to not only consider what individual economies can do but also the opportunities for regional arrangements or regional solutions. As the region becomes increasingly more integrated in terms of trade and investment flows, the potential for this will be  2  BIS Review 8/2004  greater. The desired outcome is to achieve stability, which in turn, will contribute to the overall stability of the international monetary system and thus, enhance the prospects for shared global prosperity. BIS Review 8/2004  3
The report of the CGFS Working Group on "FDI in the financial sector of EMEs" highlighted that a lasting benefit of these FDI was their effects on the financial sector efficiency, thanks to the generally associated technology transfers and innovations in products and processes. In addition to their lower volatility, this is one more reason why attracting long-term capital flows, such as FDIs, seems preferable to catching short-term flows, although the lessons from the Chilean experience versus some Asian misadventures suggest there is no unique model for all. But I saw that the size of FDIs in India which had been hitherto rather low is rising significantly (16 billions USD in 2006-07) which is good sign of its attractiveness. In France also we pay a lot of attention to inflows of FDIs (above 60 billions in 2006) as they matter as well in a more mature economy. So when setting the pace of internal versus external liberalisation, the authorities have to strike the right balance and rhythm between the two sides. In this respect, let me evoke briefly the way we managed this process in France in the 1980s. Financial liberalisation started with the domestic side by: •  Modernising the money market;  •  Deepening the bond markets, using the public sector as a benchmark (in order to price risks through a full yield curve for risk-free assets);  •  Broadening the basis of the equity markets (including privatisations);  •  Last but not least, creating new financial markets (futures, options…).

An efficient statistical apparatus provides the basis for financial transparency, thus contributing to disseminating best practices in terms of governance. Besides, institutional quality also strongly influences the composition of inflows into emerging economies. This is a key determinant of FDI flows, which tend to increase the benefits of financial integration. The need for sound economic policies and strategies should not either be neglected. In a globalised world where countries compete to attract foreign capital, sound fiscal and monetary policies influence not only the amount but the composition of inflows. Sound domestic policies strengthen the resilience of the economy to external shocks and thus maximise the growth benefits of capital account liberalisation. Recent crises remind us how macroeconomic imbalances may be exacerbated by financial fragilities and trigger capital account problems affecting economic growth. For instance, experience shows that excessive fiscal deficits are more dangerous with open capital markets. Actually, market discipline is not always at play or sufficient if there is excessive appetite for risk and not enough discrimination. Therefore, internal rules as well as Government commitments may be needed as illustrated by the socalled European Stability and Growth Pact. In the same way, structural policies aiming at improving the efficiency of the labour and good markets shall accompany financial liberalisation. They are indeed needed to enhance the capacity of the real economy to attract and allocate capital as well as to reduce vulnerabilities and absorb potential shocks.