samchain/econo-pairs-v1 huggingface dataset:
The second condition may be even more stringent. Ultimately, what makes a reserve currency is the ability to serve unconditionally as a store of value. The country must therefore develop deep, liquid and unfettered financial markets. It also entails an ability to offer “benchmark” safe assets that keep their value in all circumstances, and may serve as vehicles for reserve accumulation. Typically, only government debt will be used as a reserve asset. So, being a reserve currency also means that “foreigners” will permanently hold a large part of Government debt and their judgment will ultimately prevail as to the true solvency of the Government. Being a reserve currency therefore implies constraints as much as it brings benefits. That may be the reason why countries, including China, would proceed cautiously on the road towards full reserve currency status. There is a distinction between being a reserve currency, on the one hand, and a global currency, on the other. The first concept refers to the currency as a store of value; the second may concern only its role as a medium of exchange. These are two different attributes. A currency may be widely used in transactions without being considered for reserve accumulation. This distinction maybe relevant when looking at the composition of the special drawing rights (SDR). As you know, this is the “basket currency” that serves as a unit of account for the IMF and, to a limited extent, as medium of exchange between its member countries.

A study from Rogalandsforskning1 shows that there are more newly established businesses in the Trondheim area than in any other urban centres in the country. The business sector in Trondheim is technologically highly advanced. Norges Bank’s regional network reports firm growth in the retail sector and the household service sector. Both manufacturing and corporate services report that the trough has been reached or passed. Activity in the construction industry has also stabilised and the number of new orders is edging up. There is considerable uncertainty about the strength and duration of the upturn. The decline in employment is slowing, but few in the public or private sector report plans to increase employment. The supply of qualified labour is still good and is increasing somewhat in all sectors. The regional network also reports that cost reductions in the business sector, especially in services, are now generating results in the form of improved profitability. The focus appears to have shifted to some extent from cost cutting to strategies for boosting income. Both the public and private sectors appear to be somewhat more positive about investment plans, but are still not signalling significant growth in investment over the next year. Lower interest rates have contributed to more positive expectations concerning future developments. Few market participants believe that there has been any real impact yet, but many expect an improvement in the near future.
Timelines for some of these measures have already been  announced. These reforms will be reinforced by strengthening further the current consumer protection framework to address mis-selling practices and facilitating a more effective enforcement of business conduct regulations. Strengthening the domestic infrastructure for financial stability An important part of the efforts to strengthen the domestic infrastructure for financial stability is legislative reform. The Bank is in the process of drafting a new legislation that will amalgamate existing legislations governing financial institutions and intermediaries in Malaysia that are administered by the Central Bank. Provisions in the current banking, insurance and takaful laws will be updated to support a more differentiated regulation and supervision according to risk. It will also reinforce the emphasis placed on effective board oversight and enable pre-emptive supervisory and enforcement actions by the Bank. This will include the introduction of a broader and more flexible enforcement framework, with consideration to civil and administrative penalties to deal with different types of offences. Proposed legislative changes also include the introduction of a more comprehensive insurance compensation system for the protection of policyholders. The draft legislation is expected to be completed in 2010. Progressive liberalisation of the financial sector This year marks the ninth year into the implementation of the Financial Sector Masterplan. Following the release of the Plan in 2001, more than 90% of the recommendations in the Plan have been implemented. Collectively, these measures have contributed towards achieving a more efficient, effective, stable and resilient financial sector as was envisioned in the Masterplan.

This capacity to link serious economic research with practical social problems is yet another sign of the excellence achieved by Thomas in his body of work. I am confident that Thomas Philippon will continue making extraordinary contributions to this and other research areas in the coming years. I extend my sincerest congratulations to him for winning the 2013 Germán Bernácer Prize. 4  BIS central bankers’ speeches
The purpose of this is that those who have lent money will be forced to a greater extent than they are now to bear the costs of solving a crisis, in order to encourage them to show greater caution when making investment decisions. However, it is also important that the organisations mentioned counteract corruption and work actively to achieve an open democratic culture in the new countries taking part in the globalisation process. The recent globalisation debate has focused on a completely different issue, namely injustices in the distribution of income around the world and many believe that these injustices would be reduced if financial operators were prevented from rapidly moving money to where it provides the highest return. Many people feel that multinational corporations all too casually move their production to the countries that can offer the lowest production costs and this has also come up for debate in Sweden, particularly when Swedish regions have been hard hit by factory closures. The problems mainly concern the trade exchange between rich and poor countries and direct investment by rich countries in poor countries. Swedish history can also provide an illustration here. It has been calculated that the Swedish productive capital stock was 50 per cent higher during 1870 and 1914, through the import of foreign capital, than it would have been without this capital import. Sweden's industrialisation was thereby speeded up and welfare increased.

If the financial sector ceases to mediate payments efficiently, it could have very serious consequences for economic development. One of the Riksbank's tasks as established by law is to promote a safe and efficient payments system. It is not as easy to see the direct usefulness of the modern financial system as it is to realise the importance of energy and transport. However, the functions of the financial markets - financing, risk management and mediation of payments - are as necessary in an advanced industrial and services society as the supply of energy and a functioning transport system. In advanced societies, savings are at least partly separate from investment activities. The financial sector has the important task of balancing savers' need of security and liquidity against investors' need of long-term financing. It often takes a long time from investment until production results come onto the market. Households that save money could suddenly find themselves in need of access to their money, which is made possible by selling their savings in the form of, e.g. shares and bonds on secondary markets for these securities. A company like Stora Enso wants long-term financing for a new paper machine, which it might not be possible to sell in a couple of years' time should the company be forced out of the investment. The company's issues of shares and/or bonds provide this long-term investment, partly because the securities can be sold on a market without having to be redeemed by the company issuing them.
Speech  Embargo 3 May 2018, 6 pm  Why sovereign money would hurt Switzerland Swiss Institute of Banking and Finance at the University of St. Gallen (s/bf-HSG)  Thomas J. Jordan Chairman of the Governing Board ∗ Swiss National Bank Zurich, 3 May 2018 © Swiss National Bank, Zurich, 2018 (speech given in German)  ∗ The speaker would like to thank Petra Gerlach for her support in preparing this speech. He also thanks Claudia Aebersold Szalay, Simone Auer, Peter Kuster, Carlos Lenz and Alexander Perruchoud as well as SNB Language Services. Page 1/8  Ladies and gentlemen Today, the Swiss Institute of Banking and Finance at the University of St. Gallen celebrates its 50th anniversary. Let me extend my sincere congratulations on reaching this milestone. Our financial system has evolved steadily over the past five decades. In the early years of the institute, the world was still dominated by Bretton Woods, the post-war monetary system with its fixed exchange rates and the US dollar as anchor currency. Thereafter, flexible exchange rates were the order of the day, and more recently, banks have had to face the challenges of the financial crisis. I would like to take this opportunity today to address a topic which has also arisen from the challenges of the financial crisis – the Swiss sovereign money initiative. This initiative raises unrealistic expectations, and adoption by the people and the cantons on 10 June 2018 would have serious consequences for Switzerland.

Caleb M Fundanga: How the Bank of Zambia’s policies are impacting Eastern Province developments Remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Eastern Province Chamber of Commerce and Industry Open Meeting, Chipata, 17 January 2008. *  *  *  • The Chairman – Eastern Province Chamber of Commerce and Industry (EPCCI) • Members of the Executive Committee – EPCCI • EPCCI Members • Invited Guests • Ladies and Gentlemen First and foremost, I must state that I am pleased to have finally made the trip to Eastern Province under the invitation of the EPCCI. The visit was planned for last year but due to other commitments I could not make it. In this regard, I made it a point to make sure that I visit the province before the end of the first quarter. I am happy that we have actualized our plans during the first month. It is our hope that we will also be able to visit other provincial towns off the line of rail during the course of the year. Mr. Chairman, one may question what is the purpose of the Bank of Zambia to visit these outlying areas? The answer is simple and is drawn from our mission statement – which is “to formulate and implement monetary and supervisory policies that will ensure price and financial system stability”. Our visit is therefore, to enable us assess the extent to which our policies are impacting development in the Eastern Province.
Since the financial crisis, we have been de facto operating a “floor” system, characterised by ample excess reserves and interbank rates pegged to the DFR. This floor system, similar to that adopted by the Federal Reserve, is different from the “corridor” system that we operated before the crisis, which was characterised by a leaner balance sheet and scarcity of reserves. 10 The decision we take in this respect, as well as regarding the desired long-run composition of assets and liabilities, will anchor the desired size of our balance sheet. 10  Fo r an in-depth discussion see Chapter 3, Banco de España Annual R eport 2018, and Arce, Nuño , Thaler and Tho mas (2020), “A large central bank balance sheet? Flo o r vs co rrido r systems in a New Keynesian enviro nment”, Journal of Monetary Economics , Vo l. 114, pp. 350-367. 6  The potential impact of reducing the size of the balance sheet Once we reach the point of reducing asset holdings acquired through the APP, the crucial question is how strong an effect this form of quantitative tightening will have on long-term interest rates. It is tempting to see quantitative tightening as simply the opposite of quantitative easing. In this light, our experiences with QE over the past decade and more may give us some idea as to how large the effects of QT may be.

The normalisation phase: sequencing Let me now return to our ongoing monetary policy normalisation process. Our normalisation process entails a sequence whereby interest rate increases precede the reduction in our balance sheet, the so-called quantitative tightening (QT). There are at least two reasons for this. First, we have greater certainty about how changes in the policy rate pass through to financial conditions and to the economy than in the case of QT. Central banks have decades of experience in calibrating a rate hiking cycle to actual and prospective economic conditions, but we have far less experience in reducing the size of our balance sheet from such high levels. Second, monetary policy transmission in the euro area is highly dependent on bank credit. Loan pricing is typically benchmarked to short and medium-term rates. Policy rates are thus a more effective instrument to tighten monetary policy. Let me flag an additional consideration regarding the interaction between QT and interest rate policy. Both QT and interest rate policy affect the overall monetary policy stance. Therefore, the path of policy rates that is necessary to return inflation to its medium-term target also depends on how the central bank is implementing its QT. Going forward, how should our balance sheet normalisation proceed? First, a balance sheet reduction has already started with the automatic phasing-out of TLTRO III operations.
1/10  BIS - Central bankers' speeches  Same inflation figures as in the early 1990s, but a different situation When I had just left the Stockholm School of Economics and started working at the Riksbank in 1990, inflation in Sweden was around 10 per cent. Now when I returned to the Bank at the start of this year, the inflation figures were at the same level. The background to, and reasons for, the high inflation now and then differ, of course. But the important thing is that the conditions for rectifying the situation are much better now. Looking at economic developments on average over the past thirty years or so, we have had low inflation combined with good economic growth, Real wages have increased steadily – with one exception last year – and we have also had, and still have, stable public finances. One important reason for this is the reforms of wage formation and the economic policy frameworks that Sweden implemented in the mid-1990s to address pricewage spirals, cost crises and an economic policy that was unable to stabilise developments. The inflation target and the transition to an independent central bank with a strong mandate to maintain that target were part of this. Since then, the inflation target and a monetary policy that independently steers towards this target have been a cornerstone of economic policy in Sweden. This is also reflected in the new Sveriges Riksbank Act, which applies from the start of this year.

It is also easier to raise prices, as competitors do the same. We saw an example of this in the Riksbank's Business Survey last autumn, where more than two out of three companies responded that they were now raising their sales prices more often than normal and that this is mainly because costs are rising all the time. In turn, the price increases affect other companies' input costs, raising expectations of future cost increases for which they want to compensate with higher prices – and so on. Companies' labour costs are also affected if wage increases are pushed up by demands for compensation for the high inflation. Another problem is that if inflation is high, it varies more over time than if it remains at a low level. This makes it more difficult for households and companies to plan and make financial decisions and it leads to a poorer functioning of the economy as a whole. In such an environment, it becomes more difficult, for example, to interpret the cause of price increases on individual goods and services. Is the price increase a sign of a general price increase in the economy, or has the price of the product actually increased more than other similar goods? The risk is that consumers become hardened in the long run and accept all price increases as part of inflation, making it easier for companies to keep raising prices. It is therefore important to remain active and compare prices.
Furthermore, I believe that once the setbacks are eliminated right after the crisis and once the amendments are made in the Central Bank Act, we will be able to use short-term interest rates actively as a monetary policy instrument in the medium-term. A more efficient monetary policy implementation will be ensured through easing the fiscal burden on the financial markets and through reinforcing the banking sector, which will lay the ground for inflation targeting. In the near future, we will continue to do the technical works for inflation targeting. These works will include, choosing an appropriate price index; determining a transmission mechanism that would show how monetary policy instruments might influence the prices and how the pressures might come up on the prices; determining a targeting band and its period. In short, the Central Bank will shift from a post-crisis policy aimed at short-term financial stability toward price stability, once the necessary conditions have emerged. Let me point out that, developments in November 2000 and in February 2001 highlighted once again the importance of achieving the structural and financial reforms, which is one of the keystones for the medium- and long-term stability of the economy. At this point, I would like to underline that the existence of a healthy financial system can be considered as a public good with substantial positive externalities. Once the system is relieved from the burden of the state-owned banks, both the borrowing costs will decline and the Central Bank will get an upper hand in its monetary policy actions.

Süreyya Serdengeçti: Recent developments in the Turkish economy Speech by Süreyya Serdengeçti, Governor of the Central Bank of the Republic of Turkey, made at the 69th Shareholders' Ordinary General Meeting of the Central Bank, Ankara, 24 April 2001. *  *  *  Dear Shareholders, Distinguished Guests and Valuable Press Members; th  I would first like to welcome you to the 69 Shareholders’ Ordinary General Meeting of the Central Bank of the Republic of Turkey. As you know, the year 2000 differed widely from the previous years for the Central Bank of Turkey and for the Turkish economy as well. The Disinflation Program, which had been initiated in December 1999, was the most important element that shaped the economic developments in 2000. In the medium-term, the program had aimed to bring down inflation to single digits in three years, to reduce real interest rates to reasonable levels, to increase the growth potential of the economy, and to provide a more efficient resource allocation in the economy. The main pillars of the Program were; tight fiscal policy focusing on improving the primary surplus; speeding up the structural reforms and privatization efforts; an incomes policy geared to targeted inflation; and a pre-announced exchange rate basket. The specifics of the program and extensive analyses of economic developments of last year have been elaborated in our 2000 Annual Report.
Issuers must take it upon themselves to make full and prompt disclosure of material information. It is not just a matter of meeting the requirements of the law and SGX's rules. It is increasingly in the interests of companies to go beyond the minimum in disclosure standards, as investors become more discerning to the quality of information available to them. A number of studies have shown that the markets have attached an increased premium in recent years to companies which demonstrate sound corporate governance and who are more forthcoming and open with information on their businesses. The so-called 'corporate governance dividend', previously not easily discerned in Asian markets in particular, is now fully visible. •  Market intermediaries play an important supporting role. Investment banks, accountants, lawyers and other professionals who advise issuers have a duty to provide high standards of professional advice, and to exercise thorough due diligence to ensure that issuers comply with laws and rules, as well as adopt high standards of disclosure. Brokers and investment advisers likewise, have a duty to provide their investing clients with objective advice that is in their clients' best interests. •  Finally, it is for investors themselves to take advantage of higher standards of disclosure in making their decisions. Investors and the media also contribute to effective market discipline by calling for more and better quality information from listed companies. Institutional investors such as fund managers play an important role in this regard.

How large a stake these strategic investors will be allowed to take will depend on what they are able to contribute to the exchange in terms of business alliances, technology or other ways of supporting the business and infrastructure of the exchange. Fund managers In addition, SGX has received indications from fund managers that they would like to hold more significant stakes in SGX than is currently permissible under the 5% cap. Fund managers are key institutional players on the buy-side of the capital markets, and will, as shareholders, add to the diverse range of groups with an interest in SGX's business. MAS will therefore generally allow fund managers who invest pools of customer funds to hold SGX's shares beyond the 5% limit. They will have to apply to MAS for approval first. The combined holdings of such a fund manager will be capped at 10%. A fund manager, however, cannot expect to be represented on the SGX Board unless it has a substantive, strategic relationship with the Exchange. Proposed changes to the prospectus registration regime The Companies Act requires every company seeking to raise funds via a public offer to issue a prospectus to inform potential investors of the financial status of the company, its business plans, the risks of investing in the company, and all other material information which will enable them to make informed investment decisions. Currently, companies submit their draft prospectuses to the Registry of Companies and Businesses (RCB) to be vetted for compliance with the Companies Act.