samchain/econo-pairs-v2 huggingface dataset:
reassess regularly such equivalences - the second lever is the use of forum for information sharing and cooperation among supervisors. significant progress has been made in that direction that should bear fruit. in europe, the introduction of resolution and aml colleges for banks and of oversight colleges for ccps have been helpful to increase the involvement of home and host countries in the supervision of cross - border groups or entities. however, we should also recognize that convergence of regulation and cooperation between supervisors may also have their limits in some circumstances. this is certainly the case when considering the regulation and supervision of central clearing activities, given their systemicity and their natural trend to concentrate and eliminate substitutes. in such market we indeed observe the emergence of monopolistic situations and systemic risk is associated to the possibility of the default of such market infrastructures. we should therefore make sure that we – all collectively - are shielded from a too strong market concentration in terms of clearing, which create risks that can ’ t be addressed by cooperation among their supervisors and overseers. conflicting interests may indeed arise between ( i ) the authorities in charge of the oversight of the ccp, and its financial resilience, and ( ii ) the authorities in charge of the financial stability of the offshore markets served, especially in times of crisis, as we have seen in europe during the sovereign debt crisis. to prevent such situation levers to be used include in my view a location policy of clearing activities and direct oversight by authorities in charge with the financial stability of the markets served. 3 / 3 bis central bankers'speeches

, the new palgrave dictionary of economics, 2008. iii diev pavel, kalantzis yannick, lalliard antoine, mogliani matteo, “ comment expliquer la faiblesse de l ’ inflation en zone euro depuis 2013? ”, le bulletin de la banque de france n°234 : article 7, april 2021. comparison of the average of real and nominal 10y rates on the period jan ‐ apr 2021, among ea, us, japan, uk and canada. iv die geldpolitik der ezb in der corona ‐ krise, isabel schnabel webinar von sven giegold mit der heinrich ‐ boll ‐ stiftung, april 2021 v see “ the ecb ’ s monetary policy in the pandemic : meeting the challenge ”, speech by p. lane, october 2020, and references therein. vi letter to frederick william, prince of prussia ( 28 november 1770 ).
will willingly answer your questions. i invite professor andre sapir to take the floor and i wish you a rewarding debate. thank you. 2 / 2 bis central bankers'speeches

. in the short term, this is above all due to the fact that price momentum in the case of some categories of goods has slowed more quickly than had been expected in december. in the medium term, lower second - round effects are leading to a downward revision. over the entire forecast horizon, the conditional inflation forecast is within the range of price stability ( cf. chart ). the forecast puts average annual inflation at 1. 4 % for 2024, 1. 2 % for 2025 and 1. 1 % for 2026 ( cf. table ). our forecast is based on the assumption that the snb policy rate is 1. 5 % over the entire forecast horizon. page 2 / 6 zurich, 21 march 2024 thomas jordan, martin schlegel and antoine martin news conference global economic outlook let me now turn to the global economic outlook. the global economy grew moderately in the fourth quarter of 2023. however, developments continued to vary greatly between the individual economic areas. the us economy again showed robust growth, while activity was modest in many other countries. having declined rapidly in many countries in 2023, inflation has decreased at a somewhat slower pace in recent months. inflation in many countries remains above central banks ’ targets. against this background, many central banks have left their restrictive monetary policy unchanged for the time being. global economic growth is likely to remain moderate in the coming quarters, in particular due to the tightening of monetary policy in the last two years and less expansionary fiscal policy. inflation is likely to decline further, not least due to the restrictive monetary policy. our scenario for the global economy is still subject to significant risks. inflation could remain elevated for longer in some countries, necessitating a tighter monetary policy there than expected in our baseline scenario. equally, geopolitical tensions could increase. it therefore cannot be ruled out that global economic activity will be weaker than assumed. swiss economic outlook how does the economic situation look in switzerland? gdp growth was moderate in the fourth quarter of last year. the services sector expanded again, while value added in manufacturing stagnated. this was above all attributable to the subdued momentum in the manufacturing sector globally, but especially in germany. unemployment rose somewhat further, and the utilisation of overall production capacity was normal. growth is likely to remain modest in the coming quarters. the weak demand from abroad and the appreciation of the swiss franc in real terms over the past year are having a dampening effect. overall, switzerland
boosting broad based growth. on the financial sector front, the central bank in conjunction with the government will scale up reforms to enhance the sector ’ s competitiveness, efficiency, access and stability as well as making kenya a financial hub in the medium term. the banking sector is also expected to continue with its ’ excellent performance underpinned by regional expansion and lowered cost of business as the various reforms take root. looking ahead for monetary policy, the priority is to reverse inflation and inflationary expectations and exchange rate volatility to protect the economic growth base. tight monetary policy will be sustained until inflationary pressures have been reversed and the foreign exchange market stabilized. from a historical perspective, we have seen the same measures work and we still have confidence it will work in 2012. the bank will also continue with regular interactions with key stakeholders including market players to enhance the effectiveness of the transmission mechanism of monetary policy and other policy strategy actions. in closing, ladies and gentlemen, let me thank you all for the support and cooperation in developing the financial sector. i look forward to more fruitful collaboration and partnership going forward and in addressing any challenges facing the sector. lastly, let me end by wishing you all a happy holiday season and fruitful 2012. thank you. bis central bankers ’ speeches

implementation frameworks and to assess a number of issues related to the consideration of alternative frameworks. i hope the work and ideas presented and discussed over the next two days will spur subsequent research on these issues and promote further collaboration among all of you. as i have often stressed before, in addition to its responsibilities for monetary policy and financial regulation and supervision, the federal reserve takes very seriously its role as a research institution. i want to thank our research conference committee for putting together this high - caliber research conference, which has gathered distinguished speakers and guests from around the world and, i am sure, will add to our understanding of the implementation and transmission of monetary policy. welcome to the federal reserve board. i hope you all have enjoyable and productive discussions over the next two days. bis central bankers ’ speeches
labour force in the global economy has doubled from 1. 5 to 3 billion, reflecting the opening up of china, india and the former soviet bloc. 14 as a consequence, the price of a wide range of manufactured goods has declined. in addition, through various channels, this process of wage moderation and reduced inflationary pressure in the manufacturing sector has affected wage dynamics also in the services sector, mainly as a result of outsourcing. altogether, these effects have helped dampen inflationary pressures. this is what the figures seem to tell us : on the basis of a simple accounting method, the ecb ’ s staff estimated that the larger imports from low - cost countries had a dampening effect on overall euro area manufacturing import prices of around two percentage points per annum, on average, between the mid - 1990s and mid - 2000s. 15 yet there are other, opposing forces. certain resources have become relatively scarcer given the increasing demand from emerging economies. in particular, the strong growth seen in some of the largest economies, notably china and india, has likely contributed to recent increases in the prices of energy and other commodities, as well as of food products. accordingly, this may have been a source of upward pressure on inflation over the past few years. arguably, it is difficult to make an exact assessment of this contribution, as commodity prices are also affected by supply conditions and geopolitical factors. however, according to one study, the rapid growth in emerging countries and their increasing share in world trade and gdp may have contributed to an increase in oil prices by as much as 40 %, and real metal prices by as much as 10 % in the first five years of the new millennium. 16 this illustrates why it is important for central bankers to do what is needed to avoid what are known as “ second - round effects ” and to anchor inflation expectations through forward - looking monetary policies. see european audiovisual observatory, ( http : / / www. obs. coe. int / oea _ publ / market / focus. html ). see internet world stats ( http : / / www. internetworldstats. com / stats. htm ). on this issue, see also the speech by l. papademos entitled “ globalisation, inflation, imbalances and monetary policy ”, delivered in st. louis on 25 may 2006. freeman, r. ( 2006 ), “ the great doubling : the challenge of the new global labour market ”, august 2006

the doubling of the new arrangements to borrow, as well as the renewal of the bilateral borrowing agreements to meet the members ’ high and growing overall demand for fund resources and the shift towards uct arrangements. we welcome the work on the 16th general review of quotas and reaffirm our commitment to a strong, quota - based, and adequately resourced imf at the center of the global financial safety net. 2 / 2 bis central bankers'speeches
private entities as well as policy authorities to sincerely examine what they can do from their respective standpoints, and make positive efforts in a specific manner. for its part, the bank will consistently make contributions as the central bank.

economy following the nixon shock and the plaza accord as well as various discussions occasionally held in japan. policy authorities in each country need to act appropriately taking the above developments in the global economy into account. in this context, i would like to emphasize the following two points. the first is that the first responsibility of policy authorities in each country is the stability of their own economy, and this holds true in any era. second, however, the way to fulfill this responsibility has changed with the advance in economic and financial globalization. i feel that in the conduct of monetary and foreign exchange policies, it has become increasingly necessary to be aware of the global mechanisms of how one ’ s own policies and actions affect the world economy and international financial markets and of how these in turn affect one ’ s own economy. in this context, i think that japan – through the experiences and lessons it holds, such as with regard to balance sheet adjustments, quantitative easing, and the conduct of policy following the plaza accord, which are all relevant to the various problems facing advanced and emerging economies today – can actively participate in discussions and contribute to global economic stability. ii. developments in foreign exchange markets while bearing in mind the developments in overseas economies, i will next touch upon developments in foreign exchange markets. since summer 2010, the u. s. dollar has depreciated to the lowest level since the 1970s in terms of the trade - weighted nominal effective exchange rate, due mainly to market uncertainty about the future of the u. s. economy and associated market expectations of monetary easing ( chart 2 ). the yen at one time appreciated to near 80 yen against the dollar. however, following the fed ’ s decision of additional monetary easing in early november, the yen has depreciated somewhat against the dollar. meanwhile, with regard to exchange rates vis - a - vis asian currencies, the yen has been following more or less the same trend against the chinese renminbi as against the u. s. dollar, reflecting china ’ s foreign exchange rate policy. against the korean won, the yen appreciated around spring 2010, but has been more or less unchanged since then ( chart 3 ). in the short run, the appreciation of the yen depresses the revenue and profits of exporting firms, but the effects differ for each currency depending on the structure of trade and are not uniform. for example, japan and korea have recently been in heightened competition in the global market for many final goods such as electronic appliances and automobiles.
to improve management and speed up technological innovation, reduce consumption of resources and energy, and promote the restructuring and sustainable development of the economy. reform of the exchange rate regime and adjustment of production factor prices substitute and complement each other. they can be implemented in parallel. unwavering efforts should be made to further reform the exchange rate regime and the pricing mechanism of production factors to consolidate the foundation for a balanced and sustainable economic development.

research, and welcome constructive proposals from the participants of the conference on promoting china ’ s economic and financial theoretic study.
central bank of chile. figure 5 corporate bond and long - term interest rates ( percent ) jan. 08 may 08 ee. uu. sep. 08 chile jan. 09 chile corporate ( 1 ) nominal 10 - year interest rates in the u. s. ( 2 ) interest rate on central bank's bcu - 5. ( 3 ) interest on domestic 5 - year corporate bond. sources : central bank of chile and lva indices. 3. 0

, as used to be the case in the past or still is in some large commodity exporters. this is attributed to the significant advances we have made in our foreign exchange, fiscal, and monetary policies. the importance of this cannot be overemphasized, because said progress in macroeconomic policies has allowed us to implement unprecedented expansionary policies that should help chile to overcome successfully the international crisis that hit the world at large in recent months. i will end with some final remarks. economic growth and natural resources one paramount issue in our country ’ s development is its concentration of natural resources and, very specially, of copper ore. the world evidence shows that there are major differences in growth rates among natural resource abundant economies. one example is botswana, rich in diamonds, which early this decade could account for nearly 40 % of gdp ( acemoglu et al., 2003 ). this country ’ s per capita gdp grew by an average 6. 6 % per year between 1960 and 2007, which meant that in 2007, its per capital gdp was 19 times the one in 1970. an example to the contrary is the case of nigeria, rich in oil, yet virtually stagnant. its per capita gdp increased by an average 1. 2 % per year over the same period, which meant that in 2007 nigeria had barely 1. 5 times its per capita gdp of 1960. it has been found that, on average, countries rich in natural resources grow less than those that are not ( figure 1 ). based on this evidence, much research effort has been devoted to unraveling the link between economic growth and natural resource abundance, and that is what i intend to briefly cover now. international evidence and discussions on the relationship between natural resources and economic development are varied. some economists, mainly sachs and warner ( 1995, 1997, 2001 ), have argued that rather than a blessing, abundance of natural resources is a curse. the reasons for this are that natural resources can lead to rent - seeking activities diverting scarce resources such as human and physical capital away from activities that favor growth. at the same time, natural resource abundance may cause a persistent real appreciation that may weaken the rest of tradable goods sectors, which is known as the dutch disease. a natural conclusion of these works is that in countries that prevent rentseeking, with human capital abundance, access to credit and macroeconomic policies that promote stability, these damaging effects can be avoided. subsequent studies have been oriented in that direction. several
; 3 / 4 bis central bankers'speeches ( c ) infrastructure must be efficient, safe, and resilient ; a financial sector must ultimately be purposeful in supporting the broad spectrum of economic activities including to facilitate savings, investments, insurance, payments for goods and services and credit intermediation. i am sure that the forum today will be a good occasion to exchange views and to gather new insights. 4 / 4 bis central bankers'speeches

glenn stevens : inflation, deflation and all that speech by mr glenn stevens, deputy governor of the reserve bank of australia, to australian business economists 2002 forecasting conference dinner, sydney, 4 december 2002. * * * introduction in the formative years of the current generation of economists, inflation was considered to be one of the most pressing macroeconomic problems. that's not surprising, since most of the net rise in prices that has occurred in human history took place between the late 1940s and about 1990, as a plot of any price index in any industrial country would show. in australia's case, it was observable during the 1950s that, in periods of business cycle downturn, prices stopped rising but didn't actually fall. this was in contrast to the pre - world war ii experience, where price levels did fall during recessions. by the second half of the 1960s, it was even clearer that the price level had acquired a persistent upward trend, and around that time it became normal to look at the price level in its first difference form ( i. e. the inflation rate ) rather than its level. as all of us here remember only too well, inflation reached nearly 20 per cent during the mid 1970s. thereafter polices aimed at reducing it, with mixed success at first, but more lasting success in the aftermath of the early - 1990s downturn. a number of other countries had more clearly broken the back of serious inflation in the early 1980s ; we took a little longer. but in general it could be said that the period of really serious inflation in the western world lasted from the late 1960s until the early 1990s. the subsequent decade has been a period of low inflation almost everywhere. most recently, with a global business cycle downturn, inflation globally has declined further, and is currently low to very low in most places. so it is natural to ask whether, after a generation worrying about inflation, we might be faced with deflation. certainly the word'deflation'is used with much greater frequency than it has been for a long time. its use usually conjures up some vague notion of the great depression, which was the last time a widespread deflation occurred. so it is worth examining this in more detail. i want first to be clear what we mean by deflation, then to ask whether it is in fact occurring. then i want to ask whether we should worry about it, and if so, what we might do to counter it. as a
banking sector. page 4 of 6 thirdly, the envisaged deposit insurance scheme would be funded by the banks themselves, and all registered banks would be obliged to contribute to the fund. the paper proposes two possible funding options that were considered at the time. however, the most cost - efficient funding mechanism is still being discussed with the banking sector, and the ultimate decision may well differ from the proposals in the paper. it is important that the deposit insurance scheme is funded in such a way that the cost to the banking sector does not exceed the financial stability benefits, and that there is sufficient funding available to make the deposit insurance scheme effective. it is also important to have emergency funding available in the event that the deposit insurance scheme experiences a funding shortfall. emergency funding arrangements should include prearranged and guaranteed sources of liquidity funding and be legislated. this is, however, subject to the proviso that such emergency funding is subsequently recovered from the remaining banks after the failure event. fourthly, the build - up of a fund is but one aspect of the deposit insurance scheme. equally important is the availability of accurate depositor information as well as it3 systems and mechanisms to enable the prompt payout of deposits, supported by a sound legal framework, effective operational controls, and a strong governance framework. there will be much work for both the deposit insurance scheme and the banks once the legislation is in place. in this regard, the international association of deposit insurers, of which south africa is currently an associate member, has developed a set of tried and tested core principles to guide us in the development of a world - class scheme. there are also some more detailed areas that will require further research and deliberation, for example how exactly pooled accounts should be treated and how the small cooperative financial institutions should fit into the deposit insurance scheme framework. these aspects are important and will receive special attention in the coming months, without delaying the legislative processes. we appreciate your interest in this important initiative as a major part of the success of the deposit insurance scheme will depend on the public ’ s awareness of the scheme and knowledge about how it works. enhancing such awareness will be an ongoing task of the 3 information technology page 5 of 6 deposit insurance scheme, in which the media will be our close allies. the workshop today is a good start. finally, we would like to remind you that there is also an opportunity to submit written comments on the deposit insurance scheme paper until 31 august 2017.

we encourage you to make use of this opportunity as it will assist us in making the best policy choices. thank you. page 6 of 6