samchain/econo-pairs-v2 huggingface dataset:
amando m tetangco, jr : the philippines – macroeconomic outlook for speech by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the oath - taking of the officers and directors of the economic journalists association of the philippines, makati, 11 february 2008. * * * president donna gatdula, other distinguished officers and members of the economic journalists association of the philippines, special guests, friends, good evening. it is a great pleasure for me to address this induction ceremony and this gathering of highly informed watchers of the philippine economy. as economic journalists, you continue to be a major channel for transparency and provider of key economic information for the business community. from the point of view of the bsp, you have also played a vital role in our efforts to communicate the basis and implications of monetary policy to the markets and the general community. i am doubly pleased because i see many familiar faces, including the relatively new reporters on the beat and those i met long before i became governor. but don ’ t worry – i will not disclose how long ago that was. instead, i will focus on the topic you have asked me to discuss tonight : the macroeconomic outlook for 2008. to put things in perspective and to provide context for our outlook, i will begin my presentation with a review of the past years. economic developments i am sure you have read or heard in fact some of you have written that the philippines is now experiencing the most stable economic environment in more than two decades. this is not just a “ tale ”. the numbers support this story. the philippine economy grew at the highest gdp growth rate of 7. 3 percent in three decades in 2007. this growth rate was above the government ’ s target of 6. 1 - 6. 7 percent set for 2007. this was boosted by the expansion of services and the impressive performance of both agriculture and industry. on the demand side, growth was driven by government consumption and investments. this strong growth was achieved in a period of benign inflation. headline inflation last year stood at 2. 8 percent, the lowest in 20 years. this is now comparable to developed economies. in turn, low inflation has resulted in lower interest rates, again the lowest in 21 years. this has brought down the cost of money for borrowers, whether personal or corporate. in this respect, we achieved a good convergence of high growth and low

business reporting in our country. i hope your efforts to develop and upgrade the skills of your members will be successful. in this regard, you can count on us at the bangko sentral for support. doris, in her introduction of me, referred to my chinese zodiac sign so let me now complete that by wishing you all a happy new year of the earth rat! it is my understanding that the 2008 rat begins a new 12 - year cycle as such it promises change, new beginnings and new attitudes. on behalf of the bangko sentral, therefore, i wish all the new officers of ejap, as you face a new “ year ”, a fruitful and successful term. mabuhay ang ejap! thank you all and good night.
auckland housing accord, monitoring report # 1 ”, march, www. beehive. govt. nz / sites / all / files / auckland _ housing _ accord _ monitoring _ report _ 1. pdf, accessed 14 april 2014. productivity commission ( 2012 ), “ the housing affordability enquiry ”, new zealand productivity commission final report, march 2012. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

a key factor influencing our monetary and financial policies. house price pressures in new zealand since late 2012 have been driven by supply shortages and by strong demand supported by easy credit. on the supply side, progress is being made with national dwelling consents now up to an annual rate of 22, 000. in auckland, progress is being made in freeing up the supply of buildable land and improving the consenting process. and in canterbury, the replacement of severely damaged homes is well in train after a slow start. however, the shortage remains large – with around 50, 000 new homes targeted in christchurch and auckland over the next bis central bankers ’ speeches three years. this is a task that is likely to take considerably longer than three years to complete. on the demand side, pressure has been moderated by the lvr restrictions and will be further restrained as monetary policy brings interest rates back to a level more consistent with a strongly growing economy. interest rate increases are expected to have a greater effect than in the previous cycle due to the high levels of existing debt and a high proportion of floating rate mortgages. however, many uncertainties remain around the housing market outlook, particularly regarding the future impact of the increasing net migration inflow. over their first six months, the lvr restrictions have had a dampening effect on housing that is broadly in line with expectations. the easing or removal of the lvr restrictions will depend importantly on the restraining impact of interest rate increases and any renewed pressure arising from the net immigration. achieving greater stability in the housing market will contribute greatly to maintaining financial and price stability, and to achieving sustainable economic growth. references canterbury earthquake recovery authority ( cera ) ( 2014 ) ” greater christchurch recovery update – issue 30 ”, march, cera. govt. nz / sites / cera. govt. nz / files / common / greaterchristchurch - recovery - update - issue - 30 - march - 2014. pdf, accessed 28 april 2014. fletcher earthquake recovery ( eqr ), “ completed www. eqr. co. nz / repairs / completed - repairs, accessed 28 april 2014. repairs ”, ministry of business, innovation and employment ( 2013 ) ” residential land available in auckland ”, research report, march, www. dbh. govt. nz / userfiles / file / publications / sector / pdf / residential - land - available - inauckland - report. pdf, accessed 14 april 2014. ministry of business, innovation and employment ( 2014 ) “
the council will regularly monitor risk developments and issue observations, warnings and recommendations to the relevant authorities. we have a considerable task ahead of us and there are many important issues that i look forward to discussing – and learning more about. i have taken on the task of chairman with a great degree of humility. * * * thank you for your attention. bis central bankers ’ speeches

virtually flat since 2010 at a level somewhat below that seen prior to the overheating of the economy in 2006 – 08. danmarks nationalbank expects unemployment to rise a little towards the summer of 2014, after which it will decline as the economy picks up. at approximately 9 per cent of gdp in 2012, the financial savings surplus of danish firms and households is very high. it is normal for the private - sector savings surplus to reflect cyclical fluctuations, but this time around the pattern has been more pronounced than during previous recessions, also when compared with the situation in denmark ’ s neighbouring countries. one of the reasons for the high savings surplus of danish firms is the low investment activity, but has the situation evolved into an actual “ investment crisis ”? i think that would be an overstatement. business investment plunged during the crisis in 2008 – 09, and since then its share of gross value added has been below the average for the last couple of decades. but this is purely attributable to building and construction investment. the investment ratio for plant and equipment has risen over the last couple of years and by the end of 2012 it was close to the average since the mid - 1990s. this is not the first time investment in plant and equipment responds to the early signs of an upswing, while building investment follows suit at a later stage. so in danmarks nationalbank ’ s opinion the current low level of investment is to a large extent a natural cyclical phenomenon, not an indication of a structural investment crisis. in contrast, corporate savings are substantially higher than usual, also in a cyclical context. at some point, when confidence is restored, this could boost investment. the change could be swifter than expected. on the other hand, there is also a risk that foreign growth falls below expectations, with negative implications for the danish economy. obviously, some sectors are struggling more than others, but that is unavoidable in a constantly changing world. focus should be on creating attractive framework conditions for output in denmark. viewed in isolation, weak wage increases improved competitiveness in 2012. the recent strengthening of the effective krone rate has had the opposite effect, but nevertheless, the deterioration of denmark ’ s competitiveness which occurred during the overheating in the 2000s is being rolled back by the market forces. with unemployment only slightly above its structural level, wage inflation has declined notably, and perhaps more than anyone had believed it would. this underscores the value of a well
mr stals addresses the subject of inflation targeting as an anchor for monetary policy in south africa address by the governor of the south african reserve bank, dr chris stals, at a breakfast meeting of the johannesburg branch of the institute of bankers in south africa on 17 march 1999. 1. introduction the debate on whether south africa should formally introduce an inflation target as an anchor for monetary policy recently revived again. such targets were introduced by a number of other countries over the past twenty years, in most cases with relatively good results. amongst these countries can be mentioned new zealand, canada, australia, israel, sweden, the czech republic, turkey and the united kingdom. the new european central bank recently decided to follow a more eclectic approach in which both the money supply and inflation will be targeted, with due recognition of an important role for a number of other monetary / financial aggregates in the process of inflation creation. in the case of south africa, formal targeting of the m3 money supply was introduced in the mid - 1980 ’ s to serve as an anchor for monetary policy. like in many other countries, this base for monetary policy served south africa well for some years and made an important contribution towards the gradual reduction in the level of the rate of inflation from a wellembedded double - digit figure of between 12 and 20 per cent over a twenty - year period from 1972 to 1993 to an average of well below 10 per cent over the past five years. the use of the money supply as an anchor for monetary policy is based on the assumption that there is some stable relationship over time between changes in the money supply and total spending on goods and services and prices, that is inflation. monetary policy is therefore directed towards controlling the rate of expansion in the total money supply as an intermediate objective, with the ultimate goal of protecting the value of the currency. to achieve the intermediate objective, the central bank uses various operational instruments such as open market operations, variable minimum cash reserve requirements and changes in the conditions of discount window facilities to influence the amount of liquidity in the banking sector ( supply of money ) and the level of short - term interest rates ( demand for money ). in this monetary policy model, the central bank therefore has an ultimate objective ( to protect the value of the currency ), an intermediate objective ( to control the money supply ), a supportive objective ( to influence the amount of bank credit extension ) and a number of operational instruments that can be used to achieve the goals of monetary policy. it must be

it. thank you for inviting me to be here with you this evening, and congratulations to all of you who ensure that ort touches and changes the lives of so many people. bis central bankers ’ speeches
tourism sectors. i wish to point out that there is no evidence to suggest a direct linkage between the recent decline in visitor numbers and bis central bankers ’ speeches expenditure, and the exchange rate of the hong kong dollar. the nominal effective exchange rate ( neer ) of the hong kong dollar rose by 6. 6 % year - on - year in the third quarter this year, but price levels for tourism - related merchandise and services fell by a greater magnitude. for example, prices for jewellery, clocks and watches fell by 8. 2 %, while the average room rate for hotels fell by 15. 3 %, which more than offset the effects of a stronger hong kong dollar. this clearly shows that hong kong ’ s economy is sufficiently flexible to adjust speedily to changing markets. 19. in addition, hong kong is different to other emes. we have sound and robust monetary, banking and financial systems. in response to the large capital inflows over the past few years, we have got ourselves well - prepared by introducing seven rounds of countercyclical macroprudential measures on property mortgages to enhance the resilience of the hong kong banking system. we should be able to withstand the shocks from a reversal of the capital flows and economic adjustments as long as we remain level - headed. we are endowed with a strategic position with the “ hinterland of mainland china and interface with the world ” under the “ one country, two systems ” principle. it is true the chinese economy is experiencing a slowdown, but this reflects a structural shift from unbalanced growth at a breakneck speed to a high - to - moderate growth rate on a more sustainable basis. indeed, sustainable and healthy development will become the “ new normal ” in china if it can reap the “ reform dividends ” by remaining committed to reform and liberalisation, and moving towards a modern and market - based economy. 20. against such a backdrop, there is vast potential for hong kong ’ s intermediary role for trade and commerce as well as fund flows between china and the world. to fortify our role, we must, with support from the central government, foster more links with the mainland. in the financial sector, we should strengthen our soft power by attracting, nurturing and retaining professionals. we should also encourage financial innovation while keeping a firm grip on risk management. in short, we must trump other financial centres in every way to continue our position as the most vibrant and competitive international financial

centre in asia. thank you. bis central bankers ’ speeches chart 1 : comparison of us economic recovery strength * excluding the 2001, 1970, 1974 and 1980 double - dip recessions. chart 2. decline in us potential gdp bis central bankers ’ speeches
christian noyer : the outlook for the economies of the euro area and france speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the paris europlace international financial forum, new york, 14 april 2014. * * * ladies and gentlemen, i am very pleased to be here with you today for this paris europlace international financial forum. i would like to extend my sincere thanks to the whole paris europlace team for their great work on this specific event and, more generally, for their commitment to the french financial sector. i would like to provide you with a quick overview of the outlook for the economies of the euro area and for france. 1. the economic and financial situation in the euro area i shall start by updating you on the current situation in the euro area. as you know, the second quarter of 2013 marked a turning point in that it put an end to six consecutive quarters of recession. the euro area economy finally saw a return to positive growth, with a 0. 3 % expansion, and this was confirmed in the third quarter with 0. 1 % growth, and again in the fourth quarter with 0. 3 % growth. the recovery in 2013 was modest and unequal across countries. however, it still reflects a sharp improvement in the overall trend, which is continuing and gradually getting stronger. the ecb staff macroeconomic projections foresee annual real gdp increasing by 1. 2 % in 2014 and 1. 5 % in 2015. in addition, the majority of soft indicators are improving, and have been above their long - term average for a number of months now, confirming a rebound in economic activity. although the strength of the rebound varies across countries, it is important to highlight the return to positive growth in those countries most affected by the crisis and which are of major importance to the euro area : i ’ m thinking above all of spain and italy, where exports have rebounded sharply and are currently driving economic activity. on a financial level, we are also seeing a significant return to normal in the euro area : • bond markets in periphery countries are continuing to stabilise and interest rates have come back down to sustainable levels, with several periphery countries or programme countries recently managing to obtain market financing at perfectly satisfactory rates ; • fragmentation within the euro area is decreasing – as shown for example by the fall in liquidity surpluses or target2 balances ; • credit dynamics are still subdued

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mehigan and micheal o ’ keeffe for their contribution to my remarks. 2 donnery, sharon : risks and resilience in uncertain times, address to the institute of international and european affairs ( 8 march 2019 ). 3 central bank of ireland : financial stability review ( 2019 : 1 ). 4 donnery, sharon : the departure of the uk from the eu – implications for the irish economy and financial system. internal dinner address to visiting staff from other central banks ( 5 march 2019 ). 5 / 6 bis central bankers'speeches 5 central bank of ireland : brexit task force reports. 6 national institute of economic and social research : the economic effects of the government ’ s proposed brexit deal ( 26 november 2018 ) assume that sterling would depreciate against the euro by ten per cent while in a worst case stress scenario published by the bank of england it is assumed that sterling could fall by 30 % against the usd in a disorderly brexit. bank of england : stress testing the uk banking system : key elements of the 2019 annual cyclical scenario ( march 2019 ). 7 conefrey, o ’ reilly, walsh : box b : the macroeconomic implications of a disorderly brexit central bank of ireland, quarterly bulletin no. 1 ( 2019 ). 8 birmingham & conefrey : the irish macroeconomic response to an external shock with an application to stress testing, technical research paper, central bank of ireland ( 2011 ). 9 byrne, stephen and tara mcindoe - calder : quarterly bulletin 2019 q2, central bank of ireland ( 2019 ). 10 ibid. 11 the revenue commissioners : corporation tax 2018 payments and 2017 returns ( may 2019 ). 12 lane, philip : tail risks and the irish economy ( 2019 ). 13 central bank of ireland : financial stability review, 2019 : 1 ( 2019 ). 14 irish fiscal advisory council : fiscal assessment report ( june 2019 ). 6 / 6 bis central bankers'speeches

and a regulatory system will be improved in line with the degree of financial opening - up, to safeguard financial security, and improve the overall quality as well as the competitiveness of the financial sector. ladies and gentlemen, with the end of wto transitional period, opening - up of the financial sector will reach a new stage. the chinese economy will continue to realize its huge potential. we will move on with the reform, openingup and development of the financial sector, and create a favourable environment for domestic and foreign financial institutions, so that the financial sector can make even greater contribution to the development of a socialist market economy in china. thank you.
increased demand for currency notes in some countries, especially those whose banks were exposed to emerging economies. it seems to have largely subsided since then.

nestor a espenilla, jr : opening remarks for the q2 2018 bsp inflation report press briefing opening remarks by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), for the q2 2018 bsp inflation report press briefing, manila, 20 july 2018. * * * a pleasant morning to everyone. welcome to the press conference on the bsp ’ s inflation report for the second quarter of 2018. today, we wish to discuss with you the developments and the analysis that underpinned the bsp ’ s monetary policy decisions during the second quarter of the year. our objective is to enable market participants and the general public to better understand the underlying developments as well as the reasoning and analysis behind the bsp ’ s policy actions. we begin with the global economic environment. the overall prospects for global output growth have improved since our last briefing in april, owing to faster rates of expansion in key economies. in particular, economic activity in advanced economies has gained further traction. consequently, the unwinding of accommodative monetary policy in the us and other advanced economies will likely continue and drive capital flows away from emerging economies, including the philippines. meanwhile, global inflation remains elevated in q2 2018 amid geopolitical tensions between the united states and some key oil producers. nevertheless, plans by major producers like saudi arabia and russia to boost production, coupled with higher output coming from the us, could exert downward pressure on oil prices. in the philippines, we continue to feel the weight of supply - side price pressures, as reflected in the uptick in the prices of certain food items and domestic petroleum products. average headline inflation using the new 2012 - based consumer price index ( cpi ) series rose to 4. 8 percent during the quarter from 3. 8 percent a quarter ago, bringing the year - to - date average to 4. 3 percent. this is higher than the upper end of the national government ’ s target range of 2 - 4 percent for the year. similarly, core inflation increased to 3. 8 percent in q2 2018 higher than the quarter - and year - ago rates of 3. 0 percent and 2. 5 percent, respectively. moreover, inflation expectations of private sector economists also increased during the quarter, with analysts attributing their higher projections to volatile global oil prices, a weaker peso, and the transitory effects of recent tax measures on the prices