samchain/econo-pairs-v2 huggingface dataset:
radovan jelasic : price stability and state ownership in serbia speech by mr radovan jelasic, governor of the national bank of serbia, at a roundtable discussion with representatives of the government of serbia, belgrade, 3 july 2007. * * * ladies and gentlemen, let me focus on this occasion on two topics : 1. stability of prices in the light of interplay between fiscal and monetary policy, and 2. state ownership. few days ago i heard someone say : “ it is the stable currency that everybody wants at first, and then they want as much as possible of the same currency ”. that is a true picture of serbia today. and, while monetary policy sets a priority to constantly watch over the first part of this sentence, our citizens soon forget that a “ surplus brings on a headache ”, i. e. that by increasing spending we keep going back to the first part of the sentence and demand “ stable currency. ” it is of course unrealistic to expect citizens to gladly forsake some of their earnings in favour of the state so that the currency could remain stable. on the other hand, that is exactly why countries have or should have a responsible and professional government which takes into account medium and long run solutions to macroeconomic issues and is fully aware that the second part of the above sentence “ and then they want as much as possible of the same currency ”, in fact means inflation. in contrast to the nbs whose main objective “ to attain and preserve price stability ” is precisely defined by the law, governments are free to define their objectives and are not bound by any legal formulations. governments often alter their objectives as they go along. they are often unwilling to remember promises made only a few days earlier, not to speak of those made before they came to power or those made in their early days in power. as the governor, i am very pleased that the parliament has clearly defined our objective and that the objective is very good – “ to attain and preserve price stability ”. i am convinced, however, that that particular objective was set much more in line with the principle of “ follow thy neighbour ” policy than due to some deep seated conviction that price stability is key to economic development, improvement in the standard of living of all citizens, attracting foreign investment, etc. for forty years yugoslavia and serbia have been trying to attain “ growth and development ” and putting stability of prices into the second or the third line of interest. the culm

meeting of the central bank research association on 29 august. 3. non - general collateral ( non - gc ) refers to specific securities that are subject to particularly high demand in the repo market compared to similar securities ( general collateral, gc ). due to the high demand for these securities potential buyers in the repo market tend to offer a lower rate for cash in exchange, so that non - gc repo rates are usually below gc repo rates. 4. also in the united states and the united kingdom, the spread between overnight unsecured rates and collateral - driven repo transactions ( non - gc ) and short - term bill rates has widened since the start of the hiking cycle.
for monetary policy, our good inflation performance and the fiscal measures taken so far have given the bank of canada some room to ease monetary conditions in canada. i believe there is now substantial monetary stimulus in the economy, which should help counteract some of the concerns that affect the confidence of canadians, as we work our way through this crucial period of restructuring the canadian economy.

. such shifts have not been limited merely to the diversion of the production of goods requiring unsophisticated techniques to the developing countries. indeed, some developing nations, particularly in asia, are establishing themselves as important suppliers of a wide range of internationally traded products, including high - technology manufactured goods. at the same time, industrial economies are moving more towards the export of services, as a result of improvements in communications and information technology. all in all, these changes are to the good, in that they should result in expanding international trade, more rapid increases in productivity and, hence, improved living standards everywhere, but especially in developing countries. however, these ongoing globalization trends and adjustments to new technology do imply changes in the structure of national economies. canada and other industrial countries are having to cope with these changes. but change is never easy and is often stressful. even in the large u. s. economy, there has been considerable concern over the uncertain job prospects, especially for unskilled workers, in light of the changes in technology, production and trade trends that i have just described. however, the process of adjustment in the united states to these developments began early, and their economy has been operating successfully at full capacity. why is it that in canada we seem to have had a more difficult time of it? there are a number of reasons for this. but, in my view, one of the most important is the fact that in canada we started adjusting later and, as a result, we were further behind. why was that? the depreciation of the canadian dollar in the mid - 1980s, by easing the pressure from foreign competition, blunted the urgency to adopt more efficient production processes. and through much of the second half of the 1980s, because many canadians were still acting on expectations of accelerating inflation, we were devoting a good part of our energies and resources to speculative activities, rather than investing in improvements in productivity and competitiveness. rising government deficits, which were absorbing increasing amounts of domestic savings, were not helping either. thus, with poor productivity growth, rapidly rising wages and generally weak cost control, canadian businesses and exporters found it increasingly difficult to compete, especially at the end of the 1980s, when the canadian dollar had reversed its earlier depreciation. for a nation that is highly dependent on foreign trade, canada certainly was doing all the wrong things to get ready for the new world of changing technology and increasing global competition. it was not until the early 1990s
one with integrated services and management capabilities. especially since the return to the motherland, the local financial industry has experienced robust development along with strong gains in the domestic economy ; the active promotion of appropriate economic diversification and regional cooperation by the macao government. indeed, with the high degree of openness, macao ’ s economy and finance are susceptible to external shocks and volatilities of global financial markets. over the last twenty five years, macao ’ s financial sector in its development process experienced challenges one after another, for example, currency devaluation storms triggered by the change in floating exchange regime for the thai baht in 1997 ; global economic slowdown driven by tech - bubble burst in 2000 ; sars outbreak in neighbouring jurisdictions in 2003 ; and us - subprime - led global financial crisis which started in 2007. nevertheless, with the strong support and joint efforts of all parties, the financial industry has managed to overcome such difficulties as the local economy develops. as at the end of may this year, the npl and car ratios of the banking sector were 0. 1 % and 15. 5 % respectively ; profitability was at all - time high. meanwhile, in terms of premiums and operating results, the insurance sector has also made impressive achievements. bis central bankers ’ speeches apart from financial supervision, amcm has been vested with the responsibility to manage the foreign exchange reserves of macao. since the establishment of the fiscal reserve regime, amcm has been assigned by the relevant legislation the responsibility of fiscal reserve management. in managing the fiscal reserve and exchange reserves, amcm has observed relevant legal requirements while upholding safety and prudent management principles. furthermore, amcm has diversified asset allocation and optimized investment portfolios on a reasonable basis of balancing risks and capital preservation. it goes without saying that the effort and hard work of every department of amcm are indispensable. i would like to take this opportunity, on behalf of amcm, to express my candid appreciation for the dedication of all our colleagues, present or retired, including those who returned to portugal after their retirement. we are grateful to secretary tam for his guidance, support and trust. we would also like to thank the audit committee and the advisory council. as we celebrate the 25th anniversary of amcm this evening, it also marks the beginning of a new phase. i sincerely hope that in the coming years, all my colleagues at amcm will continue to cope with the increasingly complex environment

with effort, diligence and decent attitude, as all along, and continue to perform their duties in a professional and responsible manner, with a view to contributing to the sustainable development of macao ’ s financial industry. finally, i would like to wish you all good health and success in work. thank you! bis central bankers ’ speeches
to any individual variable that will alone be a determining factor in an interest rate decision. prior to each interest rate decision we weigh together all of the new information received since the previous decision. but employment is of course an important element ; when, for example, we said in february that economic activity was now on firmer ground one of the things we were referring to was the stronger labour market. it was a contributing factor to the marginal adjustment in the repo rate path we made then ; with a first repo rate increase coming slightly sooner than implied in the repo rate path from december. our most recent repo rate decision entails both the repo rate and the repo rate path being held unchanged. a weaker gdp outcome for the fourth quarter could on its own have been a negative signal and made us more doubtful about the timing of the coming interest rate increase. but we also had surprisingly positive information on the labour market, which provided support for the assumption that the economy is moving in the right direction. our forecasts are based on employment only increasing at a slow rate in the future and on resource utilisation being lower than normal for the greater part of the forecast period. but the situation is that the crisis has hit the export industry particularly hard, while the services sector has escaped relatively lightly. we have a “ division ” in the swedish economy, which complicates the situation for monetary policy. we are unable to distinguish between the different sectors ; our interest rate changes affect all sectors in the same direction. when we deliberate on monetary policy in the coming period we must of course be observant of the driving forces behind the different sectors and how these can affect inflationary pressures in the economy.

##p is making all out efforts to boost economic activities at small and medium level : our initiatives in this arena include : introduction of sme financing targets for banks / dfis ; credit guarantee scheme for small and rural enterprises ; efforts for putting in place a secured transaction registry in the country ; and separation of prudential regulations for small and medium enterprises. while concluding, i would like to draw your attention to the recent interest shown by foreign investors in the country ’ s economy. corporate deals have been either concluded or are under discussion in sectors as varied as power generation and distribution, food processing, and automobiles. these examples offer just a glimpse of the huge investment potential that is available in the country. so, by utilising the financing facilities that are available, as well as record - low interest rates and low inflation, the private sector can take the lead role in the country ’ s economic development. with the strong domestic demand and improving business climate, the private sector has more reasons than ever before to take the driving seat. i thank you for your time! economic policy review department
– the significant stock of acquired assets and reinvestments of the maturing principal payments – can have implications for market functioning and price formation. while the short - term economic impact of the crisis is substantial and requires ample monetary policy support, the longer - term outlook is much less certain. it depends in particular on the extent to which the effects of the crisis exert prolonged pressure on supply and demand conditions, and on the strength and speed of fiscal and structural policy responses. fragmenting world trade is likely to redirect the focus of supply chains from short - term efficiency to increased resilience. this will lead to a shortening of supply chains and a reshoring of production. at the same time, a surge in corporate indebtedness could make firms riskier and weigh on their capacity for investment. while these combined effects could act as a brake on productivity growth, they can be effectively offset if firms and policymakers use this crisis to modernise our economies. this includes promoting the digital transformation and refocusing supply chains to fully exploit the allocative efficiency offered by the single market. such reform efforts will be crucial to smooth the sectoral reallocation which could result from the damage that even mild distancing measures inflict on labour - intensive service sectors. while a countercyclical fiscal push can help sustain aggregate demand in the transition, fiscal space 1 / 2 bis central bankers'speeches may not be available in the countries most affected by the crisis. policymakers should therefore use the current window of opportunity and create levers at the european level to reduce the risk of individual countries emerging from the crisis excessively scarred. the european commission ’ s proposal for a major recovery plan, including the largest joint issuance in euro to date, is seen as a major step towards increasing the resilience of our union. if decision - makers can ensure that all countries emerge from the crisis stronger, with more modern and dynamic economies, the recovery will be stronger and more sustainable. this would reduce the burden on monetary policy and the need for further easing of the policy stance. 2 / 2 bis central bankers'speeches

##b in particular, are doing everything they can to support the functioning of the financial system. moreover, market participants and other actors should be assured that the cooperation within the global network of central banks has been excellent and highly conducive to addressing the ongoing challenges. thank you for your attention.
markets. i very much welcome this initiative by the ebrd to communicate the modalities of the programme and how exporting and importing firms in greece can benefit from it. i am sure that we will have a fruitful, informative and interesting discussion. bis central bankers ’ speeches

in the pursuit of this goal gained ground. these ideas underpinned the monetary policy of the bank of greece in the 1990s as it sought to support the effort to satisfy the maastricht treaty criteria and to join the euro area on 1st january 2001. the bank ’ s ability to attain its goals was considerably improved by the abolition of the monetary financing of the fiscal deficit, mandated under the maastricht treaty, in 1994, and the law, enacted in 1997, granting independence to the bank of greece with a mandate to achieve price stability. in an effort to bring down inflation, in the mid - 1990s the bank adopted a “ hard - drachma policy ”, under which the exchange rate was used as a nominal anchor. real interest rates were kept at high levels to help ensure the success of this policy. the hard - drachma policy operated, at times, under difficult conditions, yet it proved highly credible and immensely successful. ironically, the source of the difficulty was related partly to the success of the policy. the policy ’ s credibility led to enormous inflows of foreign capital, complicating the conduct of monetary policy. the bank was able to neutralise these inflows, absorbing excess liquidity and thus buying time for other policies to adjust. within three years of the policy, inflation was more than halved, falling to under 5 per cent, while economic growth accelerated sharply. the fiscal consolidation that took place beginning in the mid - 1990s, and moderation in wage increases, contributed importantly to an increasingly - sustainable policy mix, enhancing the credibility of monetary policy. with the outbreak of the asian financial crisis in late 1997, and its spread to other parts of the world, there were pressures on the drachma. the bank of greece initially raised interest rates to stem these pressures. then, in march 1998, the drachma entered the exchange rate mechanism of the european monetary system, so that it could satisfy a maastricht criterion, and was devalued to help maintain international competitiveness. unlike the currency devaluations in many other countries around this time, the drachma ’ s devaluation was not followed by the aftershock of a banking and financial crisis. a well - supervised greek banking sector, with adequate prudential regulations in place, limited the exposure of commercial banks to foreign currency risk and, therefore, safeguarded the financial system. in the years following the drachma ’ s entry
by formal financial sector, namely commercial banks and the kenya post office savings bank, while 8 per cent are served by semi - formal financial service providers such as microfinance institutions ( mfis ) and savings and credit co - operatives societies ( saccos ) and the remaining 35 per cent are served by informal financial service providers ranging from accumulating and rotating savings and credit associations ( ascas and roscas ) to shopkeepers and money lenders. this indicates a big gap in access to financial services by kenyans that i expect deposittaking microfinance institutions ( mfis ) to play a major role in filling it by expanding access. given this scenario the microfinance deposit taking institutions will be playing a major role in narrowing the service gap. ladies and gentlemen, the former un secretary - general, kofi annan stated that “ sustainable access to microfinance helps alleviate poverty by generating income and wealth, creating jobs, allowing children to go to school, enabling families to obtain health care and empowering people to make the choices that best serve their needs. … the great challenge before us is to address the constraints that exclude people from full participation in the financial sector. ” i couldn ’ t agree more and this is the challenge before us. a financial system that serves only a minority of a country ’ s people is biased and unacceptable. all inclusive financial system that provides access for the majority is the central goal of the development of our financial system as envisaged by vision 2030. the government, as envisaged in vision 2030, will strengthen alternative financial service providers including mfis and saccos, among others, to play a major role in savings mobilization and wealth creation, thus contributing to poverty reduction and economic growth. ladies and gentlemen, we expect that when the act and regulations are fully implemented, it will bring, in the not too distant future, a new breed of microfinance institutions, the deposittaking mfis, which will enable these institutions to mobilise savings from the general public. thus, the act and regulations will set in a new era in the growth and development of the microfinance industry by integrating the industry to the formal financial sector, thereby promoting competition, efficiency and access. through this, we expect the microfinance industry to play a pivotal role in deepening financial markets by expanding access of affordable, appropriate and innovative financial services and products to majority of kenyans. these include cellular phone banking, alternative, low cost

15th east afritac steering committee meeting officially open. thank you all and enjoy the rest of the evening. bis central bankers ’ speeches
target. • the bank retains considerable flexibility in the conduct of monetary policy at low interest rates, consistent with the framework outlined in the april mpr. with that, paul and i would be pleased to take your questions.

the fight against inflation, despite the short - term pain that high interest rates can cause. first, i want to talk about the benefits of returning to the 2 % inflation target. specifically, i ’ ll emphasize how inflation dynamics tend to be self - stabilizing when inflation is near the target and how that helps the economy function better. i ’ ll also stress how low, stable inflation leads to better employment outcomes. second, i ’ d like to highlight the dangers of straying from the 2 % target. here i ’ ll talk about how the stabilizing forces i just mentioned can turn into de - stabilizers. the high and volatile inflation that can result is troublesome for many reasons, including the fact that it makes the price system less informative. this can undermine efficiency and weaken the competitive forces that help the economy achieve its full potential. finally, i want to place the current canadian situation in a global context. although most of our trading partners are also experiencing high inflation, their paths back to their own inflation targets may end up being different than ours. should this be a concern? we ’ ll dive into that question. the benefits of being near the 2 % target the bank is fully committed to returning inflation to the 2 % target. for three decades, this target has served canadians well. and since it represents a sweet spot on the inflation spectrum, it remains the centrepiece of the bank ’ s inflationtargeting framework. keeping inflation stable and predictable at that low level is the best contribution monetary policy can make to the economic and financial well - being of canadians. 1 to better understand the value of a 2 % inflation target, we first need to delve into some of the forces that influence firms ’ price - setting behaviour. these are illustrated in figure 1, which will serve as a roadmap for much of my talk today. inflation dynamics are driven largely by the cost pressures that firms face. these pressures can come from both domestic and international sources. domestic cost pressures tend to appear when the economy is in excess demand — that is, when firms face levels of demand beyond what they ’ re able to supply on a sustainable basis. as firms strain to meet that excess demand, they not only increase their prices but also bid up wages and the prices of other inputs as they compete with other firms for workers and materials. and since the goods produced by one firm are often inputs for other firms, this can lead to a second round of effects that further broaden and