samchain/econo-pairs-v2 huggingface dataset:
misalignments and financial imbalances, however. by all means, interest rate policy is probably too blunt to be a “ corrective ” tool for financial stability given that, to materially impact asset prices, a substantial increase in the interest rate is required. using the policy interest rate to actively steer asset prices would therefore have adverse consequences on the economy as a whole. instead, the post - crisis consensus emphasizes the use of monetary policy as a " preventive " tool for financial stability, that is, not to allow monetary policy to sow the seed of asset price bubbles. an important lesson from this crisis is that an over - extended period of low interest rates can distort risk perception, leading to excessive risk taking and costly financial imbalances. beyond the reorientation of monetary policy, the post - crisis consensus advocates the use of macroprudential policy as the first line of defense against the buildups of financial imbalances. in comparison to interest rate measures, macroprudential policy can address sector - specific financial stability concerns more directly without excessive side effects on the overall economy. macroprudential policy differs from traditional prudential regulation in that it adopts a systemwide or systemic perspective. the idea behind macroprudential policy is that while financial institutions may be individually safe, collectively they may be at risk due to herd behaviors and their interconnections. here, the u. s. subprime crisis serves as a case in point. regulators thought banks were safe because they had off - loaded their subprime credit risk exposures through securitization and unknowingly allowed the market to grow out of hand. from a system - wide perspective, the risk did not go anywhere as banks, in search for good yields during the low interest rate environment, invested in securitized assets issued by other banks. the situation was further exacerbated by the complex interconnections among u. s. financial institutions whereby the failure of one institution greatly increased the probability of failure of others. to maximize its effectiveness, macroprudential policy should cover all types of financial institutions that make up a financial system, not just banks, but also the likes of securities companies, insurance companies, and hedge funds, to name a few. this is because modern financial systems are complex and intertwined. in fact, one root cause of the global financial crisis can be traced to loose regulation of the so - called shadow banking system

the lending attitudes of private banks are becoming more cautious. hence, the developments in the behavior of financial institutions and corporate financing continue to require closer monitoring.
the government on 29 march 2001, the operational objective of monetary policy is low and stable inflation. pursuant to the regulation, norges bank ’ s mandate is as follows : “ monetary policy shall be aimed at stability in the norwegian krone ’ s national and international value, contributing to stable expectations concerning exchange rate developments. at the same time, monetary policy shall underpin fiscal policy by contributing to stable developments in output and employment. norges bank is responsible for the implementation of monetary policy. norges bank's implementation of monetary policy shall, in accordance with the first paragraph, be oriented towards low and stable inflation. the operational target of monetary policy shall be annual consumer price inflation of approximately 2. 5 per cent over time. [ … ] ” the first paragraph of the mandate sets forth its intentions. the last paragraph specifies what norges bank is required to do. the first sentence in the mandate refers to the value of the krone. stability in the internal value of the krone implies that inflation must be low and stable. low and stable inflation fosters economic growth and stability in financial and property markets. the regulation also states that monetary policy shall be aimed at stability in the norwegian krone ’ s external value, contributing to stable expectations concerning exchange rate developments. with open trade with other countries and free capital movements, we do not have the instruments to fine - tune the krone exchange rate. the krone has appreciated when economic activity has been high and there have been expectations of a wide interest rate differential. the krone has depreciated when activity has declined and the interest rate differential has narrowed. there is also a strong tendency for the krone to revert to a level that stabilises the price level in norway relative to our trading partners, measured in a common currency. 1 the conduct of monetary policy norges bank ’ s operational conduct of monetary policy shall be oriented towards low and stable inflation. norges bank operates a flexible inflation targeting regime, so that variability in output and employment and in inflation is given weight. inflation shall be 2½ per cent over time. monetary policy influences the economy with long and variable lags, and the bank must therefore be forward - looking in interest - rate setting. in the operational conduct of monetary policy in norway, the path of inflation and the real economy in the period ahead will be taken into account. we also give emphasis to predictability and transparency. normally, the interest rate is set with a view to achieving inflation of 2½

tested theories, just as future research will make today ’ s research frontier look antiquated. rounding off the day, the ceo of nbim, yngve slyngstad, will present the norwegian finance initiative. this is part of nbim ’ s efforts to build capacity to ensure our strategies have a well - founded theoretical basis. bis central bankers ’ speeches
important, in the public debate on social problems, which are both of the highest importance. and as they are so important, we must analyze them extremely carefully, and in particular must understand that the problem of poverty cannot be resolved in the medium and long terms without persisting on the need for continued economic growth.

inflation is a ‘ wicked problem ’ − speech by huw pill introductory remarks given at the warwick think tank, warwick university published on 16 february 2023 speech good evening everyone. it is a great pleasure to be here at the warwick think tank today. thanks to the organisers for the invitation to participate. i am sure that you have many questions about the outlook for the uk economy. we all do. i am looking forward to discussing those in a moment. but before we turn to that discussion, i thought i would kick - off with a few remarks about the framework within which monetary policy works. the first thing to say is that the objective of monetary policy in the uk is very clear. the bank of england ’ s monetary policy committee ( mpc ) has the objective of price stability. through achieving price stability, monetary policy creates an environment in which firms and households can make the longer - term plans and investment decisions that generate the innovation, dynamism and productivity that ultimately drive growth and prosperity. price stability has been operationalised in the form of an inflation target of 2 % for the consumer price index ( cpi ). this target holds at all times. the mpc therefore needs to achieve this target on a sustainable basis : it is not a target for one moment or horizon, but must be achieved on an ongoing basis over the medium term. while we have seen some easing in the past couple of months as the impact of past energy price rises starts to recede, uk cpi inflation is still in double digits. that is unacceptably high. in line with its mandate, the mpc has taken action to bring inflation back to the 2 % target on a sustainable basis. over the past 18 months since i joined the mpc : we have raised bank rate by almost 400 basis points ; we have halted asset purchases and started to run down the portfolio of assets held as a result of quantitative easing ( qe ) ; and we have changed the character of our communication about the economic outlook and its implications for policy. taken all together, this represents a significant tightening of the monetary policy stance, commensurate to the significant challenges to price stability we have been and are facing. these challenges come from recent rises in european wholesale energy prices ; from disruptions to global supply chains ; from the strength of corporate pricing power ; and from tightness in the uk labour market. all of these challenges continue to threaten or linger. the mpc has done a lot to address these challenges.
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. and lipson m. ( 1999 ), ‘ execution costs of institutional equity orders ’, journal of financial intermediation 8 : 123 - 140. see mitchell m., pulvino t. and stafford, e. ( 2004 ), ‘ price pressure around mergers ’, journal of finance 59 ( 1 ) : 31 - 63 ; estimates vary considerably. for example edelen et al. ( 2001 ) find a 0. 86 per cent price reduction on a single day on average ( edelen, r. m. and warner j. b. ( 2001 ) ‘ aggregate price effects of institutional trading : a study of mutual fund flow and market returns ’, journal of financial economics 59 : 195 : 220 ). coval et al. find a 2 per cent price reduction on a monthly basis ( coval, j. and stafford, e. ( 2007 ), ‘ asset fire sales ( and purchases ) in equity markets ’, journal of financial economics 86 : 479 - 512 ). shleifer a. and vishny, r. ( 2011 ), ‘ fire sales in finance and macroeconomics ’, journal of economic perspectives 25 ( 1 ) : 29 - 48. imf ( 2009 ), ‘ crisis and recovery ’, world economic outlook, april ; mishkin, f. s. ( 2011 ), ‘ over the cliff : from the subprime to the global financial crisis ’, journal of economic perspectives 25 ( 1 ) : 49 - 70. second, a size problem also exists in the case of non - bank financial institutions, albeit of a different nature than in that of banks. asset managers, insurers and pension funds provide agency services and hence they bear little credit, market or liquidity risks on their balance sheets compared with banks ; the risks are borne by their clients. for example, blackrock, the largest asset management company in the world, has around $ 6. 3 trillion of assets under management, but only $ 220 billion ( 3. 5 per cent ) of its own. clearly there is no ‘ too - big - to - fail ’ problem as in the banking industry. the problem of size here concerns the externalities produced by the asset managers ’ portfolio allocation. 5 the failure of a ‘ too - big - to - fail ’ asset manager may create systemic financial instability through its effects on markets. in the extreme event of a failure of a large asset manager, the massive sale of assets in its portfolio
tongurai limpiti : innovation and growth – finding the right balance speech by ms tongurai limpiti, deputy governor of the bank of thailand, at the 3rd thailand financial services summit 2014 “ driving growth through innovation ”, organized by idc financial insights, bangkok, 9 october 2014. * * * good morning. it is a pleasure to be with you today and i would like to thank the idc financial insights for inviting me to deliver a keynote address today. the topic i cover today is “ innovation and growth : finding the right balance ”, which is currently an interesting issue that we have to carefully watch. what do we see when we think about innovation and growth? we see that the financial sector nowadays is highly competitive due to the number of players and the approach of regional economic integration. we see that digital economy is becoming a reality ; thus, it investment is one of the keys to success as it enables financial institutions to broaden business market and strengthen their internal operation. as a central banker, we encourage all financial institutions to improve their operational efficiency and capacity through innovation and it investments in order to be strong domestically and to be able to compete internationally. increasing operational efficiency has been a focus of thailand ’ s financial sector blueprint i and ii and it infrastructure development will play a crucial role in the next phase of financial blueprint. regulators will have to be prepared for such a change in order to ensure sustainability and economic growth. 1. balance between innovation & growth and security talking about balancing between innovation & growth and security, in the world of digitization, it is a challenge to find the right balance between innovation & growth and security which lie in our responsibilities. first of all, we have to understand the creation of the matters as well as their main drivers. innovation and growth result from consumer ’ s and business ’ s demands for variety, speed and lower cost that come with competitions to develop such technology facilitating financial transactions and creating sophisticated banking products. seeing that, their main drivers are users ’ demand for financial facilities and technology together with a need for proper uses of banking products and services, leading to security concerns, which have occurred in parallel with the innovation and growth. security of it system uses are prioritized as one of the most considerable issues, due to its importance and interconnectedness, to accomplish our own goal of financial system stability that is at the heart of effective supervision. so, it is our responsibility to prevent such fragility before it is too late. 2. regulatory

situations, especially liquidity provision and the supportive legal framework. these four pillars, in my view, are the key minimums for implementing an effective financial - stability orientation policy. thank you.
on a regional level would in turn create momentum to revive the stalled multilateral agreements. looking within the euro area, the main focus has recently been on the german current account surplus. there are various negative claims made about this, for instance that german competitiveness hinders intra - euro area adjustment and the return of stressed countries to growth. i think we need a more nuanced view. first, at a macroeconomic level germany is already contributing to euro area rebalancing. its surplus with the euro area has more than halved since 2007 – falling from 4 % of gdp to 2 % of gdp – and with stressed countries it has virtually disappeared – falling from 2 % of gdp in 2007 to 0. 5 % of gdp. this is being driven in a large part by higher domestic demand which is structural, not cyclical in nature. second, at a microeconomic level germany ’ s export performance supports both upstream producers and downstream producers in the rest of europe. germany is at the centre of the european value chain and is a gateway to global value chains. so it is simplistic to assume that germany becoming less competitive would automatically help others – it may indeed harm them. the solution to rebalancing is for other countries to become more competitive, not for germany to become less so. we need to maximise competitive pressures within europe to achieve higher efficiency, innovation and productivity growth. and thanks to the structural reforms that are taking place, this is actually what we are seeing. for example, since 2011 portugal ’ s export market share has increased by 11 percentage points and spain ’ s by 8 percentage points. at the same time, i see a vital need for new investment in germany. investment is still around 1 percentage point of gdp lower than it was in 2007, and in that year germany already had the lowest investment ratio in the euro area. to raise investment we need structural reforms in germany as well – for instance to liberalise the services sector – thus creating a virtuous circle of higher potential growth and better investment opportunities. and by definition, if more german savings were invested at home, the current account surplus would also fall. to conclude, i do not see the current decade in the euro area as “ lost ” – i think it is being used well. the decade of adjustment we are facing now is to correct the mistakes of the previous decade. but in the process, i trust we are fixing our problems at the root. looking forward to 2014, the key

challenge is to stay on this path to create the fastest possible rebound in growth and job creation. this entails building a genuine banking union with a strong single resolution mechanism ; it entails finding new ways to support structural reform implementation, for instance through so - called reform contracts ; and it entails deepening our political union to ensure full legitimacy in the eyes of citizens. all this requires effort and determination to achieve – but it is well within our reach. bis central bankers ’ speeches
##ly contribute towards strengthening economic linkages and thus enhance international economic connectivity. themed “ marketplace for global linkages ”, with the presence of more than 1000 participants from various industries across the globe, this year ’ s global islamic finance forum brings unique opportunities for industry players to realise cross - border business opportunities for growth. it is our hope that this international platform would also provide the opportunity for intellectual engagement that would generate new thinking and knowledge as the industry ventures to new frontiers. on that note, i declare giff 2014 open and i wish you a productive and successful forum. thank you. bis central bankers ’ speeches

financial technologies, such as big data, artificial intelligence and blockchain, are expected to play an increasingly important role in supporting green finance. i am happy to see many fintech firms attending this virtual event. the pboc will continue to work with all partners in mobilizing more private funds to support low carbon and sustainable development. thank you. 2 / 2 bis central bankers'speeches
european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, at the press conference following the meeting of the ecb governing council, madrid, 8 june 2006. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to the press conference here in madrid. i would particularly like to thank governor caruana for his kind hospitality and express our special gratitude to the staff of the banco de espana for their excellent organisation. let me now report on the outcome of today ’ s meeting, which was also attended by the president of the eurogroup, prime minister juncker, and commissioner almunia. at today ’ s meeting, we decided to increase the key ecb interest rates by 25 basis points. this decision reflects the upside risks to price stability over the medium term that have been identified through both our economic and monetary analyses. the further withdrawal of monetary accommodation will thus contribute to ensuring that longer - term inflation expectations in the euro area remain solidly anchored at levels consistent with price stability. as stressed on previous occasions, such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting economic growth and job creation in the euro area. overall, also after today ’ s increase, the key ecb interest rates are still low by historical standards, liquidity is ample and our monetary policy remains accommodative. given the outlook for price developments and the dynamism of money and credit growth in the euro area, we will continue to monitor closely all developments to ensure price stability over the medium and longer term. allow me to explain our assessment in greater detail, starting with the economic analysis. all the main indicators of economic activity that have recently become available are positive. according to eurostat ’ s first estimate, on a quarter - on - quarter basis, real gdp grew by 0. 6 % in the euro area in the first quarter of 2006, compared with 0. 3 % in the previous quarter, with domestic demand making a significant contribution. the expected re - acceleration of real gdp growth in the first months of 2006 has thus materialised, confirming our view that economic growth is broadening and becoming more sustained. this assessment is further supported by information on activity in the second quarter – such as various confidence surveys and indicator - based estimates – which continues to be encouraging. looking further ahead, the conditions are in place for growth in the euro area to remain close

report on the economic governance framework. thank you for your attention. bis central bankers ’ speeches
, particularly investment activity. the challenge for fiscal policy is to bring down the fiscal deficit, particularly on the revenue account. this needs to be done while ensuring both resource allocation and effective implementation of programmes dealing with critical supply constraints in food and elsewhere. significantly, both sets of challenges have to be met amidst an uncertain global environment, both generally and with respect to oil prices. i shall end with reference to the topic of today ’ s address. the issue is not so much one of higher inflation for faster growth in the present. it is about the risks that higher inflation now poses for faster growth in the future. in other words, sustainability of growth over the long term does require controlling inflation. i thank the national executive committee of ficci for inviting me to speak on this occasion and wish them success both for a successful event and a successful year ahead. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

to struggle with shortage of supply of agricultural commodities vis - a - vis the growing demand for several years. the pressure would be reflected, among others, in rising prices. apart from raising agricultural productivity, improvement in management of supply chain would be critical for sustenance of overall economic growth and for prevention of runaway rise in prices. diversification into non - traditional areas like biofuels, polymers, pharmaceutical / health products and feed for poultry and diary to meet growing demand for protein food has major implications for supply chain. increase in complexity and decentralisation of agribusiness organizations would guide the future changes in supply chains. it would also entail the need for development of new concepts and techniques. i hope you all would deliberate on these issues and suggest the way ahead. report of the “ working group on agricultural marketing infrastructure, secondary agriculture and policy required for internal and external trade for the xii five year plan 2012 – 17 ” http : / / planningcommission. nic. in / aboutus / committee / wrkgrp12 / agri / weg _ rep _ market. pdf bis central bankers ’ speeches i thank tefla ’ s and globoil once again for giving me this opportunity to share some of my thoughts with such distinguished participants. bis central bankers ’ speeches