samchain/econo-pairs-v2 huggingface dataset:
seven trading partners. source : refinitiv datastream a prevailing view over the past decades has been that fiscal policy should follow simple, robust rules and should to a limited extent be used actively to stabilise the economy. globally, there are now signs that this view is changing. the pandemic may mark a turning point. in the period ahead, we are likely to see a more active fiscal policy among many of norway ’ s trading partners. there are several reasons for this. for one thing, there is a recognition that the room for manoeuvre in monetary policy is limited. after the financial crisis, a number of central banks have assumed considerable responsibility for sustaining activity and smoothing economic fluctuations. at the beginning of last year, policy rates were therefore already at very low levels ( chart 7 ). at the same time, low policy rates reflect long - term trends, such as an ageing population, a high willingness to save, greater inequality and declining productivity growth. the result is that the level of what we refer to as the neutral interest rate is lower than before, even when economic conditions are in balance. the room for policy rate reductions in downturns is therefore smaller. the change in the view of fiscal policy ’ s role also reflects the growing focus on structural challenges : economic inequality, a shift towards a greener economy and the need for investment in digital infrastructure. in the new us administration, we find this policy expressed by the motto “ build back better ”. in the euro area, the policy has been labelled the “ european green deal ”. norges bank chart 8 debt grows in response to each crisis advanced economy public debt as a share of gdp. 1 ) percent pandemic financial crisis and euro crisis international currency crisis dotcom bubble economic perspectives 18 february 2021 1 ) projections for 2020 and 2021. source : imf if government spending increases, there is one concern that arises. an amount borrowed today becomes a debt that must be repaid tomorrow. experience from the past 40 years shows that while public debt grows during crises, it does not shrink when economic conditions normalise ( chart 8 ). during the financial crisis, governments in many advanced economies borrowed on a large scale. much of this debt was still outstanding at the beginning of 2020. during the pandemic, borrowing needs have again been substantial. public debt has ballooned to new heights. persistently low interest rates mean that government borrowing appears to be on favourable terms. but at some point further ahead

to normal and rising. moreover, the executive board has also highlighted several sources of uncertainty such as the considerable trade and balance - of payments imbalances in the world economy.
bwalya k e ng ’ andu : workshop on zambian banknotes opening remarks by dr bwalya k e ng ’ andu, deputy governor ( operations ) of the bank of zambia, at the g & d workshop on zambian banknotes, lusaka, 22 november 2011. * * * mr. werner reisch and all resource persons from giesecke and devrient gmbh acting director – banking, currency and payment systems ladies and gentlemen i wish to welcome you all to this workshop on zambian banknotes and in particular allow me to welcome mr. werner reisch and his team from germany. as bank of zambia, we appreciate your efforts to organise this workshop and would like to assure you that by the end of the workshop all participants will have been enriched with new information on cash management. i am reliably informed that this workshop will be divided into two sessions, with this session targeting employees from bank of zambia and the next session that will take place tomorrow targeting commercial bank employees. ladies and gentlemen, as you may be aware g & d is a reputable printing company based in germany which has been in existence since 1852. the bank has a long standing business relationship with g & d going as far back as 1996 when the company first installed the iss 300 money counting machines in our currency office and subsequently the bds 400 banknote destruction system in 2000. the bank ’ s relationship with g & d developed further as the company was awarded a contract to print the k10, 000 denomination in the 2007 – 2009 currency supply contract. currently, g & d are the printers of all banknotes under the 2010 – 2012 currency supply contracts. further, g & d are the suppliers of the bank ’ s current banknote processing equipment, the bps 1000 machines integrated destruction system and the off - line bds 400 destruction system. distinguished participants, the bank of zambia, under the bank of zambia act ( 1996 ), is empowered to “ issue notes and coins to be legal tender in the republic and regulate all matters relating to the currency of the republic ”. in line with this function, the bank pursues a clean note policy which entails effective and efficient management of banknotes. we therefore, welcome this initiative by g & d to conduct this workshop, which is aimed at empowering the cash handlers from both the bank of zambia and the commercial banks with knowledge needed for effective and efficient cash management. i have noted that the programme covers topical issues such as bank

learnt from each other ways and means of improving our approach to strengthening the risk management framework for aml / cft risks associated with correspondent banking relationships. on behalf of the bank of mauritius, and in my own name, i wish every success to this event. thank you. 1 the financial stability board. “ fsb correspondent banking data report – update nov 2018. ” 3 / 4 bis central bankers'speeches 2 the world bank. 2018. “ the decline in access to correspondent banking services in emerging markets : trends, impacts, and solutions. ” 4 / 4 bis central bankers'speeches
group over coming months. please do get involved in shaping the future of sterling markets – starting from now. i am looking forward to hearing your thoughts this morning. all speeches are available online at www. bankofengland. co. uk / speeches

depositors. commercial banks settle between each other in bank of england money which helps to reinforce uniformity. nonetheless, the tokenisation of bank deposits raises some important questions. currently, money issued by a commercial bank can only be held by someone that has an account at that bank. it is not directly transferable from one holder to another unless both parties have an account at the same bank. in order to transfer money from the holder of an account at one bank to the holder of an account at another bank, there needs to be a transaction between the two banks which ultimately settles in bank of england money across our books. new ledger technology developed in the crypto world could allow tokenised bank deposits to circulate freely as ‘ tokenised deposit money ’, in what might be thought of as a digital banknote issued by a private bank ’. they would constitute claims on the issuing bank that could be held, for example in a wallet, without the holder having to have an account at the issuing bank. this raises some difficult issues about how deposit insurance would operate in the event of failure of the issuing bank. could a bank maintain a single customer view of those who held its liabilities? it also raises questions about the operation of anti - money laundering and other regulation to prevent illicit finance. an alternative to allowing tokenised deposits to circulate freely and be directly transferable would be to require transactions on new forms of ledger, for example transactions in smart contracts involving tokenised deposits, to be settled ultimately by the adjustment of bank ledgers as happens now. in other words a transfer of tokenised deposits on one set of ledgers would trigger the adjustment of individuals ’ bank account balances and be settled by a transaction between the banks involved. in that case, deposit money issued by a bank could only ever be held in an account at that bank. it is important that as we develop the regime for payment stablecoins, we also develop the approach for tokenised bank deposits. this will allow, banks and non - banks alike, that want to develop payment solutions using new technologies to understand clearly what is possible and what is required in the respective regulatory regimes. the pra intends to set out its approach in this area alongside the bank ’ s consultation on the payment stablecoin regime. it is of course possible that commercial banks might wish to offer payment stablecoins as opposed to tokenised bank deposits. in such cases, i think we will need to be very alive to the risks
, consequences and cures ”, federal reserve bank of minneapolis mimeo laeven, l. and valencia, f. ( 2010 ), “ resolution of banking crises : the good, the bad and the ugly ”, imf working paper 10 / 146 maddaloni, a. and peydro, j. ( 2011 ), “ bank risk - taking, supervision and low interest rates : evidence from euro area and us lending standards ”, review of financial studies, forthcoming martin, a. and ventura, j. ( 2011 ), “ a theoretical note on bubbles and the current crisis ”, imf economic review, 59 ( 1 ), pp 6 – 40 rogoff, k. and reinhart, c. ( 2009 ), this time it ’ s different : eight centuries of financial folly, princeton university press thaler, r. ( ed. ) ( 1993 ), advances in behavioural finance, princeton university press bis central bankers ’ speeches thaler, r. ( ed. ) ( 2005 ), advances in behavioural finance vol. ii, princeton university press trichet, j. - c. ( 2009 ), “ systemic risk ”, clare distinguished lecture in economics and public policy, clare college, cambridge university welch, i. ( 1992 ), “ sequential sales, learning and cascades ”, journal of finance 47, pp. 695 – 732 charts chart 1 the us and irish housing bubble chart 2 the scandinavian housing bubble bis central bankers ’ speeches chart 3 ecb repo rate chart 4 euro - system assets : credit to euro area financial institutions bis central bankers ’ speeches chart 5 us real gdp in the great depression and the great recession bis central bankers ’ speeches

santiago de chile. muchas gracias a todos. muito obrigado. thank you very much for your attention. bis central bankers ’ speeches
area. since mid - 2007, and in particular during the initial phase of the financial turmoil, large banks have overall tightened their credit standards for loans to enterprises somewhat more than smaller banks. the outlook for the economy in general and for individual firms contributed most to the tightening, in italy as well as in the euro area as a whole. the deteriorated access to capital market financing during the financial turmoil contributed significantly to the tightening of credit standards. it played a much more important role for large banks than for smaller banks, which rely less on capital market financing. the difficult liquidity conditions in the market also played a somewhat more important role for large banks, possibly because money market financing represents a greater share of their overall financing. all this may explain why the net tightening of credit standards was greater for large banks than it was for smaller banks. however, both large and smaller banks tightened their credit standards more on loans to large firms than on loans to smes. this was especially the case at the beginning of the financial turmoil, but the net tightening was still slightly stronger for large firms in the second quarter of 2009. this may be surprising, given that there is a general perception that access to finance has of late become more difficult in particular for smes. the pattern of a stronger net tightening for loans to large firms can also be observed in italy. this indicates that both large banks and large firms, which rely more on market - based financing, were initially more strongly affected by the financial turmoil than smaller banks and smes. since the second quarter of 2008, however, the differences in lending behaviour between large and smaller banks have diminished. this probably indicates that the economic downturn has played a major role in the general tightening of standards when evaluating the creditworthiness of firms. let me now turn to the question of how banks have tightened their credit standards. both large and smaller banks have done so predominantly by increasing loan margins. in italy, the net tightening of margins on average loans was similar to that for the euro area as a whole. at the euro area level, large banks increased margins on loans to enterprises somewhat more than smaller banks, which is in line with the overall stronger net tightening of credit standards. the increase in margins was particularly pronounced in 2008, but was lower in 2009, as illustrated by chart 3. besides the increase in margins, the non - interest terms and conditions of bank loans were also tightened considerably by banks. as examples, let me mention the increasing collateral requirements and loan covenants,

source : ecb.
very much for listening. bis central bankers ’ speeches

that the influx of refugees alone will solve our demographic problems. 5. a consistent framework for monetary union but it ’ s not just germany that is facing its own national challenges. every single euro - area country must continue to make every effort to strengthen their growth forces still further and thus make the euro area less vulnerable. at the european level, too, there is untapped potential. besides the capital markets union, the creation of a common digital market and the completion of the single market for services spring to mind. yet there is no doubt that the stiffest challenge lies in underpinning monetary union with a robust and consistent structural framework. the structural integrity of the euro area has been found wanting. a decision needs to be taken, because, in a vulnerable currency union mired in stagnation, the onus is repeatedly put on monetary policymakers to paper over the structural cracks with cheap money. in a monetary union it all boils down to preventing unsound developments in one member state from jeopardising the stability of the union as a whole. there are two ways that this objective can be achieved. the first is to ensure, via a framework based on national responsibility, that unsound developments in a member state are prevented from occurring in the first place and that any developments that do occur cannot destabilise the entire currency union. the second is for member states to transfer much of their responsibility for fiscal and economic policy to the supranational level, essentially creating a fiscal union. both ways are suited, in essence, for restoring the equilibrium between action and liability. a genuine fiscal union would mean that action and liability in the euro area would be united at the european level. a fiscal union would undoubtedly be the largest step in the european integration process since the launch of the euro. but it would be impossible to transfer sovereignty to the extent required without making substantial amendments to the eu treaty and national constitutions. so, the political obstacles on the path to a genuine fiscal union are very high. if this course of action fails to attract sufficient political support, the only other option to make the monetary union more stable in the long run would be to eliminate the weaknesses and contradictions of the maastricht framework and its core principle of national responsibility as it stands today. i have stressed this point repeatedly in the past, most recently in a joint article with my french counterpart francois villeroy de galhau. there are many ways to bring about such improvements,
##mediary between the ecb and the german public. amid all the criticism, there has never been any doubt about its support for the single currency. so who is responsible for the alienation between germans and the ecb? the ecb perhaps didn ’ t communicate enough with the public in the past. but that ’ s precisely 3 / 4 bis central bankers'speeches what we ’ re trying to change, for example by including civil society in the ecb ’ s strategy review. what has been your experience so far of discussions at the ecb – is it more harmonious or more argumentative than the council of economic experts? ( laughs ) i haven ’ t had much opportunity so far to get into arguments. but i can see that it ’ s certainly possible to bring dissenting views to the debate and that they will be listened to. that ’ s very important. at other central banks, it is usual to hold a vote on interest rate decisions and to publish the result. should the ecb do the same in future? that question will also be discussed as part of our monetary policy strategy review. one argument against public votes is that, while national central bank governors are not representatives of their country, they could come under increasing public pressure in the event of such votes. that would run counter to the european idea. climate change is another topic to be covered by the ecb ’ s strategy review. should the central bank conduct green monetary policy in future? climate change is one of the biggest challenges of our times. no - one can opt out of that challenge, including the central bank. as long as it doesn ’ t undermine the ecb ’ s price stability mandate, the central bank certainly has scope to address it, for example by having a more sustainable approach in its non - monetary policy portfolios. and do you want to limit your corporate bond purchases to instruments issued by green firms? that wouldn ’ t be possible, because the market is much too small. i expect that many more green bonds will come onto the market in future, because there is likely to be strong growth in the sector. and so even if the ecb continues to stick to market neutrality, the proportion of green bonds will increase. the coronavirus in wuhan is spreading fear across the world. what risks do you think it poses for the economy, especially here in europe? there is huge uncertainty, about both the risk of contagion and the mortality rate associated with the illness. it is often

tiber - eu framework 8 european commission, digital operational resilience framework for financial services : making the eu financial sector more secure, consultation document. 3 / 3 bis central bankers'speeches
michael gondwe : enhancing access to financial services in zambia speech by dr michael gondwe, governor of the bank of zambia, at the launch of the mpongwe branch of the national savings and credit bank zambia limited ( natsave ), mpongwe, 28 june 2013. * * * the copperbelt province minister, hon mwenya musenge, mp the mpongwe area member of parliament and deputy minister of foreign affairs, hon gabriel namulambe, mp ; the copperbelt province permanent secretary, mr stanford msichili ; the permanent secretary, ministry of agriculture, dr shamulenge ; the permanent secretary ministry of agriculture, mr siazongo siakalenge ; your royal highnesses the chiefs present ; the mpongwe district commissioner ; the natsave chairman of the board, dr chiselebwe ngandwe ; the natsave managing director, mr cephas chabu ; distinguished natsave customers ; management and staff of natsave ; colleagues from bank of zambia ; members of the press ; distinguished guests ; ladies and gentlemen. it is my honour and privilege to officiate at this very important launch of the national savings and credit bank ( natsave ), mpongwe branch. let me begin by thanking the board of directors and management of natsave for inviting me to this momentous occasion, which marks the official opening of the mpongwe branch which is the first ever bank branch in this economically vibrant district. i commend the board and management of natsave for the effort in opening this branch which will go a long way in supporting the bank of zambia ’ s strategic objective of increasing financial inclusion. distinguished ladies and gentlemen, the role of financial services in economic development cannot be over - emphasized. it is generally accepted that financial services play an important role in improving income - generating opportunities and overall living conditions among households. furthermore, better access to finance not only increases economic growth, but also helps to fight poverty and reduces income inequality between the rich and the poor in society. it is for this reason that the role that financial services play in an economy is sometimes compared to the significant role that blood plays in the human body. it should be stressed that no economy can function efficiently, if at all, without financial products and services. the opening of this branch by natsave is therefore expected to spur economic growth and contribute to the ease of access to financial services which has for long time been a

planning, honourable ng ’ andu p. magande mp, to officially open this forum. honourable minister!
in nigeria, directions in development, edited by giuseppe larossi, peter mousley, ismail radwan bis central bankers ’ speeches

, moderate upticks which peaked at 1. 9 percent quarter two of ended that recession. however, the argentinian economy shrank by 4. 0 per cent in quarter two of 2018, bringing the country to the brink of another recession. 39. the brazilian economy had been in recession since 2015 and only emerged from it the first quarter of 2017 with a growth rate of 1. 0 percent. since then the growth has slowed progressively until the last quarter of 2017 when growth remained flat. however, the economy is gradually rebounding and has recorded 0. 1 and 0. 2 percentage growth rates in the first and second quarters of 2018. 40. given rising yields in advanced markets, capital outflows from emerging markets have increased tremendously. this has led to substantial exchange market pressures in many emerging markets with fx reserves falling about 25. 2 percent in argentina, 9. 6 percent in turkey, and 2. 1 percent in south africa since the beginning of the year. also, significant currency depreciation was recorded in argentina ( by 101 percent ), turkey ( 43 percent ), brazil ( 19 percent ), russia ( 19 percent ) and india ( 16 percent ) ; even as the naira remained stable. ( -. 006 % ) currency against the us dollar argentina turkey brazil india indonesia russia nigeria - 125 % - 100 % - 75 % - 50 % - 25 % 0 % 41. as a matter of fact, a recent bloomberg data on financial market performances shows that nigeria bond market remains one of the most attractive investment destinations - in the bloomberg ’ s emerging - market local - currency government bonds index, which covers major emerging markets such as nigeria, south africa, argentina, china, and russia, in the 2nd quarter of 2018, nigerian local bonds topped the chart with an average total return of 3. 2 % in dollar returns ( the index covers nigerian government bonds with maturities from 2019 to 2037 ). the total return is a combination of the price changes in the bonds over the 2nd quarter of 2018, the interest returns and the changes in the currency. 42. nigeria's dominance over this period was due to the stability of the i & e fx rate and the yields being high by emerging - market standards. investors are also sure that they can exit their positions if they want, which has been crucial in driving other investors into the market. outlook and policy thrust for 2019 43. global growth projections both for 2018 and 2019 have been revised downward to 3. 7 percent