samchain/econo-pairs-v2 huggingface dataset:
months. recent public discussions have centered on parity movements. the real exchange rate is, without any doubt, a key variable in resource allocation and in the balance between saving and investment. unlike conjunctures of past decades, in particular those of the mid - 1980s, the chilean economy has dealt with the complex global financial situation from a much sounder standpoint. the sudden global collapse of late last year found us with no big currentaccount or fiscal deficit, nor with a high external debt requiring strong fiscal adjustments with substantial real depreciation that would place the economy in a sustainable medium - term path. on the contrary, the significant contraction of domestic demand, in particular for imported durable goods and inventories, spontaneously and quickly undid the incipient external deficit of the second half of 2008 and interest rates in chile dropped. the chilean economy has continued to show a very solvent net external position. figure 2 cpi and selected inflation measures ( annual change, percent ) - 2 cpi - 2 mar - 03 mar - 04 mar - 05 mar - 06 mar - 07 mar - 08 mar - 09 cpix cpix1 cpi minus foods and energy sources : national statistics bureau ( ine ) and central bank of chile. as we have pointed out on earlier occasions, persistent movements of the exchange rate may have inflationary consequences that must be taken into account when deciding on the monetary impulse. anyway, our floating regime admits intervening in exceptional cases, whenever an overreaction of the exchange rate is detected that is giving misleading signals to the financial markets. in addition, although there is no obvious misalignment of the current real exchange rate from its long - term fundamentals, the present inflationary scenario may accommodate a nominal depreciation that does not compromise our price stability objective. in fact, imported inflationary pressures influence medium - term inflation, so if the recent appreciation of the peso persists, inflationary prospects will certainly moderate, which, as i just stated, has implications on the conduct of monetary policy. from the public finance standpoint, it is hardly obvious that the aforesaid situation could have been avoided with a different mix of credit sources for the necessary fiscal impulse. this, because the level and the structure of interest rates are also important when trying to affect gaps and inflation in the medium term. summing up, the changes we have seen in the macroeconomic scenario since last may lead us to think that, if anything, inflationary pressures are less than were

workshop fruitful and informative. please feel free to bring to our attention the kind of facilitation that you may need to make this workshop successful. thank you very much.
transactions in t2s is expected by midmay 2011.

to conclude longer - term repo transactions on the one hand, and to purchase foreign currencies and swiss franc bonds on the other. by simultaneously intervening in the money, foreign exchange and capital markets when necessary, a strong and broad - based monetary policy impact can be generated, without leading to any major distortions in the markets concerned. allow me here to add a few remarks on our foreign currency and bond purchases. purchase of foreign currency the aim of our buying foreign currency is to prevent an appreciation of the swiss franc against the euro. this is the key component of our unconventional monetary policy. it is important to emphasise that we do not engage in foreign exchange interventions in order to bring about a depreciation of the swiss franc, but to prevent any further appreciation of the franc in its role as a safe haven currency. therefore, the reproach we occasionally hear that the snb ’ s policy is encouraging an international depreciation race is unjustified. a look at exchange rate movements shows a clear appreciation of the swiss franc during the course of the financial market crisis ( cf. chart 1 ). so there can be no question of the snb conducting a beggar - thy - neighbour policy. we give ourselves a great deal of latitude with regard to our foreign exchange interventions. there is no fixed threshold beyond which we become active ; we simply decide in accordance with the situation at hand. and markets should not become used to a certain level of intervention. we feel that this approach promises the highest possible impact, which in turn will allow us to phase out the strategy more easily when the time comes. furthermore, we do not comment on the volume of our foreign currency purchases. the purchases of foreign currency have fulfilled their purpose – and with these i am referring to our first unilateral interventions in the foreign exchange market since 1992. the appreciation of the swiss franc against the euro, which is particularly dangerous for the swiss real economy in this crisis, has been halted, and the volatility of the eur / chf exchange rate has eased considerably ( cf. chart 2 ). if necessary, we will continue to intervene in the foreign exchange market to prevent an appreciation of the swiss franc against the euro. the snb occupies a strong position in this regard. with interest rates at the zero bound and our policy of quantitative easing, we have an advantage over market participants who are expecting an appreciation of the swiss franc. for our interventions
amando m tetangco : the transformation of the philippine retail payment system speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the national retail payment system ( nrps ) event - signing of psmb charter and ach agreements, manila, 31 march 2017. * * * we are pleased that you have joined us this morning to witness two ground - breaking events that will transform the philippine retail payment system to become truly inclusive and eventually serve all payments transactions across the country. the first is the signing of the charter of the “ payment system management body ” or psmb under the national retail payment system framework. the psmb is a critical and unique entity that will serve as a strong foundation of a modern, digital retail payment system in the philippines. it is industry - led, bringing together and organizing all direct clearing participants in all important retail payment systems, into a self - governing body that will assist the bsp in overseeing the national payments system. as a fine example of public - private partnership, the bsp and the payments industry will work together to promote the sound development of the payment system based on the principles of cooperation, good governance, healthy competition and consumer protection. the second is the signing of the expression of interest to establish and activate within this year two specific automated clearing houses ( achs ) that are being prioritized because of their huge potential to immediately provide digital payment solutions to current payment challenges being encountered by government, by businesses, and by ordinary consumers. the first ach will be called “ peso net ” which is a batch electronic fund transfer credit payment scheme. this can be the electronic alternative to the paper - based check system but it will also be more inclusive in terms of participants and users. the peso net supports bulk payment transactions of various users. for instance, it will enable companies, including the government, to conveniently pay salaries and invoices to the bank account of choice of their employees and suppliers. employees and suppliers will therefore no longer be compelled to open and manage several accounts just so they can receive and make payments affordably. the second ach will be called “ instapay ”, a real - time low - value push payment scheme for transaction amounts up to p50, 000. this is a new retail payment system designed to facilitate small value payments that will be especially useful for paying for toll fees and tickets,

real, authentic and has produced real results. working together, i am sure that the ppmi and the bsp can, and will continue to foster economic growth though the promotion of electronic payments. we shall continue to work together in establishing a safe, efficient, and reliable retail payment system to make our country more competitive in this digital age. congratulations everyone on the launching of instapay. maraming salamat! mabuhay tayong lahat! 2 / 2 bis central bankers'speeches
ardian fullani : overview of albania ’ s latest economic and financial developments speech by mr ardian fullani, governor of the bank of albania, on the monetary policy decision - making of the bank of albania ’ s supervisory council, tirana, 30 april 2013. * * * today, on 30 april 2013, the supervisory council of the bank of albania reviewed and approved the quarterly monetary policy report. based on the most recent monetary and economic developments in albania, and following the discussions on their outlook, the supervisory council of the bank of albania decided to keep the key interest rate unchanged, at 3. 75 %. the supervisory council deems that the current monetary conditions are adequate to meet bank of albania's inflation target in the medium term. the present interest rates and liquidity situation in the economy provide simultaneously the necessary monetary stimulus to boost domestic demand. let me now proceed with an overview of the economic developments and key issues discussed at today ’ s meeting. * * * according to instat data, economic activity in albania increased 1. 6 % in 2012. the albanian economy showed signs of weakness during the past year, reflecting an overall uncertainty in the internal and external environment. nonetheless, against the backdrop of unfavourable developments, the main indicators of domestic and external balances remained within healthy parameters. during this period, inflation ranged within the bank of albania target band and indicators of banking system soundness improved. maintaining these balances provides the right macroeconomic premises for sustainable and long - term growth. referring back to the performance of inflation, instat data reveal that consumer prices rose on average 2. 5 % in the first quarter of 2013. inflation continues to be determined by food prices ; their contribution accounts for about 90 % of headline inflation. moreover, food inflation was offset by the lower inflation of non - food consumer goods. inflation of this category reflected the downward oil price, following its decline in international markets. also, the price fall of long - term consumer goods provided downward effects, whereas prices of other consumer goods did not change significantly. from the macroeconomic perspective, inflation continues to reflect the weak pressures from the aggregate demand - side and the absence of supply - side shocks. below - potential growth of aggregate demand leads to underutilisation of production capacities and generates weak pressures on increasing wages, producer prices and profit margins. under these circumstances, internal pressures on consumer prices appear weak, as reflected by the low core inflation. on the other hand, imported inflation was subdued due to

by the bank of albania. lastly, the supervisory council reiterates the need to continue and deepen structural reforms, which boost productivity and enhance the competitiveness of the albanian economy. these reforms pave the way for expanding the economic potential and should be seen as the main instrument supporting sustainable and long - term growth for albania. bis central bankers ’ speeches
risks in the economy to be spread out, shared, and more efficiently managed. and the third lesson is the need to have in place an effective mechanism of economic and financial surveillance to identify potential risks, especially those relating to financial sector and capital flows issues, which are the two most important risks for emerging markets. all three lessons are now well known. and we have seen conscious efforts by national governments and ifi ’ s such as the imf to take heed of these lessons. in asia, at the national level, we see a region - wide move toward a more flexible exchange rate regime, with a disciplined framework in the conduct of monetary and fiscal policies. as for the financial sector, after the initial restructuring and consolidation, the framework of policy has moved towards risk - based supervision, to an adherence to international standards, and to the undertakings of formal financial sector assessments either under fsap or within the country ’ s own financial stability evaluation framework. at the international level, the imf has also come up with many new and important initiatives. as for the financial sector, its financial surveillance process has been deepened with the introduction of fsap and the surveillance of international capital markets under the financial stability forum, and the publication of the global financial stability report. more importantly, the recent initiatives on the new direction of financial sector surveillance is another important step in understanding the linkages between macroeconomic stability and financial vulnerabilities. the new direction aims to integrate financial sector analysis and issues with the article iv process, and then to link the bilateral surveillance with multilateral surveillance. in our view, this is an ambitious undertaking, but is a move in the right direction. the challenge, as we see it, will come from the implementation process, especially on the issue of what should be the adequate scope in terms of issues to be covered, choice of countries, and the analytical approach to be used. these are important questions that will need to be worked out, taking into account resources at the fund. our view is that the initial move on the new direction should not be overly ambitious. it is better for the process to move forward gradually, focusing first on the most systemically important economies. but as far as emerging markets economies are concerned, if surveillance is to be effective in preempting crisis, then i think one question that can be asked is whether the improvements that we are now seeing, as well as the new direction to be taken, are adequate or credible as a mechanism of

would like to thank the independent evaluation office for the invitation. thank you.
the annual average growth rate has remained somewhat above most estimates - at least until recently - of the longer term trend rate of some 2¼ % - 2½ %. the number of people in employment has recently reached an all - time high in the uk as a whole ; and it is very close to its all - time high also here in scotland. and the number of people claiming unemployment benefit is at a 27 - year low both in the uk as a whole and, again, up here north of the border. meanwhile retail price inflation - on the government's target measure - has averaged 2. 5 % over the past 10 years. that is exactly in line with the present inflation target which recognises that consistently low inflation is a necessary - though not in itself a sufficient - condition for sustainable growth. and that of course is the universal central banker's mantra! that's the good news. the bad news, of course, is that over the past two years the imbalance within our overall economy which i referred to when i last spoke to you - between the internationally - exposed sectors including much of manufacturing industry, and more recently some parts of the financial services industry, which have been under intense pressure, and the more domestically - oriented sectors, where i don't say things have been easy but where the pressures have been less severe that imbalance has persisted, and indeed it has got worse. the grim fact is that there is nothing that we in the uk can do directly to address the global economic weakness which has been at the heart of our problem. in order to keep overall demand in the economy moving forward in the face of the slowdown overseas, which has depressed both financial sentiment and business investment in this country, as well as net external demand, we had no choice but to seek to buoy up the other elements of domestic demand. without that we, too, would have seen negative growth in this country. in terms of monetary policy that in effect meant cutting interest rates - to 4 % - their lowest level for 40 years - in order to sustain the growth of consumer spending. and we were subsequently helped by the chancellor's decision to increase public spending. that's something which, as a central banker, i'm supposed to frown upon - and it clearly is important for the stability and efficiency of the economy that it is kept within bounds over the medium and longer term in line with the chancellor's golden rule. but i must confess to you that it is

makers and greek citizens. before giving the floor to the distinguished speakers, please allow me to thank the researchers who have worked for this study, eliamep and its president, professor loukas tsoukalis, and last but certainly not least, professor jean pisany ferry, who is the keynote speaker today. 1 see, among other, blanchard and giavazzi 2003, boeri 2005, fiori et al. 2007. 2 / 2 bis central bankers'speeches
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) collateral. in that way, banks transform illiquid and lower - quality assets into high - quality liquid assets in a process known as collateral transformation. the opportunity cost of this trade is currently 50 basis points : the spread between the main refinancing rate and the deposit facility rate. banks thus have a solid financial incentive to self - insure against liquidity risk in the market. lowering the spread to 15 basis points has the potential to reduce the opportunity cost and provide incentives to shift from market to central bank funding. the good thing is : we have enough time to observe how market activity evolves over the coming years. in particular, we have to evaluate the trade - off between the potential reduction of volatility and less market activity with possibly higher collateral transformation. 5 closing remarks ladies and gentlemen, let me conclude. while our balance sheet will gradually shrink, excess liquidity will remain significant over the coming years. accordingly, while some volatility cannot be ruled out, short - term money market interest rates are expected to continue evolving in the vicinity of the deposit facility rate. over the next two years, we will closely monitor three key aspects until our next sched ‐ uled review : first, we will assess the development of money market activity, including in the medium - term segment. second, we will analyse possible fluctuations of short - term interest rates and their influence on the transmission of monetary policy. and third, we will scrutinise the degree of collateral transformation. let me be crystal clear : an adjustment of our operational framework was necessary to reflect structural market changes. is that framework now set in stone? i don ’ t know yet. but in the past, we have shown our capability and flexibility to adapt to changing market conditions. let ’ s be open to this, now and in the future. 1. see fratianni, m. and j. von hagen ( 2001 ), the konstanz seminar on monetary theory and policy at 30, european journal of political economy, vol. 17, pp. 641664, for a full account of the history of the konstanz seminar. 2. borio c. and p. disyatat ( 2010 ), unconventional monetary policies : an appraisal, manchester school, university of manchester, vol. 78 ( s1 ), pp. 53 - 89, september. 3. bindseil, u. ( 2004 ), monetary policy implementation : theory, past,
a number of channels. when interest rates rise, it becomes more costly to take up loans and more profitable to save and to postpone consumption and investment. a rise in interest rates will also reduce demand, because the value of houses, leisure homes, cars and shares decreases. household wealth declines. a rise in interest rates may also strengthen the krone. a stronger exchange rate will curb the rise in prices for imports, which directly and indirectly account for 40 per cent of goods and services in the consumer price index. a stronger krone weakens earnings and reduces activity in enterprises in the internationally exposed sector. this has an impact on enterprises ’ capacity to pay, wage growth and price inflation. we do not expect a change in interest rates to have an immediate effect on inflation. our analyses indicate that a substantial share of the effects of an interest rate change occurs within two years. hence, the key rate is set with a view to achieving an inflation rate of 2½ per cent two years ahead. the social partners will take account of the inflation outlook in their wage negotiations. if there are prospects of higher inflation, the nominal wage increases will be higher. at the same time, higher wage growth means higher inflation. developments in the labour market and wage formation are therefore important for interest rate setting in norges bank. it is also important to be aware that developments in labour costs may influence inflation, growth and employment differently in a system with a floating exchange rate that in a system with a fixed exchange rate. in our open economy, with a floating exchange rate, it can be assumed that an increase in wage growth of one percentage point without any monetary policy response will gradually translate into a corresponding increase in price inflation unless wage increases are anchored in higher productivity. when norges bank concludes that the key rate should be changed, the change will in most cases be made gradually. this is because there is normally uncertainty about the situation in the economy, potential disturbances to the economy and how fast an interest rate change will affect price inflation. but we will not always take a gradualist approach. a rapid and pronounced change in the interest rate is appropriate if, for example, heightening turbulence in financial markets or a cost - push shock resulting from negotiations indicates that confidence in monetary policy is in jeopardy. norges bank analyses the inflation outlook in separate inflation reports, which are published three times a year. further assessments are presented every sixth week in connection with the executive board's monetary policy meetings. higher interest rates curb demand for

which may pose potential risks for each of our banking sectors. i hope you will enjoy your stay at islamabad and continue deliberations in the forthcoming sessions of the seminar. thanks. bis central bankers ’ speeches