samchain/econo-pairs-v2 huggingface dataset:
zeti akhtar aziz : brief overview of the malaysian bond market speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launch of the rm760 million wawasan bond by the international bank for reconstruction and development, kuala lumpur, 27 april 2005. * * * assalamualaikum warahmatullahi wabarakatuh and good evening mr hiro tsubota, principal financial officer ibrd mr michael bennett, senior legal counsel, ibrd dato'nazir razak, chief executive, cimb mr jeremy oliver, managing director, abn amro bank malaysia berhad representatives from the ministry of finance, bank negara malaysia and the securities commission ladies and gentlemen it gives me great pleasure to accept the invitation to witness the launch of the 760 million ringgitdenominated wawasan bonds by the international bank for reconstruction and development ( ibrd ). the decision to launch this bond in malaysia is reflective of the confidence in the malaysian capital market. this represents another milestone in the development of malaysia's domestic bond market. malaysia's regulatory institutions are committed to the development of the country's bond market to the advantage of borrowers and investors. our financial system continues to be transformed and redefined to become increasingly more diversified, more robust and more competitive. the significant progress achieved in the development of our bond market has been an important part of this process. with the foundations for strong performance in our financial system now being achieved, steps have been initated to implement phased deregulation and liberalisation of the financial and capital markets. this is not only to enhance competitiveness in the malaysian financial markets but also to strengthen its international integration, thereby facilitating our economic inter - linkages with the global economy. as part of this process, bank negara malaysia on april 11, 2004, liberalised the foreign exchange administration rules to permit multilateral financial institutions and multinational corporations to raise ringgit - denominated bonds in the malaysian capital market. the recent liberalisation of the foreign exchange administration rules on 23 march 2005, has also eliminated remnants of the restrictions on investors and greatly enhanced access to the malaysian domestic market. the malaysian foreign exchange environment is now by far, much more liberal than that existing prior to september 1998. to make the malaysian capital market more competitive, the government of malaysia has also exempted non - residents from paying withholding tax on investments in such ringgit bonds issued in malaysia. infrastructure

non - resident issuers into the ringgit capital market, thereby contributing towards broadening and deepening the market. such issues will have far reaching advantages for the domestic bond market. let me once again, congratulate the world bank and the joint lead managers cimb and abn amro, for a successful issuance of the ibrd bond debut in malaysia. thank you.
things remain to be explored. we can never regain the two decades that have elapsed. but we can make full use of the insights obtained during the period in fulfilling our mission of bringing the economy back on track toward sustained growth and in contributing to building up effective safety nets to underpin financial stability in japan as well as in other countries. only when these tasks are done can we probably say, perhaps with a little bit of relief, that the spell the lost decades cast on us is at last broken, and that not everything was lost after all. thank you very much for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

us to ] fail to do the job and get the interest rate turn fairly soon. but the way to get the interest rate turned is not by hastening it prematurely. 8 that is our position and, as the governing council underlined today, the momentum of the euro area ’ s economic recovery continues to be supported by our monetary policy. this fosters the return of inflation towards 2 %. altavilla c., g. carboni, r. motto ( 2015 ), “ asset purchase programmes and financial markets : lessons from the euro area ”, ecb working paper no. 1864. for information on the methodology behind this analysis see praet, p. ( 2016 ), “ the ecb ’ s monetary policy response to disinflationary pressures ”, speech at the ecb and its watchers xvii conference organised by the center for financial studies, frankfurt, 7 april 2016. see the transcript of the federal open market committee meeting of march 18, 1980. bis central bankers ’ speeches we are on the right track, but we take nothing for granted either. the governing council will closely monitor the evolution of the outlook for price stability and, if warranted to achieve our objective, we will act – as we have always done – by using all the instruments available within our mandate. bis central bankers ’ speeches
. in 2001, taken on its own, the figure was as much as 1½ percentage points. in my view, both temporary and long - term factors have contributed to germany's relatively poor performance in the euro area. as far as the temporary factors are concerned, it should be remembered that, already in the run - up to stage three of european monetary union, interest rates had fallen sharply in a number of eu countries with previously fairly high short and long - term rates of interest. for example, interest rates for long - term government bonds in italy and spain, even in 1995, were 5 to 6 percentage points higher than the rates for german federal bonds. as the home of the former anchor currency in the erm, germany did not benefit directly from this process of interest rate convergence. another cause of relatively weak growth in germany is the crisis in the construction industry, especially in eastern germany. in this sector, the capacity built up immediately after reunification exceeded the longer - term ability of the real estate market to absorb it. reduced construction activity depressed german economic growth. without the decline in investment in construction since the mid - 1990s, the shortfall in german growth compared with the euro area as a whole would therefore not have been as great. by contrast, construction activity in other european countries has remained an important mainstay of economic growth. consideration also has to be given to the fact that living standards in the monetary union are still very disparate. since the poorer countries are supposed to catch up with the emu average, they have to go on growing more strongly than those countries which have already achieved a high level of income. one very important – if not the most important and continuing – reason for the inadequate pace of economic growth in germany is the heavy burden of taxes and social security contributions. added to this are strict regulations in some parts of the economy. above all, there is too little labour market flexibility in germany. in periods of a cyclical downswing, the rise in unemployment in germany was far sharper than the fall during periods when there was an upturn. for instance, the number of people out of work in western germany rose from its cyclical low point between 1991 and 1997 by some 1. 3 million to around 2. 5 million. by 2001, the number of unemployed had been reduced by no more than just over half a million. in germany, the incentives to take up employment are restricted by the high - level marginal burden imposed by taxes and other public levi

oudheusden, “ financial literacy around the world : insights from the standard and poor ’ s ratings services global financial literacy survey ". 6 / 6 bis central bankers'speeches
has conducted a wide - ranging communication campaign, aiming to reach its audiences via multiple channels. this has given our stakeholders the necessary information about the banknote and its security features. but there is also another reason why banknotes are a fundamental part of what we do – one which is more significant for the euro area than for others. in a multi - country union such as ours, it is inevitably harder to create a shared identity than in a single nation state with its own culture and history. the euro is something we all have in common – it is a tangible symbol of european unity. holding a euro banknote and knowing that it can be used in 19 countries is a reminder of the deep integration europe has attained. indeed, when asked about the most important elements of european identity, the single currency is the one most frequently quoted by euro area citizens after democracy and freedom. and in spite of the difficulties in recent years, support for the single currency now stands at 70 %, equalling the highs recorded in the pre - crisis period. with the collaboration of the national central banks, credit institutions and banknote equipment manufacturers, hundreds of thousands of machines and devices have been updated during the last nine months, meaning that – starting today – the new €50 banknote is available. 1 / 1 bis central bankers'speeches

auditing organization for islamic financial institutions ( aaiofi ), it has facilitated greater cross - border engagement among practitioners and shariah scholars. in turn this has contributed to a greater understanding on issues and challenges faced by the industry and the progressive convergence of shariah views and rulings. more such international collaborative work and engagement would further facilitate this harmonization process. to navigate amidst turbulent seas to arrive at the new frontier of opportunities in islamic finance, there is a need for the industry to build on its strengths and achievements thus far, in the pursuit to realize the distinctive value that islamic finance brings to the global economy. indeed, islamic finance needs to leverage on its inherent strengths and demonstrate leadership in the real economic agenda and contribute towards global economic prosperity and stability. bis central bankers ’ speeches
the unemployment rate has been approaching the structural unemployment rate, which is considered to be around 3. 5 percent, and the active job openings - to - applicants ratio has risen to 1. 08, which is the same level as the peak reached before the global financial crisis ( chart 6 ). this tightening of labor market conditions has started to influence wages, and, in the regular annual wage negotiation this spring, the number of firms that raised not only bonuses but also base pay has increased substantially. in addition to this increase in the utilization of labor, a growing number of firms, particularly in the nonmanufacturing sector, are experiencing capacity shortages, and the output gap has been narrowing moderately. while the level of the output gap is subject to a considerable margin of error, the gap seems to have narrowed to close to 0 percent, that is, the long - term average ( chart 7 ). as for the outlook, inflationary pressure from the output gap is likely to strengthen further, given that the economy is expected to continue growing at a pace above its potential. upward pressure on prices from inflation expectations let me next outline developments in medium - to long - term inflation expectations. according to various surveys and market indicators, inflation expectations appear to be rising on the whole ( chart 8 ). looking at the mechanism behind this rise, it appears that, in the first instance, the bank ’ s strong and clear commitment to overcome deflation through qqe, together with bold monetary easing to underpin this commitment, has affected expectations of economic entities, and inflation expectations started to rise. subsequently, the actual increase in the inflation rate due to the narrowing of the output gap has then led to a further rise in inflation expectations. as mentioned earlier, the year - on - year rate of change in the cpi ( excluding fresh food ) has been above plus 1 percent. except for the period of the surge in global commodity prices around 2008, this is the first time in the two decades since 1993 that the cpi has risen by more than 1 percent year - on - year for several months in a row. with firms and households experiencing these price increases, their inflation expectations have changed and have started to influence wage and price setting. as seen in the wage negotiations this spring, the increase in inflation has been taken into account in the wage negotiations between management and labor. in addition, a shift in firms ’ price - setting strategies from strategies focusing on low prices to strategies seeking to raise sales prices while increasing value added

off - with higher growth and more jobs - if and when the reforms of the lisbon agenda are delivered. we are now at your disposal for questions.
and the lab ”, voxeu column, 2 february. schnabel, i. ( 2022 ), “ a new age of energy inflation : climateflation, fossilflation and greenflation ”, speech published on 17 march, european central bank. sibert, a. ( 2005 ), “ central banking by committee ”, international finance 9 ( 2 ). sou ( 2019 : 46 ), “ a new sveriges riksbank act ”. sveriges riksbank ( 2023 ), “ account of monetary policy 2022 ”. 11

lars heikensten : behind the granite walls up at brunkebergstorg - monetary policy in practice speech by mr lars heikensten, first deputy governor of the sveriges riksbank, to the riksdag's social democrats, stockholm, 21 march 2001. * * * the theme for today ’ s seminar is monetary policy in practice. i find it extra stimulating because it is a subject i don ’ t often get a chance of talking about. while thinking about how to arrange what i want to say, i felt that, besides talking concretely about how we at the riksbank go about assessing inflation, it would be a good idea to spend some time on some matters of principle. in that way i hope to lay a good foundation for the ensuing discussion. first i shall say a little about monetary policy ’ s purpose and our target. then i shall describe how we make our assessment and how the executive board works. before winding up, i shall also consider some issues connected with communication and transparency. ‘ hate inflation ’ as we all know, monetary policy ’ s purpose is to safeguard low inflation. that has been the case in any event since the beginning of the 1990s. it became explicit, of course, when the riksbank adopted an inflation target in february 1993. since 1999, moreover, the riksbank act states that the objective of the riksbank ’ s operations shall be to " maintain price stability ". so why is this our objective? basically, there is now a broad consensus that low inflation is good for economic development and accordingly contributes to gains in prosperity. while it is true that in certain situations the economy can be stimulated by means of low interest rates, this works only if there are unutilised resources. taken too far, it is liable to result in bottlenecks that push prices and wages up. there is then a risk of households and firms gradually starting to act in the belief that inflation will continue to be high — inflation expectations become firmly fixed on this. in other words, in the long run monetary policy is not capable of influencing growth. what does underlie a country ’ s economic development and thereby its prosperity are such factors as the labour force, a willingness to invest and technical progress. the best the riksbank can do is promote an economic development that is more stable, with smaller fluctuations around the long - term trend. it therefore seems to me that the economic debate is somewhat lops
play an even greater role in maturity - matched refinancing of mortgages in switzerland in the future. in addition, banks can improve their liquidity by holding portfolios of swiss mortgage bonds themselves. mortgage bonds could be converted into liquidity quickly and simply, as required, by means of repo transactions – either in the swiss franc interbank market or at the snb.

news conference 15 december 2022, 10. 00 am introductory remarks by andrea m. maechler in my remarks, i will talk in more detail about the implementation of today ’ s monetary policy decision, which thomas jordan has already touched on. i will start, however, by giving you an overview of how we have steered interest rates since the switch to a positive snb policy rate in september. the switch from a negative to a positive snb policy rate required us to make an adjustment to the implementation of our monetary policy in the money market. the new approach comprises two elements : reserve tiering – that is, tiered remuneration of the sight deposits that banks and other financial market participants hold at the snb – and reserve absorption. this approach has proved successful. following our monetary policy decision on 22 september, secured short - term swiss franc money market rates moved quickly towards the new snb policy rate ( cf. chart 1 ). we are also continuing to see solid activity among participants in the money market, which ensures a robust basis for the calculation of saron. from the outset, the market responded favourably to the deployment of our monetary policy instruments to absorb liquidity. on the very day of the monetary policy assessment in september, we started conducting repo transactions on a daily basis and issuing snb bills on a weekly basis ( cf. chart 2 ). in this way, we were able to reduce the liquidity supply in the money market sufficiently to allow us to steer interest rates effectively. with today ’ s interest rate increase, we are also raising the interest rate on sight deposits above the threshold. for domestic banks, this threshold is calculated on the basis of their minimum reserve requirements. 1 by remunerating sight deposits above the threshold now at 0. 5 %, we ensure that our tighter monetary policy will continue to be passed through efficiently to interest rates in the money market overall. further information is available in the instruction sheet governing interest on sight deposits. page 1 / 2 berne, 15 december 2022 andrea m. maechler news conference page 2 / 2
i, as governor, can promise that we will continue to change and improve our institution, and that we will spearhead and set an example for all european integration efforts. allow me once again to thank you all, because it is owing to your work that we are here today. i would also like to give special thanks to our secretary general who was not satisfied with just a “ provisional ” occupancy permit, and, as a result, today we can number ourselves among the rare few in belgrade that have been granted a final occupancy permit.

radovan jelasic : the national bank of serbia – accomplishing its objectives speech by mr radovan jelasic, governor of the national bank of serbia, on the occasion of consecration of the new office building of the national bank of serbia, belgrade, 10 october 2006. * * * your eminences, reverend bishops, esteemed guests and dear colleagues, it is an honour for me to share with you all the joy of this historical moment of consecration of the new office building of the national bank of serbia. i hope that this will also mark a peaceful and blessed start of work in this beautiful building, after rather tumultuous two decades. i believe that this festive atmosphere may be a good time to remind ourselves once again of what our legal obligation to serbian citizens is, with regard to preserving the stability of the national currency and building an efficient financial system. the construction of this building began in the former yugoslavia, and was completed in today ’ s serbia. no one believed it was possible to finish such building and put it into use in a short time. and yet, we did it. in only three years, we renovated and completed the work which had remained unfinished during the previous fifteen or so years. this is yet another proof that the national bank of serbia always accomplishes the objectives it sets. similarly, our claim that we will succeed in transforming a completely ruined banking system into a sound and financially strong one, in which ownership has been transformed and which both citizens and economy will trust, was greeted by the same sort of disbelief. today, new foreign currency savings in banks amount to more than eur 3 billion, and in only eight months this year the sum of credits increased by around csd 100 billion. serbia ’ s strength today is perhaps best illustrated by the fact that this year ’ s foreign direct investments amounted to almost usd 4 billion, bringing us a strong dinar, which many of our fellow citizens still view with distrust, even after all this time. a similar thing happened when the national bank of serbia was entrusted with insurance supervision and when it confirmed in practice that, just like in the banking sector, it will ensure the enactment of the necessary regulatory framework, control of participants in the insurance market, supervision of their operations, consumer protection and conditions for stable development of this sector. six months ago, when monthly inflation stood at over 1. 5 % and the national bank of serbia, despite this, asserted that it was possible for this year ’
. therefore, to fully implement a new strategy or to rebuild an organisation to be effective in a changing environment, it is critical to reshape culture as well. 3 / 6 bis central bankers'speeches the primary responsibility for reshaping culture rests with the executive team, under the direction of the board. it is not a human resources or organisational design exercise. it is a leadership responsibility. it requires leaders to take a long hard look at the current culture, the existing business processes, the work attitudes and behaviours they foster. without first establishing what the current culture is, the issuance of lofty mission statements or long lists of core values are merely paying ‘ lip service ’ to implementing effective cultural change. since employees tend to take their cues on what is important and how to behave from their leaders, negative activities and behaviour at the top foster negative behaviours further down the organisation. “ a good organisational culture is about more than avoiding good people doing bad things ; it is about equipping and enabling good people to do ever better things17. ” a firm in seeking to effect cultural change can take some practical steps to achieve this aim. i will suggest five as a starting point : 1. communicate and " walk the talk " - the cultural values and expectations of the firm need to be consistently communicated and modelled by the top, middle and lower management levels. 2. enhance diversity at senior levels – meaningfully addressing the acute lack of diversity at senior levels requires : more ambition, including in targets and measures ; more than lip service being paid to diversity programmes ; better building of pipelines of talent ; considering the overall construct and functioning of the executive management layer when making appointments ; and identifying and reducing barriers to change. 3. practice, process, performance – principles and values need to be reinforced through practices and processes, including training and particularly performance management. there must be clear alignment between individual roles and objectives and wider purpose, strategy and outcomes, with people held accountable for their actions. 4. ongoing assessment and checking – boards and executives need to have mechanisms and measures to understand whether the culture they espouse is consistent with the culture of the organisation, and consider how they would identify where it is not. considering how decision - making, risk identification, product development, the use of behavioural economics, the treatment of whistleblowers and everything in between works in an organisation is key to understanding the culture of the organisation. boards and executives need to consider the information they receive and

country. thank you for your attention today and for your warm and generous friendship. meegwetch, merci, thank you.