samchain/econo-pairs-v2 huggingface dataset:
up our internal capabilities and human resources, and actively consult the industry participants in our efforts to meet the challenges in the coming year.

this year during which the three fsf reports were adopted. singapore also participates actively in imf initiatives to enhance transparency as a means to minimising risks to the global financial system. in particular, we are in general compliance with sdds ( special data dissemination standards ), including the new requirements for more detailed breakdown of data on official foreign reserves of member countries. we also release regularly the imf ’ s assessment of our singapore economy and policies ; the latest report was based on the annual consultation that ended in june of this year. mas annual accounts assets & liabilities on mas ’ annual accounts, total assets increased by s $ 6. 2 billion to s $ 114 billion as at 31 march 2000, of which s $ 3. 9 billion was in the form of foreign assets and s $ 2. 2 billion in our holdings of singapore government securities ( sgs ). the increase in sgs holdings reflects a conscious effort to build up our portfolio of sgs to engage in more repo transactions for our money market operations, thereby broadening the range of money market instruments that we use. on the liabilities side, there was a reduction in deposits of banks by about s $ 3. 3 billion, reflecting the repayment of deposits previously placed by posb with mas prior to its merger with dbs. however, this was more than offset by increases in government deposits with mas and our borrowings from the money market, again due to the diversification of our money market instruments from mainly swaps to include money market borrowings and repos. income & expenditure statement for the financial year ended 31 march 2000, mas made profits of s $ 3. 6 billion ( net of provisions ), a decrease of 38 % or s $ 2. 2 billion compared with the previous year. the lower return was due mainly to translation losses, as the singapore dollar strengthened against major foreign currencies such as the us dollar and euro during the financial year. the organisation to support mas ’ expanded roles and functions in building a central bank of excellence, we have taken steps to strengthen our human resources. over the last two years, we have increased our headcount by 30 %. of these, a substantial number were early - and mid - career officers from a wide range of professional and academic backgrounds. the increase in mid - career employees has encouraged greater diversity in perspectives and views within the organisation as we address the increasingly complex issues in monetary policy and financial sector supervision and development. mas will continue to build
klaas knot : main risks to the financial system introductory statement by mr klaas knot, president of the netherlands bank, prior to the session with the standing parliamentary committee for finance, the hague, 18 june 2024. * * * i would like to thank the chair and the members of the house of representatives for their invitation. together with my colleagues from cpb and the afm, i would like to discuss with you the main risks to the financial system. i will do so on the basis of the dnb's financial stability report, which has been sent to you. i will start by outlining the overall macroeconomic picture before specifically addressing the risks of geopolitical tensions and the formation of blocs around the world ( geoeconomic fragmentation ), as well as the resilience of dutch financial institutions. on both subjects i will highlight a number of recommendations for areas where national governments and parliamentarians, such as yourselves, have scope to further improve the financial system. before moving on to these risks and recommendations, i will first look back briefly at the past year, because it has been an eventful year for the global financial system. in the spring of 2023, the rapid transition from low to higher interest rates – in response rising inflation – exposed vulnerabilities in the financial sector. in the midst of this transition, a number of us regional banks and the systemic swiss bank credit suisse encountered severe difficulties for different, unrelated reasons, leading to resolution, merger or acquisition. on my previous visit, i therefore drew a number of lessons from the failure of these banks. fortunately, a year on, the situation seems to have improved. inflation has fallen substantially in both the netherlands and the euro area. dutch inflation, for example, fell to 2. 7 % in may 2024. this substantial fall in inflation and the improved inflation outlook in the euro area prompted the ecb to cut interest rates for the first time in early june. at the same time, dutch economic growth is expected to pick up in the year ahead, spurring confidence in a " soft landing " for our economy. the dutch financial sector has also proved resilient, partly due to the reforms following the financial crisis. confidence in a soft landing for the economy is reflected among other things in historically high share prices and less tight financial conditions. as a result, the soft landing is initially good news for financial stability. looking ahead, however, there are risks to the economy and our financial

of banks. more consistent use of instruments is also desirable for a more level playing field among european banks. in the case of non - banks, this macroprudential toolkit is still in its infancy, but pension funds, insurers and investment funds are now playing a greater role in the financial system. improvements to the framework are therefore desirable, particularly for investment funds. this concludes my introduction. 3 / 3 bis - central bankers'speeches
normal footing. the outlook for the spanish economy points to the continuation of the main features recently observed, namely : the restructuring of spending, thanks to a gradual easing in domestic demand, particularly in consumption and residential investment, and an improvement in the contribution of net external demand. the confirmation of these trends would allow for the projection forward of economic dynamism at somewhat more moderate rates, in line with growth potential. for this to occur, however, further progress in slowing spending and household and corporate debt, and in improving the economy ’ s supply - side conditions, is needed. we must not forget that the long expansionary phase of the spanish economy has been accompanied by a buildup in certain imbalances that pose considerable risks to its sustainability. thus, until they are sufficiently corrected, we should avoid complacency. admittedly, recent months have seen slower growth in household debt and a gradual slowdown in house prices, while the inflation differential with the euro area has narrowed. but it is important these processes continue to head off the risks the banco de espana has been warning about. economic policymakers have a major responsibility to take advantage of the current economic prosperity to adopt, on a preventive basis, the measures required to harness the existing opportunities and to mitigate the risks that may arise. the change in the single monetary policy stance dating back to late 2005 has contributed to gradually normalising the financial conditions under which households and firms take their spending decisions, although monetary conditions are still accommodative for the spanish economy. turning to fiscal policy, buoyant revenue, which continues systematically to grow above budget, has provided for an improvement in programmed objectives. achieving fiscal surpluses in expansionary phases, as established under the new budgetary stability laws, not only proves suitable for easing demand pressures, but also for retaining sufficient room for manoeuvre in the face of potential deviations from the scenario of economic dynamism and, naturally, for further restructuring public finances in order to absorb the future consequences of population ageing. this is, unquestionably, the main challenge for public finances in the medium term. the agreement reached last year under the toledo pact also addresses the goal of ensuring the sustainability of the pensions system, although the measures adopted are still of limited scope. it should be recalled, however, that the high growth of public revenue has a difficult - to - estimate temporary component that is linked in part to the strength of the real estate sector. accordingly, budget

the executive commission, the deputy governor and the directors general, and to have received the firm support of the bank ’ s staff. i thank you all and, after having celebrated the 150th anniversary of the adoption of the name banco de espana, i can bear witness to the fact this institution is performing increasingly better the tasks entrusted to it.
and staff of the mauritius civil service mutual aid association ltd. thank you for your attention. 2 / 2 bis central bankers'speeches

tended to be the major driver of changes in household wealth. a rise in household wealth in turn results in a rise in household consumption ; with households feeling richer, they tend to spend more on consumption items. given that private consumption accounts for nearly 60 per cent of expenditure on gdp, it can be seen why we take such an interest in the “ wealth effect ”, and what house prices are doing. over the past three years, these linkages have been of particular interest to monetary policy. the upsurge in housing activity and construction has added directly to domestic inflation pressures. residential construction costs, as measured by the consumers price index, have increased by nearly 20 per cent, contributing significantly to overall inflation. we ’ ve also witnessed very strong household spending over this period which appears to have been reinforced by the rapid increase in house prices. whilst i would not want to overplay the significance of housing and construction in our policy decisions - stronger inflation pressures have been evident in many other parts of the domestic economy as well - we have clearly had to take the strong housing sector into account when determining policy settings. the recent period of strength in the residential property market is hardly unprecedented in new zealand. the early 1970s, the early and late 1980s, and the mid 1990s were also periods marked by intense activity in the housing market and strong house price inflation. there were some unique features to each of those cycles, but also some common drivers. each coincided with a substantial acceleration in population growth to levels well above normal, due mainly to a spurt of high net immigration - more arrivals and fewer departures. each cycle was also reinforced by some other stimulus, such as a lift in export prices received from abroad, fuelling household incomes. a sharp lift in net immigration and the sharp improvement in export returns from about 2000 through to 2002 were also catalysts for the recent upturn, although there are now indications that the migration pressures on housing are easing. figure 7 shows estimates of the annual demand for dwellings from migrants. these estimates, which are indicative only, were derived by assuming that the number of persons per household would be the same for migrants as for the rest of the population. as figure 7 shows, the demand from short term visitors has been negative over the last year, as the number of visitors leaving the country has outnumbered those arriving. this has largely reflected a very sharp fall in the number of short - term overseas students in the country over the past 18 months ( i. e. those here for periods of
can see in the results achieved, as well as in attained and improved macroeconomic stability. as so far, the national bank of serbia will remain committed to achieving its objectives, contributing to the resilience and stability of the domestic financial system. thank you for your attention. i now pass the floor to vice governor diana dragutinovic.

some time already, indicating confidence in the national bank of serbia ’ s monetary policy. owing to better export performance, high fdi inflows and greater interest of foreign investors in long - term government securities, the dinar strengthened vis - a - vis the euro by 4. 2 % in 2017. the central bank ’ s interventions in the foreign exchange market aimed at preventing excessive appreciation of the dinar provided an additional boost to the country ’ s foreign exchange reserves, whose level, judging by all relevant indicators, is more than adequate. last year was also very successful in terms of fiscal policy results. for the first time since 2005 a fiscal surplus was recorded ( around 1. 2 % of gdp ), while the share of public debt in gdp was slashed by more than 10 pp in 2017 alone. nbs ’ s monetary policy easing, better positioning of the country in the international financial market, stronger investor confidence, credit rating upgrades and a sharp fall in the country risk premium ensure cheaper sources of funding and reinforce serbia ’ s fiscal position. against the backdrop of gdp recovery, low and stable inflation, a relatively stable exchange rate and vigorous fiscal consolidation, positive tendencies were recorded both in the corporate and household sectors. a fall in the unemployment rate and rising wages were accompanied with growth in household loans and rising savings. the volume of new household loans increased by 21. 7 % compared to 2016, with almost 71 % concerning dinar loans, which reflects households ’ confidence in the domestic currency. households were also offered a new form of safe investment after the republic of serbia issued a new financial instrument – savings bonds. the issuance of savings bonds enables citizens to invest in the safest financing instruments and encourages further development of the government securities market. the financial position of corporates improved, as reflected in their almost two and a half times higher positive net financial result compared to 2016. in addition, the lowering of interest rates led to acceleration of credit activity in the corporate sector. excluding the exchange rate effect, total corporate loans ( domestic and foreign ) went up by 5. 7 %, despite considerable clean - ups of bank balance sheets owing to npl write - offs, assignment and restructuring. the serbian financial sector remained stable in 2017 as well, as signalled by all key indicators. given the bank - centric nature of the financial sector, banks ’ financial soundness and ability to perform their main, financial intermediation function is key to maintaining financial stability. banks operating in serbia rely predominantly on domestic
given these conditions, we deem that the monetary policy provides the necessary support to stimulate the aggregate demand. bis central bankers ’ speeches

2. the greek economy on a growth track the greek economy is currently on a growth track. this was made possible thanks to the completion of the second review and its positive effect mainly on confidence and liquidity. the fact that the economy ’ s growth dynamics has gained traction is primarily reflected in the positive path of gdp as well as in the improvement of short - term indicators : real gdp grew y - o - y by 0. 4 % in the first quarter and by 0. 8 % in the second quarter of 2017. overall, in the first half of 2017 real gdp increased by 0. 6 %, year - on - year. real gdp growth in the second quarter was mainly driven by an increase of 9. 5 % y - o - y in exports of goods and services, as well as by a rise in public ( 3. 3 % ) and private consumption ( 0. 7 % ), whereas gross fixed capital formation had a negative contribution, largely on account of delays in public investment programme disbursements. industrial production increased y - o - y by 1. 7 % in july 2017 for the tenth consecutive month. overall, between january and july 2017 industrial production increased by 5. 3 % relative to 1 / 6 bis central bankers'speeches the corresponding period of 2016. the volume of retail sales in the first half of 2017 rose by 2. 4 %, year - on - year. the positive momentum of the economy is also mirrored in the labour market, which has been showing signs of improvement since mid - 2014, on the back of structural reforms which allowed for a shift towards more flexible forms of employment. in more detail, employment rose y - o - y by 2. 4 % in the second quarter of the year, while the unemployment rate stood at 21. 2 % in june 2017, down from 23. 5 % one year earlier. the improved economic outlook and the completion of the second review contributed to a decline in greek government bond yields to their end - 2009 levels, thereby facilitating greece ’ s return to international markets on 25 july. at the same time, the yields of corporate bonds issued by the non - financial sector declined considerably as well. furthermore, fitch upgraded greece ’ s credit rating, citing sustained recovery and reduced political risk. other key developments that should be pointed out are : the successive reductions in the emergency liquidity assistance ( ela ) ceiling for greek banks, the increase in deposits, the attainment of the operational targets set so far for banks
a moment and look at what we do in normal times. in normal times, we auction a given amount of central bank credit, mainly in refinancing operations with a one - week maturity, and let competition among bidders determine the interest rate at which that credit will become available to the banking system as a whole. this means that the liquidity injection is restrained by a policy decision. last autumn, we changed that. as the demand for liquidity by individual institutions expanded abnormally and markets dramatically ceased to allocate liquidity, we have turned that practice around. we have been determining the lending rate – at a very low level – and we stand ready to fill any shortage of liquidity that might occur at that interest rate for maturities of up to six months. this means that we currently act as a surrogate for the market in terms of both liquidity allocation and price - setting. 2 ) the second building block of our new liquidity management approach is the list of assets that we take as collateral. this list was already very large before the crisis, but we have enlarged it even further and now accept an even wider range of securities as collateral. government securities account for only 44 % of the nominal value of securities on the list. the rest are private securities. in contrast to many other central banks, the ecb already intermediated private paper before the crisis and we have even strengthened this aspect in the crisis by accepting an even wider range of private paper. the total value of these eligible securities is currently €12. 2 trillion, equivalent to 130 % of gdp in the euro area. this very ample eligibility of collateral has dramatically eased banks ’ liquidity constraints during the crisis and, ultimately, it has encouraged them to extend new credit or continue rolling over maturing loans. 3 ) the first two building blocks offer unlimited refinancing against a very wide range of collateral. but they can only reach the financial system if they are coupled with the third building block, namely the very large number of counterparties that have always been able to take part in our refinancing operations. even before the crisis, 1, 700 counterparties fulfilled all relevant criteria. this number was higher at the time than for the other major central banks. following the changes to our operational framework in october 2008, this number rose even further. our measures to safeguard the banking system ’ s access to liquidity have resulted in a considerable expansion of the eurosystem ’ s balance sheet, which

securitisation market : causes, roadblocks and how to deal with them ”, joint paper, april 2014. see also the communication from the commission on long term financing of the european economy, com ( 2014 ) 168 final, march 2014. bis central bankers ’ speeches
you will have opportunities to engage in this work and i hope you will. i look forward to working with you – and to your questions. all speeches are available online at www. bankofengland. co. uk / news / speeches

supply by the pboc was mainly a passive consequence of accumulation in foreign reserves. the independence of monetary policy has increased noticeably. third, another feature of china's monetary policy is its combination of aggregate and structural considerations. our sound monetary policy not only includes aggregate support, but also has structural characteristics. we have leveraged structural monetary policy tools to enhance the financial support for agriculture, small and medium enterprises ( smes ), the private companies and other structural weak links on the supply side. as a result, finance has now become more accessible, available and affordable. as of end - september 2022, nearly 54 million smes have gained access to inclusive loans, four times that of end - 2017, with outstanding loans hitting $ 3. 5 trillion equivalent ( rmb23 trillion ). the weighted average interest rate on new inclusive loans issued in september was 4. 7 %, down by 180bps compared with the same period of 2017. different structural monetary policy tools can be either long - term or ad - hoc. central bank relending and re - discounts in support of the agrarian sector and smes, which you are all quite familiar with and have an outstanding value of $ 360 billion equivalent ( rmb 2. 5 trillion ), are typical examples of long - term tools. the typical ad - hoc tools that we put in place in recent years, however, include the special - purpose relending facilities in support of scientific and technological innovation, transportation and logistics, equipment upgrading, etc. with an outstanding value of $ 430 billion equivalent ( rmb3 trillion ), these ad hoc instruments have well - defined expiration dates or exit plans. when their policy goals are met, they will be phased out in an orderly manner. 2 / 3 bis - central bankers'speeches last but not least, i would like to talk about the role of structural monetary policy in housing and green finance. china's housing sector is linked to a lot of upstream and downstream industries. therefore, its healthy development is of great significance to the overall economy. the housing market is undergoing some adjustments. joining hands with relevant ministries and local governments, we have tailored policy solutions to local specificities. such tools include cutting mortgage rates and down payment ratios, with an aim of supporting real housing needs. in some previous incidents, some troubled developers were unable to complete pre - sold housing projects on time. in response, we've issued $ 30 billion equivalent ( rmb200 billion ) worth of