samchain/econo-pairs-v2 huggingface dataset:
could be described as idle inventory stock, but these are defined as notes in circulation. but i should be clear that i don ’ t have enough evidence to prove to you that the stock : output ratio for banknotes has gone up, which would run counter to the story in almost all other industries. i want to move on now to trends in cash usage ( i am using “ cash ” here to mean banknotes and coin ). chart 8 shows survey evidence for the use of cash in retail transactions in the uk over the last 25 years. in terms of the share of the total volume of transactions, cash has fallen from over 80 % in the mid 1980s to 60 % currently. in value terms, cash accounted for around 9 % of all retail transactions in the early 1990s, whereas it is around 4 % currently. cash is generally used for small - value transactions. the latest evidence suggests that the average value of a cash transaction is around £9, with 93 % of payments under £5 being made in cash. one in five adults in the uk report that they use only cash for day - to - day transactions, with this group heavily focused on teenagers / young adults and the elderly. the survey evidence also indicates that more credit - constrained individuals prefer to use cash, as a budgeting tool based, i think, on the principle that with cash you can only spend what you have. the paradox of banknotes this quick survey of trends in banknote demand and use leaves us with what i regard as the paradox of banknotes. the total value of bank of england banknotes in circulation continues to rise, but their use in transactions is falling gradually. to recap, i have put forward some arguments that seek to explain this paradox. from a macroeconomic perspective, sustained low inflation has increased confidence in the real value of the currency, while more recently demand for banknotes has risen during this recession, and particularly for high denomination notes, reflecting loss of confidence in banks, and very low interest rates. atms have changed banknote issuance. and, banknote use is more concentrated among the young, the elderly, and those on low incomes. i would add one other thought on the demand for banknotes, which is more to do with human psychology. i suspect most people, however much they use cards, feel a degree of comfort from knowing that they also have cash in their wallet or purse, even if it is as a back - up. what does this analysis tell us about future

of our central bank distribution scheme have grown in number to embrace the physical quality of notes in circulation and the denominational mix. the last of these – denominational mix – poses the biggest challenge, but in the uk i believe we now have evidence to support the business case for atm and retailer dispense of £5s. and, finally, i am sometimes asked why this matters to the bank of england? after all, i can assure you that in the current financial conditions we are not short of difficult challenges. the answer is simple. we should not forget that our job is to ensure that confidence in our currency is maintained – and crucial to that is satisfying the public ’ s demand for our notes.
regards the global environment seems to be gradually decreasing. in the euro area, the economic fundamentals remain sound and financing conditions favourable. together with higher growth in real income, stemming from the past and future declines in inflation, these factors should support overall demand. this assessment appears to be reflected both in recent improvements in survey data and in financial market developments. although the timing and strength of the upturn remain uncertain, the overall evidence points to a resumption of economic growth. we also continue to expect no medium - term upward pressures on inflation. however, as already indicated on several occasions, annual inflation rates at the beginning of this year will be somewhat erratic. preliminary hicp data for january 2002 confirm this expectation but should not give rise to concerns as regards the medium term. the recent increase in inflation was to a large extent due to exceptional and short - lived factors – such as particularly adverse weather conditions in some parts of the euro area, which led to increases in food prices – as well as to the anticipated influences of indirect taxes and base effects resulting from developments in energy prices. taking these factors into account, there is no evidence so far of a significant impact on the price level as a result of the euro cash changeover. nor do we expect substantial effects in the months to come. there is reason to assume that the physical introduction of the euro banknotes and coins will strengthen competition, thereby supporting the maintenance of price stability. beyond the short term, the outlook for inflation remains favourable. one important concern, however, relates to forthcoming wage negotiations. if wage moderation is maintained, as we currently expect and in any case consider warranted in order to foster employment growth, and assuming that other determining factors also develop favourably, annual inflation rates should fall safely below 2 % this year. they should also remain at levels consistent with price stability. finally, let me underline the importance which the governing council attaches to the stability and growth pact and its strengthening through diligent implementation of the appropriate procedures. the responsibility for these procedures lies with the european commission and the ministers of finance. the governing council fully supports all steps to avoid the occurrence of excessive deficits and all efforts to reduce the public debt and bring the fiscal stance into line with the stability programmes in individual member countries in order to ensure the credibility of the commitments made under the stability and growth pact. in the same vein, we very much support the continued initiatives to foster structural reform. we welcome the focus placed on these issues in the

context of the forthcoming barcelona summit and we are looking forward to swift and determined delivery of essential structural reforms in the goods, services and labour markets to promote the euro area's growth potential.
1. 5 % 1. 5 % 1. 0 real interest rate real interest rate 1. 0 nominal interest rate nominal interest rate 0. 5 0. 5 0. 0 0. 0 - 0. 5 - 1. 0 - 0. 5 - 1. 5 - 1. 0 - 2. 0 - 2. 5 cy 10 - 1. 5 cy 10 note : figures for real interest rates for each maturity are calculated as government bond yields minus the composite index of inflation expectations ( staff estimates ) for the corresponding maturity. sources : bank of japan ; quick, " quick monthly market survey < bonds > " ; consensus economics inc., " consensus forecasts " ; bloomberg.

affect not only its economic activity and prices but also the global economy as well as global financial and capital markets. from this perspective, it is also necessary to closely monitor how the policies will affect japan's economic activity and prices. with regard to japan's economy, a key issue in the short run is how the annual spring labor - management wage negotiations will develop. regarding these negotiations, chairman tokura of keidanren noted at a recent press conference that strong momentum for wage hikes began in 2023, and this momentum accelerated significantly in 2024. he continued that, in 2025, he hopes to see this development take hold and achieve structural wage hikes. i fully share his aspiration. what is important is that wage hikes that are consistent with 2 percent inflation take hold in society as a matter of course. corporate profits have been at high levels, particularly for large firms. to sustain the virtuous cycle, it is essential that these profits be fairly distributed to small and medium - sized firms and eventually to households. the bank will examine how wage hikes by small and medium - sized firms will evolve, using the network of its head office and branches. while keeping an eye on these factors, the bank is currently updating the outlook for japan's economic activity and prices for 2025 onward by scrutinizing the latest data available and other information. this outlook will be presented in the outlook for economic activity and prices to be released in late january next year. i hope you will have a chance to read it. as i said at the outset, 2024 has been a year of steady progress toward achieving the price stability target in a sustainable and stable manner. i would like to close my speech today by expressing my strong hope that the virtuous cycle will continue in 2025, thereby leading to sustainable and stable achievement of the 2 percent target. thank you very much for your attention. achievement of the 2 percent price stability target and japan's economy speech at the meeting of councillors of keidanren ( japan business federation ) in tokyo december 25, 2024 ueda kazuo governor of the bank of japan introduction i. japan's economy and firms'behavior under deflation and low inflation ii. achievement of the 2 percent target and japan's economy iii. achievement of the 2 percent target and monetary policy chart 1 i. japan's economy and firms'behavior under deflation and low inflation firms'growth expectations expected growth rate output gap
- rediscounting system in just about five ( 5 ) months since the initial unveiling in manila. we expect to expand the number of participating banking institutions by 7 more banks today here in la union and by an additional 11 banks in davao when we launch this system next month. these should bring the overall number of participating entities to 130 banks. in terms of volume of e - rediscounting loans ( as of 31 may 2007 ), we are pleased to report that loans released by the bsp head office in manila already amounted to p10. 6 billion. in addition, the bsp regional offices had released some p700. 5 million e - rediscounting loans during the period. today ’ s launch of the bsp ’ s e - rediscounting system here at the la union convention center is expected to break new ground in bsp lending. the introduction of a real - time loan refinancing facility to help banks in la union and in the neighboring areas of regions i, ii, iii and the car is expected to scale up their lending capability and help pump - prime the local economy. in the process, this innovation in refinancing technology is expected to significantly improve the credit access for exporters and small, medium, and micro - enterprises in this part of the country. these liberalized rediscounting guidelines, together with the requirement under the electronic commerce act of 2000 for government offices to integrate electronic data documents and processes in their transactions, provided the basis for the development of the e - rediscounting system. the preparatory work for the paperless rediscounting scheme began in march 2006, with the issuance of bsp circular no. 515. aligned with the objective of maintaining price stability, new policy guidelines were established under the circular towards a more consistent, transparent, and efficient bsp rediscounting facility. the main objective of the e - rediscounting system is the simplification, standardization, and automation of loan processes and payment procedures. the front - end system of e - rediscounting allows qualified banks to conduct their rediscounting transactions with the bsp through the internet. the back - end system automates the processing of loan applications, crediting of loan proceeds, debiting of the demand deposit accounts of banks with bsp for loan payments and generating account entries – all in less than 10

competition. we got a splendid feedback for this from the school children. children ’ s knowledge about banking and rbi has amazed us. i hope that our endeavour in this direction has laid a strong foundation for the future citizens of the country to become fully financially literate. 8. before i finish, on behalf of the reserve bank, i want to thank the hon ’ ble finance minister shri pranab mukherjee for his very strong and enthusiastic support for financial literacy and financial inclusion, and the chief minister shri yeddyurappa for the co - operation extended by government of karnataka under his leadership.
explain the real interest rate puzzle. 14 / 14 bis central bankers'speeches

benoit cœure : the transmission of the ecb's monetary policy in standard and non - standard times speech by mr benoit cœure, member of the executive board of the european central bank, at the workshop " monetary policy in non - standard times ", frankfurt am main, 11 september 2017. * * * monetary policy has had a powerful impact on financial markets in recent years. 1 there is compelling international evidence that non - standard policy measures, such as asset purchases, forward guidance and negative interest rates, have been successful in altering relative asset prices in a way that is consistent with the predictions of portfolio rebalancing theory and the signalling channel of monetary policy. 2 few therefore dispute that the first stage of transmission of non - standard policy measures to the financing conditions of the private sector has been effective. since the effective lower bound on nominal interest rates is expected to prevail more often in the future, this is undoubtedly good news. the situation is less clear, however, when it comes to the second and third stages of transmission – that is, from easier financial conditions to economic activity and from economic activity to prices. many central bank observers point to continued anaemic growth and low inflation across the globe and conclude that unconventional policy measures have failed to stimulate the economy. if this were the case, it would place a question mark over the use of such measures. in my remarks this morning i would like to examine this claim more closely. in doing so, i will focus on two prime channels underlying the second stage of transmission : the exchange rate channel and the real interest rate channel. my remarks will therefore be neither exhaustive nor complete, given that monetary policy can affect the economy through many other channels as well, such as its impact on the valuation of equities and, hence, on firms ’ cost of capital and investment decisions, tobin ’ s q in short. 3 another channel of relevance is the bank lending channel as formalised by bernanke and gertler ( 1995 ). but by focusing on the exchange rate and interest rate channels, we can get a good understanding of how effective recent policy measures have been. in particular, i will show that monetary policy - induced exchange rate movements may have considerable impact on consumer prices, but that this relationship depends on the state of the economy and the shocks driving it, much in line with the recent literature in this field. and i will show that the new keynesian investment and savings ( is ) curve is alive and
especially in the 1970s and 1980s when the economy collapsed. the industry hung on and survived during the economic turmoil of those years and then rose, phoenix like, to recover in the 1990s. with the same spirit of enterprise, hard work and cooperation we can help to ensure that the next half century is one of prosperity, sustainable growth and structural transformation for the ugandan economy. thank you very much for listening. bis central bankers ’ speeches

, our latest financial stability soundness indicators for the period ended december 2015, indicate that uganda ’ s banking sector continues to be resilient and financially sound. the supportive financial infrastructure also remains safe and efficient. the banking sector registered a strong asset and capital base with the capital adequacy ratio of 18. 6 percent as of december 2015, far higher than the statutory minimum of 8 percent. the sector ’ s asset quality remains good with the ratio of non - performing loans to total loans recorded at 5. 3 percent during the period under review. bis central bankers ’ speeches just like the bustling economic activity of the bugolobi area established the right context for a new stanchart branch here ; the timing of this branch opening is a resounding endorsement of the durability of price stability and financial sector soundness in the ugandan economy. it is the synergetic combination of forward - looking and pre - emptive monetary policy, through our inflation targeting lite monetary policy framework, together with risk - based regulation and supervision of banks as well as macroprudential financial stability management that have enabled the bank of uganda to foster the evident price and financial sector stability. in this effort, we acknowledge the supportive fiscal environment that has been established through implementation of the public finance management act. the institutional framework exists, to ensure long - term macroeconomic stability in uganda. the public has good grounds to have confidence in the economy ; just like standard chartered is demonstrating by expanding its branch network today. this is the sort of stability that alan greenspan advocated. with these few remarks, let me conclude by congratulating the shareholders, board of directors, management, and staff of standard chartered bank uganda for opening a branch in this village mall of bugolobi. i encourage you to use your growing branch network as well as technological innovation to boost financial inclusion and take advantage of the imminent introduction of bancassurance, agency banking, and islamic finance. it is now my honour to officially open the bugolobi branch of standard chartered at the village mall. i wish you great success at this new location. thank you for listening to me. bis central bankers ’ speeches
market forces. however, if the eurosystem is successful in maintaining price stability, confidence in the single currency will automatically foster the euro ’ s international role. the exchange rate of the euro is to be regarded, primarily, as the outcome of current and expected monetary and fiscal policies as well as of cyclical and other economic developments. at the moment, the european economy is clearly recovering and the outlook is favourable, with economic growth accelerating in the direction of 3 %. as a result, the euro has a strong potential for appreciation. this is also firmly based on internal price stability and a sound current account position. * * * before i draw to a close, allow me finally to return to another of those peculiarities of emu that can sometimes confound the external observer. if any of you have travelled to a euro area country over the past 12 months, you may have been misled into thinking that what you saw change hands were not euro, but rather french francs, deutsche mark or italian lira. in that case, you would be only partially correct. while national banknotes and coins remain in circulation for the time being, they are no longer, despite appearances, actual currencies in their own right. they are, in fact, sub - units of the euro, waiting to be replaced by euro banknotes and coins as soon as these are introduced at the beginning of 2002. only then, i suppose, will we have finally completed one of the greatest achievements in modern european history that is the introduction of the euro.

with by legitimate means. the spread between quoted shibor rate and actual trading rate, especially the spread for products with a maturity of over 3 months, is a major factor influencing the quality, credibility and authoritativeness of shibor. there is room for improvement. i hope more studies can be done to find out the reasons why the correlation between quoted rates of products with a maturity of over 3 months and inter - bank borrowing transaction rate is low? how to increase the correlation? how about the correlation between long and medium - term libor and interbank borrowing rate? how big is the gap between shibor and libor? in conclusion, all of you have provided important advice including training programs. shibor has been developing very fast. i believe the existing problems can be addressed in a fast manner so as to make shibor a benchmark for the money market and for the short end of china ’ s bond yield curve.
maintaining a policy of flexible exchange rates ; 2. to build a strong financial system that is flexible in the face of global competition and innovation ; in particular, we will continue to ensure that the banking system is adequately capitalized, well - governed, profitable and efficiently managing its risks. let me end by answering the question, can the country ’ s economic gains be sustained? the answer is yes. our macroeconomic fundamentals are sound. we have undertaken significant macroeconomic, fiscal, banking and financial sector reforms which make the economy more resilient to domestic and global uncertainties. we are mindful though that there are risks to this outlook. thus, even as our assessments show that the risks are manageable and moderating, we continue to monitor these carefully. going forward, the challenge lies in continuing the reform process to sustain the growth momentum and improve the country ’ s competitiveness. i continue to look to all of you, our partners in this endeavor, for your support as we move this country forward. thank you very much.

announced by ubs, which are aimed at strengthening its capital base, are to be welcomed. the fact that ubs has been able to attract a large and internationally recognised asian investor for this purpose serves as an illustration of one of the ways in which globalisation of financial markets has been to our advantage.