samchain/econo-pairs-v2 huggingface dataset:
, toronto, 7 february 2012 ). bis central bankers ’ speeches the final critical part of the framework, the rebalancing of global demand, is where slippage has been the greatest, although at first glance things seem to have gone well. the real effective exchange rates of several important surplus countries have appreciated, and their current account balances have generally fallen ( chart 8 ). export sales have declined and domestic demand now accounts for a larger share of their gdp growth. appearances can be deceiving, however. while some legitimate progress has been made in the rebalancing of global growth, most of the “ correction ” that has occurred has been driven by demand compression in the deficit countries. the same is true for the rising share of domestic demand in many surplus countries. it is not a case of domestic demand growing significantly faster but, rather, declining export sales in the face of falling incomes and aggressive belt - tightening in deficit countries ( chart 9 ). in those instances where surplus countries have increased their contribution to global domestic demand, it has often been concentrated in fixed investment, which was already inordinately high and frequently misallocated. investment as a share of gdp in china, for example, is roughly 50 per cent, while household consumption is roughly 35 per cent – extraordinarily low by any standard and declining over time ( chart 10 ). when growth returns to the deficit countries, the current account surpluses of these countries are likely to re - emerge. without a conscious effort to rotate demand and support global growth, true re - equilibration will be a long and painful process. another apparent sign of progress concerns the path of real exchange rates. in some surplus countries, exchange rates have shown signs of increased flexibility. however, these developments are quite limited compared with the movements observed in other, more truly flexible, regimes ( charts 11 and 12 ). they are also much less than fundamentals would suggest is appropriate. many surplus countries continue to rely on capital controls and active foreign exchange intervention to enhance their competitive advantage. taking all of this together, we appear to be trapped in the bad scenario. but if the situation continues, it could easily turn ugly. this is not to suggest that all of the difficulties that we have experienced are because of failed or partial policy implementation. there are two things worth noting in this regard. first, reinhart and rogoff are correct when they assert that recoveries after a major financial crisis, especially one that

undertakings. ladies and gentlemen, with these few words, i thank you for your attention and i hope that you will find the event insightful. 2 / 3 bis - central bankers'speeches thank you. 3 / 3 bis - central bankers'speeches
flourished through good and bad times. it has been a reliable partner for the business community. in recent years the bank has expanded both its branch network and its asset portfolio to take advantage of the robust growth in the business sector. good corporate governance, a commitment to providing high quality services to its customers and meticulous compliance with the regulatory and statutory requirements has been the hallmark of the bank. i would like to wish the bank of baroda the very best for the years to come. bis central bankers ’ speeches with these remarks, allow me to once again congratulate the shareholders, the board and senior management of bank of baroda for the issuance of bonus shares and for continuing to support both the development of the banking industry in uganda and the country ’ s capital markets. i hereby declare the bank of baroda bonus shares listed on uganda securities exchange. thank you. bis central bankers ’ speeches

conduct to ensure that it remains relevant to the ever changing environment within the industry. this review is necessary to ensure that the dynamic nature of the banking industry does not outrun its core basic values and principles in order to maintain public confidence. finally, allow me to once again congratulate you members of uganda bankers association for this achievement. with these few remarks it is now my pleasure and honour to launch the uganda bankers association, code of conduct. i thank you.
broke the back of inflation in the late 1970s and early 1980s, and it has been widely used by other central banks. while the discipline provided by stricter monetary aggregate guides became much less crucial once inflation was brought under control, dick ’ s work has continued to provide us with useful reminders of the value of monitoring money. moreover, the only reason that we have some confidence that one - half to two - thirds of u. s. currency is held abroad is because dick ’ s inquisitive mind wondered along such paths as differential seasonality across countries and fish migration. peter also was deeply involved in the monetary aggregates research in the 1970s - so much so that he was willing to go mano - a - mano with steve axilrod on the definition of m1 at the board table losing, of course, but winning the hearts, if not the minds, of his colleagues for his valor. later in his career, peter came up with innovative approaches to policy at the zero bound for interest rates, a potentially critical issue in a period of very low inflation. asset prices asset markets are of particular interest to policymakers as the transmission channel through which movements in money or short - term interest rates primarily affect the economy. because their prices incorporate market expectations for the future, they are also an area in which policy indicators might be found. the huge literature on speculative attacks in exchange markets started with dale ’ s work with steve salant on gold. it significantly influenced the thinking of an intern at the board, one p. krugman, who, in his pre - political mode, extended the thinking to foreign exchange crises. dale ’ s understanding of exchange markets intersected with his understanding of macroeconomics and policy in a number of studies that have tried to inject sense and analysis into discussions of sterilized interventions. dick ’ s work on asset markets includes his seminal work with steve leroy on variance bounds tests on present - value relations. their demonstration that equity prices were excessively volatile relative to what would be consistent with the efficient capital markets model posed a fundamental challenge to the theory of finance and spearheaded a vast literature aimed at improving our understanding of asset pricing and market efficiency. during the 1980s, peter also contributed to understanding in this area through his work on commodity price determination and the indicator properties of such prices for monetary policy. more recently, peter - working jointly with sharon kozicki - has been busy advancing our understanding of bond market dynamics. in a sequence of papers, they

outlook remain, ” federal reserve bank of kansas city, february 14, 2019. 6 agricultural banks are defined as banks with farm production and farm real estate loans equal to 25 percent or more of total loans. 4 / 5 bis central bankers'speeches 7 see supervision and regulation sr letter 11 – 14, “ supervisory expectations for risk management of agriculture credit risk. ” 5 / 5 bis central bankers'speeches
. gov. au / inquiries / current / productivity # report >. rba ( 2022 ), ‘ review of the rba ’ s approach to forward guidance ’, 18 november.

speech a monetary policy fit for the future michele bullock [ * ] governor australian business economists annual dinner sydney – 22 november 2023 thank you for inviting me to speak at the abe ’ s annual dinner. i spoke at it last year as deputy governor. little did i know i would be speaking this year as governor. i am going to talk about two things tonight. the first is current monetary policy, which i suspect is what many want to hear about. the second is more future focused – the changes that the reserve bank is implementing to our monetary policy processes. the nature of our inflation challenge but first to our inflation challenge. as i am sure you are all aware, the reserve bank board raised interest rates by 25 basis points at its november meeting. this followed several months when rates were held steady. an important consideration in the board ’ s decision was that both economic activity and inflation have been a bit more resilient over recent months than expected. inflation is past its peak and heading in the right direction, but it is likely to return to target a bit more slowly than we previously thought ( graph 1 ). as such, the board decided that a rate rise this month was appropriate to be more assured that inflation returns to target in a reasonable timeframe and to balance its inflation and full employment objectives. graph 1 trimmed mean inflation year - ended % forecasts % current previous sources : abs ; rba. the minutes of the november meeting were released yesterday and step through the main considerations in that decision, so i won ’ t repeat those here. instead, i would like to focus on one particular consideration for policy : that the remaining inflation challenge we are dealing with is increasingly homegrown and demand driven. this point is important because it has implications for the appropriate policy response. if inflation is simply the product of global supply disruptions or other price rises that monetary policy has little influence over then the appropriate response from interest rates would generally be limited. this is especially the case if inflation is driven by just a few items such as fuel, electricity or rents. however, a more substantial monetary policy tightening is the right response to inflation that results from aggregate demand exceeding the economy ’ s potential to meet that demand. i discussed this issue in my speech last month. it is true that supply - side disruptions were the most prominent driver of the initial surge in inflation around the world over recent years. pandemic - related supply chain problems occurred at the same time as demand for goods was strong, resulting
every bit counts. it is in this spirit of collective action that mas is publishing a sustainability report, to account for what we are doing together with the financial industry, and in our own right, to help remake a greener world and secure a more sustainable future. 8 / 9 bis central bankers'speeches we want to be the change we want to see. 9 / 9 bis central bankers'speeches

convenience. although cash is widely used and accepted in our society today, e - payment alternatives such as mobile payments and electronic wallets are gaining popularity. the “ tap - and - go ” feature of contactless cards is much in sync with the hurried lifestyles of today, hence the growing popularity of these cards. convenience is an important consideration in developments within the cashless space of payments. in 2008, for the first time, giro overtook cheques by volume of transactions in singapore. in fact, giro itself – which is based on batch processing – will be eventually overtaken by straight - through, real - time payments systems. the third “ c ” is cost - effectiveness. handling cash is costly. according to a 2010 study by retail banking research, the cost of distributing, managing, handling, processing and recycling cash in europe is estimated at €84 billion. this is equal to 0. 6 per cent of europe ’ s gdp. how to reduce the cost of cash without compromising confidence and convenience? a number of countries are exploring alternative note substrates and coinage materials to increase their durability, quality, security, and cost effectiveness. besides managing manufacturing costs, countries are looking at the end - to - end costs of currency distribution and collection. some have outsourced their currency functions, while others have automated their currency facilities to improve efficiency in currency processing. in singapore, we began automating currency processing and warehousing operations in 2000. today, singapore has one of the few fully automated currency handling facilities in the world. conclusion all of us gathered here share a common objective in establishing a secure, convenient, and cost - effective payment system. it is important for central banks and key industry players to engage one another and share best practices and lessons learnt. the currency conference serves this purpose. we have a large turnout from some 75 countries. we have many excellent speakers, and a diverse cast of delegates. i hope all of us can benefit from the sharing of experiences and the networking opportunities provided by the conference. i wish you all a successful and fruitful conference ; and to our guests from abroad, an enjoyable stay in singapore. bis central bankers ’ speeches
banks, pension funds and savers are now weighed down by the low interest rates. we keep a close watch on whether interest rates are not so low as to interfere with transmission, i. e. whether banks are still passing on the low interest rates to the real economy. as regards pension funds, one also needs to acknowledge that the performance of pension funds and their investments depends on many other factors and not only on interest rates. many savers feel as if they are now paying the price for the crisis. i understand it can feel like that for savers. borrowers benefit from favourable interest rates. but the costs for savers could have been much higher. inaction would have led to a severe economic and financial crisis. they would probably have lost much of their wealth during the crisis. 3 / 3 bis central bankers'speeches

a chart in the report that shows that the rate is currently approximately 3 percent. wages, nonmanufacturing firms are making efforts toward streamlining business processes and making labor - saving investment. concluding remarks now, let me wrap up my remarks. the bank's qqe has resulted in expanding the money stock, lending, and so forth. both nominal and real interest rates have fallen. this in turn has resulted in increases in production, exports, consumption, and business fixed investment. there are always those who argue against qqe, but as i have already explained, there is no basis to any of these arguments. the only problem is that prices have not risen. in relation to this, it is often questioned why wages and prices have not risen despite labor shortages. my answer is simply that labor shortages have been insufficient. if the current monetary policy is maintained, labor shortages will intensify further as the economy improves, and there will be a phase in which both wages and prices increase. if their momentum is strong enough, the bank will start reducing the level of monetary easing. some argue that there will be dangers associated with an exit from monetary easing as the bank heads toward reducing the level of monetary easing, but as i have explained, there are no such dangers. thank you for your attention.
the average interest rate spread for fixed - rate mortgages, which currently represent the bulk of new mortgage lending, narrowed in 2021, converging with the average spread for variable rate mortgages and standing at its lowest level in recent years. in this respect it is important to underline that the correct pass - through to interest rates of the risks inherent to lending is an essential condition to guarantee financial stability. the credit - to - gdp gap serves as an indicator for credit market imbalances and as a guide for the potential activation of macroprudential measures. as a result of the normalisation of bank lending in 2021 that i mentioned earlier, and the start of the economic recovery, in the last stretch of 2021 the gap continued to correct, after widening at the onset of the pandemic. this process is expected to continue into the coming quarters, but the gap is still quite large. in this respect it is important to note that, against the backdrop of the crisis caused by the pandemic, the growth in the credit - to - gdp gap is associated with the sharp drop in gdp ( the denominator in the credit - to - gdp ratio ) in 2020 and with the measures taken to support the flow of credit to the economy ( the numerator in the ratio ), which drove its strong growth in that year. accordingly, it does not reflect exuberant credit dynamics. likewise, credit intensity and the debt service ratio, which are complementary indicators to identify cyclical risk, stand at moderate levels. looking forward, our projections expect the credit - to - gdp gap to continue to correct in the coming quarters. yet further acceleration in inflation and increasing downside risks to growth make for greater uncertainty. in particular, we need to ensure in the coming moreover, in the case of the loan - to - income ( lti ) ratio, which measures the relationship between the mortgage principal and the borrower ’ s income at mortgage origination, the lti ratios in most new mortgage loans were either low ( lti less than 3 times ) or high ( lti over 4. 5 times ). quarters that the effect of nominal gdp growth is correctly interpreted, as it could have a less beneficial impact than in previous periods on the sustainability of private debt, given that it would be more closely related to higher production costs which drive down agents ’ income. likewise, the tightening of financial conditions would drive up the debt service ratio. developments in the spanish banking industry as regards bank

##balance. therefore to address new zealand ’ s overvalued exchange rate the underlying imbalances themselves must be addressed. raising domestic savings relative to our investment needs appears the best way to sustainably lower new zealand ’ s real interest rates and take the pressure off the real exchange rate. bis central bankers ’ speeches
the competition for high - end customers. in the mid and long term run, we are confident in china ’ s banking reform and hope that more foreign - funded financial institutions will participate in this market to promote competition, innovate and improve services and strengthen economic prosperity and development.

david dodge : economic and financial trends in the context of canada ’ s inflation - control strategy opening statement by mr david dodge, governor of the bank of canada, on the release of the monetary policy report update, 24 july 2002. * * * today, we published our update to the april monetary policy report, in which we discuss economic and financial trends in the context of canada ’ s inflation - control strategy. canada ’ s economic recovery, which began in the last quarter of 2001, gathered momentum in the first half of 2002. over the period to the end of 2003, the bank projects continued solid economic expansion at an annual rate of 3 to 4 per cent. this will result in growth of close to 3 1 / 2 per cent on an annual average basis in 2002 and in 2003. both the total and core rates of inflation are projected to be slightly above 2 per cent in the second half of 2002, before steadying out at close to 2 per cent in 2003. given that the canadian economy grew at a faster pace than anticipated in the first half of 2002, there is now less excess capacity than was projected in our april report. the economy is expected to be operating at full capacity in early 2003 - sooner than previously anticipated. in light of these developments, the bank has continued to reduce the amount of monetary stimulus in the economy, raising the target for the overnight interest rate by 25 basis points on three occasions in april, june, and july - to bring the rate to 2 3 / 4 per cent. it remains the bank ’ s view that the underlying economic situation will require further reductions in the amount of monetary stimulus. the timing and pace of policy adjustments will depend on the strength of the various factors at play and their implications for pressures on capacity, and thus on inflation. there are both upside and downside risks to the outlook for canadian economic growth. on the positive side, growth of domestic demand could turn out to be stronger than projected because of the substantial amount of monetary stimulus still in place. on the negative side, there are the uncertainties associated with global corporate and financial market developments and their potential effects on confidence and world economic growth. at this time, the risks to our projected rate of growth of 3 to 4 per cent growth appear to be balanced. as we go forward, the bank will remain focused on taking actions to achieve the 2 per cent inflation target. keeping inflation low and stable is the best contribution that monetary policy can make to sustained economic growth in canada.
##pr discussion paper no. 4695, 2004. * source : accession monitoring reports, http : / / www. ind. homeoffice. gov. uk. the data include the period between may 2004 and december 2005. nbp calculations. * * source : skills needs in the irish economy : the role of migration, a submission by the expert group on future skills needs and forfas to the minister for enterprise, trade & employment, http : / / www. skillsireland. ie. the data include the period between may 2004 and august 2005. * * * source : migracje specjalistow wysokiej klasy w kontekscie członkostwa polski w unii europejskiej. centre for migration research, warsaw university. the data include the period between may 2004 and december 2004. † workforce – people of 15 and more years of age in q1, 2004. analysts also point out that the dynamically growing chinese economy, which uses more and more commodities, contributes to a significant increase in their prices, and may potentially drive up inflation. however, considering the increased competitive pressure, the possibility of shifting higher cost of commodities ( e. g. oil ) onto the final prices is limited 12. in addition, in view of fierce competition on the labour market and the changes referred to above, the risk of growing wage demands is limited, and so are the so - called second - round effects. re 3 ) over the past three decades, the financial sector has become highly international. financial services, provided under strictly regulated, separate, domestic financial systems in the past, are now provided under ever more open, competitive and global system. one of the measures of globalisation in the financial services sector is the growing volume of cross - border capital flows. cross - border transactions in the bonds and shares segment are now exceeding 90 trillion ( thousand billion ) us dollars per annum, which translates into usd 250 billion daily 13. moreover, the size of financial markets and their meaning to the global economy becomes ever greater. according to mckinsey global institute 14, the total value of global financial assets is now usd 118 trillion, whilst as far back as in 1980 they were only 12 trillion. the increase in the volume of financial assets is progressing at a higher rate than that of output, and has now reached a threefold of the global gdp, whilst back in 1980 it was approximately equal to the world output. additionally

also intends to conduct provincial sensitisation visits and to localise these visits by way of disseminating information in local languages and dealing with matters, which are peculiar to those provinces. governor, kindly give your closing remarks it is our hope and desire that through this information dissemination programme and other similar interventions, we shall increase the public ’ s awareness on the role of the bank of zambia in the economic development of this country. it is my honour to launch this information dissemination programme and i urge you all to listen in and actively participate in the live phone - in programme, which we will hold at the end of the radio programme. i thank you.