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econo-pairs-v1

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As of 2002, the “implicit inflation targeting regime” was adopted as a strategy of convergence BIS Review 89/2006 1 with the formal inflation targeting regime and gradually the components of this regime were adopted. In line with these efforts, some changes were made in our Bank’s organization and some new departmen...	Rapid changes in exchange rates* Duration Value at the Top value (days) beginning % Change Standard deviation Beginning Date Ending Date 15.04.2002 30.07.2002 106 1.2928 1.6966 31.2 1.11 03.12.2002 09.01.2003 37 1.5200 1.6825 10.7 1.00 03.03.2003 25.03.2003 22 1.5962 1.7548 9.9 1.53 24.09.200...	1
But turning back to banking in the region, even if this scenario is realized, and there must of course be much uncertainty on this, the amount that banks would be called upon to finance would remain very substantial in absolute terms. For the foreseeable future, therefore, the banks will still be playing a key role in ...	Thirachai Phuvanatnaranubala: The strengthening and development of regional bond markets Speech by Mr Thirachai Phuvanatnaranubala, Deputy Governor of the Bank of Thailand, at the APEC Business Advisory Council Meeting, Tokyo, 16 May 2003. * * * Lessons from the Asian crisis – a local perspective Thailand’s experien...	0
In this context, we will focus in particular on the possible repercussions of dampened growth dynamics, geopolitical developments, exchange rate and energy price developments, and the pass-through of our monetary policy measures. We will be particularly vigilant as regards the broader impact of recent oil price develop...	In this context, early next year the Governing Council will reassess the monetary stimulus achieved, the expansion of the balance sheet and the outlook for price developments. We will also evaluate the broader impact of recent oil price developments on medium-term inflation trends in the euro area. Should it become nec...	1
Christian Noyer: The role of inflation - indexed bonds in the process of setting monetary policy: a central banker’s perspective Speech by Mr Christian Noyer, Governor of the Bank of France, at the Morgan Stanley seminar on indexed bonds, Paris, 9 June 2004. * * * Ladies and Gentlemen, [Dear Friends], It is a great ...	Both initiatives are aimed at promoting the development of index bond funds in the regional markets and, at the same time, enhancing both domestic and regional bond market infrastructure. This is a very concrete initiative, involving the allocation of funds by a considerable number of central banks. These three sets of...	0
Much has been written of late as to whether costs in Hong Kong are too high. Let me ask you to reflect on the following. Cities such as London and New York have a reputation for being expensive. So also do of a number of capital cities in former communist countries. In a very general sense one can say that London and N...	Thus, today, the received wisdom is that central banks should follow clearly articulated policies aimed at a stable monetary environment. This in turn begs the question of how to define a stable monetary environment. BIS Review 135/1999 2 In Hong Kong, a highly open economy with no capital controls, we focus on stabi...	1
This will be aided by the fact that the relationship established via the MPF is likely to be a sticky one, and companies are unlikely to shift to another scheme unless there are good reasons to do so. This does not mean, however, that MPF providers can afford to provide a bad service. If they do, they will destroy good...	Deregulation has been the catalyst – the more cynical would say the excuse – for banks to introduce fees and charges on deposit accounts. Most banks have also introduced tiered savings accounts, with higher interest rates being paid on larger balances. Sometimes the rate depends on the range of the bank's products and ...	1
In the event of a deviation from the inflation target, the Riksbank has to decide how soon monetary policy should bring inflation back to the targeted rate. If this is done too quickly, it will exact a cost in the form of instability in the real economy and in financial markets. If it takes too long, on the other hand,...	The SNB will continue to monitor developments on the mortgage and real estate markets closely, and to assess whether further measures are necessary to mitigate the risks to financial stability. Page 3/3	0
In this context, we conducted an intensive process of dialogue with banks to monitor and manage this risk, which so far remains contained. Third, 2022 was characterised by an intensive wave of cyber-attacks against the most critical sectors in Albania, including the banking sector. The focus of our analyses and examina...	Monetary conditions are almost identical: three and six months Libor and Euribor rates do not differ by more than 50 basis points. I strongly believe that those three features – speed, innovation and cooperation – allowed central banks to play a decisive part in containing the crisis and limiting its impact. Has the cr...	0
24 In addition, there are other structural forces, such as population aging, that may impact bond markets and, hence, the transmission of monetary policy. See, for example, Praet, P. (2018), “Economic policymaking under uncertainty", speech at the “la Caixa” Chair for Economics and Society conference, Madrid, 17 Octob...	That is, once markets and credit risk agencies price climate risks properly, the amount of collateralised borrowing counterparties can obtain from the ECB will be adjusted accordingly. We have also joined the Central Banks and Supervisors Network for Greening the Financial System. ECB staff are contributing in all thre...	1
Fernando Restoy: Presentation of the book “Financial regulation: the solution or the problem?” Closing address by Mr Fernando Restoy, Deputy Governor of the Bank of Spain, at the presentation of the book “Financial regulation: the solution or the problem?”, Fundación de Estudios Financieros, Madrid, 5 March 2015. * * ...	In particular, the supervisor should have the real capacity to influence bank managers’ decisions through moral suasion and to formulate non-legally binding recommendations, in the sure knowledge that they will in practice be very widely followed. Supervisory actions would otherwise be excessively hampered by a regulat...	1
• The central government budget – growth in public expenditure – influences the krone and the size of the internationally exposed business sector in the medium term. Government expenditure and revenues must be in balance in the long term. • Wage formation, the structure of the economy and incentives determine how wel...	Yet, not only has there been no depreciation pressure on the Hong Kong dollar: it has in fact strengthened following capital inflows into Hong Kong since the outbreak of the crisis in midSeptember last year. Consistent with the principles of the Currency Board, the Hong Kong Monetary Authority (HKMA) has bought a total...	0
In one of his books he wrote: “If prices rise, the rate of interest is to be raised; and if prices fall, the rate of interest is to be lowered; and the rate of interest is henceforth to be maintained at its new level until a further movement of prices calls for a further change in one direction or the other.” Just over...	The example of Japan in the 1980s suggests that consumer price stability may not be a sufficient condition for precluding bubbles in asset prices and financial instability. With trend inflation averaging two per cent a year, the situation in Japan in the 1980s was very close to what we now commonly mean by price stabil...	1
If contingent capital became more widespread, banks’ capital ratios would be automatically stabilised over the cycle, lowering the chances of future banking crises. As several academics have argued, the same basic principles could be applied to the debt contracts issued by households, companies and even sovereigns. Tak...	It also accounts for a significant proportion of the rise in risky debt prices: a year ago, corporate debt prices were signalling larger losses on company securities than seen during the Great Depression (Chart 6).  Third, improved liquidity in financial markets has lowered decisively uncertainty about future market ...	1
BIS central bankers’ speeches The benefits of reform Having argued for the extension of the reform race, I am conscious of the risk of fatigue. But as Ravi Menon argued more than a year ago: “it is imperative that we press on with the reform agenda and do not succumb to reform fatigue.”27 Already we can hear some of t...	And the Basel Committee is developing the capital framework to ensure implicit offers of contingent support by banks, for example to their SIVs, will be properly capitalised. Interconnections created by derivatives are being reduced and made transparent. Requirements are being imposed, and incentives created, for banks...	1
An important element of this proposal is that any financial institution that obtains federally-insured deposits or has access to refinancing from the Federal Reserve would be prohibited from owning, investing in or sponsoring hedge funds or private equity firms. Essentially, it aims to separate traditional banking acti...	Lorenzo Bini Smaghi: From boom to bust – towards a new equilibrium in bank credit Speech by Mr Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, at the Ernst & Young Business School seminar, Milan, 29 January 2010. * * * I would like to thank, in particular, L. Cappiello, P. Aberg, G. ...	1
One thing that I of course knew from the beginning is that forecasts – regardless of the uncertainty of their accuracy – must be made when one is making a decision and future developments affect which decision alternative appears most appropriate. This applies in particular to monetary policy decisions. As monetary pol...	10 Importantly, in addition to the ECB measures, others that have also been conducive to the flow of bank funding to the economy during this crisis are the public guarantee programmes implemented by national governments and the decisions of both macroprudential and microprudential authorities to allow financial instit...	0
Indeed, the author of the Life and Times of Marlborough would likely have approved of this choice of venue for today’s launch. After all, Blenheim Palace was built as a gift to the first Duke of Marlborough, John Churchill, in recognition for his leadership of the Allied forces to victory in the Battle of Blenheim in 1...	This added strength means we expect polymer notes to last at least two-and-a-half times longer than the current generation of £ banknotes, generating cost savings over time. Polymer notes are also better for the environment. Because they will last longer, we will have to print fewer. That means less energy in productio...	1
2/4 BIS central bankers' speeches Any new form of digital money in order to succeed will need to be trusted as a store of value and as an accepted means of payment. Stablecoins must therefore promise, credibly and consistently, to be fully interchangeable with existing forms of money. In other words, they must be anc...	Monetary policy was embarking on a path which targeted inflation and which, unlike monetarism before it, downplayed money and credit. And the regulation of banks, long the preserve of central banks, was in many countries being hived off to separate regulatory agencies. What happened next was truly extra-ordinary. Wheth...	0
BIS Review 100/2010 7 1. the possibility that if a bank has more equity capital the return on equity is less variable lowering the required rate of return. (This is a partial allowance for the mechanism underlying the Modigliani-Miller result.) 2. the likelihood that the extra tax revenue that accrues to the govern...	The broader economy should see a recovery in the second half of this year alongside strengthening global demand and further progress in our vaccination programme. Trade-related activities such as manufacturing and wholesale trade will be supported by resilient global trade flows and robust upswing in the global tech cy...	0
And we are discussing incremental enhancements to Wealth Management Connect with Mainland authorities, such as improving sales arrangements, expanding product scope, and allowing more financial institutions to participate. We will also focus on developing the offshore RMB derivatives market by introducing risk-manageme...	At the end of last year, foreign holdings of onshore equities had more than tripled and foreign holdings of onshore bonds had more than doubled in just three years. Following a strong 2021, foreign equity and bond inflows into onshore markets have softened a bit this year on the back of COVID lockdowns in the Mainland ...	1
The Paris Club primarily negotiates debt relief with countries – often poor countries – that do not have access to traditional international funding markets. There is no supranational body for debt negotiations for countries that have borrowed in international capital markets. Some years ago, the IMF attempted to draw ...	Public occupational pension schemes seem to enjoy slightly stronger constitutional protection than national insurance pensions, but the Supreme Court has 14 ROBEK – register of all municipal and county authorities subject to approval pursuant to Section 60 of the Local Government Act. 15 See discussion in Appendix 5...	1
Among the emerging market countries, those in Asia in particular have long been considered engines of vitality and technological adaptation in the world economy, and this recognition had been reflected in very high rates of GDP growth until the financial crises of 1997 and 1998. One problem those crises revealed is tha...	Although unemployment has been stubborn, the key challenge expressed by many Europeans is to make labor markets more flexible, and indeed, some change is evident. This past year, unemployment in the euro area finally seems to have started to trend down, falling to 9.6% in January, a seven-year low and almost 1 percenta...	1
Profits rose sharply and bad debts were lower. This means that the clouds that have hung over the banking system for the last two years have now lifted. But it would be wrong to conclude that life for the banks will go on much the same way as it did before in the golden years before the crisis. The competitive environm...	Going forward, these phenomena are expected to be reversed by a further adjustment of consumption and investment, under the assumption that the policies that spurred the sharp fall in national savings will not be repeated. As I will show you shortly, over the next two years today's current-account deficit will be subst...	0
These BIS central bankers’ speeches 1 estimations conditioned the retaining of the stimulating nature of monetary policy during the second quarter of 2012. The key rate stood at the lowest historical level, providing eased monetary conditions in order to meet our inflation target and support the Albania’s economic a...	It is now my pleasure to introduce Nancy Lee of Interise, Marlene Orozco from SLEI, and Claire Kramer from the New York Fed. 2/2 BIS central bankers' speeches	0
They should gradually acquire the necessary knowledge, abilities, position and behaviour to take sound financial decisions and be able to deal with emergency situations, like the current one we are experiencing. Concluding, I would like to thank all participants and collaborators of the Bank of Albania in all its educa...	Likewise, many married couples want to have children – not for GDP but because children are a source of joy and fulfilment of love. Government policies on marriage and parenthood are guided by this higher purpose. And of course, a growing labour force is a happy, economic by-product. We must make balanced choices in ad...	0
Of course, since new forms of shadow banking activities are certain to develop in the future, FSB members will continue to monitor for emerging risks, and share data and analysis in order to support any future regulatory response. 9 The data refer to the UK, the US and the Euro Area, as of June 2009 (see Bank of Englan...	What a Difference a Decade Makes Mark Carney Governor of the Bank of England Chair of the Financial Stability Board Remarks at the Institute of International Finance’s Washington Policy Summit, the Reagan Centre, Washington DC 20 April 2017 I am grateful to Alice Carr, Wayne Chapman, Carsten Jung and Iain de Weymarn ...	1
BIS central bankers’ speeches Table 1 Historic equity home bias for G20 countries (a) (1995–2007)(b)(c) Advanced G20 1995 2000 2005 2007 USA 0.72 0.76 0.61 0.56 UK 0.66 0.68 0.58 0.56 Germany 0.65 0.58 0.45 0.48 France 0.80 0.78 0.59 0.62 Italy 0.71 0.65 0.54 0.54 Japan 0.93 0.92 0.84 ...	Andrew G Haldane: The big fish small pond problem Speech by Mr Andrew G Haldane, Executive Director, Financial Stability, of the Bank of England, at the Institute for New Economic Thinking Annual Conference, Bretton Woods, New Hampshire, 9 April 2011. * * * The views are not necessarily those of the Bank of England ...	1
For example, the foreign investor’s total holding of Government securities reduced from K1,054.7 billion in the third quarter of 2008 to K446.2 billion by the second quarter of 2009. Similarly, the flow of foreign investments at the Lusaka Stock Exchange switched from a net inflow of $ million during the period January...	For instance, during the fourth quarter of 2008, the overall balance of payments deficit widened to US $ million from US $ million recorded the previous quarter. Merchandise export earnings declined to US $ million from US $ million realised in the third quarter of 2008 following a sharp reduction in metal export earni...	1
If the marginal social benefits foregone of the wrong choice are large, relative to the private costs incurred, then quantitative restrictions are optimal. Why? Because fixing quantities to achieve pollution control, while letting prices vary, does not have large private costs. When the marginal social benefit curve is...	And add-ons to these capital and liquidity buffers for institutions posing the greatest systemic risk are being discussed to address the second. 9 In essence, this is a taxation solution to the systemic risk pollution problem. 10 There is a second approach. On 21 January 2010, US President Barack Obama proposed placing...	1
We are continuously estimating this lag, which is quite small and adheres to the standard accepted in other countries. Therefore, even the reduction of 0.25 pp may drag down rates for the ultimate borrower. Having said that, risk assessment factors for specific borrowers are essential for banks, and we can see that thi...	And as far as I am aware, neither France nor Italy has become a champion of growth in Europe. France and Italy are lagging behind today because of a lack of national reforms. The euro cannot and will never be able to replace them. And this is good news since it means that there remains much room for our domestic polici...	0
They have other issues that frustrate them, such as why average wages are still two to three times lower than those in Germany and many other countries after 25 years of transition, when at the same time many products carrying the “Made in Germany” label are assembled on our territory. Or why so many companies pay such...	But still, being for the euro is simply a total political non seller. If I were to summarise the arguments against joining, be it on the side of the general public or professionals, they would be roughly threefold: A. The first one is sentimental rather than economic. We have been living with our Czech koruna, or crown...	1
In terms of foreign exchange market efficiency, Hong Kong is the fifth FX activity centre supported by a unique network of real time gross settlement systems in USD, Euro, RMB and the HKD. Hong Kong has a high standard of market transparency, disclosure, prudent supervision and without exchange controls which is crucia...	To stay ahead of the game, corporate treasurers need to ensure that the treasury function can be transformed to better support international growth in order to capture the immense opportunities in Asia, and at the same time sharpen the management of capital, liquidity, funding and treasury related risks in order to nav...	1
Some stylised experiments affecting the natural interest rate So if it’s not monetary policy, what might have caused the long decline in the real risk-free rate of interest in the past twenty years or so, both before and since the financial crisis? Chart 3 provides a basic visual framework for thinking about these thin...	Bandid Nijathaworn: Regional financial integration and development of local markets Speech by Mr Bandid Nijathaworn, Deputy Governor of the Bank of Thailand, at the JP Morgan Investor Seminar during the IMF/WB Annual Meetings, Singapore, 17 September 2006. * * * First, let me start by thanking JP Morgan for inviting...	0
We, at the Banque de France are very attentive to those issues because our institution has been entrusted by law to support financial inclusion. Our contributions in that area are today quite diverse and are a major part of our mission to provide services to the public, in the line with three major objectives: improvin...	For instance, some recent figures for the euro area, and Germany in particular, as well as China seem to show that over time the contribution of the external sector may be decreasing. The ability of global trade to sustain growth and contribute to global recovery also seems to have been stronger than expected. The impl...	0
Miroslav Singer: Regulatory earthquake Welcoming remarks by Mr Miroslav Singer, Governor of the Czech National Bank, at the Basel Consultative Group Workshop on the impacts of Basel III on emerging market and smaller economies, Czech National Bank, Prague, 26 August 2013. * * * Dear participants of the Basel Consult...	Tarisa Watanagase: Current topics of the economy and monetary policy of the Kingdom Dinner talk by Dr Tarisa Watanagase, Governor of the Bank of Thailand, to the Japanese Chamber of Commerce, Bangkok, 24 March 2010. * * * Good Evening, Ladies and Gentlemen, First of all, I would like to thank the Japanese Chamber of...	0
History has shown that countries that suddenly gain access to an abundance of resources have a tendency to deplete the values rapidly and then fall into decline. 9 Since the introduction of the fiscal rule in 2001, oil revenue spending in Norway has been increased by close to NOK 110 billion. Oil revenues now fund abou...	Denis Beau: What role should banks play in the twin digital and climate revolution? Speech by Mr Denis Beau, First Deputy Governor of the Bank of France, at the conference at the Jean Monnet University, Saint-Etienne, 15 April 2022. * * * Accompanying slides can be found on the Bank of France website. [SLIDE 1] Student...	0
Lower interest rates should contribute to easing current tensions in the financial markets and also to facilitating the flow of credit. But monetary policy alone cannot resolve the financial and economic crisis. Corrective actions at other levels of policy are required, and these have indeed been taken by national gove...	This is evidence that we have not experienced a spike in inflation directly attributable to the euro. A lot of people would tell you that everything went haywire after March... Yes, we have since had an increase in inflation but this is largely attributable to the delayed higher international energy prices and the spik...	1
UK banks have roughly doubled the proportion of assets they fund with equity since the end of 2007, and they have cut the share of total funding accounted for by shortterm wholesale funding from nearly 30% in 2007 to 10%. They have tripled their liquid asset holdings. Trading assets have been reduced by a third and int...	They need to challenge themselves to think through how a crisis might unfold and how they would respond – as there may not be the luxury of time or discretion to prepare when it is occurring. Resolvability also cannot be a static concept – firms’ capabilities may need to be improved or refined, and will need to be in s...	0
Paul Fisher: Managing liquidity in the system – the Bank’s liquidity insurance operations Speech by Mr Paul Fisher, Executive Director, Markets, and Member of the Monetary Policy Committee of the Bank of England, at the Loan Market Association Syndicated Loans Conference, London, 30 September 2010. * * * The Bank of...	If an institution cannot meet its target through the inter-bank market, it can use the Bank’s standing deposit and lending facilities. Under these facilities, reserve account holders can deposit with, or borrow from the Bank overnight for unlimited amounts at a fixed penalty to Bank Rate. So in practice, these faciliti...	1
To complicate matters, we must not forget the geopolitical risks in the Middle East, terrorism and other surprises. This year, we have already had several reminders of the risks in the system. The Chinese stock market has experienced a few incidents of volatility following expectations of and actual government action. ...	Banks should pay attention to consumer feedback for early warnings of potentially larger issues and proactively take steps to address emerging customer concerns early. The ABS Code of Consumer Banking Practice is premised on four key principles – fairness, transparency, accountability and reliability. These principles ...	1
The first is that we are striving to attain high GDP, high employment and low unemployment, and resource utilisation is related to these targets. But we should only do this when it is compatible with the inflation target. The inflation target takes precedence. This differs from the United States, where the central bank...	Here I am thinking about variables like the economy’s potential growth rate, the output gap and the NAIRU etc. Why should identifying asset market misalignments, excessive credit growth and a rapid decline in private financial balances be more difficult than forming an opinion about variables such as these? My view abo...	0
As I have discussed previously, important research by Stanford economist Raj Chetty and his co-authors has shown that intergenerational income mobility in the United States—a child’s chances of moving up in the income distribution relative to his or her parents—has remained stable over the past half century.1 However, ...	And, while we are working hard to improve available information, we lack sufficient historical depth to be able to use the past as a guide to estimate future developments. In addition, there is no previous experience of structural changes of this magnitude, which also require a very long-term perspective, and where the...	0
However, it is first when private consumption has accelerated in recent years that GDP growth has increased so strongly that unemployment has also fallen. Many factors have led to households starting to consume: Cuts in public finances no longer burden household budgets – instead lower taxes have increased disposable i...	Estimates of unfunded pension liabilities range up to several trillion dollars. While widespread, underfunding of public pensions is not universal. Many states have found ways to keep their public pensions reasonably well funded, demonstrating that pushing today’s costs into the future is not an inevitable outcome of a...	0
But central banks have also long been worried that, left to themselves, banks will try to avoid holding the best-quality, most liquid assets, because they yield less. If, in an attempt to induce banks to hold truly liquid assets, the central bank were to declare that it would lend against only the highest-quality colla...	In particular, while growth and employment rates have been converging upwards across the euro area, significant gaps still remain in terms of levels. In large parts of the euro area there are still substantial under-utilised resources, reflected in a negative output gap and high unemployment rates. And this is of cours...	0
So the central bank’s mandate needs to permit a temporary undershooting of its inflation target if it thereby reduces the risk of a subsequent painful bust. The past few months have, however, seen questions asked of our inflation-targeting framework for other reasons. According to some, the framework has constrained th...	Eddie Yue: The development and future of the offshore Renminbi market Keynote address by Mr Eddie Yue, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Euromoney Global Offshore RMB Funding Forum 2013, Hong Kong, 8 May 2013. * * * Tony (Shale)1 Richard (Morrow),2 Distinguished Guests, Ladies and G...	0
The monetary policy mandates of the Federal Reserve are clear: We must foster monetary and financial conditions that support maximum employment and price stability. Since January 2 BIS central bankers’ speeches 2012, the Fed has set an explicit goal for inflation of 2 percent, as measured by the price index for total...	In the case of Chile, this duty to impart information is stipulated in the Central Bank’s Constitutional Organic Law which mandates that once a year the Bank must inform the President of the Republic and the Senate about its deliberations and developments. This takes place in September when the Central Bank Board prese...	0
For example, “popular narratives” can emerge which shape collective expectations among the public – optimism or pessimism, exuberance or depression – and which can then drive aggregate economic fluctuations. 19 Recent research has demonstrated just how powerful those emergent popular narratives can be, economically an...	Jon Cunliffe: The role of the leverage ratio and the need to monitor risks outside the regulated banking sector Speech by Sir Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England, at the Financial Reporting Council annual conference, London, 17 July 2014. * * * In early 2009, around the heigh...	0
9 The ARRC Selects a Broad Repo Rate as its Preferred Alternative Reference Rate 10 Information about SOFR can be found at apps.newyorkfed.org/markets/autorates/sofr. 11 In addition to the London Interbank Offered Rates, the other major interbank offered rates (IBORs) are the Euro Interbank Offered Rate (EURIBOR) and ...	But the fact that firms are starting to grapple with implementation means that they’ve got past denial and bargaining and settled down to acceptance. Smaller firms may be lower down on the preparation curve, although presumably their total risks are also smaller. In December, the Federal Financial Institutions Examinat...	1
1 This broad based deterioration in the global economy was carried through into the first and second quarters of 2009. The most recent projections by the IMF suggest that global growth will contract by 1.4% in 2009 before recovering to a growth rate of 2.5% in 2010. For the United States of America and the Euro Area, g...	It is expensive to use, however, and in one way or another we all as bank customers pay for the use of it. For reasons of security and efficiency in retail payments, a more widespread use of cards would be desirable. Forces driving the development of the card payment market The forces of supply and demand shape the evo...	0
Despite the importance of the labor force increase, its impact on trend growth is not immediate or transmitted one for one. The economy must undergo a process of adjustment while the sharp increase in the supply of labor is completely absorbed, so that new workers are placed in positions that match their skills. The in...	It must be noted that this occurs in the context of high inventory buildup towards the end of 2018 and the increased uncertainty surrounding the external scenario. In any case, the other part of investment—construction and other works—has remained dynamic and forward going forward signs are still positive. On one hand,...	1
It can be said, in simple terms, that the application of quantitative easing entails a focus on the liability side of the balance sheet, while the state of the asset side becomes less important even though this is also reflected in the balance sheet. The express purpose of this shift from price to quantity is usually t...	Global imbalances were built up If we are to understand the origins of the crisis, we cannot ignore certain factors in the macroeconomic landscape. This applies in particular to the major global imbalances that were built up over a long period of time. In the rapidly-developing economies in the oilproducing countries a...	1
So it is important to ensure the presence of suitable mechanisms that facilitate the necessary co-ordination. In the arrangements recently proposed by the new government in the United Kingdom that is to be achieved by putting both the decision makers – the Monetary Policy Committee and the Financial Policy Committee – ...	a: The coefficient δ in the regression Δρt = α + βt + γ1Δρt-1 + γ2Δρt-2 + δρt-1 + εt, where ρt is the deviation of the actual price level from a price path implied by the target measure of inflation. b: 90% critical level = -3.14 (-3.16 for euro-area regression). c: The coefficient δ in a pooled regression (omitting th...	1
In Sweden, we have STIBOR (Stockholm Interbank Offered Rate) for contracts in Swedish kronor. STIBOR is used, among other things, to price variable-rate loans aimed at companies and the public sector, when pricing various derivatives in the financial market and to determine the interest rate for variable-coupon bonds. ...	Why “rebalancing?” Because we were steadily raising interest rates toward normal territory amid global and domestic economic recovery. Well, that was one year ago. One year can be a long time, especially for financial markets. And, indeed, things have changed a great deal since then. We had the flood; and the euro cris...	0
Almost half the increase is attributable to a lower interest rate level. Debt burdens are still high, but the stabilisation of employment at a relatively low level has contributed to reducing uncertainty. The interest rate level remains low. In addition, house prices have increased. The saving ratio is therefore expect...	Thank you for your attention BIS Review 38/2010 5 6 BIS Review 38/2010 BIS Review 38/2010 7 8 BIS Review 38/2010 BIS Review 38/2010 9 10 BIS Review 38/2010 BIS Review 38/2010 11 12 BIS Review 38/2010 BIS Review 38/2010 13 14 BIS Review 38/2010 BIS Review 38/2010 15 16 BIS Review 38/2010 BIS Rev...	1
Within this view, some members put more emphasis on the continuing shortfall in the level of GDP relative to pre-Covid, while others emphasised the continuing direction of travel towards closing that gap and the evidence of cost pressures accompanying the closing. But all of this group were of the view that the stimulu...	Pulling this together, the recovery has slowed and the economy has been buffeted by additional shocks. The switch of demand from goods to services, as Covid has faded in terms of its economic impact, has not taken place to date on the scale expected. Meanwhile, supply bottlenecks and labour shortages have weighed on ou...	1
These two examples are of course extremely simplistic, and are not realistic parameterisations of the Bank’s actual RSS. In broad terms, the elasticity of the Bank’s RSS is pinned down by three broad considerations. First, the Bank sees merit in allocating some funds regularly against wider collateral, to ensure counte...	The fruits of that labour were revealed in the summer of 2010, when the Bank replaced the extended LTRs with its new permanent Indexed Long-Term Repo (ILTR) operations. In the ILTR auctions, counterparties can submit bids against narrow collateral, wider collateral or both. The Bank then allocates a proportion of the f...	1
When thinking about the major challenges for maintaining financial stability I find it useful to first look at the notion of how the “real world” deviates from the “frictionless” ideal world of academic textbooks. In order to organise my reasoning, this can serve as a useful starting point, since in the ideal world the...	This is partly because these can cause instability in both the real economy and prices when the bubble bursts and partly because the stability of the banking system could be threatened. Measures to avoid financial imbalances being built up are thus motivated on the basis of both of the Riksbank's objectives; to maintai...	0
Over the last two decades, China has grown into one of the two largest economies in the world. At the same time, authorities are constantly announcing new steps to increase the renminbi (RMB) convertibility and develop its use in international transactions. It is therefore natural to wonder whether the RMB will emerge ...	This may be, for the future, an interesting precedent: a new global currency can emerge without destabilizing the system. It is also worth noticing that the euro crisis had no major effect on its international role. In particular, the share of foreign reserves invested in Euro securities has barely moved. And, when the...	1
Macroeconomic developments and main assumptions Now, I will talk about the macroeconomic outlook and our assumptions on which our forecasts are based. First, I will summarize the recent inflation developments, and then continue with the domestic and foreign demand outlook upon which we based our projections. In the fo...	In order to reduce the intermediation costs of the banking system and provide additional support to core liabilities, we raised the remuneration rates on TL required reserves by 50 basis points each month in September, October and December 2015. Additionally, we made some adjustments to the coverage of reserve requirem...	1
In the last 10-20 years, where energy prices have risen at a faster pace than other consumer prices and the tax level has increased somewhat, the CPI-ATE has tended to underestimate underlying inflation. This is illustrated in the chart, which shows the difference between the year-on-year rise in the CPI and the CPI-AT...	House sales totalled NOK 44 billion, twice the total for the previous year. Syndication companies and property funds account for almost half of total sales. In Sweden, the share of foreign investors has been relatively high, and rising, for several years. In comparison, foreign ownership in the Norwegian property marke...	1
If oil prices rise further or remain at the current high level for a long period, petroleum investment may again amplify the cyclical upturn to a greater extent than projected. Monetary policy and the outlook for the Norwegian economy The analyses in Inflation Report 2/05 are based on a baseline scenario where the key ...	At the monetary policy meeting of 11 August, the Executive Board stated that new information since the previous monetary policy meeting does not suggest that we should deviate from the interest rate path envisaged in the June Inflation Report. Monetary policy easing through 2003 and into 2004 has resulted in low real i...	1
As a result, by issuing securities in a segmented TIPS market, the Treasury may keep realized yields on bill and nominal coupon securities lower than they otherwise would have been. The last noteworthy fiscal benefit from TIPS issuance is the fact that it reduces risk to the U.S. government in terms of the variability ...	This is partly because these can cause instability in both the real economy and prices when the bubble bursts and partly because the stability of the banking system could be threatened. Measures to avoid financial imbalances being built up are thus motivated on the basis of both of the Riksbank's objectives; to maintai...	0
That includes ensuring that the common monetary policy is properly transmitted to all sectors of the economy and to all countries, and to prevent the financial fragmentation of the area. We also stand ready to adapt all our instruments should it be necessary. Naturally, we must also remain vigilant regarding the risks ...	In particular, along with the adverse impact that the social distancing measures we may have to maintain in the future may exert on activity, there is a further effect. This is more difficult to measure a priori and relates to the possible and potentially persistent changes in agents’ behaviour in response to the “new ...	1
Although policies have now been in crisis management mode for five years, the interbank market has yet to return to its normal state, reflecting the extent of the lingering damage within the financial sector. To a considerable extent, the common currency masked vulnerabilities related to the build-up of various imbalan...	While each financial institution is best positioned to monitor its own risk exposure, it does not have the incentives to internalize the costs it may impose on other financial institutions should it experience difficulties. Second, supervisors are able to obtain and monitor proprietary information about an institution’...	0
It gives market participants the opportunity to make secure profits at even lower interest rates and hence sets a lower bound for how low the interest rate on short-term government securities can fall. 18 It seems reasonable that this price development has been caused by our bond purchases and that the interest rate on...	We will, in any event, reassess the value of each portfolio component before making the transfer to the special purpose vehicle. The lowest valuation will be applied. To secure initial financing for the operation, we will obtain US dollars through a Dollar-SwissFranc swap with the Federal Reserve. Thereafter, we will t...	0
Surely, they say, enormous increases in the monetary base are likely to be accompanied by substantial price level increases. The problem with this story is that the banks have not been lending these reserves nearly enough to generate big increases in broad monetary aggregates. And even if they did, as an indicator of i...	Pridiyathorn Devakula: Monetary policy in Thailand: current challenges and prospects Speech by M.R. Pridiyathorn Devakula, Governor of the Bank of Thailand, to the APFA 2001 Conference held in Bangkok, 24 July 2001. * * * President of APFA, Distinguished Guests, Ladies and Gentlemen, It is an honour to address the 8...	0

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Dataset Card for "econo-pairs"

Econo-pairs is a dataset made of pairs of sentences extracted from worldwide central banks speeches and other public financial institutions. Each pair is labelled as a positive (1) or negative (0) one. Positive pairs are made of sentences extracted from the same speech. Negative pairs are made of sentences extracted from a random other speech.

Credits

Full credits to the Bank of International Settlements for making the resource available through the internet. Credits to Samuel Chaineau for making it available on HF Hub.

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