samchain/econo-pairs-v2 huggingface dataset:
weaken as inflation and rising interest rates erode real disposable income. this would drive up provisioning and reduce income generation capacity. in this respect, although the debt levels of non - financial corporations and households have fallen considerably since the global financial crisis, 15 debt - servicing costs are climbing sharply as interest rates rise. our estimates show that a 400 bp increase in market interest rates, similar to that observed in the 3 - month euribor since december 2021, 16 could drive up non - financial corporations ’ median gross interest burden by between 2. 9 pp and 6. 8 pp, 17 and the percentage of corporate debt held by corporations under high financial pressure18 by between 6. 5 pp and 8. 9 pp, compared with end - 2021 levels. for households, a 450 bp increase, in line with that observed in the 12 - month euribor19 since end - 2021, would raise the percentage of households with a high net interest burden20 by 3. 9 pp. this effect would tend to be more marked among lower - income indebted households, which are also being harder hit by rising inflation. in this regard, the reform in late 2022 of the code of good banking practice ( cgp ) focuses precisely on providing for orderly debt restructuring for household segments with a high degree of socio - economic vulnerability. how different banks and financial systems are positioned against these risks will determine their level of resilience. in this respect, amid such high uncertainty, including that surrounding the degree of monetary policy tightening, spanish banks must implement a prudent provisioning and capital planning policy. a policy that earmarks part of the higher profits obtained in the short term to bolster banks ’ resilience would mean they would be better placed to absorb any potential losses should the worst risk scenarios materialise. from a european standpoint, a smoother - functioning euro area with improved governance would contribute hugely to making the european financial system less vulnerable. in particular, the creation of a fully mutualised european deposit insurance scheme would boost both public and market confidence. it would also contribute to greater risk - sharing in the euro area, and thus help reduce potential fragmentation episodes. from highs of 119. 9 % and 85. 6 % of gdp, respectively, in 2010, to 72 % and 53 % at end - 2022. the 3 - month euribor is the main benchmark rate for non - financial corporations ’ funding costs. these figures are obtained drawing on different hyp

i ’ d be happy to avoid answering any questions you might have. “ the world economy : central bankers to the rescue? ” the economist, aug. 13, 2011. bis central bankers ’ speeches
create a more prosperous, vibrant, and inclusive africa. thank you. 3 / 3 bis - central bankers'speeches

ravi menon : enabling fintech for good opening remarks by mr ravi menon, managing director of the monetary authority of singapore, at the leaders'session at inclusive fintech forum, kigali, 21 june 2023. * * * his excellency paul kagame, president of the republic of rwanda, his excellency hakainde hichilema, president of the republic of zambia, distinguished guests, ladies and gentlemen, good afternoon. i am delighted to be part of this remarkable session bringing africa and asia together on the theme of enabling fintech for good. there is much we can do together, and singapore is proud to be part of this effort. since coming here a couple of days ago, my colleagues and i have been struck by the energy and vitality of this place. technology is transforming the world of finance. fintech presents both opportunity and risk. we want to harness these opportunities while managing the risks. in singapore, when we began our fintech journey 8 years ago, we set four guiding principles for the use of fintech : to increase efficiency ; to manage risks better ; to create new opportunities ; and most important to improve people's lives. eight years later, these principles continue to guide us. as we walked our fintech journey, we learnt along the way. two critical enablers have proven decisive in getting us to where we are : first, building foundational digital infrastructure second, fostering connectivity and collaboration let me say a few quick words about each of them. first, foundational digital infrastructure – systems that allow different users, different solutions, and different devices to seamlessly interact with one another. just as physical infrastructure like roads and railways helped to connect and advance the industrial economy, we need digital infrastructures to enable a vibrant digital economy. what are these digital infrastructures? one, a digital identity, so that we can interact with one another digitally, with trust and confidence, knowing who is on the other side of the transaction. in singapore, we introduced singpass as a digital identity to facilitate secure, consent - based verification for residents to digitally access more than 700 different government services. 1 / 3 bis - central bankers'speeches two, interoperable electronic payments. we need not only digital payment solutions but common payment rails or networks for these different payment solutions to be interoperable. in singapore, we built paynow, an instant payment service. residents can move money to one another's bank account in real - time at
day, saving for retirement is a necessity. but this is just the beginning. we look forward to continuing our partnership with you to achieve a more convenient and affordable retirement savings for every filipino. 3 / 4 bis central bankers'speeches once again, i welcome you all to this event, and i hope you enjoy today ’ s program. thank you and stay safe. 4 / 4 bis central bankers'speeches

toshiro muto : dynamism and diversity of asia - a central banker's view remarks by mr toshiro muto, deputy governor of the bank of japan, at " emerging opportunities in the global economy " the 29th annual joint meeting of japan - u. s. southeast association and southeast u. s. - japan association, tokyo, 17 october 2005. * i. * * introduction good morning, ladies and gentlemen. it is a great pleasure to join you at this special gathering. asia is undergoing tremendous changes. links between the countries in this region are getting closer. two big countries, china and india, are growing on a global platform. these changes are taking place not only in economic terms but also in the political and diplomatic arenas. against this background, changes in asian dynamics are beginning to reshape the contours of the us - asia relationship. with these things in mind, i will address four facets of today's asia : booming economies, rising regional cooperation, looming challenges, and evolving relations with the us. ii. booming economy following the economic crisis in 1997 - 98, the economies in south - east asia have made a strong recovery. indeed, countries in this region have exhibited impressive resilience in restoring their economic vitality. when the world economy slowed in the wake of the bursting of the it bubble in 2002 - 03, asia's solid growth helped avert the global recession. china's economic expansion is particularly remarkable as it has sustained an average growth of 8 - 9 percent per annum for the past decade. if you take a closer look at the current economic dynamism in asia, you will not fail to see a stark difference from the past economic booms. in the past, trade in this area was simple. industrial countries like japan and korea imported raw materials from their asian neighbors to export final products to the us and europe. in contrast, trade patterns within asia are now much richer on the basis of the sophisticated vertical division of production processes. countries are specializing in the optimal parts of the supply chain on the basis of their resource endowment and comparative advantage. this process is being propelled by foreign direct investment ( fdi ) coming from both within and outside the region. for example, japan exports intermediate and capital goods to china and other asian countries, and these countries assemble what they import from japan in order to make final products for the global markets. consequently, the proportion of intra - regional trade in asia has climbed to
pace with all these developments? imf et al. ( 2023, p. 66 ) define digitally delivered trade as “ all international trade transactions that are delivered remotely over computer networks ”. eastern caribbean central bank p. o. box 89, basseterre, st kitts, west indies 4. the mindset we need the type of growth mindset theorised by stanford psychology professor carol dweck. a mindset that sees these developments not as challenges to be feared but as opportunities to be leveraged. a mindset dedicated to lifelong learning and innovation. ( slide 8 ) the world economic forum ’ s “ future of jobs report 2023 ” projects that, over the next few years, some of the top job growth areas would be technology - related ( world economic forum, 2023 ). unsurprisingly, the future of jobs report identifies analytical thinking ; creative thinking ; resilience, flexibility and agility ; curiosity and lifelong learning ; technological literacy ; and empathy and active listening among the top core skills in the labour market ( world economic forum, 2023 ). i am pleased to observe that the master classes on offer for this dialogue precisely target these skills. 5. the model innovation cannot flourish in a vacuum and it is neither a task for, nor the domain of, a single sector. historically, the caribbean region has not fared well on measures of innovativeness. switzerland, sweden, the united states, the united kingdom and singapore are the top five most innovative economies ( out of 132 ranked economies ), according to the world eastern caribbean central bank p. o. box 89, basseterre, st kitts, west indies intellectual property organization ’ s “ global innovation index 2023 : innovation in the face of uncertainty ” ( wipo, 2023a ). jamaica and trinidad and tobago rank 78 and 102, respectively. alas, the eccu countries are not ranked ( slide 9 ). the netherlands, which ranked seventh, credits its impressive performance partly to its “ triple helix model of innovation ” ( wipo, 2023b ) – an approach proposed by henry etzkowitz and loet leydesdorff ( 1995 ). this model calls for collaboration among government, academia and industry to create the necessary ecosystem for innovation to thrive ( slide 10 ). finally, the innovation ecosystem must be supported by an appropriate financing architecture. professor mariana mazzucato, who specialises in the economics of innovation, makes a cogent argument for

48220 world intellectual property organization ( wipo ). ( 2023b, march 9 ). michiel sweers on the “ triple helix ” innovation model │ mission imagination [ video ]. youtube. https : / / www. youtube. com / watch? v = n3vdpygoiy
lim hng kiang : brief review of recent financial and economic developments in singapore congratulatory remarks by mr lim hng kiang, deputy chairman of the monetary authority of singapore and minister for trade and industry, at deutsche bank's 35th anniversary, singapore, 13 feb 2007. * * * distinguished guests, ladies and gentlemen, good evening, i am delighted to be with you this evening to celebrate deutsche bank's 35th anniversary in singapore. i am very glad to note as well that today's celebrations is also marked by deutsche bank's move to one raffles quay, the newest address in our financial district. it is testimony of deutsche bank's continued commitment to singapore. set up in 1972, we have seen deutsche bank singapore grow in size over the years. it has also witnessed and participated in the economic transformation of singapore, from a trading hub in the 1970s, to a major metropolis today. we are indeed heartened that, 35 years on deutsche bank continues to see opportunities to deepen its roots here. just last week, deutsche bank announced its group performance for 2006 and i must congratulate dr ackermann and your team, for registering yet another record year for deutsche bank. today deutsche bank is represented in many of asia's financial markets. we are indeed pleased that deutsche bank had made singapore the hub for your regional operations. we noted that some 1600 people are involved in a broad scope of activities including trading, treasury and investment banking here. to accommodate this, i understand that deutsche bank's trading floor in this building is one of the largest in singapore. singapore's economic growth for 2006 continues to stay strong at 7. 7 %, with almost 170, 000 jobs created last year. our market indices have breached the 3, 000 point mark and our gdp per capita has exceeded us $ 30, 000. we are also witnessing the strong growth of asia propelled primarily by the two economic powerhouses of india and china. the economies in south east asian have seen a resurgence with countries like vietnam rushing forth and is one of the fastest growing economies in the region. trade and investments among asian countries, and between regions including the middle east and asia, have increased substantially. we have also seen substantial wealth creation in the middle east and asia. asia is estimated to have about 2. 4 million high net worth individuals with assets over us $ 7. 6 trillion and comprise almost 20 % of global high new worth wealth. this is projected to grow annually by

. aspx 2 swiss re group, 23 apr 2021. https : / / www. swissre. com / risk - knowledge / risk - perspectives - blog / climate - change - cost - asia - pacific. html 3 / 3 bis - central bankers'speeches
chinese proverb that says “ a single conversation with a wise man is better than ten years of study ”. bis central bankers ’ speeches it has been a long day, in particular for those who departed early this morning or are still suffering from jet lag. therefore, i am not going to hold you up anymore. bon appetit! bis central bankers ’ speeches

of that we, central bankers are interested in limiting currency mismatches in the balance sheet of domestic market participants. one can also look at fx borrowing of the unhedged domestic agents as the mirror image of the well - known convergence play, when foreigners invest in assets denominated in local currency. the only constraint of this convergence play is the risk absorption capacity of the borrowers. magyar nemzeti bank supports responsible lending and borrowing behavior that targets to increase the risk absorption capacity of borrowers. i am sure we still have to discuss the role of fx loans in more detail in the future. however, i am convinced that an overly simplified view, emphasizing only type of risks, would not lead us towards a consensus view and would help little in guiding future policy measures. finally let me say a few words about the events of the most recent months and touch briefly on future challenges we are facing. summer brought favourable developments in various dimensions. global risk aversion eased significantly, thanks mainly to the well coordinated fiscal and monetary measures of developed countries. this was obviously a very welcome phenomenon for hungary. it helped the currency to appreciate by more than 10 % compared to the levels in spring, and also contributed to the significant drop of domestic bond yields, even at longer maturity. i consider the functioning of the government securities market to be a key indicator of market perception on fiscal sustainability. in this regard, it was particularly favorable that, following a long pause, the government was also able to issue long maturity bonds in forints. while the imf / eu package provides reliable source of financing, the ultimate goal is obviously to return to market financing, preferably in forints. therefore we not only have to present sound and credible fiscal consolidation measures to the international institutions for approval, we also have to make sure that market participants find the fiscal path credible. last, but not least, the return of market confidence gave the magyar nemzeti bank the room to start reducing the key interest rates. further positive news was coming from price developments. ex ante there were wellgrounded concerns about the inflation impact of the large vat hike, a crucial part of the fiscal tightening measures. central banks never welcome any administrative increase in the price level, there is always the risk that a part of the one - off increase will lead to more permanent inflation pressure. this was especially a pronounced concern in hungary given our less than satisfying track record of meeting the inflation targets. while it
. 8 8 donnery, sharon. gender diversity for policy making, a central banking perspective. remarks delivered at omfif gender balance index 2020 launch ( 5 march 2020 ). 9 9 madouros, vasileios. diversity and inclusion : why it matters for the central bank. remarks delivered at national diversity & inclusion conference ( 4 september 2019 ). 10 10 higher education authority, state examinations commission. 11 11 donnery, sharon. the importance of diversity in central banks and supervised entities. remarks delivered at the central bank of malta 50th anniversary conference ( 4 may 2018 ). 4 / 4 bis central bankers'speeches

” after the bubble bursts. the surmise therefore was that the cost - benefit calculus of a more activist monetary stance of “ leaning against the wind ” was clearly negative. in other words, it is not the job of central bankers to remove the punch bowl no matter that the party is getting wild. 32. the crisis has dented the credibility of the greenspan orthodoxy. the emerging view post - crisis is that central banks cannot remain indifferent to asset price bubbles. however, it has thrown up a debate over what should be the role of the central bank and how that role might affect its other responsibilities, and indeed its autonomy. the debate is still fluid and there are no conclusive answers. nevertheless, it has helped in crystallizing some views to guide the way forward. let me discuss some of them. 33. as much as the pre - crisis orthodoxy about not deploying monetary policy in aid of asset price management has now lost its potency, reservations persist about its efficacy. the essence of the argument is that the typical monetary policy action of raising policy interest rate in small steps of 25 – 50 basis points will not help contain the surge in asset prices. on the other hand, monetary policy action aggressive enough to deter asset price build up will take a heavy toll on the real economy. a consensus is building around the view that the most appropriate way of addressing asset prices is through macroprudential instruments, either independently or in conjunction with monetary policy. indeed, macroprudential instruments are at the heart of the basel 3 package which was agreed upon last year. 34. macroprudential policies are neat in concept but throw up a host of problems in operation. the tools of macroprudential policy such as capital norms, countercyclical buffers and risk weights fall within the domain of regulation. but there also has to be consistency between the monetary stance and macroprudential policy. does this then mean that the central bank should also have responsibility for bank regulation? if on the other hand, the responsibilities are distributed across different agencies, what should be the platform and protocol for coordination? what should be the role of the government? 35. indeed, the post - crisis trend has been to entrust macroprudential supervision to central banks, and where central banks already have this responsibility, to define it more explicitly. while there could be some synergies in that, there are also questions about potential conflicts of interest such as when, for example, the macro
saying to yourself, " is it too late to book ali g? " however, anyone who stayed awake through ec 10 understands why this issue is so important. 7 as adam smith pointed out in 1776, in the long run, more than any other factor, the productivity of the workforce determines a nation's standard of living. the decades following the end of world war ii were remarkable for their industrial innovation and creativity. from 1948 to 1973, output per hour of work grew by nearly 3 percent per year, on average. 8 but then, for the next 20 years or so, productivity growth averaged only about 1 - 1 / 2 percent per year, barely half its previous rate. predictably, the rate of increase in the standard of living slowed as well, and to about the same extent. the difference between 3 percent and 1 - 1 / 2 percent may sound small. but at 3 percent per year, the standard of living would double about every 23 years, or once every generation ; by contrast, at 1 - 1 / 2 percent, a doubling would occur only roughly every 47 years, or once every other generation. among the many consequences of the productivity slowdown was a further complication for the monetary policy makers of the 1970s. detecting shifts in economic trends is difficult in real time, and most economists and policymakers did not fully appreciate the extent of the productivity slowdown until the late 1970s. this further influenced the policymakers of the time toward running a monetary policy that was too accommodative. the resulting overheating of the economy probably exacerbated the inflation problem of that decade. 9 productivity growth revived in the mid - 1990s, as i mentioned, illustrating once again the resilience of the american economy. 10 since 1995, productivity has increased at about a 2 - 1 / 2 percent annual rate. a great deal of intellectual effort has been expended in trying to explain the recent performance and to forecast the future evolution of productivity. much very good work has been conducted here at harvard by dale jorgenson ( my senior thesis adviser in 1975, by the way ) and his colleagues, and other important research in the area has been done at the federal reserve board. 11 one key finding of that research is that, to have an economic impact, technological innovations must be translated into successful commercial applications. this country's competitive, market - based system, its flexible capital and labor markets, its tradition of entrepreneurship, and its technological strengths – to which harvard

reforms to the government ’ s tax policies and spending priorities that serve not only to reduce the deficit but also to enhance the long - term growth potential of our economy – for example, by encouraging investment in physical and human capital, by promoting research and development, by providing necessary public infrastructure, and by reducing disincentives to work and to save. we cannot grow out of our fiscal imbalances, but a more productive economy would ease the tradeoffs that we face. thank you. i would be pleased to take your questions. bis central bankers ’ speeches