samchain/econo-pairs-v2 huggingface dataset:
attention.

huge opportunities also lie in health - conscious products such as organic produce, food supplements, and low - sodium diets, where thailand ’ s welldeveloped food industry could give us a solid foundation. being one of the first countries to become an aging society will also give us a head start to develop new businesses that would help address the needs of the elderlies, and expand to other markets abroad that will soon become aging societies as well. according to the un, ten percent of the world population will be older than 65 five years from now, with more than 200 million living in china. medical tourism industry, for example, need to take advantage of thailand ’ s established foundation and scale up to serve the needs of broader spectrum of senior travelers from all over the globe. in addition to demographic change in the thai market, we should also look at demographic changes at the global level. outside of thailand, demographic changes mean more than just an aging society. in most developing nations, particularly those in south asia and africa, populations are booming with urbanization, modern lifestyles, and better access to healthcare and basic infrastructure. these two often overlooked markets are filled with big and growing young population, and a fast - growing share of the middle class that are expected to play an important role in driving the global consumption and economy in the future. by 2030, these regions will be home to more than 45 percent of the world population. these huge young markets with high potential for income growth will have to be the new promising market for thai businesses to explore. these two markets currently account for only around 7 percent of our exports, and although exports to south asia has been steadily increasing in recent years, there is much room to grow and we need to move fast. 2. climate change the second trend that will play a major role in the coming years is climate change. indeed, climate change is hardly anything new ; scientists have been talking about it for decades. but the impact of climate change keeps coming closer. perhaps it started with melting ice cap and changing bird migration pattern ; now we started to really feel climate change in the forms of more frequent and severe draughts and floods, wildfires, and other natural disasters. climate change will impact businesses in many ways. production line could be disrupted by flooding as we witnessed in 2011, natural disasters could affect logistics, and our popular beaches become more vulnerable to the rising sea level and changing weather patterns. impact on agricultural sector most concerning, perhaps, is the effect on
chahad m., a. hofmann - drahonsky, b. meunier, a. page and m. tirpak ( 2022 ), “ what explains recent errors in the inflation projections of eurosystem and ecb staff? ”, ecb economic bulletin, issue 3, april. daniellson j., m. valenzuela and i. zer ( 2018 ), “ learning from history : volatility and financial crises ”, the review of financial studies, 31 ( 7 ), 2774 - 2805. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 20221108 icmb public lecture pierre wunsch – national bank of belgium page 10 of 11 ecb ( 2021 ), “ review of macroeconomic modelling in the eurosystem : current practices and scope for improvement ”, occasional paper 267. gornicka l. and a. meyler ( 2022 ), “ does the tail wag the dog? a closer look at recent movements in the distributions of inflation expectations ”, ecb economic bulletin, issue 6 ( box 3 ), september. hillenbrand s. ( 2022 ), “ the fed and the secular decline in interest rates ”, nyu stern school of business, mimeo. hilscher j., a. raviv and r. reis ( 2022 ), " how likely is an inflation disaster ", cepr discussion paper, april. imf october 2022 world economic outlook, analytical chapter 2. lambrias k. and a. page ( 2019 ), “ the performance of the eurosystem / ecb staff macroeconomic projections since the financial crisis ”, ecb economic bulletin, issue 8, december. mann c. l. ( 2022 ), “ inflation expectations, inflation persistence and monetary policy strategy ”, speech at the 53rd annual conference of the money macro and finance society, university of kent, 5 september. reis r. ( 2021 ), “ losing the inflation anchor ”, brookings papers on economic activity, 307361,

the level of ambition of fund surveillance and the cooperation of its members to a higher level than that exists now. today ’ s conference should advance our ambition. cfr. for instance the interview of professor reinhart published for the attention of the imf staff in november 2009. cfr. for instance raghuram rajan, fault lines, page 215.
during the training and continue encouraging and supporting one another. i sincerely wish you all the very best on your leadership journey. thank you. 2 / 2 bis - central bankers'speeches

positive changes and greater organisational success. i am proud to have witnessed your commitment to the training despite your numerous responsibilities and workload. i am even more encouraged by the collective sharing of your learning experiences this afternoon, how you plan to put what you have learnt into practice, and how you would like to continue being empowered to further develop your leadership potential. today's graduation ceremony is definitely not the end goal. i look forward to the positive impact and transformation that your leadership will have on your respective team members, as well as on the performance of your respective divisions, units and the bank as a whole. i also count on you to embrace the upcoming rotation programme being designed to shape cbs leaders into well - rounded central bankers. your commitment to these efforts will contribute to the objective of ushering in a new era of central banking within cbs and building a stronger and more resilient institution. in all of this, it is essential to acknowledge that leadership and learning go hand in hand. i look forward to our collective contribution on how the bank can put the necessary mechanisms in place for the continued empowerment and development of not only the leaders gathered here today but also other existing and future team members with leadership potential. at this juncture, i would like to take the opportunity to thank'it's a learning curve'for partnering with cbs on the leadership development programme and extend my deepest appreciation to andrew and paul for tailoring and facilitating the sessions, with a particular focus on addressing the specific needs of our institution. your expertise and unwavering commitment have undoubtedly contributed to the programme's success. we look forward to more collaboration as we endeavour to continue empowering our leaders. to the graduating leaders, allow me to quote simon sinek, who is well - known for his thoughts on leadership : " leaders are the ones who have the courage to go first, to put themselves at personal risk to open a path for others to follow ". this quote resonates well with your journey. i remember the mixture of sentiments echoed when you were embarking on the programme in october last year - from excitement to uncertainty. nevertheless, you willingly embraced the opportunity. today, i say well done and congratulations to all of you. my greatest desire is to see you uphold the organisational values as you lead and do it with your head, heart, and hands - that is, be mentally, emotionally, and physically engaged in the noble task entrusted to you. i also hope you will maintain the bond formed
observed empirical distributions — for these variables are symmetric. indeed, an important addition to the sep introduced in december 2020 is a set of charts showing the historical evolution of diffusion indexes for the assessment of the balance of risks to the gdp, unemployment, and inflation projections submitted by each participant. in the june sep round, my individual projections for gdp growth and the unemployment rate turned out to be quite close to the path of sep medians for each of these variables over the 2021 – 23 projection window. under the “ median of modes ” outlook in the sep, gdp growth this year is projected to be 7 percent on a q4 - over - q4 basis, which, if realized, would represent the fastest four - quarter gdp growth since the 1980s. under the projections, gdp growth does step down to 3. 3 percent in 2022 and further to 2. 4 percent in 2023, but to a pace that still exceeds the projected pace of longrun trend growth in all three years of the projection window. not surprisingly, the projected path of robust gdp growth in the sep translates into rapid declines in the projected sep path for the unemployment rate, which is projected to fall to 4. 5 percent by the end of this year, 3. 8 percent by the end of 2022, and 3. 5 percent by the end of 2023. this modal projection for the path of the unemployment rate is, according to the atlanta fed jobs calculator, consistent with a rebound in labor force participation to its estimated demographic trend and is also consistent with cumulative employment gains this year and - 4next that, by the end of 2022, eliminate the 7 million “ employment gap ” relative to the previous cycle peak i mentioned earlier. 5 as is the case for gdp growth and the unemployment rate, my projections for headline and core pce ( personal consumption expenditures ) inflation are also similar to the paths of the sep median of modal projections for these variables. under the projected sep path for inflation, core pce inflation surges to at least 3 percent this year before reverting back to 2. 1 percent for the next two years. thus, the modal baseline outlook for inflation over the three - year projection window reflects the judgment, shared with many outside forecasters, that most of the inflation overshoot relative to the longerrun goal of 2 percent will, in the end, prove to be transitory. but, as i have noted before, there is no doubt that it is taking

monetary stabilization policy at the zero lower bound : consequences of limited foresight, ” nber working - 10 paper series 27521. cambridge, mass. : national bureau of economic research, july, https : / / www. nber. org / papers / w27521.
ducoulombier and your colleagues every success. 19. thank you. bis central bankers ’ speeches

liability. this is particularly relevant for asia as industrialisation and infrastructure investments in this region will propel demand for insurance solutions to mitigate construction and project cargo risks. we have established a group of interested lead and follow markets in singapore to offer coverage in these two lines. the markets comprise leading insurers, reinsurers and lloyd ’ s syndicates operating in singapore. we look forward to the industry ’ s active participation in this bold venture. conclusion 29 ladies and gentlemen, insurance is fundamentally about risk management. as the region around us continues to grow, the insurance industry can support this growth and development by creating relevant risk management solutions that can pave the way for a broader range of corporates and investors to participate in its growth. 31 the two strategies of ils and public - private partnerships that i have highlighted earlier mark the metamorphosis of singapore ’ s reinsurance industry as we transform from a mainstream traditional reinsurance hub, to a sophisticated full - fledged global capital for asian risk transfer. 32 i invite you to be a part of this metamorphosis, as we chart new paths together in this journey that singapore is embarking on. 33 thank you very much. 4 / 4 bis central bankers'speeches
for new horizons. that are good news for a german, even though vulnerabilities and big challenges remain. thank you very much for your attention. 5 / 5 bis central bankers'speeches

second, it means no preferential treatment for london beyond existing equivalency arrangements ; this could possibly be improved slightly, as currently planned by the commission. this brings us to my third point : some new capacity will have to be created in the eu, and at the same time the internal market has to be deepened in terms of financial integration. what should happen is that national and regional efforts should be consolidated under the umbrella of a common european strategy to deepen and modernise the internal market for financial services. i firmly believe that digitalisation holds the key to our success. we are all familiar with examples of how smart digital applications have helped to make buying and selling more transparent ( e. g. comparison websites ), to break down language barriers ( e. g. translation services ), to overcome information problems and to build trust ( blockchain applications ). ultimately, the continental financial centres need a strong digital market infrastructure that makes full use of all new digital possibilities. only then they can effectively overcome fragmentation. to sum up, it is my firm view that deepening and modernising the european internal market is the best economic strategy to counter the geopolitical challenges posed by brexit. which brings us to the new european commission. the team of ursula von der leyen will officially go to work in brussels on 1 november 2019. they will shape how the eu approaches our economy ’ s biggest challenges, and they can decisively shape the financial market strategy. von der leyen has nominated valdis dombrovskis for the important role of executive vice3 / 5 bis central bankers'speeches president for an ‘ economy that works for people ’. as such, he will lead the work on deepening economic and monetary union. von der leyen has set the goal for dombrovskis, namely that “ europe ’ s social market economy helps ensure that social fairness and prosperity go hand in hand ” ( quote from ursula von der leyen ’ s mission letter to valdis dombrovskis ). it should also be climate - neutral and work within the ecological boundaries of the planet. the mission letter states the following goals : “ to preserve and improve financial stability, protect savers and investors and ensure the flow of capital to where it is needed. ” to achieve these goals she has identified eight crucial priorities. the new commission aims : to complete the banking union, to speed up the work towards a capital markets union to diversify sources of finance for companies and tackle the barriers
the federal reserve to sustain the flow of credit to households and firms. in the labor market, about half of the 22 million jobs that were lost in the spring have been restored, and the unemployment rate has fallen since april by nearly 7 percentage points to 7. 9 percent as of september. i remind you that in the spring, many voices questioned what good rate cuts, forward guidance, asset purchases, and lending programs could do in an economy in which people do not venture out to buy cars or build houses and in which companies do not invest to augment their capital stock. well, the data show us that with rates low, credit available, and incomes supported by fiscal transfers, the answer is — at least so far — that they do build houses, buy cars, and order equipment and software. that said, the covid - 19 recession threw the economy into a very deep hole, and it will take some time, perhaps another year, for the level of gdp to fully recover to its previous 2019 peak. it will likely take even longer than that for the unemployment rate to return to a level consistent with our maximum - employment mandate. however, it is worth highlighting that the committee ’ s baseline projections summarized in the most recent summary of economic projections foresee a relatively rapid return to mandate - consistent levels of employment and inflation as compared with the recovery from the global financial crisis ( gfc ). 2 in particular, the median federal open market committee ( fomc ) participant projects that by the end of 2023 — a little more than three years from the most recent summary of economic projections, an addendum to the minutes of the september 2020 meeting of the federal open market committee, is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / fomccalendars. htm. - 3now — the unemployment rate will have fallen to 4 percent, and pce ( personal consumption expenditures ) inflation will have returned to 2 percent. following the gfc, it took more than eight years for employment and inflation to return to similar mandateconsistent levels. my baseline outlook is close to these projections, but i must also acknowledge that the economic outlook is unusually uncertain, and, moreover, that the ultimate course the economy follows will depend on the course of the virus, socialdistancing norms, and mitigation efforts put in place to contain it. the september fomc decision and the

new monetary policy framework : a robust evolution, ” speech delivered at the peterson institute for international economics, washington d. c. ( via webcast ), august 31, https : / / www. federalreserve. gov / newsevents / speech / clarida20200831a. htm.
jean - claude trichet : hearing before the economic and monetary affairs committee of the european parliament introductory statement by mr jean - claude trichet, president of the european central bank, at a hearing before the economic and monetary affairs committee of the european parliament, brussels, 22 march 2010. * * * dear madam chair, dear members of the committee on economic and monetary affairs, it is a pleasure to be with you today for the first regular hearing in 2010. over the last few months, since our meeting in december 2009, the euro area economy as a whole has continued to gradually recover. but there are a number of issues, related to country and financial market developments, which have led to an intense discussion about the euro area and its functioning. this makes today ’ s discussion all the more timely. wir sehen, welche großen herausforderungen sich durch die finanzkrise fur die europaische wirtschaftspolitik ergeben. wir sehen auch, was es heißt, mit wirtschafts - und wahrungspolitik verantwortungsvoll umzugehen. die stabilitat der gemeinsamen wahrung ist die verantwortung aller. aujourd ’ hui, comme le veut la tradition, je commencerai mon intervention par une evaluation de la situation economique, en portant une attention particuliere a l ’ elimination progressive des mesures non conventionnelles prises lors de la periode de crise. ensuite, j ’ aborderai les deux sujets sur lesquels nous nous sommes mis d ’ accord concernant la politique budgetaire et les desequilibres mondiaux. economic and monetary developments as mentioned, since the previous hearing last december, economic and financial conditions have continued to improve, albeit only at a moderate pace. economic activity is estimated to have increased by 0. 1 % from the third to the fourth quarter of last year. recent information confirms that we can expect a moderate recovery in the current year. this is in line with the latest ecb staff projections. also forecasts by other institutions confirm this expectation, with an annual growth rate round 1 % in 2010, gaining pace in 2011. in the assessment by the governing council, the risks to this outlook remain broadly balanced, but as predicted

##ouble their efforts to reform infrastructure to achieve continuously open, competitive markets. finally, while these official initiatives are essential, systemic resilience importantly depends on the oversight of private parties ranging from investors to management and boards. ultimately, the private sector will remain the first line of defence. a focus on improving these oversight functions is thus required. as we look back and move forward, we would all be advised to remember that pride goes before the fall. risks are usually the greatest when they appear the least ; and financial market participants the most vulnerable when they think they know all the answers. in a dynamic financial system, all participants need to focus continually on identifying vulnerabilities and improving resilience. our work has just begun.
njuguna ndung ’ u : new cheque clearing cycle remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, during the announcement of the t + 1 cheque clearing cycle, central bank of kenya, nairobi, 31 july 2013. * * * mr. jeremy awori, chairman, kba the deputy governor, central bank of kenya ladies and gentlemen ; it is my great pleasure to welcome you all to the central bank of kenya. ladies and gentlemen, today marks another important milestone in the enhancement of the cheque clearing process in the automated clearing house. since 1998, the central bank of kenya has worked towards modernizing the national payment systems. this journey started with the automation of the clearing house, through the introduction of the magnetic ink character recognition ( micr ) technology and the electronic funds transfer ( eft ) payments. these initiatives resulted in the reduction of clearing time from fourteen ( 14 ) days to the current two ( 2 ) days. other milestones in the modernization process include the successful launch of the kenya national payments system framework and strategy document in september 2004, the kenya electronic payments and settlement system ( kepss ), in july 2005 and authorization of the mobile payments platforms to enhance financial inclusion, in 2007. ladies and gentlemen, kepss implementation helped phase out the previous paper - based inter - bank settlement system and completely transformed the management of liquidity in the banking industry. currently, kepps processes, real time, a daily average of over 7000 transactions valued at kes 86 billion. in 2008, the central bank of kenya in conjunction with kenya bankers association ( kba ), initiated the modernization of the cheque clearing payments system, which was aimed at mitigating various risks as well as enhancing efficiency, with three key deliverables two of which are the cheque truncation system and the reduction of cheque clearing cycle to t + 2. the cheque truncation system and the t + 2 clearing cycle were achieved within the agreed time, in 2011 and 2012 respectively. these measures have contributed tremendously to the significant reduction in cheque - related frauds as well as increasing the efficiency of cheque payments. ladies and gentlemen, the introduction of cheque truncation enabled the whole of kenya to become a “ one clearing zone ”. this meant that cheques drawn in nairobi, upcountry and remote zones e. g. moyale, would be processed within the

partner in the modernization of the national payment system as a key stakeholder in kenya ’ s banking industry. we are thankful for their role in facilitating and supporting the success of the automation and improvement of the national payment system. indeed, the central bank remains committed to creating, nurturing and strengthening partnerships with all stakeholders in the banking industry. finally, i would like to assure you all that the central bank will continue to provide a supportive regulatory environment for banks and other financial institutions to do business and to improve the payment systems. thank you all for your attention bis central bankers ’ speeches