samchain/econo-pairs-v2 huggingface dataset:
i said before, the stability of our financial and monetary systems depends on more than these columns and microprudential supervision. a sound macroeconomic and fiscal basis is equally important, and it is not central banks but policymakers that have the means and the legitimacy to ensure this basis. bis central bankers ’ speeches

holdings. with the increasing focus on real assets, individuals ’ propensity to borrow also rose temporarily in the 1990s. however, in terms of their level of indebtedness, german households remained at the lower end of the international league. as in similar earlier periods, higher external financing of private fixed asset investments was stimulated by declining interest rates and a government promotion policy which favoured borrowing. however, the peak is likely to have been passed in 1993 - 94. in the ensuing period, the shifts of emphasis in residential construction and the gradual reduction of tax privileges tended rather to support higher internal financing again. by contrast, the decline in interest rates has not significantly increased the propensity to raise consumer borrowings ; this is also supported by relevant studies. 14 implications for economic policy the long - term changes in asset formation and investor behaviour show not only that german households have a consistently strong preference for the acquisition of real estate, but also that they have become increasingly sensitive in their portfolio allocation. as far back as the early - 1970s, an increased yield awareness – not least under the impact of the inflationary pressure at that time – gave rise to a greater diversification of private financial investments. as a result, investments with insurance companies or in the bond market moved to the fore in investor ’ s preferences. in the 1990s a greater willingness to incur risks – undoubtedly encouraged by the stock market rally – and an open - minded attitude towards new developments in the capital markets has boosted the preference for securities. this benefited not only the expansion of a share - buying “ culture ” in germany, but also the professionalisation and globalisation of private portfolios. to secure a high - quality domestic supply of funds in the long term, the process of maturing among german investors should not be disturbed politically. it is equally important to encourage private savings, which in germany – unlike in the united states – has mainly been suffering since the early - 1990s from a gloomier economic situation and a variety of unresolved economic problems. a number of economic and fiscal policy considerations can be derived from this. first of all, this includes substantial and continuous progress in the labour market. i believe that a reliable moderate wage policy, a differentiation of the wage structure and a greater flexibility of labour input remain indispensable in this context. in addition, fiscal policy has to provide enterprises and households with greater planning certainty and better incentives for performance. a more equal distribution of burdens between the generations is also essential, as are
. the slr is currently the binding capital requirement for some dealers, and it has significantly increased the amount of capital that needs to be held against low - risk assets. this has resulted in significant adjustments in the composition of dealer balance sheets. for example, the imposition of the slr has been cited as an important factor in the shrinkage of dealer repo financing activity. in contrast, the risk - based capital standards and new liquidity standards are unlikely to be important for treasuries and repo backed by treasuries because treasuries are treated as posing less risk to the banks that hold them and count as high - quality liquid assets. for the corporate bond market, the most relevant factors are probably the increase in the basel risk - weighted capital ratio, the comprehensive capital analysis and review ( ccar ) stress tests – which subject the dealer trading book to additional global market shocks that include a sudden increase in general risk premiums and credit risk combined with significant market illiquidity – and the volcker rule, which prohibits proprietary trading for a number of asset classes including corporate bonds, but not u. s. treasuries. however, for both markets, other non - regulatory factors are also important. liquidity provision is affected by changes in market structure, how trades are executed and by competition from outside of the regulatory boundaries that have been established for systemically important financial institutions. the market structure for many asset classes has evolved from a bilateral otc structure toward a more open, centralized structure through the adoption of electronic trading platforms, post - trade infrastructures and higher degrees of transparency. for example, in the u. s. treasury market, firms specializing in high - frequency bis central bankers ’ speeches algorithmic trading have become much more important and now make up more than half the trading in the electronic, interdealer cash market. this change in market structure has reduced the cost of trading in the interdealer market, especially for small trade sizes. electronic trading enables the use of automated trading strategies which tend to employ speed for executing small - size trades, and the liquidity on electronic trading platforms allows traders to get in and out of positions quickly. the growth in high - frequency trading likely accounts for the reduction in trade size discussed earlier rather than this reduction being indicative of less liquidity. the movement toward electronic trading has allowed a more diverse set of actors to participate in the market, thereby increasing competition and likely leading to improved market liquidity

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##aranty trust bank and wish them well in their operations in ghana. thank you for your attention.

henry a kofi wampah : making ghana ’ s financial system more efficient speech by mr henry a kofi wampah, governor of the bank of ghana, at the launch of the collateral registry ghana, accra, 8 may 2013. * * * honourable minister of finance and economic planning, your lordships ( justices of the superior courts ), your excellency, the swiss ambassador, officials of the international finance corporation ( ifc ), officials of the swiss state secretariat for economic affairs ( seco ), stakeholders of the banking and financial sector of the economy, executives of the ghana bar association, government officials, heads of department and staff of the bank of ghana invited guests, ladies and gentlemen, good morning, it is my greatest pleasure to be here at this important occasion for the launch the collateral registry ghana. what we are witnessing today is historic because this registry is the first movable and immovable asset secured transactions registry in africa and has been established at an opportune time to address some fundamental challenges in our credit system and the economy as a whole. mr. chairman, the ghanaian financial sector has gone through almost two decades of restructuring and transformation. the bank of ghana, together with the appropriate government agencies, has worked on a number of reform programmes to improve the efficiency of the financial system. structural reforms have been undertaken in the capital market, money market, banking and non - bank financial institutions and the settlement and payment systems. as a result of these, we now have a robust and diversified financial system. there have also been extensive reviews of the regulatory frameworks underpinning the financial sector, alongside enactment of new laws to strengthen supervisory powers of financial sector regulators. mr. chairman, deepening financial intermediation is one of the critical objectives of the bank of ghana. indeed, complaints from both borrowers and lenders about the lack of transparency in credit access strengthened the resolve of the central bank to address the issue. on one hand, borrowers complained about high interest rates, hidden charges, nondisclosure of pertinent information and unfair denial of access to credit. lenders on the other hand, were worried about high default rates, difficulties of foreclosing on collateral through the courts and the misapplication of funds by borrowers. thus, the passage of the borrowers and lenders act, 2008 ( act773 ) paved the way to address some of these challenges. the act, among others, augments existing
and private mutual insurance against shocks : the european stability mechanism already provides a public safety net, while europe - wide insurance mechanisms financed by banks would allow the costs arising from the resolution of banks to be covered ( single resolution fund ) and, ultimately, depositors to be protected ( european deposit guarantee fund ). another way is to combine resources for the provision of public goods at european level. for instance, shared public investment in research and development ( r & d ) and network infrastructures help to “ denationalise ” industrial policy, thereby aiding the functioning of the single market. any steps beyond that would imply identifying common sources of funding, either in the form of common tax resources or of common issuance of public debt. tax or financial techniques are, however, no substitute to politics. such common sources of funding could only be envisaged after the establishment of a genuine fiscal union among euro area member states that includes a sharing of fiscal sovereignty and proper accountability vis - a - vis the european parliament and national parliaments. without that framework, the fiscal union would not be democratic. this does not imply that it will never happen : for instance, it could start on a limited scale around common projects, jointly financed and aimed at enhancing long - term growth in the region in a way that benefits to all. there is also an external dimension to cohesion. it is in our relationship with the world that we become aware of our european identity. when asked in eurobarometer surveys which policies they would want to see transferred to the european level, a majority of europeans point to foreign policy. however, the external dimension of the european project has so far remained underdeveloped. strong external powers were transferred to the european level only as regards trade. 17 more could be done, with a view to bringing together scarce “ l ’ europe ne peut pas se fonder sur l ’ exclusion de la difference ; elle doit se construire sur l ’ unite essentielle de sa diversite ”. jorge semprun, une tombe au creux des nuages : essais sur l'europe d'hier et d'aujourd'hui, flammarion, 2011. on the connection between the wishes of europeans in the field of external relations and the existing institutional arrangements, see cœure, b., and j. pisani - ferry ( 2007 ). “ the governance of the european union ’ s international economic relations : how many voices

now i ’ d like to end by reaching out and passing the baton on to you. with a five - point call to action : 1. cooperate – only together we can make a difference 2. manage the risks 3. seize the opportunity 4. be inspired by the sustainable development goals 5. start now!, and now that this is a room full of individuals that have already started : continue! thank you.
, growth rates acceleration will be conditioned by the resurgence of the private sector. in this regard, the bank of albania deems that the economic climate provides the conditions and space for even higher consumption and private investment growth. despite positive growth rates, the albanian economy is expected to remain and operate below its potential, with the demand conditioning the continuation of the negative output gap and contained inflationary pressures. on the other hand, inflation performance will continue to be under foreign prices pressure for the upcoming period as well. in the absence of unexpected developments, the effect of shock from foreign prices is expected to fade away while the effect of administered prices increase is expected to be neutralised during the third quarter of the year. therefore, inflation is foreseen to return within the bank of albania target band by the year - end. although risks about this base scenario are added as a consequence of uncertainties of the global economy, they remain balanced. * * * drawing on the information above, the supervisory council of the bank of albania deemed that inflationary pressures are, in the short term, high, but with a downward trajectory ; in the medium term they remain controlled. in the absence of unexpected shocks, inflation is expected to be within the target band of the bank of albania along the time horizon of monetary policy action. inflationary expectations of economic agents continue to be within the target range, which is essential under the conditions of the simultaneous presence of the negative output gap and high foreign prices. the bank of albania is fully committed for anchored inflationary expectations in compliance with its inflation target and stands ready to accomplish its mandate, by preventing materialisation of constant pressures on inflation. following discussions, the supervisory council concluded that the monetary conditions remain appropriate for meeting the medium - term inflation target and decided to leave the key interest rate unchanged at 5. 25 %. bis central bankers ’ speeches

take this opportunity to greet all of you a successful, happy, and prosperous 2010! mabuhay ang bangko sentral ng pilipinas! mabuhay ang ating bansang pilipinas! maraming salamat sa inyong lahat!
continuously support investment activities through the reallocation of subsidy spending towards capital expenditures. therefore, the total amount of funds allocated for government investment is estimated to reach rp199. 2 trillion in 2005, or 11. 5 % higher than the previous year. in addition to domestic financing sources, the 14th meeting of the consultative group on indonesia ( cgi ) held in jakarta last week has pledged to provide assistance a huge assistance, higher that previously expected. on top of this, usd 1. 7 billion is provided for the recovery programs in aceh and north sumatra. this assistance will support the government of indonesia ’ s medium - term reform program aimed at improving the investment climate, creating jobs, and reducing poverty. development partners also underscored their commitment to help the government response to the tsunami - catastrophe in aceh and northern sumatra, with recovery and rehabilitation programs. it is expected that the commitment from the cgi will support the government budget and improve the balance of payments condition, which in turn will support the rupiah exchange rate. ladies and gentlemen, with regard to the external balance, favorable global economic activity and high international commodity prices are predicted to strengthen the indonesia ’ s balance of payments performance for 2005, especially exports. the surplus continues to spur positive expectation for the availability of foreign currency supply in the domestic market. supply of foreign currency is also contributed by short - term capital inflows in the form of portfolio investments, which are predicted to remain strong. potential capital inflows in the form of foreign direct investment are predicted to come gradually in the second semester of 2005, albeit still low. moreover, non oil - gas exports are predicted to be stronger, consistent with the favorable conditions in the international economy, a competitive exchange rate for the rupiah, and increasing access to international trade financing. the good progress of indonesian trade financing is expected to be better in 2005 due to the improvements in macro condition, banking performance, and higher international confidence. this positive progress of trade financing is reflected by increasing number of credit line provided by foreign banks, decreasing cost of trade financing and increasing trade finance facility from domestic banks to private sector. however, the challenges are to be overcome in order to optimize the trade finance facilities from the banking sector. bank intermediation is yet to be improved in order to maximize the credit line utilization from international banking community. in addition, efforts should be made through assurance of legal certainties and diplomacy to counter the inclusion of indonesia as country under the

bis central bankers ’ speeches
toshihiko fukui : overall review of the bank of japana€™s conduct of monetary policy statement by mr toshihiko fukui, governor of the bank of japan, concerning the bank's semiannual report on currency and monetary control, before the committee on financial affairs, house of representatives, tokyo, 11 january 2008. * * * introduction the bank of japan submitted its semiannual report on currency and monetary control for the first half of fiscal 2007 to the diet on december 11, 2007. i am pleased to have this opportunity to present an overall review of the bank's conduct of monetary policy. i. developments in japan's economy japan's economy is expanding moderately as a trend, although the pace of growth seems to be slowing mainly due to the drop in housing investment. housing investment has dropped substantially, affected by the revised building standard law coming into force. with higher materials prices, business sentiment has become somewhat cautious. exports, however, have continued to increase in a situation where overseas economies continue to expand with momentum being gained across a wide range of economies. business fixed investment has also continued to trend upward against the background of generally high corporate profits. inventories have been more or less in balance with shipments, and there has not been adjustment pressure on production capacity and labor. with regard to the household sector, although nominal wages per worker have been somewhat weak, employee income has been rising moderately with the increase in the number of employees. in this situation, private consumption has been firm. reflecting the rise in domestic and external demand, production has continued to increase. these developments seem to indicate that a virtuous circle of growth in production, income, and spending has basically remained in place. therefore, japan's economy is expected to continue expanding moderately, although for the time being the pace of growth is likely to slow in a situation where housing investment is likely to remain sluggish. global financial markets, meanwhile, have remained unsettled due to the u. s. subprime mortgage problem. the functioning of markets for securitized products has deteriorated significantly in the united states and europe, and stock markets have continued to be unstable worldwide. moreover, uncertainty regarding global economic developments, for example, downside risks to the u. s. economy, has been increasing. the bank considers it necessary to continue to monitor carefully developments in global financial markets and the global economy, as well as the effects from the rise in materials prices, such

on the stock market by carefully spreading its sales out over time.
points since january aims to support growth and to keep inflation close to the 2 per cent target over the medium term. given the many unknowns in the current environment, we will continue to monitor the situation very closely and adjust our outlook in the light of new information.

##ening and that the inventory adjustment, particularly in the electrical and electronic sectors, was less advanced than expected. accordingly, we revised down our projections for the second half of 2001 and the first half of 2002. and, at the end of august, we lowered interest rates to support domestic demand growth and to keep inflation near the target of 2 per cent over the medium term. the terrorist acts in the united states, and their worldwide fallout, greatly heightened the degree of uncertainty, further dampening near - term growth prospects. to underpin confidence in the face of this uncertainty, we took the exceptional step of lowering interest rates by ½ of a percentage point on 17 september, outside our regular schedule of fixed announcement dates. the ongoing economic consequences of the terrorist acts are very difficult to assess. these developments are unlike anything we have ever experienced in north america, and it will take some more time to understand their full implications. if we consider the direct effects of the attacks, their immediate impact on consumer and business confidence, and adjustments to address increased security risks, the bank expects that output growth in canada will be close to zero or slightly negative in the second half of 2001. for all of 2001, this implies growth of about 1½ per cent. as we look to 2002, the timing and strength of a recovery will depend crucially on geopolitics and on how soon confidence returns to normal in north america. but once the uncertainty stemming from terrorist acts dissipates, i expect that healthy growth in output, investment, and employment will resume, given canada's sound economic fundamentals. at present, one can envisage two scenarios with respect to confidence. in the first, confidence could be restored quickly, and robust growth could resume, supported by the substantial monetary and fiscal stimulus already in place. in the second, confidence could stay weak for some time and, consequently, growth would remain sluggish through most of 2002. under either scenario, by the end of 2002, our economy would still be operating at levels that are below capacity. core inflation is thus expected to fall to about 1½ per cent by the second half of 2002. total cpi inflation is also expected to decline to about 2 per cent by the end of 2001 and to move below that during 2002, if energy prices remain at or below their early - september levels. based on these considerations, on 23 october, we again lowered our key policy interest rate by ¾ of a percentage point. the cumulative reduction of 3 full percentage