samchain/econo-pairs-v2 huggingface dataset:
emerging markets and for monetary policy. three plenary sessions will address these themes and i will make a few introductory comments on each of them. the regulatory response to the financial crisis the global financial crisis has spurred a review of banking regulations. much of the discussions in international forums, such as the international monetary fund and the bank for international settlements, have centred round the appropriate regulatory responses to prevent a recurrence of unfettered lending by banks in future. achieving global consensus on these issues has not been easy, and while progress has been made, significant differences still remain. there is the risk that the crisis will result in excessive politicisation of regulatory issues in a quest to ensure that someone is seen to be responsible for the crisis. this has the potential to create a new moral hazard by giving the impression that with the agreement on basel iii, the system is safe. but the regulators do not run the institutions and there are no absolute guarantees of safety. nevertheless, if things do implode, it would be the regulator that would be deemed to be responsible. the possibility also exists that there has been too much of a focus on banks, rather than on the broader financial system. over - regulation of banks could not only reduce lending, but it could result in more disintermediation, thus preparing the ground for the next crisis. what the recent crisis has shown is the inventiveness of financial markets to come up with products or institutions that circumvent existing regulations. furthermore, there is the danger that the pendulum could swing too much in the direction of an excessively tight regulatory regime which could, in turn, stifle the recovery of the banks and their ability to lend, with adverse consequences for the broader economic recovery. south africa did not have a banking crisis, thanks to prudent management and appropriate regulation and supervision. nevertheless, the country has not been spared the fall - out of the crisis, nor is its regulatory environment immune to the changes that are being implemented at the global level. experience and implications of europe ’ s economic policy challenges : lessons for emerging - market economies the crisis was characterised by a sharp and relatively synchronised global downturn. the recovery, however, has been varied across countries and regions. the euro area has been particularly hard hit. its banking sector is still in recovery mode, and while there appears to be some stability currently, the sovereign debt issue that threatened the existence of the euro zone as a single currency area earlier in

who question our technical judgement at any particular moment could offer more than that. in the circumstances, i do not ask that the technical charge brought against us should be dismissed. but i would encourage you to suspend judgement, or at least to limit our sentence to an extended period of probation. i ’ m ready now for the cross examination, before the jury begins its deliberations!
or even welcome, an expansion of its powers to satisfy these expectations. on the contrary, at a time of continuing challenge and shrinking resources, we think it sensible to concentrate our energies on our core responsibilities. we therefore welcome the present consensus on this issue and, together with hkab and other parties, shall do our best to ensure that it works.

among banks, in times of tighter margins, to go after that debt. whether in good times or bad, a certain volume of complaints is a healthy phenomenon because it encourages improvements in service where complaints are upheld, and improvements in transparency where misunderstandings occur. on a subject so important as the way in which banks handle people's money, there will always be complaints, and we need to continue to develop our machinery for dealing with them. let me deal quickly with the options identified by the hkma in its survey last year which, if i read it correctly, the debate within the industry and the community is ruling out. the first option of these is the establishment of a separate banking ombudsman along the lines of the practice in some other jurisdictions. this is, in some senses, a rolls royce solution in that it would provide a separate agency, to process and resolve complaints, with powers to arbitrate in complaints and award compensation. it would, however, be a costly solution, and it would take a considerable time to implement. under such a system, the process of handling complaints would probably also be quite resource - intensive, and it is by no means clear that it would be able to address the full range of complaints being made. i think the consensus at present, as reflected in the recent discussion at the legco financial affairs panel, is that neither the current volume and nature of complaints nor the deficiencies in existing arrangements would justify the creation of such elaborate machinery. the second option would be to give the hkma a clear mandate to arbitrate and resolve consumer complaints and the powers to impose sanctions. this option could go some way towards addressing the current gap between the expectation of bank customers and what the hkma can do for them under its existing powers. however, i think there is a consensus that this is not the right time for the hkma to be given such a role. it would require a considerable increase in resources and some form of cost recovery from the banking industry, and it would also require addressing concerns about conflict of interest between different branches of the organisation - a problem that is not insoluble, but which would nevertheless require some careful thought. this, at least for the time being, does not seem to be the preferred option. the weight of opinion seems, then, to fall on the third option, which is to rely mainly on the industry itself to ensure that complaints are properly handled. there are three things which banks can do in helping to
, they also faced challenges meeting them with available assets. firms, even those with large stocks of high - quality liquid assets ( hqla ), were not sufficiently prepared to monetize these assets — that is, to turn them into cash. challenges with monetization can be especially acute for securities designated as held - to - maturity ( htm ). as interest rates increase and the value of htm securities goes down, banks that account for them at amortized cost do not have to reflect the decline in market value on their balance sheets. but selling even a see board of governors of the federal reserve system ( 2023 ), review of the federal reserve ’ s supervision and regulation of silicon valley bank ( washington : board of governors, april ), https : / / www. federalreserve. gov / publications / files / svb - review - 20230428. pdf. see federal deposit insurance corporation ( 2023 ), fdic ’ s supervision of signature bank ( washington : federal deposit insurance corporation, april ), https : / / www. fdic. gov / news / pressreleases / 2023 / pr23033a. pdf ; federal deposit insurance corporation ( 2023 ), fdic ’ s supervision of first republic bank ( washington : federal deposit insurance corporation, september ), https : / / www. fdic. gov / news / press - releases / 2023 / pr23073a. pdf. - 7portion of an htm portfolio results in a firm needing to recognize losses on the entire portfolio, a hit to capital. the ability to turn htm assets into cash, particularly when sales are not feasible, is limited by a firm ’ s ability to ramp up access to secured funding sources, which proved problematic in large size last march. many banks have been analyzing these dynamics and have taken steps to address these risks. over the past year, for example, we have seen banks reducing their reliance on htm for liquidity purposes, adjusting the composition of their hqla portfolios, and enhancing their ability to tap different sources of liquidity. they have also been updating their contingency funding plans. these improved practices are important for both individual firm resilience and aggregate financial stability. 5 additionally, i remain focused on how we can improve bank readiness to tap the fed ’ s discount window. the discount window provides ready access to liquidity, including when forms of market funding come under strain.

and i am focused on ensuring its continued resiliency. one aspect of this work is carefully examining the links between bank liquidity, market functioning, the federal reserve ’ s liquidity provision, and the evolution of our balance sheet. thank you. arrangements, ” press release, july 28, https : / / www. federalreserve. gov / newsevents / pressreleases / monetary20210728b. htm.
23 / 08 / 2018 the reserve bank's government banking business | speeches | rba speech the reserve bank's government banking business lindsay boulton [ * ] assistant governor, business services business banking summit 2018 sydney – 23 august 2018 introduction thank you to the rfi group for the invitation to speak to the 2018 global business banking summit. a key theme this year is the role that technology plays in servicing business banking customers. few would disagree that technology plays a significant role. its role, though, has changed over the past decade or so from supporting the provision of business services to also being a source of competitive difference. the change is particularly evident in payments, where advances in digital technologies and greater connectivity between networks are driving innovation in products and increased competition. i would like to talk today about the banking services that the reserve bank provides the australian government as a business banking customer, highlighting the role that technology has played in an arrangement that is unique as far as government banking is concerned. i would also like to mention a couple of new payment - related services underpinned by advances in payments technology and how they may benefit business customers, including the government. let me start with some background on the reserve bank's banking services to set the scene. background there are two components to the banking services that the reserve bank provides the australian government. the first is a core banking facility directed at maintaining a core group of accounts that the government is legally required to hold at the reserve bank. maintaining central government core accounts is a service that almost all central banks provide, though arrangements vary from country to country. https : / / www. rba. gov. au / speeches / 2018 / sp - ag - 2018 - 08 - 23. html 1 / 7 23 / 08 / 2018 the reserve bank's government banking business | speeches | rba the second component is a transactional banking facility. this is an account and transaction service available to government agencies to assist in undertaking their policy responsibilities and day - to - day operating expenses. unlike core banking, transactional banking is not a service universally provided by central banks. in some countries it is the sole responsibility of the central bank, while in others government agencies must purchase these services under competitive pricing arrangements from commercial banks. arrangements in australia are a unique mix of the two. while the reserve bank has authority to provide transactional banking services to the government under its charter, it competes with commercial banks under government competition policy to do so, submitting bids at tenders

- msme - registration. htm 4 national mission for capacity building of bankers 5 / 5 bis - central bankers'speeches
participating in higher education ), an average of 638, 000 people for each single year in that age cohort ( table 1 ). these data imply that, of the total population in the age cohorts relevant for participating in higher education, 9. 4 percent attend university and 13 percent attend a university or some other type of higher educational institution ( table 1 ). the numbers enrolled in higher education have risen very rapidly, by almost 10 percent per annum between 2002 and 2014, compared to annual growth of 3. 3 percent in the 20 - 24 age cohort during this period. as a share of the relevant age cohort, those enrolled in higher education more than doubled between 2002 and 2014, from 6 percent to 13 percent. table 1 numbers, and percentage of relevant age cohorts, enrolled in higher education : 2002 and 2014 number of students enrolled in higher education 79, 862 249, 049 population age 20 - 24 ( millions ) 2. 15 3. 18 4. 4 9. 4 o / w enrolled in universities 57, 144 percentage of applicable age cohort participating in 6. 2 higher education ( percent ) o / w in universities ( percent ) notes : students are assumed to be enrolled on three year courses 180, 560 13. 0 sources : student enrolment numbers are from the ministry of education management information system ; population data are from the 2002 and 2014 population census what job market opportunities are available for graduates of higher education in uganda? the 2014 population and housing census give a breakdown of the working population by age cohort and by type of occupation. the type of occupation to which most graduates aspire falls into two categories covered by the census : i ) professionals and ii ) technicians and associate professionals. none of the other categories of occupation require workers with higher education. in the age cohort most relevant for graduates beginning their careers – 25 - 29 years of age – professionals account for 0. 5 percent of the working population while technicians and associate professionals account for 2. 6 percent. hence the two categories combined account for only 3. 1 percent of the working population in the age cohort to which most graduates will belong to in the early years of their working lives. given that approximately 13 percent of the relevant age cohort receives higher education, this implies that less than one in four graduates of higher education will be able to find work in a professional, associate professional or technical occupation. 1 furthermore, the time series data available do not indicate that the share of

is principally a commemoration of the contribution, which staff and board members have made to the bank and to the country, over the last five decades. the history of the bank of uganda is the history of the people who have served in the bank. congratulations to you all ; you have served the bank and our nation well. thank you for listening to me. bis central bankers ’ speeches
, through the acting managing director, mr bairstow for inviting me to witness the official opening of this agency. i thank you.

agriculture and the sme sector, which are the engine for the economic growth of our country. hon minister, i am however, glad to note that credit to the private sector has increased significantly with the personal loans category accounting for the largest beneficiary of credit followed by the agriculture sector. i must hasten to mention however that in striving to increase credit, banks must always comply with the regulations as stipulated in the banking & financial services act to ensure the safety of customers ’ deposits. furthermore, much more credit needs to be directed to sustainable productive sectors like agriculture, manufacturing and tourism. this entails increasing borrowing options available to the small scale farmers and the sme sector. at current levels, interest rates are too high for the smes to access credit and venture into meaningful projects. in order to reduce the incidences of default, the bank of zambia has through nb circular 3 / 2008 of december, 2008 made it mandatory for every lender in zambia to go through the credit reference bureau. any loans approved without passing through the credit reference bureau will attract regulatory action. this will undoubtedly help to reduce the cost of borrowing. i therefore, urge banks and other financial institutions to continue reviewing the cost of borrowing as part of the process to improve smes access to the much needed finances to expand their operations, employ more people, and thereby provide impetus to significantly reduce poverty rates in the country. it is also my hope that the coming on board of the citizens economic empowerment commission will significantly aid the development of the sme sector. hon minister, distinguished ladies and gentlemen, as a direct consequence of being an open economy, zambia has not been spared by the effects of the current global financial turmoil. as you are aware, the decline in the copper prices on the world market has negatively affected the operations of the mining sector, leading to downsizing and job losses. contributions by the mining sector to government revenue is also expected to decline in the 2009 while foreign exchange in the market has declined. the unprecedented high prices of fertilisers and other agricultural inputs also contributed to the current high food prices. these and several other factors have resulted in the depreciation of the kwacha against other international currencies as well as high inflation which closed the year at 16. 6 % from 8. 9 % in 2007. hon minister, the economic outlook may not be rosy now. the challenges may be huge but at the same time not insurmountable. you will agree with me
ardian fullani : financial policy issues of deposit insurance schemes in southeast europe speech by mr ardian fullani, governor of the bank of albania, at the regional technical seminar on “ financial policy issues of deposit insurance schemes in south - east europe ”, tirana, 30 may 2006. * * * distinguished participants, ladies and gentlemen, it is my pleasure to open the proceedings of this regional seminar on “ financial policy issues of deposit insurance schemes in south - east europe ”. i thank the convergence program of the world bank and the deposit insurance agency for the cooperation. i am convinced that this seminar will be valuable for exchanging new experience and ideas in fulfilling the missions of your institutions. first of all allow me to emphasize that the banking system is important not only for being an integral part of the financial system but also for the stability it brings to a country, moving its economy forwards and leading to economic growth. the bank of albania, as the country ’ s central bank, has the main target to maintain price stability. along with this target, the bank of albania is exclusively responsible for licensing and supervising commercial banks and some other non - bank institutions involved mainly in micro - credit and in foreign exchange business. the legal and regulatory ground of banking supervision is already complete and we are constantly working for its improvement. also, the supervisory practice complies with best standards in this direction, aiming at being oriented according to banking activity risk, being efficient and proactive. the supervisory activity, along with prevention of extreme cases of insured institutions ’ bankruptcy, carries out also the administration of such institutions, in cases when they fail irrecoverably. in this stage, the role and contribution of the deposit insurance agency, until that moment “ invisible ”, appears with the whole magnitude and importance. it is indispensable not only in terms of treating depositors that have had savings at the bankrupt institution, but also in the “ calming down ” effect for all the depositors of the banking system. in fact, the world experience has indicated that the deposit insurance function of the customers of the banking system is an important instrument in the framework of maintaining the banking system sustainability and keeping public confidence in it. the timely payment of the deposit value at the insured amount, in the case of a bank ’ s bankruptcy, allows responsible authorities to be focused on the procedures intending the isolation of the case and the recovery of the values of the bankrupt institution. the activity of responsible deposit insurance institutions has different characteristics in different

by specialized assessments of international financial institutions that assist this process. allow me to state once more that the bank of albania is completely committed to provide all the necessary assistance for strengthening the capacities of the deposit insurance agency in albania, in view of its very important mission. i wish good proceedings to this seminar. 3 / 3
ong chong tee : review of post - crisis regulatory reforms and initiatives opening address by mr ong chong tee, deputy managing director ( financial supervision ) of the monetary authority of singapore, at the isda regulators and industry forum, singapore, 13 november 2017. * * * mr christopher giancarlo, chairman cftc, mr scott o ’ malia, ceo isda, distinguished guests, ladies and gentlemen 1. allow me to first thank isda for inviting my colleagues and i to join you today in this regulators and industry forum, and for me to deliver the opening remarks. looking back 2. let me start with an analogy from the popular children story of the three little pigs and the big bad wolf. i am sure you are all familiar with that – how the big bad wolf ‘ huffed and puffed ’ and blew down the houses of straw and sticks ; except for the one made of bricks. 3. almost a decade ago, we had a big bad wolf that blew down the house of global finance, triggering the worst financial crisis since the great depression. in the post - crisis commentaries and debates that followed, a lot of attention had focused on who was the big bad wolf at that time – was it lehman together with other investment banks, insurance companies and hedge funds, or was it this product called subprime mortgages? but the more important lesson was that the global financial system was not as robust nor sturdy as previously thought. so regulators worldwide set about replacing the “ straws and sticks ”, to rebuild the system with “ bricks ”, so that it is better able to withstand the next financial stress. in keeping with the popular adage, there was a global consensus on “ not letting a serious crisis go to waste ”. 4. indeed, much have been done by financial authorities around the world. the foundations of the global financial system have been strengthened, such as in the capital and liquidity standards that underpin the viability of our financial institutions. global systemically important financial institutions ( or g - sifis ) and financial market infrastructures ( fmis ), as key pillars of the global financial system, have to meet higher regulatory standards as well as adopt new requirements on fail - safes through recovery and resolution plans. coming back to my analogy, global regulators have gone beyond strengthening the “ house ” but also delved into the previously overlooked “ garden ” of otc derivatives – and how this can be better landscaped around central infrastructure. in addition

at 4 1 / 4 per cent. the current level of the policy interest rate is judged, at this time, to be consistent with achieving the inflation target over the medium term. mr. chairman, paul and i will now be happy to answer your questions.