samchain/econo-pairs-v2 huggingface dataset:
can grow with time, we must be forward - looking and affirmatively engage in efforts to mitigate the consequences now.

and reichlin, l., “ non - standard monetary policy measures and monetary developments ”, working paper series, no 1290, ecb, january 2011. bis central bankers ’ speeches dislocation had taken on a distinctly national dimension. financial market fragmentation along national borders had become the new reality. the ecb ’ s response to this second phase of the crisis has been guided by the same principle as in the first phase : decide on the appropriate level of the policy rate to maintain price stability and preserve, to the extent possible, the proper working of the transmission mechanism. moreover, the experience we accumulated during the first phase helped us in designing measures aimed at providing abundant liquidity, while avoiding stigma effects. the ecb conducted two three - year lending operations indexed to the mro ( in december 2011 and february 2012 ). the operations were aimed at alleviating adverse funding conditions for banks by allowing them to satisfy their additional liquidity needs. the net liquidity injection amounted to around €520 billion – taking into account the shifting of liquidity out of other operations. one key result was that the longer - term refinancing operations ( ltros ) provided banks with a more certain medium - term funding situation, in line with the longer maturity of the operations. the months following these operations saw a broad stabilisation of financial conditions. money and credit figures indicated that an abrupt and disorderly adjustment in the balance sheets of credit institutions had been avoided. funding conditions for banks generally improved, and increased issuance activity and a re - opening of some segments of funding markets could be observed. however, the root - problems of the sovereign debt crisis were only partly addressed by members states. hence, tensions in sovereign debt markets did not take long to resurface. these tensions took a form that was specific to the institutional features of the euro area : markets started questioning the irreversibility of the common currency, thus pricing in redenomination risk in sovereign bond yields of vulnerable countries. the ensuing disruptive dynamics risked undermining one of the key motivations for introducing the euro, namely to provide a lasting safeguard against currency crises, such as the one experienced in europe in the years 1992 – 93. the main symptom of these problems was a pronounced movement towards financial market fragmentation. for example, the cuts we made in the mro rate over the period had very heterogeneous effects on funding conditions in different countries. in some countries, retail lending rates
: what have we learned? " jama, vol. 293 ( may 18 ), pp. 2384 - 90. skinner, jonathan s., douglas o. staiger, and elliott s. fisher ( 2006 ). " is technological change in medicine always worth it? the case of acute myocardial infarction, " health affairs, vol. 25 ( march ), pp. w34 - w47.

with the other issues, notably the issue of cost. in particular, restraining the growth of health - care costs would increase the number of people who can afford insurance coverage. on the second challenge, improving the quality of health care, a number of private and public initiatives have been undertaken in recent years. these include programs to monitor hospitals'performance in ensuring patient safety and adherence to best practices ; greater efforts to identify and disseminate best practices, as determined from clinical trials ; and public and private initiatives to increase the use of information technology in health care. researchers are also examining how the structure of health - care delivery systems affects the quality of care. for example, some evidence suggests that vertically integrated systems like that of the veterans administration are quicker to adopt health information technology and have been more successful in applying it. some instances of initiatives that aim to encourage quality through financial incentives or disincentives – so - called pay - forperformance – have begun to emerge. examples include accreditation practices that require hospitals to comply with established standards and best practices, and the recent decision that medicare will not cover costs caused by certain medical errors. efforts to improve the quality of health care are a vital component of comprehensive reform and are likely to yield high social returns. additional research and experimentation can help us address difficult questions such as how best to measure quality and cost - effectiveness in health - care delivery and how to give doctors and hospitals incentives to adopt best practices and improved information technologies. the solutions we choose for access and quality will interact in important ways with the third critical issue – the issue of cost. greater access to health care will improve health outcomes, but it almost certainly will raise financial costs. increasing the quality of health care, although highly desirable, could also result in higher total health - care spending. for example, increased patient screening may avoid more serious problems and thus be cost - saving, but it could also identify problems that might otherwise have gone untreated – a good outcome, certainly, but one that increases overall spending. these are certainly not arguments against increasing access or improving quality. my point is only that improving access and quality may increase rather than reduce total costs. from the economist's perspective, the question of whether we are spending too much on health care cannot ultimately be answered by looking at total expenditures relative to gdp or the federal budget. rather, the question, whatever we spend, is whether we are getting our money's worth. in general, good information and appropriate incentives are necessary
gentlemen, the challenges facing caribbean countries demand innovative economic solutions in the new global environment. i give you the assurance of the central bank ’ s continued support for this conference and for the wider work of the uwi, st. augustine. i look forward to this 5th bbf conference generating fruitful discussions, stimulating new thoughts and ideas on re - igniting growth in the caribbean. as the 1992 report of the west indian commission exhorted some twenty years ago “ the time for action is now ”. i thank you. bis central bankers ’ speeches

sector and the securities industry are well underway. if there is one issue that the recent global financial crisis has driven home is the need for a better understanding of the products in our financial system, the levels of risk that are being assumed by various financial institutions, the investments strategies that are being adopted and the quality of information disclosure being provided to investors and the public at large. today ’ s launch is aimed at understanding the size, range, investment practices and impact of the managed funds industry in trinidad and tobago. unlike, the previous baseline study which concentrated exclusively on collective investment schemes, this study is aimed at a wider array of collective investment institutions including mutual funds, trustee divisions of subsidiaries of financial institutions and long - term contractual institutions such as insurance companies, pension funds and the nib, which are also active participants in the securities markets. its prime objectives are to : • develop a comprehensive profile of the managed funds industry in trinidad and tobago with respect to size, structure and institutional composition. • examine and evaluate the asset management practices and the framework within which fund managers make investment decisions. • gauge the impact of the managed funds industry on the size, growth and development of the securities market. • evaluate the effect of the regulatory framework and investment rules on the pattern of deployment of managed funds, on the efficiency of investment and on investment performance. • assess, from the point of view of market actors, the overall prospects for greater integration of the domestic and regional securities markets. from the perspective of the central bank, this study provides us with a unique opportunity to gain a better understanding of the nexus between saving and capital market investment as well as the linkage between capital market development and economic growth. in the final analysis, it will go a long way in : • providing potential investors with a greater understanding of capital markets ; • helping decision - makers better define priorities for the further development of the market ; and • allowing regulators to gain a better insight on how the regulatory framework and investment rules affect the efficient deployment of investment and overall investment performance. the bank lends it full support to this current initiative of the sec and encourages all market participants to participate as effectively as possible to ensure the success of this study. i thank you.
sponsored by the federal reserve bank of new york, new york, october 5, https : / / www. federalreserve. gov / newsevents / speech / fischer20161005a. htm. — — — ( 2016b ). “ why are interest rates so low? causes and implications, ” speech delivered at the economic club of new york, new york, october 17, https : / / www. federalreserve. gov / newsevents / speech / fischer20161017a. htm. — — — ( 2017 ). “ the low level of global real interest rates, ” speech delivered at the conference to celebrate arminio fraga ’ s 60 years, casa das garcas, rio de janeiro, brazil, july 31, https : / / www. federalreserve. gov / newsevents / speech / fischer20170731a. htm. fuhrer, jeffrey, giovanni olivei, eric rosengren, and geoffrey tootell ( 2018 ). “ should the fed regularly evaluate its monetary policy framework? ” brookings papers on economic activity, fall, pp. 443 – 517, https : / / www. brookings. edu / wpcontent / uploads / 2018 / 09 / fuhrer - et - al _ final - draft. pdf. gagnon, etienne, benjamin k. johannsen, and david lopez - salido ( 2016 ). “ understanding the new normal : the role of demographics, ” finance and economics discussion series 2016 - 080. washington : board of governors of the federal reserve system, october, http : / / dx. doi. org / 10. 17016 / feds. 2016. 080. gagnon, joseph e. ( 2016 ). “ quantitative easing : an underappreciated success, ” policy brief pb16 - 4. washington : peterson institute for international economics, april, https : / / www. piie. com / system / files / documents / pb16 - 4. pdf. glick, reuven ( 2019 ). “ r * and the global economy, ” working paper series 2019 - 18. san francisco : federal reserve bank of san francisco, august, https : / / www. frbsf. org / economic - research / files / wp2019 - 18. pdf. gurkaynak, refet s., and

" journal of economic history, vol. 47 ( no. 3 ), pp. 671 - 91. u. s. department of commerce ( 1937 ). financial survey of urban housing ( washington : government printing office ). weiss, marc a. ( 1989 ). " marketing and financing home ownership : mortgage lending and public policy in the united states, 1918 - 1989 " ( 617 kb pdf ), in business and economic history, series 2, vol. 18, william j. hausman, ed., wilmington, del. : business history conference, pp. 109 - 18.
might be threatened. the riksbank would then be forced to tighten monetary policy by raising the repo rate, which would lead to lower growth and employment. during the past two wage bargaining rounds in 1998 and 2001, the social partners indicated that wage formation had improved. it remains to be seen whether wage formation is now sufficiently flexible to manage the necessary changes in relative wages. thank you.

the inflation target. however, the riksbank has a pedagogical and practical problem. monetary policy decisions are based on assessments of inflation a couple of years ahead and are focused on achieving the inflation target during that period. this means that we can often be compelled to increase the interest rate despite the actual rate of inflation at the time being under the target. in december last year, for instance, the riksbank increased interest by 25 points despite inflation then being at 1. 4 per cent. decisions are then made on the basis of forecasts over a two - year horizon. the most important reason for not waiting until inflation actually exceeds the target is that inflation expectations would then risk accelerating since it takes up to two years before monetary policy has its full effect. and then we may – to rein in inflationary expectations again – be compelled to tighten up the economy more than we would have to have done if we had reacted earlier. the riksbank ’ s way of conducting monetary policy obviously plays an important role with regard to maintaining confidence in price stability. however, we should not forget that fiscal policy also has to be conducted in a way compatible with the price stability target. the budget consolidation, the government ’ s expenditure ceiling and balance targets have strongly contributed to achieving credibility in the price stability objective. it is was first when the budget consolidation in the mid - 1990s had come quite a long way and optimism on the swedish economy began to return that inflation expectations showed that the price stability objective had attained credibility. the riksbank did not then need to counteract high inflation expectations by monetary policy. the united states important for future growth inflation has not just been kept down by the fact that there have been a lot of unused resources until now and that inflation expectations have stabilised at a low level – we have also been aided the pressure on prices from deregulations and increased competition. however, it is no longer probable that this process will pull down inflation to the same extent in future. some dampening of the rate of growth in coming years is therefore probably necessary if we are to avoid tendencies to overheating. this dampening can be achieved either by a more stringent monetary policy or by the economy dampening by itself. it now looks as if a slackening of the cycle is on its way led by developments in the united states. however, the strength and duration of this downturn is uncertain and depends among other things on future cyclical development in the united states and the
inclusive leadership, i look forward to the collaboration, and i am equally excited to bear witness to the continued progress as we work on achieving the deliverables that we will outline for the coming years. once again, i would like to reiterate our appreciation to all afpi leaders and the afi management for the confidence entrusted in the central bank of seychelles. thank you! 2 / 2 bis - central bankers'speeches

we endeavour to support the further development of seychelles ’ fintech landscape, and ultimately contribute to a more diverse, competitive, efficient and inclusive financial services sector. i look forward to your engagement, comments, questions and proposals on this new framework. stakeholder buy - in and collaboration are essential if we are to be successful in its implementation, and ensure that seychelles - particularly the financial sector - is not left behind in today ’ s world of digital transformation. with these few remarks, i wish you all a fruitful session. thank you. 2 / 2 bis - central bankers'speeches
leveraged on interestingly challenging, complex and digital banking systems. concomitant with these developments, both globally and here at home, digitalisation and financial integration require that we all exercise increased diligence, prudence and ethical conduct. this is because, desirable as technological innovation is, it also encapsulates risk and possibilities to contaminate the industry and profession with bad behaviour and harmful activities. there was a time when the main threats to banks were robberies and insider collusion relating to stealing of the physical cash. these days, harmful activities, fraud and theft are perpetrated through cyber - crime, infiltration of systems and unauthorised access to information and identity records. the “ thieves ” are likely to be behind the counter, and through the mobile phones and computer systems. therefore, the modern banker has to be alive to these possibilities and also able to harness the necessary resources and mitigation strategies to forestall such harmful activities. in addition, bankers need to be able to respond meaningfully and offer timely redress in the event of customers ’ accounts and information being compromised through no fault of their own. ineptitude and failure to handle such operational risk issues diligently could weaken public confidence in the banking system and undermine the financial inclusion agenda and the very essence of banking, which is to facilitate intermediation for productive use of financial resources, as well as certainty of payments. furthermore, the adverse effects of such illegal activities could impose a heavy financial burden on the public as banks commit resources to preventive measures ; and often the costs of such are passed on to customers. distinguished guests, the bank of botswana will continue to play its role in encouraging and promoting professionalism, honesty, integrity and ethics in banking. the fabric and foundation of banking is trust and trustworthy bankers. this is important as good governance is a key pillar for the promotion and maintenance of a safe and sound financial system ; one that is run by fit and proper and competent leadership, management and staff. at the same time, there is need to enhance transparency in banking to instil confidence in the financial system. in this context, the financial stability board working group on governance frameworks is working on proposals to strengthen governance frameworks to mitigate what is called “ misconduct risk ”, addressing information gaps and due diligence in employment of individuals with a history of misconduct ; and mapping responsibilities to senior personnel to strengthen governance of misconduct risk in financial institutions ; as well as to

in the months ahead. it is therefore preferable that we go ahead with this operation now, in an orderly fashion, despite the fact that the markets have regained a certain degree of optimism in the past few days – rather than at a later point under potentially more adverse conditions. the federal council and the swiss federal banking commission have been kept abreast of the preparations underway and our negotiations with ubs.
central banks and, later, into the eurosystem. through ongoing co - operation, the central banks of the accession countries are being given an opportunity to familiarise themselves with the eurosystem's mode of operation, and the eurosystem can gain a better understanding of how these central banks operate under their respective regimes. this exchange, and the resulting establishment of a common terminology and understanding of each other's environments, will facilitate the pursuit of a common objective in the future. thank you for your attention.

), “ liquidity and leverage ”, journal of financial intermediation, 19 ( 3 ), pp. 418 - 437. [ 4 ] borio, c. e. and white, w. r. ( 2004 ), whither monetary and financial stability? the implications of evolving policy regimes. [ 5 ] ecb ( 2019 ), financial stability report, november. [ 6 ] lo duca, m. and nicoletti - altimari, s. ( 2019 ), “ financial stability and housing markets in large cities : what role for macroprudential policy? ”, hot property, springer, cham, pp. 159 - 168. [ 7 ] see deutsche bundesbank ( 2019 ), system of indicators for residential property markets [ 8 ] eggertsson, g., mehrotra, r. and robbins, j. ( 2019 ), “ a model of secular stagnation : theory and quantitative evaluation ”, american economic journal : macroeconomics, 11 ( 1 ), pp. 1 - 48. [ 9 ] rachel, l. and smith, t. ( 2017 ), “ are low real interest rates here to stay? ”, international journal of central banking, 13 ( 3 ), pp. 142. [ 10 ] see bernanke, b. ( 2005 ), “ the global saving glut and the u. s. current account deficit ”, sandridge lecture, virginia association of economics, richmond, virginia, federal reserve board, march. [ 11 ] caballero, r., farhi, e. and gourinchas, p. - o. ( 2017 ), “ rents, technical change, and risk premia accounting for secular trends in interest rates, returns on capital, earning yields, and factor shares ”, american economic review, 107 ( 5 ), pp. 614 - 20. [ 12 ] borio, c. ( 2016 ), “ towards a financial stability oriented monetary policy framework ”, speech at the conference “ central banking in times of change ” on the occasion of the 200th anniversary of the central bank of the republic of austria, 13 - 14 september. [ 13 ] cerutti, e., claessens, s. and laeven, l. ( 2017 ), “ the use and effectiveness of macroprudential policies : new evidence ”, journal of financial stability, 28, pp. 203 -
events of 11 september 2001 ; 5. in september 2008 the collapse of former us investment bank lehman brothers triggered the most severe financial crisis since the great depression some eighty years ago. bis central bankers ’ speeches the euro area in an international comparison price stability is a major contribution to sustainable growth and job creation. indeed, other economic indicators stress that the euro area as a whole has been successful since its inception : 1. growth in the euro area has been robust in the first 12 years. adjusted for the differences in population development economic growth in the euro area and the united states in the last decade were roughly the same. the growth of per capita income in this period amounted in both currency areas, about one percent per year. 2. since 1999, roughly 14 million jobs have been created in the euro area. in the u. s., by contrast, only eight million new jobs were created during the same period of time. 3. public finances in the euro area as a whole are sound. although the financial crisis has stressed government deficits and debt in the euro area, forecasts indicate that in 2011 the euro area fiscal deficit will be somewhat less than half of that of the us and japan. the euro area as a whole is on track to bring the deficit to gross domestic product ( gdp ) ratio below the 3 percent reference value by 2013 and to stop the adverse debt dynamics caused by the financial crisis. 4. trade within the euro area and the eu is flourishing as well as the exchange of goods and services with the rest of the world. the euro area is the most open major economy in the world. 5. some argue that the us economy was more homogeneous than the economy of the euro. but the dispersion of growth rates of real gross domestic product ( gdp ) between member states of the euro area is comparable to the differences in the states of the united states. the same holds true for the dispersion of inflation and unit labour costs ( as an indicator of competitiveness ). in short : heterogeneity within the euro area and the united states have been quite similar over the past 12 years. the current edge : robust economic recovery at temporarily elevated inflation levels incoming statistical data releases and survey - based indicators point towards a continued recovery of economic activity in the euro area, albeit at a slower pace. looking ahead, euro area exports should be supported by the ongoing expansion in the world economy. because of the favorable level of business confidence in the euro area, private sector domestic

all means savour the sights and sounds of malaysia. on this note, i wish you all a rewarding and productive conference. thank you.