samchain/econo-pairs-v2 huggingface dataset:
durmus yilmaz : economic governance – the turkish case opening remarks by mr durmus yilmaz, governor of the central bank of the republic of turkey, at the conference on current issues in economic governance, ankara, 3 april 2007. * * * ministers, academicians, bureaucrats, guests, it is an honour for me to address a distinguished audience on such an important issue. the conference will do much service by bringing forward the issue of “ economic governance ”, which we as the central bank have emphasized at numerous occasions. let me thank bilkent university for creating such a productive environment. today, i would like to devote some time to highlighting the importance of principles of good governance in general and economic governance in particular. in the context of economic governance, i would also like to mention some issues on how to create good institutions. then, i will proceed with the turkish case and the central bank of turkey. but first of all, i will start by outlining the basic definitions of the concepts i am going to use. although the concept of governance is not new at all, in recent years it has started to be widely used in economics, especially in the development literature. while governance, or rather good governance, has been introduced as an effective tool to harness globalisation, it is not easy to define in one sentence because of its many interacting elements. the definition that i found most meaningful is : irrespective of the size of system, whether it is a country or a small firm, good governance, as a concept, ensures that the rules of the system are equal, fair and clear to everyone. although i will focus mainly on economic governance, let me briefly mention that in order to completely grasp the notion of good governance, one has to look at its subtitles. political governance, legal governance, economic governance, and corporate governance are the most well known among several others. in fact, these subtitles overlap with each other. for example, political governance has common issues with economic governance, while economic governance has implications on corporate governance. accordingly, economic governance is defined as the nature and practice of economic management, regulation and development ; or the institutional environment that constraints and coordinates economic action. distinguished guests, another point associated with the analytic evaluation of governance is that good governance provides a very important set of pillars, which are effectual in the design of an economy. the four of them are the most useful ones for every economy : transparency, accountability, rule of

and experiences is an important step to develop a coherent overall sense of economic identity. with this note, i would like to thank bilkent university once again and wish a successful conference. thank you. speech by issing, o. ( 2004 ). “ emu and economic governance ”.
of governors of the federal reserve system, statement regarding monetary policy implementation, october 11, 2019. 8 board of governors of the federal reserve system, statement regarding monetary policy implementation, october 11, 2019. 9 john c. williams, libor : the clock is ticking, remarks at the 2019 u. s. treasury market conference, new york ( september 23, 2019 ). 10 john c. williams, 901 days, remarks at the securities industry and financial markets association, new york ( july 15, 2019 ).

as prepared for delivery good afternoon, everyone. when i give a closing keynote i try to bear in mind that you ’ ve been listening for hours to complex and technical material. i wish i could say that i ’ m here to offer some light relief, but, alas, no. the topic i ’ m going to address this afternoon is both complex and technical. it ’ s the recent turmoil in the repo markets and the fed ’ s actions to address it. i ’ m going to start by laying out the fed ’ s operating framework for carrying out monetary policy. this will take me into aspects of the “ plumbing ” of the financial system, which may seem like an esoteric topic to many, but it ’ s one of critical importance, so please bear with me. i will then go over the money market turmoil from a month ago that led the new york fed to conduct open market operations to stabilize short - term interest rates. i ’ ll conclude by describing the path forward as laid out in the fed announcements this past friday. 1 before i go any further, i should give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee or others in the federal reserve system. monetary policy, interest rates, and ample reserves as a prelude, it ’ s worthwhile to step back and remember how this all connects to the fed ’ s overarching monetary policy goals. the federal reserve has two goals set by congress : maximum employment and price stability. the main way we achieve these goals is by controlling the federal funds rate, the rate at which banks lend each other money overnight in the form of unsecured loans. this rate in turn affects overall financial conditions and thereby the wider economy. at each of its meetings, the federal open market committee ( fomc ) decides on the target range for the federal funds rate, which currently stands at 1 - 3 / 4 to 2 percent. 2 but how does this work — that is, what keeps the federal funds rate within the target range? the fed has an operational framework in place designed to keep interest rates where the fomc wants them. we call this an “ ample reserves ” regime. back in january of this year, the fomc communicated its intention to continue to implement policy according to this regime. 3 the key benefit of this approach is that it ’ s a simple, effective way of controlling the federal funds rate and thereby influencing
jeremy c stein : dollar funding and global banks speech by mr jeremy c stein, member of the board of governors of the federal reserve system, at the global research forum “ international macroeconomics and finance ”, co - organised by the european central bank, the federal reserve board and the federal reserve bank of new york, frankfurt am main, 17 december 2012. * * * thanks very much. it ’ s a pleasure to be part of this panel on the future of financial globalization. i will focus my remarks on one important aspect of this issue – namely, the growing use of wholesale dollar funding by global financial institutions. i ’ ll begin by briefly discussing research i ’ ve been doing, along with my coauthors victoria ivashina and david scharfstein, which examines some of the consequences of this funding model during times of market stress. 1 i ’ ll then touch on the policy implications of this and related work. but first, the usual disclaimer : the views that follow are my own and do not necessarily reflect the thinking of my colleagues on the federal open market committee. by way of background, the dollar liabilities of foreign banks have grown rapidly in the past two decades and now stand at about $ 8 trillion, roughly on par with those of u. s. banks. 2 a significant proportion of foreign banks ’ dollar liabilities are raised via u. s. branches, most of which are legally precluded from raising deposits insured by the federal deposit insurance corporation. the main source of funding for these branches, therefore, comes from uninsured wholesale claims such as large time deposits, making the cost and availability of such dollar funding highly sensitive to changing perceptions of these banks ’ creditworthiness. in our work, we asked how shocks to the ability of foreign banks to raise dollar funding might lead to changes in their lending. we began with a simple conceptual model : imagine a european bank that lends in euros to european firms and in dollars to u. s. firms. to finance its euro - denominated lending, it funds itself by issuing insured euro deposits to its local retail deposit base. by contrast, to finance its dollar - denominated lending, it raises funds in the wholesale dollar market. because the bank ’ s dollar liabilities are uninsured, an adverse shock to the bank ’ s perceived creditworthiness will result in a spike in its dollar funding costs. at the same time, the cost to the bank of funding in

time and at the appropriate pace. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
gabriel makhlouf : has europe moved beyond financial fragility? opening remarks by mr gabriel makhlouf, governor of the central bank of ireland, at an public event at the hertie school, " has europe moved beyond financial fragility? ", berlin, 14 february 2023. * * * good afternoon. i am delighted to be at the hertie school today to speak at this event. the valentine's day question let me start by giving you the most straightforward answer to the question that we have been asked to address. my response is the same as the ones available to the traditional valentine's day question ('will you be my valentine?') : yes and no. building resilience over the past decade yes, because the fragility that we saw in the last decade or so has been addressed by the many changes we are now familiar with, in particular new institutional frameworks operating on a pan - european basis ( such as the esrb, ssm, srm, esm as well as the eba, esma and eiopa ) ; a comprehensive overhaul of the regulatory framework, most recently the mica legislation but also upgrades in the form of higher risk based capital requirements, better quality of capital instruments as well new liquidity standards and a capital buffer regime that provides a macroprudential system - wide overlay to microprudential requirements. ; similar changes at a global level – which have a direct impact on us in europe – including the creation of the financial stability board ( fsb ) and the standard setting by the basel committee on banking supervision and at iosco. the resilience built - up in recent years has put the european financial system in a stronger and less fragile position. and the evidence to back that up is undoubtedly the response to the pandemic when, put simply, the financial system absorbed the closure of the european economy without a crisis. no because there is work still to do and the financial system does not stand still. in particular : banking union is still incomplete1 ; the capital markets union is still more of a concept than a reality ; the recommendations of the basel committee are not being implemented in full2 ; european legislative processes struggle to keep up with the pace of change. and perhaps most important of all from my perspective is that we have allowed marketbased finance to grow significantly without developing an appropriate macroprudential framework for it. in ireland alone by end of 2021 the

this occasion, i would like to express my appreciation to all related parties for their contribution to e - payment developments in thailand and for the collaboration to promote standardized qr code payment which will make e - payment to be more accessible, convenient and cheaper. the event today is a great milestone for the cooperation of all stakeholders to build sound financial environment and infrastructure that enhance country ’ s competitiveness and sustainable development. thank you.
is projected to continue to follow a positive trend, as the output gap is likely to gradually become positive. as for the financial environment, the environment for corporate finance continues to be accommodative. the rate of increase in the amount outstanding of lending by private banks is accelerating in a situation where private banks have been maintaining a proactive lending posture and the decline in credit demand in the private sector has come to a halt. in the corporate bond and cp markets, the issuing environment continues to be favorable. large fluctuations have recently been observed globally in financial markets. the bank will closely monitor developments in financial markets and their effects on economic activity. ii. conduct of monetary policy as i explained in my statement to this committee in march 2006 concerning the bank's previous semiannual report on currency and monetary control, the bank terminated the quantitative easing policy and shifted the operating target of money market operations from the outstanding balance of current accounts at the bank to the uncollateralized overnight call rate at the monetary policy meeting ( mpm ) held on march 8 and 9, 2006. since then the bank has been maintaining the guideline for money market operations that the bank will encourage the uncollateralized overnight call rate to remain at effectively zero percent, and at the mpm held on june 14 and 15, decided to maintain this guideline. the bank has been reducing the outstanding balance of current accounts based on the guideline, paying due attention to the stability of the money market. through this process, the uncollateralized overnight call rate has been stable at around zero percent, despite small temporary increases. in the call market, the volume of transactions has been gradually increasing. the bank has explained its basic thinking regarding the future conduct of monetary policy together with the projection for economic activity and prices in the outlook for economic activity and prices published at the end of april 2006 as follows. as long as japan's economy experiences a sustained period of expansion, with domestic and external demand and also the corporate and household sectors well in balance, it seems probable that the accommodative financial conditions ensuing from very low interest rates will be maintained for some time following a period in which the uncollateralized overnight call rate is at effectively zero percent. through and beyond this stage, the bank will adjust the level of interest rates gradually in the light of developments in economic activity and prices. the timing of a policy change and the level of interest rates will depend on developments in economic activity

make utmost efforts to maintain financial system stability by utilizing the experience and the lessons learned in the past 50 years, and to preserve independence and transparency, two fundamental concepts underpinning the new bank of japan law.
pressure is sustained at a higher level into the medium term, then it is clear what our mandate would require us to do. the mpc has the tools at its disposal to tighten monetary conditions, both in the form of raising bank rate and by selling the assets that we bought in 2009 as part of the quantitative easing programme.

to start applying them. resilience in the future if we continue to work together there is a real prospect of nurturing a market that keeps up with the cycles of human nature. but nature will fight back. the drivers of cycles will evolve. history may rhyme, but it rarely repeats. just look in this cycle at the rapid inflows of finance to commercial property from retail investors in open - ended funds. more than 6 % of the stock of commercial real estate finance is now held in these funds, and is growing rapidly. now, a shift in finance, from bank debt to fund equity can be good for stability. it ’ s one part of the broader inflow of equity in this cycle, which is helping to keep gearing down as prices rise. but it ’ s not risk free. fund investors offered redemption at short notice can create problems if prompted to herd to the exit. in the 2008 crisis, we saw redemptions from property funds reach more than one half of assets under management. many of you saw the consequences – firesales of assets, magnifying the market downturn. open - ended property funds now have 80 % more assets under management than they did on the eve of the crisis. so the growing importance of funds offering short notice redemption and investing not just in property but in other potentially illiquid markets too, is a focus of regulators in the uk and internationally. the bank of england, along with the fca, is looking closely at the ways these funds might contribute to broader instability. and it ’ s in part thanks to working closely with you that we ’ re alert to this. by working together, our nurturing of resilience can keep up with nature ’ s inevitable fight back. we can together create an environment that gives you the best chance of success. whether you succeed will be down to you. but one thing is for sure. your success is important to everyone. for its part, the bank of england is committed to ensuring the financial system serves you – the real economy. that ’ s why, here at guildhall, in 23 days ’ time, we ’ re hosting an open forum to bring together policymakers, financial market users, academics, and wider society. the aim is to chart the way for financial markets so that they serve their users and contribute to prosperity. bis central bankers ’ speeches you can sign up on our website. please do. because your industry has taken a lead in learning from the past, in
of the first quarter of 2005, of the $ 3. 8 trillion equivalents held as foreign exchange reserves, more than three - fifths were held in dollars and approximately one - quarter in euros. since early 2002, the dollar's share has been little changed after adjusting for movements in exchange rates.

, specific studies have been carried out on various topics, like unit non - response, measurement errors, underreporting and micro - macro reconciliation. this long experience has taught us that in sample surveys the adoption of best practices in the collection of survey data can significantly increase the reliability of estimates. moreover, if the move towards the standards is widespread, comparisons are also positively affected by the change, adding value to each statistical source. for a number of years the bank of italy has been promoting projects aimed at harmonizing shiw data with those obtained from other surveys, such as the luxembourg income study and the luxembourg wealth study. in recent years our survey has become part of the eurosystem's household finance and consumption survey ( hfcs ), coordinated by the european central bank. the hfcs includes harmonized surveys on household income and wealth from 18 euro - area countries, as well as poland and hungary. the network of participants has proved to be a very valuable forum for exchanging experiences in conducting surveys and fostering the adoption of uniform best practices. we hope the expertise acquired on these technical grounds can be useful for the present project. in fact, at the present time, survey data do not always share common standards regarding sampling, coverage, definition of variables or valuations and estimation methods as more standard statistics like national accounts do. this is particularly true in the developing countries, which often face peculiar difficulties in conducting sample surveys, due to a lack of population lists, logistic problems in territories, and so on. improving the availability of reliable data production is a valuable ingredient for promoting evidence - based policy making ; this is why, although it is a costly exercise, it is crucial for low and middle - income countries to invest in this field. the cooperation starting today will initially focus on training with the objectives of improving the quality and coherence of international training for statistical capacity building on microdata, and of supporting training activities in these fields based in low and middle - income countries. in particular, the project will implement a training program for statistical capacity building in household surveys, through some week - long training courses and workshops, to be held in the bank of italy ’ s premises, and with training sessions in various statistical training centres in africa. by adopting a training of trainers ( tot ) approach, the project will exploit a multiplier effect, spreading the ability to deal with sample surveys beyond the participants and reaching a large number of low and middle income countries. a further
much funds as possible through the sale of these banks and operations with non - core assets. insurance market last year, we launched an osago reform. its first stage, which included the expansion of the rate corridor, improved applications of the bonus - malus coefficient, and an update of driving licence categories, has already reduced the cost of osago in nearly all regions, with a countryaverage decrease in the policy cost totalling 4 %. the next stage involves rate personalisation for drivers ; it should ultimately solve problems faced by osago policy holders. firstly, it should put an end to the injustice when careful and responsible drivers have to pay for those who drive in a 3 / 7 bis central bankers'speeches risky manner and often have accidents. microfinance organisations the microfinance market faces the same fair criticism now as in recent years because of usurious interest rates, and incredible fines and penalties. we came up with a serious tightening of the regulation of microfinance organisations. currently, there are half as many such organisations in the market as there used to be five years ago. from now on, the law caps interest rates at 1 % per day, while the full cost of borrowing with all fines and penalties included is limited to 1. 5 times the loan amount. these conditions will allow borrowers to use microfinancing to settle their temporary financial problems without running the risk of ending up in an even worse situation. moving forward, we believe that one of our priorities is to prevent losses from illegal operations in the economy and damages from fraud suffered by households. the value of dubious transactions in the financial system continued to decline last year, and this is a stable trend of recent years. the slides show data over several years. cashing - out transactions halved, while illegal overseas withdrawals shrank by 20 %. these are last year figures. the development of digital technologies increases potential cyber - risks. we are controlling cyber resilience of financial organisations. the bank of russia continuously monitors cyber - attacks and operates a system of information exchange and support for market participants. as regards the protection of households against fraud, our objective is to minimise the period of time between the moments when a ponzi scheme or an organisation that illegally provides financial services is revealed and liquidated. this requires large - scale monitoring. last year, we established two special - purpose centres in our krasnodar and khabarovsk branches, which helped us detect fraudulent entities more promptly

developments in line with norges bank ’ s mandate. bis central bankers ’ speeches
rules and a consistent application over time will reinforce the credibility of the process of euro area enlargement. this will, in turn, facilitate the sustainability of convergence. the framework is flexible enough to accommodate the country - specific features of all countries that want to adopt the euro. i would also like to emphasise that meeting the convergence criteria in a sustainable manner before joining the euro area is in the interest of all parties concerned and above all for the candidate countries themselves. i am now at your disposal for questions.

being planned and executed in co - ordination with the state government, slbc and the respective lead banks of the above six districts. 6. i am sure that today ’ s momentous and landmark event would be a watershed in the march of the state of karnataka towards financial inclusion and inclusive growth and sustainable prosperity and going forward would pave the way for its replication across the entire country. 7. i once again extend my warm welcome to all the dignitaries. my special welcome to the young students whose participation would undoubtedly make today ’ s programme more lively, vibrant and enriching. thank you all so very much indeed!