samchain/econo-pairs-v2 huggingface dataset:
with that summary, the senior deputy governor and i would be pleased to take your questions. 3 / 3 bis - central bankers'speeches

since the early 1990s, canadian businesses have taken up the challenge of structural adjustment, which their us counterparts had started several years earlier, in response to the gathering momentum of technological change, globalization, and heightened competition. with the benefit of low inflation and low interest rates, canadian businesses have been investing in new technology and streamlining their operations to enhance productivity. their success in doing so will be crucial to our future economic performance. [UNK] the importance of productivity growth why this emphasis on improving productivity? whether viewed from the perspective of an individual firm or of the economy as a whole, it is almost impossible to overemphasize the importance of rising productivity for overall performance and prosperity. productivity growth is what allows firms to hand out real wage increases, while holding their production costs down and remaining profitable. from a broader perspective, productivity growth is a key element that determines economic welfare and the general well - being of a society. at any point in time, our perception of how well we are doing economically is probably influenced by where we happen to be in the cyclical fluctuations that affect any economy. but over the longer term, the trend in productivity growth for the economy as a whole is the basis for growing incomes and rising standards of living. now, i know that for some people any discussion of the need to increase productivity can be rather unsettling. they tend to associate improvements in productivity in an individual company with downsizing and layoffs. and from there it is only a short step to the belief that strong economy - wide productivity gains can only mean a more difficult job market and higher unemployment. but the history of industrial economies shows that growth in productivity has actually gone hand in hand with improved overall employment conditions. this is borne out by the experience of countries like japan in the 1980s and, more recently, the united states and the united kingdom. that was also our experience in canada during the 1950s and 1960s. canada ’ s productivity record so how has canada fared in the productivity department since the 1950s and 1960s? not all that well, i ’ m afraid. after a relatively strong showing from the end of the second world war to the early 1970s, our productivity performance became rather lacklustre. productivity growth is estimated to have slowed from an average rate of about 2 per cent in the 1950s and 1960s to less than 1 per cent in the 1980s and 1990s, although it has picked up recently with the recovery in economic activity. i should note that economists do not fully understand why productivity growth in canada (
were to be intermediated by a weak domestic financial sector. further improvements in the legal and regulatory framework are thus very important. we must also strengthen our capacities in macroprudential analysis, as early identification can help prevent financial vulnerabilities from building up further. on the supervisory front, we need to address the cross - border as well as growing cross - sector integration in our financial systems. finally, sound fiscal policies also play a significant role in maintaining financial stability. i am glad that this conference provides a good opportunity to discuss these policy challenges and their implications in more depth. thank you for your attention.

jwala rambarran : foreign account tax compliance act ( fatca ) – imperial outreach or hidden opportunity opening remarks by mr jwala rambarran, governor of the central bank of trinidad and tobago, at the meeting of the council of securities regulators of the americas ( cosra ), port of spain, 29 october 2012. * * * ladies and gentlemen, i thank the trinidad and tobago securities and exchange commission ( ttsec ) for inviting me to speak at the opening ceremony of the 2012 meetings of the council of securities regulators of america ( cosra ) and the caribbean group of securities regulators ( cgsr ). as i look across at this august gathering of securities regulators from north, central and south america, the caribbean and even from europe, i am reminded of the prescient words of former u. s. president john f. kennedy at his address to the canadian parliament in may 1961, “ geography has made us neighbours. history has made us friends. economics has made us partners, and necessity has made us allies. ” the global economic crisis, which is now in its fifth year, has certainly made us partners. countries cannot successfully regulate their financial markets in isolation. going it alone is no longer a viable option. closer international partnership between regulators has never been so important – and yet so challenging. in my remarks this morning, i would like to first share my perspective on an issue that is not only of immediate concern to all regulators in the americas, but also an issue that has the potential to deepen our model of engagement from that of partners to allies. i speak, of course, about the foreign account tax compliance act, otherwise known as fatca. secondly, i would briefly describe the context in which the caribbean would have to attain fatca compliance, if countries are so desirous. i will end with the state of fatca preparedness of trinidad and tobago, and some key messages for moving forward. what is fatca? ladies and gentlemen, since fatca was enacted in march 2010 by the u. s. government as part of the hiring incentives to restore employment ( hire ) act, it has generated much heated debate and has been described in rather uncomplimentary terms. fatca has been hailed as : “ a ticking time - bomb ” ; “ an attempt to convert foreigners into unpaid irs agents ” ; “ a kind of u. s. backward imperialism ”. fatca requires foreign financial institutions to report directly to the
you and answer any questions that you may have, later in the press briefing. what i would like to do here in conclusion is to thank hsbc, the lead manager of this mbs issue for marketing it so effectively. i would also like to thank the senior co - lead managers, bank of china, bank of communications, bank of east asia, international bank of asia, mitsubishi securities ( hk ) and co - lead manager, bnp paribas for their staunch support. the hkmc team has enjoyed working with all of you towards this successful result, and we look forward to your continuing active participation in future hkmc issues. thank you.

the euro and experience the benefits, as by central bank, government or european commission officials, or by politicians and their aides. the hkma view but let me say here that, insofar as the perception of the euro within the hong kong monetary authority ( hkma ) is concerned, it is clearly a supportive one. as i implied earlier, we have a keen interest in the euro and a quiet wish for its success. this should demonstrate to the world that a fixed exchange rate ( in your case more than a fixed rate - a unified currency ) vis - a - vis some or all of one ’ s trading partners is a viable option. there have been few other “ fixers ” since the bretton woods system broke down in the early 1970s. but hong kong since 1983 and other more recent currency board countries, such as argentina, bulgaria and estonia, have shown that fixing is a viable strategy. it may indeed even be superior, given the discipline it imposes and the salutary attention it focuses at the national level on structural efficiency and flexibility. of course it may not suit all, and the imf, for instance, continues mostly to espouse free floating in its prescriptions for individual countries. but the imf does acknowledge that options at the other extreme of the spectrum from free floating may be appropriate in some circumstances, and in its pronouncements the imf has given unflinching support to hong kong ’ s peg - as indeed it has to the euro. the success of the euro has further implications for the asian region. one lesson learned from the experience of the asian financial turmoil is that if we wish to reduce the vulnerability of the small and open emerging markets in asia to international finance we need, among other things, to build bigger markets. one way of achieving this, if not the only way, is to follow the example of euroland and go for some form of currency union. although the euroland type of pre - conditions for currency union are far from being satisfied in asia at present, with so much diversity and fragmentation in the geography, culture, stages of development and policies, this is an option that asia can ill afford to ignore in the long run. the experience of euroland operating with the euro is therefore something that should be watched in asia, and is being watched in the hkma, with keen, supportive interest. meanwhile, one way of reducing the short - term vulnerability of small and open markets in asia to the des
you all a successful and productive conference and an enjoyable stay in thailand. thank you for your attention. sawasdee krub 6 source : http : / / www. un. org / apps / news / story. asp? newsid = 52992

. while it has been over four decades since the creation of the first islamic bank, islamic banking itself has not grown in large part because of legal constraints. the al - amanah charter created the bank but not a framework for islamic banking per se. no such enabling law has so far been passed. in fact, the general banking law of 2000 defines islamic bank as specifically pertaining to al - amanah bank only. the gbl does not provide for the creation of other islamic banks. if we are to create a truly responsive system of islamic banks, from a bsp standpoint, certain principles will be important. first, the system must allow for a critical mass of market players under a competitive but well regulated environment. the public must be provided with appropriate choices to suit their risk appetite and financial needs. second, appropriate linkages, including inter - bank markets that cater to the unique characteristics of islamic banking, must be present. third, the regulatory and supervisory framework must encourage a level playing field where the islamic banking system can operate alongside conventional banking. there must be a coherent, consistent and comprehensive set of regulations and standards that would appropriately apply to all banks. in other words, the privileges that are available for conventional banks must also be available to islamic banks. in the same vein, the prudential requirements that cover conventional banks, must also apply to islamic banks. the design and implementation of standards, of course, would need to take into account, the particular characteristics of islamic finance. fourth, the regulatory environment must encourage the provision of innovative products and services to address the distinctive needs of islamic finance. islamic financial players should be encouraged and not inhibited from introducing islamic finance products. the regulatory framework could consider the substance [ more than the form ] of the islamic products, assess the economic risks involved and use that assessment as basis for regulation. to support this approach, the system must allow for the development of a pool of experts on islamic finance. bis central bankers ’ speeches fifth, the regulatory framework must help build a broader customer and asset base by increasing investor awareness and acceptance, while ensuring consumer protection. while the bsp would like to promote an increase in the number of islamic banks that operate alongside conventional banks, the bsp is also looking at an “ open approach ” whereby conventional banks can operate islamic banking windows, if they so desire, as long as the principles outlined just now are followed. fortunately, there is growing literature on how these principles can be realized. we can learn from the research
gill marcus : perspectives on recent global economic developments address by ms gill marcus, governor of the south african reserve bank, to the us chamber of commerce in south africa, johannesburg, 23 august 2011. * * * good morning and thank you for the invitation to address this meeting of the us chamber of commerce in south africa. we meet at a challenging time, with the global economy moving perilously close towards a precipice, as the financial crisis moves into its fifth year. recent developments underline just how central the role of the us economy in the global economy remains. the current global outlook is therefore highly dependent on the health of the us economy, which is also important from a local perspective as the us is one of south africa ’ s main trading partners, with a positive trade balance in south africa ’ s favour. in 2010, almost 9 per cent of our total exports, totaling r52 billion, went to the us, while around 7 per cent of our imports, valued at r42 billion were sourced in the us. a number of recent developments have resulted in a high degree of market turbulence in recent weeks. these include the realisation that the outlook for us growth is not as favourable as previously believed, the damaging us debt ceiling debate and the consequent ratings downgrade of us debt, and the further deterioration of the european sovereign debt crisis which has now spread from the periphery to the core, and potentially to the european banking system. what started in 2007 as a banking crisis related to the us housing market has turned into a sovereign debt crisis, and recent events in the us and europe illustrate how quickly the crisis can mutate. at the heart of the problem is a lack of strong unified and credible leadership, leading to a loss of confidence and trust in this leadership and potentially in the system as a whole. behind the statistics are real people who find their lives in turmoil and livelihoods and future ambitions at risk. and in these circumstances those presenting easy answers to what are very complex and difficult issues can readily gain support. given the backdrop against which we are meeting, it would be appropriate to make some comments about the current global developments and their possible implications for africa in general and south africa in particular. it would also be useful to draw out some of the lessons for africa from the problems being faced by the eurozone. what we are witnessing currently is not a new crisis, nor is it part of a normal economic cycle. we can learn a lot from the work of rein

was assessed to be in high compliance with the relevant principles. with the gradual and purposeful implementation of the banking sector reforms over the past decade, the indian banking system has shown significant improvement on various parameters, has become robust and displayed ample resilience to shocks in the economy. there is therefore, ample evidence of the capacity of the indian banking system to migrate smoothly to basel ii.
stephen s poloz : understanding inflation – getting back to basics remarks by mr stephen s poloz, governor of the bank of canada, to the cfa montreal and montreal council on foreign relations, montreal, quebec, 7 november 2017. * * * introduction inflation targets have been the centrepiece of monetary policy in canada for over 25 years now. every canadian has benefited. the high and volatile inflation and interest rates of the 1970s and 1980s are a distant, though painful, memory. recently, however, inflation targeting has come under increased scrutiny. many advanced economies have seen inflation either slow down or remain weak, even while economic growth has been strengthening. this has led some to question whether central banks can still target inflation effectively. some have even suggested that central banks may be losing the ability to understand the processes that drive inflation. i hope to persuade you today that this is not the case. i ’ ve been at this for a long time, having been part of the team that developed the bank of canada ’ s policy framework back in the 1980s. inflation targeting, supported by a flexible exchange rate, is the product of an enormous cumulation of thought and research spanning an entire generation. in my speech today, i intend to show that the bank has a solid understanding of the inflation process and retains the ability to guide inflation to our targets over time. reviewing the fundamentals i will start with a quick review of the fundamentals. we implement monetary policy through our key policy interest rate. changes to this rate influence other interest rates, such as mortgage rates. through this channel and others, policy rate changes affect decisions about spending, saving and investment. these adjustments work through the economy and eventually have an effect on inflation. importantly, it takes one and a half to two years for a change in our policy rate to have its full impact on inflation. the goal of our policy is to keep the annual rate of cpi inflation at the 2 per cent midpoint of a 1 to 3 per cent range. the idea of a target range has been a key feature of our framework from the beginning. it serves to recognize that inflation targeting is an imprecise business. first, the transmission from monetary policy to inflation contains several economic linkages, each of which is complex and highly uncertain. second, the inflation data themselves are subject to short - term fluctuations that make it difficult to hit the target exactly. a central bank can do little about fluctuations in gasoline prices, for example, yet these transitory movements have a large influence

continue to pay close attention to the evolution of risks as well as to economic and financial developments in the canadian and global economies.
young are also in a better position to facilitate knowledge diffusion. in this regard, labour mobility is key. during the early years of their careers, young workers, in the search for a better job, move more frequently between professions and assignments. as we get older we change jobs less often : at the age of 40 we switch half as much as we do at 20. 9 the mobility of the young is likely to facilitate an efficient allocation of labour through higher job - to - job transitions. and this mobility across firms and sectors, and sometimes across regions and countries, contributes to the diffusion and expansion of knowledge. for these reasons, youth employment and productivity growth create a virtuous circle. when firms become more productive they are more likely to employ young people. and when young people have such opportunities, they can capitalise on their skills, adding to productivity growth, which among other benefits for society will lead to higher wages. youth unemployment breaks this virtuous circle : it is a drag on innovation and impedes knowledge diffusion by decreasing mobility. additionally, unemployment prevents experienced workers and young workers from interacting. the experienced ones don ’ t benefit from insights and knowledge of the young. and they, in turn, don ’ t gain from the know - how of more experienced workers. the role of policies as we have seen, there are cyclical and structural reasons for the high rates of youth unemployment. demand - side policies, such as fiscal and monetary policy, can help to address cyclical fluctuations. our monetary policy measures, aimed at maintaining price stability, are supporting domestic demand and thus the recovery in employment, from which also younger generations of europeans are benefiting. furthermore, we should not forget that the crisis was a financial crisis, and therefore financial policies are also essential. it is important to further improve the resilience of the financial system by strengthening sectoral balance sheets, and having an appropriate financial regulatory and supervisory framework, and a robust macroprudential policy framework. 10 but the rise in youth unemployment has also deeply rooted structural reasons. the persistence and heterogeneity of youth unemployment rates across the euro area countries even before the crisis, as well as the diverse developments during the crisis, indicate that there is need for specific policies to improve education and labour market functioning in some countries. higher levels of education are positively correlated with both greater labour market participation and lower unemployment. the risk of losing a job is significantly higher for people with low educational attainment. and this group was severely

##g trade chief economist note, european commission, issue 2, may 2017. 21 see pelkmans, j. ( 2016 ), “ what strategy for a genuine single market? ”, ceps special report no. 126 ( january ). 7 / 7 bis central bankers'speeches
##udential tasks have therefore been divided up between the government, the financial market supervisory authority and the snb. the snb is responsible for assessing the systemic importance of banks and financial market infrastructures, and plays a key role in the deployment of the countercyclical capital buffer. 1 / 1 bis central bankers'speeches

philipp hildebrand : global economic prospects and key challenges for monetary policy summary of a speech by mr philipp hildebrand, member of the governing board of the swiss national bank, at the money market event, zurich, 23 march 2006. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ) * * * summary current economic developments are basically in line with the snb ’ s expectations. global economic activity is robust and the outlook is bright. the snb expects broad - based growth of over 2 % for 2006 and a moderate rate of inflation of approximately 1 %. in addition to the usual economic risks, monetary policy today is faced with three key challenges. first, the effects of globalisation on inflation must be anticipated. second, the way in which the interaction between globalisation and an ample supply of liquidity affects the price development of several assets needs to be analysed. the snb's monetary policy concept enables it to take a long - term view and to recognise possible distortions early on. third, identifying the neutral interest rate has become more difficult in today's environment. many factors tend to support a lower neutral interest rate, while others would support a higher neutral rate. against this background, the snb will continue the gradual normalisation of its monetary policy. the scale and timing of this normalisation process will depend on further economic developments. owing to a favourable inflation trend and well - anchored inflation expectations, we are in a position to cautiously approach a neutral interest rate level.