samchain/econo-pairs-v2 huggingface dataset:
international organizations. bringing together researchers from central banks and academia, as we do on this occasion, can provide a broad variety of contributions and perspectives. i am sure we will have two productive and interesting days. designed by the printing and publishing division of the bank of italy

29th ( ec ) 2 conference on “ big data econometrics with applications ” opening remarks by salvatore rossi senior deputy governor of the bank of italy and president of the institute for the supervision of insurance ( ivass ) rome, 13 december 2018 it is my great pleasure to open this conference and to welcome all the speakers and participants. i thank the organizers for designing such a broad and topical programme. with the increasing digitalization of the economy, data has become central in all the social sciences, and economics is no exception. in fact, some have talked about data being the new oil of today ’ s world. econometrics and statistics are therefore becoming increasingly dependent on the availability of huge and heterogeneous datasets. only few years ago, the econometric profession was rather cautious about big data. classical econometrics is based on theory and so relies on approaches that differ significantly from those of big data analytics. econometricians have been taught for decades to start with a theory and then use data to prove or disprove it. big data and machine learning work in the opposite way : they allow one to look for patterns simply by processing huge amounts of data, regardless of possible underlying models. it ’ s important to note that most econometricians have expressed concern about the reliability and representativeness of such vast datasets. however, it ’ s becoming evident that big data could disrupt traditional econometrics. data collection from social media has produced unprecedentedly large and complex, though unstructured, datasets on economic agents ’ behaviour and interactions, and these are proving to be a goldmine of economic information. we have been working with data analysis for many years, but it is now time to adapt our computational approaches to the new context. the bank of italy, because of its multiple functions, follows the evolution of big data very attentively. we will discuss this topic in a workshop organized with the bank of international settlements next 15 january here in rome. in the last few years we have progressed along our learning curve. we have combined skills in economics, econometrics, statistics and computer science to deal with the increasing volume, variety and velocity of data, which we have then used to estimate unemployment and inflation, to improve our economic forecasts, and to measure consumer and business sentiment. we, like all central banks, must also be ready to cope with the increasing public demand for access to granular data. as a
2018 ), “ europe : a work in progress – political integration and economic convergence in monetary union ”. 3 / 3 bis central bankers'speeches

systematic on this point. the policies supporting monetary and financial stability should remain two distinct areas of action, but there are synergies to be gained from the analysis supporting both. all in all, i believe that the objectives of price and financial stability are complementary, at least in the long run, and that the policies supporting both should be seen as mutually supportive. conclusions the recent financial crisis has strikingly illustrated the interconnectedness that characterises the global financial system. in providing a framework for strengthening financial stability, policy - makers are currently not only refining the regulatory and institutional set - up, but also looking for new analytical tools that help to better identify, monitor and address sources of systemic risk. i have described how the crisis has reaffirmed the need for an enhanced macro - prudential approach to regulation and supervision. it also emphasised how important it is to improve our knowledge of the interactions between financial and monetary stability policies. faced with these challenges, policy - makers are taking less travelled, less explored roads. additional work is needed to pave these new paths so that they can stand the test of time, like the roman roads have done. but the past has shown that a return to the roads taken before the crisis is not an option. pursuing in isolation policies aimed at financial and price stability may lead to conflicting paths. taking different roads, but being wary of their junctions, is the way forward, which eventually will lead to the achievement of the same aim : an efficient financial system promoting economic growth and less prone to pro - cyclicality.
eli m remolona : message for the annual reception for the banking community welcome message by mr eli m remolona, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 2024 annual reception for the banking community, manila, 26 january 2024. * * * introduction magandang gabi. i am so glad the weather cooperated. former central bank governors, members of the monetary board, colleagues and friends from the banking and diplomatic community, fellow government officers, ladies and gentlemen, a pleasant good evening to all of you. on behalf of the monetary board, i'd like to thank you all for gracing the 2024 annual reception for the banking community within these walls of fort san antonio abad. i am especially delighted to join you in this yearly tradition because tonight's celebration is a very special one. this year marks 75 years of central banking in the philippines. it is fitting that we gather here at fort antonio abad. this fort, together with intramuros, was designated a national cultural treasure by the national museum of the philippines. it played a significant part of the history of manila and similar to this fort, the bsp [ bangko sentral ng pilipinas ] has come a long way as a central bank from its inauguration on january 3, 1949. due to the leadership of visionaries who recognized that the bsp must change with the times and the painstaking efforts of the men and women of the bsp who made this happen, we are all here today. the bsp started as a central monetary authority in 1949. it later assumed the responsibility for regulating the financial system. and then in 2019, we were able to inscribe in our charter our three fundamental mandates, maintaining price stability ; financial stability ; and a safe and efficient payments and settlement system. through all these years, the bsp has managed to be a source of stability for the economy. we are not resting on our accomplishments. we deeply feel that we still have work to do. 1 / 3 bis - central bankers'speeches indeed, we have outlined a reform agenda. it is an ambitious agenda, and we will need your help for most of it. four goals let me just mention four goals in this agenda. first, we want to further enhance our monetary policy framework by sharpening our research, our model, and non - monetary tools. we want these to be

mbm ) to please join me on stage for the ceremonial toast, mbm bruce tolentino, mbm anita aquino, mbm. rosalia de leon. mbm. romeo bernardo, and mbm benjamin diokno. mabuhay po tayong lahat and enjoy the evening. 3 / 3 bis - central bankers'speeches
david dodge : policies to sustain growth domestically and internationally remarks by mr david dodge, governor of the bank of canada, to the foreign bankers ’ association in the netherlands, amsterdam, 13 may 2003. * * * good afternoon, ladies and gentlemen. i have been looking forward to coming to amsterdam since governor wellink extended the invitation last year. i must say that when you consider what has been happening in the world economy, it is certainly an interesting time to be a canadian at international meetings such as the bis meeting i attended yesterday. my colleagues from other central banks have often commented on canada ’ s relatively strong economic performance over the past two or three years. in response, i have told them that there is certainly an element of good fortune in that performance. but, fundamentally, it reflects the extraordinary efforts made during the 1990s to put a coherent economic policy framework in place, and i want to begin by talking about that framework. the four principles of economic policy let me quickly add that this is not simply a canadian story. the framework that i ’ m talking about emerged from international discussions and has relevance for all national economies. in the 1980s, a consensus was reached among oecd countries on a set of economic policies that would provide the strongest base for sustained economic growth. this consensus is based on four principles : trade liberalization, structural reform, fiscal prudence, and inflation control. i will spend a few minutes on each one of them, drawing on canada ’ s experience in recent years. let me begin with trade liberalization. your own mission statement acknowledges the importance of the free flow of goods and services, as well as of capital and people, within the european community. freer international trade allows countries to better exploit the gains made from increased specialization and enhanced productivity. canada has promoted reduced barriers to multilateral trade since the havana conference of 1947, which launched the general agreement on tarriffs and trade. in 1989, canada signed a free trade agreement ( fta ) with the united states. in 1994, mexico joined the group through the north american free trade agreement ( nafta ). both of these agreements initially sparked a great deal of political controversy in canada. however, they have opened up markets and created tremendous opportunities for canadian entrepreneurs. our exports have flourished as a result. but freeing up trade means more than setting up regional free - trade blocs, such as nafta and the european union. canada is hoping to see meaningful progress at the world trade organization ’ s doha

, i would be pleased to take your questions and begin our discussion. 2 / 2 bis - central bankers'speeches
. today, we share it together – for we all are in the same boat. one of the oars is in the hands of the regulator and the other is in the hands of the market participants. let ’ s row in the same direction, so that we all move forward with confidence and success. thank you. i wish you all a fruitful conference.

the fintech inn conference, 08 / 11, vilnius good morning, dear colleagues, experts and believers in financial innovation! i ’ m delighted to see so many members of the lithuanian fintech community and international guests gathered here today. on my way to this conference, i had a thought : people say that private markets are the locomotives of change moving towards progress faster and better. and that is the reason why private sector initiatives tend to dictate new trends and behavioural patterns, while authorities can only do their best to try and keep up. such a perception often seems to reflect reality. yet this is not quite the case when talking about the fintech situation in lithuania. i will not be overly modest in this regard : surely, it was the regulator who was the frontrunner in leading this process. today, the bank of lithuania keeps pace with the latest innovations - and often is at least half a step ahead. indeed, it is the very nature of fintech to modify the rules of the game, including those that have existed between the market and the regulator for decades. we deemed last year as the year of breakthrough in fintech in our country, with the number of licences granted tripling. in light of the ongoing interest, we can reasonably assume that this wave will continue this year as well – and perhaps even in the year after. in my humble opinion, this might suggest that we are not only doing something new and modern, but also that we are doing it right. to be more precise, a few years ago, we set ourselves a goal : the bank of lithuania would act not only as a supervisor ( which is always part of our duty ) but as a financial sector partner as well. today, we offer to fintech companies one of the quickest and most flexible licencing regimes in europe. our consultations facilitate the start up of new businesses. we have opened our payment infrastructure to non - banking institutions, and now fintech companies can directly, without intermediaries, access the entire sepa area through the centrolink platform. the freshly launched ‘ regulatory sandbox ’ provides favourable conditions to construct and test innovative business models while enabling us to upgrade our own array of regulatory tools. i could go on about the benefits of the regulatory environment in lithuania. but i will stop here because many of you know them, or perhaps have already taken advantage of them. instead, i will explain why we are working so hard. i must admit that we are creating favourable
die zukunft europas ”, speech given on 3 april 1992. bis central bankers ’ speeches

the other fundamental freedoms since the maastricht treaty. i think it is time that we consider what regulatory and institutional adjustments have become necessary since then so that we can take full advantage of the single capital market. turning first to the regulatory dimension, let ’ s stick with our example of the entrepreneur in osnabruck. if his company wishes to issue a bond in the netherlands, it will agree with the investor whether the transaction is to be carried out under german or dutch law. this initially sounds like a relatively simple way to conduct cross - border financial transactions despite divergent national legislation. however, financial transactions are often far more complex than that. there might be an entire chain of financial intermediaries, meaning that it is not clear for the final buyer what his / her legal claims and property rights are. the account holder ’ s legal position from the moment a security is posted to his / her account varies substantially. in some countries, the account holder has full and undivided ownership. in other countries, he / she has an “ inferior ” legal position, i. e. he / she holds an indirect interest in a property or just a claim against the account provider. at the turn of this century, a group of financial market experts, led by alberto giovannini, developed a number of suggestions as to how greater harmonisation in the eu financial markets could be achieved. in two reports 6, representatives of the private sector, the european commission and the european central bank presented concrete recommendations on how, for example, regulatory barriers could be broken down. almost 12 years have now passed since the second report was published and some of these proposals and recommendations have still not been implemented. for example, we still do not have an eu - wide framework for the treatment of interests in securities. drawing once more on the comparison with the united states, a cross - border securities transaction costs at least ten times as much in europe as it does in the united states. i think that makes it clear that europe ’ s economy has a lot to gain from dismantling the relevant regulatory barriers as part of a capital markets union. at that time with the caveat : “ to the extent necessary for the proper functioning of the common market ”. http : / / ec. europa. eu / internal _ market / financial - markets / docs / clearing / first _ giovannini _ report _ en. pdf. http : / / ec. europa. eu / internal _ market / financial - markets /
potential spillover effects of europe on the united states, we will continue to monitor the situation closely. thank you for your invitation to testify today, and i look forward to your questions. bis central bankers ’ speeches

sector 9. 9 4. 8 4. 0 3. 7 6. 0 11. 6 10. 9 6. 8 6. 6 21. 2 3. 8 6. 1 3. 8 5. 5 4. 0 5. 4 4. 5 3. 8 6. 7 4. 7 7. 4 2. 4 - 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 * 2018 * source : nbs * nbs projection. - 200 source : business registers agency. importance of this is substantiated by the inflow of foreign direct investment, which measured 5. 5 % of gdp in each of the past two years, and was more than sufficient to cover the current account deficit. moreover, better business results, supported by lower costs of corporate borrowing and relative stability of the dinar, provided the funds that pushed investment growth up. owing to this, private investment – directed mainly to export projects – has become one of the pillars of economic growth and we expect it to remain so in the coming years. ladies and gentlemen, dear colleagues, i would like to reiterate that these are only some of the key results we have achieved over the past five years. i must point out that this is a pleasant though rare opportunity to look back into the past in order to learn lessons for the future – the future which we create by overcoming challenges, armed with knowledge and a sense of responsibility about the importance of what we do. in the period ahead, you may count on the national bank of serbia to use all of its available instruments to maintain the achieved price and financial stability and give its contribution to economic growth and the preservation of the standard of living. thank you for your attention. i now give the floor to my colleagues.
as evidence accumulates that we are on the right track, i am hopeful that, eventually, we will have deserved the prize that you have generously awarded to me tonight. bis central bankers ’ speeches

example, if employees of high - exporting firms are less vulnerable to 1 / 2 bis central bankers'speeches unemployment during recessions ; or one could study the variation in the impact of social networks on the productivity of individual workers, across different countries and cultures. 2. a second challenge is to attain a relevant degree of coverage in the information captured. this means one must be able to map diverse microdata sets into aggregate statistics. the challenge here comes from the fact that microdata sets are collected for different purposes, making it hard to ensure integrity and compatibility. the ultimate goal must be to build a network of microdata sets, managed autonomously by different institutions, potentially from different countries, yet connected through a common language platform, ensuring secure access and agile correspondence. this would decisively improve our understanding of economic mechanisms such as : the pass - through from import prices to domestic prices ; or the connection between international credit supply and investment. 3. in my view, microdata poses a third challenge : the need to revisit the statistical authorities ’ mandate. in the new domain of microdata, authorities must not only produce aggregate statistics, but also preserve, maintain and provide the underlying microdata. banco de portugal already faces all these challenges, through the microdata lab established in oporto – bplim. our lab started operating in 2016 with the aim of making our microdata data sets freely available to the research community in general. until the end of last year, a total of 109 research projects started, involving more than 160 researchers. about 80 percent of these researchers are external to banco de portugal, and in more than one third of these cases, they are associated with international research institutions. but we need other statistical authorities to join us, in order to have microdata sets that encompass the whole socio - economic reality. cooperation between statistical authorities will also help with the development of common methods and tools and the identification of best practices. by ensuring strong quality standards in collection, maintenance, treatment and access to public - interest microdata, statistical authorities will provide the best public response to private digital platforms. these private platforms collect, use and sell microdata, without any form of public control or public - interest orientation. only through public platforms of anonymised, representative and controlled microdata can our society mitigate the competitive advantage of big techs. this means that the only interesting strategy to face information monopolies held by private
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the stance of monetary policy to offset some significant global growth headwinds and global disinflationary pressures. i believe this shift was well timed and has been providing support to the economy and helping to keep the u. s. outlook on track. monetary policy is in a good place and should continue to support sustained growth, a strong labor market, and inflation returning to our symmetric 2 percent objective. as long as incoming information about the economy remains broadly consistent with this outlook, the current stance of monetary policy likely will remain appropriate. that said, monetary policy is not on a preset course. the committee will proceed on a meetingby - meeting basis and will be monitoring the effects of our recent policy actions along with other information bearing on the outlook as we assess the appropriate path of the target range for the federal funds rate. of course, if developments emerge that, in the future, trigger a material reassessment of our outlook, we will respond accordingly. in january 2019, my fomc colleagues and i affirmed that we aim to operate with an ample level of bank reserves in the u. s. financial system. 3 and in october, we announced and began to implement a program to address pressures in repurchase agreement ( repo ) markets that became evident in september. 4 to that end, we have been purchasing treasury bills and conducting both overnight and term repurchase operations. these efforts have been successful in achieving stable money market conditions, including over the year - end. as our bill purchases 1 / 2 bis central bankers'speeches continue to build reserves toward levels that we associate with ample conditions, we intend to gradually transition away from the active use of repo operations. and as reserves reach durably ample levels, we intend to slow the pace of purchases such that our balance sheet grows in line with trend demand for our liabilities. let me emphasize that we stand ready to adjust the details of this program as appropriate and in line with our goal, which is to keep the federal funds rate in the target range desired by the fomc, and that these operations are technical measures not intended to change the stance of monetary policy. finally, allow me to offer a few words about the fomc's review of the monetary policy strategy, tools, and communication practices that we commenced in 2019. this review — with public engagement unprecedented in scope for us — is the first of its kind for the federal reserve. through 14 fed listens events, including a research