samchain/econo-pairs-v2 huggingface dataset:
, this idea deserves to be deliberated. conclusion to conclude, the theory and practice of foreign exchange reserves is as complex as any other contemporary economic issue. while it is not easy to provide answers to all the questions raised in the recent debate on foreign exchange reserves management policy, we in india have had such a long journey from the agony of 1991 to the comfort of today and this has come about only by dint of hard work and implementation of prudent policies which has made india, a respected model in the emerging world.

was very important • chakravyuh in mahabharata : getting in was easy. getting out was difficult. 18. post - crisis : applying judgement in treading the growth - inflation balance : if we alter interest rates, what impact will it have on inflation? on growth? transmission. criticism of rbi. 19. example 2 : deposit insurance 20. • during the crisis – uk banks insured all their deposits • pressure on us to do the same • can we afford it? will it not set off a panic? example 3 : costs and benefits to regulation • tighter regulations – safe financial system but also a dysfunctional financial system. • excessive or premature tightening can mean loss of growth and welfare. • excessively loose regulation can result in financial instability. • drawing the right balance requires fine judgement. • ability to make the right judgment is a key attribute of a knowledge institution. bis central bankers ’ speeches 21. 2nd attribute : ability to make intelligent, mature and balanced judgment. 22. 3rd attribute : be open minded. no dogma. galileo and the church 23. • by far the most famous and high profile example of dogma in the history of science is the conflict between galileo and the church. • church refused to accept the heliocentric view of the universe against the prevailing geocentric view of the universe. • no dogma means when new evidence that invalidates prevailing view comes in, we are willing to change our view and accept the new proposition ( thomas kuhn – paradigm shift ). • galileo himself was not fully correct because he believed in a stationary sun. example : corporates into the banking sector why are you allowing corporates into the banking sector? • true, they have not been allowed so far. • true, rules in this regard around the world are different. • after extensive consultation, due deliberation and careful consideration, we have decided to allow corporates into the banking sector • why? • – corporates have been allowed entry into other financial service sectors – corporates have a long and credible record of building and nurturing new businesses in highly regulated sectors like telecom, power, airports. – corporates can bring in capital, leverage on their business experience and management expertise – innovative ideas for financial inclusion arguments against – scope for connected lending, using public trust for private gain – opportunities for regulatory arbitrage and for contagion of risk across the financial system – concentration of economic power and influence • safeguards ( endogenous and exogen
_ agreement. pdf available 10 unfccc. int / paris _ agreement / items / 9485. php 11 spencer, t., pierfederici, r. ( 2015 ), beyond the numbers : understanding the transformation induced by indcs, studies n°05 / 2015, iddri – miles project consortium, available at : www. iddri. org / publications / beyond - thenumbers - understanding - the - transformation - induced - by - indcs 12 “ … financial disclosure is essential to a market - based solution to climate change. a properly functioning market will price in the risks associated with climate change and reward firms that mitigate them. as its impact becomes more commonplace and public policy responses more active, climate change has become a material risk that isn ’ t properly disclosed. ” in carney, m., bloomberg, m., ( 2016 ), how to make a profit from defeating climate change, the guardian, 14 / 12 / 2016, available a t www. theguardian. com / commentisfree / 2016 / dec / 14 / bloomberg - carney - profit - from - climate - change - rightinformation - investors - deliver - solutions 13 expressed as gdp loss relative to base year gdp, at constant prices of 2008 3 / 4 bis central bankers'speeches 14 ccisc ( 2011 ), the environmental, economic and social impacts of climate change in greece, bank of greece, p. 454 available at www. bankofgreece. gr / bogekdoseis / climatechange _ fullreport _ bm. pdf 15 at constant prices of 2008, over the period till 2100 16 total cumulative cost through 2100, at constant prices of 2008 17 the vulnerability assessment is presented on the ccisc ( 2015 ), national climate change adaptation strategy ( nccas ), bank of greece, pp. 9 - 13 at www. bankofgreece. gr / bogdocumenten / national _ adaptation _ strategy _ excerpts. pdf 4 / 4 available bis central bankers'speeches

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taken to identify and mitigate risks, still be used for ml / tf purposes. ’ unquote. we supervisors are fully aware that the perfect supervisory regime does not exist. it is, however, our duty to aim for optimal results by adopting methodologies that make full use of our supervisory resources and skills. ladies and gentlemen, i thank you for your attention and wish you all an enriching seminar.

evaluation report published by the eastern and southern africa anti - money laundering group ( esaamlg ) in september 2018. the amendments brought to existing laws, the financial intelligence and antimoney laundering act ( fiamla ) amongst others, as well as the adoption of new laws and regulations have enable mauritius to be rerated compliant or largely compliant on 35 out of the 40 fatf recommendations, including the 6 core and key recommendations. this is indeed a remarkable achievement for our jurisdiction. i understand that the process is not over yet and mauritius endeavours to obtain compliant or largely compliant ratings on the remaining 5 fatf recommendations. the national strategy further clearly acknowledges in the mission statement that its aim is, i quote “ to adopt a risk based approach to effectively protect mauritius from the threats of money laundering and the financing of terrorism and proliferation. ” unquote. the adoption of a risk - based approach is therefore central to the effective implementation of the fatf recommendations at the national level, be it by policy makers, supervisors, law enforcement authorities and regulated entities, amongst others. one may ask about the reasons underlying such a change in approach to aml / cft. the reasons are simple : first of all, this approach is more flexible. secondly, it allows for a more efficient application of resources. third, it focuses on assessing and devising preventive measures commensurate to the nature of money laundering and terrorism financing ( ml / ft ) risks in financial institutions. higher ml / tf risk therefore calls for higher intensity of supervision. competent authorities can thus take informed decision on proportionate measures to mitigate the ml / tf risks that they have identified. risk - based supervision is often contrasted with rule - based regulation, a more compliancebased supervisory approach limited to the verification of adherence to applicable rules, legislation, regulations or policies. risk - based supervision, in contrast, goes much beyond the compliance approach. it focuses on the principles of sound risk management and on areas / institutions where the risks are higher. the completion of the national risk assessment ( nra ) in august 2019 paves the way to the implementation of a risk - based approach to combating money laundering and terrorism financing activities, thus making aml / cft supervisors and regulated entities and individuals more effective in their efforts. the nra report aims at identifying, understanding and assessing the money laundering and terrorist financing risks faced by mauritius, while its results provide valuable guidance to articulate policies and strategies to address the risks
by relatively good performance in other sectors. that said, the current episode demonstrates that pronounced housing cycles are not a thing of the past. my discussion so far has focused primarily on the role of variations in housing finance and residential construction in monetary transmission. but, of course, housing may have indirect effects on economic activity, most notably by influencing consumer spending. with regard to household consumption, perhaps the most significant effect of recent developments in mortgage finance is that home equity, which was once a highly illiquid asset, has become instead quite liquid, the result of the development of home equity lines of credit and the relatively low cost of cash - out refinancing. economic theory suggests that the greater liquidity of home equity should allow households to better smooth consumption over time. this smoothing in turn should reduce the dependence of their spending on current income, which, by limiting the power of conventional multiplier effects, should tend to increase macroeconomic stability and reduce the effects of a given change in the short - term interest rate. these inferences are supported by some empirical evidence. 10 on the other hand, the increased liquidity of home equity may lead consumer spending to respond more than in past years to changes in the values of their homes ; some evidence does suggest that the correlation of consumption and house prices is higher in countries, like the united states, that have more sophisticated mortgage markets ( calza, monacelli, and stracca, 2007 ). whether the development of home equity loans and easier mortgage refinancing has increased the magnitude of the real estate wealth effect – and if so, by how much – is a much - debated question that i will leave to another occasion. the united states and now account for about 40 percent of the market, most adjustable - rate mortgages here are actually hybrids in that they bear a fixed rate for the first several years of the loan. for example, mccarthy and peach ( 2002 ) report a substantial decline in the short - run, though not long - run, interest elasticity of residential investment and real gdp after the early 1980s. work by dynan, elmendorf, and sichel ( 2006 ) supports this conclusion as does other work at the federal reserve on models for forecasting residential investment. modeling work at the fed also shows that the short - run sensitivity of residential investment to nominal mortgage rates fell by more than half after the end of the new deal system, but, in line with the findings of mccarthy and peach, remained

" 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.
the institutional frameworks that have been put in place to ensure compliance with these arrangements is intact. 9. thank you for the attention and let us use this soiree to interact as much as possible and build stronger bonds as we work in the interest of the country.

, as economic stability gains a firm hold, the private sector must reposition itself to drive the growth agenda. as noted in the 2010 budget and economic policy statement, the government will continue with the fiscal consolidation process which started in 2009 with a view to stabilizing inflation and reducing exchange rate volatilities. external sector policies will also focus on building up reserves ( which is currently at 3 months imports cover ), and reducing the current account deficit, while pursuing strategies to increase economic growth in 2010. the budget is optimistic about growth prospects in 2010 with a revised real gdp growth of 6. 5 percent compared to an initial program target of 5. 0 percent. starting from 2011, ghana will benefit from oil production which is expected to attract additional investments into the country, and boost economic growth. initial production is projected to contribute about 17 percent towards ghana ’ s gdp. accordingly, real gdp growth has been estimated to increase above 20 percent in 2011. there is a general consensus that the contribution of monetary policy is to stabilize the economy and create an enabling environment for sustainable growth in the long - run. looking forward therefore, the bank of ghana ’ s monetary policy stance will remain focused on steering the economy towards price stability whilst deepening financial intermediation processes to ensure that credit flows to the productive sectors of the economy. despite the role of monetary policy in creating an enabling environment, promoting long - term growth is a complex process and requires the support of structural reforms that seek to remove “ binding constraints ” on the business environment to ensure sustainable growth. clearly, monetary policy is limited beyond the scope of resolving structural bottlenecks that often constrain growth in the ghanaian economy. the commitment of the bank of ghana to ensure macroeconomic stability and ease credit constraints must therefore be supported by policy reforms to strengthen the investment climate, increase productivity and innovation, as well as close infrastructural gaps especially in the energy and road sectors. it is anticipated that the increased government revenues from the oil production will create the much needed fiscal space to close the country ’ s infrastructural gaps and ease some of these growth constraints. additionally, the implementation of credible fiscal consolidation policies underscored by growth - enhancing measures should provide the needed boost for the private sector and accelerate economic growth. 5. conclusion ghana ’ s economy has rebounded strongly from the instability that characterized the first half of 2009. recent trends indicate that macroeconomic stability has gained ground with declining inflation, exchange rate stability, growing
/ publications / r _ 0804. pdf.

s financial institutions have ample buffers of capital and liquidity and the system remains resilient. financial institutions are expected to take responsibility for managing their own foreign currency exposures. they implement hedging and funding strategies to that end. indeed, so do other major canadian foreign - currency borrowers, such as provincial governments. in the unlikely event that a canadian financial institution had exceptional needs for liquidity in us dollars or other foreign currencies, the swap lines the bank of canada has established with other g7 central banks would enable us to obtain funds in any of four other currencies. these lines were introduced in response to the global financial crisis. they were renewed in response to market stresses in europe and later turned into standing agreements. the bank of canada has never drawn on these swap lines, nor has it faced a request to provide canadian dollars. but these arrangements are available if needed. even though it is very unlikely that canada ’ s foreign exchange reserves would need to be drawn 3 / 6 bis central bankers'speeches down for financial stability purposes, their existence provides further reassurance of the safety and soundness of the canadian financial system. such confidence, in turn, helps maintain stability in times of financial stress. all this considered, canada holds foreign exchange reserves as a precaution against extreme events. even though canada has had no history of such events, we know from international experience that they are possible. so far, i ’ ve emphasized the role of canada ’ s reserves in serving canadian purposes. i should also mention the use of our reserves in our role as a good global citizen. part of our official international reserves — around us $ 10 billion — are held at the imf. canada, like a number of other advanced economies, also makes a portion of its reserves available for imf programs. taking all these potential needs into consideration, canada ’ s level of liquid international reserves is set at a minimum of 3 per cent of nominal gdp — a floor which it generally significantly exceeds. this level is simple to communicate to the public, credit rating agencies and investors. while, as i ’ ve noted, it is low relative to many countries, it is in line with a set of similar countries such as the united kingdom and australia. together with our department of finance, we review this level periodically in light of various metrics and international comparisons — and particularly with regard to extreme scenarios that would imply a draw on reserves. the last such review, completed in 2016, concluded
banking markets has highlighted structural fragilities and demonstrated the greater speed at which liquidity problems can emerge in the financial sector. at the same time, it has revealed that the incomplete banking union is a source of vulnerability for europe's banking sector. the lack of a complete banking union still represents a very wide gap in the eu's institutional framework. thank you for your attention. 3 / 3 bis - central bankers'speeches

, i plunged into goethe. i re - read “ werther ”, this remarkable novel. i learned a lot about goethe, germany and also frankfurt, in particular from “ dichtung und wahrheit ”. in a different cultural field wim wenders impressed me very much, especially the movie “ der himmel uber berlin ”, on the two angels over divided berlin, their meditation and the “ temptation of flesh ”. the dialogues are from the german speaking writer peter handke. you already told us how busy you are. but do you have time to just stand in the kitchen and prepare your own meal? often, when my wife is not here, i prepare my meal. it is not that i have the time, but that i must do it. so you don ’ t enjoy it? not too much. but do you enjoy the wine from the rheingau? yes, i was already used to excellent german white wines. and i ’ m very impressed by the progress the winemakers made with red wines, which are more challenging to produce at this level of quality. what do you like in the german kitchen? i don ’ t know whether i should confess that in frankfurt : i have a dedication to “ weißwurst ”! i would prefer it very much to the regular “ frankfurter ” sausages. but i ’ m not – not yet! – bold enough to take it for breakfast, with beer, like in bavaria … do you go to restaurants? from time to time, usually in the westend, where there is an impressive number of italian restaurants. how often do you travel to st. malo? not sufficiently, in my opinion. for vacation, and, apart from vacation, very rarely. your plans after the end of your term in november, 2011? we ’ ll see. i have no plans till now. but i ’ m sure i will be very active. with employees from how many nations do you cooperate with? here in this institution, we have the 27 nationalities that exist in the european union. on top of that we have some other nationalities for limited periods of time. what do i need to study in order to get a job at the ecb? of course there are a lot of possibilities. we need experts in finance, economics, management of human resources, legal issues, administration, accounting, etc. etc... we need a wide range of expertise. where do i apply for a job?
: democracy and the future of the world economy, ww norton. 5 letter from the ecb president to ms perevenche beres, mep, on the legal framework for central counterparties, 11 january 2017. 2 / 2 bis central bankers'speeches

border mergers and acquisitions, with a duty on competition authorities to facilitate welfare - enhancing consolidation while protecting and enhancing competition in each local market. finally, as a member of the eurosystem and the european system of financial supervision, the central bank of ireland shares with the european commission and european movement ireland a common commitment to working together on a pan - european basis in order to safeguard stability and protect consumers. only through a strong european union can we successfully manage the twin challenges posed by globalisation and technological change, with shared sovereignty the foundation for effective and sustainable international policymaking ( lane 2018 ). in closing, commissioner vestager : as a memento of your visit to the central bank, i would like to present to you our recent commemorative coin that marks the centenary of the women ’ s right to vote in 1918. 1 / 2 bis central bankers'speeches i look forward to listening to your speech at the close of this dinner. i thank valerie herzberg and micheal o ’ keeffe for their assistance in preparing these remarks. references dottling, robin, german gutierrez and thomas philippon ( 2017 ), “ is there an investment gap in advanced economies? if so, why?, ” in investment and growth in advanced economies, proceedings of ecb forum on central banking, 129 – 193. gutierrez, german and thomas philippon ( 2017 ), “ declining competition and investment in the us, ” cepr discussion paper no. 12536. gutierrez, german and thomas philippon ( 2018 ), “ how eu markets became more competitive than us markets : a study of institutional drift, ” cepr discussion paper no. 12983. lane, philip r. ( 2018 ), “ globalisation and the irish economy : a macro - financial perspective, ” geary lecture, economic and social research institute. vestager, margrethe ( 2019 ), “ the champions europe needs, ” - welt economic summit, berlin, 9 january. 2 / 2 bis central bankers'speeches