samchain/econo-pairs-v2 huggingface dataset:
negate the view that financial development commensurate with the requirements of the real economy is essential for sustained economic growth. 3 this is particularly important for a developing economy like ours where the reach of the formal financial sector is still inadequate. let me now turn to banking in india. mckinnon, r. i. ( 1973 ), “ money and capital in economic development ”, washington d. c., brookings institution ; shaw, e. s. ( 1973 ), financial deepening in economic development, new york, oxford university press. see levine, ross, norman loayza, and thorsten beck ( 2000 ), “ financial intermediation and growth : causality and causes ”, journal of monetary economics, volume 46, issue 1 and also, demirguc - kunt, asli and ross levine ( 2004 ) ( eds. ), financial structure and economic growth : a cross - country comparison of banks, markets and development, mit press. while lessons are still being distilled from the crisis, the imf assigned a central role to failure of risk management and weaknesses in regulation and supervision besides the global pattern of low interest rates and a build - up of leverage ( world economic outlook, april 2009, imf ). bis central bankers ’ speeches ours is a bank dominated financial sector : commercial banks account for over 60 per cent of the total assets of the financial system comprising banks, insurance companies, non - banking financial companies, cooperatives, mutual funds and other smaller financial entities. 4 banking expansion as reflected in the growth of total assets of banks was rapid till the intensification of the global financial crisis which affected the indian economy through trade, finance and confidence channels. bank assets as a percentage of gross domestic product ( gdp ) rose from 60 per cent in 2000 – 01 to 93 per cent by 2008 – 09, but there after it has plateaued. bank credit to gdp ratio more than doubled from 24 per cent to 53 per cent during this period but has remained around that level in the following years ( chart 1 ). the growth of the banking sector was influenced by the performance of the economy, reflected in a co - movement between the growth in banking business and real gdp growth ( chart 2 ). it is noteworthy that the period up to 2007 – 08 was also a period of fiscal consolidation, with combined fiscal deficit of the centre and the states falling from over 9 per cent of gdp in early 2000s to 4 per cent by 2007 –

speeches bis central bankers ’ speeches bis central bankers ’ speeches
actual asset prices when making forecasts is highly counterintuitive. this does not of course imply that policy board members base their economic forecasts directly on the market's forecast of the policy interest rate. mechanically adopting market forecasts of interest rate developments in conducting monetary policy and preparing forecasts might cause economic and price developments to diverge from the bank's desired path. the new method does, however, take into account market expectations in making economic forecasts, and thus its adoption is another important step toward achieving an optimal monetary policy. conclusion against a background of high crude oil prices, major countries around the world are in the process of economic adjustment, aiming for a soft landing near the potential growth rate while maintaining stable prices. financial markets around the world also are making adjustments, reflecting changes in the economy as they seek a new equilibrium. the japanese economy has so far been moving in line with the forecast described in the april outlook report. although various risks lie ahead, japan's economy is likely to achieve sustainable growth under price stability. i believe, however, that in order to make this happen, it is vital that monetary policy is implemented appropriately so that the full potential of the new policy framework can be realized. in making forecasts, assumptions about the policy interest rate fall into three classes. in the first, a constant interest rate path is assumed. in the second, the interest rate path is assumed to be in line with market expectations. and in the third, interest rates are assumed to follow the optimal path projected by the central bank based on the information available to it. the bank of england carries out forecasts using the first two approaches. the third approach is adopted by the central banks of new zealand and norway. for more details on norway, see j. f. qvigstad ( 2005 ), " when does an interest rate path'look good '? criteria for an appropriate future interest rate path. "

and tackling the shared challenges we face. 1 see mion, giordano and ponattu, dominic ( 2019 ), “ estimating economic benefits of the single market for european countries and regions ”, bertelsmannstiftung policy paper. 2 philippon, thomas ( 2019 ), the great reversal : how america gave up on free markets, belknap press. 3 faccio, mara and zingales, luigi ( 2017 ), “ political determinants of competition in the mobile telecommunication industry ”, nber working papers 23041, national bureau of economic research. 4 see european parliament factsheet ( 2019 ), “ the european union and its trade partners ”, www. europarl. europa. eu / factsheets / en / sheet / 160 / the - european - union - and - its - trade - partners 5 standard eurobarometer survey 92, autumn 2019. 2 / 3 bis central bankers'speeches 6 bergbauer, stephanie, hernborg, nils, jamet, jean - francois and persson, eric ( 2020 ), “ the reputation of the euro and the european central bank : interlinked or disconnected? ”, journal of european public policy, january. 3 / 3 bis central bankers'speeches
bearing capacity and ability to expand investment and lending activities. later on in my presentation, i will discuss the fist bill business model, the necessity of enacting fist bill, and the improvements from the special purpose vehicle act ( “ spv ” ) of 2002, as amended, introduced in fist bill which aim to address the issues and difficulties encountered during the implementation of spv act and to cater to the present needs of financial institutions, especially in this pandemic. again, we thank the committee for giving bsp the opportunity to participate in the passage of this landmark legislation. 1 / 1 bis central bankers'speeches

be known about the size and depth of the patches that lie on the road ahead. the critical task for us now is to preserve the momentum for economic reforms so as to ensure sustained growth in the long run. just as important to sustaining growth is delivering growth that casts a wider net. these require focus as well as commitment. to this end, it is my hope that the map and mbc community will continue to be our partner in the thrusts and the reform agenda that i had outlined. i look forward to your support as together we tread the road to sustained economic growth. thank you and good day to all!
2022 ; see sveriges riksbank ( 2023 ). 7 speech developing the monetary policy debate and introducing new aspects research in economics has evolved after crises. after the financial crisis, there was an increased focus on financial markets and how they should be included in theoretical models to better understand the link between the real economy and the financial economy. economic policy frameworks also tend to change after crises. the current frameworks in sweden were established after the crisis of the 1990s. the inflation target, the industrial agreement and the fiscal policy framework have been the cornerstones of swedish economic policy ever since. politicians who were themselves involved in managing the crisis of the 1990s often reiterate the need for stable public finances and the value of low and stable inflation. this is in line with the importance of life experience for economic decisions, which i discussed earlier. currently, intensive academic work is underway to understand the high inflation of recent years. this has led to a wave of new research, often empirical, analysing, among other things, the pricing behaviour of firms and the behaviour of households. how households perceive inflation is important for their behaviour and this in turn affects inflation. i recently gave a speech on the psychology of inflation based almost entirely on recent new research. 19 still, it is unfortunate that we have to go through a serious crisis to get a better understanding of how households perceive inflation20 and form their inflation expectations. it is also problematic that we had to experience a global financial crisis before research focused on new models that better link the real economy and financial markets. and it would have been better if sweden had not had to endure a prolonged crisis to implement the economic reforms of the 1990s. despite several economists putting forward such proposals for a long time, it was only in the wake of the crisis that they were realised. that said, it is very easy to draw a parallel with central banks and the climate issue. in my first speech at the riksbank in 2020, i said that “ other policy areas certainly have more effective tools than central banks to reduce carbon emissions and limit global warming ”. the idea that climate change is of importance to central banks is not to replace actions by governments that have better and more efficient tools to deal with the issue. however, central banks can contribute within their mandates : firstly, through research on the impact of climate change on the 19 see breman ( 2024 ). 20 see afrouzi et al. ( 2024 ). 8 speech economy and inflation

and the lab ”, voxeu column, 2 february. schnabel, i. ( 2022 ), “ a new age of energy inflation : climateflation, fossilflation and greenflation ”, speech published on 17 march, european central bank. sibert, a. ( 2005 ), “ central banking by committee ”, international finance 9 ( 2 ). sou ( 2019 : 46 ), “ a new sveriges riksbank act ”. sveriges riksbank ( 2023 ), “ account of monetary policy 2022 ”. 11
les systemes d ’ assurance sociale et de retraite. car, de lui - meme, l ’ euro ne pourra pas resoudre ces problemes. la politique de stabilite n ’ est pas au demeurant une invention allemande. il faudrait a ce propos eliminer les prejuges qui existent encore dans nos deux pays. en france aussi, il s ’ est toujours trouve quelqu ’ un pour reclamer une economie stable non inflationniste. rappelez - vous ce qu ’ a ecrit jacques rueff a la fin des annees cinquante sur l ’ age de l ’ inflation. pour rueff, les revendications excessives adressees a l ’ etat mettent en peril la stabilite des prix et le systeme economique et social liberal. l ’ histoire est riche en exemples montrant comment, a la longue, des comptes publics non ordonnes peuvent ebranler la monnaie et l ’ economie. en france surtout, l ’ assainissement des budgets publics a toujours revetu une grande importance. c ’ est ainsi que jusqu ’ au debut des annees quatre - vingt, le deficit budgetaire a ete bien inferieur a la limite de 3 % fixee par le traite de maastricht. l ’ endettement est reste jusqu ’ a maintenant au - dessous du seuil de 60 % impose par les criteres de convergence. la limite de 3 % n ’ a d ’ ailleurs pas ete inscrite dans le traite de maastricht a la demande des allemands, mais sur l ’ initiative des francais. il faudra aussi imperativement que les finances publiques soient durablement stables lorsque l ’ union monetaire europeenne ( et sa politique monetaire unique ) aura ete mise en place. en effet, des dettes publiques elevees - - en particulier lorsqu ’ elles sont financees a court terme - - peuvent serieusement compliquer

vaut en particulier a la veille de l ’ elargissement de l ’ union europeenne. valery giscard d ’ estaing et helmut schmidt ont rappele, a juste titre, dans un article commun publie il y a quelques jours, que “ le succes de la monnaie unique depend, a terme, de l ’ accomplissement de nouveaux pas sur le plan politique. sans cela, les changements de gouvernement intervenant dans l ’ un ou l ’ autre des pays membres risqueraient de remettre en cause la solidite de l ’ union. (... ) on aurait pu s ’ attendre a ce que le traite d ’ amsterdam contienne des decisions prises par les pays participants, mais ceux - ci n ’ etaient pas capables de s ’ accorder sur des reformes. (... ) l ’ union monetaire est un projet federal qui doit etre accompagne et soutenu par d ’ autres mesures. elle n ’ a jamais ete faite pour rester un ilot isole dans l ’ œil d ’ un cyclone d ’ interets nationaux. ” pour toutes ces raisons, il est necessaire que la cooperation franco - allemande devienne encore plus intense, afin que le dynamisme de l ’ integration ne faiblisse pas apres l ’ entree dans l ’ union monetaire. l ’ unification europeenne est et reste un objectif porteur.
and firms, the share refers to banks that provide online estimates of what loans would cost. figure 10 credit quality of italian banks ( billions of euros ) total npls gross net gross net bad debts source : supervisory reports ( consolidated for banking groups and individual for stand - alone banks ). note : the stocks are calculated gross and net of loan loss provisions. bad debts are a subset of total non - performing loans ( npls ). banca d ’ italia the governor ’ s concluding remarks annual report 2018 figure 11 exports and foreign direct and portfolio investment in italy ( destination / origin ; percentage composition ) exports foreign direct investment foreign portfolio investment european union rest of the world sources : based on bank of italy, istat and imf data. figure 12 inflation % % italy germany - 4 france - 4 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 source : oecd. the governor ’ s concluding remarks annual report 2018 banca d ’ italia printed by the printing and publishing division of the bank of italy rome, 31 may 2019 printed on eco - friendly paper

), article 106290. - 14 conclusion let me conclude by reiterating that technological innovation and resilience are both attributes of a healthy financial system. i will, of course, remain vigilant with respect to vulnerabilities that appear to be evolving as well as emerging risks, but i see a system that is sound, resilient, and able to support the needs of households, communities, and businesses. the good position of the financial system is consistent with a broader economy that is strong, with a solid labor market and moderating inflation. thank you for your indulgence and thanks, again, to dean logue and the university of michigan law school for hosting this conference. i look forward to our discussion.
. 25 percentage points to 4. 50 %. this decision serves to comply with the medium - term inflation target and provides the appropriate monetary conditions to stimulate albania ’ s economic activity. monitoring the conformity of monetary conditions with its inflation target, in this development scenario, bank of albania ’ s monetary policy is expected to continue to stimulate the economy over 2012. bis central bankers ’ speeches

creditors. in the interests of brevity, i won ’ t go into a lot of detail about ola. but my board colleague jay powell talked in depth about this topic in a speech last month, and i would just register my broad agreement with his conclusion – namely that the federal deposit insurance corporation ’ s ( fdic ’ s ) so - called “ single point of entry ” approach to resolution is a promising one. 2 the federal reserve continues to work with the fdic on the many difficult implementation challenges that remain, but i believe this approach gets the first - order economics right and ultimately has a good chance to be effective. perhaps more to the point for tbtf, if a sifi does fail i have little doubt that private investors will in fact bear the losses – even if this leads to an outcome that is messier and more costly to society than we would ideally like. dodd - frank is very clear in saying that the federal reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution. and as a member of the board, i am committed to following both the letter and the spirit of the law. the thoughts that follow are my own, and are not necessarily shared by my colleagues on the federal reserve board. i am grateful to members of the board staff – michael gibson, michael hsu, nellie liang, and mark van der weide – for their advice. see powell ( 2013 ). bis central bankers ’ speeches still, we are quite a way from having fully solved the policy problems associated with sifis. for one thing, the market still appears to attach some probability to the government bailing out the creditors of a sifi ; this can be seen in the ratings uplift granted to large banks based on the ratings agencies ’ assessment of the probability of government support. while this uplift seems to have shrunk to some degree since the passage of dodd - frank, it is still significant. 3 all else equal, this uplift confers a funding subsidy to the largest financial firms. moreover, as i noted earlier, even if bailouts were commonly understood to be a zeroprobability event, the problem of spillovers remains. it is one thing to believe that a sifi will be allowed to fail without government support ; it is another to believe that such failure will not inflict significant damage on other parts of the financial system. in the presence of such externalities, financial firms may still have excessive private incentives to remain
9 20. 0 36. 9 ( 9th general review ) 135. 2 62. 0 48. 0 20. 0 38. 0 ( 11th general review ) 212. 0 61. 6 46. 0 17. 4 38. 4 year quota number of share of developing developing countries countries data from silent revolution ( boughton ), ifs. year in which the quota review was completed, i. e., when the board of governors ’ resolution on quota increases was approved. the tenth review in 1995 and the twelfth in 2003 did not provide developing countries include transition economies. for an increase in quotas. chart 1 note : data from ifs.

timely fashion and proactively in the interests of preserving the stability of the financial system. the complex evolution of banking business and the concomitant increase in risk can no longer be coped with by the traditional instruments. the globalisation of the financial markets calls for a departure from purely national rules and regulations, and the adoption of greater flexibility and greater proximity to the bank on the part of supervisors, so as to foster financial market stability. europe cannot disregard these trends if it wants to hold its own in the international competition for market shares. furthermore, european banks will have to adjust to the introduction of internal rating systems if they do not wish to get out of touch with the united states in the field of up - to - date techniques of credit - risk management. market players and others are called upon to lend a hand in shaping the definitive regulations during the consultation phase that is now in progress and subsequently during the second such period from autumn 2000 onwards. academic economists, in particular, can likewise help to answer the still unresolved issues posed by the basle accord. we should face up to this major challenge, which is not least an intellectual competition for the best proposals, by making a joint effort.
important breakthroughs can be observed in the development of the debt market following the issuance of marketable government bond in 2002, which is not only useful to deepen the financial market but also significantly reduced the need for foreign financing and thus increase the economic resiliency. distinguished guest, ladies and gentlemen strong commitment to reforms has yielded a progressive and more resilient fundamental performance, especially in the last five years. indonesia resumed higher levels of growth and has re - emerged as a confident middle - income country as well as increasing regional and global standing as the world ’ s strongest economic performers close to those of india and china. indonesia ’ s economic growth accelerated to a 10 - year high and proven to be robust during the wake of the 2008 – 2009 global economic crisis. real gdp has been growing at 5 to 6 percent annually since 2002 and, in 2009 per - capita real gdp exceeded the level reached in 1997, immediately prior to the asian crisis. the legacy of government ’ s prudent fiscal management and a strategy of fiscal consolidation have contributed to the significant reduction in government debt levels, which are estimated to fall to 31. 5 % by end - 2009. investment share to gdp is improving though is still below pre - crisis levels. in 2009, indonesia ’ s was 23 % of gdp, or significantly improves from 19 percent of gdp in 2002 signaling a structural improvement on the business climate. increasing efficiency on the institutional framework as well as strong fiscal and monetary discipline has also been able to reduce inflation markedly and so does the exchange rate. in the financial sector, the banking sector, which account for about 80 % of the financial industry ’ s assets, is in sound shape and is relatively unexposed to developments in troubled financial markets elsewhere. indonesia has a well - developed and well - regulated banking sector and has made major advances over the past five years in establishing a sound legal and administrative framework for the modernization of public financial management in line with good international practice. on the last april 2nd, 2010, oecd upgrades country risk classification ( crc ) ranks of indonesia from the previous level of 5 to 4. indonesia was the only country of the 161 countries, given the crc upgrade in the latest oecd committee meeting session on april 2010. the main factor supporting the upgrades is indonesian impressive macroeconomic indicators as the economy is one of the most resilient amid the global financial crises and indonesia is one of the few countries that experienced positive economic growth in 2009. improvement in macroeconomic

gentlemen, it is now my pleasure to declare smep dtm limited officially launched. thank you. bis central bankers ’ speeches