samchain/econo-pairs-v2 huggingface dataset:
. we are conducting a very expansionary monetary policy to preserve confidence in the nominal anchor provided by the inflation target for more than 20 years. at the same time, we are emphasising the importance of managing the risks linked to household indebtedness, as financial stability is a necessary condition for attaining the inflation target in the longer run. bis central bankers ’ speeches

cecilia skingsley : a year of negative interest rates. where do we stand now? speech by ms cecilia skingsley, deputy governor of the sveriges riksbank, at danske bank, stockholm, 7 april 2016. * * * thank you to christina nyman, ulf soderstrom, charlotta edler, marianne sterner, emil brodin and anders vredin for useful comments and assistance. thank you for inviting me here today. i intend to talk about three issues : is it possible to conduct a national monetary policy in a complicated international environment? how has swedish monetary policy been conducted in recent years? what considerations should govern our choice of future path? is it possible to conduct a national monetary policy in a complicated international environment? i believe that most people will recognise the description of growth and the recovery following the global financial crisis as being a disappointment in most countries. in many cases the setbacks have been severe and prolonged, for instance, in southern europe, while in other cases growth has been positive but low. many central banks, wishing to live up to their price stability commitments, have implemented more far - reaching and long - term measures to stimulate monetary policy than have previously been imagined as possible. so how did we get to where we are now, with such low interest rates? in the long run, it is structural factors such as the conditions for growth and the willingness to save that determine the level of the real interest rate. as a small, open economy, sweden must in principle accept the international real interest rate as a given. monetary policy is not able to affect the real interest rate to any great extent in the longer run, but it affects inflation and inflation expectations. in recent years, the imf and other forecasters have revised down their forecasts for gdp on several occasions. if one looks at real interest rates, these began to fall even before the financial crisis and real interest rates have also fallen during periods of higher growth. opinions differ with regard to the causes of this slowdown. the more pessimistic line talk about secular stagnation, where savings have increased and willingness to invest has declined as a result, for instance, of the composition of the population, of growing income gaps and weak technological innovations. this has in turn pushed down the interest rate level compatible with normal resource utilisation. the other more optimistic line say that remaining effects from the global financial crisis, such as deleveraging and increased political uncertainty,
we, the bundesbank, wrote : “ germany has fallen far behind european partner countries in terms of key data such as gdp growth, employment and the government deficit. ” far - reaching reforms were initiated in germany to tackle this period of structural weakness. these included the agenda 2010 reform programme, which was controversial at the time and included the so - called “ hartz iv ” legislation. this was accompanied by a ten - year period of wage moderation running from 1997 to 2007, which addressed the location - related problems that faced key industries and the high level of entrenched unemployment at that time. the situation on the german labour market has improved considerably in the meantime thanks to the reforms that were introduced back then as well as to wage moderation. the number of persons in work has risen by 3 million since 2005 and now stands at an all - time high. the number of registered unemployed has fallen from almost 5 million in 2005 to less than 3 million today. and the average duration of unemployment has receded sharply. germany has gained considerably in competitiveness over the past 10 years, for which reason it is now often seen as a model for reforms in the crisis - hit countries. nevertheless, i do not wish to recommend germany ’ s reform agenda as a “ template ” for other countries to apply directly and uncritically to their own situation. after all, the starting situation differs from one country to the next. tailored, country - specific solutions need to be found for each individual country ’ s problems. and yet, some general recommendations for the crisis - bound countries may certainly be gleaned from germany ’ s experience with reforms. some countries will ask how the unit labour costs that rose excessively in the countries that were later hit by the crisis might be cut – and where this has already happened. how can bis central bankers ’ speeches they avoid repeating past mistakes in the form of excessive wage and salary increases in future? because that is the only way to restore and maintain price competitiveness. what is more, in some countries rigid labour markets are in need of reform. in particular, the disturbingly high level of youth unemployment in the crisis - hit countries shows the urgent necessity of reforms in this area. without reform, young people will be denied the prospects they desperately need after obtaining their school or university qualifications. we must make it easier for them to enter the labour market. the longer it takes them to make the transition from school or university to the labour market, the more difficult

the interests of all, including the younger generation. bis central bankers ’ speeches
monetary policy in the euro area will do what is necessary to maintain price stability and thus contribute to supporting sustainable economic growth and job creation in the euro area. germany ’ s economy is back on track and the outlook for germany and the euro area over the medium - term future remains favourable. dinner speakers should exhaust their topic, not the audience. therefore : thank you for your attention.

recently launched three technical working groups dedicated respectively to : ( i ) psd2 review, ( ii ) open banking and ( iii ) public collections and payments. the cpi is the reference forum within which the national community can define strategic orientations and actively participate in defining the solutions under discussion in the european arena, including those that are the subject of today's conference and that concern, through the psd2 review, the future of the european payments industry. 4 / 4 bis - central bankers'speeches
share of asian bond investment has risen a little over that period, the share of investment in asian equities has been largely steady. both remain at well below 10 per cent of total portfolio investment in offshore markets. there would appear to be significant scope for further financial integration with the region. bis central bankers ’ speeches to conclude, the work by the acfs is focussing on an area of significant importance today and one that will be important for a long time to come. there are many issues to discuss, a few of which i have highlighted here. the briefing paper is a promising start and i wish them well for the rest of the project. bis central bankers ’ speeches

. rba. gov. au / speeches / 2018 / sp - ag - 2018 - 09 - 10. html 3 / 13 10 / 09 / 2018 the evolution of household sector risks | speeches | rba graph 3 the risk that difficulties in the residential real estate market translate into stability issues for the financial institutions, however, appears to be currently low. the australian banks are well capitalised following a substantial strengthening of their capital positions over the past decade. while lending standards were not bad to begin with, they have nevertheless tightened over the past few years on two fronts. the australian prudential regulation authority ( apra ) has pushed banks to more strictly apply their own lending standards. and apra has also encouraged banks to limit higher risk lending. lending at high loan - to - valuation ratios has declined as a share of total loans, providing protection against a decline in housing prices for both banks and households. and for loans that continue to be originated at high loan - to - valuation ratios, the use of lenders'mortgage insurance protects financial institutions from the risk that borrowers are unable to repay their loans. overall, arrears rates on housing loans remain very low. but the second potential vulnerability – from high household indebtedness – is that if there were an adverse shock to the economy, households could find themselves struggling to meet the repayments on these high levels of debt. if they have little savings, they might need to reduce consumption in order to meet loan repayments or, more extreme, sell their houses or default on their loans. this could have adverse effects on the real economy – for example, in the form of lower economic growth, higher unemployment and falling house prices – which could, in turn, amplify the negative shock. so what do the data tell us about the ability of households to service their debt? this graph shows the ratio of household mortgage debt to income ( a subset of the previous graph on household total https : / / www. rba. gov. au / speeches / 2018 / sp - ag - 2018 - 09 - 10. html 4 / 13 10 / 09 / 2018 the evolution of household sector risks | speeches | rba debt ) on the left hand panel and various serviceability metrics on the right hand panel ( graph 4 ). the mortgage debt - to - income ratio shows the same pattern as total household debt - to - income – rising up until the mid - 2000s then steadying for a few years before increasing again from
: there is no longer any need for the bank to follow up the strict credit and exchange rate regulation of the past, and the manufacture of banknotes and coins has been outsourced. other functions have been added, one of which is the management of the gpfg. norges bank is used to change. with 200 years of history behind us, the bank has the professional capacity and experience to perform its tasks efficiently, even when the bank ’ s functions and the external environment change. no matter how the commission ’ s concrete proposals are followed up, i am confident that norges bank will continue to be a useful public institution. 7 / 8 bis central bankers'speeches 1 official norwegian reports 2017 : 13. new central bank act. organisation of norges bank and the government pension fund global. 8 / 8 bis central bankers'speeches

pleasure every year to discover new talents and welcome renowned artists to frankfurt. i would like to pay tribute here to my predecessor, willem duisenberg, who was the initiator of our cultural days programme. i very much look forward to all of the 22 events that reflect the many facets of dutch culture. i am also particularly delighted that, for the first time in the history of the cultural days, the city of frankfurt has made it possible for us to hold an event at the frankfurter paulskirche and so, on 30 october, the brass and string ensemble of the royal concertgebouw orchestra will perform at this prestigious and venerable venue. we are extremely grateful to the city of frankfurt for this honour, all the more so as this concert will also be a charity event. 4. in your opinion, what defines europeans? was macht ihrer meinung nach den europaer aus? europeans share a common history, with extraordinary successes, enormous challenges over time and dramas. europeans have decided to share a common destiny – based on profound friendship, peace and prosperity – which has guided european integration for the past 60 years. we at the ecb are proud to be responsible for delivering price stability to our 330 million fellow citizens in the euro area and to contribute to the prosperity of the european union as a whole. faced with serious global challenges, we europeans can only succeed and progress if we are united, in line with the european ideal and its leitmotif of “ unity in diversity ”. raising awareness of the cultural diversity of the european union and fostering unity is what we aim to achieve through the cultural days of the ecb.
2 blinder, a. ( 1999 ), central banking in theory and practice, the lionel robbins lectures, mit press, cambridge massachusetts. 3 rey, h. ( 2013 ) “ dilemma not trilemma : the global financial cycle and monetary policy independence ”, jackson hole conference proceedings, kansas city fed. 4 letter to frederick william, prince of prussia ( 28 november 1770 ). 3 / 3 bis central bankers'speeches

' speeches divergence? put another way, how do we reconcile yet another paradoxical couple : independence and co - operation? obviously the question is not to go back to a world of accords negotiated in hotel suites. but we can and should act to enhance co - operation between central banks. such co - operation includes four elements : mutual predictability of policy making. we will achieve the closest to a co - operative solution if we avoid large surprises between policy makers. while trade multilateralism is at risk, monetary and financial multilateralism stands fast, fortunately. this means continuing to favor dialogue and exchange of information among central banks, and to be very clear about our monetary policy regime choice. we should cherish the “ great convergence ” of policy objectives of the last fifteen years. among major advanced economies, we now have domestic inflation targeting around a 2 % medium - term objective. we are ruling out any currency war, as clearly stated in our unanimous bali communique : ` ` we will not target our exchange rates for competitive purposes ’ ’. on capital flow management ( cfm ) measures, we should support the ongoing reflections undertaken within the relevant international bodies and give priority to practical and pragmatic solutions – imf type – rather than dogmatic purity. last, i can only quote you, tharman, and your impressive epg report : “ it is critical that we put in place a reliable global financial safety net before the next crisis ” and co - ordinate its different layers. this should include “ an imf standing liquidity facility. ’ ’ the global financial safety net is the best insurance we can get against the risks created by economic divergence and it comes at a limited cost. * * so, in conclusion, we as central bankers should be predictable without being pre - committed. in other words, we should give clarity without pretending to certainty. voltaire summed this up nicely in 1770 : “ doubt is an uncomfortable condition, but certainty is a ridiculous one. ” 4 in these times of doubt, the governing council of the ecb is committed to give as much clarity as possible ; clarity, not certainty, which is neither possible nor desirable. thank you for your attention. 1 brainard, w. ( 1967 ), « uncertainty and the effectiveness of policy » the american economic review, vol. 57, no. 2, papers and proceedings of the seventy - ninth annual meeting of the american economic association, may, pp. 411 – 425.
strengthen and develop its financial sector. liberalising the financial sector is not a question of whether but how. mas, through its growing partnership with the central bank of myanmar, is happy to contribute to this effort where it can. we have been deeply engaged in many training programmes and stand ready to share our experiences where relevant. singapore wants myanmar to succeed and prosper, and realise its huge potential. i wish you fruitful discussions. bis central bankers ’ speeches

are very well aware that price pressures are likely to remain subdued for a prolonged period of time but we expect inflation rates to converge again towards 2 per cent as the cyclical upswing of the economy takes hold. we are at the same time very conscious that, if some of the downside risks do materialise, then – because price pressures are already weak today – we would act decisively again. this view is very strongly shared by the governing council members. what are the scenarios that could lead you to act? there are a number of downside risks that we have identified. they relate to the state of the economy and downside risks to growth, a tightening of global financial conditions with undue spill - overs to the euro area, energy prices, and – last but not least – a fatigue in structural reforms in europe. this would mean that investments do not pick up and that business confidence doesn ’ t improve further. for me that ’ s the most bis central bankers ’ speeches important aspect of all – that structural reforms are being implemented so as to improve growth potential, employment opportunities and overall confidence. however, for this last downside risk, monetary policy has clearly its limits in what it can do. another risk would be that, as a result of the comprehensive assessment, there could be some dampening effect in the short term. that risk is still fairly limited and temporary – and should be compensated for by the expansionary effects over the medium term, which will positively affect confidence in the nearer term. we will be monitoring this risk from a monetary perspective. however, this potential procyclical effect of an aqr should not lead to softening the rules of the aqr. the instruments you use to handle each scenario may depend of the nature of the shock. each instrument has a different impact and any of the measures taken would depend on our analysis of the monetary and economic developments. could you just say a little bit more about the possible impact of the aqr? a strong comprehensive assessment makes central bank action more effective. monetary policy does not work as well if banks ’ capital basis is thin and insufficient to support lending. in the us, you can intervene directly in the markets to transmit monetary policy stimulus, because the markets play a bigger role in financing the economy. here, the pass - through of your monetary policy is primarily via the banks and it takes time. the comprehensive assessment should shorten the time it takes for monetary policy to impact the real economy. indeed
. g. transactions, contracts, assets or identities ) that can be stored in a digital format. entries in the digital ledger are permanent, transparent and searchable. 7 reference : the edge malaysia weekly ( 4 – 10 june 2018 ). personal wealth. these challenges include lack of data ( value of the endowment ), limited transparency, lack of clarity in accountability, lack of proper auditing and poor planning for waqf assets development 3 / 3 bis central bankers'speeches

adnan zaylani mohamad zahid : speech - national financial literacy symposium 2023 speech by mr adnan zaylani mohamad zahid, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the national financial literacy symposium 2023, sasana kijang, 10 october 2023. * * * bismillahirrahmanirrahim assalamu'alaikum w. b. t and a very good morning emeritus professor datuk dr. norma mansor, the president of the malaysian economic association, encik mohamad hafiz kassim, chief financial officer of the employees provident fund, encik azaddin ngah tasir, chief executive officer of the credit counselling and debt management agency, distinguished panellists, and esteemed guests. first of all, let me congratulate the financial education network and the malaysian economic association for jointly organising this symposium and thank you for inviting me to deliver the keynote address. just yesterday, we celebrated the announcement of the 2023 nobel prize in economic sciences, which was awarded to claudia goldin for her contributions to our understanding of women's labour market outcomes. this prestigious award recognises the profound impact of research on human endeavour to understand and make the world a better place. it also illuminates the invaluable insights that research offers in shaping policy design that improves decision making and solves problems. this is very much relevant with the context of advancing financial literacy. take, for instance, the contributions of 2017 nobel prize laureate richard h. thaler in the field of behavioural economics. his work has revolutionised the way policy makers and practitioners approach financial education worldwide – introducing nudges to guide consumers towards good financial behaviours and decisions. by highlighting the critical role of deposit insurance in effectively preventing bank runs, the work of the 2022 nobel prize laureates, diamond and dybvig, has also brought to light the relevance of financial education in equipping consumers with the knowledge and tools to protect their finances. today, the work of the newly minted nobel prize laureate, claudia goldin, inspires us to maximise the potential of financial education to bridge gender gaps and advance financial inclusion. indeed, providing an impetus for stronger research culture and greater intellectual discourse is at the heart of the national financial literacy symposium today. our collective goal is to harness the power of research to shape the design, implementation,
fdi, which at present probably still differ in favour of the united states, may also converge in the medium term. second, the positive sign of the investment income balance conceals the fact that it has been falling steadily in relation to gross flows since the early 1980s. in 1980, it accounted for more than 40 % of total us income from investment abroad, while, in 2005, it was less than 2 %. this means that, today, see ecb ( 2006 ), the accumulation of foreign reserves, occasional paper series no 43, february 2006. see hausmann, r / sturzenegger, f ( 2006 ), global imbalances or bad accounting? the missing dark matter in the wealth of nations, harvard university, cid working paper no 124, cambridge ma. see cline, w ( 2005 ), the united states as a debtor nation, washington dc, sowie gourinchas, p o / rey, h ( 2005 ), from world banker to world venture capitalist : us external adjustment and the exorbitant privilege, presented at the nber conference on g7 current account imbalances : sustainability and adjustment. see imf ( 2005 ), loc cit. comparatively small changes on the income or expenditure side can have far - reaching effects on the net income statement. 13 third, even with us investors enjoying constant yield advantages, an increase in borrowing costs could push us net interest income into deficit. given the credit liabilities 14 of around us $ 3. 6 trillion net shown at the end of 2004, a 1 percentage point increase in the global interest rate level over the entire maturity range would lead to an additional net interest burden of us $ 36 billion. 15 that would be the case at least in the long run if the higher interest rate level affects all assets and liabilities. it would eat up the 2005 interest income balance, which was no more than us $ 7. 4 billion. in the final analysis, the “ dark matter ” theory does not provide a compelling reason why the usa and, with it, the world economy should be immune to risks of persistently large current account deficits. v implications coming to the policy implications, let me first note that globalisation by no means automatically gives rise to imbalances. in the past few years, what we have been dealing with is the advancing process of globalisation coinciding with a particular set of factors that have contributed to the emergence of global imbalance

results in stronger us dollar. it will bring different challenges for us because indonesia is at the same time facing current transaction balance deficit that still needs to be controlled. if improperly anticipated and responded, this condition will affect exchange rate stability, which will in turn influence financial system stability. distinguished ladies and gentlemen, 24. above is my introduction to the discussion and launching of financial stability study no. 24, march 2015. we expect the discussion will open wider horizons of indonesia ’ s financial system and result in constructive and strategic thoughts to maintain financial system stability. 25. to conclude, may god bless and guide our steps. thank you. wassalamu ‘ alaikum warahmatullahi wabarakatuh. bis central bankers ’ speeches