samchain/econo-pairs-v2 huggingface dataset:
can be fully explained by differing growth rates between the australian economy and its trading partners. • the second reason is that in the 1980s the widening current account deficit raised doubts about its sustainability. people thought that the debt to gdp ratio would keep on rising forever and that debt servicing could become an intolerable burden. neither of these two eventualities occurred. as graph 8 shows, the debt to gdp ratio stabilised at around 40 per cent, which is high by world standards but not excessively so ( for example, new zealand, canada and sweden all have higher rates ). a similar story can be told with regard to debt servicing ( graph 9 ). its ratio as a percentage of exports reached a peak of 20 per cent in the late 1980s, but is now less than half of that level. in australia, we always have to keep a weather eye on the balance of payments, but it does not seem to represent quite the same constraint now that it did in the 1980s. of course, it is not really up to me to make these judgments. it is really up to the market. it does seem, however, that the market is much more prepared to give the australian economy the benefit of the doubt than it formerly was. to return to my earlier theme, i think that is because the totality of policies in australia are now judged much more favourably than they were in earlier years. virtue does seem to have its own rewards. graph 8 net foreign debt per cent of gdp % % graph 9 net debt servicing per cent of exports % %

, a focus has been on central counterparties, which facilitate efficient and safe clearing of some types of financial transactions. these entities are increasingly important given the way global regulatory standards have been moving. the bank has focused on ensuring their risk management meets the highest standards and that they have the capacity to recover from financial shocks. we have also done a lot of work to ensure that our regulatory framework is appropriately recognised by regulators in other jurisdictions, which is important if we are to keep the australian financial system connected with the global system. with those remarks, chair, my colleagues and i await your questions. bis central bankers ’ speeches
compared with the previous year. the bank of italy – an institution constantly evolving to serve the public today is the last general meeting of the shareholders that i chair as governor. in november, i will leave my position as head of this institution, which i joined in 1972. over these eventful 12 years at the head of the bank of italy, i have witnessed major changes in how the bank performs its functions. it has taken up new tasks, its responsibilities have grown. its role in europe has expanded significantly. discussing ideas and sharing decisions within the ecb, which have been the distinctive features of monetary policy since the introduction of the euro, have become equally important in the area of banking supervision since the establishment of the single supervisory mechanism ( ssm ) in november 2014. european regulations and national laws define the bank's functions and provide for its independence and autonomy, preventing possible interference, including that from the shareholders of its capital. the private - style corporate structure which the bank has had since its foundation was updated at the end of 2013 by raising the capital from €156, 000 ( 300 million lire ), as established by the 1936 banking law, to €7. 5 billion. this reform extended the range of eligible shareholders and set a limit on individual ownership and the amount of dividends ; the concentration of shares was therefore resolved. the last meeting of shareholders prior to the reform had 60 participants, now there are 173 participants ; the majority of the capital is held by non - banks. banking supervision is now highly integrated with insurance supervision, overseen by the institute for the supervision of insurance ( ivass ) : the governing board of the bank of italy, with two additional members of the ivass board of directors, is responsible for decisions of external relevance. in the euro area, the bank of italy is the national 3 / 6 bis - central bankers'speeches competent authority for both the european single supervisory mechanism and the single resolution mechanism, which act in a coordinated manner, while fully respecting each other's autonomy ; the bank is also responsible for implementing macroprudential policies to safeguard the stability of the financial system. over time, the bank functions have expanded into the areas of banking and financial customer protection, financial education, the supervision of cash handlers and combating money laundering. in this latter area, not least to ensure effective coordination with the new european anti - money laundering and countering the financing of terrorism authority, the activities of the financial intelligence unit for italy were strengthened in 202

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amando m tetangco, jr : meeting the challenges of a rapidly changing supervisory and regulatory landscape inspirational message by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the induction of arbex officers, central bank of the philippines, makati city, 21 february 2007. * * * fellow central - bankers, good afternoon! i am pleased to be your inducting officer and guest speaker on this important occasion. first of all, let me congratulate the incoming officers of arbex led by mr. alexander g. cera. i commend the sustained united efforts of your association in promoting goodwill and understanding among bank examiners as well as in enhancing the well - being and dignity of your members. noteworthy also are your initiatives aimed at spearheading development programs and activities directed towards the active support of good governance and other related programs for nation building. let me also take this opportunity to encourage you to continue to face with vigor and passion the challenges that we all have to face in the rapidly changing supervisory and regulatory landscape. being the primary supervisor and regulator of banks, we continue to promote safety and soundness of the financial system by providing effective and efficient bank supervision and regulation. this is consistent with our policy objective of maintaining a stable and efficient financial system. we are now in the mid - to - end - stream of transition from the traditional approach to the new globally accepted best practice risk - based approach to supervision and examination of financial institutions, which is designed to sharpen the supervisory focus on areas that pose the greatest risk to banks. the shift will allow for a more effective assessment and evaluation of the adequacy and effectiveness of the risk management system of the banks. you, as examiners, therefore, are challenged to further raise the level of your knowledge in risk - based supervision and improve your skills in conducting risk - focused examination. rest assured that the management is doing its part by providing adequate technical trainings like the structured training for the examiners and other trainings being offered through the bsp institute to equip you with sufficient knowledge and skills in performing your job. the regulatory reforms in central banking are inevitable across all categories of banks. while these reforms look overwhelming, with your dynamic support, we will be able to attain our objectives. moreover, with the commitment of the arbex leadership and cooperation of all the members, you will be better

equipped to face the challenges ahead. as you strive to enhance the well - being and dignity of your members and improve their professional status, you also magnify the values essential in attaining the bsp vision and mission. let us therefore join hands as we embrace the changes in the way world - class central bankers perform their tasks! thank you and good day!
hole symposium proceedings, sept. 2013. bis central bankers ’ speeches

this year ). it will be expanded further over the longer term, in concertation with companies themselves and their representatives. its benefits are twofold. for companies, it is a single, objective measure, based on recognised methodologies, that will avoid the need to submit numerous different declarations, and allow them to gauge how far advanced they are in their transition compared with their sector average. for banks, it will be an additional, reliable and independent source of information. our contribution to greener finance will be a stimulus for other initiatives, from innovators in the ecosystem – fintechs or greentechs – who have the skills to develop tools to facilitate information - sharing, decision - making and ultimately the emergence of a financial world that is commensurate with our environmental ambitions. * * * i shall conclude my speech with a quote from rene magritte, the belgian artist who, granted, was not a specialist in finance : “ surrealism means banishing the ‘ deja vu ’ and looking for the ‘ not - yet seen ’ ”. you, the fintechs, are firmly page 6 sur 6 anchored in the real world, but are also playing a definitive part in its transformation by looking beyond established models. we, the acpr and amf, are realists but also have an eye firmly on the “ not yet seen ”. it is up to us, collectively, to make the most of technological innovations. thank you for your attention. page 7 sur 6 france fintech, etude, 25 july 2023. ernst & young, barometre du capital - risque en france : 1er semestre 2023 iii for example, for summarising, extracting and classifying data, or for generating computer code or text. iv la banque de france cloture son appel a contributions sur l ’ ia generative, press release, 21 september 2023. v or distributed ledger technology ( dlt ). vi regime pilote pour les infrastructures de marche dlt | banque de france ( banque - france. fr ) vii villeroy de galhau, f., wholesale cbdc : as decisive as retail cbdc, and actively experimenting, speech, 3 october 2023. viii estimate of the number of active users in the world, on a monthly basis. ix tradingview, marche des cryptos x chainanalysis, 2023 crypto crime report xi this is why the banque de france
a healthier, better educated, and richer nation, not just in absolute terms, but even relative to other countries. this is not a jingoistic statement based on some intrinsic indian superiority but a sober recognition that we are still much poorer than other countries, and catching up is always easier than drawing away from the pack. but we can achieve these outcomes only if we go about addressing the challenges we face methodically, with discipline and a sense of national purpose. in the coming years, i hope that is what we will do. bis central bankers ’ speeches

##rganized sector, the poor, and remote and underserved areas of the country through technology, new business practices, and new organizational structures ; that is, we need financial inclusion. 5. improving the system ’ s ability to deal with corporate distress and financial institution distress by strengthening real and financial restructuring as well as debt recovery. let me elaborate on each of these measures a little. first, we are among the large countries with the highest consumer price inflation in the world, even though growth is weaker than we would like it to be. much of the inflation is concentrated in food and services. our households are turning to gold because they find financial investments unattractive. at the same time, many industrial corporations are complaining about high interest rates because they cannot pass through their higher costs into higher prices for their products. we can spend a long time debating the sources of this inflation. but ultimately, inflation comes from demand exceeding supply, and it can be curtailed only by bringing both in balance. we need to reduce demand somewhat without having serious adverse effects on investment and supply. this is a balancing act, which requires the reserve bank to act firmly so that the economy is disinflating, even while allowing the weak economy more time than one would normally allow for it to reach a comfortable level of inflation. the weak state of the economy, the recent stability of the rupee, as well as the good kharif and rabi harvest this year, will generate disinflationary forces that will help, and we await data to see how these forces are playing out. no single data point or number will determine our next move. i think the market understands what we are trying to do. but we do need a more carefully spelled out monetary policy framework than we currently have. action on the framework will follow the submission of the dr. urjit patel committee report, which is expected to submit its report by end december 2013. second, we have already announced measures to free bank branching. we also want to incentivize foreign banks to incorporate domestically, which rbi has been planning since 2005. this will allow us to regulate them better and reduce the risks of contagion, stemming from foreign shores. this is a necessary measure to ensure the stability of our banking system. it is a measure which many other countries have embarked. going forward, we have to give our public sector banks, which are a national asset, the means to improve their competitiveness. many of them have made
issue will only grow in importance as the consolidation of the financial industry grows in both size and scope in future decades.

. as of 1998, about 15 percent of all small businesses were minority - owned : about 4 percent each were black - owned and asian - owned, and 6 percent were hispanic - owned. small business access to capital and credit given the importance of small businesses to our economy, and their heavy reliance on credit to facilitate growth, the federal reserve has taken a leading role in efforts to improve the understanding of factors that bear on the availability of funds to support small business activity. our most recent report to the congress in september on the availability of credit to small businesses provides an extensive review of developments in recent years. in the report, we noted that business - financing flows to both large and small borrowers, after having been strong in the late 1990s, have since moderated along with the pace of economic activity. debt growth appears to have held up better at small firms than it has at large firms, and small businesses did not report material difficulties in obtaining credit during the recent downturn. from 1997 to 2002, the demand for credit by small businesses tracked the pattern of debt growth. equity financing of small businesses showed a similar pattern : it surged in the late 1990s but then slowed after 2000 when stock prices began to decline and venture capital funding became less available. an important input into our analysis of small businesses is the board's survey of small business finances, which is conducted every five years ; the most recent was in 1998. these surveys collect detailed information on the financial and other characteristics of a nationally representative sample of small businesses. to help us gain a better understanding of the nature and needs of minority - owned firms, the survey over - samples firms owned by various minority groups. these data have been extremely useful for our understanding of the role that discrimination may play in affecting small business credit markets. research based on data from the surveys has provided many insights on similarities and differences in the characteristics of white - owned and minority - owned firms and of male - owned and female - owned firms. for example, firms owned by blacks tend to be smaller ( whether measured by assets, sales, or employment ), newer, and more likely to be located in an urban area than their nonminority counterparts. black - owned businesses also tend to be owned by younger individuals with fewer years of experience and poorer credit histories. finally, black - owned businesses are more likely to be sole proprietorships and in the services industry. other differences between other minority - owned firms and white - owned firms have been identified, but they
’ italia, designed and printed by the printing and publishing division of the bank of italy

effective financial education is a crucial life skill in order to make financial decisions consistent with personal and family needs. in today ’ s digital age, financial markets offer everybody easy access to a wide range of financial services and products. but digitalization is two - faced : it can emphasize some behavioral biases, such as short - termism and impatience, but could nudge people into specific virtuous action. the final balance will be positive only if consumers are financially literate. building a sound financial education is complex, as it requires a long - life approach on three challenging dimensions : knowledge, attitude, and behavior. financial education goes beyond than just providing information, it is meant to change those three dimensions, in order for people to achieve their financial well - being. best practices around the world show that experiential learning ( such as games, simulations and role plays ) helps acquire, retain and put in practice new information. since 2008 in our main program for students, “ educazione finanziaria a scuola ”, we have progressively moved from information to capability, fostering a value - driven approach to economic issues, stimulating the participants ’ interest by suggesting “ i need it because... ”. we have been using movies as a trigger for debating financial issues and behavioral biases. we have also introduced contests and prizes. our competition “ let ’ s design a banknote ” invites italian primary and secondary school students to design an imaginary banknote on a given theme ; for the current edition, the theme is “ money and emotions ”. the prize - winning classes receive an amount of money for their school. we will also contribute to the first edition of the italian economic and finance olympiad. adults are more challenging : they tend to acquire just the knowledge and skills they need for a specific purpose and their behavior tend to be well - rooted. furthermore, adults are an extremely heterogeneous population. for example, some immigrants grew up where saving food meant wasting it. thus the concept of saving must be explained to them with a special care. let me also add that ivass is now planning an exercise to measure insurance literacy, a still underexplored dimension of financial capability ; even if it is a novel concept, it could become an international benchmark. i would like to stress that, as international experience shows, single institutions cannot fill all the gaps : a nationally - coordinated approach to financial education is a key factor for success. financial education needs an interdisciplinary approach
paul tucker : introductory remarks at the book launch for “ investing in change – the reform of europe ’ s financial markets ” introductory remarks by mr paul tucker, deputy governor for financial stability at the bank of england, at the association of financial markets in europe book launch, london, 1 february 2012. * * * afme ’ s book is significant as it has reached beyond its own community – of investment and wholesale bankers. the contributions come from journalism, politics, academia, business, and central banking. each of our communities carries some of the responsibility for the mess that engulfed the world ’ s financial system, inflicting hardship on households and businesses around the globe. that must continue to drive us as we work to devise new “ rules of the game ” for a better financial system. this evening, i want to dwell on just one of the guiding principles of the international reform programme : banks should not depend on a safety net from taxpayers. of course, retail deposits – up to £85, 000 in this country – will continue to be insured. and we probably also need measures – possibly segregated accounts – that can protect the temporary high balances that arise when, for example, a person sells a house or receives a legacy. but regular creditors of banks should be at risk. pretty much everything underway in international finance at present reflects the dynamics set in train by a progressive withdrawal of the safety net. two points on how that will be delivered. and three points on what it will mean. on the “ how ”, the first thing to say is that going forward, banks are being required to carry considerably more capital and liquidity. second, as is now well known within the industry, the international authorities have agreed a blueprint for resolution regimes to manage the failure of so - called systemically important financial institutions in an orderly way. g20 leaders have committed to legislate that regime into their domestic systems where necessary. all resolution regimes have the effect of distributing the losses of distressed financial firms – ie losses already or prospectively exceeding equity – across unsecured, uninsured creditors. that is the only place losses can go if taxpayers are to be spared. “ bailin ” has focussed minds on this, but is in fact just one method, albeit a very important one, for ensuring that uninsured creditors take losses. those “ how ” points are very familiar. a few comments, therefore, on possible implications – all of which, looking ahead, point towards the

is a world in which securities regulators will play a vital role in underpinning stability. in the uk, the new financial conduct authority under martin wheatley will be a member of the new macroprudential body, the financial policy committee, for just that reason. thank you again to afme for providing a forum through its book for this public policy debate to continue. bis central bankers ’ speeches