samchain/econo-pairs-v2 huggingface dataset:
probably settled on that goal and that path over the course of your studies. certainly, higher education is a big investment, and everyone needs a plan for recouping that investment - in terms of income, of course, but also in terms of opening other opportunities that education can provide. as a professor of public policy at georgetown, i always hoped to provide tools that would be useful for graduating students in their new jobs. and i do know, given the caliber of batten, that your studies here have helped you to not only attain the tools and knowledge you will need moving forward but also to make the contacts and build the networks that will help you in your careers. most importantly, i hope that your time at uva has opened your eyes to opportunities that you hadn't even imagined when you first set foot on grounds. importantly, i do hope that you have learned over your time here about the many ways in which public policy work can be fulfilling for you personally and can also allow you to improve the lives of others, whether pursuing work on housing affordability, budget priorities, or access to health and education ; building infrastructure capacity ; or tackling financial stability. ultimately, public policy and leadership are about helping people. 1 / 4 bis - central bankers'speeches it is with that latter point in mind that i am going to tell you about my own experience and the importance of allowing yourself to take risks and follow your own path as you pursue a career in public service. while this may contradict some of the advice you have received about managing your careers, i strongly believe that it will make you more successful and more fulfilled in the long run. i tell you this because i am probably an unlikely person to have been appointed to the federal reserve board, as the first latin policymaker in the fed's history. i was raised in colombia and came to the united states at age 15, speaking almost no english. i attended public schools. in high school, i carried around to every class one of those thick merriam - webster dictionaries because, of course, back then there was no google translate on smartphones, and also no smartphones! another thing i carried with me, along with my dictionary, was the memory from my childhood of traveling around colombia with my parents and witnessing great poverty and the suffering and social problems that come from poverty. at an early age, my brother and i would accompany my parents to shantytowns around bogota to help with social projects, and

growth and on the cost and availability of credit in canada. weighing the implications of these considerations, the bank views the risks to its projection for inflation as balanced. against this backdrop, the bank judges that the current level of the target for the overnight rate – 3 per cent – remains appropriate. we will continue to monitor carefully the evolution of risks, together with economic and financial developments in the canadian and global economies, and set monetary policy consistent with achieving the 2 per cent inflation target over the medium term.
of the benefits, as well as the dangers, of globalisation. in hong kong, where controls of this kind are not practical because of the realisation that global links supply our lifeblood, we have taken a different approach. we have chosen to enhance policy credibility through greater transparency and through strengthening and tightening up our rule - based monetary system. my third observation is that those who said that the asian crisis was the death knell of asia as an economic force - and there were many of them - seem to have been wrong. there has been remarkable resilience, even in the worst - hit economies, and a will to reform and restructure that has helped put a number of economies back on their feet even during a time of global economic downturn. progress has not been evenly spread throughout the region, and there are still causes for anxiety. but, as the world economy shows signs of recovery, the prospects for the region, if not dazzling, look somewhat brighter. it is now my great pleasure to introduce our speaker and discussant. from the late eighties until very recently, stan fischer has been very much at the centre of world economic and financial crisis - and its solutions - first at the world bank and then as first deputy managing director and subsequently senior adviser at the imf. he has played a practical role - often a crucial one - in addressing, preventing and resolving crises, and he has written extensively on the subject. asia, no less than other regions of the world, has benefited from his expertise, and we are very honoured to have him here to talk about the lessons that can be learned from the recent crisis. steve grenville served for 20 years with the reserve bank of australia, and was deputy governor of that bank from 1996 to 2001. before joining the reserve bank, he served in the oecd in paris, and before that he spent time with the imf in indonesia. he played a pivotal role during the asian crisis, and was instrumental in australia ’ s involvement in three of the larger support packages in the region. it is a great honour to have him here as discussant today. stan and steve are old friends of mine. i therefore think it is right for me to comment on the positions in which they now find themselves after careers totalling around 40 years in central banking, and to try to see if this sheds any light on the eternal question : “ what happens to central bankers when they cease to be central bankers? ” i speak from a

programme coordinator from the ecb, and to all participating experts from the ecb, the european system of central banks and the national bank of the republic of macedonia. thank you. bis central bankers ’ speeches
transparency, fairness and accountability. good luck and congratulations! mabuhay!

zeti akhtar aziz : islamic finance - dynamic industry in a rapidly changing global environment keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 2nd international islamic finance conference, dubai, uae, 22 september 2003. * * * bismillahirrahmanirrahim “ the islamic financial industry is ascending to prominence in an environment that is highly competitive and constantly subject to the forces of change. the industry has made significant progress, with the essential fundamentals underpinning financial infrastructure to support its sound expansion in place. the challenge before us is to bring the industry to its next stage of development and reinforce the robustness of the industry in a more challenging environment. of importance is the need to evolve the strategies that need to be adopted to build key strengths and enhance institutional capacity in the industry. indeed, collaborative efforts need to be intensified on the global front and integration accelerated. as the decade unfolds, insha - allah, the islamic financial industry will evolve into an increasingly dynamic and vibrant industry ” it is my honour and pleasure to be here today at this second international islamic finance conference, organised by the islamic development bank and the general council of islamic banks and financial institutions. globalization and financial liberalization have brought profound changes to our domestic and international financial landscape. these changes have been accompanied by an accelerating pace of financial liberalisation, driven by advances in technology. the advancements in information and communication technology have removed barriers in the market place. against this backdrop, islamic banking and finance, which is still at its infancy, needs to be ahead of these developments in order to remain a viable and competitive form of financial intermediation. the challenge, therefore, in the islamic banking industry, is to evolve the development of an islamic financial system, one which is dynamic, responsive and sustainable. the development of an islamic financial system, indeed would include the respective sets of the key components comprising the islamic banking industry, the islamic money and capital markets, and the takaful market, given the strong linkages, inter - dependence and synergies among these components in the system. in addition, the development of the non - bank financial intermediaries such as development financial institutions, savings institutions and housing credit institutions need to be developed to meet customer demands. these specialised institutions are important in meeting the requirements of the economy which are not met by the nascent islamic banking institutions. although the islamic banking industry may be the core to an efficient islamic financial system
##p, and hyun song shin ( 2008 ). " leveraged losses : lessons from the mortgage market meltdown ", presentation delivered at the u. s. monetary policy forum, new york, february 29. warsh, kevin ( 2008 ). " financial market turmoil and the federal reserve : the plot thickens ", speech delivered at the new york university school of law global economic policy forum, new york, april 14.

frederic s mishkin : global financial turmoil and the world economy speech by mr frederic s mishkin, member of the board of governors of the us federal reserve system, at the caesarea forum of the israel democracy institute, eliat, israel, 2 july 2008. the original speech, which contains various links to the documents mentioned, can be found on the us federal reserve system ’ s website. * * * it is a great pleasure to be back in israel. i last was here in 1971 and can see that much has changed since then. and it is a great honor to be introduced by the professor who taught me monetary theory at the massachusetts institute of technology in the 1970s. let me also say that over the past year, as we at the federal reserve have had to deal with the recent problems in financial markets, i have gained an even deeper appreciation for the many contributions you made as the first deputy managing director of the international monetary fund, guiding its response to the mexican crisis, the russian default, the asian crisis, the collapse of long - term capital management, brazil's devaluation, and the early stages of the argentine crisis. your expertise in managing financial crises is surely unparalleled, and having you in the central banking world right now helps us all sleep better at night. as you well know, financial markets in the united states and europe have been under considerable strain for almost a year now. speaking as a central banker soon to return to the relatively tranquil ivory tower of columbia university, i don't think it is far off the mark to characterize the turmoil of the past year as one of the worst financial shocks that the united states has confronted since the great depression. however, although the u. s. economy clearly has slowed, aggressive actions by the federal reserve and other central banks as well as fiscal stimulus have helped us weather the storm better than we would have otherwise. let me start with a brief overview of the financial market turmoil, and then i'll briefly discuss what central banks have done to help restore health to the financial system. finally, i'll turn to the implications for monetary policy and the economic outlook. 1 the financial turmoil well - functioning financial markets are crucial to maximizing sustainable economic growth because they channel funds to the people with the most productive investment opportunities. however, financial markets can do their job well only when they solve information problems that would otherwise impede the efficient allocation of credit to worthy borrowers. the history of
ahmet ismaili : western balkans towards the single european payment area ( sepa ) speech by mr ahmet ismaili, governor of the central bank of the republic of kosovo, at the event " western balkans towards sepa ", organised by the bank of albania, tirana, 28 february 2024. * * * dear mr. mete, minister of finance of albania dear mr. sejko, governor of the central bank of albania ministers of finances of wb6, governors of central banks wb6, world bank representatives, ladies and gentlemen, i would like to thank the bank of albania for organizing this event on the regional ministerial " western balkans towards sepa " in the framework of the regional summit on growth and convergence plan and for the invitation to central bank of the republic of kosovo, which we have positively accepted. it is my pleasure to be here at such an event with the opportunity to share our current activities towards sepa. we are living in a time when all aspects of our lives are advancing at such a rapid pace of technological development, and the financial industry is advancing at the same pace. in the dynamics of global development, the financial system in kosovo is facing a rapid change in the field of innovation and migration towards digital payments. a developed financial payment system, where payments are made in a cost - effective and time - efficient manner, makes trade cheaper, enables competitive businesses to grow and provides consumers with easier access to goods and services. at the same time, a developed payment system ensures the protection of the integrity of the financial system and the euro currency, the reduction of the negative effects of the phenomenon of counterfeiting, the protection of consumers and the promotion of market practices, the reduction of the effects of money laundering activities and terrorist financing, and the improvement of access to financial services and financial inclusion. in line with the stabilization and association agreement and the berlin process, the reform process and the development of the payment system through the development of fast local payments and the integration of the payment system at the regional level will also accelerate access to sepa. 1 / 4 bis - central bankers'speeches cbk, in the strategic plan 2024 - 2028 has planned several important activities which are related with cbk and the financial industry which are in line with the current developments in the area of digitalization. within the activities of cbk to adopt toward digitalization as main activities are planned the following : advancement of cybersecurity, heightened preparedness for cybersecurity

emu as a whole. in sum, there is a pressing need to improve the functioning of the emu before the next crisis hits. increasing financial integration and introducing fiscal instruments to improve macroeconomic stabilisation are of the utmost importance in achieving this goal. thank you for your attention. 11 / 11
##to branch of stanbic bank zambia limited officially open. i thank you for your attention. bis central bankers ’ speeches

next five years. this phenomenon contributes to sustain high quotes. as a by - product, it affects food prices overall due to its impact on the cost of producing meat and dairy products. consequently, we are experiencing higher food prices worldwide. the impact on inflation is particularly large in developing countries, where foodstuff usually has a higher weight in the consumption basket ( and, consequently, a higher weight in cpi ). additionally, in these countries, cereals dominate the daily diet ( according to fao, cereals represent 52 % of the diet in developing economies compared to only 31 % in the developed world ). however, emerging market economies – both foods exporters such as argentina and many other countries in latin america and consumers, including many asian countries – are also facing sustained increases in food prices. therefore, the twin surpluses ( fiscal and external ) have been a trademark of the argentine economy over the last years and are expected to remain so. as opposed to what happens in other emerging markets, being able to show a positive cash flow that comes from the real side of the economy together with a flexible exchange rate regime and a solid central bank gives the country a paramount position to face external turbulences. nevertheless, on the fiscal side, the consolidated primary balance reached an outstanding 5. 3 % in 2004 to decline about two percentage points to current levels. going forward, a commitment to increase the primary surplus is essential to keep a sustainable growth towards equilibrium. so, the need to preserve and deepen these surpluses is a priority. mainly, because we are still going through a transition phase typical of post - crisis periods. and, these transition stages – where key macroeconomic variables converge to their long - term values – take time and raise enormous challenges. for instance, it took long to countries such as chile to fully stabilize their economies and achieve sustained growth. our neighbor put in place a gradualist approach during the normalization period. it involved four common elements that have been of utmost importance : consolidating fiscal solvency, reestablishing external sustainability, restructuring liabilities, and rebuilding the financial system. once all these aspects were addressed, progress in the consolidation of a full - fledged inflation targeting regime was achieved. thus, for several years, chile lived with higher inflation, while patiently building credibility and institutions. so, the experience of other emerging economies shows that flexibility and gradualism in both policy design and implementation are the adequate approach during this phase of their history. in argentina, despite
. lower interest rates across the curve reduce the debt - servicing costs of households and businesses. furthermore, by sustaining the recovery and the consequent lower unemployment, monetary policy bolsters the earnings of households and businesses, reducing the likelihood of default, which in turn supports bank profitability. 4 banks also benefit from capital gains on assets held, and from a short - term reduction in overall funding costs. finally, banks accessing the eurosystem funding via the tltro - ii can borrow at rates as low as the deposit facility rate, provided that they exhibit strong performance in loan origination. yet the current environment also suggests that close monitoring is necessary in the following three areas : the effect on risk - taking in bank lending, the impact on bank profitability and the impact on institutional investors. the so - called risk - taking channel of monetary policy transmission is where changes in interest rates may also affect banks ’ incentives to bear risks. 5 in particular, low interest rates may lead to a search for higher yields, encouraging banks to soften their credit standards, thereby increasing both the volume and average riskiness of supplied loans. 6 if credit growth and additional risktaking became excessive, this could lead to a build - up of imbalances and endanger the stability of the financial system. of particular concern is the development of so - called credit - fuelled bubbles, which previous experience has shown to be particularly detrimental to financial stability. 7 such bubbles, which typically plague real estate markets, are characterised by an adverse spiral between asset price and credit growth. positive growth in the market value of real estate supports credit growth, which at the same time contributes to inflating the value of real estate. when the resulting bubble bursts, the collateral underlying the credit loses value, impairing the lending and borrowing ability of lenders and borrowers, respectively. the second challenge arising from the current environment is that a reduction in the spread between short and long - term rates may compress banks ’ net interest margins and thus exert pressure on their profitability. since banks carry out maturity transformation by borrowing short and lending long - term, both the slope of the yield curve and its level matter for profitability. this, in turn, could reduce their accumulation of capital via retained earnings and make them more fragile. finally, the protracted low interest rate environment also puts pressure on the profitability of financial institutions that provide long - term return guarantees, such as life insurance or pension funds. to meet

, the esrb advisory scientific committee and the escb financial stability committee on “ macroprudential policy issues arising from low interest rates and structural changes in the eu financial system ”, november 2016. 18 draghi ( 2017 ), op. cit. 19 see european central bank ( 2016 ), “ ecb contribution to the european commission ’ s consultation on the review of the eu macroprudential policy framework ”, published on 12 december. 6 / 6 bis central bankers'speeches
keeping inflation low, stable, and predictable.

structure. in sum, it seems clear that growth in trend labour input will decline, and contribute less to the growth of potential output in future years. in the april monetary policy report, we said that we expect the growth rate of trend labour input to decline by 0. 1 percentage points in 2009. but from 2011 to 2020 we will see a more significant slowdown, as population growth continues to slow and the decline in the employment rate accelerates. remember that if there is a slowdown in trend labour input and the trend rate of productivity growth remains unchanged, the growth rate of potential output will also slow down. in other words, the economy will not be able to grow as quickly without sparking inflationary pressures. so it will be increasingly important that our economy uses the labour that is available in the most efficient way. what does this mean for policy - makers? to begin with, it means that we must remove any unnecessary barriers either to labour force participation or to labour mobility. governments should remove barriers to older workers remaining in the workforce. in this regard, we have seen some encouraging signs recently. mandatory retirement provisions have been eliminated in a number of provinces. and last year, british columbia and alberta reached an accord to harmonize labour credentials and business regulations and standards by early 2009. these are just a couple of examples of positive policy moves. canada's labour force has shown remarkable strength and flexibility, much more so than in previous decades. but more can be done to boost the flexibility of our labour markets. let me now talk briefly about productivity. the need for canada to focus on productivity is certainly not new. trend productivity growth has been subdued since the late 1970s and, unlike that of the united states, has failed to post a meaningful increase on a consistent basis over the past decade or so. there are a number of potential causes. canada appears to have taken less advantage of information and communications technologies and has invested less, not just in physical capital per worker but also in research and development, workplace reorganization, and worker training. and, most recently, the movement of labour and capital to take advantage of high prices for resources and strong domestic demand has likely led to some adjustment costs in the form of slower productivity growth. but while we don't fully understand the causes behind canada's productivity performance, it is absolutely clear that the record of the past few years has been very disappointing. on average, the annual growth in productivity since 2003 has fallen well short of our assumed rate of 1