samchain/econo-pairs-v2 huggingface dataset:
the country most affected, outside of the uk. since the referendum in june 2016, the impact on ireland of uncertainty related to the uk ’ s exit appears to have been small. instead, the main impact thus far has been through the depreciation of sterling against the euro, which has been about 12 per cent. despite the depreciation, irish exports to the uk have generally held up well – until recently at least. however, the weaker sterling exchange rate has put downward pressure on import prices and as a result overall consumer price inflation over the past three years. more recently, we have seen some deterioration in business and consumer sentiment as the exit date has come closer, and the possibility of a no - deal scenario has come into greater focus. the uk, however, has not yet left the eu. the risks from the uk ’ s exit are not shared equally throughout the irish economy. some sectors, like agriculture for example, and areas such as the border region are disproportionately exposed. in addition, while the uk remains one of ireland ’ s most important trading partners, this relationship has evolved over time, particularly since 1973 when ireland joined the european economic community ( eec ). therefore, i will take a few moments to articulate the evolution of the structure of the irish economy to help you understand the channels by which the uk ’ s departure will affect the domestic economy here. the irish economy has changed dramatically over the past thirty years. in the 1990s, ireland experienced a period of sustained growth as well as large inflows of foreign capital, often via foreign direct investment from us firms. exports rose steadily and an increasing share of employment came from these foreign multinational corporations ( mncs ). living standards converged to european levels and measures such as gdp per capita have remained above the european union and euro area averages since the late 1990s. 9 underpinning this success story was a productive and well - educated work force while access to the european market through eu membership was also a key attraction for foreign firms and investors. 10 ireland became a much more open economy over this period as the share of exports in gdp increased rapidly. 11 the composition of this trade also changed significantly. looking back to 1972, prior to joining the eec, ireland was heavily dependent on the uk for both exports and imports. this dependence decreased rapidly in the following decades and the irish economy is much less uk focused presently. 12 the change in the type of goods exported has been similarly substantial with the

the lending attitudes of private banks are becoming more cautious. hence, the developments in the behavior of financial institutions and corporate financing continue to require closer monitoring.
seung park : phases of the bank of korea ’ s 50 - year history and the future course of change contribution by mr seung park, governor of the bank of korea, to the korea herald for its 50th anniversary, 15 august 2003. * * * from its foundation in june 1950, the bank of korea has, as the country ’ s central bank, devoted great efforts for more than 50 years to the growth and development of the national economy. no sooner had it been established in 1950 than the korean war broke out, causing it to throw its energies into the efficient financing of the war and to the subsequent post war reconstruction and the building of a modern financial system. it played a great part in facilitating korea ’ s successful economic development within a short space of time through its positive role in the carrying - out of a series of economic development plans from the early 1960s. then, from the 1980s, the central bank sought the construction of a stable foundation for the economy and committed itself wholeheartedly to equipping the country with a new financial system, including the interest rate liberalization, which would befit the new financial environments brought about by liberalization and globalization. in the period of economic modernization, the bank of korea ’ s efforts were aimed at underpinning the government ’ s economic policies in terms of finance. in this process, the bank could not give full attention to the orthodox central bank role of maintaining the soundness of the financial system and the stability of the value of money. following the currency crisis in 1997, as the korean economy began to lay more weight on the market principle and autonomy of economic agents, the central banking system was also required to be more advanced. in this context, the recent passage by the national assembly ( july 23, 2003 ; finance and economy committee ) of the draft revision of the bank of korea act, whose main purposes are to heighten the independence and efficiency of monetary and credit policies and strengthen it in the exercise of its functions, takes on great significance. provided the bill is accepted and brought into force, it will above all affect the composition of the monetary policy committee by empowering the central bank ’ s deputy governor, as is the case in advanced countries, to sit as an ex officio member, thereby heightening both the independence of the central bank and the linkages between policy decision - making and execution. furthermore, in view of the length of time required before changes in monetary policy are transmitted to prices, the efficiency of monetary

inclusive leadership, i look forward to the collaboration, and i am equally excited to bear witness to the continued progress as we work on achieving the deliverables that we will outline for the coming years. once again, i would like to reiterate our appreciation to all afpi leaders and the afi management for the confidence entrusted in the central bank of seychelles. thank you! 2 / 2 bis - central bankers'speeches
is a fundamental right enshrined in the treaty on the functioning of the european union. but how much use do citizens make of this right in practice? since the enlargement of the european union ( eu ) in 2004, labour market mobility has certainly risen, albeit from very low levels. 3 [ the number of eu workers residing in another eu country rose from 4. 7 million in 2005 to 8 million in 2013, representing an increase from 2. 1 % to 3. 3 % of the total labour force. ] the crisis boosted intra - eu mobility. some studies suggest that the migration response to the crisis might have been even stronger in the eu than in the united states. 4 this is quite remarkable given that the united states is often taken as a benchmark for mobility. moreover, it has sizeable macroeconomic effects : estimates suggest that post - enlargement mobility flows over the period 2004 – 09 increased the gdp of the eu15 by around 1 %. the impact on the gdp of major destination countries for migration, such as ireland, spain, italy and the united kingdom was even higher. increased labour mobility is certainly good news – both for originating and destination countries. another piece of potentially good news is that the level of education that migrants ad hoc task force of the european system of central banks, “ comparisons and contrasts of the impact of the crisis on euro area labour markets ”, occasional paper series, ecb, frankfurt am main, forthcoming. oecd economic surveys : european union 2014, http : / / www. oecd. org / eco / surveys / economic - surveyeuropean - union. htm. jauer, j., liebig, t., martin, j. and puhani, p., “ migration as an adjustment mechanism in the crisis? a comparison of europe and the united states ”, oecd social, employment and migration working papers, no 155, http : / / www. oecd. org / eu / adjustment - mechanism. pdf. bis central bankers ’ speeches bring to their destination countries has improved. with highly - skilled people willing to move for work, skills shortages in destination countries could be compensated for by workers emigrating from other countries. at least, this is how it should work ideally. what is worrying, however, is that many intra - eu migrant workers are employed below their skills level. the resulting underutilisation of human capital shows that reforms are needed to improve the

4 per cent. in line with the bank's outlook, further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance, and to return inflation to target over the medium term. with that, mr. chairman, john and i would now be happy to take your questions.
- oos ), fortius ( for - tee - oos ) – communiter ( ko - moo - ni - ter ). faster, higher, stronger – together. maraming salamat at mabuhay ang mcpi. mabuhay ang pilipinas. 3 / 3 bis central bankers'speeches

and the agri - agra bill, which will address the existing challenges of the agricultural sector on access to finance. this important legislation will nurture economic recovery and provide a more stable financial system. indeed, the pandemic has rapidly reshaped, not only the financial system, but most importantly the way we interact and how we do business. as a result of the pandemic, we have seen an increased use of digital platforms. we are fortunate to have started the digitalization process even before the pandemic. the pesonet and instapay platforms have proven its value and reliability, especially at the height of strict movement restrictions, as it allowed a safe and convenient environment for interbank fund transfers and payments. in fact, we have seen a dramatic surge in the volume and value of pesonet and instapay transactions in 2020. the volume of pesonet transactions surged by 1, 582 percent while the value of transactions increased to p366. 6 billion as of end - 2020. similarly, the volume of instapay transactions rose exponentially to 30. 6 million as of enddecember 2020 from just 1, 740 in april 2018. the total value of instapay transactions reached p176. 5 billion in december 2020 from p20 million in april 2018. we also launched the digital payments transformation roadmap with the twofold objectives of ( 1 ) increasing the share of digital payments to at least 50. 0 percent of total volume of retail transactions, and ( 2 ) onboarding 70. 0 percent of filipino adults to have formal financial accounts by 2023. the bsp joins the international community in its call for climate change and sustainable finance and is championing the promotion of the sustainability agenda in the financial system. we have issued the sustainable finance framework for banks in april 2020. this emphasizes the role of the board of directors in leading and institutionalizing the adoption of sustainability principles across the organization. aside from the broad principles set out in the said framework with respect to the adoption of an environment and social ( e & s ) risk management system, we will be issuing more granular expectations covering the interplay of e & s risks and the key risk areas such as credit, market, and operational risks. internally, we are embracing sustainability principles as we formally launched the sustainable central banking program. this is, in fact, one of the strategic priorities of the bsp from 2020 – 2023. bsp will
to the stability, efficiency and development of the ghanaian banking sector. 42. thank you once again for making me feel at home and for your kind attention tonight.

enabling regulatory regime for digital payments. 11. for all intents and purposes, the act seeks to promote innovation in the design and delivery of payment products and services by widening the scope of the payments industry to fintechs and engendering competition. it is expected that fintechs ’ innovations will deliver products that meet the needs of all stakeholders, whether banked or unbanked and underserved, to attract them into the digital payment space. also, a proportionate regulatory regime has been adopted to promote fairness in regulation and accommodate different payment service providers. 12. the quest for cashless payments is gradually shifting consumer interfaces from the manual environment to cyber space. alongside this transition, there has also been an increased spate of complex cyber security threats which is posing risks to the cashless agenda. the bank of ghana has therefore issued a cyber - security directive for compliance by banks and payment service providers to build a robust and resilient digital ecosystem. to further accelerate the digitisation process, stakeholders must work collectively to promote merchant acceptance of digitised financial products and services, with particular emphasis on lowertier merchants, such as small and micro - enterprises. 13. the next key area is enhancing public confidence. despite the successes achieved so far, some consumers still lack awareness and confidence in electronic payments. in this direction, the various stakeholders are undertaking continued consumer education and financial literacy to build confidence and help in fraud reduction. ghipss and stakeholders in the payment industry are also building a fund to support consumer education. also, on a regular basis, payment service providers are educating the public on how to avoid scams in the use of the newly deployed payment products and services. 14. the bank of ghana is fully committed to the cash - lite agenda which ties in with the government of ghana ’ s digital economy agenda. so far, we have seen the introduction of the biometric national identification system and the digital addressing system which are all supportive of our quest to drive digitised financial transactions. as the central bank, we will continue to work with all stakeholders to ensure the successful implementation of these initiatives. of course, there will be challenges, but with firm commitment, we will eventually reduce the dominance of cash in transactions and improve the efficiency and security of payments for a more inclusive society. 15. to conclude, let me note that the future of banking services is digitisation and it brings opportunities as well as challenges. we can harness digitisation to promote transactional efficiency in the delivery of financial
the new digital reality, with e - commerce ( which is growing at rates of over 20 % and amounted, in 2016, to €24 billion ) now being used by more than one - third of consumers for their purchases. clearly, these new firms with their strong technological capabilities pose a challenge and also an opportunity for established firms. the new technologies are making lending more efficient, for example by enhancing the way in which information on consumer behaviour 3 / 4 and requirements is managed, facilitating new data management processes, or by applying automation processes to loan origination, thus speeding up its management. as these new firms make their entry, a new map will be drawn for this financial sector. the most recent trends highlight the importance of collaboration and strategic agreements between new and established firms, to harness the competitive advantages of each : the new technologies of the new firms and the sector experience and knowledge of the established ones. and here i conclude. it is now time for a toast to celebrate your 60th anniversary, in the hope that the national association of specialised lending institutions will continue its fruitful work for many years to come. i now pass the floor back to your president, who has the pleasurable task of proposing the toast. 4 / 4

. we also have to check whether new data requirements can be met from existing statistics if we estimate parts of the data cells and accept - as far as tolerable - estimation errors. this could apply to some specific sectoral breakdowns within the credit aggregates of mfis which are not actually reported but estimated from specific benchmarks. in order to reduce the reporting burden, statistics could be compiled, whenever possible, on a sample basis, in particular in those cases where prices or indices are to be calculated. the mfi interest rate statistics could be taken here as an example. at the very least, statistics, or surveys, could be reported on a voluntary basis. this would be feasible in cases where a very small number of institutions cover the bulk of the business in question. statistics on derivatives and the bank lending survey are valid examples. iv conclusion let me conclude by emphasising three points. first, there is a need for financial stability statistics beyond those that are already available for monetary policy purposes. second, although progress has been made, a more extensive set of indicators is still missing. third, clear - cut mandates are necessary for the formulation of reporting requirements and for the cost assessments ; all the parties involved have to acknowledge that the production of statistical data is costly and burdensome and that budgets for statistical reporting are in no case “ unlimited ”.
severe losses require capital injections, while some countries have to boost domestic demand to compensate for too much dependency on exports. the important point here is to draw a clear difference between fiscal stimulus, liquidity management and monetary policy. the difference between liquidity management and monetary policy is not clear for many observers nowadays, but it is nonetheless fundamental. in moments of market disfuntionality, for instance, monetary easing sometimes does not work. it is important to mention that in some circumstances liquidity management is the critical issue. of course, we should not forget the need for price stability in order to have the basis to restore growth. in this regard and despite recent criticism, inflation targeting continues to be the most appropriate monetary regime to coordinate inflation expectations in both mature and emerging economies, not only providing transparency but also taking due consideration of time lags and uncertainties in the process of monetary policy implementation. in fact, the combination of short - term flexibility with the permanent commitment to price stability embedded in the framework makes it particularly suitable to the current environment. while disinflation will possibly be fast in mature economies, creating adequate conditions for monetary counter - cyclical actions in different countries, in emerging economies disinflation will probably be slower, particularly where the authorities have not prevented inflation from escalating recently, or where they did not retain a vigilant attitude. in any case, inflation targeting is the most suited framework to coordinate the public ’ s inflation expectations, particularly in an environment marked by growing uncertainty.

which is why adequate training to carry out the validation of models and capital adequacy assessments will be of fundamental significance. supervisors still have a lot of work to be done in order to implement basel ii. we understand that it is important to disclose, as soon as possible, an overview of our implementation plans to the industry while we internally make all the studies necessary to support the numerous decisions to be made. the next steps include, for example, the evaluation of simpler alternatives for smaller institutions ( non - bank and small banking institutions, the definition and disclosure of aspects of national discretion, the definition of eligibility criteria for irb, and, finally, the release of an “ advanced regulation notice ” - open to public / industry comments, and a country quantitative impact study considering revised aspects of national discretion.
. the market is a strict master and provides strong discipline for economic policy. there is little doubt that iceland is today reaping the benefits of general liberalisation. at present, we are also for the first time after the opening up of the capital account facing a challenge posed by the threat of overheating in the economy. our policies and policy tools are being put to a test.

asgeir jonsson : macroeconomic stabilisation in small open economies – challenges and lessons : the icelandic experience opening remarks at the reykjavik economic conference by mr. asgeir jonsson, governor of the central bank of iceland, reykjavik, 23 may 2024. i am very pleased to welcome you to iceland and to the first reykjavik economic conference. our ambition is to hold a conference of this kind annually. i would like to thank our colleagues at northwestern university for very rewarding and pleasant cooperation in preparing the conference and in lining up an impressive list of speakers. i would especially like to thank sergio rebelo and martin eichenbaum who are not only here as participants, but also as hosts and organizers. we have ahead of us a two - day comprehensive program of presentations and discussions. we have among us academics, policymakers and practitioners which should ensure a fruitful dialogue and debate. distinguished academics will present and discuss papers on various topics of relevance, there will be keynote presentations on key matters pertaining to central bank policies, and four panel discussions filled with respected panelists, governors, other central bankers and academics. the topics for our sessions over the next two days, the promise of macro - prudential policies, currency market intervention, fiscal sustainability and the current account and stabilization in small open economies - whether they have independent monetary policy or not - are all relevant to the challenges which we as central bankers face, each in our own country. our main focus is on small open economies or stabilization in small open economies. being small does not necessarily make life simpler, even quite the contrary. participating in the conference are several governors from small open economies in various parts of the world. they have very different currency arrangements, but nevertheless we all have in essence the same challenges to deal with. i look forward to the discussions. i would like to take a few minutes to discuss the icelandic economy, developments before the 2008 crisis and the resurrection of the financial system - or how we rebuilt our financial system after the crisis. these graphs can be said to be emblematic of the economic landscape in iceland before the financial crisis. the icelandic republic received a aaa rating from moody ’ s in 2002 and in its wake we were flooded with foreign credit. in this environment the icelandic banks sought to build an international banking system with extensive operations in other countries, both through subsidiaries and branches. in 2008, the banking system in terms of total assets had grown to ten times our gdp. after the bankruptcy of lehman brothers