samchain/econo-pairs-v2 huggingface dataset:
institutions, which is now not uncommon, and the fact that women typically outlive their husbands, place women at greater risk of being in poverty in old age unless pension schemes are adapted to meet their needs. pension schemes must also take into account the changing work patterns in economies, which in the recent decade had seen an increase in part - time workers, the self - employed and temporary workers. the third challenge is in instilling public awareness on planning for retirement, particularly on having an appropriate level of retirement income to support retirees'healthcare and longterm care. a recent survey conducted in malaysia revealed that more than 80 % of malaysians are either indifferent or not worried whether or not they have enough money for retirement. only 34 % are consciously saving regularly for retirement and an alarming 60 % do not know exactly how much they need during retirement. in this regard, there is a significant role for key stakeholders, including industry players, to educate the public to be more responsible for their retirement needs, enhance understanding of the risks faced by retirees and design products and services that provide long term financial security for the retirees. another major challenge facing pension systems is the implication of financial market environment on pension investment strategies. while the demand for savings and retirement products exert growing influence on financial markets, subsequent falls in asset prices have led to wide - spread funding pressures in the past for most pension systems. this was exacerbated by the limited supply of financial instruments to meet the long - term liabilities of pension funds leading to asset liability mismatch and enhanced exposure of the fund to short - term price volatility. another observation worth highlighting under the current pension setup in most jurisdictions is the absence of a single regulatory body to oversee the functions of an effective and efficient pension delivery system, both public and private. the absence of a single regulatory body has its list of drawbacks such as impeding the development of market infrastructure, the ability to conduct effective oversight of the providers'performance and strategies and monitor the investments made by pension funds. a pension industry that is not cohesively governed may result in duplications and unnecessary administrative cost. hence, to strike a balance between achieving goals of market efficiency and reducing contingent fiscal liabilities, while promoting appropriate social benefits, may warrant a singular and unified approach under a single regulatory body. amidst such challenges, there have been substantial reforms to pension systems in recent years to avoid systemic risks implications to financial stability and fiscal sustainability. allow me to

from islamic finance. the combined efforts and collaborative alliances will pave the way for mutually reinforcing developments that will contribute to the overall international finance system and global economic prosperity.
duvvuri subbarao : achieving inclusive growth – the challenge of a new era welcome remarks by dr duvvuri subbarao, governor of the reserve bank of india, at the 13th l. k. jha memorial lecture, mumbai, 27 september 2012. * * * on behalf of the reserve bank of india, i have great pleasure in welcoming hon ’ ble mr. tharman shanmugaratnam, deputy prime minister of singapore, who will shortly be delivering the l. k. jha memorial lecture. i also have pleasure in acknowledging the presence here of members of the family of late dr. l. k. jha – smt. dipika maharaj singh, smt. sharika glover and kiron glover. your presence here means a lot to us. thank you very much. a warm welcome, of course, to all our distinguished invitees who have made time and to be here for this lecture. dr. l. k. jha history will remember dr. l. k. jha as one of india ’ s most distinguished civil servants. with a remarkable career as an economic administrator and several impressive accomplishments to his credit, he has been a role model for generations of civil servants. after graduating from the banaras hindu university, “ lk ”, as he was popularly known, went on to study at trinity college, cambridge where he was a student of legendary economists such as a. c. pigou, j. m. keynes and d. h. robertson. he joined the indian civil service in 1936. after an early career in bihar, he was seconded to government of india in 1942 where he served in several important positions, and ended up in the pivotal job of secretary to the prime minister. dr. jha was governor of the reserve bank from july 1967 to may 1970, at a time when our economy was going through one of its most challenging phases. the country was shaken by food security concerns, and initiatives to redress them resulted in the much celebrated “ green revolution ”. through his leadership, governor jha made the reserve bank an influential force in shaping these initiatives. the distress suffered by the poor because of the overall scarcity situation resulted in poverty reduction becoming the overarching consideration of all policy. the reserve bank, under dr. jha ’ s stewardship, contributed to designing and implementing many of these anti - poverty policies. after his tenure in the reserve bank, dr. j

##m, thereby, increasing business and profitability. robust it security and finally better it governance for achieving better risk management should be the key focus areas of the banks beyond the physical implementation of cbs in the coming years. 21. banks need to know that it holds the way forward for a more cost effective and yet, inclusive banking system. they also need to remember that banking is about branding and relation building with customers and in this relation building, it can be an important instrument. it is the realisation of this potential of it among banks and their ability to harness this potential that would pave the way for growth of the banking sector in the years to come. 22. i thank the idrbt for inviting me over to share my thoughts with you all, and wish the deliberations of the roundtable all success.
ecb, the european commission, the imf … and yet, we will not let their praises lull us into a false sense of security, but will as so far remain vigilant and ready to take proactive measures and preserve the stability achieved. thank you for your attention. i now give the floor to vice governor diana dragutinovic. bis central bankers ’ speeches

on apex global loan in the amount of rsd 1. 6 billion granted by the european investment bank ( eib ). all of the funds under this agreement were disbursed through a selection of domestic banks by 25 enterprises and one municipality over the period of two years only and another 550 new jobs were created. the loans granted to small and medium size enterprises had the maturity of up to 12 years and a 3 year grace period and those granted for the development of the infrastructure projects had the maturity of 15 years and a five year grace period. fixed interest rate is 7. 8 % and the variable rate 6. 93 %. signing of the second apex global loan provided for additional rsd 3. 6 billion of which 28 loans have so far been granted in the amount of over rsd 1. 1 billion and 287 new jobs have been created. in the meantime, eib has expressed its willingness to provide additional credit lines to small and medium size enterprises directly, via commercial banks, without the backing of the government guarantee which is a proof enough of the superfluousness of the state, and it should be so! i am pointing out these facts because the nbs is of the opinion that the development of small and medium size enterprises is not achievable by either political declarations or strong or weak political stance or by “ giving a cut ” of state funds through budgetary support under any name. that is the task to be performed by commercial banks and all these loans that have been granted under much more favourable terms than those prevailing in the market as regards interest rates and maturity, represent a real trigger for the development of small and medium size enterprises which are normally a driving force behind development of any economy and a means for resolving employment issues. with the aim of encouraging banks to increase lending to small and medium size enterprises, in october, the nbs abolished the obligation of banks to engage their own funds in arranging two credit lines – european investment bank and the revolving fund – which shall make such loans even more attractive to their end users. bearing this aim in mind and owing to a further decline in inflation and interest rates in serbia, nbs feels confident that a further decline in interest rates on these loans is soon to follow. one of the major problems which cannot be solved without a strong government backing remains unfinished business with respect to a bulk of property that has not yet been entered into the land registry and could otherwise be used as security in arranging mortgage loans. finding a solution to this
by all acceding countries it is essential that major policy adjustments are undertaken prior to participation in the mechanism and that a credible fiscal consolidation path is being followed. at the end of june - just two weeks ago - this first step in the direction of the adoption of the euro was successfully completed by estonia, lithuania and slovenia. now these three countries participate together with denmark in the erm ii framework. let me conclude with expressing my conviction that the enlargement of the european union and the economic and monetary integration of the acceding countries will not only strengthen the role of the european union as a global player in the long term, but also make a sustainable contribution to stability, peace and welfare in europe. therefore, i am looking forward to this new era that lies in front of us, characterized by a larger number of member states and, in terms of ideas, by an even larger potential of human beings.

committee has not only expanded its membership, but it has also taken on the role of monitoring the implementation of the standards agreed by its members. to an outsider, that may not sound significant – indeed, some might reasonably ask why the committee wasn ’ t already doing this – but it is notable if only as an idea that the committee had previously considered and rejected on more than one occasion. indeed, in his authoritative history of the committee ’ s early years, charles goodhart notes that, as far back as 1983, there was discussion whether the committee might also monitor the practical application of agreements. at the time, though, this was seen as somewhat awkward and a step too far. that the committee now has just such a mandate shows that the commitment to consistent international regulation is undiminished – indeed, it is stronger than it has ever been. let me conclude by once again welcoming you to basel, particularly those of you who have played a role in the committee ’ s earlier years – we hope that returning here brings back many good memories. for the current committee members, it is a wonderful opportunity to learn from the wisdom of those who have grappled with these issues before us. we also hope to hear some different perspectives, from the banking industry, and from academia, on the challenges and opportunities that face the committee. i am therefore looking forward to some productive – and hopefully provocative – discussions this morning. bis central bankers ’ speeches
challenges and options for 2010 and beyond. ” june 2011. 5 / 5 bis central bankers'speeches

s strong macroeconomic fundamentals as well as the increasing needs of a growing economy. the country ’ s external payments position remains resilient and sustainable as it enjoys support from different fronts. these include remittances from overseas filipinos ( ofs ), revenues from the it - bpo industry, receipts from the robust tourism sector, and sustained inflows of foreign direct investments. for 2019, the bsp sees a bop surplus of $ 3. 7 billion equivalent to 1 percent of gdp. the current account deficit, on the other hand, has been revised upward to usd 10 billion, equivalent to 2. 8 percent of gdp. we continue to see this as financeable given support from structural inflows. the country ’ s gross international reserves ( gir ) now stands at around us $ 85 billion as of endmay 2019. this is roughly equivalent to 7. 5 months ’ worth of imports of goods and payments of services and primary income. in addition, the passage of r. a. no. 11256 or the gold law would allow the bsp to increase its purchases of domestic gold to further build up the level of the philippines ’ gir, which serves as the country ’ s primary buffer against external economic shocks. the law exempts from excise and income tax the sale to the bsp of gold sourced from small - scale mining activities. fourth, the bsp ’ s implementation of capital market reforms facilitates easier funding access. the bsp is a long - standing advocate of reforms to further deepen the country ’ s capital market. capital market development helps finance infrastructure projects and limits concentration risks in the banking system, thereby facilitating investment in long - term government bonds, lowering borrowing costs, and improving monetary policy transmission. at the same time, this allows the private sector to tap into a broader market or avail themselves of alternative financing opportunities for infrastructure projects. the bsp continues to enhance the regulatory environment ( e. g., refinement of benchmarks and trading rules ) by allowing banks to offer instruments that help hedge risks and provide ways of portfolio diversification. on the other hand, the liberalization of the banking system, which allowed the entry of new foreign banks into the country, enhances the quality of competition in the banking system, expands the array of financial products and services at competitive rates, encourages more foreign direct investments ( fdi ), and opens alternative financing opportunities to fund infrastructure projects. before i end my presentation today, i would like
invest in the capacity - building of their professionals. as you may be aware, ladies and gentlemen, continuous professional development programs are to the trained professional's mind what exercise is to the body. this training by the deutsche bundesbank conspicuously embraces this very spirit. with these few words, i thank you for your attention and wish you a productive training and deliberations ahead. 3 / 3 bis - central bankers'speeches

. therefore, it is essential to establish an effective framework for macroprudential supervision that will ensure both the systematic analysis of risks and the formulation of policies to address such risks. the state of the greek economy the economic slowdown has been less severe in greece than in many other european countries. however, this outcome reflects factors that, if left untreated, will reduce growth potential in the medium term. specifically, the performance of the greek economy during the crisis reflects the relatively - low level of openness and the deterioration of public - sector balance sheets from a position that was already worrisome prior to the onset of the crisis. a factor that has, however, supported the greek economy has been the soundness of its banking system. greek banks have been free of toxic assets and their exposure to the emerging economies of south - eastern europe has remained within manageable limits. a recent stress test conducted in close cooperation with the imf has reaffirmed the soundness of the greek banking system. the relatively - high growth rates experienced by the greek economy since its entry into the euro area reflect a catching - up process. to sustain a robust growth rate in the future, greece will need to address several key challenges, reflected in persistently very large currentaccount imbalances, high fiscal deficits, and worrisome debt levels. these imbalances are the result of structural rigidities, which have undermined competitiveness over time. to restore competitiveness and remove the imbalances, a dual agenda needs to be concurrently implemented : first, a multi - year program of fiscal consolidation, which can reduce risk premia and crowd - in private investment, raising the growth potential of the economy ; second, bold and wide - ranging institutional reforms in the public sector and structural reforms in product and labor markets, which can enhance productivity and raise the employment rate. only by undertaking these reforms will the greek economy be able to become more competitive and increase its growth potential and the prosperity of its citizens. the broad support received by the newly - elected government will greatly facilitate the implementation of the reform agenda.
##achma in the kingdoms of the hellenistic period, to the guilder during the heyday of the dutch trading empire, to sterling in the 19th century and the dollar over the past half century until today, trade and international currency use went hand in hand : the larger the importance of a country or currency area in world trade, the greater the international importance of its currency. given europe ’ s role as the world ’ s largest trader, it is not surprising that the share of the euro in the invoicing and settlement of the euro area ’ s trade with the rest of the world has increased significantly. the latest numbers collected by the eurosystem show that most euro area countries conduct more than half of their trade with partners outside the euro area in euro. what is more striking is that trade taking place entirely outside the euro area – for instance, between eu countries that have not yet adopted the euro as well as between countries seeking to accede to the eu – is also being invoiced and settled in euro. as these developments cannot be fully explained by increasing trade linkages of these countries with the euro area, it would appear that the euro has started to become a vehicle currency in international trade. that said, recent ecb research on this issue has also shown that the euro does not display one of the characteristics typically associated with vehicle currencies – namely their use in the trade of commodities. an international currency is not only used for trade purposes, but also for financing and investment purposes. and also in this respect, we observe wider use of the euro in international financial markets. for example, over the past seven years, the share of the euro in the stock of international debt if we include the countries of the cfa franc zone in western africa, this number rises to 40 countries which the imf classifies as having exchange rate regimes that either use the euro as sole reference currency or as part of a currency basket. securities gradually rose from 19 % to slightly below 32 %. other market segments – for example the spot foreign exchange market – are characterised by a high degree of stability, possibly reflecting the importance of network externalities. however, market data ( from the continuous linked settlement system ) show that the euro is the second most widely used currency, accounting on average for almost 22 % of all daily transactions. the increase in the use of the euro as a financing currency in international bond markets, has been a key feature of its international role. a geographical breakdown of the outstanding stock

, by enhancing the growth potential of our economy, and by further integrating and deepening europe ’ s financial markets. thank you very much for your attention.
efficiency to resilience. this is not necessarily bad, knowing what we now know about our vulnerabilities. building resilience is not about retreating behind our respective borders. doing so will only diminish our collective resilience to shocks, not enhance it. resilience is not achieved through insulation or in - shoring. if every country were to try to grab what it could, we will all end up with less. the more effective way to build resilience in a post - covid world is through greater diversification of supplies and building redundancies in global value chains. the pandemic has shown how important it is for countries to keep markets open, trade flows smooth, and supply lines intact. but each country will do this only if it has an assurance that others will do the same. we must therefore make a renewed commitment to keeping supply chains open. we must coordinate our actions to minimise disruption and enhance recovery. we must agree on common protocols for re - opening our borders in a safe manner, lifting travel and trade restrictions, and restoring air and shipping routes. we cannot wait for global leadership or multilateral agreements to do this. like - minded countries must come together, make things happen, and blaze a trail for others to come along. singapore has been part of such efforts to keep global supply chains open. together with australia, brunei darussalam, canada, chile, laos, myanmar, nauru, new zealand, the united arab emirates, and uruguay, singapore issued last month a joint ministerial statement to underline our commitment to maintain open supply chains during the ongoing covid - 19 pandemic. importantly, it contains a commitment to refrain from export controls, tariffs and nontariff barriers, and remove any trade restrictive measures on essential goods. singapore is also in active discussion with various countries to develop bilateral arrangements for safe travel between them. we are pleased that our first ‘ fast lane ’ arrangement has been launched with china - to facilitate essential business and official travel between our two countries. arrangements like these, with trusted protocols and agreed measures, will build confidence in managing the risks of importation of the covid - 19 virus, and allow countries to re - open to trade and travel. strengthening digital connectivity the second area countries must co - operate on is relatively new but is growing rapidly in importance – digital connectivity. we all know how the covid - 19 pandemic has accelerated the use of digital services. amid safe

to become more productive and reforming its social structures to reduce the burden on the state. but europe has much going for it – a talented people, strong institutions, world - class companies, advanced technology, and large, integrated markets. with the right policies and strong leadership, you will succeed. as jacques cousteau, the famous french explorer, said : “ if we were logical, the future would be bleak, indeed. but we are more than logical. we are human beings, and we have faith, and we have hope, and we can work. ” i wish you fruitful discussions. thank you. bis central bankers ’ speeches