samchain/econo-pairs-v2 huggingface dataset:
current account, and the way tax havens affect firms ’ riskiness. it is a rich menu. thanks are due to the organisers, presenters and discussants ; to the keynote speaker ; to all of you. interaction among researchers is important at all times ; it is all the more important in times of heightened material, intellectual and policy uncertainty. i wish you two very constructive days of discussion. designed by the printing and publishing division of the bank of italy

welcome address luigi federico signorini, deputy governor of the bank of italy cepr international macroeconomics and finance ( imf ) programme meeting webinar, 10 - 11 december 2020 ladies and gentlemen, it is my privilege to open this meeting of the cepr ’ s international finance and macro group. in these unusual times, one must forgo the benefits of informal, realworld interaction. we are now all of us well accustomed to making the most of virtual discussions. nevertheless, i do hope that we shall soon be able, and have the opportunity, to welcome you here in rome in person. globalisation is one of the key themes for this group. for over two decades, starting from the mid - eighties, the world saw cross - border movements of goods and ( especially ) capital increase apace, much faster than gdp. it was not, of course, the first instance of such a sustained process. it had happened during the ‘ belle epoque ’ of globalisation, between 1870 and the outbreak of the first world war, and again after the second. often, increased exchanges went hand - in - hand with accelerating economic growth, the dissemination of productivity - enhancing technology, the spread of new cultural models, and an internationally open mind - set, especially among the elites — in a knot of reciprocal causation links that is not easy to disentangle. globalisation was even stronger last time. at the onset of the global financial crisis, world exports amounted to more than a quarter of global gdp, against 13 per cent just before the great war. even more importantly, this time globalization went beyond europe, north america and other traditionally advanced economies, unleashing powerful forces for economic development in much of continental asia, for instance, and contributing to an astonishing reduction in global poverty. after embracing globalisation, each in its own way, the two largest countries in the world started a process of convergence with advanced economies that scarcely anybody would have thought possible fifty years ago. many other economies did the same. institutions and the rules for multilateral cooperation, strengthened after the end of the cold war, accompanied and supported this process. eras of globalisation, however, seem to end abruptly. the belle epoque waltzed unconscionably into the great war. the post - ww2 era came to an end with the dissolution of bretton woods, the oil crisis and stagflation. the latest period of globalisation closed with a global financial crisis
##ilience in a very uncertain and volatile environment. but supervisors must also remain vigilant. as central banks hit the brakes, financial stability risks inevitably increase. but if we make sure our airbags, seatbelts and warning lights all work, we can hopefully keep our windshields intact. 4 / 4 bis - central bankers'speeches

edward lloyd ’ s coffeehouse began covering maritime risks, the industry has helped others absorb the effects of damaging events. in doing so insurers have helped people progress and businesses boom. of course, as we at dnb know all too well : those who deal within an industry based on trust and reliability must themselves show outstanding behavior. in other words : insurers must adhere to the highest of principles. • and luckily many of them do and more than that! i can give you several impressive examples of insurers stepping in to help rebuild and reimburse damages, even beyond what was promised. • take for instance a lloyd ’ s member named cuthbert heath : in 1906 a massive earthquake destroyed much of san francisco. bis central bankers ’ speeches heath insisted on paying not just for earthquake damage but also for what was destroyed by the fires that raged thereafter for three days. he instructed his san franciscan agent to pay all policyholders in full, irrespective of the terms of their policies. the agent followed his orders and the insured were promptly paid. • more recently and closer to our home : just days after the tragic event of the downing of flight mh17 in july of this year – in which 298 passengers lost their lives, 198 of whom were dutch citizens – dutch insurers collectively announced they would pay out all damages to policyholders, even if certain terms of their policies would prohibit this. • and to give you a few more examples of the industry helping people to get back on their feet : – it paid out damages after cyclone sandy flooded large parts of new york city ; – it paid policyholder claims when floods and bushfires destroyed lives and properties in australia ; – and it helped people and businesses in japan recover from the destruction caused by the 2011 tsunami. • in doing so in all of these cases, the industry helped those in need and also cemented its reputation as a solid and reliable industry. this promptness to deliver gives people the means to carry on and businesses the confidence to start over. • as for the future, it will be interesting to see how the insurance industry deals with new and emerging risks such as climate change, but also cyber - crime and reputational damage. or how the advent of selfdriving cars will affect their business model. • iais ’ s role in in this cannot be overstated, as it sets standards for supervisors for the development and maintenance of fair, solid and safe insurance markets. • i am confident that this
build on these foundations. the current period of high energy prices is providing us with much needed space to accelerate the reform process and to make the necessary structural changes. it ’ s a question of seizing the moment.

economy, and at the same time develop new foreign exchange earning activities, be they in services or in the manufacturing sector. about a decade ago we seemed to be well on the way to creating a platform for a strong non - energy economy. you will all recall that coming out of the collapse of the first oil boom, successive governments introduced a range of macro - economic and structural reforms that set the stage for the current economic expansion. specifically, trade liberalization forced several manufacturers to re - tool and modernize their operations to compete in a more open environment. the response of our manufacturing sector remains to this day a shining example of its ability to adapt to new challenges and opportunities, a point strikingly borne out by our dominance in the caricom market. some of our manufacturers went even further afield such that we can point to some international success stories in soft drinks, alcoholic beverages and [ chocolates – perhaps there are more ]. basically, however, the relatively small size of our regional market has limited our export expansion. under these circumstances, it would have seemed a logical next step to turn in the direction of latin america. but this strategy has not been pursued as vigorously as expected. the slow progress of the ftaa negotiations may also further constrain the ability of our firms to penetrate extra - regional markets. we are now seeing from the private sector a rather interesting response to our current oil boom. what are the main elements of this response? ( i ) a couple of our large firms have made a foray in the downstream energy sector ( and this is as it should be if more of the returns from our natural resource wealth are to accrue to the national economy ). ( ii ) more generally, however, the increase in private investment in the non - energy sector has been disproportionately in nontradeables – in services directed to the domestic market rather than to exports – in shopping malls and in other kinds of real estate. ( iii ) our private sector has also developed a tremendous appetite for foreign portfolio investment ( and i would return to this later ). in short, in the midst of this current oil boom, ladies and gentlemen, our export manufacturing sector seems to have lost its dynamism to the non - tradeable service sector ( real estate, distribution and retail franchising ) and to increased portfolio investment. ladies and gentlemen, this new phenomenon is clearly reflected in the current statistical indicators. in the years immediately following trade and financial liberal
has gone through an accelerated downward trend and has underperformed other stressed economies, such as ireland and spain. this is now starting to be understood and we are seeing some structural reforms. but the implementation remains quite difficult. you have to communicate to people a sense of urgency and of ambition : reforms have to be done quickly and on a large scale. implementation is key now. there is a long way to go. monetary policy accommodation will help but will not make italy a more productive economy. bis central bankers ’ speeches so qe may remove the urgency to undertake the reforms? on the contrary. it ’ s a window of opportunity. monetary policy accommodation facilitates the implementation of reforms. it ’ s a risk if governments look at the electoral cycle and think they can just benefit from some growth and stop the reforms. will structural reforms depress demand again? that is totally wrong. one has to be careful in selecting the right structural interventions, in prioritising the measures to take. there is a very limited window in which to carry out the reforms. is a weaker exchange rate the main channel through which qe will help the italian economy? i would say it ’ s more the financial conditions, a factor which is broader than just the exchange rate. the italian banking system was not exposed to sub - prime, but it is very exposed to the italian economy and government debt. so there ’ s a local exposure to an economy that wasn ’ t growing even before the crisis. the financial sector entered the crisis already weak, with low profitability and high costs. it withstood the 2009 crisis, but when the sovereign debt crisis hit in mid - 2011, and interest rates on government debt went to 7 %, the sector ’ s large portfolios of italian sovereign securities depreciated rapidly. at that point, as was to be expected, banks retrenched, tightening credit conditions for their customers. financial conditions became very harsh for the real economy. it took a long time to improve. even one year ago, rates were very high for an economy that had not been growing for years and was expected to stagnate in the future. market discipline can move from too soft to too harsh. it was perhaps not enough in the past but then it became excessive. governments should take measures to avoid a pro - cyclical financial loop that creates instability. in italy a lot of people are starting to think we would be better off outside the euro. italy joined the euro because the previous regime,

countries some banks may have an excessive exposure to the sovereign. that creates a big correlation between the sovereign risk and the bank risk. therefore, banks of the countries concerned could decide to reduce their exposure to the sovereign. having said all this, we are monitoring financial markets constantly and with extreme care to detect pockets of exuberance. bis central bankers ’ speeches
, including policy advice on contextualised financial instruments. so, while we continue to develop innovative development financing options at the regional level, attention is also required to address the concerns of those at community level and small and micro business owners. financial inclusion initiatives which are being considered across our region to mobilise microfinance and insurance, ensure better use of remittances, credit and savings through 3 / 4 bis central bankers'speeches financial literacy, as well as embrace fin - tech solutions to reduce the transaction costs of access to finance will help build a stronger microeconomic foundation for a more holistic, resilient and sustainable development for our countries. in addition, global initiatives such as micro - insurance for healthcare, life, crop and livestock are being piloted or are planned for roll out in the pacific. i hope that these initiatives can eventually be offered and implemented on a full scale where such services are desperately needed to improve livelihoods. i look forward to the discussions that we will have on these initiatives in the next two days. the future of financial inclusion in apec throughout this summit you will look to develop innovative mechanisms to ensure greater financial inclusion for our people in the apec region. i would like to leave you with three proposals. first, i urge you to consider priority areas of structural and regulatory reform to promote financial inclusion. reflect on schemes that encourage and incentivise the development of gateway products, removal or reduction of processes that are barriers to inclusion, and investments that build long term prosperity for the region ’ s vulnerable community. second, i urge you to explore leveraging digital platforms and mobile technologies to enable opportunities to create and monetize non - traditional assets also taking into account the role of data and consumer protection. third, i encourage you to consider the role of women in economic inclusion and what more can be done to push for progress or harness their influence in financial and economic reform. conclusion distinguished delegates, in closing let me thank the foundation for development cooperation, and the various development partners for your continued support in promoting financial inclusion. your discussions are to focus on issues that are at the very heart of sustainable development and poverty reduction. these are not trivial matters, but are issues upon which the lives of many depend. i wish you well in your deliberations, and urge you to take on your tasks with energy, knowing that you contribute to the welfare and benefit of our people – particularly those who are in most need of support. 4 / 4 bis central bankers

' speeches
attention. i wish you a successful and enjoyable conference. bis central bankers ’ speeches

veselin pjescic : desirable tendencies in the debt securities market speech by mr veselin pjescic, vice - governor of the national bank of serbia, at the 11th international belgrade stock exchange conference, belgrade, 21 november 2012. * * * ladies and gentlemen, on the occasion of the anniversary of the belgrade stock exchange, founded on 21 november 1894, i wish to thank the organisers for their long - lasting and steadfast commitment to the development of the domestic capital market and organisation of a number of industry - related and educational activities. though generally we cannot boast any major results, what makes a difference is the perseverance and dedication of key market players to design and take all available measures to further upgrade the financial market in these turbulent times. the national bank of serbia is aware of its role of one of the key stakeholders, along with the government, banks and other financial institutions. when speaking of desirable tendencies in further development of debt instruments, we should reflect on the achievements so far, which are not insignificant considering the current, unfaltering crisis. the market of government securities had not even been set up until a few years ago, and today it is practically the dominant source of government funding. the maturity of these securities in the primary market was extended up to five ( for dinar securities ) and 15 years ( for foreign exchange securities ) and domestic and foreign investor participation has significantly increased. further, we have seen the first issues of municipal and bank dinar bonds, with some international institutions also showing interest in using such form of funding. these first steps of development of a proper capital market within the meaning used in developed countries are all the more significant because they represent the very driving force of further market growth. however, the development of the debt market must be properly guided to be sustainable and stable, as well as beneficial to all participants and the market itself. this can be achieved by pursuing the following three lines of development : 1 ) further development of the primary and improvement of the secondary market of government securities, 2 ) broadening the circle of issuers and the investor base of debt securities, and 3 ) stronger development of dinar debt instruments. as for the primary market, the maturity of government securities has been extended to a greater degree over the past two years : in march 2011, dinar - denominated securities with three - year maturity were issued for the first time, and in january this year those with fiveyear maturity. this has
current landscape, it is possible to expedite financial inclusion process by leveraging the flexibility provided by the multiple tech - led models for delivering a wide range of financial services. i am confident that the conference will throw up ideas which will enable the vibrant growth of the industry, while managing the challenges and addressing some of the key concerns which i have tried to highlight. from the regulatory side, we would look to foster the growth of the sector guided by the ultimate objective of financial inclusion and customer protection while providing a level playing field. 25. let me conclude by wishing you all a very productive set of discussions over the course of the conference. thank you. 5 / 5 bis central bankers'speeches

regulated entities engaged in micro finance pursue the goal of customer protection within a well - calibrated and harmonized set - up. as you all may be aware ; the reserve bank has recently come out with the consultative document ( cd ) on ‘ regulation of microfinance ’ seeking feedback from all the stakeholders. i wish to highlight some of the major aspects we are trying to address through this proposed framework. over - indebtedness and multiple lending 12. the protection of small borrowers has been enshrined in the nbfc - mfi regulations which do not permit more than two nbfc - mfis to lend to the same borrower. besides, there is a regulatory ceiling on the maximum amount that can be lent by an nbfc - mfi to a microfinance borrower. but it is observed that small borrowers are increasingly able to get multiple loans from 2 / 5 bis central bankers'speeches several lenders well beyond their repayment capacity, contributing to over - indebtedness. the borrowers then end up defaulting on their repayment obligations. then there are reports of coercive recovery practices by the entities looking to recover their dues. in this entire process what we see is a compromise with the basic tenet of responsible lending with the small and marginal borrowers ending up becoming victims of over - indebtedness. 13. in the proposed framework, it has therefore been suggested that the regulations should focus on repayment capacity of the borrowers rather than considering only indebtedness or indebtedness from only nbfc - mfis in isolation. it has been proposed to address the issue of over - indebtedness by prescribing a common definition of microfinance loans which will be uniformly applicable to all lenders and linking loan amount to household income. the proposal is that the payment of interest and repayment of principal for all outstanding loans of the household at any point of time should not be more than 50 per cent of the household income. pricing of micro finance loans 14. over the years, modifications in the regulatory instructions and clarifications governing loan pricing for mfis have evolved in sync with changing circumstances. following the recommendations of malegam committee, the guidelines issued in december 2011 prescribed a uniform margin cap ( 12 per cent for smaller nbfc - mfis with portfolio of rs. 100 crore and less and 10 per cent for others ) along with a
yourselves well at the party and the punch bowl will still be on the table when you go home! how long and enjoyable the present party according to this model, the scope for wage increases in a country with a fixed exchange rate is determined by price trends in other countries and domestic productivity growth in the competitive sector. will be will depend on many of you here, and on how we in sweden succeed in establishing a functioning wage formation process and labour market.

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