samchain/econo-pairs-v2 huggingface dataset:
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and their boards let us move towards a new vision and diversify the composition of boards, so that profits and high returns do not become an obsession let us move towards a vision of banking where financial return is not the only goal and the business and social role of banks is revived let us move towards a vision where the interests of banks are more aligned with those of the wider population let us together embrace a vision where the business of banking is the business of serving a thriving and just society. that is the real test of development government has a role in mediating, to try to ease the problems of various stakeholders of the economy, to make it easier for them to co - ordinate their actions, and to act as an important arbitrator and facilitator to support the optimal course of action for the economy as a whole. but government only acts on the information available. therefore we need a wideranging process engaging the best people and best ideas in the land to develop the vision for all stakeholders. and banks are part of the system ; they should not stand apart, turning a blind eye to financial stability and the impact they are having on the real economy. if we compare ourselves with singapore and hong kong, the top performers in the small economies, we suffer from structural flaws that are inhibiting our progress. i have not seen any positive reaction to the wake - up call from the global economic forum this year and last year. wake - up mauritius and grasp your future with vision and vigour. but now, if i may be permitted a little digression on the demographic time bomb. its fuse is burning steadily, largely un - noticed, with dire consequences if we neglect its import. the population in mauritius over pension age is expected to more than double over the next 15 years, and more than triple over the next 35 years. the ratio of people of working age for each person over pension age is expected to fall continuously over the next 35 years from about 7 now, to 2. 5 by 2045. this demographic time - bomb, which is ticking away relentlessly, has deep significance for our economy, our pension schemes, and our society. dealing with it must be one of the key elements of our future visioning exercise. bis central bankers ’ speeches and now to close, i will share with you another of those whimsical laws of nature that define our frailty. in the past, for some light diversion, i have taken you in the world
i outlined just now. so i wish you all a most engaging and productive conference. thank you. 1 globalisation today, adam jakubik, elizabeth van heuvelen, imf, june 2024 3 / 3 bis - central bankers'speeches

for too long, losing valuable human capital and finally becoming structurally unemployed, a tragedy for them and their families, and a loss for society. there is some evidence that the prolonged period of negative output gap in the euro area since the crisis has weighted on potential. potential growth is estimated to have fallen from 1. 6 % a year over the period 2000 – 07 to 0. 7 % over the first five years of the crisis. 1 skill mismatch has increased in a number of countries, in part arising from the shift in sectoral composition as the construction sector shrunk rapidly. 2 the high rates of youth unemployment are also likely to result in labour market “ scarring ”. the financial crisis and the bank - based nature of finance in the euro area amplified the slowdown in potential growth. the transmission of monetary policy in the euro area has been impaired by fragilities in the banking system, compounded by the overhang of public debt, on which i will shortly say more. loss of access to finance can have a marked impact on business performance and in aggregate lower potential output. to put some perspective on the problem, let me highlight recent research carried out for the ecb looking into the impact of loss of finance on firm performance in the euro area. 3 the research looks at thousands of loan applications made by small and medium - sized enterprises to a major german bank between 2009 and 2012. in particular, it focuses on firms that are around the cut - off line for loan acceptance. these firms are in general very similar in terms of balance sheet and profitability metrics, but some lie slightly above the line and some lie slightly below. the study maps the outcomes for those firms in the year following the loan rejection. on average, a rejection leads to a 9 % fall in assets, and lower investment and employment. the effects are amplified in firms with low liquidity, with such firms seeing a 5. 6 % fall in investment and a 7. 2 % fall in employment. yet these are not unprofitable or inefficient firms – the average return on assets for firms just below the cut - off line is a little over 14 %. the long - term risk from the prolonged period of sluggish growth also extends beyond real activity 2 / 6 bis central bankers'speeches into prices. a key part of our monetary policy is to anchor inflation expectations around our – price stability aim of a rate of below, but close to two percent over the medium
well as greater focus on testing and sampling of risk management processes. it is very important for us that we continue to supervise to the highest international standards of best practice. we will therefore be reviewing our supervisory engagement model for these banks in tandem with the ecb this year in order to address these findings and take action as necessary. let me also mention that, while there will be no jst for these banks, we expect that ssm staff or staff from other supervisory authorities may join us on inspections or as part of our supervisory work. organisational change at the central bank the central bank will make organisational changes to reflect the ssm operations and to align with what you will experience in terms of interaction and communications. as you all know the ssm has four directorates, to which i have already referred : two for significant institutions, one for less significant institutions and one for what are referred to as horizontal functions. the horizontal directorate includes 11 different divisions containing functions that provide services across all supervisory directorates and one of these is the centralised management of on - site inspections. we have given some consideration to how we should organise ourselves in the ssm and held discussions with ssm management and with other national supervisors. it is clear to us that we need to change our structure to accommodate the ssm structure : • to create a very clear distinction between on site and off site activities ; • to facilitate the creation of clear linkages and relationships between the central bank and the ssm ; bis central bankers ’ speeches • to respond to quantitative analysis that are to become ever more prevalent • to build reporting capability ; • to build the skills and capabilities of our staff and ensure their development and retention. this implies a three way split, involving the creation of specific on - site inspection teams on the one hand, and on the other hand teams focused on the ongoing, off - site supervision of all banks. the introduction of separate on - site inspection teams that will be tasked with discrete inspection mandates and will be independent from the on - going supervisory work with an institution is new territory for the central bank. currently we incorporate on - site work into our on - going supervisory work and do not have independent teams performing this work. combined with this, and in mirroring the ssm structure, we recognise the need also for a third horizontal division, which would comprise specialised teams on liquidity, credit, internal models, and the like. we expect to change structurally in the coming months. we shall ensure that we build

principle ). a well - integrated economic region is the key to a prosperous future. “ three nations, two currencies, one economic area ” - the title of the paper - not only describes the reality, it also maps out the way forward.
in the coming years, with persistently low inflation. at the same time it is a major problem that growth does not seem to be generating new jobs to a sufficient extent. this suggests that to a high degree the unemployment is structural. measures must therefore be taken to improve the functioning of the labour market. for further favourable economic development it is also essential that the efforts to reduce government debt are continued. the conditions for monetary policy in the years ahead will then be improved and greater freedom of action will be created for economic policy in the longer term.

jacqueline loh : technology and innovation as the next phase of growth keynote address by ms jacqueline loh, deputy managing director of the monetary authority of singapore, at the opening of metlife lumenlab, singapore, 16 july 2015. * * * mr blair hall, deputy chief of mission of us embassy of singapore her excellency, ms heather grant, high commissioner at the high commission of canada mr chris townsend mr zia zaman distinguished guests, ladies and gentlemen, i am very pleased to join you this afternoon at this wonderful location for the official opening of metlife ’ s lumenlab. metlife and lumenlab lumenlab represents a significant milestone for metlife and singapore. as metlife ’ s first and only global innovation centre established in singapore, lumenlab will shine the light forward on innovative and impactful solutions in health, wealth and longevity that are developed in asia, for asia, and for the rest of the world. technology and innovation trends in the global insurance industry technology and innovation is fundamentally changing the game for many industry verticals. the insurance sector is no exception. specifically, new innovation and disruptive technologies are expected to transform the insurance industry in three areas : distribution, data analytics, and dynamic products. firstly, distribution. today, the agent - broker paradigm is being challenged by the digital consumer, who is empowered by technology to conduct research and purchase directly from the product provider online. here in singapore, mas started this journey ourselves with comparefirst, which allows consumers to compare and purchase simple life insurance products over the internet. but, more than this, the digital consumer also demands choice and personalisation, transacts with a swipe of their fingers at any time of the day 24 / 7, and judges products based on peer reviews. digital consumers are set to grow in significance, especially in asia. in china, the online insurance market doubled in 2014 to us $ 14 billion, representing over 4 % of total insurance premiums. 1 the boston consulting group estimates that the online insurance market in india will grow by more than 20 times to hit us $ 2. 4 billion by 2020. 2 second, data analytics. advancements in technology have allowed insurers to unlock new data and greatly improve their ability to assess and price risks. motor insurance is a case - inpoint. in the past, insurers have traditionally relied on historical accidents and claims data to establish premiums and policy conditions. today, telematics3 technology has
( bcbs, iosco and iais ) would be represented by two members each, and the cgfs and cpss by one each. participation could over time be extended to include representatives from a small number of additional ( i. e. non g - 7 ) national authorities that could contribute substantially to the process, or to invite them to attend meetings as guests. the chairperson should be appointed in a personal capacity for a period of time which is adequate to ensure continuity in the work of the forum. experience would seem to indicate a term of not less than three years. i would like to suggest the appointment of mr andrew crockett, general manager of the bis, for a term of three years. the forum would meet as often as needed to achieve its objectives. initially two meetings a year could be envisaged. the first meeting of the forum could be held in spring 1999. the forum could ask members to form working groups in order to facilitate its work or address specific ad hoc issues. a permanent “ chairman ’ s group ” composed of the representatives of the ifis and the international regulatory groupings and, if necessary, of national supervisors directly involved in specific issues could meet around or between the forum ’ s meetings to coordinate follow - up activities to the forum ’ s outcome. support for the forum would be provided by a small secretariat located at the bis in basle. members of the secretariat could be drawn from the bis and from the participating international financial institutions. staff from the ifis would not be expected to move to basle ; if appropriate, they could remain based in washington, working closely with their colleagues in basle. this bis review is available on the bis website at www. bis. org.

leaders'summit ", 30 november. 2 world meteorological organization ( 2023 ), " past eight years confirmed to be the eight warmest on record ", press release, 12 january. 3 see world meteorological organization ( 2023 ), global temperatures set to reach new records in next five years, press release number 17052023, 17 may. 2 / 3 bis - central bankers'speeches 4 world meteorological organization ( 2022 ), wmo atlas of mortality and economic losses from weather, climate, and water extremes ( 1970 – 2019 ), wmo - no 1267, 2022 update. 5 elderson, f. ( 2023 ), " the economy and banks need nature to survive ", the ecb blog, 8 june. 6 attenborough, d. ( 2021 ), " address to world leaders at the opening ceremony of cop 26 ", 2 november. 3 / 3 bis - central bankers'speeches
y v reddy : towards globalization in the financial sector in india inaugural address by dr y v reddy, governor of the reserve bank of india, at the twenty - fifth bank economists'conference - 2003, mumbai, 11 december 2003. the references for the speech can be found on the website of the reserve bank of india. * * * mr. chairman, distinguished panelists, participants and friends, i am indeed very happy to be, once again, amongst friends - albeit in a slightly different capacity. all of you have been totally supportive to me and, i must express my deep sense of gratitude to you for the warm and affectionate welcome that you gave for my appointment. my address today is in the nature of sharing of some of my preliminary thought processes on the subject of globalisation and the financial sector. the presentation today starts with a framework for appreciating globalization and then provides some insights in the context of the financial sector, with special reference to banking. in the indian context i would setout some of the initiatives by reserve bank of india, which are relevant to the issue of globalisation. globalisation : a framework the concept of globalization, in the sense in which it is used now, can be traced to the phenomenon of nation states. government - imposed restrictions on movement of goods, services, people and capital are less than a hundred years old ; in fact, passports and visas and the whole gamut of restrictions are a feature of the late 19th century and the first half of the 20th century. the nation state put restrictions on its citizens in their involvement with other nation states in what was perceived as the collective self - nterest of its citizens. in the context of public policy relating to globalization, a critical issue is the trade - off between individual freedom and collective self - interest as also where the burden of proof lies, namely, with individuals or national authorities. globalisation has several dimensions arising out of what may be called the consequential enhanced connectivity among people across borders. while such enhanced connectivity is determined by three fundamental factors, viz., technology, taste and public policy, cross - border integration can have several aspects : cultural, social, political and economic. for purposes of this presentation, however, the focus is on economic integration. broadly speaking, economic integration occurs through three channels, viz., movement of people, goods and services, and movements in capital and financial services. the most notable achievement of recent globalization is the freedom granted to some, if not

robustness of significantly important nbfcs and allow them and other nbfcs to operate in an enabling regulatory environment. 38. thank you. bis central bankers ’ speeches
##2 is delivering wider interoperability : the next phase will deliver increased resilience ( including increased perimeter security ) ; greater access, and enhanced user functionality. it will also introduce a modular architecture, delivering solid foundations on which to introduce further change. we have already made significant strides towards providing greater access to rtgs to promote innovation and competition. in 2017, we were the first g7 central bank to 2 / 5 bis - central bankers'speeches grant access to non - bank payment service providers. this was followed in 2021 by a new access policy for omnibus accounts, which will enable rtgs to interoperate with emerging technologies ( such as distributed ledger ) and new business models. building on these policy developments, the renewed rtgs service will be able to accommodate a substantially higher number of account holders, offer streamlined onboarding, and introduce a more proportionate, risk - based assurance model. in addition, in line with our commitments under the g20 roadmap on cross - border payments, we will publish around the end of the year an external review of our access polices for non - banks, financial market infrastructures ( fmis ) and foreign banks to ensure that processes for these firms do not pose unnecessary barriers to access to rtgs. the renewed rtgs will also provide improved user functionality to support emerging user needs in a changing payment environment. this includes : an enhanced chaps liquidity saving mechanism to support lower liquidity costs. we will introduce more efficient algorithms which, based on our estimates, could help chaps participants to collectively save many millions of pounds every year2. technical capability to extend rtgs operating hours to near 24 / 7. we are engaging with the industry to assess the case for an increase. more modern and functionality - rich systems to make user interactions with rtgs easier. for example, application programming interfaces ( apis ) will provide richer access to payment and liquidity data, which can enable smoother payments processing and improved customer experience. foundations for the future our ambition does not stop there. we will utilise the modular and flexible design to deliver the third phase of benefits of renewing rtgs. at the heart of rtgs is the ability to support safe and efficient settlement in central bank money. our vision also encapsulates rtgs acting as an open platform for change and innovation. following feedback to our 2022 consultation on the future roadmap for rtgs, we are prioritising work to assess several innovative features. top of

kong. 1 / 1 bis central bankers'speeches
delighted to have you with us and look forward to hearing you. bis central bankers ’ speeches

the real economy. fourth, there has been criticism from some emerging markets alleging that the excess liquidity unleashed by qe is fuelling volatile capital flows, asset bubbles and inflation and also spiking up commodity prices. finally, the fed is being challenged on the risks in the process of unwinding qe, in particular of how this could be managed consistent with price stability and financial stability. chairman bernanke has responded to the above criticism on several occasions from various platforms. he has also found an innovative answer for each new problem thrown at him so far. this is all the more remarkable given that there is no recent real life experience to draw from. central banks and the new trilemma as a central bank, we empathize with the fed ’ s concerns. the crisis has pushed central bank policy making into uncharted territory. we will not know for many years whether the policy mix we have followed to manage the crisis is right. even so, in real time, all of us have to struggle with the challenge of managing the new trilemma – of balancing fiscal sustainability, price stability and financial stability. communication policies chairman bernanke ’ s unconventional policies have extended beyond the content of policy to its communication. hard as it might be to imagine from today ’ s perspective, prior to 1994, the federal reserve was not actually announcing the target fed funds rate ; the market was expected to infer the rate from the timing, sequencing and magnitude of its open market operations. in sharp contrast, today the fed not only explicitly announces the rate but also gives a clear indication of the future policy trajectory. like chairman bernanke has carried his policies to an unconventional level, he has carried their communication also to an bis central bankers ’ speeches unconventional level by shaping and managing expectations through post - policy press conferences and town hall meetings. bernanke ’ s legacy all in all, because of what he did, what he said, and above all because he stuck to his convictions honed through deep scholarship, chairman bernanke will have a profound and lasting influence on the theory and practice of central banking. in the world of policy, he might be remembered for fashioning the monetary policy of the 21st century. in the world of academia, he will probably earn the ultimate honour an academic craves if his real world practice of economics becomes the stuff of text books. once again, i have great pleasure in welcoming chairman bernanke to the reserve bank. ben, we are truly