samchain/econo-pairs-v2 huggingface dataset:
in helping to broaden our thinking and to identify concrete steps that can be taken to improve the payment system. thank you for your attention.

##shing returns, at least for corporate investment. as noted earlier, the data make clear that past rounds of lsaps have pushed down interest rates and term premiums. but the further the term premium is driven into negative territory, and the more financing constraints are thereby relaxed, the more the previous logic comes into play, and hence the weaker is likely to be the response of aggregate spending to further downward pressure on long - term rates. the corporate finance example is also consistent with what we have observed in markets in recent months. issuance of both investment - grade and high - yield bonds has been robust. indeed, domestic nonfinancial corporate bond issuance is on pace to set a record in 2012, and the speculative - grade segment appears on track to register a new high for the year. at the same time, a large fraction of issuance has been devoted to refinancing – either to retiring existing debt or to payouts to equity holders via dividends and share buybacks. these uses of proceeds have accounted for about two - thirds of all issuance by speculative - grade firms so far this year. such patterns are what one would expect based on the logic i have just discussed. another way to make a similar point is to note that as borrowing costs have fallen, federal reserve staff estimates of the expected return on the stock market ( using a model based on analysts ’ earnings expectations ) remain high by historic standards. this unusually large divergence in the costs of debt and equity – due in part to the cumulative effects of our lsap policies – is likely to be one factor that makes debt - financed repurchases of equity attractive. let me turn now from treasury - based lsaps to those involving mbs. if there is to be any difference between the two, one necessary condition is that there is some form of market segmentation, so that buying mbs has a different effect on the constellation of credit - market rates than buying treasury securities – in other words, it ’ s not all about just removing a certain amount of undifferentiated duration from the market. judging by what happened in the wake of the committee ’ s policy announcement on september 13, this segmentation condition seems to be clearly satisfied – indeed, i would say surprisingly so. 3 in particular, while nominal long - term treasury yields were roughly unchanged on the day of the announcement, yields on mbs fell dramatically. moreover, although the pass - through to primary mortgage rates has been
##ertia. i have always been grateful for our partnership with the banking industry and the private sector. it 3 / 4 bis central bankers'speeches is through our cooperation, our collaboration and constant touching base that we gain greater agility to weather through our fast - paced environment. we at the bsp are uplifted at embracing change and the future with you as our partners. we thank you for your support for the ambitious financial sector reform agenda that impart motion and dynamism to our economy. like a welltrained athlete, disciplined conditioning is our defense against over - heating and burn out. congratulations to finex and ing. congratulations to the men and women whose dedication and unwavering efforts have made the continuous holding of this prestigious event possible. congratulations to this year ’ s best cfo whose agility has elevated the finance profession to a higher level! thank you and a pleasant afternoon to all of you! 4 / 4 bis central bankers'speeches

much needed regulatory framework to usher in a vibrant islamic finance industry marked by multiplicity of players. this is not to say our work is done. we could even say that the work has just begun. the seeds for a vibrant islamic financing industry have been planted. it is now up to us – the government and the industry as a whole – to nurture the seeds with concrete next steps. we all have a stake in the development of bangsamoro and in the future of our country. let us waste no time in working toward our shared vision of a prosperous nation for all filipinos. 3 / 4 bis central bankers'speeches thank you and mabuhay! 4 / 4 bis central bankers'speeches
medium to long term. this is what we have been waiting for. but we have to ensure that we are well - positioned to take advantage of the global recovery and minimise the impact of the uncertainty and volatility that will surely accompany such a recovery. and as professionals, all of you here this evening have an important role to play. with your personal achievements comes responsibility – to your immediate families, to those who have supported you throughout your studies, to your communities and to society as a whole. you have dreams, ambitions, and visions of the future south africa we are all striving to build. so where is your voice, your passion, your purpose in the vibrant debate that rages as we work to build our common future? we all have the ability to exercise both reason and choice. the future will be what you make it. i wish you all well in your personal and professional lives. bis central bankers ’ speeches

“ broadening narrow money : monetary policy with a central bank digital currency ”, staff working paper, no. 724, bank of england, may 2018. rogoff, k. ( 2016 ), the curse of cash, princeton : princeton university press, 2016. sedlabanki ( 2018 ), ” rafkrona?, central bank digital currency interim report. ” 2018. sveriges riksbank ( 2018a ), the riksbank ’ s e - krona project report 2, october 2018. sveriges riksbank ( 2018b ), sveriges riksbank economic review, special issue of the ekrona, no. 3, sveriges riksbank. soderberg, g. ( 2018 ) “ the riksbank's position as issuer of means of payment to the general public – background to and political debate on the banknote monopoly 1904 ”. sveriges riksbank economic review, no. 3, sveriges riksbank. tobin, j. ( 1985 ) “ financial innovation and deregulation in perspective ”. key note paper presented at bank of japan. ogren, a., and edvinsson, r. ( 2014 ). swedish money supply, 1620 – 2012. in r. edvinsson, t. jacobson, & d. waldenstrom ( eds. ), historical monetary and financial statistics for sweden, volume ii : house prices, stock returns, national accounts, and the riksbank balance sheet, 1620 – 2012 ( vol. 2, pp. 293 - 338 ). stockholm : ekerlids forlag. 9
zeti akhtar aziz : bank negara malaysia link speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the launch of bank negara malaysia link, kuala lumpur, 25 february 2005. * * * yang amat berhormat dato'seri abdullah ahmad badawi, perdana menteri malaysia dan menteri kewangan malaysia, tetamu - tetamu kehormat, tuan - tuan dan puan - puan, the central bank engaging with the public is what bank negara malaysia link is about. it is my great pleasure and honour to welcome you to the official launch of the bank negara malaysia laman informasi nasihat dan khidmat or the bank negara malaysia link. the bank negara malaysia link aims to enhance the effectiveness of bank negara malaysia's interface with the public. bank negara malaysia link is established as a centralised point of contact with the public on issues that relate to our operations, our policies, the financial sector and consumer education in the area of finance. we believe this continuous engagement with the public will not only enhance awareness, understanding and appreciation of the issues at hand but also contribute to facilitating the efficient functioning of the financial system and ensure the effectiveness of policy. bank negara malaysia link will also centralise all interface with the smes on issues that relate to matters on access to financing and thereby contribute towards enhancing their value added to the economy. tuan - tuan dan puan - puan, kami amat berbesar hati dengan kesudian yang amat berhormat dato'seri abdullah ahmad badawi untuk melancarkan laman informasi nasihat dan khidmat bank negara malaysia atau bank negara malaysia link pada hari ini. kami mengambil kesempatan dari kehadiran yang amat berhormat dato'seri di taklimat ekonomi di bank negara malaysia pada pagi ini untuk merasmikan bank negara malaysia link. penubuhan bank negara malaysia link merupakan komitmen bank negara malaysia untuk meningkatkan lagi perkhidmatan yang diberikan kepada orang ramai dan membantu meningkatkan akses pemb

sekian, terima kasih.
##details. aspx? id = 131 ( last accessed on january 21, 2024 ). 5 / 5 bis - central bankers'speeches

system, effective internal audit and fraud detection mechanisms in place. when frauds occur, the bank should promptly report to the regulator and other concerned authorities. root causes should be suitably addressed. there should be zero tolerance towards acts of malfeasance. adoption and upscaling of technology in today's rapidly evolving financial landscape, leveraging technology has become a strategic necessity for staying competitive. embracing innovative solutions can lead to improved efficiency, enhanced customer experiences, and streamlined operations. by being proactive in adopting technology, ucbs can position themselves as modern and forward - thinking institutions, attracting a broader customer base and retaining relevance in a digital age. ucbs will continue to leverage on member loyalty. however, this can wane with time, generational changes, and of course, competition. therefore, i would urge directors to be receptive to adoption of latest technology but ensure that it is procured through credible suppliers and after proper due diligence. as ucbs integrate technology into their operations, they must also be acutely aware of the potential cyber risks that come with it. the digital realm brings forth new vulnerabilities, making robust cybersecurity measures non - negotiable. it is therefore vital to invest in cybersecurity solutions, conduct regular risk assessments, and implement comprehensive training programs for staff to mitigate cyber threats 3 / 5 bis - central bankers'speeches effectively. ucbs should also fortify their operational resilience by minimising downtime. they should have proper business continuity and disaster recovery plans in place which are adequately tested. capacity building human resources are undeniably the most valuable asset for any institution, including ucbs. ucbs can foster capacity building by implementing structured training programmes encompassing both technical and soft skills. leadership potential should be nurtured through developmental initiatives, encouraging cross - training and job rotation, providing access to e - learning platforms and online courses, supporting further education, and recognising employees who actively engage in learning efforts. i understand that the umbrella organisation ( uo ) for ucbs is taking shape. i sincerely hope that a professionally run umbrella organisation in india providing a slew of services and products suited to the ucb sector will provide synergies and galvanise the sector in areas where it may find itself wanting, particularly in areas such as capacity building and upscaling of technology. supervision of ucbs before i conclude, i would like to touch upon some supervisory initiatives taken by the
in this regard, it is of note that the neutral key rate estimate is not ‘ a point ’, but a range of values. it depends on various domestic and global drivers, as well as the monetary policy transmission mechanism, and may alter, being affected by them. it will therefore take time to ‘ feel ’ the thresholds of this ‘ neutral range ’ and make sure that they are in line with our current estimates. if necessary, we will adjust these estimates. a sustainable inflation rate close to the 4 % target will be the key criterion suggesting that we are right in our estimates of this range. 3 / 3 bis central bankers'speeches

hike. we can see it from retail sales figures. the rise in consumer activity does not exert pressure on prices. this, among other things, is an important reason of a moderate vat pass - through to prices. the fourth factor is external conditions. a number of changes which only started to emerge in december, intensified at the beginning of this year. the us fed and the european central bank eased their rhetoric as regards the monetary policy outlook. improvements were seen in markets ’ expectations regarding the negotiations of international trade restrictions. these factors supported emerging market currencies and reduced their risk premiums. we may say that external risks declined in this part. at the same time, geopolitical risks remain in place. oil prices in the first quarter were higher than projected in the baseline scenario. however, risks are high that oil production will exceed consumption this year. finally, overall monetary conditions have changed little if at all since the start of the year. deposit rates have edged higher, while loan rates have stabilised. ofz yields dipped on the back of improving conditions in global financial markets, as well as a result of reviewed expectations of market participants as to the future key rate path. these ofz yield movements, while working to constrain the potential of loan and deposit rate growth, are laying the groundwork for their subsequent decrease. with due account for the totality of factors i have mentioned, we have downgraded our inflation forecast for the end of this year to 4. 7 - 5. 2 %. at this point in time, it is with a certain degree of confidence that we can say : provided that the situation unfolds according to our baseline scenario, the preventive steps we have made so far to increase the key rate last year are most likely to be sufficient to ensure annual inflation returns to 4 % in the first half of 2020. i will now proceed to speak on the risks, as usual. despite the reduction in short - term risks, the overall balance of medium - term risks remains tilted towards proinflationary ones. as before, we should approach the assessment of external conditions with great caution. the risks related to geopolitical factors remain high. we continue to observe manifold sources of uncertainly in the global economic outlook. investor sentiment is subject to rapid change in this environment, which is set to impact on ofz yields and the exchange rate. certainly, elevated and unanchored inflation expectations, as i have said, also remain a material
aim of restoring the financial position of our insurance sector. cbk as regulator and supervisor has successfully addressed serval challenges while implementing prudent measures to resolve those issues and make sure that the sector perform according to the rules and protect the policyholders or beneficiaries and victims. taking into consideration all the important measures we have undertaken, including the strengthening of our regulatory framework, these efforts have paved the way for further growth and sustainability, and an increase of the consumer confidence. we are committed to advancing the regulatory and supervisory framework of the insurance industry in line with eu standards and best practices. we have received the roadmap for solvency ii from the world bank, which is an ambitious, challenging, and demanding project. this means we are gradually transitioning from purely compliance - based supervision to prudential risk - based supervision. this transition also involves the introduction of a risk - based supervision manual, with support from the imf. we have received also the roadmap for the ifrs 17. the implementation of the solvency ii and the ifrs 17 in our regional countries can certainly be a significant challenge, for which we will have the support of the world bank. we are working on enhancing the supervision of market conduct among our financial institutions by ensuring the cbk has adequate powers and resources to implement effective oversight. recently, we established the consumer protection department to improve support for financial consumers. within this department, we have created a dedicated division focused on market conduct. in our sector and in the most jurisdictions in the region, motor third party liability ( mtpl ) continues to play a dominant role in the insurance market. while mtpl is essential to provide basic cover and protect consumers from liabilities arising from the use of vehicles, as regulators we recognise the importance of diversifying the insurance portfolio to enhance overall financial stability. we are therefore committed to increasing the share of voluntary non - life and life insurance products. currently, kosovo is the only european country not a member of the green card system, despite our ongoing efforts to gain membership. therefore, our insurers cannot issue green cards and vehicles from most european countries entering kosovo must purchase border mtpl at the frontier for their stay. although kosovo officially applied to join the green card system, this application was unsuccessful. while progress has been made in meeting many criteria for membership, council of bureaux membership remains the step to be achieved. addressing this issue is important for improving cross - 2 / 3 bis - central bankers'speeches border

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, the governing council has kept interest rates unchanged at the exceptionally low levels prevailing since june 2003. thus, euro area interest rates remain at levels equivalent to post - world war ii lows. the current euro area monetary policy environment the current monetary policy environment is complex, clouded with a number of domestic and international uncertainties. the euro area recovery has clearly lagged that of most of the other major economies, and the future strengthening of growth still remains a gradually emerging prospect rather than a current reality. while inflation and inflation expectations remain well grounded and we don't see any immediate threats, there are some upside risks to the maintenance of price stability in the medium - term. the uncertainties surrounding the outlook relate in particular to the future evolution of euro area domestic demand, particularly consumer spending, the risks stemming from higher oil prices, the potential for volatility in foreign exchange markets and the potential impact of high levels of liquidity. framing monetary policy in such an environment is challenging. with regard to the economic outlook, the central scenario remains for moderate growth to gradually unfold, though the pace and timing of any pick - up is subject to much uncertainty. the normal sequence of recovery tends to run, first, from a pick - up in export growth, then to a recovery in investment and, finally, on to a strengthening of consumer spending. the recovery in export growth was largely seen in the period between mid - 2003 and mid - 2004. more recently, we have seen some small improvement in investment spending, though it remains sub - par when compared to earlier cycles. this would appear to reflect the fact that strong profit growth has been used more to restructure balance sheets than to boost investment. the main disappointment, however, has been the performance of consumer spending. there is no doubt that there has been much to hold consumption back. employment and wage growth have been modest. persistently high and volatile oil prices have had a dampening influence. in addition, the level of saving has remained high, reflecting ongoing concerns, not only in relation to labour markets, but also about longer - term prospects for health - care and pension systems. nevertheless, there are a number of positive factors. real short - term and long - term interest rates are very low, making financing conditions favourable. the recovery in corporate profits should eventually stimulate both higher investment growth and a recovery in employment, which should underpin domestic demand. in addition, the continued strength of the global economy should help offset some of the drag resulting

at national level, for the entry into force of the continental free trade area. we in ireland are ready and willing to continue to share our experiences with you as you take forward this ambitious task. i look forward to learning more about your plans during the rest of today ’ s event. 4 / 4 bis central bankers'speeches
hope it has been useful. again i want to thank seacen, the ccbs of the bank of england, and ministry of finance, brunei darussalam, for the invitation, and wish you all a successful seminar as well as a full and rewarding career at your respective central bank. thank you.

stifling reasonable risk - taking and innovation in financial markets, as these factors play an important role in fostering broader productivity gains, economic growth, and job creation. macroprudential policy at the federal reserve as i have mentioned, besides creating new institutions like the financial stability oversight council, the dodd - frank act has also imposed a macroprudential mandate on individual agencies, including the federal reserve. this mandate comes, in some cases, with changes in the powers and responsibilities of key agencies. in the case of the federal reserve, in addition to membership on the financial services oversight council, our new responsibilities include the supervision of thrift holding companies as well as oversight of nonbank financial firms and certain payment, clearing, and settlement utilities that the council designates as systemically important. in consultation with other agencies, we also are responsible for developing more - stringent prudential standards for all large banking organizations and for nonbank firms designated by the council as systemically important. these enhanced standards include tougher capital and liquidity requirements, the development of resolution plans ( so - called living wills ), mandatory stress tests conducted by the federal reserve and by the firms themselves, new counterparty credit limits, and more - demanding riskmanagement requirements. the federal reserve has made and will continue to make significant organizational changes as needed to best fulfill our responsibilities. even before the enactment of the dodd - frank act, we had begun to overhaul our supervision of the largest, most - complex financial firms. an important milestone in this regard was the federal reserve ’ s leadership in the spring of 2009 of the supervisory capital assessment program, popularly known as the bank stress test, which comprehensively evaluated the health of the largest banking organizations in the country. we learned valuable lessons from that exercise, including an appreciation of the additional insights that can be gained by examining a number of major institutions simultaneously, with a focus on comparative performance. another lesson of the stress test was the value of a multidisciplinary approach to supervision, one that combines the skills of economists, financial experts, payments systems analysts, and other specialists with those of supervisors and examiners. bis central bankers ’ speeches drawing on this experience, we created a high - level, multidisciplinary working group within the federal reserve to oversee the supervision of large financial institutions. under the auspices of this committee – called the large institution supervision coordinating committee, or liscc – federal reserve supervisors, supported by economists and other experts, now routinely