samchain/econo-pairs-v2 huggingface dataset:
, including some quantitative estimates that draw on the analysis of ammer and others ( 2016 ). 4 for a more detailed discussion, see fischer ( 2016 ) and bernanke ( 2015 ). 5 see international monetary fund ( 2017 ). 3 / 3 bis central bankers'speeches

regulator to establish criteria to ensure that the portfolios are consistent with the mission and safe and sound operations of the enterprises. however, the public purpose of the gse portfolios, at least during times when financial conditions are relatively normal, has not been fully clarified, and systemic risks will remain as long as the portfolios remain large. moreover, the recent legislation does not fully resolve the fundamental conflict between private shareholders and public purpose that is the source of many concerns about the gses. considering some alternative forms for the gses ( or for mortgage securitization generally ) during this " time out " thus seems worthwhile. needless to say, however, even if alternative organizational structures are considered for the future, the u. s. government's strong and effective guarantee of the obligations issued under the current gse structure must be maintained. linking the mortgage market and the capital markets : some alternative approaches how might the gses be reorganized in the future to address the problems that have been revealed with their traditional structure? are there approaches that do not rely on gses to create a robust mortgage securitization market that will function in bad times as well as good? privatization. one option that has been discussed is to privatize the gses and let them compete in the market as private mortgage insurers and securitizers. to eliminate the presumption of government support and to stimulate competition, some proposals advocating privatization call for breaking up the companies into smaller units before privatizing them. privatization would solve several problems associated with the current gse model. it would eliminate the conflict between private shareholders and public policy and likely diminish the systemic risks as well. other benefits are that private entities presumably would be more innovative and efficient than a government agency, and that they could operate with less interference from political interests. however, whether the gse model is viable without at least implicit government support is an open question. from a public policy perspective, a greater concern with fully privatized gses is whether mortgage securitization would continue under highly stressed financial conditions. as i have noted, almost no mortgage securitization is occurring today in the absence of a government guarantee. so, if the gses were privatized, it would seem advisable to retain some means of providing government support to the mortgage securitization process during times of turmoil. one possible approach, suggested by federal reserve board economists diana hancock and wayne passmore, is to
all of you during the q & a. 5 / 5 bis central bankers'speeches

y v reddy : issues in managing capital account liberalisation presentation by dr y v reddy, deputy governor of the reserve bank of india, at commonwealth secretariat - world bank conference on developing countries and global financial architecture, held in london, on 23 june 2000. * * * the objectives of this presentation are : ( i ) to suggest the need of some of the developing countries for managing capital account, implying elements of control, regulation and liberalisation as appropriate ; ( ii ) to emphasise the importance of both international and national context in the management of capital account ; ( iii ) to outline the contours of control and regulatory framework and the possible use of these in prioritising capital flows while suggesting the dynamic elements needed to enable liberalisation ; ( iv ) to elaborate the linkages with other external sector policies, while considering the appropriate control and regulatory framework or liberalisation ; ( v ) to highlight the complementary policies that are necessary while considering liberalisation of capital account. this presentation is from the perspective of policy making in developing countries, and is drawn mainly from the indian experience. need it is currently well recognised that although global capital flows have a potential for improving efficiency and growth prospects, they can also trigger instability, due to a variety of reasons. the objective of current deliberations on the international financial architecture is to enhance efficiency of such flows while avoiding, to the extent possible, instability, and managing instability if and when it occurs. these issues are assessed essentially from the view point of developing countries, which, as a group has tended to be more vulnerable to instability arising out of capital flows. though there are some differences of opinion as to whether liberalisation of capital account would necessarily add to growth prospects of developing countries, there are several developments in regard to international trade in goods and services, international business, technology, cross - border flows of capital, etc. that would necessitate a more active management of capital account, with a view to continuously assessing the costs and benefits of liberalisation vis - a - vis control or regulation. in the current debate on international financial architecture, there is no settled position on several of the actions being considered. in respect of liberalisation of capital account, however, there appears to be a broad consensus, viz. such a liberalisation is desirable, should be gradual, well - sequenced and undertaken in conjunction with several other measures at micro and macro level. in most cases, the desirability of limiting total external debt, especially short - term is generally
achieved so far allow us to reaffirm yet again the nbs ’ s commitment to actively contributing to economic recovery, higher employment and the standard of living in the period ahead, while at the same time safeguarding price and financial stability. the results speak for themselves. we expect them to be acknowledged, just as we expect that all of you, people of influence, resolve and knowledge will help our nation to overcome that feature of temporariness, of not being persistent in either financial reforms or in its presence on the world political scene. thank you. bis central bankers ’ speeches

decision, striving to ensure balance, because excessive tightening of financial conditions might dampen the pace of economic growth, which will be one of the key factors of success in tackling the challenges from the international environment. however, the nbs stands ready to respond promptly by all instruments on hand in case of the materialisation of any of the risks that would keep inflation above the upper bound of the target band for a prolonged period of time, because low and stable medium - term inflation, along with preserved financial system stability, is the key ingredient of faster and sustainable economic growth. i will now give the floor to my colleagues from the economic research and statistics department to present our latest macroeconomic projections in more detail.
erdem basci : financial stability and turkey ’ s achievements to date welcome speech by mr erdem basci, governor of the central bank of the republic of turkey, for the 17th international conference of banking supervisors, istanbul, 13 september 2012. * * * distinguished deputy prime minister, esteemed guests and distinguished members of the media, welcome to istanbul and to the 17th international conference of banking supervisors jointly hosted by the central bank of the republic of turkey and the banking regulation and supervision agency of turkey. in my speech, i will try to summarize the importance we attach to financial stability and the achievements we have made up to date. dear guests, there are three essential factors that determine the growth potential of a country ; these are price stability, financial stability and productivity. any weakness in any of these three factors may cause considerable damage to growth. the history of economics is teeming with examples of this. the social costs of loss of price stability are now very well known by economists. academic studies indicate that an inflation rate that is on average higher by 10 percentage points leads to a reduction in the gdp growth rate an average of a quarter point. 1 meanwhile, the loss of financial stability has deep and long - term impacts on growth and employment. 2 the cost of preventing a financial crisis is much lower than the cost of the crisis itself. turkey ’ s recent history is a very good example of this statement. the economic crisis, which turkey went through in 2001, increased the country ’ s sovereign debt by 30 percentage points, and severely affected growth and employment prospects. as of 2002, turkey focused on establishing price stability, financial stability and introducing structural reforms aimed at increasing productivity. as a result, while the country ’ s economic prosperity grew at a rapid pace, the financial sector gained a structure resilient to external shocks. the steps taken towards fostering financial stability helped turkey recover rapidly after the 2008 – 2009 global financial crisis and it weathered the european sovereign debt crisis of 2011 – 2012 with minimum damage. distinguished guests, the primary objective of the central bank of the republic of turkey is to achieve and maintain price stability. besides price stability, contributing to financial stability within the limits of its purview has been also listed among the primary duties of the bank. comprehending the importance of systemic risk along with macroprudential measures to mitigate this risk to ensure financial stability has necessitated reconsideration of the regulatory framework at global level. the enforcement of the dodd - frank act

economic growth and keep our financial system strong. our combined actions will lead to a greener, better, and sustainable future for our children and the filipino people. congratulations and more power to the rebap! thank you and mabuhay! 5 / 6 bis central bankers'speeches 6 / 6 bis central bankers'speeches
more important than the alternatives for stabilising the economy are the structural reforms which are needed to increase potential growth and contribute to an economy more responsive to changing circumstances. if this is done successfully the problems of instability will probably not arise or will be of less significance. as we analyse sweden's labour markets it is worrying that unit labour costs have increased slightly more rapidly in sweden than in the euro area recently. as the possibility to conduct an independent economic policy decreases, the need for functioning adjustment mechanisms increases which implies greater flexibility in factor and product markets in sweden. this flexibility in the labour market could apply both to increased variability in nominal wage increases and to increased professional and geographical mobility of the labour force. potential gains from euro membership so far i have concentrated on some of the disadvantages of joining monetary union. but let there be no mistake, there will certainly be important gains from emu for sweden. while large swedish corporations already enjoy many of the advantages of using the euro, being already well integrated into the european market, joining the euro area may be essential for small and medium sized enterprises, which are too small to use advanced methods of handling exchange rate volatility. a recent survey revealed that 80 percent of the larger corporations in sweden already invoice in euros, compared to only 15 percent of the small and medium - sized enterprises. our overall macroeconomic models do not always capture the strength of these microeconomic forces at play at company level when transaction costs are reduced and barriers for trade and investment lowered. some of the recent research, such as the gravitation models presented by professor andrew k. rose and others, which compare wide sets of countries, give very significant increases in trade and growth from currency unions. similarly, comparisons of the remarkably high price differentials between comparable and neighbouring areas in the us and canada indicate that the existence of price transparency affects prices. today we focus very much on the price increases on some services after the introduction of euro coins and notes, but let us bear in mind that prices on durable goods that are more subject to cross border comparisons, have indeed increased less than the average or even decreased. there are already signs of a convergence of prices on such durables and there is also area - wide euro pricing from some firms, which reflects increased price competition across borders. to conclude, the monetary union presents an attractive proposition for sweden, given that we continue to improve the functioning of wage formation and labour markets and that we ensure a solid institutional foundation for fiscal policy to

ways of raising growth without jeopardising economic stability. this also entails a continued challenge for the riksbank to regularly analyse the swedish economy ’ s growth potential so that monetary policy will also continue to be well balanced in the future. thank you!
term.

zeti akhtar aziz : growth and development of the world economy welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the official opening of the world bank group knowledge and research hub in malaysia, sasana kijang, kuala lumpur, 28 march 2016. * * * it is my great honour to welcome the distinguished senior leadership of the world bank group, dr axel van trotsenburg, vice president of development finance ; and dr kaushik basu, chief economist and senior vice president, to the master lecture on'shared prosperity'by dr kaushik basu. the lecture is held in conjunction with the official opening of the world bank group knowledge and research hub in sasana kijang later this afternoon. as we meet today, the global economy is confronted with an immensely challenging environment. a slower than anticipated growth in several major economies, the sharp decline in commodity and energy prices, the significant shifts in global liquidity, and the heightened geopolitical tensions are having far reaching and widespread implications. going forward, the challenge for both the advanced and emerging economies is to lift growth trajectories and search for sustainable growth factors that can rebuild economic fundamentals, address structural vulnerabilities and forge new sources of growth. key is the " sustainability " and strengthening of the growth and development of the world economy. an important aspect in this process is that economic growth and development, no matter how stellar, will begin to fade when inequality sets in and when income disparities widen. experience has also shown that financial crisis and economic recession entrenches the cycle of poverty. during a financial crisis, the poor lose their income by several times more compared with the average household. we saw this happen during the recent global financial crisis, and we also saw how many that were displaced suffered " hysteresis " thus deeply affecting their income prospects. we also risk facing a severe setback in our fight against poverty. in the more recent years, the international community has accorded greater attention to addressing this agenda and to achieving more balanced and inclusive growth. malaysia, while achieving growth and progress since the 1960s has always given attention for it to be a shared prosperity. given the role of the financial system in facilitating this, bank negara malaysia has always given priority to the financial inclusion agenda to not only bring the underserved segments of society into the financial mainstream but to promote a more effective participation
the medium term. i am sure you will all be doing just that.

a result of the creation of the euro. the activities of ratings agencies make it possible to define common standards for the assessment and comparative ranking of the credit quality of borrowers and issuers. in this regard, it is interesting to note that, in 1999, the share of relatively low - grade borrowers in new bond issues, although it remained small, seemed to increase somewhat. over the medium term, in the context of the further development of a “ credit risk culture ”, it can therefore be expected that the bond market of the euro area will become increasingly diversified, in particular with regard to the range of participating issuers, and attract more private issuers. with regard to the stock market, similar observations may be made. in particular, the development of a range of area - wide stock market indices is indicative of the progress made in the integration of euro area stock markets. in particular, stock market participants seem to increasingly take into account the economic factors common to the euro area as a whole. furthermore, the integration of stock markets at the euro area level means that issuers across the euro area have privileged access to a large number of investors on a large and open market place. this perspective is certainly a supporting factor for the development of segments of the stock market dedicated to relatively small and / or new firms, the so - called “ new markets ”. i would like to conclude this brief discussion of trends in euro area financial markets with a reference to the - admittedly still timid - emergence of new market places operating on the internet. it appears that internet market places have the potential to cover a broad range of activities, both on the so - called primary market at the time of issue of new securities and on the secondary market. one of the advantages of these new market places is that they may be accessed by a very wide range of users because they take advantage of an existing communication network infrastructure, the internet. furthermore, the new internet market places also seem to be characterised by a high degree of automation of trading processes. these factors would seem to make it possible to achieve lower transaction costs and, more generally, contribute to further improving the working of financial markets.
, interest rates rose because markets perceived that the associated exchange rate depreciation would loop back into inflation pressures, forcing the bank to tighten policy eventually. with the benefit of hindsight, it is likely that this market dynamic reflected the fact that domestic inflation expectations had not yet become anchored by the bank ’ s new inflationtargeting policy, which in turn made it difficult to keep one - time relative price effects on inflation distinct from the underlying trend in inflation. this is in sharp contrast to our most recent experience, where well - anchored inflation expectations have enabled the bank to “ look through ” the temporary increase in inflation caused by a weaker currency and actually cut interest rates to cushion the blow to the economy from falling oil prices. meanwhile, fiscal policy was tightened sufficiently to generate a surplus, and fiscal debt as a share of gdp began a long decline that would be interrupted only by the global financial crisis and the ensuing global recession. as a consequence, federal government debt as a share of gdp is around half what it was at its peak in the mid - 1990s. accordingly, at the risk of oversimplification, we can characterize the history of canada ’ s monetary / fiscal policy mix as follows. when doug was preparing his innis lecture, we had tight monetary policy and easy fiscal policy. over the following 10 years, fiscal policy gradually tightened, and monetary policy took this trend into account while pursuing its inflation targets. then, from the late - 1990s until the global financial crisis, fiscal surpluses were generally the norm, and monetary policy remained focused on keeping inflation close to target. in the aftermath of the global financial crisis, of course, the g20 countries undertook a coordinated fiscal easing, with many easing monetary policy as well. starting in 2010, however, with the worst effects of the crisis behind us, canada ’ s fiscal policy gradually moved back into consolidation mode. even so, the legacy effects of the financial crisis have lingered in many countries, and canada ’ s export recovery has been halting at best. accordingly, monetary policy has remained very easy in order to keep inflation near its target. thus, in broad strokes, over 30 years, canada ’ s policy mix moved from tight monetary / easy fiscal to neutral / neutral and then to easy monetary / tight fiscal, until the fiscal adjustments made in 2016, just at the time of writing. bis central bankers ’ speeches this quick historical sketch raises some obvious questions about the mix of monetary and fiscal policies and the consequences for debt dynamics,

growing global demand, but prices could go lower, or remain low, for a significant period before those medium - term forces do their work. these developments are among the most important that the bank of canada takes into account in making monetary policy. we will continue to work to bring the canadian economy back to its potential and return inflation sustainably to our 2 per cent target. however things play out, we have the tools to respond. bis central bankers ’ speeches
account of the recent developments. i hope you will have fruitful discussions at this two - day meeting and subsequent meetings of the g20, leading up to the finance ministers and central bank governors meeting in fukuoka in june. i look forward to meeting you all again later this year. thank you for your attention.

christian noyer : does europe face the prospect of a lost decade? speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the international economic forum of the americas, conference of montreal, montreal, 9 june 2014. * * * it is always a privilege to speak alongside larry. but it is also a challenge. i will make the most of it by referring often to salient remarks made by larry in recent months. i will address three questions : is the euro crisis over? does europe face the prospect of a lost decade? what short - term policy challenges are we facing today? i / – is the euro crisis over? less than two years ago, the euro area was fighting for its existence. euro pessimists were questioning its ability to survive. not anymore. analysts may be questioning europe ’ s ability to grow. but the challenges that we are facing are different. they are macroeconomic, not existential or systemic. thanks, mainly, to the eurosystem ’ s actions, financial conditions are normalising. spreads in peripheral countries have been dramatically reduced. soon, budgets will be reasonably balanced and there will be no more fiscal drag on the economy. households and corporates have strong balance sheets. recent forecasts put german growth at more than 2 %, italy in positive territory, and the outlook for france has improved markedly. growth of business activity in the euro area in april was the highest in the past three years. but the crisis has left an important legacy : • money and financial markets remain excessively segmented. the monetary transmission mechanism is severely impaired and credit conditions are still very different across countries and sectors. • deleveraging in the banking sector still acts as an impediment to recovery and growth. bank credit remains flat in the euro area as a whole, and smes ’ financing is a major concern, especially in stressed countries, where the percentage of financially constrained but viable borrowers is estimated at 25 % vs 1 % in “ core ” countries. we are very aware that balance sheet repair is a prerequisite for credit to resume and for monetary policy to be efficient. so, we are addressing the problem as a priority. 1. we are building a safer and more robust system of financial intermediation. a major step has been the creation of a banking union that, as you all know, will delink bank and sovereign risks and ensure a harmonised