samchain/econo-pairs-v2 huggingface dataset:
gur - ta ] which is relevant to this respect. " let everyone sweep in front of his door, and the whole world will be clean. " it is indeed a shared responsibility to continue to create a better, more inclusive approach that can effectively sustain our agenda for economic growth. only by working together can we recover and build better. i am confident that this virtual conference would bear a productive and positive outcome. i look forward to a fruitful engagement. maraming salamat at mabuhay! 1 / 2 bis central bankers'speeches 2 / 2 bis central bankers'speeches

recovery is faster in a number of areas outside java. economic improvement in the third quarter of 2020 was recorded in almost all regions in indonesia, although 7 ( seven ) provinces, including bali, are still under pressure ( graph 13 ). in fact, 2 ( two ) provinces had positive growth which were central sulawesi with 2. 82 % ( yoy ) growth and north maluku which grew at a high rate of 6. 66 %, supported by the positive performance of export - oriented industries. the easing of social activities by more than 31 regional governments ( 4 provinces and 27 regencies / cities ) encouraged economic improvement in the third quarter of 2020. in addition, the government ’ s policy of accelerating bank indonesia ’ s annual meeting 2020 sulampua 5. 21 2. 32 3. 55 national 5. 02 ( 1. 48 ) ( 1. 10 ) iii iv i ii 4. 97 ( 5. 32 ) iii gorontalo ( 0. 07 ) w. sulawesi ( 5. 26 ) 2. 97 iii n. sulawesi ( 1. 83 ) iv i ii ( 3. 49 ) iii north maluku 6. 66 west papua ( 3. 35 ) c. sulawesi 2. 82 se. sulawesi ( 1. 82 ) s. sulawesi ( 1. 08 ) papua ( 2. 61 ) maluku ( 2. 38 ) balinusra 5. 34 5. 52 0. 92 ntt ( 1. 68 ) ( 6. 32 ) ( 6. 80 ) iii iv transfers to regions and village funds ( transfer ke daerah dan dana desa - tkdd ) by easing transfer requirements supported the realization of regional expenditures so as to increase regional economic improvement, especially in java. from the external side, the recovery of the chinese and us economies has been the driving force for improvements in the export performances of a number of industrial products in java, sulawesi - maluku - papua ( sulampua ) and sumatra. in terms of business sector, economic recovery in the sulampua region has been driven by continued investment and increasing demand in the steel and mining industries from abroad. in java, the economic recovery was mainly supported by improved consumption due to accelerated budget realization and increased mobility, thus supporting improvements in the industry business i ii iii sector. meanwhile, the trade sector has improved in all regions in line with improving consumption and export - import activities. the improvement in regional economic growth is expected to continue in 2021, in which the regions
that this was not the done thing. in part, the problem lay with the “ sheriffs ” in each of england ’ s counties. they were responsible for collecting the fixed farms from the king's assets. in normal years, they made an enormous profit, paying only a small fixed farm to the king, yet raking in a great deal more in terms of the real income of the counties. they were accustomed to keeping this surplus. any attempt to reform this system, by reducing the imbalance between real income and fixed farm threatened to destabilise relations between the king and the vitally significant administrative class of sheriffs and other royal officials upon whom the king ’ s political stability depended. as a result, the kings ’ preference was to find other ways of raising the cash. latimer ( ibid. ). as latimer says, “ [ b ] etween 1198 and 1206, sheep prices, wine prices and the price paid by the exchequer for its regular supply of cloth all indicate a steep and sustained increase. ” harvey ( ibid. ). henry ii had paid his knights 8d per day : king john was handing over 2s or 3s, an increase of about 275 %. less directly, one can infer from evidence on the exercise by manorial lords of their options to take cash payments from their villeins ( peasants ), instead of forcing them to work the land, that the going rate for unskilled farm labour must also have increased. assuming those increases occurred over the six years latimer identifies as the period of significant inflation. bis central bankers ’ speeches surprisingly, the quantitative information on the thirteenth century money supply is of very poor quality, imputed, as it has been, from archaeological finds of cash hoards. 11 latimer notes that “ … between the middle of the twelfth century and the middle of the thirteenth century there was an enormous increase in the quantity of silver coins in england. ” as well as the possibility of a general increase in the european silver supply ( especially with the opening up of the harz silver mines in eastern germany ), it is likely that silver inflows to england in particular were boosted as the counterpart to a sizeable private trade surplus – probably resulting, especially, from the success of the wool trade with flanders. over several decades, these silver inflows were likely to have much more than offset the “ public sector deficit ” as silver leaked out to pay for

for bank rate, reflecting the inevitability that the economy will be buffeted by shocks and that monetary policy will have to adjust accordingly. after all, as the story of magna carta shows, history rarely proceeds in a straight line … why should monetary policy? the mpc expects to refine its estimates of these effects in future inflation reports. see carney, m ( 2014 ), speech at the lord mayor ’ s banquet for bankers and merchants of the city of london at the mansion house, london, june. bis central bankers ’ speeches
communication problems, caused in part by the fact that the ecb is such a young institution with a unique monetary strategy. i record with satisfaction that here, too, there is less and less confusion. the strategy will be further refined as we learn from our experiences and from academic insights. the manner in which we achieve the aim of price stability may, if necessary, be adjusted ; the aim itself, however, stands carved in stone. right now, we are well - satisfied with the current strategy. its flexible character makes it ideally suited to accommodate the accession to emu of new member states. the strategy can always be explained more fully, of course. i hope that i have made a contribution in this respect today.

and economic output. moreover, we need to understand that we continue to live in an economic environment with downside risks. in such circumstances, we cannot afford to continue to operate with such thin minimum regulatory capital and liquidity requirements. the system does not have the capacity for another round of bail outs, nor does the public have the tolerance for it.
markets go through peaks and troughs. and like this marble hall – renovated, rehabilitated, now strong, beautiful and iconic... it is our taking action, our adoption of decisive policies and our welcoming of reforms through the years — that has helped strengthen our economies. our actions, our reforms, our regulations and our staunch commitment as policymakers, monetary authorities, central banks, regulators, public servants, have made them resilient. the ayuntamiento gives us a glimpse of the past. it also reminds us to continue to fortify our pillars and to build on the economic, financial and institutional reforms we initiated. it is when we gather together periodically and openly share our ideas, insights and experiences that we add to the strength and resilience we have. this is what today was about. our discussions will continue tomorrow. tonight, this dinner is about celebrating that collaboration. it is about fellowship. as your hosts, we are also proud to share our culture with you – to showcase our talents and also our cuisine which we arranged for you to enjoy tonight. 1 / 2 bis central bankers'speeches thank you very much and have a good evening. bon apetit. 2 / 2 bis central bankers'speeches

85 ( november ), pp. 1063 - 70. lewis, kurt f., and francisco vazquez - grande ( 2017 ). “ measuring the natural rate of interest : alternative specifications, ” finance and economics discussion series 2017 - 059. washington : board of governors of the federal reserve system, february ( revised may 2017 ), https : / / dx. doi. org / 10. 17016 / feds. 2017. 059. lubik, thomas a., and christian matthes ( 2015 ). “ time - varying parameter vector autoregressions : specification, estimation, and an application, ” federal reserve bank of richmond, economic quarterly, vol. 101 ( fourth quarter ), pp. 323 – 52, https : / / dx. doi. org / 10. 21144 / eq1010403. - 16 mankiw, n. gregory, and ricardo reis ( 2018 ). “ friedman ’ s presidential address in the evolution of macroeconomic thought, ” journal of economic perspectives, vol. 32 ( winter ), pp. 81 – 96, https : / / dx. doi. org / 10. 1257 / jep. 32. 1. 81. nelson, edward ( 2018 ). “ seven fallacies concerning milton friedman ’ s ‘ the role of monetary policy, ’ ” finance and economics discussion series 2018 - 013. washington : board of governors of the federal reserve system, february, https : / / dx. doi. org / 10. 17016 / feds. 2018. 013. phelps, edmund s. ( 1967 ). “ phillips curves, expectations of inflation and optimal unemployment over time, ” economica, vol. 34 ( august ), pp. 254 – 81. poole, william ( 1970 ). “ optimal choice of monetary policy in a simple stochastic macro model, ” quarterly journal of economics, vol. 84 ( may ), pp. 197 – 216. priebsch, marcel a. ( 2017 ). “ a shadow rate model of intermediate - term policy rate expectations, ” feds notes. washington : board of governors of the federal reserve system, october 4, https : / / dx. doi. org / 10. 17016 / 2380 - 7172. 2056. svensson, lars e. o. ( 1997 ). “ inflation forecast targeting : implementing and monitoring inflation targets, ” european economic review,
risks that lie ahead. while we see the sound macroeconomic fundamentals continuing, we see some risks, particularly on the global front that could raise market volatility in the near - term : 1. we see that the fed will continue to drive global market sentiment which may, depending on how market interprets the fed ’ s forward guidance, translate to market volatility and bis central bankers ’ speeches 2. we see growth becoming uneven across asia which could impact on intra - asian trade capital outflows and then market volatility. however, while these could lead to near - term heightened financial market volatility, these could also translate to an increase in global growth as economic powers rebalance. these, in the medium term, would be positive for philippine growth prospects. because we have constantly asked ourselves “ what lies ahead ” and have acted accordingly, we now find the philippine economy with buffers to meet these challenges. i will be remiss if i conclude my brief remarks today without speaking about our host, security bank. it is obvious that security bank has also been asking the question – what lies ahead? and their response to this question is a focus on retail banking. indeed, going back full circle to the retail customer is commendable. it is my hope and expectation, however, that as you execute your retail banking strategy, you will, in parallel, strengthen your consumer protection and education efforts. growing a retail base that is well - informed will help us move closer to our goal of economic growth that is truly inclusive. good morning and thank you for your attention. bis central bankers ’ speeches

rural bankers association of the philippines ( rbap ) for taking a similar stand and creating a multi - sectoral team for the conceptualization of a service code for consumer banking in the philippines. service code for consumer banking the service code that is expected to be out in the next quarter of this year is a voluntary code that sets minimum service standards to be observed by banks in the conduct of consumer banking services. it is aimed at strengthening relationships between banks and its clients, and promoting transparency for clients to have better understanding of what to expect from banking products and services. conclusion in closing, i strongly encourage everybody to support our initiatives to improve consumer banking in the philippines. subscribing to the code will be advantageous to both you and your clients, and to the banking system as a whole. at the end of the day, our banking industry, like any business, stands or falls on the goodwill of our customers. again, congratulations and a pleasant evening to all!
##ouzdor would also need to be elected at this meeting. i propose we take up this item under our last agenda on ‘ any other business ’. we earnestly hope that your stay during this board meeting will be comfortable and enjoyable. once again, let me say how happy i personally, and the reserve bank are to welcome you to our country and to the city of bangalore. thank you.

do not have a ration card or a bpl card ; teachers do not show up at schools to teach ; the police do not register crimes, or encroachments, especially if committed by the rich and powerful ; public hospitals are not adequately staffed and ostensibly free medicines are not available at the dispensary ; … i can go on, but you know the all - too - familiar picture. this is where the crooked but savvy politician fits in. while the poor do not have the money to “ purchase ” public services that are their right, they have a vote that the politician wants. the politician does a little bit to make life a little more tolerable for his poor constituents – a government job here, an fir registered there, a land right honoured somewhere else. for this, he gets the gratitude of his voters, and more important, their vote. of course, there are many politicians who are honest and genuinely want to improve the lot of their voters. but perhaps the system tolerates corruption because the street smart politician is better at making the wheels of the bureaucracy creak, however slowly, in favour of his constituents. and such a system is self - sustaining. an idealist who is unwilling to “ work ” the system can promise to reform it, but the voters know there is little one person can do. moreover, who will provide the patronage while the idealist is fighting the system? so why not stay with the fixer you know even if it means the reformist loses his deposit? so the circle is complete. the poor and the under - privileged need the politician to help them get jobs and public services. the crooked politician needs the businessman to provide the funds that allow him to supply patronage to the poor and fight elections. the corrupt businessman needs the crooked politician to get public resources and contracts cheaply. and the politician needs the votes of the poor and the underprivileged. every constituency is tied to the other in a cycle of dependence, which ensures that the status quo prevails. well - meaning political leaders and governments have tried, and are trying, to break this vicious cycle. how do we get more politicians to move from “ fixing ” the system to reforming the system? the obvious answer is to either improve the quality of public services or reduce the public ’ s dependence on them. both approaches are necessary. but then how does one improve the quality of public services? the typical answer has been to increase the resources
global monetary policy shocks. i would therefore like to thank you all for taking the time to join our workshop today, which brings together seasoned researchers and policymakers dedicated to understanding these vital issues. i look forward to their insights and i hope you enjoy the workshop. thank you. last revision date : 25 august 2022

potential to facilitate the exchange of information across parties and systems and pave the way for further automating capital market processes. ladies and gentlemen, a lot more is happening beyond what i have just talked about. with that i very much look forward to the insightful sharing of our presenters and speakers in the following sessions. one last thing before i conclude : this is an eventful week in hong kong packed with summits and forums surrounding the themes of investment, family offices, sustainability and arts. so, find some time out of your busy schedule to explore what this vibrant city has to offer. thank you bryan and the icma team once again, and i wish you all a most productive event. 3 / 3 bis - central bankers'speeches
the great pleasure together with dr. farouk el okdah, governor of the central bank of egypt to host tomorrow, 27 november, in alexandria a high level euromediterranean seminar, brining together eurosystem and mediterranean central banks. i look very much forward to the seminar, which is a very useful platform for discussions and exchanges of views with our friends and colleagues from mediterranean central banks on issues of mutual interest from a central banking perspective.

##2s endeavours will continue to be a success, and i look forward to continuing our cooperation with the csds and with market participants. thank you very much for your attention. bis central bankers ’ speeches
, masked the actual situation of public finances which were distorted by extraordinary revenue of a strictly temporary nature, linked to the exuberant real estate sector. these abundant inflows discouraged the adoption of the necessary public expenditure rationalisation and control measures needed in both central and regional government. bis central bankers ’ speeches in short, the path followed by the spanish economy in those years brought about substantial macroeconomic imbalances which crystallised in, among other things, a large external deficit and a sudden sharp rise in total external debt, both of which reached highs in 2007 – 2008. finally and inevitably a far - reaching adjustment took place, unfortunately amid the turmoil of the international financial crisis. on top of all this, in the middle of the recession, spain ’ s public finances worsened markedly from a surplus of nearly 2 % of gdp in 2007 to a deficit of more than 11 % of gdp in 2009, and, in addition, the severe job destruction over the last five years has raised the unemployment rate to over 25 % of the labour force. the labour market was also subject to certain illusions during those years. the enormous growth in the construction sector lay, without a doubt, behind the major immigration flows, and this strong population growth drove buoyant consumption and, by extension, the increase in activity and employment in all sectors, delaying the reforms that would have led to a more balanced adjustment between wages and employment. to overcome the crisis further reforms are needed at the national and european levels however, it should also be noted that the size of the imbalances that built up in the spanish economy was not only a consequence of insufficient adaptation to the conditions and restrictions of euro area membership. they are also related to the deficient functioning of the disciplinary mechanisms with which the euro area is equipped and the fragilities inherent in its institutional design and its system of governance. hence the spanish crisis is closely related to the euro crisis, and overcoming it also depends on europe ’ s ability to respond to the institutional problems of the monetary union. aside from the important role that the solutions being considered in the european union to better control budget deficits must play, overcoming the recessionary tendencies experienced by the spanish economy since 2008 requires the correction of some structural features that hinder its ability to adapt. the fall in employment, which has been much greater in spain than in the other euro area countries during the crisis, is largely explained by the insufficient adaptation of labour conditions. indeed, wages and prices continued to grow as if

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##gour. fourth, companies which met their demand from external borrowings are likely to revert to domestic markets given the widening of spreads overseas. finally, banks are now provisioning for loan losses which remain manageable. with these developments private sector credit is expected to gain momentum. growing liquidity and competition forced banks to lend close to and in some instances below kibor and overall there was softening of lending rates. resultantly, the benchmark kibor has also shown rationalization and 6 - month kibor has registered a decrease of 61bp on a y - o - y basis and is currently around 10. 0 %, despite the increase in discount rate by 50bp. banks have also been responsive on deposit side to the central bank calls. in november, pakistan banking association announced a consensus view of the industry to raise deposit rates for saving accounts to minimum of 4 % and also prior to that there have been series of announcement of new products for investors holding certain balances with commercial banks. these measures along with the zero crr for long dated deposits and moral suasion of central banks has resulted in growth in share of time deposits and rise in weighted deposit rates by 181 bps on fresh deposits / 157 bps on outstanding deposits, relative to december 2005. sbp has further been facilitating both the export and long term refinancing. the outstanding funds provided by the state bank and banks to exporters at 7. 5 % reached rs132 billion as on 3 - 11 - 2007 – which is higher than last year ’ s trends. sbp has honoured applications for around rs 6. 8 billion ltfeop contracted prior to july 2007. at the same time, it announced the implementation of 3 % interest rate subsidy for spinning sector and continued to pay r & d support expeditiously which has now reached rs25 billion on a cumulative basis since its introduction and sbp disposed off almost 270, 000 cases of it. the scheme for long term financing facility will be operationalized in january 2008 as soon as the details of its workings have been well understood by the commercial banks. this is a broad based facility which will make available long term credit for fabric, garments, made up, towels, rice processing, leather & leather garments, sports goods, carpet & wool, surgical instruments in the core categories, and fisheries, poultry & meat, engineering goods etc in the developmental categories of industrial sectors and is expected to finance both domestic and imported plant and machinery equipment for

to continue to innovate, create new partnerships with the growing branchless banking networks, and to evolve and provide financial access to the unbanked. let me once again thank the organizers for holding important event and i wish the conference all success. bis central bankers ’ speeches