samchain/econo-pairs-v2 huggingface dataset:
bank of canada ’ s mandate. see http : / / www. bankofcanada. ca / research / research - paperawards. bis central bankers ’ speeches

are still businesses that are temporarily closed or operating at much lower capacity as a result of the crisis, and it is still unclear if and when they will return to their normal operations, for example those in the hospitality and tourism sectors. it will likely take some time before we are able to fully determine, with great certainty, how many permanent business closures will result from the crisis, which makes it difficult to accurately measure the supply - side of the economy. notwithstanding these uncertainties, several views are emerging globally that may be of relevance to south africa. the nature of the pandemic is expected to bring about various changes to the economy, including much slower capital accumulation than in the past and a change in tastes and preferences that will lead to reallocation effects in the economy. 3 some argue that, given the nature of the crisis, some capital will become obsolete very quickly and this has significant implications for the long - term productivity of the economy. 4 expectations of the potential long - term impact of the covid - 19 crisis on economic growth, along with rising levels of public debt, are also particularly concerning for a country such as south africa, given our large dependence on external financing as a result of our structural current account deficit. these unfavourable growth / debt dynamics could result in a change in global investor sentiment towards south africa, 3 see, international monetary fund, world economic outlook, october 2020 ; bank of canada, monetary policy report, october 2020 ; and bank of england, monetary policy report, november 2020. 4 see j kozlowski, l veldkamp and v venkateswaran, ‘ scarring body and mind : the long - term belief - scarring effects of covid - 19 ’, 2 september 2020. even as investors turn towards riskier assets such as emerging markets in search of higher returns. this may, in turn, affect capital flows to south africa and / or increase the risk premium investors require, particularly given that they already held an overweight investment position in south africa going into the crisis. a key consideration in this regard is whether we will see investor differentiation between emerging markets, with preference for those with strong growth and fiscal metrics. 4. conclusion and key lessons from the covid - 19 crisis let me end with a few concluding remarks and some key lessons from the crisis. many central banks, particularly in advanced economies, had to largely resort to qe with speed and vigour to stimulate their economies. at this
possible. thereby giving business people and entrepreneurs the opportunity of a fresh start. as we chart a course out of this crisis, it will be important to consider these challenges to minimise long term distributional consequences. as i have said, the policy supports to date have been extensive, and mitigated the worst effects of the crisis. policy support will need to be maintained over the short - term in order to stabilise the economy. 35 and as the economy re - opens any ongoing current expenditure support should be targeted – in particular at getting people back to work, as i have outlined above – and temporary. the continued sustainability of the public nances is critical to avoid limiting the scope to respond to future crises. 36 furthermore, the unwinding of savings will also likely provide a stimulus as the economy re - opens and while the extent is unknown, estimates suggest this could equate to up to 5 % of consumption levels in 2019. finally, let me conclude. today when we think of the bridge to the other side, ( virtually ) in the whitaker centre, it is apt to re ect on t. k. whitaker, the senior public servant and former central bank governor, often referred to as the “ architect of modern ireland ”. a policymaker respected for his ability to think strategically, with long term vision as opposed to only looking to the short term. 37 as we emerge from the current crisis we must consider the long term implications of the pandemic and our policy actions. we must look beyond the aggregates, to consider the effects of the pandemic across different sectors and groups in our society so together we can work to minimise potential costly and damaging scarring effects. thank you and i look forward to your questions. [ 1 ] i would like to thank rea lydon, tara mcindoe - calder and caroline mehigan for their contribution to my remarks. [ 2 ] see the oecd economic outlook, interim report march 2021 [ 3 ] gopinath, gita ( 2021 ). “ a race between vaccines and the virus as recoveries diverge ”, imf blog. 26 january 2021. [ 4 ] sectors dominated by multinationals grew by over 18 % in 2020, increasing their share of economy value - added to 50 %, up from 43 % in 2019 ( see cso ). [ 5 ] see letter from treasury secretary janet l. yellen to g20 colleagues, february 25, 2021. [

22 march 2021. [ 36 ] conefrey, t., hickey, r. & n. mcinerney ( 2021 ) “ covid - 19 and the public finances in ireland ”, economic letter, vol. 2021, no. 3, central bank of ireland. [ 37 ] see a long ‐ term perspective on whitaker ’ s economic development, whitaker lecture, central bank of ireland by frances ruane, 17 october 2017. ©2021 central bank of ireland
##ness. my third principle is that effective regulation and supervision needs to be efficient. efficiency is key to effective regulation. in the design of a regulatory framework, there is flexibility in how to achieve a desired outcome, and there are often multiple approaches that would be effective in doing so. once a decision has been made to regulate an activity, the next objective should be to ensure that the regulation achieves its intended purpose and that there are not more efficient alternatives that can yield those benefits at a lower cost. my fourth and final principle is that regulation and supervision should serve a legitimate prudential purpose, like promoting safety and soundness, or reducing financial stability risk. after the last financial crisis, there was strong public support for enhancing regulation and supervision over the banking system, with a particular focus on the largest banks. and many of the steps taken after the last financial crisis have improved the resiliency of the u. s. financial system. while the need for robust regulation and supervision remains as true today as it was after the last financial crisis, regulation and supervision must also allow banks to continue providing credit and other financial products and services. collectively, these principles guide my thinking about the future of supervision and regulation. with that framework in mind, i would like to turn to some critical issues that are relevant to large banks. 2 / 8 bis - central bankers'speeches stress testing as i just discussed, a critical element of due process is that rules and supervision should be consistent among firms, and over time. this can be a challenge because of the variability in the business models of banks, especially among the largest banks. each bank is different in terms of its balance sheet, business lines, and risk profile, so regulators must be vigilant that both regulations and supervisory practices are being applied consistently. one area where this need for consistency is clear is in the board's stress testing framework. since 2013, stress testing has been used to assess banks'capital positions and determine whether they have sufficient capital to both absorb losses and continue lending during stressed conditions. this process has evolved considerably since its inception, and that evolution is important to ensure that stress testing continues to be relevant and effective. much of the stress testing framework is designed to encourage consistency - we have a common scenario design for firms, and similarly situated firms are subject to stress testing on the same frequency. however, the stress tests produce results that vary considerably from year to year due to how a specific scenario interacts with a specific firm's business

september 28, 2022 ). 4 see 12 u. s. c. § 5365. 5 12 c. f. r. pt. 252, subpart g. 8 / 8 bis - central bankers'speeches
proper functioning of the money market. with regard to stocks purchased from financial institutions through the stock purchasing program implemented between november 2002 and september 2004, the bank has been disposing of them in the market since october 2007. the book value of the remaining stocks held by the bank was approximately 1. 4 trillion yen as of the end of april 2008.

masaaki shirakawa : overall review of the bank of japan ’ s conduct of monetary policy statement by mr masaaki shirakawa, governor of the bank of japan, concerning the bank ’ s semiannual report on currency and monetary control before the committee on financial affairs, house of councillors, tokyo, 22 may 2008. * * * introduction the bank of japan submitted its semiannual report on currency and monetary control for the first half of fiscal 2007 to the diet on december 11, 2007. i am pleased to have this opportunity to present an overall review of the bank's conduct of monetary policy. i. developments in japan's economy japan's economic growth is slowing, mainly due to the effects of high energy and materials prices. the deterioration in the terms of trade that results from rises in energy and materials prices leads to an outflow of real income, as japan depends heavily on imported resources. this exerts downward pressure on corporate profits and reduces households'purchasing power. although business fixed investment and private consumption remain firm, due attention should be paid to the possibility that the weakening of the economy's capacity to generate income will result in weaker domestic private demand. as for the outlook, japan's economy is likely to grow at a slower pace for the time being and follow a moderate growth path thereafter. exports are expected to continue rising – even though those to the united states have been falling for some time – as they have been increasing to a broader range of destinations, particularly emerging economies and countries that export natural resources. in the corporate sector, firms currently face no excess in production capacity, inventory, or employment, and corporate profits have been at historically high levels. as a result, it seems that japan's economy has become more resilient against negative shocks than in the past. the accommodative financial conditions are likely to continue to support private demand. the level of short - term interest rates has been very low relative to the potential growth rate and inflation. in addition, firms'liquidity positions and funding conditions have continued to be favorable on the whole. however, the liquidity positions of small firms and some nonmanufacturing firms are increasingly unfavorable, and therefore developments need to be closely monitored. global financial markets have been unstable due to continued disruptions stemming from the u. s. subprime mortgage problem. although overly pessimistic views about global financial markets have subsided compared with some time ago,
that. and thank you chair.

that was a decision for the people of the uk. it has led to a reduction in the openness of the uk economy, though over time new trading relationships around the world should, and i expect will, be established. of course, that requires a commitment to openness and free trade. 1 / 4 bis - central bankers'speeches to sum up this part of the story : we have moved from a state of affairs where the orthodoxy was to open up the world economy, to increase trade flows, and increase the flows of finance to support this trade. in doing so, yes there was an increase in interlinkages and dependencies around the world economy. some of those interlinkages turned out to be less resilient than we had expected. we can't ignore that for the sake of free trade idealism, because the threats that are behind it are sadly real. but, nor must we give up on openness. diversifying supply chains to increase resilience does not need to involve protectionism. let me end this part of my remarks on a note of optimism. recently, as part of my regular visits around the country, i was in newry in northern ireland meeting firms and schools. it was a most enjoyable day, and i came away with a real sense of optimism of businesses taking up the opportunities of open economies. this conference is about the financial system, so in the rest of my remarks i am going to focus on openness in the world of financial services. the theme will however be the same, openness is a good thing. but in the world of regulated industries, we have to set out carefully what we mean and how it works. just as reducing openness does the same thing to economic growth, so fragmentation damages financial markets. but it doesn't just reduce the size of markets, it makes them inherently less stable. fragmentation is a risk to financial stability. put simply, large markets and their infrastructures, which are run safely and to high standards, will support rather than endanger financial stability. a very good example of this is clearing and central counterparties. fragmenting this type of market infrastructure creates rather than reduces risks in markets. it also increases the cost of market functioning. i want to focus a little bit on the point about whether there is, or is not, good reason to restrict and fragment. inevitably, with such financial infrastructures, they have to be located in a single place, and become the responsibility of that
##p is making all out efforts to boost economic activities at small and medium level : our initiatives in this arena include : introduction of sme financing targets for banks / dfis ; credit guarantee scheme for small and rural enterprises ; efforts for putting in place a secured transaction registry in the country ; and separation of prudential regulations for small and medium enterprises. while concluding, i would like to draw your attention to the recent interest shown by foreign investors in the country ’ s economy. corporate deals have been either concluded or are under discussion in sectors as varied as power generation and distribution, food processing, and automobiles. these examples offer just a glimpse of the huge investment potential that is available in the country. so, by utilising the financing facilities that are available, as well as record - low interest rates and low inflation, the private sector can take the lead role in the country ’ s economic development. with the strong domestic demand and improving business climate, the private sector has more reasons than ever before to take the driving seat. i thank you for your time! economic policy review department

growing npls, a more risk - averse posture of banks remains a major factor responsible for their low exposure to smes. in recent years, banks have increasingly invested in safer havens – opting for government paper and increased financing for commodity operations, rather than lending to private sector that would offer better returns and is the main driver of economic activity. i would encourage the financial industry to break - out of this tendency and move towards promoting smes by formulating strategies to overcome the challenges presented by the market as well as by the cyclicality in economic conditions. banks need to shift from traditional banking approach towards smes to the provision of more customized and differentiated financial products and services. let me re - iterate the objective of this program i. e. to share with you the successful sme banking models and their important building blocks, such as strategy formulation, product development, risk management tools, and hr & it requirements. we are lucky to have with us today ’ s lead presenter mr. andrew mccartney from ifc who is a renowned international expert on sme banking. i hope this event will help top management of the banks to take critical stock of their existing approaches towards the sme sector ; and, accordingly develop a more robust and focused strategy for meeting the banking needs of this important sector of economy, leading to better and improved banking solutions for their sme customers. i would hope that when you walk out after this roundtable, a voluntary commitment to increase lending to this sector will be forthcoming. this prudent decision will be in the interest of both the banking sector and the economy. thank you. bis central bankers ’ speeches
centennial milestone in such a memorable fashion. bis central bankers ’ speeches

example, see jordi gali and mark gertler ( 1999 ), “ inflation dynamics : a structural econometric analysis ”, journal of monetary economics, vol. 44 ( october ), pp. 195 – 222 ), and the connections ( or lack thereof ) between the labor share and traditional measures of slack ( in the statistical sense ) were highlighted in, among others, michael t. kiley ( 2007 ), “ a quantitative comparison of sticky - price and sticky - information models of price setting ”, journal of money, credit and banking, vol. 39 ( february ), pp. 101 – 25 ; and michael t. kiley ( 2013 ), “ output gaps ”, journal of macroeconomics, vol. 37 ( september ), pp. 1 – 18. moreover, recent research has highlighted the challenges that swings in the labor share have presented for the interpretation of inflation developments ( for example, marco del negro, marc p. giannoni, and frank schorfheide ( 2014 ), “ inflation in the great recession and new keynesian models ”, nber working paper series 20055 ( cambridge, mass. : national bureau of economic research, april ) ). see glenn d. rudebusch and john c. williams ( 2014 ), “ a wedge in the dual mandate : monetary policy and long - term unemployment ( pdf ) ”, working paper series 2014 – 14 ( san francisco : federal reserve bank of san francisco, may ). for example, see alan b. krueger, judd cramer, and david cho ( 2014 ), “ are the long - term unemployed on the margins of the labor market? ( pdf ) ” paper presented at the brookings panel on economic activity, held at the brookings institution, washington, march 20 – 21 ; and robert j. gordon ( 2013 ), “ the phillips curve is alive and well : inflation and the nairu during the slow recovery ”, nber working paper series 19390 ( cambridge, mass. : national bureau of economic research, august ). for research highlighting potential alternative interpretations, see michael t. kiley ( 2014 ), “ an evaluation of the inflationary pressure associated with short - and long - term unemployment ( pdf ) ”, finance and economics discussion series 2014 – 28 ( washington : board of governors of the federal reserve system, march ) ; and christopher smith ( 2014 ), “ the effect of labor slack on wages : evidence from state - level relationships ”
2020 ), “ index of common inflation expectations, ” feds notes ( washington : board of governors of the federal reserve system, september 2 ), doi. org / 10. 17016 / 2380 – 7172. 2551. the cie data are available through the second quarter on the board ’ s website at www. federalreserve. gov / econres / notes / feds - notes / research - dataseries - index - of - common - inflation - expectations - 20210305. htm. return to text 3 / 3 bis central bankers'speeches

mario draghi : unveiling of the 5 euro banknote of the new europa series short address by mr mario draghi, president of the european central bank, at the archaeological museum, frankfurt am main, 10 january 2013. * * * ladies and gentlemen, i too would like to warmly welcome you to today ’ s event and thank you for having accepted our invitation. in particular, i would like to thank you, mr wamers, for your kind words. i am very pleased that you have made available this special setting of the archaeological museum for the unveiling of the new 5 euro banknote and for the hosting of the “ new face of the euro ” exhibition. frankfurt is one of the european union ’ s financial capitals, a very international city and an important one for trade and finance in germany. this is one of many reasons why frankfurt has become the city of the euro and the seat of the european central bank. this museum, among its many treasures, displays items from classical antiquity. so it is quite appropriate for europa, a figure from greek mythology, to be on show here and for us to unveil the new banknote that includes her portrait. the 5 euro will be the first banknote of the second series of euro banknotes, the so - called “ europa ” series. it will gradually replace the first series of euro banknotes, which was introduced on 1 january 2002. that ’ s the date most people remember – it was when the euro finally became “ real ” for 300 million citizens in the then 12 euro area countries. and it was one of the milestones laid down by the founding fathers of economic and monetary union in the treaty of maastricht more than 20 years ago. over the years, euro banknotes have become the most visible symbol of european integration. the single currency, the euro, was conceived as a key step towards that goal. despite the challenges facing the euro area, progress was made in 2012 and i am confident that 2013 will bring a deepening of economic and monetary union and will strengthen european integration. the ecb plays a key role in bringing the countries of europe closer together. besides our core function and mandate to guarantee price stability in the euro area as a whole, one of our tasks is to develop what we could call “ our product ”, the euro banknotes. the new series of banknotes will continue to reflect the unity and diversity of our continent. the word “ euro ” is now written in the