samchain/econo-pairs-v2 huggingface dataset:
that all of us can dream the same dream. and i trust that the pursuit of such dream starts today. thank you very much and have a good day. pension systems in east and southeast asia : promoting fairness and sustainability, edited by donghyun park, published 2012 bis central bankers ’ speeches

amando m tetangco, jr : from saving to investments and to retirement – the role of inclusive growth speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the philippine pension and investment summit, makati city, 20 october 2014. * * * i am pleased to join you today for the “ philippine pension and investment summit. ” this summit is yet another venue to discuss, strengthen and see how best to employ the synergies that link banking, trust and pension fund professionals. at the outset, let me say that at the level of the macro - economy, we urge our consumers to develop the discipline of saving. to move further forward, however, we would want these savers to eventually migrate into retail investors. this transforms the paradigm from protecting principal only ( saving ) to building capital ( investing ). while it is understood that investments carry financial risks, it is also well appreciated that preparing for the uncertainties of the future cannot be fully addressed by protecting principal alone. it is likewise accepted that preparing for the future cannot be properly done without an organized approach. such an approach requires setting viable financial targets for each saver - cum - retail - investor in a way that responds to their own unique situation. that in turn means managing financial risks within the realm of what can be tolerated by each of those financial consumers. this is why banking, trust, and pensions are inherently interconnected and symbiotic. but this does not mean that they are interchangeable. instead, each has a distinct role to play, offering savers a value chain that they may want to consider. the same symbiotic relationship must also exist between individuals, the financial market and the real economy. the expansion of the macro - economy must ultimately translate to welfare gains for individual consumers, broadening the economic base which financial markets can service both as depositors and as borrowers. this measure of inclusiveness – in the form of the general public ’ s access to financial products and services as well as the ability of growth to reflect and reward collective effort – is the hallmark of stability. this is what we aspire to achieve as a nation, the same norms which the bsp has consistently been advocating and working on for some time now. underpinnings of quality growth an interesting question does arise : can we not allow growth to simply define the prospects and fortunes of each
another. it includes the institutions, instruments and services that facilitate the transfer of value between parties in a transaction. ” see task force for the payments system review, going digital : transitioning to digital payments, chapter 1 ( n. d. ) : 8. these attributes are discussed in : task force for the payments system review, “ the way we pay : transforming the canadian payments system ” ( july 2011 ) ; canadian payments association, “ cpa payments strategy : vision 2020 ” ( february 2010 ) ; the federal reserve banks, “ payment system improvement – public consultation paper ” ( september 2013 ) ; reserve bank of australia, “ strategic review of innovation in the payments system : conclusions ” ( june 2012 ). the use of global payment message standards will help to ensure the necessary information content to facilitate achievement of the first four attributes. see, for example, task force for the payments system review, “ the way we pay : transforming the canadian payments system ” ( july 2011 ). canadian payments association, “ examining canadian payment methods and trends ” ( october 2012 ). bis central bankers ’ speeches electronic funds transfers continue to replace cheques for bill payments and payroll transactions. 6 although there are fewer users, electronic person - to - person and e - wallet transactions have grown at the impressive rate of about 40 per cent annually over the same period. 7 and then there are the new kids on the block – digital currencies – which, while more limited in market penetration, have the potential to be game - changers by achieving low - cost, faster, end - toend payments. these innovations meet the important attributes of speed, convenience, lower costs and efficiency, but fall short when it comes to ubiquity. new payment systems will only realize their full potential when they attain the universal participation that legacy systems enjoy. despite many advances, the expression “ the cheque is in the mail ” is still a reality for many canadian businesses. the recent task force for the payments system review highlighted that our businesses are still among the most cheque - reliant of the major economies. 8 what is needed is an electronic invoice and payment system to facilitate the end - to - end automated processing of business - to - business payments. 9 we also need to improve significantly cross - border payments. an analysis by the canadian payments association ( cpa ) revealed that international payment needs are not currently being met. 10 compared with domestic payments, cross - border payments involve higher transaction costs and longer processing

measures that will be taken should the pace of development not be according to agreements. in particular, it is important that if a delay in development prevents the creation of a more competitive structure than is currently the case in the natural gas market, alternative steps be defined that will advance the connection of the gas reservoirs to the israeli economy in the most rapidly possible manner, alongside a mechanism that will protect israeli consumers from monopolistic pricing. bis central bankers ’ speeches
the doubling of the new arrangements to borrow, as well as the renewal of the bilateral borrowing agreements to meet the members ’ high and growing overall demand for fund resources and the shift towards uct arrangements. we welcome the work on the 16th general review of quotas and reaffirm our commitment to a strong, quota - based, and adequately resourced imf at the center of the global financial safety net. 2 / 2 bis central bankers'speeches

countries. the crisis has severely impacted all countries of our constituency. our authorities reacted swiftly to the crisis and implemented measures to alleviate its impact on lives and livelihoods, with some of our members benefitting from fund emergency and / or upper credit tranche ( uct ) facilities. the economic recovery is gradually taking shape in our constituency, but at varying pace and degrees. the rebound of international oil prices provided welcome relief to oil exporters in our constituency, but financing pressures continue to persist, and economic diversification challenges remain. the oil importing countries in our constituency continue to face large fiscal and external imbalances and soaring public debt, although an upside surprise in remittance inflows has provided some relief. the recovery of the lics, most already beset by fragilities, is further constrained by the lack of fiscal space, elevated debt levels, declining aid and limited access to financing. while welcoming the ongoing international efforts to assist the lics, including through debt service relief from the imf and the world bank and the g20 - led dssi, we strongly believe that a broader international participation, including by private creditors, is critical given the lic ’ s debt vulnerabilities and the uncertainties that threaten their medium - term economic viability. the fragile states and countries afflicted by conflict and those hosting refugees in the menap + region deserve close attention and timely and commensurate response by the international community. 1 / 2 bis central bankers'speeches the imf ’ s nimble and proportional response to the crisis, including through an expansion of its toolkit and higher access limits, provided a critical lifeline for members facing large financing needs. the crisis is still evolving and there is still need for emergency support. the requests of some 40 members are still pending, including that of a major country in our constituency. in this regard, we would like to reiterate our call on the fund to ensure that its financial support, policy advice, and capacity development are available to all members in an evenhanded manner without exception. we support the imf in scaling - up its work on the macro - critical implications of climate change, digitalization, poverty alleviation, youth employment, and inclusiveness in general. we look forward to the successful conclusion of a new general sdr allocation of us $ 650 billion and encourage the fund to work on options for voluntary reallocations of sdrs for the benefit of poorer members. we welcome
institutions and regulations to the local conditions and the prevailing economic cultures. this is in fact a great advantage of the european union ’ s unique cooperative framework. it can make possible what is neatly encapsulated in the title of a paper by tito boeri ( 2002 ) : “ let social policy models compete and europe will win ”. vi. price stability : the role of the institutional framework for central banks and fiscal policy as stated at the outset, a country ’ s economic performance pertains to both economic growth and stability. macroeconomic stability includes, inter alia, first and foremost price stability, which ensures that a currency keeps its purchasing power and retains the trust of the people. it also includes a stable financial system as well as prudent and sustainable fiscal policies. also for this aspect of economic performance, the central proposition i have emphasised in the context of the presented conceptual framework remains intact : institutions matter and the social values of economic agents are embodied in appropriately designed institutions. a characteristic and important example is the set of institutions, fiscal rules and provisions enshrined in the treaty on european union which lay the foundation for the maintenance of price stability and the pursuit of sound fiscal policies. the preservation of price stability in a modern economy with fiat money is the responsibility of central banks. their monetary policy can ensure control of the price level over the medium and longer term. the effectiveness with which monetary policy can attain and maintain price stability depends on various factors pertaining to the way monetary policy is formulated and conducted. an essential condition for the effective conduct of monetary policy is the central bank ’ s independence so that it can take decisions on the appropriate policy to achieve its objectives without being subject to any pressure or interference by the government and any other political authorities. there are strong theoretical arguments why the central bank should be independent. but the most convincing reason, which has led many governments to de - politicise monetary policy and grant independence to the central bank as an economic institution, is past experience and the empirical evidence. europe ’ s “ monetary constitution ” builds on the experiences of a long historical process of trial - anderror, often with painful economic consequences, which led to the insight that in order to “ safeguard the currency ” ( bundesbank act of 1957 ) and “ defend the savings ” of the people ( banca d ’ italia mandate ), the management of the currency should be entrusted to an independent central bank, with the primary objective of maintaining price stability, and which should not

2018 ), “ europe : a work in progress – political integration and economic convergence in monetary union ”. 3 / 3 bis central bankers'speeches
to the next generation of professionals. as you identify this kind of talent, i hope they will be joining you for next year's forum. thank you and enjoy the rest of the day! 1 / 2 bis - central bankers'speeches 1 these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 2 / 2 bis - central bankers'speeches

not calculated by estimating directly the market premium for any risks to which insurers are not exposed. rather it is calculated indirectly as a residual by subtracting from the yield on an asset ( 1 ) risk - free rates and ( 2 ) an estimate of the required premium for risks to which insurers are exposed. in the case of bonds, insurers are exposed to the credit risk that the issuer is unable to pay interest or principal at maturity. solvency ii sets out how to estimate the premium needed to compensate for the risk that the borrower defaults or is downgraded, known as the fundamental spread. as an approximation, in equation form : matching adjustment = yield minus risk - free rate minus fundamental spread the most important determinant of the fundamental spread is the credit rating of the asset. broadly speaking, the higher the yield on an asset for a given credit rating, the bigger the matching adjustment. earlier i showed that insurers were diversifying into illiquid assets because they offered wider spreads than bonds. chart 7 is the same picture but with the split between the matching adjustment and fundamental spread added. not only are the yields on illiquid assets wider but the majority of the additional spread is being captured in the matching adjustment. uk insurers estimate the underlying credit quality of these assets, reflected in the fundamental spread, to be similar or better than their corporate bond portfolios. so the shift into illiquid assets is giving insurers a double benefit : first wider spreads and second a bigger matching adjustment. this helps to explain their eagerness to increase their asset allocation towards illiquid assets. but why is the matching adjustment on illiquid assets larger than on corporate bonds? one possibility is that that the wider spreads are compensating other investors for the risk that they might need to sell into secondary markets that are less liquid than the corporate bond market. the problem with this argument is that insurers are beginning to dominate a number of these markets, notably equity release mortgages. similarly, the solvency ii capital requirement for an insurer with an internal model on a matching adjustment bond portfolio is based on a one - year default and downgrade stress as opposed to a one - year credit spread widening stress. the insurer is not exposed to a stress in secondary bond markets. but it is exposed to credit deterioration of borrowers. all speeches are available online at www. bankofengland. co. uk
speeches statements by yannis stournaras, governor, bank of greece governors ’ panel “ inflation : can central banks cope? ”, european forum alpbach ( efa ) 2022 30 / 08 / 2022 - speeches drivers of inflation let me first say that it is a pleasure and an honor to be participating at the european forum alpbach. upon its founding in 1945, the forum was one of the first post - war initiatives that aimed to establish a unified and democratic european community. we have come a long way since that time but, as the war in ukraine has shown, we are still some distance away from achieving the goals of otto molden and simon moser, the founders of this wonderful forum. robert holzmann has posed a very important question : what are the drivers of the very high inflation rates that we see today? it has been over a year since the euro area economy has been hit by a sequence of supply shocks - including successive waves of the pandemic - - that have pushed up inflation. we have seen a spike in fuel prices and a series of supply disruptions caused by the pandemic, which raised energy and commodity prices further. while the euro area economy was just recovering from the pandemic earlier this year, it was hit by another major shock stemming from the outbreak of the war in ukraine and the associated sanctions. the shock exacerbated the supply bottlenecks and intensified the surge in energy, commodity and food prices. these surges in energy prices have hit the euro area much harder than they hit the unites states, which is not nearly as dependent on imported energy. in parallel, as restrictions imposed to curb the pandemic waves were lifted, pent - up demand, especially in the services sector, strengthened and, as a result, upside pressures on prices broadened and intensified. if all this was not enough, in the years 2020 and 2021 the u. s. government undertook fiscal expansions amounting to 20 per cent of that country ’ s gdp – an unprecedented amount in peacetime. these fiscal expansions played a role in feeding the rise in inflation in the united states. with almost 50 per cent of global trade denominated in u. s. dollars, there were spillover effects to other countries. to contain the domestic inflationary impact, the fed has aggressively raised its policy rate, thus contributing to currency depreciations against the dollar, including of the euro, which added to

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discontinuer depuis 1992 et aucun ralentissement notable n ’ est attendu pour l ’ instant. le risque d ’ une pression excessive sur les ressources ne peut meme plus etre ecarte, aussi la reserve federale a - t - elle recemment decide de relever d ’ un quart de point le taux des fonds federaux. les perspectives en matiere d ’ inflation restent toutefois bonnes, avec une progression modeste des couts salariaux. un scenario analogue a pu etre observe au royaume - uni. la aussi une stagnation conjoncturelle a pu etre observee a la fin des annees quatre - vingt. la reprise s ’ est manifestee un peu plus tard qu ’ outre - atlantique, au debut de 1993, soit avec douze mois de retard par rapport au cycle americain. au royaume - uni, comme aux etats - unis, la croissance s ’ est maintenue depuis lors, entrainant une reduction du chomage sans creer de menaces serieuses pour la stabilite des prix. force est de constater que l ’ atmosphere est bien differente sur le continent europeen. d ’ une part, en raison de la reunification allemande, le creux conjoncturel s ’ y est manifeste plus tard que dans les economies anglo - saxonnes, la croissance tombant a son niveau le plus bas en 1993 seulement, et, d ’ autre part, la remontee d ’ activite ne s ’ est jamais veritablement materialisee. apres une legere embellie a la fin de 1994 et au debut de 1995, le ciel conjoncturel europeen s ’ est a nouveau assombri pour deboucher sur une annee 1996 franchement morose contrairement aux attentes. parallelement, le chomage a augmente de maniere spectaculaire, atteignant des taux records pour les quinze dernieres annees. pour clore ce tour d ’ horizon, quelques mots sur l ’ asie, l ’ autre

##ute - nous le sentons deja maintenant -, la conjoncture se rechauffera et s ’ ameliorera ces prochains mois. il faut s ’ en rejouir, mais ne pas crier victoire. ne nous laissons pas bercer d ’ illusion. la suisse ne retrouvera un sentier de croissance durable et pourra resorber son chomage que si elle est capable de preserver ses avantages et meme augmenter ses attraits. cela lui demandera non seulement de bonnes conditions monetaires - sur la duree, la stabilite des prix -, mais egalement des ajustements en profondeur de ses structures et, au - dela, peut - etre une nouvelle maniere de gerer ses affaires. * * * nb this bis review is available on the bis world wide web site ( http : / / www. bis. org ). _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
5 ). therefore, japan ’ s economy looks to be on course toward achieving the 2 percent price stability target, and we feel that developments under our policy are promising. ii. the relationship between monetary policy and the government ’ s growth strategy so, what is the relationship between the bank of japan ’ s monetary policy and the growth potential of japan ’ s economy ( chart 6 )? the japanese government has been pursuing a three - pronged strategy that comprises bold monetary easing, flexible fiscal policy, and a growth strategy that aims to spur private investment. these policies are often referred to as the three arrows of abenomics. the role of monetary policy in this policy mix, in an immediate sense, boils down to overcoming deflation. however, it is also linked to japan ’ s potential growth rate. the relationship between the two can be summarized as follows. the first role of monetary policy in this context, needless to say, is to stimulate aggregate demand through large - scale monetary easing, fill the output gap, and thereby bring japan ’ s economy back to its potential growth path ; in other words, to break the vicious cycle between deflation and recession by overcoming deflation. during the process of the output gap diminishing as a result of qqe, japan ’ s potential growth rate is likely to rise to some extent. the reason is that workers will be able to work more efficiently, and capital investment will increase and technological innovation advance as firms, reflecting the improved business sentiment, become more willing to take risks. however, raising the growth potential further is not the role of the central bank and its monetary policy, but of the government and policy measures it can take, such as deregulation. therefore, the second role of monetary policy is to prepare, by overcoming deflation, the environment necessary for the government to pursue economic structural reforms through its growth strategy to shift the potential growth path upward. bis central bankers ’ speeches unless the economy is more or less in good shape, the government cannot promote structural reforms to enhance the efficiency and dynamism of the economy to raise productivity. the reason is that in a deflationary recession there will be strong resistance to the pain that pro - competition policy measures through deregulation might bring. you will have heard of the term creative destruction. when deflation continues, destruction will not be followed by creation. if structural reforms under the growth strategy make progress, these reforms are basically supply - side measures that increase the aggregate supply capacity

2013 ). it would increase the living standards of migrants if they came from a country with lower average living standards than australia's. unfortunately this study does not include australia. apologies to robert solow. see solow ( 1987 ). this information comes from the oecd database on technology access and usage by businesses, < http : / / oe. cd / bus >. nominal current values © reserve bank of australia, 2001 – 2017. all rights reserved. http : / / www. rba. gov. au / speeches / 2017 / sp - ag - 2017 - 11 - 15. html 16 / 16