samchain/econo-pairs-v2 huggingface dataset:
27 august 2015. [ 17 ] asdrubali, p., sørensen, b. e. and yosha, o., “ channels of interstate risk sharing : united states 1963 – 1990 ”, quarterly journal of economics, 111 ( 4 ), 1996. [ 18 ] see b. cœure, “ time for a new lamfalussy moment ”, speech in budapest, 1 february 2016. bis central bankers ’ speeches

firms by about 4 percent. moreover, investment plans for fiscal 2016 are vigorous for this time of the year. going forward, business fixed investment is projected to continue to see a moderate uptrend, mainly due to continued high levels of corporate profits along with the further decline in real interest rates under “ quantitative and qualitative monetary easing ( qqe ) with a negative interest rate. ” household sector next, i would like to explain developments in the household sector. the increase in economic activity and the high levels of corporate profits have led to a steady improvement in the employment and income situation. with the number of employees increasing at a relatively high pace, the active job openings - to - applicants ratio has been 1. 34, marking the highest level seen since 1991, while the unemployment rate has been 3. 2 percent, the lowest level seen since 1997 ( chart 3 ). furthermore, the employment conditions di in the march tankan indicates that many firms feel that there is a shortage of labor. these labor market conditions mean that japan ’ s economy can be regarded as being at full employment. because of the continued tightening of labor market conditions, there is growing upward pressure on wages. this clearly can be seen in the relatively large increase in part - time employees ’ hourly cash earnings, which tend to closely reflect supply and demand conditions in the labor market. moreover, regarding the wages of full - time employees, annual base - pay increases – a practice that had disappeared during the period of deflation – were observed for a third consecutive year in the labor - management wage negotiations this spring. thus, high corporate profits have continued to feed through to employee incomes. against this background of steady improvement in the employment and income situation, private consumption has been resilient. since the turn of the year, however, consumer sentiment has become cautious against the backdrop of volatile financial markets, contributing to relatively weak developments in some indicators of private consumption. with the improvement in the employment and income situation likely to continue, the current weakness in private consumption is likely to be temporary, but close attention needs to be paid to developments in private consumption, including by pensioners, who are less likely to benefit from the improvement in the employment and income situation. bis central bankers ’ speeches outlook for japan ’ s economic activity in sum, although exports and production are expected to remain sluggish for the time being, domestic demand is likely to follow an uptrend, with the virtuous cycle from income to spending remaining in place
emmanuel tumusiime - mutebile : introducing innovative services to meet credit needs in uganda speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the yearend stakeholders ’ function and sharing of compuscan ’ s vision 2012, kampala, 8 december 2011. * * * the board of directors compuscan information technologies, managing director compuscan crb limited, representatives of the development partners ( word bank, kfw, giz ), representatives of the participating institutions ( pis ), distinguished guests, ladies and gentlemen. i would like to welcome you all to this event to launch officially the compuscore and compuscan ’ s vision 2012. i would also like to thank the board of directors and management of compuscan crb for inviting me to preside over this function. credit markets are plagued by informational problems, and these problems are especially acute in developing economies. informational problems raise transactions costs, often to such an extent that potential borrowers are denied access to credit in the formal sector. the adverse consequences of informational imperfections for financial markets were analysed in the 1970s by joseph stiglitz and george akerlof ; work for which they received the nobel prize. the etymology of the word “ credit ” is the latin verb “ credere ” ; to trust or believe. unfortunately trust alone is rarely sufficient to ensure that a creditor will ever get her money back ; hence credit decisions must be made on the basis of accurate, reliable data. without such data creditors will be reluctant to risk their money. a key challenge for policy makers concerned with financial market development is how to design policy interventions which can mitigate informational imperfections and thus reduce their negative externalities. the kernel of the challenge is how to ensure that accurate and reliable information about those which wish to raise finance can be acquired in a cost effective manner by those who provide finance and bear the risk of doing so. credit reference bureaux provide an institutional solution to the problem. a well functioning credit reference bureau mitigates information related market failures because it is compulsory for all participants in the credit markets to provide and share information, in circumstances where they may have private incentives not to do so. furthermore, the pooling of information in a credit reference bureau reduces the social costs of acquiring information. this was the motivation for the bank of uganda, with the support of development partners – kfw, gtz

is principally a commemoration of the contribution, which staff and board members have made to the bank and to the country, over the last five decades. the history of the bank of uganda is the history of the people who have served in the bank. congratulations to you all ; you have served the bank and our nation well. thank you for listening to me. bis central bankers ’ speeches
the initiatives being undertaken by the european commission and european investment bank to stimulate both further securitisation activity and sme lending. these measures should provide a boost to both abs markets and stressed economies. conclusion let me conclude. we see that the bank lending channel for many small businesses continues to be impaired. yet, the euro area recovery cannot be sustained without well - financed smes. in my view therefore, there are few greater priorities than implementing the measures i have discussed above. first, deepening our capital markets and, second, building a genuine banking union would not only serve smes today, but also make our economy more resilient to “ the next crisis ”. of course, both goals will take time to achieve, but it is imperative that we strive towards them as soon as possible. my vision for the euro area is that a healthy firm that cannot borrow from a bank in its own country should be able to borrow from one elsewhere – and on similar terms to firms from that country, but therefore also banks need to have access to the necessary information. this is what it means to share a single currency within a single financial market. bis central bankers ’ speeches

so, bolster their capital position and therefore their capacity to extend loans. in the case of insurance companies, the situation is not as clear cut, especially if they ’ ve already used all their scope for diversification towards assets with a higher risk profile than sovereign debt. has the ecb entered into an exchange rate war by launching a programme that puts pressure on its currency? no. the exchange rate is not an objective of our monetary policy. our objective is to maintain price stability over the medium term. right now that means avoiding inflation staying too low for too long. the level of the euro depends on a number of factors, including the monetary policy decisions of the ecb, but also those of other countries, in particular those of the us federal reserve. but it seems to me that the exchange rate now reflects the economic divergence that exists between the united states and the euro area better than it did before. has the ecb exhausted its options with qe? no, the central bank would still be able to act should that turn out to be necessary. but let ’ s not talk about new measures when a programme involving monthly purchases of €60 billion is about to get under way and many conditions are in place for it to be effective. are you satisfied with the risk - sharing solution that has been found? yes, i am. whatever people say, since the liquidity injections will happen at the right time and will benefit the economy, the debate on loss - sharing ought to remain theoretical. the most important thing will have been to avoid being paralysed by this debate when taking our monetary policy measures. finding a lasting solution to this thorny question is outside our remit. it would involve putting in place a fiscal union at the political level, which is a task that lies ahead. bis central bankers ’ speeches
will bring it through many uncertainties to a successful end. thank you for your attention. references i francois villeroy de galhau, monetary policy post - pandemic : balancing between science and art, predictability and reactivity, speech, 27 august 2022. ii in a letter to frederick ii, king of prussia, on april 6, 1767. iii blanchard, panel discussion, presented at “ monetary policy : a journey from theory to practice. an ecb colloquium held in honor of otmar issing, march 2006.

toshihiko fukui : overall review of the bank of japana€™s conduct of monetary policy statement by mr toshihiko fukui, 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 representatives, tokyo, 11 january 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 economy is expanding moderately as a trend, although the pace of growth seems to be slowing mainly due to the drop in housing investment. housing investment has dropped substantially, affected by the revised building standard law coming into force. with higher materials prices, business sentiment has become somewhat cautious. exports, however, have continued to increase in a situation where overseas economies continue to expand with momentum being gained across a wide range of economies. business fixed investment has also continued to trend upward against the background of generally high corporate profits. inventories have been more or less in balance with shipments, and there has not been adjustment pressure on production capacity and labor. with regard to the household sector, although nominal wages per worker have been somewhat weak, employee income has been rising moderately with the increase in the number of employees. in this situation, private consumption has been firm. reflecting the rise in domestic and external demand, production has continued to increase. these developments seem to indicate that a virtuous circle of growth in production, income, and spending has basically remained in place. therefore, japan's economy is expected to continue expanding moderately, although for the time being the pace of growth is likely to slow in a situation where housing investment is likely to remain sluggish. global financial markets, meanwhile, have remained unsettled due to the u. s. subprime mortgage problem. the functioning of markets for securitized products has deteriorated significantly in the united states and europe, and stock markets have continued to be unstable worldwide. moreover, uncertainty regarding global economic developments, for example, downside risks to the u. s. economy, has been increasing. the bank considers it necessary to continue to monitor carefully developments in global financial markets and the global economy, as well as the effects from the rise in materials prices, such
by denting confidence, uncertainty might affect real economic variables, such as capital goods production, which declined strongly last quarter, possibly as a result of this reduced confidence. all these elements indicate that the moderation in the pace of the euro area economic expansion will likely extend into the current year. this is also reflected in our staff macroeconomic projections. in fact, growth for this year has been revised downwards to 1. 1 %, which is 0. 6 % lower than anticipated in the december forecast. the fundamental factors supporting the euro area expansion remain broadly in place, however. looking ahead, the effects of the idiosyncratic factors currently weighing on economic growth are expected to unwind, albeit at a slower pace than initially foreseen. for instance, recent data on motor vehicle production show signs of normalisation, and consumer confidence recently edged up again. beyond more temporary fluctuations, the euro area expansion will continue to be supported 1 / 3 bis central bankers'speeches by favourable financing conditions, further gains in employment and rising wages. also, the ongoing yet somewhat more modest expansion in global activity should continue to support euro area growth. in fact, bank lending rates to euro area firms and households remain close to their historical lows. the euro area unemployment rate currently stands at its lowest level in more than a decade, and the wage increases that result from tightening labour markets should continue to underpin household income and private consumption. on the external side, preliminary estimates for the fourth quarter of 2018 point to a pickup in net exports after a very weak third quarter. for these reasons, gdp growth in the euro area is expected to remain sound in the medium term. accordingly, our staff projections expect euro area gdp growth to reach 1. 6 % in 2020 and 1. 5 % in 2021, which is largely unchanged from the december forecast round. the risks surrounding euro area growth are still considered to be tilted to the downside, on account of the persistence of the uncertainties related to geopolitical factors, the threat of protectionism and vulnerabilities in emerging markets. turning to inflation, hicp inflation increased to 1. 5 % in february, from 1. 4 % in january ( according to preliminary estimates ). this slight increase was mostly driven by higher energy and food price inflation, while measures of underlying inflation remain generally muted. headline inflation is likely to remain around current levels in the coming months, before declining towards the end of year on the basis of the financial market ’ s outlook for

remains on a sustained convergence path towards our medium - term aim, while also preserving favourable bank lending conditions and supporting the smooth transmission of our monetary policy. 3 / 3 bis central bankers'speeches
governors, may 2022 ), https : / / www. federalreserve. gov / publications / files / financial - stability - report - 20220509. pdf. better or worse, you can ’ t program confidence. that question doesn ’ t always have a clear answer, and it involves real and difficult tradeoffs. but it ’ s a question that every new and fastgrowing financial product must address if it wants to last very long. thank you.

risk in the crypto markets remarks by christopher j. waller member board of governors of the federal reserve system at snb - cif conference on cryptoassets and financial innovation zurich, switzerland june 3, 2022 thank you for the chance to be part of this interesting discussion. it ’ s a pleasure to speak with such a good mix of academic, industry, and official - sector experts about a topic with real importance to the future of the financial system. i know my remarks are coming after a long day, and i plan to keep them short. my goal tonight is not to weigh in on whether and how cryptoasset markets should be regulated. instead, i want to make some observations that i hope will help focus discussion of that question in the right place. the main issue in crypto - asset regulation isn ’ t how to protect sophisticated crypto - investors ; it ’ s how to protect the rest of us. by any measure, the last five years have been a stretch of incredible growth in cryptoasset markets. every aspect of them has expanded, from protocols and platforms, to instruments and intermediaries. public awareness and government attention have increased. above all, crypto itself has evolved from a limited set of coins meant to provide an alternative means of payment to decentralized finance, or “ defi, ” arrangements, meant to provide alternatives to a range of financial products and services. 1 innovation is happening fast, and many of the people and groups represented in this room have found new uses in finance for this technology. by law or by practice, many crypto - related products and activities fall between the cracks of traditional legal and regulatory structures, outside the so - called “ regulatory perimeter. ” in that environment, the normal backstops and safety nets of traditional finance do not necessarily or reliably apply. high volatility is the rule, not the exception ; fraud and theft occur regularly, often at large scale. your whole pot is always on the table ; you take part at your own risk. some defi traders understand these dynamics well. if they don ’ t embrace them, they still accept them as the natural state for a new, exciting, and still relatively unregulated international organization of securities commissions, iosco decentralized finance report ( madrid : oicviosco, march 2022 ), 3, https : / / www. iosco. org / library / pubdocs / pdf / ioscopd6
##b programme of the central government, big corporate issuers such as kengen, safaricom, some commercial banks and mortgage firms have taken advantage of the growing bond market to raise longterm resources to finance their capital projects. in fy 2011 / 12, the infrastructure bonds programme constituted 30 % of total annual funding from domestic borrowing. e. horizontal repurchase transactions ( horizontal repos ) – in september 2008, the interbank repo backed by government securities as collateral was rolled out to facilitate liquidity re - distribution among commercial banks. however, uptake has not been vibrant, but the cbk is working on modalities that will resolve market constraints so far raised by participants. f. revamping of bonds trading in the secondary market : secondary trading is a key channel for re - pricing of securities to provide updated or current benchmarking prices for use in valuation of other securities. this is where the market yield curve is refined. it also provides securities access to many investors who do not make purchases at the primary market. g. lengthening the yield curve : to minimize rollover risks and at the same time provide a benchmark for pricing long term capital, the cbk issued a 30 - year bond, the longest security tenor in the region. the bond issued in february 2011 has actively been at the nairobi securities exchange. we called it “ savings and development bond ” to encourage small savers to invest in it and use it as collateral. the bond was re - opened in august to boost its size, encourage secondary trading and refine the yield curve. bis central bankers ’ speeches with the adoption of the automated trading system ( ats ) in november 2009 and increased liquidity of benchmark bonds, turnover at the nse improved from ksh. 108bn in 2009 to ksh. 401bn for the period july 2013 to june 2014. in addition, reduced settlement time using the kenya payments and settlement system ( kepss ) infrastructure delivery versus payment transaction mode ( dvp ), has ensured efficiency of trading transactions, price discovery and security. this has resulted in improved market confidence in securities trading and increased demand for securities in primary auctions. those are some of the milestones we have realized through the market leaders forum and in partnership with other players. but this is not to say there are no challenges as i mentioned during the mlf annual dinner in july this year, the mlf has midwifed the emergence of the kenya government securities market as the

you very much for your attention. bis central bankers ’ speeches
leszek balcerowicz : the optimal timing and path for poland ’ s entry into emu speech by prof leszek balcerowicz, president of the national bank of poland, at the 11th european banking congress in frankfurt, 23 november 2001. * * * thank you very much mr chairman, i welcome this opportunity to address such a distinguished audience. i would start with two basic assumptions. first, we are not discussing whether euro will go east or not because we are assuming poland and other candidate countries will enter the european union with the status of a country with derogation, so sooner or later they will be obliged to join the monetary union as well. therefore, the issue under discussion is not “ if ” but “ when ” and “ how ” i. e. what are the optimal timing and the optimal path. secondly, one should assume equal treatment of candidates and present eu member countries i. e. fulfilling the maastrich criteria, no less no more. there should be no additional criteria like, for example, a required level of financial deepening, as it would indicate an unequal treatment of candidate countries. taking the second assumption of the entry into the emu as granted, i would like to focus on the core issue, which is the question of optimal timing. my basic point is, that, firstly, early entry into the monetary union is possible and secondly, that it is preferable to the delayed one. by early entry i mean entry close to the earliest possible date, which one can recognise to be around year 2006, given the assumption of entry to the european union in 2004. it is this time neighbourhood we need to consider. the points would be as follows. first of all, let me say, that, in my opinion, arguments applicable to poland are also largely true for other candidate countries in most of the cases. poland has achieved a relatively high level of structural convergence with the european union. it can be measured, for example, by a share of exports to the eu in relation to all exports. this number is actually higher in poland right now then it had been in greece, portugal and spain before their respective entries to the eu and the mu. we have also achieved a high degree of cyclical convergence. these two points combined, translate to a situation in which poland is not so sensitive any more to, what is called, an asymmetric shock. second, we have achieved a tremendous extent of disinflation. inflation in poland

, which are necessary both for increasing aggregate supply and demand and enhancing our economies ’ resilience to shocks. however, i shall not stand in for the panel and will thus shortly conclude this introduction by welcoming in advance the fruitful sharing of experience to which all of you will contribute today. central bankers frequently meet in international policy fora, such as those organized under the auspices of the bis, imf or g20, etc. yet i hope today ’ s symposium will be a special occasion to stimulate this exchange of views and build on it with academics, financial institutions and the public at large, since it is broadcast live on the internet. therefore, i would like to hand the floor without further ado to haruhiko kuroda. bis central bankers ’ speeches