samchain/econo-pairs-v2 huggingface dataset:
credit at reasonable borrowing rates. the federal reserve ’ s liquidity facilities and asset purchase programs have led to a substantial expansion of the federal reserve ’ s balance sheet since september 2008. currently, the fed ’ s balance sheet totals about $ 2. 2 trillion, up from about $ 900 billion last fall prior to lehman ’ s failure. in thinking about this balance sheet expansion, i would make three broad points. first, in my mind, the goal is not the expansion of the balance sheet per se, but the objectives that i laid out earlier. in this respect, the expansion of the balance sheet differs considerably from japan ’ s experience with quantitative easing. in the current circumstance, the federal reserve ’ s liquidity programs act on the asset side of the balance sheet as the fed lends funds against less liquid collateral and expands its asset holdings via purchases of agency debt, agency mbs and treasuries. the goals are to slow down the pace of deleveraging to reduce the risk of catastrophic failure, improve market function and ease financial market conditions. in contrast, the bank of japan worked on the liability side of the balance. their goal was to expand the amount of excess reserves held by the banking system so that the banks would be more willing to expand their credit provisions. although the fed ’ s activities have led to a big jump in excess reserves, this increase is incidental – a byproduct rather than goal of the asset - oriented programs. second, as a consequence of this my point, the size of the balance sheet, is not a good metric for measuring the impact of the fed ’ s facilities or the amount of stimulus that the fed is providing via these programs. for example, consider the impact of the fed facilities on rollover risk. a fed facility that eliminates rollover risk might not be used at all. there might be no balance sheet impact. nevertheless, the facility could have an important impact on market function and financial market conditions. it is not possible to mechanically map the size of the balance sheet back onto the impact on financial market conditions. that is because the balance sheet size is being driven by a large number of different actions. is a dollar of taf lending equivalent to a dollar extended through the cpff or to a dollar of treasury purchases? how important is the pdcf? it backstops lots of lending, but outstanding amounts are very low. the differences between the various programs and activities mean that the balance sheet size should be interpreted in

impact on the rest of the world. and it means that asia will need to prepare for a future in which it relies more on the strength of growth at home rather than on the strength of growth in the rest of the world. as asia makes further progress in financial reform and toward more flexible exchange rate regimes, it will be in a better position both to deal with the inevitable challenges that come with economic and financial integration, and to make the necessary transition to stronger domestic demand led - growth, which will prove a more sustainable foundation for future improvements in living standards. thank you.
, i joined the george washington university for getting a taste of education in a foreign university. i took a course in management services. the professor emphasised various aspects of organisational behaviour. i found that the best interest of the organisation that one serves was missing in the analysis. when i queried, he said : “ it is your boss who interprets to you, what is good for the organisation ”. when i persisted, he added, “ we deal with the corporate behaviour in the context of north american male in the u. s. a. ” i must confess that i continue to be old - fashioned. any institution has, and in any case, should have a character, culture and interest that are worth pursuing even if they appear to be at variance from the sum of the interests of the individual, or the minority or the majority stakeholders. i will leave this thought of viewing corporate governance in broader terms extending beyond its immediate constituent stakeholders on the few occasions when a divergence in interests might arise. with this, let me move on to what we have been doing in rbi on this subject. reserve bank ’ s approach the formal policy announcement in regard to corporate governance was first made by my distinguished predecessor, dr. bimal jalan in the mid - term review of the monetary and credit policy on october 21, 2001. pursuant to this announcement, a consultative group was constituted in november 2001 under the chairmanship of dr. a. s. ganguly : basically, with a view to strengthen the internal supervisory role of the boards. an advisory group on corporate governance under the chairmanship of dr. r. h. patil had earlier submitted its report in march 2001 which examined the issues relating to corporate governance in banks in india including the public sector banks and made recommendations to bring the governance standards in india on par with the best international standards. there were also some relevant observations by the advisory group on banking supervision under the chairmanship, shri m. s. verma which submitted its report in january 2003. keeping all these recommendations in view and the cross - country experience, the reserve bank initiated several measures to strengthen the corporate governance in the indian banking sector. in june 2002, the report of the ganguly group was transmitted to all the banks for their consideration while simultaneously transmitting it to the government of india for appropriate consideration. it may be noted here that there is a basic difference between the private sector banks and public sector banks as far as the reserve bank ’ s role in governance matters

accomplish. in light of what has happened over the past two years, it is imperative that governments convince markets that they can and will put large financial firms into a resolution process rather than bail out creditors and shareholders. yet no one can guarantee that future resolutions of systemically important firms will proceed smoothly or predictably. resolution mechanisms must be understood not as silver bullets, but as critical pieces of a broader agenda directed at systemic risk and the too - big - to - fail problem.
improved network of contacts in the central banking community to help you navigate the future as you strengthen reserves management practices in your own environments to the benefit of your respective central banks and countries. enjoy the rest of the conference. thank you. bis central bankers ’ speeches

of analytical tools can be used tot this purpose, including stress testing, macro - prudential analysis, and financial soundness indicators. it is here that private sector involvement becomes crucial. stress testing, as a means to gauge institutional capacity in responding to crises, requires real - world data. and such can only come from financial institutions. the second aspect of the fsap is an assessment of the country ’ s compliance with international standards and codes that are considered best practice. some would be tempted to say that nowadays there are really too many international standards and codes. thus, to keep things manageable, one needs to be selective. specific standards and codes included in the fsap therefore differ from country to country depending on their relevance and significance to its financial system. in the case of thailand, i suppose the scope of the fsap would likely include most, if not all, of the following core modules : • banking supervision • securities market regulation • insurance sector regulation • payment system • monetary and financial policy transparency, and • anti - money laundering and combating the financing of terrorism. in order to attest to the efficacy of each of these regulatory mandates, the fsap assessment process also involves face - to - face interviews and discussions with a number of private sector institutions. the third aspect of the fsap involves identification of follow - up measures for the authorities to address any gaps in the country ’ s regulatory framework ; which also provides a foundation for future technical assistance programmes, if necessary. in the course of today ’ s workshop, our experts from the imf will no doubt enlighten us on what the fsap process would entail in practice. so please feel free to ask any question you may have, especially those who have already embarked on the self - assessment exercise for the relevant modules. i guess that given the comprehensiveness of the fsap process that i have just briefly outlined, you can readily imagine that undergoing the fsap would require a lot of work, a lot of time, and a lot of information from people involved with the financial sector - be they regulators, government agencies, bankers, market participants, and industry associations. because of the enormity of the tasks ahead and the fact that a country ’ s participation in the fsap is entirely voluntary, it is natural to ask : why is thailand contemplating participation in the fsap? is it really worth it? the short answer is probably yes. first of all,
increases, in roughly the same way as in the uk and australia. if i may take the liberty of making my own, perhaps slightly partial and favourable, interpretation of this argument you could say that it is fairly well in line with what, as i maintained earlier, appears to be the prevalent view of asset prices ’ principal role in a flexible inflation - targeting regime – that developments in asset prices in some situations might make it necessary for the central bank to try to take account of what can happen beyond the normal forecast horizon. so in this situation, in my opinion, an earlier initiation of a shift in policy would help to reduce the risk of a negative self - reinforcing spiral in the cyclical slowdown that sooner or later will come. thus, seen in a longer - term perspective, such a measure could foster stability in the real economy and inflation. i want to underline that i of course do not mean by this that my colleagues in the executive board have not taken these kinds of considerations into account, but only that we have made somewhat different assessments of what the risks are and what currently may be the appropriate action. so it is a question – as i noted initially – of subtle differences in our opinions rather than a case of completely different ideas about how the economy will develop and what fundamentally needs to be done. when the executive board convenes in january, however, we shall have two new members, and it remains to be seen what their views are on this matter. thank you!

of the main determinants of financial stability, which is their mandate. this is a shared conviction. at the one planet summit in paris in december 2017, the banque de france, with the support of other central banks and supervisors, launched the network for greening the financial system ( ngfs ), which now comprises some 30 central banks, supervisors and international organisations, including four asian members, and will certainly attract more in the coming years. * * * let me now conclude by quoting nassim nicholas taleb, the famous author of the black swan. he once wrote that uncertainties can be like the wind which “ extinguishes a candle and energises fire ”, and added the following : “ you want to use them, not hide from them. you want to be the fire and wish for the wind ”. my wish is that the ongoing uncertainties will become the wind that deepens our bilateral and multilateral cooperation. on that hopeful note, i wish you a very happy new year and for the time being an inspiring and fruitful conference. 3 / 3 bis central bankers'speeches
but very few have addressed the question of why growth is desirable in the first place, in particular for societies that are already rich. ben ’ s book fills this gap. it argues that economic growth improves the moral character of society. people tend to be more generous and tolerant towards each other when the economy grows. economic stagnation, on the other hand, is associated with repression and bigotry. ben ’ s latest book, ‘ religion and the rise of capitalism ’, was published last year. it describes how religion has shaped economic thinking since the beginning of our discipline. the early economic thinkers of the european enlightenment, such as adam smith, were not committed to religion. ben argues, however, that their world view was profoundly influenced by developments in religious thinking. there is therefore a close connection between religion and the beginning of modern capitalism. with this i would like to conclude my remarks, since you are surely eager to learn more about this fascinating topic from ben himself. ladies and gentlemen, please join me in welcoming benjamin friedman with a big round of applause. page 4 / 4

, visitors and workers of the surrounding business area. the branch services will include international money transfer service, moneygram. the nakasi branch, like the port denarau one, has a modern look and feel and even features a telephone and internet banking kiosk in - branch for customers who wish to access westpac ’ s internet or telephone banking services. westpac has a long and proud history, serving the fiji islands for the last 106 years. the bank of new south wales, westpac ’ s forerunner is fiji ’ s longest continuing bank as well as the first australian bank to open a branch in fiji on 12 august 1901. it has grown from a 3staff operation in 1901 to an operational network of 19 banking ( branch and agency ) sites offering a full range of retail, commercial and corporate products. we can all agree that westpac has played a valuable role in advancing fiji ’ s financial system and also its economic development through its services, innovative products and the latest banking technology. concluding remarks finally, i would like to thank mr. john cashmore and ms margaret deveau for their kind invitation. westpac ’ s recent progress has been interesting with their association with moneygram, american express as well as the opening of 2 branches within 3 ½ months with another one in the pipeline soon. i again congratulate john, margaret and the westpac team on the opening of the nakasi branch in fiji. i also wish westpac all the best in its future endeavours. official opening i now have much pleasure in declaring this nakasi branch of westpac open. thank you.
–, it applies to only 13 banks in the united states, leaving a myriad of regional but sometimes significant banks, including svb, with much lighter requirements. according to our estimates, and in line with a study carried out by yale university, svb's short - term liquidity ratio ( lcr ) would have fallen short of the basel requirement of 100 %. another point concerns the allegedly inadequate treatment of latent but not recognised losses in the current prudential framework. first off, we should all bear in mind that all liquid assets included in the lcr are factored in at their fair value. in addition, unrealised losses have to be disclosed in financial statements ensuring transparency. 1 / 3 bis - central bankers'speeches therefore, there is no issue here. on the capital side, we have to be very mindful of the risk of increasing the volatility of banks'own funds if unrealised gains and losses were to be fully reflected in capital for securities held at amortised cost. that said, and according to the imf, the impact for eu banks would be 5 times smaller than for us banks. svb's failure argues for an effective and broader implementation of the basel iii requirements, rather than an eternal effort to refine them – and thus delay their application. in short, more basel iii now – whatever the reluctance of some european banks has been -, rather than a hypothetical and delayed basel iv. speaking of regulation, let me add a word on two potential points of attention, and first the single name credit default swap ( cds ) market. at the end of march, the lack of liquidity of this market and its opaqueness caused an undue episode of financial distress affecting deutsche bank. we should not accept that such a dysfunctional market entails such systemic risks : as a first step, we need to establish a better understanding of the transactions, the participants and the risk of correlation with other financial instruments like at1 and deposits. second, we must acknowledge that the increased speed of deposit outflows – due to technology, combined with the power of social networks – raises new challenges : should we improve deposits insurance, and / or adjust some liquidity ratios? none of these changes is obvious, to say the least, but none should be taboo. ii. supervision : lessons from an active euro area model fair enough about implementing basel iii ; but then comes the next suspicion : credit suisse failed despite being basel iii compliant

2010. from regulatory developments to best practices, market structures are progressively changing, evolving to a new market environment that is more constrained but also more resilient. at the same time, more safety is not a substitute but a complement to well - capitalised banks and sound public finances. thank you very much for your attention. support to the competent authorities in the application of the mandatory contribution as per the eu benchmark regulation. see for example the us department of justice : futures trader charged with illegally manipulating stock market, contributing to the may 2010 market ‘ flash crash ’ ( 21 april 2015 ). bis central bankers ’ speeches
##s. however, this should not prevent us from deepening the discussion about how monetary policy is conducted against the background of the experiences in sweden and other countries.

germany, for example, occasionally came to several percentage points. the fixed exchange rate lost credibility and had to finally be abandoned in november 1992, following large currency outflows and extreme interest rate hikes in an attempt to defend the krona. the nominal anchor that was to hold down inflation and inflation expectations in the economy had loosened. to pin it down again and bring the swedish economy onto a better track required drastic measures. the solution was what might be called a shift in stabilisation policy regime, where the tasks of both monetary and fiscal policy were essentially redefined. we were given a clear division of roles in economic policy. previously, fiscal policy had often been overly expansionary and contributed to high inflation. now it was subjected to requirements for long - term stability and sustainability in the public finances. a floating krona meant that the main task of monetary policy was to directly act to ensure inflation remained at a low and stable rate. in january 1993 the riksbank specified this task as ensuring that inflation remained at two per cent a year. this target would formally begin to apply with effect from 1995, but monetary policy would also be aimed at directly steering inflation during the interim period without intermediate goals, such as the money supply. this created a new norm for monetary policy and sweden then became one of the first countries in the world to conduct monetary policy with a floating exchange rate and a specific inflation target. one interesting fact in this context is that sweden actually had a specific target for prices during one period in the 1930s - this was the first and as far as i know the only time a country has attempted this. when the gold standard was relinquished in 1931 and the krona started to float, as a crisis measure the riksbank was given the task of maintaining a constant purchasing power for the krona, that is, establishing a constant price level. it all functioned relatively well to the extent that the economic recession of the 1930s was not as severely felt in sweden as in other countries and the recovery was unusually strong 1. economic developments during the inflation - targeting period how has the period with an inflation target worked? well, looking back on the developments in the past ten years, it is difficult to come to any other conclusion than that the new stabilisation policy regime has lived up to the expectations. the high inflation economy with recurring cost crises, high interest rates and an unstable economic development is a thing of the past. inflation has instead been low and stable. gdp growth has on average been
janet l yellen : the economic outlook testimony by ms janet l yellen, chair of the board of governors of the federal reserve system, before the joint economic committee, us congress, washington dc, 7 may 2014. * * * chairman brady, vice chair klobuchar, and other members of the committee, i appreciate this opportunity to discuss the current economic situation and outlook along with monetary policy before turning to some issues regarding financial stability. current economic situation and outlook the economy has continued to recover from the steep recession of 2008 and 2009. real gross domestic product ( gdp ) growth stepped up to an average annual rate of about 3 - 1 / 4 percent over the second half of last year, a faster pace than in the first half and during the preceding two years. although real gdp growth is currently estimated to have paused in the first quarter of this year, i see that pause as mostly reflecting transitory factors, including the effects of the unusually cold and snowy winter weather. with the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already under way, putting the overall economy on track for solid growth in the current quarter. one cautionary note, though, is that readings on housing activity – a sector that has been recovering since 2011 – have remained disappointing so far this year and will bear watching. conditions in the labor market have continued to improve. the unemployment rate was 6. 3 percent in april, about 1 - 1 / 4 percentage points below where it was a year ago. moreover, gains in payroll employment averaged nearly 200, 000 jobs per month over the past year. during the economic recovery so far, payroll employment has increased by about 8 - 1 / 2 million jobs since its low point, and the unemployment rate has declined about 3 - 3 / 4 percentage points since its peak. while conditions in the labor market have improved appreciably, they are still far from satisfactory. even with recent declines in the unemployment rate, it continues to be elevated. moreover, both the share of the labor force that has been unemployed for more than six months and the number of individuals who work part time but would prefer a full - time job are at historically high levels. in addition, most measures of labor compensation have been rising slowly – another signal that a substantial amount of slack remains in the labor market. inflation has been quite low even as the economy has continued to expand. some of the factors contributing to the softness in inflation over the past year, such

ensuring that our positive recent track record will carry on amid what i am sure will continue to be a rapidly changing financial landscape.
##mposia are “ focusing on areas of historical research that have important practical implications for modern day banking and finance ”. i am sure that you are going to achieve this goal and - as a recipient of your research - i would like to thank you for your valuable work. i wish you a fruitful discussion and a successful outcome for the benefit of all of us in the financial community and beyond.

a difference. we will also learn about other sources of energy from which we can tap on and strengthen. this is the challenge of the new generation of leaders if they will truly be able to make lasting and meaningful changes in their environment. on this note, let me wish you an enriching and highly energised summit. bis central bankers ’ speeches