samchain/econo-pairs-v2 huggingface dataset:
international financial reporting standards : implementation issues ” and wish you all fruitful deliberations. thank you. 3 / 3 bis central bankers'speeches

that they will be able to gain adequate insights into the implications of ifrs9 on credit risk models and blend the ifrs9 requirements with existing methods and models used for risk and regulatory purpose. given the complexities of ifrs9, many jurisdictions still consider that it can be very beneficial to share country experiences on implementation issues and challenges. allow me, ladies and gentlemen, to share the experience of mauritius in the implementation of ifrs9. i will also brush over some of the recent developments in the regulatory and supervisory framework of the jurisdiction. experience on implementing ifrs9 as an international financial centre, mauritius is committed to adopting international standards and best practices. ifrs9 became effective since january 2018 in mauritius. to meet the deadline of january 2018, the preparatory work for the execution of ifrs9 started as early as 1 / 3 bis central bankers'speeches 2016. the bank of mauritius introduced a programme to closely monitor progress by each bank and non - bank deposit - taking institution in implementing ifrs9. as from march 2016, the bank of mauritius held a series of consultations with external auditors and banks to ensure smooth execution of ifrs9. regular meetings were held with each licensee to discuss their execution plans and the potential impact of the new standards. the central bank started requesting for quarterly progress reports from concerned institutions to monitor progress. in the light of the complexities involved, these institutions were requested to complete a comprehensive survey, where they were asked details about the impact of ifrs9 on their profitability and capital adequacy as well as the expected completion date. the survey revealed that the increase in provisions would generally range between 2 to 87 per cent, with an average increase of 18 per cent. eight banks out of a total of 21 reported that there would not be any increase in provisions. the predicted impact on the capital adequacy ratio ranged from 0. 1 per cent to negative 2. 20 per cent, with an average impact of negative 0. 48 per cent. the survey also revealed that banks used varying models to estimate credit losses given that ifrs9 is a principles - based standard and thus was not prescriptive on the calculation of the expected losses. however, judgement was required in choosing forward - looking parameters for the model used and in identifying significant increase in credit risk. the bank of mauritius was aware that banks might lack the required historical data on defaults in order to estimate losses accurately. this might partly explain the varying potential impact of
the “ quartet ” will take up the beat ; our second instrument is the stock of purchased assets which we will reinvest in full for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation ; our third instrument is policy interest rates. this is a conventional instrument used in unconventional ways. in our most recent forward guidance we have said that we will maintain our policy interest rates at current levels – including our negative deposit facility rate – until at least through the summer of 2019 ; our fourth instrument is the provision of liquidity and credit to banks. the second series of tltros are still outstanding, as is frfa. such operations could be considered again – possibly with different terms – if warranted. so our quartet will shortly become a trio but the tune will remain strong. the score, however, will change over time and we should continue to play in a harmonious way. in sequence : in my view, we should reduce the rate of reinvestment only after the first increase in interest rates. and so, we are not obliged to rush, as early as at our december meeting, to set out the precise length of our reinvestment period. we should also play the trio in synergy, i would even say in symphony. 1 / 3 bis central bankers'speeches like any orchestra, we need to be able to adapt the normalisation of our monetary policy tempo ( allegro or andante ) and intensity, according to economic data. in short, we are very clear about our objective – normalisation following non - standard policies – and about our sequence, but we should remain very pragmatic along our path. another and somewhat related challenge – as monetary policy cannot be the only game in town – is the continuation of structural reforms in countries where they are needed. in this regard, france is on the right path. i stress this as a fully independent central banker : the french government has displayed a strong commitment to reforms aiming to boost employment, productivity and resilience. i could quote, among others : the “ macron ordonnances ” of 2017 which have increased flexibility in the labour market ; tax reforms, which have reduced or shifted the tax wedge on labour and capital ; or the recent law “ avenir professionnel ”, adopted in the summer of 2018, which has simplified apprenticeship and improved the professional training system. all these reforms will hopefully be enhanced by further progress on public finances ; but france is now in a stronger position than

no naka no kaeru taikai - o shirazu ” ]. in these uncertain times, the temptation is to look inwards, but that would be exactly the wrong thing to do. unlike the frog, we must strive to know the wide world outside and continue to work together with our partners to address all the challenges we are faced with. be assured this is true for france and for europe, and in this respect i know that we can count on japan as a reliable partner. thank you for your attention. 3 / 3 bis central bankers'speeches
##iberations are engaging and insightful. references report on trend and progress of banking in india 2014 – 15 and financial stability report december 2015 ( rbi ) re - embracing keynes ( scholars, admirers and sceptics in the aftermath of the crisis ( maria cristina marcuzzo ) rural india : report by iifl institutional equities bis central bankers ’ speeches

as those on student visas, are assumed to begin arriving early next year, subject to appropriate quarantine restrictions. but tourists and other short - term visitors will not be able to return until later. in the baseline and upside scenarios, we assume that the borders reopen in mid 2021. in the downside scenario, where the global spread of the virus does not subside as quickly, we assume the borders are closed for all of 2021. it is always possible to construct other scenarios. the near term would be stronger if there were a major medical breakthrough on treatments soon. an effective vaccine would take a bit longer to be distributed, so it would mainly affect outcomes next year and the year after. but it could also result in a stronger recovery than we have assumed even in the upside scenario presented here. a worse outcome than our downside could be conceivable if the virus cannot be contained and further waves of infection occur around the world for some years yet. there are also plenty of other risks that can be contemplated ; we discuss some of these in the statement. geopolitical tensions were an issue even before the coronavirus outbreak, and could escalate further. the pandemic has also in some places exacerbated domestic political tensions. it is hard to know how these tensions will play out over the next couple of years. if they escalate, it is possible that some countries'recoveries will be derailed. domestically, there are also a number of uncertainties that go beyond the direct effects of the virus and associated activity restrictions. for example, we have assumed that households and businesses are quite cautious in their use of the fiscal and other cash flow support they have been receiving. it is possible that people spend more out of that support than we are assuming. it is even possible that some people do more to make up for the consumption opportunities that were not available during periods of lockdown and other activity restrictions. on the downside, the longer the economy remains weak, the more the recovery will be impeded by scarring effects on workers, the destruction of business supply networks and other lingering damage. what has changed in the past three months the scenarios presented in the past few months. statement incorporate several lessons from the experience of the first, the economic contractions induced by health - related restrictions on activity in the june quarter were very large. however, they were not quite as severe as initially expected. the peak - to - trough declines in output and hours worked
severely affected jobs are typically those requiring the least education, our efforts must be directed to improve education and to offer training for those affected. i am often asked whether dutch wages are too high in the face of competition from low - wage countries. i believe that the gap in wages will fall, but there are two sides to that issues : ( 1 ) what will happen in china, and ( 2 ) what will happen in europe. a consequence of china ’ s rapid productivity growth will be that real wages in china will rise. economic history offers no example of a country that experienced long - term productivity growth without a roughly equal rise in real wages. the idea that somehow the old rules no longer apply and that china will always pay low wages, despite rising productivity, has no basis in actual experience. the second issue is what will happen in europe. here my approach is a pragmatic one : we should not a priori exclude the possibility that part of the adjustment could occur via wages. i would like to remind you that we are dealing with a world labour - supply shock of unprecedented magnitude. we simply do not know what the exact effects on european wages will be, but one thing is clear : if real adjustment is needed, we cannot prevent it from happening. the more restrictions we impose on the adjustment process the worse off europe will be in the end. restricting wage adjustment could result in adjustment occurring via a lower exchange rate. but with one important downside : wage adjustment can allow for sectoral differences, while adjustment via the exchange rate hits the entire economy. this is most likely not an optimal solution. conclusion the world economy is increasingly integrated. therefore, china ’ s rise transmits shock waves to western economies as that country continues to develop and prosper. europe will face tough competition. new possibilities will open up for european firms, but europe ’ s production of labourintensive goods is likely to come under pressure. china offers tremendous opportunities for western consumers and firms, and there is little reason to be scared of china ’ s rapid development. to fully reap the benefits of china ’ s rise, european policymakers must not hesitate to reform our economies. in particular, our labour markets need to become more flexible, as the pace of change is likely to increase. changes imply that in the short run, there will be winners and losers. overall, however, welfare will rise, as was the case when we moved from the horse to the car. changes in the european production structure towards

more capital - intensive production will imply that some workers will have to change jobs. we have to continue to stimulate an environment of lifelong learning to facilitate retraining and to ease this transition period. c. broda and d. weinstein. are we underestimating the gains from globalization for the united states? current issues in economics and finance ( federal reserve bank of new york ) 11 ( 4 ), 2005. 3 / 3
##4. if required, the nbu stands ready to deploy other tools to avoid the monetary financing of the budget deficit, make hryvnia assets more attractive, increase the resilience of the fx market, and lay the foundations for easing administrative restrictions. thank you for your attention! 3 / 3 bis - central bankers'speeches

of critical infrastructure remain the key risks. the nbu has revised its key assumption of the security situation forecast due to fiercer fighting and escalating military attacks on the country's critical infrastructure. the baseline scenario of the new macroeconomic forecast envisages a noticeable decrease in security risks from the start of 2024. therefore, the full unblocking of seaports and 2 / 3 bis - central bankers'speeches reductions in ukraine's risk premiums have been delayed in the nbu's forecast. more intense hostilities and greater power shortages than expected due to air attacks could dampen economic activity more significantly, while also increasing inflationary pressures. other risks also have a bearing on the forecast. if materialized, they could also require revisions in key macroeconomic indicators. that said the rapid implementation of the recovery plan for ukraine, supported by the arrival of official and private financing, could markedly speed up economic growth. in order to bring inflation back to the steady decline trajectory and to maintain exchange rate and macro financial stability amid high uncertainty, the nbu board decided to keep the key policy rate at 25 %. at the same time, the nbu has raised reserve requirements for banks, as it said it would do in december. more specifically, from 11 february the banks'required reserve ratios will be raised by 5 pp for demand deposits from, and current accounts of, businesses and households ; for deposits from, and current accounts of, nonresident banks ; and for loans from international ( other than financial ) and other organizations. in particular, from 5 % to 10 % for hryvnia funds and from 15 % to 20 % for fx funds. what is more, from 11 march the banks'required reserve ratios will be raised by another 10 pp for household hryvnia and fx demand deposits and current accounts. the banks will not be allowed to use benchmark domestic government debt securities to meet these reserve requirements. the nbu expects that these measures will help decrease the liquidity surplus in the banking system. this, in turn, will encourage the banks to compete more actively for time deposits, which will push up interest rates on hryvnia assets and increase the share of time deposits. this will make the fx market more resilient to situational factors, while also enabling the nbu to ease administrative restrictions for businesses and households in future. the revised forecast envisages keeping the key policy rate at 25 % at least until the end of q1 202
support. for its part, the bangko sentral ng pilipinas remains committed to its objective of improving the remittance environment for the benefit of our ofws – particularly by facilitating the reduction of remittance costs in the philippines and in host countries, and by helping channel foreign exchange savings to microenterprises and other investment opportunities. the bsp also fully supports the statistical improvement efforts that will help ensure that the government will formulate its policy decisions based on solid statistical ground. maraming salamat po, at magandang hapon sa inyong lahat.

amando m tetangco, jr : overseas filipino workers – impact on economic and social dynamics keynote address by mr amando m tetangco, jr, governor of the bangko sentral ng pilipinas ( central bank of the philippines ), at the psa ( philippine statistical association ) summer conference “ ofws : bagong bayani, ilan ba talaga kayo? ”, central bank of the philippines, manila, 5 june 2007. * * * psa president isidoro david, mbm valdepenas, other officers and members of the board of directors of psa, heads of the various statistical agencies, resource persons and reactors, my colleagues in bsp and fellow workers in government, sponsors, ladies and gentlemen, good afternoon. the bangko sentral ng pilipinas is pleased to co - host with the philippine statistical association ( psa ) this year ’ s summer conference on the theme : “ ofws : bagong bayani, ilan ba talaga kayo? ”. over the past few decades, ofw deployment has had a profound impact on our economic and social dynamics. research and statistics pertaining to ofws are becoming increasingly indispensable in establishing and assessing these effects. it is thus critical that various agencies and institutions and producers and users alike of ofw - related statistics are convening today : first, to clarify the official headcount of ofws, given various sets of data ; and second, to provide accurate measures of ofw remittances. the best way to start our consultation today is to recognize that the onset of globalization has heightened trade and investments across countries. equally important, labor migration and crossborder employment have also increased. as a result, both the issues of migration and cross - border remittances have attracted growing attention from a greater number of policymakers, academicians, international organizations, and market practitioners, over the years. at this stage, however, there is still a lot of ground to cover on the statistical front. we have yet to update and strengthen our database to fully satisfy the needs of policy and program formulators. how important is the information? we need to regularly monitor overseas employment as basis for policy and program formulations for advancing the cause of protecting our overseas workers and enhancing their welfare and of their families. another key issue is the impact of international movement of persons on our demographic structures, expenditure patterns, social structures and poverty levels. likewise, we
at the same time honours our history and our culture. we ’ ve added tactile marks for the blind so that they will now be able to identify the different denominations without assistance. our thanks to the barbados association for the blind and deaf and the barbados council for the disabled for their help. finally, i invite you to visit our website or our facebook page to learn more about the new notes. we also have explanatory flyers and booklets available and we will be conducting training sessions for businesses and interested individuals leading up to the issue of the first of the new notes on june 4. thank you. bis central bankers ’ speeches

delisle worrell : introduction of new banknotes in barbados address by dr delisle worrell, governor of the central bank of barbados, at the launch of the new family of currency notes, bridgetown, 2 may 2013. * * * this is a very special occasion for the central bank and for barbados. as i reminded everyone in my first press conference after being appointed governor, the enduring worth of our currency is a source of national pride for all barbadians. understandably so, because maintaining the value of the currency is what has distinguished between the more successful small economies the world over, and those that have fallen behind in the race to improve living standards. in the caribbean the contrast is obvious, where small poorly endowed islands, barbados among them, have moved far ahead of their larger more richly endowed neighbours. the caribbean is not unique in this regard. singapore is a country held in high regard by many ; the value of the singapore currency is carefully managed by their monetary authority, albeit with the use of a basket of currencies rather than the us dollar, as in our case. today we preview the introduction of new currency notes, for the first time since the barbados currency was first introduced in 1973. the new notes are grounded in the past stability of our money. the personalities featured on each value note remain the same, and the general look of the note will be familiar. but barbados has come a long way since 1973, and we are now considered a developed country, as evidenced by our very high levels of purchasing power, health and education, when compared with countries around the world. as a symbol of our new status, we are now introducing notes that are as modern as the latest technology can make them. these notes are our declaration of intent ; we recognise that, having reached this advanced level of human development, we must cross swords with the best in the world and prevail, in order to maintain our forward momentum. that is why we have spared no effort in making our new notes the best they can be : the design is appealing, yet classy, the security features incorporate the most up - to - date technologies, and the notes include special aids for the visually impaired. our mandate to our banknote printer, de la rue, was to provide us with a secure, userfriendly series, and we are happy that we have accomplished this. the new notes have a contemporary layout and design that mirrors our status as a modern nation, but that
by realizing growth strategies and thereby bringing about changes in the economic structure, it has become vital to consider how monetary policy can contribute to these efforts. as japan's economy is in the process of recovering from the downturn caused by the impact of covid - 19, it is essential, for the time being, for the government and the bank to support sustaining firms'businesses and employment through their various measures. however, there could be cases where less productive businesses continue to operate and even inefficient firms that would otherwise have shut down remain in business. this may induce side effects whereby japan's productivity growth is weighed down over the long term. therefore, i think it will become more important for society to move toward promoting such developments as digitalization and greater labor mobility, and for firms to allocate their capital to highly productive business areas based on sound growth strategies. even prior to the outbreak of covid - 19, the secular decline in the potential growth rate was a major issue for japan, which has been facing structural problems such as the declining and aging population. although japan's economy has suffered a serious blow from the pandemic, there has been growth in businesses compatible with the new lifestyle that takes into consideration infection prevention, and teleworking is rapidly becoming widespread. against this background, digitalization has gained momentum. from a medium - to long - term perspective, all of these factors are likely to act as a driving force that will shift japan's economy toward achieving a higher growth rate. for the time being, the bank needs to do its utmost to conduct monetary policy with a view to supporting financing, mainly of firms, and maintaining stability in financial markets. however, from a medium - to long - term perspective, it is also important for the bank to support from the financial side the efforts by society and firms to push forward with structural reforms and growth strategies. in doing so, it is of course essential that the bank maintain accommodative financial conditions, thereby continuing to provide a solid foundation on which firms can take on risks and pursue change. at the same time, i think it is also important to encourage firms'investment in growth areas, mainly through financial institutions'expertise in examining the creditworthiness of firms and through the market mechanism, so that the potential growth rate will rise accordingly. thank you for your attention. economic activity, prices, and monetary policy in japan speech at a meeting with local leaders in fukushima ( via web

by loan to income ratios in increments of 0. 25. excludes remortgages with no increase in principal. all speeches are available online at www. bankofengland. co. uk / speeches chart 5 : net lending to the household sector by lender type ( a ) source : bank of england and bank calculations ( a ) calculated as the 12 - month moving average of the net flow of lending to households. all speeches are available online at www. bankofengland. co. uk / speeches