samchain/econo-pairs-v2 huggingface dataset:
order to enhance the economy ’ s competitiveness. with the cooperation of the social partners, the government must pursue the targets set for fiscal consolidation, upon which sustained economic growth and the eventual adoption of the euro are premised. equally importantly, a series of reforms at the microeconomic level are also overdue so as to enhance efficiency and productivity. these challenges are not being faced exclusively by the maltese economy, but also by larger and more advanced countries who are meeting them by adopting measures - which often appear to be painful in the short run - to sustain the standard of living of their people over the medium term. it is up to all the components of maltese society to rise to the challenge so as to defend the economic and welfare gains achieved in the past and improve on them in the coming years.

who want to do business here. certainly, a growing financial sector needs to be supported and protected by appropriate legislative and supervisory frameworks to ensure that potential risks are minimized. malta has managed to host a relatively large financial sector without exposing itself to excessive risks. yet this has not been the case in other countries. we need to be on the lookout for potential threats to our system so as to reap the benefits of the financial sector without exposure to excessive risk. in the past year we have been under the spotlight and operators need to ensure that the appropriate regulations are carefully followed. malta should look optimistically to the future, not only because it has managed to ride the downturn quite well, but also because it has the ingredients for further growth and prosperity. a concerted and unified effort is essential to achieve our potential growth. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
a robust debate over these and related matters in the coming months. the united states is in a very different position from that of the european countries whose debt instruments have been under such pressure. but their experience is another reminder, if one were needed, that every country with sustained budget deficits and rising debt – including the united states – needs to act in a timely manner to put in place a credible program for sustainable fiscal policies. thank you very much ; i would be pleased to answer any questions.

for release on delivery 10 : 00 a. m. est march 9, 2023 supporting innovation with guardrails : the federal reserve ’ s approach to supervision and regulation of banks ’ crypto - related activities remarks by michael s. barr vice chair for supervision board of governors of the federal reserve system at the peterson institute for international economics washington, d. c. march 9, 2023 i ’ m here today to discuss what we have learned from the recent turmoil in the crypto sector and what role supervision and regulation should play in helping banks manage their engagement with the sector and the innovative technologies that support it. despite recent events, we have not lost sight of the potential transformative effect that these technologies could have on our financial system. and we need to be careful lest regulation lock in the power of incumbents or stifle innovation. but the benefits of innovation can only be realized if appropriate guardrails are in place. i am going to talk about how we are working to provide clarity to the banks we supervise about what we have learned and about our supervisory expectations. i will wrap up by sharing some thoughts on stablecoins. 1 it isn ’ t hard to find evidence for the need to discuss crypto, but let me start with a recent personal experience. last month, i visited the mississippi delta to talk about financial inclusion and community development, and i spent a morning talking with a group of college students. when i asked, it turned out that most of the students i met owned some crypto - assets. this surprised me because in my experience as a professor, most college students are usually strapped for cash. what didn ’ t surprise me is that many of those who said they owned crypto - assets also said they had lost money, and they weren ’ t very happy about that. it was a reminder for me that crypto - assets aren ’ t just held by people with ample money for speculation. a fifth of americans, many of them with limited savings, say the views here are my own and not necessarily those of my colleagues on the board of governors of the federal reserve system. - 2they have owned some form of crypto. 2 the problems that have come to light in the crypto sector over the past year may have affected a large segment of the public. when i think about how to approach crypto - assets, the technology behind them, and the interaction between the crypto sector and traditional financial system, i find it helpful to place recent
individuals and as businesses, large and small. bis central bankers ’ speeches

challenges facing our pacific islands. i congratulate all our researchers who will be presenting their work during the conference. the research papers are the culmination of critical thinking and innovative proposals that should be encouraged to the next step of being published in reputable journals. in closing, i wish you all a successful workshop and i trust that the knowledge - sharing will be useful and rewarding to you personally and to your respective organizations and countries. i also hope that you will find time to enjoy suva. it may be challenging to listen to all the technical discussions planned, especially having such a conference in the festive month of december, so please do enjoy our fijian hospitality and may i also take this opportunity to wish you all a blessed christmas and a prosperous 2019. thank you!
vulnerability of emerging markets economies to boom - bust cycles would be in the global interest. thank you.

zeti akhtar aziz : expanding further understanding of islamic finance welcoming remarks by dr zeti akhtar aziz, governor of the central bank of malaysia, at the inceif's ( the global university in islamic finance ) public lecture by dr abbas mirakhor, the first holder of inceif chair of islamic finance, kuala lumpur, 29 january 2010. * * * it is my great pleasure to welcome you to the inceif's inaugural public lecture by dr abbas mirakhor, a distinguished scholar and the first holder of the inceif chair of islamic finance. the inceif public lecture series aims to provide a forum for promoting intellectual engagement to discuss the issues, developments and challenges in the area of islamic finance. the global financial crisis that has dominated the headlines across the world for more than two years has brought to the forefront the fundamental issues in the international financial system that need to be addressed. now, as the growth prospect resumes, the debate is focussed on the priorities and direction needed to reshape the post crisis world to ensure that the recovery will be sustainable. while islamic finance has demonstrated its resilience during this period, the industry is now entering into an environment that is fundamentally different in this post crisis era. the international financial reform agenda will result in new structures, standards and regulatory regimes for the global financial industry. greater financial inter - linkages and integration will also require greater cooperation and collaboration in the endeavour to preserve global financial stability. in this environment, the foundations for the sustainability for islamic finance as a competitive form of financial intermediation will need to continue to be strengthened. efforts are therefore being focussed on the further development of islamic financial markets, the financial infrastructure, research and development to support innovation, and enhancing the legal, regulatory and supervisory framework. in addition, the adoption of the relevant advances in technology and the development of human capital are also key to support the development of islamic finance. the ongoing efforts in these areas are aimed towards enhancing further the resilience of islamic finance which would in turn enhance its potential to contribute towards global financial stability and the prospects for global growth. indeed, the topic of the inceif's public lecture today, “ paradigm change in shaping the future of islamic finance ” is timely for us to deliberate and reflect on the issues confronting islamic finance moving forward. we are indeed honoured today to have dr abbas mirakhor. dr abbas joins inceif following a long and distinguished career as
have been more cautious when asset prices have risen, has contributed to this.

participant it is rational to decide to lend less or to sell the asset. however, the collapse in market prices that is a consequence of these decisions affects everybody. the impact this has on the market is, in other words, a negative external effect. selling assets at “ bargain - basement ” prices should normally attract buyers. but exactly the opposite happened. there was uncertainty about the actual value of some complex and untransparent assets, which explains why the buyers disappeared. another explanation is that the participants were too similar to each other – they had the same portfolios and used the same analysis models. in the situation that arose, they all reacted in the same way : they shouted “ sell! ”. capital it is primarily the responsibility of the banks themselves to ensure that they have sufficient capital to retain confidence when losses increase. nevertheless, a conclusion that can be drawn from the crisis is that the capital adequacy regulations were and are too generous, both in terms of how much capital a bank should have and in terms of the quality of the capital. an example may illustrate what the capital adequacy regulations permitted and still permit. assume that we a house buyer who borrows sek 1 million and mortgages his house to 100 per cent. we can estimate the risk weighting for mortgages at 10 per cent. the risk - weighted assets for the loan will then be sek 100 000. the total capital requirement is 8 per cent, which means that the bank must hold capital amounting to sek 8 000. the more relevant tier 1 capital requirement is 4 per cent, so the tier 1 capital held must amount to sek 4 000. thirty per cent of the tier 1 capital may be hybrids of different types. this means that a bank can get away with equity – real share capital and accrued profits – of sek 2 800 to provide cover for a loan of sek 1 million. does sek 2 800 in loss - absorbing capital provide sufficient resilience for a loan of sek 1 million? my answer is no, it does not. the market ’ s requirements are also often higher today. i welcome the international discussion on a general increase in the capital requirements once the crisis is over. more capital is needed. i also think it is positive that the quantity requirements governing the capital in the capital base and the regulations governing hybrid capital will be tightened up and harmonised. better capital is also needed. ultimately, resilience is measured by common
released after the june fomc meeting, we anticipate continuing this policy until normalization of the level of the federal funds rate is well under way. maintaining our sizable holdings of longer - term securities should help maintain accommodative financial conditions and should reduce the risk that we might have to lower the federal funds rate to the effective lower bound in the event of a future large adverse shock. thank you. i would be pleased to take your questions. bis central bankers ’ speeches

##s being heaped upon monetary policy. to give monetary policy a chance to be more effective, other key macroeconomic policies – fiscal, regulatory, and trade policy – cannot be working at crosspurposes. so, let me discuss how these policies – some long - in - the - making – might be reformed to restore the purpose and promise of our prosperity. then, i will return to the conduct of monetary policy. sharing the burden we can no longer afford to tolerate economic policies that are preoccupied with the hereand - now. chronic short - termism in the conduct of economic policy has done much to bring us to this parlous point. think of your businesses in the public markets – and the harm that can be done to long - term prospects – if you were to do nothing but yield to the whims of analysts and the tyranny of quarterly measures. the best of your firms most surely deliver on your promises to your stakeholders, but your strategic judgments are made with a focus on the long term. you should accept no less from your country ’ s policymakers. by now, policymakers should be skeptical of the long - term benefits of temporary fixes – one - off band - aids and short - cuts – to do the hard work of resurrecting the world ’ s great economic power. consider the fiscal impulse. no doubt aggregate demand fell dramatically during the recession, and its weakness continues to mark the economic landscape. since early 2008, the fiscal authorities sought to fill the hole left by the falloff in demand through large, temporary stimulus – checks - in - the - mail to spur consumption, temporary housing rebates to raise demand, one - time cash - for - clunkers to move inventory, and temporary business tax credits to spur investment. these programs may well have boosted gross domestic product ( gdp ) for a quarter or two, but that is scarcely a full accounting of their effects. these stimulus programs did little, in my view, to put the economy on a stronger, more sustainable trajectory. sound fiscal policy must do more than reacquaint consumers with old, bad habits. and sensible fiscal policymakers should set their sights higher than merely coaxing businesses to do today what they would otherwise do tomorrow. policymakers should also take notice of the critical importance of the supply side of the economy. the supply side establishes its productive capacity. it is a function of the quality and quantity of labor and capital assembled by our companies. recovery after a
guillermo ortiz : opening remarks for the session on “ implications of globalisation for the conduct of monetary policy ” speech by mr guillermo ortiz, governor of the bank of mexico, at the international symposium on “ globalisation, inflation and monetary policy ”, organised by the bank of france, paris, 7 march 2008. * • * * in this last session we will focus on the implications of the different issues raised in the previous discussions for the design and conduct of monetary policy. o the main question is : what are, if any, the monetary policy implications of globalization? o in particular, we will ask ourselves whether globalization should lead or not to a reassessment of central banks ’ price - stability objectives, their economic and monetary analyses or their degree of reaction to diverse variables that become more important in global markets. • in this context, the main issues that will lead the discussion will precisely be whether globalization has altered the way monetary policy influences inflation and output ( the monetary transmission mechanism ) and, of most importance, whether we should change the degree to which monetary policy reacts to the output and inflation gaps or, furthermore, whether we need to redefine the set of variables to which it currently responds to. • many different arguments questioning whether we need to adjust the way monetary policy is conducted in a globalized world have been set forth. some relevant questions are : o should monetary policy react directly to exchange rate movements, or should it only focus on inflation and real gdp? o should the recent increases in the prices of diverse international commodities imply a reassessment of monetary policy actions, over and above the response to the effects these events may have on the traditional variables to which monetary policy typically reacts? o does the flattening of the phillips curve has any implications for the design and conduct of monetary policy? • most of these questions are related to the issue of considering whether the more information we include in monetary models, theories and policy rules, the better response we will have to different shocks, or if we should keep such models, theories and, especially, policy reaction functions, simple and limited in terms of the number of variables involved. • the different ways in which all these queries may be analyzed might trigger an interesting debate among us today. john taylor ’ s presentation, along with the discussion it will induce among the discussants, will help us to have a better understanding about some of these issues, as well as guiding on the right direction the research agenda related to the questions that are

still in need of an answer.
fell up to november 1998, retail sales figures and consumer confidence have recently shown positive trends. furthermore, growth in real gross domestic product in the euro area was relatively robust in the third quarter of 1998. in the united states real growth in the fourth quarter actually turned out higher than expected. measured against the hicp, consumer prices in the euro area rose by 0. 8 % in december 1998. this is a tenth of a percentage point lower than in november. this development is in line with earlier trends. it can be linked, in particular, to a further decline in energy prices and a weakening in price increases in industrial goods. all in all, the above - mentioned economic development and the available forecasts for 1999 do not indicate any noticeable upward or downward pressure on prices. potential upward risks could arise from a change in the external global economic situation and any associated effects on the euro area, via import and producer prices. these developments must be carefully monitored. there is concern that inflationary pressure might develop in the event of a strong increase in wage prices and an easing of fiscal policy. developments in the exchange rate will also be closely monitored in view of their significance for price developments. finally, let me emphasise that the current level of real interest rates is exceptionally low. if real interest rates are taken simply as the difference between nominal rates and the current increase in consumer prices ( hicp ), short - term real interest rates in january 1999 stood at 2. 3 %, i. e. around 80 basis points lower than one year ago. long - term real rates have fallen even more, by 110 basis points, and stood at 3 % in january. these levels are very low, compared both with other countries and with historical data. in line with the safeguarding of price stability, the current monetary and financial conditions thus clearly support future economic growth. monetary policy can do no more than this without jeopardising the great overall economic advantages of price stability and its own credibility. real structural reforms which increase the flexibility of the labour markets, as well as a continuation of the moderate increase in wage prices, would not only ease the burden on monetary policy but would also support employment growth. this will be all the more true if the deterioration in the economic situation this year is worse than expected owing to the negative aspects of the external economic environment.

to witness this important milestone occasion. prime minister, i want to thank you very much for taking time out from your very busy schedule to officiate in this important occasion – the launching of the centre for excellence bis central bankers ’ speeches in financial inclusion – “ cefi ”. a dream and hope for all papua new guineans to be financially included. wishing everyone and cefi good success. may god bless you all. bis central bankers ’ speeches
year, the nbs created a stable economic environment and successfully slashed inflation, forcing the government and policy makers to face the reality. and the reality is unyielding : inflation does not create jobs, it does not push gdp up, and, perhaps most importantly, inflation has not created welfare anywhere in the world! is it then possible that, even after the devastating consequences of the 1992 - 1993 hyperinflation on the country ’ s economy, serbia has still not grasped how damaging the effects of inflation can be?

be seen in the context of a banking system comprising almost 20 banks a few years ago. i believe that the consolidation, and the elimination of excess capacity to be achieved over the next few years, are impressive. moreover, there is a significant backstop facility ( the “ buffer ” ), in excess of €10 billion, to provide additional capital support to banks, should that be necessary. i am extremely satisfied that, having survived such an enormous economic and financial storm, the greek banking system is becoming more competitive and well - capitalized. this result didn ’ t just happen – it was the result of enormous work, difficult decisions, and careful organization. however, this is not the end of the story for the transformation of the banking system. the second stage of our strategy is just beginning. this stage will be characterized by efforts to implement a new banking model. this model will allow banks to exploit synergies and economies of scale, and will, therefore, entail a further elimination of excess capacity. in this way, banks will become more efficient, gradually reducing their reliance on state aid and central - bank funding. banks also need to refocus their business on their core activities. this step implies selling non - core assets and rationalizing their network and activities abroad. rationalization does not mean outright sale. the banks will consider disposing operations that absorb disproportional amounts of capital and ( scarce ) liquidity. however they do not intend to proceed to fire sales of self - funded, efficient business units, a situation that characterizes most subsidiaries of greek banks in albania. but i will come back to this issue. as you may know, we have recently engaged blackrock – for a second time – to update credit loss projections for banks ’ loan portfolios up to 2016, and to study the efficiency of banks ’ procedures in managing non - performing loans. as i mentioned, due to the efficient use of resources, a buffer of €10 billion is available [ at the hellenic financial stability fund ] as a public backstop, should additional capital needs arise. moreover, we estimate that the sale of non - core assets and the exploitation of synergies arising from mergers will provide a further buffer of an estimated €5 - €6 billion. banks also need to manage their loan portfolios in a more efficient way. this involves primarily efficient resolution of non - performing loans. improvements in the npl management will lead to lower capital requirements. the reduced capital requirements are expected