samchain/econo-pairs-v2 huggingface dataset:
are on the firm side. in view of the general outlook that i sketched at the beginning, that seems to us to be appropriate. having reached that position in a fairly timely fashion, the board has judged it to be sensible of late to leave the cash rate steady. my colleagues and i look forward to your questions. bis central bankers ’ speeches

10 % over the past two years. does this mean that there is some form of hole in households ’ balance sheets that will weigh on the recovery as they seek to repair it? this increase reflects purchases of assets. it does not include the returns from these investments. any real or perceived need for households to rebuild their balance sheets may play an active role in determining their levels of spending. 3 for example, the cost of financing debt and the uncertainty about future employment prospects may make households reluctant to exceed a certain level of net borrowing. in this case, the deterioration in the financial position of some households may cause them to spend less in order to repay debt or increase savings. the “ payback period ” i mentioned earlier. this possibility has focussed much recent attention on the state of households ’ balance sheets. but standard measures of households ’ financial position – such as the ratio of debt to assets – may exaggerate the severity of the problem. that is because these conventional measures suffer from a “ missing ” asset and a “ missing ” liability. let me explain. the “ missing ” liability is the cost of purchasing a house in the future. this argument is directly related to the redistribution argument i discussed earlier. measured in conventional terms, the marked decline in house prices seen over the past two years has led to a pronounced deterioration in households ’ balance sheets : house prices have declined by around 15 % but the value of outstanding mortgage debt is largely unaffected. the lower level of house prices will eventually be reflected in a lower level of mortgage debt than otherwise as first - time buyers ( and those trading up the housing ladder ) enjoy the benefits of more affordable housing. but this effect will not fully materialise until the entire housing stock is turned over at the new lower price level, which may take a considerable time. in the meantime, not taking account of this missing liability exaggerates the deterioration in households ’ underlying position. moreover, by considering only the fall in prices of housing and financial assets, we could be exaggerating the extent to which people are actually less wealthy. for some households, these are their only form of assets. this is most obviously the case for the retired. but the largest asset owned by most people is not measured at all. it is the value of what they expect to earn in the future or, what economists refer to as “ human capital ”. most estimates suggest the value of future earnings is significantly greater than the sum of net financial wealth and gross housing assets which typically forms
for their insight and contributions over the years. thank you all, and have a great conference.

welcoming remarks by jerome h. powell chair board of governors of the federal reserve system at the 2022 community banking research conference, sponsored by the federal reserve, the conference of state bank supervisors, and the federal deposit insurance corporation st. louis, missouri ( via pre - recorded video ) september 28, 2022 good morning, and welcome to the 10th annual community banking research conference. i have attended this conference twice before, including the first one back in 2013, and i can attest to the quality of the research and discussions. while i am coming to you virtually today, many of you are gathering in person for the first time in three years. i am sure it will make an excellent event even more enjoyable. the community banking research conference brings together researchers, regulators, policymakers, and community bankers to discuss the unique and important role community banks play in our economy. the conference was launched in the years following the financial crisis, in a collaboration by the federal reserve, the conference of state bank supervisors ( csbs ), and the federal deposit insurance corporation ( fdic ). the conference was developed to deepen our understanding of the community bank business model and to provide a forum to discuss research with academics, policymakers, regulators, and community bankers. the research presented over the years has informed supervisory and regulatory policy debates and continues to challenge our thinking. it has highlighted the vital links between community banks and small businesses, the availability of credit in low - and moderate - income communities, how community banks support their local communities in times of crisis, and the impact of technology. a critical feature of the research sessions is that community bankers join academic moderators to provide feedback from a practitioner ’ s perspective. the challenges facing community banks have changed significantly over the past 10 years. community banks have demonstrated remarkable resilience, and conferences like this have helped regulators and supervisors to better understand those changes. - 2i want to congratulate the federal reserve bank of st. louis for a decade of hosting an important and informative conference. and i want to thank our colleagues at the fed, the fdic, and the conference of state bank supervisors. on a sadder note, i want to recognize the passing of john ryan, who was president of the csbs, this past may. john ’ s impact on the csbs and his contributions to the financial services sector overall were significant, and he is missed by all who knew and worked with him. thanks also to the researchers and all the community banking professionals
will benefit both the bank and its customers. this outcome is however, predicted on customers using the card wisely and responsibly and on the bank issuing cards to clients after a careful vetting and scrutiny and charging fair interest on the product. failure to choose creditworthy customers will lead to defaults which may trigger excessive charges. allow me again to congratulate the board, management and staff of access bank zambia limited on this important initiative. i thank you! bis central bankers ’ speeches

bwalya k e ng ’ andu : benefits, problems and challenges associated with credit cards remarks by dr bwalya k e ng ’ andu, deputy governor ( operations ) of the bank of zambia, at the launch of the access bank zambia limited visa international credit card, lusaka, 19 june 2013. * * * the board chairman, access bank zambia limited, mr. caleb mulenga ; access bank plc executive director – subsidiaries, mr. tek koroye ; access bank zambia limited chief executive officer, mr. jekwu ozoemene ; members of the diplomatic corps ; government officials ; members of the press ; ladies and gentlemen it is indeed a pleasure for me to be here this evening to join access bank on this important and auspicious occasion marking the launching of the access zambia limited visa international credit card. through you chairman, i wish to extend our congratulations to the bank for this commendable addition to your range of products and services. undoubtedly, this will go some distance in responding to demands and needs of customers who are looking to benefit from this product with its combination of credit and the application of technology in payment for goods and services. while acknowledging this initiative, i will fall short of presenting the introduction of a credit card service as cutting edge technology, because it is not. as you are aware credit cards have a long established history of extensive usage in many countries around the world, including a number of african countries. but credit cards are not common in zambia as only a few banks issue them while most cards held by residents have been issued offshore. this initiative taken by access bank should directly contribute to an increase in the number of people holding such cards and taking advantage of the range of benefits that can be derived from their use. in countries where credit cards are used extensively, their benefits for users are commonly recognized and include : • elimination of the risk associated with carrying large amounts of cash as it may be lost or stolen. credit card companies have over the years developed a variety of anti - theft practices which protect the cardholder in the event of theft of the card. in any case, the cardholder is protected from fraud on the card except in event of negligence on his / her part ; • cards make it easier to buy things as one can pay for a range of goods and services from small items to airline tickets, hotels, car - rentals etc. they are particularly appropriate for online purchases ; • cards offer you additional protection if what you purchased
. negative interest will remain an important monetary policy instrument, which we will use if needed. ladies and gentlemen, thank you for your attention. i now hand over to martin schlegel, who will speak about the mortgage and real estate markets. page 4 / 4

jean - pierre roth : swiss outlook and global developments summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank and chairman of the board of directors of the bank for international settlements, at the icon roadshow euro 2008, frankfurt am main, 17 march 2008. the complete speech can be found in german on the swiss national banka€™s website ( www. snb. ch ). * * * the swiss economy looks back on a number of successful years during which it was a very active participant in the growth of the world economy. the export sector rapidly expanded its presence in the new markets, thereby making an important contribution to this development. what was remarkable was that the increased foreign activities were not detrimental to switzerland as a production location. on the contrary, the swiss location benefited overall. reforms aimed at strengthening and opening up switzerland as a business location have also made a substantial contribution to economic prosperity in recent years. the turbulence on the financial markets that erupted in mid - 2007 is unlikely to leave the swiss economy unscathed. the export sector, including the banks, will be affected by the slowdown in the international economy. an additional factor is the substantial rise in the value of the swiss franc over the past few months against the euro and the us dollar. however, we are already in a position to learn quite a bit from the financial market turmoil. first, because financial markets are so highly integrated, central banks need to cooperate closely in order to master the problems. second, incentive schemes in banks that have given particular priority to rewards for risky behaviour should be changed, and the instruments for measuring risks need to be reassessed. the way in which the swiss national bank steers the swiss franc money market, however, has proved its worth, with the three - month libor being successfully held inside the target range. in this way, the real economy has been protected from the upheaval on the interbank market.
of textbooks for secondary and higher level as well as the preparation of the national strategy for financial education. dear media, allow me, on my own behalf but also on behalf of the central bank of the republic of kosovo, to thank you for following the activities and events that the cbk organizes every year and that has never lacked your support and presence. this is especially important in conveying informational and educational messages to the kosovar public.

hirohide yamaguchi : japan ’ s economy and monetary policy speech by mr hirohide yamaguchi, deputy governor of the bank of japan, at a meeting with business leaders, toyama, 21 july 2010. * * * introduction i am honored today to have this opportunity to speak and to exchange views with business leaders in toyama prefecture. i will express my gratitude for your cooperation in interviews with the staffers from the kanazawa branch and the local office in toyama and for the bank of japan ’ s surveys. information from these interviews and surveys is invaluable and utilized fully in assessing economic and financial developments and conducting monetary policy. before exchanging views with you, i will talk about the recent economic and financial developments as well as the conduct of monetary policy. i. global economic developments advanced economies and the balance - sheet problem before talking about japan ’ s economy, i will begin with the developments in the global economy. in the past several years, the global economy experienced a great turmoil. on the financial front, starting with the subprime mortgage problem in the u. s. housing market, the global financial crisis broke out in the autumn of 2008, triggered by the failure of lehman brothers. hand in hand with that, the global economy deteriorated rapidly and significantly. since the spring of 2009, the global economy has been emerging from such plunge. however, the improvement in economic conditions in the united states and europe has been modest, and international financial markets have recently become increasingly volatile triggered by the fiscal problem in greece and some european countries. the financial crisis and the fiscal problem i have just mentioned might seem to be a different phenomenon at a glance, but, in fact, they have a common underlying factor that has shaped a big picture of the global economy in the past several years. that was the problem of “ balance - sheet adjustment ” associated with the burst of a credit bubble in the united states and europe. in those economies, toward the mid - 2000s, households and firms made excessive borrowing on the premise that asset prices such as housing prices would rise and, in retrospect, made excessive investments and consumption. in response, financial institutions lent aggressively and continued to increase credit. in such a process, not only mortgages but also financial activity in general overheated, including new types of transactions such as in securitized products. such phenomenon has spread internationally and capital inflows to european peripheral countries, including recently highlighted greece, have overheated
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

have achieved significant convergence, particularly the baltic countries, slovakia and, to a lesser extent, malta and slovenia. in these countries, the gap between real gdp per capita and the euro area mean has been reduced by around one - third 5 / 10 bis central bankers'speeches since 1999. 28 others that also started far from the euro area average – such as portugal and greece – have on balance been unable to close the gap considerably. but such divergences are not exclusive to the euro area. gdp per capita in the richest state in the united states is around twice that of the poorest state, which is roughly the same gap as in the euro area. 29 and the dispersion of growth rates across euro area countries has fallen considerably over time and, since 2014, has been comparable to the dispersion across us states. so what has driven the different convergence trajectory of countries, and how much is it related to membership of the euro? convergence can be thought of in two ways. the first is convergence of real gdp per capita levels. this is a long - term process which is driven by factors such as rates of fdi, productivity growth and institutional quality. such factors can be fostered by sharing a single currency, but they are not determined by it. domestic policies, structural and institutional reforms, and contributions from eu structural funds are what play a crucial role here. the second concept of convergence relates to growth rates, i. e. how much business cycles across countries are synchronised, especially when major shocks hit. this is determined more by monetary union membership, since the design of a monetary union affects the capacity of countries to adjust and stabilise demand during recessions. in the case of italy, we see both long - term and cyclical factors at play. between 1990 and 1999 – that is, before the introduction of the euro – italy already had the lowest cumulative per capita gdp growth of the original euro area members. from 1999 to 2008, it again had the lowest per capita gdp growth of all euro area members. from 2008 to 2017, it recorded the second lowest cumulative growth, behind greece. and, if we look further back, the growth we saw in the 1980s was borrowed from the future, having been based on debt that was left for future generations to bear. so, low growth in italy is a phenomenon that dates back a very long time before the euro. this is a supply - side problem, which is clear if one looks at regional performance
world ’ s securities trading is channeled through the city. london has stayed on top in the provision of financial services despite the emergence of the euro, which some expected would divert a significant share of foreign exchange trading to a single center on the continent. although financial sector activity in frankfurt has increased substantially in the past few years, largely reflecting the growing importance of the euro, trading volumes there are still well below those of london and new york. another potential challenge to the city ’ s prominence in the provision of financial services has been the telecommunications revolution, which presumably should diminish the need for physical proximity to conduct financial transactions. if traders can congregate almost anywhere electronically, we might expect traditional patterns of exchange to be dispersed. however, history, together with london ’ s long, should i say sterling, reputation as a place to do business, seems to have spurred market participants to continue to trade through london. in closing, let me emphasize what a privilege it has been for me to work with chancellor brown and governor george, who represent the professional best in world finance and who are most worthy custodians of the financial legacy that britain has bestowed on the rest of the world.

##urer and the customer. ultimately, we all should recognize that it is the interests of the customers, which is at the heart of it. jack ma of alibaba, aptly said it, “ customers should be number one. ” the challenge presented upon you today, is to embrace the digital economy and not lose sight of this. on that note, let me once again thank piam for the opportunity to share some thoughts with you today and i wish you a productive convention ahead. 4 / 4 bis central bankers'speeches
more in extraordinary times such as these. i want to thank you again for providing that insight and look forward to the conversation. 1 / 1 bis central bankers'speeches

g - sib surcharge framework that could be useful is a firm ’ s use of shortterm wholesale funding, which may serve as a proxy for liquidity vulnerability. historically, reliance on short - term, uninsured funding from sophisticated funding sources has created vulnerability to large - scale funding runs and increased risks related to financial sector interconnectedness. specifically, this can lead to “ fire sale ” effects that may affect broader financial stability — which occurs when banks that fund long - term or illiquid assets with short - term deposits from financial intermediaries like pension funds and money market mutual funds need to rapidly sell less - liquid assets to maintain their operations. outside of the g - sib surcharge framework, the board has employed a measure of nonbank activities in certain rulemakings. these activities, which are conducted outside of a regulated depository institution, represent another source of complexity for large banks. for example, some nonbank entities engage in complex trading that is not permitted in depository institutions because of their risk. banks with assets greater than $ 250 billion in addition to thinking about how we will tailor our regulation and supervisory programs for firms with assets between $ 100 billion and $ 250 billion, i believe the board should also review the requirements applicable to the firms with more than $ 250 billion in total assets but below the gsib threshold. this review should ensure that our regulations continue to appropriately increase in stringency as the risk profiles of firms increase, consistent with our previously stated tailoring 3 / 5 bis central bankers'speeches goals and the new legislation. the supervision and regulatory framework for these firms should reflect that there are material differences between those firms that qualify as u. s. g - sibs and those that do not. for example, we know that non - g - sibs with more than $ 250 billion in assets are generally less complex and less interconnected than u. s. g - sibs and thus pose relatively less risk to financial stability. g - sibs, on the other hand, have more complex activities, are more interconnected, and pose a far greater risk to financial stability should they fail. yet at the moment, many aspects of our regulatory regime treat any bank with more than $ 250 billion in assets with the same stringency as a g - sib. i believe there should be a clear differentiation. next steps from the federal reserve in my view, the board should make it a near - term priority to issue a proposed rule