samchain/econo-pairs-v2 huggingface dataset:
of large corporations and public administrations. i wish you a fruitful conference, and i am confident that it will be another building block on our way to do what has to be done. thank you for your attention.

fixed - rate purchase operations market operations ↓ nimbly conducting market operations 1. 0 range of 10 - year jgb yields fluctuations as a reference upper bound for 10 - year jgb yields as a reference 0. 0 chart 8 ii. monetary policy impact of the past interest rate changes on net interest income corporate sector household sector 10 % trillion yen 15 net interest income ( right scale ) rate for interest received ( left scale ) rate for interest paid ( left scale ) 10 % financial institutions trillion yen trillion yen 10 % - 5 - 10 - 15 - 20 - 5 - 10 - 15 81 85 90 95 00 05 10 15 - 25 - 30 - 35 - 40 81 85 90 95 00 05 10 15 source : cabinet office, " annual report on the japanese economy and public finance 2023. " 81 85 90 95 00 05 10 15 chart 9 conclusion monetary policy review from a broad perspective 1. approach to analyses the bank will assess the effects of various unconventional monetary policy measures that have been implemented over the past 25 years in the context of interactions with developments in economic activity and prices at each point in time. in addition, it will analyze the impact of these measures on financial markets and the financial system, including their side effects. - deepen understanding on ( 1 ) how various changes in the economic environment - - e. g., globalization and the declining and aging population - - have affected factors such as corporate and household behavior and the formation mechanisms of wages and prices and ( 2 ) the implications that the effects of these changes have had for monetary policy - flexibly consider specific themes of the analyses during the course of the review 2. approach to exchanging views and other initiatives the bank will incorporate diverse expertise and take various initiatives with a view to enhancing the review's objectivity and transparency. such initiatives include not only internal analyses but also those listed below. make use of existing series of materials, such as reports and surveys, and invite public comment exchange views on occasions such as meetings with local and business leaders hold discussions, such as at workshops ( one held on december 4, 2023 and another scheduled for around may 2024 ) exchange views with foreign experts
goods and services and the ratio of forex reserves to short - term debt remained unchanged or improved ( chart 8 ). chart 8 foreign exchange reserves with the nbr : derived indicators months times official foreign exchange reserves - months of goodsand - services imports official foreign exchange reserves / st external debt ( right - side scale ) jan. 05 jul. 05 jan. 06 jul. 06 jan. 07 jul. 07 jan. 08 jul. 08 jan. 09 jul. 09 source : national bank of romania, national institute of statistics thirdly, the magnitude and the timing of forex market interventions were also related to money market liquidity management, given that public deficit was financed, over certain periods, by resorting chiefly to the funds released under the arrangement signed with the eu, the imf and other international financial institutions. the nbr provided banks with liquidity by way of open - market operations ( chart 9 ), while in the prior years, amid excess liquidity due to massive capital inflows, the central bank held the position of a net debtor position visa - vis the banking system. the rationale behind the forex market intervention in the abovementioned context was the attempt to fend off temporary reversals in the nbr ’ s creditor position vis - a - vis the banking system, which could have jeopardised the monetary policy transmission mechanism. chart 9 liquidity - providing operations lei billion, stock, daily averages liquidity - providing operations ( repos and swaps ) sep. 09 aug. 09 jul. 09 jun. 09 may. 09 apr. 09 mar. 09 feb. 09 jan. 09 dec. 08 nov. 08 oct. 08 lending facility source : national bank of romania therefore, it may be asserted that foreign exchange market interventions proved useful not only in keeping the exchange rate within a range consistent with macroeconomic fundamentals, but also in ensuring optimal money market liquidity management. the national bank of romania was not the only central bank to opt for the managed float of the domestic currency. as regards forex market intervention as part of the instrument array used by central banks all over the world, it is noteworthy that the relevance of this tool increased after the onset of the financial turmoil. central banks in central and eastern european countries that have in place a flexible exchange rate system ( the czech republic, poland, romania and hungary ) issued in february 2009 a joint statement whereby they openly declared themselves against an excessive depreciation of local currencies

do remember, two years ago, on december, 5th, when aspen institute romania celebrated five years of operations, i was presented with the “ values - based leadership ” award on behalf of aspen network of international partners. i cherish that memory and what this award stands for. i would like to thank each and every one of you for joining us. bis central bankers ’ speeches
delisle worrell : debating social science issues in the caribbean opening remarks by dr delisle worrell, governor of the central bank of barbados, at the 2016 annual review seminar, bridgetown, 26 july 2016. * * * a warm welcome to the 2016 annual review seminar ( ars ). this conference plays a vital role in the intellectual life of barbados and the caribbean, and it has hugely greater potential to contribute to the global policy debate in years to come. over the years we have seen the ars mature as an incubator for the development of the skills of caribbean economists, especially those in the early years of their career. this event began as an opportunity for central bank economists to share their research, and invite comment, and it continues to be a catalyst for our ongoing work. our seminar is timed to fall at a time when we have interns visiting with us, and we always fit them into our programme. in addition, we issue a global call for papers, and as always we delight in the presence of those of you have come from further afield to join us today. the ars complements the annual monetary studies conference ( amsc ) and the annual salises conference, making for a trio of opportunities to debate social science issues in the caribbean. i see an exciting future for the ars as we go forward, based on the research underway at the central bank of barbados ( cbb ), on policy options in what we are calling the small very open economies ( svoe ). we see an opportunity here to exploit an unfulfilled niche in the global market for ideas. forty years ago the university of the west indies and caribbean economists pioneered research in the economic problems of small size. the late william demas, second president of the caribbean development bank ( cdb ), brought size into the mainstream economic debate with his book the economics of development in small countries, and the new world group of social scientists produced a wealth of deeply researched studies on the challenges and circumstances of small open economies. we understood then that one size cannot fit all, and that the strategies that canada and the united states employ to grow and prosper cannot be borrowed, lock, stock and barrel, and applied to tiny economies like barbados. but that is what we have come to nowadays. whether you are brazil or belize, canada or cayman, mexico or maldives, the international monetary fund ( imf ) insists that your best mix of economic adjustment measures is an independent central bank with an inflation

and demand for safe assets. a general trend has been a decline in the supply of safe assets : corporate bonds with the highest credit scores have almost disappeared ; some countries have lost their aaa - rating. on the other hand, demand remains very high. a lot of research is being conducted into this matter. some researchers are suggesting that central bank balance sheets should remain permanently higher, to use their reserves to reduce the gap between supply and demand. ” 4 / 4 bis central bankers'speeches
##ute in its commitment to price stability. with that, let me stop and turn to you for questions.

also important to mitigate the sources of systemic shocks. dodd - frank apparently did little to curb misconduct – a possible source of systemic risk. if the people managing capital cushions and liquidity buffers view these tools as sufficient mitigants for the costs of misconduct, or if powerful incentives encourage workarounds of the new regulations, then the connection between post - crisis reforms and greater financial stability becomes threatened. in the last year, we have seen emerging approaches to supervision that aim to address culture, conduct and governance. these methods are being developed in a number of jurisdictions. 8 i am pleased to welcome representatives of 15 foreign supervisors and other official sector agencies who are joining the many representatives of u. s. supervisory and regulatory agencies here today. the topic of culture and conduct has truly become a global dialogue. we have a lot to learn from each other. one question on the minds of many in the official sector is, “ what is the most effective way to promote reform? ” sharing ideas on leading practices, challenges and the opportunities for industry collaboration is a start – but it is not the end. financial firms need to act on this information, and the official sector should hold institutions accountable for demonstrating sustained, observable progress. overview of agenda let me now give a brief overview of today ’ s agenda. the first panel will present the group of thirty ’ s recent report on banking conduct and culture, which calls for fundamental and william c. dudley, ending too big to fail, remarks at the global economic policy forum, november 7, 2013. federal advisory council and board of governors, record of meeting, may 8, 2015. william c. dudley, enhancing financial stability by improving culture in the financial services industry, remarks at the workshop on reforming culture and behavior in the financial services industry, october 20, 2014. see, e. g., mirea raaijmakers, ed., supervision of behavior and culture : foundations, practice & future developments, de nederlandsche bank ( 2015 ). bis central bankers ’ speeches sustained change. as you all know, the group of thirty is a forum consisting of senior public officials and private sector bankers. its purpose is to facilitate non - partisan discussion of issues that threaten global economic stability and economic progress. it speaks volumes that the group has focused its work in recent years on effective governance, the role of supervision, and on conduct and culture. each of the four remaining panels will address one aspect of the multidimensional nature of
africa - spreading across countries with free movement and with the opportunity to exploit full cross - border growth. i therefore challenge the industry to prepare for this eventuality in a timely manner. once more ladies and gentlemen, i would like to thank the continental reinsurance company on this auspicious occasion and to wish them all success. thank you. bis central bankers ’ speeches

the business of defining ethics can be left to philosophers, we can agree on the more pedestrian description given by the renowned american humanist aldo leopold : “ ethical behavior is doing the right thing when no one else is watching even when doing the wrong thing is legal. ” many of you may be wondering why laws cannot be put in place to prevent unethical behaviour once and for all. wonder no more — life is more complex than rules. misconduct happens first and laws are passed later — as we have seen elsewhere, innovation generally goes ahead of regulation. there is therefore need for something else besides a set of rules to control the behaviour of people and institutions : we need to understand and pursue ethical values. a lot has been said about this in the aftermath of the global financial crisis. 1 let me touch on three areas for your reflection. https : / / blog. iese. edu / ethics / 2014 / 06 / 25 / ten - recommendations - for - the - necessary - ethical - rearmament - of - banking / first, institutions need to develop a responsible corporate culture that entrenches proper market conduct. culture that goes beyond neat slogans to actually being the guiding force that leads to ethical behaviour and ethical outcomes. you may say the right thing on your corporate culture statements and governance code of conduct declarations, but if your employees know and are told day after day that profit is the only motive, they will behave accordingly. if they notice that customer needs take second place to corporate profit, nothing stops them from treating customers in a similar fashion — badly — in pursuit of expanding the bottom line. if they see rules bent, and notice that the most ruthless are the ones who get the pat on the back, the promotion and, ultimately, the corner office, they will behave in ways that show the greatest rule breaking and ruthlessness. the banking sector ’ s role in economic development calls for a balance between pursuit of economic profit and serving the community in an environment of shared prosperity. when financial institutions start to embrace excessive risk and questionable practices, they stop performing their ethical - social function, which is necessary for society ’ s prosperity. codes of conduct by players or industry associations should include relevant aspects of ethical behaviour of all stakeholders including employees, customers, suppliers and competitors, local communities, and owners. each of these stakeholders play a role in success or failure of their institutions. second, transparency is at the centre of ethical behaviour. all relevant information must be explained even if it is more than
be secured for a conducive investment climate. e. promoting micro, small and medium enterprises ( smes ) so that economic growth is more balanced and broad based. 9. summary • pacific island countries continue to grow, but we need to lift growth into the future. • private sector development will be key to raising our growth. • we also need to raise investment and productivity. • macroeconomic stability has to be maintained in order for growth to be sustainable. there is room for micro, small and medium enterprise development.

play an important role in amplifying or cutting down both. however, macroprudential authorities might not be among the best - suited institutions to deal with such phenomena. the evidence we have so far shows that, in the short term, macroprudential policies may reduce financial inclusion when implementing credit constraints, especially for borrowers that are more vulnerable to possible income or interest rate shocks ( generally, lower - income individuals ). macroprudential instruments like debt service - to - income ( dsti ) or loan - to - value ( ltv ) are very powerful in preserving financial stability, but the access to credit for households from the lower income percentile might be affected. however, in the long run, these macroprudential policies might have a positive contribution to preserving the wealth of borrowers, underpinning also financial inclusion. this is also the romanian experience. when we entered the european union in 2007, we had to get rid of all our macroprudential measures like ltv ( loan - to - value ) or dsti ( debt - service - to - income ), because at that time such instruments were considered to hinder the free movements of capital. we reintroduced these measures in 2009, after the outbreak of the crisis. the bulk of non - performing loans we witnessed came exactly from exposures dating back to the time when the above - mentioned measures had been lifted ( 2007 - 2008 ) and the most affected borrowers were from lower - income buckets. for these individuals, higher access to finance and better financial inclusion in the short run implied over the medium and long term difficulties in repaying debts and, in many cases, negative equity for their balance sheets. our lesson is that improving financial inclusion should take place in a sustainable manner. macroprudential instruments might hurt this inclusion in the short term, but they will support it in the medium and long run. our active involvement in raising the degree of financial education of the population is crucial for reaching the same objective. i am very interested to hear your views and experience on this matter. the first day of our seminar is dedicated to this topic. the second day of the seminar targets mainly the corporate sector. the small and medium enterprises ’ access to finance is also important for financial stability. small and medium enterprises constitute the overwhelming majority ( 99 percent ) of businesses at european level, with important contributions both in terms of value added generated by non - financial corporations ( 57 percent ) and employment ( 67 percent
an address by lesetja kganyago, governor of the south african reserve bank, at the ceef africa annual banquet in celebration of 21 years of leadership investment johannesburg, 19 june 2017 south africa ’ s crisis of confidence and the policy response good evening, ladies and gentlemen. thank you for inviting me to address you today. the global economy has been as favourable recently as it has been for some time. we are experiencing a synchronised cyclical upturn across major economies. south africa ’ s terms of trade are near all - time highs. meanwhile, global financial markets have resumed a search for yield, causing stronger capital inflows to emerging markets, including south africa. by contrast, the domestic economy has fallen into recession, with output contracting in both the last quarter of 2016 and the first quarter of 2017. although this is the first technical recession since 2009, it continues a trend of exceptionally poor economic performance. we have warned about poor economic performance for several years, and although we did not expect the first - quarter gdp1 figure to be quite so weak in quarter - on - quarter terms, our assessment in the may mpc2 meeting was that the risks to the growth forecast were on the downside. 1 gross domestic product 2 monetary policy committee page 1 of 10 meanwhile, inflation has returned to within the target range, as expected. some recent numbers have come in a bit lower than anticipated, but our forecast still indicates inflation in the upper half of the target range across the forecast horizon, which stretches to the end of 2019. the combination of lower inflation and lower growth suggests, at least to some, that the time has come for rate cuts. the mpc will meet in late july to consider how the outlook has changed, and we will make the appropriate decision at that time. we are not here for me to give interesting hints about the next repo rate decision. the best source on mpc decisions is the mpc statement, not speeches a month prior. instead, this speech is about our broader policy constraints and the medium - term outlook for the south african economy. we confront major challenges – challenges which cannot be resolved in any meaningful sense by fine - tuning the repo rate – and we need to grapple with those problems. monetary policy does have a role to play, but it is crucial to acknowledge the limits to monetary policy and to focus on its optimal contribution over a medium - term horizon. today, i will start by discussing south africa ’ s macro

##rsion could become exacerbated by geopolitical events. in this context, mexico ’ s fiscal stance should be fortified, and its monetary policy must continue to employ complete flexibility in order to consolidate the convergence of inflation to the permanent target, thereby shielding the economy with stronger macroeconomic fundamentals. see banco de mexico ( 2016 ). “ encuesta sobre las expectativas de los especialistas en economia del sector privado : julio de 2016, ” august. bis central bankers ’ speeches
for future gains in measuring credit risk, but those are only two risks. operating risks such as fraud, human misjudgments, and the failure of information systems, processing operations and basic internal controls must be addressed comprehensively. at this point, we can take satisfaction in the risk management strides we have made. but i am confident that opportunities for even greater progress lie ahead.

time through our consistent and increasingly detailed public disclosures. for nearly a decade, we have published the scenarios and results, and a few years ago we greatly expanded our disclosure of the modeling methodology in an additional annual publication. looking ahead to the 2021 stress test continuing in that tradition, two weeks ago we initiated the 2021 stress test with the publication of this cycle ’ s stress scenarios. as we ’ ve said many times, the scenarios are not projections or predictions. they are designed according to a longstanding framework that we published after incorporating feedback from the public. this year, the macroeconomic scenario envisions a severe global recession accompanied by a period of heightened stress in u. s. commercial real estate and corporate debt markets. as discussed in recent financial stability reports, the current environment presents unique challenges for those asset classes, and our focus on them in the scenarios is consistent with the salient risks they pose to banks. the scenario layers additional significant stress on top of the stress already absorbed by banks over the past year, with the unemployment rate rising back to nearly 11 percent and stock prices falling more than 50 percent. in march, we will publish the details of the methodologies that underlie our models. this will mark the third year since we enhanced the disclosures to provide significantly more information about the stress testing models relative to earlier years. that information includes ranges of loss rates, estimated by using the models, for actual loans held by ccar firms ; portfolios of hypothetical loans with loss rates estimated by the models ; and more detailed descriptions of the models, 3 / 5 bis central bankers'speeches such as equations and key variables that influence the results of the models. these disclosures enhance the ability of the public to understand and interpret the supervisory stress test results. and as i ’ ve noted before, i believe these enhanced disclosures have been a step in the right direction toward striking the right balance between rigor and transparency. they do not reveal everything about our models — lest we find ourselves in a “ model monoculture ” where supervisors and banks converge on the same sets of risks, ignoring other potential problems. in june we ’ ll publish the firm - level results from the test. though 2021 is a year in which smaller firms are not subject to the supervisory stress test, the board recently made final a rule that will allow them to opt in. should they do so, their results will also be disclosed, and their stress capital buffers will be updated using the stress test results we publish in