samchain/econo-pairs-v2 huggingface dataset:
reverse, at the appropriate time, the currently very high degree of monetary stimulus. we have full confidence that, when the time comes, we will be ready to do so.

ben s bernanke : federal reserve ’ s exit strategy testimony by mr ben s bernanke, chairman of the board of governors of the federal reserve system, before the committee on financial services, us house of representatives, washington dc, 25 march 2010. * * * chairmen frank and watt, ranking members bachus and paul, and other members of the committee and subcommittee, i appreciate the opportunity to discuss the federal reserve ’ s strategy for exiting from the extraordinary lending and monetary policies that it implemented to combat the financial crisis and support economic activity. as you know, i previously submitted prepared testimony for a hearing on this topic that was canceled because of weather conditions. i request that that testimony be included in the record of this hearing. this morning, in lieu of repeating my previous prepared statement, i would like to summarize some key points from the earlier testimony and update the committee on recent developments. broadly speaking, the federal reserve ’ s response to the crisis and the recession can be divided into two parts. first, our financial system during the past 2 – 1 / 2 years experienced periods of intense panic and dysfunction, during which private short - term funding became difficult or impossible to obtain for many borrowers. the pulling back of private liquidity at times threatened the stability of financial institutions and markets and severely disrupted normal channels of credit. in its role as liquidity provider of last resort, the federal reserve developed a number of programs to provide well - secured, mostly short - term credit to the financial system. these programs, which imposed no cost on taxpayers, were a critical part of the government ’ s efforts to stabilize the financial system and restart the flow of credit to american families and businesses. besides ensuring that a range of financial institutions – including depository institutions, primary dealers, and money market mutual funds – had access to adequate liquidity in an extremely stressed environment, the federal reserve ’ s lending helped to restore normal functioning and support credit extension in a number of key financial markets, including the interbank lending market, the commercial paper market, and the market for asset - backed securities. as financial conditions have improved, the federal reserve has substantially phased out these lending programs. some facilities were closed over the course of 2009, and most others expired on february 1. 1 the term auction facility, under which fixed amounts of discount window credit were auctioned to depository institutions, was discontinued in the past few weeks. as of today, the only facility still in operation that offers credit to multiple
monetary policy in the euro area will do what is necessary to maintain price stability and thus contribute to supporting sustainable economic growth and job creation in the euro area. germany ’ s economy is back on track and the outlook for germany and the euro area over the medium - term future remains favourable. dinner speakers should exhaust their topic, not the audience. therefore : thank you for your attention.

an increase ( albeit rather slight up to now ) in private consumption. all in all, germany ’ s economic development over the past six quarters or so has exceeded most analysts ’ forecasts – including my own, which was already higher than those of many market participants. against this favourable backdrop, there arises the question of what has actually been the main reason for the german economy rebounding so strongly, especially given its weak performance at the beginning of this decade. one crucial element in this success story has been wage moderation. wage moderation can be seen as the result of a learning process that was set in motion by two factors – the competitiveness problems of major industrial sectors, and stubbornly high rates of unemployment. this process was accompanied by enterprises ’ restructuring efforts, which have led to a falling level of corporate debt and a marked decline in the corporate sector ’ s net interest burden. both factors have played a major part in the regaining of german industry ’ s price competitiveness, which explains the resurgence of germany ’ s economy to a large extent. looking into the future, will today ’ s upward dynamics be of a lasting nature? will germany ’ s economy be maintaining its strong momentum in the quarters to come? my answer is probably “ yes ”. i think there are several reasons to be rather optimistic. we are currently experiencing an economic upturn with a favourable outlook. my positive assessment is based mainly on three likely facts. first : the global economy remains on its strong growth path. according to imf estimates, in 2007, global economic activity is expected to expand above its long - term average for the fifth year in succession. german enterprises are well placed to participate fully in this positive development of the global economy. in many countries, there is a large demand for high - quality capital goods, a market segment in which german enterprises have traditionally been strongly represented. seen in this light, exports are likely to continue generating major stimuli for the upswing in germany. second : with regard to the domestic economy, too, the prospects for a continuation of the upswing are promising. what is particularly important is that business investment is likely to remain a major factor underpinning economic activity. the current high level of utilisation of industrial plant capacity and a considerable need for replacement investment suggest that investment is still clearly on the up. in addition, external financing conditions remain favourable. moreover, firms ’ underlying sentiment is also very optimistic, which means that not just the recent hard data, but also soft indicators
evidence that even good supervision can ’ t prevent all bank failures? improving our ability to do this diagnosis is critical. i am confident that today ’ s panels and paper discussions will help us move forward in this direction. thank you for participating in this conference. bis central bankers ’ speeches

william c dudley : panel remarks at the clearing house annual conference panel remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the clearing house annual conference, new york city, 18 november 2015. * * * dianne dobbeck, robert fitchette, charles gray, joyce hansen, haeran kim, kristin malcarney and joseph tracy assisted in preparing these remarks. it is a great pleasure to have the opportunity to speak here today alongside my fellow reserve bank presidents, loretta mester and dennis lockhart. today ’ s event comes almost exactly two years since i delivered a set of remarks at nyu school of law that covered various aspects of what we know as the “ too big to fail ” problem. in view of some significant milestones that have occurred over the past two years, i would like today to briefly review my sense of the work that has been accomplished on this critical issue, and the work that still remains to be completed. as always, what i have to say reflects my own views and not necessarily those of the federal reserve system. broadly speaking, the regulatory reforms that the u. s. has adopted since the crisis have been designed to address the risks posed by large financial institutions in two related ways. first, our reforms are designed to reduce the probability that large financial institutions will fail by requiring those institutions to be more resilient to stress. second, a set of resolutionrelated reforms are intended to limit the consequences to the financial sector if a failure by such an institution still were to occur. given the limited time on this panel, i will not review in detail the post - crisis comprehensive capital and liquidity framework that the federal reserve has put in place. however, from the perspective of addressing too big to fail, it is important to highlight the federal reserve rule finalized this year that imposes risk - based capital surcharges on the handful of u. s. global systemically important banking organizations ( gsibs ). under this framework, a gsib ’ s riskbased capital surcharge will reflect the degree to which its failure would impact the financial system. in effect, the risk - based capital surcharge confronts each u. s. gsib with the choice to either reduce its systemic footprint or instead to hold more capital. the policy approach to too big to fail recognizes, of course, that we can reduce but cannot completely eliminate the possibility of a large financial institution ’ s failure.
, for the rest of the financial sector the fsap reports indicates many problems, which simultaneously contain many themes including essential issues such as their supervision. although, due to their small dimensions, these problems do not present imminent risks for the time being, they still should be carefully examined and resolved. returning to the assessments made under fsap in other countries similar to albania ( i mainly refer here to south east european countries, seec ) and to many other financial reports referring to this region, we realize that these problems are similar and these countries suffer more or less similar symptoms. if one has a look back at the history, it realizes that it can not happen differently. the regional tradition is poor, of little inheritance in institutions, market rule and behaviour, and financial intermediation. however, today, about 15 years after the big collapse of the communist regime it seems that south east european countries ( seec ) have been engaged in an irreversible process of their stabilization and integration with the rest of europe.

with its inflation target. taking into consideration the time lag, the structural problems and the various shocks on financial markets and economic activity, the transmission of the monetary policy has been adequate, but not yet complete. the monetary stimulus has been transmitted to the financial markets, but the response of the economy to better lending terms continues to remain weak. the accommodative monetary policy is reflected in lower interest rates for lek loans and has contributed to the constant growth of this loan ’ s portfolio. credit expansion, however, remains low as a result of the sluggish demand for credit and banks ’ conservative lending policies. the bank of albania asserts that the financial markets and agents have sound and liquid balance sheets, but they continue to be risk averse into undertaking long - term investments. in conclusion, the supervisory council decided that the actual monetary policy stance is appropriate and decided to keep the key interest rate unchanged at 2. 0 %. the new information analysed at the meeting does not change our evaluations for the current situation of the economy and financial markets, and expectations for their outlook. the current monetary conditions are adequate for ensuring the return of inflation to our 3. 0 % target in the medium term. judging from the expected developments and the balance of risks surrounding them, the supervisory council deems that the monetary policy of the bank of albania will continue to maintain its stimulating nature, for some quarters ahead. bis central bankers ’ speeches
their societies fairer. over the longer - term, by far the most important thing for young people is investing in education and skills. skills are a person ’ s passport through life, and in a fast - changing digital economy, the premium paid for skills is only likely to rise. equipping people for tomorrow ’ s world is the best way to raise incomes and reduce inequality. bis central bankers ’ speeches

doing that. this is an issue all our societies need to look at carefully. the ecb ’ s role in that is to maintain price stability, which prevents unfair redistribution. for example, our research shows that in the euro area too low inflation results in redistribution from younger, more indebted households to older households that are typically net creditors. current retirees are wealthier than ever. what opportunities does this bring to europe? in an ageing society, the fact that retirees are getting wealthier isn ’ t necessarily abnormal – older people need to accumulate more wealth to finance living longer. as they spend their wealth during retirement, it passes back to the younger generations. so wealth creation isn ’ t a zero sum game. what matters is that young people, as they move through life, have the opportunities to build up wealth, too. do you think younger adults today will have as good a standard of living as pensioners today when they come to retire? bis central bankers ’ speeches that ’ s our common choice. our standard of living depends on the strength of our economy. we need a more open, flexible, innovative and business - friendly society. much focus is put on the central bank to raise growth, and it can contribute through price stability and a stable financial system. but in the long run real growth is driven by what the economy can produce. that is much more about ideas, technology, flexibility, motivation, skills. it is up to elected governments to set a growth - friendly environment. you often talk about the need for “ structural reform ” in employment. what do you mean by this? there are lots of forms this can take. just to give one example, the kurzarbeit scheme in germany allowed employers to adjust working time during the crisis without firing people. but there ’ s no one - size - fits - all model. every society has its challenges and preferences. the idea generally is to create a fair and flexible labour market where companies do not fear taking on staff when they need them and specific groups of people are not structurally disadvantaged at times when employers need to cut wage bills. what can central banks / governments do to ease / resolve these issues? everyone has a vital interest in a prospering economy. so bringing down high levels of youth unemployment is a priority for everyone. as i said, the best contribution central banks can make here is to live up to their mandates. we can only encourage elected governments to take the necessary steps to create jobs and make
3. 0 percent by next year. maximizing expanded toolkit : adjusting the policy rate and managing the exchange rate now, what did we [ at the central bank ] do? it is quite simple : we raised rates. the other one is, we are also an exchange rate - managing central bank. if you look at our record, we are able to build our foreign exchange ( forex ) reserves when the peso is strong. that is why our forex reserves went from us $ 45 billion to almost a hundred billion dollars between 2008 to 2012. on the other hand, we can allow the peso to depreciate if that is part of market fundamentals. looking to history as guide my point is, we are quite confident that we are already on a target - consistent path of inflation. if you count the number of months where we are [ inflation was ] above target, in the past, the longest [ streak ] was 15 months. in this particular case, as i said, we were hit by a really large and long wave of supply shocks. in the last 12 months, everything was 0. 4 percent [ in terms of m - o - m inflation ] or higher. there were months [ when m - o - m inflation was ] of 0. 8 percent or 1. 0 percent and, as i said, january [ m - o - m inflation ] was really terrible at 1. 7 percent. 2 / 4 bis - central bankers'speeches indeed, when you look at every month when inflation is high, you can actually point at exactly what products [ items in the consumer price index ] caused it. this time, we think that we will break our record : [ it may take ] 19 or 20 months of inflation being abovetarget from the previous record of 15 months. policy settings remain reasonable now, is [ a policy rate of ] 6. 0 percent a high or low rate? well, if you look at the current inflation, it looks low, right? [ headline ] inflation is 8. 7 percent [ in january ]. however, relative to our forecasts, it is a reasonable one. our forecast is that by november or december, we will [ inflation ] be below 4. 0 percent. the reality is that the current policy setting is reasonable - not too tight, not too loose monetary policy. part of the [ reason behind elevated ] inflation is due to demand. the reason is, we were all surprised by the 7.

##mining compliance, not to mention efficiency and innovation. all components of the capital market ecosystem must play their part. a well - functioning capital market is a shared responsibility. if all stakeholders do their part well, not only will we have fair and efficient capital markets that everyone has confidence in, but we will also make singapore a competitive and vibrant financial hub in asia. thank you for your attention. bis central bankers ’ speeches
. non - bank entities are cooperating as well as competing with banks, either as technology service providers to banks or by directly providing retail electronic payment services. the regulatory framework has also encouraged this enhanced participation of non - bank entities in the payments domain. 5. in recent years, a focussed effort has been made to develop a state of the art national payments infrastructure and technology platforms, be it immediate payments service ( imps ), unified payments interface ( upi ), bharat interface for money ( bhim ), bharat bill pay system ( bbps ), or aadhaar - enabled payment system ( aeps ). this has changed the retail payments scenario of the country. the total volume of retail electronic payments witnessed about nine - fold increase over the last five years. 6. let me now mention some numbers with regard to digital modes of payment. the neft system handled 195 crore transactions valued at around rs. 172 lakh crore in 2017 – 18 growing by 4. 9 times in terms of volume and 5. 9 times in terms in terms of value over the previous five years. similarly, the number of transactions carried out through credit and debit cards in 2017 – 18 was 141 crore and 334 crore, respectively. prepaid payment instruments ( ppis ) recorded a 1 / 4 bis central bankers'speeches volume of about 346 crore transactions, valued at rs. 1. 4 lakh crore. thus, the total card payments, in volume terms, stood at 52 percent of the total retail payments during the year 2017 – 18. 7. developments in the spheres of banking technology and trade finance have been commendable as well. alternative models of lending and capital raising are coming up and have the potential to change the market dynamics of traditional lenders and the role of traditional intermediaries. crowd - funding, which entails raising external finance from a large group of investors, is at a very nascent stage in india. the peer - to - peer ( p2p ) lending for which rbi has issued master direction in october 2017 has the potential to improve access to finance for small and medium enterprises. eleven entities have been licensed to operate p2p platform. the reserve bank has also granted licenses and permitted seven purely digital loan companies ( nbfcs ) to commence operations. although they are purely digital players operating through mobile applications, we have ensured that they have at least one physical presence for customers to reach out to in case of need. 8. furthermore,

being planned and executed in co - ordination with the state government, slbc and the respective lead banks of the above six districts. 6. i am sure that today ’ s momentous and landmark event would be a watershed in the march of the state of karnataka towards financial inclusion and inclusive growth and sustainable prosperity and going forward would pave the way for its replication across the entire country. 7. i once again extend my warm welcome to all the dignitaries. my special welcome to the young students whose participation would undoubtedly make today ’ s programme more lively, vibrant and enriching. thank you all so very much indeed!
forthcoming ).

this model over the past three decades are unquestionable. first, china ’ s output has grown by an average of around 10 % per year since those economic reforms began in 1978, with the economy showing remarkable resilience even during the recent global financial crisis. in terms of levels, china ’ s gdp now accounts for less than 40 % of us gdp in market exchange rate terms, but around two - thirds of it in terms of purchasing power parity. looking ahead, some observers expect china to surpass the united states as the world ’ s largest economy as early as 2020. strong and sustained economic growth has fuelled an eightfold rise in per capita income. and as a result, the poverty rate – the percentage of the population that has an income of less than usd 1. 25 per day – has declined to less than 16 %, down from 85 % when the reforms began. in other words, china has managed to lift more than 600 million people out of poverty in the last three decades. china ’ s export development is equally outstanding. it has increased its world market share from less than 1 % in 1980 to 8 % today, and in 2009 it dethroned germany as the world ’ s largest exporter. however, the apparent successes and resilience of the chinese economic model do not necessarily mean that this model will prove equally sustainable over, say, the next 15 years. indeed, it is interesting to note that some of the major long - term factors that have been driving china ’ s strong economic performance may reach a turning point in the not too distant future. these are ( i ) the continuous growth of demand for chinese exports, ( ii ) favourable demographic developments, and ( iii ) the sustained accumulation of physical capital. as regards the first factor, it seems unlikely that china ’ s export growth can continue to persistently exceed 15 % per year, given projected domestic demand trends in advanced economies. also, historical experience with export - led economies suggests that there are limits to the process of gaining market share. the turning point on the demographic side looks to be further off, but is even more critical. china ’ s dependency ratio – the ratio of people of non - working age to people of working age – is expected to start rising again by 2015 at the latest. this means that the number of people who cannot save and can only consume – the youngest and oldest sections of the population – will increase. this, coupled with the progressive drying - up of labour