samchain/econo-pairs-v2 huggingface dataset:
gent sejko : competition and stability in the albanian financial sector speech by mr gent sejko, governor of the bank of albania, at the competition authority of albania conference on " competition and stability in the albanian financial sector ", tirana, 23 november 2023. * * * dear participants, it is a great pleasure to be here on the occasion of the twentieth anniversary of the law " on competition protection ". in these two decades, the competition authority of albania has implemented a policy which encourages companies to supply products and services at the most favourable terms to consumer, by boosting transparency, efficiency, innovation, and in turn the reduction of prices in the market. the weight and contribution of the competition authority, likewise many other regulators, are both necessary and irreplaceable in the life and development of a country. a fair and sound competition plays a crucial role in the economy of a country. it promotes the economic growth, by bolstering commercial activity, productivity, and investments. the economic theory emphasises that competition encourages the efficiency of businesses in managing the resources, in turn, providing the reduction of costs and the increase of sales. enhanced efficiency translates into lower prices. the decline in prices drives to the growth in : on the one hand, the real income of consumers, thereby fuelling consumption ; and, on the other hand, the motivation of companies to invest in innovation and capital building – human and financial – which altogether contribute further to economic growth in a direct manner. competition, likewise in the other sectors of economy, should generate the same effects in the financial sector as well, by contributing in the expansion of both the gamma and quality of products and financial services provided by banks, as well as the increase of access in finance. banks play a critical role for the country's economy and economic growth, so financial stability is a prerequisite for a stable, efficient and supportive financial system to economic growth and the real economy. the soundness of the banking sector lies at the heart of an operational market economy. it channels the savings of households and businesses into investments and financing, thus carrying out the intermediation functions that are crucial to the real economy and contribute to the country's development. for the bank of albania, the financial sector must be both stable and competitive. for this purpose, the banking law requires banks to act independently from each other, based on the principles of free market and fair competition. beyond that, the policy implemented by us has been

to thank the australian - thai chamber of commerce for the invitation. thank you.
. i will return to this virtual stage at the end of the day to sum up the takeaways from our work here. let ’ s start the conversation. i ’ m expecting a lively and constructive discussion. 3 / 3 bis central bankers'speeches

week. the price of meat has risen by more than 4 percent since february — before the pandemic hit canada. that doesn ’ t feel like low inflation to me or to many families, yet measured inflation is 2 / 3 bis central bankers'speeches close to zero when you consider the full basket of goods and services. it ’ s critical that we measure inflation as accurately as possible so canadians have confidence in our target ; and we must address public perceptions in our analysis and communications. in the morning session, we will compare monetary policy frameworks and provide an update on the horse race. it ’ s a big topic, so we ’ ve split the session into two parts. first, rhys mendes will provide an overview of how our side - by - side assessment has progressed. so far, we ’ ve identified some of the strengths and weaknesses of the different frameworks. but at this point, no single framework dominates on all margins. after a break, we welcome a discussion of the horse race. joseph gagnon from the peterson institute for international economics, pierre fortin from the universite du quebec a montreal and stephanie schmitt - grohe from columbia university will lead. at lunch, we ’ ll watch a video in which deputy governor schembri explores the recent bank of canada staff discussion paper, “ strengthening inflation targeting : review and renewal processes in canada and other advanced jurisdictions. ” then we ’ ll break into small groups to discuss the results of the horse race. in the afternoon, session 2 will examine policy coordination in a time of crisis. cesaire meh will chair this one, with discussions by ricardo reis of the london school of economics, and marty eichenbaum of northwestern university. finally, we ’ ll close with a discussion of those alternative tools i mentioned and lessons from the covid - 19 crisis. leading the discussion will be ed devlin, formerly of pimco, annette vissingjørgensen from the haas school of business at berkeley and anil kashyap from the university of chicago booth school of business. seeing unconventional monetary policy tools in action during covid - 19 has put renewed focus on how they ’ re impacting both asset prices and decisions on borrowing and lending. we should, of course, also discuss the side effects we are most concerned about and explore ways we can mitigate these without reducing the effectiveness of the tools. we are looking forward to your feedback today — it will inform and influence our next steps
amadhila is highly skilled and qualified to address the gathering on issues of macroeconomic management and the nexus between fiscal and monetary policies. i would now like to call upon the right hon. prime minister of the republic of namibia to address this opening session of the 57th ccbg meeting. i thank you. 2 / 2 bis - central bankers'speeches

, but the same picture applies to other sectors. 5 andrews, d., c. criscuolo and p. n. gal ( 2015 ) : “ frontier firms, technology diffusion and public policy : micro evidence from oecd ”, oecd productivity working paper no. 2. while productivity growth for frontier firms has remained robust, it has been substantially weaker in the rest of the economy. this may indicate that it is not the rate of innovation that has slowed, but rather the diffusion of new technology from frontier firms to laggard firms. chart 5 productivity for frontier firms and other firms. services. 1 ) oecd countries. index. 2001 = 100 norges bank economic perspectives 15 february 2018 five percent most productive firms other firms 1 ) defined as firms in sectors 45 – 82 ( excluding 64 – 68 ) in nace rev. 2. source : oecd in the past decade, the fallout from the financial crisis has probably had a dampening impact on productivity growth. weak economic growth and heightened uncertainty have reduced businesses ’ willingness to invest. in addition, banks in many countries held back on lending for a long period. this may have discouraged new entrants and slowed the replacement of outdated production equipment. the legacies of the financial crisis are now fading. investment is picking up across countries. this could lift productivity ahead. but this will not materialise of its own accord. it is up to us to take advantage of the possibilities provided by technological innovation. economic restructuring must continue. a flexible labour market, high education levels and a solid social safety net are preconditions for successful restructuring. in norway, much of this is in place, but we too must be prepared to adapt to changing circumstances. in addition, nature has endowed us with advantages that it will be important to build on in the years to come. low price and wage inflation not everyone benefits from a more closely integrated global economy and new technology. in many countries, the competition for low - skilled jobs has intensified, depressing wages for these workers. on the other hand, technological advances have pushed up demand for high - skilled labour for which there is a wage premium. the result is wider wage gaps. the income distribution between labour and capital has also changed. it had long been a widely - held view among economists that the labour share of gdp would remain fairly constant over time. keynes described the stability of the labour share as “ one of the most surprising, yet best - established,
central bankers ’ speeches

’ intermediation function, including screening and monitoring of borrowers, can be severely impaired. once these problems become apparent to the wider market, risk sharing markets become dysfunctional or even disappear. if securitisation markets become illiquid, banks can be exposed to heightened risk from exposures to both credit risk ( defaults ), for example as loans can no longer be securitised, and to market risk from changes in the mark - to - market value of the securitised assets. in addition, when risk - sharing markets become illiquid, the signals from prices can become distorted or even disappear, rendering risk measurement especially challenging. a further requirement for well - functioning markets is that investors in securitisation instruments should have a firm understanding of the associated risks. recent events exposed deficits in this understanding that were partly related to problems with the availability of information and to the complexity of certain securitisation structures that obscured the links between the performance of the underlying assets and the price of the instruments. 21 ) while the securitisation framework in india has been reasonably prudent, certain imprudent practices have reportedly developed like origination of loans with the sole intention of immediate securitisation and securitisation of tranches of project loans even before the total disbursement is complete, thereby passing on the project implementation risk to investors. with a view to developing an orderly and healthy securitisation market, to ensure greater alignment of the interests of the originators and the investors as also to encourage the development of the securitisation activity in a manner consistent with the aforesaid objectives, several proposals for post - crisis reform were being considered internationally. central to this is the idea that originators should retain a portion of each securitisation originated, as a mechanism to better align incentives and ensure more effective screening of loans. in addition, a minimum period of retention of loans prior to securitisation is also considered desirable, to give comfort to the investors regarding the due diligence exercised by the originators. keeping in view the above objectives and the international work, rbi had framed guidelines regarding the minimum holding period and minimum retention requirement among other measures and the revision in its securitisation guidelines was issued in may, 2012. 22 ) in the context of banks applying for moving over to advanced approaches, there is a need to clearly distinguish between different pillar i risks. for example, we need to
masaaki shirakawa : recent economic and financial developments and the conduct of monetary policy speech by mr masaaki shirakawa, governor of the bank of japan, at a meeting with business leaders, osaka, 25 august 2008. * * * introduction i am honored to be here today to speak and to exchange views with business leaders from the kansai region. i have especially fond memories of the region because i taught as a professor at the kyoto university school of government for about two years before being appointed as the governor of the bank of japan this spring. i would like to take this opportunity to express my deep gratitude for your cooperation with the bank's branches in osaka, kobe, and kyoto. today, i will speak about issues facing japan's economy and the bank's thinking regarding the conduct of monetary policy. i. the current situation of japan's economy first, i would like to discuss the current situation of japan's economy. since the beginning of 2002, the economy has enjoyed a moderate but prolonged period of economic expansion. since the end of last year, however, the pace of economic growth has gradually slowed. business fixed investment has been leveling off because the rise in energy and materials prices, which has accelerated since this spring, has depressed corporate profits. private consumption has also been relatively weak due to the ongoing price rise, while growth in wages has remained sluggish. the pace of increase in exports has slowed, because of the effects of a slowdown in overseas economies. given this situation, the bank's assessment at the monetary policy meeting held on august 18 and 19 was that japan's economic growth has been sluggish. prices, on the other hand, have been on the rise. the year - on - year rate of increase in the domestic corporate goods price index ( cgpi ) exceeded 7 percent in july due mainly to the rises in prices of steel and petroleum products. this was the highest rate of increase in 27 years, since 1981. the year - on - year rate of increase in the consumer price index ( cpi ) also rose in june to 1. 9 percent. this was the highest rate in 15 years excluding fiscal 1997, when cpi inflation increased reflecting the rise in the rate of consumption tax. japan currently faces a difficult situation given the sluggishness in the economy and the rise in prices. this situation has been caused by two factors : the surge in energy and materials prices ; and the disruptions in global

is not yet complete and differences in views / perceptions / experiences need to be accommodated. within this advisory role, even - handed treatment, in the sense that sources of volatility and potential vulnerability are given as much emphasis as the issue of capital controls, is important. conclusion 25. in its january 28, 2010 issue, the economist said, “ capital, like water, tends to flow around such obstacles ( taxes ). try to dam its movements at one point, and slowly but remorselessly, it will find its way around. ” to learn to “ dam ” the flows so that the benefits of capital flows exceed their costs remains an intellectual and policy challenge for emes.
willem f duisenberg : the european central bank, the eurosystem and the european system of central banks speech delivered by dr willem f duisenberg, president of the european central bank, at the ceremony to inaugurate the new building of the banque centrale du luxembourg, luxembourg, 18 may 2001. * * * your royal highness, prime minister, governor mersch, distinguished guests, allow me first to congratulate you on the inauguration of the new premises of the banque centrale du luxembourg. you decided to name parts of them – very appropriately, i find – after pierre werner, the author of the first blueprint for economic and monetary union in europe. his report of 1970 laid the conceptual foundations for many aspects of the institutional set - up and policy framework of today's european central bank ( ecb ) and european system of central banks ( escb ). most significantly, werner presented a lucid account of a fundamental requirement of monetary unification in europe : no single currency without a common central bank, or rather a " community system of central banks ", as he called it. the distinctly federal character of what werner saw as the future european monetary authority was in itself a reflection of the fact that europe is not a single nation, but a group of nations. twenty years later, the treaty on european union established the european system of central banks, with the european central bank at its core, and transferred to it the task of conducting a single monetary policy. in addition, the authors of the treaty recognised that a functioning monetary union requires centralised decision - making and harmonised governance over all those tasks which are closely related to monetary policy. consequently, responsibility for the management of foreign exchange reserves, for activities to support the oversight of payment systems, for the collection of euro area - wide statistics, for measures to ensure financial stability and for the issuance of banknotes has also been assigned to the escb. at this point, i should like to clarify that, for as long as there are eu member states outside the euro area, all these tasks are being carried out by what we call the eurosystem, rather than by the escb as a whole. the eurosystem comprises the ecb and the national central banks ( ncbs ) of the euro area member states. the eurosystem's clearly defined policy responsibilities, together with its independence, the strict orientation of monetary policy to stability and the federal institutional model could be regarded as the cornerstone

). 6. alam et al. ( 2019 ). 7. international monetary fund ( 2018 ). 8. tente, stein, silbermann, and deckers ( 2015 ). 9. deutsche bundesbank ( 2018 ). 10. deutsche bundesbank ( 2019 ). 11. german financial stability committee ( 2019c ). 12. german financial stability committee ( 2019a, 2019b ).
august last year. metals have also shown a strong increase with gold and platinum prices having increased by approximately 120 per cent over the same period. agricultural prices, by contrast, have displayed more volatility and less growth when compared to energy and metals. between 2001 and 2006, the imf commodity food price index increased by 36 per cent. more narrowly, and perhaps more relevant to south africa, the cereals price index increased by 48 per cent over the same period. in 2006 alone, the imf maize and wheat price indices increased by 24 per cent and 26 per cent respectively. food price inflation is becoming a world - wide concern and south africa has not been spared. spot prices of yellow and white maize have increased from levels of around r500 per ton in 2004 to current levels of around r1 800 per ton driven in part by international price developments. in october and november last year, meat prices increased at year - on - year rates of almost 20 per cent, and currently overall food inflation is in excess of 8 per cent per annum. 4. what has driven the recent price increases? it used to be the case that the growth cycle in the united states determined the commodity cycle. more recently, with the emergence of the asian economies and china in particular, the dominant influence of the us economy on the commodity cycle has waned. most commentators attribute the recent escalation of commodity prices to the increase in demand for raw materials by china in the wake of this country ’ s ongoing economic growth and industrialisation. two factors are frequently mentioned as part of the explanation of china ’ s impact on global commodity prices. firstly, china ’ s large population of over 1, 3 billion and the associated large pool of unskilled labour have contributed to increased competitiveness and has led to china being the leading manufacturing production centre of the world. this has in turn kept the demand for commodity inputs in manufacturing high. secondly, china ’ s industrialisation comes at a time of ongoing globalisation, which has contributed to overall demand for commodities globally. china ’ s contribution to global growth in the consumption of base metals in recent years has been considerable. according to the imf world economic outlook, between 2002 - 2005, china ’ s contribution to world consumption growth in aluminium, copper and steel was around 50 per cent. furthermore, china contributed in excess of 80 per cent to increased world demand for nickel and tin. more significantly, over the same period, china accounted for all the consumption growth in lead and

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fatos ibrahimi : the banking system situation and the future challenges address by mr fatos ibrahimi, deputy governor of the bank of albania, at the european finance convention, tirana, 14 - 15 september 2007. * * * dear participants, it is a pleasure to participate in this summit and to outline some of the main developments in one of the key areas of the albanian economy, that of the banking system. in my following discussion, i will dwell on two main issues : first, the key steps in the banking reforms, with special focus on the issues related to commercial banks and the system ’ s financial developments in the recent years. second, the aspirations of the albanian economy to absorb foreign direct investments, their importance to our financial system and the fdi growth implications in the future. 1 ) the performance of the albanian banking system reform in banking was part of the structural reforms undertaken by the albanian authorities after 1992. in addition to the macroeconomic stability, these reforms aimed to transform the albanian economy into a market economy, through its privatization and the establishment of financial institutions and institutions of social protection. albania has been going through a constant process of banking system consolidation since the transition into a market economy. in most of the 90s, this process was relatively sluggish as a result of the informal financial markets which had held the country ’ s economic and financial development back. the high interest rates offered by these markets kept the efficiency of monetary policy in steering the interest rate pending. in addition, other issues, such as the high concentration of deposits and loans in three state - owned banks, their operational losses as a result of the increase in non - performing loans ’ portfolio, the undeveloped and incoherent regulatory framework in supervision had become an impediment to the expansion of reforms in the banking sector. following this period, the banking system consolidation process began to progress. this period is characterized by the reduction in the share of state - owned banks, their gradual privatization and the considerable increase in the number of private banks from 4 operating in 1997 to 17 banks in 2006. in this context, the central bank has been extremely prudent in selecting and licensing the private banks, where only three of them licensed the recent years are of entirely albanian capital. despite the increase in the number of domestic commercial banks, the expansion of the banking activity until 2003 was a prudent one, being in line with the country ’ s economic development. during 1998 - 2003, the banking system ’ s total assets

a positive impact on the country ’ s macroeconomic, technological and institutional area. the banking system ’ s stage of development and the fdi flows in economy have mutual influences on each other. hence, if albania attracts stable and long - term fdi flows in the following years, their impact on the further development of the financial system will be considerable. furthermore, the demand for banking products both from domestic and foreign companies will grow.