samchain/econo-pairs-v2 huggingface dataset:
can be said that the higher this rate is, the more flexible the economy. here again, there is a marked decline after 2005, which coincides with the peak in the inverse dependency ratio. another example on the next slide shows immigration into and emigration out of the united states. immigrants are the most mobile members of the population and are generally regarded as contributing substantially to the flexibility of the u. s. economy. the concurrent decline in arrivals ( inflows to the u. s. ) and increase in departures ( outflows from the u. s. ) once more suggests less flexibility in the united states. to underscore this relationship between demographics and mobility or flexibility, i would like to show you the next slide on japan. after the bubble burst, there was a sharp brake on the creation of enterprises whereas destruction increased only modestly. 2. 2. severe balance - sheet adjustment let me now turn to the second force, the severity of balance - sheet adjustments. the next slide ( on page 22 ) shows the changes in inflation - adjusted house prices. the graph on the left compares japan, the united kingdom and the united states. it shows monthly changes in real house prices relative to the peak price. the shape of the graphs is strikingly similar. it took more than ten years for the japanese real house price to hit the bottom at almost one third of the peak price, when her population was ageing. while recent data for the united states is often regarded as showing signs of stabilization in the housing market, it is far from certain that downward trending is finally over, if one takes into account the possible effects of an ageing population that the japanese experience suggests. even without any further fall, a 40 percent decline in u. s. real house prices is a deep adjustment. this has led to a significant divergence among industries in the pace of recovery. some industries are recovering much quicker than others. the proportion of households that have negative equity has jumped since 2010 and continues to increase, which leaves the u. s. housing market still in the doldrums. in contrast, the debt service ratio a sizable number of people change jobs without experiencing a spell of unemployment. thus, in discussing mismatch or inefficiency in labor markets, simply focusing on the unemployed is misleading. bis central bankers ’ speeches is now markedly lower, reflecting the decline in interest payments as central banks eased monetary policy. consequently, u. s. auto sales have now

euros compared to the same period of 2021. however, this increase is still low compared to the import that in the same period january - october 2022 reached the amount of 4. 6 billion euros. in the same period last year, imports amounted to 3. 7 billion euros. therefore, this new window will help to increase the export of businesses, contributing to the overall economic development of the country. the central bank of the republic of kosovo continues to support and push the financial sector to increase support for the economy, especially businesses that aim to export our products. thank you! 2 / 2 bis - central bankers'speeches
michelle w bowman : opening remarks - 8th annual fintech conference opening remarks ( virtually ) by ms michelle w bowman, member of the board of governors of the federal reserve system, at the eighth annual fintech conference, philadelphia, pennsylvania, 23 october 2024. * * * good morning. 1 it is a pleasure to join you for the second day of the eighth annual fintech conference hosted by the federal reserve bank of philadelphia. while i am disappointed not to be able to join you in person this morning, i am pleased to be among the more than 1, 000 participants joining today's discussion online. the agenda today promises to be just as informative and thought - provoking as yesterday's session. given that this conference provides an opportunity to engage in discussions about fintech and its importance in the financial services industry, i'd like to reiterate something i have highlighted a number of times in the past. regulators have an obligation to understand the functionality of new innovations, including the benefits that innovation can bring and the accompanying risks. 2 conferences like this enable us to expand our knowledge and understanding of these benefits and risks by bringing together experts throughout the financial system to discuss important developments and emerging issues related to financial technology. these discussions help to inform our work throughout the federal reserve system. often the pace of technological change can be rapid. new or improving technologies have the potential to make our banking system faster and more efficient. they can result in both lowering the cost of and expanding the availability of products and services for consumers. but they can also carry risks. to be effective in the face of this ongoing evolution, regulators must be aware of the potential risks and how existing technology could be leveraged for new services. therefore, we must remain vigilant but nimble in our approach. this requires us to recognize and follow three innovation related principles : first, we must be willing to develop an understanding of new technology. second, we must be open in considering how we approach innovation. and finally, we must prioritize how we integrate innovation as we revise or enhance regulatory frameworks. turning back to why we are here today : this conference was launched back in 2017. it has grown in standing and relevance every year since. as president harker noted in his remarks yesterday, the conference has become a system highlight because of its ability to focus on and keep pace with the change of technology. this conference also embodies the principles i just articulated of working to understand new technologies

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.
. see tarullo, “ tailoring community bank regulation and supervision ” ; and jerome h. powell, “ regulation and supervision of community banks “ ( speech at the annual community bankers conference sponsored by the federal reserve bank of new york ). bis central bankers ’ speeches

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
- level data had an important contribution in the discussions on simple, transparent and standardised securitisations. the sts regulation, could make an important contribution. moreover, there is potential for developing common loan - level templates for npls, which will then also help another corner of eu financial markets. 3 / 3 bis central bankers'speeches

the form of loans within the u. s. for these banks to provide u. s. dollar loans, they have to maintain access to u. s. dollar funding. at a time when it is already hard enough for american families and firms to get the credit they need, we have a strong interest in making sure that these banks can continue to be active in the u. s. dollar markets. banks headquartered outside the u. s. make extensive use of dollars in their financing activities. in part, this results from the fact that the u. s. dollar is the world ’ s number one currency – a status that brings with it many benefits for our country. it is in our national interest to make sure that non - u. s. banks remain able to access the u. s. dollar funding they need to continue financing their u. s. dollar assets. if access to dollar funding were to become severely impaired, this could necessitate the abrupt, forced sales of dollar assets by these banks, which could seriously disrupt u. s. markets and adversely affect american businesses, consumers and jobs. one way we can help to support the availability of dollar funding, and ensure that credit continues to flow to american households and businesses, is by engaging in currency swaps with other central banks. such swaps are a policy tool the federal reserve has used to support dollar liquidity for nearly fifty years. most recently, the federal reserve established dollar swap lines with major central banks during the global financial crisis of 2008, and reactivated them in may 2010. last november, the fomc, cooperating with five other central banks, reduced the rate being charged on these swaps to increase usage. the swaps are intended to create a credible backstop to support – but not supplant – private markets. banks with surplus dollars are more likely to lend to banks in need of dollars if they know that the borrowing bank will be able to obtain the dollars it needs to repay the loan, if necessary, from its central bank. ultimately, these dollar swaps are designed to support financial stability, and avoid an unnecessary tightening in financial conditions, so that economic activity and job creation in the united states can continue to recover. our principal aim is to protect u. s. banks, businesses and consumers from adverse economic trends abroad. i am pleased that the swaps seem to be working. in conjunction with the ecb ’ s long - term refinancing operations, the swap
in this context, i am more and more convinced that the global crisis was a development that advanced in time the need for inevitable steering of many imbalances that our economies accumulated over the last 10 - 15 years.

a better discussion of the considerations with which monetary policy is normally faced. the assumption that the repo rate will develop in line with expectations in the financial markets should not be interpreted as a stance with regard to which interest rate path the riksbank considers to be most desirable, just as the assumption of a constant repo rate was no reflection of this. if the forecasts of inflation two years ahead are on target, it means that the interest rate path expected by the market could be a desirable path for the repo rate. however, we must also evaluate the course for inflation and the real economy that the interest rate path is expected to entail. the monetary policy decisions and how we regard market expectations are based on a total assessment of these courses of events. personally, i think the time is right to go one step further and publish our own interest rate path. my experiences of increased transparency have been only positive. as we have gone over to the new interest rate assumption, it has been a natural progression to abandon the simple policy rule that was previously used to explain monetary policy and relied on forecasts based on a constant repo rate. one purpose of the rule was that it would be simple to understand. however, it often did not provide a sufficiently good description of the monetary policy considerations. for instance, the policy rule did not give any guidance as to how the riksbank views future interest rate developments. the gradual shift in the policy towards – within the framework of the price stability objective – also taking into account fluctuations in economic activity meant that this focus on inflation at a particular point in time could be overinterpreted. it is the entire path for inflation and the real economy that is actually important in the monetary policy decisions, not merely the levels at the two - year horizon. nor is it possible to ignore what happens beyond this horizon. the world will not come to an end in two years ’ time. interest rate and inflation forecasts can be interpreted in the same way as before to the extent that if the forecast for inflation two years ahead is above the target, it will normally mean that the repo rate will need to be adjusted at a faster rate than market expectations assume. the reverse applies, of more exactly, it is assumed that the repo rate will follow implied forward rates, which can be gathered from the yield curve for debt securities with different durations. implied forward rates do not exactly reflect market expectations of future repo rates as a result of the existence
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the boundaries of their branch - based assessment areas. however, we have also received feedback and have reviewed data that branches continue to play a critical role in lower - income and rural communities. the anpr proposes maintaining facility - based assessment areas while also exploring options for defining new assessment areas. specifically, we ask for feedback on whether new assessment areas should be based on some threshold of deposits or lending in areas where the bank does not have a physical presence, and the anpr discusses a potential option of allowing internet banks to have a national assessment area. finally, with respect to community development, we have heard feedback from stakeholders that it would be helpful to have more upfront clarity on what activities count for the cra. we proposed providing an illustrative, non - exhaustive list of activities that meet the requirements for cra consideration and are requesting feedback on how such a list should developed and maintained. and we ask for input on developing a preapproval process for activities and whether the process should focus on specific transactions or on more general categories of eligible activities. the anpr also seeks feedback on how to clarify elements of existing community development definitions. for example, within the affordable housing definition, we seek feedback on defining naturally occurring affordable housing, which is not financed by any type of public subsidy and provides an important source of affordable housing in many communities. in all of these proposals, we aim to modernize the cra in a way that advances the core purpose of the statute, while also providing greater certainty, tailoring regulations, and minimizing burden. over the next few months, the federal reserve system will host outreach meetings and listening sessions like this one around the country. we encourage the public to submit written comments by the deadline of february 16, 2021, and i look forward to your feedback. 3 1 i am grateful to carrie johnson and eric lum of the federal reserve board and to jessica farr of the federal reserve bank of atlanta for their assistance in preparing this text. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. return to text 2 85 fed. reg. 66, 410 ( pdf ) ( october 19, 2020 ). return to text 3 to submit comments online, go to www. federalreserve. gov / secure / forms / electroniccommentform. aspx? 2 / 3 bis central bankers'speeches doc _ id = r - 1723 & doc _ ver =
fehmi mehmeti : bank lending is continuing to contribute to economic growth speech by mr fehmi mehmeti, governor of the central bank of the republic of kosovo, at a press conference, 25 november 2021. * * * dear..., it is a special pleasure to be part of this ceremony that marks another step of the very important contribution that kfw has continuously given to the development of the kosovo credit guarantee fund and in general to the economic development of kosovo. the kosovo credit guarantee fund within a relatively short period of time has managed to become a very important institution for increasing and facilitating financing for the country ’ s economy. the important role of this institution has emerged especially during the period of pandemic crisis, in which case this institution has served as a very effective mechanism of transmission and multiplication of state aid for the private sector of the country. the grant that is being donated by kfw will enable the further increase of the guarantee potential of this institution, making possible the increase of the number of beneficiaries from the guarantees issued by this institution. in other words, a larger number of individuals or businesses with difficulty accessing credit financing will be able to secure access to this source of financing on favorable terms. bank lending continues to be a very important and sustainable source of private sector financing in kosovo. the value of bank loans by september 2021 has reached 3. 57 billion euros, marking a significant annual increase of 12. 2 %. however, despite the satisfactory trend of increasing bank lending, it is considered that the level of financial intermediation in kosovo continues to be below the average of the countries in the region, which shows that, in relation to the size of the economy, there is further room for expansion of the lending activity. an important role in filling this space has exactly the kosovo credit guarantee fund, which through its guarantee mechanism can enable the increase of lending and the facilitation of the conditions of access to credit for the sectors which without this service may find it difficult or even impossible to provide access to credit financing. in this context, we expect that in addition to supporting the growth of credit financing in general, the kcgf portfolio, more and more to reflect the increase of credit support for sectors with greater difficulties in accessing credit financing, but which have the potential to make a significant contribution to the economic development of the country. in the end, allow me to once again express my highest appreciation to kfw, which has consistently

proven to be a very important supporter of kosovo ’ s economic development. 1 / 1 bis central bankers'speeches
it may will be denominated and settled in us dollars. the us dollar, in this case, is used as a “ vehicle ” currency, that is, it is used to denominate and execute foreign trade transactions that do not involve direct transactions with the issuing economy. this use leads, as does the use of english, to easier communication in transmitting information. as is the case with a language, the more popular is a currency the more useful it is to those who use it. because the attractiveness of any international currency grows as its use increases, an international currency has a tendency to become a natural monopoly. this circumstance explains why only a single money, or a few moneys, are used as international currencies at a particular time. benefits and costs an international currency provides several major benefits to the issuing economy. first, the economy derives seigniorage, because the non interest - bearing claims on it are denominated in its own currency. when argentina, for example, imports autos from japan, it must pay for them with foreign exchange it earned through its exports ; it is highly unlikely that the japanese importer would be willing to accept the argentina currency, the peso. when the us, however, imports japanese autos, it can pay for them with federal reserve notes, which are just a paper claim on the us government. the board of governors of the us federal reserve system estimates that seigniorage revenue for the united states amounts to between $ 11 billion and $ 15 billion per year. second, as the international use of a currency expands, loans, investments, and purchases of goods and services - both foreign and domestic - will increasingly be executed through the financial institutions of the issuing economy. thus, the earnings of its financial sector are likely to increase. third, the tendency of world trade to be denominated in the international currency means that the issuing economy will be less vulnerable to changes in the value of its currency than are other economies. if the us dollar, for example, depreciates sharply against other currencies, this will have a smaller effect on us inflation than is the case in other economies. this is because most us imports are denominated in dollars. therefore, when the dollar declines on the foreign exchange market, the price of us imports - in dollars - need not change. the main cost of having an international currency is that it can complicate the conduct of monetary policy. because foreigners hold a substantial

cepr - eabcn conference on " finding the gap : output gap measurement in the euro area " held at the european university institute on 14 november 2022, https : / / www. ecb. europa. eu / press / key / date / 2022 / html / ecb. sp221114 ~ 23b213922c. en. html. 5 / 6 bis - central bankers'speeches 3 ecb press conference on 7 march 2019. see https : / / www. ecb. europa. eu / press / pressconf / 2019 / html / ecb. is190307 ~ de1fdbd0b0. en. html. 6 / 6 bis - central bankers'speeches