samchain/econo-pairs-v2 huggingface dataset:
y v reddy : globalisation and monetary policy – some emerging issues inaugural address by dr y v reddy, governor of the reserve bank of india, at the conference on “ advances in open economy macroeconomics ”, organised by the center for economics and development, northwestern university, usa and the indira gandhi institute of development research, mumbai, 19 march 2007. * * * professor radhakrishna, professor eichenbaun, professor rebelo, professor christiano, professor nachane, dr. rakesh mohan and friends, happy new year to all of you. for dr. rakesh mohan, it is a holiday issue, as he described. for me, it is a festival issue also, since i am a telugu. so, my address will be in the form of sharing of the festive mood also. as you may be aware, today is a festival celebrated as new year by the state of maharashtra, and is called gudipadwa by the marathi - speaking people, who number about 70 million. it is also celebrated by about 65 million kannada - speaking people as " ugadi ". we, the 80 million telugu - speaking also celebrate the festival as ugadi. the festival marks the new year day for people who follow the southern indian lunar calendar. this calendar reckons dates based on the salivahana era ( salivahana saka ), which begins its count from the supposed date of the founding of the empire by the legendary hero shalivahana. the satavahana king shalivahana ( also identified as gautamiputra satakarni ) is credited with the initiation of this era known as shalivahana. the shalivahana era begins its count of years from the year corresponding to 78 ad of the gregorian calendar. thus, the year 2000 ad corresponds to the year 1922 of the salivahana era. in the terminology used by this lunar calendar, ugadi falls on chaitra sudhdha paadyami or the first day of the bright half of the hindu month of chaitra. the telugu and kannada people celebrate the festival with great fanfare ; gatherings of the extended family and a sumptuous feast are de rigueur. the day, however, begins with ritual showers followed by prayers, and then the eating of a specific mixture of neem buds / flowers for bitterness, jaggery for sweetness, raw mango for vagaru, tamarind juice for sour. this mixture, called

, and that should help support the recovery. in the meantime, we are using our tools to help build a bridge from the solid economic foundation on which we entered this crisis to a position of regained economic strength on the other side. i want to close by thanking the millions on the front lines : those working in health care, sanitation, transportation, grocery stores, warehouses, deliveries, security — including our own team at the federal reserve — and countless others. day after day, you have put yourselves in harm ’ s way for others : to care for us, to ensure we have access to the things we need, and to help us through this difficult time. 2 / 2 bis central bankers'speeches
survey on the access to finance of enterprises in the euro area, april to september 2017. 4 see the box entitled “ assessing labour market slack ”, economic bulletin, issue 3, ecb, 2017. 4 / 4 bis central bankers'speeches

public. in fact, in all countries, the changeover period was much swifter that anticipated. sharing a single currency implies a need of a feeling of community and trust among all the users of the currency. after all, a currency is backed by the mutual trust placed in it by its users. the relative ease with which euro cash was introduced and accepted by people shows that there may be stronger feelings of community in europe than many would have thought. third, another important, but sometimes grossly underestimated success of the euro relates to the convergence of long - term market interest rates towards the best performers in terms of credibility and low interest rates. the stability oriented macroeconomic policy framework, focusing on price stability and sound fiscal policies, has resulted in significantly reduced financing costs in most countries. today, the european economy benefits from benchmark long - term market interest rates well below 4 %, a level which most issuers have never seen in the last fifty years. the reduction in risk premia and the stabilisation in inflation expectations at low levels is a major achievement which must be maintained by today ’ s and future economic policy making. fourth, a related success of the euro has been an improved resilience against crises in financial markets. for those who experienced the many episodes of exchange and interest rate volatility between the 1970s and the mid - 1990s, it is clear that, without the single currency, events in recent years such as the financial crisis of autumn 1998, the turbulence that followed the september 11 terrorist attacks or the past swings in global exchange markets would have triggered major turbulences in european countries. last but not least, i would like to mention the single monetary policy, which has preserved price stability and credibility in a transparent manner. with a clearly defined mandate to pursue price stability in the treaty and a strong focus on independence, the european central bank, together with the participating national central banks, has implemented the single monetary policy in the euro area since 1999. as you know, the ecb defines price stability as inflation rates below, but close to, 2 % over the medium term. looking back at the period since the introduction of the euro, actual inflation rates were not always in line with price stability, due to exceptional shocks such as the rise in oil prices in recent years. however, these shocks did not undermine the credibility of our promise to ensure price stability over the medium term and therefore did not derail inflation expectations. this was due to our medium - term orientation of monetary
##ant. thank you. bis central bankers ’ speeches

has a balanced approach to these technological innovations. it acknowledges the greater efficiencies that ict advances have brought to the financial services sector. we have also, within our risk management framework – and like many organisations represented here – adopted and embraced technologies that have helped us to execute our mandate more effectively and efficiently. as a central bank, we are open to innovations despite the different opinions of regulators on matters such as crypto - currencies. we are willing to consider the merits and risks of block chain technology and other distributed ledgers. not all innovations in this area are, however, benign. the abuse of algorithmic or highfrequency trading can pose problems for the smooth functioning of financial markets. we understand that many financial and other firms – in their drive for greater efficiency and productivity, and for serving their clients more effectively – may have an even bigger stake in leveraging off these innovations and technologies. real opportunities in the digital revolution currently underway await not only further application by the private sector, but also greater utilisation by financial regulatory authorities. as innovations bring down costs, significant transformation of the financial intermediation landscape cannot be discounted or dismissed. leading innovators know how to turn disruption into opportunity. possibilities for the use of improved technology in ensuring regulatory bis central bankers ’ speeches compliance abound for both regulators and the industry. regulators have only started to scratch the surface of the potential uses of, for example, big data in regulatory technology – also referred to as “ regtech ”. big data techniques can assist us to understand the state of the economy and “ identify trends in systemic risks ” more accurately and quickly. 1 hopefully, this will lead to further enhancements for policymaking and greater precision in supervisory interventions. the threat landscape and the role of regulatory authorities with an expanding digital footprint comes a growing threat landscape, providing greater opportunities and increasing entry points or vectors for cyberattacks. since the unleashing of the first computer worm in 1988 by a 23 - year - old cornell university student, malware has grown exponentially in both volume and sophistication over the last three decades. 2 there are well over 100 000 known computer viruses and the frequency of cyberattacks has increased. old defences are quickly rendered redundant. as participants in the financial sector, you are aware of the details of the cyberattacks on privately owned banks, insurers, and other financial institutions without one having to list examples of these. even central banks
jens weidmann : lessons learned from the crisis and economic policy challenges speech by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, at the deutsche bundesbank's capital city reception, berlin, 17 october 2018. * * * 1 welcome esteemed ladies and gentlemen, colleagues, rocks can wander. straight, curved and zigzag furrows inscribed in the dry loam soil of the californian mojave desert are proof that even heavy boulders really can move out there. tracks stretching as far as one hundred metres have been discovered. 1 in the land of opportunity, this mysterious place is known as racetrack playa. for a long time, it was not known whether this was the work of pranksters or a natural phenomenon. that was until several years ago, when a team of researchers solved the mystery with the help of cameras, gps technology and weather data. after it rains at night during the winter months, a thin ice layer forms. when this ice begins to melt in the morning sun, it breaks up and “ sails ” along the meltwater. lights winds are then all that is needed to make these panels of ice slowly push rocks across the desert floor. the furrows become visible once they have been dried out by the wind and sun. 2 but what does this fascinating natural phenomenon have to do with the topics we are addressing today? heavy objects can be moved given the right combination of forces. the same is true of politics : it ’ s all about the interplay of forces. i would like to use my speech today to talk to you about the way in which political and economic forces work – looking back at the bank bailout during the financial crisis, and looking ahead to the challenges facing monetary policymakers in the euro area and economic policymakers in germany. exactly ten years ago today, the bundestag and bundesrat passed the financial market stabilisation act ( finanzmarktstabilisierungsgesetz ). one month after the collapse of lehman brothers, the then finance minister peer steinbruck explained that there had not been a financial crisis of such a magnitude in 80 years. to “ avert the danger ” 3 ] an extensive rescue package was put together, comprising up to €400 billion in government guarantees for financial institutions. ten years on from this herculean effort, many citizens are quite rightly asking how much it cost to

a sound framework with evolving capabilities will require sound governance and practices at all levels and by all actors in this sector. a pilot “ test - and - learn ” approach may also be adopted for innovations, through which the necessary safeguards are applied to mitigate the potential risks. before i conclude, i want to underscore that a great deal of innovation and innovative thinking is needed to ensure that the benefits from greater financial inclusion are fully realized. this forum facilitates progress in this direction. i look forward to interesting and lively interactions and discussions this afternoon. thank you for your attention. bis central bankers ’ speeches
will enrich our knowledge on the subject. we will also benefit from the richness of the exchange of information between institutions, which i hope will show us the road to the future of risk management. i wish you very fruitful sessions today and tomorrow, which will encourage learning, generate more conversations over time and development collaborative work that will provide continuity to the topics that will be covered in these two days. thank you very much. 3 / 3 bis - central bankers'speeches

economic prospects. thus, despite global market volatility following sovereign debt concerns in europe and uncertainties regarding the depth and breadth of the global economic recovery, the spillovers on our domestic financial markets have been limited. with continued improvements in domestic economic conditions and a broadly favorable global outlook, we foresee a firmer growth path for the philippine economy in 2010. inflation is expected to stay within the target range of 3. 5 to 5. 5 percent for 2010. the outlook for the bop position and the gir level continues to be favorable, with the current account projected to remain in surplus. while we expect the economy to continue to perform strongly, we remain conscious of the risks and challenges that lie ahead. first is the multispeed recovery across the globe. growth in emerging countries is outpacing growth in advanced economies. given global interdependencies and linkages, this could result in sub - par global growth over the medium term. second, the potential heavy inflow of capital into the country, as risk appetites perk up, can lead to liquidity management problems which could pose inflationary risks. third, the rebound of the global economy could create upward pressures on commodity prices and fan inflation. the bsp ’ s responses to these challenges are, as always, founded on its primary mandate of promoting monetary and financial stability. in particular, our focus in the area of monetary policy will be on addressing the risks to price stability and re - examining policy settings when warranted. on the external front, our priority is to promote policies that will help shield the economy against adverse shocks. on the financial sector, the bsp will endeavor to maintain a well - functioning banking system that will efficiently mobilize funds and channel them to productive uses. the bsp ’ s policy commitments, going forward, are supportive of the government ’ s agenda of creating an enabling environment for durable, sustainable and inclusive growth and broadbased development, including through the pursuit of far - reaching and meaningful structural reforms and disciplined macroeconomic policies. ladies and gentlemen, the fundamental strengths of the philippine economy, which saw us through a tough period, provide a huge opportunity for us to consolidate the gains we have achieved thus far and allow us to create an environment that will propel the economy forward. the bsp, together with the other government agencies, are firmly committed to continue pursuing sound macroeconomic management and structural reforms to address the challenges ahead. to this end, let us be guided by our shared
are terribly out of shape. you are simply overweight. the question that may begin to exercise your mind is, how did i become so out of shape? you may get an answer by looking at your eating habits ; how often you visit the fast food outlet, how often you over eat. this would induce you to do something about it. you may, for instance, decide to cut your weight down by 20 lbs over a six month period. similarly, you may get an idea of how your finances got terribly out of shape by compiling a personal cash flow statement, keeping track of how you spend your money over a given period and on what you spend it. this will involve listing your income ( over say one month ), and all your expenses over the same period. by subtracting your expenses from your income, you obtain your personal net cash flow position. if your net cash flow turns out to be negative, that should give you an idea of why your finances are in shambles. then just as you set a goal of cutting your weight by 20 lbs over six months, you may wish to start your journey to financial fitness by setting up goals to give directions to your financial life. your first goal might be a decision to bring your cash flow statement into balance over a three - month period. another goal could be to save $ 500 out of your income over a period of one year. it is not uncommon to have several goals, some short - term, and some long - term. having determined your financial goals, the next step is to craft a plan which will detail how you will accomplish the goal. it means basically spending less than you make, which suggests reducing unnecessary expenses or finding an evening job to increase your income. in all this, it is always helpful to be able to identify what you need from what you want. as anybody who sets out to lose excess body weight would tell you, it is a painful exercise that requires a great deal of discipline but you need to stick to your plan. it may be necessary to revisit and re - examine your plan and monitor your progress from time to time. if it looks like you will not achieve your goal, you can either alter your plan or adjust your goal. as your savings grow, your sense of well - being and peace of mind grows. you may then start looking at alternative ways of investing your savings. you are on your way to achieving financial fitness. finally, i wish to commend cartac

for initiating this programme on financial fitness for you young students. like cartac, i am of the view that instilling the basics of managing your money wisely from an early age will serve you well in your adult life. and as i intimated throughout my presentation, looking after your financial health is equally as critical as taking care of your physical health. the power to do both resides with you, even as young people. i thank you for your attention.
i ’ d be happy to avoid answering any questions you might have. “ the world economy : central bankers to the rescue? ” the economist, aug. 13, 2011. bis central bankers ’ speeches

richard w fisher : remarks upon acceptance of the mexican order of the aztec eagle remarks by mr richard w fisher, president and chief executive officer of the federal reserve bank of dallas, upon acceptance of the mexican order of the aztec eagle, mexico city, 17 february 2015. * * * the views expressed by the author do not necessarily reflect official positions of the federal reserve system. my relationship with mexico has been a lifetime affair. it starts with a little boy who walked every morning in his gray flannel shorts and white shirt, a green leather satchel strapped to his back, from his home on calle monte tauro to the maud crocker school. along the way, tortilleras would treat him to heavily buttered and salted handmade tortillas that, by the time he arrived at school, would leave stains on his shirt, incurring the wrath of his maestras. those maestras taught him math so well, it formed the basis for his career as an investor and banker. and despite the punishment they meted out for the butter - stained shirts, to this day whenever he goes to a mexican restaurant in texas, he always asks first for a tortilla that he covers in butter and salt. his granddaughters call them “ baba ’ s tacos. ” over a halfcentury later, they carry on a treasured tradition that started here on the streets of d. f. it starts with a boy being taught the history of the olmecs, mayans, toltecs and aztecs ; of the grito de dolores of don miguel hidalgo – the real “ zorro ” ; and of la reforma of don benito juarez. it starts with a boy who spent saturdays at las charreadas, cruised the then - clean waters of xochimilco, water skied on lake tequesquitengo, and whose mother took him on sundays to la villa to the basilica of our lady of guadalupe. it starts with a boy laughing at cantinflas and weeping for marcelino pan y vino. it starts with a boy playing little league baseball for los tigres and later, los leones, coached by a man named norman borlaug. on weekends, mr. borlaug would take that wideeyed boy on tractor rides through corn and wheat fields, where at the end of the day they would eat paletas while the coach analyzed samples from the fields. those samples
effective crisis management. i am going to give you some examples of what i see as good crisis management, but i will also show the detrimental outcome that may result when these core principles are violated. in addition, i will also touch upon how regulation may facilitate – but sometimes also hinder – the application of these crisis management principles. one of the lessons i have learnt is that resolving a financial crisis takes time. it is a messy process and it costs a lot of money. therefore, to handle a crisis effectively and minimise its detrimental effects on the overall economy, you need to stick to three basic principles : firstly, cooperate ; secondly, act swiftly ; and thirdly, be economically savvy. this holds true regardless of what caused the crisis, and regardless of the solution. let me explain to you in more detail, starting with the first principle. principle 1 : cooperate without cooperation between central banks, supervisory authorities and finance ministries, there is no such thing as effective crisis management. there are several examples of situations in which inadequate or failed cooperation has resulted in a deepened and prolonged crisis. in fact, we recently experienced such a cooperation failure in my country, with the situation concerning swedish banks operating in the baltic countries. we, at the central bank, saw the build up of risk as problematic and believed that remedial measures should be applied. we also pointed to these problems in our financial stability report. in retrospect, we should have been clearer, especially regarding the potential consequences of these problems. but more importantly, we failed to reach agreement on this with the authorities in the baltic countries and with our own swedish supervisory authority ( as you may know, we have a separate supervisory authority – in contrast to spain, where supervision is undertaken under the umbrella of the central bank ). i am not pointing a finger at any particular authority in any particular country – let me be clear about that. but i firmly believe that if we had cooperated better, our countries would probably not have been as severely affected by the global repercussions of the credit crunch. to avoid this kind of cooperation failure, you need a clear division of roles and responsibilities. you need to share information and coordinate your actions. and to manage a crisis effectively, you need to be prepared. this requires planning ahead. by establishing, in normal times, what is usually referred to as a domestic standing group – bringing together the supervisory authority, the central bank, the finance ministry and perhaps certain other relevant authorities – you

, which you have endorsed. it is now up to you to make it happen. the ecb will play its role in supporting europe's longer - term sustainable growth by fulfilling its mandate of price stability. thank you for your attention. i now look forward to your questions. 3 / 4 bis - central bankers'speeches 1 european commission ( 2024 ), standard eurobarometer 102 - autumn 2024. 4 / 4 bis - central bankers'speeches