samchain/econo-pairs-v2 huggingface dataset:
##hip, and notably your commitment in driving and modernizing the financial sector in the region over the last 8 years of my term. let me conclude by once again, thanking the bank of tanzania for the warm welcome and hospitality. with these few remarks, i look forward to fruitful engagement in discharging our mandate in this meeting. thank you. bis central bankers ’ speeches

to this project and we expect that all banks will also commit to implementing all the agreed milestones. credit information sharing offers kenya an opportunity to promote access to affordable credit to more kenyans because information lowers the risk premium and search costs. there is indeed a clear and direct linkage between access to credit and economic development. allow me to highlight four key benefits that the central bank sees accruing from this initiative. first, credit information sharing will facilitate the development of information capital. the risk premium associated with information asymmetry and search costs will decline. second, information capital will change the current collateral technology. credit by the banking sector in kenya has to a large extent been underwritten by physical collateral such as land. borrowers without access to such collateral have been constrained in accessing credit. credit information sharing will enable borrowers build a track record that can be used in accessing credit. this will be especially pertinent to those borrowers in the informal and small and medium enterprises ( smes ) who have a track record and good performance to use it to access credit. the sme sector is very important to the industrial development of this country and the vision 2030. ladies and gentlemen : the third benefit is to enhance information symmetry and support financial development. the existing state of information asymmetry between borrowers and banks is a constraint to innovation. two important outcomes in information asymmetry : moral hazard problems from the borrowers and adverse selection from the banks. these two problems could punish the economy with low provision of credit. we have also seen that there is adverse selection among banks as well. fourth, in a segmented market like ours, some segments remain untapped because banks do not have adequate information to price suitable products. in part this has also contributed to the high cost of credit. borrowers have had to bear a “ risk premium ” because of this lack of information. it is therefore the central bank ’ s expectation that savings arising from the increased credit information shall translate to lower cost of credit. in turn, more kenyans will be able to access credit from banks. the current level of interest rates is a combination of costs ( like information search costs ), risk premium and of course banks ’ profit margin. high interest rates also give rise to default risks. the risk premium and search costs can be minimized by information symmetry and reduce non - performing loans. as you will recall the kenyan banking sector was saddled with a huge non performing loan portfolio in the
operations in 2020, with updates where appropriate. 3 / 3 bis central bankers'speeches

vision 2036 aspirations. therefore, while covid - 19 pandemic may, potentially, have damaged the country ’ s productive capacity in sectors such as, for example, tourism and related hospitality industries, there is limited window of opportunity to build economic resilience underpinned by embracing of innovation and technology upgrade ; entrenchment of policy and institutional arrangements necessary for durable welfare enhancements and improvements in livelihoods. i will shortly sketch out elements of this in my remarks, while my colleagues will, in their presentations, address the details. we have three presentations this morning, namely, the highlights of the bank ’ s financial position and performance in 2020 and updates, where relevant by chief financial officer, mr daniel loeto. mr loeto will indicate that the bank recorded net income of p8. 8 billion in 2020, of which p2. 9 billion was net distributable income paid to government. this will be followed by a review of performance and outlook for the foreign exchange reserves by director of financial markets department, mr lesego castor moseki. mr moseki will show that notwithstanding the near collapse of commodity prices in 2020 ( notably diamonds ) as well as net capital outflows, the country relied on accumulated government savings and relatively strong external position to 1 / 3 bis central bankers'speeches supply the economy with foreign exchange. while the country is exploring external borrowing as one of the options for financing the “ twin deficits ”, that is trade and fiscal deficits, it is doing so in an orderly and coordinated manner, in the context of a prudent and sound debt management strategy. the third presentation by dr lesedi says senatla, director, research and financial stability department will review economic developments in 2020 and provide relevant updates under the theme topic, “ the impact of covid - 19 pandemic on botswana economy, policy responses and opportunities ”. admittedly, it is early days to provide conclusive empirical evidence on the extent of the damage done by covid - 19 pandemic and the necessary containment measures on the economy and society in general given the continuing uncertainty and paucity of data in some areas. aligned to the key lessons that you will hear from the presentations by my colleagues, allow me to rehash and reinforce some of the key messages from the previous economic briefings. i believe that these should continue to underpin the thought processes around policy and institutional reforms as well as economic transformation ; as recently announced
an empirical exploration. the quarterly journal of economics, 118 ( 4 ) : 1279 – 1333. 7 d acemoglu & p restrepo ( 2016 ), the race between machine and man : implications of technology for growth, factor shares and employment. nber working paper no. 22252. 6 / 6 bis central bankers'speeches

our security and our welfare ; because that would mean ignoring the fact that the current approach has also led to many people in our societies losing out. if we do not take the 5 / 6 bis central bankers'speeches needs of such people seriously, we will undermine the social fabric of our global village and our local villages – and that is how social cohesion is weakened and populism is fuelled. thank you very much for your attention. 1 european central bank ( 2017 ), assessing labour market slack. ecb economic bulletin, 2017 ( 3 ) : 31 – 35. 2 wf stolper & pa samuelson ( 1941 ), protection and real wages. the review of economic studies, 9 ( 1 ) : 58 – 73. 3 see, for example, for the us : dh autor, d dorn & gh hanson ( 2013 ), the china syndrome : local labor market effects of import competition in the united states. the american economic review, 103 ( 6 ) : 2121 – 2168 ; jr pierce & pk schott ( 2016 ), the surprisingly swift decline of us manufacturing employment. american economic review, 106 ( 7 ) : 1632 – 62. 4 see, for example, d autor et al ( 2016 ), importing political polarization? the electoral consequences of rising trade exposure. nber working paper no. 22637 ; for germany : c dippel, r gold & s heblich ( 2015 ), globalization and its ( dis - ) content : trade shocks and voting behaviour. nber working paper no. 21812. 5 m arntz, t gregory & u zierahn ( 2016 ), the risk of automation for jobs in oecd countries. oecd social, employment and migration working papers, no. 189, oecd ; world bank ( 2016 ), world development report 2016 : digital dividends. 6 g michaels, anatraj & j van reenen ( 2014 ), has ict polarized skill demand? evidence from eleven countries over twenty - five years. review of economics and statistics, 96 ( 1 ) : 60 – 77 ; m goos & a manning ( 2007 ), lousy and lovely jobs : the rising polarization of work in britain. the review of economics and statistics, 89 ( 1 ) : 118 – 133 ; dh autor, f levy & rj murnane ( 2003 ), the skill content of recent technological change :
, behind us is the year in which, owing to efficient coordination of monetary, fiscal, microprudential and macroprudential policy, macroeconomic stability of the country has been preserved and the resilience of the domestic financial system strengthened. the national bank of serbia will remain committed to longterm stability of our financial system, in the general interest of all participants, this being a precondition for long - term sustainability of economic growth. thank you for your attention. i now give the floor to vice governor diana dragutinovic.

compared with the countries with flexible regimes. the macroeconomic and financial developments in the cee countries are puzzling in the sense that they are neither in line with economic theory, and nor do they reflect the empirical findings that are usually observed in other catching - up economies, including the cohesion countries in the 1990s. ” as far as the recent use of policies is concerned, he pointed out four of them, namely fiscal policy, structural policy, supervisory and prudential policy and, last, but not least, monetary and the exchange rate policy. as far as monetary and exchange rate policies are concerned, he stated the following : “ the ultimate question for a country is which monetary policy and exchange rate regime is best suited to ensuring a fast and stable convergence process. let me stress at this point that the relevant question to discuss is not a general discourse about the pros and cons of fixed versus flexible exchange rates – we should not try to apply this more academic debate to the central and eastern european countries as a whole. in the same vein, i also do not buy the opposing argument that i hear from time to time, namely that rushing into the euro would solve all the problems experienced by the central and eastern european countries. rather, the relevant question to ask is whether any exchange rate system is better suited for a country to cope with the country - specific challenges arising from real convergence. obviously, this can only be assessed on a country - by - country basis. ” of course, i am pointing this out for a very good reason. serbia operates with a ) a floating exchange rate – for some people even too much “ floating ” and b ) an active monetary policy – for some even “ overly active ” or better to say, too expensive, which is in my view a very relative term. despite daily criticism of monetary policy costs and uncertainties regarding exchange rate developments, we will remain firm in our commitment because we know that our way is the right one in the medium and long run! needless to say, it feels good to get confirmation from abroad, specifically from the ecb, that we are on the right track. at no time in the history of serbia and yugoslavia was the exchange rate floating more freely than it is today. direct involvement of the central bank is limited to a daily calculation of the medium exchange rate based exclusively on transactions among commercial banks. this is how we have been calculating the exchange rate day - by - day since march this year, and the last time the
liquidity and capitalization level. in spite of the expansion of risks spectrum and a more difficult year for extension of the banking activity, the financial system and the banking sector will remain stable.

portfolio of albanian government for lek 2. 3 billion or 30 percent less in comparison to the plan. this reduction constitutes 100 percent of the dropping of total income from operations. under the conditions of almost the same level of operative expenses, compared to the previous year, the net profit of the bank of albania over 2004 resulted to lek 5. 5 billion or lek 2. 4 billion less than in 2003. * * * * * * * honored deputies! allow me to emphasize once more the willingness of the institution i govern for meeting all the obligations deriving from the constitution of the republic of albania and from the law “ on the bank of albania ”. this will be achieved through further perfecting the framework of monetary policy and monetary operations and simultaneously through deepening our knowledge in terms of functioning and causative inter - dependence characterizing the albanian economy. i believe that year 2005 will be a successful year in terms of research, particularly in increasing the forecasting power on inflationary developments and in improving the bank of albania governance. i would like to cite that adaptation of inflation targeting regime remains our political aspiration, a fact that makes us be seriously committed to prudentially follow the relevant pre - conditions. for this purpose, we will continue the relevant theses we need for finding understanding and proper support of the assembly and other state institutions. i would like to ensure the assembly of albania that our recent steps and expected ones take into account even our national aspiration for a faster integration into the european union. we have already understood that no genuine integration can exist without financial integration. the country needs more income, more political stability, more social and cultural integration, but as much important is the financial integration as well. from this viewpoint, i think that the role of the institution i govern, the role of the banking system and of the financial sector is primary and we have many challenges ahead of us. strengthening of the country ’ s financial stability, enhancement of effectiveness of monetary policy and other economic policies, financial market flexibility, increase of geographical coverage of the country with banking business and financial intermediation rise are indispensable conditions for a real integration of the country with the developed part of the european continent.
financial accounts regulation bill, which aims to regulate the use of bank accounts and e - wallets in online transactions to address proliferation of cybercrimes. this is also pending in the senate committee on banks. finally, let me highlight key points of my presentation. the country is on the road to full economic recovery ; banks continue to be in a position of strength to support economic recovery ; the pandemic has helped accelerate the sustainability agenda and digitalization of the financial system ; and, amid all the challenges and uncertainties, the bsp remains committed to provide a conducive environment for digital innovation and sustainability.

and inclusive protection landscape into reality. once again, i look forward to seeing aii drive the insurance and takaful sector to greater heights. thank you. 5 / 5 bis - central bankers'speeches
year ’ s candidates all the very best and now take much pleasure in inviting our sponsors to say a few words. thank you. bis central bankers ’ speeches

have made constant efforts to attract academy and intellectuals in the discussion of our works. the bank of albania has introduced the “ series of friday seminars ”, as an infrastructure to promote this debate. twice a month this forum invites the interested persons within and outside the bank of albania to discuss their research on topics of economic nature. the activity is as much open for home and foreign researchers from the academy and business as it is open for the bank of albania employees. in this point, i should emphasize that we expect and encourage more interest by home and foreign academics for this series of seminars. i invite the academy and all the researchers to consider this invitation as a repeated one and become more and more active in discussing the strategies and development of economic policies. the bank of albania is entirely open and invites all the stakeholders to boost this cooperation. today ’ s workshop represents in itself a concrete example of interest for cooperation between the parties and of our aim to boost it further. moreover, distinguished personalities from the finance and the academia have been present in various lectures, workshops or conferences. i am personally involved in this open discussion through a cycle of lectures held in the albanian universities and in eminent and prestigious european universities. young economists who represent the future and a key basis of human capacities should be also encouraged to do economic research. we aim at establishing a culture of research and of a supportive structure with new elements that do have not only the desire but also the necessary knowledge to study the economic phenomenon. to this purpose, the bank of albania organizes annually the governor ’ s award for the best diploma, which encourages the students of economics to carry out economic research, mainly focused on the areas of a central bank ’ s activity. in conclusion, i encourage you to consider the benefits deriving from the useful critics and recommendations during this workshop. i also hope that your participation in this workshop results useful, in terms of exchanging the know - how on various issues and in particular, on the ethics and econometrical techniques. it is with pleasure that i declare this workshop open and i invite you to deepen our knowledge! thank you!
future is not a place we go to, it is a place we create. the paths are not to be found, but made. ", therefore let us create the future we want as a nation, by doing all that we can do, as far as humanly possible. i thank you. 4 / 4 bis - central bankers'speeches

johannes! gawaxab : maximising economic growth from renewable and non - renewable energy sources in namibia remarks by mr johannes! gawaxab, governor of the bank of namibia, at the bank of namibia's 23rd annual symposium, windhoek, 3 november 2022. * * * director of ceremonies honourable tom alweendo, minister of mines and energy, honourable ministers and deputy ministers present, members of parliament, members of the diplomatic corps, executive directors of government offices / ministries and agencies, deputy governors and board members of the bank of namibia, distinguished speakers, distinguished panelists, captains of industry, members of the media, all invited guests, ladies and gentlemen, good morning! 1. it is my profound honour to welcome you to the bank of namibia's 23rd annual symposium. i wish to express my gratitude and appreciation to our invited guests and discussants for availing time to be with us on this occasion and share their views and knowledge on this important topic, which is maximising economic growth from renewable and non - renewable energy sources in namibia. 2. the annual symposium of the bank of namibia aims to contribute to namibia's development and economic policy discourse. annually, the bank identifies a vital development and economic issue facing namibia, to which this dialogue can contribute evidence - based solutions. the annual symposium is, therefore, a forum designed to bring together policy experts, academics, and economic development stakeholders to discuss the economic and policy issues on the identified topic. and as such, the bank felt the need to get ahead of namibia's recent discoveries ( the oil and gas discoveries and the green hydrogen initiatives ) so that we can get the policy issues right from the onset. my hope for this symposium is that we can contribute to the crafting of policies and recommendations that will allow the country to exploit the benefits of renewable and non - renewable energy and review possible options for the country to ensure appropriate equitable participation of namibians in these opportunities, now and beyond. 3. through appropriate management and allocation of oil, gas, and green hydrogen revenues, our country can promote economic diversification and thus build the basis for higher and stable growth. the critical challenge for us is to harness the oil, gas, and green hydrogen resources by making the right strategic 1 / 4 bis - central bankers'speeches choices and synchronizing their implementation in a context that improves the lives of the poor through increased investment in health, education, physical infrastructure, and other non - oil sectors
states and europe. we would have to say as well that supervision was found wanting. once the crisis hit, the complexity of operations across borders then greatly complicated efforts by policymakers to address the resulting problems. the financial system in this time zone, in contrast, has come through this episode in much better shape. thanks partly to the painful lessons of the asian crisis and other episodes, banks had generally stronger capital positions and higher lending standards, while supervisors had also done their job in the years prior to 2007. moreover, several banking systems in the region are among the earliest adopters of the new, tougher, basel standards. it goes without saying that we want this prudence to continue. but unlike the case in some other countries, the financial sector in the region is well placed to play its role in supporting the sustainable growth of economic activity and trade. it is noteworthy that as european banks sought to pull back from some activities in the region, including trade finance, banks from within the region have stepped up. so this is a point for confidence. this is not to say that there are no sources of vulnerability. in particular, concern has been expressed about the risks that may be growing in the “ shadow banking ” system in china. in recent years, an increasing share of financing in china has been provided by non - bank entities and through banks ’ off - balance sheet activities. in no small part, this growth in shadow banking reflects restrictions on both the quantity of bank credit, and controls on loan and deposit rates. such restrictions lead to demand for credit exceeding the formal banking sector ’ s ability to supply it, and also provide an incentive for savers to seek alternatives to low - yielding bank deposits. the chinese authorities have introduced a number of measures to mitigate the risks, and many types of shadow banking activities in china are now subject to some regulatory oversight. hopefully, this will lead to a stable outcome. but china ’ s experience is one that others have had at various times : as long as there are incentives to by - pass the formal banking sector, the shadow banking system may keep on growing together with the risks. more generally the risks associated with prolonged low interest rates globally are very much on the minds of policymakers right around the region, and will be for a while, i would think. turning to the second and third on the list of desirable attributes for finance, namely efficiency and integration, it may be that these will naturally go together. an efficient financial system intermediates savings at

. today, we share it together – for we all are in the same boat. one of the oars is in the hands of the regulator and the other is in the hands of the market participants. let ’ s row in the same direction, so that we all move forward with confidence and success. thank you. i wish you all a fruitful conference.