samchain/econo-pairs-v2 huggingface dataset:
was desirable and has been excellent. ” are concrete results to be expected from the g20 in toronto with regard to the future financial system? will you be discussing a bank tax, banks ’ capital or rating agencies? “ these are all important elements. we had a good preparatory meeting in korea, at the level of ministers and governors. i am confident that we are on the right track, knowing that a number of important decisions are to be taken at the g20 meeting in november this year. ” mr president, your mandate is coming to an end. governor mario draghi is one of the candidates to succeed you. what kind of profile will your successor need? “ i have a very heavy responsibility, with all my colleagues of the executive board and of the governing council. and my mandate expires in one year and four months. that is a long and demanding period of time. it is premature for me to comment on my possible successor. ”

how this facility operates in the euro area. it is my perception that there are no specific issues relating to the provision of ela which need to be addressed at the eu level. third, as regards deposit insurance, which is an important component of the financial safety net, the ecb supports the initiative of the commission to review the existing deposit guarantee directive to ascertain whether greater convergence of national schemes is desirable from the perspective of both financial integration and financial stability. the main areas of this review appear to be the reduction of national differences, which may become particularly relevant in the case of cross - border banking, and the pursuit of formal cooperation between the different national schemes. let me conclude by underlining once again the broad support for the key orientations put forward in the green paper and by thanking the commission for its close and transparent cooperation with all interested parties during the process. 4 / 4
american economic review, american economic association, vol. 102 ( 2 ), pp. 1029 – 61 stiglitz, j. and weiss, a. ( 1981 ) : credit rationing in markets with imperfect information, the american economic review, vol. 71, no. 3, pp. 393 – 410. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

##f, raghu returned to the university of chicago. in 2012, he went back to india to serve briefly as chief economic advisor to the finance minister. in 2013, he was appointed as governor of the reserve bank of india ( rbi ), and in 2015 as vicechairman of the board of directors at the bank for international settlements. with hindsight, raghu himself acknowledged that putting an academic in the governor ’ s job at the rbi was ‘ like letting a kid loose in a candy shop! ’. which is not to say that the job was always easy or enjoyable. when he joined the rbi, inflation was at double - digit levels, the rupee was in free fall, capital was fleeing, and growth was weak. raghu did not waste any time. in september 2013, on his very first day in office, he gave a press conference outlining a number of planned reforms. investors and markets were soon convinced that the rbi would follow a stability - oriented monetary policy. however, there were also occasions when raghu ’ s comments had surprising consequences. for instance, during a press conference in 2015, when asked whether he was dovish like janet yellen or hawkish like paul volcker, he replied ‘ my name is raghuram rajan and i do what i do ’. of course, the next day this james bond - ish remark made headlines in the financial press. when his three - year tenure ended, inflation was near the five percent inflation target, thereby improving conditions for ordinary citizens. interest paid by the government had been reduced and bonds with maturities up to forty years were being issued for the first time. the value of page 3 / 4 the rupee had stabilised, foreign exchange reserves were at a record high, and india was the world ’ s fastest growing major economy. the three pillars of society let me finish by saying a few words about one of raghu ’ s latest publications. next to an impressive list of about 90 peer - reviewed papers on specific economic and financial topics, raghu has also written four books with a broader perspective. in his book, the third pillar : how markets and the state leave the community behind, which was published this year, raghu emphasises that society is supported by three pillars : the state, markets and the community. society can prosper if it achieves the right balance between the three pillars. raghu argues that today, these pillars are seriously out of balance. while states and markets have
prices on the other hand. we have every reason to believe that they are going to gradually fade over the course of 2022. i ’ m happy to discuss further, but there might be other questions on these particular matters. we did talk a lot about those, and we did a lot of soul - searching to actually test our analysis, and we are confident that this analysis of the temporality of those two categories is actually correct, and will lead to a decline over the course of ‘ 22. now, granted, it will take a little longer than what we had expected, and the bottlenecks will gradually be sorted out, but it will take a bit longer. on the energy front, we also believe that it ’ s in the course of ‘ 22 that we will see a decline in – at least a stabilisation, if not a decline of energy prices. so that was predominantly what we discussed with members of the governing council this morning and yesterday. we also, obviously, looked at the financial conditions that prevail at the moment in order to arrive at our 3 / 4 bis central bankers'speeches monetary policy decisions, but inflation took a lot of our time, and it takes quite a bit of the space of the monetary policy statement that you have in front of you. i would, by the way, add that our analysis certainly does not support that the conditions of our forward guidance are satisfied at the time of lift - off, as expected by markets, nor any time soon thereafter. so you asked me about this market expectations regarding lift - offs, and we look at all of that, but we really very deeply looked and tested our analysis of the drivers of inflation, and we are confident that our anticipation and our analysis is actually correct. president lagarde, you and many of your colleagues have pushed back against the idea that you need to tighten policy in response to the inflation spike that we ’ re seeing, but many of your global counterparts have in fact started doing so. so could you explain in what ways the eurozone ’ s underlying inflation dynamics are fundamentally different to those that we see in other advanced economies, or do you think that other central banks might be overreacting to the rise in prices? secondly, on the pepp pace, you decided in september to slow your pepp purchases to a moderate slower pace in the fourth quarter, but we haven ’ t actually seen that in any of the weekly data so far this month. so does this have

meeting of the central bank research association on 29 august. 3. non - general collateral ( non - gc ) refers to specific securities that are subject to particularly high demand in the repo market compared to similar securities ( general collateral, gc ). due to the high demand for these securities potential buyers in the repo market tend to offer a lower rate for cash in exchange, so that non - gc repo rates are usually below gc repo rates. 4. also in the united states and the united kingdom, the spread between overnight unsecured rates and collateral - driven repo transactions ( non - gc ) and short - term bill rates has widened since the start of the hiking cycle.
cpi inflation would likely fall below core inflation in 2004. however, there are significant risks to this economic outlook. these risks relate to the timing and magnitude of global demand, price, and exchange rate adjustments to economic imbalances. in particular, there is uncertainty both about the likely changes in key global exchange rates and their effect on the canadian economy. there is also uncertainty about the sustainability of u. s. growth beyond mid - 2004. we continue to assess the implications of all these developments - both past and future - for output and inflation in canada, and what this means for monetary policy.

david dodge : economic and financial trends in canada opening statement by mr david dodge, governor of the bank of canada, at a press conference following the release of the monetary policy report, ottawa, 22 october 2003. * * * today, we released our october monetary policy report. the report reviews economic and financial trends in the context of canadaa€™s inflation - control strategy. since our april report, the canadian economy has been hit by a number of unusual shocks : sars, bse, the ontario electricity blackout, and the severe forest fires in british columbia. inflation has also fallen faster and further than expected. this drop in core inflation reflected several unforeseen developments. these included a broad - based weakness in the prices of goods, substantial reductions in the prices of tourism - related services because of sars, and a slightly faster easing of pressures from auto insurance premiums. the substantial fall in the value of the u. s. dollar added to the weakness in goods prices. we now estimate that there is more slack in the economy than was projected in april. the prospects for near - term growth in the global economy have improved since april, and geopolitical uncertainty has continued to decrease. the near - term outlook for the u. s. economy is much improved. the economy in the euro area is still weak, but prospects for asia look bright, led by china and india. the japanese economy is performing better than anticipated. we expect growth in the canadian economy to strengthen during the fourth quarter and through 2004. on balance, the expansion should be above the rate of potential growth, relying primarily on solid household spending and increased business investment. stronger growth abroad should boost foreign demand for canadian products, but this will be dampened by the higher value of the canadian dollar. growth is expected to average a little over 3 per cent in the second half of 2003 and 3 1 / 4 per cent in 2004. with growth above potential, the slack in the economy should be absorbed by early 2005. we expect core inflation to average just over 1. 5 per cent for the rest of 2003, and to fall to just above 1 per cent in early 2004, as the effects of earlier increases in auto insurance premiums dissipate. core inflation should return to 2 per cent by mid - 2005, as economic slack is taken up. total cpi inflation will continue to be importantly affected by swings in the price of crude oil. if prices ease to us $ 27 per barrel next year, total
let ’ s use it. thank you for your attention. 1 here we are seeing a continuation of a long - term trend, as the past few years had already shown a clear decline. in the past 20 years, the number of german credit institutions has dropped from over 3, 000 to considerably fewer than 2, 000. this decline has primarily been among smaller savings banks and cooperative banks, with savings banks falling by one - third from more than 600 to around 400. 6 / 6 bis central bankers'speeches

is already fading from collective memory. given the deceptive tranquillity in the financial markets, we are at risk of forgetting what the crisis has taught us about public finances. but that would have dire consequences. as i emphasised in my opening remarks yesterday, the markets do anticipate that reforms will be finalised and that public budgets will be consolidated. thus, any doubts over the sustainability of public finances can send huge shockwaves across the euro area. in addition, mountains of private and public debt block the way towards sustainable economic growth. and on a side note : at this stage of integration in the euro area, euro - bonds would not be the right path to choose as they would weaken the incentives for prudent fiscal policy. nevertheless, to me, the recent debate about the stability and growth pact shows something else. it seems that there is an expectation that, in the end, monetary policy will provide the bis central bankers ’ speeches ultimate backstop. this expectation, however, is dangerous and cannot be the guideline for policy action – or rather inaction. monetary policy certainly helped prevent the crisis from escalating. still, there is one thing we should be clear about : monetary policy cannot solve the underlying causes of the crisis. it can only buy time. and it is up to national governments to use that time to dig out the root causes of the crisis. failing to do so will push us back into dangerous territory. we must not let that happen. 4. conclusion ladies and gentlemen i have presented what i consider to be good news. the german economy is gaining in strength and the euro area has embarked on the path to recovery. nevertheless, we should keep in mind, what the irish horse racing jockey tony mccoy said : “ there is no place for arrogance or complacency in racing because you are up there one minute and on your backside the next ”. keeping up economically is certainly a race and we should avoid the risk of landing on our backside. thus, my warning : beware complacency. as a final point, let me emphasise that i have very much enjoyed attending this seminar. it has certainly helped strengthen the ties between the central bank of the republic of turkey and the deutsche bundesbank. personally, i am looking forward to more visits next year when turkey assumes the g20 presidency. thank you very much. bis central bankers ’ speeches
the commercial banks and the bank of papua new guinea. thank you bis central bankers ’ speeches

loi m bakani : transforming papua new guinea ’ s banking system speech by mr loi m bakani, governor of the bank of papua new guinea, on the presentation of the spectrum licence, port moresby, 5 july 2013. * * * good morning and welcome to this ceremony for the signing of the agreement between nicta and the bank of papua new guinea for bpng ’ s wireless spectrum licence. this is a significant milestone for the bank of papua new guinea and indeed all of the banking system in png. it represents a step in our country ’ s transition to a twenty first century banking system using the latest technology. the implementation of electronic inter - bank funds transfer and real time gross settlement is a major step forward for our country and will bring many advantages to all sectors of the economy. it will not only reduce systemic risk within the banking system but it will also streamline the funds transfer process making it more reliable and efficient. by way of example, importers will soon be able to transfer payments to customs in real time and thereby uplift their cargo from the wharves much more quickly than is currently the case. tax payments will be able to be made electronically which will not only increase efficiency but reduce fraud. government employees will also benefit by being paid through a more streamlined process by the department of finance. most importantly, the introduction of a state of the art banking system represents a fundamental step in facilitating png ’ s transition to a modern, efficient economy. through this initiative, bpng and the commercial banks are transforming png ’ s banking system to the equivalent of that of already developed nations such as australia, new zealand and singapore. the new system will facilitate greater use of electronic banking and reduce fraud and by improving electronic payment facilities, there will be a reduction in the amount of time people wait in queues. to support the new systems, all the banks, and especially the bank of papua new guinea are enhancing their internal it systems, procedures and processes. the implementation of the wireless network is a crucial component that will ensure that the banking communications network is failsafe. the wireless network will provide the communications vehicle should the fibre network fail. thus the granting of the bank ’ s spectrum licence is yet another significant milestone on realising our vision of transforming png ’ s banking system to the equivalent of that found in the most developed of countries. i would like to thank all of the stakeholders involved in making this happen, including nicta, hitron,
our communications with firms, including being more timely and clearer in our feedback ; • improve collaboration with home and other host supervisors ; and, • make supervisory colleges more effective, by promoting more robust discussions and more direct feedback to firms. thank you for your attention today. i look forward to continuing to work with you on these issues as we seek to enhance our supervisory programs. bis central bankers ’ speeches

the central bank target, with a limited impact on economic activity. however, we may observe that, after a substantial hit to their purchasing power, such as the one generated by the extreme hike in energy prices, wage earners may first attempt to catch up with the increase in the overall consumer price level. this would reflect both the direct and the indirect effects of the energy shock, the former on the cost of energy ‑ related goods and services purchased by households, the second resulting from the pass - through of higher energy costs, first to the producer and then to the retail prices of other goods and services in the consumer price basket. in such a situation, the organisation and results of the bargaining process between labour and firms will clearly be crucial. in several countries in the 1970s and 1980s, formal and de facto mechanisms of price indexation were at work. this helped to propagate inflation shocks over time, calling for very restrictive monetary policy measures. as i was, at the time, involved in econometric modelling at the bank of italy, paying special attention to the effects of price indexation and inflation expectations, i would just like to recall the main results of our investigations. basically, changes in unemployment appeared to have a significant, even if not exceptional, impact on nominal wages, though a permanent trade - off between unemployment and wage inflation was ruled out by the data. expected inflation only influenced wage changes in the short term, but wages caught up quite rapidly with respect to previous errors in anticipating inflation. eventually, all that mattered were past actual price changes. as this took place with rather short lags and with producer prices marking up on unit labour costs – while reflecting the pass - through of the increase in the prices of imported production inputs due to negative supply shocks and exchange rate depreciations – a prolonged wage - price spiral was a rather obvious consequence, calling for a strong and, at times intricate, monetary policy reaction. 16 see, for example, blanchard, cerutti and summers ( 2015 ), blanchard ( 2016 ), hazell et al. ( 2022 ) and leduc and wilson ( 2017 ). see, among others, del negro et al. ( 2020 ) and ratner and sim ( 2022 ). for the case of italy, some recent empirical studies points to either increased strategic complementarity in price setting, due in turn to higher sensitivity of demand elasticity to prices ( riggi and santoro, 2015 ) or to the weakening of workers ’
picking up, with most measures now running around 3 percent on an annual basis. and, for the past couple of years, wage gains have been notably faster for lower - income workers. 2aggregate wage gains are broadly in line with productivity growth and our 2 percent inflation objective, and they are consistent with a labor market that is operating in the vicinity of full employment. they are not, at present, a source of upward, cost - push pressure on price inflation. with regard to labor supply, we have had a pickup in labor force participation among prime - age workers ( those 25 to 54 years old ) that is, at least for now, boosting the supply side of the economy. the participation rate of prime - age workers has risen about 1 - 1 / 2 percentage points over the past few years. and participation in the job market may still have some further room to rise, as the prime - age participation rate is still a couple of percentage points below the levels that prevailed in the late 1990s, when the labor market was last this strong. price stability, of course, is the other leg of our dual mandate, and pce ( personal consumption expenditures ) inflation over the past 12 months has been running close to our 2 percent objective. that said, and notwithstanding strong economic growth and a low unemployment rate, 1 / 5 bis central bankers'speeches inflation has surprised to the downside recently, and it is not yet clear that inflation has moved back to 2 percent on a sustainable basis. because expectations of future inflation are such an important determinant of actual inflation, central banks are as much in the business of anchoring inflation expectations as they are of managing actual inflation. longer - run inflation expectations, based on straight readings of inflation compensation from tips ( treasury inflation - protected securities ), have drifted downward, although, when adjusted for term premiums and liquidity, they remain near 2 percent. the university of michigan surveys of consumers'measure of expected inflation over the next 5 to 10 years has been broadly stable but has edged down over the past few years and is now at the very lower end of the range that has prevailed historically. inflation expectations of professional forecasters have remained stable and consistent with our 2 percent objective. at each future fomc meeting, as i consider what, if any, adjustment to our policy stance is warranted to achieve and sustain our dual - mandate objectives, i will closely monitor the incoming data on inflation expectations as well as actual inflation, among the

both from a stability and sovereignty perspective. on the wholesale side, a cbdc would appropriately accompany and secure a trend towards the tokenisation of financial assets. it could also be a first step towards the provision of a new and decentralised form of infrastructure, a european unified ledger. in the retail sphere, we see the deployment of a digital euro as a natural evolution of, and complement to cash, whose success should be built on a strong public - private partnership. 3 / 3 bis - central bankers'speeches