samchain/econo-pairs-v2 huggingface dataset:
various forms. in particular, we should pay attention to the development of the informal financing market. the informal financing market here refers to financing activities of the individuals and the enterprises. currently, there is no legal prohibition for financing between individuals, except for usury, which is strictly prohibited in china ; as for corporate lending to unspecified customers, such business should be strictly subject to financial supervision as it relates to public interests. however, in my view, we may need to give a second thought to the current strict control over financing activities among the enterprises and those to the individuals. nowadays, due to low deposit interest rate, high risks involved in stock market investment, and risks in investing in the much fluctuating mutual fund, trust and other collective investment products, many rich people are willing to lend directly, or through a joint - owned company. as the people ’ s bank of china has already removed the upper limit of lending rates for financial institutions, this type of financing activities has a greater potential to develop. at present, some small enterprises and individuals often have difficult access to bank loans, but due to some factors such as the regional advantages, some people or their companies are able to control loan risks in a way that could not be done by banks. why shouldn ’ t we take necessary measures to normalize these financing activities? so long as the sources of funds of these lenders, either individuals or companies, are specified, the existence of these non - deposit taking lending entities should help to standardize the informal financing activities. on such a count, we should newly establish a specific type of financial institutions, which could be either called investment companies if their business are confined to equity investment, credit investment and securities investment, or called loan companies that specialize in micro credit business. many countries and regions such as the united states, hongkong and south africa have established their respective unique supervisory system for these loan institutions. in this regard, we should also promote the legislation of investment company, regulate private fund placement, and advance micro credit business development so as to satisfy the financing needs of the small enterprises and natural persons. in many countries, rules have been formulated to regulate and supervise the above mentioned lending institutions. these rules allow individuals and companies to issue loans with a license ( such as in hongkong and the newyork state of the united states ), or require the lenders to register every transaction and pay relevant fees ( such as in south africa ). any violations of the supervisory rules will be punished

. we should learn from the experience of these market economies in dealing with the informal financing activities, guide commercial banks to establish micro credit business departments or license some micro credit institutions to promote the development of micro credit market.
also allows output levels to reach their sustainable maximum. while central banks are best known for their monetary policy work, we also have a very large stake in the stability of the financial system. importantly, financial instability can take a serious toll on the economy. during the asian crisis of the late 1990s, for example, financial instability led to large declines in real output in a number of countries, as banks failed and there was contagion across the region. when financial markets are excessively volatile, investment decisions are more difficult to make, risks are harder to assess, and business investment in plant and equipment is inhibited. central banks also value financial stability because monetary policy is transmitted through the financial system. as a participant in the financial system, the bank of canada relies on efficient markets to effectively transmit changes in its policy rate through the economy. i should clarify what kinds of financial volatility are of concern to a central bank. generally speaking, prompt adjustment in the prices of assets to new information is to be expected. most of the time, these changes reflect the appropriate pricing and transferring of risk as circumstances change. when prices do not accurately reflect changing circumstances, however, resources are likely to be misallocated and efficiency suffers. moreover, when volatility increases sharply in such a situation, and becomes pervasive across financial markets, the financial system can become impaired. that is, it becomes less capable of enabling price discovery, allocating credit, transferring risk, settling claims, or providing market liquidity. if the financial system were to lose any of these capabilities because of excessive volatility, the bank of canada would be concerned, mainly because of the potential for detrimental see, for example, kenneth rogoff. 2006. " impact of globalization on monetary policy. " economic consequences. as a central bank, we tend not to worry about financial volatility for its own sake, but about the potential financial instability and economic cost of excessive financial volatility. so, in a nutshell, both macroeconomic and financial stability are needed to sustain maximum economic growth over the long term. excessive volatility in either economic or financial variables can exact a toll on the economy. let's turn now to what's been going on in the macroeconomic landscape over the past few decades. trends in macroeconomic volatility in 1991, the bank of canada and the federal government introduced an explicit inflation target - the most significant change in canadian monetary policy in many years. in addition

economy ’ s growth under a new economic environment. we will remain steadfast in our digitalization efforts to expand our digital finance ecosystem. and we will continue to champion the promotion of the sustainability agenda in the financial system. thank you! 5 / 5 bis central bankers'speeches
the cd rate, we aim to enhance the effectiveness of the transmission channels of monetary policy and contribute to the facilitation of the related derivatives market ( financial services commission, 2024 ). fourth, after the svb failure, we have decided to pursue plans to expand the range of eligible collateral for bank of korea loans to include loans receivable in order to reinforce liquidity backstops ( bank of korea, 2023a ). we should continue our efforts to establish an institutional infrastructure that ensures a systematic and predictable liquidity support system for both banks and non - bank depository institutions. if necessary, we will also consider revising the bank of korea act in consultation with relevant agencies. we also need to be proactive in responding to the accelerating digital transformation. first, we will carry out a cbdc pilot test to establish a new financial infrastructure for the future where various private digital currencies, including a wholesale cbdc and tokenized deposits based on it, can be issued and distributed ( bank of korea, 2023b ). in addition, the bank of korea will actively participate in project agora ¡, a global financial infrastructure research project jointly launched by the bis and seven leading central banks ( bank for international settlements, bis, 2024 ). as a non - reserve currency nation, this will be a great opportunity for korea to participate from the outset in setting new standards for cross - border payment and settlement systems, positioning ourselves as an early rule - setter. also, public and financial institutions have faced difficulties in utilizing new technologies, such as cloud services and ai, due to the network separation between their intranet and the internet. cooperating with other related institutions, such as the national intelligence service and the presidential committee on the digital platform 2 / 5 bis - central bankers'speeches government, the bank of korea will be the first organization to take part in a pilot program to improve network security protocols in the public sector. i hope this initiative will enable our staff to work anytime and anywhere they want, thereby increasing it efficiency and work productivity at the bank of korea, while also raising awareness of the importance of cybersecurity. dear fellow bank of korea colleagues, when we look further ahead, what we need to do doesn't stop here. facing numerous structural problems that have accumulated and deepened over time, such as a low birth rate & an aging population, regional imbalances & overconcentration in the capital region, pension depletion & old

to share ideas on how basel [UNK] and the strengthened supervision of sifis can be put into place seamlessly, without detracting from financial sector dynamism. drawing my remarks to a close, let me express my wish that this seminar will contribute to strengthened cooperation among central banks by fostering good fellowship among all participants. i hope as well that, despite your jam - packed schedules, you will enjoy the opportunity to savor the tradition and attractiveness of our korean culture. thank you.
adequate when legacy issues have been tackled. in addition to the necessary holistic approach, encompassing monetary, macro and microprudential policies, we need to move forward with concrete measures to improve the current legal framework, including ( i ) the setting up of a backstop for the single resolution fund and establishment of the european deposit insurance scheme ( edis ) ; ( ii ) the reinterpretation of the esm treaty to allow the esm to become a euro area backstop for financial stability purposes, and ( iii ) the change of the conditions under which the esm and other stabilization tools can be used. 3 / 3 bis central bankers'speeches

complexity of the context in which it had to be conducted, supervision deserves recognition for always having been carried out in a diligent and decisive manner. i am now at your disposal for questions. thank you. www. bportugal. pt
banknote paper conforming to the best international quality and security standards. 22. i wish the project and the people behind its implementation all success. once again, a very warm welcome all of you to this foundation stone laying function.

in the securitisation market. these initiatives were mainly aimed at addressing the concerns on conflicts of interest created by misaligned incentives and compensation systems for securitisers or originators within the securitisation chain, address information asymmetry within the securitisation process by increasing transparency of the securitisation structure, introduce risk retention or “ skin in game ” requirements and more stringent disclosure requirements, enhance oversight of credit rating agencies governance and reduce regulator reliance on ratings, better align the incentives of mortgage originators with those of investors in mortgage loans, standardization of disclosure documentation, etc. the foremost among these are the basel iii standards and enhancements to the basel ii norms by bcbs, the dodd frank wall street reforms and consumer protection act in usa, capital requirements directive ( crd ii ) and a proposal for a directive on alternative investment fund managers directive ( aifmd ) in the european union, issue of disclosure principles for public offerings and listings by iosco, and other such directives / guidelines by g20, fsb, etc. bis central bankers ’ speeches 7. as part of the enhancement to the basel ii norms in july 2009, the bcbs strengthened the treatment for certain securitisation exposures under pillar 1 ( minimum capital requirements ) and introduced higher risk weights for re - securitisation exposures to better reflect the risk inherent in these products. it also required the banks to conduct more rigorous credit analyses of externally rated securitisation exposures. the supplemental pillar 2 ( supervisory review process ) guidance addressed several notable weaknesses that were revealed in banks ’ risk management processes during the gfc. the areas addressed include : i. firm - wide governance and risk management ; ii. capturing the risk of off - balance sheet exposures and securitisation activities ; iii. managing risk concentrations ; iv. providing incentives for banks to better manage risk and returns over the long term ; and v. sound compensation practices. 8. the pillar 3 ( market discipline ) requirements have been strengthened in several key areas, including securitisation exposures in the trading book ; sponsorship of off - balance sheet vehicles ; re - securitisation exposures ; and pipeline and warehousing risks with regard to securitisation exposures. 9. carrying forward, the bcbs has in december 2014, published revisions to address the shortcomings in the basel ii securitisation framework and to strengthen the capital standards for securitis
norman t l chan : global deleveraging – the right track speech by mr norman t l chan, chief executive of the hong kong monetary authority, at the hong kong economic summit 2013, hong kong, 10 december 2012. * * * at this very same forum last year, i put forward my view that excessive leveraging, or over - borrowing, in major industrialised countries was the root cause of both the global financial crisis and the more recent sovereign debt crisis plaguing europe. today, i ’ d like to expound my view on this very important issue. as you may recall, i pointed out that during the period between mid - 1950s and early 1980s, the total debts of households, businesses other than financial institutions and the government in major industrialised countries remained relatively stable at about 150 % of gdp. however this ratio kept increasing after the 1980s, reaching an alarming 320 % even after the outbreak of the global financial crisis. as we all know, it is wonderful to have a credit line to meet our funding needs. we can use it to pay hefty tuition fees for our children studying abroad. we can use it to meet emergency needs, such as footing medical bills for a family member suddenly fallen ill. but more often than not, people borrow to fulfil their desire to consume, or to finance their property and equity purchases. in the case of companies, loans may be crucial to their business expansion plan, which would hopefully increase sales. on the government level, borrowings would really be handy when it wants to keep up public expenditure and to enhance welfare payments, healthcare and the military. this would not only improve the standard of living and employment, but also help boost national power and speed up economic growth. the list of wonders that borrowed money can bring goes on, but we almost forget there is a catch, that is, debts must be repaid somehow some day ; and the higher the interest rates, the more we will have to pay back over time. for individual borrowers, except for those with a handsome pay rise, they can only hope to pay off earlier debts by reducing consumption in the days ahead. well - run enterprises should have no problem servicing their debt if their business expansion financed by loans does indeed enhance their productivity and competitiveness. likewise, heavily indebted governments will be able to service their debts only when they have sustained economic growth and rising tax revenues. in other words, the ability to repay debt hinges on increased productivity and improved income

macro economic and financial environment is very uncertain, it is highly possible that we will continue to see large fund inflows and outflows as well as sharp fluctuations in the financial markets. therefore, i would like to take this opportunity to ask everyone to stay alert to the risks ahead and be aware that the current environment is highly abnormal and uncertain. we should all take precautionary measures and get to the bottom of the problem, learn from others ’ experiences and avoid overstretching ourselves. otherwise, we may find ourselves being trapped in the debt abyss with no way out. thank you. bis central bankers ’ speeches
academic researchers, or other observers, may provide. here i agree with friedrich hayek and " confess that i prefer true but imperfect knowledge, even if it leaves much undetermined and unpredictable, to pretence of exact knowledge that is likely to be false. " one thing is clear, howeverthe sounder the theoretical foundation for monetary policy, the easier the life of a central bank governor. 4. macroeconomic policy challenges for sa the theme of the conference is " macroeconomic policy challenges ”. i do not want to pre - empt the forthcoming discussions, but i thought it would be appropriate to mention some of the macroeconomic challenges that i see facing south africa. the fundamental macroeconomic challenge in south africa is the alleviation of poverty. the best way to alleviate poverty on sustained basis is to generate employment which in turn requires economic growth. although the economy is growing at its highest rate since the advent of democracy, it is generally accepted that to make sustained and significant inroads into the employment and poverty situation, a higher growth trend is required. this is recognised by the accelerated and shared growth initiative ( asgisa ) strategy of government. some of the questions that need to be considered are the challenges and the risks the strategy faces. we face some monetary policy challenges as well. in recent months the risks to the inflation outlook have increased. factors leading to this deterioration include high growth in consumer spending, rising levels of credit extension to the private sector and developments in the international oil prices. although oil prices have moderated recently, upside risks remain, and a challenge we face in the bank is to keep inflation within the inflation target range in the face of significant exogenous shocks as posed by the oil price movements. research on the first and second - round inflationary effect of oil price increases is therefore important for making good monetary policy decisions. high levels of domestic expenditure have contributed to the widening deficit on the current account of the balance of payments. while the deficit is currently more than adequately financed by capital inflows, investor fears relating to the sustainability of the deficit increase the risks of exchange rate adjustments which could threaten the longer - term attainment of the inflation target. the policy challenge is to maintain low inflation within the context of a growing economy and a sustainable external balance. there are also challenges facing our financial markets. south africa is a small open economy by international standards. this in itself presents some challenges for the pursuit of domestic price stability. our foreign exchange market is very

and cybersecurity converge. thank you. page 6 of 5
helps us to absorb the consequences. this is not to say that it eliminates the effects of a decline in commodity prices. but it does cushion them, and it facilitates the necessary adjustments in the economy. in this instance, the external value of the canadian dollar fell by about 12 % between mid - 1997 and late - 1998, reflecting a drop of some 20 % over the same period in the average world price ( in us dollars ) of the key primary commodities we produce. because of this movement in our currency, the price of these products in canadian dollars fell by less than their world price in us dollars, thus reducing the negative impact on our exporters of commodities. even more important was the incentive that the lower exchange rate provided to canadian producers and exporters of non - commodity goods and services to expand their sales abroad. with the exchange rate moving in response to the commodity - price shock, the negative effects were spread out more evenly across the economy and were less pronounced overall than they might otherwise have been. yes, real gdp growth slowed from 4 % in 1997 to 3 % in 1998. but it picked up again to 4¼ % in 1999. moreover, employment has been rising, and unemployment has continued to fall since 1997. and in response to the acceleration in economic activity and rising commodity prices, the canadian dollar has strengthened over the past year. the other important characteristic of a floating exchange rate is that it allows us to have a monetary policy that is separate from that of the united states. typically, economists express this independence as the ability to choose one ’ s own national objective with respect to inflation. i do not find this to be a particularly useful way of looking at autonomy. and i most certainly would not want to suggest that there are serious shortcomings with the present objectives and approach of us monetary policy that would justify pursuing a fundamentally different policy in canada. in fact, the objectives of monetary policy in our two countries are very similar. monetary policy affects the level of aggregate demand in the economy which, in turn, leads to an ultimate effect on prices and the inflation rate. the real essence of pursuing a separate monetary policy is having the option and the ability to respond to fluctuations in demand that are unique to our economy. let me give you an example from recent canadian history. it goes back to the sharp fiscal tightening that we had to implement in 1995 in order to turn around our large public sector deficits and mounting indebtedness. of course, fiscal deficits also had

with ourselves as central bankers. finally, fellow governors, i once again want to reiterate that it is a great privilege to host you in our beautiful city, kampala, the city of undulating hills. i invite you to enjoy the sites and savour the cuisine in this part of the world. bis central bankers ’ speeches