samchain/econo-pairs-v2 huggingface dataset:
concerns. when inflation surged earlier this year, the rbi had moved quickly to tighten policy. then again, reflecting the unfolding global situation and expectation of decline in inflation, rbi has adjusted its monetary stance over the last couple of months. the endeavour of our monetary stance has been to manage liquidity – both domestic and forex liquidity – and to ensure that credit continues to flow for productive activities. i do not intend to go into a detailed cataloguing of all the measures we have taken, but i do want to mention that we have instituted both aggregate measures as well as sector specific measures. although, we remain vulnerable to global financial and economic developments, the measures taken so far have eased the liquidity and credit flow situations considerably. i must also add that in managing the impact of the global crisis, we have been mindful that no policy initiative is totally costless. managing this delicate balance between costs and benefits has been one of our challenges. going forward, developments in the real economy, financial markets and global commodity prices point to a period of moderation in growth with declining inflation. the fundamentals of our economy continue to be strong. once calm and confidence are restored in the global markets, economic activity in india will recover sharply. but a period of painful adjustment is inevitable. the reserve bank's policy endeavour will be to ensure an orderly adjustment, and to minimise the pain of its impact. in particular, we will try to maintain a comfortable liquidity position, see that the weighted average overnight money market rate is maintained within the repo - reverse repo corridor and ensure conditions conducive for flow of credit to productive sectors, particularly the stressed export and small and medium industry sectors. we hope that all economic agents will plan their business activities on the basis of this assurance. lessons from the crisis the crisis is by no means over. drawing lessons may therefore appear a bit premature. there may yet be surprises. even so, it will be instructive to put our minds together to understand how we got here and how we may avoid the mistakes and excesses in the future. it will be presumptuous on my part to anticipate the whole gamut of issues that you will bring to the discussion. given your collective experience and expertise, that will indeed be a rich contribution. but i want to take this opportunity to raise some of the more important debates thrown up by this crisis. i will refer to five debates. 1st debate : how do we manage global

be earned. this i think we have done to no small degree, so i ’ m not unhappy about this most important area of central banking. let me, therefore end my statement on this rather hopeful note.
sonnemannstrasse 20, 60314 frankfurt am main, germany tel. : + 49 69 1344 7455, e - mail : media @ ecb. europa. eu website : www. ecb. europa. eu reproduction is permitted provided that the source is acknowledged. media contacts copyright 2020, european central bank

that the value of savings for the old age is preserved. the best that reserve bank can do for ensuring a sustainable pension system is to accord high priority to price stability, which is precisely what it is doing. financial protection awareness and financial literacy recent surveys such as those conduced by ncaer 1 in conjunction with max life show that higher rate of household savings at macro level can be explained in terms of increasing concerns for social security, high cost of education, health and meeting other social commitments. saving for old age is not found to be a dominant factor. at the same time an overwhelming 96 per cent of households feel that they cannot survive for more than one year on their current savings in case they lose their major source of household income ; yet 54 per cent households feel that they are financially secure. financially - at - risk urban indians appear to be even more optimistic than their rural counterparts. this clearly indicates that indians do how india earns, spends and saves ’ results from the max new york life - ncaer india financial protection survey, rajesh shukla. not take a long - term view of their financial security. there is therefore, a pressing need for financial literacy for better understanding of financial risks. at the global level, olivia mitchell 2, wharton professor of insurance and risk management, and chaired professor at singapore management university is also of the same view : “ global ageing makes for a much riskier world, inasmuch as people tend to retire too young, save and diversify too little, and outlive their assets. ” her research shows that many workers are underestimating retirement challenges, including the risk of outliving their assets, the future cost of healthcare and the erosive power of inflation in retirement and she too, therefore, stresses the importance of financial literacy. another compelling reason for financial literacy is the fact that most employers have moved or are moving away from defined benefit schemes to defined contribution schemes, which require employees to be able to better estimate their old age needs and plan accordingly, starting sufficiently early. such schemes also allow workers to take their savings with them when they change jobs. in this new environment, where individuals have greater responsibility for determining their own retirement income, factors such as general financial knowledge, an understanding of the retirement saving process become critical to achieving one ’ s retirement objectives. a survey showed that only 18 per cent of the people surveyed answered correctly the question as to how much $ 200 would grow to, at the end of two years, at
unemployment remains low and is declining … inflation expectations continue to be firmly anchored, with the forecast close to lower end of target range of 3 – 5 %, so interest rates can be seen to be stable … bop is seen to post a surplus of $ 2. 6 billion. foreign reserves are projected to continue to rise to about $ 77. 5 – 78 billion in 2012 while debt service is expected to remain stable, or even decline … with these, the peso can be expected to trade within reasonable ranges. … banks are seen to remain in good health. ladies and gentlemen, if you are to build opportunities and ride on the wave of our current position of strength, you need to recognize that the choices you make today will have lasting consequences …. this was what your policy makers did in 1997. we took on the difficult reforms to correct structural vulnerabilities then. thus we developed the defenses that ensured resilience through the crisis of today. it hasn ’ t been easy getting to where we are today. so your role in this uneven operating environment is to safeguard the gains so far, for it is these hard - earned gains that will allow you to take advantage of the opportunities going forward. in support, you can be assured that the bsp will craft the requisite enabling monetary, external and banking sector policies. there is no magic formula that will allow us to accomplish all these effortlessly. the key, however, remains to think of the bigger picture – no longer just in terms of individual pay - offs but rather on how our respective actions can produce the shared goal of a strong, steady and upward economic growth trajectory that benefits the greater majority. bis central bankers ’ speeches

journal of central banking, vol. 8, no. s1, 2012, pp. 137 – 165. 3 summers, lawrence h., remarks at the imf fourteenth annual research conference in honor of stanley fischer, washington, dc, 2013. summers, lawrence h., “ demand side secular stagnation, " american economic review, vol. 105, no. 5, 2015, pp. 60 – 65. 4 yellen, janet l., “ macroeconomic research after the crisis, ” speech at the 60th annual economic conference sponsored by the federal reserve bank of boston, 2016. 5 krusell, per, and anthony a. smith, jr., “ income and wealth heterogeneity in the macroeconomy, " journal of political economy, vol. 106, no. 5, 1998, pp. 867 – 896. 3 / 3 bis central bankers'speeches
provided you with a copy of the fatf 40 recommendations, which we think you will find useful as you discuss the merits of the proposed legislation. the anti - money laundering bill has provisions which : i ) make it a criminal offence to launder the proceeds of crime ; ii ) set out money laundering prevention measures, offences and penalties ; and iii ) provide for the seizure, freezing and forfeiture of assets related to money laundering. the bill also provides for the creation of a financial intelligence unit whose function will be to receive and analyse reports of suspicious transactions from banks and other institutions, and to disseminate the results of the analysis to the relevant authorities. there are also provisions relating to international cooperation as well as national policies and a national coordination authority for such policies, a task which is currently performed by the uganda anti - money laundering committee. this workshop will provide hon. members with the opportunity to discuss all of the provisions in the bill. to facilitate the discussion, we have invited several people with specialist expertise, including experts from malawi and the world bank, who will make presentations of different aspects of the legislation. i now wish to request the honourable minister of finance, planning and economic development to make her remarks and officially open the workshop. thank you very much for listening to me. bis central bankers ’ speeches

has been able to weather the impact of the global crisis quite adequately. this is to say, while the decline in output was unavoidable, economic and financial stability was maintained, the banking sector remained resilient, and the economy was able to adjust to the impact of the turmoil in an orderly manner, with output growth now recovering. in my view, these things were of no accidents. instead, they manifest a number of inherent qualities embedded in the thai economic system that have contributed to the relative resilience of the economy. such qualities include : first, a strong and resilient banking sector resulted from good risk management practices by financial institutions and careful supervision by financial regulators at home ; second, a disciplined conduct of macroeconomic policy that emphasizes prudent fiscal and monetary frameworks with a clear focus on maintaining growth with price and financial stabilities ; and third, the promotion of economic flexibility as a mechanism for the economy and the private sector to adjust to macroeconomic shocks. to me, these qualities are of no accidents. they are our investment returns from past economic restructuring and reforms that were put in place, and they are the qualities that we need to preserve and to further expand upon by continuing with economic restructuring and reform. i probably have used up my allotted time. i hope the talk has been useful, and again i want to thank the rotary club of bangkok south for the invitation. thank you.
cyclical buffer or other macro - prudential tools provided for by the eu legislation. as a conclusion, i would like to end my presentation on a positive note ; not only central bankers but also other public authorities are showing great determination in developing the banking union and a lot of progress has been made to correct basic flaws we have had in our internationally integrated financial markets. and in doing that, national interests, and i argue that banks'interests as well, are aligned with the general objectives of the banking union. bis central bankers ’ speeches

, when combined with data vaults to securely store personal information, can be used to trade objects in a way that protects one's identity from being exploited for profit. while these technological developments are still in their infancy, they have potential applications beyond the crypto ecosystem that could lead to substantial productivity enhancements in other industries. 1 / 3 bis - central bankers'speeches this leaves us with the crypto - assets themselves. the question is, why would someone hold such an asset? what is the value proposition of such an asset? the answer isn't new or unique, but rather is based on economic relationships that result in objects having value. one reason objects have value is because of their intrinsic properties. for example, the value of corn derives in part from the fact that it can be used for food or fuel, or in some cases for thanksgiving centerpieces. intuition suggests that if an object has no intrinsic value, then the price of that object should be zero - why pay for something that has no fundamental value? shockingly, it turns out that objects may be valued well above what their intrinsic properties would suggest. since paul samuelson's seminal work in 1958 on intertemporal consumption smoothing, economists have known that an intrinsically useless object can trade at a positive price. 2 such an object's value is driven purely by belief. if i believe someone will pay a positive price for this object in the future, then i may be willing to pay a positive price now, carry it across time, and sell it when i need to consume other goods and services. samuelson referred to this concept as " the social contrivance of money. " while an intrinsically useless object can trade at a positive price, we also know that there is always a second equilibrium price for this object, which is zero. what if one day, beliefs change and i no longer believe that someone will pay me for this object in the future? then i clearly shouldn't pay anything for it today, so its price goes to zero. there are many intrinsically useless objects that still have value. consider things like baseball cards and celebrity autographs, which are pieces of cardboard and paper with pictures or scribbles on them. based on their fundamental properties, these things have little to no intrinsic value, yet can be in high demand and command staggering prices. what happens if one day, no one wants to collect baseball cards? as valuable as they are today, they wouldn't
income households and enterprises that lack traditional tangible collateral. demand for tangible assets to secure loans has for many years locked out the bottom pyramid from the more affordable credit market. opening up this market to them enables them join the formal sector and engage in more inclusive businesses that generate better and sustainable incomes and benefit from inclusive growth. • expansion of bank branches and mfis to reach the lower pyramid due to lower barriers to entry, enhanced competition and declining costs of maintaining accounts. the numbers of branches have consequently increased exponentially from 534 in 2005 to 1272 in 2012. the expansion in bank branches is not only enhancing financial inclusion, but also funding more inclusive businesses. ladies and gentlemen : the innovation that spurred most of these developments has ensured increased financial inclusion, which is a sure way of tapping potential in the lower pyramid into inclusive businesses through creation of stable formal sector employment opportunities that pay sustainable incomes, reduce cost of operations, enhance inclusive growth and reduce poverty sustainably. the bank will therefore continue to work with market players and stakeholders, including the g20 challenge partners to enhance financial inclusion and build inclusive businesses that employ the poor. thank you very much for your kind attention. bis central bankers ’ speeches

fatf ), the body that evaluates the anti - money laundering regimes of individual countries. meanwhile, section 4 of circular no. 1389 dated 13 april 1993, as amended, requires any person who brings in or out of the philippines an amount exceeding php 10, 000 to obtain prior bsp authorization therefore. the rule was promulgated to help prevent speculation against the peso and maintain the convertibility of the currency. vigilance in the implementation of the bsp rules, particularly in the transport of foreign currencies, is important in addressing incidents such as recent events involving the discovery by u. s. customs authorities of large amounts of undeclared foreign currency found in the possession of filipino citizens arriving in the u. s. we are glad that we will be assisted by other government agencies in this regard. the moa defines the functions and responsibilities of the various government agencies involved and aims to promote harmony and maximum cooperation in the implementation of bsp rules on the transport of currencies. the moa demonstrates the strong commitment of the government, thru the heads of the various agencies who are signatories to the agreement, in instituting measures versus money laundering in the philippines. again, thank you for your support and we look forward to the smooth implementation of the moa.
2020 ), “ index of common inflation expectations, ” feds notes ( washington : board of governors of the federal reserve system, september 2 ), doi. org / 10. 17016 / 2380 – 7172. 2551. the cie data are available through the second quarter on the board ’ s website at www. federalreserve. gov / econres / notes / feds - notes / research - dataseries - index - of - common - inflation - expectations - 20210305. htm. return to text 3 / 3 bis central bankers'speeches

of our debt in terms of foreign currencies would then automatically decline, inducing foreign wealth - holders to make further portfolio shifts, perhaps even including increasing their stock of dollar - denominated debt. this ( september 17, 2003 ) and rudolph g. penner and c. eugene steuerle, budget crisis at the door ( the urban institute, october 2003 ). see, for example, peter hooper, karen johnson, and jaime marquez, “ trade elasticities for g - 7 countries ”, princeton studies in international economics, vol. 87, ( august 2000 ). even this claim may be overoptimistic. see, for example, thomas laubach, “ new evidence on the interest rate effects of budget deficits and debt, ” finance and economics discussion series working paper ( april 2003 ). among other things, laubach has an interesting way to remove cyclical effects from his dependent variables, interest rates. denomination effect would not permanently prevent any relative price adjustment, but it could lengthen the process. beyond that, for pragmatic reasons this conventional adjustment process could be extended or distorted even further. by way of illustration, asian central banks have now accumulated more than a trillion dollars of international currency reserves - largely in dollar - denominated assets - equal to roughly half of the outstanding net debt of the united states. these central banks are not traditional wealth - holders motivated by expected risks and returns. instead, they seem motivated more by the prospect of preserving low domestic currency values for their exporters. 10 to pursue this objective, they can print money to buy u. s. securities. this monetary expansion could generate domestic inflation unless it is sterilized with other open market sales of securities - and the mere scale of present and expected future debt stocks may make continued sterilization impossible. but if these central banks continue behaving this way, the so - called credibility range could be extended significantly. while trade deficits should ultimately correct themselves, perhaps after a long trek through the credibility range, there are really no natural self - corrective mechanisms for budget deficits. once the u. s. economy gets through the credibility range, interest rates on the increasing government debt will have to rise to induce people to hold the debt. this rise increases the interest burden and causes total deficits to rise further, all the time subtracting more and more funds from capital accumulation. once this process begins, market psychology may hasten the adjustment. 11 hence, while natural
speech climate change and the financial sector speech by christine lagarde, president of the ecb, at the launch of the cop 26 private finance agenda london, 27 february 2020 climate change constitutes a major challenge, causing both threats and opportunities that will significantly affect the economy and the financial sector, depending on which carbon emission scenario eventually unfolds. that is why central banks need to devote greater attention to understanding the impact of climate change, including its implications for inflation dynamics. at the ecb, the ongoing review of our monetary policy strategy creates an opportunity to reflect on how to address sustainability considerations within our monetary policy framework. today, however, i will focus my remarks on climate change - related risks for the financial sector. broadly speaking, the main risks fall into three categories : risks stemming from disregard, from delay and from deficiency. risks from disregarding climate change disregarding the implications of climate change can generate significant risks for the financial sector. total insurance losses for weather - related events reached 0. 1 % of gdp in 2018, with total economic losses approximately double that amount. the number of catastrophes caused by natural hazards increased from 249 in 1980 to 820 in 2019, peaking at 848 in 2018. adjusting for inflation, overall economic losses increased from around usd 60 billion in 1980, to usd 150 billion in 2019, with a peak of usd 350 billion in 2018. according to the intergovernmental panel on climate change, global warming of 1. 5°c above preindustrial times is likely to bring about substantial changes in our climate, increasing the likelihood of more extreme weather conditions. as a result, insurance and economic losses caused by climate - related events are likely to start trending upwards as a share of gdp. insurance and reinsurance companies need to continue to ensure that risk pricing remains appropriate and that reserves are adequate to cover expected losses. banks also need to consider the risks such events create for their credit exposures. losses can arise from both direct damage and from the effects that potentially higher maintenance costs, disruption and lower labour productivity could have on profitability and hence default risk. risks from delaying the response to climate change the second source of risk for the financial sector arises from the pathway taken to a carbon - neutral world. achieving the transition almost certainly requires intervention by public authorities through regulation and taxation. early and coordinated action can help deliver a smooth transition for the economy. but if that intervention is delayed, the reduction in emissions may have to be sharper, resulting in a disorder

sonnemannstrasse 20, 60314 frankfurt am main, germany tel. : + 49 69 1344 7455, e - mail : media @ ecb. europa. eu website : www. ecb. europa. eu reproduction is permitted provided that the source is acknowledged. media contacts copyright 2020, european central bank