samchain/econo-pairs-v2 huggingface dataset:
investment, have shown signs of weakening ; the coincident index in the indexes of business conditions has been shifting from “ improving ” to “ weakening ” ; and indicators of business sentiment are showing signs of weakening. while the economy as a whole has been improving, causes for concern seem to have increased in number. as for the outlook, japan ’ s economy is expected to return to a moderate recovery path as domestic demand remains firm and overseas economies emerge from their deceleration phase. such a scenario can be confirmed in the forecasts of the majority of the policy board members ; in terms of the median forecast as of july 2012, real gdp was projected to grow at 2. 2 percent in fiscal 2012 and 1. 7 percent in fiscal 2013. bis central bankers ’ speeches these forecasts are associated with upside and downside risks, and i am paying greater attention to the downside risks, as follows. first, there is a risk of overseas economies slowing further. as i have already mentioned, the risk that the economic slowdown in europe, the united states, and asia will become protracted has increased somewhat, and if the slowdown actually becomes protracted, it will weaken japan ’ s move toward a self - sustaining recovery in which increases in exports and production lead to an increase in income and spending. second, there is a risk of further appreciation of the yen. while a positive case can be made for yen appreciation to a certain extent, excessive appreciation will worsen the competitiveness and profits of exporting firms again and act as a headwind against firms. if a trend of falling stock prices intensifies, together with the trend of yen appreciation, then firms ’ and households ’ confidence will deteriorate and currently solid business fixed investment plans and private consumption will be contained, which will weigh on japan ’ s economic recovery. third, there is a risk related to the first and second risks : a risk that the timing of recovery in exports and production will be delayed and the transition from domestic demand to external demand will not occur as expected. since subsidies for environmentally friendly cars have already used a large portion of the budget and growth in reconstruction - related demand is likely to slow down from the second half of fiscal 2012 onward, we need to carefully monitor whether external demand will recover by compensating for a slowdown in domestic demand. in addition, attention should be paid to whether ambitious business fixed investment plans will be steadily implemented and whether the moderate improving trend in employment and income conditions will

the historic kintai bridge, which harmonizes beautifully with its surrounding natural landscape. efforts are proceeding to draw on these ample resources for tourism, mainly by the prefectural government and cities, and thereby promote the tourism industry. i expect that by coordinating its regional characteristics and strengths, the tourism industry will generate further momentum. bis central bankers ’ speeches
is in nobody ’ s interest for archaeologists to be unearthing unused parts of the basel iii framework three thousand years from now. thank you very much. 5 / 5 bis central bankers'speeches

/ 4 bis - central bankers'speeches my third aspect ties in with the financial risks that climate change and the transition to a climate - neutral economy may cause. these risks have to be made transparent and adequately taken into account on the balance sheets of financial institutions. we demand this as supervisors. 3 and we ourselves should be leading by example. risk efficiency is an important dimension of the financial operations that we undertake in the pursuit of price stability, not least for the sake of our credibility. we do not pursue profit maximisation. but taxpayers and parliaments rightly expect us to use our financial resources prudently. we have to keep the risks we incur low and manage them carefully. that is why the bundesbank continuously analyses the climate - related financial risks to its own balance sheet as well. as part of the eurosystem, we have taken further steps to integrate approaches to limiting such risks in our monetary policy framework. these changes cover corporate bond purchases, the collateral framework and risk management. in future, issuers will be obliged to disclose climate - related risks if their securities are to be eligible as collateral in our refinancing operations. transparency and disclosure standards will help to give a better overview of climate risks in the financial markets. then, everyone can take these into account and attach the right price tags. eventually, climate effects can be better reflected in asset prices and returns, promoting an efficient allocation of capital. thus, the eurosystem will help pave the way for a " greener " financial system in general. as you can see : even if we are not in the driver's seat, there is a lot we can do to support climate action. some steps have already been taken : for example, we are tilting our reinvestment purchases of corporate bonds towards issuers with better climate performance. this takes better account of climate - related financial risks. since march, we have no longer been reinvesting all the bonds that mature in the app. our holdings are shrinking gradually. balance sheet normalisation supports the tight monetary policy needed to rein in inflation. from july onwards, i would welcome a speeding up of the process. this makes another thing crystal clear : monetary policy portfolios that are adjusted over the business cycle for price stability are a cyclical instrument by nature. this is one of the reasons why they are arguably ill - suited to supporting structural changes in the economy. for climate policy to bring about such changes, in turn, price stability is an
andreas dombret : restoring financial stability address by dr andreas dombret, member of the executive board of the deutsche bundesbank, on the occasion of the inauguration of the bundesbank representative to turkey, istanbul, 26 november 2013. * * * dear consul general wolke, dear deputy governor kenc, dear ladies and gentlemen. thank you very much for honouring us tonight with your presence. several centuries ago isaac newton observed : “ we build too many walls and not enough bridges ”. history has shown that there is a lot of truth in this sentence. and i am sure if newton lived today he would be impressed by what has been achieved in istanbul only recently. complementing the existing bridges, the new marmaray tunnel underneath the bosporus strait has just been opened. for the first time in history, a tunnel connects two continents. making connections is also what the bundesbank has in mind in sending representatives abroad. with our network of representatives we aim to cover, in particular, the major g20 countries outside the euro area. turkey is a prime example of a successful emerging market economy. this is also reflected in turkey holding the g20 presidency in 2015. moreover, istanbul is a financial centre of growing importance. therefore, i am very happy indeed that we have now managed to close this gap in our network. it is my pleasure to introduce mr hartmut drager, the bundesbank ’ s first ever representative in turkey. he will be available in the german consulate here in istanbul for your questions related to the bundesbank and the european system of central banks. in turn, mr drager will report back to us in frankfurt on issues that help us to better understand economic and financial developments in turkey. another important objective behind mr drager ’ s secondment to istanbul is our wish to further strengthen our relationship with the central bank of turkey. for this reason i am grateful that my g20 colleague deputy governor kenc was able to join us tonight. earlier this year, the governors of our two central banks signed a memorandum of understanding. this memorandum underlines their joint commitment to forge a deeper relationship between our respective central banks. deputy governor kenc and i have agreed to give added substance to the memorandum by holding a joint expert - level seminar on financial stability issues in the course of next year here in your great city of istanbul. ladies and gentlemen, let me come back to the quote by newton. certainly, before european integration started, europe was used

is a major prerequisite. regulatory reform along the lines currently proposed lowers the probability of crises occurring as well as their impact, but does not unduly hamper access to funding for consumers and firms. the outcome will be a significant improvement in welfare in the long run. thank you for your attention.
##udential regulations, enhanced transparency and accountability, initiatives in setting best practices of corporate governance, and comprehensive, sound and effective regulation and supervision have together played a key role in creating a secure and conducive environment for the functioning of the financial system. there is currently a strong emphasis on upgrading the technological infrastructure for our financial institutions and markets. this is expected to provide significant gains in terms of the efficiency and cost of intermediation. the full benefits of technological transformation, especially in terms of dealing with the vulnerabilities that persist in our system, will hinge upon enabling changes in the legal architecture. i believe that the driving force in the path ahead will be the immense skill capabilities that we possess in terms of human resources. i am glad to see the emphasis on human resource development among the themes being addressed in this year ’ s conference. in the years to come, this ‘ human ’ bias is likely to get stronger and the quality of human resources would become the cutting edge of competitiveness. a forward - looking approach to our long - term vision must focus on building human resources in a continuous cycle of competency and development. i leave this thought with you for your consideration, and wish you success in your deliberations. thank you.

##verance ”. 123 1 see “ public investment in europe ”, economic bulletin, issue 2, ecb, 2016. 2 see “ public investment for the recovery ”, fiscal monitor, chapter 2, imf, october 2020. 3 / 4 bis central bankers'speeches 3 asked whether the eu should put in place an economic plan to help all eu member states recover, 88 % of eu respondents said they agreed with the statement. see “ standard eurobarometer 93 ”, survey requested and coordinated by the european commission, directorate - general for communication, october 2020. 4 / 4 bis central bankers'speeches
which i leave as an open issue and which certainly warrants further research. designed by the printing and publishing division of the bank of italy

include more encompassing surveillance, with broadened macro - prudential perspectives, as well as mechanisms for triggering action on identified risks. examples are the european systemic risk board and related arrangements, the us financial services oversight council, the imf - fsb early warning exercise, and the establishment of the fsb itself. second, as part of this, major jurisdictions and regions are overhauling their regulatory and supervisory structures to strengthen responsiveness to systemic risks, improve coordination and close gaps. the fsb is in many ways the international manifestation of these efforts ; third, the regulatory perimeter is being expanded. major jurisdictions are finalizing legislation that for the first time establishes formal oversight over the otc derivatives markets and its major dealers, hedge funds and credit rating agencies. in fourth, we have put in place cross - border oversight and crisis management contingency planning for the largest and most complex global financial institutions, each of which now have functioning core supervisory colleges and crisis management groups. at the level of the essential regulatory policies to buttress financial stability, let me recall : that we are in the process of calibrating a fundamentally revised global bank capital framework which will establish stronger protection through improved risk coverage, more and higher quality capital, a counter - cyclical buffer and a constraint on the build - up of banking sector leverage ; second, we have developed and will implement a global liquidity standard for banks that will promote higher liquidity buffers and constrain the maturity mismatching that created the condition for this crisis ; third, we are making progress in developing a policy framework and tools to roll back the moral hazard risks posed by institutions that are systemically important ; fourth, we have eliminated the perverse incentives that pervaded securitization, including the scope for leverage to develop in opaque off - balance sheet vehicles through changes to accounting standards and regulatory and prudential rules ; fifth, we have developed a series of supervisory tools to raise standards of governance, risk management and capital conservation at core financial institutions. in this context, let me note that : – we are making strong progress towards a forward looking expected loss provisioning regime for credit losses which will dampen procyclicality and align accounting and prudential objectives in this key area ; and – we are making good headway towards establishing compensation regimes that are better aligned with risks taken in significant financial institutions. i have been selective in my enumeration. but the point i want to make is that we should not under
as general clearing members ( gcms ), are directly linked to ccps, making them the “ eye of the needle ” through which ccp clearing must pass. the gcms ’ central role has implications for financial stability on three accounts. they link the ccps indirectly with each other, as in most cases they have connections with several ccps ; the default of one such bank would affect a number of ccps simultaneously. furthermore, the services provided by a gcm are crucial for its many clients ; the question arises as to whether a gcm could be replaced. and finally, a bank acting as gcm faces additional risks, as it is liable vis - a - vis the ccp for the fulfilment of the obligations of its clients, who are indirectly linked to the ccp through the bank. these points all serve to illustrate why supervisors will continue to keep a close watch on the future development of the derivatives markets. in europe, emir in particular offers a good starting point for supervisory authorities to ensure that the change now under way helps achieve greater stability in the financial system. bis central bankers ’ speeches

dr jens weidmann president of the deutsche bundesbank on the future of money and payments panel statement at the bundesbank virtual autumn conference " banking and payments in the digital world " 11 september 2020 – check against delivery – page 1 of 10 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel : + 49 ( 0 ) 69 9566 3511, fax : + 49 ( 0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. table of contents introduction.............................................................................................. 2 opportunities and risks of central bank digital currencies 3 2. 1 2. 2 opportunities of cbdc.................................................................................. 4 risks of cbdc................................................................................................. 7 alternatives to cbdc.................................................................
, norway, new zealand, and south africa. source : bloomberg. figure 11 financial accounts'flows ( millions of dollars ) 12. 000 12. 000 8. 000 8. 000 4. 000 4. 000 - 4. 000 - 4. 000 - 8. 000 - 8. 000 - 12. 000 liabilities source : central bank of chile. assets net - 12. 000

06 07 08 09 10 aggregate rer 01 02 03 04 05 06 07 08 09 10 regional rer source : central bank of chile. figure 6 real exchange rate by sector ( index, 96 - 07 = 100 ) manufacturing total exports agriculture, forestry & fishing mining ( * ) rer estimated using unit - value indexes. latest date corresponds to third quarter 2010. source : central bank of chile. figure 7 nominal exchange rates ( averaged index, 1 / jul / 2007 - 10 / dec / 2010 = 100 ) peru thailand rango promedio eurozone czech rep. mexico south korea israel canada colombia indonesia malaysia new zealand brazil chile south africa japan australia spot ( 1 ) range indicates peaks and troughs of the local currency parities during the period. ( 2 ) spot value as of 10 december 2010. sources : central bank of chile and bloomberg. figure 8 real exchange rates and international reserves ( * ) ( percent ) depreciation of rer ( % ) lithuania bulgaria denmark hungary czech rep. estonia hong kong algeria n. zealand china poland peru romania israel russia canada japan sweden korea malaysia phillipines s. africa mexico indonesia australia chile brazil norway argentina - 5 - 10 india - 15 latvia croatia - 5 turkey saudi arabia singapore thailand iceland reserve acumulation as % of gdp ( * ) considers variations between september 2009 and november 2010. source : central bank of chile based on data from the bis and bloomberg. figure 9 net capital flows ( percentage of gdp, average for each period ) - 1 brazil chile 1996 - 1997 colombia 2007 - 2008 mexico peru 2010 ( f ) ( f ) forecast. considers actual data through second quarter 2010 and estimates for second half 2010, based on the share in net capital flows to latin america in 2009 and forecast for 2010 from weo, october 2010. source : central bank of chile based on imf figures. figure 10 monetary policy interest rate ( * ) ( percentage ) 10, 8 7, 3 3, 0 3, 2 3, 4 advanced commodity exp. emerging asia 4, 8 5, 3 brazil bric latin america 1, 0 emerging europe 0, 5 eurozone 0, 3 u. k. 0, 1 u. s. japan chile ( * ) simple averages by region. emerging asia includes : china, the philippines, hong kong, indonesia, india, malaysia, south korea, thailand and taiwan. emerging europe includes : hungary, poland, the czech rep. romania and russia. advanced commodity exporters includes : australia, canada
of generating fresh perspectives but also in fostering regular exchange and cooperation among the participants. have a wonderful stay in our country. thank you and mabuhay!

in its approach, this nonetheless points to the onset of a rise in global interest rates. from a credit perspective, this can adversely affect borrowers ’ ( especially highly - leveraged entities ) capacity to pay. our assessment, however shows that domestic corporations remain to be profitable. corporations maintain interest coverage ratios generally above standard thresholds. second truth : a sound legal and regulatory framework ensures prudent and responsible financing practices in 1998, pfai spearheaded the passage of the financing company act, today ’ s legal foundation for the industry ’ s operations and the bedrock for the regulation and promotion of prudent activities of financial and leasing companies while curtailing acts prejudicial to the public interest. to protect the public interest, the bsp also updated regulations on implementing the truth in lending act four ( 4 ) years ago. to promote consumer protection, we have redefined and identified coverage with more certainty. this ensures a more level playing field for credit providers, and allows transparency in lending. given changing market conditions and increasing sophistication of the financial services industry, the bsp designed a corporate governance framework and issued basel iii - style capital rules. bsp ’ s comprehensive guidelines on credit and operational risk management, including technology risk and business continuity management are critical to financial institutions ’ sound operations. the end - goal is to foster good corporate and risk governance in banks. recently, the monetary board approved enhanced corporate governance standards, aligning bsp regulations with the sec ’ s code of corporate governance for publicly - listed companies 2 / 5 bis central bankers'speeches and international best practice. the enhancements cover the duties and responsibilities of boards in establishing corporate culture and values and appointing key officers, among others. future reforms will further strengthen management of liquidity, cybersecurity and market risk in financial institutions. these intend to increase industry ability to expand, undertake prudential innovation, and participate more actively in market competition while being prepared for emerging risks. and while the bsp adopts a market approach to the exchange rate, it has ongoing efforts to further liberalize foreign exchange regulations. the purpose is to make regulations more transparent, risk - based and data - driven. the amendments will ease the cost of doing business and provide residents ( including finance and leasing companies ) better access to foreign exchange held by the banking system. another important regulatory reform initiative is the adoption of the agricultural value chain financing framework. this framework expands the scope of lending from individual farmers. other actors of the value