samchain/econo-pairs-v2 huggingface dataset:
is foreign exchange reserves. we have about $ 360 billion, plus forward positions to offset possible forward liabilities. we also see merit in pooling reserves, and have a contingent reserve agreement with brics countries, and a currency swap arrangement with saarc countries. i am glad to say that this saarc facility has been of use to some of you. bis central bankers ’ speeches we are very conscious of the role the indian economy plays in influencing growth in other saarc economies. to avoid any negative externalities, we have kept the objective of securing and preserving macro - stability at the top of our agenda. the ongoing disinflation, aided by our new monetary policy framework, and the resultant outcome of relative exchange rate stability compared with other emerging market peers, have hopefully served as a public good in this region. we have contributed to strengthening the safety nets in the region. we look forward to a strengthening indian economy as recent structural reforms take hold, and hope that some of this growth will spillover to your economies. in turn, we hope to be benefited as your economies pick up. together, we can hopefully be an island of relative stability and co - operation in this turbulent world. thank you. i look forward to fruitful deliberations at the rest of the symposium. bis central bankers ’ speeches

wish you all the best for the year ahead. thank you for listening. i look forward to answering your questions. endnotes [ * ] i would like to thank penny smith for assistance in the preparation of this talk. lowe p ( 2021 ), ‘ the rba and the australian economy ’, speech to cpa australia riverina forum, wagga wagga, 16 december. the small holdings of semis maturing in march and april will not be reinvested. the materials on this webpage are subject to copyright and their use is subject to the terms and conditions set out in the copyright and disclaimer notice. © reserve bank of australia, 2001 – 2022. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging.
choongsoo kim : returning to sustainable growth – an eme ’ s perspective special speech by mr choongsoo kim, governor of the bank of korea, at the g20 high level seminar on “ returning to sustainable growth – an eme ’ s perspective ”, mexico city, 24 february 2012. * * * fellow governors and finance ministers, and ladies and gentlemen. it is a great honor and pleasure to speak at this high - level seminar. i am grateful to secretary meade, governor carstens, and managing director dallara for inviting me to deliver this special address. the recent global crisis has cast a long shadow on financial and real activities worldwide. the financial disruptions and severe recession following the crisis hit both sides of the atlantic, and at the same time triggered negative spillovers to emes, many of which were mere innocent by - standers. the euro area debt crisis, and its threat to financial stability, was the culmination not only of the structural imbalances within the euro area itself but also of a complex web of real and financial linkages that had not been well understood. the global crisis also revealed a number of shortcomings in our financial system, ranging from inadequate regulatory frameworks for addressing systemic risk to under - regulated crossborder capital flows. over the past three years or so, the international community has discussed possible solutions to improve stability and resilience of the global financial system. and notable progress has been achieved on multiple fronts, including formulating a strengthened regulatory framework and laying the foundation for reform of the international monetary system under g - 20 leadership. no doubt more challenges remain in our search for durable global financial stability. in this respect, the g - 20 must continue to be the locus of international cooperation and policy coordination. as we enter our fourth year since the crisis, however, i would argue that the time is now ripe for renewed attention to sustainable growth. financial stability – or more broadly macroeconomic stability – is of course a prerequisite for sustainable growth, but the converse is also true. in other words, the real and financial linkages involve a two - way traffic. and indeed, it is hard to imagine that the highly indebted countries in europe will be able to successfully put their public finances on sustainable footings if their growths remain stagnant. from this perspective, global financial resources may have in recent years been directed too much toward the financing of unsustainable fiscal deficits in debt

development and implementation of the 100 for 100 policy for production and production ( ppp ). last and certainly not the least, i would like to congratulate the beneficiaries and participating financial institutions, for the efforts in aiding our efforts to enable greater growth of the nigerian economy. ladies and gentlemen, i thank you for your attention. 4 / 4 bis - central bankers'speeches
##rations over the next two days and to declare the 2nd gulf african bank annual east and central african islamic conference officially opened. thank you.

njuguna ndung ’ u : islamic finance – the african experience remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the 2nd gulf african bank annual east & central africa islamic conference, nairobi, 3 – 4 may 2010. * * * suleiman shahbal, chairman, gulf african bank ltd ; najmul hassan, chief executive officer, gulf african bank ltd ; board members ; distinguished guests ; ladies and gentlemen : i am delighted and honoured to be here this morning to preside over the opening ceremony of this important conference. to start with, let me extend a very warm welcome to all of you who are attending this 2nd gulf african bank annual east and central africa conference titled “ islamic finance : the african experience ”. allow me in particular to extend a special hand of welcome to the international participants “ karibuni kenya ”. i also wish to convey the apologies of the governor, professor njuguna ndung ’ u, who would have wished to personally preside over this occasion but had to attend to other engagements. i will make some remarks that reflect his strong views on islamic finance and extend his best wishes for fruitful deliberations at the conference. the conference is important as it offer opportunities for the banking and financial sector fraternity to meet and discuss emerging industry developments, to learn from their accomplishments and challenges and to share views on sound practices. islamic finance is so far the fastest growing segment in the global financial industry. despite the global financial crisis, islamic finance has demonstrated strong growth with new areas of business such as mutual funds and takaful industry attracting a lot of attention. we need to understand this business model that will support our relative comparative advantage in the eac region. kenya was the first country in the east and central african region to introduce islamic banking. in this regard, two banks were licensed in the last two years to exclusively offer shariah - compliant products with many other conventional banks establishing a window specifically for shariah - compliant products. with this, i am proud to inform this gathering that the concept of shariah complaint banking has emerged as an alternative vehicle for mobilisation and supply of finance. for example, the two banks have already contributed in development agenda of the country by participating in shariah - compliant ( sukuks ) components of infrastructure bonds issued by the central bank of kenya on behalf of the government of kenya. we are still waiting for “ structured sukuk
japan ’ s 2009 international conference, tokyo, may 2009 ( pp. 18 ). framework for crisis management drawing on the lessons of this crisis can take us in that direction.

more than a decade after the financial crisis. the extraordinary measures that have been applied have also led to a substantial expansion of central bank balance sheets, and in a number of countries they are still expanding. in sweden and japan, the asset purchase programmes have not yet been brought to an end, and the european central bank has recently announced that its asset purchase programme will be restarted ( also note that japan has to have a separate graph in this chart ). unconventional instruments appear to have become a part of the ordinary central bank toolkit. we have more policy room for manoeuvre in norway as the policy rate has risen slightly. in the event of a severe downturn, we would lower the policy rate. in principle, other countries ’ experience shows that the impact of a lower policy rate does not stop at the zero lower bound, 6 / 9 bis central bankers'speeches even though the scope for rates below zero is limited. but in norway it is difficult to envisage negative rates over a long period or monetary policy being stretched even further through unconventional measures. even though such measures would probably have some effect here in norway, the potential gains must be weighed against the costs. norway also has fiscal room for manoeuvre. as i have mentioned, there is probably less to gain from lower long - term rates in norway than in countries that have used unconventional instruments to reduce rates. and the effects of such instruments are now also being called into question internationally. the costs are particularly related to financial stability. persistently low interest rates can induce investors to take on greater risk in the search for yield, bidding up the price of risky investments and pushing down yields to the level of risk - free interest rates. prices for securities and other assets can be pushed up higher than future income and risk would suggest. high debt ratios create vulnerabilities, increasing the risk of new crises and future losses. persistently lower interest rates can also hamper necessary structural changes and reduce the economy ’ s growth capacity. debt becomes easy to service, even for unprofitable enterprises. projects that generate low returns can be debt - financed. chart : fiscal impulses the strategy pursued by other countries of stretching the limits of monetary policy must be viewed in the light of monetary policy being practically the only instrument applied. fiscal policy has made a scant contribution or pulled in the opposite direction. there are probably a number of reasons why this is the case. for some countries with high government debt, the risk of rising
ii ) will mature in 2020. the subsequent series of operations ( tltroiii ) have a variable rate of interest, for which i lobbied on the ecb ’ s governing council. on balance, the open interest rate position has dropped, thereby causing interest rate risk to decline. however, default risk, especially from maturing assets purchased under the securities markets programme, has also declined. in light of this, the executive board has reviewed the extent to which risk provisioning is required for 2019. besides the bank ’ s current and foreseeable risk situation, we also took account of its available financial resources. on balance, we have conservatively reduced the risk provision by €1. 5 billion to €16. 4 billion. however, i ’ d like to highlight another particular feature of these annual accounts, because, for the first time since 2014, our total assets fell again somewhat last year. on the assets side, this decline in total assets was mainly driven by return flows of liquidity to other european countries. on the liabilities side, the euro balances of other resident and non - resident investors recorded the largest decreases. this was driven chiefly by foreign central banks. and now i ’ d like to give the floor to mr beermann, who as the member of the executive board responsible for the annual accounts will explain them in more detail. afterwards, you will have the opportunity to ask questions as usual. thank you. footnotes : 1. deutsche bundesbank, the impact of trade policy uncertainty, monthly report, january 2020, pp. ( pages ) 57 - 60. 2. gopinath, g., s. ( seite ) kalemli - ozcan, l. karabarbounis and c. villegas - sanchez ( 2017 ), capital allocation and productivity in south europe, quarterly journal of economics, vol. ( volume ) 132, pp. ( pages ) 1915 - 1967 ; gamberoni, e., c. giordano and p. lopez - garcia ( 2016 ), capital and labour ( mis ) allocation in the euro area : some stylized facts and determinants, european central bank, working paper series, no 1981, november 2016. 3. bun, m. and j. de winter ( 2019 ), measuring trends and persistence in capital and labor misallocation, de nederlandsche bank, working paper, no 639. 4. acharya, v. v., t. eiser

bundesbank, speech delivered on 16 november 2018. 15. weidmann, j. ( 2019 ), what the future holds – benefits and limitations of forward guidance, deutsche bundesbank, speech delivered on 22 november 2019. 16. geiger, f. and f. schupp ( 2018 ), with a little help from my friends : survey - based derivation of euro area short rate expectations at the effective lower bound, deutsche bundesbank discussion paper no 27 / 2018. 17. weidmann, j. ( 2019 ), consistency as a mandate, deutsche bundesbank, speech delivered on 28 november 2019.
this note, i declare open the event “ fstep : syllabus enhancement ”.

www. repository. law. indiana. edu / facpub / 499 / european commission ( 2012 ) : special eurobarometer 373, retail financial services, 2012. recommendation 2011 / 442 / eu on access to a basic payment account : http : / / eur - lex. europa. eu / lexuriserv / lexuriserv. do? uri = celex : 32011h0442 : en : not bis central bankers ’ speeches let me conclude by emphasising that large - value and retail payment systems play a vital role in the overall economy. we can be proud of the fact that payment systems have proven to be the rock in the troubled waters of the crisis. i do not want to imagine what would have happened if payment systems had got in trouble as well. therefore, it is our duty to ensure the continued operational performance of payment systems, to strive for efficient cost structures while keeping a high level of security in retail payments. this conference will for sure bring further insights, allowing us to take the right policy decisions. i look forward to a stimulating discussion, wish all of us a very successful conference and i thank you for your attention. bis central bankers ’ speeches
. ludek niedermayer, deputy governor of the czech national bank, will first explain to you “ why and how ” inflation targeting was adopted in the czech republic – the first country to embrace this regime in our region. then, it will be for ms csermely agnes, director with the national bank of hungary, to share with us the “ lessons and challenges ” put forth by the hungarian experience with inflation targeting. our last speech for this event will be held by mr. cristian popa, deputy governor of the national bank of romania, showing you just where we, as central bank and as economy, stand in the preparation of the introduction of inflation targeting. what i do want to mention is the current debate on the appropriateness of adopting inflation targeting in romania. i am very happy that monetary policy steals the spotlight from football, at least temporarily. some acknowledged romanian economists claim that inflation targeting is not needed since future euro adoption requires fulfilling the grueling conditions of the erm - ii framework. in line with this argument, the exchange rate might prove to be a better choice for a nominal anchor. given the soon to be completed capital account liberalization, i believe that exchange rate management would be very difficult outside a currency board. although i am confident about our option, i respect all disagreeing opinions. for those retaining their doubts about the benefits of inflation targeting, there is one more argument, courtesy not of a renowned economist, but of the danish physicist niels bohr. when asked why he, an enlightened scientist, kept a horse - shoe on display in his house, his prompt answer was that “ it helps non - believers too ”. likewise, provided that the national bank of romania has convinced enough people of its commitments, non - believers should also enjoy the benefits of this policy change. ladies and gentlemen, let me now introduce rachel lomax, deputy governor of bank of england and member of the monetary policy committee. before passing on the floor, i would just like to mention that mrs. lomax has previously visited romania. ten years ago mrs. lomax was negotiating development programs in romania on behalf of the world bank with a team including myself and some other people in this audience. she is now here again to assist us in preparing to achieve another goal related to romania ’ s development, that of lasting price stability.

the tma and international bodies like the ifsb in bringing islamic finance seminars and workshops to hong kong market participants, like the seminar today, in an effort to raise the awareness and deepen the knowledge of islamic finance among the financial community. with the gathering of such a distinguished group of speakers, i am sure that we shall obtain useful insights and get a clearer picture on how to prepare ourselves for the exciting developments in the years to come. 17. i wish this seminar every success, and to our overseas friends, an enjoyable stay in hong kong. thank you. bis central bankers ’ speeches
bis central bankers ’ speeches

outlook for economic activity and the labor market as very close to balanced. regarding u. s. inflation, i anticipate that the drag due to the large declines in prices for crude oil and imports over the past year and a half will diminish next year. with less downward pressure on inflation from these factors and some upward pressure from a further tightening in u. s. labor and product markets, i expect inflation to move up to the fomc ’ s 2 percent objective over the next few years. of course, inflation expectations play an important role in the inflation process, and my forecast of a return to our 2 percent objective over the medium term relies on a judgment that longer - term inflation expectations remain reasonably well anchored. monetary policy let me now turn to the implications of the economic outlook for monetary policy. in the policy statement issued after its october meeting, the fomc reaffirmed its judgment that it would be appropriate to increase the target range for the federal funds rate when we had seen some further improvement in the labor market and were reasonably confident that inflation would move back to the committee ’ s 2 percent objective over the medium term. that initial rate increase would reflect the committee ’ s judgment, based on a range of indicators, that the economy would continue to grow at a pace sufficient to generate further labor market improvement and a return of inflation to 2 percent, even following the reduction in policy accommodation. as i have already noted, i currently judge that u. s. economic growth is likely to be sufficient over the next year or two to result in further improvement in the labor market. ongoing gains in the labor market, coupled with my judgment that longer - term inflation expectations remain reasonably well anchored, serve to bolster my confidence in a return of inflation to 2 percent as the disinflationary effects of declines in energy and import prices wane. committee participants recognize that the future course of the economy is uncertain, and we take account of both the upside and downside risks around our projections when judging the appropriate stance of monetary policy. in particular, recent monetary policy decisions have reflected our recognition that, with the federal funds rate near zero, we can respond more readily to upside surprises to inflation, economic growth, and employment than to downside shocks. this asymmetry suggests that it is appropriate to be more cautious in raising our target for the federal funds rate than would be the case if short - term nominal interest rates were appreciably above zero. reflecting these concerns
here during the next two days. thank you. bis central bankers ’ speeches

relative terms given their stronger capital positions and funding structures. • technological innovation will threaten to disintermediate banks. but to the extent that asian banks themselves adopt the new technology platforms, they will strengthen their ability to penetrate unbanked markets and expand their footprint. of course, it goes without saying that asian banks should guard against complacency and continue to meet high prudential standards and strengthen their risk management capabilities. many of you will be presenting your thoughts over the next two days on these and other issues on the future of asia ’ s banking and finance. i look forward to hearing your insights. bis central bankers ’ speeches
haruhiko kuroda : opening remarks opening remarks by mr haruhiko kuroda, governor of the bank of japan, at the 2021 boj - imes conference hosted by the institute for monetary and economic studies, bank of japan, 24 may 2021. * * * i. introduction it is my great pleasure to welcome you all to our boj - imes conference. this is the 26th conference, and for the first time in its history since 1983, the conference is being held online. on behalf of the conference organizers, i would like to thank you all for your participation. the theme of this year ’ s conference is “ adapting to the new normal : perspectives and policy challenges after the covid - 19 pandemic. ” more than a year has passed since the outbreak of the pandemic, during which time it has caused enormous loss and damage to people all over the world. finally, we are beginning to see the light at the end of this dark tunnel as effective vaccines are being rolled out. it is at this juncture that our conference poses the following questions : what will the so - called new normal look like that emerges after the pandemic? and, how are we going to adapt to this new normal? these questions are the central theme of the conference. as a starting point, i would like to provide some common ground for developing our discussions. specifically, i would like to focus on three issues : the economic perspectives, policy challenges, and the nature of the post - pandemic new normal. ii. economic perspectives a. uneven recession and recovery in considering the economic perspectives, let me begin by touching on the characteristics of the recession caused by the pandemic and of the following recovery. simply put, the most important feature of both the recession and the recovery is their unevenness. each recession is different, but this time, the difference in the severity of the downturn among industries, business types, and occupations has been particularly dramatic. people have changed their behavior under the pandemic and in response to the containment measures. demand for goods and services that require in - person contact has plummeted. these industries have taken a huge hit and their recovery has been slow. the unevenness of the recession and the ongoing recovery could reinforce three trends that have continued since around the global financial crisis of the late 2000s. the first trend is an increase in saving. against the backdrop of uncertainty over the course of the pandemic and recovery

, remarks at the federal reserve bank of new york, october 20, 2014. 3 / 3 bis central bankers'speeches