samchain/econo-pairs-v2 huggingface dataset:
the further work in other capable hands from 1 february. i look forward to following the development from an appropriate distance. thank you for your co - operation. and thank you for your attention. 6 / 6 bis - central bankers'speeches

the countercyclical capital buffer. at the time of the council's establishment, danmarks nationalbank argued that this responsibility should be delegated to the danish financial supervisory authority or the council. 6 this opinion was rooted in the fact that institutions facing public pressure may act too little and too late, as macroprudential measures will often need to be implemented at a time when it is difficult for the public to see the need hereof. on the other hand, one can argue that as macroprudential instruments – especially so - called borrower - based measures – directly affect households, they should not be placed with non - elected officials. according to the act, decisions within the council are taken on the basis of majority voting. if the council decides on a recommendation to the government, however, only the members from danmarks nationalbank and the independent experts are allowed to vote. a recommendation to the government must include a statement by the representatives of the ministries. the judicial framework also states that the council should strive for consensus. therefore, all decisions made by the council are based on thorough discussions among all its members. how does the institutional setup in denmark compare to other countries? ( slide 5 ) compared to other european countries, the institutional setup in denmark is unusual. only in two european countries ( denmark and norway ) is the government responsible for the use of macroprudential instruments specified in the capital requirements directive and regulation ( crd / crr ), e. g. the countercyclical capital buffer, the systemic risk buffer and sifi buffers. in general, the different institutional setups in europe can be split into two groups. 7 in the first group, the macroprudential authority controls the macroprudential instruments in the crd / crr. in this group, the http : / / www. nationalbanken. dk / en / publications / documents / 2013 / 11 / mon _ 3qtr _ 13 _ del1. pdf. this section builds on esrb ( 2014 ) recommendation on the macro - prudential mandate of national authorities ( esrb / 2011 / 3 ) : follow - up report – overall. page 4 of 23 macroprudential authority is the central bank ( 12 countries ), a systemic risk council ( 4 countries ), the financial supervisory authority ( 2 countries ), or the government ( 1 country ( norway ) ). in the second group of countries, the macroprudential authority does
defined by shared and sustainable prosperity. with our collective efforts, may we be able to look back at this crisis with no regrets for wasted opportunities. may you have a fruitful and insightful discussion ahead. maraming salamat at mabuhay kayong lahat. 3 / 3 bis central bankers'speeches

similarly encouraging is the swing of foreign direct investments ( fdis ) to a growth of 39. 1 percent in may and 7. 1 percent in june. imports made some headway, with the year - on - year contraction slowing down from 65. 3 percent in april to 24. 4 percent in july. lastly, recording a similar trend, the year - on - year decline in exports eased to 9. 6 percent in july from 49. 9 percent in april. we expect our recovery process to continue as more industries re - open following the relaxation of the quarantine measures. 1 / 5 bis central bankers'speeches six months into the pandemic, we are learning how to live with the virus. that is, we are learning how to strike the delicate balance between saving lives and protecting livelihoods and businesses. let us now turn to the path that we will chart in terms of the following key areas : on growth, we expect the gross domestic product ( gdp ) to swing from a range of negative 7. 0 to negative 9. 0 percent this year, to a range of positive 6. 5 to 7. 5 percent next year and in 2022. on prices, we expect inflation to remain manageable and settle within the government ’ s 2. 0 - 4. 0 percent target range by next year and in 2022. inflation is expected to average at 2. 3 percent for 2020, 2. 8 percent for 2021, and 3. 0 percent for 2022. bsp has injected hefty liquidity into the financial system to soften the impact of the covid - 19 crisis on the economy. this liquidity injection will be aided in part by the bsp ’ s newest liquidity management tool of the bsp — securities issuance. with it, we will be able to further improve our ability to manage liquidity in the system, consistent with our price stability mandate. on fdis, we expect net inflows to improve from us $ 4. 1 billion this year to us $ 6. 5 billion next year as more industries will have reopened and as business confidence globally will have started to bounce back. on overseas filipino remittances, we forecast a turnaround to 4 percent growth next year from a decline of 5 percent this year. year - to - date, overseas filipino remittances contracted by 2. 4 percent. on external accounts, we expect these to remain robust. as of end - august, the gross international reserves
widely used, and there is good reason to believe that that they would be popular if permitted. 23. it is important to appreciate that the concern with private currencies is not limited to bitcoin or just cryptocurrencies. the concern extends to any private currency, whether digital or physical, whether crypto - based or not. stablecoins ( which are simply cryptocurrencies that are less volatile ) are being promoted globally, presumably because they are more stable than, say, bitcoin. we should in fact be more concerned about stablecoins because they would be more effective as currency than volatile cryptocurrencies. as the ft video cited above says “ stablecoins pegged to official currencies would increase, rather than dampen risks, if assets and liabilities were mismatched. ” impact on global financial integrity standards 24. the very raison d ’ etre of cryptocurrencies is that they bypass established intermediation and control arrangements 7 that ensure integrity of financial transactions, such as know - your - customer regimes, anti - money laundering ( aml ) and combating the financing of terrorism ( cft ) rules etc. the fact that they are anonymous, decentralized systems that operate purely virtually makes cryptocurrencies particularly attractive to illegal / illegitimate transactions which have been largely filtered out of the formal financial system. total crimes using cryptocurrencies in 2021 was estimated to be $ 14 billion ( wall street journal, january 06, 2022 ). the amount itself is not much but the implications for the aml / cft framework built painstakingly over the last two decades is rather substantial. 25. there are other important negative consequences of allowing cryptocurrencies into the formal financial system. we have already noted that there is no basis for valuation of cryptocurrencies. since valuation is largely based on beliefs, and not on underlying value, it is bound to have a destabilizing effect on monetary stability of a country through large - scale wealth loss to investors ( if it is adopted widely ), even if it not allowed to be used as a currency. 26. the socially wasteful energy use of crypto infrastructure has been a subject of widespread discussion. about 900 new bitcoin a day require electricity worth $ 45m a day ( refer footnote 5 ). by some estimates electricity use of bitcoins equaled that of the entire country of

michael koetter, ralph stetzer, and andreas westphal ( 2017 ). do we want these two to tango? on zombie firms and stressed banks in europe. iwh discussion paper, no. 13. halle ( saale ).
for banks in the medium and long run.

and financial stability at home. from the above viewpoint, the nature of stimulus policies at present and in the future should aim at minimizing the costs of side effects that the expansionary policies have caused in the course of years. a very important place in this direction is occupied by reduction of debt created during the fiscal expansion, and reduction of its cost. in this framework, all the fiscal authorities should work not only for avoiding the creation of new debt, but also for settling the debts in arrears with maximum efficiency. debt exit strategies, including also the replacing of the expensive debt in arrears with a new cheaper debt, are very important and welcomed. in current conditions, when there is a high probability for further debt growth, the policies to sustain the economy by expenditures is restricted from the incapability of the economy to generate economic growth. shifting the focus of discussion to the reality of our economy, in order to maintain the debt level and the macro - financial stability, it is necessary to restrict expenditures in accordance with revenues. the latter depends directly on albanian economy revenues. therefore, it is very important to encourage the economic development and to direct the financial resources to those directions where the albanian economy provides its competitive advantage. this would enable the substitution of imported consumer goods with domestic products whenever possible and efficient. the purpose is to encourage production not only for domestic consumption but also for exports in traditional markets and products and in new ones. this objective is a necessity, not only from the short - term and mid - term perspective, but also from long - term one. the strategies for debt management and reduction ( debt restructuring ) are not only part of the macroeconomic policies. they should be extended to every cell of the economy, whenever the microeconomic balance sheets have been burdened by debt. the restructuring and the resumption of lending activity can not take place without leaving aside the sick and bad part of the balance sheets. currently we are confronted with exchange rate correction. this automatic adjustment of consumer and producer behaviour in terms of consumption, savings and investments, has been an indispensable process in line with the new equilibrium. however, it is insufficient ; therefore, it should be accompanied by correction of fixed asset prices in accordance with the new wealth balances. i would like to emphasize that the equilibriums of a balance - sheet, either fiscal, private or household one, are guaranteed by simultaneous and equal changes in its both sides. banks and businesses should work together to identify and separate
zeti akhtar aziz : potential for new linkages and opportunities between japan and malaysia speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the malaysia - japan business forum " enhancing new linkages and opportunities ", kuala lumpur, 24 august 2007. * * * it is my honour and great pleasure to be here to speak at this important forum which brings together government leaders and the business community from our two countries. i would like to take the opportunity to thank the japan external trade organisation ( jetro ) for inviting me to speak at this forum. jetro has played an important role in fostering the economic relations between malaysia and japan. while japan and malaysia has established strong economic ties, the environment in which we are operating has experienced pronounced changes. these changes present the potential for new linkages and opportunities between japan and malaysia. enhancing interlinkages and integration in asia asia today is increasingly recognised as a dynamic growth region in the global economy. asia's previous success was accomplished in part by strengthening its global interlinkages by exports to the rest of the world. today, new regional interlinkages are emerging as asia expands further its trade and investment within the region, a trend that has generated mutually reinforcing regional growth. the asian economic integration is now already well advanced through the intensification of intra - regional trade and investment. trade within asia now accounts for more than half of the total trade of the region. this change is partly the result of the rapidly growing economies in asia, which has created a large and expanding cumulative export market. this economic integration is also the result of asia's participation in the globalization of production. these trends have led to greater diversification of economic activity in the region and a reduction in the over - concentration in the traditional export markets. in the area of investment, japan has for several decades been a major foreign direct investor in the asian region. a more recent phenomenon is the more widespread cross - border investment undertaken in the region to capitalise on the growing opportunities arising from the diversity of economic strengths in the region. these developments have increased the potential for asia to be an important engine of growth in the global economy. the advancement that has been achieved in the increased economic integration needs to be reinforced by greater financial integration. accelerating the regional financial integration process would serve as a powerful impetus, not only for reinforcing the trade and investment inter linkages, but more importantly to facilitate a more efficient international allocation of

central bankers ’ speeches
spencer dale : inflation, inflation, inflation speech by mr spencer dale, executive director and chief economist of the bank of england, at cardiff business school, cardiff, 22 september 2010. * * * i would like to thank venetia bell, rohan churm and łukasz rachel for their considerable help in preparing these remarks. the views expressed are my own and do not necessarily reflect those of other members of the monetary policy committee. introduction thank you for the invitation to speak this evening. i studied for my undergraduate degree in economics at what was then university college cardiff in the mid 1980s. i had three wonderful years in cardiff and it is a huge pleasure to come back tonight and to see so many familiar faces. although i hope some of those familiar faces will be kinder to my speech tonight than they were with my essays back then. the theme of my talk tonight is inflation. i hope that you won ’ t find that too disappointing. i fear that some of you were looking forward to a talk on more exciting topics like the financial crisis, the new responsibilities that have been granted to the bank, the speculation concerning a double dip. but i make no apology for focussing on inflation. one of the cornerstones of our economy ’ s stable and consistent growth in the 15 years or so prior to the financial crisis was the period of low and stable inflation that was achieved then. and our future prosperity will depend on our maintaining an environment of low and stable inflation. one of the most worrying comments i have heard in recent months came at a lunch of senior businessmen i attended. one of the diners suggested that the uk was returning to its old ways “ of depreciating the exchange rate and inflating its way out of trouble. ” soon after, a city circular asked “ is the mpc turning a blind eye to inflation? ” this is dangerous talk. the evils of inflation are well known. the high and volatile rates of inflation of the 1970s and 80s stunted our economic performance. companies and households were unable to budget and plan efficiently. resources were misallocated. longterm contracts were avoided. the value of hard - earned savings was eroded. this dangerous talk has perhaps been partly fuelled by the behaviour of inflation in recent years. cpi inflation has averaged close to 3 % over the past four years, significantly higher than the 2 % target and for the most part higher than the mpc anticipated. cpi inflation has been above target for 41 out of the

implications ”, remarks at the economic club of new york, october ; gagnon, e., b. k. johannsen and d. lopez - salido ( 2016 ) “ understanding the new normal : the role of demographics ”, federal reserve board finance and economics discussion series 2016 – 080. 15 yellen, j. ( 2016 ), “ the federal reserve ’ s monetary policy toolkit : past, present and future ”, remarks at the jackson hole economic policy symposium, federal reserve bank of kansas city ; see also reifschneider, d. ( 2016 ), “ gauging the ability of the fomc to respond to future recessions ”, federal reserve board finance and economics discussion series 2016 – 068. 6 / 6 bis central bankers'speeches
##balance. therefore to address new zealand ’ s overvalued exchange rate the underlying imbalances themselves must be addressed. raising domestic savings relative to our investment needs appears the best way to sustainably lower new zealand ’ s real interest rates and take the pressure off the real exchange rate. bis central bankers ’ speeches

john mcdermott : understanding the new zealand exchange rate speech by dr john mcdermott, assistant governor and head of economics of the reserve bank of new zealand, to federated farmers, wellington, 22 november 2013. * * * whenever presenting on the economy, the first question i get almost always relates to the elevated level of the new zealand dollar. people are often concerned that that the exchange rate is too high or too volatile and believe that these problems could be addressed by running monetary policy differently. concern about the exchange rate is understandable. movements in, and the level of, the exchange rate can have substantial impacts on the performance and structure of the new zealand economy and on people ’ s livelihoods. the exchange rate is important and the reserve bank devotes a great deal of resources to understanding it. today i want to summarise the bank ’ s thinking on the types of questions we get about the exchange rate. given time constraints, it will be necessary for me to skip over many of the complications and nuances behind these questions. for those who would like to know more, i invite you to visit the reserve bank ’ s website. it has a large volume of analysis on the exchange rate – presented both in lay terms and in as technical a form as you could ever wish. 1 before i begin though, it is worth noting, what i think everyone now accepts, that the solution to a high and variable exchange rate is not higher inflation. international and historical experience has shown that if a central bank runs monetary policy looser than is required it will generate inflation. such future inflationary problems would be very costly to resolve in terms of growth and employment. is the exchange rate high? an initial question is whether the exchange rate is high. the answer, currently, is most certainly yes : the nominal exchange rate is at historically high levels against nearly all of our trading partners2. here it is important to introduce the concept of the real exchange rate. the real exchange rate, as well as being influenced by the nominal exchange rate, also takes account of relative inflation rates so is a better measure of overall competitiveness. an exporter ’ s competitiveness is determined not just by the nominal exchange rate, but also by their cost of doing business relative to their foreign competitors. unfortunately for new zealand ’ s tradable sector, just like the nominal exchange rate, the real exchange rate is also high. figure 1 shows the real exchange rate over the past 50 years, and the current rate is
by maintaining inflation at between 4. 0 and 6. 0 per cent. ( 3 ) foreign exchange market stability is a significant contributor to price stability, and the bank is equally committed to maintaining stability in the foreign exchange market. thank you. i will now take questions. 3 / 3 bis - central bankers'speeches

provide will be repo - based funding. unlike the bank ’ s normal liquidity support provided in accordance with the bank of jamaica act, no haircuts will apply so that eligible entities can borrow up to 100 % of the pledged nominal amount relating to the new goj bonds. financial institutions regulated by the bank as well as those not regulated by the bank will be able to participate in the facility as long as they participated in the ndx. conclusion thank you for attention to this section of the presentation. i assure you that the bank is unwavering in its commitment to fostering and maintaining macroeconomic and financial stability. our technical teams are at hand to assist with any matters that may arise and i, personally, will be available to discuss this matter with any of you wishing to do so. in the final analysis, bank of jamaica will be depending on your support for this very important element of the medium - term programme that is designed to move jamaica forward. bis central bankers ’ speeches
. 2 standard eurobarometer 89, spring 2018. 3 banca d ’ italia, financial stability report no. 2 – 2018. 4 results of the oecd ’ s piaac survey. 5 “ sul tempo della ratifica della ced ” 1 march 1954 in einaudi, lo scrittorio del presidente ( 1948 – 1955 ), giulio einaudi editore, torino, 1956. 5 / 5 bis central bankers'speeches

there is a political consensus for this, but we now have to make concrete progress on revising bankruptcy laws and strengthening esma. in addition to private risk - sharing, there is also a vital need for a common public solidarity mechanism [ slide ]. one aspect of this is the reinforcement of the european stability mechanism ( esm ), in particular its precautionary tools : credible crisis prevention means not just ensuring fiscal discipline, but also having the necessary tools in place to help member states cushion asymmetric shocks, which can appear suddenly despite all efforts to avoid them. to be efficient, precautionary tools should, in my view, be based on objective and simple ex ante criteria [ such as abiding by certain rules ], rather than on the current burdensome conditionality system which is too similar to an assistance programme. the euro area budget proposed by france could also play a stabilising role, by supporting investment, especially in education and training, and of course in new technologies, when national finances are constrained. discussions over the esm have raised another issue, which i know is a sensitive topic in italy : the restructuring of sovereign debt. france also believes that we need to tread carefully here. we should avoid adopting a mechanical approach, because when rules are automatic, market expectations can trigger sudden chain reactions and pose a threat to financial stability. on the other hand, it might be useful to hold technical discussions on ways of implementing collective action clauses ( cac ). * * i would like to conclude by quoting president luigi einaudi, who wrote this in 1954 : “ in the life of nations, the mistake of not seizing the moment is usually irreparable. the need to unify europe is evident. [... ] this is not a problem of choice between independence or union, but of choice between existing in unity or disappearing. ” 5 in a world marked by growing uncertainties – many of 4 / 5 bis central bankers'speeches which, unfortunately, also stem from the united states – the need to preserve and reinforce the unity of europe is stronger than ever. this does not mean ignoring the problems, but rather working together, as french and italians, to achieve what we want : a more efficient and solidarity - based europe. thank you for your attention. 1 see bugamelli et al. 2017, “ back on track? a macro - micro narrative of italian exports ", banca d ’ italia working paper no. 399