samchain/econo-pairs-v2 huggingface dataset:
##yorkfed. org / 2020 / 08 / market - function - purchases - by - the - federal - reserve. html ie the ability to transact in reasonable size at or close to mid - market prices prevailing prior to the trade – as discussed, eg in https : / / www. bankofengland. co. uk / financial - stability - paper / 2015 / the - resilience - of - financial - market - liquidity all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice but it wasn ’ t until 2007, in the foothills of the global financial crisis ( gfc ), that willem buiter and anne sibert coined the phrase now widely used for this activity : ‘ market maker of last resort ’ ( mmlr ). 11 buiter and sibert believed that central banks, acting as mmlr, should be ready to tackle dysfunction in securities markets relevant to monetary or financial stability, by making two way prices to buy and sell those securities, or lending against them. risk would temporarily be transferred off dealers ’ balance sheets, freeing up capacity to return market liquidity to more normal levels. 12 in all other respects, they recommended following bagehot ’ s principles : ie standing ready to operate at scale, but only at prices, rates and collateral haircuts that would protect public money and avoid moral hazard. such terms, they believed, would also ensure that the central bank ’ s financial exposures naturally unwound as market conditions normalised, with purchased assets being sold back to the market, or repo exposures maturing. many historical central bank operations in securities markets, including some undertaken in the 2008 - 9 crisis, involved one - way purchases, and hence did not have this self - liquidating feature. one exception was the bank of england ’ s corporate bond secondary market scheme, introduced in 2009, and from 2010 offering daily two - way prices on a wide range of high - quality sterling corporate bonds issued by non - financial companies, to aid secondary market liquidity. these prices were determined as a spread around the market price ( so moved up and down with the market ), and set at levels that incentivised market participants to sell to the bank when market functioning was poor, and buy when market functioning returned to normal. the implications for the public sector balance sheet were modest : even at its peak, the scheme only owned about 1 %

for future gains in measuring credit risk, but those are only two risks. operating risks such as fraud, human misjudgments, and the failure of information systems, processing operations and basic internal controls must be addressed comprehensively. at this point, we can take satisfaction in the risk management strides we have made. but i am confident that opportunities for even greater progress lie ahead.
bankers ’ speeches

haruhiko kuroda : the evolution of payment and settlement systems and the role of central banks speech by mr haruhiko kuroda, governor of the bank of japan, at the symposium for the 30th anniversary of the center for financial industry information systems, tokyo, 2 december 2014. * * * introduction it is a great pleasure to have this opportunity to speak at the symposium commemorating the 30th anniversary of the center for financial industry information systems ( fisc ). since its establishment in 1984, the fisc has greatly contributed to strengthening the safety of the financial information system and improving the efficiency of financial services in japan. as it marks its 30 - year milestone, i would like to express my respect and gratitude for the work it has done over the years. for the past 30 years, the fisc has been engaged in enduring work such as developing industry guidelines and standards. these include “ fisc security guidelines on computer systems for banking and related financial institutions ” and “ fisc information system audit guidelines for banking and related financial institutions. ” it also publishes its “ white paper on financial information systems ” every year. with new payment methods such as internet banking and electronic money making their appearance, maintaining the security of such payment methods has become an important issue. the fisc has also been active in addressing a number of challenges related to information systems by revising the industry guidelines or standards in order to address these issues. furthermore, through its wideranging research, analysis, and publicity activities – including various surveys or the organization of study groups and seminars – the fisc ’ s efforts have significantly supported the development of payment and settlement systems, through which economic and financial transactions are “ settled. ” today, under the title, “ the evolution of payment and settlement systems and the role of central banks, ” i will outline these systems ’ developments from the past to the future, and explain the present and future challenges to be tackled by the bank of japan while touching on the role of central banks within the systems. i. evolution of payment and settlement systems looking back over several decades at the history of payment and settlement systems in japan, both efficiency and safety have significantly improved. to put this in perspective, certain periods from the middle of the 1960s to the beginning of the 1990s were ones when more emphasis was put on raising efficiency. since then, the emphasis has shifted to enhancing the safety of the systems. let me be more concrete. from the middle of the 1960s to the beginning of the 1990s, on
s monetary policy has been based on two complementary pillars : the negative interest rate and our willingness to intervene on the foreign exchange market as required. these instruments are proving effective at countering excessive pressure on the exchange rate, thereby ensuring price stability in the medium term. however, i would like to stress that, at current levels, the swiss franc remains significantly overvalued. with an interest rate of – 0. 75 % on sight deposits, we have gone far compared to most other countries. we have observed that money and capital markets are functioning smoothly under the negative interest rate. however, mortgage rates have not fallen to the same extent as interest rates on money and capital markets. hence, fears that the negative interest rate jordan, t. ( 2015 ) “ the impact of international spillovers on inflation dynamics and independent monetary policy : the swiss experience ”, conference paper prepared for the 39th economic symposium on ‘ inflation dynamics and monetary policy ’ in jackson hole, 28 august 2015. bis central bankers ’ speeches could contribute to imbalances on the mortgage and real estate markets have so far proved unfounded. finally, economic conditions remain challenging in switzerland. the snb monitors the situation continuously, and our latest analysis and forecast will be published at the next monetary policy assessment on 10 december. in general, we believe that the economy has returned to a moderate path of recovery, although significant downside risks remain. these originate, in particular, from the fragile international environment and exchange rate developments. currently, the inflation rate is too low, but the main factors pushing down domestic inflation are of a transitory nature. medium - term price stability is not in doubt. thank you very much for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

an eminent civic one, namely by providing the glue that holds the whole society together. first, a good allround education enables voters to form their own opinions about complex substantive issues. this is essential in order for the advantages of direct democracy to be fully realised. second, an education system structured in a way to maximise labour market access for as many people as possible is a significant factor for integration. and third, owing to its high quality and flexibility, it prevents class mentality and elitism. bis central bankers ’ speeches
is different. to begin with, it is not a financial crisis in origin but a crisis that has arisen due to a total collapse in demand and restrictions on the supply side. this time it 4 is a question of the state bridging over in different ways so that companies can survive. the riksbank, together with finansinspektionen, the swedish national debt office and the ministry of finance, has so far taken forceful measures and we have supplied large amounts in order to ensure that credit supply continues to work. the riksbank stands ready to do more if and when necessary to help the swedish economy get through this economic crisis as well. we may need to do even more if necessary, and do it again and again until we all see the light at the end of the tunnel. and this we are prepared to do. 5

policy rate unchanged two more years ) svenska dagbladet newspaper, 24 january. blanchard, olivier ( 2014 ), where danger lurks. finance and development 51 ( 3 ), september 2014. international monetary fund. blanchard, olivier, dell ’ ariccia, giovanni and mauro, paolo ( 2013 ), rethinking macro policy ii : getting granular. imf staff discussion note 13 / 03. international monetary fund. borio, claudio ( 2014 ), central - banking post crisis : what compass for uncharted waters? in goodhart, charles, gabor, daniela, vestergaard, jakob and erturk, ismail ( eds. ), central banking at a crossroads : europe and beyond. anthem press, london. carney, mark ( 2013 ), monetary policy after the fall. speech at the university of alberta 1 may 2013. bank of canada. financial times ( 2014 ), sweden slides further into deflation, october 14. imf ( 2011 ), sweden : 2011 article iv consultation. imf country report no. 11 / 171, july 2011. jansson, per ( 2014 ), how do we stop the trend in household debt? work on several fronts ekonomisk debatt no. 3, 2014. jorda, oscar, schularick, moritz and taylor, alan m. ( 2013 ), when credit bites back : leverage, business cycles, and crises. journal of money, credit and banking 45 ( p2 ). national institute of economic research ( 2011 ), the swedish economy june 2011. krugman, paul ( 2014a ), sweden turns japanese. the opinion pages, the new york times, april 20. krugman, paul ( 2014b ), apologizing to japan. the opinion pages, the new york times, october 30. malmqvist, peter ( 2014 ), lag ranta baddar for overhettning. ( low repo rate paves the way for overheating ) svenska dagbladet opinion, 19 july. mian, atif and sufi, amir ( 2014 ), house of debt. university of chicago press. mitelman, henrik ( 2014 ), nu blir ingves borsens bastis. ( now ingves is the stock market ’ s best friend ) dagens industri newspaper, 29 october. munchau, wolfgang ( 2014 ), what central banks should do to deal
overnight financing rate ), which is the global benchmark short rate in us dollars, is assumed to be between 3. 5 percent and 4. 5 percent. finally, we assume our exports will grow by 6 percent and our imports by 5 percent as global demand recovers and as international trade normalizes. 3 / 4 bis - central bankers'speeches let me end by saying that the bsp will continue to support policies that promote price stability, financial stability, and an efficient payments and settlement system, which we think are essential for sustainable and inclusive growth. thank you very much. 4 / 4 bis - central bankers'speeches

mary c nkosi : mzuzu branch project site handover and pre - contract meeting speech by mrs mary c nkosi, deputy governor of the reserve bank of malawi, at the mzuzu branch project site handover and pre - contract meeting, mzuzu, 2 august 2010. * * * the team leader of the consortium ( represented by mr. davie chidyaonga ) and other members of the consortium director of administration, and members from rbm the project coordinator, mr morrison sulumba the management of sr nicholas limited led by mr g bizzarro all present i am greatly honoured to be here this morning to deliver the expectations of the governor, myself and the entire bank. my presence here is proof of the importance the bank places on this project which goes beyond the building. the bank ’ s presence in mzuzu will complement development in the city of mzuzu and the northern region as a whole. let me start by first of all congratulating the contractor, sr nicholas limited, for successfully going through the evaluation process and being awarded this prestigious contract. the competition was tough and therefore this is no mean achievement. at this juncture, let me place on record my gratitude the chairperson and the entire internal procurement committee of the bank for a job well done during the tendering process. we know that the award criteria for this contract went beyond the usual price consideration. it mainly considered the capacity to deliver a quality product within the specified period of 24 months. therefore, issues of experience in projects of a similar nature and magnitude, current commitments and track record of good performance played a bigger role. it is with this in mind that i want to appeal to the successful contractor, sr nicholas limited, and all other sub contractors involved in the construction of phase ii that the bank expects nothing less than a quality building that will be an icon and a centre of public attraction in the city of mzuzu and will stand the test of time. in this regard, you will be expected to adhere fully to all building standards and specifications. this entails applying world class working methods and use of certified materials throughout the project life. to the team leader and indeed the nddc consortium, i would like to say the journey continues. you did a good job in phase i. however, the small problems that surfaced here and there should be considered lessons for phase ii. the consortium is expected to provide optimum supervision throughout the project life and ensure that all individual consultants in the team
and to noro and munda police that provide overall security for the program. but our thanks go to all of you school children and teachers of both noro and munda primary schools who are part of this program this week. you have made solomon islands proud by registering in the map that we too are part of this global money week. finally, to my staff who have been working to ensure that we celebrate this day as opportunity to learn and have fun. let us make global money week celebration here at noro a memorable occasion. let us all learn, save and earn. god bless all. thank you.

policy by those national authorities in such circumstances will help precisely avoid the emergence of systemic crises. the activation of the macroprudential tools in order to create a buffer to be used in bad times incorporates a new dimension into the interactions with monetary policy. that is an issue which, in my view, should be analysed further. at a minimum, in these cases, monetary policy and macroprudential policy should take into account their respective decisions when calibrating the use of their instruments. as for fiscal policy, it is also important to emphasise that the creation of shockabsorption capacity through macroprudential decisions should not be used as an argument for relaxing fiscal policy. in other words, fiscal policy should also 7 / 11 create buffers in good times to be used in bad times, through automatic stabilisers or discretionary action, in particular in countries belonging to a monetary union. another key issue related to this discussion is that the capital buffer built up in good times is expected to be released when the phase of the cycle changes. significantly, this decision can be even more complex than those made in the activation phase. in this respect, and given the empirical evidence we have, there is a clear issue of timing. if it is released too early, it may even accentuate the expansion of the financial cycle. if it is released too late, it may entail a significant cost to the real economy. it is also necessary to assess whether the release has to be once - and - for - all or gradual. the release of the buffers may induce negative market reactions or generate conflicts with the microprudential supervisor. a more automatic system of activation could solve many of these problems, while at the same time introducing an additional automatic stabiliser for the lending and / or the business cycle. however, given that we do not have much experience to date with the working of this tool, the calibration of an explicit policy rule would be premature and the principle of “ guided discretion ” seems a second - best option. assesing how to use the different macroprudential tools let me now turn to the second issue i wanted to tackle. systemic risk, unlike inflation or the public deficit, is multidimensional and this is why having different macroprudential tools at the disposal of the macroprudential authority is crucial. however, it is not always obvious how to discriminate among the different macroprudential tools, in
pre - existing ones, which would afford greater certainty to trade relations while reducing their cost, would also help attain this goal. to conclude, i believe that, by sharing experiences and outlooks, fora such as this one help gain a deeper understanding of the challenges that we, the economic and monetary authorities, must face. i hope that you are able to benefit fully from the discussions held over the coming days and wish you a pleasant stay in seville.

stand at 0. 4 %, compared with 4 % in the united states. the information available for spain therefore precludes talking of a market of this type. regarding bad debts, the aggregate ratio for the sector during 2006 was on a declining trend and, in any event, is holding at minimum levels, whether analysed from a historical perspective or in comparison with institutions in other euro area countries. in other words, this indicator of the credit risk borne by institutions is not currently showing signs of difficulties feeding through to the industry, and this despite the higher growth of doubtful assets over the course of 2006. this higher growth, however, must be analysed bearing in mind at least two considerations. first, the increase in doubtful assets is due in part to the strong growth in activity recorded in recent years. in an expansionary setting it is logical that, if the volume of credit increases, the volume of doubtful assets will afterwards increase with some delay even if default probabilities hold constant. second, it should not be forgotten that the changes in accounting rules introduced by the banco de espana to adapt to international financial reporting standards mean that doubtful assets must be recognised earlier and in a higher proportion. that said, and while acknowledging the low default levels in the spanish banking system, it seems clear there is no further room for further reductions in the ratio. looking ahead, against a background of slowing credit growth, these ratios will conceivably tend to rise, converging at levels that may be considered as more normal in such a setting, while similar to those prevailing among our european partners. moreover, both past experience and the findings of various studies show that risk tends to emerge with some delay in relation to the time it is assumed. in any event, a rise in the doubtful assets ratio should not in itself be viewed as a cause for alarm ; it should rather be understood as another of the various indicators needed to assess institutions ’ financial capacity. although deposits trended more favourably in 2006 than in previous years, institutions had to resort to securities issues, subordinated financing and asset securitisations to meet the growing demand from households and firms for funds. going to international markets in search of funds may make spanish institutions more sensitive to external difficulties while exerting additional pressure on their operating margins, although it is true that resort is mainly to the euro area markets. indeed, the fact that spain has joined this area of stability has meant that our institutions have been able to finance an expansion
banking services to all villages with population more than 2000 by march 2012 has been successfully met and we are on our way to ensure the same for all villages in a time bound manner. the focus has bis central bankers ’ speeches now shifted from just opening of accounts to the volume of business transacted in these accounts, which is the key for making the fi model a success. bc based delivery model delivery of financial services through the bc model would be key to the success of our financial inclusion initiatives. if the bank - led model is to succeed, it is imperative that it is able to leverage upon bcs to deliver efficient and cost effective access to services. however, our current experience is that the bc based delivery model is still evolving. while banks are experimenting with various ideas in search of the optimal delivery mechanism, it still continues to be the weakest link. the bc model has faced challenges from various sources such as viability issues resulting from delays in payment of remuneration to field bcs, technology and connectivity issues, turnover of bcs and building up faith and acceptability of bcs among the targeted population. i hope that major players in this segment will come up with suggestions to overcome the problems currently being faced by the industry and work towards making it a success. i would also like to congratulate the organisers of this conference as this important aspect is being deliberated upon for the first time. where do non - mainstream institutions like mfis fit in? though, we are of the belief that sustainable financial inclusion is achievable only through mainstream financial institutions i. e. banks, as the penetrative reach of banks is low and they have still not been able to reach a large number of villages in the country, other intermediaries, which have the ability to reach the excluded segments of the society are required. microfinance institutions fill this niche space and to that extent, play a critical role in financial inclusion. the mfis have served the underserved / un - served populace in the last few years and have improved access to credit. it is our considered view that in the next decade, mfis will help in financial deepening and will continue to remain an important segment of the indian financial market keeping in view the present level of penetration of the banking system. the conceptual framework underlying mfis, however, calls for a change. they must revisit their business model to support the income earning ability of the borrower. m

strategies on the way ahead. i look forward to the continued service of the microfinance sector and its collaboration with the government and rbi. i wish the conference all the very best. thank you. bis central bankers ’ speeches