samchain/econo-pairs-v2 huggingface dataset:
shortlisted the top 24 students based on their spm results and also on their level of involvement in co - curricular and sports activities. the students then underwent a rigorous evaluation process under the bank ’ s “ kijang academy ” which assessed their technical and leadership competencies, as well as their values. we are pleased to award four outstanding students the kijang emas scholarship this year. having just completed their spm, they will be enrolled into the respective pre - university programmes. following their pre - university programmes, imran aspires to be a mechanical engineer, hajar is keen to read chemistry while both ying xin and nur shazlin aspire to be doctors. i am confident that all of you will do your best and will contribute for the future of the nation. bis central bankers ’ speeches in addition to the kijang emas scholarship award, every year the bank also awards scholarships to 50 high achieving spm students for them to pursue their undergraduate studies abroad with the objective of them being part of the bank ’ s future talent pool. the bank has put in place a structured, holistic and collaborative scholar ’ s development programme to support all of our scholars throughout their studies. the programme aims to develop high - quality and well - rounded scholars with leadership qualities as the next generation of young talent who will be the leaders of tomorrow for the bank and our nation. bis central bankers ’ speeches

about 2½ percentage points. fiscal adjustment in the euro area is continuing in 2012, and it is indeed crucial that efforts are maintained to restore sound fiscal positions. at the same time, structural reforms are as essential as fiscal consolidation efforts and the measures to repair the financial sector. some progress bis central bankers ’ speeches has also been made in this area. for example, unit labour costs and current account developments have started to undergo a correction process in most of the countries strongly affected by the crisis. however, further reform measures need to be implemented swiftly and decisively. product market reforms to foster competitiveness and the creation of efficient and flexible labour markets are preconditions for the unwinding of existing imbalances and the achievement of robust, sustainable growth. it is now crucial that member states implement their country - specific recommendations with determination. we are now at your disposal for questions. bis central bankers ’ speeches
help to further this approach. i thank the open university for having invited me to give this talk, and i look forward very much to your questions and comments.

kong to handle financial and other economic transactions denominated in the renminbi. thirdly, as the mobility of money, investors, borrowers, financial instruments and financial intermediaries between the two financial systems grows, there will be rapid growth of financial traffic between the mainland and hong kong. consequently there is a need for robust links between the financial infrastructures of the two financial systems. this then is our strategy. in terms of actual measures – something that antony also wants me to talk about – i would refer you to the eighty recommendations in the report of the focus group on financial services published in january 2007 as hong kong's response to the eleventh fiveyear plan of the country published in 2006 and as hong kong's input to the national finance working meeting in 2007. as you may be aware, the implementation of our overall strategy and many of the detailed recommendations involve the relaxation of controls in the financial systems on the mainland. while the benefits of financial liberalisation are clear, so are the risks to financial stability, as the asian financial crisis of 1997 - 98 and the current turmoil in the developed financial markets demonstrate so vividly. here there should be a strong emphasis, to quote the premier again, on gradualism, controllability and the ability to take initiatives at the right time. and in the context of pursuing the complementary, mutually - assisting and interactive relationship between the two financial systems, financial liberalisation should not be seen as helping hong kong. we welcome support from the mainland in discharging our legal responsibility in maintaining the status of hong kong as an international financial centre, but i hope i have convinced you that in developing our strategy and our recommendations, we very much have the national interest foremost in our minds. as to antony's question on whether shanghai is a threat to hong kong's status as an international financial centre, i hope my description of our strategy will bring you around to the view implicit in that strategy that we see a complementary, mutually - assisting and interactive relationship, where relative strengths are exploited, relative weaknesses are addressed and synergies maximised ; and not a relationship characterised by cut - throat competition, as some may have portrayed it.
initiatives of mfis. may this year ’ s conference bring fresh insights and renewed zeal to help the poorest and most vulnerable through digital innovations. in closing, allow me to cite a passage from the book of philippians that, like hebrews 13, speaks of dedication and selflessness : “ do nothing out of selfish ambition or vain conceit. rather, in humility value others above yourselves, not looking to your own interests but each of you to the interests of the others. ” may we all continue to embrace our financial inclusion mission. for in doing so, we can bring a message of hope and help others live with dignity and purpose, especially in these trying times. thank you and stay safe. 3 / 3 bis central bankers'speeches

. while we have worked hard and over long hours to achieve these developments, the real challenge for all of us must be in providing a better tomorrow to future generations. the bsp has long held the view that financial education, financial inclusion and consumer protection form the triumvirate that holds the key. each mutually reinforces the other. while financial inclusion and consumer protection do require regulatory intervention, financial education will have to be a commitment that all of us puts forward. cmip has already invested itself into this agenda by pursuing a passion that became an advocacy that is now a program. the institute has taken great steps but it cannot end here. let us use this 1st national convention as a springboard for setting milestones of performance going forward. will you simply want to have more graduates of the cmitap? or will you measure yourselves against what the graduates themselves can do individually and collectively as part of the cmip family? how do you pay forward the investment that you have made for yourself? how does this investment pay off when working with your students, interacting with office colleagues or operating with fellow market practitioners? how can cmip contribute to the development of the philippine capital market in resolving longstanding issues? how will you ensure financial stability knowing that your individual actions may have macro - prudential consequences? there are many questions that can be raised. what is clear is that the answers must come from you, just as other stakeholders must have their own answers. pause and take time to recognize what you have already achieved. but i enjoin all of you to use that success as a commitment to a better tomorrow. i do not have any doubt in our collective ability to make a better tomorrow for future generations. i also am firm in my belief that financial education is a key element in developing markets and instilling systemic stability. cmip has taken major strides forward to - date. and i look forward to hearing, seeing and being part of your future successes. maraming salamat po. mabuhay ang cmip. mabuhay ang ating bansang pilipinas. bis central bankers ’ speeches
board or the federal open market committee. 2 / 2 bis - central bankers'speeches

michelle w bowman : brief remarks - " fed listens " brief remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at a fed listens event on transitioning to the post - pandemic economy, hosted by the federal reserve bank of richmond, richmond, virginia, 18 october 2023. * * * thank you, tom. it is a pleasure to join you to take part in today's conversations. 1 when we started fed listens back in 2019, the initiative was part of a broad, comprehensive review of the decisionmaking framework we use to pursue our monetary policy goals of maximum employment and price stability. we met with people across the country from a wide range of backgrounds and perspectives, and we learned a lot about how our monetary policy actions affect them, their businesses, and their communities. in light of the valuable insights we gained in those original listening sessions, we decided to expand the scope of fed listens to become an ongoing process of consultation with the public. i look forward to learning from the perspectives of today's participants, our panelists, as well as those of you in the audience. through fed listens and other board and system convenings, we are able to gain important insights about economic conditions by engaging directly with those experiencing the economy. your views and experiences supplement the economic data that we monitor, providing important color and context. these discussions help us gain a deeper understanding of the ongoing burden from high inflation - from the considerations for families in making spending decisions to the factors weighed by business owners in applying for loans to make capital investments like new buildings or equipment to expand operations. these conversations help us look beneath the national level to see how americans in different areas of the country are faring. i am sure that some of the issues and challenges that we will hear about today are unique to the federal reserve's fifth district, while other themes will be broadly similar to those experienced in different areas of the country. this local perspective is one of the great advantages of the federal reserve system's regional structure and of the fed listens initiative. the conversations here today also help inform our thinking as we head into the next meeting of the federal open market committee. inflation has come down, but we know that it is still too high, and it can be especially difficult for those least able to manage the higher costs of essentials like food, housing, and transportation. my colleagues and i are highly focused on returning inflation to
this but 40 % of our budget goes to social services. our growth story has been supported by structural and policy reforms in the economy for around three decades. these reforms enable growth by expanding the role of market forces in key sectors of the economy ; encouraging investments and private sector activity ; removing bottlenecks to doing business and investments in the country ; and strengthening the country ’ s fiscal position and the financial sector. these, and other structural reforms in the pipeline, will continue to play a significant role in propelling the economy toward a balanced, sustainable, and inclusive growth. in addition, recently approved legislation — such as the bsp charter amendments, philippine identification system ( philsys ) act, national payment systems act and the gold law — allow us to pursue our mandate with more vigor and in effect, enable us to espouse the interests and uplift the lives of all filipinos. so what is the role of bsp in the philippines ’ growth narrative? our mandate is clear : “ maintain price stability conducive to a balanced and sustainable growth of the economy and employment. ” our objective in the bsp is to protect the real purchasing power of the peso to support conditions for long - term economic growth. with your presence in this annual corporate planning and budgeting process summit, i know you are fully aware of the importance of efficient allocation of resources. as a central banker, i would argue that price stability is closely linked with financial efficiency. if the prices are low and stable, financial planners are better equipped to allocate resources to their most efficient use. lesser price volatilities would also enable us to anticipate risks and plan better. and with our amended bsp charter, we are now in a better position to implement sound policies to promote and maintain price stability, a strong financial system, and a safe and efficient 2 / 6 bis central bankers'speeches payments and settlements system. in terms of price developments, we are on track to achieving our inflation target of 2 to 4 percent for 2019. to give you some context, our june inflation declined to 2. 7 percent from 3. 2 percent in may, the lowest inflation recorded in more than 20 months since august 2017. later this morning, the philippine statistics authority ( psa ) will announce the average percentage of inflation for july. my forecast is that it will settle within the range of 2. 2 – 2. 8 percent. this sits comfortably within the government ’ s target band, in line

all an additional perspective that you can use in your future corporate planning process going forward. i look forward to an engaging discussion with you this morning. 6 / 6 bis central bankers'speeches
listening. i look forward to taking your questions. bis central bankers ’ speeches

more or less forward - looking ) phillips curves. for example, by now in academia and in central banks, the new keynesian dynamic stochastic general equilibrium framework, which includes an expectations - augmented phillips curve, provides one of the workhorse models for monetary policy analysis. the policy advice offered by this framework stresses the importance of the management of private sector expectations even more than the traditional time inconsistency literature. according to woodford ( 2003 ), “ not only do expectations about policy matter, but... very little else matters. ” even if one does not completely share this view, well - anchored inflation expectations are a prerequisite for achieving the primary objective of many central banks nowadays : price stability in the medium - term and also undoubtedly are a crucial measure of a central bank ’ s performance and credibility. inflation expectations therefore closely link the success of monetary policy to its credibility ; and the latter is supported if the central bank follows a systematic decision - making process, that is a rule - based policy strategy, and the general public has as clear an understanding of it as possible : in other words, monetary policy is transparent and communicated effectively. these advances in monetary policy, especially the anchoring of inflation expectations, in my view have been the main driving forces for globally declining inflation rates over the past few decades. but what is important to understand at the current juncture : the successful anchoring of inflation expectations and the more effective monetary policy response to inflationary shocks will both show up in a flatter phillips curve when it is estimated in reduced form. this is, in fact, an application of goodhart ’ s law : for example : once monetary policy is responding more effectively to inflationary pressures due to changes in capacity utilisation, the output gap will empirically lose the information content that has qualified it to play the role of a leading indicator. the empirical evidence of a flatter phillips curve is an empirical phenomenon that has been documented for several economies, including the united states and the euro area ( see, for instance, bis ( 2006 ) ). one common explanation for this phenomenon has been that globalisation of goods markets changed both trend inflation as well as the cyclical dynamics of the inflation process. but as also stated by rick mishkin ( 2007 ), the main reason for this is as i believe monetary policy having been more successful in stabilising both inflation and output. the question of who deserves the credit is by no means a theoretical exercise. it has
- productive assets, the strengthening of capital and the improvement of their reputation. thank you for your attention. 13 / 13

to lessen losses in the credit portfolio due to their favourable effect on borrowers ’ repayment capacity associated with both the lower cost of credit, and higher income and lower unemployment tied to the macroeconomic impact of lower interest rates. these effects may be particularly important in countries like spain where the banking system started out with a high level of non - performing loans and where short - term or variable rate lending was prevalent, since this results in movements in market returns passing through rapidly to the costs of outstanding debt2. thus, part of the fall in the non - performing loans ratio in recent years can be explained by this effect. furthermore, declines in interest rates contribute to increasing the prices of financial and real assets. this effect is immediate for fixed - income securities, particularly long - term ones since prices are more sensitive to changes in yields. valuations of equities and real assets, such as housing, are also boosted by the fall in interest rates due to the effect on the discount factor, although the price of these other assets is influenced by other conditioning factors such as macroeconomic expectations. all the above entails capital gains for banks exposed to these financial and real assets, at the same time as it increases the value of loan collateral. this also favours an improvement in the credit quality of loans and, therefore, smaller losses in the credit portfolio. it is true, in any event, that these capital gains dry up once interest rates stop falling and remain at low levels. furthermore, there is also evidence that, since the ecb ’ s deposit see, banco de espana ( 2018 ) : annual report 2017, chapter 2, “ the challenges facing the spanish banking sector ” and banco de espana ( 2017 ) : annual report 2016, chapter 1, overview, box 1. 3. 10 / 13 facility rate has stood below zero, negative surprises in short - term interest rates have been accompanied by declines in european banks ’ stock prices. 3 given the endogenous nature of the monetary policy response to projected economic developments, this change in banks ’ stock prices due to monetary surprises may reflect, on one hand, the negative impact of less favourable projections for the future macroeconomic setting and, on the other, the market view on the direct negative effect of additional interest rate cuts on the future profitability of banks against the backdrop of protracted negative rates. 4 in recent years, spanish banks have partially cushioned the fall in net interest income by generating other income and, in particular, by increasing fee
just five years ago. what struck me second, was the fact that sri lanka is today moving into the radar screen of global giants, which shows that we are being taken seriously. that, my dear friends, to my mind, is one of the best indications that sri lanka is gradually reaping the peace dividend after its 30 year conflict! seventh, sri lanka would need to show progress of its political stability on a sustained basis, over the next several years. as we all know, high norms of democracy have been maintained and peaceful conditions exist, in our country, compared to many other countries. however, a strong negative publicity has been drummed up by a certain segments of the overseas sri lankan diaspora, through which such groups have been able to portray sri lanka as a country with political and human rights deficiencies. unfortunately, the massive progress sri lanka has made in recent years with regular elections, terrorism and violence free conditions, rapid economic development, large scale investments, large numbers of newspapers, tv and radio stations publishing and beaming news almost every second without any censorship whatsoever, have not been given sufficient credit, internationally, as a result of the outside world being bombarded with the false claims by these anti - sri lanka forces. although the efforts of these inimical groups are gradually losing steam in the face of the sri lankan political structures being continuously strengthened, there is however a vital need for sri lanka as a country, and for all sri lankans as individuals, to work towards developing our external image on a continuous basis. in that context, we must constantly remind our overseas friends that sri lanka is a country that has a 2, 500 year history with strong political institutions and an educated, politically savvy population, and that the people of different castes, creeds, and ethnicity, interact lot better than in many other countries. by doing so, we could effectively challenge and deal with the build up of various false myths that may have the potential to threaten the political stability in our country over the next few years. if we are able to respond successfully, and convey this reality to the outside world in a comprehensive manner, we could put to rest, many of the unfair and false allegations that have been leveled against the country. my dear friends, what i have endeavoured to explain so far are the key ingredients that would need to be used in the recipe for growth and stability. however, as we all know, ingredients alone won ’ t provide us with a tasty, wholesome

those successes. let ’ s also step up for the future, and get ready to deliver growth and stability on a consistent basis. thank you. bis central bankers ’ speeches