samchain/econo-pairs-v2 huggingface dataset:
on the notions of equilibrium and universal rationality and efficiency. going beyond the latter concepts may benefit from inspiration of approaches used in other fields, such as notably the natural sciences. this would not only help us advancing the foundations of national and regional supervisory policies but also the foundations of global macroeconomic policy coordination. bis central bankers ’ speeches

the cycle of poverty, plan for the future, and 2 / 3 bis - central bankers'speeches seize opportunities for economic development. financial literacy enables people to make informed decision about savings, borrowings, investing, entrepreneurship and protect themselves from financial risks. in this age of digitalization, let us plan to leverage digital platforms for massive outreach and greater impact in empowering individuals with essential financial knowledge. digitalization heralds a promising future where financial literacy becomes more accessible and pervasive than ever before. we envision a future where every citizen has access to banking services through their smartphones, facilitating transactions, savings, and investments with ease. ladies & gentlemen! at the end, i would reiterate that sbp is committed to realizing a future where every citizen, regardless of their background or location, has the opportunity to participate meaningfully in the economic activities. financial inclusion through digital means and financial literacy is not just our vision ; but it is a collective responsibility to build a prosperous and inclusive pakistan. i would like to congratulate the banks receiving awards in recognition of their commendable efforts in championing financial literacy campaigns. i thank you for your time, and look forward to the wide range of interesting and engaging activities to achieve our overarching goal of financial inclusion. 3 / 3 bis - central bankers'speeches
as we noted earlier, in the wake of the crisis, there are proposals at the global level to mandate higher capital standards, stricter liquidity and leverage ratios and a more cautious approach to risk. admittedly, all these safeguards are necessary, but they will also raise the banks ’ funding costs. what this means is that indian banks will need to improve efficiency even as their costs of doing business go up. this is a challenge that will test ingenuity, perseverance, ability to learn and adapt and management skills. and this is going to be anything but boring. vii. conclusion 54. let me now conclude by summarizing the issues that i have addressed today. i have referred to the debate generated by prof. krugman ’ s thesis that “ exciting ” banking will make for an unsafe and unstable financial system and that an important preventive against future crises is to restore boring banking. 55. i have argued that making banking boring is neither a cure to the ills that the banking system was plagued with before the crisis nor an appropriate path for the future of banking. banking has to evolve, grow and innovate in response to the developments in financial markets and institutions. the excitement lies in responding to the challenges that this growth brings. 56. from an indian perspective, what banks do and how well they do it is going to be central to accelerating and sustaining our growth momentum. in particular, i have referred to four challenges that the banking sector has to meet head on – deepening financial inclusion, financing infrastructure, strengthening risk management and improving efficiency. these are formidable challenges, and meeting them is going to be an exciting, rewarding and fulfilling opportunity. perish the thought of indian banking ever getting boring.

and expanding importance in our financial sector. conclusion let me conclude with a reiteration that the reserve bank is continuously striving to ensure compliance with international standards and best practices of corporate governance in banks as relevant to india. rbi is also interacting closely with the government and the sebi in this regard. increasing regulatory comfort in regard to standards of governance in banks gives greater confidence to shift from external regulation to internal systems of controls and risk - management. each of the directors of the banks has a role in continually enhancing the standards of governance in banks through a combination of appropriate knowledge and values. thank you.
and in the long term attract participants with strong internal controls. call for responsive regulation my third point concerns the role of regulators and regulations. markets are calling and indeed demanding for regulation to be more responsive to the needs of innovation and growth. if globalisation has changed the international outlook of markets, the blurring of sectoral boundaries has transformed financial markets from within. with the mergers and acquisitions of the 1990s in the financial industry, cross - selling has become prominent today with banks seeking to distribute investment and insurance products while stockbrokers offer cash management and checking accounts. insurance corporations on their part have concentrated efforts to promote investment - linked policies. the trend is in part demand - driven with customers seeking a one - stop financial house that provides convenient and integrated approach to money management. notwithstanding the global economic downturn which has checked m & a activities, market players have not let up efforts to gain a competitive edge by consolidating their positions through alliances. the regulatory response to this has been a trend towards more integrated supervision. this allows regulators to supervise the range of activities more efficiently by taking a holistic view of the financial services market. the uk fsa is one example of integrated supervision under one roof while australia ’ s securities and investments commission and the australian prudential regulation authority have ambits that cut across different industries. as product lines converge, regulators in setting the rules have to be careful not to inadvertently pick and choose the winning models. put another way, similar activities that involve identical risk issues should be regulated on an equal basis to avoid tilting the playing field. failure to do so will result in regulatory arbitrage and cause activities to migrate towards looser controls. in singapore, the regulators for banking, securities and insurance activities are consolidated in mas. specific to the capital market, we have integrated our legislation for the securities and futures industries, and harmonised our regulation of the financial advisory business to support the cross - selling of products. what is critical however, is not how regulatory responsibility is divided or consolidated into one or more agencies. the overriding objective is equitable treatment and consistency in the approach to the measurement and management of risk. capital requirements illustrate this most clearly. most regulatory models have moved away from setting fixed minimum capital for regulated activities. in banks as for capital market intermediaries, regulators are adopting and refining the risk based regulatory approach. where risks take on a similar profile therefore, the capital charges should be aligned based on a consistent principle. this is so even as

. thank you.
access to application forms, procedures and guidelines related to entrance and participation in the mifc. the governor of bank negara malaysia announced the launch of the mifc portal during her keynote address at the 2nd malaysian islamic finance – investors and issuers forum 2007. the mifc portal is now accessible online at www. mifc. com.

progress on fast payments for all : an update on fednow remarks by lael brainard vice chair board of governors of the federal reserve system at fednow early adopter workshop rosemont ( via webcast ) august 29, 2022 - 1i am pleased to join the fednow early adopter workshop. 1 with the technical testing phase of the [UNK] service kicking off in mid - september, i want to particularly thank the early adopters for the important investments they are making to prepare for the day when the fednow service goes live next year. together with our partners, we will be ready to launch the fednow service between may and july of 2023, bringing this innovative core instant payment infrastructure to financial institutions of every size across america. we have been working hard to deliver on time, but ultimately the number of american businesses and households that are able to access instant payments will depend on financial services providers making the necessary investments to upgrade our payments infrastructure. together, we can ensure that all americans have access to a modern and reliable instant payment system. the payment system is a critical part of america ’ s infrastructure that touches everyone. americans rely on the payment system all day every day to make purchases, pay bills, and get paid — without ever needing to consider the complex infrastructure that is operating under the hood. american households and businesses want and deserve payment transactions that work seamlessly, reliably, and efficiently. fostering a safe, efficient, and widely accessible payments infrastructure has been a central part of the fed ’ s mission since the very beginning. the federal reserve banks all around the country have provided payment and settlement services alongside the private sector for more than 100 years. over that period, we have repeatedly innovated and invested in collaboration with the private sector to transform the payment system, i am grateful to kirstin wells of the federal reserve board for her assistance in preparing this text. the views expressed here are my own and do not necessarily reflect those of the federal reserve board or the federal open market committee. - 2using the latest technology to better meet the needs of businesses and households. 2 now, after extensive industry engagement and planning, the federal reserve is on track to deliver the fednow service by may to july of 2023. the fednow service will transform the way everyday payments are made throughout the economy, bringing substantial gains to households and businesses through the ability to send instant payments at any time on any day, and the funds being immediately available to recipients to make other payments
of the nominal interest rate, and the founding of the fed, ” american economic review, vol. 76 ( march ), pp. 125 – 40. - 15 meulendyke, ann - marie ( 1992 ). “ reserve requirements and the discount window in recent decades, ” federal reserve bank of new york, quarterly review, vol. 17 ( autumn ), pp. 25 – 43, https : / / www. newyorkfed. org / medialibrary / media / research / quarterly _ review / 1992 v17 / v17n3article3. pdf. shull, bernard ( 1971 ). “ report on research undertaken in connection with a system study, ” in reappraisal of the federal reserve discount mechanism, vol. 1. washington : board of governors of the federal reserve system, pp. 27 – 77, https : / / fraser. stlouisfed. org / title / reappraisal - federal - reserve - discount - mechanism1206? browse = 1970s. terrell, ellen ( 2021 ). “ united copper, wall street, and the panic of 1907, ” library of congress, inside adams : science, technology & business ( blog ), march 9, https : / / blogs. loc. gov / inside _ adams / 2021 / 03 / united - copper - panic - of - 1907. willis, henry parker ( 1923 ). the federal reserve system : legislation, organization and operation. new york : the ronald press company. a history of the fed ’ s discount window : 1913 - 2000 philip n. jefferson vice chair, federal reserve board davidson college, oct. 8, 2024 disclaimer : the views i will express today are my own and not necessarily those of the federal open market committee ( fomc ) or the federal reserve system. roadmap of talk • economic outlook • historical perspective on discount window • request for information figure 4. newspaper illustration from 1893 • panic swirling against banks • public confidence is stopping the waves • banks have a fortress mentality, not lending, isolated rocky mountain times, july 19, 1893 table 1. member banks borrowing continuously for a year or more from reserve banks as of number august 31, 1925 december 31, 1925 december 31, 1926 december 31, 1927 source : bernard shull ( 1971 ), “ report on research undertaken in connection with a system study, ” in reappraisal of the federal reserve discount mechanism, vol

. 1 ( washington : board of governors of the federal reserve system ), table 1, p. 34. in 1926 the fed encourages a reluctance to borrow from discount window “ the funds of the federal reserve banks are primarily intended to be used in meeting the seasonal and temporary requirements of members, and continuous borrowing by a member bank as a general practice would not be consistent with the intent of the federal reserve act. ” 1926 federal reserve annual report, page 4. request for information ( rfi ) • rfi published in the federal register on september 10, 2024 • you can find the rfi at https : / / www. federalregister. gov • comment period is open until december 9, 2024
. this results in a stronger balance sheet on average, and makes it likely that a regular flow of dividends to the commonwealth can be resumed at a much earlier date than would otherwise have been the case. with those few remarks, i wish you well in your deliberations at your conference today. thank you. bis central bankers ’ speeches

modest pricing and wage setting behaviour for much of the period. some commentators also stress the political cohesion among western countries as a result of the ever - present influence of the cold war. ( iii ) international trade was liberalised and exports and imports grew rapidly. this was a sharp contrast with the inter - war period. maddison says “ perhaps the least controversial assertion one can make about the golden age is that it involved a remarkable revival of liberalism in international transactions. trade and payment barriers erected in the 1930s and during the war were removed. the new - style liberalism was buttressed by effective arrangements for regular consultation between western countries and for mutual financial assistance ” ( imf, oecd and gatt ( now wto ). ) ( iv ) governments conducted good macro - economic policies with a greater emphasis on economic growth than in previous decades. in a number of countries the new - found commitment to growth and low unemployment was enshrined in legislation. in others it was less formal, but in nearly every country the first decades after the second world war were characterised by well - balanced and successful macro - economic policies. a more detailed examination of these macro - economic policies, particularly in australia, is the subject of my next section. 3. the role of macro - economic policies there is no doubt that the dominant principle behind macro - economic policy changed after the second world war in line with keynesian teaching, but the change occurred more quickly in some countries than others. the main change was that fiscal policy was to be used actively to promote economic growth by deliberately incurring budget deficits at times of weak economic activity. fiscal policy and monetary policy together were termed demand management policy, and they were to be adjusted to smooth the business cycle, to increase growth and to achieve full employment. in australia ’ s case, this approach was enshrined in a document - the 1945 white paper, “ full employment in australia ”. this approach to policy was very successful in that it achieved its aims of high growth rates and low unemployment for several decades, and it did so with generally low rates of inflation. the achievement was all the greater, given that the 1950s contained a major shock in the form of the korean war commodity price boom. this high level of success has led many people to assume that policy must have been operated with a high degree of activism, i. e. by choosing very expansionary settings of policy. but this was not the case. for most of the period
initially had incremental downward adjustments to the near - term oil price assumption, but the longer term assumptions were relatively unchanged. by january it became clear that oil prices were likely to remain lower for longer, resulting in a more substantial downward revision over the entire forecast period. however, we did not believe that the price would remain at the levels of around us $ 45 per barrel, and we also assumed an upward trend over the forecast period. to date our assumptions have been more or less bis central bankers ’ speeches in line with actual outcomes. but changes in supply and demand conditions in international oil markets could require adjustments to these assumptions, with implications for the longer term inflation forecast. a similar situation, but in the opposite direction, faced the mpc during the 2006 - 08 period of rising oil prices. at that time the market price continually surprised on the upside, ( ultimately reaching around us $ 150 per barrel ), until the global financial crisis took the oil price on the downside of the roller coaster ride to levels of around us $ 35 per barrel. under such conditions, it is always difficult to know whether prevailing trends will persist over the forecast period, or if prices will stabilise or indeed decline. but we have to take a view, and whatever we decide could have a marked bearing on the inflation trajectory, given the 5, 7 per cent weight of petrol in the cpi basket. the other important and volatile assumption in the model is the exchange rate. again, we have to try and look through short term volatility and focus on longer term trends. in order to take account of movements between the currencies of south africa ’ s major trading partners, ( for example the recent sharp depreciation of the euro against the us dollar ), we focus on the effective or trade - weighted exchange rate. given the difficulties in forecasting the exchange rate, we make a simplifying assumption of a constant real exchange rate over the forecast period. this implies a change in the nominal effective exchange rate in line with south africa ’ s inflation differentials against its trading partners. we generally set the starting point at the prevailing index level, unless the mpc assesses this level is to be significantly out of line, in which case it may be set at a level deemed to be more appropriate. the focus of our discussions then becomes assigning the balance of risks to this forecast. we also look very carefully at different exchange rate scenarios, to get an idea of the sensitivity of the forecast

because my colleagues from the fmd are your hosts tonight, they will take care of liquidity management operations tonight. thank you. bis central bankers ’ speeches
to maintain stability in financial markets by conducting the aforementioned three measures. still, there are significant uncertainties over the impact of covid - 19 on the economy and finance. therefore, for the time being, the bank will closely monitor the impact of covid - 19 and will not hesitate to do whatever it takes as a central bank if necessary. thank you for your attention. 2 / 2 bis central bankers'speeches

financial crisis in the 1990s. the bank ’ s response next, i will talk about the bank ’ s response. the bank has enhanced monetary easing since march, implementing three measures as follows. the first is the special program to support financing mainly of firms. the total size of this program is about 110 trillion yen. specifically, the bank decided to purchase cp and corporate bonds within about 20 trillion yen, which is equivalent in size to a quarter of the japanese market. in addition, it introduced funding measures of about 90 trillion yen to encourage lending by financial institutions. these include a scheme in which the government takes the credit risk of lending by financial institutions to small and medium - sized firms and the bank provides funds to those financial institutions on favorable terms. this represents a case of cooperation between the government and central bank to support corporate financing, while making their respective 1 / 2 bis central bankers'speeches roles clear. the second is an ample provision of yen and foreign currency funds. as for the yen funds, the bank decided to purchase a necessary amount of jgbs without limit, with a view to maintaining stability in the bond market and stabilizing the entire yield curve at a low level. regarding foreign currency funds, the bank has provided a large amount of u. s. dollar funds based on cooperation with five other major central banks. the third is active purchases of etfs and j - reits. the aim is to prevent firms ’ and households ’ sentiment from deteriorating through volatility in financial markets, thereby supporting positive economic activity. in addition to the enhancement of monetary easing, the bank has made regulatory responses in order to ensure financial system stability. based on an international agreement, the full implementation of the finalized basel iii standards has been deferred by one year, and banks have been encouraged to use their capital and liquidity buffers. moreover, the bank announced with the financial services agency in april an easing of regulation on the leverage ratio requirement. financial system stability provides support for corporate financing and is also a prerequisite for monetary policy to exert its maximum effect. the bank ’ s response has already had considerable effects. japan ’ s financial system has maintained stability on the whole, and the lending stance of financial institutions has been active. under these circumstances, bank lending for may registered the highest increase in the last 30 years, and cp and corporate bond issuances have increased significantly. tension in financial markets has abated. the bank will continue to support financing mainly of firms and