samchain/econo-pairs-v2 huggingface dataset:
as a user of such products. bis central bankers ’ speeches it is our sincere hope that you will gain in knowledge and establish contacts and relationships that will continue into the future ; but most of all our hope is that you will enjoy having an enjoyable time. thank you bis central bankers ’ speeches

this challenge. banknotes remain the most important contact point for central banks with the public and therefore they play a key role in the reputation and public perception of the central bank. the quality of banknotes in circulation also poses a reputational risk for the central bank and in fact for the country. poor quality banknotes cannot be used by the people to pay for example their parking tickets where the pay - station will not accept poor quality banknotes. furthermore, poor quality banknotes, would lead to jamming of automatic teller machines but also increases the risk of counterfeiting. these are but three examples of why it is important that the quality of banknotes in circulation should be efficiently and effectively monitored and controlled by the central bank, irrespective of the degree to which off - sorting may have been privatised within a particular country. the type of substrate to be used remains a very topical subject within the industry. central banks from both large and small economies have challenged the long accepted wisdom over security and the longevity of banknotes. the longer a banknote lasts, the more value the bis central bankers ’ speeches central bank will obtain from that particular note order. given the size of orders, even a small improvement in percentage terms can mean a substantial improvement in profitability. during the conference we will be debating this at length. among our speakers, we have the bank of canada, they recently changed their notes from paper to polymer and will share their experiences with us. the demand for cash is increasing and so is the cost of transporting and processing the cash. central banks increasingly recognise the need to revisit nationwide arrangements for distribution and consider the role of the private sector ; however, outsourcing brings with it its own risks. whether sorting is carried out in - house or outsourced, central banks are under increasing pressure to improve efficiency. during the course of the conference some of the presenters will focus on the different cash management systems employed by central banks. another challenge, facing the industry, is the forecasting of the demand banknotes. it seems that there is no simple method to do this calculation. in south africa, as in many other countries, the demand for currency is showing an increasing trend. in 2012, the demand for currency increased by 11 per cent with approximately r110 billion ( us $ 10. 6 billion ) worth of notes in circulation as at the end of the year. central banks, therefore, are faced with challenges to either reduce the volume of cash produced
may be implemented more efficiently if private sector companies, with specialist expertise, invest in, and manage the project and bear the risks that the project will not be completed on time and within budget. these are important advantages, not least because project implementation capacity is weak in uganda and some other countries in the region. however, it is a misperception that ppps reduce the fiscal burden on the government over the long term ; instead they usually only extend the time frame over which the fiscal costs are incurred. ppps in many countries have bis central bankers ’ speeches also entailed substantial quasi fiscal liabilities because of implicit or explicit public guarantees given to private investors. ppps should be one of the options considered by governments for developing infrastructure but they should not be seen as a panacea for a shortage of budgetary resources. thank you very much for listening. bis central bankers ’ speeches

of singapore. governor subbarao has been a staunch advocate of rbi ’ s pro - active role in addressing financial inclusion to help those underserved. as the world ’ s second most populous country, india has faced an uphill task to expand financial inclusion, especially to individuals in remote areas. but the numbers speak for themselves : in 2011, just 35 percent of adults have bank accounts according to the world bank ’ s global findex report. by 2017 that number has dramatically risen to 80 percent. in his keynote address this morning governor subbarao will share with us india ’ s remarkable experience on improving financial inclusion by using digital technologies. please join me in giving a warm welcome to governor subbarao. 4 / 4
practical policy perspective. let me focus the remainder of my remarks on one of these : the importance of the in - between. the lean - versus - clean framing suggests a simple model in which there are just two dates : ( 1 ) an initial ex ante date that is prior to when a shock is realized – and when we may not even have much of a clue as to the form the shock will take – and ( 2 ) an ex post date when the shock has hit, its full effects have been felt, and policymakers are dealing with the aftermath. but this before - and - after dichotomy is misleading. many financial crises unfold over months or even years, and the choices made during this in - between period can be among the most crucial to the eventual outcome. recall that problems with subprime mortgages were already surfacing in late 2006. the first serious tremors associated with the crisis were felt in august 2007, with bnp paribas suspending redemptions on its money funds and investor runs on multiple asset - backed commercial paper programs. at this point, there was no longer any real doubt about the nature of the shock confronting us – even if its precise magnitude was yet to be determined. and yet it was more than a full year until the failure of lehman brothers in september of 2008, which ignited the most intense part of the crisis. moreover, during the interval from the start of 2007 through the third quarter of 2008, the largest u. s. financial firms – which, collectively, would go on to charge off $ 375 billion of loans over the next 12 quarters – paid out almost $ 125 billion in cash to their shareholders via common dividends and share repurchases, while raising only $ 41 billion in new common equity. this all happened while there was a clear and growing market awareness of the solvency challenges they were facing. indeed, the collective market cap of these firms fell by approximately 50 percent from the start of 2007 through the end of june 2008. there are two points here worth emphasizing. first, it seems indisputable that the severity of the crisis would have been mitigated if policymakers had clamped down on these payouts earlier, and had compelled substantial new equity raises. second, the conflict between the interests of the firms, acting on behalf of their shareholders, and those of the broader public became particularly acute once the crisis got underway, because of the debt overhang for a fuller discussion of both the potential

of asset sales, equity issues, and other measures, but the federal reserve, in principle and under appropriate circumstances, has the authority to object to a plan that is overly reliant on asset sales and other measures and withhold its non - objection to a plan unless the firm addresses all the shortfall - via - equity issues, over some defined time frame. another complicating factor that may make regulators shy away from pushing for new equity issues in the midst of a crisis is the lack of a government backstop. a number of observers have argued that the availability of a backstop in the form of tarp capital played a key role in the original scap stress tests. bis central bankers ’ speeches
lahat! bis central bankers ’ speeches

4, pp. 499 - 533. ruge - murcia, f. ( 2003 ), “ inflation targeting under asymmetric preferences ”, journal of money, credit and banking 35, 763 - 785. schwartz, j. ( 1995 ), “ why financial stability depends on price stability ”, economic affairs, autumn, pp. 21 - 25. tirole, j. ( 1985 ) : “ asset bubbles and overlapping generations ”, econometrica, 53, 6, pp. 1499 - 1528.
more sound and resilient financial system. in this respect, recent steps like the basel iii framework mean some good progress in this direction. nonetheless, further bold policy actions need to be taken. this includes in particular the establishment of effective bank resolution schemes for systemically important financial institutions and an improved supervisory framework with new see e. g rudi dornbusch, 1997, “ fiscal aspects of monetary integration ”, american economic review papers and proceedings 87, pp. 221 – 223. bis central bankers ’ speeches macro - prudential tools. the establishment of the european systemic risk board and the three european supervisory authorities are only first steps. finally, while the reforms of economic and financial governance that i mentioned are vital, it is crucial that all these measures are complemented by a set of instruments that can directly address financial market tensions. in other words, we need firewalls that tackle the threats to financial stability and the risk of contagion – both between different sovereign debt markets, but also between sovereign debt markets and other financial market segments. therefore, the setting up of the european financial stability facility ( efsf ) and its successor, the european stability mechanism ( esm ), represent important additions to the architecture of emu. in this context, i very much welcome the decision by the heads of state or government to let the esm enter into force already by july 2012, that is, one year earlier than originally planned. monetary policy at the crisis : framework and recent measures having identified the need for reforming the framework for fiscal governance, the question arises whether the institutional framework governing euro area monetary policy would also benefit from some changes or finetunings. my view here is that our framework, with the important institutional elements – that i have mentioned earlier – has in fact served us rather well in conducting monetary policy both in turbulent and more tranquile times. nevertheless, recently some calls have been made on euro area monetary policy to adapt its set of rules and to concede to the needs of other policy areas. before i come back to this, let me take a step back and look at the experience of other central banks, which have – compared to our own relatively young institution – a longer history. in the period after the second world war in the united states, the federal reserve had to completely accommodate the debt management policies of the treasury. with inflationary pressures rising, the conflict between the federal reserve and the treasury escalated and ended with the fed - treasury accord of february

central bankers'speeches
##ilience of the euro area economy. strengthening economic and monetary union 2 / 3 bis central bankers'speeches remains a priority. the governing council welcomes the ongoing discussions on further enhancing the institutional architecture of our economic and monetary union. we are now at your disposal for questions. 3 / 3 bis central bankers'speeches

have asymmetric effects due to different levels of public debt, as we saw during the crisis. consequently, imf analysis finds that, while business cycles have become more synchronised during the euro period, their amplitude across euro area countries has diverged since the crisis. so, to address this, there needs to be insurance across euro area countries, and such insurance is also likely to be highly effective, perhaps even more so than in the us. progress in this area is much less advanced, however. only around 25 % of local shocks are smoothed through financial markets in the euro area. [ 24 ] we still do not have in place the esm backstop for the single resolution fund and a european deposit insurance scheme. and there has been little meaningful progress on fiscal policy coordination. long ago we reached an impasse on key issues which is being perpetuated by two alleged dichotomies. the first is the notion that private and public insurance are substitutes, and so if the euro area focuses on deepening private risk - sharing, greater public risk - sharing will not be required. but this misunderstands how private insurance develops in the first place. it emerges from deep and resilient financial integration, especially of retail banks, and that only arises in the shelter of public risk - sharing, such as strong backstops and deposit insurance schemes. the reason is that public insurance guarantees that costs will be shared in the event of bank failures, which is crucial for national authorities to let capital and liquidity flow freely within the monetary union. without insurance, on the other hand, there will always be an incentive to ring - fence in order to safeguard national balance sheets, which blocks effective risk sharing. [ 25 ] us banks, for instance, rely on intra - group funding to respond to local shocks and manage credit growth, allowing them to keep their lending more stable over the cycle. similarly, without public insurance, banks have a weaker business case to engage in cross - border consolidation. some of the key benefits of operating multinationally – such as the ability to optimise liabilities by funding loans in one country with deposits in another – cannot be attained if there are different deposit guarantee schemes across countries, and different creditor hierarchies in an insolvency scenario. this is one reason why cross - border banking m & a activity within the euro area is currently at historical lows. in any event, private risk - sharing based on diversification can break
berhad ”. saya dengan sukacitanya merasmikan pelancaran terima kasih.

of islamic securities further diversifies the asset classes and the investment alternatives available to investors, expanding the breadth and depth of the islamic financial market and enhancing its liquidity. the comprehensive shariah and legal infrastructure that has been put in place has also increased the level of confidence in conducting islamic financial transactions. in addition, the conducive tax regime which accords neutrality in treatment between islamic and conventional financial products sets the stage for greater innovation to take place to support the progressive development of the islamic financial services industry going forward. with this strengthened islamic financial infrastructure now being firmly achieved in the first phase of the financial sector masterplan, the islamic financial services industry is poised to tap new growth opportunities and maximize the full potential of islamic banking and finance. the entry of commerce tijari bank berhad into the islamic financial services industry at this juncture is indeed timely. the challenge that lies ahead calls for strategic positioning to maximise the potential that a universal islamic banking licence accords in tapping new growth areas. while islamic retail, corporate and investment banking product offerings have grown in sophistication, financial activities such as private equity investments, real estate investments, private wealth and fund management are now rapidly gaining prominence. there is therefore a need to allocate adequate resources to build distinct capabilities in these newly emerging areas. the move into these strategic niche markets would also increase the diversity of new asset classes for islamic investment. this would not only contribute to further enhance the effectiveness and efficiency of the financial intermediation process in the islamic financial system but also enhance malaysia ’ s potential as an attractive international hub for islamic finance. in addition to tapping the vast growth opportunities that reside within the domestic environment, the enhanced economic and financial linkages between malaysia and the rest of the world has also opened up the potential for new opportunities by venturing abroad and thereby strengthen the global integration process. on this note, it is my pleasure to congratulate the commerce group on this occasion of the official launch of commerce tijari bank berhad. significant potential exists for commerce tijari bank berhad to achieve a quantum leap by leveraging on the integrated financial services and operating infrastructure of the commerce group. i wish commerce tijari bank berhad every success in this endeavour and i look forward to its contribution to the further development of the islamic financial services industry in malaysia. ladies and gentlemen, dengan lafaz bismillahirrahmanirrahim, “ commerce tijari bank
be a catalyst for the going abroad endeavor. promoting the two - way interaction of foreign enterprises coming to china and chinese ones going abroad is conducive to the economic complementarity and helps promote common prosperity, global harmony and progress. on this front, the financial sector definitely will do a lot more to provide support. in conclusion, i wish the forum a complete success. thank you.

zhou xiaochuan : providing financial support to enterprises “ going abroad ” speech by mr zhou xiaochuan, governor of the people ’ s bank of china, at the 11th china international fair for investment and trade and the international investment forum 2007, xiamen, 8 september 2007. * * * your excellency vice premier wu yi, distinguished guests, ladies and gentlemen, good morning! it is a great pleasure to attend the 11th china international fair for investment and trade and the international investment forum 2007 in particular in the beautiful coastal city of xiamen. on behalf of the people ’ s bank of china, i would like to extend warm congratulations on the convocation of this forum. thanks to rapid economic globalization, the trade links between china and the rest of the world are expanding, and investment cooperation is deepening with each passing day. since the initiation of reform and open - up, china has made remarkable achievements in attracting foreign capital and learning advanced technology and management expertise from other countries. at the same time, the chinese enterprises are making good progress in their endeavor to invest and operate abroad. indeed, this “ going - abroad ” endeavor has become a strategic measure of major importance as china ’ s open - up reaches a new stage. the financial sector has played an important role in these two - way interactions. but, the work of financial sector is not yet sufficient, in particular in terms of supporting enterprises going abroad. on this front, the financial sector has not fully adapted to the new developments in implementing the strategy of going abroad. therefore, the people ’ s bank of china attaches great importance to this matter and is intensifying research and study. in the future, measures will be taken to deepen and broaden the financial markets to satisfy demand of enterprises for foreign exchange products and risk management instruments, and change the foreign exchange administration policy that is strict with capital outflow and easy with inflow ; greater convenience and facility will be provided in financial services to support enterprises going abroad in a better way. first of all, the financial market will play a bigger role. we will actively foster foreign exchange market growth and encourage product development to help enterprises manage interest rate and exchange rate risks in their overseas investment and operation. in recent years, the people ’ s bank of china has worked hard to foster foreign exchange market development. the products in the foreign exchange market are increasingly diversified. with the launch of rmb foreign currency swap transactions, and availability of future and swap foreign exchange sale and purchase
this is at a time when huge resources are required for implementation of the sustainable development goals ( sdgs ) as well as the african union commission ’ s 2063 agenda and individual national goals. but as these traditional public funding decline, private financial flows have grown — from 63 percent of total external resources in 2002 - 06 to over 70 percent in 2010 - 14. for the african governments to achieve the noble aspirations enshrined in the sdgs, and the au agenda into realities on the ground, they will need to adopt innovative ways to leverage on the rising private investment to fill the large projected financing gap. this forum ’ s focus is on impact investment in the context of the agricultural sector ; and this is a sector whose importance in our economies cannot be over - emphasized. apart from its gdp contribution, critical is the high concentration of the poor and those who are financially excluded in rural areas. many of us engage in agriculture even as we live our lives in the city. most of us, let ’ s be honest, plan to retire to a life of agriculture, as many have done before us. the efficiency of agriculture is thus of vital, and personal, importance to us. of more importance to central banks is managing the volatility of food prices. concerns about price volatility have a huge effect on business decisions and investments. modernizing agriculture is critical to managing this risk and finance is at the centre. despite the great strides made by the african banking sector in digital financial services, the typical offer for financial products and services for the actors in the agricultural sector has been limited. most agricultural investments, and impact enterprises, in particular, find it challenging to obtain capital from the commercial banking sector due to a number of constraints. although impact investments are identified today as constituting one of the more promising approaches to the funding of inclusive and green businesses, the field of impact investing is also relatively young. as such, many undertakings have not had time to mature and demonstrate results. there is also a lack of awareness and understanding among banking practitioners on the peculiarities of impact businesses. so, what strides has kenya made towards developing market - based solutions to addressing environmental and social challenges? the kenya bankers association ( kba ) and the nairobi securities exchange ( nse ) partnered with market players to fast - track the kenya green bonds programme. kenya ’ s green finance initiative was strengthened during the united nations conference on trade and development ( unctad ) that took place in nairobi in july 2016.

to avoid complacency. it is often said that in life you should expect the best but be prepared for the worst. likewise, as supervisors we should strive to avoid financial crises, by applying supervisory tools to mitigate risk accumulations as well as reinforcing banks ’ management capabilities ; but, at the same time, we should work with a longer - term perspective to complete the institutional framework, in case a crisis still occurs. thank you. 5 / 5