samchain/econo-pairs-v2 huggingface dataset:
the transformation of the bh banking sector that i have refereed to. raiffeisen opened in sarajevo just last july, only nine months ago. they have since opened a branch in banja luka and are in the process of opening more branches in the rs, in brcko and in many other towns in the federation. today, they are taking a big step into herzegovina by buying hrvatska postanska bank. they have very quickly become a bank that is operating over the whole territory of bh as well as in most of the neighboring countries. i congratulate them on the major role they are playing in transforming and strengthening the banking sector in bh and wish them every success with their new partner.

most of us who live and work here believe it is higher than justified because external perceptions of bih are still more negative than the reality of bih. we all have to work on changing these perceptions and on improving the reality of bih even further. what can we do : • show more political cohesion and decisiveness. i see many signs that the three governments in bih are working together in bih much more than before. this has to be continued by the bih politicians, encouraged by the international community and explained to the rest of the world by both ; • one of the main reasons we got a formal sovereign credit rating earlier this year was to improve the external perception of bih. the initial rating of b3 with a positive outlook was quite good and has helped improve bih ’ s international image. once the laws on the internal debt issue are passed in both entities, i intend to go back to moodys rating agency and request that they consider an upgrade for bih ; • information : road - shows, article etc. the government, banks and business can all play a role. we all need to be ‘ salesmen ’ for bih. capital markets : bih has a strong central bank and a banking system that is now playing a major economic role. we need to focus now on accelerating the development of the capital markets in bih as they are still extremely small. this will have two major impacts on the cost of capital in bih : • it will provide the banks with instruments in which they can invest their substantial liquid funds and earn a better return than they do at present. banks at present have quite a large proportion of their asset portfolio on which they earn very little : 1 - 2 %. they therefore have to earn more on their loan portfolio in order to improve their overall rate of return on assets ; • it will give enterprises a larger range of sources of capital. this should allow the types of capital available to better meet their needs and could also reduce the cost of capital by increasing competition. what are we doing to develop the capital markets : • stock exchanges : two stock exchanges have been established in bih but both are still very small. but there are two very positive trends already underway : a ) turnover on both exchanges is steadily increasing ; b ) most of the stock exchanges in the region have agreed to develop a common database. they have announced that this is the first step towards common trading. this is very good news for the capital markets in the
njuguna ndung ’ u : compilation and harmonization of monetary and financial statistics in the east african community remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the opening of the workshop on the harmonization of monetary and financial statistics in the east african community, nairobi, 29 march 2011. * * * mr. b. rajcoomar, chief of financial institutions division, imf ; mr. jaroslav kucera, senior economist, imf ; mr. thomas morrison, eddi project manager, imf ; mr. robert maate, senior statistician eac secretariat ; distinguished participants ; ladies and gentlemen ; i welcome you all to kenya and to this very important workshop on the compilation and harmonization of monetary and financial statistics in the east african community ( eac ). i thank you all for attending this workshop. ladies and gentlemen, this workshop is taking place at a critical stage in the integration process of the eac and monetary and financial statistics play a critical role. this will support the institutions to be formed under the regional integration process. previous milestones achieved comprise of the establishment of an eac customs union and the launch of the common market protocol. these developments, ladies and gentlemen, underscore the need for a statistical harmonization framework and related capacity building strategies for the region. the success of the regional integration initiative is anchored on a number of convergence criteria that require information and analysis : in this regard, the computation, concepts, definitions and methods used in compiling the indicators that determine the convergence criteria must be understood, harmonized and consistent across all partner states. furthermore, since the eac regional integration initiative envisages a centralized approach to the policy making process, it has to be anchored on appropriate and adequate indicators and centralized statistical information. thus the harmonization of monetary and financial statistics, among other statistics, will be critical for policy formulation and implementation within the eac region. in fast - tracking the process of statistical harmonization among the partner states, the eac central bank governors recently approved the hiring of short - term consultants from among partner states. i am aware that the consultants have begun work and we believe this workshop has come at the most appropriate time so as to complement their efforts. ladies and gentlemen, towards this end, i want to thank the international monetary fund ( imf ) for the technical assistance they continue to provide in the development and harmonization of statistics, in the eac region

speeches
miguel fernandez ordonez : reform of the financial sector opening remarks by mr miguel fernandez ordonez, governor of the bank of spain, at the third conference on the reform of the financial sector on the occasion of the 25th anniversary of expansion, organised by expansion and kpmg, madrid, 13 may 2011. * * * let me first thank expansion and kpmg for kindly inviting me to take part in this forum on the reform of the financial sector. financial system reform is under worldwide scrutiny by multilateral agencies, governments, central banks, supervisors and even public opinion. their interest is understandable, as the unprecedentedly acute economic crisis in recent years did indeed originate in the financial system. the concern to identify the errors that led us to crisis and, above all, to prevent it recurring is therefore not surprising. the response to the crisis is largely taking shape in the international arena, given that the main factors at its root have a global reach. also, many of the measures needed to prevent its recurrence can only be implemented if they are tackled in a coordinated fashion by the main world economies. in recent years we have also witnessed changes in world economic governance of a speed and on a scale that would have been inconceivable a short time ago. good examples of this are the work by the g - 20, the creation of the financial stability board ( fsb ), the strengthening of the basel committee on banking supervision and the changes in the governance structure of the bis and the imf. highly significant progress is being made in international financial regulation, including most notably the regulatory reform of capital and liquidity ( known as basel iii ), which will come into force in 2013. both the reforms already approved and those still under discussion within the fsb are geared to countering the problems identified as lying at the root of the recent crisis. examples here are the measures aimed at smoothing the cyclical fluctuations inherent in the banking system, namely procyclicality, at restricting high - risk activities, at mitigating systemic risks ( in particular those arising from the so - called systemic financial institutions ) and at setting in place more rigorous and effective supervision. to this must be added the efforts made in europe, both in terms of governance and crisis management in the eu, and of the revision of financial system regulation and surveillance arrangements. in this respect, a new supervisory structure has been set up in the eu, namely the european systemic risk board, which will be entrusted with

each, to maintaining financial stability across the euro area. thank you very much. bis central bankers ’ speeches
gertrude tumpel - gugerell : sepa for cards speech by ms gertrude tumpel - gugerell, member of the executive board of the european central bank, at the efma conference on cards and payments “ sepa calls for an additional european card scheme ”, paris, 9 september 2008. * * * ladies and gentlemen, i was once travelling in an intercity train which had a little vase with flowers in the restaurant car. the flowers looked a bit withered already. when the waiter was made aware of this he said : but yesterday the flowers were still ok! the story reminds me of our debates on sepa. why should business models which were ok and successful yesterday have to be changed now in the light of sepa? i had the pleasure to speak to you 2 years ago. what has actually happened since then? on sepa in general – we are in the middle of the river. we have left the bank with fragmented markets, but the other side of the river, with the single market for payment services has not been reached yet. so where do we currently stand regarding sepa payment instruments? • january 28th of this year was a remarkable day with the launch of sepa and the sepa credit transfer ( sct ) being ready on time. in the meantime, in the epc plenary the sct rulebooks and implementation guidelines have been adopted. i should also emphasize that the design and launch of the sepa credit transfer has required a lot of resources from banks and that it has been very successful with no considerable technical problems. certainly the number is still low given that we are in a pilot phase but it is increasing. the sct is expected to fully take - off when the customer - to - bank domain is tackled. the initiative by the european commission to develop a european framework for e - invoicing goes towards that direction and is very much welcome. • a topic of great interest today is the sepa direct debit, for which the epc plenary adopted rulebooks and implementation guidelines. sepa direct debit introduces for the first time in recent history – compared to the renaissance, where trade flows could be managed with hundreds of different coins and bills of exchange – a common legal framework for european payments as defined in the psd. this directive is now in the phase of transposition into national laws and what i hear this progresses well in the different countries. a heated debate takes place about the issue of multilateral balancing fees

focus on the imf ’ s core mandate appear reasonable. the participants of this symposium – which brings together academics, policy makers and market participants – have the privilege of being able to speak freely outside their regular job constraints. i hope they will make active use of this freedom. i am sure, divergent views will emerge among panellists which is why we have this symposium in the first place. divergent views can be helpful to better understand the challenges we are facing, provided they are all expressed under a shared objective – namely to try to explain to us and to the broader public which medium - term direction the imf should take. but now i am very pleased to give the floor to mr rodrigo de rato, who will give the keynote address for this symposium.
prize in 2004, it has galvanised a worldwide search for proximate 3 / 9 bis - central bankers'speeches solutions such as appointing a conservative central banker who is more averse to inflation than the government ( kenneth rogoff in 1985 ) ; writing a state - contingent wage contract with the head of the central bank, specifying the inflation rate to be achieved ( carl walsh in 1995 ) ; independence of the central bank ; and since the early 1990s, inflation targeting. you can gauge the lengths to which central banks have to go to be time consistent in the presence of lags in the operation of monetary policy. much of these lags emanates from frictions in financial markets, especially at the synapses. i will focus on the market segments over which the reserve bank exercises regulatory jurisdiction, namely, the money, government securities, forex and derivatives markets. within this focal length, my interest is confined to impediments to monetary policy transmission that are encountered due to market microstructure as well as the manner in which each segment integrates into the continuum. my purpose is just to highlight a few instances of transmission and distribution losses that make my job adrenaline - driven and pressure - cooked, not to pontificate on any policy agenda. money market let me begin with the money market, the happy hunting ground of central banks the world over. technically, the responsibility of transmission as far as central banks are concerned is to ensure that the monetary policy impulse is fully and seamlessly reflected in the money market. hence, money market rates, preferably the uncollateralised rate which provides a sense of the infra - marginal demand for liquidity, are typically chosen as the operating target of monetary policy. by being the ultimate supplier of reserves, central banks have a dominant influence on the money market. in india, the experience has been that the transmission of monetary policy to overnight money market rates is instantaneous and full. collateralised markets may quote slightly finer and draw more volumes than uncollateralised segments, but together they are fully aligned with the policy stance. of course, an issue stemming from the thinning of uncollateralised volumes relates to the integrity, stability and signalling function of the overnight mumbai inter bank offer rate ( mibor ), the benchmark in the largest and most liquid interest derivative market in india and importantly, a transactions - based rate. the bulk of money market activity is concentrated in the overnight segment, which

, 2020 8 / 9 bis - central bankers'speeches 4 " what is the yield curve telling us about the economy " ( patra, john, kushwaha and bhattacharya ), rbi bulletin, june 2022. 9 / 9 bis - central bankers'speeches
the pandemic poses challenges to globalization, urbanization, and the shift to a service economy. human beings are social animals that like to mingle, and through close interaction between people, we have created new ideas, raised creativity and innovation, and improved productivity ( chart 11 ). 11 kozlowski, j., veldkamp, l., and venkateswaran, v., " scarring body and mind : the long - term belief - scarring effects of covid - 19, " nber working paper, no. 27439, 2020 ; aksoy, c. g., eichengreen, b., and saka, o., " the political scar of epidemics, " iza discussion paper series, no. 13351, 2020, http : / / ftp. iza. org / dp13351. pdf. as for the effects on children's health, see beach, clay, and saavedra, " the 1918 influenza pandemic and its lessons for covid - 19 " ; nakata, d., " pandemikku no choki teki kadai : kodomo e no eikyo o chushin ni " in korona kiki no keizaigaku : teigen to bunseki, eds. kobayashi, k. and morikawa, m. ( tokyo : nikkei business publications, 2020 ), pp. 331 - 44. 11 fujita, m. and hamaguchi, n., " bunmei to shi te no toshi to korona kiki " in korona kiki no keizaigaku, kobayashi and morikawa, pp. 301 - 14. essentially, innovation is born out of social relationships of the time, such as developments in technology levels and social institutions, as well as human networks. 12 globalization is another driving force behind improvement in productivity. when it comes to globalization, what is often highlighted is the growing international interdependence of people, goods, services, and money, but an important aspect we should not forget is the exchange of knowledge. it is well known that productivity and quality of patent are affected, for example, by exports and foreign direct investment of japanese firms, research and development ( r & d ) activities of foreign firms in japan, and international joint research. 13 cities, too, can essentially be regarded as places of knowledge creation where people interact with

credit risks involved. on the other hand, the improvement in economic activities has not stimulated corporate demand for external funds, since firms ’ cash flow is at a high level in parallel with recovery in profits. moreover, firms continue to reduce their debts as part of their balance - sheet restructuring measures. as a result, credit demand in the private sector has continued to be basically stagnant. in view of this, the underlying tone of private banks ’ lending remains sluggish. recently, however, the expansion in the year - to - year decline seems to be ceasing. issuance of corporate bonds and cps has been steady. money stock ( m2 + cds ) grew faster in september compared with the previous month on a year - onyear basis. recently, funding costs for firms are somewhat increasing, due to the rise in money market rates after the termination of the zero interest rate policy. in this financial environment, there seem to be no substantial changes in the lending attitude of financial institutions and easing of corporate financing conditions.
are not wanted and at a time that is not appropriate. this impacts on the activities of government ministries as well as on a range of entities and organizations. an approved budget enables them to act with a work plan based on a budget that provides a response to the needs of the population. in addition, since the 2019 budget was passed, the economy has gone through many fluctuations, and the budget needs to be aligned with needs that have changed, and a renewed allocation of part of the budget by shifting budget sources among various goals and programs of the government. a rapid contraction of the structural deficit and the debt to gdp ratio, through increasing tax rates and moderating expenditures, is likely to impact adversely the israeli economy ’ s exit from the crisis. therefore, it is recommended to approve the budget for 2021 very soon, while converging to the multiyear fiscal frameworks that will stabilize the debt to gdp ratio and at the same time will allow flexibility due to the considerable uncertainty. to that end the following principles should be adopted : 1. regular expenditures in 2021 will be based on the amount of total expenditure, and will be separated from the direct expenditures deriving from dealing with the coronavirus. 2. due to the high uncertainty, for 2021 the deficit will be consequential but the tax rate will not be reduced without a parallel decrease in expenditures. 3. adjustments will not be made for the coming years, but decisions that increase them will be blocked. 4. the multiyear budget framework for years after 2021 will be determined when approving the 2022 budget. 5. instead of the existing expenditure limitation, the 2022 budget will anchor an outline for reducing the debt via an “ adjusted expenditure ” ceiling. let ’ s switch now to speak about the foreign exchange market, which in recent weeks has been at the core of the economic discourse, and i will try to review it at this opportunity. i will speak now about the reasons that led to the strengthening of the shekel, the steps that the bank has taken so far, and what the policy terms are, looking ahead. the dollar weakness is a global phenomenon, and the dollar has weakened against most countries worldwide. the shekel hasn ’ t particularly stood out in its strength against the dollar, among other things due to the bank of israel ’ s policy in the foreign exchange market. accordingly, the strength of the effective exchange rate, and of the shekel vis - a - vis the euro, are more moderate than against the

changing economic, social and international environments. i expect that through discussion, those from both academic circles and central banks will learn more, share insights, and make the most of the wisdom for the future conduct of monetary policy. i certainly welcome discussions on how central banks can best contribute to sustained economic growth and sound development of the global economy. thank you.
miguel fernandez ordonez : economic developments and the financial sector – a spanish perspective speech by mr miguel fernandez ordonez, governor of the bank of spain, at the 2008 international monetary conference – central bankers panel, barcelona, 3 june 2008. * * * ladies and gentlemen, i would like to thank the international monetary conference for inviting me to participate in today ’ s panel. we meet at a moment when we are confronted with particularly difficult challenges, in the wake of substantial economic shocks. i would like to take advantage of the opportunity to comment on these challenges from the spanish perspective. i will first focus on economic developments, and then turn to the financial sector. the spanish economy began to show some signs of a slowdown in early - 2007, after more than a decade of robust expansion. the slowdown preceded the recent financial turmoil. the deceleration in domestic demand arose as a result of the gradual tightening of monetary policy since 2005, and of a moderation in house prices. the residential investment sector has suffered a particularly intense slowdown, entering into a period of adjustment after a protracted boom. the containment of domestic demand has been more pronounced since mid - 2007, when the turmoil emerged. the slowdown has eroded consumer and business confidence. it is already having an impact on the spending decisions of households and firms. we are seeing signs that credit conditions are tightening, as a consequence of the reappraisal of risks and changes in macroeconomic and sectoral expectations. in this context, we expect internal demand to continue weakening over 2008. indeed, the most recent economic projections released by the bank of spain show reduced gdp growth in 2008 and 2009. at the same time as we face a slowdown in growth, we are seeing sharp increases in headline inflation. these have been driven by large energy and food price rises at the global level. the price boom has affected spain to a larger extent than some other countries, partly due to the higher relative weight of these items in household expenditure. and the spanish economy may be more vulnerable than other countries to second - round effects due to the widespread existence of indexation mechanisms. i would like to make a few comments about what economic agents should and should not do to face these challenges. on inflation, the key issue is how firms and workers respond to the recent shocks. i would like to make two points : • first, firms should not view the shocks as permanent. in other words, they should not consolidate price - rises over the longer term

macroeconomic imbalances materialise or if the current situation persists. banks ’ managers and directors alone are responsible for running institutions and for their results. but central banks and bank supervisors must rise to the challenge and collaborate closely with each other so as to help return stability to the global financial system.