samchain/econo-pairs-v2 huggingface dataset:
need both monetary and financial stability. they are not an end in themselves but contribute to long - term growth and raising of living standards.

october 21, 2016 bank of japan new challenges for japan's labor market speech at the japan summit 2016 in tokyo haruhiko kuroda governor of the bank of japan introduction it is my great pleasure to have the opportunity today to speak at this japan summit 2016. today's summit brings to the fore the new challenges for japan's labor market in responding to advances in technological innovation, globalization, and demographic change. whether japan's economy will grow in the long - run depends on whether the country's labor market can successfully adapt to this changing environment. indeed, labor market reform is a vital part of the current government's policy agenda. as for the long - term economic outlook, given japan's aging population and low birth rate, an increase in labor force participation and a further rise in labor productivity are both essential if japan is to lift sustainable long - run growth, in other words, to raise its growth potential. today, i offer my own vision of the future for japan's labor market, and look at how it will strengthen the growth potential of our economy. feature of japan's labor market it - related developments and globalization have affected japan's labor market. the manufacturing industry, in particular, has seen existing jobs being replaced with machines and outsourcing to other countries, resulting in downward pressure on wages and lost job opportunities. however, there is a view that japan's labor market as a whole has not undergone drastic changes. our well - known system of life - time employment and seniority - based wages virtually continues to this day. this practice prevailed among japanese firms especially throughout the period of high economic growth. legal norms developed to support this system provided the firm foundations for the job security enjoyed in japan's labor market. with the japanese economy entering a period of stagnant growth in the second half of the 1990s, the economic situation underwent dramatic changes. nevertheless, despite shifts to the use of non - regular workers, the employment and wage system for regular workers remained virtually the same. indeed, the average number of working years at a specific firm is about 14 years for japanese male workers, the highest among advanced economies ; this compares, for example, with five years for those in the united states and nine years in the united kingdom. when looking at the evolution of wages over male workers'lifetimes, wages are seen to approximately double after 30 working years compared to when they first started working - - once again the highest such figure among advanced
adriano maleiane : notes and coins in mozambique speech by mr adriano maleiane, governor of the bank of mozambique ( banco de mocambique ), during the announcement of notes and coins of the metical of the new family, maputo, 16 june 2006. * * * dear guests, ladies and gentlemen, i would like to thank you, on behalf of the board of directors of the banco de mocambique and personally, for your presence in this ceremony for the announcement of the notes and coins of the metical of the new family, the day in which our currency completes 26 years of existence. this event results from the process that began with the approval by the parliament, of the law nº 7 / 2005, of december 20th, which creates and sets the value of the metical conversion rate and empowers the governor of the banco de mocambique to define the register designation of the metical of the new family. the metical of the new family will facilitate our financial and commercial transactions and it will offer greater security and commodity as a result of the reduction of digits and the incorporation of more modern security features in the notes and coins. the success of the process of introduction of the metical of the new family will continue to depend on an ample and participative advertising campaign, which reaches the country as a whole. in this context, we count on information dissemination channels, such as the radio, television, newspapers and the internet website. with regard to radio, our message is already being broadcast through the radio mocambique and the community radios, in a total of 25 ( twenty - five ) national languages. it is also worth referring to the distribution throughout the country of posters, brochures and leaflets. the banco de mocambique technical staff visited all districts of the country for public clarification of all aspects pertaining to this process, having had the collaboration of government institutions, religious congregations, municipal authorities, community leaders and socio - professional organizations. we have also been undertaking clarification lectures addressed to mozambican community abroad, with particular focus to countries which host the majority of our compatriots. today, we feel that the message about the metical of the new family has reached greater majority of the mozambican population, including that of the rural zones which, at the beginning of the process, represented our major priority. ladies and gentlemen, the notes and coins of the met

the regulatory requirements of 12 percent, while the liquidity indicator is 35. 7 percent, similarly, higher than the regulatory requirement of 25 percent. we also have positive results in the insurance sector and other sectors. 1 / 2 bis - central bankers'speeches the central bank of the republic of kosovo is certain that it will continue to have the support of the international monetary fund and we will continue the successful cooperation with the international monetary fund. once again, allow me to thank the representatives of the international monetary fund for the contribution and continuous support of kosovo and the central bank. thank you. 2 / 2 bis - central bankers'speeches
. a bosom friend afar brings a distant land near. thank you for your attention. i wish you a successful forum and plenty of health!

national bank of serbia аddress by the nbs governor at the opening ceremony of the china financial technology forum 4 september 2022, video format dr jorgovanka tabakovic, governor belgrade, august 2022 esteemed hosts and participants in the china financial technology forum, a year has passed since the previous forum and while our topic has remained the same : new age, new finance, new technologies, the conditions in which we live and work have changed significantly. nevertheless, our goal remains the same – man and his wellbeing in the 21st century. dear friends, new age and new finance call for even stronger cooperation between countries and nations. following goethe who said : tell me with whom you consort and i will tell you who you are, i can tell you that i am proud of the close cooperation the republic of serbia has developed with the people's republic of china over the past ten years. the relationship of our two countries is defined by firm partnership and mutual understanding, supported by the rock - solid friendship between the serbian president aleksandar vucic and the chinese president xi jinping. the relationship between our two countries is the best proof of the old chinese saying when brothers are as one, their strength can break even metal. this is evidenced by our economic cooperation as well. • in ten years, trade between china and serbia increased by four times. • in the first half of this year, trade with china made almost 10 % of serbia's total external trade. • a continuous upward trend in our economic cooperation is evident also in the growing share of asian countries in fdi inflows, which amounted to around 15 % from 2019 to 2021. last year, in 2021, fdi inflow from china made up 20 % of total and record - high fdi to serbia. dear colleagues, it is only natural to raise the bar of our expectations ever higher for everything that brings us good, as it is natural for financial service consumers to accept every good service we develop as something normal. the national bank of serbia, at whose helm i have been for a full decade now, has been the generator of technological changes in the market of financial services. it is these changes that have ensured to our citizens and businesses the conditions for easier, faster, simpler, cheaper and more secure transactions in the republic of serbia : – first, we significantly improved payment infrastructure in the republic of serbia, by introducing the most state - of - the - art instant payment system – n
structural reasons, with several different types of structural explanations. the government ’ s opinion is, for example, that the working environment has great significance. if a large percentage of the sick leave is due to structural reasons, this is obviously a more fundamental problem for the swedish labour market, which may entail an increased risk of a labour shortage in the future, with subsequent negative effects on potential growth. yet another factor that has made a negative contribution to the growth in hours worked in recent years is average working hours. average working hours declined by 1. 4 per cent in 2001 and continued to decline during the first quarter ( see diagram 3 ). variations in this can be explained by the occurrence of “ labour hoarding ”. this entails companies choosing to retain the labour force in the initial phase of a downturn in economic activity and regulating working hours instead, for instance, by reducing overtime - a development we have seen recently. it is only at a later stage that companies start to make cuts in personnel. one of the reasons for this behaviour is that the labour force is not an entirely mobile production factor. companies ’ labour costs consist not merely of wages, but also of costs for recruiting and training new personnel. this is probably more common in knowledge - intensive sectors, such as some branches of the private services sector, and could thus become increasingly important in years to come. institutional factors may also have significance for the development of average working hours. for instance, in the negotiated central wage agreements from 1998, particularly within manufacturing, working hours were adapted to economic activity, which may have contributed to the recent dampening of average working hours. to sum up, we do not have a clear answer as to exactly how the recent developments in average working hours can be explained. the response of the labour market to changes in economic activity is one of many fields that i think should become subject to further investigation. another interesting research field is whether the swedish labour market is able to deal with necessary changes in relative wages. the labour shortages in the public sector, with possible wage increases as a consequence, can have effects on inflation pressures, for instance due to wage spread between different sectors. there is a concern that groups of employees within the public sector, having a favourable labour market situation, could set the norm for up - coming wage agreement negotiations. however, studies in this field indicate that this has not been the case before, although naturally there is always a possibility that this type of pattern could arise in the future. emu

a va nd rm la nd o re va br st o m an la nd d al ar na g av va le bo st er r no g rrl an d ja m tla va nd st er bo tt n or en rb ot te n source : statistics sweden ( labour force surveys )
trading can then be divided into manual, where instructions are executed by humans on an electronic trading platform, and automated, where instructions are executed by computer algorithms and there is little or no human intervention. the split here is about fifty - fifty. mind you, the landscape is changing at a high frequency! in the fx market, segmenting types of traders is difficult ; there is inevitably a lot of crossover in styles and blurring of boundaries. so for the purposes of our study, we split algorithmic ( algo ) trading into two categories : algo execution and algo decision - making. the former is when a trader uses an algo to execute an order, often used for large orders. the latter is where a model is used to initiate a trade based on parameters such as order book imbalance, momentum, correlations and systematic responses to economic news. it is in the latter camp that hft is located. hft firms generate their revenues from doing a large number of small - size, small - profit trades. they operate with low latency and their risk - holding period is very short, frequently less than one second. as speed is of the essence, indeed the defining characteristic of hft, co - location is important, that is locating the server that sends the order message as close as possible to the servers of the trading venue. however, our discussion with a number of participants in the market suggested that diminishing returns to speed have well and truly set in, such that the value of future gains may not be worth the investment cost. indeed, there was a general sense that hft was reaching a mature phase, where greater returns were more likely to be had from moving into new market segments rather than spending more on enhancing speed. 2 hft participants in fx tend to be located in three cities : chicago, new york and london, although the physical location of the server is more important than the physical location of the office. the bulk of trading volume appears to be accounted for by several large firms. most of the activity occurs on the inter - dealer electronic broking platforms ( reuters and ebs ) and the multi - bank electronic communication networks ( ecns, such as currenex, hotspot and fxall ). the various platforms have differing technologies, trading rules and trading parameters. for example, there are varying restrictions on quote life and fill ratios. this assumes, of course, that technology is not developed to let one trade faster than the speed of

a concern that pb monitoring may be inadequate if the risk inherent in the services they are providing is not appropriately priced. policymakers are endeavouring to keep abreast of the impact of hft on the fx market by maintaining contact with the different and evolving market participants. in some cases, this is happening through the involvement of policymakers in the foreign exchange committees in various jurisdictions. industry bodies, such as the aci, also have a role to play through their work on market codes of conduct. bis central bankers ’ speeches
research agenda ( see e. g. leeper, 2010 ). we may also benefit from the same inescapable logic of the ftpl as far as the interconnection between monetary policy, fiscal policy and the risk of sovereign default is concerned ( as pointed out recently by uribe, 2006 ). this is a further example of how non - linear dynamics can play a crucial role. the literature on self fulfilling debt crises mentioned at the beginning of my speech and the related developments in the literature on exchange rate crises ( obstfeld, 1996 ) emphasize the importance of economic policy in determining the conditions under which self - fulfilling crises can occur. the level of public debt is often a key determinant of these conditions, as high levels of debt increase the cost of interest rate hikes and heighten the sensitivity of public finances to risk premia. embedding these concepts in our policy models would allow us to assess changes in the risk of self - fulfilling crises and would give some quantitative guidance in designing the appropriate policy responses. finally, the standard model is based on the assumption of perfectly and equally informed rational agents. as argued above, in the case of asset - backed securities, a decisive role was played by the limited knowledge of their risk profile ( boz and mendoza, 2010 ). many have described the origin of the financial crisis as the result of second - moment shocks. in particular market agents realized that their guesses on asset price correlations were wrong. the very evolution of the crisis has been characterized by enormous uncertainty. the increase in uncertainty froze markets and paralyzed consumers and investors ( e. g. bloom, 2009 ). policy models displaying these features would be close to a holy grail for central bank ’ s policy analysis. all in all, there seems to be quite some ground to cover in macroeconomic modelling. yet, the programme of this conference gives me further reasons to believe that it won ’ t be long before these wishes will be realized. thank you for your attention. bis central bankers ’ speeches references bean, c. ( 2010 ), “ joseph schumpeter lecture : the great moderation, the great panic, and the great contraction ”, journal of the european economic association, vol. 8, pp. 289 – 325. beirne, j., dalitz, l., ejsing, j., grothe, m., manganelli, s., monar, f., sahel,

is temporary and that there is reason to expect lower inflation as early as the late spring and summer. although, as i said earlier, this assumes that those setting prices and wages do not attempt to compensate themselves for the temporary price rise. all in all, it is a question of balancing the risks of, for instance, a weaker growth in the economy, against the risk that the upturn in inflation will have contagion effects. this is what the executive board must do at its monetary policy meeting on 17 march. chart 1 und1x including and excluding energy und1x und1x excluding energy sources : statistics sweden and the riksbank
much more dynamic in the us. you have also to consider that we have, in europe, a connection to the rest of the global economy which is not the same in the us. all that being said, i think europe has a lot to do to improve macropolicies, in particular fiscal policy, but also to be very active in the field of structural reforms. it is extremely important that the new 2020 project, which succeeded the lisbon agenda, will be done at utmost level of responsibility and determination. because the big difference between europe and the us is the flexibility of the economy. as a consolidated economic entity, whether at the level of the euro area or of the european union as a whole, we are macroeconomically close to balance with no significant current account imbalances. we are financing our own investment with our own savings. which is not necessarily the case in the us. but on the other hand, we have an economy that is not sufficiently flexible. we have to embark on bold, structural reforms and be very much active on that if we want again growth and prosperity. in terms of structural reforms, is this an urgent need for portugal? i think that it is very urgent and very important for all european countries, and of course, amongst them, for portugal. next june you will have a new vice - president, vitor constancio. was he a good choice for the job? vitor constancio has been a very active member of the team of the eurosystem for a long period of time, a very active participant of the governing council and general council of the ecb. the governing council was requested to give its own opinion which was positive. i am very happy to continue working with vitor as of 1 june much more intensively.

press forward with structural reforms, promoting good governance, increasing transparency, and harmonizing standards. this task must also include efforts to integrate the lowincome countries into the global economy. the current circumstances provide good reasons for addressing these issues. the international monetary fund has been at the center of world economic cooperation since its establishment. the fund should continue to play a crucial role in strengthening the areas i have emphasized through its surveillance and its lending activities.
possible. the ssm and the single resolution mechanism are complements and we need progress on both these fronts. as victor hugo once remarked, “ you can resist an invading army ; you cannot resist an idea whose time is come. ” i believe that banking union is just such an idea. but it now depends on us – as policymakers, as commentators, as citizens – how it is turned into reality. if we are anything less than wholly ambitious, then we will have learned nothing from this crisis. thank you for your attention. bis central bankers ’ speeches

vitor constancio : the nature and significance of banking union speech by mr vitor constancio, vice - president of the european central bank, at the conference “ financial regulation – towards a global regulatory framework? ”, chatham house city series, london, 11 march 2013. * * * ladies and gentlemen, thank you for inviting me to speak to you at chatham house today. the topic of my address is the nature and significance of establishing a banking union in europe. to many this seems like a new initiative borne out of the experience of the crisis. but it is in fact based on an older debate. during the preparations for the maastricht treaty in the early 1990s, there was already the strong conviction that a single system of banking supervision was as a key element in the construction of monetary union. indeed, one of the foremost proponents of this view was a bank of england official, brian quinn, who chaired the preparatory subcommittee on banking supervision. 1 this conviction was based on the relatively logical observation that the single currency would deepen financial interdependence in europe and so require an integrated system of supervision. it was also in line with the prevailing model at the time of banking supervision being entrusted to the central bank. and although in the end a different approach prevailed, the force of this conviction explains why the eu treaty left open the possibility – through article 127 ( 6 ) – to give supervisory powers to the ecb based on a unanimous decision of the member states. at least to clear - sighted observers, it was evident that at some point this article would have to be activated. the late tommaso padoa - schioppa, who preceded me as the member of the ecb´s board responsible for financial stability, wrote in 1999 that : “ i am convinced that in the future the needs will change and the multilateral mode will have to deepen substantially. over time such a mode will have to be structured to the point of providing the banking industry with a true and effective collective euro area supervisor. it will have to be enhanced to the full extent required for banking supervision in the euro area to be as prompt and effective as it is within a single nation ”. 2 that said, those like padoa - schioppa could not have complete foresight about how monetary union would evolve. we have meanwhile learned a lot that is new from the crisis. the events of recent years have revealed a variety of weaknesses in the governance of the financial sector that