samchain/econo-pairs-v2 huggingface dataset:
) and its 2004 - 2005 focus on water, sanitation and related issues.

monetary policy it is our firmly held view that the best contribution that monetary policy can make towards the attainment of sustainable higher growth rates is to ensure price stability. the mandate of the south african reserve bank is defined in the constitution of the republic of south africa as the protection of the value of the currency in the interest of balanced and sustainable economic growth in the republic. deriving from this constitutional mandate, the bank regards its primary goal in the south african economic system as " the achievement and maintenance of price stability ". this is currently interpreted as cpix inflation – that is headline inflation less mortgage interest costs – being between 3 to 6 per cent. despite some initial setbacks in late 2001 and during 2002, when inflation increased rapidly in reaction to the significant depreciation of the currency, the inflation targeting framework has served us well. having averaged 7, 9 per cent between 2000 to 2002, inflation has been contained within the target range since september 2003. for the past two years inflation has averaged 4, 0 per cent. without getting into the merits and demerits of inflation targeting, the inflation targeting framework has served as a good anchor for monetary policy in south africa. it has led to better co - ordination of monetary policy and other economic policies than was the case in the past. the political commitment, as evident in the pursuance of prudent fiscal policies, has been crucial to the containment of inflation within the target band. in addition, the inflation target provides the basis for the accountability of the central bank and it improves public understanding of monetary policy decisions. the inflation targeting framework has also helped to anchor inflation expectations within the target range, thereby further enhancing confidence in monetary policy. this has, however, not been achieved easily. although it proved to be unpopular in some quarters, a stringent monetary policy stance had to be adopted initially in order to demonstrate the commitment of the bank to meeting its statutory obligations and ensuring the credibility of monetary policy. the initially painful experience had a positive outcome, given the subsequent favourable impact on price and wage setting behaviour in the economy. 4. south africa ’ s financial markets south africa is a small open economy by international standards. this in itself presents some challenges for the pursuit of price stability, not least of which is the nature of the south african financial markets. south african financial markets are relatively deeper, broader and more sophisticated than those in a number of emerging markets. according to the latest world competitiveness yearbook, south africa is ranked 46th overall but 22nd in
africa - spreading across countries with free movement and with the opportunity to exploit full cross - border growth. i therefore challenge the industry to prepare for this eventuality in a timely manner. once more ladies and gentlemen, i would like to thank the continental reinsurance company on this auspicious occasion and to wish them all success. thank you. bis central bankers ’ speeches

weather impacts. it provides additional – and important – security which also supports our kenyan economy. a great benefit for the development of micro insurance is the deepening of penetration per capita. currently most micro insurance schemes are run as small pilot type arrangements and continue to face a number of regulatory and operational challenges. i am informed that a policy framework paper has now been developed by the micro insurance working group set up by the insurance regulatory authority and the same has been forwarded to the ministry of finance for further attention. in this regard, the minister during his budget speech recognized micro insurance as a standalone class of insurance, giving it the prominence that is deserves. ladies and gentlemen, insurance penetration in kenya is 3 % – high by african standards, but with a long way to go still. i appeal to leaders and operators in the sector to harness the growth opportunities and to think forward, to think innovatively. for example, the recent discovery of oil and gas in kenya has marked a significant opportunity for this sector. we bis central bankers ’ speeches have had the chance to see how other african countries have tackled the discovery of important natural resources, and the onus is now firmly on us to learn from their successes, and from their mistakes. we know, for example, that there is long way to go to prepare our country for the technical intelligence required to provide security around the multitude of issues that accompany a discovery of this kind. i request the insurance and reinsurance market to test out the structures in place for oil and gas insurance. we need to be prepared as an industry and as a country in order that we safeguard against future potential issues resulting from the mining of our natural resources. in this regard mr. chairman, i wish to applaud continental reinsurance ’ s steps in progressing product innovation and development including oil and gas, and look forward to learning from your experience. lastly, ladies and gentlemen, i urge the insurance industry to position itself for the economic integration in the east african union. as you are already aware, the common market protocol of the east african community ( eac ) creates a big market full of opportunities. this is the way to go in terms of integration and expansion within the eac and beyond. indeed today ’ s occasion is a realization of that spirit as we congratulate continental re ( a nigerian company ) on their authorization to transact fully reinsurance business in kenya. this trend is the beginning of what i predict will be the future of the insurance and reinsurance market in
justify the confidence that the people of the euro area have in their money. there ’ s a lot more to be seen in this exhibition, which i hope you will all find as interesting and entertaining as i did. so without further ado, allow me to declare it open. bis central bankers ’ speeches

markets to increase their size and scope, and doing away with the barriers to the cross - border functioning of markets implied by differences in national policy concerning insolvency, taxation and other areas. promoting a single rulebook in a wide range of areas, including consumer protection, anti - money laundering and accounting rules, is also key to the success of cmu. regulatory consistency in a broad sense and a level playing field, as opposed to leniency, are crucial to render eu markets attractive. at the european level, brexit is an additional challenge which may lead to fragmentation as services could be provided in a more decentralised way. at the same time, eu27 capital markets are still subject to national rules and supervision, making for a patchwork of regimes which prevent the integration of markets and may open the door to regulatory arbitrage. as a response to brexit, we need to develop truly european capital markets, and this makes progress on the cmu front even more urgent. as the united kingdom leaves the eu ’ s regulatory and supervisory framework and develops a new one of its own, a different relationship between the two jurisdictions will need to be defined. it will need to balance the benefits of continued integration with the uk financial markets with the potential risks to financial stability, consumer and investor protection, and the integrity of the single market. this path will not be easy for either side as the lure of the flexible and light - touch regulation of the past can be strong, bringing with it the risk of divergence between eu and uk rules or a potential race to the bottom. and these considerations will also play out as we review the role of equivalence regimes in eu financial legislation. 2 / 4 bis central bankers'speeches european responses are the way forward turning to policy responses, the way forward is clear : we need to move away from national responses and promote european ones within the cmu and banking union agendas. let me briefly emphasise five priority areas. first, we need to complete the banking union ’ s institutional architecture. in particular, we should ensure that the backstop to the single resolution fund is fully operational, agree on a banking union solution to liquidity needs in resolution and define a clear path towards a european deposit insurance scheme ( edis ). a fully fledged edis would facilitate cross - border banking since depositor protection would be independent of a bank ’ s location, and ensure that an increase in cross - border activity does not reduce the overall resili
##placency in banks … and bankers. filipinos trust you with their money. you are accountable to them. shape up, … level up, … and never betray their trust. if you are faithful to your clients, they will be faithful to you. then you can grow together as partners. on our part, we at the bangko sentral will continue to work with you in actively pursuing our reform agenda …. and in crafting policies and programs that will empower thrift banks to become more effective partners... for national development and growth. growth that is sustained, and growth that is inclusive. mabuhay ang thrift banks! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat at taus pusong pagpati sa inyong bagong board of director. bis central bankers ’ speeches

. bis central bankers ’ speeches in the context of emes, financial intermediation for growth has involved significant amounts of cross - border transactions. and as a result, one of the most pressing issues facing them is how to guard against the contingent risks of negative spillovers from advanced economies. improved oversight of capital inflows and macro - prudential regulations will help to address the danger of global liquidity surges, and the attendant risk of asset price bubbles. but emerging economies will still remain vulnerable to sudden reversals or disruptions of global liquidity. enhanced protection against such global liquidity disruption would facilitate their promotion of financial integration as a new source of growth. the existence of wellfunctioning global financial safety nets would also help to reduce emes ’ temptations to pile up large volumes of foreign reserves for self - insurance, and thereby mitigate the problem of the global imbalances. concluding remarks let me conclude. the g - 20 was pivotal in coordinating the macroeconomic policies adopted to address the global crisis, and it has since made great contributions to framing the reform agenda for financial stability and to formulating effective policy solutions as well. despite this great success, however, the g - 20 now faces an even greater challenge – that of finding solutions to lead our return to sustainable growth. this is particularly challenging given our lack of sufficient knowledge to serve as a guide. country experiences of sustainable growth are too diverse to draw universally applicable and time - invariant lessons. and the theoretical underpinnings of sustainable growth seem too abstract to offer practical guidance for reforms. i am confident, however, that collective wisdom and creative thinking will ultimately emerge. i hope that the g - 20 agenda under mexico ’ s chairmanship will be a turning point in our search for solutions to achieving sustainable growth and global prosperity in the years ahead. thank you for your attention. bis central bankers ’ speeches
high growth rates relative to that of economic activity as a whole. in corporate finance, the fund - raising environment has not changed significantly, that is, the environment for firms, particularly with high credit risks, remains severe, although the issuing environment of corporate bonds and cp continues to be favorable on the whole, especially for firms with low credit risks. developments in the financial and capital markets, the 2 / 3 behavior of financial institutions, and the situation of corporate finance continue to require close monitoring. 3 / 3

haruhiko kuroda : the bank of japan's responses to the impact of covid - 19 remarks by mr haruhiko kuroda, governor of the bank of japan, at a webinar hosted by the center on japanese economy and business ( cjeb ) at columbia business school, 5 august 2020. * * * it is my great pleasure to participate in this webinar. today, i will talk about the bank of japan ’ s responses to the impact of covid - 19. the global spread of covid - 19 has had a severe impact worldwide. global financial markets became rapidly unstable from late february amid deterioration in investors ’ risk sentiment. domestic and overseas economies became depressed significantly in the first half of the year because economic activity was restrained by preventive measures taken since march, such as stay - at - home orders and business suspension. governments and central banks responded to this situation swiftly and aggressively based on their experience with the global financial crisis through international cooperation. as for central banks ’ actions, the enhancement of the u. s. dollar operations is the outcome of international cooperation. although the details and size of the responses to the current crisis vary among central banks, they are based on two common perspectives. one is ensuring smooth corporate financing through funds - supplying measures to support lending and purchases of cp and corporate bonds. the other is stabilizing financial markets through large - scale provision of liquidity including asset purchases. in line with these perspectives, the bank of japan has enhanced monetary easing since march and implemented the following three measures. the first is the special program to support corporate financing. the total size of this program is about 120 trillion yen. it consists of purchases of cp and corporate bonds with the upper limit of about 20 trillion yen and the special funds - supplying operations, which can amount to 100 trillion yen. through this operation, the bank provides funds on favorable terms to financial institutions that make loans in response to covid - 19. this operation also includes a scheme in which the government takes the credit risk while the bank provides liquidity, thereby supporting financing together. the second is an ample provision of the yen and foreign currency funds. as for the yen, under yield curve control, the bank decided to purchase a necessary amount of jgbs without limit. regarding foreign currencies, the bank has provided ample u. s. dollars through the enhanced u. s. dollar operations. the third is active purchases of etfs and j - reits
nbs created a stable economic environment and successfully slashed inflation, forcing the government and policy makers to face the reality. and the reality is unyielding : inflation does not create jobs, it does not push gdp up, and, perhaps most importantly, inflation has not created welfare anywhere in the world! is it then possible that, even after the devastating consequences of the 1992 - 1993 hyperinflation on the country ’ s economy, serbia has still not grasped how damaging the effects of inflation can be?

system! i have no problems saying that, despite the fact that in the rest of the economy privatisation itself is proclaimed as the ultimate goal! but i never compare the financial sector to the rest of serbia, as it should not be our benchmark! 3. finish the restructuring of the national bank of serbia national bank of serbia has reduced the number of employees by almost 75 % since october 5th, 2000 and has been halved since i took the position of the governor. despite the fact that the average salary increased by almost 30 % last year, the total amount ( taking into account all employee salaries ) remained the same. and i am convinced we can still do more! and now let me move on to some of the issues i was asked to highlight! were our monetary policy measures effective during the last two years? yes, they were because without them the inflation rate would have been substantially higher and loan growth even more explosive! has the central bank administrative tools to stop completely the monetary expansion and credit growth? of course it has. but do we want it? the answer is decisively no! i have no problems admitting that i would have preferred to see a lower level of euroization as of today, but it will come and we are already on a good track. as far as accumulation of new foreign commercial debt is concerned it is going to be a challenge in the medium term! but these challenges, i honestly hope, are shared by the financial community as well, because it is their money! there are lots of talks, including speculations, regarding the coordination of monetary and fiscal policies. let me emphasize some issues here : • i talk to the minister of finance just often enough and the coordination is fine ; • i do not judge the work of the government based on public statements because it is simply impossible, but based on concrete numbers ; • i do not agree with several steps the government is taking in the area of enterprise restructuring and fiscal policy, but i do not hide it and, whether i like it or not, the government is independent and responsible not to the national bank of serbia but to the parliament ; • journalists are masters in provoking quarrels between government ( minister of finance ) and governor, but i do not see that myself or the institution could benefit from it, as the national bank is not running for seats in the parliament ; • and yes, there is too much burden on monetary policy and the central bank and i would love to get a helping hand ; •
does not differ across countries. this would promote the integration of banking markets and prevent the reemergence of the sovereign - bank nexus. in contrast to national schemes, which might ultimately have to rely on taxpayers'money in the event of large shocks, a european deposit insurance scheme would benefit from diversification and the pooling of resources. with common supervision and a significant reduction in legacy assets, two key preconditions for edis have been met. we welcome the recent progress made by the european parliament on this matter. in addition, further progress on the capital markets union would complement the important role that european banks play in funding the real economy. the capital markets union would provide better access to equity capital to finance long - term, risky investment projects and improve private sector risk sharing. it can support the integration of banking markets by removing national rules that currently limit banks'cross - border activities. we hope that the european parliament will continue legislative work to sustain the european banking sector's resilience and foster its integration. we stand ready to engage further with you and contribute our expertise where needed. 1 see " the euro area bank lending survey - third quarter of 2024 ", ecb website, 15 october 2024. 3 / 4 bis - central bankers'speeches 2 for more information, see elderson, f, " preparing for the next decade of european banking supervision : risk - focused, impactful and legally sound ", speech at the " 10 years ssm and beyond " event organised by allen & overy, 27 june. 3 see guide on effective risk data aggregation and risk reporting, ecb, may 2024, and the public consultation on the guide on governance and risk culture which was closed on 16 october 2024. the final guide on governance and risk culture will be published in 2025. it covers management bodies and committees, internal control functions, risk culture and risk appetite frameworks of banks. 4 the integrated reporting framework will integrate, standardise and minimise the burden and costs of the eurosystem's statistical requirements for banks. for other examples of efforts that the ecb is contributing to with a view to enhancing supervisory data sharing and reducing reporting requirements, see the opinion of the european central bank of 21 june 2024 on " the proposal for a regulation of the european parliament and of the council as regards certain reporting requirements in the fields of financial services and investment support ", ( con / 2024 / 21 ). 5 see letter from claudia bu

##ch, chair of the supervisory board, to mr eero heina¤luoma, mep, on banking supervision, 28 october 2024 4 / 4 bis - central bankers'speeches
europe ’ s long term growth performance has also been constrained by the low rate of increase of its population and the ageing of its society. since the mid 1990 ’ s, population in the euro area has been growing at a rate of just 0. 4 % compared to 1. 1 % in the us. this aggregate result should however not see oliner and sichel ( 2002 ), “ information technology and productivity : where are we now and where are we going? ”, federal reserve board. see also jorgenson, d., m. s. ho and k. stiroh ( 2002 ), “ information technology, education, and the sources of economic growth across u. s. industries ”, mimeo. see pilat, d., f. lee and b. van ark ( 2002 ), “ production and use of ict : a sectoral perspective on productivity growth in the oecd area ”, oecd economic studies no 35. see gomezsalvador, musso, stocker and turunen ( 2006 ), “ labour productivity developments in the euro area ”, ecb occasional paper series no 53. european commission. it is important to mention a number of caveats related to the measurement of labour productivity in the service sectors. indeed, data on hourly labour productivity and ict, especially in the service sectors, are surrounded by considerable uncertainty and caution is therefore required when interpreting the results. in addition there are alternative explanations that may explain the labour productivity growth acceleration in the us in some services sectors such as higher entry rate, organisational changes and restructuring in the us, increasing efficiency and therefore accelerating tfp growth. see c. denis, k. mc morrow, w. roger and r. veugelers “ the lisbon strategy and the eu ’ s structural productivity problem ” european commission 2005. oecd. euklems database. cover the important role immigration has had in supporting economic growth in some euro area countries. however, what is worrisome is that at the same time, the gap in population growth has been even larger with regard to growth in the working age population [ the working age population grew on average by 0. 3 % in the euro area over the period 1996 - 2006 compared to 1. 4 % in the us ], which manifests that europe has a more acute problem of population ageing. i will deal with some of the policy implications of ageing later on in my presentation. the need for further structural reforms in

. 105, no 3, pp. 523 – 46 ; and boot, a. and thakor, a. v. ( 2000 ), “ can relationship banking survive competition? ”, the journal of finance, vol. 55, no 2, pp. 679 – 713. 7 / 7 bis central bankers'speeches