samchain/econo-pairs-v2 huggingface dataset:
. csef, working paper no. 577. 2 celerier c. and matray a. ( 2019 ). " bank - branch supply, financial inclusion, and wealth accumulation ". the review of financial studies, 32 ( 12 ) : 4767 – 4809, 04. bachas p., gertler p., higgins s., and seira e. ( 2021 ), " how debit cards enable the poor to save more ", the journal of finance, 76 ( 4 ) : 1913 – 1957. 3 demirguc - kunt a., klapper l., singer d., and ansar s. ( 2022 ). " financial inclusion, digital payments, and resilience in the age of covid - 19 ", the world bank group. 4 brunnermeier m. k., limodio n., and spadavecchia l. ( 2023 ), " mobile money, interoperability, and financial inclusion ", nber working paper series, ( 31696 ), september 2023. maze r., and gratz s. ( 2024 ), " fast growth and slow policy : a decade of digital credit in kenya ", oxford review of economic policy, 40, 82 - 103. gubbins, p. and heyer a. ( 2022 ), " the state of financial health in kenya : trends, drivers, and implications ", fsd kenya. 5 cantu c., frost j., goel t., and prenio j., " from financial inclusion to financial health ", bis bulletin no. 85. 6 bianco, m., marconi, d., romagnoli a., and stacchini, m. ( 2022 ) " challenges for financial inclusion : the role for financial education and new direction ", banca d'italia, questioni di economia e finanza ( occasional papers ), no. 723. 3 / 3 bis - central bankers'speeches

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guidance and infusion of expertise during the conference. third, i wish to welcome and appreciate the efforts of those that will moderate and lead the discussions during the conference. i expect that their preparatory work, effective leadership of sessions, and animated dialogue on the relevant issues will stimulate and contribute to beneficial sharing of expertise and perspectives on both the benefits and challenges of harnessing fintech. to all delegates, local and from outside botswana, i have no doubt that the diversity in this room will surely enrich and add to the value and benefit of the conference in terms of both inputs into the deliberations and implementable takeaways for policy and regulation, as well as ideas for innovation, with respect to business development and service provision. indeed, the idea of the conference is to propagate and entrench, globally, the broad themes of the bali fintech agenda, which you will get to hear about over the next one and half days. for this reason, similar conferences, led by the international monetary fund, are being held in other regions. the cross - participation by policymakers, regulators and private sector practitioners in these conferences also enriches networking and the sharing of ideas ; thus a common view, globally, about the prospects for fintech and, where there are potential systemic and global challenges, inculcate forward - looking preparations for both localised and coordinated, cross - border mitigation approaches. in this regard, i wish to note that, as a practical approach, the sadc region has established a fintech regional monitoring group comprising representatives from the respective central banks. this is intended to build institutional knowledge of fintech developments on an ongoing basis and, therefore, continually provide the sadc committee of central bank governors with a comprehensive picture of existing and emerging technologies, the application and market penetration of these technologies, as well as the attendant risks. we, therefore, look forward to hearing your thoughts on the broad range of areas that are relevant for balancing fintech opportunities and risks. i acknowledge and fully appreciate, in this respect, that the effort by the international monetary fund to lead the integration of fintech into the global development and policy agenda provides for a useful, knowledgeable and accessible partner to support the domestication of this agenda. having said that, i take it you will agree with me that, while policy and regulation can guide and safeguard, at the end of the day, the more impactful and beneficial aspect of fintech should be on private business activity and associated

of all key players in the economy, including government, parastatals and the private sector. i thank you for your kind attention.
in both the february 2020 and 2021 outgoing rotation groups. earnings are weekly and were compared with all members of the outgoing rotation group in february 2020. 2 see the federal reserve banks'small business credit survey : 2021 report on employer firms ( pdf ) fielded in september – october 2020. 3 see the frbs'small business credit survey in note 2 as well as small business credit survey : 2021 report on firms owned by people of color ( pdf ) released on april 15, 2021. 4 data comparisons are for the period between february 2020 and march 2021. 3 / 3 bis central bankers'speeches

president ’ s trade threats will be negotiated down in the end. but if the situation escalates and markets start to believe a serious trade war is 25 / 26 bis central bankers'speeches imminent, us stock prices could fall further, hurting the us economy, even if president trump ultimately doesn ’ t follow through with his plans. conclusion the us president ’ s decision to impose higher trade tariffs represents a significant change in us trade strategy. it has caused widespread fears that a trade war might go unchecked, but markets seem to hope that further escalation will be avoided. the heightened risk of a transatlantic trade war, as a result of rising protectionism, is mainly us driven and it is up to president trump to show his willingness to compromise and up to china to keep taking actions to address us grievances. it would be a collective policy failure if the multilateral trade system were to collapse. as discussed earlier, this multilateral global order is already undergoing a major transition with the emergence of strong regional poles. in light of the evidence provided above, i hope that my maintained hypothesis has convinced you that we are not facing an end of globalisation, but a new kind of globalisation with new regional poles or centres emerging already. in any event, the rivalry between the 20th century ’ s superpower, the united states, and the 21st century ’ s emerging superpower, china, both economically and politically, will shape the post - globalisation era and decide the future of the entire world. thank you very much for your attention! 26 / 26 bis central bankers'speeches
name of this booklet is anna & alex take on the banknote forgers. after these introductory remarks it is now a pleasure for me to declare this euro exhibition open. you are kindly invited to come closer to view the exhibition and the children ’ s booklet.

: islamic fund and wealth management the sukuk market has been an important source of financing for productive investment activities, while for investors it provides potential for diversification into new asset classes. the second pillar in the malaysia islamic financial hub is the islamic fund and wealth management industry. malaysia is centrally located in the asean region that has a population of 570 million. it is also positioned centrally between the major asian economies of india, china, japan and korea. malaysia has always been a highly open economy in trade and investment activities and has been a major recipient of foreign direct investment for more than a hundred years. as a destination for financial investment, the malaysian capital market offers a wide range of world class financial products. more than 85 percent of the listed companies in the equity market are shariah compliant, representing about 60 percent of total market capitalisation. other investment opportunities include in shariah - compliant real estate investment trusts ( reit ), in unit trusts and in the islamic exchange traded fund ( etf ). the capital market intermediaries in malaysia, that is, the investment banks and islamic fund management companies have had a key role in supporting the development of this industry. both retail and wholesale products are being offered in ringgit and non - ringgit currencies. there is also no restriction in investing 100 per cent of the funds abroad. the foreign exchange administration rules now allow for the free mobility of inward and outward movement of funds. pillar 3 : international islamic banking the islamic financial system has also been extensively liberalised to allow for the entry of foreign islamic financial institutions that offer both domestic and international banking business. in addition, the foreign equity ceiling in islamic financial institutions has been raised to a maximum of 49 percent as part of the effort to promote strategic alliances. the islamic banking business in foreign currencies can be conducted by the international currency business units ( icbus ) that may be set up within existing financial institutions and the international islamic banks. such international islamic banks may be established as either a branch or a subsidiary. currently, about 16 percent of total assets in the malaysian banking system is shariah compliant. pillar 4 : international takaful business the fourth pillar is takaful and retakaful business. there are now eight takaful operators, several of which are joint ventures with foreign shareholding that conduct both domestic and international takaful business. in addition, licences have been granted to three reinsurance players to undertake retakaful business in malaysia. several
you well during your deliberations for the rest of the day as we search for new and innovative ways to address the challenges that we collectively face in an effort to make this country of ours truly great, in amplification of the inspiring achievements of teams sa at the london 2012 olympic games, that have made us all proud. i thank you. bis central bankers ’ speeches

in infrastructure provision is most successful in the transport and energy sectors. the participation of the private sector contributes to effective cost containment through the profit motive, improves efficiency and leads to more sustainable jobs through more prudent skills transfer. in the process complementing the capacity of the state by addressing gaps that are not viable for the state to attend to and taking on development risks. an area in which the private sector can excel, given appropriate incentives, is that of research and development which act as a driver of competitiveness and job creation. many infrastructure investment projects can act as an attractive asset class for private investors due to the predictable nature of returns, thereby providing a low risk investment profile. infrastructure investment projects may provide a means whereby a consistent real return over inflation can be attained through a low volatility investment vehicle. private sector funding is, however, subject to policy certainty so that private investors can be assured that they will be able to realise a return on their investments. to this end, the national development plan proposes that regulatory impact assessments be done on all new regulations, and that an expert panel be appointed to prepare a comprehensive regulatory review for small - and medium - sized firms in an effort to assess whether special conditions are required for such establishments. the implementation of this proposition by the national development plan will create a direct channel for business to assist in the formulation of new regulations. for the establishment of small -, micro - and medium - sized enterprises or smmes, as they are better known, that have a crucial role to play in the creation of sustainable jobs in the economy, a spirit of entrepreneurship within the economy should be cultivated, anew. instead of talking jobs, i also advocate that we should start talking the establishment of smmes and how an environment of support to these enterprises can be created, and also how smmes can best interact with their environment to increase their likely hood of survival and ultimately expansion. it is a common feature across countries to make available large amounts of money in an effort to try and facilitate the growth of smmes. disconcerting though is the fact that limited systematic research or data are available informing the various policies in support of smmes, especially in developing countries. moreover, empirical evidence concerning the relationship between the size of firms and growth has been mixed. recent work on this topic by haltiwanger, jarmin and miranda suggests that so - called “ start - ups ” and surviving young businesses are most critical for job creation and contribute disproportionately
gent sejko : seventh review of the arrangement with the imf concluded speech by mr gent sejko, governor of the bank of albania, at the joint press conference with the imf mission and the minister of finance, tirana, 22 march 2016. * * * in accordance with the agreed agenda, during the last two weeks, we have held intensive talks with the imf mission, which focused on the review of the arrangement with the imf. also, in the framework of article iv discussions, talks focused on identifying those structural problems that hamper economic development in albania. the review concluded that economic indicators and macro - economic policies have been in line with our projections and commitments, despite the challenges facing the albanian economy during this period. moreover, article iv discussions noted the need for accelerating structural reforms, which should pave the way for faster and steadier development. let me now present a summarized opinion of the bank of albania on the country ’ s economic performance and the policies we have implemented and should continue to implement in the future. the albanian economy continues to be on a positive development trajectory. economic growth accelerated during 2015, driven by the expansion of investments and improvement of the balance of trade with abroad. private consumption showed signs of recovery in the second half of the year, whereas public consumption remained limited, in accordance with the fiscal consolidation strategy. during this period, economic activity expanded, among others, thanks to the monetary policy and supervisory and regulatory measures by the bank of albania. our accommodative monetary policy stance has contributed to lowering interest rates further down, mitigating liquidity pressures and maintaining the confidence of financial markets in price stability. in parallel, our supervisory and regulatory measures have contributed to reducing non - performing loans and improving the financial soundness of the banking sector. these developments are a prerequisite for sustainable crediting to the economy in the future. inflation remains at low levels, below our target. this performance has reflected the unutilized production capacities in the albanian economy, and the disinflationary tendencies arising from trade exchanges with abroad. in particular, over the first two months of 2016, inflation dropped, descending to 0. 2 % in february. our analyses suggest that it dropped due to external factors, namely the pronounced fall in food and oil prices in global markets. as such, the rapid drop in inflation and its low levels represent a supply shock to the albanian economy, rather than a disinflationary situation, which

only for hospitality, but also an infinite opportunity for cooperation, assistance and devotion. thank you once more. 2 / 2
for a variety of taylor rules and their implication for policy, see the monetary policy report, available on the board's website at https : / / www. federalreserve. gov / monetarypolicy / publications / mpr _ default. htm. i. note : on october 14, 2024, a sentence on page 10 was corrected to say " restrictiveness " : " i think the larger message of the sep is that there is a considerable extent of policy restrictiveness to remove, and if the economy continues in its current sweet spot, this will happen gradually. " 6 / 6 bis - central bankers'speeches

christopher j waller : thoughts on the economy and policy rules at the federal open market committee speech by mr christopher j waller, member of the board of governors of the federal reserve system, at " a 50 year retrospective on the shadow open market committee and its role in monetary policy " conference, sponsored by the hoover institution, stanford university, stanford, california, 14 october 2024. * * * thank you, athanasios, and thank you for the opportunity to be part of this very worthy celebration. 1 in support of the theme of this conference, i do have some thoughts on the shadow open market committee's contributions to the policy debate, in particular its advocacy for policy rules. but before i get to that, i am going to exercise the keynote speaker's freedom to talk about whatever i want. to that end, i want to take a few minutes to offer my views on the economic outlook and its implications for monetary policy. so let me start there, and afterward i will discuss the role that policy rules play in my decision making and in the deliberations of the federal open market committee ( fomc ). in the three weeks or so since the most recent fomc meeting, data we have received has been uneven, as it sometimes has been over the past year. i continue to judge that the u. s. economy is on a solid footing, with employment near the fomc's maximum employment objective and inflation in the vicinity of our target, even though the latest inflation data was disappointing. real gross domestic product ( gdp ) grew at a 2. 2 percent annual rate in the first half of 2024, and i expect it to grow a bit faster in the third quarter. the blue chip consensus of private sector forecasters predicts 2. 3 percent, while the atlanta fed's gdpnow model, based on up - to - the moment data, is predicting real growth of 3. 2 percent. earlier, there were concerns that gdp in the first half of this year was overstating the strength of the economy, since gross domestic income ( gdi ) was estimated to have grown a mere 1. 3 percent in the first half of this year, suggesting a big downward revision to gdp was coming. but revisions received after our most recent fomc meeting showed the opposite - gdi growth was revised up substantially to 3. 2 percent. this change in turn led to an upward revision in the personal saving rate of about 2 percentage points
the role and uses of credit ratings • strengthening the authorities ’ responsiveness to risks • robust arrangements for dealing with stress in the financial system these measures are a first step to a regulatory response which aims at tackling those weaknesses of the global financial system that caused the current and severe financial stress. in our g - 7 meeting last weekend in washington, we endorsed the fsf ’ s report. it is now essential that these recommendations are implemented effectively. rapid implementation will help to restore confidence in the soundness of markets and financial institutions. the fsf has not yet made recommendations about the forces that contribute to procyclicality, as this is an issue that requires further study. procyclicality is inherent in financial transactions and means that the monitoring, measuring and pricing of financial and credit risks typically tend to be too optimistic in an economic upturn and are often too pessimistic in an economic downturn. it is well understood that the financial and regulatory infrastructure should not add to or exacerbate the procyclicality of credit and financial transactions. we therefore need to study carefully how the resilience of the global financial system with respect to procyclicality can be enhanced further. economic outlook for the euro area and germany after four to five years of buoyant growth, the global economy now faces a new setting : on the one hand, the us subprime crisis and its repercussions in various financial markets have had a dampening effect not only on the us, but also on the global economy. on the other hand, inflationary pressures, which mainly stem from sharply rising energy and food prices, are increasing on a worldwide scale. they pose a particular challenge to some developing countries, but also give rise to concern in industrialised countries. against this backdrop, the us housing market, and with it the us economy as a whole, has deteriorated further over the past few months. consequently, economists and financial market participants alike are – once again – asking themselves if europe will be able to decouple now that the us outlook has substantially deteriorated. arguably, in today ’ s globalised world where domestic markets for goods and services, as well as labour and capital markets, are becoming increasingly interlinked, europe is unlikely to succeed in isolating itself from the development in one of the world ’ s major economies. and indeed, in the uk, after a decade or more of a non - inflationary consistently expansionary economy ( a

enhance the analytical instruments needed to recognise risks to financial stability earlier and more accurately. thank you for your attention.
for release on delivery 12 : 15 p. m. est march 7, 2019 navigating cautiously remarks by lael brainard member board of governors of the federal reserve system at the julis - rabinowitz center for public policy and finance and the bendheim center for finance woodrow wilson school of public and international affairs princeton university princeton, new jersey march 7, 2019 while our economy continues to add jobs at a solid pace, demand appears to have softened against a backdrop of greater downside risks. prudence counsels a period of watchful waiting - - especially with no signs that inflation is picking up. with balance sheet normalization now well advanced, it will be appropriate to wind down asset redemptions later in the year. 1 the modal outlook let me start by discussing prospects for the u. s. economy. policymakers tend to distinguish the most likely path, which i will refer to as the “ modal ” outlook, from risks around that path - - events that are not the most likely to happen, but that have some probability of happening and that, if they do materialize, would have a one - sided effect. both the modal outlook and the risks around it have important implications for monetary policy, but in somewhat different ways. let me first discuss the modal outlook. while the economy performed very well last year, i have revised down my modal outlook for this year, in part reflecting some softening in the recent spending and sentiment data. this softening could be a harbinger of some slowing in the underlying momentum of domestic demand. in the initial estimate released last week, real gross domestic product ( gdp ) rose at a 2. 6 percent annual rate in the fourth quarter of 2018. however, the latest report on retail sales showed a sharp decline. analysts note that there is some reason to be skeptical of that report ; it is subject to revision, and other data sources suggest a more muted movement. although the magnitude of the drop may be revised smaller, coming in the i am grateful to john roberts of the federal reserve board for his assistance in preparing this text. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. - 2last month of the quarter, that decline suggests that growth in consumer spending may be held down in the first quarter of this year. surveys of consumer sentiment, which may provide some additional insight into the strength of spending in the first quarter, fell on

oecd. org / newsroom / oecd - sees - global - growth - slowing - as - europeweakens - and - risks - persist. htm.