samchain/econo-pairs-v2 huggingface dataset:
thomas jordan : seventh karl brunner distinguished lecture introduction of markus k. brunnermeier text of the seventh karl brunner distinguished lecture by mr thomas jordan, chairman of the governing board of the swiss national bank, zurich, 28 september 2023. * * * ladies and gentlemen i am very pleased to welcome you all to the seventh karl brunner distinguished lecture. we are delighted and honoured that professor markus brunnermeier has accepted our invitation to give this year's lecture. i also want to thank the eth zurich and its president joel mesot for their hospitality. the swiss national bank established this annual lecture series in honour of the swiss economist karl brunner, one of the leading monetary economists of the last century. our aim with these lectures is to reach a broad audience, and to contribute to the public debate on issues related to our mandate. markus brunnermeier is an ideal person to hold the karl brunner lecture. markus is the edwards s. sanford professor of economics at princeton university and director of the bendheim center for finance. his research is of great relevance for central banks. this includes work on systemic risk in the financial system, price bubbles in stock markets, liquidity crises, and digital currencies. in addition to being an outstanding scholar, markus is a role model when it comes to cultivating the dialogue between academia and the general public. the voices of academic economists are vital for sustaining a productive public debate on the major economic issues of our time. markus takes this responsibility very seriously. he has the rare gift of being able to reduce complex issues down to the essentials without compromising academic standards. this is one of the reasons why markus was awarded the deutsche wirtschaftsbuchpreis for his book the resilient society, as well as the ludwig - erhard - preis fur wirtschaftspublizistik for his contribution to informed public debate. it was not always obvious, however, that markus would become a world - renowned economist. growing up in landshut, bavaria, his career seemed mapped out for him : he was to take over his father's carpentry business. as we know, markus ended up taking a very different path in life. nonetheless, his observation that he has probably hammered in more nails than any other economist may well be true! be that as it may, rather than taking over the family business, markus completed his abitur

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are bound to weigh heavily on the resources of the bangko sentral. we need therefore to find more efficient ways to use our resources in the pursuit of our mandate. more fundamentally, some of the provisions of our charter could be revisited to make it more relevant and responsive to present conditions. the bsp will continue to work with congress in this regard. bis central bankers ’ speeches looking ahead fellow bspers. our journey has not been without its challenges, but together we have managed to transform the bsp closer into a truly world - class central bank. the signs say we are on the right path : just this april, the bsp was hailed at the asian banker leadership achievement awards as the best macroeconomic regulator in the asia pacific region. of course, our pursuit of excellence is not motivated by public recognition or awards. we pursue excellence because it is that level of public service that will help improve the lives of filipinos, our ultimate stakeholders. tama ba?! i am glad you agree. and now, for my final question. bsper ka ba? ako rin. i am a proud bsper. to me, bsper stands for bangkero sa pilipinas na excellent and resilient! ladies and gentlemen. you all make me proud to be a bsper. on behalf of my wife elma, and the rest of our family i thank all of you for making my journey as a bsper truly worthwhile and deeply fulfilling. mabuhay ang bangko sentral ng pilipinas! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat! bis central bankers ’ speeches

. 2 board of governors of the federal reserve system, federal reserve issues fomc statement, december 15, 2021. 3 / 3 bis central bankers'speeches
a part of this process. i have no doubt that this conference will prove to be an important milestone in the area of financial education for our country. we, at the rbi, too look forward to benefiting from the deliberations. thank you.

among the steps that have been taken by the reserve bank over the years towards this end. financial innovation is an essential feature in the history of development of financial markets. innovations that are motivated by the need to match the needs of the investor and the issuer or made possible by advancement in technology or knowledge are essential for evolution of financial markets. incentives play a significant role in shaping the development, stability and functioning of the financial markets. reserve bank has been trying to align incentives by regulation and supervision though regulation itself may have created unintended incentives / disincentives as in the case of requirement regarding held to maturity ( htm ) dispensation. in the process of development of new instruments, reserve bank ’ s endeavour has been to ensure calibrated and orderly development of the markets with emphasis on prudent risk management and promotion of financial stability. within the limited scope of its engagement with the corporate debt segment as the securities and exchange board of india ( sebi ) being the main regulator of this segment, reserve bank has taken steps, such as, introducing credit default swaps ( cds ) to manage credit risk, repo in corporate bonds to enable funding of positions, limited market making role for the primary dealers, providing a pooling account facilities to the clearing corporations of the exchanges to settle the trades in the books of the reserve bank of india, etc. there has been a demand for increased direct or indirect support from the banking sector for expanding the corporate debt market. reserve bank views such proposals with caution because of the prudential concern for the health of the banking sector as well as the fact that the intention is to generate incremental resources and not redistribute the existing ones. as we know banks are already substantially exposed to the infrastructure sector. hence, demand for credit bis central bankers ’ speeches enhancement by banks has to be seen in the context of the fact that it would only increase their exposure. further, credit enhancement by banks will not lead to development of a real “ corporate ” bond market. credit enhancements by way of partial guarantees by multilateral institutions, such as, the asian development bank is likely to attract investments from insurance and pension funds in the infrastructure sector and lower the cost of funds for companies. such credit enhancement measures outside the banking system could be the way out. foreign exchange market current account deficit & capital flows in the context of foreign exchange market, one of the most talked about issue is the rising current account deficit ( cad ).
major members from new york and london foreign exchange committees to meet with the forum to facilitate the exchange of views on issues of mutual interest. in the past half year since its establishment, the treasury markets forum has made good progress in its work. we will continue to work closely with industry associations with a view to enhancing the competitiveness of hong kong ’ s treasury markets and promoting hong kong ’ s status as the preferred hub for treasury markets services. finally, may i represent the treasury markets forum to thank the chinese university of hong kong and the university of science and technology in developing the certificate programmes on dealing, settlement and fixed income securities. i would also like to congratulate aci - the financial markets association of hong kong in successfully introducing the new membership regime and expanding the membership. thank you.

interest in its dual role as regulator and shareholder. towards the end of this presentation i shall briefly return to the question of how we intend to set about disposing of this portfolio. before i do that, i should first like to update you on the state of our economy as the painful adjustment process draws to a close and as clear signs of economic recovery emerge. i should also like to address some of the concerns – unnecessary ones, in my view – that still seem to be clouding the view of hong kong from outside. the recovery those of you who heard me in june last year may well be a little sceptical about any advice from me on the outlook for the hong kong economy. although i was under no illusion about the less prosperous times that lay ahead, like many at the time i was perhaps a little too sanguine in my assessment about the impact that the asian crisis would have on hong kong. however, the temptation now for many is to go to the other extreme : to be very cautious in making predictions about the future and to acknowledge signs of recovery only very reluctantly. this is understandable when we are still only just moving out of our sharpest recession on record. yet even the pessimists would now, i think, acknowledge that the storm signals are down, the clouds are thinning out, and there are shafts of sunlight in the distance. i speak only metaphorically, of course. as those of you who have been in hong kong recently will know, this has been a very stormy summer from a meteorological point of view : we have just had the worst typhoon in sixteen years and the wettest typhoon since records began more than a hundred years ago. economically, the most recent figures suggest that our wet and windy summer has brought with it a distinct turn for the better. chart 1 gross domestic product ( % ) - 2 - 4 year - on - year change - 6 quarter - on - quarter change, seasonally adjusted - 8 q1 / q2 q3 q4 q1 / q2 q3 q4 q1 / q2 q3 q4 q1 / q2 • gdp – a rebound in the second quarter ( in excess of 3 %, quarter on quarter ) after six consecutive quarterly declines ( chart 1 ) chart 2 external trade ( hk $ bn ) ( % yoy ) overall trade balance imports of goods exports of goods - 5 - 7 - 10 - 14 - 15 - 21 - 20 - 28 - 25 - 35
petar goshev : problems in measuring inflation opening speech by mr petar goshev, governor of the national bank of the republic of macedonia, at the workshop “ problems in measuring inflation ” organized by the national bank of the republic of macedonia, skopje, 22 may 2007. * * * ladies and gentlemen, dear friends, please allow me to welcome you on behalf of the central bank, to thank you for your participation in today's workshop, and to wish a fruitful day for all of us present here today. this is the third workshop in the past two years, organized, or as it is now the case, co - organized by the central bank, which along with the international conferences and seminars on expert level, which increase in number, have been our new component of activities aimed at : increasing our own professional capacity, opening of the national bank to the domestic and international expert community for the purpose of mutual improvement of the abilities to identify and solve the problems in the area of macroeconomics and for increasing the transparency in our communication with the public. today's workshop has been organized in cooperation with the state statistical office, and the topic of discussion are the problems related to measuring of inflation. i do not think it is necessary to explain why the state statistical office : the state statistical office produces the data on inflation, while the national bank is one of the main users of those data. why this subject – problems in measuring inflation? because inflation remains to be one of the most exciting, most important macro - economic phenomena, tackling the life of the communities and of the separate entities and individuals in the most concrete way. we all find it important to know what are the real values that are at our disposal. what are the real values that we produce. what is the real progress of the economy, what is the real growth or decline in our income, what is the real growth or decline in our living standard and well - being. inflation is one of the obstacles on the way to those real values, important from several viewpoints of our life and our behavior. therefore, macroeconomic analyses are commonly based on values in real terms, i. e. values adjusted by the increase in the prices with the single objective – to obtain realistic picture of the macro - economic developments. therefore good investment and business plans of companies, inter alia, do not miss the opportunity to grasp and incorporate the expectations about the future movement of the inflation, as they are aware that it will

will make a positive contribution from this aspect, as well. thank you for your attention, and once again i wish you a nice day on the premises of the central bank. i would conclude here and i would kindly invite ms. blagica novkovska, manager of the state statistical office, to give her address.
of fmos on its launch today. 3 / 3 bis - central bankers'speeches

financial consumers issued in 2024 where we introduced a new principle and specific requirements for financial service providers to consider and respond to the interests and needs of vulnerable consumers in conducting its business and operations. another is the policy document on product transparency and disclosure which was revised to introduce new and enhanced disclosure requirements incorporating behavioural nudges, to improve the clarity and accessibility of product information provided through digital channels. we are also in the process of revising the complaints handling guidelines to reflect improvements we believe are needed to 1 / 3 bis - central bankers'speeches ensure that complaints handling mechanisms of financial service providers remain effective and responsive in dealing with issues faced by consumers. we have long maintained that the first step in resolving disputes must begin with financial service providers. our work suggests that a customer's experience in how their complaints are handled can have a powerful effect on engendering trust even when a financial product fails to perform as expected. given that cases of systemic, intentional malpractice within individual financial institutions are rare, a fair and sensitive approach to dealing with complaints can not only help financial institutions build enduring customer loyalty and trust, but also offer valuable insights to improve their product and practices. in cases of fraud and serious misconduct, we will not hesitate to take strong actions in collaboration with other law enforcement agencies to hold perpetrators to account, including barring individuals from working in the financial sector. over the past five years, the financial industry received around 2. 3 million complaints, 98 % of which were from the banking sector whilst the remaining were from the insurance and takaful sector. the number of complaints in recent years was 65 % higher on average as compared to the complaints in 2020 which reflects not only the increasing complexity of financial services but also the higher level of consumer awareness and expectations. conversely, complaints lodged with bnmlink saw a 37 % reduction over the same period. this suggests that ongoing improvements to complaint channels provided by financial service providers themselves are having a positive impact in ensuring that consumers are getting the help that they need, resulting in fewer complaints being escalated to bnmlink. we expect this number to come down further in line with higher standards on fair treatment being set for financial service providers, including on the management of customer complaints. evidence supporting this can also be observed from marked improvements recorded in customer loyalty and overall customer satisfaction as presented in the latest nation - wide customer satisfaction survey ( css ) commissioned by the banking and insurance industry. looking ahead, fmos will be uniquely positioned to build on
a more stable financial landscape. however, our work is far from over. yes, the launch of the single resolution mechanism is just around the corner ; but when it comes to the regulatory bis central bankers ’ speeches treatment of sovereign debt and the capital markets union, there are still many challenges to resolve. and i am convinced that europe will overcome them all, if only for one good reason : “ the unity of europe was the dream of a few. it became the hope of many. today it has become a necessity for all of us ”. thank you for your attention. bis central bankers ’ speeches

monetary policy is not an all - purpose tool. thus, i would like to come back to european reform efforts. let ’ s look briefly at the national level. when the euro - area crisis erupted six years ago, many people dubbed it the “ euro crisis ”. however, it was not a currency crisis so much as a cocktail made up of one part debt crisis, one part banking crisis and a good size shot of a balance of payments crisis. a combination of hugely overambitious growth expectations, waning competitiveness caused by generous wage settlements, and insufficient financial regulation caused sizeable imbalances to accumulate which then helped fuel the crisis. hence, it is the countries themselves that need to adjust if the crisis is to be resolved. and it was clear from the outset that the necessary reforms and adjustment measures require patience. major progress has been made in the meantime, with most of the crisis - ridden bis central bankers ’ speeches countries having succeeded in substantially improving the state of their public finances. current account deficits have largely been pared back, and several countries are now running a surplus. price competitiveness in the crisis countries has also improved significantly. unit labour costs have contracted by 18 % in ireland, 5 % in spain, 4 % in greece, and 1½ % in portugal. the finishing line is still some way ahead of us, but there is much to suggest that our efforts are paying off. but like in a marathon, the last few miles are always the toughest ones. and yet it is the final stretch that determines the final result. that ’ s why we must not falter in our efforts to pursue productivity - enhancing reforms which alone can provide a sound footing for stronger growth. suffice it to say, correcting misalignments solely at the national level doesn ’ t go far enough. what we also need are structural reforms at the european level. and here, we ’ ve made a great deal of headway since the onset of the crisis. first, the rules of the stability and growth pact were changed and a fiscal compact was adopted to restore confidence in public finances. second, a procedure for identifying macroeconomic imbalances early on was put in place. and third, a crisis mechanism – that is, the european stability mechanism – was set up to act as a firewall safeguarding the stability of the financial system in the euro area. 3. banking union – the ssm ’ s first anniversary on top of all this, major
s ability to provide the additional currency would be constrained by its gold reserves. to protect themselves, the commercial banks and the central bank established clearing houses to provide, in case of the run on any particular participating bank, the currency to each other. that was in fact a financial stability remedy, of course, being a product of its time. after the second world war the abandonment of the “ golden standard ” changed things completely. the introduction of the fiat money changed the monetary policy framework dramatically, forcing the financial stability issues to take back seats in the central banks considerations. there were two main reasons for financial stability being less of a worry. first, by using the fiat money the role of the lender of the last resort was not limited anymore. the central bank could lend to commercial banks as much as they wanted to borrow, just printing new money. there was no need to hold a parity to anything. second, many central banks faced serious troubles in order to meet their ultimate target, the price stability, within the new fiat money environment. therefore the policy focus shifted and huge effort was concentrated on finding a new appropriate policy framework. the situation was even more complicated due to the fact that both aforementioned points were closely interdependent. to illustrate this point, let's assume that there was an inflationary pressure which caused redistribution disturbances to the financial system as it led to the redistribution of wealth from lenders to borrowers. the central bank either had not established the appropriate framework for dealing inflation yet, or even worse, inflation had not been viewed as an undesirable phenomenon. on the other hand, the central bank was ready to fulfil its role as a lender of last resort. but saving the commercial banks from imminent bankruptcy further increased inflationary pressures. at the end this caused kind of inflationary trap. it was not surprising that during those times the financial stability was not of a main concern for the central bank. as the central banks learnt during the second half of eighties to deal more properly with inflationary disturbances, the price stability was broadly achieved again. consequently, the interest in financial stability issue has been increasing during the nineties. in my opinion, there are two main reasons for it. first of all, central banks have learnt one important rule : that their role of the lender of last resort is something the central bank should be ready to fulfil, but in fact it is optimal, never to do it in practice. second of all, the

great strides in this area, but much remains to be done. and finally, in our inner circles we will need the support of our nearest and dearest. so, let me end by thanking my wife for being such a rock of support in my life, my parents for teaching me that things should be done properly or not at all, and my kids for being such a joy every time i am with them. thank you. bis central bankers ’ speeches