samchain/econo-pairs-v2 huggingface dataset:
mr. jaime caruana, general manager of the bis, at the bis press conference on the occasion of the bank ’ s annual general meeting, basel, 28 june 2010. www. bis. org. g - 20, “ the g - 20 toronto summit declaration ”, june 26 – 27, 2010.

quantitative easing and the shock of international oil price caused a destabilizing force to the emerging economies that are fundamentally sustained by domestic demands well - formulated monetary policy. the growth in the capital market has also been challenged by the oil price decline and low interest policy in the advanced market. 7. despite the uncertainty faced by the industry, i am confident that the islamic financial industry could maintain its pace of growth in years to come. there are at least five driving forces to sustain the industrial development including the growth of emerging economies, cross - border financial transactions, innovative islamic financial products, regulatory advancement driven by more advanced and comprehensive regulatory standards, and continuous growth of muslim population. bis central bankers ’ speeches achieving greater sustainability in the economic development and financial outreach distinguished guests, ladies and gentlemen, 8. the development of islamic finance is expected to provide benefits to wide range of customers. those include the low income society that currently does not have access to the financial system to make their life better. according to some studies, it is found that there are quite many people in oic member countries that still live under poverty line. most of them is unable to upgrade their quality of life and turn themselves into productive society due to the lack of assets in hand and the absence of financial products and services with low cost of funds. 9. moreover, due to lacks of other resources, they are also remote from supportive education program and health facilities that are potential to strengthen the basic necessities to gain quality in human capital. without properly designed poverty alleviation program that particular group of people may be trapped in the poverty for ages. in some occasion, low income society has been perceived as involving high risk and too expensive to manage since it requires an extensive effort to manage highly dispersed customers. as a matter of fact, if proper mechanism and procedures supported by well - developed regulation, microfinance industry can also be highly lucrative. 10. islamic finance with a wider application of equity - based financing and micro - finance products can facilitate greater outreach to medium, small and micro enterprises to promote entrepreneurship and value - creating activities. conceptually, greater access to financial services can be provided by commercial based islamic financial institutions such as islamic banks providing microfinance products or micro takaful provided by takaful institutions. other steps can be formulated such as integrating commercial sector with islamic social sector to come up with financial services that are reachable by the micro entrepreneurs and low income society in general. the program is aimed at improving social welfare
. worldbank. org / en / news / press - release / 2020 / 10 / 07 / covid - 19 - to - add - as - many - as - 150 - million - extreme - poor - by - 2021 3 news. un. org / en / story / 2021 / 06 / 1093182 4 www. mckinsey. com / featured - insights / future - of - work / covid - 19 - and - gender - equality - countering - the - regressive - effects 5 public. wmo. int / en / media / press - release / climate - change - indicators - and - impacts - worsened - 2020 6 aibim. com / contents / upload / vbiaf _ sectoral _ guide _ palm _ oil _ public _ consultation. pdf 5 / 5 bis central bankers'speeches

other sectors. manufacturing output fell from its peaks in the year 2000, to its trough last winter by over 16 % in japan, by 7½ % in the us and by 6½ % in germany. and manufacturing employment fell by 7¼ % in japan, 9½ % in the us and 3 % in germany. in this country manufacturing output fell from peak to trough by around 7 %, and manufacturing employment by some 6 %. so we were not alone in what happened and the impact was not obviously worse than elsewhere. that of course is cold comfort to the manufacturing businesses that were most affected, and to the regions - including the north west, where there is a relatively high concentration of manufacturing business. and you were severely affected last year too by the impact of foot and mouth disease on agriculture and tourism. the frustrating thing for us has been that there was very little that we at the bank could do through monetary policy - or indeed that the government could do - to address the problems at source. that ’ s fairly obvious when we ’ re talking about the weakening of demand in the other major economies. some people have suggested that we might have done more to weaken the exchange rate particularly against the generally weak euro - by cutting our interest rates more aggressively, but it really isn ’ t as simple as that : exchange rates don ’ t respond predictably to relative interest rates certainly in the short term ; if anything in recent conditions cutting them further could even have had a perverse effect. what we were able to do, given that inflation was under control, by cutting interest rates as we did last year, was to try to compensate for the external weakness by stimulating domestic demand growth here in the uk. given the weakness of business confidence, and therefore investment, reflecting the external pressures, that meant essentially stimulating consumer demand. we recognised that this was not without risks - risks in terms of the build - up of household debt and of an unsustainable rate of increase in house prices, if not an actual bubble - which, if persisted in for too long, or if carried too far, could lead to an uncomfortable retrenchment further ahead. in a virtual world where we could control these things precisely, we could no doubt readily agree that we would like to see stronger growth in other major industrial countries, a stronger euro, more business investment in the uk and more moderate growth of consumer spending and household debt. that would offer a more certain prospect of better balanced, and therefore more sustainable, growth
outstanding lending ( c ) in 2010, 2011 and 2012 this includes an adjustment to include cre loans transferred to the irish national asset management agency bis central bankers ’ speeches

( 1990 ) ). this particular specification describes, in broad terms, the historical distribution of daily stock prices returns in the us over the past 80 or so years, though it clearly under - estimates the fatness of the tails ( chart 11 ). the true model is known, but not to outside investors. to manage their assets, investors use a model to forecast return volatility. the success of these models is measured by their out - of - sample prediction errors. these errors can be further decomposed into two components : bias ( deviations of estimated values from their “ true ” value ) and variance ( the degree of variation across the set of estimators ). the second component captures model uncertainty. the models used by investors are assumed only to vary by their degree of parametric complexity. in particular, the models are assumed to range from the parsimony of a garch ( 1, 1 ) to the complexity of a garch ( 5, 5 ). clearly, both simpler and more complex specifications are possible, as are different dimensions of complexity. by generating random samples from the underlying stochastic process, the out - of - sample performance of these different models can be compared. 18 charts 12 to 17 show the estimated mean squared prediction errors ( mspe ) from the different models, together with their breakdown into bias and variance. this mspe is shown using different - sized data samples for estimation of the model, ranging from 20 days ( one month ) to 250, 000 days ( one millennium ). when sample sizes are small, simpler models are unambiguously superior ( charts 12 to 13 ). with highly imperfect information, adding model complexity simply increases prediction errors. indeed, in this hypothetical setup, for samples smaller than around two years, the simple model does better even than the true model. simple does not just defeat complex ; it trumps the truth. as the sample size expands, model uncertainty decreases and prediction errors fall. the performance of the complex models begins to improve relative to the simple ones. in general, prediction errors converge to a u - shaped pattern centred on the true model, with models which are either too simple or too complex inferior. this is a standard statistical finding. but it is only at sample sizes in excess of 100, 000 days ( 400 years ) that estimates of the “ true ” model outperform a much simpler one. moreover, the simple model is only materially worse than complex models when the sample size rises to
in the semi - finals of the cricket world cup, and more fully enjoy the hospitality and culture that is so uniquely jamaican. thank you.

income communities. combining the resources of our banking and supervision staff with our community development staff allows us to be more creative in supporting mdis around the country. recognizing that there has been a dearth of mdi research in recent decades, last year, for the first time, we commissioned two external researchers to develop papers on mdis. the resulting new papers, along - 4with another written by economists at the federal reserve bank of chicago, were presented at the interagency biennial mdi conference this past april in los angeles. we are in the process of commissioning research for next year in an effort to deepen our understanding of these unique institutions. labor market disparities turning to the workforce more broadly, i want to spend some of my time today talking about disparities and share some findings from a conference we hosted yesterday at the board titled “ disparities in the labor market : what are we missing? ” in fulfilling its dual mandate, the federal open market committee ( fomc ) has set a target of 2 percent for inflation but does not have a similarly fixed numerical goal for maximum employment. that is because the level of maximum employment depends on “ nonmonetary factors that affect the structure and dynamics of the labor market, ” which “ may change over time and may not be directly measurable. ” 3 understanding how close the labor market is to our full - employment goal requires consulting a variety of evidence along with a healthy dose of judgment. this approach to maximum employment has allowed the fomc to navigate the current expansion in a way that has likely brought more people back into productive employment than might have been the case with a fixed unemployment rate target based on pre - crisis standards. the federal reserve is also keenly interested in disparities in employment, labor force participation, income, and wealth because they may have implications for the growth capacity of the economy. when we consider appropriate monetary policy, we need to have a good sense of how fast the economy can grow without fueling excessive the fomc ’ s statement on longer - run goals and monetary policy strategy is available on the board ’ s website at https : / / www. federalreserve. gov / monetarypolicy / files / fomc _ longerrungoals. pdf. - 5price inflation. at a time when the retirement of the baby - boom generation looks likely to be something of a drag on the growth of the labor force, it is especially important to consider whether
aware of the need to preserve confidence in our financial system. our co - operation, which is institutionalised through formal arrangements, has to date worked well. indeed, apart from regular meetings of the standing committee envisaged by the memorandum of understanding, we also cooperate through the domestic standing group that brings together the bank, the mfsa and the ministry of finance, the economy and investment in a forum for crisis management. this mechanism was first tested in 2007 when the financial crisis was about to erupt, and that experience highlighted the importance of coordinated and timely action and of the ministry as a key player in times of financial instability. another notable example of coordination between the bank and the mfsa concerns stress testing. we have jointly undertaken a series of “ constrained ” bottom - up stress tests across a number of banks and last year we participated in the eu - wide stress test stress test. this year the bank is assisting the mfsa in the stress test exercise being conducted by the newly established european banking authority. together, the bank and the mfsa now need to build upon this positive track record. the recent changes in the nature and size of the domestic financial system and in the external environment with which it increasingly interacts, in fact, suggest that the time has come for the existing model of cooperation to be further refined and strengthened. the need to increase the effectiveness of the institutional arrangements for the preservation of financial stability is also related to malta ’ s aspirations to consolidate its position as a successful financial centre. the financial services industry has grown considerably, particularly since eu membership in 2004. today there are 25 licenced credit institutions, 14 of which with a majority shareholding from other eu countries. but the fastest growing sector has been the funds industry, with more than 400 funds registered, many having redomiciled from other jurisdictions. there has been a similar growth in the insurance business with 50 operators here today. in the process, malta has become a very important centre for captive insurance in the eu. this increased visibility brings with it the responsibility to ensure that our financial system does not serve as a channel through which risks are transmitted to other countries. against this background, the step we are taking today, which is designed to intensify the exchange of views between the authorities and the financial services industry and to deepen the examination of common concerns, assumes even greater importance. participation in the work of the forum for financial stability should, therefore, prove to be of mutual benefit. from the point

and by working to make the financial system more stable and efficient, it is contributing to the recovery that will take hold over the medium term. this work also helps to ensure that a sound foundation is in place for the work that must be done to meet the longer - term challenges that lie ahead.
attention.

rundheersing bheenick : bank of mauritius – brief review of activities in speech by professor rundheersing bheenick, governor of the bank of mauritius, at the launching ceremony of new notes and coins, port louis, 6 december 2007. * * * i welcome you all to this finale of the celebratory events of our 40th anniversary year. over the last four months, on a more serious theme in our festivities, we have had a series of lectures on banking, money and finance. professor bishnodat persaud addressed us from the west and spoke on trade, finance and currency. this was preceded by two reviews of monetary policy from sweden by professor stefan gerlach from the bank for international settlements, which is the central bank of central banks. then, from switzerland, we had professor philippe bacchetta on financial market development and economic growth. this week, we had a fascinating review of the changing axis of global finance and the rise of india and china by dr y. venugopal reddy, the governor of the reserve bank of india. finally, only yesterday, we had a special address at the bank from my good friend dr paul acquah, governor of the central bank of ghana who covered the raging debate on the performance of the imf over the past decades. the heart of our job, or rather what we formally call our corporate responsibility, is to contribute to and i quote from the bank of mauritius act 2004 : “ the orderly and balanced economic development of mauritius ”. as part of this, we are giving special attention to the importance of being a good corporate citizen. one special moment for me was in laying the foundation stone of our new building in rodrigues to better serve the large community of our sister island. but the corporate function probably works best when it is done with a lighter heart and a looser step than was the practice of bankers of the distant past with their bowler hats and their pin stripe suits. let me mention now some of our other activities in this anniversary year. • we have launched what we called originally a “ financial literacy and outreach programme ”. now, if you mull over the acronym of a “ financial literacy and outreach programme ”, “ flop ”, you will understand why we changed this name to “ consumer outreach programme ”, for “ cop ” sounds better than “ flop ”. • we have opened our doors to over - the - counter sales of security bills and bonds. • we
the doha round of trade negotiations would also be a milestone towards a more integrated and open world economy for the benefit of all.

. to give just one example, the newly released sepa instant credit transfer scheme that enables transfers of up to €15, 000 in less than ten seconds will benefit as of november 2018 from the target instant payment settlement ( tips ) service ensuring pan - european reach of instant payments. with the scheme layer and the clearing and settlement layer in place, it provides a good opportunity for fintechs to build efficient and innovative end - user solutions. the ecb is also investigating the potential of distributed ledger technologies ( dlt ) in the context of our real - time gross settlement ( rtgs ) system. like other central banks experimenting with the technology, though, we have come to the interim conclusion that the technology is not yet mature enough. 7 and in our separate role as banking supervisor, we apply a technology - neutral approach that ensures that the use of new technology in the banking sector is not discouraged. we have developed a “ guide to the assessment of fintech bank licence applications ”. the purpose of the guide is to make the process more transparent for potential fintech bank applicants and to increase their understanding of the procedure and criteria applied by the ecb when assessing licence applications. this initiative is part of a broader effort by european supervisory authorities to map current authorising and licensing approaches by national authorities and the launch of socalled “ fintech facilitators ” in several member states. just last week we established the euro cyber resilience board for pan - european financial infrastructures to create a regular forum to enhance the cyber resilience of financial market infrastructures, their critical service providers and the wider eu financial sector. 8 such efforts are critical in an environment where both the level and scope of cyberattacks are growing rapidly. in this context, i would also be interested in hearing how you ensure cyber “ hygiene ” and to what extent information on common cyber threats is exchanged within the wider fintech community. so, overall, fintechs here in berlin, and in the eu more generally, can thrive in an innovationfriendly environment. but this does not mean that we ignore the risks. should regulatory loopholes emerge, we would need to close them to ensure that financial intermediation outside 2 / 3 bis central bankers'speeches the banking sector remains safe and sound. thank you. 1 see comdirect fintech study, november 2017. 2 see e. g. fsb ( 2017 ), “ financial stability implications from fintech ”, 27 june.
investigated by the financial services regulator. the financial services regulator has gone about its task in a comprehensive, detailed and pro - active manner. i have full confidence that it will reach the appropriate conclusions and take any necessary further remedial action. thank you, chairman, for permitting me to make this opening statement. my colleagues and i will be very happy to answer any questions the committee may wish to put to us.

speeches has created and supervised a process, the five - step mortgage arrears resolution process ( marp ) 5 especially focusing on engagement and information assembly. the ccma has the goal of protecting vulnerable borrowers against aggressive, unfair or opaque collection practices. it has not been intended to hamper the process of getting the borrower back on track. refinements to the code are now being finalised which are equally designed to maintain the intended level of protection for the consumer, while ensuring that that the framework is facilitating and promoting the effective and timely resolution, by lenders, of each borrower ’ s arrears situation. the final element mentioned above, ensuring continued compliance with the revised schedule, is conventionally assumed to be governed by repossession and insolvency procedures. although the situation here has been rather opaque, while the dunne judgement issue was pending, and with uncertainty about the impact of the insolvency legislation, clarity should improve dramatically in these two respects in the coming months. designing the modification here i want to focus on one element of this multi - step activity, namely the design ( where necessary ) of a revised schedule of payments. though widely discussed, this element still remains unsettled and largely unsatisfactory. each distressed mortgage case must be triaged and mapped into a proposed long - term sustainable solution which is ( i ) matched to the circumstances of the borrower, ( ii ) offers a better overall prospect of recovery for the bank, taking a realistic view of the probabilities involved, in particular ( iii ) taking account of the need for the modified payment schedule to be incentive compatible for the borrower given the availability of the pia and revised bankruptcy rules and other options ; and ( iv ) it should minimise moral hazard. to be sure, the triage process needs to start with the question : is this a distressed case, or one in which the borrower does have the capacity to come back on track? it is evident that a significant proportion of current arrears cases fall into the latter category, as seems to be confirmed by the measured characteristics of households in arrears, as well as the practical experience of lenders in engaging with borrowers. getting these cases back on track is a crucial part of what is now needed. however, for the rest of what i have to say today, i will deal with the unsustainable cases. measures for dealing with unsustainable mortgage debt temporary measures are