samchain/econo-pairs-v2 huggingface dataset:
, through the acting managing director, mr bairstow for inviting me to witness the official opening of this agency. i thank you.

tenant - owned apartment ) sources : maklarstatistik and valueguard one example of a fundamental relationship that changed suddenly was the drastic reduction in the right to make deductions for mortgage interest that were included in the tax reform at the beginning of the 1990s. the mortgage rate after tax increased drastically for many borrowers. even the real interest rate increased drastically, despite the severe recession. this is something that one can hardly expect to happen within the current inflation targeting regime. bis central bankers ’ speeches is household indebtedness sustainable? opinions on this are divided, but allow me to begin by pointing out here that households have very strong balance sheets. household debt in relation to disposable income, the debt ratio, has increased over several years and the debt ratio is now around 170 per cent of disposable income ( see figure 2 ). however, the debt ratio has stopped growing as of 2011 and the riksbank ’ s forecast for the coming three years is for an unchanged debt ratio. households have total assets, excluding collective pension insurances, that have grown in line with their debt and they are approximately 510 per cent of disposable incomes, that is, three times as large as their debt. households ’ gross solvency, net assets ( own capital ) in relation to total assets, is thus approximately 70 per cent. the relationship between household debt and financial and real assets ( the latter consisting of own homes, second homes and tenant - owned apartments ) has been relatively stable and without a trend for several decades. households ’ increased debt in relation to disposable incomes has thus been accompanied by a corresponding increase in net wealth in relation to disposable income. households also have collective pension claims of more than 120 per cent of their disposable income. figure 2 households ’ assets and debt in relation to disposable income per cent real assets ( own home, tenantowned apartments, second homes ) total assets ( excluding collective pensions ) debt total own saving, excluding collective charges ( right scale ) - 3 - 6 sources : statistics sweden and the riksbank households ’ “ leverage ratio ”, net wealth over total assets, compared with the relationship between capital and total assets among the banks and some large swedish listed companies in 2011 ( figure 3 ). households thus have a leverage ratio comparable with the bestcapitalised listed companies and much greater than the banks ’ very small ratios between capital and total assets. 14 swedish households are
. html 5 financial stability implications from the fintech, financial stability board, 27 june 2017. 6 dora is a european attempt to streamline the third - party risk management process across financial institutions, by ensuring that an organization can continue to guarantee the continuity and quality of its services in the face of operational disruptions in information and communication technologies. 4 / 4 bis - central bankers'speeches

providing competition to the banking sector. 1 / 4 bis - central bankers'speeches as a result, credit institutions need to adapt to the unfolding competitive landscape. the ongoing digitalisation of society at large, coupled with the changes in the way people work and conduct their purchases because of the pandemic, force the banking sector to adapt to a new way of conducting business. in addition, the low profitability challenge that european banks face, exacerbates the need to adjust and acts as a catalyst for the already strong competition banks are experiencing from fintech and the non - bank financial intermediation firms. fintech institutions operate on a very different business model compared to traditional banks and as such, they have a competitive advantage in terms of cost structure and overheads. their cost advantage and speed of operational and business decision making is evident by their rapid expansion and their proven ability to grow their user base quickly. however, although fintech bring obvious benefits to users, up until recently we haven't seen large defections of customers from traditional banks to these new players. the confidence to the incumbent banking structure together with the value that people place on their existing bank relationships provide the opportunity for an adjustment period for incumbents. having said that, generational differences matter. consumers aged 25 to 40, also known as generation y, have had the biggest effect on digitization of financial services2. generation y account for almost 50 % of mobile banking users. based on this trend, banks can expect generation z ( ages up to 24 years ) to be even more engaged in digital banking and technology driven solutions. in contrast, generation x, the baby boomers, still see value in live communication and visiting physical bank branches. these younger consumers look for alternative ways of processing their financial transactions that are simpler and faster. the banking system needs to adapt. incumbent banks that work with dated technologies and overextended branch networks are likely to lose their competitive edge. technological innovation is the way to increase efficiency as a result of new competitors entering the market and new generations being more reliant on technology. since the global financial crisis, the euro area banking sector has been going through a gradual restructuring process, which involves the search for new business models, the adjustment to the revised regulatory regime, consolidation and the resolution of nonperforming assets3. in fact in 2020 the number of completed mergers and acquisitions in the banking euro area increased even though this type of m & a had been decreasing since 2010. in
to the functioning of the economy, to avoid harming financial stability, to protect the resources of the member states and to strengthen protection for depositors and investors.

benoit cœure : interview in efimerida ton syntakton interview with mr benoit cœure, member of the executive board of the european central bank, in efimerida ton syntakton, conducted by mr vasilis georgas, and published on 26 november 2016. * * * is it realistic to expect that the second review of greece ’ s economic adjustment programme will be completed by the end of the year, so that, in combination with the short - term measures on debt, the ecb can include greek bonds in the quantitative easing ( qe ) programme? the conclusion of the review is something that is eventually decided by the eurogroup and by the board of directors of the european stability mechanism, in line with the assessment of the european commission and in liaison with us. the review is still ongoing and discussions are making good progress but are still under way on all different policy areas. the eurogroup meeting on 5 december will be a useful opportunity to take stock of the progress made and set the timeline for the conclusion of the review. it is in the interest of the greek economy that the review is completed in a timely way. as for including greek government bonds in the public sector purchase programme ( pspp ), we don ’ t have a precise timeline. this is a decision taken independently by the governing council of the ecb. programme developments and clarity on debt measures are an important input given our concerns about debt sustainability, but they are not the only determinant of the final decisions. the governing council will base its assessments also on internal analysis and will take into account other risk management considerations before making its final decision. is inclusion in the qe enough for one to argue that greece is turning the page? many believe that it will be the short - term speculative funds that will benefit from this, while the country will continue to be burdened with high public debt and extremely high unemployment. the inclusion of greek bonds in the pspp could be an important signal that reforms are on track and debt is being put on a more sustainable footing. but again, we do not have a precise timeline yet and any decision will be based on internal analysis taking into account risk management considerations. is the greek programme workable? do you believe that, in 2018, greece will have returned to the markets successfully and will be able to be entirely funded by them? the explicit aim of the financial assistance programme is to restore greece ’ s full access to international capital markets by
in the months ahead. it is therefore preferable that we go ahead with this operation now, in an orderly fashion, despite the fact that the markets have regained a certain degree of optimism in the past few days – rather than at a later point under potentially more adverse conditions. the federal council and the swiss federal banking commission have been kept abreast of the preparations underway and our negotiations with ubs.

’ s balance sheet. it therefore seems plausible that after the crisis central banks will only engage in such operations if policy rates have already been reduced to the lower bound. a final question concerns what money markets will look like in the aftermath of the crisis. the crisis brought a significant reduction in money market activity, due to a combination of perceptions of credit risk and large amounts of excess liquidity arising from central bank crisis measures. going forward it appears likely that there will be a shift towards secured interbank activity. this raises the question whether central banks should change their operational target, which is generally a short - term unsecured rate, to a secured rate. in the textbook, that bound is given by zero. in practice, however, the bound may arise at low but non - zero interest rate. while the ecb also purchased of government bonds, this was done in order to improve the functioning of the monetary transmission mechanism in the euro area. there has been a growing literate on the “ market - maker of last resort ” function of central banks in recent years. see, for example, buiter and sibert ( 2007 ). bis central bankers ’ speeches furthermore, would it make sense for central banks to move further out the money market curve and target, for example, a three - month interbank rate, as the snb currently does? again, i would suggest that this will be a function of how money markets look after the crisis, in particular the extent to which longer - term interbank rates are affected by credit risk premiums. 4. financial stability considerations before the onset of the crisis, there were two main views about how central banks should deal with asset price bubbles. 28 the first was that in setting interest rates, central banks should lean against large and sustained increases in asset prices, in particular housing prices. 29 this view was based on evidence that booms, in particular those associated with rapid credit expansion, have tended to precede financial crashes, and the proposition that tighter monetary policy would reduce asset price and credit growth. while conducting monetary policy in this way would push inflation below the objective and slow the economy, these effects are believed to be of limited significance relative to the benefit of avoiding a financial crisis. moreover, the occasional deviations of inflation from target resulting from this policy can be dealt with by simply extending the policy horizon. indeed, since the objective of this policy is to prevent inflation from falling below the objective when the bubble bursts, it was seen as fully compatible
krzysztof rybinski : globalization versus financial markets address by mr krzysztof rybinski, deputy president of the national bank of poland, at the “ index ” students ’ association for capital markets and the department of capital markets series of seminars, cracow university of economics, cracow, 20 april 2006. * * * ladies and gentlemen, whilst preparing for today ’ s address, i entered “ globalne, krakow ” into the google search engine. the following websites, among others, have been found : the website of the regional examination board that provides information on lower secondary school graduation exams, the tvp3 regional service that informs of an increase in the number of ryanair flights from cracow, wrocław and poznan, and the website of the most beautiful cities of europe, where cracow is duly mentioned next to florence and london. the google search has found 97, 400 websites containing the sought phrase in 0. 49 seconds. a similar attempt for other cities has resulted in the following : poznan 75, 000, gdansk 68, 900, białystok 20, 500, warszawa 163, 000 and wrocław 306, 000. a search for “ global london ” results in 236 million websites, “ global berlin ” – 67. 6 million, “ global bangalore ” – 12 million websites, and “ global krakow / krakow / cracow ” – 3. 6 million websites. obviously, the results are incomparable – for numerous reasons. the english language is much more popular than polish – it is the online lingua franca and at the same time spoken in india and the uk. moreover, whilst searching for “ globalne, krakow ” one would have to enter the words in various declinations. nonetheless, this exercise shows that cracow and the entire poland have fast become a part of the global economy. dissemination of information and telecommunication technologies is bound to drive the acceleration of the globalization process, which will in turn enhance labour productivity. at the same time, a search for “ derivatives ” gives 55 million websites, “ global markets ” – 287 million, “ currencies ” – 97 million and “ stocks ” – 244 million. this shows that financial markets are global. let us consider the reasons behind and the effects of globalization of financial markets. globalization on financial markets globalization of financial markets is part of a wider phenomenon of globalization of national economies. the rapid growth of the international trade in goods and services, which

/ www. bankofengland. co. uk / - / media / boe / files / financial - stability - report / 2020 / august - 2020. pdf https : / / committees. parliament. uk / work / 834 / future - of - financial - services / all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice
treatment as possible to such issues as new types of transactions accompanying progress in information technology ( i. e., fund transactions using customers ’ computer terminals ).

bank of japan presents the summary of an article published in the may edition of its quarterly bulletin bank of japan, communication, 30 / 5 / 97. checklist for risk management ( revised edition ) the english version of the checklist published in the may 1997 issue of the bank of japan quarterly bulletin includes specific sample questions in addition to check points that were provisionally published in the november 1996 issue. the original checklist written in japanese has precedence over this english version. i. objectives the bank supervision department of the bank of japan initially compiled the checklist for risk management ( hereafter referred to as the former checklist ) in december 1987 to assist examiners in assessing the adequacy of risk management at individual banks during onsite examinations. the former checklist was distributed to financial institutions under the bank ’ s supervision as a reference for checking and strengthening their risk management systems. amid the progress in financial liberalization and innovation that has taken place during the past several years, financial institutions have expanded the scope of their business activities, and this has enabled them to pursue higher returns by taking on risks freely while giving consideration to market rules. at the same time, this has led to a better understanding by financial institutions of the importance of maintaining the balance between risk and return by adequately assessing and controlling risk exposure. as a result, financial institutions are taking the initiative in strengthening and upgrading their risk management systems in order to secure financial safety and soundness. with these changes in the environment surrounding financial institutions, the bank of japan has recognized the increased importance of adequately assessing any future threats to the safety and soundness of financial institutions. this implies nothing more than further strengthening and promotion of the same kind of examination focused on risk management as in the past. with this aim, the bank supervision department has comprehensively revised the former checklist ( hereafter referred to as the new checklist ). like its predecessor, the new checklist has been distributed to all banks subject to the bank of japan ’ s supervision, as it is intended to assist banks in reviewing and strengthening their risk management systems based on the principle of self - responsibility, while serving as a guideline for bank examiners. as this revised document includes some points that will be equally useful to those financial institutions not subject to the bank ’ s supervision ( such as some shinkin banks, credit cooperatives, agricultural cooperatives, and labor credit associations ) and business enterprises, the new checklist is presented in the quarterly bulletin. ii.
, but rather by the federal reserve's assessment of how changes in asset prices were affecting the forecast of growth and inflation. i would also caution that a symmetrical response to the macroeconomic outlook will need to reflect the inherent asymmetries in business cycles. in the typical boom - bust cycle, asset prices tend to rise relatively gradually over a protracted period but fall sharply in a shorter stretch of time, which financial economists refer to as " rising by the escalator and falling by the elevator. " perhaps because those asset prices are important to spending, key macroeconomic indicators, such as the unemployment rate, exhibit a similar pattern. it is not surprising then that a macro - focused monetary policy will leave an asymmetric footprint in the data. in the end, my humble advice is to evaluate policymakers relative to the tasks the law has given them. in my judgment, the record over the past twenty - five years of steady growth with two mild recessions and gradually declining inflation to a reasonably low level does not betray an asymmetry in our policy responses in the metric that counts – macroeconomic performance.

( between eur 110 billion and eur 120 billion at end - 2020 ) towards investment in reconstruction. the fact that our financial institutions have insufficient levels of profitability should now be a focus of attention : between 2015 and 2019, the roe of the main french banks stabilised at an average of around 6 %, which is close to the european average but half that of us banks. this will in large part depend on the institutions themselves, on their ability to speed up their adaptation, to digitalise and to innovate, especially in the field of payments : we have two years – no more – to build a european alternative to the bigtechs. fintechs – “ la french tech ” – are an asset to our financial marketplace and not a threat. but public authorities also have their role to play : stable regulations and taxes in france, at least for 2021, would help. and a prudent return of dividend payments would also be a welcome step, albeit only a first one, towards making them more attractive and increasing their – essential – capacity to raise capital. for banks, we will apply the very prudent decision of the ssm. for insurers, the decision falls to the acpr and we shall take it by february in as balanced a way as possible, including with regard to the rules adopted elsewhere in the world. 2021, a year of uncertainties, but also one of work, the year of a rebound and even a year of progress : that is all i wish for us, and that i wish to each and every one of you. happy new year!
seong - tae lee : monetary policy in an environment of low inflation opening address by mr seong - tae lee, governor and chairman of the bank of korea, at the bank of korea international conference 2006, seoul, 16 june 2006. * * * greetings ladies and gentlemen, i am delighted to be here to express my warm welcome to all of you attending " the bank of korea international conference 2006 ". i would like to extend particular gratitude to our keynote speaker, professor frederic mishkin of columbia university ; to our luncheon speaker, president un - chan jung of seoul national university ; to president william poole of the federal reserve bank of st. louis ; and to our other chairpersons, speakers and discussants, for taking time out from their busy schedules to be with us today. this year's conference, marking the 56th anniversary of the bank of korea's establishment, deals with the theme of " monetary policy in an environment of low inflation ". many central banks including the bank of korea are currently facing difficulties conducting monetary policy in the new environment characterized by low inflation. in this regard, i believe that today's conference is very meaningful and most timely. conducting monetary policy under low inflation as we are all aware, inflation throughout the world has declined since the mid - 1990s. this is mainly attributable to the emergence on the global stage of vast low - wage economies such as china and india ; to productivity gains made possible by information technology ( it ) development ; and to intensified competition in both domestic and global markets. in addition to all of these factors, the increased credibility of central banks is also believed to have contributed to low inflation. over the years, central banks around the world have been resolute in their pursuit of price stability, while working hard to enhance their capabilities in the conduct of monetary policy. together with the continuing price stability, this has helped lower the inflation expectations of economic agents. the case is much the same in korea. both consumer price and core inflation rates are running at levels some two percentage points lower than those we saw here prior to the currency crisis. particularly, the rate of core inflation nowadays is moving substantially below the lower bound of the bank of korea's target range. in the last few months, upward price movements have been observed in several countries. however, rising prices on a scale similar to those of the past are no longer expected to reappear for the time being, as firms continue their efforts to improve productivity with

i am sure that today's words of wisdom from many eminent professors and senior central bankers assembled here will be of great help to policy - makers at the bank of korea and other central banks as well. in closing, let me once again voice my deep gratitude to all of you taking part here, for sparing your precious time to be with us. thank you very much.