samchain/econo-pairs-v2 huggingface dataset:
##ise than with other public investment projects. consequently, it is of vital importance that the selection of these projects is such that the magnitude of their impact on economic activity and public finances is maximised ; this would be fostered by structuring the distribution of the funds around a plan of structural reforms designed to strengthen the economy's long - term growth. as for the distribution of the funds between direct grants and loans, it should be noted that direct grants have a greater impact on activity, allowing for an increase in public spending not matched by an increase in debt, which is what occurs with loans. the latter are particularly useful when there is a greater difference between the cost of financing of a country ’ s public sector and that of the eu. currently, the difference between the cost of eu 10 - year debt and spanish treasury debt ranges from 50 to 80 basis points. thus, there would be a saving of approximately €5 million for every €1, 000 millions of eu loans replacing long - term treasury issues. however, we should not overlook the fact that the ngeu is mainly useful in the medium term. in the short term, the delays in approving the fund and in the implementation of indeed, the consensus reached by virtually all empirical evidence is that the medium - term public investment multiplier effect would be higher than 1, whereas that of spending on government consumption or benefits would be less than 1. see v. ramey ( 2019 ), « ten years after the financial crisis : what have we learned from the renaissance in fiscal research? », journal of economic perspectives, vol. 33 ( 2 ), pp. 89 - 114, for a review of the existing evidence. nevertheless, the estimates are subject to a particularly high degree of uncertainty. thus, for instance, a. abiad et al. ( 2016 ), the macroeconomic effects of public investment : evidence from advanced economies, journal of macroeconomics 50 : 224240, estimates a public investment multiplier of 1. 4 after four years for a group of advanced economies. further, the estimated value could nearly double if the investment is made in highly efficient projects or during periods of low economic growth. conversely, other studies find that the public investment multiplier cannot, in the short term, exceed a value of 0. 6, especially in cases of short - run fiscal stimuli ( see m. alloza and c. sanz ( 2020 ), jobs multipliers : evidence from a large fiscal

macroeconomic imbalances materialise or if the current situation persists. banks ’ managers and directors alone are responsible for running institutions and for their results. but central banks and bank supervisors must rise to the challenge and collaborate closely with each other so as to help return stability to the global financial system.
of sciences of ukraine is at the back of the banknote. the new banknote incorporates top - notch design and security technologies. the novelties announced today bring us forward to the completion of the current series of banknotes and coins. meanwhile we are also preparing to develop the design of the next generation of more modern hryvnia banknotes. thank you for your attention! now i would like to give the floor to my colleagues who will give you a detailed description of the security features and design of the new 1000 hryvnia banknote. 2 / 2 bis central bankers'speeches

a platform to help them sell receivables, or a state portal that will create marketing web sites for them, than from subsidized credit. the tourist industry will probably benefit more from visa on arrival and a strong transportation network than from the tax sops they usually demand. bis central bankers ’ speeches a second possible misunderstanding is to see “ make in india ” as a strategy of import substitution through tariff barriers. this strategy has been tried and it has not worked because it ended up reducing domestic competition, making producers inefficient, and increasing costs to consumers. instead, “ make in india ” will typically mean more openness, as we create an environment that makes our firms able to compete with the rest of the world, and encourages foreign producers to come take advantage of our environment to create jobs in india. 2 ) make for india if external demand growth is likely to be muted, we have to produce for the internal market. this means we have to work on creating the strongest sustainable unified market we can, which requires a reduction in the transactions costs of buying and selling throughout the country. improvements in the physical transportation network i discussed earlier will help, but so will fewer, but more efficient and competitive intermediaries in the supply chain from producer to the consumer. a well designed gst bill, by reducing state border taxes, will have the important consequence of creating a truly national market for goods and services, which will be critical for our growth in years to come. domestic demand has to be financed responsibly, as far as possible through domestic savings. our banking system is undergoing some stress. our banks have to learn from past mistakes in project evaluation and structuring as they finance the immense needs of the economy. they will also have to improve their efficiency as they compete with new players such as the recently licensed universal banks as well as the soon - to - be licensed payment banks and small finance banks. at the same time, we should not make their task harder by creating impediments in the process of turning around, or recovering, stressed assets. the rbi, the government, as well as the courts have considerable work to do here. we also have to work on spreading financial services to the excluded, for once they learn how to manage finances and save they can be relied on to borrow responsibly. new institutions and new products to seek out financial savings in every corner of the country will also help halt the erosion in household savings rates,
christian noyer : current issues in monetary policy speech delivered by mr christian noyer, vice - president of the european central bank, on the occasion of a conference organised by l'universite robert schuman, institut des hautes etudes europeennes ( ihee ) strasbourg, 6 february 2001. * * * ladies and gentlemen, ( introduction ) it is both a pleasure and an honour for me to speak here at the conference of " l'observatoire des politiques economiques en europe " in strasbourg and to have the opportunity to present some of the " current issues " surrounding the eurosystem and the ecb's monetary policy before such a distinguished audience. for a central bank, it is essential to attain public understanding and acceptance, so the ecb is endeavouring to explain its policy to a broader public. we believe that communication and transparency are key elements of modern central banking. the ecb's monetary policy strategy has been a much - debated issue. therefore, i should like to begin with this topic. in designing the ecb's monetary policy strategy, the ability to deal with structural changes and with the issue of uncertainty has been of the utmost importance. i shall elaborate on these issues later. finally, i shall turn to our assessment of the current economic and monetary situation in the euro area. the ecb's two - pillar strategy the ecb has chosen its own strategy to best suit its particular circumstances. the strategy is well equipped to deal with the uncertainties surrounding monetary policy in general and the introduction of the euro in particular. it provides a clearly defined framework for guiding monetary policy decisions and for explaining these decisions to the public. let me briefly recall the principal features of our strategy. first of all, the ecb has given itself a forward - looking, medium term - oriented strategy aimed at fulfilling its primary objective : price stability. the first element of the strategy is the quantification of what the governing council understands by price stability. this is defined as an annual increase of below 2 % in the harmonised index of consumer prices ( hicp ) for the euro area. this definition serves to anchor inflation expectations and provides a framework against which the eurosystem can be held accountable. it clearly emphasises the euro area - wide focus of monetary policy. short - term fluctuations in the inflation rate are not under the control of central banks. therefore, it was also announced that price stability is to be maintained over the medium term

stable imfs? the next few years will provide the answer. and they will, as our chinese friends say, be interesting. bis central bankers ’ speeches
there be a relaxation of the criteria.

jean - claude trichet : the challenges for the european economy in 2004 speech by mr jean - claude trichet, president of the european central bank, at a conference organised by foro de la nueva economia and the wall street journal, madrid, 29 january 2004. * * * ladies and gentlemen, thank you very much for this invitation. it is a great pleasure to be here in madrid at the invitation of foro de la nueva economia and the wall street journal. i have been asked to address two issues. first, the state of the euro area economy, and second, enlargement and its impact on the european economy. i think these issues are well chosen, given that they are currently ranking high on the agenda of economic policy making. i choose to subsume them under the heading “ challenges for the european economy in 2004 ”, to indicate that these issues not only require diagnosis but also implementation. the state of the euro area economy past and future central bankers should be looking forward, and that is what i will do in a second. but let me start with what lies behind us - i think this is important to put the current state of the economy into perspective and to fully acknowledge the challenges ahead. by mid - 2003, a succession of adverse shocks had held down economic activity in the euro area for almost three consecutive years. these shocks were related to the bursting of the ict bubble and the fall in equity prices, to the surge in oil prices and the sharp deceleration in global trade, to concerns about corporate governance and yet a further fall in equity prices. and, importantly, they were also related to geopolitical factors such as the september 11 terrorist attacks and its consequences. the continued high uncertainty that was inevitably associated with this succession of shocks left clear marks on business and consumer confidence. now it appears that the geopolitical and economic tensions are receding, and that a recovery is under way. euro area real gdp picked up in the second half of last year, and the latest information on production and confidence is consistent with an ongoing recovery in economic activity. barring adverse shocks, the growth momentum of the euro area economy should strengthen in the course of 2004. we have of course to remain prudent and cautious as regards forecasting. however, if unanimity amongst forecasters means something, then the chances for a continued recovery are good : all available forecasts from both official and private sources imply a strengthening in growth. this expectation is also
( nasd ), the japan securities dealers association ( jasd ), the korea securities dealers association ( ksda ) have all played a very important role in promoting innovation and development, regulating market behaviors, safeguarding the industry's interests, and forestalling market risks, and are an integral part of financial market regulation system in their respective country. experience has shown that the sros enable market participants to mobilize themselves to exercise self discipline, help the transformation of government functions, make the regulation more responsive to market demand, and promote market innovation and development in a market - based approach. in recent years, a lot of achievements have been made in china ’ s financial market development. however, the financial sector has its problems. for example, the imbalance between direct and indirect financing remains serious as bank loans still dominate financing ; the financial market development is lopsided as the bond market still lags behind securities market, and enterprise bond market remains under - developed ; information disclosure, credit rating and other essential mechanisms have yet to play a sufficient role ; the range of financial products are not diversified and market functions are yet to be fully played out. it is an imperative task to promote innovation and development in the financial market. for quite some time, we focused on liquidity management in the inter - bank money market, but did not fully acknowledge the financing, value discovery and risk management functions of the market. as a result, launching of financial products that are conducive to market development and urgently needed by market participants has been delayed. i hope that the association will gather members ’ wisdom and serve their need ; and innovation of market participants will be given full play to develop innovation mechanisms and patterns based on the special features of otc market. in the future, the products that are developed based on members ’ need, and are suitable for trading among institutional investors who have pricing and risk managing abilities will be registered at the nafmii and reported for filing with the regulatory authority. administrative exam and approval procedure will be abolished for such products. as the agency that overseas the operation of nafmii, the pbc has a lot of expectations on the newly established organization. i hope that the association will provide good services to its members and to the government and the general public, exercise self regulation functions, and contribute to innovation, reform and development of financial markets in china through hard work and innovation. thank you.

sustainability of the monetary policy. after the hard work in spring, we have welcomed a harvest – the long awaited launch of the gem – in the golden autumn. we sincerely hope that the newly - launched gem will grow in an orderly and healthy manner! thank you.
levelling - out of the de - stocking cycle. • there are several factors, in the euro zone as well as in other major economies, that point to a fairly benign outlook and that make a double - dip recession very unlikely : • an important part of economic policy stimuli is still in the pipeline for 2010. • the improvement in confidence, not the least on the financial markets, is increasingly being supported by hard facts. the task of monetary policy - makers has become a little easier because deflationary fears as a result of the massive correction on the commodities markets in combination with deteriorating economic conditions have all but disappeared in recent months, while inflation risks are still very limited or non - existent in the short run. however, forecast risks are still elevated, and there is no reason to be overly optimistic given the fragility of the recovery and the existence of important downside risks such as a foreseeable deterioration in labour market conditions and the second - round effects that the crisis is likely to have on bank balance sheets due to the recession. although i expect a global recovery across the major world regions by 2010, the pace of growth should be much more moderate than in the past. in particular, it is not realistic to expect a speedy return to pre - crisis trend levels of output. on the financial markets, optimism seems to be even more widespread : market conditions as measured by stock prices, spreads and bond yields have improved significantly in recent months, in fact even more so than the real economy, but the situation is still fragile and temporary backlashes are likely. this is because the stabilisation is due not only to betterthan - expected macroeconomic developments and a levelling - off of risk aversion, but also to unprecedented stabilisation measures by governments and central banks, which cannot be maintained forever. in addition, banks are still exhibiting some weaknesses, and some risks to corporate earnings are going to materialise over the coming months. this, combined with ongoing high levels of uncertainty and volatility on financial markets, also make exuberant forecasts inadvisable. lessons learnt and still to be learnt from the crisis still, it is safe to say that we have overcome the worst. this makes it all the more pressing to reach an international agreement on the reforms to be implemented in the financial sector to make the whole system more resilient to shocks and less prone to aberrations such as those that led to the current crisis. the dire consequences of the crisis

manoeuvre before the next downswing and help to prepare budgets for the foreseeable fiscal burdens associated with an aging population. conclusions given time restrictions, i will not raise the issue of exit strategies for the imf or for government involvement in the financial sector. we may discuss these in more detail afterwards, so i will leave it at that for the moment. thank you for your attention.
in need of stem workers. the philadelphia fed ’ s april business outlook survey of manufacturers included a special question about the factors influencing their decisions to remain in the region. respondents identified the availability of skilled labor as the most important factor. they also ranked the availability of skilled labor as becoming a more important factor in recent years. these concerns highlight the importance of our educational system in equipping our young people with the skills necessary to improve their own lives and improve the communities in which they live and work. better wages accrue to a more productive employee. firms will not locate in communities where they cannot find workers with the right skills and work ethic. for our older communities, successful revitalization will mean seeing to it that the workforce is up to the task. the standard of living in our nation as well as our communities is inextricably tied to the productivity of our workforce. as we look to the future, we have to think about how we can continue to upgrade the skills and productivity of young people and the workforce more broadly. if we are to successfully reinvent our communities, we must focus on preparing our workforce for the future. conclusion let me conclude by reminding you that the theme of this year ’ s conference is bridging growth and opportunity. and i can think of no better bridge to opportunity than education. education is a bridge for our young people and a bridge for our local economies. as someone who has spent over three decades in the teaching profession, i firmly believe that education is one of our most important investments. it is critical for the long - term health and prosperity of our nation. education expands opportunity, leads to more innovation, and enhances productivity. in the end, this leads to better economic outcomes. i am excited that this year ’ s conference will highlight the critical role that education and workforce development play in reinventing older communities. we are honored to host a sit down with the superintendents, a panel session that will give you an opportunity to engage in a dialogue with school superintendents from several older industrial cities. this is your chance to discuss how community development and educational leaders can work together to connect people with the right skills to the jobs ahead. this is another example in which those of you who think about workforce development can get ahead of the puck. and score a goal for all older communities. the work that you do – building these bridges to opportunity – is about creating a better future for all of us who live in these special places. it

will not be easy, and there is no quick fix, but it will be one of the most important things we can do. thank you for participating in our program this year. bis central bankers ’ speeches
5 de octubre de 2017 presentation of the iii seminar in economic history banco de espana luis m. linde governor good morning and welcome to the banco de espana for our iii seminar in economic history. the seminars in economic history organised by the banco de espana were launched three years ago, in 2015. the first one was held on the occasion of the retirement of pedro tedde de lorca, who for many years was the member of the directorate general of economics and statistics in charge of the economic history programme and that, by the way, has been recently elected as a member of the spanish royal academy of history. last year, in october, we celebrated the second edition of the seminar. the main purpose of these seminars is to bring together economic historians from academia and economists from the bank to engage in research into economic episodes of the past with relevance for the economic problems of today. for many years the banco de espana has devoted substantial resources to research in economic history. this tradition goes back to the mid - 1960s when a project was launched to publish, in one volume, a series of essays tracing the origin and development of the banco de espana, one of the oldest banks of issue, originally established in 1782 as “ banco de san carlos ”. the result was el banco de espana. una historia economica and ensayos sobre la economia espanola a mediados del siglo xix, both published in 1970. a few years later, a group of researchers : rafael anes, carlos fernandez pulgar, diego mateo del peral, pedro tedde and gabriel tortella, undertook a far - reaching project on the history of the spanish banking system. the result was la banca espanola en la restauracion, published in 1974. since then, a number of books have been published by the bank of spain, sometimes in collaboration with commercial editors. to mention just two of these books : el servicio de estudios del banco de espana, 1930 - 2000 ; and un siglo de historia del sistema financiero espanol ( in spanish and english ). moreover, the early history of the bank has been covered by three volumes written by tedde de lorca : el banco de san carlos ( 1782 - 1829 ) ; el banco espanol de san fernando, 1829 - 1856 ; and el banco de espana y el estado liberal, 1847 - 1874. the banco de espana has also shown

##ants of a number of papers on historical episodes that are relevant to our understanding of the world of today. many thanks to all the participants, authors and discussants. we are really honoured this year to have with us one of the leading expert in the history of central banking, professor charles goodhart, for many years at the bank of england and now at the london school of economics. thank you very much, professor goodhart, for joining us today. now, without further ado, i give the floor to pablo martin acena, for his introductory remarks. 4 / 4