samchain/econo-pairs-v2 huggingface dataset:
us. faqe 5 nga 5

that the diversification of the banking sector's loan portfolio depends not only on the loan supply but is largely dependent on the loan demand. in this context, i would like to emphasize that the banks have very high financial potential for further lending growth, have eased loan standards, and have significantly reduced the cost of access to banking finance. in october 2018, the average loan interest rate was 6. 6 per cent, which represents a great improvement compared to previous years. the decline in loan interest rates is clearly visible in all sectors, including loans to the agricultural sector, where the interest rate decreased to 7. 5 per cent, compared to 16. 7 per cent five years ago ; for the industrial sector, interest rates decreased to 5. 8 per cent, compared to 12. 2 per cent in the past ; and also for the service sector, the average interest rate decreased to 6. 3 per cent, compared to 11. 1 per cent five years ago. faqe 2 nga 5 improvement of the conditions for access to banking financing has also been noted with regard to other aspects, such as easing loan approval standards, reducing collateral requirements, and extending the loan maturity term. however, in order to have a greater lending to sectors that currently have the lowest access to banking financing, improving the loan supply is not enough, rather it is also necessary that the demand of these sectors for loans be higher and of better quality. i would like to say that a more comprehensive approach is needed to identify and support the development of sectors of major importance for the country's economic development. we believe that an important step to increase support to these sectors was undertaken when the kosovo guarantee fund was established. so far, the total value of loans guaranteed by this fund has reached eur 71. 3 million and has been distributed to 1, 836 micro, small and medium enterprises. * * * in order to have a banking sector which serves the sustainable financing of the country's economic development, the basic prerequisite is for the sector to be sustainable. on this occasion, i would like to confirm again that kosovo's banking sector continues to be stable based on all the indicators of financial soundness. the main focus will be on the very good quality of the loan portfolio, which reflects the good credit risk management by banks, but which can also serve as an important indicator of the favourable economic environment for the operation of banks in kosovo. in september this year, the non - performing loans ratio was 2
rates prevailing in the markets. thank you. bis central bankers ’ speeches

jaime caruana : basel ii - the road ahead remarks by mr jaime caruana, governor of the bank of spain and chairman of the basel committee on banking supervision, at the institute of international finance annual meeting, dubai, 21 september 2003. * * * ladies and gentlemen, it is an honour and a pleasure for me to address the members of the iif. in the kind invitation to participate in this meeting, two topics were proposed to me, the first being the economic situation and spain ’ s experience in the euro area, and the second the new basel ii capital accord. i thought that basel ii would be more appropriate, given the very crucial stage we have now reached. but these two topics, the economic situation and the new accord, have suggested to me two preliminary comments. first, while policymakers have long understood the importance of price stability to the health of an economy, in recent years we have all learned much about the concurrent need to promote broader financial stability as well. a number of different episodes of economic crisis and financial disturbance have plainly illustrated the threats that weak financial systems and poorly managed banks can pose to the macroeconomy. this is why i have always stressed that banking regulation should be analyzed not only from a micro viewpoint but also from the macro perspective. creating the right incentives, consistent with good market practices and sound risk management, appears to be an important way of promoting the safety and soundness of the financial system and therefore a good way of sustaining both the stability and growth of the economy. this is not only relevant for prudential regulation ; other areas such as accounting should also be consistent with this broad perspective. this consideration underlines the importance of taking seriously certain concerns such as procyclicality. in my view basel ii goes in the right direction. i am convinced that when banking systems are adequately capitalised, well - managed and risks are correctly assessed within the appropriate time horizon and the financial system becomes more stable, less procyclical, better able to promote sustainable growth, and more resilient during periods of distress. my second reflection is that one of the most significant conclusions of the analysis of the recent economic and financial evolution of the world economy has been the resilience of banking systems in most countries. in my view, this resilience has been the result not just of the presence of sufficient capital in the system, but also of improvements in banks ’ risk management systems. i think we owe the industry a special vote of
the fact that, on the whole, the integration of economies contributes to the more efficient use of resources, the dissemination of knowledge and the growth of global prosperity. i think my introduction has spanned a wide range of topics. as you can see, we have many unresolved issues. although nobody can expect that all these issues will be resolved once and for all by tomorrow night, i am confident that by the end of this two - day conference we will have a clearer idea of the interdependencies which we will need to monitor especially closely in the future. and maybe one of these discussions will also bring us closer to knowing that we have a better understanding of investment behaviour after this conference. with this in mind, i wish us all a successful conference.

- evaluation - of - the - effects - ofthe - g20 - financial - regulatory - reforms / and https : / / publications. banque - france. fr / sites / default / files / medias / documents / 818046 _ qsa49 _ web. pdf, p. 5 - 14. see e. g. https : / / www. bundesbank. de / redaktion / en / downloads / publications / financial _ stability _ review / 2017 _ financial _ stability _ review. html, p. 34 - 36. see https : / / www. newyorkfed. org / ibrn see https : / / www. banque - france. fr / en / financial - stability / international - role / network - greening - financial system see https : / / www. bundesbank. de / navigation / de / bundesbank / forschung / fdsz / inexda / inexda. html see also the article by the french and the german governor, francois villeroy de galhau and jens weidmann, of february 8, 2016, published in le monde and suddeutsche zeitung. seite 10 von 10 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel : + 49 ( 0 ) 69 9566 3511 or 3512, fax : + 49 ( 0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated.
released by niti aayog last year, has been widely accepted as a major step in the direction of decentralisation of innovation across all states of the country. sustaining this process will be vital, given particularly the trend decline in saving and investment rate in india. ( iii ) exports and global value chains ( gvcs ) 18. in the post global financial crisis ( gfc ) period, a view has emerged that the era of exportled growth is over, and india missed the opportunity by not prioritizing exports at the right time. globally, the key impediments to exports post - gfc include : ( a ) generalized increase in protectionism by trading partners ; ( b ) weak global demand conditions ; ( c ) race to the bottom ( to gain unfair competitive advantage, by using a policy mix of competitive depreciation, subsidies, tax and regulatory concessions ) ; and ( d ) automation, reducing the cost advantages stemming from cheap labour. 19. notwithstanding these impediments, and also the significant decline in trade intensity of world gdp growth in the post - gfc period, opportunities for expanding exports arise from the vastly altered global landscape for trade where more than two thirds of world trade occurs through global value chains ( gvcs ) 3. the higher the gvc participation of a country, the greater are the gains from trade as it allows participating countries to benefit from the comparative advantage of others participating in the gvc. services such as transportation, banking, insurance, it and legal services, branding, marketing and after sale services are integral to gvcs. 20. india ’ s participation in gvcs has been lower than many emerging and developing economies. india has global presence in low gvc products such as gems and jewellery, rice, meat and shrimps, apparels, cotton, and drugs and pharmaceuticals. 21. among the sunrise sectors that offer potential for higher exports in the post - covid period are drugs and pharmaceuticals where india enjoys certain competitive advantages. with strong drug manufacturing expertise at low cost, india is one of the largest suppliers of generic drugs and vaccines. some indian manufacturers have already entered into new partnerships with global pharma companies to produce vaccines on a large scale for both domestic and global distribution. the government has also approved an investment package for promotion of bulk drug parks and a production - linked incentive scheme is in place to enhance domestic production of drug intermediates and active pharmaceutical ingredients. a sharp policy focus on other gvc intensive

delighted to have you with us and look forward to hearing you. bis central bankers ’ speeches
stock of bonds that we have already bought. so even when we phase out our net purchases of bonds, the accommodation will still remain in place and be sufficient to ensure the necessary support to growth. the buoyant growth coupled with the monetary accommodation will take us back to an inflation rate which is in line with our goal. there ’ s little doubt about that. hence, it is time to take a decision now on scaling back our bond purchases at the beginning of next year. and this point leads to a second challenge. we need to think about how to bring our unconventional measures to an end. we need to look ahead and discuss what the exit might look like. i am aware that this requires us to communicate very carefully. on the one hand, we must help markets to get an idea of what the exit will look like. on the other hand, we mustn ’ t confuse them with vague or ambiguous ideas. 1 / 2 bis central bankers'speeches it ’ s a delicate balance we have to strike. and in my view, we need to find this balance now. thank you for your attention. 2 / 2 bis central bankers'speeches

an overview of the follow - up measures taken by the ecb. i thank you for your attention. i am now at your disposal for questions.
guy debelle : enhancing information on securitisation address by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, to the australian securitisation forum, sydney, 22 october 2012. * * * thanks to christian vallence and david olivan for their help. today i would like to do two things. firstly, i will discuss the current state of play in the securitisation markets. then i will describe some prospective changes to the reserve bank ’ s repo - eligibility criteria for asset - backed securities. these changes will improve the information available to the market about australian asset - backed securities. the current state of play i have noted on several occasions at this forum that securitisation markets were likely to take a considerable period of time to adjust to the post - crisis environment. more than five years on since the first wave of investor concerns about structured finance, securitisation issuance is still struggling to recover in most countries. graph 1 in the us, new issuance in 2012 to date is a little over half the level seen since issuance peaked in 2006 ( graph 1 ). rmbs issuance is still exclusively by the government - sponsored enterprises. private - label issuance of rmbs remains dormant. some other segments of the market appear to be recovering, particularly securities backed by auto loans and credit card receivables. australian issuers are tapping this segment of the us securitisation market, as are some european issuers. in europe, issuance sold into the market has been negligible since 2008. there has, however, been a large number of securitisations put together that have been retained on the balance sheet of the issuer for use as collateral with the ecb and the bank of england ( graph 2 ). bis central bankers ’ speeches graph 2 in australia, rmbs issuance in 2012 has recovered to the point where new issues are replacing maturing issues so the stock outstanding is no longer declining ( graph 3 ). the issuance in the year to date has totalled $ 10 billion. by way of comparison, in the second quarter of 2007, at its peak, issuance amounted to $ 25 billion. given we are now five years on from that, and although amortisation rates have slowed somewhat from their pre - crisis rate of around 20 per cent per annum, only around 10 per cent of the pre - crisis issuance remains outstanding. most of the

##ised information, than exists currently. today, the reserve bank has put out some enhanced information requirements for repo - eligibility of asset - backed securities. these information requirements should not only benefit the reserve bank in assessing the quality of the securities provided to it as collateral, but also be of benefit to the market as a whole. bis central bankers ’ speeches
4, pp. 499 - 533. ruge - murcia, f. ( 2003 ), “ inflation targeting under asymmetric preferences ”, journal of money, credit and banking 35, 763 - 785. schwartz, j. ( 1995 ), “ why financial stability depends on price stability ”, economic affairs, autumn, pp. 21 - 25. tirole, j. ( 1985 ) : “ asset bubbles and overlapping generations ”, econometrica, 53, 6, pp. 1499 - 1528.

( 2007 ). matsuyama ( 2007 ). rajan ( 2006 ). adequate when managers take on little risk. however, when these returns are low, managers need to take on higher levels of risk to achieve sufficient compensation. moreover, in times of low interest rates, the low cost of funds encourages managers to increase leverage, further increasing their exposure to risk. in short, what we have learned in the past few years is that by promoting interest rates that are too low, monetary policy may create incentives that put at risk financial stability. the second consideration is that it is very difficult for central banks to take financial stability issues into consideration in the conduct of their monetary policy. a fundamental problem is that the economics profession is still far from having a good understanding of asset price bubbles. indeed, we still do not know whether they exist at all! 10 one can certainly argue that they are likely to occur in market economies. it takes, at most, a couple of small, realistic modifications to the standard models of intertemporal optimisation, such as the introduction of a subset of agents with a finite horizon, for bubbles to be generated. 11 however, there is a great difference between suspecting that bubbles exist and identifying them in real time. running policy on something that is essentially unobservable is, for sure, not a recipe for success. neither do we have a good grasp of the sustainability of the balance sheets of households, firms and financial institutions in the same way as we have for the sustainability of public finances. this is probably a relict of a time in which financial markets were severely repressed and only the government was “ free ” to borrow without limits and, by so doing, to push its intertemporal budget constraint to the limits of sustainability. but now we live in a completely different financial order, one in which borrowing is open practically to anybody – at least in developed countries – with assets being created with a rating similar to that of the best public borrower. this could also push private agents ’ intertemporal budget constraints to the limits of sustainability and, in a sense, put financial stability ( as defined a little earlier ) constantly at risk. if we knew, for example, that net household debt above, say, 100 % of household income was not sustainable, then we would have a clear idea of its future consequences and the optimal policy response would flow naturally from this recognition. however, we are certainly not there yet. the third general
jean - pierre roth : economic prospects for 2005 in a subdued european environment summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the “ les rencontres au chateau ” meeting, sierre, 22 february 2005. the complete speech can be found in french on the swiss national bank ’ s website ( www. snb. ch ). * * * although the swiss economy expanded by almost 2 % in 2004, this was not sufficient to reduce unemployment significantly. hopes for an improvement in this respect are thus focused on this year. however, they might unfortunately remain unfulfilled once again. at the end of 2004, there were already signs of a slowdown in growth caused by the weak dollar and persistently high oil prices. these factors also played a key role in the national bank's decision to leave interest rates unchanged. overall, the international economy developed in line with expectations during the first two months of 2005 : the us and asia saw further growth, while europe was confronted with increased difficulties. the us economy is burdened with high budget deficits and the current account deficit. in asia, the chinese economy is booming, whereas japan is still struggling to find its way back to the growth path. the monetary situation in asia, too, appears less than stable. in europe, the economic environment presents a rather dim picture. germany, italy and the netherlands are expected to see rather modest growth, while the outlook for france is more upbeat. the uk is the exception : since the mid - 1990s, the country has emerged as the growth model for europe. for switzerland, the sluggish development in europe is especially regrettable, as the swiss export sector usually serves as the engine for economic recovery. all in all, switzerland's export industry is well positioned to benefit from higher demand from abroad. switzerland has been able to reduce its production costs per unit in the past few years, and the swiss franc even depreciated slightly versus the euro since the launch of the single currency. as regards domestic demand, consumer sentiment remains satisfactory overall, but this should not be expected to stimulate growth decisively. while construction activity is robust, it has lost some of its momentum. investment in equipment is still brisk, and the recent modest slowdown should not last too long. on the whole, the swiss economy is still on its growth trajectory, but it lacks stimuli from abroad. this situation is the same as the one underlying the

national bank's interest rate decision of december 2004. even though switzerland is particularly affected by the lacklustre performance of the european economy, overall prospects are not gloomy. growth in the rest of the world remains dynamic, and this is expected to benefit europe in due course. for switzerland, a growth rate of 1. 5 - 2 % is still realistic. with the swiss economy thus continuing to grow below its potential, the labour market will not see any sustained improvement.
speaking points date : 2017 - 12 - 07 speaker : deputy governor cecilia skingsley venue : international economic forum of the americas, oecd conference center, paris sveriges riksbank se - 103 37 stockholm ( brunkebergstorg 11 ) tel + 46 8 787 00 00 fax + 46 8 21 05 31 registratorn @ riksbank. se www. riksbank. se what role for monetary policy in achieving inclusive and sustainable growth? • i intend to say a few words about the role of monetary policy in achieving inclusive and sustainable growth. • i would like to start by saying that in general, a well - balanced monetary policy, including a price stability target, contributes to sustainable growth, and that sustainable growth is normally positive for equality. • achieving the monetary policy goal of keeping inflation low and stable leads indirectly to positive effects on equality, as households with low incomes don ’ t have the possibility to shield themselves from the costs connected with high and volatile inflation. • the press release from 15 january 1993, when the inflation target in sweden was announced, stated : “ price stability is a prerequisite for sustained economic growth as well as full employment and it prevents an arbitrary redistribution of income and wealth ”. • if inflation is higher than expected, borrowers benefit because the value of their debts declines, while lenders and those with large savings lose out. this type of large, arbitrary redistribution between lenders and borrowers was common in sweden during the 1970s and 1980s, but is now history. • on the other hand, households with low incomes also suffer if inflation is too low due to low aggregate demand. these households are usually very exposed to the business cycle and, more often than not, face unemployment and lower living standards when there is a trough. so, again, low and 1 stable inflation is an important contribution from monetary policy. • when looking at effects on equality, there are different channels from monetary policy at play. • these include the exchange rate, effects on stock prices, house prices and the labour market. • low interest rates increase demand and are often associated with higher share prices and house prices. as shares are typically owned by high income earners, this increases the capital income for those at the upper part of the income distribution 1. house ownership is normally more evenly distributed than shares 2, so higher house prices would have smaller effects on equality. • the labour market channel is sometimes ignored when analysing the monetary policy effects

: democracy and the future of the world economy, ww norton. 5 letter from the ecb president to ms perevenche beres, mep, on the legal framework for central counterparties, 11 january 2017. 2 / 2 bis central bankers'speeches