samchain/econo-pairs-v2 huggingface dataset:
areas of supervision which the different panels will no doubt delve further into. may i wish everyone a most fruitful and interesting meeting. i do hope that all visitors in this meeting will also be able to set aside a little time to enjoy singapore ’ s lively sights and sounds. 5 / 5 bis central bankers'speeches

at around 250 %, having risen by 100 % points since end - 2008. nearly 70 % of that increase is attributable to corporate debt. • there are concerns that part of the corporate borrowing has been used to pay off existing loans, rather than being channelled towards productive activities. • many of the chinese firms having difficulty servicing their debt are from the heavy industry sector facing excess capacity. china has the fiscal resources to backstop its financial sector ’ s liabilities and thereby stave off a systemic financial crisis. but the debt overhang will weigh on corporate investment and present a further headwind to growth. indeed, with continuing producer price deflation, the real debt burden will keep rising, even as profitability falls. in a good scenario, the debt ratio stabilises at the current level, and then gradually declines as nominal gdp rises faster than credit ; in other words, china grows out of its debt problem. bis central bankers ’ speeches however, this requires that enterprises that are no longer viable are unwound in an orderly manner. • earlier this year, chinese authorities announced plans to reduce excess capacity in the steel and coal sectors. • the government has also issued directives to banks to stop extending loans to firms that are persistently loss - making, while providing credit to competitive companies which are experiencing temporary difficulties. the road to addressing china ’ s debt vulnerabilities is long and fraught with risks along the way. but if recent efforts are sustained and economic growth does not tank, the prospects are good for an orderly and gradual deleveraging. structural reforms more than the moderation in economic growth or even the vulnerabilities in the financial system, it is the outcome of the structural reform effort that will be decisive for the long - term prospects for the chinese economy. the third plenum reform blueprint of 2013 provides a comprehensive roadmap for china ’ s full transition to a market economy. it is a thoughtful, coherent, and well - conceived plan. while implementation has been slower than expected in some areas, china has probably made more progress in structural reforms than any major economy during the last few years. but much work still lies ahead. take for instance fiscal reform. china has taken several steps to improve the sustainability and transparency of its public finances, especially at the local government level. • changes to china ’ s budget law last year have helped to bring more government spending on - budget. • local governments are now allowed to raise funds in
, despite our inability to read the crystal ball of the next crisis, we would presumably have better ammunition to deal with the headwinds and financial turbulences that are yet to come. thank you. bis central bankers ’ speeches

erwin riyanto : unveiling macroprudential policy speech by mr erwin riyanto, deputy governor of bank indonesia, at the 10th international conference on bulletin of monetary economics and banking and book launch, jakarta, 8 august 2016. * * * honorable, governor of bank indonesia bapak agus martowardojo former governors of bank indonesia bapak rachmat saleh bapak arifin m siregar bapak adrianus mooy bapak syahril sabirin bapak burhanuddin abdullah chairman of indonesia deposit insurance corporation bapak halim alamsyah directorate general of culture ministry of education and culture bapak hilmar farid head of fiscal policy agency, ministry of finance of the republic of indonesia bapak suahasil nazara head of national library of the republic of indonesia bapak muhammad syarif bando head of national archives of the republic of indonesia mustari irawan former bank indonesia board members distinguished guests, ladies and gentlemen assalamu ’ alaikum wr. wb, introduction – greeting & objectives 1. it is a great honor for me to be here in this 10th international conference and book launch event. please allow me to divert your attention to review the next book entitled “ mengupas kebijakan makroprudensial ” or “ unveiling macroprudential policy ”. this book i believe is not just any other book. it is the first book ever published about macroprudential policy in indonesia. it is one that is meant to educate the public with a better understanding of what is macroprudential policy, why is it important, what are the policy instruments, how it interacts with other policies and who should better have the mandate. 2. since work in the macroprudential field has only gained momentum globally following the 2008 crisis, much of the concepts are still evolving. in this book, we will come across many new financial terminologies that in principle have already been around for some time but have not yet explored. to name a few of the new terminologies are systemic risk, contagion, interconnectedness, shocks, vulnerabilities, idiosyncratic vs cross - sectional risk dimensions and macroprudential. while macroprudential policy and the aforementioned terminologies are more understood by those directly involved in the field, there is a growing need to familiarize the notion to
programme coordinator from the ecb, and to all participating experts from the ecb, the european system of central banks and the national bank of the republic of macedonia. thank you. bis central bankers ’ speeches

dimitar bogov : macedonia ’ s needs analysis report concerning accession to the european system of central bank and the eurosystem address by mr dimitar bogov, governor of the national bank of the republic of macedonia, on the occasion of the closing of the ipa project “ needs analysis programme ” with the national bank of the republic of macedonia, skopje, 10 july 2013. * * * dear mr. asmusen, member of the executive board of the ecb dear mr. orav, eu ambassador to the republic of macedonia ladies and gentlemen, distinguished guests, media representatives, it is my great pleasure to inform you that today, at the meeting of the steering committee of the joint eu - funded project with the european central bank on the nbrm needs analysis in the process of its accession to the european system of central banks and the eurosystem, we adopted the final report, the needs analysis report. thus, i may conclude that the project, whose implementation took nine months, ended successfully. the success is primarily due to the commitment to the project and the good cooperation among all stakeholders over the past nine months. so, let me first express my gratitude to the ecb, with which we jointly initiated and organized this collaboration, to the national central banks of the european system of central banks and to their experts who participated and were directly involved in the implementation of the project, as well as to the eu delegation in our country for their support throughout the project duration and of course for providing financial assistance to ensure the implementation of the project. also i would like to stress the benefit for the nbrm from the extraordinary collaboration with the representatives of the ecb and of the national central banks of the eurosystem. considering the role of the central bank in the country's accession to the eu, the national bank of the republic of macedonia has initiated this project in order to prepare for future membership in the european system of central banks and the eurosystem. the road to the eu is a process that requires from us to build strong and effective institutions. this project has exactly that aim : strengthening the institutional capacity of the national bank and harmonization of the standards for the national central banks in the eu by means of revising the current legal framework, the adoption and implementation of new policies and practices and staff training. the implementation of european standards and best practices in the operations of the nbrm is not an end in itself. it will contribute to strengthening of the role of
. 2 / 3 bis - central bankers'speeches we are making online and printed versions of the abridged historical booklet available to the general public, in german and in english. after that, the full academic volume and the monographs will be published. based on the publications, we will set up further projects to disseminate the study findings. before i give the floor to you, professor brechtken and professor ritschl, may i express – on behalf of everyone involved in this project – our appreciation and gratitude for all your work. 3 / 3 bis - central bankers'speeches

joachim nagel : from the reichsbank to the bundesbank welcome address by dr joachim nagel, president of the deutsche bundesbank, at the press conference presenting the findings of the historical research project " from the reichsbank to the bundesbank ", frankfurt am main, 15 march 2024. * * * check against delivery 1 welcome ladies and gentlemen, a very warm welcome to our press conference today, where we will be talking about the study " from the reichsbank to the bundesbank : people, generations and concepts between tradition, continuity and new beginnings ". the two gentlemen who led the research project, professor magnus brechtken and professor albrecht ritschl, will present their research findings to you in a moment. 2 study background the bundesbank commissioned research into the history of the reichsbank in its function as the central bank during the national socialist era. the researchers were also asked to explore continuities in terms of personnel after central bank institutions began anew in the post - war period. quite a few federal ministries and authorities have commissioned similar research projects in recent years. neither the bank deutscher lander, founded in 1948, nor the bundesbank, established in 1957, are legal successors to the reichsbank. nevertheless, the bundesbank is supporting and facilitating historical research on the reichsbank. we were privileged to engage professor magnus brechtken and professor albrecht ritschl for this project, both of whom are internationally renowned and experienced experts. under their leadership, a research team made up of ingo loose, marcel boldorf, christopher kopper, olga christodoulaki, ralf banken, christian marx, boris gehlen, rouven janneck and stefan gruner worked on eight sub - projects in total. the bundesbank encouraged this work, made it possible and provided organisational support. the project was launched in november 2017. it took longer than originally planned, particularly as a result of the covid - 19 pandemic. this is because the team of researchers had to postpone their work for a time because archives were closed and foreign travel was not permitted. now, though, the academic work has been completed and the findings are ready for publication. a full academic volume is scheduled for publication before the end of this year. and there are plans to publish monographs for each of the eight sub - projects by next
and knowledge through seminars and other training programmes. mas will also continue to collaborate with financial institutions, the tripartite partners, and institutes of higher learning to build a strong local pipeline of specialised talent, particularly in areas such as information technology, computing, data analytics. 25 if we can do well in these two key areas, it will position our fx market and participants to capture growth opportunities and serve the needs of the asian markets. conclusion 26 promoting and embedding the code within the global fx market and in singapore, is a journey that we have committed to. we hope that you can support these efforts, from your firms and in your individual capacity as market participants. 27 we have also co - created our medium term business strategies with market participants like yourselves, and we are committed to making them work, and bringing more innovation into the market place. 28 with this, i hope that you will have a productive and rewarding conference ahead. 5 / 5 bis central bankers'speeches

. aspx 2 swiss re group, 23 apr 2021. https : / / www. swissre. com / risk - knowledge / risk - perspectives - blog / climate - change - cost - asia - pacific. html 3 / 3 bis - central bankers'speeches
dimitar radev : crisis management framework in bulgaria summary of statement by mr dimitar radev, governor of the bulgarian national bank, at the annual meeting of governors and other central bank representatives from the countries of the dutch - belgian constituency of the imf, organised by the national bank of belgium, brussels, 24 february 2017. * * * the closure of the fourth largest bank in bulgaria in 2014 put to the test the country ’ s financial stability. this incident revealed, among other things, serious limitations in our crisis management arrangements in the banking area and, more specifically, the lack of a proper institutional framework to deal with resolution of systemically important banks. our policy response to the 2014 crisis was incorporated in an 18 - month plan adopted in mid2015, defining concrete actions in three priority areas : an independent assessment of : ( 1 ) the banks in bulgaria ( through an aqr and stress tests that were completed in 2016 ), and ( 2 ) our crisis management framework ( through a still ongoing financial sector assessment, fsap, by the international monetary fund and the world bank ) ; a comprehensive reform of the central bank ’ s banking supervision and regulation framework and practices, based on the basel core principles ( bcp ) ; introducing the bnb ’ s new bank resolution functions compliant with the european bank recovery and resolution directive ( brrd ). the implementation of the plan helped build sound foundations for our crisis management framework. its main elements now include : the financial stability advisory council ( fsac ) : a consultative body comprising the minister of finance, the governor of the central bank, and the chairman of the financial supervision commission ; the central bank as the designated resolution authority for banks ; the resolution function of the bnb is outlined in the law on recovery and resolution of credit institutions and investment firms, adopted in mid - 2015, which transposed the brrd in the bulgarian legislation ; a mechanism to fund resolution measures by the newly established bank resolution fund ( brf ) which is funded by contributions from the banks ; the target level of the resources collected in the brf is 2 % of the amount of covered deposits of all banks licensed in bulgaria and must be achieved by end - 2024 ; a comprehensive resolution toolkit directly transposed from the brrd comprising : ( 1 ) the resolution tools ( sale of business ; bridge institution, asset separation, and bail - in ), and the government stabilization tools ( public equity support and temporary public ownership ). progress has been

for the practical preparations for the implementation, if necessary, of the new rules and procedures. hence, our immediate efforts are aimed at making arrangements and developing solutions that would be valid and efficient in the medium and long term. 2 / 2 bis central bankers'speeches
impacting both the financial health of banks and the quality of their assets. the non - bank financial sector has grown considerably in both size and significance ; however, it is not as tightly regulated as the banking sector. last but not least, the overvaluation of real and financial assets could increase the probability of abrupt and widespread corrections in asset prices and thus transform into a systemic risk. having said that, it is important to highlight that a number of monetary policy measures implemented by monetary authorities also contributed to alleviating the impact of the low interest rate environment on the banking sector. examples include the introduction of a two - tier system for remunerating credit institutions'excess reserves, as well as the remuneration on tltros linked to the achievement of lending targets. finally, banks'profitability was underpinned by increased asset values and stronger economic outcomes. as mentioned above, in the counterfactual, the consequences on bank lending and loan servicing would have been severe, with adverse implications for banks'revenues and cost of credit risk. the same applies to the non - bank financial sector. 3 / 7 bis - central bankers'speeches is it already decided that central bank balance sheets must remain large forever? what are the tradeoffs of a large structural bond portfolio? let me first say that these issues are part of the review of the ecb's operational framework and are still under discussion at the governing council. these issues have to be addressed in a holistic way. we plan to publish the outcome of our deliberations in spring. the views i will express today do not necessarily reflect those of the governing council. starting from the balance sheet, we expect that, in the steady state, the eurosystem balance sheet will be significantly smaller than it is today, but still larger compared to its pre - crisis levels. although demand for reserves from banks is volatile and hard to forecast, there are reasons to anticipate that, in the steady state, banks will demand a materially higher level of excess reserves than before the financial crisis, due to the following : first, supervisory regulation, which is likely to translate into increased demand for liquidity. second, banks, in the wake of the global financial crisis, have maintained a precautionary stance. to guard themselves against liquidity and counterparty risks, they show hesitance about lending each other. this places obstacles to the efficient redistribution of reserves not only across, but also within jurisdictions, giving rise

again, thank you for your participation in today ’ s event. 3 / 3 bis central bankers'speeches
1. 2 - 1. 4 - 1. 6 - 1. 8 united states / 0 31 / 22 / 0 28 / 22 / 0 28 / 22 / 0 26 / 22 / 0 24 / 22 / 0 21 / 22 / 0 20 / 22 / 0 17 / 22 / 0 14 / 22 / 0 12 / 22 / 1 10 / 22 / 1 08 / 22 / 1 05 / 22 / 0 03 / 23 / 0 2 / euro area source : c. hoynck and l. rossi ( 2023 ), “ the drivers of market - based inflation expectations in the euro area and in the us ”, mimeo, bank of italy, rome. note : 5 - year inflation swap rates ; changes with respect to 3 january 2022. figure 12 inflation ( monthly data ; 3 - month annualised percentage changes ) us uk ez - 5 - 5 source : eurostat, uk office for national statistics and us bureau of labor statistics. note : ez denotes the euro area.

/ 5 bis - central bankers'speeches inflation stood at 4. 8 % in september. in other words, price pressures are now broadbased. there is also some evidence to suggest that inflation in the euro area will remain high for the time being, with the latest ecb staff macroeconomic projection putting it at 5. 5 % next year. while most forecasts assume that inflation rates will move towards 2 % again in the medium term, merely converging on this target cannot be enough for the eurosystem – after all, it is vital to achieve the 2 % rate in the medium term. moreover, forecasts could lull us into a false sense of security. past projections have, after all, underestimated actual price dynamics on multiple occasions. caution is therefore warranted here, especially as uncertainty is extremely high and risks are clearly tilted to the upside. for example, tensions in energy markets could persist for longer than assumed in the forecasts. still - high commodity prices might be passed on to consumers on a greater scale than usual. wages could rise more sharply than previously anticipated. 3 monetary policy needs to step up to the plate to safeguard price stability in this situation, all eyes are focused on monetary policy, and rightly so. whilst it may not be able to lower gas prices or make butter cheaper, what it most certainly can do is prevent high inflation from becoming entrenched. this could happen if households, enterprises and wage bargainers keep expecting higher inflation rates in the future. monetary policy in the euro area now needs to step up to the plate – and that's what we are doing. the ecb governing council initiated the lift - off in interest rates at our meeting in july, and in september we followed this up with an even bigger interest rate hike. these decisive interest rate steps are important for achieving price stability, which is why i very much welcome the decisions. but it is also clear that we cannot stop here. short - term real interest rates are still very low, in some cases even negative. in other words, monetary policy is not yet dampening inflation, but is still driving it. further steps along the path to monetary policy normalisation need to be taken, then. how large the individual interest rate steps will be and how far we raise interest rates will be dependent on the data. it is also important to look into the high levels of bond holdings. these currently amount to almost €5 trillion and continue to exert considerable downward pressure
central bankers'speeches and once again, thank you everyone for participating in this forum. let's also give ourselves a round of applause. maraming salamat po! see you all in 2024. 2 / 2 bis - central bankers'speeches

parents of elementary school pupils. schools now request this program which runs parallel to the classroom teachings of elementary pupils. at the same time, 12 banks joined hands to launch the kiddie account program. while these banks were no stranger to children ’ s accounts, they all agreed on the need to make saving affordable, accessible and convenient to attract more kiddie savers. after negotiations that took nearly two years, the 12 banks agreed on a common denominator : children are welcome to open accounts with them with a minimum deposit of only 100 pesos or less than us $ 3. 00. and to further help make saving a habit, bank representatives also go directly to schools to service children ’ s deposits. so far, so good : thousands of new accounts are being generated by the kiddie account program and withdrawals are minimal. since children exert influence in household decisions, we hope that their habit of saving will rub off on other members of the households, including the adults. based on the results of the bsp ’ s household finance survey, only 20 % of philippine households maintain bank accounts. we are therefore looking at this program as a way to help raise the savings rate in the philippines. i understand that yesterday many of our foreign delegates visited the aurora quezon elementary school to observe how financial lessons are taught and to hear how banks are implementing their kiddie account programs. did you find it useful? that is good to know. ladies and gentlemen, our continuing journey takes us through uncharted territory. nevertheless, we are encouraged by positive feedback – from the pupils who start saving regularly, to the teachers who say they learn life lessons from the program. also a positive is the 2011 citi financial quotient survey where the philippines showed sustained improvements in its score. nevertheless, we have a long way to go and a lot more to learn. it is for this reason that we look forward to this regional meeting on child and youth finance for asia and the pacific. i hope therefore that our conference today will be successful and fruitful. finally, we thank the child and youth finance international for bringing this regional meeting to manila and for taking the lead in the global movement to promote the habit of saving among schoolchildren. we also commend their design props today – the multi - colored bis central bankers ’ speeches balloons and throw pillows. it reminds us that while we are tackling a serious subject, we should not forget that our intended beneficiaries should find it fun to find