samchain/econo-pairs-v2 huggingface dataset:
jens weidmann : monetary policy in a changing environment keynote speech by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, at the joint bank of francebundesbank research conference " monetary policy challenges ", paris, 21 june 2018. * * * 1 introduction ladies and gentlemen it is a great pleasure to give the keynote speech at this conference on “ monetary policy challenges ”, organised jointly by the banque de france and the deutsche bundesbank. this joint conference has already become a tradition. it is held every two to three years, with france and germany taking it in turns to host the event. let me start by thanking both the programme committee – emmanuel farhi ( harvard ), emanuel moench ( bundesbank ) and benoit mojon ( banque de france ) – for their ingenious selection of papers, and our host, governor villeroy de galhau, for providing this delightful venue, for the warm welcome and for the excellent organisation by the banque de france staff. even more remarkable is that, in choosing the 21st of june, the banque de france has been extremely selfless, as i would understand if many of our french colleagues had preferred to watch france play peru in the football world cup rather than attend this afternoon ’ s panel. but the 21st of june is also a special day for germans and the bundesbank. exactly 70 years ago, the deutsche mark was introduced in what was known as the trizone – the three zones that were occupied after world war ii by france, the united kingdom and the us, and that were to become west germany one year later. we have indeed come a long way since those days, when much of europe was still ravaged by war. the franco - german reconciliation that developed in the following decades and eventually grew into a deep friendship is rightly considered one of the great achievements in european history, and it has been a catalyst for european integration. events like today ’ s bear testimony to this process – as well as to the conviction that, by working together in a spirit of openness, we have a much better chance of mastering the common challenges that confront us. this certainly also holds for monetary policy – both its role and its conduct – after the financial and economic crisis. about 2, 500 years ago, greek philosopher heraclitus of ephesus found two words to describe a fundamental concept of human life and the world

for monetary policy, our good inflation performance and the fiscal measures taken so far have given the bank of canada some room to ease monetary conditions in canada. i believe there is now substantial monetary stimulus in the economy, which should help counteract some of the concerns that affect the confidence of canadians, as we work our way through this crucial period of restructuring the canadian economy.
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benjamin e diokno : navigating the philippine economy toward recovery speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the fitch ratings annual review, manila, 7 february 2022. * * * good afternoon. recent developments show the philippines is on the road to recovery, with encouraging signs suggesting that the worst may be behind us. the economy grew by 5. 6 percent last year, exceeding the government forecasts of 5 to 5. 5 percent and reversing the recession in 2020. the unemployment rate fell to 6. 5 percent in november 2021 from a peak of 17. 6 percent in april 2020. full - year inflation averaged 3. 9 percent in 2021 based on 2018 cpi series. inflation further eased to 3 percent in january 2022, supporting the narrative that inflation is on a downward trajectory. the development budget coordination committee ( dbcc ) kept the inflation target range at 3. 0 percent ± 1. 0 percentage point for 2022 – 2024. inflation expectations are well anchored, as shown by surveys of private sector economists and forecasts of multilateral agencies. overall liquidity conditions are sound. in december 2021, m3 expanded by 7. 7 percent. lending by universal and commercial banks rose for the fifth straight month, up 4. 6 percent year - on - year. this signals an improvement in consumption and investment activities. exposure to bad debts remained manageable. the npl ratio of the philippine banking system settled at 4. 3 percent as of end - november 2021. banks are well capitalized. capital adequacy ratio of ukbs is well above the bsp ’ s minimum requirement of 10 percent and the bank for international settlements ’ 8 percent. the country ’ s external sector remains robust, supported by steady sources of foreign exchange. remittances rose by 5. 2 percent year - on - year to usd28. 4 billion in january to november 2021 while bpo revenues grew by 8. 3 percent to usd17. 4 billion in january to september 2021. fdis grew by 48. 1 percent in the first 10 months of last year to usd8. 1 billion, as foreign investor sentiment improved. external debt - to - gdp ratio stood at 27. 3 percent as of end - september 2021 compared with about 60. 0 percent in mid - 2000s. gross international reserves ( gir ) stood at a hefty us $ 108
in life with all the pressures that come with it. you have acquired a technical skill here that has prepared you well for a working career in a competitive job market. png is posed to experience continuous economic growth and no doubt you will all play your part in our country ’ s development. but also make the effort to invest in your financial education to enjoy the fruits of your labour. you deserve that – for you as well as for your family. in concluding, i wish you all every success in your career opportunities and best wishes for a rewarding career and a safe financial future. thank you for the invitation to speak and god bless you all. bis central bankers ’ speeches

##z bank on the opening of its branch in kimbe, and look forward to its future plans to expand its branch network throughout png. thank you for listening.
over the past decade, at about 1 % per year in terms of gdp per capita growth. the euro is now well established as a credible currency, of which citizens can be proud. this is important for all the member states of our union, both individually and collectively, as we together face the challenges of the global economy. responding to the crisis : bold actions in line with steadfast policy orientation none of these achievements happened by accident. they were only possible because our actions were enshrined in our medium - term oriented monetary policy strategy. the financial crisis has changed neither our strategy, nor our objective. the ecb ’ s response to the crisis has always been in line with both our strategy and our medium - term objective of price stability. but we did broaden the range of our tools to adapt monetary policy to the challenges of the crisis. what we did was to insure euro area banks against present and future liquidity shortfalls. banks are the backbone of our financial system. 70 % of firms ’ external financing comes from banks. they finance a very large share of the investments made in europe. jeopardising banks ’ ability to lend to companies would have meant jeopardising the jobs of millions of europeans. because of the crucial role of banks in the real economy, we decided to provide liquidity in unlimited volumes and with longer maturities to banks. in parallel, we reduced the interest rate at which they can borrow to a historical low of 1 %. and we launched a programme to purchase euro - denominated covered bonds, i. e. pfandbriefe, issued in the euro area. the aim was to jump - start this market, which had suffered considerably in the crisis and which is so important for europe. overall, the eurosystem – the ecb and the national central banks – purchased eur 60 billion of pfandbriefe across the euro area. this has provided an important contribution to revitalising this market after the crisis. we will hold the bonds to maturity and the profits will be distributed to our shareholders. because of these and a number of other important steps, fears of a “ kreditklemme ” have not materialised. our bank lending surveys show that lending in the euro area – even in the middle of the crisis – was not significantly constrained by supply - side factors. that being said, monetary policy responsibility can not substitute for government irresponsibility. excessive government borrowing by some member states

play an even greater role in maturity - matched refinancing of mortgages in switzerland in the future. in addition, banks can improve their liquidity by holding portfolios of swiss mortgage bonds themselves. mortgage bonds could be converted into liquidity quickly and simply, as required, by means of repo transactions – either in the swiss franc interbank market or at the snb.
karnit flug : infrastructure development plan for israel remarks by dr karnit flug, governor of the bank of israel, at the cabinet meeting on the multiyear infrastructure development plan, tel aviv, 3 september 2017. * * * i attribute tremendous importance to the establishment of an interministerial team to advance, coordinate and monitor infrastructure investment projects, set standards and criteria for using ppp in infrastructure projects, and evaluate the adequateness of projects to be executed by ppp. the level of infrastructure in israel is insufficient, particularly in the area of public transportation, and mainly in the major cities, but also in the electricity delivery system and in communication infrastructure. the volume of annual investment is low by international comparison, and we are therefore not closing the gap in the level of infrastructure compared to other advanced economies, which weighs down productivity and the growth potential of the economy. we need to define needs with a forward - looking view, in close cooperation with the ministries, and to plan years, or, in fact, decades, in advance. one of the main barriers is the long project planning duration. in view of the many needs, it is important to set priorities and to plan and execute according to them. it is important that an informed estimation of the costs be made, and that the budgetary sources be defined, in order to avoid stopping projects and sharp cutbacks in projects as has happened in the past at times of budgetary stress. the use of ppp enables the costs of the project to be spread out over time. it is important to monitor the budgetary ramifications of all projects over time. ppp can be an important tool, if the projects executed through this method are chosen wisely. the selection must be made according to criteria that rely on israeli and international experience, as we showed in the bank of israel annual report for 2016. the large advantage of the ppp method is that the developer does not only build the project, but also plans, maintains and operates the asset over time, so that the project can benefit from the operator ’ s expertise and experience, and the developer has an incentive to make the investment in a way that will minimize the operating and maintenance costs over time. the main disadvantage is that the private developer ’ s capital cost is higher than that of the government. it is important that a government unit be established that will specialize in the management and monitoring of ppp tenders and contracts. it will require specific know - how and

expertise in tenders and contracts. even in ppp projects, it is best if the government is the one that acts to complete the statutory processes such as obtaining building permits, municipal permits, environmental quality, etc. the government has an advantage here. 1 / 1 bis central bankers'speeches
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range of commodity prices over the past few years suggests a combination of very favourable and mutually reinforcing factors. these include robust global economic growth and the slow increase in supply of many commodities. importantly, emerging - market demand has been strong, reflecting sustained growth in per capita income, rapid industrialization and a more intensive use of commodities in production. the outlook for commodity prices matters to canada for a number of reasons. primarily, higher commodity prices increase national income by improving our terms of trade. the roughly 25 per cent rise in our terms of trade since 2002 is responsible for about two - thirds of the 14 per cent gain in real per capita disposable income over the same period. higher j. lipsky, " the global economy and financial turmoil : finding our footing " ( speech to the center for strategic and international studies, washington, d. c., 18 september 2008 ). commodity prices have other benefits, such as increased investment, portfolio gains for canadians and our pension funds and a contribution to the appreciation of our currency, which in turn lowers the cost of imported goods and services. these benefits are felt across canada – not just in resource - heavy sectors and regions. some of these effects are now being unwound owing to the recent sharp fall in some commodity prices, particularly those for energy. in our july monetary policy report update, we highlighted this possibility as a downside risk for the outlook for inflation in canada. slower economic growth in emerging markets, as well as in europe and japan, appears to be the primary factor behind declines such as the roughly one - third fall in the price of oil from its peak in the summer. even with this decline, oil prices are back around levels of only six months ago and are still one - quarter higher than a year ago. with both supply of and demand for commodities highly inelastic in the short term, inventories remaining tight and emerging - market growth prospects more uncertain, we can expect continued volatility in commodity prices. let me turn now to the renewed weakness in the u. s. economy. weakness in the u. s. economy as the effects of the u. s. government's spring fiscal stimulus package wear off, a fall in u. s. domestic demand seems likely. household credit growth has slowed sharply and will likely slow further. indeed, credit conditions faced by u. s. households have tightened despite the cumulative 3. 25 - percentage - point reduction in policy interest rates. the most recent survey
transition process as one which entails multiple and carefully sequenced steps, beginning with the stabilisation of the jibar to secure the transition period. this is followed by the establishment of new rates and foundations for new markets, and then by the adoption of those rates before full transition takes place. thus far, the work of the mpg has largely focused on strengthening the current jibar framework in line with the first step, as well as on finding new alternatives. this work has now been completed and the project is proceeding to the next phase which entails thinking about the most suitable transition approach to be adopted by south africa. as its work is advancing, the mpg intends to keep all stakeholders informed of its progress and the next steps, and this is why we are here today. thus, the purpose of today ’ s mpg forum is twofold : page 3 of 4 first, to report on and inform stakeholders of key decisions, considerations and recommendations made by the mpg in relation to the reform of the jibar and the choice of an alternative overnight reference rate for south africa ; and second, to outline the envisioned transition process to an overnight rate as a key reference rate for the south african financial market. as we engage in this conversation, i wish to reiterate the position the sarb has taken regarding the future of the jibar. earlier, i alluded to deficiencies in the current jibar framework, which have led to the sarb taking a decision to reform the jibar. the unsecured reference rate work stream and later the jibar task team have done commendable work in this regard, to ensure that the jibar framework is strengthened to enhance its robustness. however, changes to the jibar framework should not be understood as implying that the jibar will continue indefinitely. the sarb, as the benchmark administrator of the jibar, has decided that the jibar will cease at some future point. the enhanced framework will remain in place for a limited time, after which south africa will transition to alternative reference rates. in the new interest rate dispensation, we expect that the key reference rate will be an overnight near risk - free rate, which may or may not co - exist alongside a risk - based term rate. at this point i would like to hand over to my colleagues to share with you the decisions that have been taken thus far, their motivations as well as the trade - offs we have had to manage leading up to

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public for the first time in a separate section of the regular report on nbs activities. we are taking part in this gathering because of our profound conviction that today ’ s topic is essential for the quality of transition in serbia. please note that we are more than willing to give our modest contribution to all other actions and ideas! thank you for your attention!

ewart s williams : financial literacy in barbados remarks by mr ewart s williams, governor of the central bank of trinidad and tobago, at the national financial literacy programme booklet launch, port - of - spain, 27 october 2009. * * * on january 30, 2010 the national financial literacy programme will be officially three years old. there is no doubt that we have come a long way over 36 short months. we had a tentative beginning because financial literacy in the caribbean was largely uncharted territory. however, if it is true that imitation is the greatest form of flattery, we should indeed be delighted since our lead has now been adopted throughout the region. sometime last week jamaica launched a nationwide financial literacy programme. also, and very significantly, the imf, through its regional training agency ( cartac ) has begun to market financial literacy throughout the region. particularly, following the recent global financial crisis, it is being increasingly acknowledged that financial literacy can play a critical role in economic management both in advanced and in developing countries. teaching people how to save, spend, invest, borrow and manage their finances wisely, improves an individual financial well - being and quality of life. financially secure families are better able to contribute to the economic and social development of their communities. in the three years of its existence our national financial literacy programme has made impressive strides. our schools ’ programme has led the way. as at the end of the 2009 school year our primary schools programme had been conducted in 485 schools reaching 29, 600 students. judging from the responses of the children as well as their parents and the principals, the programme has shown instant benefits. parents of kids who participated in the programme indicated in a questionnaire that their children were more mindful of how they spent their allowance but also of the manner in which the household budget was utilized. our secondary schools programme is now to be incorporated into the schools ’ curriculum, thanks to the support of the ministry of education. we are particularly grateful to the one hundred and twenty - three ( 123 ) teachers who gave up two weeks of their summer vacation to attend training sessions organized by the central bank. from the inception of the programme, the push for linking financial literacy and small business development came from the office of finance and enterprise development, in the tobago house of assembly which had an active small business development programme. further, impetus to the linkage was provided by the rapid increase in small business activity throughout the country and the obvious gaps in basic business information available to aspiring
undertakings. ladies and gentlemen, with these few words, i thank you for your attention and i hope that you will find the event insightful. 2 / 3 bis - central bankers'speeches thank you. 3 / 3 bis - central bankers'speeches

population and housing census in seychelles. this is in line with the 7th statistical commission recommendation for a transition from manual to digital systems and use of improved methods and new technologies to increase the reliability and accessibility of census products and other statistics in a timely manner. i would also like to extend our gratitude to our external partners, namely the united nations fund for population ( unfpa ) and the african centre for statistics of the united nations economic commission for africa ( uneca ). albeit not being present today, both partners provided guidance and technical support remotely through virtual sessions with staff of the nbs, as well as through physical presence on the ground during the pilot testing phase in the anse aux pins district in november 2021 and during the main census period in april this year. through the support and training provided modernisation, transformation and real - time monitoring of the field work operations were made possible. without their continuous support with the digitisation and testing of the tool, this first - ever digital census would not have been possible. our sincere appreciation is also being extended to our local stakeholders who provided offices in the various regions across the islands that served as a base and point of contact for the regional supervisors and their respective field teams throughout the census period. on behalf of nbs, i wish to thank the ministry of local government and community affairs, and the district administrators for their cooperation and support, and for making available facilities at the da offices. sincere appreciation also goes to the nbs staff and the volunteers who went door - todoor, sometimes to the same house on a number of occasions, to ensure that the maximum proportion of the population was covered. we would not have completed this census exercise without them. today's event is proof of the advantages that a digital census brings in efficiency and timeliness, as the provisional results are being released in record time compared to previous censuses conducted manually, when it took many months and even years before provisional and final results became available. while the detailed and broad thematic report of population and housing census 2022 will be published in the next few months, given the time required to fully analyse the data from various modules that were in the questionnaire which you responded to when your households were visited, today's event will provide a snapshot of the key results and findings. in conclusion, i can comfortably say that the census exercise was completed successfully, and the challenges faced during this exercise will be documented as lessons learnt that will inform future censuses and other digital data collection