samchain/econo-pairs-v2 huggingface dataset:
true market is and their responsibility to act in a way that is consistent with maintaining true markets. in terms of a perception of a lack of client focus, i took away two gaps that were raised. the first is a financing gap, which i felt came out during the first panel, and which some economic historians in the room compared to the ‘ macmillan gap ’ – the distance between finance and industry being too great. people talk today about an excess of savings not finding a home. in this country, it is felt most in terms of sme and mid - cap finance. many were struck by the potential ability of financial technology – fintech – to help bridge this financing gap, but i would emphasise that there was also bit of a caution, as i believe reverend giles fraser noted in the last panel. we should not get too far ahead of ourselves, but look to further evidence that it can bridge the gap. i think the chancellor is absolutely right that fintech has potential both in terms of expertise in finance and capability in technology. if these can be married effectively, we have an opportunity. there were a few specific examples that were mentioned that i would just like to reinforce. first, and as alex brummer very rightly emphasised, the opportunities that come from big data and a greater open architecture that is already there. as our chief operating officer charlotte hogg would note, the bank of england is one of the biggest repositories of big data. there is always a question about to what extent that can be leveraged more broadly into the system, and though it is still early days, the bank may want to consider taking this on as a challenge. jon cunliffe raised a separate and important issue with receivables finance, where fintech could make a real difference. following the crisis, payment terms for companies increased to 120 days and have not come back. we know there are effective fintech solutions to this which leverage off the credit of the payer. in such circumstances, and more broadly where fintech moves further into more traditional banking areas such as peer to peer and other lending, the bank recognises that we need to think about and take forward a proportionate, activity - based regulatory response. let me turn to the second gap in relation to a lack of client focus : an engagement gap, if i can put it that way. this manifests itself in a number of ways, as noted during the many insightful interventions during our panel

coming to completion this year – it did not currently see a case for recommending changes to the uk regulatory framework. i am afraid, for financial stability, that is as good as it gets. the financial sector evolves at a phenomenal speed. risks can change and build very quickly. so the fpc will have to repeat its assessment of risks from the non - bank financial sector at least annually. in this area, as in the banking sector, it has to keep risk under close and regular review. and it has to be prepared to act. but that, of course, is the nature of preserving financial stability and preventing a reoccurrence of the illusions i described earlier. bis central bankers ’ speeches
appropriately managed. i am sure that the mpc will play a useful role in helping the industry meet this challenge, by providing training for new practitioners and continuing its work on product development. the recent study on the feasibility and desirability of introducing overnight index swaps in hong kong is one good example of this work. 7. i should perhaps stop here to avoid encroaching further on the valuable time set aside for our guest speaker today. donald mathieson of the imf is no stranger to hong kong. many of you will be familiar with the authoritative reports and analysis of financial markets that he and his colleagues produce. we are fortunate in having been able to grab him for a couple of hours today while he is briefly passing through hong kong. it is my pleasure to welcome him and to join with you all in the launch of this seminar, which will, i hope, be the first of many organised by the mpc over the coming months and years. 8. finally, let me record my gratitude and congratulations to all the committee members of the mpc for the excellent work they have put into the reconstruction of the committee, and my thanks to everyone here for supporting this event today.

purchasers who meet the eligibility requirements will be able to apply for mortgage loans of up to 90 % ltv ratio under the mortgage insurance arrangements. according to figures provided by the hong kong mortgage corporation limited, the value of properties involving mortgage loans with a 90 % ltv ratio averages at around hk $ 3. 2 million. therefore, i believe that the measures of the hkma will have minimal impact on first - time homebuyers. 10. changes in the property market cycle are affected by a host of internal and external factors, including land supply, interest rate movements, changes in household income as well as economic and financial market developments in europe and the us. in view of the highly uncertain internal and external environments, the hkma will continue to monitor the market situation closely and introduce appropriate measures in response to changes in the property market cycle to safeguard banking stability. bis central bankers ’ speeches
mario draghi : generation €uro students'award 2018 event introductory remarks by mr mario draghi, president of the european central bank, frankfurt, 11 april 2018 introduction ladies and gentlemen, and especially dear students, first of all, let me express congratulations to all the students here for reaching this stage of the generation €uro students ’ award competition. it ’ s an incredible achievement and you should all be proud of yourselves. bravo! this gathering is an important opportunity for us to continue our dialogue with you. you are the winners of our euro area - wide competition on monetary policy, which is now in its seventh year. the ecb also organises other initiatives to engage with young people. we have the ecb youth dialogues and competitions such as the euro video challenge and the young economists ’ session at the sintra conference. sintra is a conference that we do annually on a variety of themes around monetary policy and macroeconomics. so far, my impression is that it has been a success, but of course i am biased. i am also aware that my colleagues from the national banks organise events and dialogues with students and schools at national level. all this basically tells you one thing : you are very important because you are our future. you are europe ’ s future and that ’ s why the ecb and the national central banks really give you a lot of attention and get a lot from you. i trust that in taking part in the competition you have been able to find out more about what we do at the ecb, why we do it, and how our monetary policy works. it seems obvious that you should know what we do at the ecb or what people do in their national central banks. but as a matter of fact, if you do polls, you would be surprised by the amount of confusion that people have. for example, lots of people, about one - third, think that central banks are like other banks, that they are by and large not very different from what other banks do. now, you will be the selected category that will know that the ecb is a central bank and that central banks are different from banks. and even more importantly, through this exercise, you actually got to have, at a very young age, a european perspective. you understood what is still really missing from lots of people, who still think in terms of national borders. it is very important, of course, but it is not the only reality that we are living through. in

are not aware of how much good they do to their children. it just comes with being a father or a mother. so again, let me congratulate you and congratulate everyone who has been involved in your success. let ’ s now open our discussion. thank you. 2 / 2 bis central bankers'speeches
“ social value of public information – testing the limits to transparency ”, european central bank working paper 821. holmsen, amund, jan f. qvigstad, øistein røisland and kristin solberg - johansen ( 2008 ) : “ communicating monetary policy intentions : the case of norges bank ”, norges bank working paper 2008 / 20. solberg johansen, kristin ( 2008 ) : “ publishing interest rate forecasts – how does the market react? ”, mimeo stockholm school of economics. woodford, michael ( 2005 ) : “ central - bank communication and policy effectiveness ”, nber working paper series 11898.

be recommended when the turnaround occurs. different indicators of underlying inflation were close to 3 per cent in 2008, while the rise in total consumer prices was 3. 8 per cent. economic agents can be myopic. it is short - sighted to base assessments of sustainable levels of debt on today ’ s variable interest rates. long - term, fixed interest rates provide a far better guideline in this context. homebuyers, and the banks providing their mortgages, must take into account that variable rates over time will be around 6 per cent, sometimes higher. there are also other sources of fluctuations in credit and property prices. banking is procyclical. in upturns, loan losses are low, increasing banks ’ profits. access to equity capital is ample, providing the basis for strong lending growth. losses increase in downturns, and the supply of equity capital can dry up, compelling banks to restrict their lending. the impact is stronger since the value of property used as collateral fluctuates in step with cyclical developments. at the same time, counterparties and rating agencies may require higher capital levels. when credit is rationed by banks with large market shares, in regional or national terms, sound investment projects are also postponed. this results in an adverse feedback loop, with banks incurring higher loan losses and weaker earnings – as economic activity stalls. banks operate with very low levels of equity capital. a manufacturing enterprise or a firm in the service sector should preferably have an equity ratio of between 30 and 70 per cent, depending on the level of risk involved. banks can operate with a far lower level of equity capital because they are supposed to diversify risk, have sound management systems and be well regulated and under supervision. in norway, banks ’ equity capital makes up six per cent of their assets. before the second world war, the ratio was over 10 per cent, falling to five per cent in the postwar period. government capital injections resulted in a rise in equity capital at the beginning of the 1990s, but the ratio has fallen again in recent years. figures for banks ’ equity capital before 1918 are based on : jan tore klovland ( 2007 ) : “ a reconstruction of the balance sheets of savings banks in norway 1822 - 1875 ” and “ a reconstruction of the balance sheets of commercial banks in norway 1848 - 1900 ” in øyvind eitrheim, jan tore klovland and jan f. qvigstad ( ed.
exchange - rate - driven price fluctuations ; don ’ t pay too much for land ( especially relevant to farmer exporters ) ; develop brands that are less price sensitive. as i ’ ve said before, a good canterbury farmer knows that droughts are inevitable from time to time, and plans accordingly. likewise a good exporter knows that fluctuations in the real exchange rate are inevitable, and plans accordingly. you should be doing this now. * * *

alan bollard : new zealand ’ s potential growth rate address by dr alan bollard, governor of the reserve bank of new zealand, to the new zealand canterbury employers ’ chamber of commerce, christchurch, 28 january 2005. * 1. * * new zealand ’ s growth performance has improved what a difference a decade makes. if we look at new zealand ’ s economic growth over the last decade, and compare it with the previous decade, we see that there has been a large lift in the country ’ s growth rate. average growth over the earlier decade, 1984 - 1994, was 1. 5 % per annum, while over the last decade it has averaged 3. 4 %. clearly, there were difficulties in the 1980s as firms struggled to come to grips with the new economic environment : exports subsidies were gone, government trading entities were corporatised and some privatised, there was a move towards user pays for government services, and various markets were deregulated. then there were the other factors. these included the sharemarket crash of 1987, which was to have large flow on effects, especially for some local property sector firms. another factor was the international recession of the early 1990s. neither has the last decade been all plain sailing. we had the asian crisis of 1997 - 98, but fortunately this did not last long. the economy was also affected around this time by droughts. then in late 2000 and early 2001 we saw the onset of a major slowdown in the us following a sharp fall in the value of high tech shares. nevertheless, the new zealand economy did more than simply survive these difficulties ; over the decade it had a much improved growth performance. two broad factors appear to have been influencing growth over the last ten years : • the economic reforms of the 1980s and early 1990s have resulted in a more competitive environment for the private sector. also, since the early 1990s we have had a more decentralised approach to wage setting in the private sector, which has given firms more flexibility in how they operate. • reforms in the government sector have resulted in more stable macroeconomic policies. the reserve bank act was passed in 1989 ; price stability was achieved by 1992, and has been maintained since then. we have also seen fiscal stability since the early 1990s, reinforced by the passing of the fiscal responsibility act. we have seen a more medium term approach to planning and undertaking government expenditure, without the volatility associated with attempts to “ pump prime ” the economy. our growth
loi m bakani : economic overview and future developments in papua new guinea statement by mr loi m bakani, governor of the bank of papua new guinea, at the 2010 annual meetings of the international monetary fund and the world bank group, washington dc, 8 october 2010. * * * mr. chairman, colleague governors, president of the world bank group, managing director of the international monetary fund, ladies and gentlemen, it is my pleasure to address this 2010 annual board of governors meeting. on behalf of the government of papua new guinea i would like to extend our appreciation to the bank and the fund for the ongoing effort and initiatives to improve our living standards and global financial systems. we look forward to a fruitful round of discussions here in washington dc. governors and colleagues, the prospects for global growth continue to be impacted by the aftermath of the financial crisis. i reiterate the international monetary fund ’ s ( imf ) outlook on the world economy with an anticipated growth of 4½ per cent in 2010. whilst the growth is heading in the right direction we must acknowledge that growth remains sluggish by past standards. at the same time downside risks remain, due to rising concern over sovereign debt and fiscal imbalances that could trigger a repeat of the financial and economic crisis. the downside risks underscore the need for ongoing cooperation and commitments from mutual partners to develop policies and governance mechanisms to address the challenges and secure global prosperity. at the global level, we should support policies that address structural imbalances over the medium term including supportive monetary conditions, accelerating financial sector reform, and rebalancing global demand. papua new guinea, as a small open economy, was able to navigate the negative impact of the global financial crisis and grew by 5½ percent in 2009. in 2010, growth prospects remain positive as the economy enters its fourth year of economic expansion. the combination of a stable exchange rate and moderate interest rates is encouraging businesses expansion. employment is strong, foreign exchange reserve level is high and government debt is at a sustainable level. the solid performance of the papua new guinea economy reflects increased investor and consumer confidence following a period of macroeconomic and political stability. the country has also benefited from a number of important economic and structural reforms the government has undertaken in recent years to complement its macroeconomic policies and management. at the same time, competition has improved the delivery of telecommunication services throughout the country. this is one of our success stories of the past few years. services

fund and our development partners in terms of technical assistance, funding and advice. working together, we can ensure our efforts complement each other and are directed in the most effective way for the benefit of our people. to end, i would like to express my country ’ s sincere gratitude to the management and staff of the world bank and the fund for their continuous support in papua new guinea.
, and remarkably constructive, throughout the crisis. when the removal of accommodation begins in earnest, we should be alert to see if this trend continues. this standard represents a prudent framework from which responsibility is delegated to the central bank. the grant of authority from the congress is standards - based with clear limits and bounds. it might serve as a useful model worthy of broader application in the ongoing debate about regulatory reform.

high, in part, because the policy accommodation that requires timely removal as the economy rebounds is substantial. and our policy judgments will ultimately prove worthy of the accolades, and tender the ultimate rejoinder to their critics, if we rise to meet this heightened responsibility. i am confident we will. the views expressed herein are my own and do not necessarily reflect the views of other members of the board of governors of the federal reserve system or of the federal open market committee. i am grateful for the valuable assistance of daniel covitz, eric engstrom, nellie liang, and david reifschneider of the board staff who contributed to these remarks. see kevin warsh ( 2009 ), " the panic of 2008, " speech delivered at the council of institutional investors 2009 spring meeting, washington, april 6, 2009. see ben s. bernanke ( 2009 ), " semiannual monetary policy report to the congress, " statement before the committee on financial services, u. s. house of representatives, july 21, 2009 ; and ben s. bernanke ( 2009 ), " the fed's exit strategy, " wall street journal, july 21, 2009. the final recounting of economic history, i submit, will judge that winning the battle against the panic of 2008 was a necessary but insufficient condition to win the peace and ensure a strong foundation for economic prosperity. that outcome will require that policymakers have equal parts capability, clairvoyance and courage, perhaps the most important of which is courage. for those of us at the federal reserve, the task ahead involves longer days, but in all likelihood, fewer weekends. while the undertaking is as challenging as any we faced in the preceding period, it is exceptionally well suited to the federal reserve's comparative advantages of deliberation, dispassion, and a determination to make judgments based on the long - term interests of the u. s. economy. the task ahead economic histories in the united states and elsewhere are packed with examples in which the monetary authorities, with the overwhelming benefit of hindsight, may have misjudged the communication, timing or force of their exit strategies. in some cases, policymakers may have waited too long to remove easy - money policies. in other cases, policymakers may have acted too abruptly, normalizing policy before the economy was capable of self - sustaining growth. errors of each sort are neither uncommon nor unexpected in the normal conduct of monetary policy. during normal turns
than a decade ago. given our comparative advantages, this phenomenon offers us many opportunities, ones we cannot afford to waste. thank you for your attention and i would be pleased to answer any questions.

funds in the most liquid components included in m1, which continued to grow at a robust annual rate of more than 12 % in december. the zero annual growth rate of bank loans to the private sector reflects a further increase in the growth in loans to households, while the annual growth in loans to non - financial corporations moved further into negative territory. such divergence remains in line with business cycle regularities. the ongoing contraction in the outstanding amounts of loans to non - financial corporations continues to be accounted for entirely by a strong net redemption of loans with a short maturity. for the sector as a whole, the overall contraction may be due partly to substitution with market - based financing. given the typical lags between turning points in economic activity and those in the demand for bank loans, growth in loans can be expected to remain weak over the months to come. in the meantime, the real cost of external financing for non - financial enterprises has declined further, while the net tightening of credit standards applied by banks has continued to diminish, as indicated by the bank lending survey for the last quarter of 2009. at the same time, banks have continued to reduce the size of their overall balance sheets over the past few months. in this respect, the challenge remains for banks to adjust the size and structure of their balance sheets while ensuring the availability of credit to the non - financial sector. to address this challenge, banks should use the improved funding conditions to strengthen their capital bases further and, where necessary, take full advantage of government support measures for recapitalisation. this is important to facilitate access to finance, especially for those enterprises that do not have recourse to market - based financing. to sum up, the current key ecb interest rates remain appropriate. taking into account all the information and analyses that have become available since our meeting on 14 january 2010, price developments are expected to remain subdued over the policy - relevant horizon. the latest information has also confirmed that euro area economic activity continued to expand around the turn of the year. looking ahead, the governing council expects the euro area economy to grow at a moderate pace in 2010. the recovery process is likely to be uneven and the outlook remains subject to uncertainty. a cross - check of the outcome of the economic analysis with that of the monetary analysis confirms the assessment of low inflationary pressure over the medium term. all in all, we expect price stability to be maintained over the medium term, thereby supporting the purchasing power of euro area households. medium to longer