samchain/econo-pairs-v2 huggingface dataset:
denny h kalyalya : expansion of zambia ’ s banking sector remarks by dr denny h kalyalya, deputy governor - operations of the bank of zambia ; at the official opening of bank of china ’ s new premises, lusaka, 9 december 2008. * * * • honourable minister of finance and national planning, dr. situmbeko musokotwane, mp ; • his excellency – the chinese ambassador to the republic of zambia ; mr. li qiangmin ; • managing director of the bank of china ( zambia ) limited ; mr du qiang ; • distinguished invited guests ; • ladies and gentlemen. i am greatly honoured for having been invited to speak on the occasion of the official opening ceremony of bank of china ’ s new premises. ladies and gentlemen as part of the on - going zambia - chinese relationship, the bank of china was established in 1997. since then the bank has recorded tremendous progress. distinguished invited guests during the past 8 years, the overall financial performance and condition of the banking sector has been satisfactory. the sector has continued to expand and we anticipate increased economic and investment activity in the period ahead. banks are expected to continue to provide the required level of finance to consolidate the economic gains registered so far. the bank has achieved tremendous growth since its inception in 1997. during the last eleven years, total assets have increased by 325 % to k507. 9 billion in october 2008 from k13. 8 billion in december 1997. regulatory capital increased by about 1, 000 % to k41. 9 billion in october 2008 from k3. 8 billion december 1997. similarly, the bank ’ s profitability has steadily increased over the years. the bank has been a good supporter of a number of economic activities in zambia, especially in the mining, textile, construction, banking and agriculture sectors. however, going forward, we wish to encourage the bank to invest more in loans and advances, which have remained low at 4 % of total assets as at end of october 2008 compared to the industry average of 45 %. ladies and gentlemen the new offices being commissioned today should enhance the bank ’ s service delivery to its customers. we therefore wish to encourage the bank to continue playing an active and effective role in stimulating economic activity through the provision of well structured financial products and services. thus, boost growth in key sectors of the economy as well as enhancing access to finance and encourage more indigenous zambians to establish relationships with the bank. it is our expectation

also that the bank will expand beyond one branch and broaden its customer base and operations swiftly in order to consolidate the gains that have been achieved over the last 11 years. i thank you for your attention.
zeti akhtar aziz : basel ii implementation and the development of asia's financial system a€ “ experiences, challenges and regional cooperation keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 4th seacen / abac / aba / pecc public - private dialogue for the asia pacific region, kuala lumpur, 18 august 2008. * * * it is my pleasure to be here today, to speak on the occasion of this public - private dialogue organised by the seacen centre in collaboration with the apec business advisory council ( abac ), the asian bankers association ( aba ) and the pacific economic cooperation council ( pecc ) on the development of asia's financial systems and the implementation of basel ii. the implementation of basel ii across the asia pacific region is occurring at a time of heightened risks, during a time in which our economies and financial systems are confronted with significant challenges and increased uncertainties. as the underpinnings of basel ii are concerned with enhancing the responsiveness to risk by banking institutions, there are enormous expectations that basel ii will stand up to the test of capturing the complexities and the more uncertain direction of risk in the current environment. there is also enormous interest in assessing the pre - emptive capabilities of the framework to anticipate the direction of risk and thus ensure the provision of adequate capital buffers for such risk. the sharing of experience on the implementation of basel ii in this region and the greater engagement between the supervisory and financial communities will provide further insights to these issues. the ultimate objective of basel ii is to achieve more resilient banks, and thus preserve the broader financial stability. in the asia pacific region, thirteen countries have adopted the standardized approaches under basel ii for credit and operational risks. a number of countries have also either already adopted or announced plans to adopt the more advanced approaches by 2010 or earlier. malaysia adopted the standardised approach this year and has recently issued a concept paper detailing the parameters for the implementation of the more advanced approach to be adopted in 2010. the global economy has entered a period of greater uncertainty, with a number of developments that are taking place in some of the developed economies having destabilising implications on the global economy. the international financial markets continue to be in turmoil, triggered by the developments in the subprime market in the united states and resulting in the tightening of liquidity in the credit markets. the impact of these developments on the financial position of financial institutions has

, i wish you all productive and successful discussions. thank you.
the optimal conduct of monetary policy. i have touched on only some of them, highlighting the key points. this seminar has provided us with the opportunity to elaborate on the lessons to be learned by monetary policy. and i have learned a lot in yesterday ’ s and today ’ s sessions!

relevant question is not whether the new strategy does better than discretionary inflation targeting, but rather how the proposed strategy compares to the optimal commitment solution which monetary policymakers strive to attain. a recent study by the federal reserve board has shown that if explicit account is taken of the zero interest rate bound, optimal monetary policy under commitment may involve considerable price - level drift following a more substantial contractionary demand shock. consequently, returning the price level to its target path, as required under price - level targeting, is associated with welfare losses. based on an extension of the new keynesian model that allows for sector - specific shocks, a recent study by bundesbank staff confirms the welfare costs of eliminating an optimal price - level drift 2. it is not clear at present whether the costs associated with returning the price level onto the target path would be outweighed by the benefits which accrue from the reduction in longterm price - level uncertainty. against this background, price - level targeting cannot be regarded as a viable monetary policy strategy until we know much more about its potential gerberding, c, r gerke and f hammermann ( 2010 ), on the welfare costs of price - level targeting, deutsche bundesbank, mimeo. benefits and costs than we do at present. but it is definitely worth pursuing this line of research further in the future. 2. 3 asset prices, financial stability and monetary policy another question that has been raised once again by the financial crisis concerns asset prices and their relevance to monetary policy. first of all, the well known arguments against a “ leaning against the wind ” strategy are still valid : financial bubbles are difficult to identify and difficult to moderate using monetary policy instruments. nevertheless, there is empirical evidence on the link between money and credit growth and asset price booms. this suggests that monetary policymakers should take due account of developments in the financial markets and in asset prices – as part of their price stability mandate. one of the lessons of the recent crisis may be that the time horizon relevant to monetary policy decisions should not be too short. looking beyond credit and monetary developments, there are more interdependencies between monetary policy and the financial cycle. therefore, we must improve our understanding of the impact of monetary policy on banks ’ behaviour and vice versa. on the one hand, recent experience has clearly shown that financial imbalances can trigger an economic downturn and thereby endanger price stability as a result of deflationary risk. on the other hand,
to the stability, efficiency and development of the ghanaian banking sector. 42. thank you once again for making me feel at home and for your kind attention tonight.

jean - claude trichet : the continuing quest for reliable and timely statistics opening address by mr jean - claude trichet, president of the european central bank, at the fifth ecb conference on statistics “ central bank statistics : what did the financial crisis change? ”, frankfurt, 19 october 2010. * * * ladies and gentlemen, i would like to welcome you, on behalf of the executive board of the european central bank, to our biennial ecb statistics conference. i am delighted that the conference has once more attracted many distinguished participants from central banks around the world, european and international institutions, the financial sector, academia and the media. as many of you know, the conference was originally scheduled for april this year, but had to be postponed because of the icelandic ash cloud. making a virtue out of necessity, the conference now also contributes to marking the first world statistics day tomorrow on “ twenty - ten - twenty - ten ”. world statistics day has been designated by the general assembly of the united nations to remind us all of the importance of official statistics and the core values of service, integrity and professionalism. also on behalf of mr. stark, i would like to invite you to join us in a dedicated ecb event tomorrow afternoon, to celebrate world statistics day. two years ago, i concluded my address before this conference saying, “ european policymakers need to have at their disposal a wide array of timely, high - quality statistics on which to base their decisions ”. this conclusion has been fully vindicated by the financial and economic crisis, both globally and in europe. the necessary strengthening of economic governance, particularly in the euro area, must go hand - in - hand with enhanced statistics. the ecb makes extensive use of a wide range of economic and financial statistics. the ecb is also a producer of selected european statistics for its own decision - making purposes and for the public at large. the european parliament and council have underlined the fact that european statistics are developed, produced and disseminated by both the european system of central banks ( escb ) and the european statistical system ( ess ). 1 to minimise the reporting burden and enable the efficient development, production and dissemination of european statistics, it is important to reinforce the close cooperation between the escb and the ess, and notably to foster the exchange of confidential statistical information between the two systems for statistical purposes. i would like to address four themes today : the statistical component of a quantum leap in euro area economic governance ;
purchases and therefore would only be an appropriate policy measure in a crisis situation. 3. thinking behind my proposal my proposal, which i have continued to submit at mpms since april 2015, has not been intended to reduce the stock of the bank's asset holdings, but to reduce the pace of increase in such holdings. i have considered the following as consequences of the bank's change in the current guidelines of the annual pace of increase in the amount outstanding of its jgb holdings to about 45 trillion yen, a level below the initial pace employed at the time of the introduction of qqe : the excessive pressure on the jgb market would be eased considerably, and the bank's jgb purchases, for the time being, would be more sustainable and stable as the risk that the bank faces a limit to its jgb purchases at an early stage subsides. meanwhile, even if the paces of increase in the monetary base and in the amount outstanding of the bank's jgb holdings were to be reduced, accommodative financial conditions would be strengthened in a cumulative manner as the amount outstanding of its asset holdings increases. given that it will take considerable time before the end of qqe – that is, when excess reserves are depleted and the amount outstanding of the bank's jgb holdings is normalized – the bank must be careful when deciding on policies. next, i would like to elaborate on the thinking behind my proposal, focusing on policy effects and side effects. b. policy effects and side effects 1. policy effects through long - term real interest rates i think qqe is effective in increasing domestic private demand, mainly through a decline in long - term real interest rates, bringing forward future real private consumption. in this regard, by way of pushing down long - term real interest rates, the cumulative policy effects already have firmly taken hold in japan's economy, as especially evident by the following developments : ( 1 ) the output gap in japan recovered to a more or less neutral level at around the end of 2013 and has generally stayed at this level ; and ( 2 ) the gap has narrowed between the actual inflation rate and the medium - to long - term expected rates of inflation, on which basis firms and households carry out their economic activities. however, i consider that the additional effects of qqe have been diminishing. this is because long - term real interest rates, which showed a marked decline for about a year after the introduction of qq

improvements in foreign exchange settlement, and enhancing the framework for resolving cross - border failures of financial institutions must not be forgotten as well. concluding remarks already forty years ago, the nobel prize - winning economist sir john r. hicks predicted that in a globalized financial market “ a national central bank will no longer be a true central bank, ” but will become “ single banks in a world - wide system. ” whether we like it or not, this is clearly the direction we are heading. bis central bankers ’ speeches
##ide and for inflation on the upside. beyond the diversity of their mandates, this represents a common challenge for all central banks. second, because we are all affected, to differing degrees, by the turmoil of the past eight months in the credit markets. in the coming hours we shall hold an in - depth debate on the relationship between financial stability and price stability. but i believe that we will all agree that the conduct of monetary policy is more difficult and more uncertain in a less stable and more volatile financial environment. i would briefly like to develop these two points. the past two decades have been characterised, on the one hand, by an increasing integration at the global level of goods, services and capital markets and, on the other, by a reduction in inflation that has stabilised at low levels. given the coexistence of these two phenomena, a number of observers have concluded that there appears to be a causal link. where exactly do we stand today? for over ten years, with the growing integration of our economies in the past few decades, powerful forces, throughout the world, have been acting to enhance price stability. each year, the arrival of tens of millions of people on the world market increases global production capacity, in particular for tradable goods. for monetary policy in developed countries, this process is equivalent to a sequence of positive supply shocks that take the form of a spontaneous decline in the import prices of manufactured goods. all other things being equal, this terms - of - trade gain allows for a lower inflation rate for a given capacity utilisation rate. more fundamentally, and although things seem to be less straightforward in this area, it is possible that the increasing openness of our economies may have structurally changed the wage and cost formation process in a manner that favours price stability. heightened competition triggered by imports reduces the market power of firms at the national level. however, other more indirect effects are also detectable. according to studies carried out at the banque de france 1, the disinflationary impact of imports appears to be relatively independent of import volumes : the mere existence of potential competition renders the markets, in the words of experts, more “ contestable ” and influences behavioural patterns. these disinflationary forces are still present. however, there are now other more powerful forces that have the opposite effect. the growth of emerging market economies and the rise in the living standards of their populations are leading to a surge in the demand for natural resources,

the retail payment system as we work together to make it better.
hides frailty. why was subprime not contained? how did $ 200bn in credit losses ultimately cause well over $ 1trn in market losses? because complexity obscured the link between ultimate creditor and debtor, it allowed false assumptions to develop that, when disabused, prompted panic. the mortgage originated by a bank was repackaged by a siv, that financed it through abcp, that was bought by a mmf, into which a retail investor placed their savings. it occurred to no one in the chain that the absence of a monitor would influence credit performance. the whole model was based on continual rollover. when subprime losses exposed the misalignment of incentives between loan originators and investors in asset - based securities, the whole system collapsed, imploding core funding markets for banks. risks that had ostensibly been moved outside the banking system or diversified away were in fact just hiding and, when crisis struck, they came crashing back onto the balance sheets at the core of the system. this complexity is being addressed. to protect against risks that banks think are low but are in fact not, a global definition of a simple leverage ratio has been agreed. in the uk, the bank of england has just recommended powers to set a simple leverage ratio for domestically - regulated banks, building societies and investment firms. this will enhance the resilience of banks against risks that are hard to model. 4 and it will ensure off - balance sheet exposures are properly capitalised. table 2 shows that the risk weighting of trading book assets has more than doubled. despite accounting for only 5 % of overall risk weighted assets, trading assets contributed more than one third of the overall increase in rwas resulting from new regulatory requirements. banks have responded by shrinking trading books. chart 2 shows that across all advanced economy sifis, the share of such assets on bank balance sheets has almost halved. chart 2 shows that, for more than a decade before the crisis, average risk weights declined and, as they did so, banks increased leverage. this trend was central to the erosion of confidence in risk weightings. since the crisis, average risk bis central bankers ’ speeches retention and capital requirements for securitisations now have more closely aligned incentives between originators and investors. new requirements for money market funds have closed the gap between retail investors ’ perceptions and their exposures. international standards are agreed to capture properly and limit off - balance sheet exposures. and the

union - reshaping - europes - financial - system /. shafik, m ( 2014 ), making markets fair and effective, www. bankofengland. co. uk / publications / documents / speeches / 2014 / speech771. pdf. shanmugaratnam, t ( 2013 ), effective regulation, ( interview with reuters, july 2013 ) shin, h, feroli, m, kashyap, a and schoenholtz, k & shin, h ( 2014 ) market tantrums and monetary policy, ( chicago booth research paper 14 – 09 ). bis central bankers ’ speeches
insufficient knowledge. so i end with a wish that should be well within our compass : for the benefit of bank customers, financial institutions, the functioning of the economy and society, responsible credit cannot be a mere objective – it has to be an ongoing action. thank you very much for your attention. 4 / 4 bis central bankers'speeches

luis maximo dos santos : opening address - annual conference of the association of specialised credit institutions ( asfac ) opening address by mr luis maximo dos santos, vice - governor of the bank of portugal, at the annual conference of the association of specialised credit institutions ( asfac ), lisbon, 22 october 2018. * * * 1. let me start with a word of thanks to all the members of the corporate bodies of the association of specialised credit institutions ( asfac ), represented by antonio menezes rodrigues, its managing director. i am also grateful to be joined by all the other speakers and participants in this conference. firstly i would like to congratulate antonio menezes rodrigues for his recent appointment to chair the european federation of finance house associations ( eurofinas ), and secondly asfac for staging another of these conferences. the importance and significance of the appointment are obvious and so could not go unacknowledged ; regarding the conference, it is a key date in the calendar for events relating to the financial system and an excellent opportunity to identify trends in the consumer credit sector, and share and discuss problems, fully justifying this word of appreciation. therefore it gives me great pleasure to take part in the conference, with the importance attached to it by banco de portugal shown by the presence of lucia leitao, head of the banking conduct supervision department, and joao raposo, head of the legal enforcement department, as speakers. 2. since its creation in 1991, asfac has filled a significant space in a sector with unique characteristics in the credit market, and with increasing importance due to social evolution and market dynamics. i see it as very important for the country and for the regulators and supervisors that the financial corporations have a strong association behind them, equipped and empowered to achieve critical mass. we all have something to gain from this. in truth, the more complicated and dense the regulatory framework, whether in banking conduct or in combating money laundering and terrorist financing, the more intrusive and principle - based the supervision should be, and the more important the dialogue with the sector ’ s representatives. it was exactly with this in mind that in 2011 banco de portugal created the forum for banking conduct supervision, in which asfac has been an active participant from the start. the road travelled since then has reinforced the wisdom of that decision. but our view is not that the conversation should only take place through specific events, but rather on a daily