samchain/econo-pairs-v2 huggingface dataset:
, pleasant and not so pleasant, but, paraphrasing a woodrow wilson school adage from the time i was here, “ wherever you go, there you are. ” if you are not happy with yourself, even the loftiest achievements won ’ t bring you much satisfaction. 3. the concept of success leads me to consider so - called meritocracies and their implications. we have been taught that meritocratic institutions and societies are fair. putting aside the reality that no system, including our own, is really entirely meritocratic, meritocracies may be fairer and more efficient than some alternatives. but fair in an absolute sense? think about it. a meritocracy is a system in which the people who are the luckiest in their health and genetic endowment ; luckiest in terms of family support, encouragement, and, probably, income ; luckiest in their educational and career opportunities ; and luckiest in so many other ways difficult to enumerate – these are the folks who reap the largest rewards. the only way for even a putative meritocracy to hope to pass ethical muster, to be considered fair, is if those who are the luckiest in all of those respects also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others. as the gospel of luke says ( and i am sure my rabbi will forgive me for quoting the new testament in a good cause ) : “ from everyone to whom much has been given, much will be required ; and from the one to whom much has been entrusted, even more will be demanded ” ( luke 12 : 48, new revised standard version bible ). kind of grading on the curve, you might say. 4. who is worthy of admiration? the admonition from luke – which is shared by most ethical and philosophical traditions, by the way – helps with this question as well. those most worthy of admiration are those who have made the best use of their advantages or, alternatively, coped most courageously with their adversities. i think most of us would agree that people who have, say, little formal schooling but labor honestly and diligently to help feed, clothe, and educate their families are deserving of greater respect – and help, if necessary – than many people who are superficially more successful. they ’ re more fun to have a beer with, too. that ’ s all

it can, with great assistance bis central bankers ’ speeches from locals and our foreign friends alike. the assistance coming through is unprecedented and the resilience of our people is without question, but we must continue to all work together to quickly rebuild our nation. official launch ladies and gentlemen, i reiterate that it is a pleasure to be with you this evening to celebrate with merchant finance limited. i congratulate the board, management and staff on this evening ’ s event. without further ado, i have much pleasure in officially launching the company ’ s new name “ merchant finance limited ” and its four new trade finance products : • trade finance local ; • trade finance import ; • trade finance export ; and • agri trade finance. i wish merchant finance limited every success for the future. vinaka vakalevu and have an enjoyable evening. bis central bankers ’ speeches
now, onto familiar ground - to discuss the new international financial architecture. but i want to key off from the generalities discussed so far : that successful globalisation will require a set of rules no less complex than the rules which govern domestic economies. these rules will have to address the strong monopolistic dynamic of the new economy and the self - interested motivation of individual countries. these rules have to be hammered out under the most difficult of circumstances, where there is no while some of the rules will be directed at these new economy characteristics, other rules should be aimed at enhancing competition and all the elements which go with a well - functioning market system. so the general thrust of the wto towards greater opening - up of international trade and the policies embodied in the “ washington consensus ” ( deregulation and opening - up of markets ) is, of course, still very important. some fine distinctions are needed here : deregulation does not mean “ no rules ” : as detailed, intrusive, prescriptive regulations are relaxed, they should be replaced by general rules - of - the - game. this distinction may seem subtle, but it is the one which applied to the process of domestic financial deregulation in australia : as the old prescriptive rules were dismantled, they had to be replaced by the broad framework of prudential supervision. well - established political process to adjudicate between rival claims and achieve some kind of consensus. nevertheless, we have to try to do this, because if we do not, the rules will be hammered out by others, and not necessarily in our best interests. again, i would refer back to the thomas friedman idea that a golden straitjacket has been developed ( and will be further developed ) and that countries will, to a greater or lesser degree, have to adjust to it, like it or not. the need is to find some kind of decision - making process ( because, after all, the golden straitjacket is not the product of some impersonal adam smith free market process ) to write ( and right ) the rules governing the financial relationships between countries. the post - war period produced the bretton - woods rules a great improvement on the gold standard. the motivation which produced the bretton - woods institutions ( the imf and the world bank ) has been lost, but needs to be regained if we are to achieve an appropriate new financial architecture. rules and the asian crisis the asian crisis revealed significant weaknesses in the rules governing

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to assess whether monetary policy has contributed to changes in inequality and, if so, through which channels. the researchers find that contractionary monetary policy shocks have significant long - run effects on inequality. in particular, they note the sensitivity of inequality measures to monetary policy actions at the zero - bound. they conclude that nominal interest rates hitting the zero - bound in times when the central bank ’ s systematic response to economic conditions calls for negative rates is conceptually similar to the economy being subject to a prolonged period of contractionary monetary policy. a report last year by the mckinsey global institute looks specifically at the period of what it calls ultra - low interest rates. 5 it suggests that as a result of low rates in the us, the uk and the euro area, households have lost a combined $ 630 billion as lower interest earned on deposits and other fixed income investments has outweighed lower interest payments on debt. younger households, which tend to be net borrowers, have gained while older households, which tend to be net savers, have lost at a time when many countries have introduced pension reforms affecting the benefits of pensioners rising asset prices prompted by monetary easing could potentially offset this effect. but while bond prices have clearly risen, the mckinsey report finds little evidence that nonstandard monetary policy has boosted equity markets. james bullard, president of the federal reserve bank of st louis, has also examined the post - 2008 experience and whether quantitative easing has exacerbated us inequality. 6 it has been suggested that the fed ’ s policy of buying us government bonds and mortgage - backed securities has depressed real yields on relatively safe assets and thus encouraged savers to move into riskier assets, such as equities, raising their prices. since only half of us households hold equities and they tend to be the wealthiest households, this policy could be making the wealth distribution more unequal. the analysis suggests that quantitative easing has influenced equity prices, but he does not think that this has made the us income or wealth distribution worse. it is, he says, only as good or bad as it was before the crisis. bullard also examines whether current us monetary policy hurts savers. he argues that fed policy generally and quantitative easing in particular have influenced the real yield earned by savers. the question is then whether the fed has helped or hurt the situation by pushing real see dobbs, r., lund, s., koller, t. and shwayder, a.

to ensure a sustained recovery. in this respect, an appropriate restructuring and consolidation of the banking sector plays an important role. sound balance sheets, solid risk management, and transparent and robust business models are key to strengthening the financial soundness of banks and their resilience to shocks, thereby laying the foundations for sustainable economic growth and financial stability. we are now at your disposal for questions.
state runs into difficulties. it ’ s not about us favouring one country over another. it is simply about making the best of a difficult situation. what we have done is right. it ’ s the best we could do, and it has been working. bis central bankers ’ speeches

lucas papademos : the international role of the euro – trends, determinants and prospects speech by mr lucas papademos, vice - president of the european central bank, at the brussels economic forum 2008, at the panel on “ the euro in a rapidly changing international environment ”, organised by the european commission, brussels, 15 may 2008. * i. * * introduction ladies and gentlemen, i would first like to thank the european commission and the organisers of the brussels economic forum for inviting me to this important celebration of the 10th anniversary of the launch of the euro. it is indeed a privilege and a pleasure for me to participate in this very special event. many of us here remember vividly the famous words – spoken almost 40 years ago – that “ one small step for ( a ) man ” can be “ one giant leap for mankind ” ( neil armstrong, apollo 11 mission, 20 july 1969 ). the same event can have a varying degree of significance for different people, depending on their viewpoint. anniversaries are occasions to take a step back and assess matters from a broader perspective and over an extended time horizon. they are occasions for celebrating the accomplishments of the past, as well as for reflecting on perspectives and objectives for the future. allow me to make an analogy with the words of neil armstrong and say that the ten years since the introduction of the euro may seem like a small step in the long history of the global economy to some people, but they certainly represent a significant leap of progress for europe. over the past ten years, the euro has become an important pole of stability in the world economy. the significance of the introduction of the euro has to be assessed first and foremost in terms of its contribution to the stability and growth of the euro area economy. and the euro ’ s performance as a currency must be fundamentally judged by its internal stability and credibility. at the same time, the single currency of a large economic area inevitably has a significant global role. our task today is to assess the euro ’ s international role in a rapidly changing and integrating global economy. my remarks will address a number of pertinent issues : • the evolution of the international use of the euro over the past ten years ; • and the euro ’ s current status as an international currency ; • the key determinants of a currency ’ s international role and the prospects for the further internationalisation of the euro ; and ; • the ecb ’ s position and the effects of macroeconomic and
gentlemen, let me introduce to you for the first time in our history the 35th anniversary commemorative k2. 00 circulation coin. alongside it is the commemorative k2. 00 note which will circulate concurrently. another historical introduction is the new 35th anniversary 50t circulation commemorative circulation coin which has the bank logo in red on the back. a new look k50. 00 banknote is also launched. it has new security and design features which now standardizes the features with the other banknotes.

l wilson kamit, cbe : an overview of financial and economic developments in papua new guinea th speech by mr l wilson kamit, cbe, governor of the bank of papua new guinea, at the 38 seacen governor ’ s conference, manila, 13 - 14 february 2003. * * * introduction thank you for inviting me to this year ’ s seacen central bank governors conference, and i am happy to present a brief update on the economic development in papua new guinea ( png ). please allow me firstly to summarise the structural developments that have taken place over the last 2 - 3 years during my absence from this conference. 1. legislative and policy changes in 1999, the government embarked on a comprehensive structural reform program, which was endorsed and partly financed by the international multilateral financial institutions ( imf, adb, world bank ), and the bilateral friends of png, including australia and japan. one important objective of the reform program was to rebuild the state owned institutions through legislative changes so as to avoid political influences, and to privatise the public enterprises that continue to operate inefficiently. substantial progress has been made under the reform program to strengthen transparency, accountability and independence in these institutions. the reforms included the financial sector, whereby structural reforms at the bank of papua new guinea were considered necessary to achieve macroeconomic stability over the medium term. a new central banking act ( cba 2000 ), which became effective on 16 june 2000, enhanced the independence of the central bank in the formulation and conduct of monetary policy. a revised banks and financial institutions act ( bfia 2000 ) and the new life insurance and superannuation acts were also passed by parliament in 2000, which enables the central bank to regulate and supervise these industries. the bfia 2000 aims to broaden the scope and improve the effectiveness of financial sector regulation, drawing on international best practices. the supervision of life insurance and superannuation industries was previously under the responsibility of the finance and treasury department, and will be initially taken over by the central bank with a view to separate it out in the future. to strengthen its capacity, the central bank is receiving technical assistance ( ta ) from the australian government, imf and world bank to have in place a supervisory framework to assimilate the life insurance and superannuation participants under its supervision. 2. developments in the financial system as at december 2002, the financial system in png consisted of four commercial banks, six finance companies, 17 savings &
and stable will help to provide an environment in which the canadian economy can enjoy solid growth and achieve its full potential.

competitiveness, and profitability. sound accounting systems also enable investors in assessing the real financial value of enterprises. the systems also assist in attracting capital, both foreign and domestic. looking ahead, i believe that a major challenge for directors and executive management is to find directors who are sufficiently independent but still knowledgeable about the business of the financial institution. independence reflects qualities of objectivity, experience, insight, and force of character. the need for directors to possess this blend of technical knowledge plus independence is critical, given the increased complexity of most banking activities and the rapid pace of change in financial markets and practices. getting the right balance of expertise and independence so that the board does not rubber - stamp the decisions of top management is a major challenge. now, turning to saudi arabia, as the central bank and the banking supervisory authority, sama has played a leadership role in strengthening corporate governance in the banking industry in saudi arabia since its establishment. you may be surprised to learn that as early as 1981, sama issued a document entitled " powers and responsibilities of the board of directors of commercial banks in saudi arabia ". this document, in a comprehensive manner, guided the board members on compliance to banking control and company laws, required the implementation of a system of accounting and internal controls and assigned the board the responsibility for monitoring the assets and liabilities, investments and profitability of the bank. this was followed by a guidance document in 1996 on the role of the audit committee of the board. this document in substantial detail provided guidance to the banks on the composition, mandate, role and responsibilities of their audit committees. in 2004, sama issued another important circular affecting the bank directors and senior managers entitled : " qualifications and requirements for appointments to senior positions in banks licensed in saudi arabia ". the circular is aimed at ensuring that directors and senior managers have sound reputation and are persons of integrity and honesty. furthermore, over the past two decades, sama has issued additional governance related regulations and guidance to banks operating in saudi arabia. these include circulars on internal controls ; know your customers rules, anti - money laundering and combating terrorism financing and prevention of fraud. also, there are specific regulations on the role of the external auditors and on the internal audit function. sama also requires the board of directors to establish a specialized compliance function that monitors the compliance of the organization with regulations and standards, and has a reporting line to the board or one of its committees. moreover, sama requires all banks to apply the
i am committed to making decisions objectively and based on the best available evidence. in doing so, i would be guided solely by our mandate from the congress and the long - run interests of the american public. thank you. i would be happy to respond to your questions. 2 / 2 bis central bankers'speeches

monetary policy is not on a pre - set path, and i will be closely monitoring the incoming data and their implications for the economic outlook. i will be looking for evidence that inflation is on a consistent and meaningful downward path as i consider whether further increases in the federal funds rate will be needed, and how long the federal funds rate will need to remain at a sufficiently restrictive level. i know that high inflation has been a hardship, especially for lower - and middle - income families, who spend the majority of their income on necessities. returning inflation to two percent will help american families focus on important decisions other than 1 / 3 bis - central bankers'speeches inflation. addressing high inflation will ensure that it is no longer a factor for spending and investment decisions and will help put the u. s. economy on a course of ongoing economic growth and rising standards of living. but i also know that higher interest rates have made it more difficult for many to get a loan, to buy a home or a car, and for businesses to invest and expand. i am interested to hear the ways in which inflation and higher interest rates are affecting the day - to - day lives of our participants today. i am also looking forward to learning about how the economy and the fed's policies are affecting lower - income workers and small businesses, the two subjects of today's fed listens event. over the past few years, for many, wage and salary increases have not kept up with inflation, and while that general pattern has improved recently, most workers still have not seen wage increases equal to price increases. for workers at the lower end of the wage spectrum, wage gains have been the strongest seen in decades. however, because necessities like groceries and gasoline make up a large share of their household expenses, lower - wage workers have been experiencing the effects of higher prices more acutely than others. we also know from history that a slower economy, with higher unemployment, tends to hit lower - income workers the hardest, so we must remain attuned to the fact that our efforts to reduce inflation have the potential to undermine wage gains and job security for lower - wage workers. should inflation remain at today's level, or increase again, lower - wage workers would continue to bear the brunt of these effects. small businesses are also more vulnerable in an economic slowdown than larger businesses, and i am watching carefully to see how they are dealing with both inflation and higher interest rates. despite high inflation and
that while vulnerabilities associated with household indebtedness and housing markets are edging higher, the overall risk to financial stability in canada is roughly the same as it was at the time of our june fsr. with that, carolyn and i are happy to take your questions. bis central bankers ’ speeches

a case to case basis. this goalpost has already been set and we need to reach it in the most cost - effective manner, preferably keeping pace with other jurisdictions. i know that professor avinash persaud and mr. percy mistry have delved into the issues concerning basel 2 at a deeper level, having had knowledge of how things are moving in the commonwealth and other countries. i trust that they can enlighten us more fully about the direction we can practically take in our specific context of a small and emerging economy. it is therefore my pleasure to leave the floor to them to throw light on how best the regional economies can deal with the new challenge that the implementation of basel 2 represents and i invite you to participate actively in the exchange of views due to take place over the next couple of days. i know that discussing about banking risks in the beautiful setting of this tourist resort is not the ideal thing to do but the trade - off may be well worth the while for the short duration of the workshop. thank you for your attention.