samchain/econo-pairs-v2 huggingface dataset:
, banks in india have just begun to exploit it as an effective non - branch delivery channel. the bankers will have to take a comprehensive view about their delivery channels. till now delivery channels were viewed in terms of cost and technology. delivery channels were devised focussing mainly on time and place advantage to the customers. however, with the continuing advances in wireless technology, flexibility in delivery channel device would be the forte of banks. successful adoption of wireless technology would help banks to offer not only any time, anywhere, but also any device banking. further, banks will have to build integrated delivery channels with both vertical and horizontal integration. in order to do so the banks should install an enabling and compatible multi - channel platform which should support and seamlessly integrate both the existing and future delivery channels. in today ’ s distributed computing environments, retail users sign onto many different applications and systems including email, networks, databases and web servers each typically requiring its own security procedure. the more systems users must navigate, the more ids and passwords they must remember. systems should be developed in such a way that a customer can use his atm card and his own atm pin ( personal identification number ) for customer authentication in a web transaction, which is normally not done in a web - based transaction or in any other delivery channel. the process cycle of the above single ‘ signon ’ should be that once the customer initiates the transaction by entering the pin from any of the delivery channels, the pin entered by the customer is verified with the pin details of the customer and once the verification yields a positive response the customer will be allowed to perform the transaction. the pin, which the user enters to perform the transaction, should be a unique pin that can be used by the customer to perform the transaction across any delivery channel. in short, the banks should have a comprehensive system which will allow them to deliver dynamic end - to - end customer service that can reshape customer base, maximise cross - selling opportunities and generate a positive roi ( return on investment ) in the changing business economy.

remain steadfast in our dedication to maintaining stability, fostering growth, and safeguarding the interests of customers. the inputs provided by deepak rana, vishal kumar prasad, pramanshu rajput and pradeep kumar are sincerely acknowledged. 7 / 7 bis - central bankers'speeches
and its impact on the efficient functioning of the market. bis central bankers ’ speeches

decade prior to 2012, to a little above three over the past four years. however, over the same time, the supply has grown significantly, so that the absolute amount of turnover hasn ’ t changed all that much. the turnover ratio of corporate securities has declined to a little above one in the decade prior to 2012 to its current level of about a half. graph 1 looking at this another way, the share of the government bond market that used to turnover in an average month now takes a bit over six weeks, while the average share of the corporate securities market that used to turnover in one month now takes closer to two months. we also hear from market participants that it is, in general, a bit more difficult to transact in size. should we be concerned about this? not necessarily. the corporate bond market in australia has never had a highly liquid secondary market. it has always been predominantly a buy and bis central bankers ’ speeches hold market, and most participants are well aware of this. more generally, bond market activity in australia has been structurally declining over a long period. in the mid 1990s, the turnover ratio for government bonds was around 10, by the late nineties this had fallen to around 7. a decade later in the mid 2000s, it had fallen to around 5 and now it is 3. there are number of explanations for this decline in turnover which i will now turn to. derivatives market participants have been increasingly transacting in derivative instruments rather than the cash bonds. since the mid 1990s, activity in bond futures and interest rate swaps, relative to bonds outstanding, has increased sharply ( graph 2 ). in 2015, the value of turnover in bond markets was around $ a2½ trillion whereas the value of turnover in both the australian dollar interest rate swaps and bond futures markets was each around $ a9 trillion. 4 growth in activity in these markets in recent years has significantly outpaced growth in issuance of australian dollar bonds. overall, the increase in derivative activity has more than offset the decline in bond market activity. graph 2 these figures are sourced from the afma. i ’ m only referring to interest rate and tenor basis swaps turnover here. bis central bankers ’ speeches there is a clear preference for bond issuers and investors in australia to manage the risk associated with their bond issuance or bond holdings by transacting in the derivative instruments rather than in the physical instruments. 5 this has resulted in a further concentration of liquidity in the derivative instruments and a
##sbursed, which is the highest level so far. this supported the profitability of corporates, which has been on a constant rise since 2015. the corporate sector ended 2018 with a net profit of rsd 500 bn, which is by rsd 126 bn or by one third more than the year before. if we look at company size, we will see that profitability was in the positive zone in all categories – from micro to large enterprises. lending activity movements dinar interest rates movements ( p. a., in % ) ( excluding the exchange rate effect, y - o - y rates, in % ) 10. 3 5. 6 3. 6 2. 75 corporates loans - outstanding amounts * households loans - outstanding amounts * 7 years government securities * * key policy rate * * source : nbs, ministry of finance. * as of june 2019 * * as of july 2019 9. 7 15 9. 4 5 8. 9 - 5 - 5 - 10 - 10 - 15 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 - 15 20. 2 total ( lhs ) households ( lhs ) enterprises ( lhs ) investment loans ( rhs ) source : nbs. positive fiscal trends extended into 2018 – serbia recorded a fiscal surplus of around 0. 6 % of gdp. the share of public debt in gdp dropped by 4. 1 pp y - o - y to 53. 8 % in 2018, and went further down to 51. 8 % in may 2019. in the context of financial stability, particularly important is the reduction in the dollar share of public debt in the previous two and a half years, from around one third to around one fifth of total public debt in june this year. also, the country ’ s external position is sustainable. for four years in a row the current account deficit was fully covered by the inflow of foreign direct investment, which in 2018 reached eur 3. 5 bn or 8. 2 % of gdp. full coverage of the current account deficit continues in 2019. we have preserved financial stability. in such an environment, appreciation pressures prevailed in 2018 as well. the dinar strengthened against the euro owing to good macroeconomic indicators, greater interest in long - term investment in serbia and rising exports of goods and services. to prevent excessive short - term volatility of the dinar exchange rate, we intervened in the interbank foreign exchange market on both sides – by buying and selling foreign currency. we bought eur

that sound economic policy was pursued in serbia and that the resilience of the domestic economy to potential risks was strengthened. by consistent implementation of monetary policy and full coordination with fiscal policy, the national bank of serbia significantly contributed to the country ’ s solid economic performance, which strengthened the basis for sustainable growth. we are therefore able to talk today about the lowest risk premium, which in july, for the first time since records are available for our country, fell below 60 bp. risk premium indicator − embi ( daily data, in bp ) embi global composite embi europe serbia source : jp morgan. thank you for your attention. please allow me now to pass the floor to general manager of the financial stability department mr darko kovacevic.
sovereign wealth funds ). it is also important to ensure that africa ’ s interests and priorities are represented in the review or design of any new global financial architecture relating to, for example, the role of the bretton wood institutions. we must also ensure that the financial crisis is not used as a pretext for relaxing or abandoning the hard - won commitments by africa and its development partners, at least in four main areas : - sustainable economic growth, including food security, climate change, infrastructure and / or trade ; - social development, notably health, education and the more important gender issues ; - good governance, and its associated financial and political accountability ; and - financing for development, including levels of development aid. the africa progress panel believes that the growing sense of mutual accountability between africa and its partners, whether traditional or new, needs to be encouraged and supported. while it would be unwise to make any predictions, the election of mr barack obama bodes well for not only the maintenance but also, it is to be hoped, the further evolution of commitments to africa by the united states of america. however, we should be aware that both africa ’ s traditional and new partners are under enormous pressure to cut expenditure, and this makes aid levels highly vulnerable. therefore, we should do everything possible to encourage them to live up to their commitments by, among others, reaffirming our side of the bargain. notably, this involves committing to the maintenance of fiscal and broad macroeconomic discipline, investing domestic resources with a view to achieving specific human development objectives, and strengthening political accountability at national and regional levels. to this end, the chairman and members of the africa progress panel would like to support, in any way we can, the adb president, dr kaberuka, the chairman of the african union commission and the executive secretary of the economic commission for africa as they ensure that africa ’ s interests are well understood and represented in critical discussions, some of which will take place in the next few months. african leaders are encouraged to network among themselves to forge a common position on these issues, in the best interests of the continent and its populace. on behalf of chairman kofi annan and other members of the africa progress panel, i thank you for your attention.

gains, are also critical, as they help to enhance the resilience of the economy. i thank you for your attention.
ready to answer questions once the other speakers have made their remarks. thank you very much for your attention.

shared their knowledge and experience with their egyptian counterparts to reform the internal procedures and policies of the central bank of egypt towards a greater focus on risk - based supervision. this programme ended in november 2007 and was considered a success by all those involved. the new programme on banking supervision will begin on 1 january 2009 and will build on the capacity of the staff of the central bank of egypt in terms of risk - based supervision. as i have already mentioned, it will run for a period of three years and will be funded by the european union. the aim of the programme is to support the central bank of egypt in drafting new rules, policies and practices that will effectively create an appropriate egyptian version of the internationally accepted banking supervision standard known as basel ii. in this process we will also take account of the most recent european experiences from the financial market turmoil. more specifically, we will assist the central bank of egypt ’ s banking supervisors in developing a specific egyptian guideline for the implementation of basel ii, as well as a new regulation that will apply to banks in the country and a new reporting scheme for banks in order to provide the central bank of egypt ’ s banking supervisors with the information they need to carry out their job. before this goal is reached, many steps need to be taken and many publications will be printed. as always, it will be very important to design the new framework in such a way that it is suitable for local market conditions. with this aim in mind the european union ’ s banking supervisors will support the central bank of egypt in its key dialogue with egypt ’ s commercial banks to begin in the first half of 2009. from the side of the european system of central banks, or the escb, i. e. the european central bank and the national central banks of the european union, the programme will be implemented by the european central bank in partnership with seven national central banks, namely those of bulgaria, the czech republic, germany, greece, france, italy and romania. the banking supervisors from these countries will support and assist their egyptian colleagues in the challenging tasks that they have set out to achieve. i would like to welcome the representatives from the escb that are here today. from our side there will be a need to coordinate these efforts and to be continuously available to support the work of our egyptian colleagues. this will be the main task of mr herve leclerc, inspector of the banque de france, who will be our resident programme coordinator here in cairo from 1 january for three
euro area governance, both by strengthening fiscal frameworks and improving crisis management mechanisms. much remains to be done. but if we keep on the right track, we will emerge from the crisis better equipped to take advantage of the opportunities offered by our common currency. bis central bankers ’ speeches

economy will have to be optimised, and where public debate will have to bring together doctors and economists. their opinions may converge more easily than we believe. lastly, we know that we will emerge from this crisis with significantly higher levels of debt. this is clearly the case for government debt, with an increase of between ten and several dozen percentage points of gdp. but it is also the case for business debts : the longer the economic hiatus lasts, the more their problems will evolve from simple cash requirements to lasting balance sheet challenges and losses to be covered through capital increases. in financial terms, several businesses will go from facing liquidity constraints to solvency constraints. and the current cash flow problems will become stock problems. relatively speaking, the economic agents generally least affected by this crisis are households, which experience high levels of “ forced saving ” during the period. of course, this does not mean that, on a micro - economic level, some low - income households and financially vulnerable people are not already feeling the effects of lost income ; and these households, which struggle to make ends meet, have no precautionary savings. * * * this leads us to consider the lessons that history can teach us about recovering from crises, starting with the post - war years. this has become a particular focus of economic research today, even though, fortunately, our situation is less page 6 of 8 dramatic : the three " classic " themes – which give rise to so many questions – are the return to growth, debt treatment, and the proper use of monetary policy. 1 / how to support growth? in europe, there would be little sense in giving a cheque to every household, which forms part of the us recovery plan. we do not have – fortunately, to my way of thinking – the same social model. given the various social protection schemes in place in europe, to which we can add forced saving during periods of lockdown, household demand should recover quite spontaneously. in terms of total demand, greater uncertainty remains around investment and external demand, particularly with regard to the time needed for the global economy to overcome the public health crisis. supply from businesses could remain stymied in some sectors due to lasting loss of capacity ( bankruptcies ) and supply chain difficulties. this is therefore likely to require investment programmes and climate transition programmes that sustain demand while improving production capacity ; and for that, priority will have to be given to financing joint initiatives at the european level, particularly given its higher " debt capacity ".
the demand for short - term, high - quality instruments was likely stimulated, on the one hand, by structural factors such as, fiscal consolidation in most of the industrial countries and the resulting decline in the issuance of government debt securities, and on the other, by economic factors such as the flattening of the yield curve. one further correction to the m3 statistics still needs to be made. to date, only provisional data are available on purchases of money market paper and of short - term debt securities by non - euro area residents. by the end of the year, revised m3 figures should be published taking full account of negotiable instruments held by non - euro area residents. one of the important general challenges of producing and interpreting statistics is to maximise their economic content. the revision of the monetary statistics in order to take into account purchases of negotiable instruments by non - euro area residents is a further step in this direction. the monetary statistics are among the most advanced statistics available for the euro area. they are based on a fully harmonised consolidated balance sheet and on fully harmonised money - issuing and money - holding sectors, as well as on harmonised financial instruments. in view of their close links with inflationary developments and their good leading indicator properties for future inflation, monetary developments must also play a prominent role in the monetary policy strategy of the ecb in the future. since the second quarter of 2000, growth in m3 has been declining mainly on account of the increase in the short - term interest rates. adjusted for the money market fund shares / units held by non - euro area residents, m3 grew at an annual rate of around 41 / 2 % in the first four months of 2001. if current data on purchases of money market paper and short - term debt securities of non - euro area residents are also taken into account, the annual rate of growth of m3 over recent months has probably been slightly below the reference value for m3. overall, monetary developments therefore point towards a favourable outlook for the medium - term maintenance of price stability. growth of credit to the private sector in the euro area has increased relatively strongly since the start of stage three of emu. in particular in 2000, some of the credit demand can, however, be attributed to the financing needs in the context of mergers and acquisitions, partly outside the euro area, and to the financing of umts licences. these factors, however, are not likely to affect domestic price developments. in this respect, the dynamics

be overlooked. i should like to refer back to my opening lines : holding onto something which is well - established can hinder progress and change which in themselves can bring many advantages. this applies not only to the introduction of the euro but also to the enlargement of the european union. ladies and gentlemen, thank you for your attention.
william c dudley : the national and regional economic outlook remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the university at albany, albany, new york, 18 november 2011. * * * good morning. i am pleased to be at the university at albany. it is always a pleasure to speak with students and faculty because of the intellectual leadership role you play in your communities. i also welcome the addition of business leaders to this gathering because you shape the economic landscape in the region. so, i thank you all for coming today and helping make this such a rich audience. over the past 20 months, i have been engaged in a series of outreach meetings all across my federal reserve district. i consider these visits just as important as my trips to washington, d. c., to help formulate monetary policy or to switzerland to shape international bank regulation. the understanding of issues and concerns that i gain today will help ensure that my policy decisions reflect the public interest in the broadest sense. each visit within the region helps me deepen relationships with the people i represent. as you may know, the new york fed ’ s district includes all of new york state ; 12 counties in northern new jersey ; fairfield county, connecticut ; puerto rico ; and the u. s. virgin islands. in august, i met with community leaders, businesses and elected officials in newark, patterson and jersey city. earlier this year i went to brooklyn, the bronx, queens and puerto rico, while last year i visited several upstate cities. my trip started yesterday with a policy speech to the west point cadets and was followed by a colloquium with their economics faculty. so, this visit to the upper hudson valley brings me in contact with some of our country ’ s future leaders – you and the cadets who will lead our country in very important, if different, ways. i will also have a chance to see more of what makes albany so distinct from both downstate and upstate new york. of course, i may have a leg up on this because i was born and raised close by, in western massachusetts! the greater albany area is home to 900, 000 people – roughly the size of three average cities in the united states. you and your fellow residents tend to be highly educated and be employed as public servants. these factors are all part of what makes albany feel special. today, i want to talk with you first about the fed – what we do and why

banks courage, perseverance and vision as they plot their course to the future. thank you.