samchain/econo-pairs-v2 huggingface dataset:
group over coming months. please do get involved in shaping the future of sterling markets – starting from now. i am looking forward to hearing your thoughts this morning. all speeches are available online at www. bankofengland. co. uk / speeches

to say that demand for derivatives stems partly from the desire to hedge underlying cash market instruments. that reinforces the need, ultimately, for a broadly - based transition. all speeches are available online at www. bankofengland. co. uk / speeches that can be to the benefit of any user of libor who bears exposure to bank credit risk not through preference but through lack of established alternatives. i personally suspect that many users would be in this category. in fact the scope for sonia adoption in markets beyond derivatives is a key issue we want to explore – and will be discussed in the panel sessions later today. we do not underestimate the complexity of reducing the financial system ’ s libor dependency. we are at the beginning of the process, and at this early stage the challenges are not all clearly in focus. that is why the engagement, help and support of the wider community of users of sterling interest rate benchmarks – issuers, investors, banks, as well as dealers – will be essential. the working group needs your help to identify the impediments to transition as you see them – and, equally, to identify where there are opportunities. that is why you are here today. the way ahead so what happens now? i have argued that, over time, we need to see a broad transition away from sterling libor towards sonia. that will require changes in the behaviour of firms that carry some cost. but, where sonia better matches the risks firms are hedging, there will be long - term benefits. moreover the financial system will be safer. the bank has already laid the groundwork for transition by reforming sonia and creating the risk - free rate working group. we will continue to use our convening power to support the working group in driving adoption of sonia. we will help market participants to understand changes in the environment and how they might be affected. and, where there are coordination issues we will stand ready to assist the market in solving them. what we are asking from you is to engage with the working group. as i ’ ve already said, we are under no illusions that transition will be easy. that is why it is so important that you help identify the challenges and opportunities of adopting sonia more broadly. the working group has produced a paper which seeks your input on a number of specific questions. please do respond. all speeches are available online at www. bankofengland. co. uk / speeches it also invites participation in the work of the
as it is in the u. k. ” “ for such operations to be useful, you have to make the case that the primary obstacle that banks are facing when they lend to the real economy is lack of access to liquidity. but in the euro area there are many other issues that they face, starting with credit risk. in other words, you have to make the case that monetary policy can provide a significant contribution to something that might primarily be a case of excessive risk, or lack of capital, either in the banking system or in the corporate sector, or both. ” on a further cut to the main refinancing rate : “ the mro rate is at 25 basis points. there is room to cut it if needed, which is consistent with our forward guidance that rates will remain at their current level or lower. ” “ from a purely operational point of view i don ’ t see a binding limit to where we can go if need be, and we ’ ve been clear that the deposit facility can go negative. it is probably possible for a fraction of the money market to trade at negative rates, but probably not the whole of the market as it stands today. ” on forward guidance : “ we would certainly be ready and willing to strengthen the forward guidance in the sense that we are absolutely clear that further downside risks to the current scenario would be taken into account. and we are absolutely clear, looking through short - term developments, that we are serious about our inflation objective and that it ’ s a symmetric objective. we have been clear on that and we would be very happy to be even clearer if needed. ” “ if the question is : is it useful to add numbers or triggers or thresholds to our forward guidance? my personal view is that we don ’ t know enough about the functioning and the structural change the euro zone is going through to put numbers on our reaction function. we are in a period of structural change. we don ’ t know much about future trends in productivity, the functioning of labor markets and the degree of price rigidities in the euro area. a number of countries are undergoing very serious structural changes, for the best. that warrants certain cautiousness when it comes to numbers and to mapping a certain state of the economy into a monetary policy stance. that is my personal view but that must be the prevailing view in the governing council, else we would have numbers. ” bis central bankers ’ speeches on triggers for more action : “ if we have

doing now. it ’ s an important task and there is a lot to be done. ” bis central bankers ’ speeches
##a also operates the settlement system that transfers money between banks ’ accounts in real time, 24 hours a day, 7 days a week. it ’ s pleasing to see how these systems can be used to directly and quickly help people who are in need. thank you. my colleagues and i are here to answer your questions. 4 / 4 bis central bankers'speeches

financial services are a key intermediary input into the production process. a severe curtailment of those services has a material impact on the capital accumulation process, unemployment and the long - run growth prospects of the economy. it is in the interests of society to ensure that the public sector provides a backstop in such circumstances to mitigate the externality caused by the individually rational risk - aversion of financial sector participants. finally, the financial innovation of the decade or so prior to 2007 saw the development of a large number of derivative products whose goal was to disperse risk around the financial system. this was done, in part, to enhance the robustness of the system to any idiosyncratic shock and to ensure that the core process of financial intermediation was not significantly compromised when the shock hit. this worked up to a point, in that the situation, as bad as it was, may have been even worse if all the losses resided on the books of financial intermediaries rather than also on the books of pension funds etc, where the immediate effect of the losses was diffused somewhat ( although less of it turned out to be diffused than originally thought ). whether this is true or not will be an interesting research question in the years ahead. conclusion the argument i have been seeking to make today is that the mis - assessment of risk has been a key element of the financial crisis. one of the contributing factors to this misassessment was an over - reliance on a model - based approach to risk management, which focussed too much on measurable risk without taking full enough account of unmeasurable uncertainty. taking account of uncertainty is not easy, after all, it is uncertain! but at least a focus on ordinal as well as cardinal probabilities, in part by stress testing with scenarios that fall outside the model ’ s history, would surely be beneficial. but stress testing and the assessment of uncertainty is still constrained by the difficult decision as to what is the relevant set of stresses that the framework should be subjected and what is the relevant history. a healthy dose of judgement needs to be brought to bear on these decisions. given these difficulties, it is important to try to make the system as robust as possible to the inherent irreducible uncertainty. one key element of this is restraining leverage, which can limit the number of illnesses that turn into fatalities. bibliography ahamed l ( 2009 ), lords of finance : the bankers who broke the world, penguin,
, training providers and workers – to build a resilient and sustainable talent pipeline for the future. while the challenge is great, i am reminded by the conference today that our prospects are bright as the industry continues to show strong leadership in rising up to the challenge. 4 / 5 bis - central bankers'speeches thank you. 1 focus malaysia [ link ] 5 / 5 bis - central bankers'speeches

instability. one source of risks is the huge accumulation of public debt, which could potentially lead to a higher cost of borrowing if markets were to become concerned about its sustainability. the imf has estimated that government debt in g - 20 countries will reach 118 per cent of gdp in 2014, and that lowering it to 60 per cent by 2030 would require an improvement in structural primary balances by 8 percentage points of gdp ( figures 4 and 5 ). 5 achieving shifts of these proportions will involve tough policy choices. in particular, facing the challenges posed in most countries by the projected rise in age - related expenditures can no longer be postponed. only by committing now in a clear and credible way to a path of budgetary consolidation can governments preserve the flexibility they deem necessary in the short term. the other risk is that a protracted period of very low policy interest rates and abundant liquidity may end up fuelling new asset price bubbles, thus building up the conditions for the next crisis. there is growing concern that this may already be happening, although the evidence so far is mixed : – in advanced economies, markets for equities and other risky assets have staged a stunning recovery since march. as regards equities, there is not yet clear - cut evidence that this has gone too far, based on the indicators usually watched to see also, on this and other challenges ahead, i. visco, “ challenges to international cooperation in the wake of the global crisis ” ( intervention at the italian chamber of commerce and industry in the uk xxxi annual conference on “ a new approach to global economic and social growth ”, london, 16 october 2009, available at http : / / www. bis. org / review / r091021e. pdf ). on the reform of the international monetary system, i would also refer to the recent imf paper, “ the debate on the international monetary system ”, by i. mateos y lago, r. duttagupta and r. goyal ( spn / 09 / 26, november 2009 ). imf, “ the state of public finances. cross - country fiscal monitor : november 2009 ” ( spn / 09 / 25, november 2009 ). assess asset valuations. however, this depends crucially on how strong we expect the economic recovery to be, and there is still considerable uncertainty on that. an equally striking shift in attitudes toward risk seems to have occurred in corporate bond markets, where risk spreads have narrowed
in namibia before the end of the first quarter of 2009. with these few words, ladies and gentlemen, i thank you for listening.

addressing the gaps in governance frameworks, assurance functions and strategise for better times ahead. thank you. inputs provided by tariqa singh, pradeep kumar and tripta roy are gratefully acknowledged. 1 sec 10 - a and 10 - b of the b. r. act, 1949 5 / 5 bis - central bankers'speeches
term focus. the main argument against two funds was that the division would imply unnecessary operational rigidity and compromise the objective of maximizing returns. while this is true, it must be recognized that having one fund serving both stabilization and savings purposes will provide its own challenges in terms of defining an appropriate liquidity and maturity distribution of the portfolio. ]

environment. while there are several elements under this heading, “ business facilitation ” is one that requires particular attention. in the latest doing business report by the world bank, trinidad and tobago ranks 68 out of 183 countries. in that report, two of the areas cited as needing significant improvement are : i ) dealing with construction permits – it takes around 297 days to get a building permit ; and ii ) registering property, where it takes on average 162 days to complete the process. discussions with local traders also suggest that there are often significant delays and charges at our ports, even relative to the rest of the caribbean countries. i understand that some important work has been going on to progressively reduce administrative procedures by way of a single electronic window which would help to further automate transactions. bis central bankers ’ speeches the private sector also has its challenge. entrepreneurs need to move out of their existing comfort zones and to invest in new industries for export to some of the more promising and dynamic markets. it is worth remembering that following the economic crisis of the 1980s, local private sector firms took up the challenge, identified new exports niches and established a formidable presence in the caricom region. in some cases the amount of capital needed may require partnering with foreign investors. in other circumstances, public / private sector partnerships may be the appropriate modality. the trade unions clearly have an important role in the transformation effort. relations between companies and unions need to shift from being adversarial to one of cooperation. it is critical for both parties to jointly address competitive pressures and work to harness the skills and commitment of the workforce. productivity and / or profitability are the source of an employers ’ capacity to pay, if business competitiveness is to be achieved and maintained. some of the more dynamic export - oriented economies ( in asia ) have experimented with compensation systems which provide flexibility through variable pay arrangements which can respond to changes in market cycles or to poor enterprise performance. i am not sure whether it would work here but perhaps, it is worth some consideration. let me end by returning to the main theme … while we are undoubtedly the economic leaders of the caricom region, our energy advantage is on the wane. in these circumstances, in order to ensure medium - term sustainability and increasing living standards, we need to become more competitive, and to put the diversification thrust on the front burner. time may not be on our side. bis central bankers ’ speeches
s fiscal rule. michel strawczynski and joseph zeira will examine the cyclicality of fiscal policy in a broad set of emerging market economies, and will analyze whether the dynamics they observe can be characterized using aguiar and gopinath ’ s distinction of permanent and temporary shocks. i would like to thank the organizers, jordi gali and luis felipe cespedes, for putting together this first - rate programme, and yan carriere - swallow and the department of institutional affairs for coordinating the logistics that have made this event possible. i look forward to two days of engaging presentations and fruitful discussions. thank you.

round inflationary expectations leading to rising core inflation which in some cases is already rising because of domestic overheating or over - borrowings by the government. to the extent inflation rate is being contained through fiscal measures, this in turn will also impact monetary trends and require further tightening.
be able to emulate the example of the asian countries. we will be able to leave a prosperous and progressive pakistan for our children to live and enjoy.

absence of adequate tax revenue mobilization, the government is unable to carry out these basic responsibilities of development well. in pakistan there is a widespread tendency to evade taxes by concealing incomes. presently, there were only 1. 1 million tax payers in a population of 150 million people. this number should be increased to at least three million. once the tax base is broadened the tax rate can come down from 35 to 25 or even 20 percent and the heavy burden borne by a small segment of the population can be eased by sharing with a larger segment. as tax consultants, you bear an enormous responsibility for the sake of the nation ’ s cause to help plug the holes of tax evasion and maximize the number of tax payers in the country. ( g ) role of the government : the role of the government in asean + 3 countries has been to facilitate, guide and help the private sector in fostering economic growth and development. by maintaining macro economic stability, by charting out a long term vision and strategic direction and by pursuing consistent and predictable policies, the governments in these countries gave confidence to local as well as foreign investors. the long term path chosen by china in the late 1970s under the leadership of deng xao ping is still being followed with suitable adaptation and modification despite changes in the leadership of the communist party during the last two decades. the same was done by japan where a separate ministry called ministry of international trade and industry ( miti ) was created to develop industrial strategy and vision and to assist the private sector in these industrial pursuits and export expansion. unfortunately, we have been changing our policies, programmes and priorities every two to three years in the 1990s with every single change in the government giving confusing signals to the investors, nurturing uncertainty and leading to disruption in the momentum of economic activities. the continuity and consistency of policies since 1999 and the level playing field created for the investors has started paying dividends as investment rate has begun to show an upward trend. ( h ) science and technology : as a nation, we have to give greater importance to science and technology as a tool to capture the commanding heights of the global economy and to achieve the required level of growth of 7 to 8 percent. korea and taiwan ( a non asean country ) sent teams to recruit their nationals working in the united states and offered them lucrative and attractive packages to hire them back to their countries of origin. these scientists and engineers taught at the universities and colleges, set up research institutes, worked in the laboratories and on product development
michelle w bowman : welcoming remarks - " fed listens " welcoming remarks by ms michelle w bowman, member of the board of governors of the federal reserve system, at the " fed listens : joining the labor force after covid, a discussion on youth employment ", hosted by the federal reserve bank of chicago, chicago, illinois, 22 august 2023. * * * thank you, president goolsbee. it is a pleasure to be here today to participate in our first in - person fed listens event in chicago since before the pandemic. i am really looking forward to being a part of today's conversation. when we began fed listens in 2019, the initiative was part of a broad, comprehensive review of the decisionmaking framework the federal open market committee uses when making decisions that impact the economy. since that time, we have met with people across the country from a wide range of backgrounds and perspectives, and we've learned about how our monetary policy actions affect them, their businesses, and their communities. in light of the insights we gained during those original listening sessions, we decided to expand the scope of fed listens to become an ongoing process of consultation with the public to better understand economic conditions from their point of view. these fed listens events provide us with a valuable opportunity to learn about the economy by engaging directly with those experiencing economic conditions. these conversations provide context for the economic and financial data that we monitor, and they help us look beneath the national - level data reporting to see how americans in different areas of the country are faring. so, again, i am very happy to be here in chicago with president goolsbee to learn about the topic of today's fed listens, which focuses on the experiences of young people as they enter the workforce. an important aspect of that transition to employment is whether young people are effectively prepared, and whether our economy has enough skilled workers to meet the growing demand. it's not possible for america to achieve sustained economic prosperity unless young people are equipped with the benefit of an effective education system and have access to opportunity. like many families during the pandemic, my family faced challenges with school closures and a lack of access to normal childhood activities and social interactions. as our education system works to address the lasting impacts of student learning losses and the increased emergence of mental health issues, it is critical that we recognize the challenges many are facing as they prepare to enter the workforce. the pandemic was a

and jori kandra ( 2023 ), " class of 2023 : young workers have experienced strong wage growth since 2020, " economic policy institute, working economics blog, may 4. 2 see anna crockett and xiaohan zhang ( 2023 ), " young adults are disconnected from work and school due to long - term labor force trends, " federal reserve bank of dallas, communities blog, april 6. 2 / 2 bis - central bankers'speeches