samchain/econo-pairs-v2 huggingface dataset:
important, in the public debate on social problems, which are both of the highest importance. and as they are so important, we must analyze them extremely carefully, and in particular must understand that the problem of poverty cannot be resolved in the medium and long terms without persisting on the need for continued economic growth.

supermarket where prices are denominated in bitcoins? ), and in view of the high volatility we see in its price — it certainly does not retain value. stablecoins, in contrast, could approach the worlds of money and banking. to the extent that the stablecoin is in fact linked to the value of a fiat currency, it can serve as a “ store of value ” like that same currency, and possibly serve as a real means of payment. alongside the features of the stablecoins that i noted, which force us to think of them more as “ money ”, and distinguish them from currencies that are not stable, we also have to pay attention to the challenges that may arise in using those currencies. for example, when stablecoins represent a significant market share of all the assets backing them, the trade in those assets, which is made in order to protect the value of the stablecoin, could impact on the stability of the financial system. to illustrate, the sale of a large quantity of government bonds owned by the issuer of stablecoins who is facing a liquidity crisis as a result of a mass abandonment of the stablecoin, could challenge the stability of the bond market. in this regard, it is worth noting a simple fact : when they are not supervised as required, stablecoins are, in fact, not necessarily stable. only recently, an ostensibly stable currency, tera usd, one of the biggest currencies in terms of the scope of its market value, collapsed and lost its value in several days. given that this occurred, it is good that it occurred at a fairly early stage of development of this world, when it is still worth billions, and not trillions, of dollars, which could have impacted the entire monetary system. therefore, i am of the opinion that we as a central bank have to be charged with the supervision and regulation of stablecoins, to the extent that we will assess that it is required for maintaining economic stability. this is in contrast to currencies that are not stable, where the supervision has to focus on consumer aspects such as transparency, proper management, etc. in recent years an additional, interesting, historic development is starting, which could completely change the rules of the game in the worlds of payments in particular and the financial system in general. i am referring, of course, to central bank digital currencies — cbdc, or what we
the reforms, the bank of png had to shut down a major bank, liquidate 86 savings and loan societies and oversee a number of financial institutions manage and trade themselves back into business. the process is still continuing with a small number of institutions still under statutory management or in liquidation. the financial sector the reformation of the financial sector created the foundation for financial stability which has led to rapid economic growth unprecedented in png. the financial sector has seen major transformation in asset size since 2000. total assets of the financial system grew from under k4. 0 billion in 2000 to over k20. 0 billion as at end of march in 2009, with the banking system maintaining 65. 2 percent of the market share, authorized superannuation funds ( asfs ) account for 26. 4 percent, savings and loans societies 4. 1 percent, licenced financial institutions ( lfis ) of 3. 2 percent, and life insurance companies ( lics ) of 1. 1 percent. consistent with the rapid increase in asset size, return on assets and equity of the banking sector increased significantly following the reforms. banks in png remain one of the most profitable in the region. the financial sector reforms assisted significantly in preventing the domestic banking system from the adverse effects of the global financial crises. the successful aversion was also due to the following factors : • lending by the commercial banks virtually funded domestically by deposits from the public ; • the banking system is well funded with ample liquidity and has a stable interest rate environment ; • effective financial system supervisory framework which emphasis on the maintenance of capital adequacy, low level of non performing loans, good corporate governance and management gave confidence to the economy ; and • sound fiscal management by the government, including debt retirement program provide private sector confidence ; improvement in the sovereign risk rating of png from bb to bb +. the above factors reflect that an effective regulatory framework, sound fiscal and monetary policies and adherence to basic principles of banking can safeguard the financial system from the adverse effects of external banking or financial crises. papua new guinean economy the fast pace of private sector credit growth and the development of the lng have changed the landscape of risk profile in png. the following are risks which are most likely to affect the banking system in the short and medium term. despite the global financial crises, the png economy has performed relatively well in the last 5 years on the back of high international commodity prices, and prudent management of fiscal and monetary policies.

authority, it is also my pleasure to invite the governor of the ncdc, hon. powes parkop, mp and the chairman of nationwide microbank limited, mr. ray clark to join me in opening the port moresby branch of nationwide microbank limited. it gives us great pleasure in declaring that the nationwide microbank limited is now open for business. thank you, ladies and gentlemen.
. as regards instruments, we have used both : • the “ standard ” instrument par excellence : interest rates. the ecb ’ s monetary policy has been very accommodative for several years, with key interest rates currently at historically low levels and negative real interest rates in large parts of the euro area. • a broad range of “ non - standard ” instruments that can be grouped into two categories : i ) liquidity - providing instruments ( with the fixed rate full allotment policy, the expansion of eligible collateral, and the extension of maturities up to three years with the vltros ) and ii ) instruments making it possible to intervene directly on the most dysfunctional market segments ( the cbpp and smp ). this diversification and broadening of the eurosystem ’ s interventions has naturally raised questions about the ultimate goals pursued, the methods used and the possible risks incurred. in this critical period, we were convinced of the need to build a solid, robust and clearly defined foundation for our actions. in particular : • we have always acted and will continue to act within the framework of the mandate assigned to us by the treaty : our priority objective is to maintain price stability, defined as an inflation rate below, but close to 2 % over the medium term. fears concerning the possible inflationary effects of our policies are therefore completely unfounded. • moreover, we have always acted, and will continue to act, totally independently from the political authorities. it has always been perfectly clear that the responses to the real roots of the crisis can only be provided by the governments themselves and that monetary policy can never durably mitigate political shortcomings. thus fears regarding the financing of euro area states are also groundless. focus on omts i would like to conclude by presenting in greater detail the most recent ecb measure, known as outright monetary transactions ( omts ). to understand the logic and power of this instrument, we need to make a brief excursion into monetary policy theory ( before lunch … sorry! but it ’ s not that complicated ). as you know, central bank monetary policy impulses are transmitted to the real economy via several different channels. in the euro area, with bank loans accounting for three quarters of the economy ’ s total financing, the “ credit channel ” is by far the most significant vector. in normal times, if the ecb lowers its key rates, the banks ’ financing costs decrease, allowing them to pass these lower costs on to the

is total and our efforts must be continued relentlessly. i thank you for your attention. bis central bankers ’ speeches
for listening to me. bis central bankers ’ speeches

euro area were accompanied by some decoupling of yields from those in the united states, as differentials between euro area long - term interest rates and comparable rates in the united states have widened. as regards the evolution of the world economy, recent developments tend to confirm the picture of a mild overall improvement in the external environment beyond the euro area. as before, however, the main features range from continuously strong growth of the us economy to continuously weak output in japan. for the euro area, only a few additional data for economic indicators have become available, and the assessment of forthcoming gdp developments is currently complicated by the fact that the next release will be based on revised data in accordance with the new concept of the european system of accounts ( esa 95 ). industrial production declined at the beginning of this year, and data on retail sales volumes suggest that the pace of growth slowed down somewhat around the turn of the year, but recently there are preliminary indications of some improvement. recent developments in the labour market show a somewhat decelerating employment growth towards the end of last year. the rate of unemployment remained unchanged in march 1999, following two consecutive declines in january and february. industrial confidence declined further in the first quarter of 1999, but preliminary april figures from the european commission point to a slight improvement. given the latest developments up to april, it would appear that consumer confidence reached a peak at the beginning of this year since when it has moderated slightly. as expected, the trend towards decreasing inflation rates appears to have been reversed in march. in march the annual rate of increase of consumer prices as measured by the harmonised index of consumer prices ( hicp ) was 1. 0 %, compared with 0. 8 % in the previous four months. this was essentially a consequence of the substantial rise in oil prices which began in mid - february feeding through to energy prices in the hicp. in addition, unprocessed food prices have continued to exert some upward pressure on overall price increases in recent months. excluding the more volatile hicp components of energy and food, the rate of increase in consumer prices in march remained at 1. 1 % - i. e. unchanged from the rate observed in february and marginally lower than that recorded at the turn of the year. in conclusion, at this point in time the general outlook for price stability remains favourable. although the lower effective exchange rate of the euro and the rise in oil prices may lead to some upward pressure on headline hicp inflation in the coming months
bis is the best counterpart in capacity building for central banks, especially for the national bank of cambodia. every year bis provides on - site training to our reserve managers and i hope the bis continue providing this kind of training and cooperation in the future. distinguishes guests, ladies and gentlemen, i believe that the selected topics for this workshop are crucial and match with the current global financial crisis. i hope this workshop will produce fruitful discussions and provide a platform for reserve managers to receive good lessons while exploring best practices in setting the policy framework for the investment and management of reserves. in addition, i believe that this bis workshop will also provide all of you the opportunity to discover angkor, to visit interesting places and to get to know about cambodian people and their culture. last but not least, let me wish you an active, productive and successful discussion. the national bank of cambodia is very pleased with the current cooperation with the bis. i wish you all good luck. please have a pleasant stay in our ancient capital city of siem reap, angkor. thank you!

clarifying the operational cooperation protocols, in a series of central bank fields. this memorandum elevates the relations between our two countries to a new dimension. it confirms the will to elevate the level of cooperation and consolidate the ties between the two countries, providing for both institutions the necessary space for the intensification of mutual exchange of information and expertise in various fields of central banking, such as : supervision, financial stability, research, and financial education, and the regular dialogue at technical and political level. it is an important step for obtaining maximum benefits from the positive effects of integration and minimising the negative ones. 2 / 3 bis central bankers'speeches lastly, i would like to underline that the bank of albania will make maximum efforts for the cooperation in the framework of this agreement to be concrete and have a direct impact. concluding, on behalf of the bank of albania, allow me to thank once again the central bank of the republic of turkey for the continuous fruitful cooperation ; i would also like to thank, in particular, governor cetinkaya, who has honoured us today with his presence at the ceremony of signing the common memorandum. thank you! 3 / 3 bis central bankers'speeches
. 2023 - 12. federal reserve bank of chicago. http : / / dx. doi. org / 10. 2139 / ssrn. 4405234. schularick, moritz, and alan m. taylor. 2012. “ credit booms gone bust : monetary policy, leverage cycles, and financial crises, 1870 – 2008. ” american economic review 102, no. 2 ( april ) : 1029 – 61. https : / / www. aeaweb. org / articles? id = 10. 1257 / aer. 102. 2. 1029.

loans granted to these clients are commonly known as “ sub - prime mortgage loans ”. in some instances the sub - prime loans were offered at initial low “ teaser ” rates, which reset to higher rates after a few years. as these loans began to reset and the housing market began to cool off during 2006 ( i. e., growth in house prices decreased ), these clients found themselves unable to meet the higher payment obligations and were not able to refinance their loans. it was during this period that non - performing sub - prime mortgage loans increased rapidly. ” “ concurrent with the granting of sub - prime mortgage loans, certain institutions securitised their mortgage loans. numerous methods and instruments were developed to facilitate this process, and the instruments became increasingly complex. instruments such as mortgage - backed securities and collaterised debt obligations offered tranches of risk, ranging from high - risk equity tranches to low - risk senior tranches. as a result, a wide range of banks and investors faced significant exposure, directly and indirectly, to the us sub - prime mortgage market. ” ( p. 3 ) at the time of writing, the impact of the us sub - prime crisis on the prospects for the international economy are difficult to assess : not least because of the rate at which the losses which have been incurred by major financial institutions are being reported. however, from media reports, it would appear that bloomberg ’ s calculations of write downs by and credit losses of banks related to the sub - prime crisis, at approximately us $ 400 billion, provide a plausible threshold. these estimates are reproduced in table 2, below. what is clear is that prolonged financial - market turmoil in the major industrialised economies of the world would impact adversely on economic and financial stability generally, making prospects for a resumption of robust and sustained economic growth in south africa more uncertain. so too with an attenuation of the processes currently underway to reduce the imbalances which are extant in the global economy through unchanged or increased protectionism, reluctance to permit currencies to appreciate ( or depreciate ) in accordance with economic fundamentals. in short, prospects for the international economy are served poorly by a generalised failure by policy makers to acknowledge, by praxis, a simple fact : namely, that a globalising economy is, was and will remain a closed system. its imbalances cannot, as yet, be exported ( or transported ) elsewhere. see, for example : bern
growth and indeed job creation, which should be the ultimate objective. thank you very much for your attention. 8 / 8 bis central bankers'speeches

##economic models as well as on the climate assessment of assets. but we can make this decision quickly by the end of this year - and then implement it in three to five years. then the eurosystem, together with the european central bank, under the impetus created by christine lagarde, and the banque de france, will be the pioneers in this global fight. we must do so, in the very name of our mandate. page 8 sur 8 however, the central banks alone will not be able to do enough. let us transform this fight into an opportunity, that of a combination of fiscal, monetary and structural policies within the framework of a genuine green policy - mix combining carbon prices, public investment, sector - specific rules and monetary action. “ the future is not what will happen to us, but what we are going to do. it calls us, or rather it pulls us to it, " said bergson. there is still time to prove him right. on 15 december 2020, the federal reserve board announces it has formally joined the network of central banks and supervisors for greening the financial system, or ngfs. ii responsible investment report of the banque de france 2019, june 2020. iii article 3 of the treaty on european union. iv seppanen et al. ( 2006 ), « room temperature and productivity in office work », lbnl - 60952, lawrence berkeley national laboratory, berkeley, ca. ou niemela et al. ( 2002 ), « the effects of air temperature on labour productivity in call centres – a case study », energy and buildings 34 ( 8 ), 759 - 64. v weidmann, j. ( 2021 ), “ what role should central banks play in combating climate change? ”, remarks at the ilf conference green banking and green central banking : what are the right concepts?, goethe university frankfurt, 25 january. vi ngfs ( 2020 ), “ survey on monetary policy operations and climate change : key lessons for further analysis ”. vii bolton, p., despres, m., pereira da silva, l., samama, f., svartzman, r. ( 2020 ), “ the green swan : central banking and financial stability in the age of climate change ”, bank for international settlements and banque de france. viii objective defined in the paris agreement signed by 195 countries, of which the european union. ix schnabel, i. ( 2020
##317. rivkin, steven g., eric a. hanushek, and john f. kain ( 2005 ). “ teachers, schools, and academic achievement, ” econometrica, vol. 73 ( march ), pp. 417 - 58. rockoff, jonah e. ( 2004 ). “ the impact of individual teachers on student achievement : evidence from panel data, ” american economic review, vol. 94 ( may, papers and proceedings ), pp. 247 - 52. rolnick, art, and rob grunewald ( 2003 ). “ early childhood development : economic development with a high public return, ” federal reserve bank of minneapolis, fedgazette, vol. 2003 ( march ), http : / / minneapolisfed. org / pubs / fedgaz / 03 - 03 / earlychild. cfm. topel, robert ( 1991 ). “ specific capital, mobility, and wages : wages rise with job seniority, ” journal of political economy, vol. 99 ( february ), pp. 145 - 76. u. s. census bureau and u. s. department of labor, bureau of labor statistics ( 2007 ). current population survey. washington : census bureau, www. census. gov / cps. u. s. department of education, institute of education sciences, national center for education statistics ( 2007a ). digest of education statistics : 2006. washington : department of education, http : / / nces. ed. gov / programs / digest / d06. u. s. department of education, institute of education sciences, national center for education statistics ( 2007b ). the condition of education 2000 - 2007. washington : department of education, http : / / nces. ed. gov / programs / coe. u. s. department of labor, bureau of labor statistics ( 1996 ). “ bls reports on the amount of formal and informal training received by employees, ” press release, december 19, www. bls. gov / news. release / sept. nws. htm. u. s. department of labor, bureau of labor statistics ( 2007 ). “ preliminary multifactor productivity trends, ” press release, may 24, www. bls. gov / news. release / prod3. nr0. htm.

irrelevant geographical areas, fragmented, with insignificant human, financial and economic potentials. we should do anything it takes, at any cost, to restore once again the trend and vitality this region showed before the crisis. thank you! bis central bankers ’ speeches
was given to the bank of albania ’ s target, that is keeping up the annual inflation rate within the limits of 2 - 4 percent. in hitting this target, the monetary program aims the control of money supply growth so that the level of real monetary assets responds to the real needs of the economy for a 6 percent economic growth. the economy demand forecast does still rely on the quasi - constant velocity forecast of money circulation. this forecast, judging from the nominal gdp level, is the bridging gap between inflation and money supply growth ( intermediate objective ). the monetary program guarantees the observance of quantitative objectives set by the bank of albania, the level of nda and nir of the bank of albania within the limits and the control of government ’ s domestic borrowing at the level of 2. 7 of the gdp. 3. 1 money supply and its constituents money velocity is forecasted to be relatively stable during 2004. this assumption is based on keeping up the monetary developments trends of 2003 even for 2004. thus : • inflation is expected to be within the target of the bank of albania • interests rates are expected to be stable or in downward trend • the government demand, which is also the main source of requiring funds, is expected to be at the same level, 2. 7 percent of the gdp • the growth rate demand for the economy is expected to be almost the same as the 2003 one. based on these considerations, the m3 circulation velocity - as to trimesters - is presented as follows : table 3. money circulation velocity in 2004. ( gdp as to trimesters * 100 / m3 ) dec'02 march june 42. 9 43. 9 43. 9 september dec'03 42. 9 42. 9 march june 44. 1 43. 3 september dec'04 43. 2 43. 1 based on this forecast, the money supply is expected to grow by 10. 6 percent or by lek 47. 4 billion. 3. 1. 1 money supply constituents the ratio of money outside banks versus the money supply noticed during 2003 is not expected to undergo significant changes during the coming year. however, an upward trend of the foreign currency deposits ratio versus m3 is expected, bringing about a decrease of the lek deposits weight versus money supply. foreign currency deposits are expected to have a considerable annual increase, of about 18. 2 percent, or lek 17. 7 billion, by the end of 2004. table 4. money supply growth as to trimesters ( in

system liquidity during 2003 does not seem to have influenced the increase of the credit balance in lek. the higher increase of the credit balance to the economy forecasted for 2004 is based on the upward tendency of private sector financing needs. meanwhile, the forecast for a small increase of lek 2 billion, or 12 percent of the lek crediting, is based on higher interest rates of lek rather than foreign currency crediting. the assumption to approach the crediting interests rates in lek and in foreign currency, would also alter the forecasts on the credit balance increase, for the respective currencies in the future.