samchain/econo-pairs-v2 huggingface dataset:
therefore, a second aim of our post - crisis reforms has been to limit the adverse consequences that would result if a large financial institution were to fail. that is, large financial firms need to be capable of being successfully resolved without creating unacceptable collateral damage to the rest of the financial system and to the economy. in my november 2013 speech, i noted that an important foundation for making the resolution of our largest banking firms feasible would be to require, at the holding company level, sufficient minimum amounts of long - term debt that could be used to absorb losses in a single point of entry resolution. important progress has been made on this front, both in the form of the federal reserve ’ s recent issuance of a proposed rule to establish long - term debt and total loss - absorbing capacity ( tlac ) requirements for u. s. gsibs and the announcement last week by the financial stability board ( fsb ) of an agreed upon international minimum tlac standard. it is notable that in several important respects the proposed u. s. rules are stronger than the fsb standard. with these new proposed requirements, if losses were to wipe out a firm ’ s capital and push a firm into resolution, a sufficient amount of long - term unsecured debt would be available to absorb additional losses through a “ bail in ” process, recapitalizing the firm with no taxpayer bis central bankers ’ speeches bailout and without generating systemic financial contagion. these proposed requirements should also improve market discipline by ensuring that each gsib has a class of creditors who are clearly “ at risk, ” and therefore have an incentive to monitor the firm ’ s risk - taking. in my 2013 speech, i also called for further work to address the challenges in a resolution scenario posed by potentially disruptive close - out of cross - border derivatives contracts. here too, important progress has been achieved over the past two years. thanks to productive collective action by the private sector in dialogue with u. s. and international authorities, an initial set of 18 gsibs and other large dealer banks have adhered to the 2014 international swaps and derivatives association ( isda ) resolution stay protocol covering otc bilateral derivatives in connection with last year ’ s g - 20 summit. under the protocol, counterparties agreed to the cross - border enforceability of existing statutory stays on resolution - related early termination and other default rights in otc bilateral derivatives contracts. with support from the u. s. and other key jurisdictions, the

for the implementation of monetary policy ; and, of course, as a cost - effective mechanism to help finance u. s. government activities. today's conference provides an excellent opportunity to discuss topics like this one, and to bring together diverse perspectives from across the treasury market and the official sector to consider the best path forward to promote treasury market resilience. thank you all for joining us today. 1 i would like to thank leon barker and ellen correia golay for their assistance in preparing these remarks. 2 / 2 bis - central bankers'speeches
input, usually measured in gdp per hour worked, gives us a measure of labour productivity. another measure of productivity is multi - factor productivity ( mfp ). in general terms mfp is output divided by a weighted average of the capital stock and labour. economists tend to see potential growth as depending on the capital stock, labour, and mfp. mfp is the “ unexplained ” part of economic growth - it is that part of growth which is not accounted for by the primary inputs of capital and labour. one factor that influences mfp is technological change. we will come back to this later. as mentioned earlier, gdp per capita is the important variable, the one that we want to see growing. we can decompose gdp per capita into two factors as follows : gdp / population = [ gdp / hours worked ] [ hours worked / population ] that is, gdp per capita equals labour productivity times labour utilisation. hence we can lift gdp per capita by raising labour productivity or labour utilisation, or both. this simple decomposition is the basis of the saying “ we can lift our standard of living by either working harder, or by working smarter ”. that is, we can do it by working more hours, or by lifting labour productivity. lifting the hours we work can be achieved by higher labour force participation, which is something that has been happening over recent times. another way of lifting hours worked is simply for those of us who are already employed to work longer hours. i suspect that a large proportion of the workforce wouldn ’ t find this attractive, at least on a sustained basis. this underlines the importance of lifting productivity if we are to be better off. figure 4 shows growth in gdp per capita, and the contributions to this growth coming from changes in labour utilisation and labour productivity. the recent rise in labour utilisation reflects higher participation rates and a decline in unemployment. given that participation rates are currently higher than they have been for nearly 20 years, and the unemployment rate is at a historically low level, it seems that rises in labour utilisation are unlikely to be as high in future. this means that gains in gdp per capita are increasingly going to have to come from productivity gains. labour productivity is currently increasing by around 1. 5 % per annum. labour productivity growth has averaged 1. 2 % per annum over the last 10 years. in the previous decade, it averaged only 0. 7 %, despite the strong growth in labour

term and sustainable approach to economic recovery and resilience. we stand ready to do everything that we can to be better kaitakiti of new zealand ’ s financial system. thank you. page 9 of 9
capital requirements regulation ( crr ) – also known as the " sme supporting factor ". capital requirements for smes are multiplied by this factor, which is 0. 7619 ; upper limit : loans with a total volume of up to €1. 5 million. the commission wants to expand the scope of application by assigning a sme supporting factor of 0. 85 to loans above the €1. 5 million limit. 4 / 4 bis central bankers'speeches

##gible. however, all outstanding reforms are based on the existing regulatory framework and take it a step further. i therefore believe that they should be easier to implement than many fear. that said, i do understand why banks and savings banks would be jittery at the prospect of a further increase in capital requirements. that is why, in the basel iii finalisation process, the bundesbank has come out strongly against a further increase in capital requirements. our motto must therefore be that no agreement in basel is better than a bad agreement. at the same time, though, an international standard has a very high value that must not be underestimated. this is 1 / 4 bis central bankers'speeches all the more true in a time in which more and more countries are turning inwards. the bundesbank will also continue to work towards a compromise on basel iii - one that benefits germany. 3. reforms and smaller institutions : a one - size - fits - all solution or graduated rules? let me turn now to a second, different topic. in talks with smaller banks and savings banks about the post - crisis reforms, i hear one concern being echoed time and again : that smaller institutions perceive the operational burdens of regulation as being particularly overwhelming. as they put it, a burden that is much more onerous on small banks and savings banks than on their much larger competitors. this is an issue i take very seriously, for the banks and savings banks are right. therefore, for the next few minutes i will discuss the question as to whether banking regulation should be offered only as a one - size - fits - all solution for all banks and savings banks - or whether multiple different regulatory regimes should be created to fit different sizes of institutions. ladies and gentlemen, it is my firm view that there is absolutely no way a one - size - fits - all approach can do justice to today's banking landscape - with its very large and complex institutions, its numerous smaller and regional institutions, and the wide expanse of mediumsized institutions! it will positively damage the structure of our banking system - a structure that gave us stability during the financial crisis. you may well all be familiar with the allegation that the purpose of the new regulatory regime is to encourage more and more consolidation in the industry - including germany's banking industry. of course, mergers among banks and savings banks must not be a taboo topic - but, by the same token, they must not be a regulatory objective, either. i
also a very important source of technical assistance and foreign aid. and with those words i would like to say thank you very much for your attention. bis central bankers ’ speeches

remarks by daniel mminele, deputy governor of the south african reserve bank, at the aci south africa – the financial markets association market conduct and market best practice johannesburg 1 june 2017 introduction good evening, ladies and gentlemen. thank you to aci south africa for inviting me this evening, and for creating the opportunity for us to interact on the very pertinent subject of market conduct issues and best market practice. in the over 60 years of its existence, aci has made good progress in influencing industry behaviour and supporting market best practice, with member education and the promotion of the highest standards of ethical conduct being among the core principles guiding the work of the aci worldwide. it is indeed always a pleasure to engage with you as our partners in the financial markets as we continue to strive towards promoting more effective and more efficient foreign exchange markets, our collective efforts aimed at increasing transparency, minimising risks, and enhancing confidence between ourselves as market participants and the people we serve. about 15 months ago, the south african reserve bank ( sarb ) co - hosted, with the group of thirty ( g30 ) and barclays africa, a forum on banking conduct and culture. at the time, we spoke extensively about the enormous trust deficit that had built up since the global financial page 1 of 8 crisis as well as about efforts to restore confidence and trust not only in banks, but also in the effective and efficient functioning of financial markets. the g30 had just released a report, titled banking conduct and culture : a call for sustained and comprehensive reform, which is still very relevant today, not least because the implementation of required conduct reforms has been somewhat slow. the focus of that g30 forum was mainly on banks because, as sir david walker of the g30 had put it, ‘ the social externalities of banking are as great as, if not greater than, those of any other “ business ” ’. moreover, the majority of the conduct issues that we are grappling with has originated from the banking sector, be it issues around reference rates, as we saw with the libor scandal in 2012, or the manipulation of foreign exchange rates and benchmark fixings, including, as you know, allegations of distorting competition being levelled at certain institutions trading in our own currency. focusing on banks, however, should not be construed to suggest that we should be less worried about the role played by other financial services providers and in the process inadvertently create scope for arbitrage opportunities
) and its 2004 - 2005 focus on water, sanitation and related issues.

of investment coming to australia from other parts of the world is channelled here via uk funds managers. the united kingdom accounts for 25 per cent of the outstanding value of foreign investment in australia. the united states is not far behind, at 24 per cent. in terms of the flow of new investment, the united states has been by far the largest source over the past decade. investment in australia by asian countries, whether measured in terms of the stock outstanding or the flow of new investment, remains small in comparison. japan is by far the largest asian investor in australia, with a share of 5 per cent ; other asian countries ’ investments in australia are noticeably smaller. if we look at australian investment overseas, the relationship is even more skewed to the united states ; over the past decade almost half of all the foreign investment by australians went to the united states. europe was the next largest destination for our savings, while the amounts going to asia were relatively small. as a broad summary, the conclusion i would draw from these figures is that while australia is very much linked into asia ( and particularly china ) in respect of trade flows, in terms of investment flows it is mainly linked to the united kingdom and the united states. 3. what does this mean for the australian economy and australian markets? let me start with financial markets. one does not have to follow financial markets too closely to know that developments in us financial markets have a big influence on our markets here in australia. the correlation between the australian and us stock markets, and between the australian and us bond markets, is very high. most mornings, one can get a pretty good idea of how the australian share market will open simply by looking at what happened to us share markets overnight. similarly, us news has an important influence on the australian dollar exchange rate and on the price of many of the resources that australia sells. it used to be the case that the us economy also had a big influence on australia ’ s real economy. for much of my working life at the reserve bank, if one was able to pick what was happening to the us economy, one had a pretty good indication of what was going to happen to the australian economy. correlations between australian and us gdp growth used to be very high. us news still dominates the daily flow of economic and financial information from overseas, and so still plays a dominant role in shaping perceptions about what is happening in the world economy. but the correlation between the united states and the australian economies has nonetheless declined
executive management department an address by lesetja kganyago, governor of the south african reserve bank, at the launch of the mpc schools challenge, pretoria 21 july 2017 good morning ladies and gentlemen decisions whether to cut, increase, or keep interest rates unchanged are of enormous importance to the economy general, and they affect most people, either directly or indirectly. this often raises the question : how do central banks make these decisions, and specifically, what factors do they take into account in making these decisions. one of the channels that many central banks use to explain how they make these decisions and what factors they take into account is to run a competition for high school learners. typically, these competitions involve a group of learners forming themselves into a monetary policy committee and making a case either to cut, increase, or keep interest rates unchanged. the south african reserve bank began a pilot in 2012 in partnership with the gauteng department of education to : offer learners the opportunity to enhance their understanding of monetary policy and how it relates to the economy as a whole ; help learners understand better how the economy works ; assist learners to better understand how the sarb ’ s monetary policy committee makes decisions ; improve broad economic literacy in the country ; create an opportunity for learners to put the classroom economic theory into practice and thereby enhancing their understanding of economics ; stimulate interest among learners in a career as an economist ; and raise awareness and understanding of the role and responsibilities of the sarb. the mpc schools challenge has since been expanded to cover 7 provinces. we have also since partnered with the department of basic education and the provincial departments. we have had 450 schools participate in the challenge since 2012, involving 1 340 learners. by participation we mean schools whose team submitted an essay. a requirement of the programme is that participants take a combination of economics and mathematics subjects, excluding maths literacy. certain schools therefore do not qualify as they do not provide this learning combination. next year, the challenge will become national with the addition of kwazulu - natal and the western cape provinces. hence, today ’ s launch of the mpc schools challenge. the way the competition works is that each school must constitute a team of four learners who model themselves on the monetary policy committee ( mpc ). the team presents its case to a panel of sa reserve bank economists. representatives of the department of basic education moderate the outcome. to ensure that all entrants have access to the same basic data, the sarb provides learners with relevant economic data

we need to find ways of talking to each other that ultimately solve problems instead of merely emphasising our differences. we are all partners in this country and its future. we have a shared responsibility to make that future better. thank you. bis central bankers ’ speeches
sada reddy : opening of the business resumption site as part of the overall risk management strategy opening speech by mr sada reddy, governor of the reserve bank of fiji, at the commissioning of the business resumption site, suva, 26 august 2010. * * * distinguished guests, ladies and gentlemen, and fellow colleagues of the reserve bank of fiji. let me warmly welcome you to the opening of the bank ’ s business resumption site. this is indeed a significant milestone in the on - going development of our institution. this building is set to play a critical role in the reserve bank ’ s overall risk management strategies. it will ensure our ability to sustain critical business and it functions, should access to our building in downtown suva be lost due to any form of disaster or disruption of essential infrastructure. in view of the rise in the frequency and magnitude of disasters, both natural and man - made, occurring worldwide, robust business continuity plans are not only invaluable but increasingly essential. let me touch briefly on the reasons why we saw it fit to invest resources in the construction and outfitting of such a building. one of our key roles is to ensure the stability and soundness of the financial system. like any other organisation, the reserve bank, in performing its roles, faces a number of risks. these include operational, strategic, and reputational risks. like most responsible organisations, we currently have in place, business continuity plans, to address any likely risks. we need to ensure critical operations can continue unabated under worst case scenarios. any failure on our part could seriously jeopardise the functioning of the whole financial system. since 2004, the reserve bank of fiji has invested a lot of time and resources in establishing a risk management structure, indentifying critical processes and documenting contingency plans. we clearly understand that a central bank has a unique position within a country and consequences of business continuity failure are unacceptable. the completion of this site, therefore, brings us further relief and confidence in our efforts to ensure business continuity will be maintained at a high level of resilience. we commenced planning the construction of this site in october 2006, following approval of the reserve bank of fiji board. the land was purchased back in march 1999 from the fiji red cross society. in 2007, a visit was made to the reserve bank of australia ’ s business resumption site, to gather vital information on their experiences in this area. at this point, i would

. once again, my sincere thanks for inviting me here today. i congratulate you - both westpac and carpenters fiji - for this joint initiative and i wish your project every success. thank you.
walk a fine line to get it right. the same applies to the policy mix. complementary actions of fiscal and monetary policy in their respective fields of responsibility were effective during the pandemic and continue to be of the essence in dealing with the current inflation shock. but the scope and nature of fiscal measures should be different now. measures need to be focused, selective and targeted to the most vulnerable firms and households, who are hardest hit by the high inflation levels. fiscal policy must be designed in a way that does not give rise to inflationary effects. monetary policy needs to be focused on price stability and on delivering our inflation target over the medium term. determined action is essential to keep inflation expectations anchored, which in itself contributes to delivering price stability and avoids second - round effects in inflation. the main asset that central banks have is credibility, and this asset becomes even more important in times of high uncertainty. thank you for your attention.

the quality and quantity of research and analysis produced by the fed ’ s research staff. conclusion gpra provides the opportunity for a major improvement in the management and effectiveness of federal agencies. it provides the impetus for agencies to clarify their missions and objectives, measure their performance better and improve their efficiency and effectiveness. it must, however, avoid the risk of becoming, like some previous efforts to improve government management, largely a paper exercise which produces many numbers and reports but few real results. the federal reserve welcomes the opportunity to participate in the gpra process. we will work hard to fulfill the vision of the framers of the act and avoid the pitfalls. we will have to respond in ways that are appropriate to the federal reserve ’ s diverse missions and decentralized structure. i believe we have made significant progress toward the gpra - type strategic planning and are on the track to making more in the immediate future.