samchain/econo-pairs-v2 huggingface dataset:
is to support and complement the investment plan for europe. business investment remains sluggish and weaker external and domestic demand is hampering a stronger recovery. conclusions due to the incompleteness of the european construction, the recent crises dramatically exposed the reversibility of even the major progress towards european financial integration made since the introduction of the euro. even worse, at one point the sovereign debt crisis threatened the very survival of the euro project itself. as part of the multi - faceted european strategy to respond to the crisis, the establishment of the banking union and the launch of the capital markets union proposal are complementary milestones and are part of the efforts we are all engaged in towards completing the economic and monetary union and making it stronger. the establishment of the single supervisory mechanism has been an important step towards overcoming the euro area sovereign debt crisis and a key driver in underpinning a major strengthening of banks ’ balance sheets. this has paved the way for improving their capacity to finance the euro area economy. in the medium term, however, banks ’ capital strengthening has to stem from economic recovery. efforts are therefore needed at all levels – both national and european – to promote growth. the single resolution mechanism and the bank recovery and resolution directive are ushering in a new framework for managing bank crises ; equally important, they can play a role in crisis prevention by promoting market discipline. by broadening non - bank sources of financing for firms and households, the capital markets union will further advance european financial integration while fostering economic growth and financial stability. bis central bankers ’ speeches

lisbon.
improve fairness and effectiveness, targeted interventions by the authorities will also be part of the review ’ s toolkit. where might the solutions lie? the scope of our consultation is potentially huge. so i want to say a few words about how we will give focus to our work, and to give a sense of the questions we are asking in our consultation document. the framework we will be using is shown in figure 3. it divides up areas where the fairness and effectiveness of ficc markets may be deficient into six categories. three of these relate to the structure of those markets : so - called market microstructure ; competition and market discipline ; and benchmarks. and three relate to conduct : standards of market practice ; firmlevel responsibilities, governance and incentives ; and surveillance and penalties. let me say a little more about each in turn. 1. microstructure the first category relates to the microstructure of ficc markets – covering such things as the arrangements for trading, price transparency, market access and the range of asset types. as i noted earlier, many of the products in these markets are tailored to the specific needs of individual borrowers or investors. although that may be good news for them, it does bis central bankers ’ speeches mean that quite a number of ficc markets are relatively thin and lack widespread transparency and are hence intrinsically more vulnerable to manipulation. so there may be a tradeoff between the benefits of customisation, and the costs in terms of weaker liquidity and potentially greater vulnerability to abuse. regulatory and technological change is already leading to greater standardisation and transparency across many ficc markets. in the consultation document, we ask whether that process should go further, whether through industry - led standardisation, removing barriers to entry for new electronic trading platforms or utilities, or further transparency enhancements to practices such as new issue allocation. or could imposing standardisation or transparency standards in excess of those already in place harm, rather than enhance, market functioning and risk transfer? do practices such as ‘ internalisation ’ – where banks match off client orders internally – pose any challenges? 2. competition and market discipline the second structural category is competition and market discipline. concentration in some ficc markets is relatively high both amongst intermediaries and amongst the major asset managers, and has risen further since the financial crisis. for example, the top six dealers account for over 60 % of the uk interdealer fx market. in some cases, firms have also engaged in horizontal

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
- bank bond market. this market now is keeping on growing. in terms of bond transactions, some 3730 enterprises participate in the market apart from the financial institutions. market participants can manage their own account by investing in bonds or other financial instruments with their short - term idle money. at present, the inter - bank bond market has developed more abundant products to help enterprises manage their funds, especially, enterprises with different revenue time period. for example, some may spend more money in the first half of a year and receive more in the second half, while others are fee - collecting enterprises, like water companies and power plants, which collect money on monthly basis. the inter - bank bond market also provides electronic delivery and settlement services to much more participants than the foreign exchange market does. the third is a gold market. gold is a kind of metal as well as a production material. in some industries, particularly in electronic industry, gold is used quite often ; in addition, gold is also used in jewelry industry. accordingly, gold is involved in foreign trade in large volume. to regulate and develop the gold market in china, the pbc established shanghai gold exchange in 2002. shanghai gold exchange now has 128 members, among which, 110 members are involved in industry of gold production, consumption and refinery. enterprises can conduct gold transactions, invest and hedge risks through the gold market. those examples explain how the central bank together with commercial banks and other financial institutions establishes market platforms for industrial enterprises in terms of financial services and provides good services to satisfy enterprises ’ demands in market. of course, the central bank is mainly responsible for stipulating market rules and resolving relevant problems. today, i introduced the financial services provided by the pbc in terms of financial support service system and market platforms, which are highly related to economic development and industrial development. along with economic development, the central bank will meet higher demand for financial services with regard to service level, size and safety and face new challenges in preventing and cracking down money - laundering and banknotes counterfeits activities. together with other partners in the society, the central bank will utilize modern technology to accelerate service innovation and improve financial services so as to promote the rapid development of financial industry and the whole economy and other industries. thank you.

research, and welcome constructive proposals from the participants of the conference on promoting china ’ s economic and financial theoretic study.
in a nutshell, developed jointly by the finance ministry and the central bank. it is our opinion that only a consistent and sequential implementation of the steps i have just outlined constitutes the optimum strategy meeting the relevant requirements : it is transparent, economically sound and understandable, it prevents discrimination and any, even theoretical, possibility of speculation. we believe that any other option would be a violation of the principles of transparency, equal access or stability and therefore would not be optimal. another scenario that has been often suggested in relation to the re - peg envisions pegging the lats to the euro not in accordance to the market rate of the given day but on the basis of the average exchange rate of the entire year 2004. this scenario is based on the argument that on the last days of any year there are always increased fluctuations on the currency markets. first, i should point out that data at our disposal seem to indicate that this is not quite the case ( fig. 8 * ). second, such a solution would violate the requirement that the re - peg be transparent : it would be very hard or even impossible to justify choosing the average exchange rate of the last 12 months over, say the last six or sixteen. moreover, given the exchange rate dynamics between the lats and the euro this year, it is quite possible that the existing market rate would only differ from the average rate for the whole year for less than one santims ( a few base points ) ( fig. 9 * ). it is highly doubtful that correcting the exchange rate in this small amount would have a serious effect on the economic processes. at the same time, implementing this scenario would set a needless precedent of the exchange rate of the lats undergoing desultory changes as soon as it has been re - pegged. that would be in direct contradiction to the objective of stability and predictability and would give rise to needless speculations. therefore we believe that implementing this scenario would also be less than feasible. to recapitulate, i would like to stress once more that since latvia ’ s accession to the european union one of the main tasks shared by the bank of latvia and other state institutions is to ensure that latvia join the euro area in a timely and balanced manner and to replace the lats with the euro. the currently adopted euro introduction strategy envisions that under successful cooperation between the government, the bank of latvia and commercial banks, latvia will be able to meet all relevant criteria and begin

64 0, 63 0, 62 0, 61 0, 60 jan. 2003 mai. 2003 lb ask sep. 2003 lb bid jan. 2004 kb ask kb bid mai. 2004 sep. 2004 lvl / eur spot currency market volatility – is not greater on the last day of the year exchange rate of the euro against the lats : would pegging to the average instead of the market rate be more favourable? 0. 6850 0. 6825 lvl / eur spot rate average lvl / eur rate in 2004 0. 6800 0. 6775 0. 6750 0. 6725 0. 6700 0. 6675 0. 6650 0. 6625 0. 6600 0. 6575 0. 6550 0. 6525 - a u 26 g - a ug 9se p - s ep 1ja n - j an - j an - f eb - f e 11 b - m a 25 r - m ar 8a pr - a pr 6m a 20 i - m ai 0. 6500
radovan jelasic : monetary policy, current economic movements and challenges facing serbian economic policy speech by mr radovan jelasic, governor of the national bank of serbia, at the press conference on the international savings day, belgrade, 29 october 2004. * * * 1. deposit base • the banking sector deposit base as of august 31 amounted to 274. 2 billion dinars, registering an increase of 51. 2 billion dinars, i. e. 22. 8 %, compared to the end of the last year balance. • total savings ( dinar and foreign exchange ) as of august 31, 2004 reached the amount of 106. 3 billion dinars, which is about 21. 3 million dinars ( + 25. 1 % ) higher than at the end of 2003. • so far this year, as of october 19, new foreign exchange savings deposits increased by 25. 1 %, or eur 261 million, exceeding the amount of eur 1. 3 billion, i. e. usd 1. 6 billion. • the increase in savings and domestic accumulation increase represent a vital condition for a vigorous lending activity of the banks, which means not only new investments - new employment opportunities, but also lower interest rates. the nbs announces a campaign : save more today so as to have more tomorrow • as part of activities designed to celebrate october 31, savings day, and with a view to stimulating an increase in savings, the national bank has supplemented its regulations relieving the banks from the compulsory allocation of a part of newly deposited foreign currency savings with the nbs in the period from november 1 to november 7 this year. the nbs hopes that banks shall also confirm in practice their professed readiness to ensure that the total effect of this measure be felt by the end - users, that is, savings depositors. • for savings deposited in the course of the “ savings week ”, banks will apply higher than usual interest rates, up to 2 percent annually, or a fixed bonus ( one - off reward ) as well as special privileges for certain population groups ( newborns, newly married couples … ) etc. the nbs hopes that this facility shall contribute to a more widespread response of savings depositors and to a further strengthening of the banks ’ deposit base, increasing, in return, their lending potential. 2. lending activity in the course of the first eight months this year, total lending of the banking sector increased by 30. 4 %, or 73. 7

more capital - intensive production will imply that some workers will have to change jobs. we have to continue to stimulate an environment of lifelong learning to facilitate retraining and to ease this transition period. c. broda and d. weinstein. are we underestimating the gains from globalization for the united states? current issues in economics and finance ( federal reserve bank of new york ) 11 ( 4 ), 2005. 3 / 3
on the one hand, and the risk of an unanchoring of expectations, on the other. a ) first, a certain number of factors are currently contributing to low inflation. primarily, the euro area is faced with deflationary pressures associated with a series of economic shocks : firstly, the fall in oil prices, from over eur 80 per barrel in mid - 2014 to eur 34 in early march 2016, or more than 2. 5 times lower, as well as the decline in commodity prices ; secondly, the slowdown in growth in emerging economies and chiefly china ; and, lastly, inadequate growth in the euro area with persistently high unemployment, which curbs wage rises and weakens demand and price growth. moreover, structural factors, such as the ageing population, are likely to exert downward pressure on the “ natural ” interest rate, a term coined by the swedish economist knut wicksell over a century ago. this rate can be defined as the interest rate consistent with the full employment of the factors of production. in this case, in order to achieve the right balance between savings and investment, markets rates must come down too. in normal times, central banks cut their key rates, and this passes through to the yield curve. however, in order to deal with the financial crisis, the ecb like other central banks have brought their key interest rates to very low levels, around zero. this means that our traditional monetary policy tools had to be supplemented by other instruments, known as non - standard instruments, in order to reach our prices stability objective. i will return to this point later. b ) the second challenge, which stems from the first, is the risk of an unanchoring of expectations, which would make it harder for us to achieve our 2 % target again. indeed, if inflation stayed too low for too long, economic agents may revise downwards their inflation expectations, which would create second round effects. lower inflation expectations influence economic agents ’ price - and wage - setting behaviour, which in turn keeps inflation low. it can even raise the risk of deflation, defined as a cumulative process of falling prices, including those of assets, or even wages and production, as the world economy experienced in the 1930s or japan partially underwent in the 1990s. such deflationary dynamics are not at play today ; but that is why our inflation target is symmetrical. we consider too low inflation to be just as costly as too high inflation. and, therefore,

of cross - border processes and standards. we expect this initiative to strengthen the cross - border linkages and facilitate the intermediation of surplus funds within the region. this increase in cross - border flow of funds will further enhance the efficiency in the mobilization of surplus funds to meet the rising investment needs of the region. the implementation of this pilot platform is indeed timely and opportune and, will serve as an important catalyst for further development in linking financial markets within this region. this, i believe, is a development that we should all welcome. thank you. bis central bankers ’ speeches
i think we are close to the former ( levels ), and should be now sufficiently patient on the latter ( duration ). in other words, as transmission is of the essence, so is the persistence of our monetary policy. 1 / 2 bis - central bankers'speeches 1 villeroy de galhau, f., monetary policy transmission : where do we stand?, speech, 22 may 2023 2 lagarde, c., breaking the persistence of inflation, speech, 27 june 2023 2 / 2 bis - central bankers'speeches

market downturns in both dimensions. the swift increase in interest rates since 2022 has been a regime shift for financial and non - financial actors alike. the pass - through of higher interest rates to the economy has undoubtedly had an impact on the real estate market and on financial stability. but the magnitude and speed of its impact differed across countries depending on a range of 1 / 3 bis - central bankers'speeches factors, including the structural features of housing financing, such as the importance of fixed vs variable rates or mortgage duration. another important factor has been the level of debt of non - financial actors. this new environment has raised several questions for the conduct of macroprudential policy. as monetary policy has been restrictive on purpose to preserve price stability, should macroprudential tools be relaxed in the face of the real estate market downturn? faced with this dilemma, the report provides us with food for thought : one of its main lessons for macroprudential policy - makers is to recommend prioritization of tools that meet objectives without adjustment. in particular, if we aim at maintaining resilience, tools which act as guardrails appear especially helpful in a context when financial stability risks have increased. on this, i look forward to hearing the views of the panelists that will discuss the structural vs cyclical use of macroprudential policy but we will also get useful insights from the panel on current financial stability challenges in housing markets and the distribution of risks. 2. how to articulate? the challenge of the interaction with other policies the second interaction challenge that i will dwell on today is the following : " how to articulate macroprudential policy for housing risks with other policies? " we have to be humble : macroprudential policy can do a lot but cannot do everything, and this is especially true when it comes to housing, which has a multifaceted nature. and we have to be clear on the purpose of macroprudential policy, which is safeguarding financial stability – no more, no less. obviously macroprudential policies are a complement to the first line of defense for financial institutions which is sound management, incentivized by demanding regulation and effective supervision. in this regard in europe we have come a long way in institutional terms : i am proud that we are celebrating today the 10th anniversary of europe's single supervisory mechanism, which has proved to be a success. more broadly, the cgfs report emphasizes that successful mitigation
##er, linda & weiner, stuart e., 2003. “ the role of community banks in the u. s. economy, ” economic review, federal reserve bank of kansas city, issue q ii, pages 15 – 43. 2 / 2 bis central bankers'speeches

firms has supported higher intermediation spreads in these markets, particularly on period - end dates. over time, these higher spreads might encourage these firms to seek more stable sources of dollar funding or decrease their dollar assets, either of which would likely be positive for financial stability. indeed, we have heard anecdotally that firms of this type are increasingly shifting towards wholesale deposits from nonfinancial corporations. 37 for example, if repo rates fell relative to other rates, we might see more take - up at our on rrp operations, or if foreign exchange swap rates were to rise further, we might see greater use of the official dollar auctions conducted by foreign central banks that are part of the standing swap network. 38 cgfs paper no. 54, “ regulatory change and monetary policy, ” may 2015. 13 / 13 bis central bankers'speeches
structural balance - to - potential gdp ratio. source : imf. net government debt ( right scale ) - 5 - 6 real gdp ( right scale ) - 6 cy 08 ratio to nominal gdp, % ratio to nominal gdp, % structural balance ( y / y chg., left scale )

sector have become active due to the completion of inventory adjustments and an increase in business fixed investment on a global basis. world trade volume last year registered high growth that reflected such developments, growing at a faster pace than the global economy for the first time in six years. the global economy is expected to continue growing firmly for the time being. according to the january 2018 world economic outlook ( weo ) update released by the international monetary fund ( imf ), the global gdp growth rates for both 2018 and 2019 are expected to register relatively high growth of 3. 9 percent, exceeding the long - term average since the 1990s ( chart 2 ). current situation of japan's economic activity as i noted at the beginning, japan's economy is expanding moderately, supported in part by such growth in overseas economies. with regard to the corporate sector, exports have shown high growth mainly for capital goods and it - related goods. in particular, exports to china as well as the nies and the asean economies have been rapidly increasing recently, and real exports for november 2017 reached record high levels, exceeding those seen before the global financial crisis. production has also been on an uptrend on the back of a rise in demand both at home and abroad. under these circumstances, the ratio of firms'current profits to sales has been at a record high level, and the dis for business conditions for all industries and enterprises in the december 2017 tankan suggest that business conditions have improved for six consecutive quarters, being at a favorable level seen for the first time in 26 years, since 1991. business fixed investment has continued on an increasing trend in a wide range of industries, with corporate profits and business sentiment improving ( chart 3 ). specifically, firms in the nonmanufacturing sector in industries such as restaurants, retailing, and construction have been significantly increasing their labor - saving and efficiency - improving investment ( chart 4 ). for instance, the introduction of online reservation systems and self - checkout machines across the country is no longer a new phenomenon. while the direct cause of such investment is acute labor shortage, it is also attributable to new technologies such as robots and artificial intelligence ( ai ) having become available for actual business activities as a result of technological innovation in recent years. for example, there have been various ideas recently related to making use of the latest technologies, such as using robots for heavy labor at nursing care facilities and drones for delivery services. such positive corporate activities also have been firmly supported