samchain/econo-pairs-v2 huggingface dataset:
euro area ”, paper prepared for the xxii annual conference at the central bank of chile, santiago, 26 october 2018. 5 / 6 bis central bankers'speeches 6 see draghi, m. ( 2011 ), “ continuity, consistency and credibility ”, speech at the 21st frankfurt european banking congress “ the big shift ”, frankfurt am main, 18 november 2011. 6 / 6 bis central bankers'speeches

industry will confront greater difficulties and the consumption recovery will be held back owing to the heightened containment measures put in place recently. economic agents ’ debt, which has increased further since the outbreak of the covid - 19 crisis, could make our economy more vulnerable. these changes in domestic and external conditions give us many tasks to solve indeed. first and foremost, we shall actively support those vulnerable sectors suffering from the pandemic so that they can overcome such hardship as quickly as possible, in a way that future side effects arising from the support are minimized. weak links in our economy, such as excessive debt, pose greater risks when the external environment worsens. in a situation like the 1 / 3 bis central bankers'speeches present when external uncertainties are high, we should identify our vulnerabilities objectively and address them properly. from the long - term perspective, we should also continue working to create an environment in which the korean economy can sustain stable growth. it is the creativity and investment from the private sector that serve as engines for higher productivity and larger growth potential. innovation should sprout and new technologies should be utilized in every part of society, thereby creating more jobs. in order to facilitate such an innovation - led ecosystem, we need to update legal and institutional frameworks at a quicker pace and provide decisive policy support for areas such as investment in basic r & d that are difficult for the private sector alone to take full charge of. digital transformation, the reorganization of global value chains, and the shift towards a low - carbon economy that we are facing now could be enormous challenges, but they could also be a springboard for further progress if the government and the private sector work closely together to cope with these challenges wisely. dear members of the bank of korea! let me talk now about the main tasks that the bank of korea will need to focus on this year. first, we will continue to appropriately adjust the degree of monetary policy accommodation in line with improvement in economic conditions. in this process, we must determine the timing of further adjustment of the degree of monetary accommodation by taking into account growth and inflation developments, financial imbalance conditions, and the impacts of changes in the monetary policies of major economies. in this respect, we should take an especially close look at the possibility of the inflation trend lasting longer than anticipated due to the interaction between recent rises in prices and inflation expectations. as for operation of lending facilities, we will maintain the targeted supports for vulnerable groups including small businesses and the
for risk control, as well as to improve management and internal control systems so as to allow monetary functions to operate efficiently. the bank would like to contribute, through such efforts, to achieving sustainable economic growth in japan under price stability. thank you very much for your attention.

bank of japan ’ s november review of monetary and economic trends in japan bank of japan, communication, 26 / 11 / 97. japan ’ s economic growth is decelerating further. although corporate profits, employment and income conditions continue to improve moderately, weak household expenditures since april have gradually begun to affect production, and corporate sentiment is also weakening. with respect to final demand, public - sector investment has been decreasing, and housing investment has also dropped significantly. personal consumption has continued to be weak on the whole, although the impact of the consumption tax hike has gradually begun to subside. on the other hand, net exports have continued to increase and business fixed investment has been rising moderately against the background of the increase in corporate profits. excessive inventories are seen in some industries. owing to weak final demand and inventory adjustments, industrial production has recently declined somewhat. the pace of improvement in employment and income conditions has slowed somewhat. prices have remained stable on the whole, with the exception of wholesale prices which have declined somewhat. the growth of monetary aggregates has recently slowed. personal consumption has continued to be weak on the whole. outlays for travel have been increasing moderately, and there are some signs in the sales of goods which suggest that the impact of the consumption tax hike has gradually begun to subside. however, sales at department stores and supermarkets have been below the previous year ’ s level, while passenger car sales have fallen below the level recorded in the second half of fiscal 1996 when sales surged, and have not even recovered the levels recorded before then. among leading indicators of business fixed investment, machinery orders have continued on an increasing trend since early 1997 after having surged in the second half of 1996. recently, however, orders from non - manufacturing firms have been weak. construction floor area has followed a moderate recovery trend, albeit with some fluctuations. with respect to housing investment, housing starts in terms of the seasonally - adjusted annual rate declined in july to 1. 24 million, the lowest level since september 1985, following the surge in demand in the second half of 1996 ahead of the consumption tax hike. housing starts have since remained weak at around 1. 3 - 1. 35 million. regarding public - sector investment, the amount of public works contracted has followed a decreasing trend reflecting the restrained budget for fiscal 1997. against the background of steady overseas demand and the yen ’ s depreciation to date, real exports remained high in the third quarter 1997, although they decreased somewhat from the second quarter when
bank to manage the day - to - day fluctuations in liquidity caused primarily by cash flows in and out of the australian government ’ s deposit account with us. these cash flows are the result of government spending and tax payments, which inject and withdraw liquidity from the economy every day. 2 our daily market operations aim to ensure that we offset these liquidity flows so that the overall supply of liquidity and the banking system ’ s total demand for it clear at the cash rate target set by the board. the fact that we ourselves deal in the market every day means we get a very good sense of developments in the cash and repo markets, as well as bank funding markets more generally. certainly, this direct market liaison was invaluable at the height of market stress in 2008 and 2009. so now to the question you ’ re probably more interested in. how does that cash rate affect all the other interest rates in the economy? the cash rate is effectively the anchor point for all interest rates in the economy. banks fund only a very small part of their operations in the cash market, but ultimately all their funding can be arbitraged back to the cash market. their borrowing at terms longer than overnight is the weighted average of the expected future path of the cash rate plus some premia for risk. if this were not the case, a bank would be better off funding itself overnight and rolling that funding every day. a bank will similarly price its deposit rates based on the cash rate for an at call deposit, as they are alternative sources of overnight funding. for term deposits, again a bank will price them based on the expected future path of the cash rate. in recent times, there has been a lot of competition for deposits, which has seen interest rates paid on deposits rise quite considerably relative to the cash rate. this competition has arisen from a desire by banks to increase the share of deposit funding resulting from a number of factors including lessons learned during the crisis, pressure from ratings agencies and the market, as well as regulatory changes. i spoke about this at some length here in adelaide last year. 3 so, see baker a and d jacobs ( 2010 ), “ domestic market operations and liquidity forecasting ”, rba bulletin, december, pp 37 – 43. debelle g ( 2012 ), “ regulatory reforms and their implications for financial markets, funding costs and monetary policy ”, address to the financial services institute of australia, adelaide, 18 september. bis central bankers

normal? ”, address to the australian business economists annual dinner, sydney, 5 december. bis central bankers ’ speeches
is not yet complete and effective to address all the different systemic risks within the financial system. moreover, we have to think about implementing the lessons from recent years, while also confronting new, upcoming risks like climate change and cyber risks. in that context, i very much look forward to your views on the development of the macroprudential framework, including the ongoing consultation for reform within europe. with that, i will give back the floor to you and wish you a great conference. thank you.

what is the macroprudential perspective of cyber risks and which amplification effects can occur within the financial system as a result of cyber - attacks? finally, how can we manage the trade - offs between competition and stability, for example in the current crypto - assets market. there are potential benefits of competition and innovation. however, many elements like excessive risk taking, high leverage, credit bubbles and misconduct are also present there today. i am very curious to hear the opinion of the panel on these topics. with the rich agenda and these interesting questions before you, i will not take any more time. this conference was planned for 2020 and it has been postponed for two years. that is not all bad, because academic papers – just like wine - tend to get better over time. and please, don ’ t be disappointed, if your conclusions or proposals are not picked up right away. as i have shown you in the beginning, sometimes it may take up to twenty years to recognize great ideas. and now, allow me to introduce pablo hernandez de cos, keynote speaker of the day. first, pablo, let me welcome you to this remarkable location. it is a historical site that dates back to the 17th century. it was used during that time by our royal family as summer residence and place for hunting. during its history, this location has changed its function many times ranging from a private estate … to a catholic church …. to a recovery center for soldiers and conference venue of a large dutch commercial bank. in addition – and this will probably not say much to any of you – it is also the location of a famous soap opera on dutch television. pablo, as chair of the basel committee, i think you can appreciate the dynamic and flexibility of this location, which in a sense reflects your presidency of the basel committee. of course, i am not comparing the basel committee to a soap opera. i am just saying that you have overseen a turbulent period in the last three years. you not only had to deal with the covid crisis, but also had to deal with the finalization of the basel iv agreement. it shows the intriguing world of international regulation and supervision. there was always a lot of suspense, with some tensions, unexpected twists and memorable steps. and - thanks to your efforts - always a good outcome in the end. and there is always a new episode with new challenges and open questions ahead. i think you will agree with me that the current macroprudential framework
. vinaka. bis central bankers ’ speeches

equity, and discounted debt buybacks. still, it is pretty clear that the government will be acquiring additional equity stakes. while i ’ m not yet in a position to put a number on it, i can say that the overall net cost to the state of recapitalisation will be manageable. indeed, the recapitalisation will ensure that the banks are clearly seen as strong, financially self - reliant entities able to fund themselves in the market into the future. by the same token, the overhang of the banking situation on the state ’ s finances will be removed. these transactions are thus a key ingredient in moving both the banking and the budgetary situation forward. as the market digests and acknowledges these new realities, we can expect a further tightening of borrowing spreads. this may all seem a little removed from your immediate preoccupation, which is the job market. but i think you will agree that an overall economic pick - up in ireland offers the best route to improved job prospects here for yourselves, and that pick - up will depend on a speedy resolution of the budgetary and banking problems. those of you who have the ambition and capacity to start on a career of entrepreneurship have an even more direct interest in ensuring that the banks are functioning providers of credit. i think it ’ s fair to say – and what data we have seems to bear this out – that banks in ireland have reacted to their own difficulties and to the downturn by greatly reducing their risk appetite. some of this was a necessary adjustment, but the result has been limited availability of credit for start - up firms and smes. indeed, i have the impression that, during the years of property - based lending, the banks have lost their edge in small business lending. this is something that they need to pay more attention to, not just for the sake of the economy, but for their own business performance in the years ahead when property - based lending will be on a much more limited scale. a number of new initiatives have been floated in this regard. it is important that the banks get going now on improving their techniques for making sound small business loans. at the aggregate level, the pace of economic activity and the trend in unemployment still remain weak. the decline in aggregate income is bottoming out, but ( in the second quarter of 2010 ) at a level perhaps 16 per cent lower than at the peak. ( that ’ s gnp : economic activity, measured by gdp it is about
promote maximum, inclusive employment and price stability — are closely related to the topics that we will be discussing today. the decisions that we at the fed face on interest rates and other matters must be, and will be, informed by the perspectives that all of you bring to the table today about how to help young people thrive. those decisions will be better decisions after we have heard you and gained a better understanding of the challenges and possible solutions. thank you again for the opportunity to hear your views, and i am really looking forward to our discussion. 1 / 1 bis central bankers'speeches

##bates, reductions bis central bankers ’ speeches and allowances be eliminated and that progress be made towards greater neutrality across savings instruments. these recommendations underline that is important that any future changes to taxation, in addition to improving efficiency, should not jeopardise the fiscal consolidation required. medium - term economic growth the fiscal consolidation process has been accompanied by a series of reforms whose effects are becoming discernible or will be perceived shortly. the increased sensitivity of prices to the economic cycle has prompted a correction of the competitiveness gap of the spanish economy, while the more flexible labour framework has undoubtedly been conducive to wage moderation. a change is also perceptible in the role of past inflation in the process of determining costs and income. this change will be bolstered by the implementation of the legislation on the deindexation of the economy. the effects in terms of job creation are more tentative, yet promising. foreseeably, as a result of the more flexible labour framework, employment will grow at rates which, while moderate, are relatively high in relation to the growth in gdp. undertaking reforms to increase competition is also unavoidable. progress in this area has also been significant : we may recall the laws on entrepreneurs, single market guarantee and insolvency. however, it must be acknowledged that in some cases their actual implementation is encountering difficulties or has been delayed. thank you. bis central bankers ’ speeches
the central bank balance sheet as a policy tool : past, present and future speech given by andrew bailey governor of the bank of england jackson hole economic policy symposium 28 august 2020 i am grateful to jonathan bridges, richard harrison, josh jones, aakash mankodi and nick mclaren for their assistance in helping me prepare these remarks. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice introduction it ’ s a great pleasure to be participating in the virtual jackson hole conference. well done to the kansas city fed for keeping up the tradition – albeit we have to imagine the beauty of jackson hole is around us. a tradition of the jackson hole conference is to encourage us to look forwards. this time is not only an opportunity to do just that, but in doing so to apply the lessons of the last few months, as well as the last decade or so since the financial crisis of 2007 - 09. i am going to do that through the lens mainly of monetary policy, but bringing in financial stability where relevant, with a particular focus on central bank balance sheets. my remarks are a summary of a paper being released today. 1 it isn ’ t a review of the record of monetary policy or the framework of policy, but it does cover a good deal of recent evidence and experience. the paper, and my remarks today, focus on the uk case, drawing on lessons from international experience. drivers of central bank balance sheets since the global financial crisis i will start with some brief scene setting points – apologies that they are pretty obvious ones, but they are important. there has been a large and sustained expansion of most central bank balance sheets in the past decade. this has come about in support of both monetary policy and financial stability objectives. these respective drivers of balance sheet growth are closely intertwined – never more so than in the response to the covid crisis – but distinguishing the causes and consequences is important nonetheless. starting with financial stability, the global financial crisis revealed banks had previously held insufficient high quality liquid assets, in part due to the inadequacy of the prudential regulation regime at the time. the changes since then, in regulation and in banks ’ approach to managing risk, have resulted in a significant increase in the demand for central bank reserves, a large part of banks ’ stock of high quality liquid assets. thus, the level of reserves required by the banking systems in the major economies is persistently higher, though

about our remaining firepower pre - covid. but, hindsight is a wonderful thing when you have it. in the decade ahead, i think we need to take on board the message the covid crisis has reiterated, namely that our tools may be state contingent in their effects. and with that in mind, let ’ s not ignore the need to manage central bank balance sheets to enable such state contingency to take effect. there are times when we need to go big and go fast. thank you. all speeches are available online at www. bankofengland. co. uk / news / speeches and @ boe _ pressoffice
important currencies, such as the british pound, the japanese yen, the german mark, the swiss franc, and so on. moreover, the united states is a largely closed economy, so it could regard fluctuations in the external value of the dollar with benign neglect. of course, most other countries, being rather small and quite open, were fully exposed to turbulences in foreign exchange markets, but there was not much they could do about it. there were several episodes when the internal stability of the dollar was threatened as well, with u. s. inflation rates in the double digits. the flight into more stable currencies put considerable pressure on these. today, the arrival of the euro has changed the landscape in some important ways. first, as the new kid on the block, the euro commands attention and respect. in economic size, the eurozone nearly rivals the united states. there is now an obvious alternative to the dollar as an instrument of portfolio diversification. if investors have doubts about the dollar, there is no need any longer to rush into the swiss franc, the euro will do just fine. second, the eurozone, although not quite to the extent of the united states, is largely a closed economy. movements in the euro are far less devastating than movements of similar magnitude in the swiss franc or in the german mark. the euro is much more capable than any other currency to take on the role of shock absorber against the u. s. dollar. the eurozone, in some ways, is the large closed economy that the world needed as the counterweight to the u. s. economy. be it by intent or by chance, the new, two - headed international monetary system, far from being a freak of nature, is a harmonious and balanced construct that should benefit all small open economies, not least switzerland. there is a third reason why the arrival of the euro has changed the landscape and should fundamentally prove beneficial to the stability of the international monetary system, and that is competition. even though the u. s. monetary authorities do not have a mandate that is as specifically directed at price stability as the ecb does, investors now have a choice and can vote with their feet. thus the pressure is on the united states to deliver price stability as well. i find it very unlikely that we should again experience any time soon double digit inflation rates in the united states, and this is very good news indeed for the continued health of the international monetary system

system is good news for small countries. it provides them with a more stable environment than the former dollar - based regime. today, the euro and the dollar act to some extent like mutual shock absorbers. as a result, small currencies are closer to their economic fundamentals than earlier, which gives third countries a real opportunity to implement independent monetary policies aiming at price stability.