samchain/econo-pairs-v2 huggingface dataset:
these are a vital part of this monetary policy review, so i want to thank you, again, for your time and your contribution. once the policy review is complete, we will share our findings with the public, probably during the first half of next year. and now i look forward to our discussion. 2 / 2 bis central bankers'speeches

trends i have just described, taken together, were the justification for the issuance of draft guidance on nontraditional mortgage products by the federal reserve and the other banking agencies. the proposed guidance emphasizes that an institution's risk - management processes should allow it to adequately identify, measure, monitor, and control the risk associated with these products. it reminds lenders of the importance of assessing a borrower's ability to repay the loan, both now and when amortization begins and interest rates rise. nontraditional mortgage products warrant a bank having strong risk - management standards as well as appropriate capital and loan - loss reserves. further, bankers should consider the impact of prepayment penalties for arms. lenders should provide enough information so that borrowers clearly understand, before choosing a product or payment option, the terms of and risks associated with these loans, particularly the extent to which monthly payments may rise and negative amortization may increase the amount owed above the amount originally borrowed. lenders should recognize that certain nontraditional mortgage loans are untested in a stressed environment ; for instance, nontraditional mortgage loans to investors that rely on collateral values could be particularly affected by a housing - price decline. as noted, investors have represented an unusually large share of recent home purchases. past loan performance has indicated that investors are more likely than owner - occupants to default on a loan when housing prices decline. when credit standards are eased and risks are layered, institutions should compensate for the increased risk with mitigating factors that support the underwriting decision. among other credit enhancements, these factors generally include requiring borrowers to have higher credit scores, lower loan - to - value and debt - to - income ratios, and significant liquidity and net worth. finally, lenders should establish appropriate allowances for estimated credit losses in their nontraditional mortgage portfolios and hold capital commensurate with the risk characteristics inherent in these products. one final subject that is not addressed explicitly in our draft guidance, but that i believe is still important to supervisors and bankers, is mortgage fraud. there appears to have been a substantial upswing in suspected fraud related to residential mortgages in the past decade. types of fraud include falsification of loan applications, identity theft, misuse of loan proceeds, and inflated appraisals. according to the financial crimes enforcement network, there were more than 18, 000 reports of suspected mortgage fraud in 2004 ( the latest year for which we have complete data )
much in this building's spirit, the fsb will continue to unify countries, sectors and market activities around strong regulation. it will continue to shed light on shared vulnerabilities. and it will continue to foster a resilient financial system for all seasons. thank you. 1 see, for example, the findings of the u. s. financial crisis inquiry commission : http : / / fcic - static. law. stanford. edu / cdn _ media / fcic - reports / fcic _ final _ report _ full. pdf 2 see the fsb's holistic review into the march 2020 turmoil. 4 / 4 bis - central bankers'speeches

##nk the role and set - up of monetary policy after the crisis. where are we headed? and how do we get there? i see three main elements of monetary policy after the crisis. for the monetary policy framework, the crisis has shown that the monetary analysis can play an important role in signaling financial imbalances and vulnerabilities. it is an important input in a strategy of “ leaning against the wind ”. for the operational framework for monetary policy, it is crucial that after the crisis we will return to the principles that guided the framework before the crisis. in particular, we need to return to a clear and transparent separation principle between monetary policy stance, on the one hand, and liquidity management, on the other hand. finally, there is a clear need for a sustainable institutional framework for the euro area. this framework will need to center on budgetary discipline and sound economic governance. in the long - run, as a closing piece, i see joint financing through euro bonds as the only sustainable solution to self - fulfilling liquidity / solvency problems in individual member states and domino - effects / contagion between euro area member states. how do we get there? in a transition to a post - crisis monetary policy, it is important to exit gradually from unconventional and conventional instruments that are being used during the crisis. in this phase, communication will play a very important role. and fiscal and prudential policies need to play a primary role in addressing problems that originate in the fiscal and financial spheres. let me conclude. as stan fischer said in a recent tinbergen lecture in utrecht, the big question monetary authorities face in these times is – what do you do if policymakers that should tackle problems do not act sufficiently? my answer is that monetary policy cannot solve the crisis, since it is rooted in fiscal policy and the vulnerability of the banking system. all monetary policy can do is to buy time, at the cost of stretching its mandate to the limit, if not beyond. bis central bankers ’ speeches
thomas jordan : the swiss national bank's role as lender of last resort in the crisis at credit suisse summary of the keynote speech by mr thomas jordan, chairman of the governing board of the swiss national bank, at the conference " the snb and its watchers ", berne, 1 november 2023. * * * the crisis at credit suisse has opened up a broad debate on the financial stability framework in switzerland. the national bank act states that the swiss national bank shall contribute to the stability of the financial system, and legislators have allocated certain tasks and instruments for this purpose. in the event of a crisis, the snb performs this mandate in particular by acting as lender of last resort and providing liquidity to systemically important domestic banks that are solvent but can no longer refinance themselves on the market. in march 2023, the crisis at credit suisse placed heavy demands on the snb in its role as lender of last resort. by making liquidity assistance available on an unprecedented scale, the snb first created the time window necessary to find a solution for credit suisse, and thereafter provided significant support in the acquisition of credit suisse by ubs. the acquisition of credit suisse by ubs on 19 march this year prevented a global financial crisis. since autumn 2022, the authorities had also examined options other than an acquisition. these included a resolution of credit suisse or a temporary public ownership ( tpo ) of the bank. after considering the risks involved, the authorities ultimately came out in favour of the acquisition of credit suisse by ubs. given the fragility of the financial markets at that time, there were fears that a resolution would destabilise the financial system. in the case of a tpo, the risks for taxpayers were considered too high. the snb's liquidity assistance was decisive in the successful handling of the crisis. never before had a central bank provided such a large amount of liquidity to a single bank. at its peak, the total was chf 168 billion in three different currencies, which the snb made available to credit suisse on the same days the liquidity was requested. it was only thanks to its well - established processes and good preparation for crisis scenarios that the snb was able to provide credit suisse with the necessary liquidity in such a short period of time, thus enabling the bank to meet its obligations in full when the markets opened. providing liquidity

a financial crisis with serious economic consequences for switzerland and the rest of the world. even in an acute crisis situation, however, the snb must always adhere to the framework established by law and comply with the allocation of roles to authorities envisaged therein. 3 / 3 bis - central bankers'speeches
. if community banks are prudent but opportunistic in extending credit to strong borrowers, they will help the economy recover while benefiting from that recovery themselves.

to maintain capital ratios that meet or exceed fixed minimum standards. because banks typically find raising capital to be difficult in economic downturns or periods of financial stress, their best means of boosting regulatory capital ratios during difficult periods may be to reduce new lending, perhaps more so than is justified by the credit environment. moreover, as many institutions and auditors will attest, determining the appropriate valuation of illiquid or idiosyncratic assets can be very challenging, especially in highly strained market conditions. the economic downturn also has renewed the debate concerning the appropriate levels of loan loss reserves over the cycle. institutions themselves often try to offset the potential for procyclicality in capital levels by maintaining strong capital buffers to absorb swings in regulatory capital requirements. this type of action is in line with supervisory expectations that call for banking organizations to be able to assess their overall capital needs and hold capital commensurate with their individual risk profiles – beyond complying with minimum regulatory capital requirements. most community bankers understand this point. your institutions generally hold capital in excess of minimum regulatory requirements – sometimes well in excess. nonetheless, the issues surrounding procyclicality are not easy, and their consideration will require a careful balancing of important public policy interests. policymakers should review existing capital rules and accounting standards to determine whether these rules and standards could be modified to reduce their potential to have unduly procyclical effects without weakening their ability to achieve their fundamental objectives. i'm pleased to note that the basel committee and the financial stability forum already have work under way to address excessive procyclicality in capital regulations, and that the financial accounting standards board is issuing new guidance that relates to market - to - market accounting in inactive markets and other - than - temporary impairments. conclusion i want to conclude by encouraging you as community bankers to operate prudently in the current environment, but not to let fear drive your decisions. you should all continue to exercise good risk management – including strong underwriting for individual exposures and proper management of credit concentrations in your portfolios. you should also be certain that any deterioration in asset quality and borrowers'conditions are accurately identified, measured, and managed. and you should take steps to maintain a strong financial condition with sufficient capital and liquidity levels as preparation for any future economic and financial uncertainty. by doing so, you can ensure that your institutions can continue to provide a steady and consistent source of credit to businesses and borrowers for years to come
njuguna ndung ’ u : putting banking at the centre of the economy ’ s sustainable growth remarks by professor njuguna ndung ’ u, governor of the central bank of kenya, at the opening of the kba 3rd annual banking research conference, nairobi, 25 september 2014. * * * the chairman, kba governing council ; members of the kba governing council ; banks ’ chief executive officers ; distinguished participants ; ladies and gentlemen : it is my honour and pleasure to join you this morning at this very important conference that focuses on the role of the banking sector in the economy ’ s growth. it is therefore my singular pleasure to be invited to open the kba third annual banking research conference and to make some remarks at its commencement. first and foremost, i would like to commend the kba for its consistency in hosting the annual banking research conference. this is further evidence that the banking industry is keen on having its operations and strategic focus informed by analytical work. this being the third annual conference, the body of knowledge that the process has generated is without a doubt going to be beneficial to all stakeholders. research and its output is a “ public good ”. the broader benefits arising from knowledge cannot be restricted to those who have a direct interest in the research. research that improves the policy environment benefits all and indeed the economy at large. this year ’ s conference theme of “ putting banking at the centre of the economy ’ s sustainable growth ” is an example of this point. several papers focusing on finance and economic growth have confirmed the causal relationship. it is on that basis that i consider this conference ’ s theme on sustainability of this relationship to be inspiring, given that it provides an opportunity for deeper reflection taking us beyond the general finance – growth nexus. the kenyan economy has an ambitious real output growth target of at least 10 percent to enable the realization of the aspirations of vision 2030. the high and sustained growth targets will only be achieved through increased investment and increased productivity. the banking industry must intermediate and provide the funding required for the investment but even more important is long - term finance with attractive terms. ladies and gentlemen : the presentations lined up for this conference give me confidence that we are embarking on a conversation that will lead to the consolidation of the gains to the economy from the dynamism of the banking industry. let me make a quick reflection over the five areas around which the conference presentations focus ; • firstly, increasing support for agriculture is important and in the right

##ourge of illicit financial flows. i look forward to benefiting from your thoughts and diverse experiences. thank you for your attention. bis central bankers ’ speeches
vittorio corbo : the fund ’ s medium - term strategy – a view from latin america and a dialogue with high - level officials keynote speech by mr vittorio corbo, governor of the central bank of chile, at the high - level seminar “ the fund ’ s medium - term strategy : considerations for a new liquidity instrument for crisis prevention and effective surveillance. dialogue with high - level officials ”, organized by the international monetary fund and the central bank of chile, santiago, 11 december 2006. * * * latin america has benefited substantially from the fast growth experienced by the global economy during the last four years and from domestic policies that have contributed to enhanced macroeconomic stability. external current accounts and primary fiscal balances are in surplus, exchange rates are more flexible, and inflation is no longer a major issue as it was for several years and after surpassing the average of 400 percent per year during the 1990s. likewise, the structure of public debt has become less vulnerable, characterized by lower shares of short - term and foreigncurrency debt in most countries as compared with the early 2000s. at the same time, there is renewed appreciation in the region that a solid commitment to maintaining macroeconomic stability is a necessary condition to achieve high and sustainable growth rates in the medium term. a distinguished feature of the region is that fiscal revenues are highly dependent on natural resources. in the current favorable context for commodity prices, primary fiscal surpluses have clearly shown positive numbers, averaging around 4 percent of gdp of the region. it is therefore imperative that policymakers in the region consider the risks of a possible turnaround of this positive cycle, and carefully monitor fiscal spending. expenditures should be established in coherence with the permanent levels of fiscal revenues so as to ensure that, once the current boom is over, public finances are not depleted, and public spending is shielded from commodity price fluctuations. although the region ’ s economies have made significant progress regarding integration to the global markets, they are still vulnerable to international financial volatilities. a yellow light was turned on by the episodes of may - june of this year, when the market correction hit hard on some currency and stock exchanges of emerging economies. the main challenge for our region at this point is to take advantage of the opportunities provided by the actual international situation by making progress in the design of policy framework and institutions so as to consolidate macroeconomic stability, and strengthen the conditions necessary to achieve high and sustainable growth rates. this is the best strategy to prevent future crises.

pol is going to reflect on these questions in much more detail in this lecture. robert hausmann. 2020. transformation of global supply chains in the manufacturing industry as a result of the coronavirus pandemic. financial and economic review 19 ( 3 ). 130153. dani rodrik. 2020. will covid - 19 remake the world? project syndicate. april 6, 2020. page 2 von 2
to take your questions.

green - the unemployment rate ramps up quickly, shortly after the easing cycle began. in both these cases, the economy weakened rapidly. 3 / 6 bis - central bankers'speeches in the easing cycle that began in january 2001, moderating growth over the second half of 2000 gave way abruptly to sluggish growth around the end of the year. economic weakness spread and intensified over the first half of 2001 and - as shown by the blue line - a year after the easing cycle began, the unemployment rate had increased just short of 2 percentage points. in the easing cycle that began in september 2007, the macroeconomic data were not showing much weakening at the time of the cycle's first couple of rate cuts, although financial markets were exhibiting heightened and broad - based volatility and short - term funding markets were significantly impaired. it was only in december 2007 that incoming data started to show more significant spillovers of the housing downturn to other parts of the economy, while several financial firms also began to report largerthan - expected losses. as the green line in the chart shows, the unemployment rate was around 4 - 1 / 2 percent at the start of the 2007 – 08 easing cycle - having remained broadly stable around that level in 2006 - but then rapidly rose to 6 percent within a year of the first easing. my motivation for discussing these two episodes is to highlight how quickly economic activity can weaken. another reason why policymakers need to watch all available information and be nimble in their decisionmaking is that developments concerning inflation can likewise change rapidly. this was highlighted recently by russia's invasion of ukraine in march 2022. the invasion compounded the effects of post - pandemic supply constraints on inflation. in addition, we always need to keep in mind the danger of easing too much in response to improvements in the inflation picture. excessive easing can lead to a stalling or reversal in progress in restoring price stability. former fed chair paul volcker stressed this danger in a 1981 speech, when he pointed to 1967 as a year when monetary policy eased in response to concerns about slowing economic growth and reduced inflation concerns, yet inflation subsequently turned back up. finally, another observation from reviewing past episodes is that careful easing in the july 1995 easing cycle allowed the fomc to assess incoming data and other information to make sure that inflation was under control. as i noted earlier, the july 1995 easing cycle is associated with the so - called perfect soft landing. in this particular easing cycle, the fomc
e - money distribution network and the availability of online cash - in facilities in the country. however, the journey remains long and challenging. if we look at the current statistics, around 33 % of the maldivian adult population still do not hold a bank account. even though the level of penetration in the formal banking sector is relatively high in the country, providing easier access to finance and acquiring payment services in most of the islands remain as main challenges in the country. looking at payment methods, cheques are still the dominant mode of making interbank transactions although the volume of transactions carried out through rtgs and ach have increased over the past two years. among electronic payments, card payment is the most 1 / 3 bis central bankers'speeches common payment method in the greater male ’ area and the usage of mobile payment is still not very common across the country. for example, if we look at how pension and social benefits payments are made, these payments are deposited to a bank account wherein around 96 % of the beneficiaries hold bank accounts at one particular bank. and this bank makes regular trips to islands to facilitate account holders to withdraw cash. this is mainly because of the gaps in the financial infrastructure and inefficiencies in the banking system. some of them include ; unavailability of a common platform to connect banks and mobile service providers lack of an efficient payment system infrastructure lack of a comprehensive legal framework to support the payment infrastructure the low level of automation in the banking sector ; for instance, there is no proper it setup in some of the banks and a lot of payments are still processed manually ladies and gentlemen, in spite of these hurdles, we do have a very ambitious plan to upgrade and modernize the national payment system in our country. promoting financial inclusion has, and will always be, a key priority of the mma in its function of fostering the development of the financial sector. therefore, one of the foremost priorities in the mma ’ s strategic plan for 2018 – 2022 is to develop a safe and robust payment infrastructure. because we understand that if we were to embrace the promise of fintech and foster the benefits of these innovations, we need to invest in the supporting infrastructure. well! that is just one key component. we also need to strengthen institutional capacity by investing in human resources as it is a key ingredient in catalyzing benefits from the much needed local fintech solutions for a country like the maldives since the financial landscape of the maldives is unique and differs from

me for the conference. i would also like to take this opportunity to welcome the asian bankers association and to thank them for choosing the maldives to host the general meeting and conference. i ’ m sure that we are in for a highly informative day, full of fruitful discussions and presentations. i wish the best to all the speakers! welcome and thank you once again. 3 / 3 bis central bankers'speeches