samchain/econo-pairs-v2 huggingface dataset:
market. the heavy reliance of the banks on property lending is well known : residential mortgage lending, in particular, accounts for 35 % of the total domestic loans of the retail banks. property prices have fallen sharply since the asian crisis, and the effect of sars was to produce a further downward spiral. in the three months from march to may, property prices are estimated to have fallen by 8 %. it is not surprising therefore that the figures for negative equity reported to the hkma by the banks have shown a significant increase from the 83, 000 cases ( representing $ 135 billion of loans ) recorded at the end of march. the negative equity problem affects the banks in various ways. most obviously, it poses an increased credit risk since loans in negative equity have a greater tendency to go into default ; and if they do, the banks will suffer a loss since the loans are no longer fully covered by the value of collateral. negative equity also has a deterrent effect on the demand for new loans since it makes property a less attractive asset to hold, and by locking in existing homeowners reduces market turnover. more generally, it has a pervasively depressing impact on consumer confidence and is thus a drag on the economy and on loan demand as a whole. what is encouraging however is that despite the current difficulties faced by homeowners most of them have made every effort to continue to service their loans. although the overall mortgage delinquency ratio has edged up in recent months, it remained at a relatively comfortable 1. 16 % at end - may. the arrears for loans in negative equity are higher, as you would expect, but even so the delinquency ratio of around 2. 5 % is reasonable under the circumstances. nonetheless banks need to keep a watchful eye on the situation, and adopt a proactive and helpful approach to restructuring mortgage loans when borrowers start to exhibit signs of financial distress. what they should be trying to avoid is a repeat of the problems with credit cards, where many borrowers chose bankruptcy as a way out of their problems. the dynamics of the two products are different, but the warning signs are there. as might have been expected, credit card charge - offs did increase during the sars crisis as rising unemployment prompted a renewed increase in bankruptcy petitions. but the latest news on this front is somewhat more encouraging. the number of petitions continued to rise going into the first week of june, but has since fallen back and the daily average for june

crockett, to deliver the fourth hkma distinguished lecture. mr crockett, please.
same. with this realization, i suppose i am ready for life after central banking. there are many activities i want to pursue ( including possibly more golf with friends ) and new adventures to look forward to, after july 2. but today, my heart is full. for this, i thank all of you. thank you for this testimonial, your kind words, your wishes for my good health and your friendship. maraming salamat! mabuhay ang bsp! mabuhay ang pilipinas! mabuhay po tayong lahat! 4 / 4 bis central bankers'speeches

ben s bernanke : brief remarks speech by mr ben s bernanke, chairman of the board of governors of the federal reserve system, at the united states - mexico chamber of commerce annual gala, washington dc, 12 may 2011. * * * good evening. i am very pleased to join the united states - mexico chamber of commerce at this gala dinner as its members look back on another year of working to build the mutually beneficial trade and investment relationship between our two countries. the ties between mexico and the united states, both economic and cultural, are close and enduring – in no small part, i am sure, because of the nearly 40 years of effort by the chamber. thus, i am especially honored to join agustin carstens, the distinguished governor of the bank of mexico, in receiving your good neighbor award. thank you very much. muchisimas gracias. i have benefited from many years of contact and shared experiences with agustin and his colleagues at the central bank of mexico. some years ago, i had the opportunity to visit the bank of mexico. as an economist, i found the visit very stimulating. but i must confess that i enjoyed the trip as much for the cultural excursions as for the economics. i remember in particular the beauty of diego rivera ’ s monumental mural in the national palace in mexico city. as with so many things, i credit my wife, anna, who has a graduate degree in latin american literature, for my greater - than - average appreciation for the arts of mexico and the other latin american nations. perhaps agustin might also credit his spouse, the writer catherine mansell carstens, for an appreciation of culture that encompasses both of our nations. i met agustin not long after i came to washington to serve on the federal reserve board. he was then a highly regarded deputy managing director of the international monetary fund. in late 2006, not long after i became chairman, he became finance minister of mexico, and last year he succeeded guillermo ortiz as governor of the bank of mexico. we have had many opportunities to meet and share views about the u. s., mexican, and global economies. my appreciation for his wisdom and insight as an economist and policymaker has grown with each encounter. our productive and, i hope, mutually beneficial relationship reflects the close relationship of the united states and mexico. our countries are tightly linked through trade. the united states is by far mexico ’ s largest trading partner, accounting for about two - thirds of total mexican merchandise trade.
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with other macroeconomic policies, led to an almost continuous growth of the foreign reserves, which today are at the highest historical level and directly strengthen the exchange rate stability. confirmation of the soundness of the policies implemented by the national bank is a historic step in providing access to european central bank ’ s foreign exchange liquidity. the key to the successful attainment of the goals of the national bank so far is its strong institutional capacity which has been built for years. only a highly professional and independent institution can successfully deal with the hart times, which are not rare here. the latest example of this is the covid - 19 pandemic, which although a struggle for human health and life, is also a struggle for policymakers to maintain macroeconomic stability and reduce the impact on the economy. therefore, i would like to express my gratitude to all current and former colleagues and collaborators, who with their contribution have contributed to what we are today – a modern central bank that operates in accordance with the latest and highest international standards and best international practices and stands out as a positive example in the central banking community. 1 / 2 bis central bankers'speeches congratulations on the 29th anniversary of the monetary independence! 2 / 2 bis central bankers'speeches
andreas dombret : can regulation contribute towards greater stability of the financial system? speech by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the general conference to mark the 60th anniversary of the osterreichische bankwissenschaftliche gesellschaft, vienna, 1 october 2012. * * * ladies and gentlemen, “ can regulation contribute towards greater stability of the financial system? ” my answer to this question is, “ yes, but …. ” or to be more precise : “ yes, but only if we pay more attention to certain things in future. ” what do i mean by that? i would like to begin by emphasising the great achievements that we have reached so far. the international financial system is considerably more resistant today than it was just a few years ago. many important regulatory measures were tackled under the g20 financial sector reform agenda. many initiatives have been converted into legislation or have already entered into force ; others will follow in the months ahead. now i come to the “ but ” i just mentioned. in order to make the financial system truly safer, i believe we must pay more attention to the following two aspects in the future than we did up to now. first, we must have a closer look at the consistency of the many different regulatory projects. second, we need to intensify international cooperation. let me speak briefly about these two aspects 1 ) pay greater attention to the consistency of regulation we are currently working on a number of topics to make the international financial system more stable. of course, the progress made so far varies from one area to the next. at this point i would like to mention just three examples that keep us busy at the moment : • the transposition of capital requirements laid down in basel iii into european law ( crd iv / crr ), • the new solvency regime for the european insurance sector ( solvency ii ) and • the eu european market infrastructure regulation ( emir ). this small selection is enough to demonstrate the wide range of reforms that have been launched – from banks to insurers to individual financial instruments. this is both right and necessary. however there is a danger that we may lose overview of the financial system as a whole by pushing ahead with sector - specific regulations largely independently of one another. we need to be aware of this risk and focus our attention more on the systemic aspects of regulation. it is important to adopt such an approach in order, for example, to effectively

the system as a whole and by continuing to work closely together will we have lasting success. thank you! bis central bankers ’ speeches
brought about by globalisation. to be sure, this is no easy ride, as international competition always necessitates painful adjustments, and switzerland is no exception in this respect. given our openness, we are immediately affected by a slowdown of the world economy. on the other hand, as in the current circumstances, we can take full advantage if worldwide business activity is healthy. when we take stock of the last few years, the bottom line looks favourable. however, we would certainly be in an even better position now if we had built up a stronger presence in emerging economies. contrary to what some people believe, i am fully convinced that globalisation is not the cause of weak growth and unemployment in switzerland ; indeed the opposite is true. foreign trade is the engine driving our economy. it has expanded in recent years in step with the global economy. by contrast, our domestic market has been much less dynamic and has registered only limited gains in productivity. in comparing switzerland to singapore the many similarities are evident. as small countries, both of us have simply no choice but to trade with the rest of the world, if we want to prosper. in many respects, we also face the same challenges : we have to adjust to a rapidly changing world, we have to remain competitive with our high technology products as well as our world - class services, and we have to focus on niche policies. in other words, we have no choice but to opt for excellence.

for the medium - term, ensuring frameworks are fit - for - purpose, learning the lessons of the past while preparing for the future and creating the narrative that helps all of us understand what is happening and why. as i complete my start - of the - year reflections, i know that a determination to be future - focused, to be open to change and to different ways of thinking and doing – however uncomfortable it can sometimes feel – will be important ingredients with which to build the resilience that will help us meet those challenges. 1 oecd economic outlook, volume 2021 issue 2. it should be noted that these predictions were estimated prior to the emergence of the omicron variant. 2 eurosystem staff projections for the euro area, december 2021 3 robert f kennedy, speech at the university of kansas, 18 march 1968, when describing the limitations of the measurement of gross national product. 4 see eurostat flash estimate - december 2021. 5 data from november 2021 6 these figures refer to the average price of australian and south african thermal coal. 7 see our strategy 5 / 5 bis central bankers'speeches
##b ), “ the greek economy : prospects and main challenges ”, speech at the 2nd eu - arab world summit, athens, november. www. bankofgreece. gr / pages / en / bank / news / speeches / dispitem. aspx? item _ id = 482 & list _ id = b2e9402e - db05 – 4166 – 9f09 - e1b26a1c6f1b stournaras, y. ( 2017a ), “ greece and the global economy : prospects and main challenges 6 / 7 bis central bankers'speeches ahead ”, speech at an event organised by credit suisse, athens, 11 october. www. bankofgreece. gr / pages / en / bank / news / speeches / dispitem. aspx? item _ id = 476 & list _ id = b2e9402e - db05 – 4166 – 9f09 - e1b26a1c6f1b 1 it is about 30 million euro in january - november 2017. services receipts from spain account for approximately 1. 0 % of total greek exports of services ( and have declined by 11 % in nominal terms in 2012 – 2016 ), while payments to spain account for about 2. 2 % of total greek imports of services ( and have increased by about 9 % in nominal terms in 2012 – 2016 ). 2 ( 2 ) for an overview of the literature and an empirical analysis of the role of institutional factors in long - term growth in the eu, see masuch, k., moshammer, e. and pierluigi, b. ( 2016 ) : institutions and growth in europe ”, ceps working document no 421. 7 / 7 bis central bankers'speeches

markets. i very much welcome this initiative by the ebrd to communicate the modalities of the programme and how exporting and importing firms in greece can benefit from it. i am sure that we will have a fruitful, informative and interesting discussion. bis central bankers ’ speeches
for fostering best practices, raising awareness and helping us to improve our processes especially in this area of financial stability in the region in general. finally, i hope that you will find this workshop stimulating and that you will enjoy your stay in zambia. with these remarks, i declare this workshop officially open. i thank you. bis central bankers ’ speeches

matters of common interest. i am pleased to note that over the past few years, the region has taken a proactive stance towards promoting harmonisation of regulatory and supervisory frameworks and the integration of financial systems. through mefmi, sadc, comesa, the east african community ( eac ) and the west african bloc, member central banks are working together to promote effective supervisory standards geared towards achieving long term goals of financial inclusion and financial stability. bis central bankers ’ speeches ladies and gentlemen, i note with gratitude that this workshop is designed to address supervisory standards in the non - bank and microfinance sector through three main themes, namely ; i ) regulatory structures, ii ) international trends and standards, and iii ) integration of non - banks into the formal sector. these are all very important and topical issues and allow me to talk a little bit more about one of these themes – the development of regulatory structures. first, while there is a definite role for international standards for regulation of this sector, it is very important that they are implemented in a way that takes into account the individual circumstances of each country. secondly, the standards we adopt should in the end not impede financial sector inclusion. we need to balance this in order to achieve our overall objective which is a sound and efficient financial system. ladies and gentlemen, it is important not to assume that supervisory arrangements should be, or can be, the same in every country. they must be tailored to the individual circumstances of each country. as an example, what is appropriate for namibia may be totally inappropriate for another country like uganda, and vice versa. however, there are likely to be common characteristics that cut across and can enable us all to learn from each other. i do not wish to prescribe what you should talk about throughout this workshop, but i am hopeful that what i have mentioned above can form some discussion points in the deliberations of this workshop. it is also my desire that as you travel back to your respective countries, you would have learnt something you can implement to improve our respective financial systems. in conclusion, as financial markets become increasingly globalised, supervisory co - operation and harmonisation become increasingly important. organisations such as mefmi play an important role in developing capacity in the identified areas of macroeconomic and financial sector management. ladies and gentlemen, allow me to commend mefmi which has been in the fore front of building sustainable capacity in financial supervision in the sub - region. it has shown the cause
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the currency of a payment obligation should be determined by the law of the country of that currency. this means for example that a payment obligation payable in french francs would become payable in euros after the introduction of the euro because that is the situation that applies under the law of france. however, despite this general principle, concerns have been expressed that parties to contracts might argue that the introduction of the euro represented a fundamental change of circumstances, bringing the contract to an end or requiring its terms to be adjusted. in addition, another feature of the introduction of the euro is that it will replace the ecu at a rate of one for one on 1 january 1999. the ecu is a currency basket but not a currency in its own right. the “ lex monetae ” principle does not apply in this case and therefore the euro will not automatically substitute for the ecu in contracts. it is to remove uncertainty on these points that we have decided to legislate. we believe that this is appropriate for an international financial centre such as hong kong. the financial and legal community in hong kong strongly supports this view. this is just one specific example of how hong kong is affected by the introduction of the euro. there will undoubtedly be more far - reaching effects on our economy and our financial system as the single currency takes root. this is why this seminar is timely and important. i hope that you will find it enjoyable and useful.
rather it is a free informal alternative to going to court. over the next several months the ombudsman ’ s office will intensify its education and outreach programs through direct contact with the public and through its new website. i would like to invite the financial sector to join us in educating the public on financial matters. let me once again thank you for joining us at this ground breaking event. i have full confidence that all parties present here today will ensure the success of the operations of the office of the financial servicesombudsman which will redound to the benefit of our society as a whole.

m r pridiyathorn devakula : india and asia - trade linkages and alliances remarks by mr m r pridiyathorn devakula, governor of the bank of thailand, at the wharton global alumni forum, mumbai, 6 january 2006. * * * dean harker, mr. ambani, ladies and gentlemen, i am honored to be here today among friends and associates of the wharton global alumni. given that it is the first time that the school is organizing the forum in india, it seems only fitting that we should be talking about the rise to prominence of india as an engine of growth, both in the region and globally. more importantly, i would like to highlight the potential for india ’ s trade and investment linkages with east asia, and how the two regions of south and east asia can leverage on one another and become a global force to be reckoned with. china and india, asia ’ s two largest economies, are often hailed as potential growth areas and the new engines of growth for the world. china ’ s rising economic prominence has been particularly evident in the past decade and a half, with its gross domestic product ( gdp ) in purchasing power parity ( ppp ) terms, measured as a share of total world gdp, rising from 5. 7 % in 1990 to 13. 6 % in 2005. india, although coming later into the scene, has quickly caught the attention of the world as a potential global economic powerhouse. india ’ s economy is the 14th largest in the world measured in nominal us dollar terms, but in terms of purchasing power parity, india is the 4th largest economy in the world according to the imf. india ’ s gdp in purchasing power terms has also risen substantially, with its share rising from 4. 3 % to 6. 1 % of world gdp over the past 15 years. india ’ s unique characteristics that enhance this growth potential include its dynamic population and demographic structure, as well as its emergence as a global leader in service exports. this dynamism, growth, and positive sentiment has been clearly evident in india ’ s stock market, which has rallied 40 % in 2005, second only to korea as best performing major market in asia last year. sometimes overlooked however, is an informal group of asian economies ( excluding japan ) that account for the majority of trade and gdp in east asia, known as asia - 9. the asia - 9 economies comprise china, hong kong, indonesia, korea, malaysia, philippines
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##ence to exogenous shocks, of the type we are facing currently. i therefore welcome you all to the seminar and invite you to contribute to meaningful discussions which will further the development of our sme sector and redound to benefit our economy over the medium and long term. i thank you very much for your participation and i again thank the various sponsors, speakers and all those who have contributed to make this seminar possible. i wish you a most productive seminar.