samchain/econo-pairs-v2 huggingface dataset:
a shorter hungarian perspective, banks in hungary have a head start on other financial intermediaries in collecting the financial savings of households and of the enterprise sector. admittedly, hungary badly needs the large - scale development of life assurance companies, pension funds, mutual funds and the like, i. e. all those institutional investors which can channel savings towards equity investment. but this takes time, since experience and human resources are rare and the reform of the pension system and of health services takes time. banks should be allowed to fill the gap for the time being, by putting at the disposal of savers a wide variety of financial instruments. 2. now let me come to the risks that a generalised move towards universal banking could entail, and the ways and means of containing them. the main risk, of course, is the emergence of conflicts of interest. one such potential conflict of interest may arise within any bank, between the bank ’ s own risk - taking activity and risk - taking for its customers. the classic example of this is the potential conflict of interest between credit - granting and securities underwriting, but this is only one example. the traditional way of avoiding the misuse of such conflict - creating situations is ( a ) to devise an organisational structure with clearly distinguishable lines of responsibility, ( b ) to avoid flows of “ inside ” information between the various activities, ( c ) to attribute to each activity costs, income and profits, and ( d ) to entrust external auditors with the surveillance of the systems put in place. the end - result will, of course, never be entirely safe. moreover, the building of “ chinese walls ” inside a multi - polar banking organisation may weaken, or even destroy, the synergy between those poles, i. e. it may undermine the rationale of a multi - polar organisation. i would not want, however, to overstate the internal conflict of interest argument. in the long run, the kind of conflict to which i have referred is unlikely to be very strong. in a longer - term perspective, no bank can afford to favour its own risk - taking activity at the expense of its customers - especially if auditing makes it certain that any misuse of the bank ’ s powers would come to light. 3. another much more dangerous conflict of interest could arise where the bank is capable of exercising a decisive shareholding power in another non - banking firm, of which it is at the same time a major creditor

emergence of good luck by hard work, skilful management and good strategic choices.
potency and security in the service of our best interests. honourable president of the riigikogu, honourable members of the riigikogu. i would like to finish the speech by expressing my gratitude for the seven years of cooperation. thank you for taking notice and account of the messages of eesti pank! on its behalf, eesti pank has always provided you with the best knowledge at its disposal. i sincerely hope that the constructive cooperation between the riigikogu and eesti pank will continue in the years to come. thank you for your attention! bis central bankers ’ speeches

- 19 stimulus payments, ” working paper series 2020 - 15 ( chicago : federal reserve bank of chicago, may ; revised february 2021 ), https : / / www. chicagofed. org / publications / working - papers / 2020 / 2020 - 15. - 3spending and gdp this year, the absence of similar transfers will lower the growth rate of spending next year relative to this year. the boost to spending from pent up demand this year as the economy reopens is also unlikely to be repeated next year. the latest jobs report reminds us that while there are good reasons to expect the number of jobs and the number of people wanting to work will make a full recovery, it is unlikely they will recover at the same pace. over the past few months, the demand for workers has strengthened as covid - affected sectors have reopened. labor supply has also improved, with many people coming back into the labor force and others extending their hours of work, but there are indications that many other workers still face virusrelated impediments. although the fraction of the population ages 25 to 54 that is employed has improved in each month of this year, the current prime - age employmentto - population ( epop ) ratio of 76. 9 percent is still far from the 80 percent level reached during both of the past two expansions. 5 on the demand side, we saw a welcome increase of 331, 000 jobs in the hard - hit leisure and hospitality sector in april following a 206, 000 increase in march. but bottlenecks on inputs such as semiconductors appear to be limiting production and hiring in industries such as motor vehicles, contributing to a decline of 18, 000 jobs in the manufacturing sector. the increase in average hours worked and the reduction in people who are working part time but would prefer full - time work suggest some employers are responding to the increase in demand by lengthening workweeks. for additional discussion, see lael brainard ( 2021 ), “ how should we think about full employment in the federal reserve ’ s dual mandate? ” speech delivered at the ec10, principles of economics, lecture, faculty of arts and sciences, harvard university, cambridge, mass. ( via webcast ), february 24, https : / / www. federalreserve. gov / newsevents / speech / brainard20210224a. htm. - 4on the supply side, the number of people entering the labor force strengthened for the second month
##sive nature, and can be difficult to cope with as we saw it in the late 1990s. to reduce the reliance on the recycling of domestic savings through the developed markets, asian governments have put in place several initiatives to strengthen financial intermediation. a notable example is the asian bond markets initiative under the asean + 3 forum. the initiative includes studies on issues such as new securitised debt instruments, issuance of debt by international financial institutions, regional credit guarantees and enhancement facilities, and the establishment of local and regional credit - rating and credit - enhancement agencies. another initiative, known as the asian bond fund project, represents collective efforts of the executives'meeting of east asia - pacific central banks, or emeap, to broaden and deepen the bond markets in the region. the abf project will bring about many benefits. first, it introduces and promotes new fixed - income products to the asian markets. secondly, it helps improve market infrastructure. thirdly, the initiative has helped accelerate tax and regulatory reforms in both the regional and domestic markets. the bank, with its mission as the region's development bank, is well positioned to assist emerging market economies in asia to cope with the challenges of globalisation. in the past year, the bank has contributed to the issuance of local currency - denominated bonds in india, hong kong, malaysia and singapore. the bank is also providing valuable support to the asian bond markets initiative through the former regional economic monitoring unit, which is now known as the office of regional economic integration. mr president, your decision to expand this office and dedicate it to regional cooperation matters is most timely and welcome, as a well defined agenda for the bank on regional cooperation will enhance financial stability by strengthening regional surveillance and cooperation. despite these efforts, developments, and - dare we say it - successes, there are many challenges lying ahead of us. one - fifth of world population is still living in poverty, with the majority of them in asia. how to address the poverty issue and the uneven distribution of income amid globalisation has become your biggest challenge. mr. president, i believe more wealth could be generated if savings in the region could be recycled to finance investments in the region, if intra - regional trade could grow faster, and if investors could move funds easily from one economy to another in the region. mr. president, i am confident that under your leadership, the bank will play an even greater role in the integration of trade, finance and investment in

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) – a key reference rate in the euro area – with the potential to affect borrowing rates in other sectors of the economy. third, the significant increase in margin calls in derivatives markets during the march 2020 turmoil also exacerbated the liquidity stress, as certain non - bank financial institutions had to liquidate assets to meet these margin calls. some non - banks had been using money market fund shares to store and manage cash, therefore the need to meet margin calls eventually spilled over to mmfs. externalities might also arise from the use of non - bank leverage, where the interlinkages with the banking system are usually more direct. take the recent example of archegos, a family office which used derivatives to lever up and which triggered significant losses for some of the largest global banking groups. the way forward for strengthening the nbfi regulatory framework from a macroprudential perspective to date, the macroprudential policy framework has focused primarily on the banking sector. the framework for the non - bank financial sector, meanwhile, is to a large extent lacking a macroprudential perspective. this means that there are fewer safeguards in the non - bank space and, during periods of benign market conditions, risks can grow largely unchecked. but as market conditions deteriorate, there is a risk of non - banks amplifying shocks. as i have explained, this is what we saw during the early stages of the pandemic, when the role of mmfs and open - ended funds contrasted with that of the banking sector. instead of amplifying the shock, the banking sector helped to absorb it. this episode also underlines the need for authorities to take a comprehensive approach to strengthening the macroprudential policy framework for non - banks. such a framework should adopt a system - wide perspective with a focus on building resilience ex ante, rather than relying on ex post measures. it should aim to ensure that non - banks can provide a stable source of funding in both good times and bad. and it should be developed with the flexibility to respond to risks as they evolve, given the diverse set of entities and activities in the non - bank financial sector. in terms of the international policy agenda, we have seen considerable progress on mmf reforms over the past year. the financial stability board, for example, has recently issued policy proposals to tackle vulnerabilities in mmfs. 7 the esrb will also soon publish a recommendation on money market fund

“ policy proposals to enhance money market fund resilience – final report ”, october. 8 basel committee on banking supervision, committee on payments and market infrastructures and board of the international organization of securities commissions ( 2021 ), “ consultative report : review of margining practices ”, october. 3 / 3 bis central bankers'speeches
on this note, i wish you a fruitful discussion on the issues, challenges and opportunities presented by commodities. thank you.

and affinity with other asian countries made us the location of choice for companies from the west to grow in asia. in 2011, ibm services set up an integration hub here. glaxosmithkline too has set up their emerging markets & asia pacific hq here to serve the asian market. at the same time, asian companies expanding globally often opt for singapore as their international base. tata communications from india has its hq in singapore, as do many chinese companies. to aid these efforts, singapore has initiatives to attract and develop talent that can thrive globally. for example, in 2010 we set up the human capital leadership institute to bring talent together to interact with one another and to prepare for the future. urbanisation and sustainability second, sustainability challenges will loom larger as the growth of the global economy puts more stress on the environment. more than half of the global population already live in cities. there are 23 megacities today ; and it is projected that this number will double by 2030. most of these new megacities will be in south and east asia. oecd estimates that more than half of the infrastructure needed by 2030 has not been built yet. growing cities will need to simultaneously deal with the problems of scarce resources and climate change. even developed countries can be vulnerable to extreme climate changes. hurricane sandy left a quarter of new york city ’ s population without electricity, and shut down vital transport infrastructure including all 3 airports and all subway lines. whether or not a global agreement on mitigating the effects of climate change is reached or not, there will be tremendous business opportunities for companies that can provide solutions to address the challenges of resource efficiency and to back up vulnerable systems and infrastructure. innovative urban solutions and investments in infrastructure r & d will be sorely needed. as an early adopter of sustainable development strategies, singapore is happy to share our experience learnt from sustainable growth strategies. the annual world cities summit, hosted in singapore, serves as a platform for the exchange of leading - edge ideas on building liveable and sustainable cities. beyond the exchange of ideas, singapore is pushing the boundaries in sustainability research. two national innovation challenge programmes are currently on - going, bis central bankers ’ speeches addressing the themes of 1 ) energy resilience for sustainable growth and 2 ) land and liveability. these research programmes will lead to solutions that seek to overcome singapore ’ s constraints in energy and land arising from our small size and limited resources. more importantly, the outcomes from these programmes can contribute
mostly a domestic phenomenon. now the global transmission effects through international active banks and global investors cannot be ignored. this in turn will likely have an effect on the policy decisions of central banks around the globe. this is probably another area where further study and discussions are warranted within the central banking community. see also shirakawa ( 2010c ). references rajan, raghuram g., fault lines, princeton university press, 2010. shirakawa, masaaki, “ revisiting the philosophy behind central bank policy, ” speech at the economic club of new york, april 22, 2010a ( available at http : / / www. boj. or. jp / en / type / press / koen07 / ko1004e. htm ). _ _ _ _ _ _ _ _, “ future of central banks and central banking, ” opening speech at 2010 international conference hosted by the institute for monetary and economic studies, bank of japan, may 26, 2010b ( available at http : / / www. boj. or. jp / en / type / press / koen07 / ko1005a. htm ). _ _ _ _ _ _ _ _, “ roles for a central bank – based on japan ’ s experience of the bubble, the financial crisis, and deflation –, ” speech at the 2010 fall meeting of the japan society of monetary economics, september 26, 2010c ( available at http : / / www. boj. or. jp / en / type / press / koen07 / ko1009f. htm ). white, william r., “ should monetary policy “ lean or clean ”?, ” globalization and monetary policy institute working papers no. 34, federal reserve bank of dallas, 2009.

risks and maintain clear, sufficient, and timely communication to avoid unintended outcomes. finally, to strengthen the safety net for crisis response, asean + 3 authorities could start discussing the future of the cmim, which has been in existence for more than 20 years now. the cmim has unique value as a regional self - help mechanism with regional ownership, which could help avoid the potential stigma associated with borrowing from the international monetary fund ( imf ). however, over the years, the region's economies and financial markets have grown significantly and become more integrated, both within the region and globally. in contrast to the simple balance of payment shortfalls of the past, any future crisis will likely be much more complex. while the asean + 3 members continue to build on the readiness and effectiveness of the cmim, the imf has adapted its lending framework and facilities and has provided financing to member countries in response to the covid - 19 pandemic shock. other regional financial safety nets have launched new instruments to support their members. it may be time to review the role and design of the cmim. adding a financing instrument to mitigate the impact of shocks may be one option to consider. for more than two decades now, the asean + 3 finance process has been successful in developing strong regional cooperation and providing the foundations for regional stability. i strongly believe that it is important to maintain the momentum of this cooperation while adapting to the changing environment. 3 / 4 bis - central bankers'speeches thank you. 4 / 4 bis - central bankers'speeches
to do so. this of course included the signing of a memorandum of understanding with the pbc to enable the establishment of an official rmb clearing bank in australia, in november last year following the g20 leaders ’ summit in brisbane. in addition, there was the establishment of a bilateral local currency swap line with the pbc in 2012, which is designed to provide confidence to both chinese and australian financial institutions that appropriate rmb and aud liquidity arrangements are in place in the event of dislocation in the market. more recently, there was the negotiation of a quota to allow financial institutions based in australia to invest in approved mainland chinese securities under the renminbi qualified foreign institutional investor scheme – better known as rqfii. finally, i note the rba has invested a small proportion of australia ’ s foreign currency reserves in rmb. official initiatives like these help to lay the groundwork. but ultimately, the development of an rmb market in australia will depend on the extent of benefit the private sector sees in using bis central bankers ’ speeches rmb for trade settlement and investment purposes. it is worth noting that private sector - led initiatives are now becoming increasingly important drivers of the rmb market ’ s development. for example, forums such as the australia - hong kong rmb trade and investment dialogue and the “ sydney for rmb ” working group are beginning to have a more prominent role in raising awareness of the financial sector ’ s capacity to conduct rmb business and in identifying any further market development issues that may need to be addressed. looking ahead, and as my colleague, deputy governor philip lowe has noted a number of times, the process of rmb internationalisation and the associated opening of china ’ s capital account are likely to have significant implications for the global financial system – much like the opening up of china ’ s current account has had a very large impact on the global economy. 1 the chinese authorities have indicated that they intend to continue rmb internationalisation and capital account liberalisation in the coming years. as a result, the opportunities for australian and chinese investors to invest in each other ’ s financial markets could grow significantly in the coming years. by increasing their familiarity with the rmb as an international transaction currency, local financial institutions, investors and firms are likely to be better placed to take advantage of these future opportunities as they arise. i congratulate the bank of china ( sydney ) on the official launch of rmb clearing facilities in sydney. this is a further important step

in what continues to be a fascinating journey. for example, see : lowe p ( 2014 ) “ australia ’ s rmb policies and future direction ”, introductory remarks at the rmb internationalisation roundtable, sydney, 23 july ; and lowe p ( 2014 ) “ some implications of the internationalisation of the renminbi ”, opening remarks to the centre for international finance and regulation conference on the internationalisation of the renminbi, sydney, 26 march. bis central bankers ’ speeches
central banks. the new zahav system has interfaces with other payment systems in the economy, which enables it to create synergy in the world of payments. in addition, by replacing it, we can upgrade the system's protocol to the new iso 20022 global standard, which will bring additional advantages to the entire economy, mainly by increasing the supply and variety of financial services available to the public. 1 / 2 bis - central bankers'speeches the zahav upgrade is consistent with one of the bank of israel's main strategic principles : positioning israel at the technological forefront with regard to the world of payments. obviously, there remains a long road ahead of us, but together with the implementation of the emv standard, the implementation of faster payments, the development of an infrastructure for digital checks, the removal of barriers to fintech firms, and other actions, we are definitely on the right track. as i noted, the upgrade of the system's protocol to iso20022 provides an opportunity with immense potential - for advancing it, improving the consumer's user experience for both business and private customers, adding an immense amount of tremendously valuable - and no less important, structured - information with every financial transaction. we believe that with the cooperation of the entire financial ecosystem in israel, we will properly implement the standard in a way that the changes and business advantages will be significant. 2 / 2 bis - central bankers'speeches

of economic and social development. on the other hand, every government elected naturally has the desire to impact policy directions and leave its mark. this desire is brought into sharper relief when the government relies on a fragile coalition in which the composite parties will be tested at the ballot box in the not - toodistant future ( and at timing that is not always known ). such a government has an increased natural tendency toward making decisions that focus on short - term achievements rather than the alternative of following a strategic path that was outlined by the previous government, or the fruits of which may be harvested only by the next government. the test of the government ’ s strategic work will be in implementing work plans for the government ministries that are derived from the strategic plan, and the continuity of their implementation over time and during the terms of different governments. the plans must be based on an infrastructure of broad knowledge ( in this context, the bank of israel ’ s role as a professional, and independent advisory body is important ) and on high - quality staff work in the relevant ministries, monitored when necessary by the budget department. for that purposes, it is also very important to strengthen a stable professional echelon that will ensure the proper weight is given to continuity and to a long - term vision. 6 / 6 bis central bankers'speeches