samchain/econo-pairs-v2 huggingface dataset:
h. powell, “ coronavirus and cares act, ” testimony before the committee on financial services, u. s. house of representatives, washington, d. c., june 30, 2020. 4 / 4 bis central bankers'speeches

daleep singh : creating opportunity out of crisis - extending access to the fed ’ s emergency facilities remarks ( via videoconference ) by mr daleep singh, executive vice president and head of the markets group of the federal reserve bank of new york, at the national association of securities professionals ’ 15th annual legislative symposium, 10 september 2020. * * * as prepared for delivery good afternoon, and thank you, guy, for the kind introduction. i must say, it's a bittersweet feeling to speak before you today. i'm honored to have the privilege of addressing this gathering, and i want to express my deep gratitude to you, ron parker, and the entire nasp membership for engaging with the new york fed in our response to the covid pandemic. but the context is tragic — we continue to face the worst public health and economic shock of our lifetimes, hitting people of color the hardest during a summer filled with bitter reminders of systemic racism that continues to plague our society. today i'll share our ambition to create opportunity out of this multifaceted crisis. as you've heard me say before, we've moved at maximum speed and with maximum care to implement the federal reserve's crisis response. in practice, this means our policy execution has been guided by a set of principles, including transparency, governance, accountability, and access. in my remarks, i'll focus on access : what it means, and why it matters in the context of implementing the fed's emergency facilities. nasp has engaged actively with us in this effort, and i'll explain why we're committed to building on our partnership through and after the crisis. before going any further, though, let me note that i am expressing my personal views and not necessarily those of the new york fed or the federal reserve system. i would also point out that the fomc will hold a monetary policy meeting next week, which puts us well into the blackout period. this means i'll steer clear of discussing our policy outlook, and i won't be able to take any questions, but i look forward to the day when we can gather in person again for a twoway conversation. context : the unequal impact of the covid pandemic i'll begin by describing the context. everyone here is painfully aware that the pandemic has hit the most vulnerable segments of our society the hardest, leading to highly unequal outcomes. labor market damage
##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

the region. you have our unremitting cooperation and support. thank you.
janet l yellen : commencement remarks speech by ms janet l yellen, chair of the board of governors of the federal reserve system, at new york university ’ s 2014 commencement, new york city, 21 may 2014. * * * thank you, president sexton. on behalf of the honorees, let me express my thanks to nyu. and congratulations from all of us to you, the class of 2014, and to your families, especially your parents. this is a special day to celebrate your achievements and to look forward to your lives ahead. your nyu education has not only provided you with a foundation of knowledge ; it has also, i hope, instilled in you a love of knowledge and an enduring curiosity. life will continue to be a journey of discovery if you tend the fires of curiosity that burn brightly in all of us. such curiosity led eric kandel, here at nyu, to his lifetime goal, to discover the chemical and cellular basis of human memory. a few years after his graduation, he was doing research on cats. but he had the idea of focusing on an animal with a simpler, more fundamental brain : the california sea slug. his colleagues all but ridiculed him for the idea. they “ knew ” that the study of the lowly sea slug was irrelevant for understanding human memory. kandel ’ s surgically - skilled collaborator deserted him. to get up to speed on sea slugs, he had to go abroad to study. but kandel persisted and, in 2000, his curiosity won him the nobel prize. it was, as you must have guessed, for deciphering the chemistry of memory in humans, as revealed by his research on sea slugs. kandel ’ s life, i believe, demonstrates how a persistent curiosity can help us reach ambitious goals, even with great roadblocks in the way. a second tool for lifelong intellectual growth is a willingness to listen carefully to others. these days, technology allows us access to a great breadth of perspectives, but it also allows us to limit what voices we hear to the narrow range we find most agreeable. listening to others, especially those with whom we disagree, tests our own ideas and beliefs. it forces us to recognize, with humility, that we don ’ t have a monopoly on the truth. yankee stadium is a natural venue for another lesson : you won ’ t succeed all the time. even ruth, gehrig and dimaggio failed most of time when they stepped

, each day at work, i see the importance of that passion to carrying out the fed ’ s duties effectively. if there is a job that you feel passionate about, do what you can to pursue that job ; if there is a purpose about which you are passionate, dedicate yourself to that purpose. finally, i hope that you can find joy in the lives you choose. you are completing one important phase of your life today and embarking on an amazing new adventure. serious decisions about life surely lie ahead, but take the time to savor the joys, large and small that come along the way. share those joys with others, and share a laugh when you can. in closing, thank you again, on behalf of myself and the other honorees. thank you for the opportunity to speak to you today. congratulations and good luck to the class of 2014. bis central bankers ’ speeches
situations, especially liquidity provision and the supportive legal framework. these four pillars, in my view, are the key minimums for implementing an effective financial - stability orientation policy. thank you.

bandid nijathaworn : addressing potential interactions and feedback loops within the financial system – lessons learned and what can regulators do speech by dr bandid nijathaworn, deputy governor of the bank of thailand, at the financial stability institute and monetary authority of singapore policy forum “ banking and banking regulation : a new era ”, singapore, 12 - 13 october 2009. * * * first, let me thank the financial stability institute and the monetary authority of singapore for the invitation. all the issues we are discussing here today are both timely and important. my presentation this afternoon will focus exclusively on the interactions and the feedbacks within the financial system as a key aspect of macroprudential framework. but before i do that let me say at the outset that i am not surprised by the resurgence of interest on macroprudential surveillance, which is now seen as an important supervisory tool. we, in asia, have learned this well during the asian financial crisis in the late 1990 ’ s. then, the crisis demonstrated clearly the importance of the feedbacks between the financial sector and the real economy, especially the impact that fragility in the banking sector can have on the real economy. and in the context of macroprudential analysis, the asian experience highlighted the importance of the time - dimension of systemic risk i. e, procyclicality linked to the credit and business cycles. the current global crisis, however, exposes another important dimension of systemic risk where interactions within the financial system, as opposed to interactions between the financial system and the macroeconomy, have played a critical role in amplifying the losses. as we know, back in 2007, losses associated with the subprime mortgage market were initially estimated to be in the order of us $ 50 billion. thereafter, the dynamic of the interactions within the financial system, driven by risk management practices of banks, the response to the funding liquidity constraint by market participants, and heightened concern about counterparty risk, resulted in a protracted period of market distress, the drying up of liquidity, and set the stage for a spiral of losses. as it turns out, writedowns and losses worldwide have grown enormously. and to an appreciable extent, this amplification of losses is related partly to the interactions and the feedbacks within the financial system. therefore, compared to the “ time - dimension ” of risk associated with procyclicality through which credit risk is a major
lorenzo bini smaghi : the triffin dilemma revisited speech by mr lorenzo bini smaghi, member of the executive board of the european central bank, at the conference on the international monetary system : sustainability and reform proposals, marking the 100th anniversary of robert triffin ( 1911 – 1993 ), at the triffin international foundation, brussels, 3 october 2011. * * * i wish to thank ettore dorrucci for his contribution to this speech. i remain solely responsible for the opinions contained herein. introduction the intellectual heritage of robert triffin begins with the relevance of his “ dilemma ” to our days. we still have a situation in which one national currency – the us dollar – serves as the main international currency. it remains at the heart of the international monetary and financial system ( or ims ). and we still have a fundamental tension between the currency demands of rapidly growing economies, the domestic policy incentives of reserve issuing / holding countries, and global economic and financial stability : in triffin ’ s words, the system remains “ highly dependent on individual countries ’ decisions ”. this tension – the triffin dilemma – was linked to the specific modalities of the goldexchange standard in 1960, when his gold and the dollar crisis was first published. today we are in a much more flexible system, where the demand for global liquidity can be more easily accommodated. but even if the mechanics have changed, the dilemma is still valid if we capture its essence and formulate it in broader terms, as i will do in the first part of my comments today. in second place, i will briefly recall how the dilemma came into being and was addressed in triffin ’ s times. this will allow me to better identify the main differences and similarities compared with our times, which will lead me to conclude that it is indeed correct to talk about a “ triffin dilemma revisited ”. finally, i will look ahead and ask whether and how it is possible to escape the dilemma today. my main policy conclusion is that we need a number of incentives for the major reserve issuers and holders so as not to cause negative externalities for other countries, thereby helping to ensure global stability. 1. triffin dilemma : a general formulation each international monetary and financial system has to rely on one or more international currencies in order to allow economic agents to interact in the global economy by using such currencies as a means of payment, a unit of account or a store of value.

k., gorton, g. ( 2017 ). bank health post - crisis. paper prepared for the banque de france financial stability review. 2 see mark carney ( 2017 ). what a difference a decade makes. bank of england speech. 3 see e. g. the report by a working group chaired by dr. antti suvanto, improving the resilience of europe ’ s economic and monetary union, ministry of finance publications – 37b / 2015, finland. 6 / 7 bis central bankers'speeches 4 finalising basel iii reforms, press release 3 january 2017. basel committee on banking supervision. 7 / 7 bis central bankers'speeches
of banks in 1969 gave a boost to expansion of banks and banking in rural areas. the reserve bank hived off a part of its role in agricultural credit to a separate national level institution, viz, agriculture refinance and development corporation ( ardc ) in 1975. soon thereafter, a legislation was enacted to create regional rural banks, with participation from central and state governments and the nationalised banks, which have their network spread almost all over the country. subsequently, the ardc was converted into nabard, which continued to get the lines of credit from the world bank. the world bank ’ s lines of credit were, however, discontinued on the ground that functioning of co - operatives had been less than acceptable. simultaneously, the directed credit in the form of priority sector lending continued and the administered interest rate regime lasted. during the reform period, capital was infused into the rrbs and the nabard. while the priority sector lending continued, the administered interest rate regime was dismantled. to make up for the shortfall in the priority sector lending by the banks, the rural infrastructure development fund ( ridf ) was initiated to ensure the envisaged flow of bank resources to agriculture through the intermediation of the nabard and the state governments. a system of special agricultural credit plan was also introduced. innovations in the area of rural credit included kisan credit cards and encouraging bankshg linkages. it may also be of interest to note that many district and state co - operative banks are yet to meet the applicable minimum capital requirements. more recently, since 2004, vigorous efforts have been made to more than double the credit flow to agriculture. emphasis has been laid on sound credit culture, effective credit delivery and appropriate credit pricing. new instruments for financial inclusion such as general credit cards and no - frills accounts were initiated. micro finance programme was intensified and new guidelines for businessfacilitator model were issued. use of technology for rural banking is being encouraged. special area plans for banking in several states such as uttaranchal, north eastern states, chattisgarh, bihar and andaman - nicobar have been formulated to suit the local conditions. in terms of institutional development, consolidation of the rrbs, revamping of the urban co - operative banks as per the vision document, revival of rural co - operative credit structure as per the vaidyanathan committee recommendations, a plan for restructuring of long - term lending institutions for agriculture, and a revisit to the prescriptions relating to

manufacturing sectors. let me conclude by thanking the organisers for giving me the opportunity to share may thoughts on this subject, which affects a major part of our country ’ s population. i would also like to place on record my deep appreciation of the initiatives taken by the organisers in instituting the memorial lecture series and want to assure them of my whole - hearted support to this worthy initiative. thank you.
##ructure debts. each case thus needs to be looked at on its merits. it is important that banks adopt a consistent approach to dealing with restructuring requests across the organisation and provide ready access for customers in difficulties to approach the bank to discuss relief. working together, banks and their customers can help one another to deal with the effects of sars and position themselves for recovery. i am confident that the banks have been taking the right action, and will continue to do so.

. the average charge - off ratio for the first two months of 2003 was down to about 11. 3 % - still not good, but an improvement on the final quarter of 2002. the question facing the banks is whether this can be sustained in the current environment. apart from credit cards, asset quality has generally been benign. in particular, the all - important mortgage portfolio has held up well, with the three - month delinquency ratio standing at just over 1. 1 %. this is despite the ominous rise in the number and amount of mortgages in negative equity. at end - 2002, we estimated that there were around 78, 000 cases of negative equity with a value of $ 129 billion. note that this takes into account only first mortgages held by the banks. if loans with second mortgages were included, the number of cases would undoubtedly be larger. residential property prices fell on average by 7 % in the first quarter of this year. so the negative equity problem will have got worse, as the latest figures to be published shortly will show. this poses some threat to the profitability of banks. so far, however, even mortgage loans in negative equity have continued to perform reasonably well, although the delinquency ratio of around 2. 5 % is worse than for those with positive equity. the impact of sars even before sars arose as an issue, 2003 was expected to be another challenging year for the banks. but the prospect of lower charge - offs for credit cards encouraged a number of banks to forecast that they would achieve higher profits. performance in the first quarter seemed to bear this out. as usual, some banks did better than others, but aggregate profits in the first quarter did show an improvement over the same period of last year. the sars outbreak is now affecting the business of the banks in various ways and the banks are having to react to this. the first priority has been to maintain business continuity and to protect the health of bank staff and customers. banks have therefore activated, and where necessary reviewed and updated, their business continuity plans, demonstrating in the process that these are not just paper exercises. among the measures taken, banks have established command centres to monitor the situation and to take appropriate action following reports of confirmed or suspected cases of infection among staff. typically, this involves sending home colleagues in contact with the infected staff member and cleansing the office or branch concerned. this is part of a more general increased focus on office and personal hygiene. staff are generally
markets. interconnectedness of markets within and across countries requires an element of harmonisation without neglecting country - specific circumstances. the other challenge is that “ we are making our way as we go ”, because the crisis is not over yet, and we are working on the basis of preliminary lessons without being able to fully assess the likely consequences. this calls for a collaborative effort between regulators to minimise uncertainty for financial institutions and markets, so as to allow them to structure their risk management processes, price products and embark on long - term planning. similarly, financial market participants and institutions need to take responsibility for being responsive to, accepting and communicating to their other stakeholders the need for and benefits of regulatory reform. standards such as basel iii will not address good day - to - day risk management within banks, or the lack thereof, including strategic risks that banks undertake in pursuit of return on equity demands from shareholders who often have a short term view of the world. and of course basel iii only covers banks and therefore the financial system as a whole will remain vulnerable until we have regulations in place for the system as a whole. i wish you a successful conference and hope that you will be able to take away useful insights to help you navigate the challenging environment. thank you. bis central bankers ’ speeches

high and sustainable rates of economic growth and employment and maintenance of overall macroeconomic stability. thank you for your attention.