samchain/econo-pairs-v2 huggingface dataset:
developments in line with norges bank ’ s mandate. bis central bankers ’ speeches

debt reduction. the expansionary economic policy is reflected in household finances. for those who do not lose their jobs, real disposable incomes will grow considerably in the current and coming year thanks to sizeable wage increases and tax cuts in 2009 and, particularly, in 2010. in addition, consumer prices are rising at a moderate pace, interest rates are receding, especially at the short end of the curve, and this year special pension savings will be released at a reduced tax rate. falling cash prices, rising disposable incomes and lower interest rates all ease the financial burden of buying a home. at the national level, the price of an average house as a percentage of disposable income has been falling over the past 18 months. this development will accelerate in 2009, and by year - end housing costs as a ratio of disposable income is estimated to be some 3 - 6 per cent lower than in 2008. the largest falls will be seen in the copenhagen area and for short - term financing. under normal circumstances, rising income and falling interest rates exert upward pressure on housing prices. but the current situation is not " normal ". the housing market has almost frozen with many homes for sale, slow sales and business volumes at a long - time low. the market is driven by negative expectations that overshadow the positive trend in the private finances of most danes. expectations that cash prices will fall further can be self - fulfilling if people are hesitant to buy, and this pattern that can be difficult to break. especially if unemployment is rising. those initially affected are people whose social circumstances change due to unemployment, illness, divorce or similar. such events are often at the root of the observed rise in enforced sales. nevertheless, the level remains low. although the number of enforced sales can be expected to rise further in the near future, the current outlook for household finances does not point to an increase to the level seen in the early 1990s. combined with falling stock indices, lower housing prices have led to a reversal of the prolonged upward trend in household wealth, and a fall was seen last year. all the same, household wealth is still strong. the value of both assets and liabilities has increased over time, but what matters when it comes to the soundness of household finances is the difference between the two. last year, total wealth – i. e. the value of all assets, including pension savings, less the value of all liabilities – was 3½ times
sessions right away. on that note, ladies and gentlemen, it is my privilege to declare open the regional course on macroeconomic management and regional integration. i wish you all a rewarding time here in accra and i thank you for your attention. thank you.

impact of asymmetric shocks, and also to discover new regional markets for our exports. as you are aware, we are currently implementing the two track approach to the ecowas single monetary zone concept. the gambia, ghana, guinea, nigeria, sierra leone, and recently liberia have been working for the formation of a second monetary zone that will ultimately merge with waemu for the formation of the ecowas - wide single monetary zone. the second monetary zone project, like the single monetary zone programme was postponed a number of times due to the inability of its members to meet the macro economic convergence criteria and the structural benchmarks. at the 24th meeting of the convergence council of ministers and governors of central banks of the west african monetary zone ( wamz ), it was yet again agreed that the dateline for the single currency and monetary union in the wamz should be postponed to january 1st 2015. indeed, our economic and regional integration efforts continue to face challenges as countries struggle to meet and sustain the convergence criteria. but in spite of the adverse impacts of the global financial crisis on our economies, it is gratifying to note that member countries of the zone are making progress in containing the adverse impacts of the global crisis and stabilizing their economies to restore it to a path of stronger growth and poverty reduction. clearly, we must continue to implement sound macroeconomic policies so as to sustain progress toward convergence. we must all commit to work on the roadmap towards the introduction of the single currency, be it in the areas of harmonization of convergence criteria, or harmonization of the regulatory and supervisory framework for banking and other financial institutions, or harmonization of monetary policy frameworks, payments system infrastructure, trade liberalisation, exchange rate stabilisation, capital account liberalisation, or integration of financial markets in the zone, etc. ladies and gentlemen, i know that we can continue to count on management of waifem for building the capacity of technical staff of central banks and ministries of finance, as well as other public servants in member countries in the various areas connected to the successful implementation of the single currency framework both within the zone and indeed in ecowas. in conclusion, let me again thank the management of waifem for bringing this important course to our doorstep, and i urge you all to take time off to explore some of the tourist facilities and other landmarks that we have available. i know that you have an intensive training programme ahead of you and your desire to commence the technical
yoshihisa morimoto : economic activity and prices in japan and monetary policy speech by mr yoshihisa morimoto, member of the policy board of the bank of japan, at a meeting with business leaders, wakayama, 20 february 2014. * * * i. recent economic and price developments a. japan ’ s economy and prices 1. current state of and outlook for japan ’ s economy i will begin by explaining the current state of, and outlook for, japan ’ s economy. economic activity had stopped weakening after the turn of 2013. the economy then returned to a moderate recovery path around mid - year as domestic demand remained resilient, mainly due to the effects of monetary easing and various economic measures. japan ’ s economy has since continued to recover moderately as domestic demand has remained firm, although exports have somewhat lacked momentum. business sentiment has been improving in a wide range of industries, including those of small firms, and in regional terms economic recovery has been spreading on a national basis. taking a closer look at developments in demand, exports showed relatively high growth in the first half of 2013 but have somewhat lacked momentum since the second half amid somewhat sluggish movements in some emerging and commodity - exporting economies. as for domestic demand, private consumption has remained resilient as a trend, with improvement in the employment and income situation, and a front - loaded increase in demand prior to the consumption tax hike has been observed mainly in durable consumer goods, as suggested particularly by the recent noticeable rise in new car sales. housing investment has been increasing. public investment has been trending upward, mainly reflecting the effects of various economic measures implemented thus far. business fixed investment has been picking up, as the aggregate supply of capital goods – a coincident indicator of machinery investment – has recently shown relatively high growth with improvement in corporate profits, and as machinery orders – a leading indicator of machinery investment – have been improving as a trend even in the manufacturing sector, albeit with fluctuations. taking these developments as a whole, the employment and income situation has been improving, supported by resilient domestic demand, indicating that a virtuous cycle among production, income, and spending is being maintained. as for the outlook, while japan ’ s economy will be affected by the front - loaded increase and subsequent decline in demand prior to and after the consumption tax hike, it is likely to continue growing at a pace above its potential, which is estimated to be around 0. 5 percent, as a trend

its characteristics and advantages, will lead to the further development of southern hokkaido. bis central bankers ’ speeches
benoit cœure : euro interest rate benchmark reform : achievements and remaining challenges opening remarks by mr benoit cœure, member of the executive board of the european central bank, at the annual dinner of the working group on euro risk - free rates, frankfurt am main, 26 february 2019. * * * good evening and welcome to the first annual dinner of the working group on euro risk - free rates. on this very day one year ago, the working group on euro risk - free rates held its first meeting in frankfurt, hosted by the ecb. looking back, your achievements have been impressive, almost on a par with the challenges that lie ahead. in its short existence, the working group has recorded two prominent achievements. the first is the choice in september 2018 of the ecb ’ s overnight rate as the new euro risk - free rate. this decision provided clarity to market participants and planning certainty for the transition towards more robust benchmarks in the euro area. it also brought the euro area closer in line with other currency areas in preparing for new benchmarks. the second achievement is that, at the roundtable on euro risk - free rates in november 2018, the working group took a major step in reaching out to stakeholders and raising awareness of its activities. sound communication and transparency are vital for spreading awareness about the transition to risk - free rates beyond a small circle of informed parties. by getting the message across to a more diverse audience, the working group lends more legitimacy to its recommendations and does as much as it can to promote market consensus. this first roundtable was a successful exercise in this regard. in time, i would expect such open communication to play a pivotal role in the transition to more robust interest rate benchmarks. besides these two very concrete achievements, i know that a great deal of work on building a consensus has been going on behind the scenes in the various sub - structures of the working group over the past year. reaching agreement on recommendations that reflect the views of such a wide variety of institutions is not an easy task. over the course of last year, the working group and subgroups members held no less than 80 teleconferences and seven working group meetings, which give some idea of the work that went into aligning views within such a tight time frame. i would like to thank all of you, including the team supporting the working group chair, for your contributions, as well as the secretariats of the ecb and the european securities and markets authority for

, the greenspan era : lessons for the future, speech given at the federal reserve bank of kansas city symposium on “ rethinking stabilization policy ”, jackson hole, wyoming. woodford, m. ( 2008 ), convergence in macroeconomics : elements of the new synthesis, paper presented in the session “ convergence in macroeconomics? ” at the annual meeting of the american economic association on 4 january 2008.
hard to boost inflation. but despite the fact that they are still not satisfied with the level of inflation, the economy is doing very well. can ’ t we be satisfied with that and be a bit more relaxed about inflation? i can understand why politicians may think that way, but as central bankers we can ’ t. our mandate is narrow, and it is a price stability mandate. in the united states there is quite an open discussion about the inflation target. isn ’ t it time to start that discussion in europe as well? i really do not think that it is the right time to start a discussion on the ecb ’ s definition of price stability, in either direction. throughout the crisis we have been an anchor of stability. if you look at longer - term inflation expectations, they have been very stable, and this has helped avoid deflation. this anchor remains needed at a time when the euro area is still coping with the legacy of the crisis. another topic that is currently the subject of heated debate is the possibility of bitcoins replacing cash. how important is this topic for the ecb? there are different forms of digital currency. bitcoin is not a currency ; it is a financial instrument which creates major risks for investors because its value is highly unstable, not to mention the issues of tax evasion and criminal activity. this is not a monetary policy discussion. on the other hand, new technologies are being developed on wholesale financial markets, such as the use of 4 / 5 bis central bankers'speeches blockchain for clearing and settlement, which may one day require digital money to settle transactions. we are looking into it because we have to follow all technological developments. finally, whether there should be a shift out of cash and towards digital currencies issued by central banks is yet another discussion. what is your view on that? i believe that central banks should be extremely cautious when they deal with such issues, because they concern trust in the currency. there are different views on the use of cash. germany, for example, is a country where people remain very much attached to cash. different societies will have different opinions. 5 / 5 bis central bankers'speeches

euro is very popular and i think that assessment by the european population is correct. it is a very good invention for europe and i think for all of us in the euro area we should be proud of our common currency. one personal question. you are an academic, how do you see your new position now as chief economist? your position is very important in the ecb. so i think monetary economics, central banking is very closely connected to academia. one of the reasons the bank of finland is having this conference today is to recognise the importance of interaction between central bank officials like myself and university professors and students. this is an area where i ’ ve said in the speech the ecb has to be a learning organisation, we have to learn from our own research, from the university sector, from other central banks. so actually i think this is an area where i feel coming from a university background helps me in my current job. 2 / 2 bis central bankers'speeches
. we have to improve very significantly risk management in all pertinent institutions. and last but not least, we have to introduce much more discipline in the macroeconomic policies, and that of course goes for fiscal policies, but also for appropriate discipline to prevent excessive domestic and external imbalances.

savings need to be made. the third key issue is the need to make progress in reducing the high government debt - to - gdp ratios that have substantially increased over the past two decades. whilst there was some improvement in the run - up to the start of emu, the recent progress has been disappointing as the average debt - to - gdp ratio for the euro area fell only slightly to 73. 8 % in 1998, compared with 74. 6 % in 1997. such imbalances are undesirable and can also have wider implications for the conduct of monetary policy. if there are any doubts about the soundness of fiscal policies, this can influence the effectiveness of monetary policy instruments, and undermine the credibility of monetary policy. in addition to the long - term economic issues mentioned so far, i should also like to emphasise that the structural reform agenda available to national governments to promote economic development extends well beyond the reform of labour markets and public finances. for example, national governments can take steps to promote entrepreneurship and make it easier for people to start and run businesses and thus create new jobs. this could involve encouraging competition through measures to promote the entry of new firms, such as reducing the administrative burdens they face, making markets more competitive and facilitating access to venture capital. governments can also liberalise previously highly regulated sectors, such as utilities, to increase efficiency and reduce prices to the benefit of industrial and household users of these services. national governments may also wish to take steps to raise productive investment in research and development to increase growth in expanding high - tech industries. the introduction of the euro and a common monetary policy has certainly not rendered national governments impotent. with the ability to vary fiscal policy and undertake structural reforms, national governments retain the key powers to address the real needs of their economies. if the terms of the stability and growth pact are adhered to, then there is sufficient flexibility to allow automatic stabilisers to work in the event of a slowdown. structural reforms provide the only means of achieving lasting reductions in unemployment, preparing for the ageing of the population and reducing the burden of government debt. national governments would be well advised to press ahead with such reforms. apart from having their own merits, such policies would also support the ecb in maintaining price stability in the euro area.
measured and managed in isolation from one another, whereas in reality, they are closely linked. a credit event that drives down the value of a particular asset is likely to reduce the liquidity and price of that asset as well, at least in the short term. therefore, as trading in those credit instruments grew, new portfolio models were developed to take on board the interaction between credit risk and market risk. traditionally, regulation has distinguished between credit risk and market risk, and has treated both risks independently. the basel ii accord requires banks to keep capital for credit risk for banking book exposures and market risk for trading book exposures. however, it does not provide an implicit capital cushion for correlation between the two risks, other than a capital charge for counterparty credit risk for certain trading book exposures. however, emphasis is put on stress testing credit portfolio for these types of events. the recent events in financial markets have brought central bankers, regulators and risk managers to rethink and question the reliability of these new risk management systems for credit risk and market risk ; and the diversification effects and the relevance of risk aggregation embedded in these instruments. having said this, it may also be opportune to reflect over the future of regulatory practices for credit risk and market risk. ladies and gentlemen, as my time is almost over, let me take the next few minutes to tell you more on our distinguished speakers for this session. we welcome today, experts from mckinsey & company. ( presentations by the speakers ) concluding remarks i thank you all gentlemen for your fruitful presentations on such an interesting topic. this session has indeed been very informative for all of us present today and i hope that we may all draw lessons from your presentation on credit risk and market risk, particular on part of the presentation that was focused on the experience of indian banks in managing those risks. i now wish to quote a few sentences from the report : “ towards superior risk management in indian banking. ” “ banks will need to continuously refine today ’ s practices. it is important to constantly revisit the risk architecture through the on going refinement of models, stress testing scenarios, revalidating limits, redesigning customer facing processes and restructuring of the organization. this also implies broadening the traditional purview of risk management to include newer practices such as reputational risk, business process re - engineering and concurrent audit improvement. ” to conclude, as banking gets more sophisticated, risk management systems should be able to size up

the newer risks the operations expose a bank to. therefore, while the banking sector has grown rapidly and displayed high resilience, the need for continuous vigil on the part of bank managements and the regulator can hardly be overemphasized. for me therefore, it is the systems and processes for being able to anticipate risk events in time in a complex financial world that should be the focus area for banks the world over including the banks in india. thank you all for you attention.
. the debate is about just how strong the growth and just how low the rate of inflation. but we will be keeping that prospect under continuous review and be ready to respond to the evidence that emerges in the real world - in either direction. you will have noticed that, although i disclosed my hand on the first ballot, i have not done so on the second. i will leave you to discover from the minutes of our future monetary policy committee meetings how i vote in the real thing! and that, mr chairman, is as clear a steer as you are ever likely to get from a central banker on the likely future interest rate path!

##rrencies and artificial intelligence ( ai ). in the rest of this speech, i ’ ll describe how the bank of england goes about pursuing its mission in the fintech sector, and give some examples of how we put those principles into practice, developing the right public infrastructure both for incumbents and firms looking to scale up. payments one topic i don ’ t intend to cover in detail today is our work on payments. this is a rapidly - developing area even by fintech standards and an important area of work for us, and one worthy of a speech in its own right. i don ’ t have time to do it full justice today, so i ’ ll just note three key recent developments. 1. first, we are continuing with our work to renew our rtgs service, which is twenty five years old this week. building on the functionality provided today, the new rtgs service will deliver a range of new features and capabilities for payments and settlements between financial institutions, ensuring our payments architecture is fit for the future. 5 2. second, as the chancellor of the exchequer highlighted in his speech at the start of fintech week on monday, we have also enabled ‘ omnibus accounts ’ to be opened in rtgs : these allow us to offer the benefits of settling in the ultimate risk - free asset, central bank money, to a wider range of payment systems, and by so doing can help the industry to develop faster and cheaper high - value payment services. 6 3. and third, as the chancellor also highlighted, we are, together with hm treasury, establishing a new joint taskforce, along with two stakeholder engagement forums, to explore a possible central bank digital currency or cbdc. a cbdc would, if introduced – and that is an important if – be a new form of digital money issued by the bank of england and for use by households and businesses, existing alongside cash and bank deposits rather than replacing them. 7 data strategy a second major fintech - related work stream for the bank has been around our data strategy. the bank has long been an active proponent of universal standards for data, a classic example of soft infrastructure. https : / / www. bankofengland. co. uk / - / media / boe / files / speech / 2020 / cross - border - payments - innovating - in - a - changing - world - speech - byvictoria - cleland. pdf https : / / www. bankofengland. co.