samchain/econo-pairs-v2 huggingface dataset:
denied entrepreneurship opportunities that might provide them with a chance to earn an income, poverty becomes entrenched. in the recent past, it is gratifying to note that financial sector in zambia has begum to demonstrate that it is reasonably efficient, sound and profitable. since the many bank closures of the mid - to late - 1990s following stiff competition and the tightening of regulation and oversight through the promulgation of the banking and financial services act ( bfsa ) in 1994 we have not experienced any serious banking crisis. that be as it may, like in many other developing countries the financial sector in zambia still faces a number of challenges. the financial sector assessment programme ( fsap ) report of 2002 highlighted a number of these including limited access to financial services by the rural and peri - urban population and doubtful sustainability of financial services in zambia. in light of these findings, and in recognition of the strategic importance of the development of the financial sector in contributing to sustainable economic growth and poverty reduction, the government of the republic of zambia developed and launched the financial sector development plan ( fsdp ) in 2004. the fsdp is a comprehensive five year strategy to build and strengthen the financial sector infrastructure to enable it to support economic diversification and sustainable growth. in addition, and in furtherance of the objectives of the fsdp, the boz strategic plan for 2008 – 2011 has made financial inclusion as one of its key strategic objectives. under the fsdp two important studies, the finscope™ surveys of 2005 and 2007, on the demand for and supply of financial services in zambia have been completed. these studies have augmented the earlier findings of the fsap with respect to the key developmental challenges for the financial sector in zambia. 3 the key findings of the finscope survey on the demand for financial services included the following : • only 34 % of the population were “ financially served ”, i. e., used formal and / or informal financial products, whilst 66 % had no access to financial services ; • 77. 5 % of zambians report to have never had a bank product or service ; • 40 % of salaried staff reported not having bank accounts, signifying that they received money in cash rather than through the financial system ; • the barriers to accessing financial services include cost, distance, time and transport to reach the bank or financial service provider ; • rather than purchase treasury bills, buy life insurance or stocks on the stock exchange, most of the respondents

african trade insurance agency ’ s workshop for bankers officially opened and i wish you fruitful deliberations. i thank you for your attention. bis central bankers ’ speeches
the adoption of crypto - assets and related technologies could improve the speed and efficiency of financial intermediaries and infrastructures but, on the other hand, it can worsen their carbon footprint because of the energy consumption of some of the underlying processes ( such as mining ). the answer, however, is not to block the development of these new technologies but, conversely, to trust even more scientists and innovators and support them in improving the environmental and sustainability profiles of their solutions. in order to support the development of efficient technological solutions combining innovation in finance and sustainability, new policy instruments such as innovation facilitators could play an important role. in fact, innovation hubs may allow the identification of use cases where innovative technologies can help to channel investments into sustainable objectives and to assist the transition to a greener economy. innovation facilitators also help supervisors and regulators in getting to know innovation from up - close and may ease the design of rules that provide the right incentives for the development and diffusion of “ climate - friendly ” technologies. 1 / 2 bis central bankers'speeches in this respect, it is worth saying that, at bank of italy – in addition to our “ fintech channel ” ( a web window through which operators can communicate with the central bank on any financial innovation issue ) – we have recently launched in milan a new innovation facilitator ( called milano hub ) aimed at fostering collaboration and knowledge sharing between public sector authorities and different stakeholders ( market operators, academics, etc. ) and facilitating, among others, the development and spread of safe and sustainable fintech solutions. that said, i am convinced that this g20 2021 techsprint, the projects and the technological solutions it will attract, will help in making this year a turning point in the transition towards a greener and more sustainable finance. i expect a successful global hackathon that will attract a wide variety of participants from every country of the planet. since in italy this year we are celebrating the 700th anniversary of dante, let me say that i hope that this competition will attract modern ulysses that, as dante recalls in the 26th canto of the inferno, are craving for “ worth and knowledge ” and are eager to discover new lands. at this moment of our history, we need more than ever that the brightest and most ambitious minds will set to work on the challenges that our society and institutions are facing. it is a great pleasure for me to wish you a fair competition. might all of

you bring their best. may the best team win! 2 / 2 bis central bankers'speeches
tukiya kankasa - mabula : technological developments in zambia and the surrounding region official opening speech by dr tukiya kankasa - mabula, deputy governor – administration, bank of zambia, at the sadc central banks it forum 2008 annual conference, livingstone, 3 - 7 march 2008. * * * protocol • the chairman of the sadc ict forum, mr paulo maculuve • the ict directors from the sadc central banks • mrs. esselina macome ( dr ), general manager and board member, banco de mocambique • the ict members of staff from sadc central banks represented here • other members of staff from sadc central bank represented here • representatives of hardware and software suppliers • members of the press • distinguished ladies and gentlemen on behalf of the bank of zambia governor, i would like to extend a very warm welcome to you all to the “ sadc central banks it forum 2008 annual conference ”. to our colleagues from outside zambia, i wish to extend a special welcome to you to zambia, and in particular to livingstone, our tourist capital especially at this time of the year. like the rest of zambia, livingstone is a city of tranquility with an easy - going african charm. apart from the famous victoria falls, other tourist spots include the mukuni cultural village a well stocked curio market, among the many other attractions. i therefore urge you to find time or indeed stay an extra day or more to sample this special menu that livingstone can offer. mr chairman, it is pleasing to note that the sadc information and communications technology ( ict ) forum will this year be hosting its 13th annual conference in livingstone, zambia. bank of zambia, is therefore pleased to join other sister central banks who have previously hosted this annual conference. distinguished delegates, as you are all aware, information and communications technology ( ict ) plays a strategic role in the day to day operations in all our central banks. the rapid evolution of ict, which is generally called the “ ict revolution ”, has been exerting a profound impact on the world ’ s economies. as we all can acknowledge, technological innovation has brought about the speedy processing and transmission of information, resulting in substantial reduction in costs, wider networking, and globalization on an unprecedented scale and scope. distinguished delegates, the central banks within the sadc region have registered significant developments and advances in the areas of payment systems, website development, and banking supervision application, just to mention a few projects em

the root causes of the crisis and to build a genuine economic and monetary union have been set in motion. the ecb ’ s monetary policy will continue to make its contribution to this endeavour, in line with its mandate. the heavy task of implementing the important decisions already taken lies ahead. all parties involved in this comprehensive reform agenda must persevere. and we must all work with conviction and determination towards our shared vision. if we do so, i am confident that restoring stability and ensuring prosperity in the euro area are within our reach. bis central bankers ’ speeches
william c dudley : some lessons from the crisis remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the institute of international bankers membership luncheon, new york, 13 october 2009. * * * thank you for having me here to speak today. it is a real pleasure to have this opportunity to discuss the challenges ahead in making our banking and financial system more resilient and robust. we have learned a great deal over the past two years about our financial system and its vulnerabilities. the challenge ahead is to put these lessons to good use. regulators and market participants failed to fully appreciate the degree to which the various aspects of our financial system are interconnected, and to foresee what those tight linkages would mean for market function when even one reasonably large institution – let alone many – became distressed. we also did not fully appreciate the strength of the amplifying mechanisms that were built into our financial system ; the consequence of which was to exacerbate the boom on the way up and worsen the bust on the way down. contributing to these pro - cyclical dynamics were inadequate incentives for firms to curb their risk - taking and to more effectively manage the risks they did face. the inadequate level of transparency and disclosure, particularly in the market for structured products, were also important in making the financial system more fragile and vulnerable to crisis and in increasing the degree of uncertainty and contagion once the crisis was underway. only by fully understanding these shortcomings can we construct solutions that will strengthen our financial system and make it more robust. the initiatives underway to strengthen our financial system span a wide range of supervisory and regulatory policy areas, including ongoing efforts to improve standards for both the capital and liquidity held by financial institutions, efforts to improve the risk management practices at financial institutions and efforts to strengthen the resiliency of market infrastructures. today, i am going to focus mainly on the need to improve the capital standards for large, systemically important financial institutions. for initiatives in this area to be effective, we need to make progress on three distinct, but related fronts : • a more thorough and complete risk capture so that the capital adequacy rules more effectively encompass a broader set of risk exposures than before, • rules that encourage the conservation of capital in adverse economic and financial circumstances, and • tougher regulatory requirements, including the use of a contingent capital instrument that would automatically replenish equity capital in times of

concern if these firms ’ compensation practices are contrary to the text or spirit of the international agreements on compensation practices that are in the process of being hammered out. for example, multi - year guaranteed bonus payments would raise a red flag for us as not likely being consistent with the evolving consensus on sound compensation practices. thank you for your kind attention. i would be happy to take a few questions.
remaining the core source of financing. with this mind, we are looking forward to an accelerated timeframe for the review of the overall size of the imf quotas. we would also support an initiative discussed at the executive board to make better use of existing sdrs for the benefit of poorer members, and repeat our call for a new general allocation of sdrs. 2 / 2 bis central bankers'speeches

but there are a number of indicators that suggest it has been a positive experience. one way of looking at it is to compare the pre - and post - inflation targeting period outcomes. while this approach gives us some indications, the causal relationships may be unclear, and the different periods were subject to different shocks which may distort the picture. nevertheless, the data does show that inflation targeting has been consistent with an average inflation rate lower than in the previous decade, and accompanied by lower volatility and lower nominal and real interest rates. similarly, growth outcomes have been more favourable, which undercuts the argument that is sometimes made that inflation targeting is inimical to growth. we have adopted a flexible inflation targeting approach, conscious of the trade - off between short - term inflation variability and output variability. this approach has been appropriate both in dealing with exogenous shocks, as well as responding to periods of slow growth, as is currently the case. while growth does have a positive weight in the mpc ’ s objective function, and consideration is given to the real economy in making monetary policy decisions, we believe that monetary policy, whatever the framework, does not impact significantly on long term potential output growth. bis central bankers ’ speeches looking at some of the comparative data, we see that in the 10 years before inflation targeting was adopted, inflation averaged 9, 7 per cent, and this declined to 6, 3 per cent in the full inflation targeting period, while average gdp growth improved from 1, 6 per cent to 3, 3 per cent. the average nominal policy rate declined from 15, 5 percent to 8, 5 per cent, while the average real policy rate declined from 5, 7 per cent to 2, 2 per cent. if we simply look at the period from 2010, inflation has averaged 5, 3 per cent, real gdp growth 2, 6 per cent, the repo rate 5, 5 per cent and the real repo 0, 3 per cent. the volatility of all these variables is also lower in the inflation targeting period. other positive indicators are the increased contracyclical nature of monetary policy ( as noted inter alia in work by ben smit and stan du plessis ), as well as the relative stability of inflation expectations, albeit, in the last three years, at the upper end of the target range. this topic will be explored further in the presentation by alain kabundi. but it has not all been plain - sailing, and
inflation on public finances in the euro area, ecb ( european central bank ) occasional paper no 2023 / 332, p. 32. 4. arslanalp, s. and b. eichengreen ( 2023 ), living with high public debt, jackson hole symposium, august 2023, p. 25. 5. international monetary fund, fiscal monitor, april 2023, p. 29. 6. international monetary fund, fiscal monitor, april 2023, p. 17. 7. international monetary fund, fiscal monitor, april 2023, p. 40. 8. deutsche bundesbank ( 2021 ), federal debt : allocate premia on accruals basis in budgetary interest expenditure, monthly report, june 2021, pp. 47 - 51. 9. deutsche bundesbank ( 2023 ), the growing significance of central government ’ s offbudget entities, monthly report, june 2023, pp. 63 - 81.

jens weidmann : challenges for the euro area : what progress has been made – what still needs to be done? speech by dr jens weidmann, president of the deutsche bundesbank, at the swiss institute of international studies, zurich, 9 march 2015. * 1. * * introduction dr meyer, thomas, ladies and gentlemen thank you for inviting me to this event. it gives me great pleasure to be here with you today in this beautiful city on the river limmat. being a monetary policymaker is rather like trying to swim at a constant speed. if you dive into the water at the upper letten, you will simply be swept along by the current without any effort – in fact, you may actually have to actively slow yourself down. if you take a swim in lake zurich, on the other hand, you can usually progress at your own pace in a leisurely breaststroke. but, of course, even there you may encounter more turbulent waters – waves churned up by a passing boat, for example. i ’ m sure you ’ ll agree, thomas, that we central bankers are currently faced with a fairly strong countercurrent. euro - area inflation has been below the target of just under 2 % for months now, with another negative rate of – 0. 3 % recorded in february. and the consensus is that the inflation outlook will remain subdued for some time to come. the ecb governing council has therefore decided to make extensive government bond purchases, thus progressing to an even more expansionary monetary policy stance. in terms of monetary policy, the eurosystem is undoubtedly facing a difficult situation at the moment. failing to meet its inflation target for too long could have negative repercussions, as the various players in the economy have adapted to this pace of inflation. as a case in point, both private and public borrowers have based their contracts on the benchmark of inflation of below, but close to, 2 % over the medium term. if inflation remains below this level for a long time, it will become more difficult for them to service their debt. and that could have implications for price developments and the credibility of monetary policy. the dangers associated with inflation staying too low for too long therefore have to be taken seriously. but is that really cause for us to loosen our monetary policy? i have my doubts. despite the horror scenarios evoked in some quarters, the risk of a self - reinforcing spiral of falling wages and prices – of deflation
##z officially opened. thank you and god bless you.

by changes in physical storage devices, it platforms and software. the theory and practice of building archives in the big - data era is in its infancy ; it needs to grow up fast. third, the emergence of big data has raised the importance of data integrity, confidentiality and privacy to a level never seen before. protection of personal data is central to our societies ; one could say that it helps to define them, to the extent that it is inextricably linked to the protection of individual rights more generally. the sheer amount of personal data now available, and the growing ease of connecting individual information across databases, have far - reaching implications for fairness and freedom ; they have thus spurred much digital - privacy regulation. the connections with the previous point are, i think, rather obvious ( data integrity, for instance, is central to both ) ; so are the implied trade - offs. for instance, the right to be forgotten, increasingly ( and, i think, rightly ) granted to individuals, conflicts with society ’ s desire to keep records. no wonder that rules are sometimes inconsistent across different jurisdictions, data domains or legal purposes. a systematic way of weighing conflicting principles against one another should be found. ideally, one would like to have global standards ; international cooperation is therefore to be encouraged as far as possible. however, there are limits to this, at least as long as different societies protect individual freedom to a different extent. for the time being, we have to live with this limitation. the challenges of big data require continuous organisational and technological innovation in the institutions that want to use them effectively and fairly. at the bank of italy we have taken several steps in the past few years to enhance our ability to collect, store and exploit huge amounts of data, using state - of - the - art hardware and software. other institutions are surely doing the same. this workshop is a good opportunity to share experiences. preserving the confidentiality of individual data is one specific challenge that many institutions represented here will often face. the issue is not just that the social value of statistical analysis cannot override the legal obligation to refrain from infringing on personal privacy, but also that the quality of the data itself is often premised on confidentiality being guaranteed : without it, proprietary data would be impossible to collect, and much sensitive data, such as data on personal wealth, would be next to useless. we are cooperating with other institutions to find ways to reap the value of merging data from different sources
thanking all participants for their very valuable contribution in promoting financial education. i particularly wish to thank mr boucher, it is a great honour, richard, to have you here at the bank of italy. thank you, for letting us host this important symposium.

which savings - investment imbalances, the growth of complex securitised credit intermediation, changing patterns of maturity transformation, rising embedded leverage, a burgeoning shadow banking sector, and rapid credit - fuelled growth, had created large systemic vulnerabilities. in the future, we need – at national and global level – to be in a much better position to understand and address trends in credit growth, in system - wide leverage and maturity transformation, and in the inter - linkages within the financial system, to identify and constrain emerging risks. for this we require additional system - wide prudential as well as other tools. creating the prudential tools, regulatory set - ups and policy tools required to better constrain system - wide risks, including generating the transparency needed for authorities and markets to be better informed about the risks to the system, is the focus of much of the reform agenda. these changes do of course need to be implemented at national levels. but there is work internationally to generate the tools and policies needed, to promote coherence in implementation and to conduct the monitoring that is required. let me speak to some of these. one central lesson of this crisis is that the system entered it with too little capital, far too small liquidity buffers, and a capital and valuation regime with significant pro - cyclical consequences. much work is underway on bank capital and liquidity that will address these issues. the basel committee proposed last year changes that by end 2010 will expand basel ii risk capture and very significantly increase trading book capital requirements. and the committee ’ s much strengthened liquidity guidelines are in the process of being implemented nationally. further work is underway to strengthen guidance for and monitoring of liquidity management at large cross - border banks. the fsf and its member bodies also produced a set of recommendations to mitigate procyclicality. these call for ( i ) regulatory capital requirements to increase the quality and level of capital in the financial system during strong economic conditions so that they can be drawn down during periods of economic and financial stress ; ( ii ) a revision of the market risk framework of basel ii to reduce the reliance on cyclical value - at - risk based capital estimates ; and ( iii ) to supplement risk - based capital requirements with a leverage ratio to contain the build up of leverage in the banking system. regarding provisioning, we – and now g20 leaders – called on the iasb and fasb to reconsider