samchain/econo-pairs-v2 huggingface dataset:
citizens can have access to central bank money, also in the digital world. let me conclude in saying that tokenization can be a blessing or a curse for the functioning of the financial system. it is my belief that we can collectively make the best of it if we ensure its expansion within a framework of confidence in which good regulation has an important role to play. 3 / 3 bis - central bankers'speeches

this regard, rather than our profit and loss statement, is the financial solidity of central banks ’ balance sheets through their levels of capitalized reserves. the effect on banks ’ net interest income nevertheless, if opposite in sign to the one under negative rates, could also distort the transmission of our monetary policy. just as we did with the tiering scheme, we have to think about a reserve remuneration system adapted to this new context, as the ecb announced it in our july decisions. we will conduct this assessment in a swift and pragmatic way, looking at various options having existed across history and across jurisdictions. * * the high uncertainty in which we must at present navigate the normalization of monetary policy means that we will have to artfully deal with the unexpected. perhaps however, accepting this uncertainty is, if not what science is typically associated with, at least what rationality commands. voltaire said, “ uncertainty is not a pleasant condition, but certainty is absurd ”. xii two hundred years later, bertrand russell wrote that “ not to be absolutely certain [ is ] one of the essential things in rationality ”. xiii i am glad we still need science, including on the new challenges i stressed, to reconcile uncertainty and rationality. blanchard ( 2006 ). garnier ( 2022 ), presidential lecture at the french economic association. iii rostagno et al. ( 2021 ). iv see savignac, gautier, gorodnichenko and coibion ( 2021 ) for first results on a new survey conducted by the banque de france on expectations of french firms. v see coibion gorodnichenko kumar ( 2018 ), coibion gorodnichenko ropele ( 2020 ), and rosolia ( 2021 ) for the few papers that seek to empirically assess the effect of inflation expectations on pricesetting. vi see werning ( 2022 ) for recent advances on these questions from a theoretical perspective. vii brunner ( 1981 ). viii brainard ( 1967 ). ix dupraz guilloux - nefussi penalver ( 2020 ). x see cukierman ( 1991 ) and stein and sunderam ( 2018 ). xi see weidmann ( 2022 ), jacobsson lecture, for a recent articulation of this idea. xii in a letter to frederick ii, king of prussia, on april 6, 1767. xiii russell ( 1947 ). i ii
paul tucker : national balance sheets and macro policy : lessons from the past speech by mr paul tucker, deputy governor for financial stability at the bank of england, at the society of business economists ’ annual dinner, london, 28 february 2012. * * * the spectre hanging over the world economy these past years – the drag on our recovery – has been deleveraging. around the world, households, some firms, banks, governments, whole economies are acting to reduce their debt overhang. by selling assets, cutting spending, deferring investment. what gets delevered – as the ugly phrase goes – is a balance sheet. balance sheets became stretched. sectorally. nationally. through much of the industrialised west. the idea of over - borrowing, of overstretched balance sheets, is hardly novel. economists are taught about the importance of stocks of debt ; about “ budget constraints ”, beyond which a borrower ’ s expected future income, their wealth, is insufficient to service and repay their accumulated debts. but, by and large, economic commentary focuses on flows – the path of output, consumption, and investment and the current account balance. i exaggerate, of course – not least because cumulative flows create stocks. nevertheless, it is salutary to remind ourselves that less than a decade before our crisis broke, we – the west – had been preaching to emerging market economies ( emes ) the necessity of monitoring, and even managing, the national balance sheet. that was in the wake of the asian and latin american financial crises of the 1990s. one of the many official reports on the lessons took a mandate about capital flows and turned it into a series of prescriptions on national balance sheets, including being attentive to vulnerabilities and to perverse incentives. 1 the emphasis of the draghi report was hardly surprising. brazil, mexico, and russia had suffered from mismatches in the maturity and interest - rate structure of their public debt. for korea, it had been mismatches in the external funding of the banking sector. in indonesia, the non - financial corporate sector had been overly reliant on short term, foreign - currency - denominated external debt. in each case, the country ’ s economy was eventually brought to heel by a run. it might have been easy for “ developed ” economies to ignore the draghi report. but efforts were made to draw wider lessons amongst advanced economies. thus, in late 2000, the bank of england

t really anywhere it ’ s somewhere else instead! ” a quarter of a century on, i am confident central banks will be “ somewhere else instead ”. i am much less confident precisely where, whether upstairs or down. central banking may need to await the 50th anniversary of central banking to find out. bis central bankers ’ speeches
basis ( right panel ). as i just noted, housing inflation has been stubbornly elevated. this is true if you look at inflation over the past year or just at recent months. but high based on work by jake orchard ( 2022 ) that matches consumption spending by income with cpi data. see https : / / papers. ssrn. com / sol3 / papers. cfm? abstract _ id = 4033572 - 9frequency measures of market rents ( for new leases by new tenants ) have slowed sharply, suggesting an upcoming slowing in the rate of inflation in this part of the pce basket. because rents usually don ’ t change until leases run out, these recent declines in market rent inflation will only show through to the official inflation measure with a delay. so i expect, over time, that housing inflation will move down to be more in line with core inflation. turning to food, which represents about 7. 5 percent of consumption in the pce basket, figure 6 shows that the 12 - month change in pce food prices has greatly outpaced that of core pce inflation over the past couple of years. more recently, we can see that the 3 - month change in the pce price index for food has slowed considerably, which is a good sign. but food inflation is still above the average annual pace of 1. 1 percent over the ten years preceding the pandemic. this ongoing elevated food inflation likely reflects passthrough of the past strong increases in food commodity prices, rising labor and fuel costs, as well as supply - chain bottlenecks in packaging and transportation that have limited supplies amid strong demand. for example, as seen in figure 7, spot prices for cattle and soybeans are well above their levels at the onset of the pandemic, likely boosted by the sharply rising input costs farmers have been facing, which i discussed earlier. however, futures prices for these commodities suggest limited movements in these prices through year end. if this plays out, with a slowdown in wage increases that should occur because of tighter monetary policy, this should help continue to moderate food inflation over the next few years. finally, let ’ s turn to energy inflation. households spend less than 5 percent of their pce basket on gasoline, electricity, and heating but, as seen in the left panel of - 10 figure 8, the energy price index skyrocketed over the past couple of years, reflecting a surge in crude oil prices

or the federal open market committee. figure 1 figure 2 figure 3 figure 4 figure 5 note : the inflation measure is the personal consumption expenditures price index. source : bureau of economic analysis via haver analytics. figure 6 note : the inflation measure is the personal consumption expenditures price index. “ food ” refers to the “ food and beverage ” category of the index. source : bureau of economic analysis via haver analytics. figure 7 note : the data from 2019 to 2022 are spot prices ; the data points in 2023 are futures prices as of january 30, 2023. source : haver analytics ; federal reserve board staff calculations. figure 8 note : the inflation measure is the personal consumption expenditures price index. source : bureau of economic analysis via haver analytics.
their activities inside the present eu. the role of the authorities is to support, not hamper these processes. therefore, my second conclusion is that frustration with the inability to politically consolidate the existing area should not become a reason for constraining its political expansion. in the end, business would find its way through, but europe would lose.

zdenek tuma : consolidation before expansion summary of a speech by mr zdenek tuma, governor of the czech national bank, for the conference on " modernising germany - gaining competitiveness for europe ", berlin, 1 june 2006. * * * do we really face the dilemma of choosing between consolidation and expansion? we should look at the integration process from both the political and economic perspectives. from the economic point of view, deepening and enlarging are both primarily spontaneous processes, but this does not necessarily hold for the political aspect. unfortunately, these two perspectives are often confused, which can lead to misleading conclusions. let me consider the economic perspective first. as a recent eu newcomer i can confirm that we observed spontaneous integration with the eu well before the timing of our accession had even been mentioned. therefore, i do not expect the expansion of the eu to end just because there is a lack of political will for enlargement. market forces will keep the surrounding countries “ in the game ”. the political and institutional framework can encourage or discourage this process, but it can hardly stop it. on similar ground, the deepening of the already integrated area is quite spontaneous from the economic point of view. for instance, we are seeing dynamic integration of the financial architecture and a growing number of cross - border mergers in both the financial and non - financial sectors. here, too, an appropriate institutional framework would help, but the consolidation process is going on even without it. therefore, my first conclusion is that from the economic perspective the dilemma between deepening and enlarging is rather imaginary. in fact, both these processes are going on around us at every moment, and the authorities have a limited ability to choose between these two aspects of integration. the political dimension makes the question much more complex. despite the aforementioned conclusion that economic integration is relatively independent of political will, an appropriate institutional framework is undoubtedly important for the pace of integration and the future shape of european markets. but politicians are caught between their vision of an integrated europe and pressure from many of their voters to defend their current positions. their inability to explain the benefits of integration to the electorate is a source of frustration and puts limits on any further political deepening and enlarging of the more and more economically integrated area. this may lead to a temptation to use the argument of an imaginary choice between deepening and enlarging. but businesses will not ask politicians for permission to move to balkan countries or turkey, or to continue concentrating
implementation of the vision 2030 through mobilization of long term financial resources. this will make nairobi a financial hub of the region. the central bank of kenya in collaboration with the treasury and other stakeholders are carrying out significant reforms to spearhead further growth and efficient functioning of the financial markets. some of these reforms relate to the introduction of an efficient trading platform. the proposed phased introduction primary dealership will further deepen the capital markets. the proposed reduction of the threshold for investment in kenya government treasury bills will undoubtedly pave way for wider public participation in government debt markets as the government starts implementing vision 2030. further, i would like to commend the teams comprising of central bank of kenya and the nairobi stock exchange that have been working to connect cbk ’ s - cds with the nse ’ s automatic trading system ( ats ) to facilitate online trading of bonds in the secondary market. if successfully implemented, delivery versus payment arrangements will be greatly enhanced to the extent that over - the counter ( otc ) trading can effectively take place. the cbk and the treasury are also working on a benchmark bonds programme to be rolled out in the near future. investment banking in kenya we have witnessed a steady growth of investment banks in kenya. kenya now boasts of 12 investment banks, 19 investment advisors and 7 stockbrokers. investment bankers and brokerage firms play a critical role in contributing to the efficient functioning of securities and equities markets in the economy. with the deluge of information available to market participants today, the value of investment analysts ’ opinions – both to investors and issuers – is greater than ever before. if we aspire to be the financial hub of the region more investment banks and other intermediary financial institutions ( like discount houses ) must take firm root under the close supervision of the regulatory body. effective supervision will help prevent unprofessional activities by players by ensuring that brokers, investment banks financial advisors among others, provide the appraisal, the screening and the monitoring roles as required. suntra investment bank unit trusts let me now turn main reason that we have gathered here : the suntra investment bank ’ s unit trust. suntra investment bank ( sib ) ltd has been active in the capital market. distinguished guests, we are here to celebrate with sib ltd as they continue to create value in the country ’ s capital markets by introducing new products. suntra unit trusts are packaged to benefit kenyans on many levels by efficient risk management and guaranteed

declare southern credit banking corporation ’ s mastercard debit card officially launched into the kenyan market. thank you.
m r chatu mongol sonakul : thoughts and reflections on the development of the domestic bond market in thailand speech by mr m r chatu mongol sonakul, governor of the bank of thailand, at the adb conference on government bond market and financial sector development in developing asian economies, held in manila, 28 - 30 march 2000. * * * mr chairman, distinguished guests, ladies and gentlemen, i am honored for the opportunity to share with you some of my thoughts and reflections on the development of the domestic bond market in thailand. the asian economic crisis, which started in thailand in 1997, posed the most severe challenges to policymakers - how to contain the crisis, how to ease the burden of the poor and how to ensure a sustained recovery. but the biggest challenge to us all must be how the crisis could have been avoided in the first place. if i can turn back the clock and have a wish, my list may be long. but high in its ranking would be a well functioning thai baht bond market. benefits of bond markets a bond market provides a basic infrastructure for the development of the financial system and the overall economy. the bond market is an important alternative to bank lending. during a crisis, banks themselves often come under liquidity pressure, from both domestic and foreign withdrawals. not only do they cease to lend, they also recall loan from their best debtors. and even after the crisis has peaked, banks still face the problem of recapitalization. during these times, the process of intermediation suffers. the existence of a deep and liquid bond market allows financial institutions to prepare themselves better for risk management. the authority can require the banks to maintain a higher liquidity ratio, comprising both government and top - rated corporate bonds. the banks can then resolve their liquidity problem on their own by selling these bonds, regardless of their credit standings, which tend to suffer during a crisis. in thailand, the lack of a liquid bond market meant that the only way to obtain liquidity under pressure was for the banks to come to the bank of thailand using their entire loan portfolio as collateral. and as the crisis deepens, these loans were deteriorating day by day. another benefit of the bond market is that it can attract foreign investments. foreigners can bring in funds to invest in high quality papers denominated in thai baht. they are the ones to absorb foreign exchange risk. without a bond market, thai companies have no choice but to borrow abroad and bear

act as an automatic stabilizer, while its extreme movements are carefully managed. at the same time, reforms are actively pursued with the economy ’ s long - term resilience as our ultimate goal. it is also imperative for central banks to continue exploring various policy toolkits to bolster resilience against volatile capital flows and exchange rate in the near future. thank you for your attention. bis central bankers ’ speeches
colleague of mine on the central bank ’ s commission, professor alan ahearne, here : www. irishtimes. com / opinion / whitaker - s - work - is - as - relevant - as - ever - to - today - s - ireland - 1. 2896529 2 see www. dkit. ie / innovation - and - business / regional - development - centre. html 3 see stephen byrne and jonathan rice, ( 2018 ), ‘ non - tariff barriers and goods trade : a brexit impact analysis ’, central bank of ireland, research technical paper vol. 2018, no. 7. available here. 2 / 2 bis central bankers'speeches

gabriel makhlouf : launch of generation €uro students ’ award introductory remarks by mr gabriel makhlouf, governor of the central bank of ireland, at dundalk institute of technology, dundalk, 3 october 2019. * * * good morning. it is a pleasure to meet with you today. i noticed on the way in that this lecture theatre is named after a predecessor of mine t. k. whitaker. ken whitaker was an eminent public servant and served ( inter alia ) as governor of the central bank of ireland between 1969 and 1976. as some of you may have come across in your studies here in dundalk institute of technology, many of the lessons of his work, for example the move away from protectionist policies and towards internationalisation, are as salient today as they were in the late 1950s. 1 turning more towards the future, i am looking forward to visiting the regional development centre later today, which i understand works with companies across the north east from student start - ups, to academic spin outs, smes and multinationals. 2 whilst i am only a month in the job, i am trying to get out and about to visit as many places and engage with as many people as i can across ireland. in addition to visiting the ploughing championships in county carlow recently, i will visit waterford next month. it is particularly interesting for us to visit dundalk and hear from students and members of the chamber of commerce here about how brexit will affect you personally, the institute of technology, your businesses, and your communities. ireland in general is particularly reliant on the uk in areas such as agriculture for exports, and manufacturing for imports. the border region where trade relationships are particularly close, is vulnerable with the strong inter - linkages between irish and uk firms ’ supply chains. 3 the fall in the value of sterling has been the main channel which we have seen the economic effects of brexit act to date and i am sure this has already had an impact on many of you and your businesses. the real effects of brexit will of course only be known once the uk leaves the european union, and fundamentally, the manner in which they depart. after many years of close integration between the two economies as part of the eu, businesses and the irish economy will need to adjust to new trading arrangements. i look forward to discussing with you how brexit may affect you, and how you have been preparing. any
are already substantially prepared for them. it only remains for me, once again, to wish you a prosperous new year, and, by way of a conclusion, to express my hope that in 2013 the french financial system will be even more useful to the economy, stronger, more competitive and oriented towards the future, supported by a vigilant and efficient central bank and supervisory authority. bis central bankers ’ speeches

francois villeroy de galhau : new year wishes 2023 new year wishes to the paris financial centre by mr francois villeroy de galhau, governor of the bank of france and chairman of the autorite de controle prudentiel et de resolution ( acpr ), paris, 5 january 2023. * * * allow me to extend my warmest wishes for 2023 on behalf of the banque de france and the acpr. i don't know if i dare wish you, or wish us, a year free of shocks after those of 2020, 2021 and 2022. this past year has been marked by a climate of uncertainty, exacerbated by russia's war in ukraine and the energy crisis. it has also seen increased financial market volatility, compounded by the turmoil in the cryptoasset universe. in this unstable environment, i would like to make two double wishes for 2023 : 1 ) less inflation and more stabilisation. activity has, until now, proved more resilient than expected, which is good news ; however, inflation must not become entrenched. it is the number one concern for french people, and defeating it is our number one mission. it fell in december to 6. 7 %, which is encouraging but still not enough. it should peak in the first half, before declining towards 4 % by the end of this year. but our forecast, and our commitment, is that inflation should be brought down towards 2 % by end - 2024 to end - 2025. to achieve this, after raising interest rates to close to the " neutral interest rate " of 2 % in december, we are now embarking on the second phase towards monetary stabilisation : ideally, it would be good to reach the right " terminal rate " by next summer, but it is still too early to say what that level will be. we need to remain pragmatic and to be guided by observed data, including on core inflation, without getting fixated on overly mechanical rate hikes. we will then be prepared to remain at this terminal rate for as long as necessary : the sprint to raise interest rates in 2022 is now becoming more of a long - distance race, and the duration will count at least as much as the level. in parallel, we shall continue to focus on maintaining financial stability, helped by the strong resilience of french banks and insurers. in europe, 2023