samchain/econo-pairs-v2 huggingface dataset:
2020 ), “ the market stabilisation role of the pandemic emergency purchase programme ”, the ecb blog, 22 june. [ 5 ] see also lane, p. r. ( 2020 ), “ expanding the pandemic emergency purchase programme ”, the ecb blog, 5 june. [ 6 ] unconditional liquidity operations were also offered, in order to ensure a well - priced liquidity backstop for the banking system. this includes the pandemic emergency longer - term refinancing operations ( peltro ) programme that serves to support liquidity conditions in all segments of the euro area financial system and preserve the smooth functioning of money markets. furthermore, at the international level, we provided euro liquidity facilities through a variety of agreements with central banks outside the euro area, while the existing network of swap lines with the other major central banks was also reactivated, which enabled euro area banks to obtain foreign - currency liquidity if needed. [ 7 ] in addition, a number of supervisory measures offered temporary capital, liquidity and operational relief to banks, to ensure that banks could continue to fulfil their role in funding the real economy. [ 8 ] before the pandemic shock, sizeable policy accommodation was already in place with short - term yields at record low levels, forward guidance indicating that rates would be kept low or lower, net asset purchases under the app restarting in autumn 2019, our continued reinvestment policy, and the third series of the tltros ( tltro - iii ). [ 9 ] see also footnotes 2 and 4. [ 10 ] see also lane, p. r. ( 2020 ), “ the macroeconomic impact of the pandemic and the policy response ”, the ecb blog, 4 august. [ 11 ] see also haroutunian, s., hauptmeier, s. and leiner - killinger, n. ( 2020 ), “ the covid - 19 crisis and its implications for fiscal policies ”, economic bulletin, issue 4, ecb. [ 12 ] see also footnote 6. [ 13 ] for simplicity, this post - pandemic inflation path is represented here as a parallel shift, but it might well be that inflation would recover more slowly in the post - pandemic economy in the absence of additional monetary accommodation. related topics coronavirus pandemic emergency purchase programme ( pepp ) targeted longer - term refinancing

an overview of the follow - up measures taken by the ecb. i thank you for your attention. i am now at your disposal for questions.
##polate the present into the future. conclusion i would like to conclude with the following observation. i have argued that the uncertainty we have about how we think has important policy implications. but we should not forget a fundamental lesson from rational expectations. the way we think is not set in stone. people learn and eventually adapt. even if people are constrained by their cognitive ability and a hardwired need for simple rules of thumb, effective communication and greater common knowledge can override some unconscious biases ; make it possible to switch to still simple, but better, rules of thumb ; learn more quickly ; make more informed decisions ; and, ultimately, reach better outcomes. a better understanding of expectation formation and effective communications can positively reinforce each other. this is not only true for monetary policy, but for decision making in general. this is why, even though i am not sure how you think, i ’ m sure you expect me to be done just about now. and you are right. thank you. references adrian, t. and h. s. shin. 2009. “ money, liquidity, and monetary policy. ” federal reserve bank of new york staff report no. 360. ainslie, gorge w., “ picoeconomics, ” cambridge, uk : cambridge university press, 1992. akerlof, george a & yellen, janet l, 1987. “ rational models of irrational behavior, ” american economic review, american economic association, vol. 77 ( 2 ), pages 137 – 42, may. amano, r., t. carter, and d. coletti. 2009. “ next steps for canadian monetary policy. ” bank of canada review, spring. amano r. and m. shukayev. 2010. “ monetary policy and the zero bound on nominal interest rates. ” bank of canada review, summer. amano r., j. engle - warnick, and m. shukayev. 2011. “ price - level targeting and inflation expectations : experimental evidence, ” forthcoming bank of canada working paper. ambler, s. 2009. “ price - level targeting and stabilization policy : a review. ” bank of canada review, spring. athey, s., a. atkeson, p. kehoe. 2005. “ the optimal degree of monetary policy discretion, ” econometrica 73 ( 5 ), september, 2005, 1431 – 1476. barro, robert j. ; gordon,

. the great depression – a combination of recession, deflation and bank failures – is a clear historical example of what can happen if central banks fail to provide liquidity to the financial system. the monetary policy measures taken by the ecb have helped to avoid a collapse in money and credit and to eliminate the spectre of the great depression. they have not only avoided a collapse of the financial system, but also, and more importantly, prevented a surge in unemployment and poverty in the euro area. in so doing, we have proven that the three objectives of stability, efficiency and equity are mutually supportive, and that the ecb can effectively contribute to containing inequalities within its treaty mandate. i thank you for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
t changed substantially over the past couple of decades. i believe we should consider revisions to that framework that would better reflect the competition that smaller banks face in an industry quickly being transformed by technology and non - bank financial companies. as part of this effort, we have engaged in conversations and received feedback from community banks about the board ’ s competitive analysis framework and its impact on their business strategies and longterm growth plans. we are in the process of reviewing our approach, and we are specifically considering the unique market dynamics faced by small community banks in rural and underserved areas. soon after the pandemic began early last year, the federal reserve took several actions to support community banks and their ability to help affected customers. we paused examinations and issued supervisory guidance that made it clear that we would not criticize or take public enforcement actions against a bank that was taking prudent steps to help customers and making good faith efforts to comply with regulations. this certainty of regulatory treatment created an environment that built trust between regulators and bankers. it enabled banks to continue to meet the needs of their customers who were struggling with circumstances through no fault of their own. let me conclude by again commending the important role that community banks have played in providing financial services during these challenging times. you responded quickly to the needs 3 / 4 bis central bankers'speeches of your customers and communities to provide financial services with limited, if any, interruption. you persevered to implement the largest proportion of paycheck protection program funds to small businesses, whether they were your existing customers or new customers. these relationships are the hallmark of community banking, and as we look toward the future, community banks will continue to play an essential role in supporting customers, delivering financial services, and providing resources to their communities and customers. let me stop here and thank the organizers for another opportunity to speak to you at this important conference. i look forward to your questions, rob. 4 / 4 bis central bankers'speeches

profit and balance sheet developments at u. s. commercial banks in 2005, ” federal reserve bulletin, vol. 92 ( june ) www. federalreserve. gov / pubs / bulletin / 2006 / bankprofits / 0606bankprofit. pdf ( 221 kb pdf ).
i thank the seacen executive director and his team for the arrangements they have made for this conference. i sincerely hope that you will find the conference fruitful and i that you will enjoy your stay in fiji. vinaka vakalevu and thank you.

0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. ing risk sharing via financial markets – particularly with regard to international risk sharing. better risk sharing does not imply calling the european bank - based financial system into question. rather, it is about finding a good mix between debt and equity finance, between financing via banks and markets. this contributes to an improved allocation of risks across the financial system and to its resilience. this is because profits of corporate firms or of banks automatically accrue to the owners of these firms who, in turn, also bear potential losses. claims of creditors, by contrast, do not depend on the economic success of a firm, and they bear losses only if the firm in question becomes insolvent. equity capital can, in addition, make a special contribution to the financing of young and innovative firms. despite all the differences between the german and the french financial systems, markets for venture capital remain underdeveloped in both countries, as they are in other parts of europe. which specific measures can enhance the contribution of financial markets to growth, innovation, and stability? the capital markets union – a project which was launched about two years ago – provides answers to this question. reforming insolvency legislation and – where relevant – harmonizing rules can contribute to cross - border investments and to dealing with non - performing loans. minimum harmonization in terms of the collection of collateral and in terms of creditor rights can be useful in this regard, particularly as it would make shifting losses ex post more difficult. moreover, the capital markets union can contribute to relaxing financial constraints so that strong small and medium - sized enterprises and start - ups obtain access to finance. international investment can be attracted by harmonizing investor protection legislation within the eu and removing barriers to cross - border mergers and acquisitions. central banks in europe have been supportive of the capital markets union project, as it can contribute to growth while, at the same time, enhancing the resilience and stability of the financial system. seite 7 von 10 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel : + 49 ( 0 ) 69 9566 3511 or 3512, fax : + 49 ( 0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only
of which during this period amounted to eur 3. 2 billion, which represents an annual growth of 6. 9 %. interest rates on loans continued to decline which decreased to 6. 6 % from 6. 8 % in the same period last year, indicating the continued ease of access to bank financing. financial health indicators continued to show a high level of sustainability of this sector in all respects. in particular, it is worth mentioning the very good quality of the loan portfolio with a non - performing loans ratio of only 2. 7 % in october 2018, which, compared to last year when it was 3. 6 %, marked a further decrease. * * * page 2 of 6 other sectors of the financial system were also characterized by favourable developments. the value of assets of the pension sector in september 2018 amounted to eur 1. 76 billion, marking an annual growth of 11. 2 %. return on pension fund investments continued to be positive, indicating an increase in the value of pension savings of citizens. * * * the insurance sector continued to increase its insurance activity as well as compensate the insured against damages. the total written premium value of insurance companies in september 2018 was eur 69. 1 million, which represents an annual growth of 4. 8 %. on the other hand, the value of the damages paid amounted to eur 31. 5 million, marking an annual growth of 8. 2 %. increased damages paid, in addition to increasing the number of insurance policies, also reflect the more responsible behaviour of insurance companies against insured persons. the insurance sector has continued to have positive financial performance for the second consecutive year, which represents a very important development for the sustainability of this sector. * * * another important sector of the financial system is the microfinance institutions sector, which is continuing to accelerate the lending rate, becoming a sector that is increasingly contributing to the growth of competition in the credit market. the total value of this sector's loans in october 2018 amounted to eur 177. 7 million, marking an annual growth of 29. 1 %. however, a falling interest rate from the current average level of 23. 1 % would make this sector even more competitive and with greater role in supporting the domestic economy. page 3 of 6 * * * the central bank of the republic of kosovo with all its capacities has continued to supporti the sustainable development of the financial system, providing all the necessary infrastructure to support the development of financial institutions and at the same time ensuring that

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various services provided by the rbi regulated entities like banks, nbfcs and payment system operators. the existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. this integrated scheme will reinforce confidence and trust in the financial system. 6. the launching of these two citizen centric initiatives today will provide further impetus to our journey towards a more inclusive and responsive financial system. i once again extend a warm welcome to all the dignitaries, participants and viewers. thank you. 1 / 1 bis central bankers'speeches

shaktikanta das : launch of reserve bank of india ( rbi ) - retail direct scheme and rbi ombudsman scheme welcome address by mr shaktikanta das, governor of the reserve bank of india, at the launch of reserve bank of india ( rbi ) - retail direct scheme and rbi ombudsman scheme by the hon ’ ble prime minister, 12 november 2021. * * * a very warm good morning and namaskar. 1. on behalf of the central board of the reserve bank of india, i have the privilege of welcoming the hon ’ ble prime minister to this event to launch two major initiatives of the reserve bank. sir, your participation in this event is a source of great motivation for all of us in the rbi. i would also like to welcome the hon ’ ble finance minister to this event and thank her for her continuing support. we are also honoured by the esteemed presence of hon ’ ble ministers from the central and state governments, other financial sector regulators, senior govt. officials, md & ceos of banks and various regulated entities of rbi and several other dignitaries. a warm welcome to all the viewers from across the country. 2. the reserve bank, with its multifarious role touches the lives of the people in varied ways, be it through the currency system, the banking system, the financial markets or the 24x7 seamless digital payments. the reserve bank has been leveraging technology and innovation for enhancing the efficiency of its services. the recent announcement of a global hackathon contest, “ harbinger 2021 – innovation for transformation ” with the theme ‘ smarter digital payments ’ on november 9, 2021, is another such initiative by the reserve bank to promote innovation. 3. the rbi ’ s developmental role is focussed on further deepening of financial inclusion and undertaking people - centric initiatives. the two schemes being launched today by the hon ’ ble prime minister are steps in this direction. 4. the first scheme, namely the retail direct scheme seeks to widen the investor base for government securities by creating an ecosystem whereby retail investors can easily participate in the government securities market which is so far dominated by institutional investors. by doing so, india is setting an example in democratisation of the government securities market. 5. the other scheme being launched today by the hon ’ ble prime minister i. e. theintegrated ombudsman scheme focuses on strengthening the grievance redress mechanism for consumers of
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at the regional level, many of our economic education specialists offer training seminars to help educators teach economic and personal finance topics in their classrooms. in general, higher education is one of the strong points of the u. s. educational system. we must work diligently to maintain the quality of our educational system where it is strong and strive to improve it where it is not. in particular, we must find ways to move more of our students, especially minorities and those from disadvantaged backgrounds, into education after high school. the historically black colleges and universities have long played a vital role in this regard. they have proud record of accomplishment, dating back to 1837 with the founding of what is now cheyney university of pennsylvania. slavery and segregation cast long dark shadows on our nation's history and our society, and the historically black colleges and universities served as beacons of knowledge in the darkness. today, they are no longer the only places a young african american woman or man can obtain an education, but they are very fine choices for many students, and not just african americans – indeed, 90 four - year and 13 two - year institutions enroll more than 300, 000 students, including more than 50, 000 who are not african americans. in 2006, these institutions conferred more than 30, 000 undergraduate degrees and nearly 9, 000 advanced degrees. they have maintained their relevance by building on their tradition of educational excellence and by harnessing the loyalty and support of alumni. there are indeed many distinguished alumni of hbcus, including media personality and philanthropist oprah winfrey, professor and nobel prize - winning author toni morrison, former u. s. surgeon general david satcher, brown university president ruth j. simmons, and major general dennis via, among many others. i wish you a very successful conference. you have much to celebrate and, doubtless, much to discuss as you strive to find ways to carry the rich heritage of the historically black colleges and universities into the future.
are common in the u. s. general collateral ( gc ) repo market, in addition to treasuries, mortgage - backed securities, agency debt, and corporate bonds had been accepted as collateral. as these three securities ’ prices declined, however, margin calls arose and haircuts were raised. as a result, liquidity in the repo market decreased significantly. based on this experience, in september 2009 the payments risk committee ( prc ), a private - sector group of senior u. s. bank officials sponsored by the federal reserve bank of new york that identifies and analyzes risk in payments and settlement systems, formed the tri - party repo infrastructure reform task force. the task force has been reviewing collateral management and settlement practices. b. measures to stabilize financial markets in japan as i mentioned earlier, at the time of the crisis, the japanese government bond ( jgb ) and credit markets have remained relatively stable. this was because the japanese financial system, which had experienced a financial crisis in the 1990s, showed relative resilience compared with the systems in the united states and europe. in addition, the introduction of a delivery - versus - payment ( dvp ) mechanism for settlement of jgbs eliminated principal risk. furthermore, a jgb clearing institution, the japan government bond clearing corporation ( jgbcc ), accepted transactions between parties as a ccp, assumed the seller ’ s obligation to every buyer and the buyer ’ s obligation to every seller, and provided guarantee for settlement of those obligations. this reduced the settlement risk in the secondary market for jgbs as a whole and prevented a chain reaction of default in jgb settlement. we should welcome the fact that a worst - case scenario was avoided in japanese financial markets, as i have just described. this does not necessarily mean, however, that japanese market infrastructure is sufficiently developed to ensure stability in times of crisis compared to the united states and europe. indeed, the current financial crisis revealed issues that were unique to japan and different from those in the united states and europe. specifically, the existing fails practice did not work as expected. as a result, the pace of jgb settlement was delayed significantly since fails occurred frequently in the secondary market for jgbs. in order to reduce the risk of fails, most market participants refrained from starting new repo transactions. repo transactions are collateralized with government securities that command high creditworthiness. as a safer and more secure funding tool than uncollater

, and those in the united states and europe are calculated by the bank of america merrill lynch. 2. the indicated rating of corporate bonds in japan is of r & i, and those in the united states and europe are of moody ’ s, s & p, and fitch. 3. 3 - to 7 - year maturity for japan ; 3 - to 5 - year maturity for the united states and europe. 4. data up to september 10, 2010. sources : bank of america merrill lynch ; japan securities dealers association.