samchain/econo-pairs-v2 huggingface dataset:
andres lipstok : estonia ’ s economic environment and central bank activities speech by mr andres lipstok, governor of the bank of estonia ( eesti pank ), at the the presentation of bank of estonia ’ s 2008 annual report to the riigikogu, tallinn, 11 june 2009. * * * dear riigikogu, thank you for the possibility to present you eesti pank's 2008 annual report. i am going to start with a brief retrospect of the estonian economic environment and then address issues concerning the activities of eesti pank. the estonian economic environment in 2008 and 2009 2008 was an exceptional year in the world economy. developed economies have not faced the risk that banking and financial markets could collapse and the global financial system stop functioning since the beginning 1930s. but the financial crisis, which was caused by previous years'incorrect decisions, made this a very likely scenario. in the final months of the past year major banks were too afraid to lend money to each other and trading with privatesector bonds nearly ceased. loss of confidence in financial markets, loan losses amounting to 3 - 4 billion dollars and a sharp decline in crediting the private sector had an immediate impact on global trade, investment and economic growth. global trade contracted 17 % in the fourth quarter of 2008 and at the beginning of this year. major central banks and governments have taken unprecedented steps to alleviate the economic situation. the federal government and the central bank of the usa have channelled funds worth over 787 billion dollars into banking and the private sector. in the european union, the fiscal stimulus amounts to 1. 8 % of gdp and to 225 billion euro. banks have received direct support and state guarantees in the amount of 393 billion euro. such massive intervention has put brakes on the rate of recession. the past couple of months'stabilisation in the global economy has come at a high price. major economies face rapidly expanded fiscal deficits and central banks'balance sheets and total volume of base money have promptly increased. therefore it cannot be said for sure whether the current " green shoots " refer to a new growth cycle. only structural reforms and maintaining confidence in fiscal and monetary policy can help the economy out of the crisis on a more permanent basis. when speaking about this year's forecasts, the eu economy as a whole is expected to undergo a 4 % recession. small economies which are more dependent on exports and international capital flows suffer from the crisis disproportionally more

necessary to reinforce the principles of open economy and market flexibility and to ensure the stability of the national economy. in order to meet these goals, the best state support is the resumption of investment in the private sector and using the new possibilities that accompany every crisis. thank you for your attention!
first, building effective partnerships. overcoming the climate challenge will require not just individual stakeholders chipping away at the problem, but effective partnerships across domains and across borders. to achieve a credible yet just transition, we need partnerships across domains. governments, to put in place the necessary policies – imposing a price on carbon and setting emissions standards and regulations. banks, to direct financing to green and transition projects. scientists and technologists, to improve the economics and scalability of clean energy solutions. industry, to deploy cleaner technologies and work processes and prepare their workers for the green transition. people, to adjust their consumption choices to support a less carbon - intensive or energy - intensive lifestyle. take for example, singapore's approach to preparing the workforce for a lowcarbon future. a critical aspect of ensuring a just transition is to manage the impact on livelihoods and workers in a decarbonising world. in singapore, we are forging partnerships to help prepare our workforce for a lowcarbon future. the green skills committee brings together representatives from trade unions, businesses, trade associations and industry chambers, institutes of higher learning, professional bodies, and government agencies. the committee will identify the green skills that will be in demand in the future and support workers develop these skills so that they can take on new and transformed jobs in a very different type of economy : less carbon - intensive, more energy - efficient, more sustainable. partnerships also need to straddle across borders. singapore feels this acutely, both as a beneficiary of such cross - border collaborations and as a contributor to regional and global efforts. as a small city - state with very little access to renewable energy, singapore relies on regional and international co - operation. 2 / 4 bis - central bankers'speeches we have one of the highest urban densities in the world. we have very limited land and sea spaces, low wind speeds, and a lack of hydrothermal resources. even if we maximised solar energy deployment, it would cover less than 10 % of our electricity needs. we rely on international cooperation in areas like the import of low - carbon energy through regional power grids ; enabling supply chains for low - carbon fuels such as hydrogen and ammonia to meet our climate goals. as a global maritime and aviation hub, singapore plays a larger role to advance climate action beyond its borders. as a maritime hub, we are promoting decarbonisation partnerships through green and digital shipping corridors that support the transition to low - and zero - carbon fuels.

which is consistent with international standards and best practices, but at the same time, sensitive to our environment and needs. riding on asia ’ s growth, we will also continue to build on our strong fundamentals to provide for sustainable growth in the financial sector. 31. thank you.
, we will see these topics discussed in our future workshops. my most important recommendation is that research produced at the central bank, remains close to central bank interest and has practical value for policy and decision making to achieve their objective. it must flow naturally into policy making and provide solid foundations for 2 / 3 bis central bankers'speeches monetary and financial stability policy. finally, i am proud to see how our researchers have progressed in the adoption of the most sophisticated techniques of research. simultaneously, i am glad to see that the adoption of research methods has crossed the boundary of research department and is spreading well into other departments. our economists are doing independent research work in support of their day to day activity. this is the result of our continuous efforts to increase the impact of research in policymaking. however it is without doubt also a result of activities like this, which introduce or staff to the relevant work that is done in academia and other central banks. whether you are from academia or central banks, we are grateful for your continued interest and thankful for your participation. we hope that you and your colleagues will continue to join our workshop in the future, hopefully, in a covid free world. hence, we can go back to our traditional ways of the past, and give you the opportunity to present your works at bank of albania, engage with our research and introduce yourself to our beautiful tirana, albanian culture and the delicious taste of albanian cuisine. wish you the best and the most productive event! 3 / 3 bis central bankers'speeches

end threatens the survival of all banks, not just the ones that spark a crisis. therefore, a more effective design and supervision of the financial system is in the interest of every individual bank. finally, banks should also be keenly aware that the option to manage complexity will not be on the table forever. society ’ s patience with the financial sector has already been put to the test, and is not unlimited. it can perhaps accept that a complex system fails once ; it would be unlikely to accept the risk of another failure. if banks do not take their responsibility to show that lessons have been learned from the crisis, a serious threat exists that legislators may opt for overly simple solutions that try to reduce complexity at any price and, from a societal perspective, are suboptimal. therefore, all parties in the financial system should work together to show that complexity can be properly managed for the benefit of society.
guy debelle : the impact of payments system and prudential reforms on the reserve bank of australia ’ s provision of liquidity address by mr guy debelle, assistant governor ( financial markets ) of the reserve bank of australia, to the australian financial markets association ( afma ) and reserve bank of australia ( rba ) briefing, sydney, 16 august 2013. * * * this speech was co - authored with matt boge. today, i wish to talk about several important changes that will be made to the framework under which the reserve bank operates in domestic financial markets. these changes will be introduced at different points during the next 18 months and will have significant implications for the size of the reserve bank ’ s balance sheet and the way in which the bank provides liquidity to financial institutions. the primary purpose of the bank ’ s operating framework is to implement the monetary policy decisions of the reserve bank board. as you would be aware, the board states its policy stance in terms of a target for the cash rate. to be precise, it ’ s the rate on overnight unsecured loans between authorised deposit - taking institutions ( adis ). while the board has been announcing targets for the cash rate since 1990, the bank ’ s operating framework has continued to evolve over this time, although the underlying principles haven ’ t changed. to a large extent, these modifications have been prompted by the need to accommodate structural changes within markets, such as the end of the arrangements for authorised money market dealers in the mid - 1990s and the reduced supply of government bonds during the following decade. in responding to these developments, the bank has been guided by the need for its operating framework to enable the bank to meet the board ’ s cash rate target and to facilitate the most effective transmission of those policy decisions to the prices of financial assets more broadly, and ultimately, to the real economy. with that in mind, during the global financial crisis, when different segments of financial markets became impaired to varying degrees, the bank modified several aspects of its operating framework. some of these changes were only temporary and were discontinued after markets stabilised, such as offering term deposits and us dollar repos to domestic financial institutions. other changes have been permanent, such as broadening the range of securities that are eligible for the bank ’ s repurchase transactions. the bank ’ s operating framework has also needed to adapt to changes in the payments system, such as the shift to real - time gross settlement in the late 1990s and the settlement of

change in the size of the bank ’ s balance sheet and has been structured to avoid a significant increase in the balance sheet that would have risked the effective functioning of domestic markets. rba ( 2012 ), “ new eligibility criteria for residential mortgage backed securities ”, media release no 2012 – 31, 22 october. bis central bankers ’ speeches
the resources now at our disposal. throughout this period we have tried always to learn from best practice internationally and to take advantage of our membership of the european supervisory authorities. during the panel on banking later this morning i will say something about our expanding engagement with the european institutions and the lead - in to the irish presidency of the council of ministers, which gets under way in january 2013. let me now invite minister noonan to open our conference. bis central bankers ’ speeches

private notes which served as currency, and they often had a monopoly over such note issue. ” 8 money is a symbol of stability and central banks play an important role in maintaining this stability. it may be obvious but it ’ s worth saying : the stability of money plays a critical role in the stability of society. the role of money ( as a store of value, a unit of account and a medium of exchange ) is also an important instrument in how we connect with each other, through trade, commerce, and our everyday interactions and hence in building social capital. in more recent history, the later wave of central banks were established at the turn of the 20th century and brought together the many instruments that people were using for currency and to provide financial stability. 9 while central banks at this time were constrained by the gold standard, they “ learned to act as lenders of last resort in times of financial stress — when events like bad harvests, defaults by railroads, or wars precipitated a scramble for liquidity ( in which depositors ran to their banks and tried to convert their deposits into cash ). ” 10 as we chart the history of central banks, we can see their critical role providing stability, both monetary and financial. i will discuss considerations beyond monetary and financial stability later in my remarks. one point i would like to reiterate now is who central banks serve. this is an important anchor when thinking about the role of central banks in building ( or rebuilding ) social capital. since becoming governor of the central bank of ireland, a guiding principle for me has been a phrase from the original legislation establishing the central bank of ireland in 1942. echoing the state ’ s constitution, it stated that the central bank ’ s “ constant and predominant aim shall be the welfare of the people as a whole ”. 11 but i will return to that later. institutions matter taking a step back, if social capital is ultimately about how we connect with one another, it ’ s clear that institutions matter for building social capital. and central banks, as important institutions of the state, play a critical role. in fact, i suggest that central banks are part of an institutional ecosystem that is interconnected, notwithstanding that the individual components may act independently. we do not act in a vacuum, and we should not confuse independence with isolation. douglass north defined institutions as the “ humanly devised constraints that structure political, economic and social interactions ”. 12 economists from adam smith, to ronald coase, man
. the approach that seems to be the rule rather than the exception not only in the emerging world but also all across developed countries.

monitoring, regulatory reporting, risk management and compliance. according to a recent report, investment in regtech companies reached us $ 1 billion globally in 2017. but why is regtech gaining popularity? i believe there are three key drivers : 1. first is the increase in the complexity and scope of more stringent regulations globally such as basel iii and enhanced standards for combating money laundering. a few recent studies have suggested that the volume of global regulatory changes went up by at least five - fold in the past decade. hence, there has been a growing desire of the banking industry, particularly in jurisdictions with more daunting regulatory requirements, to explore the use of new technologies to enhance the effectiveness and lower the cost of their compliance efforts. 2. the second driver is the sheer volume of transactions and data that many banks need to handle as the economy and business continue to grow. if we take the mobile wallet market as an example, research predicts cumulative annual growth of 32 % in global e - wallet transactions between 2017 and 2022. such a scale of transactions means it would simply be impracticable for some banks and e - wallet operators to effectively manage the associated risks using traditional or manual risk management approaches. 3. the third and final driver is the higher availability of regtech solutions. increasing computing powers, together with accessibility of data and applications of new technologies, have contributed to an increased commercialisation of regtech solutions available to the banking industry. 13. recognising the growing need for, and developments of, regtech solutions, we at the hkma consider it timely to work with the banking industry and the technology community to further facilitate the adoption of regtech in hong kong. to help develop the regtech ecosystem here, the hkma will open the fintech supervisory sandbox to regtech projects or ideas raised by banks or tech firms. i am also pleased to say that the hkma will soon launch a series of regtech - specific projects, through its banking made easy initiative, focusing on four areas : ( a ) aml / cft surveillance technologies ; ( b ) regtech for prudential risk management and compliance ; ( c ) study on machine - readable regulations ; and ( d ) hkma ’ s exploration of suptech. 14. let me explain each initiative in greater detail. aml / cft surveillance technologies 15. about aml / cft surveillance, one should bear in mind that the financial system is the gateway through which criminals must
you all a successful and productive conference and an enjoyable stay in thailand. thank you for your attention. sawasdee krub 6 source : http : / / www. un. org / apps / news / story. asp? newsid = 52992

“ working together for sustainable growth ” special address by dr. veerathai santiprabhob governor of the bank of thailand wfe general assembly & annual meeting programme 6 september 2017 | grand hyatt erawan bangkok, thailand khun kesara manchusree, president of the stock exchange of thailand, ms. nandini sukumar, chief executive officer of world federation of exchanges, chairpersons, presidents, chief executive officers and top management of leading global exchanges, ladies and gentlemen, a very good evening to you all. first of all, i would like to thank the world federation of exchanges ( wfe ) and the stock exchange of thailand ( set ) for inviting me to be a part of this annual event. i must admit that while i was at the set, i looked forward to participating in this forum every year, as it often generated good new ideas and reaffirmed our commitments to enhance capital market for the benefit of the global economy. i am delighted to be back at the wfe general assembly and annual meeting. but this year, i join the meeting in another capacity - wearing a different hat. it is my great honour and pleasure to be among distinguished guests and former colleagues. ladies and gentlemen, let me start by saying that it is an exciting time for the thai economy and our region. the thai economy continues to expand at a faster - than - expected pace. we are witnessing strong growth in exports and tourism. government large - scale infrastructure investments are making good progress. public investment, together with the government ’ s strategy to attract investments in industries for the future, will step up thailand ’ s competitiveness and lay a strong foundation for sustainable growth. thailand ’ s external position remains strong with large current account surplus of around 11 % of gdp1 and high level of international reserves, roughly more than 3. 5 times of the short - term external debt. financial conditions remain accommodative, and business financing through credit and capital market continues to expand. furthermore, our capital account liberalisation and recent efforts to reform foreign exchange regulations will help create a 1 source : office of the national economic and social development board gross domestic product : q2 / 2017 report ( page 33 ) http : / / www. nesdb. go. th / ewt _ dl _ link. php? nid = 5166 & filename = qgdp _ report conducive environment for financial market development and financial connectivity in the region. our regional efforts
capital controls, for the longer term we see it very much as a third line of defence after macroeconomic policies, and micro and more usual macropru. it is no panacea and comes with distortions. all of this remains a work in progress, and history will tell whether it will be sufficient to preserve monetary and financial stability in the rougher seas of freer capital movements that we intend to embark upon. 2 / 2 bis central bankers'speeches

not hold, except at long horizons, and even then, often through sharp and disorderly corrections. this, in turn, gives rise to two concerns : first, regarding detrimental effects on the traded goods sector ( for example, new zealand and iceland prior to the crisis ), and second, regarding financial stability, where volatile capital flows, currency mismatches, and rollover risk of foreign currency debt are among the key players. adverse effects on financial stability can be particularly severe when a blocked interest rate channel and an erratic exchange rate channel interact badly with other economic and financial risks that can face sofies – such as the global credit cycle, domestic financial vulnerabilities, policy conflicts, and asymmetric shocks. this was the case in iceland. this is a more difficult problem to solve than the one of international banks in small countries. there are problems with completely free capital movements, but there are substantial potential efficiency gains as well. you can enter a monetary union, of course, and thus stop being small in a monetary sense, but that has its own pros and cons, which i will not discuss here. we are therefore faced with a situation where the traditional triangle of the trilemma is shrinking and sometimes seems to collapsing into the straight line of a dilemma. i still think it is a trilemma, but the trade - offs facing sofies can be severe. in principle, there are three ways to mitigate the problem. the first is to adjust macroeconomic policy frameworks and improve execution and policy co - ordination. the second is to use prudential regulation and supervision aimed at reducing potential vulnerabilities and increasing resilience in the face of volatile capital flows. the third is to introduce targeted tools aimed directly at the financial integration part in order to regain greater monetary independence and shift the effects of monetary policy more to the interest rate channel and towards the non - traded goods sector. in iceland, this issue is very much on the agenda as the country prepares to lift the comprehensive controls on capital outflows that were introduced at the peak of its financial crisis. we have been working through all of the avenues that i have just mentioned. very recently, we introduced a cfm tool in the form of a special reserve requirement on portfolio inflows excluding equity. it is constructed in such a way that the bite is biggest for short - term flows. although it has already been activated due to the special situation we find ourselves in regarding the process of lifting