samchain/econo-pairs-v2 huggingface dataset:
##ehot, w. ( 1873 ), lombard street : a description of the money market, london : h. s. king. 15 some move in this direction is presented in e. g. bilbiie, f., fujiwara, i. and f. ghironi ( 2014 ), “ optimal monetary policy with endogenous entry and product variety ”, journal of monetary economics, 64 : 1 - 20. 16 abraham flexner ( 1939 ), the usefulness of useless knowledge, princeton university press. 7 / 7 bis central bankers'speeches

speech embargo 26 october 2020, 4. 30 pm the importance of good framework conditions for the swiss financial centre lugano banking day thomas j. jordan∗ chairman of the governing board swiss national bank lugano, 26 october 2020 © swiss national bank, zurich, 2020 ∗ the speaker would like to thank christoph hirter for his support in preparing this speech. he also thanks simone auer and alexander perruchoud, as well as snb language services. page 1 / 5 ladies and gentlemen, i am pleased that this important event can go ahead at the second attempt, despite the continuing exceptional circumstances. of course, i regret very much that the audience cannot be physically present. despite all the digital possibilities available to us now, direct contact with the general public and with business remains very important for the swiss national bank. coronavirus has not only impeded the holding of this centenary celebration, it has also had a far - reaching impact on the economy and our social interaction. i am therefore particularly pleased to have this opportunity to congratulate the ticino banking association in person on its 100th anniversary. as chairman of the snb ’ s governing board, i visit ticino often and have meetings with representatives of the ticino banking association on an annual basis – under normal circumstances. the snb has had good relations with your association for many years. this is not surprising, since the ticino financial centre has a long history, as this centenary anniversary proves. however, recent years have left their mark on banks and insurance companies in ticino, as elsewhere. the financial crisis, the end of banking secrecy, the tax treaty with italy and now the coronavirus pandemic have posed major challenges for many institutions. nevertheless, the ticino financial centre continues to be vitally important for employment and value added in the italian - speaking region of switzerland. i will use my speech today to focus on aspects that i believe are important for the current and future potential not only of the ticino financial centre, but of the swiss financial centre as a whole. but first, i want to talk about why a well - functioning financial centre is of value to our economy. i will start with insurance companies. insurance companies bundle risks that households or companies would otherwise have to bear themselves, or would even be unable to take in the first place. and then, there are the banks. they perform a key economic role with their core business of collecting deposits and granting loans. in doing so, they enable, for
realise a substantial rise in productivity. if markets function properly, the chance of that increase materialising will be greater. let us hope that the implementation of the kok committee proposals for structural reforms within the scope of the lisbon agenda will get off the ground. conclusion considering all this, how are we to look upon exchange rate fluctuations? what it amounts to in simple terms is that highly integrated economies forming, so to speak, one economic block, benefit from fixed exchange rates. economies that differ widely from each other and do not interact much, profit from mutually flexible exchange rates. admittedly, exchange rates sometimes tend to move too uncontrollably, creating a breeding ground for speculation. but if exchange rate changes arise from structural factors, we should welcome them. it is satisfying that these days there are fewer complaints about the euro exchange rate than before. at the macro level, this is appropriate. rather than with the rock - bottom level seen several years ago, the current level of the euro / dollar rate should be compared with the average level over a prolonged period. to assess our competitive position, it would therefore be better to take the exchange rates with all trading partners into account and correct them for mutual inflation differences. this so - termed real effective exchange rate of our currency is now 8 % above the average for the period 1980 - 2000. moreover, there is little reason to complain about the euro exchange rate as its consequences are not that overwhelming. to the extent that the netherlands is a small, open economy, the vast majority of its trade is confined to countries that also calculate in euro. on a corporate level, some operations are obviously sensitive to the exchange rate. they must adopt strategies that anticipate the adverse effects of exchange rate fluctuations. this is just what they are doing. the german car manufacturers bmw and mercedes are cases in point. and judging by the parking area outside this building, they are successful enterprises. the fact that both costs and revenues would be expressed in dollar played a weighty role in their decision to set up production facilities in the us. with this move, both companies have covered themselves against exchange rate fluctuations in a natural manner. another much - used way to do so is by means of financial instruments. i suggest that we send the euro rate as scapegoat for wrong economic moves into the desert, just as happens in the jewish tradition at the time of the day of atonement.

are definitively turned and the signal will be at clear for the final stage of emu, which will lead to frankfurt and can be completed on a beaten track in the high - speed train.
to between 13. 2 % and 11. 3 % compared with 15. 6 % at the end of 2020. ii

areas across the country that had recently experienced a bank branch closure. we found that small businesses, older people, and people with limited access to transportation are most https : / / www. stlouisfed. org / publications / bridges / fall - 2018 / parents - wealth - helps - explain - racial - disparitiesin - student - loan - debt. see federal reserve bank of richmond and federal reserve bank of atlanta ( 2017 ), small business credit survey : report on rural employer firms ( richmond, va. : frb richmond ), https : / / www. richmondfed. org / / media / richmondfedorg / community _ development / resource _ centers / small _ business / pdf / credit _ survey / sbcs _ report _ rural _ employer _ firms _ 2016. pdf. see randal k. quarles ( 2018 ), “ trends in urban and rural community banks, ” speech delivered at “ community banking in the 21st century, ” sixth annual community banking research and policy conference, st. louis, mo., october 4, https : / / www. federalreserve. gov / newsevents / speech / quarles20181004a. htm. according to 2017 federal deposit insurance corporation summary of deposits data ( available at https : / / www5. fdic. gov / sod ), nonmetro persistent poverty counties had, on average, 0. 36 bank branches per 1, 000 people, compared with 0. 53 for other nonmetro counties. - 9affected. 18 we also learned that the loss of the branch often meant more than the loss of access to financial services ; it also meant the loss of financial advice, local civic leadership, and an institution that brought needed customers to nearby businesses. regulation and supervision need to be carefully tailored to suit the size and business model of different types of institutions. at the fed, we have renewed our efforts to avoid unnecessary regulatory burden on community banks, which provide essential credit in their local communities. another means to address the issue of branch closures is the community reinvestment act, or cra, which encourages banks to help meet the credit needs of the communities they are chartered to serve. the cra has been an important tool for strengthening local communities. the trend toward fewer branches and increased use of technology to deliver financial services presents a particular challenge to our current approach to cra evaluations. specifically, the current regulations use a bank ’ s
shaktikanta das : har payment digital address by mr shaktikanta das, governor of the reserve bank of india, at the digital payments awareness week ( march 6 - 12, 2023 ) launch of mission " har payment digital ", mumbai, 6 march 2023. * * * 1. the launching of mission'har payment digital'today during the digital payments awareness week ( dpaw ) 2023 reinforces rbi's commitment to deepen digital payments in the country. 2. i am happy to note that the department of payment and settlement systems ( dpss ) of the rbi is celebrating its 18th anniversary ( it was formed on march 7, 2005 ). congratulations to team dpss on this milestone. over the years our payment systems have evolved and now we have multiple systems available round the clock facilitating instant payments. india's payment systems are talked about globally and several countries have shown interest to replicate india's success story. 3. it is a matter of pride that payment systems in india have witnessed over 1000 crore transactions every month since december 2022. this speaks volumes of the robustness of our payments ecosystem and acceptance by consumers. a recent panindia digital payments survey ( covering 90, 000 respondents ) revealed that 42 % of respondents have used digital payments. 4. launched in 2016, upi has emerged as the most popular and preferred payment mode in india pioneering person to person ( p2p ) as well as person to merchant ( p2m ) transactions in india accounting for 75 % of the total digital payments. the volume of upi transactions has increased multifold from 0. 45 crore in january 2017 to 804 crore in january 2023. the value of upi transactions has increased from just 1, 700 crore to 12. 98 lakh crore during the same period. the digital payments awareness week ( dpaw ) will further deepen the usage and footprint of digital payments across the country. 5. the payments ecosystem has variety of payment systems that have facilitated migration to digital. unified payments interface ( upi ) has facilitated digital payments to merchants such as retail outlets, kirana stores, street vendors, etc. across the country. bharat bill payment system ( bbps ) has ensured migration of bill payments from cash / cheques to digital mode with a hassle - free and streamlined digital bill payment experience. the national electronic toll collection ( netc ) system has helped in migration of the toll payments to digital

village level entrepreneurs. under this programme and in observance of 75 years of independence, psos will adopt 75 villages across the country and convert them into digital payment enabled villages. they will conduct two camps in each of these villages to enhance awareness and onboard merchants in the village for digital payments. 11. i appeal to all the stakeholders like industry, payment system operators, media, digital payment users, and others to teach non - users about the merits of digital payments and fulfil the mission of " har payment digital " with every person in the country becoming a digital payments user. 2 / 2 bis - central bankers'speeches
mario draghi : stability and prosperity in monetary union opinion piece by mr mario draghi, president of the european central bank, for project syndicate, 2 january 2015. * * * there is a common misconception that the euro area is a monetary union without a political union. but this reflects a deep misunderstanding of what monetary union means. monetary union is possible only because of the substantial integration already achieved among european union countries – and sharing a single currency deepens that integration. if european monetary union has proved more resilient than many thought, it is only because those who doubted it misjudged this political dimension. they underestimated the ties among its members, how much they had collectively invested, and their willingness to come together to solve common problems when it mattered most. yet it is also clear that our monetary union is still incomplete. this was the diagnosis offered two years ago by the so - called “ four presidents ” ( the european council president in close collaboration with the presidents of the european commission, the european central bank, and the eurogroup ). and, though important progress has been made in some areas, unfinished business remains in others. but what does it mean to “ complete ” a monetary union? most important, it means having conditions in place that make countries more stable and prosperous than they would be if they were not members. they have to be better off inside than they would be outside. in other political unions, cohesion is maintained through a strong common identity, but often also through permanent fiscal transfers between richer and poorer regions that even out incomes ex post. in the euro area, such one - way transfers between countries are not foreseen ( transfers do exist as part of the eu ’ s cohesion policy, but are limited in size and are primarily designed to support the “ catching - up ” process in lower income countries or regions ). this means that we need a different approach to ensure that each country is permanently better off inside the euro area. this implies two main things. first, we have to create the conditions for all countries to thrive independently. all members need to be able to exploit comparative advantages within the single market, attract capital, and generate jobs. and they need to have enough flexibility to respond quickly to short - term shocks. this comes down to structural reforms that spur competition, reduce unnecessary red tape, and make labor markets more adaptable. until now, whether or not to carry out such reforms has largely been a national prerogative.

, or a condition that is met some of the time. it has to be a condition that is fulfilled all of the time. and for this reason, to complete monetary union we will ultimately have to deepen our political union further : to lay down its rights and obligations in a renewed institutional order. bis central bankers ’ speeches
await us in the future.

both positive and negative. but in general, the theories, practice and experiences are driven by isolated events instead of a systematic plan. there is no theoretical conclusion made from the strategic perspective of constructing a harmonious socialist society, and no practice under the guidance thereof. because of the absence of a systematic financial theory, institutional and policy system to guide and push ahead the construction of a harmonious society, it is difficult to display the synergy of the entire financial sector in this cause. in the new century, especially since the 16th cpc national congress, we have clarified the strategic importance of building a socialist harmonious society for the socialist society construction drive. in addition, the just concluded 6th plenary session of the 16th cpc national congress adopted the decisions on major issues concerning the construction of a harmonious socialist society. as the center of the modern economy, finance should and is able to play an important role in the construction of a socialist harmonious society. so far, the financial sector has not fully adapted to the endeavors to build a harmonious socialist society. we need to make major breakthroughs in financial reform in the future. one of the major tasks is to conduct theoretical analysis on how to utilize the financial sector to support the building of a harmonious socialist society, and find a way for the sector to do so.. since structural imbalance is a major strain, finance should make its due contribution to solving the structural imbalances. to be specific, the financial sector should move away from the concept of “ favoring the rich over the poor ”, and provide, based on the market principle, necessary support to industrial sectors, regions and groups that are short of funding and lag behind in economic and social development. this is not only a requirement for the financial sector to support the harmonious economic development, but also a responsibility. as such, i believe it necessary to put forward the concept of “ developing the financial system for the disadvantaged ” to fully display the functions of the financial sector in the construction of a harmonious socialist society. 2. definition of the concept “ finance for the disadvantaged ” refers to the financing activities for the underdeveloped areas and groups. so far in china, it is meant to be the support rendered to the disadvantaged sectors with agriculture as the primary one, less - developed regions mainly in central and western china, and disadvantaged groups of farmers and laid - off workers in urban areas. it is fair to say that finance for the disadvantaged represents a revision to traditional finance
demonetisation — a step in the fight against corruption by dr. patrick njoroge on september 30, 2019, the withdrawal of the old series ksh. 1, 000 notes was successfully concluded. this demonetisation commenced on june 1, 2019, following the launch of kenya ’ s new generation notes. the new notes symbolize green energy, agriculture, social services, tourism and governance, that are the drivers of a newly reborn and prosperous kenya. in deciding to withdraw the older series ksh. 1, 000 notes, the central bank of kenya ( cbk ) assessed the grave concern that these notes were being used for illicit transactions and financial flows, in kenya and in the region. more recently, there has also been the emergence of counterfeits. both these concerns posed a threat to the credibility of kenyan currency, and required swift action. in designing the demonetisation strategy, cbk examined the experiences of other countries, such as australia, european union, pakistan, united kingdom, and most recently india. all considered, the critical consideration was to balance the objective of addressing illicit financial flows and counterfeits while ensuring that the process was not disruptive to the public and the economy. in this regard, a gradual approach over four months was preferred over an abrupt shock and awe approach. four key elements underpinned the strategy. first, ample public awareness was doubly important, also given that cbk had concurrently launched the new generation currency. it was critical that kenyans across the length and breadth of the country were made aware of the ongoing demonetization but also the features of the new currency. to this end, cbk with support from the banking sector and other stakeholders traversed the country — from nairobi to lunga lunga, kisumu to garissa, wajir to kakuma — engaging all kenyans in market places, barazas, streets, and bank branches. a multi - channel campaign was also executed, with over 15, 000 advertisements, coverage in social media, television, newspapers, and over 80 mainstream and vernacular radio stations. second, it was important to quickly provide and maintain a wide availability of the new currency. cbk worked closely with banks to ensure a smooth rolling out of new currency across the country and its availability. cbk ’ s immediate support to banks and other players was needed to recalibrate the verification and note - counting machines, atms, and parking payment machines so as deal with the new notes

collaboration with commercial banks and other financial institutions, government agencies, other central banks, and most importantly, the public. we owe kenya a new beginning, a newly reborn and prosperous kenya, building an economy devoid of corruption. this is a call for each and every kenyan. the writer is the governor of the central bank of kenya
, we chose the theme for this year's conference based on events very much on the minds of central bankers : " the transmission of monetary policy in the postpandemic world. " many things changed both during covid and after. first, there was an unprecedented fiscal and monetary policy response to the pandemic. second, structural changes have occurred, including supply chain issues and shifts in the organization of work. finally, economies have been grappling with elevated inflation. this economic environment has raised several policy questions that the papers 1 / 2 bis - central bankers'speeches presented here attempt to answer. these are questions that policymakers, including those here today, must grapple with, even when the answers are far from apparent. academic research provides insights into these questions and possible answers, ways to analyze the data, and the foundations for testing theories with economic models. the papers presented here today and tomorrow are ideal examples of the kind of work that can help policymakers do their jobs better, and can facilitate the sharing of knowledge around the world. we have sessions on how firms'balance sheets, households'savings and borrowing decisions, as well as supply chains, influence monetary policy transmission. we also will look into financial market impacts and labor market considerations of the current policy environment. before we get to those presentations, and what i hope will be vigorous discussions, let me recognize several people who made this event possible. here at the cbi, stefano and enrico sette helped organize this conference. enrico is a co - editor of the ijcb. let me mention the other co - editors : ana babus, diana bonfim, huberto ennis, carlos garriga, refet gurkaynak, oscar jorda, robin lumsdaine, fernanda nechio, and steven ongena. this conference and the day - to - day smooth running of the journal couldn't be accomplished without the editorial team at the bis and the board of governors. a special thank you goes to kommaly dias and jessica flagg from my staff. and, finally, a big thank you to my adviser jane ihrig, who does so much for me and who worked to oversee the process at the ijcb this past year. and with that, i will step away from the microphone and put the spotlight where it should be, on the scholars presenting their work today. thank you, and i believe [ enrico ] has a few words to

recent months, where the impact of the euro on prices has been additionally blurred by globally high inflation. the croatian national bank has made good use of advances in technology and methodology. using website price scraping, allowed them to more accurately assess the short - term impact of the euro on consumer prices. as you will soon hear, findings for croatia are not so different from slovenia's. * * * to sum up. the euro is mainly an asset for small countries, but its introduction also entails some risks, for example in the banking system. these deserve special attention. boris, i invite you to share with us the lessons and the fresh experience of croatia. 3 / 3 bis - central bankers'speeches