samchain/econo-pairs-v2 huggingface dataset:
2010 ipom mpr fos first half december 2010 ees december 2010 source : central bank of chile. bis central bankers ’ speeches

##il its mission. this is why the bank of japan law of 1997, like the previous law, does not allow the bank to buy equities, which are subject to large credit and price volatility risks. accordingly, the bank cannot purchase equities and judges that it should not provide funds in a manner that would involve a similar degree of risk. for the same reason, it also believes that it is inappropriate for the bank to purchase corporate bonds outright and hold them until maturity. placement of government guarantees is not a perfect solution. although this would reduce credit risks, purchase of corporate bonds and equities yet involves another problem — — it might lead to the long - term fixing of assets on the bank ’ s balance sheet. for example, loans extended to the dic are increasing rapidly, but the bank cannot justify extending them for a longer term than necessary just because they are government guaranteed. the prolonged holding of such assets would reduce the bank ’ s flexibility in money market operations. moreover, if the balance sheet were left expanded, it would arouse concern about a decline in asset quality. in any event, the outcome would be an impairment of japan ’ s credibility, which would force japanese banks and firms to pay unnecessarily high financing costs overseas. in view of the current state of japan ’ s financial system, the bank is prepared to provide the dic with necessary liquidity in order for the corporation to perform its role effectively. however, i believe that the dic should subsequently secure longer - term funds by swiftly replacing the bank ’ s loans with government - secured bond issues or commercial bank loans. the bank must always be ready to carry out flexible money market operations and serve the function – 7 – of the lender of last resort whenever necessary. and for this, it is essential that the bank avoid fixing the massive loans to the dic on its balance sheet. v. rebuilding japan ’ s economy and financial system i hope my remarks today have been able to clarify some of the issues concerning the bank ’ s balance sheet. before ending my speech, since the end of 1998 is only a week away, i would like to discuss japan ’ s policy agenda for the new year and emphasize the bank ’ s commitment to it. the most important task for 1999, given the current state of the japanese economy, will be to rebuild the economy and the financial system. the role of the bank will be to work relentlessly to ( 1 ) support the rebuilding of
management, business support and cash processing. i would also like to thank all our staff at regional branches for strengthening their role as ambassadors of the bank of korea. i hope that you can expand your horizons by communicating with people in your regional communities, while taking pride in the fact that you are making actual contributions to developing those same communities. the bank of korea stands at a new turning point this year. after several years of construction, the completion of our new headquarters is just around the corner. in several months, we will return to where we originally undertook our duties since 1950. i would like to express my genuine gratitude to those involved in the construction for all their hard work. with the advent of the post - covid era, i hope that this new year will be a year for the bank of korea to leap forward in a new environment. as we greet this new year, i want to wish you and your family all the very best of health and good fortune. thank you. 4 / 4 bis - central bankers'speeches

and global financial stability may not be achieved without the active cooperation of the east asian economies with the rest of the world. secondly, the advanced countries have some responsibility for collaborating with the emerging economies in establishing the global financial safety net. this net is not for saving countries in particular regions, but for protecting countries from falling victim to economic crises due to interconnectedness of the economies, even despite their maintenance of sound economies. it is worthwhile protecting benign by - standers. if countries pursuing economic development based on the principles of economic liberalization and market opening remain highly vulnerable to external shocks, the future effect will be harmful : in choosing their development strategies, many of the world ’ s developing countries will choose to not pursue free trade. we should therefore take notice of the very important forward - looking policy implications of this. lastly, the most important lesson of this global crisis is perhaps that policy effects are maximized in the case of close policy cooperation among all countries. awareness of this comes from the facts both that policy cooperation can reduce the uncertainties surrounding markets, and that, in an environment of more open international economies, the effects of a single country ’ s policies on its own can be of only limited effect. i would like to underline one more time, in closing, what i believe have been the two most important determinants of our success in overcoming the current global economic crisis – the role of the east asian economies, and the cooperation between advanced and developing countries. i look forward to both continuing to increase in the years ahead. i hope that the wide range of papers to be presented here over these two days, and the lively debates that ensue, will provide very fertile soil for a further strong advance of our asian economies in the years ahead. thank you very much for your attention.
sustainable and equitable growth. this will help alleviate standard of living for the entire region. and i am convinced that today ’ s conference will play an important role in sharing developments in the frontier economies – the next wave of emerging economies which will contribute to the regional and global growth and prosperity. 17. last but not least, i would like to express my sincere gratitude to our cohosts, the international monetary fund ( imf ) and the japan international cooperation agency ( jica ), who make the conference possible. i wish you all a successful conference and look forward to your discussions. 18. thank you. bis central bankers ’ speeches

piti disyatat : targeting inflation ( more ) flexibly remarks by mr piti disyatat, deputy governor of the bank of thailand, at the annual conference of the financial street forum 2024, beijing, 18 october 2024. * * * distinguished leaders, ladies and gentlemen, it is an absolute pleasure to participate here today at the financial street forum. i would like to thank the organizers, in particular the people's bank of china for inviting me. the last time i was in beijing was in 1995 where i spent most of my time exploring this historic city on bicycle. the transformation to this modern metropolis has been remarkable and is a testament to the visionary and adaptable leadership that has guided china's unparalleled economic development. over the last 30 years, monetary policy has also transformed with inflation targeting becoming the most widely - used framework in the world. by most measures, inflation targeting has been a resounding success. countries that have adopted inflation targeting have, on the whole, seen marked reductions in the level and volatility of inflation along with smaller output fluctuations. it has withstood big upheavals, including the gfc and the covid pandemic. and some 35 years on, inflation targeting has passed the " no - regret " test in that no country that has adopted it has abandoned it. even so, maintaining success going forward requires that the framework adjusts in a way that recognize key limitations and challenges that are likely to emerge. in my remarks today, i would like to highlight some of these limitations and challenges that inflation targeting will have to tackle. the context let me start with some context. over the last 25 years or so, central banks have generally successfully anchored inflation to a low and stable regime. inflation targeting has played a key part in that success. in such a low inflation regime, two key features stand out : 1. when inflation is low, say 3 % and under on average, most of the variations in inflation will reflect changes in prices of goods or services in particular sectors. these sector - specific price changes tend to be uncorrelated with each other, reflecting sector - specific shocks. for example, high vegetable prices due to a drought or cheaper tvs from more efficient global production. as a result, movements in inflation tends to reflect relative price changes, rather than broadbased changes in the underlying price level. in other words, the various goods and services that make up the cpi basket
forget that. central banks can play a role because they can bring together and synthesise analytical and practical expertise in macroeconomic conditions, financial markets and the financial infrastructure. that synthesis is rather special, and should be at the service of the system as a whole.

paul tucker : a protracted “ peacetime ” remarks by mr paul tucker, executive director and member of the monetary policy committee of the bank of england, at the chatham house conference on “ the new financial frontiers ”, london, 29 april 2008. * * * the turmoil and stress in the global financial system has now been going on for nine months or more. much has been said about the “ wartime ” conduct of the authorities, the banking industry and asset managers. but the seeds of the current stresses, and many of the remaining risks, lie in the preceding period of “ peacetime ”. the main purpose of my remarks this morning is to underline that the community must not in the future lose sight of the need to head off the risks that can creep up during a prolonged period of “ peace ”. the recent period of peacetime was long enough for substantial macroeconomic imbalances to build up, globally and domestically. long enough for innovations in financial intermediation to mask, from many, the degree of leverage in the system. long enough for many to assume that funding structures could be chosen on the basis of deep liquidity being maintained in a range of new asset markets. long enough for most with long memories to be tending their gardens. long enough for the international authorities to think they would get time to fix problems in the regulatory capital regime before they gave rise to serious problems ( such as the zeroweighting of 364 - day lines of credit, which underlay the profusion of bank - like conduits etc ). long enough for many to proceed on the basis that “ it couldn ’ t happen ” or, indeed even after it began, “ wasn ’ t happening ”. long enough, crucially, for investors to get too used to elevated returns. those returns came largely from two sources. the fall in risk - free rates, brought about by an ex ante imbalance of global savings and investment ; and the fall in risk premia, which may in part have flowed from improved monetary policy regimes around the world. the ensuing search for yield can be thought of as asset managers and bankers wanting to sustain into the future the fabulous ex post returns “ achieved ” as asset prices rose. its main engines were leverage, and maturity transformation. a cocktail that not only raised private risks for asset managers and lenders, but also systemic risks. the upshot has been a protracted, and not yet concluded, period of deleveraging. that, in the
and guidelines that create a conducive environment for growth of the financial sector, encourage provision of financial services to the majority of the population at affordable cost and enhance the safety and soundness of the financial system. 9. with these few remarks, ladies and gentlemen, it is now my honour and pleasure to declare this workshop officially open and presuppose a fruitful engagement. thank you and god bless you all. bis central bankers ’ speeches

once the mass media part of the campaign starts on 30 august 2001, after the unveiling of the final visual appearance of the euro banknotes and their security features. the eurosystem is fully aware of the importance the successful introduction of the euro banknotes and coins will have for overall confidence in the single currency, and the careful and comprehensive preparations being made by the eurosystem are commensurate with this task. we should all bear in mind the fact that the cash changeover is an unprecedented challenge and a huge logistical exercise and that all the parties involved will have to assume their part of the overall responsibility for making the introduction of the euro banknotes and coins a success. at this point, i should like to comment briefly on the issue of the sub - frontloading of euro banknotes to the general public, a matter on which i have reported to you in greater detail on previous occasions. let me remind you that the ecb's decisions have been taken in full respect of the general interest, and after a thorough assessment of all the aspects involved. no new elements have emerged which would justify a renewed reflection on this issue. issues related to banking supervision turning to issues related to banking supervision also raised in the draft resolution on the ecb's annual report, i should like to recall, at the outset, that the framework for financial stability in the eu relies on two building blocks : national competence and co - operation. it is our firm belief that the impressive changes in financial markets prompted by the introduction of the euro call for a substantial enhancement of the mechanisms for co - operation between national authorities and with the eurosystem. this is so because emu is changing the nature and scope of systemic risk. it is no longer possible to assess threats to financial stability or the potential channels for the spread of contagious risks only at the domestic level. i was therefore particularly glad to see that the contribution of the escb to improving the institutional framework for financial stability and, in particular, the development of macro - prudential analysis have been acknowledged and supported in the draft resolution. the draft resolution also refers to the need to avoid conflicts between supervisory responsibilities and the responsibilities of the monetary authorities. i should like to say, first, that the empirical evidence of potential conflicts between the objectives of financial stability and price stability is unclear and, second, there is no possibility for such a conflict to arise in the context of the institutional arrangements in the euro area. indeed, the introduction of
yakiv smolii : national bank of ukraine press briefing - monetary policy statement speech by mr yakiv smolii, governor of the national bank of ukraine, at a press briefing on monetary policy, kyiv, 12 december 2019. * * * dear colleagues, please be informed that the board of the national bank of ukraine has decided to cut the key policy rate to 13. 5 % per annum effective 13 december 2019. the nbu speeds up the monetary policy easing, as the rapid appreciation of the hryvnia makes inflationary pressures decline faster than expected. what inflation developments followed the last monetary policy meeting? in november, consumer inflation slowed to 5. 1 % yoy, exceeding our expectations. in such a way, the nbu attained the medium - term target of 5 %, which was set in 2015. the steady disinflation has been driven by a gradual easing of underlying pressures on prices, reflected in a slowdown of core inflation, and by lower energy prices. inflation slowed markedly due to both the strengthening of the hryvnia and an improvement in inflation expectations. the above factors neutralized the pressure on prices from robust consumer demand and worse harvest of some vegetables. i would like to emphasize the reasons for the hryvnia appreciation, which has given rise to much speculation. in october – november, the excess supply of foreign currency was mainly driven by proceeds from ukrainian exports, in particular thanks to a record harvest of grain and oil crops, and selling foreign currency coming from borrowings of state - owned companies. in particular, agriculture and metals industry provided 70 % of foreign currency supply on the interbank market in november. contrary to the common belief, the continued foreign investment in hryvnia government bonds did not have a major impact on the foreign exchange market, unlike in the past months. at the same time, the nbu actively purchased excess foreign currency to increase international reserves. net foreign exchange interventions have totaled more than usd 5. 5 billion since the start of 2019. ( corrected ) besides, our purchases of foreign currency much exceed the inflows from nonresidents. the nonresident portfolio grew by around usd 4 billion this year. thus, net purchases exceeded this amount by more than one and a half billion dollars. this indicates that these are not only nonresidents who create the excess supply of foreign currency. what are the future inflation developments? the stronger hryvnia made inflation decline towards the 5

the same time, the nbu will be ready to tighten its monetary policy in the event of a significant increase in price pressures and risks of expectations becoming unanchored. thank you for your attention! 3 / 3 bis - central bankers'speeches
bank of fiji has been at the forefront of developments of microfinance initiatives in fiji. but i am also deeply proud of the goodwill of all our fellow stakeholders who have come forward in a great partnership at the national level to drive our financial inclusion programs. at the bank we continue to encourage the financial services providers such as the commercial banks and microfinance institutions, not to just look at the extension of credit as a means of expanding economic opportunities. we would like them to seriously consider viable partnerships, synergies and developing innovative products and services. bis central bankers ’ speeches in recent years, microfinance providers here in fiji have expanded their services to deliver financial education and training, entrepreneurial training, micro - insurance and various other services to budding entrepreneurs. the goals of these supplementary activities are twofold : firstly to improve the survival rate of the borrowers ’ start - up businesses and secondly to mitigate credit risks for the lender. ladies and gentlemen, i want to affirm the important role that microfinance plays in creating opportunities for those who most need them, allowing our small entrepreneurs the ability to create a viable business. successful microbusinesses provide jobs as well as valuable products and services to their communities. what is clear is that microfinance, and financial inclusion in general, has grown and adapted considerably during its short history in fiji. in 2010 we set ourselves a target of reaching 150, 000 unbanked fijians by the end of this year and we celebrated achieving that target well ahead of schedule in march. i hope that our entrepreneurs and service providers will sustain their energetic spirit of innovation and experimentation as they strive to become more self - sufficient and adapt to our ever - changing economy. concluding statements ladies and gentlemen, it is difficult for one organisation to run these microfinance awards on its own. we are therefore extremely grateful that our supporting partners from the inaugural awards have again stepped forward this year. so thank you very much to the pacific financial inclusion programme and the life insurance corporation of india. the reserve bank acknowledges your continuous support towards our financial inclusion initiatives and we look forward to yet another exciting event this year. the microfinance awards categories remain as follows : category 1 – best microfinance entrepreneur ( individual ) ; category 2 – best microfinance entrepreneur ( partnership ) ; and category 3 – best microfinance service provider. the awards ceremony is scheduled for the 6th of november 2014 and i understand that nominations are now being accepted. i wish this

may be the first country in the south pacific region to launch mobile money. with these words ladies and gentlemen, it is my privilege to officially launch the e - money fiji project and wish the mobile network operators every success in the commercial launch of their financial service product in the near future. thank you.
##makers must avoid misplacing the focus of policies just on short - term issues. they must instead always weigh very carefully between short - term and long - term objectives toward achieving strengthened resiliency of the overall economy. only with such resiliency, will a small open economy like thailand be able to sail through the waves of global financial turbulence in the years ahead.

external side, however, risks to the global economy have increased recently due to damages caused by japan earthquake, a weaker - than - expected us economy and concerns over euro area fiscal crisis. these developments will have to be monitored closely. as of now, we expect a slightly lower global growth prospect but this should not change thailand ’ s economic outlook to the extent that derails the economy from its present growth path. in particular, thailand ’ s export remains robust. supply chain disruption due to the japan earthquake is proven to be limited and temporary ; limited in the sense that impacts are mostly felt in the production and exports of vehicles. temporary in the sense that problems in japan have been mitigated, at the same time, we see recovery in vehicle production for thailand since late may. jsccib stands for the joint standing committee on commerce, industry and banking. jfcct stands for the joint foreign chambers of commerce in thailand. bis central bankers ’ speeches as for the domestic side, high income and confidence are supporting domestic economy going forward. domestic demand, both consumption and investment have been and continue to be strong as underpinned by a high level of farm income, high employment, and good consumer and business confidence, complemented by a favorable credit condition. tighter resource utilization also reflected these vibrant economic activities. the seasonallyadjusted unemployment rate fell to the lowest record in april. meanwhile, the capacity utilization rate is expected to accelerate in the second half of the year following the recovery in the vehicle sector. overall, the economic momentum in 2011 remains sound. nevertheless, political stability remains a key factor to facilitate this ongoing momentum. having an orderly outcome of the election is one step, but the underlying conflict must continue to resolve in order to further boost confidence and business climate in the economy. given the current economic development, the bank of thailand is more concerned with inflation which is a common outcome in a good growth prospect environment. increases in inflationary pressure have become a worldwide phenomenon particularly among emerging market economies. thailand is no exception. both headline and core inflation are expected to edge up from last year despite the government ’ s attempts to contain inflation through administrative price controls. as such, the bank of thailand continues to gradually normalize the policy interest rate. at present, the policy rate is still deviated from the norm as the real policy rate remains negative at around – 0. 7 percent. thus, interest rate normalization is another feature for the year 2011. last wednesday rate hike marked