samchain/econo-pairs-v2 huggingface dataset:
, but will bring a fiscal stimulus outside of the restrictions of the eu stability and growth pact. hence, it should have an expansionary effect and will contribute to growth and employment, especially in austria and germany. • when analyzing the fiscal consolidation in cesee, the rei finds that, despite improvements in the quality of budgets in recent years, large fiscal challenges still remain. especially in the see region, sizeable budgetary adjustments are needed. just a few words on today ’ s seminar : we will start out with two presentations : bis central bankers ’ speeches the first one on „ cesee outlook, risks and policy priorities “, will be given by mr. jorg decressin. the second presentation by mr. johannes wiegand will deal with “ reconciling fiscal consolidation and growth in cesee ”. mrs. anna ilyina will then be happy to answer any questions. these presentations will be followed by a panel discussion, to be chaired by my colleague franz nauschnigg. the idea is to have an interactive discussion with the audience. 3 let me now introduce the distinguished panellists : jorg decressin : since early 2014, mr. decressin is deputy director in the european department of the imf. before that, mr. decressin was the research department ’ s deputy director and was in charge of the imf ’ s weo ( world economic outlook ). mr. decressin holds a ph. d. from harvard university, a b. sc. from lse and has published on labor and capital market adjustments, deflation, and on fiscal policy and financial integration in europe. johannes wiegand : mr. wiegand is economist in the imf ’ s european department and was mission chief to kosovo and desk officer for hungary. before that, mr. wiegand has worked in the imf ’ s research, policy development and review department as well as in the african department, and has published on macro - financial linkages, financial stability and on emerging market vulnerabilities. mr. wiegand holds a ph. d. and m. sc. from the university college london. anna ilyina : mrs. ilyina is chief of the emerging economies division in the imf ’ s european department since 2013. before that, she was deputy chief of the global markets analysis division and of the financial sector analysis division in the imf ’ s monetary and capital markets department. mrs.

ilyina holds a ph. d. from the university of pennsylvania and a b. a. from moscow state university and has published on europe ’ s problem loans, analytical tools for crisis vulnerability assessment, and on emerging markets as net capital exporters. franz nauschnigg : as of 2000, mr. nauschnigg is the head of the oenb ’ s european affairs and international financial organizations division. before that, he worked in the austrian ministry for agriculture and economy as well as in the austrian ministry of finance. mr. nauschnigg holds a master degree from graz university and has published extensively on european integration and monetary policy, fiscal issues, international trade and infrastructure. bis central bankers ’ speeches
research, and welcome constructive proposals from the participants of the conference on promoting china ’ s economic and financial theoretic study.

be more aware that china ’ s financial system may face a series of challenges arising from financial globalization and china ’ s wto accession. a great deal of topics are to be studied, giving rise to crucial tasks for scholars in the field of finance. nevertheless, i would like to stress that researchers are also lucky as they are in a transition period and the country is undergoing unprecedented economic and financial reform, where many economic and financial phenomena are hard to be well explained by existing theories and experiences. china ’ s practice has provided researchers with abundant materials and room for innovation in such areas as sequence of financial market development, coordination of the development of money market, capital market and insurance market, the roadmap and institutions associated with the evolution of multi - layer financial markets, in particular capital markets and financial risk management system. moreover, chinese authorities have been conducting monetary policy management, exchange regime reform, rural financial system reform, policy bank reform and related legal system reform under very complicated circumstances. these issues unique to china also provide scholars with sufficient room for research. china ’ s financial researchers have been exposed to the frontier by the great time. this is not only a precious opportunity, but also a great challenge. modern economic and financial theory emerged in the western countries after long - term observation and research by western economists. the theory is subject to relatively strict conditions, which may not be appropriate in china ’ s practice. nevertheless, we believe that china ’ s financial researchers will take a scrupulous attitude and not confine to the existing theories and historical experiences. with these efforts, theoretical development will be brought to a new stage on the basis of china ’ s reform practice, giving rise to financial theory development in the world. passion is needed in the reform, while cool mind is necessary for research. researchers need to be objective, independent and scrupulous with the research work. economic and financial performance involves the interaction of interests of different parties. the objective of financial theoretical research is to objectively describe the patter of interests and the rule of its change, providing guidance to economic and financial policy making aimed at establishing appropriate incentive mechanisms. in this vein, the china financial institute will take measures to further mobilize research resources to conduct pioneering study on important theoretical issues with respect to china ’ s reform and development under the support of financial supervisory agencies, commercial banks, securities firms, insurance companies, publishing houses, schools and financial research institutes. in conclusion, i wish professor huang da continued success in economic and financial
of the us dollar throw an additional complication into the mix. to date, the domestic economy has weathered the unfavourable international environment very well. nonetheless, growth will be further adversely affected in the period ahead if the international situation does not improve. if this were to occur, it would change the balance of forces that has been keeping interest rates steady over the past year.

against the unexpected makes a lot of sense. we all need to prepare for that rainy day. it rarely makes sense to take all the credit that you are offered, whether on a credit card or when you apply for a loan. many australians with mortgages find the best way of building buffers is to put any spare money into their offset account. this makes a lot of sense. my fourth and final point is to shop around and don ’ t be shy to ask for a better deal ; whether for your mortgage, your electricity contract or your phone plan. there are very good deals out there if you look. we can all play a role in making our markets more competitive by being smart and informed in our choices. again, i am pleased to be here at the launch of this important strategy. congratulations to those who have worked so hard to put it together. thank you. 2 / 2 bis central bankers'speeches
s radar and simply get a free ride on the safe and efficient payments infrastructure? no. if these payment services acquire a certain size, they will be subject to oversight by danmarks nationalbank. that also applies if the services are offered from other countries, as central banks have a long tradition of cooperation when it comes to oversight. * * * danmarks nationalbank has decided to set up a credit register in cooperation with the danish financial supervisory authority. a register of individual credits with information about the debtor, collateral, etc. will improve the basis for danmarks nationalbank ’ s oversight of financial stability and for the supervisory activities of the danish financial supervisory authority. we are aware that the credit register will involve a lot of work for the sector in terms of establishing the reporting system and regularly reporting information. but not only do we see the credit register as a prerequisite for danmarks nationalbank ’ s and the danish financial supervisory authority ’ s work to ensure financial stability, the establishment of the register will also help to ensure that denmark ’ s supervisory and oversight instruments are at least as good as those applied elsewhere in europe. the euro area has decided to establish a similar register from the end of 2016. obviously, the credit register will not relieve the individual bank of its responsibility for pursuing prudent credit policies, and in a market economy banks will differ – also in terms of credit policies. however, we would like to engage in a dialogue with you about the design of the standardised reporting, so that you have a useful tool for comparing your credits with those of the financial sector as a whole. we hope you will support this work. thank you. bis central bankers ’ speeches

university of massachusetts, amherst, mass., september 24. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
than a decade ago. given our comparative advantages, this phenomenon offers us many opportunities, ones we cannot afford to waste. thank you for your attention and i would be pleased to answer any questions.

faced. looking ahead still, our experience of the past two years makes it clear that the status quo is no longer sufficient. at the bank of canada, we must strengthen our frameworks, in terms of both monetary policy and financial stability, to increase the country's capacity to avoid crises to the extent possible and to address shocks when they do occur. in terms of monetary policy, there are two critical streams to our work plan. the first relates to our inflation - targeting regime. in november 2006, when we renewed the current five - year inflation - target agreement with the federal government, we also launched a research program to examine ways to strengthen our monetary policy framework. 3 two questions were posed : what are the costs and benefits of a lower inflation target? what are the costs and benefits of a price - level target? 4 considerable study on these two questions has already been undertaken, involving not only researchers at the bank, but also academics and colleagues at other central banks. i won't review this work today. however, more information can be found on our research website, http : / / www. inflationtargeting. ca /, and in summary articles in the bank of canada review. 5 we will take a hard, objective look at what the research finds, and you can expect to hear more from us on this subject in the coming year. the second stream relates to the transmission mechanism – that is, how our monetary policy actions work their way through financial markets and the economy. the crisis has made it abundantly clear that central banks must have a better understanding of the links between the real economy ( that is, output, inflation, and employment ) and the financial sector. for example, time - varying term, liquidity, and risk spreads have been shown to be empirically relevant for explaining real activity, as have non - price terms for credit. another important insight from the financial crisis is that broader procyclical dynamics – that is, forces that amplify cyclical fluctuations – in money, asset, and credit markets also have implications for the real economy and hence, monetary policy. a critical part of the bank's research agenda is on these real - financial linkages, to better understand them and incorporate them into our models and policy analysis. one exception was in a very specific segment of the canadian market for non - bank - sponsored, asset - backed commercial paper ( abcp ), which had transparency problems and which led to the standstill under the montreal
banks courage, perseverance and vision as they plot their course to the future. thank you.

- trade infrastructure of securities markets in asia. this would enhance the resilience of the financial system as asia ’ s financial markets continue to develop. as i mentioned earlier, japan ’ s payment and settlement systems were not disrupted by the great east japan earthquake, and have continued to function effectively, helping to ensure financial and social stability. the role of payment and settlement systems is to settle claims and obligations arising from transactions. while the infrastructure making financial contracts straightforward and smooth could be compared to arteries pumping out blood into the body of the economy, the payment and settlement system would then be the veins carrying the blood back to the heart ( slide 4 ). both of them are absolutely necessary for the proper functioning of the financial system, especially for cross - border transactions. the international financial system would stall if the veins, or the payment and settlement system, became choked with blood clots. in this respect, it is extremely important to ensure the safety and efficiency of the payment and settlement system, as well as its stable operation, even in times of crisis. from the cross - border perspective, however, i recognize at least two problems in the post - trade infrastructure for cross - border securities trading in the asian region. 6 the emeap was established in 1991, and consists of eleven central banks and monetary authorities in the asia and pacific region, namely australia, china, hong kong, indonesia, japan, korea, malaysia, new zealand, philippines, singapore, and thailand. under the abf initiatives, emeap member central banks invest a portion of their foreign reserves in sovereign and quasi - sovereign bonds of eight emeap jurisdictions. the abf initiatives have promoted the recognition of local currency - denominated bonds issued in asia, and acted as a catalyst to accelerate and harmonize legal, regulatory, and tax reforms related to bond investments in the region. the abmi has also made a variety of efforts and achievements, including providing technical assistances and credit guarantees, as well as enhancing information disclosure for investors, aiming at improving the issuance and investment environment on government and corporate bonds in the region. there have been relative improvements in domestic payment and settlement systems in asia. online securities payment and settlement systems have been constructed, and delivery - versus - payment settlement has been achieved. many jurisdictions have also already realized settlement cycles of t + 2 to t + 3. further improvements may still be needed in some jurisdictions to establish legislation on settlement finality. bis central bankers ’ speeches first, settlement risks associated
growth rates relative to that of economic activity as a whole. however, stock prices continue to be weak. in corporate finance, the fund - raising environment of firms with low credit risks is accommodative on the whole, but with regard to firms with high credit risks, the stance of investors is severe and the lending attitudes of private banks continue to be cautious. developments in the financial and capital markets, the behavior of financial institutions, and the situation of corporate finance continue to require close monitoring.

, we have seen no sign of this deficit shrinking to any significant extent. if we look back to the middle of the 1980 ’ s, the last time global imbalances were considered to be a problem of the world economy, the current account deficit of the united states peaked at 3. 5 % of gdp. looking at the details, however, there are some interesting differences between 2004 and the middle of the 1980s. first is the size of the imbalances, which i have just mentioned. the second is who are in the deficit club. in the mid - eighties, not only the united states but also many other countries were running deficits. on the other hand, today, most of the deficits are concentrated in the external account of the united states. third, related to the point i have just mentioned, the emerging asian economies are now in the black instead of being in the red. having said this, i must make this clear : i am not saying that imbalances per se are bad. as a matter of simple arithmetic, if there were no trade in the first place, there would be no imbalances. when we start trading, unless everyone is balanced, imbalances are inevitable. we are certainly better off trading than not. more conceptually, an economy with abundant investment opportunities relative to its savings, most notably a developing economy, is likely to run a deficit. in this sense, some imbalances are a reflection of enhanced economic welfare. furthermore, the size of the imbalances is not necessarily disruptive, either. at present, the united states is financing a current account shortfall amounting to 542 billion dollars, the size of the economy of netherlands, with no visible difficulties. you may perhaps remember the concerns voiced in the market some twelve months ago. there were worries that the u. s. dollar might fall sharply, were it not for continued and heavy currency market interventions by asian monetary authorities. that has not been the case so far. in the case of the yen, even in the absence of official interventions in the foreign exchange market since mid - march, the dollar has held up well against the yen. this suggests that private capital flows are now playing a more important role in determining market dynamics. i might even say that we should be proud of ourselves in allowing the international financial markets to develop into such a resilient system. if this is so, why are we saying that global imbalances risk the stability of the
was established as a result of the collaborative efforts of regulators from different parts of the world, it is hoped that it will facilitate further collaboration in the development of islamic finance and in safeguarding its soundness and stability. this is in fact what sasana means in sanskrit – a convening point for the wise and learned. when combined with kijang, a word that is strongly associated with the bank, sasana kijang represents a powerful meaning that is consistent with our identity. the architectural concept of sasana kijang is also inspired from our earliest form of currency that was used in the third century and which denotes a harmony of simplicity and class. and the facade design of the building is derived from the geometric patterns of the traditional malaysian songket fabric which is woven with intricate gold and silver threads which creates a strong bond, thus giving the fabric its strength and elegance. this is similar to the central banking community that is interlinked through our similar objectives and bonded through collaboration and strategic alliances. other features of the building is the extensive use of glass which allows for the greater use of natural light. the building also features a range of green technologies as part of our commitment and responsibility to the environment. finally, another important part of sasana kijang is the bank negara malaysia currency and economics museum and the art gallery that will be opened to the public. these collections that have been built since the earliest days of our bank over a period of more than five bis central bankers ’ speeches decades aim to foster greater understanding on the history of our currencies and of our economy and financial system, and also represents our support to contemporary art in malaysia and thus contribute towards preserving the heritage of our country. allow me now to invite yang amat berhormat, dato ’ sri mohd. najib bin tun haji abdul razak to deliver his address and to officially launch sasana kijang. the global economic and financial landscape is currently at an important turning point, as we transition to a fundamentally changed future. the challenges facing us in this environment are manifold. we therefore want to have the skills for this future – to be well equipped to effectively manage our future. sasana kijang aims to provide such a platform to pursue this human capital development agenda to become a centre of excellence for learning with the state of the art facilities. sasana kijang also reflects our commitment for regional and international collaboration and cooperation. it is our intention for sasana

##jib bin tun haji abdul razak to deliver his address and to officially launch sasana kijang. bis central bankers ’ speeches
amando m tetangco, jr : innovative and efficient delivery channels for banking services in the philippines remarks by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the launch of globequest touchpoint, makati city, 4 august 2006. * * * mr. gerry ablaza, mr. gil genio, the officers and staff of globe telecom and innove communications, fellow bankers, special guests, good evening. as head of the bangko sentral ng pilipinas, the institution that oversees the banking sector, i am truly glad … efforts to develop innovative and efficient delivery systems for banking services continue in many fronts. tonight, we witness the unveiling of globequest touch point which, i understand, is a completely integrated electronic or e - banking package. in other words, it is an end - to - end technology solution : from hardware to software, to i. t. experts, to data center services, down to network infrastructure. for all intents and purposes, it is equivalent to outsourcing an e - banking system. this is an exciting proposition that has a lot of growth potential, moving forward. today, we have 872 banks, of which only 55 or 6. 3 % have electronic banking services approved by the bangko sentral ng pilipinas. please note that these 872 banks have more than 7, 600 branches. what they need therefore are efficient and secure communication systems and infrastructure. the economies of scale that i. t. companies such as innove offer, therefore, will be particularly valuable to smaller banking institutions that may not have the technological expertise and enough resources to build their own e - banking facilities. ladies and gentlemen, it was the advent of automated teller machines or atms that allowed banking services and transactions to continue beyond traditional banking hours. now, atms no longer have this monopoly ; new and better electronic banking options allow us to do transactions outside the confines of banks premises and beyond regular banking hours. today, we have internet banking, mobile banking or phone banking. remote access through the internet and mobile devices has allowed banks to provide additional channels to deliver more services to their clients. mobile banking through the use of cellular phones is now popular as text messaging has become a means to remit funds, pay bills and loans, and make deposits. accessing a bank ’ s web portal through mobile devices is also expected to

being undertaken to promote a more favorable business and investment climate. let me end by saying that overcoming the challenges we face can be made easier if we maintain an open line between private enterprises and the government sector and recognize the important role each one has to play. this is the reason why the bsp is taking the initiative of bringing us together regularly in this exporters ’ forum. previous discussions had been quite fruitful and in fact yielded positive results for some. i hope this forum will be productive and will serve to open more avenues for mutual linkages within the export industry. thank you very much and i look forward to hearing your views.