samchain/econo-pairs-v2 huggingface dataset:
borders. over the last decade, working with supervisors around the world, we have built a common understanding of the crisis, its causes, and its consequences. now, as the full set of post - crisis reforms comes into effect, we should renew our focus on assessing their implementation and their overall impact. the sponsored by the federal reserve bank of boston, july 9, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20190709a. htm. randal k. quarles, “ the next stage in the libor transition ” ( speech at the alternative reference rates committee roundtable, cohosted by the alternative reference rates committee and the new york university stern school of business and its salomon center for the study of financial institutions, new york, june 3, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20190603a. htm. randal k. quarles, “ law and macroeconomics : the global evolution of macroprudential regulation ” ( speech at the “ law and macroeconomics ” conference at georgetown university law center, washington, d. c., september 27, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20190927a. htm. - 7financial system is truly global, and the structures and incentives that govern it are critical to its stability and resilience. 17 the regulatory community has started significant work to examine those structures and incentives as a whole, from their effect on “ too - big - to - fail ” subsidies to their impact on market fragmentation. 18 we are participating actively in that work, as a way to ensure the global financial system supports, rather than inhibits, american growth. i appreciate the chance to discuss this work with you, and i look forward to answering your questions. thank you. randal k. quarles, “ government of union : achieving certainty in cross - border finance ” ( speech at the financial stability board workshop on pre - positioning, ring - fencing, and market fragmentation, philadelphia, september 26, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20190926a. htm. randal k

. quarles, “ the financial stability board at 10 years — looking back and looking ahead ” ( speech at the european banking federation ’ s european banking summit, brussels, belgium, october 3, 2019 ), https : / / www. federalreserve. gov / newsevents / speech / quarles20191003a. htm ; see also, financial stability board, “ fsb launches evaluation of too - big - to - fail reforms and invites feedback from stakeholders, ” news release, may 23, 2019, https : / / www. fsb. org / 2019 / 05 / fsb - launches - evaluation - of - too - big - to - fail - reforms - and - invitesfeedback - from - stakeholders / ; and financial stability board, “ fsb publishes report on market fragmentation, ” news release, june 4, 2019, https : / / www. fsb. org / 2019 / 06 / fsb - publishes - report - on - market - fragmentation /.
##ity and evolution of payments payments sit at the heart of the financial system, and whilst the methods and nature of transactions have progressed considerably since the days of barley bartering, their importance has not faltered. within the uk, payments are a crucial part of everyday life and the past decade especially has seen a transformation in how people pay for goods and services. we have moved from a time where cash was king ; in 2010 56 % of payments were made using cash, this fell to 45 % in 2015 and further declined to 17 % in 2020. 1 it is predicted that by 2028 just 9 % of all payments will be made by cash. 2 transitioning through an era that has seen the continued decline in popularity of cheques and a rapid increase in card usage, we are now in a world where many of us today will have paid for a summer iced - coffee or groceries using our smartphones or even watches. this evolution in payments in the uk and globally is delivering transactional capability that is more reliable and quicker than ever before. but customers want more and there is a continuous drive for further improvements in speed, cost, transparency, safety and resilience. in shakespeare ’ s a midsummer night ’ s dream, some characters are transported to a new world and new, not always desirable, experiences. but this was merely temporary, and an illusion 1 / 6 bis central bankers'speeches rather than reality. here a payments transformation is under way that could render the next decade almost unrecognisable from the transactional landscape of the past : but is a real and lasting change, bringing benefits to many. it is an environment where future generations will benefit from a new world of possibilities : one in which fast, frictionless and future proofed payments “ just work ” invisibly behind the scenes to unlock individual and commercial potential. where innovation will flourish, changing customer demand will be supported and exceeded, and ultimately life - dreams enabled. it is up to each of us to help build the foundations that will allow this to take place. this transformation involves many new actors, alongside the traditional banks. there are growing numbers of challenger banks as well as innovative payments services, payment service providers ( psps ), and increased interest from the world of fintech. indeed, payment businesses currently make up 17 % of the uk ’ s c2500 fintech companies. global household ‘ bigtech ’ names such as facebook and amazon are also breaking into this market. these competitive pressures are pushing existing market participants

bis - central bankers'speeches 5 https : / / www. ecb. europa. eu / paym / intro / news / html / ecb. mipnews230425. en. html 4 / 4 bis - central bankers'speeches
reviews, six reviews have now been completed and published. building a new system of international peer review is a major accomplishment. but heavier lifting lies ahead. as new, higher standards come into force, ensuring equivalent implementation will become increasingly important. three critical areas stand out : basel iii, resolution regimes and central clearing for otc derivatives. we will need rigorous and effective assessment of implementation across all jurisdictions to ensure that they are living up to their commitments. the goal is to create a race to the top in national adherence to international standards. agreement on these three elements – higher standards, new tools and strengthened enforcement mechanisms – will substantially enhance financial stability at the core of the system. agreement in these areas has been hard. but the truly tough work of consistent, rigorous and relentless implementation is just beginning. now that we have largely agreed on the reforms to reduce the likelihood of failure at the core of the system, the reform agenda is turning appropriately to two further priorities : expanding the perimeter of oversight and regulation, and reducing contagion and harmful international spillovers. expanding the perimeter of supervision and regulation the existing prudential regulatory framework was designed around banks whose credit - intermediation activities are closely regulated and supervised, as well as backstopped with deposit insurance and central bank liquidity. by contrast, the shadow banking sector is less regulated and does not have access to public liquidity support. however, like the bis central bankers ’ speeches credit - intermediation activities of banks, shadow banking also involves liquidity and maturity transformation, and often with some degree of leverage. the label “ shadow banking ” is unfortunate. it is not shadowy. market - based financing, as it is more appropriately called, provides competition for the banking sector and is an important source of innovation and diversification. and it is also big. in the united states, market - based financing was roughly twice as large as traditional bank intermediation at the peak of the credit boom and is still about 25 per cent larger today. in several other advanced economies, including canada, the sector is at least as large as the banking sector. the crisis highlighted the systemic vulnerabilities market - based financing can pose. the opaque and excessively levered securitization of u. s. mortgages, combined with undue reliance on short - term wholesale funding, greatly intensified the consequences of the u. s. housing collapse. with the capital and liquidity standards applied to banks set to increase, we can expect to see further

to celebrate a decade in which legal challenges have mostly been successfully overcome, but also to openly discuss the many steps that still await the future generations of colleagues working for and within the eu banking supervision. 5 / 5 bis - central bankers'speeches
##ened society of tomorrow ; equipped with ideas and also the ability to convert them into a better reality for all. i congratulate all the new graduates of the academy, and wish you all a very bright future ahead. * * * * * * * page 6 of 6

context and circumstances that culminated in the path - breaking economic reforms of 1991 are by now standard fare. the programme of “ opening up ” launched under the leadership of the then finance minister, and the present prime minister, dr. manmohan singh – who, incidentally, was also governor of the reserve bank of india – catapulted india into a major emerging economy. today, india is the fourth largest economy in the world in purchasing power parity ( ppp ) terms and the second - fastest in terms of growth. it is a tribute to the resilience of the indian economy that even in the midst of the deep recession that the world is going through today, india remains a growing economy. our growth, no doubt, has moderated but this moderation is modest compared to the convulsions almost everywhere else in the world. most importantly, over the years, the mandate of the rbi has expanded encompassing both its regulatory and developmental responsibilities. today, we are a large and complex organisation compared to most other central banks in the world. the various departments that have made up the bank through these years have reflected the diverse financial and economic functions associated with the process of economic development and the growth of the financial sector. when we started in 1935, there were just three departments, namely the banking department, the issue department and the agricultural credit department. today, we have 26 departments in the central office, have 26 regional and field offices across the country, four subsidiaries ( brb note mudran press ltd., dicgc, nabard and nhb, ) and a staff of over 20, 000 employees. the preamble to the reserve bank of india act lays down the purpose of establishing rbi as “ to regulate issue of bank notes, to keep the reserves with a view to securing monetary stability in india and generally to operate the currency and credit system of the country to its advantage ”. as you will note, this is a broad and flexible mandate. today, we perform several important functions. we are the monetary authority, and regulator and supervisor for banks and non - banking financial companies. we are the issuer of currency and the debt manager for the central and state governments. besides, we manage the country ’ s foreign exchange reserves, manage the capital account of the balance of payments, and design and operate payment systems. we also operate a grievance redressal scheme for bank customers through the banking ombudsmen and formulate policies for treating customers
close to capacity. the timing and pace of further increases in the bank ’ s target overnight rate will depend on the strength of domestic demand, the evolution of inflation expectations, and the pace of economic expansion in the united states and overseas.

relatively even more efficient. so what can canada do to improve the efficiency of its markets? one area that has received a lot of attention, not just in canada but in many other countries, is securities regulation. the key issue is to reduce what economists call “ information asymmetries ” by as much as is practical. what that means is that our regulatory framework should aim - in general - at having market prices reflect all relevant information, and that all parties to a transaction should have fair access to that information. we can enhance efficiency by reducing information asymmetries up to the point where the cost of additional compliance would outweigh the benefits. following events such as enron, parmalat, and livent, it became clear that investors were not always receiving sufficient and accurate information. corporate scandals prompted many an investor to say : “ there oughta be a law! ” - a law to make publicly traded companies disclose all information. but in the rush to write laws and regulations, too much attention has been paid to detailed rules that govern how companies disclose information, rather than focusing on what they disclose. we have seen a large increase in the costs of providing information - particularly in the united states - without commensurate progress towards improving the relevance of the information being disclosed. the concept of relevant disclosure is particularly important for a country like canada, where public companies range in size from the very small to the large and multinational. the precise nature of what constitutes relevant information differs depending on the size and complexity of the firm. corporate disclosure regulations should recognize this. for large, complex firms, more complex rules are required in order for investors to receive appropriate information. but for smaller firms, less - complex disclosure regulations - and lower costs of compliance - may result in the best cost - benefit balance. the canadian securities administrators recognized this point in putting forward new proposals for guidelines for corporate governance that are based on a firm ’ s size. there is another consideration, and that is the need for some companies to have access to global capital markets. firms that want to list on international exchanges will have to follow the disclosure rules that apply in those markets. and large canadian firms that want to raise capital abroad need regulations here that are recognized as meeting international standards. but smaller, less - complex firms - which make up the vast majority of publicly listed companies in canada - may not want to raise capital abroad. so it may not make sense for canadian regulators to force these smaller firms to comply with the kinds of
as a user of such products. bis central bankers ’ speeches it is our sincere hope that you will gain in knowledge and establish contacts and relationships that will continue into the future ; but most of all our hope is that you will enjoy having an enjoyable time. thank you bis central bankers ’ speeches

, which prompted the us fed to begin to consider slowing the pace of extraordinary monetary policy accommodation it has been providing. this does not mean an imminent tightening of policy by raising short term interest rates, but rather beginning to cut back on the pace of asset purchases, currently at us $ 85 billion per month. the reaction to the announcement by the fed in may that tapering would begin relatively soon took many analysts and market participants by surprise, and underlined just how nervous markets are, and how elevated the uncertainty is. what was meant to be an orderly adjustment threatened to become precisely the opposite, despite the assurances by the fed that tapering would be done in a responsible manner. long - term bond yields and mortgage rates in the us increased by about 100 basis points. the spillover effect on emerging markets was intense, with bond yields generally increasing by more than in the us, as bond flows reversed sharply – since may about us $ 20 billion has flowed out of emerging bond markets, with r17 billion net sales by non - residents in the domestic bond market between 22 may and the end of august ; and emerging market currencies, including the rand, depreciated markedly across the board. although there was a general expectation that tapering of quantitative easing would begin in september, there was a great deal of uncertainty around the pace and timing, and the period between the may and the september fomc meeting was highly volatile. in the event, the fed refrained from tapering in september, out of concern about the slow pace of recovery in the us labour market ; the unresolved fiscal issues in the us which could lead to further fiscal contraction when the debt ceiling is reached, possibly in mid - october ; and the negative impact of tight financial conditions and higher long term interest rates on the nascent housing market recovery in the us. the reaction of the markets to this surprise was dramatic, with strong recoveries in bond and equity markets, while the dollar weakened across the board. however, it is inevitable that the fed will have to begin tapering at some stage, and markets are likely to react or over - react to any data coming out of the us that is likely to have a bearing on us monetary policy decisions. we have been given a taste of what is to come, and we are in for a difficult and bis central bankers ’ speeches volatile period ahead. this is unchartered territory, and whatever the us does is going to have spillover effects onto the
area. in fact, one challenge from innovation is that old tensions about competition might emerge in new ways. the board will need to remain just as vigilant in these areas in the years to come. bis central bankers ’ speeches

##eding, estimates of the size of the output gap have to be made with caution. strong growth may be leading to higher potential output, as crisis - induced hysteresis may be reversed in conditions of stronger demand. and the effects of past structural reforms, especially in the labour market, may now be showing up in potential output. for example, three - quarters of employment growth over the recovery has come from older workers and more than half from women. this is in part because past labour market reforms have encouraged both groups to enter the workforce in response to higher growth. 7 if substantially more workers can be drawn into the labour force, it would be possible for the labour market to strengthen further without generating wage pressures. in this environment, policymakers have to be more cautious than in the past about the assumptions that underpin our forecasts – and simple policy rules based around estimates of the output gap are no longer a useful guide for our actions. the severity of the crisis means that we cannot rely exclusively on traditional historical relationships to determine how quickly real developments will be passed through into nominal ones. the key issues we need to examine are wage dynamics, their pass - through to prices, and the possible risks to the inflation outlook. wage growth has been trending upwards for the euro area as a whole, rising by 0. 5 percentage points from the trough in mid - 2016. 8 but consistent with the weakening of the relationship between slack and inflation, the adjustment of wages during the recovery has so far been atypically slow. that said, our analysis suggests that, as the cycle advances, the standard wage phillips curve should hold better for the euro area on average. the unexplained residuals in the model – which in the past were sizeable – are diminishing, suggesting the link between unemployment and wages should improve. moreover, the anchors for wage formation are gradually becoming more aligned with our inflation objective. backward - looking factors appear to be becoming less important, and the forwardlooking anchor, inflation expectations, is strengthening. phillips curve decompositions find that past low inflation dragged down wage growth from its long - term average by around 0. 2 percentage points each year between 2014 and 2017. but these same analyses suggest that, as headline inflation recovers to more normal levels, the impact of past low inflation on wages could be waning. in terms of the pass through from wages to prices, the signals remain mixed. as wages have picked up, labour productivity has also recovered
august indicated a rise in the unemployment rate. along with other factors, this triggered growing concerns over a slowdown in the u. s. economy, leading to a rapid weakening of the u. s. dollar and a decline in stock prices worldwide. i do not believe there have been significant changes in economic fundamentals in japan since the july mpm, as seen in corporate profits being at historically high levels, 6 / 7 bis - central bankers'speeches as i mentioned earlier. however, i think it is necessary to look back at market developments in the wake of july's policy change when considering further adjustments to the degree of monetary accommodation. in the course of this consideration, the bank should, as it has done to date, base its decisions on a careful assessment of how changes in financial markets are affecting the outlook for economic activity and prices - for example, how changes in market functioning and firms'fund - raising behavior are affecting the likelihood of realizing the outlook and the speed at which it is realized. thank you. 7 / 7 bis - central bankers'speeches

jean - pierre roth : once a student, always a student summary of a speech by mr jean - pierre roth, chairman of the governing board of the swiss national bank, at the university of bern, switzerland, 9 february 2006. the complete speech can be found in german on the swiss national banka€™s website ( www. snb. ch ). * * * like all decisions relating to the future, monetary policy decisions involve numerous uncertainties. economic researchers are divided as regards both the effects of monetary policy and the form that this policy should take. there are a number of competing models in economic theory, and their policy recommendations often vary. relationships that have been stable in the past may change at any time, due to the fact that the structural equations used in economic models are not based on the laws of nature. the swiss national bank's monetary policy concept takes account of these uncertainties. our inflation forecast is a key element in this concept and combines the results obtained by a variety of different models. research is extremely important in our changing world. we can only be sure of identifying new developments as early as possible and basing our monetary policy decisions on a solid foundation if we engage in constant research.