samchain/econo-pairs-v2 huggingface dataset:
increase in loans reflects the modest recovery in banks ’ overall lending attitudes along with improved economic prospects owing to the gradual lifting of lockdown measures. outstanding loans for production activities was mainly driven by the expansion in loans for real estate ( 7. 2 percent ), information and communication ( 26. 6 percent ), financial and insurance ( 6. 0 percent ), and manufacturing ( 4. 4 percent ). we see loan activity continuing to improve in the coming months as public health restrictions are gradually eased and domestic demand gains further traction. looking ahead, the central bank will remain patient in keeping policy support available to the 1 / 2 bis central bankers'speeches economy — particularly given the continued downside risks to economic activity associated with the pandemic. the inflation outlook over the policy horizon remains manageable. average inflation is seen to slightly exceed the upper end of the target band of 2 - 4 percent this year but is projected to settle close to the midpoint of the target range in 2022 and 2023. inflation expectations remain firmly anchored to the baseline projection path. but we are ready to adjust policy settings as needed to ensure the fulfillment of its price and financial stability mandates. we aim a smooth normalization of our time - bound pandemic measures. monetary policy settings will be outcome - based rather than anchored on a particular date. consistent with such approach, we will remain guided primarily by the outturns in economic data, such as inflation, real sector activity, and liquidity and credit conditions. i will end here. 2 / 2 bis central bankers'speeches

“ financial contagion ”, journal of political economy, 108 ( 1 ). benmelech e. and j. dlugosz ( 2009 ). “ the credit rating crisis ”, nber working paper, 15045. freixas x., parigi b. and j. rochet ( 2000 ). “ systemic risk, inter - bank realtions and liquidity provision by the central bank ”, journal of money and credit banking, 32 ( 2 ). morgan d. ( 2002 ). “ rating banks : risk and uncertainty in an opaque industry ”, american economic review, 92 ( 4 ). rochet j. ( 2008 ). “ liquidity regulation and the lender of last resort ”, financial stability review, banque de france, february.
minister for finance to make his remarks. honorable deputy prime minister and minister for finance, you have the floor.

njuguna ndung ’ u : financial sector performance in kenya remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, on the occasion of the silver jubiliee celebrations for family bank limited, nairobi, 22 june 2009. * * * your excellency honourable mwai kibaki, president and commander - in - chief of the armed forces of the republic of kenya ; honourable uhuru kenyatta, deputy prime minister and minister for finance ; mr. titus muya, chairman, family bank ltd. ; mr. peter kinyanjui, chief executive, family bank ltd. ; distinguished guests ; ladies and gentlemen : i am delighted to be here this morning to join with family bank in celebrating twenty five years of providing financial services to kenyans. allow me at the onset to appreciate the presence of his excellency the president. i also wish to salute the board, management and staff of family bank for successfully serving kenyans for the last twenty five years. for most of the twenty five years of its ’ existence, family bank operated as a building society with a microfinance focus. in the last two years, the institution has operated as a commercial bank and has registered a commendable performance. in 2008, the institution recorded a profit before tax of kshs. 530. 7 million and opened 9 branches countrywide increasing its ’ branch network to 43. this is a sterling performance, but there still remains room for further expansion and improvement. your excellency the banking sector continues to exhibit resilience in the face of various local and global turbulences. the sector has also continued to grow and now consists of 43 commercial banks, 2 mortgage finance houses and 123 foreign exchange bureaus. the first deposit taking microfinance institution was also launched last week. allow me to mention some indicators of the financial sector performance that painted a rosy picture in the last 12 months to april 2009 : • the sector ’ s assets increased by 12 % from kshs. 1. 09 trillion in april 2008 to kshs. 1. 23 trillion at the end of april 2009 as banks continued to expand their lending portfolio. • deposits increased from kshs. 880bn in april 2008 to kshs. 940 bn on the back of deposit mobilization and expansion of branch networks by banks. • the capital adequacy ratio stood at 19. 8 % above the statutory minimum of 12 %. this is an indicator that the sector has
indian economic society today. let me conclude by appreciating the idr 2008's emphasis on macro - stability. while there is no visible immediate threat to financial stability in our country, at this juncture, we recognise the need for continued but heightened vigilance. we believe in taking timely, prompt and appropriate measures to mitigate the risks, to the extent possible, being conscious of difficult dilemmas. let me also reiterate the continued commitment of the reserve bank to lay stress on macro - economic stability in a way that it enhances the prospects, not merely for accelerated growth but for a genuinely more inclusive growth. the need for such a continued commitment of public policy is, i believe, the main message from the india development report 2008. it is my honour and privilege to release the india development report, 2008. thank you.

for 2017 / q1 are january - february averages. notes : 2. real gdp for the world economy is calculated by the international department of the bank of japan based on imf data and national and regional gdp growth rates. sources : cpb netherlands bureau for economic policy analysis ; imf, etc. chart 3 output gap % - 2 - 4 - 6 - 8 cy01 note : the output gap is estimated by the research and statistics department, bank of japan. for the details on the estimation methods, please refer to the forthcoming bank ’ s research paper " methodology for estimating output gap and potential growth rate : an update. " sources : cabinet office ; bank of japan ; ministry of internal affairs and communications ; ministry of health, labour and welfare ; ministry of economy, trade and industry ; research institute of economy, trade and industry. chart 4 exports and industrial production s. a. real exports ( cy 2015 = 100 ) industrial production ( cy 2010 = 100 ) cy 10 sources : bank of japan ; ministry of finance ; ministry of economy, trade and industry. chart 5 corporate profits s. a., % ratio of current profits to sales ( all industries and enterprises ) cy 01 note : based on the " financial statements statistics of corporations by industry, quarterly. " excluding " finance and insurance. " source : ministry of finance. chart 6 labor market conditions unemployment rate and active job openings - to - applicants ratio s. a., times s. a., % unemployment rate ( left scale ) active job openings - to - applicants ratio ( right scale ) tankan : employment conditions di 1. 5 - 30 1. 4 - 25 1. 3 - 20 1. 2 1. 1 reversed, di ( " excessive " - " insufficient " ), % points all enterprises large enterprises small enterprises - 15 - 10 1. 0 - 5 " insufficient " 0. 9 0. 8 0. 7 cy05 " excessive " 0. 6 0. 5 0. 4 0. 3 cy 05 sources : ministry of internal affairs and communications ; ministry of health, labour and welfare ; bank of japan. chart 7 wages hourly cash earnings 2. 5 employee income y / y % chg. y / y % chg. hourly cash earnings 2. 0 hourly scheduled cash earnings ( part - time employees ) 1. 5 1. 0 0. 5 0. 0 - 0. 5 - 1. 0 number of employees - 1 total cash earnings - 1. 5 employee income
banking union should also reflect the ambition we have shown in our supervisory and regulatory set - up. it should support a coherent european response to new challenges such as brexit and the development of non - bank finance. and it should not shy away from addressing gaps in our regulatory and institutional framework. 3 / 4 bis central bankers'speeches 1 ecb ( 2018 ), “ special feature a : financial development, financial structure and growth : evidence fromeurope ”, financial integration in europe. 2 ecb ( 2016 ), “ special feature a : financial integration and risk sharing in a monetary union ”, financial integration in europe. 3 ecb financial stability review, ( 2019 ), forthcoming, may. 4 european commission ( 2019 ), “ capital markets union : progress on building a single market for capital for a strong economic and monetary union ”, european commission contribution to the european council. 5 ecb ( 2018 ), “ special feature b : integrating euro area corporate bond markets : benefits and potential financial stability challenges ”, financial integration in europe. 6 the ecb ’ s price - based composite indicator of financial integration shows a pronounced increase during 2017, while quantity - based integration has stalled since 2015 ( see indicators of financial integration in the euro area ). 4 / 4 bis central bankers'speeches

and to be fully dedicated to our own responsibilities both in the private sector and the public sector. ”
empirical analysis ”, the journal of business, 78, issue econpapers. repec. org / repec : ucp : jnlbus : v : 78 : y : 2005 : i : 6 : p : 2435 – 2464. 6, pp. 2435 – 2464, 3 credit value adjustment. 4 correlation trading portfolio. 3 / 3 bis central bankers'speeches

passion lies elsewhere as an undergraduate, and later find that advanced studies in economics align with your career interests. others may already feel that economics is your calling. and just as there are a variety of reasons that people decide to deepen their studies in economics, so too there are many career fields where a degree in economics can be a powerful enabler. in my case, although i did not have an undergraduate economics degree, i later decided to pursue advanced study in economics because it provided a rigorous analytical framework and approach to data to address important problems facing america. growing up, i saw how every family ’ s well - being is affected by their financial resilience and their economic opportunities. i decided to study economics because it provides powerful tools to help promote a better future for many americans. i have found different ways to approach that throughout my career — from teaching the next generation of problem solvers, to assessing the challenges facing american manufacturers, to seeing the potential of microfinance for financial inclusion, to promoting maximum employment and stable inflation in my current job. i recognize that it is challenging to look around a classroom or conference room and not see colleagues who you can relate to. it is humbling to imagine how that first economics class looked to dr. sadie alexander. but now there are a number of leading scholars and practitioners in the field to provide inspiration and serve as role models. today, you will hear from several, including dr. julianne malveaux, dr. willene johnson, and dr. lisa cook, who will share with you their perspectives and discuss their important and interesting work. so what might you find by pursuing economics? as i have noted, you can influence people ’ s lives for the better. you can craft policy to change our world. you can teach and help shape the next generation. you can find the answers to questions that matter most to you. you can develop the intellectual framework and tools that will enable you to pursue a range of opportunities, not just in economics, but also in business, finance, policy, and nonprofits. conclusion i hope you will take away the message that the field of economics would be the richer from your engagement and has much to offer as you decide how to make your contribution. there are many opportunities for you in the field of economics, both here and abroad, in government, academia, and the private sector. dr. sadie alexander knocked down the door, and i hope you will consider following her through it. 1 i want to
my speech today by repeating that the present situation, where economic recovery is beginning to be seen, is a good opportunity to overcome the challenges with a clear will and vision. thank you for your attention.

loans and deposits, has not always been successful in uganda, possibly because the operating costs have been too high. several of the mdis which were licensed in the 2000s have since been converted into commercial banks. mobile banking mobile banking was first introduced in uganda in 2009. the business model involves a partnership between a mobile phone operator and a commercial bank. the services offered have so far been restricted to basic retail payments and money storage services ; money can be transferred from one customer to another and it can also be stored in a customer ’ s virtual account. the main regulatory concern of the bou has been to safeguard customers ’ virtual money which they purchase, with cash, from mobile money agents. the bou has only allowed mobile money operations when this is done in partnership with a supervised commercial bank. mobile money operators have to hold, in an escrow account in their partner commercial bank, the equivalent in value of all the mobile money that they have sold to their customers. this means that the mobile phone operators, which are not licensed financial institutions, cannot themselves intermediate the funds that they have mobilised through the sale of mobile money. customers who purchase mobile money have a similar level of protection as that which is afforded to depositors in a commercial bank. the bou has also issued mobile money guidelines in 2013. the guidelines stipulate an approval process for all agents who wish to engage in the provision of mobile money services and the roles and responsibilities of all parties involved. they also stipulate the safeguards to protect bis central bankers ’ speeches customers, such as the requirement that customers ’ pin numbers must be used to authenticate all transactions. as can be seen in table 2, the growth in mobile banking has been phenomenal. the number of registered mobile money customers exceeds half of the total population of uganda, although this number may include some people who are registered with more than one operator. in terms of extending access to financial services, mobile banking has made a much larger contribution than any other recent innovation. the regular finscope surveys reveal that the share of the population with access to formal financial services increased from 28 percent in 2009 to 54 percent in 2014 and that almost all of this increase was due to access to mobile banking. however, although the growth of mobile banking amongst the previously financially excluded has been impressive, we should also bear in mind that the range of financial services available through mobile banking is very narrow ; as i have already noted it is restricted to basic payment transactions and storage of money. agent
but, with the benefit of hindsight, the increasing scale of the inflow, and particularly the form that it took, became an important part of the problem. it was not all effectively employed. there was overinvestment in some production sectors ; much went into ambitious property development ; and much went into financial rather than real assets. the hoped - for higher returns could not be maintained. again with the benefit of hindsight, it is possible to identify a number of structural weaknesses in the mechanisms for financial resource allocation in the recipient countries. there was, for example, a general lack of reliable financial information, and a lack of transparency in relation to the financial position, of both public and private sectors. complex and opaque links between government, financial institutions and non - financial companies made it difficult for outsiders to understand the real nature of their exposures. financial markets were not well developed, leaving the system heavily dependent upon the banks. there was inadequate regulatory or supervisory oversight. there was widespread government influence over financial flows, which importantly also contributed to a perception that much of the borrowing was effectively under - written by the government. the list could go on. the problem was compounded by the absence of any real perception of exchange rate risk. borrowers were evidently confident that governments would maintain their exchange rate pegs against the dollar so that unhedged foreign currency debt, much of it at short term, appeared a cheap alternative to domestic currency borrowing. the result was a build - up of short - term private sector foreign currency liabilities, by banks and non - banks, which was not fully appreciated, and which left the asian economies especially vulnerable to a flight of capital in the event of a change in sentiment. the problem is that national authorities can create their domestic currency, if they choose to do so, even if it leads to inflation, but they cannot simply create foreign currencies in the same way. so, once the run started, it was violent and contagious. there are certainly all sorts of lessons to be drawn from asia ’ s experience for the future relating to the structural weaknesses in the financial system that allowed the problem to emerge. these weaknesses certainly need to be addressed in the borrowing countries ’ own interests if they are to continue to reap the great benefits of the free international movement of capital without similar extreme volatility in the future. but the immediate question was, and is, how to contain the present problem. essentially there are two broad options. one is simply

questions that you may have. i ’ ll be joined in addressing these by the bank ’ s chief cashier and executive director for banking services chris salmon, and the head of our notes division victoria cleland. bis central bankers ’ speeches
impactful for our nation, continent, and the world at large. 26. i have no doubt at all that our university will grow from strength to strength and glory to glory in the decades and centuries to come, as it harnesses technology for resilience and delivers inclusive and humancentred educational and training programs. 27. i thank you all for your kind attention and pray for god's continued blessings on all of us, on our university of ghana, and on our beloved ghana. thank you.

can we promote innovative and entrepreneurial problem - solving approaches to learning instead of rote learning which only produce fixed mental modes incapable to solving our challenges? ▪ secondly, we must modernise how we teach relevant subjects. what technological facilities can we deploy to teach them more effectively? how can we take advantage of technological advancements to provide relevant skills for students? how can we attract the best experts and practitioners from home and abroad to help with cutting - edge research and teaching in innovative ways? ▪ thirdly, we need a strong ethical and moral foundation for the university, one that instils in students a sense of personal responsibility to advance the public interest and the common good. we need a new generation of students that live and operate by an honour code who will grow to lead with integrity and selflessness for the benefit of our nation and our world. a renewed emphasis on ethics and civic education is needed, going forward. ▪ fourthly, we need to promote a stronger sense of community though active engagement and inclusion of all key stakeholder groups in shaping the future of our university. strong alumni engagement should be key, just as strong collaboration between the university and industry. ▪ last, but not least, we must proactively explore opportunities for funding the investments on a sustainable basis, that are needed to deliver desired outcomes for the next 75 years. everyone has a role to play here, and we must all join forces to ensure that our university is able to provide educational facilities and experiences for students that shape them into world leaders. while donations and endowments through partnerships will go a long way and should be pursued, innovative approaches for generating sufficient income for the university and its various cost centres will be key to sustain continuous improvement in the ug experience. 23. i believe that as we celebrate over the next year, clear strategies to achieve the above will be helpful to promote a stronger and more impactful university. conclusion 24. madam chair, distinguished ladies and gentlemen, in conclusion, please permit me to reiterate the significant contributions and successes of this great institution over the past 75 years. it is my singular honour to congratulate madam chair and chancellor, the chair and members of council, the vice chancellor faculty, staff, students, and alumni on their remarkable achievements. 25. we stand at the crossroads of time, have a rare opportunity, guided by the lessons of the past and present, to looking into the future as best as we can to envision a future that is even more glorious and
global cooperation. new standards agreed upon at the international level must be implemented at the national level. as we move past the policy - development phase, processes are being put in place to monitor implementation, including cross - country peer reviews of specific standards by the financial stability board. domestic reform initiatives are equally important, but need to be harmonized in an integrated world. if conflicts and inconsistencies arise from the requirements of different jurisdictions, these initiatives may not succeed in establishing a safer global financial system. financial stability is necessary for sustainable economic growth. but it ’ s a public good : its benefits are widely shared. can it be achieved in one country alone? not a chance. we ’ re all in this together. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

to mind the debate between the efficient market hypothesis proponents and the advocates of behavioral finance. to believers of efficient markets, the price contains all relevant information to make a decision and market forces will trade away arbitrage opportunities. believers of behavioral finance, on the other hand, look at a trader ’ s psychology and how he values “ prospects ” and “ gambles ” as the drivers of prices. to its supporters, behavioral finance explains market overshooting, over / under - reaction and loss aversion. well, the jury is still in out on this debate … but whether you believe in one school of thought or the other, one thing is clear – to be able to maximize your treasury potential, you need information … correct and timely information. i hope that by having distilled our current market environment into three risks, four lessons and three policy guideposts, i have moved this discussion further to help you optimize your potential. as i close, let me point out that your chosen theme is not limited to parochial bottom - line optimization. your theme calls for “ excellence ”. to me, that is a call for you to be responsible stakeholders. if you are on the sell - side, sufficient disclosure and transparency are central in your dealings. if you are on the buy - side, bounded risk taking is relevant in your investments. as you perform your jobs, i hope you appreciate that you are an invaluable partner of the bsp in transmitting the impact of our policies to the real economy …. i hope also that you bear in mind that as participants in the financial market, you have a responsibility to the broader community that you are in … finally, i trust that you will remember that your reason for being is to finance activities in the real sector. on that note, let me once again thank the organizers of this conference and wish all of you a productive and rewarding afternoon. good day to all! bis central bankers ’ speeches