samchain/econo-pairs-v2 huggingface dataset:
and congratulate all of you for your well - deserved recognition. sana ay patuloy na mas dumami pa ang katulad ninyo na matagumpay sa larangan ng digital financial inclusion! 1 / 2 bis - central bankers'speeches maraming salamat at magandang hapon po sa ating lahat! 2 / 2 bis - central bankers'speeches

##banked clients. i am happy to share also that the bsp has made significant inroads with the implementation of the national retail payment system ( nrps ). the nrps implements our commitment to upgrade the country ’ s retail payment system by promoting electronic retail payments and facilitating inter - operability for faster settlement of transactions. the nrps will facilitate our transition from being a cash - heavy to a cash - lite economy. this will eventually bring benefits to the economy – in terms of speed and efficiency of transactions, reduced costs, improved transparency, enhanced security, and expanded access to financial services. last april, we launched instapay, the second automated clearing house under the nrps following the launch of pesonet. via instapay, filipinos can enjoy safe and affordable accountto - account electronic retail payments in real - time. transactors may send and receive funds or make payments in real time of up to p50, 000 per transaction. the transferred funds are instantly received in full as no fee is charged for the electronic crediting of funds to the receiving party ’ s account in instapay participating institutions. there is no reason why rural banks should not want to be part of pesonet and instapay. leveraging on technology and value chains with the digital transformation of the banking system, we, at the bsp, are optimistic that the rural banking industry can emerge as a strong and dependable delivery channel in the provision of banking services. it can do so by taking advantage of available technology. opportunities for growth may be seized should you cater to the needs of the young generation. studies show that fintech has great potential to transform financial services given the country ’ s young demographic profile. according to the world bank findex, 23. 5 percent of our population are composed of young adults ( between 15 to 24 years old ). the domestic digital money ecosystem certainly needs players, big and small, to meet the exacting demands of this new breed of clients. on this note, i am happy to report that one rural bank is already pilot - testing a cloud - based banking solution in managing its day - to - day operation more effectively and serving its clients more efficiently, thereby upgrading its competitiveness. meanwhile, several banks, including rural banks, and non - bank financial institutions are already utilizing the lendr platform to facilitate credit origination processes. still others are hooked up with a commercial bank on a block chain pilot. rural banks
bis - central bankers'speeches

ii compliance. the bank has deployed the necessary resources to that effect. the bank, jointly with deutsche bank ( mauritius ) limited, organised a training course aimed at the bank ’ s staff as well as staff of commercial banks on basel ii implementation. the bank ’ s staff also attended courses offered by the financial stability institute and the bank for international settlements ( bis ) in switzerland. it goes without saying that such training is on - going to ensure that our staff acquire specialised knowledge for successful implementation of basel ii. still on the supervisory side, and as part of the process of promoting a more structured collaboration and co - ordination between the two domestic regulatory and supervisory bodies, a protocole d ’ accord was signed on 12 july. a joint bank of mauritius / financial services commission co - ordination committee was set up to activate and expand on the existing memorandum of understanding between the two bodies with a view to consolidating the supervision of the financial sector and harmonising the regulatory framework. the modernisation of the cheque - clearing system in mauritius has reached an advanced stage, with the cheque truncation project expected to go live next year. cheque truncation refers to the process by which cheques are cleared electronically without any physical movement. banks can also utilise this technology to facilitate the clearing of cheques over the counter to provide a better service to their customers. cheque truncation represents a paradigm shift in the processing and clearing of cheques and is a milestone in the modernisation of the cheque clearing and settlement process started in november 2002. currently, it takes two days to clear a cheque after its presentation for clearing. some 21, 000 cheques for an amount of rs900 million are presented for clearing every day ; this gives an indication of the scope for faster and more efficient cheque clearing. in its endeavour to enhance credit quality in the banking sector, the bank is progressively lowering the reporting threshold for credit facilities at the mauritius credit information bureau ( mcib ). the threshold, which stood at rs100, 000 for individuals and rs500, 000 for corporates, was reduced to rs25, 000 for all categories in november, and as from 1 march 2008, the threshold will be abolished altogether. in 2008, non - bank deposit taking institutions, in particular leasing companies, the mauritius housing corporation, and possibly insurance and finance companies, will be joining the mcib to enable a wider capture of credit data for better decision - making. it is expected
india's growth trajectory as investments and exports slow. clearly, there is a period of painful adjustment ahead of us. however, once the global economy begins to recover, india's turn around will be sharper and swifter, backed by our strong fundamentals and the untapped growth potential. meanwhile, the challenge for the government and the rbi is to manage the adjustment with as little pain as possible.

“ decoupling hypothesis ”, emerging economies too have been hit by the crisis. the decoupling hypothesis, which was intellectually fashionable even as late as a year ago, held that even if advanced economies went into a downturn, emerging economies will remain unscathed because of their substantial foreign exchange reserves, improved policy framework, robust corporate balance sheets and relatively healthy banking sector. in a rapidly globalizing world, the “ decoupling hypothesis ” was never totally persuasive. given the evidence of the last few months – capital flow reversals, sharp widening of spreads on sovereign and corporate debt and abrupt currency depreciations – the “ decoupling hypothesis ” stands invalidated. reinforcing the notion that in a globalized world no country can be an island, growth prospects of emerging economies have been undermined by the cascading financial crisis with, of course, considerable variation across countries. questions to be addressed india too has been impacted by the crisis, and by much more than we had earlier thought. against this background, what i propose to do is to address the following questions : ( i ) why has india been hit by the crisis? ( ii ) how has india been hit by the crisis? ( iii ) how have we responded to the challenge? the answers to the above three questions form the basis for the fourth, and perhaps more important question. ( iv ) what is the outlook for india? why has india been hit by the crisis? the ferocity with which the global crisis hit india dismayed many. and this dismay stems from two analytical strands. the first analytic goes something like this. the indian banking system has had no direct exposure to the sub - prime mortgage assets or to the failed institutions. it has very limited offbalance sheet activities or securitized assets. in fact, our banks continue to remain sound and healthy. so, the enigma is how can india be caught up in a crisis when it has nothing much to do with any of the maladies that are at the core of the crisis. the second reason for dismay is that india's recent growth has been driven predominantly by domestic consumption and domestic investment. external demand, as measured by merchandize exports, accounts for less than 15 per cent of our gdp. the question then is, even if there is a global downturn, why should india be affected when its reliance on external demand is so limited? the answer to both the above causes of dismay lies in globalization
4 / 5 bis - central bankers'speeches agenda for the financial system in malaysia. this has enabled us to proceed with increasing confidence in ongoing efforts to deliver a cogent response in dealing with financial institution failures under a wide and diverse range of stress scenarios – including scenarios yet to be conceived. we hope we never have to do so, but together, we must be ready to act when needed. on that note, i wish you productive discussions in the sessions ahead. thank you. 5 / 5 bis - central bankers'speeches

research and development and re - engineering of business processes in search of operational excellence and enhanced customer service delivery. a strong culture of excellence is therefore vital : one that is embedded in all levels of the organisation ; one that fosters and rewards innovation and service quality. a customer - centric focus is, and will continue to be, the winning formula for a successful financial services provider. in particular, insurers must ensure suitability of products sold or advice given ; play an active role in enhancing financial capability of consumers ; and ensure policyholders are treated fairly. this regulatory approach will basically benefit those companies that are efficiently - run and wellcapitalised. in this regard, axa affin will benefit from this new regulatory approach if it puts in place a risk management system that could be used to capitalize incentives accorded by the new framework. the synergies derived from the strengths of the bank and the experience of foreign insurance partner should be harnessed to benefit from this new environment, particularly in the bancasurance line of business. ladies and gentlemen, i am confident that axa affin life should be able to strategise itself by optimizing and leveraging on each others'strength and expertise, experience and infrastructure so as to offer diversified products and enhanced customer service. on that note, it is my pleasure to officially launch axa affin life insurance berhad and wish axa affin life insurance berhad every success in its endeavours and i look forward to its contribution towards further development of the domestic insurance industry. terima kasih.
raised the issue of self insurance – accumulation of foreign reserves – as a buffer against financial crises. following the asian crisis, east asian countries built up huge reserves as a deliberate policy of self insurance. china and india too built up reserves, with an important difference though. china's reserves derive from current account surpluses and are therefore an unencumbered asset, whereas india's reserves have been built up from capital flows, and are therefore encumbered by liabilities. it is this war chest of reserves that has given the muscle to the emerging economies to withstand the worst impact of the ongoing crisis. self - insurance, of course, is not costless, as subramanian himself argues. reserves should ideally be built through current account surpluses. this implies greater reliance on the external sector, particularly exports. but such reliance on exports can become a liability if export demand shrinks which can happen for reasons exogenous to the emerging economy. there is obviously a trade off here. self - insurance, as defined by reserve build up through aggressive exports, offers protection against financial contagion, but it also makes the economy vulnerable to trade contagion. how do we balance this trade off between vulnerability to financial contagion and vulnerability to trade contagion? another relevant issue is that self - insurance may not be necessary, indeed may be redundant, if international collective arrangements – regional or multilateral – can provide easy, quick and unconditional liquidity during a crisis. for example, the motivation for selfinsurance will be less compelling if the recently instituted imf's short - term liquidity facility for market access countries or the swap facility offered to select countries by the us federal reserve become more common and can be accessed with relatively low transaction costs. so, the second debating issue i want to raise is the following : " is self - insurance a viable policy option for emerging economies? " 3rd debate : how do we reform financial sector regulation? by far the most contentious and most voluble debate triggered by the crisis has been about the flaws in the regulatory architecture. several issues have come to the fore. i will mention just a few. how can complex derivative products which transmitted risks across the system be made more transparent? what are the financial stability implications of structured products like credit derivatives? are exchange traded derivatives better than over the counter ( otc ) derivatives? how do we eliminate the drawbacks of the " originate – to – distribute " model? is universal banking

hope and trust that we will have an opportunity to discuss all these issues. i wish you all a rewarding learning experience over the next two days.
source : conference board.

the possibilities that globalization offers. at present we are working on a new and modern central bank law that will clearly define the independence of the bank of israel, while increasing its accountability and transparency. the problems of our economy can be solved only with continuing growth and policy discipline, mutually reinforcing elements of success. they are also more likely to be solved in an environment in which the prospects for peace with our neighbors continue to improve. 2. the fund as managing director de rato steps down, we thank him for his many contributions that will bear fruit in the coming years, including the strategic review of last year, the work summarized in this year's policy agenda report, and the ongoing work on representation and voice. this agenda defines the major challenges that face incoming managing director dominique strauss - kahn. a great deal has been written about the problems confronting the fund as it reassesses its role in the rapidly changing global economy of the twenty first century. the problems are there, but we need to remind ourselves that they are the problems of success, not failure. as many here can testify, it was exciting to be here when the fund was at the center of the global financial storm of the 1990s and early in this century. it may be less interesting, but it is certainly more impressive to be present in an era of unprecedented global growth – growth based on the fund's approach of integration into the global economy – as the increasing economic weight of developing countries, especially of china and india, transforms both economic and political relations among nations. what will be the role of the fund in the future? article i ( i ) of the articles of agreement, states as the first purpose of the fund, " to promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems ". this is the essential role of the fund. even if on some fardistant day, financial crises become only a historical memory, this function will remain central to the fund, for there is no other organization with the legitimacy of the fund, with its global membership, with both finance ministries and central banks involved, that can fulfill that role. no less important, time and again the superb staff of this institution has risen to the challenge of implementing the wishes of its member countries. that is to say : the fund's fundamental strength is that it is the central global financial institution for consultation on international monetary ( and financial and economic ) problems, with the capacity to implement the
extremely low level and that i did not expect that we will change that level in the period to come. as regards possible further unconventional measures, i said indeed that the governing council will take its decision in our next monetary policy meeting in may. the governing council did not want to pre - empt in any respect what we may say then.

isabel schnabel : sonntagszeitung interview in frankfurter allgemeine interview with ms isabel schnabel, member of the executive board of the european central bank, in frankfurter allgemeine sonntagszeitung, conducted by mr patrick bernau and mr dennis kremer and published on 21 march 2020. * * * ms schnabel, never before has the ecb provided so much money for asset purchases in such a short period of time. is this crisis worse than anything we ’ ve seen before? it ’ s an extraordinary crisis. it ’ s not just europe that is affected, it ’ s the whole world. and in addition to the health problems and the human suffering, we ’ re also experiencing a severe economic shock that is being compounded by the protective measures taken. our new asset purchase programme, which has been put in place specifically for this pandemic emergency, aims to address the particular nature of the situation we are facing. where do you see the biggest problems? the crisis is affecting supply and demand at the same time. initially, the focus was mainly on disrupted supply chains. now the protective measures taken are also hampering production in many companies. and demand is falling too – if people don ’ t know what the future will bring, they hold on to their money, especially since many activities have been curtailed. companies are investing less. and all that means that we are already facing a massive shock ; we need to make sure that it doesn ’ t get even worse. if the ecb buys sovereign bonds, governments will be able to borrow money more easily and pass it on to firms. is that still in line with your mandate? our actions are always determined by our mandate of price stability. and for this we need a functioning transmission mechanism so that monetary policy is passed on to the real economy. that mechanism had recently become impaired, as manifested by the sudden rise in euro area government bond yields. it was affecting all euro area countries, even germany. when that happens, monetary policy has to step in. so it ’ s not a rescue plan for italy? no, of course not. and italy has not lost its market access. the concern was rather that we could start to see self - reinforcing price spirals … … meaning that investors start selling, government bonds fall in value, and so even more investors have to sell … … which can always happen in times of crisis, especially
result, prices for norwegian export goods have remained high, even in the context of declining growth among our traditional trading partners. chart 2 : strong improvement in terms of trade from johan borgen ’ s novel “ de mørke kilder ” [ the dark springs ], first published in 1956, gyldendal norsk forlag. bis central bankers ’ speeches the emergence of newly industrialised economies has also led to lower import prices in norway. the improvement in norway ’ s terms of trade is without parallel in our recent history. we have to go back to the boom period at the time of world war i – a period portrayed so vividly by johan borgen in his novel “ the dark springs ” – to find anything similar. developments in other countries have been less favourable. what started as a banking crisis in the us and the uk has developed into a sovereign debt crisis, with europe at the epicentre. austerity measures and economic contraction are now going hand in hand. social unrest is spreading. unemployment in many countries has risen to alarming levels. economic growth is weak, particularly in europe, constrained by uncertainty and fear of new setbacks. both the public and private sectors are focusing efforts on reining in debt. banks are consolidating their balance sheets and reducing lending to businesses and households. in the us, the formulation of fiscal policy has yet to be clarified. there too, households and businesses are hesitant to increase spending on consumption and investment owing to the uncertainty. chart 3 : public debt to gdp ratio total sovereign debt in advanced economies is almost as high as it was after world war ii, following a period of soaring, debt - financed military spending. the long post - war boom helped to reduce debt. experience shows that it is difficult to restore growth after a financial crisis. necessary austerity measures can amplify an economic downturn, with falling tax revenues and rising spending on benefits and measures, trapping both public finances and economic activity in a downward spiral. this is what we have seen in europe. structural reforms are often crucial to creating a basis for renewed growth. one case in point is the nordic countries in the 1990s. charts 4a and 4b : public debt to gdp ratio and gdp a less successful case is japan. the japanese authorities hesitated for a long time before reforms were implemented, including financial sector reform. government debt increased sharply after several unsuccessful attempts to kickstart the economy through deficit spending. the pace of growth in the japanese economy

find ourselves in. and rest assured, the ecb has risen to this challenge. 5 / 5 bis central bankers'speeches