samchain/econo-pairs-v2 huggingface dataset:
at banco de mexico enthusiastically join president enrique pena nieto in thanking richard for all that he has done for mexico and to enhance mexico – us relationships, which i am sure he will continue to do. bis central bankers ’ speeches

and securities commission ( cnbv ), the insurance and surety national commission ( cnsf ), the national commission for retirement savings ( consar ), and the bank savings protection institute ( ipab ). the council complies with, or is oriented toward complying with, the four principles i mentioned that are essential for these kinds of arrangements to work : the cesf has a clear mandate for performing its duties in this area, specified in the statutes of each of the institutions that comprise it and in its own statutes ; the cesf works in a transparent way and with complete respect for the responsibilities and, if applicable, autonomy of the institutions involved ; and the cesf operates on the basis of a mechanism of accountability, based mainly on periodic reports to the general public. finally, the composition of the council has served as a basis for underpinning the availability of information and the analytical foundation for evaluating the risks that could affect the financial system as a whole, as well as the instruments needed for facing them, although much remains to be done in this respect. given the importance of this entity, the executive has requested congress to approve its incorporation into law. 4. conclusion one of the main lessons from the global economic crisis is that financial stability requires a new policy approach in which two features are particularly noteworthy : 1. macroprudential policy is likely to adopt a more important role than before ; and 2. the achievement of financial stability requires simultaneous and coordinated efforts at the macroeconomic, microprudential and macroprudential levels. although macroprudential policy is not a new concept, the issue at this stage is radically different from the experience of previous years, both in reach and relevance. in particular, the focus today is on the potential for a generalized use of these instruments at a global level and for a greater responsibility in the achievement of financial stability. the problem is that despite an explosion of research in this area, we still find ourselves with many gaps from theoretical and empirical standpoints. a number of measures need to be implemented at the domestic and international levels if these challenges are to be overcome. this comprises research, more and better statistics, building the appropriate analytical capacity, and adjusting national institutional frameworks as needed, among other measures. furthermore, in view of the implications of financial globalization for contagion and regulatory arbitrage, cooperation from the international community is of the essence. it is also important to emphasize that expectations on the role of macroprudential
allocates project risks among participants. such risks should be well - mitigated at the outset to make projects bankable. thirdly, participation in infrastructure projects by banks would also be constrained by legal and prudential limits on the proportion of banks ’ lending as a share of their core capital. given the considerable financial outlays involved in infrastructure projects, commercial banks would need to enhance their capital base to participate in ppps while remaining compliant with regulatory requirements. finally, given the increased investments in infrastructure and the environmental implications, i do hope that the studies lined up for discussion in this conference will give consideration to the green economy ( green growth ) aspects. this proactive discussion by the kenyan banking industry will no doubt contribute towards adopting sustainable finance principles as per the commitments of the addis ababa financing for development summit earlier mentioned. in view of the large size, huge cost and complexity of infrastructure projects, i would urge banks and other financial institutions to build the requisite legal and technical capacities to evaluate the value for money of ppps relative to traditional asset classes. this will assist in identifying the potential risks and the risk mitigation to be put in place in advance before the commitments are undertaken. i take that the engagement you will have for the next two days will be an on - going conversation and the research work arising from this conference ’ s theme will inform future research in the area. i am optimistic that the banking industry will continue to play an important role in supporting the various sectors of the economy and in particular, the challenge to address the nation ’ s infrastructure gap. the central bank is committed to creating an enabling regulatory environment that facilitates the banking sector to effectively execute its intermediation function. with those remarks, it is my honour to declare the 4th kba annual banking research conference officially open. i wish you fruitful deliberations. thank you. bis central bankers ’ speeches

especially the most needy, and writing a more exciting chapter in that history book. ” i look forward to the deliberations and the outcomes over the next two days as we reimagine the future of the african banking sector. thank you!
alberto g musalem : international spillovers and policies remarks by mr alberto g musalem, executive vice president of the integrated policy analysis group of the federal reserve bank of new york, at the people ’ s bank of chinafederal reserve bank of new york joint symposium, hangzhou, zhejiang, china, 15 mach 2016. * * * good morning. thank you for the opportunity to speak here in hangzhou about the important theme of international spillovers. by exchanging perspectives and experiences we can forge relationships and a shared understanding that can lead to better economic outcomes. i will focus mostly on the interaction of international spillovers with policy frameworks within and across countries. i will do this from the vantage point of a domestic economy experiencing foreign spillovers. i will then briefly turn to considerations from a u. s. perspective. as always, my remarks reflect my own views and not necessarily those of the federal reserve bank of new york, the federal open market committee ( fomc ), or the federal reserve system. 1 international spillovers encompass a broad topic with respect to their sources and channels. before narrowly focusing on monetary sources and associated channels, it seems appropriate to first take a broader view of the various sources. foreign spillovers can emanate from monetary, fiscal, regulatory, currency or trade policies. spillovers can also arise from endogenous productivity changes, from financial stability developments, and from a global financial cycle. 2 the mundell - fleming logic remains relevant for thinking about policy options of open economies. it provides lessons on channels of transmission, basic tradeoffs across objectives, and the effectiveness of policy responses. 3 the channels of macroeconomic and financial transmission among open and interdependent economies occur through the current account of the balance of payments, the capital account, or both. from the vantage point of the domestic economy, there are three main channels of transmission : the exchange rate ; the external demand ; and the interest rate or risk - premia channel. the last can be more broadly defined as the financial conditions channel. the intensity of transmission of spillovers will depend on the monetary policy, currency policy and the real and financial openness of the economy being affected by external developments. other relevant characteristics include the flexibility of labor and product markets ; the depth, safety and soundness of the financial system ; and the economy ’ s position as an international creditor or debtor. the mundell - fleming framework suggests that a country with a high degree of capital mobility and

. 538 ; and watch for two forthcoming liberty street economics blog posts on january 30 and february 1, 2012. bis central bankers ’ speeches
##ise yourselves with our city and its surroundings. for those able to spare a little time, please visit at least one of the unique tourist attractions for which the country is renowned. as the brand goes : botswana is our pride ; please make it your destination. please enjoy the dinner and the rest of the evening. i thank you for your attention. bis central bankers ’ speeches

to long term. turning to wage developments, it is notable that government recurrent expenditure included a 3 percent salary increase for the public service, which, as a matter of practice, guided parastatal and private sector wage adjustments. thus, in 2016, wages increased, generally, by 5. 2 percent, therefore, with a modest impact on demand and inflation. on credit developments, growth in commercial bank credit fell from 7. 1 percent in 2015 to 6. 2 percent in 2016 in the context of subdued economic activity and restrained growth in personal incomes, which influenced both the demand and supply side. the bank also recognises challenges in the transmission of the prevailing policy rates to lower lending interest rates. the challenges relate partly to structural issues, such as uncertainty about sustainability of funding sources and associated balance sheet restructuring as well as tighter lending criteria by banks. against this background, the annual expansion in lending to households fell from 12. 8 percent to 7. 6 percent and included lower growth for personal loans and mortgages. in contrast, growth in business credit increased to 4. 2 percent, from a contraction of 0. 3 percent in 2015, but with varying performance across sectors. overall, the moderate increase in bank lending supports economic activity and it is broadly consistent with growth of nominal gdp. monetary policy implementation in 2016 honourable minister and esteemed guests : monetary policy was predominantly accommodative in advanced economies, with low levels of interest rates ; in some instances, interest rates are negative, while liquidity support to the financial sector was maintained. in this regard, notable developments include the reduction of interest rates in the united kingdom aimed at mitigating the adverse impact of the decision to leave the european union ( brexit ) and the second increase in interest rates in the united states of america since 2008, given progress in attaining full employment and price stability. for emerging market economies, the direction of policy changes was mixed, invariably reflecting differing macroeconomic circumstances. closer to home, the south african reserve bank increased the policy rate by 75 basis points to 7 percent during 2016 in order to anchor inflation expectations around the country ’ s target range of 3 – 6 percent. domestic monetary policy implementation for its part, the bank continues to conduct monetary policy through a forecast - based policy framework that informs the appropriate response to deviations of inflation from the desired objective range. the analysis also involves assessment of divergence of actual output ( gdp ) from potential output ( technically known as the “ output gap ” ), which
to help both authorities and financial institutions assess the impact of climate risks over the next 30 3 / 4 bis central bankers'speeches years. conclusion when we announced the pepp one year ago, the governing council declared that it would do everything necessary within its mandate and explore all options and all contingencies to support the economy through this shock. looking back at the past year, i think we can affirm that we have delivered on this commitment. but there is no room for complacency – the ecb will continue to deliver on its mandate and support the recovery with all appropriate measures. i now stand ready to take your questions. 1 see “ ecb staff macroeconomic projections for the euro area, march 2021 ”, ecb, 11 march 2021. 4 / 4 bis central bankers'speeches

benoit cœure : interview with radio classique interview with mr benoit cœure, member of the executive board of the european central bank, and radio classique, conducted by mr nicolas pierron on 23 january 2017. * * * mario draghi, president of the european central bank, is to be investigated by the ombudsman of the european union, following a complaint from an ngo. he is suspected of entrusting the private sector with insider information in the context of a group called the g30. how do you respond to these allegations? the mere fact that those questions are being asked shows that we are transparent, since all meetings of the members of the executive board of the ecb with representatives of the private sector, whether bankers or not, are made public. as a matter of fact, my calendar, my diary, is published every month on the ecb ’ s website. as for the substance of your question, for us to be able to understand what is happening in the economy we have to meet private sector actors, including bankers. and yet, this has to be done in a transparent way, which is the case with the g30. so this won ’ t go any further? the ombudsman of the european union is pursuing the matter, she ’ s doing her job and we shall see what she has to say. but the same ombudsman, ms o ’ reilly, acknowledged that the ecb had made significant progress in its transparency and its communication policy, notably with the publication of the minutes of governing council decisions and also, as i said, with the publication of our calendars. so the ecb has made great efforts to be more transparent and to make its contacts with the private sector public. this is not a matter of pride, it ’ s completely normal. donald trump was sworn in on friday in the united states. his programme includes a sizeable fiscal stimulus, which is already pushing up interest rates in the us, bond rates. will this have an impact on europe? it is undoubtedly too early to judge the decisions of the new administration as it is only just beginning, but i would draw two conclusions. the first is that it is very important for us that financial conditions in the euro area remain appropriate for the euro area economy, i. e. that the euro area is protected from external financial shocks. for example, the rise in long - term interest rates observed since the end of last year has had a fairly
factors now need to be brought to bear on the goal of ensuring protein security for the indian economy. once again, my best wishes to prof. parikh and thank you all for listening to me.

come to next year ’ s annual meetings in hong kong, you will all see for yourselves the realisation of the principle of “ one country, two systems ” in hong kong. in addition, i believe that the 1997 world bank / imf annual meetings will be an impressive event as a result.
recent evidence, ” discussion paper no. 2015 – 9, bank of canada, 2015. t. lane, “ drilling down – understanding oil prices and their economic impact ” ( speech to the madison international trade association ( mita ), madison, wisconsin, 13 january 2015 ). bis central bankers ’ speeches although we believe that ’ s the right decision at the present time, it would not always be the right call. there are times, as in the 1970s, when exchange rate movements are part of a broader inflationary process. in such cases, looking through the pass - through could put us on a treadmill of accommodating higher inflation. moreover, identifying pass - through depends on a combination of estimation and judgment. for that reason, we issue our estimate of the underlying trend in inflation as our own judgment in the current policy context, rather than as an alternative measure of core inflation. expectations expectations of inflation, which are based on actual inflation as well as the credibility of our target, also play a central role in the conduct of monetary policy. many economic decisions depend on expectations of future inflation. for businesses, inflation expectations influence their stance in wage negotiations and price setting, as well as in assessing rates of return for decisions on production, hiring and investing in productive capacity. for households, expectations have an impact on savings decisions as well as on their choice of alternative savings vehicles. 9 through their influence on all of these decisions, expectations tend to become self - fulfilling. it would be much more challenging to keep inflation on target if expectations were to become unanchored – or anchored at a lower or higher level. for these reasons, we keep a close eye on expected inflation. we measure business expectations with our own quarterly business outlook survey and recently began tracking household expectations with a quarterly online poll of 1, 000 canadian consumers. the poll measures both the inflation expectations of participants over various time horizons and the uncertainty surrounding those expectations. it also covers a wide array of other economic expectations that will inform the bank, and canadians in general, on issues ranging from labour market prospects to personal finances. conclusion let me wrap up. our inflation - targeting framework has stood the test of time. it has proved vastly superior to any other policy alternatives that have been tried. our periodic renewals are important opportunities to make sure it continues to serve its purpose and to suggest improvements. i have focused on one set of improvements that we are considering : how we assess the underlying trend in inflation, separating it from price movements

and f. ohnsorge. washington, d. c. : the world bank. 3 / 3 bis central bankers'speeches
decided to use the model proposed by banco de mexico for its new, ground breaking system, dali. today, we are very fortunate to have the first securities settlement system that offers multilateral netting and near real time settlement, with significant advantages for our financial market. we now have an outstanding securities settlement system that offers excellent services to investors, issuers and intermediaries, and generates trust in our financial system. we believe that the effort we all put into the design, development, and testing of dali was well spent. i congratulate indeval, and the staff from itam and banco de mexico who participated in this project. thank you very much for your attention. bis central bankers ’ speeches

is of course one factor for the economy, and hence also for inflation ; in this context, the exchange rate is an important element but not the objective of our monetary policy. what ’ s more, we haven ’ t seen any major change in the euro exchange rate for some time now. 4 / 6 bis central bankers'speeches but the announcement of asset purchases put the euro under massive pressure in 2014 …. … after it had risen sharply prior to that. this was a correction of a previous overvaluation. seen overall, the euro area has generated a trade surplus over recent years. that would normally strengthen the euro in the long run. experience suggests that such an impact does exist, but it is very, very long term. it develops over decades rather than years. let ’ s turn again to the core of monetary policy – the inflation aim. for a number of months now, the ecb has been speaking of symmetry in its aim. at the same time, though, it is maintaining that inflation should remain below, but close to, 2 %. how does that fit together? first and foremost, it means that we combat deviations above that aim and below that aim with the same determination. if inflation is above our aim of inflation at levels that are below, but close to, 2 %, we try just as hard to get it there as when inflation is below the aim. but isn ’ t it foolish to set such precise targets? surely the ecb is not able to steer inflation that accurately. we ’ re aiming for this in the medium term, not for a specific year. which gives us some room for manoeuvre. how long exactly is the medium term? that depends especially on the source of the shock. a demand shock requires a shorter horizon for the policy response, that is policy should be less patient, whereas a supply shock may call for a longer horizon, and hence more patience. wouldn ’ t it make sense to allow more downward scope in the inflation aim? the aim must be crystal clear, especially when inflation is low. the closer it is to zero, the more pressure we find ourselves under to act. some critics think that a temporary bout of deflation would not be a disaster. if it comes from a boom in productivity and higher real incomes, and ends foreseeably quickly, then no, it ’ s not. but it must be certain that inflation can be anchored above zero again. close to 2 %, to be precise,
in norway also implies that we should lag behind other countries in setting interest rates at a more normal level. at its monetary policy meeting on 3 november, the executive board decided to leave the sight deposit rate unchanged at 1. 75 per cent. at this meeting, the executive board did not see any clear alternatives to leaving the interest rate unchanged. in reaching its decision, the executive board has weighed the objective of bringing inflation back to target against the risk that output growth may eventually be too high.

that petroleum revenues are phased in at a steady pace. the guideline specifying that only the real return on the petroleum fund is to be used, means that the capital in the fund is not depleted over time. norges bank has no set target for the level of the exchange rate. nevertheless, developments in the krone are of considerable importance to interest - rate setting because the exchange rate has an impact on inflation and output. an important channel for monetary policy is the foreign exchange market and the krone exchange rate. although the krone fluctuates, the krone exchange rate is not particularly unstable compared with other countries ’ currencies. the krone exchange rate is the price of our currency measured in a foreign currency. developments in other countries are just as important for the krone as developments in the norwegian economy. capital flows freely and flows can change rapidly. this can spill over to exchange rates and interest rates as well as output and employment. there is a cost involved for businesses in hedging against fluctuations in the krone. a krone that is stable - but too strong - also entails social costs in the form of low activity. likewise, a krone that is stable - but too weak - is a source of high inflation. norway is running a current account surplus as a result of sizeable oil and gas exports. owing to high oil prices, the current account surplus is rising this year. an increase in the current account surplus will normally result in higher net demand for the domestic currency. in norway, however, the additional foreign exchange revenues that accrue to the norwegian state as a result of high oil prices will be invested in foreign securities through the government petroleum fund. as a result, they will not have a direct impact on the balance in the norwegian foreign exchange market. oil companies hold a large share of their financial capital in foreign currency, and higher revenues in these companies therefore results in an increase in capital outflows. the effects of changes in the current account on net demand for the norwegian krone can be illustrated by adjusting the basic balance for transfers and earnings to the petroleum fund and oil companies ’ estimated cash surplus. even though the current account surplus is increasing from 2003 to 2004 as a result of high oil prices, the adjusted basic balance is falling. in isolation, this is contributing to a decline in demand for the norwegian krone. the decline is due to high import growth, which is reducing the current account surplus. in the government ’