samchain/econo-pairs-v2 huggingface dataset:
concern as well as interest to financial players, especially millennial investors. 11 đ đ the estimated financing needs to support the greening of asian economies are high. china has estimated that it will require us $ 450 - 600 billion of investments annually to achieve its green policy goals under its 13th five year plan while asean will need an estimated us $ 200 billion in green investments annually through 2030 [ 5 ]. 12 đ đ sustainable finance is still at a nascent stage but we are seeing increasing focus from financial institutions to develop new environmental, social and governance ( “ esg ” ) - related products. similarly, with increased investor demand and awareness for sustainable financial products, exchanges like yourselves can look to expand and support product owerings that will meet the needs of socially and environmentally conscious enterprises and investors. đ 13 đ đ one such area of growth is in green bonds. global green bond issuance volume reached us $ 168 billion in 2018, a four - fold increase from us $ 42 billion in 2015. the asia - pacific region accounted for almost us $ 50 billion of issuance, or almost 30 % of global volumes, of which us $ 31 billion was from china. exchanges can support the listings of green, social, and sustainability bonds, as countries and corporates transition towards a low - carbon and climate resilient model. • to foster sustainable growth in asean, the asean capital markets forum ( acmf ) has developed the asean green bonds standards, in collaboration with the international capital market association ( icma ). đ the standards, based on icma ’ s globally recognised green bond principles, seek to facilitate asean capital markets in tapping green finance to support sustainable regional growth and meet investor demand for green investments. as of october 2019, 80 such bonds from singapore, malaysia, thailand, and the philippines have been issued for renewable energy, green buildings and low carbon transportation [ 6 ]. 14 đ đ exchanges can also play an active role in supporting sustainable growth through sustainability reporting and integrating sustainability considerations in products that you launch. in particular, sustainability reporting is a key tool in encouraging enterprises to integrate esg considerations in their performance and value proposition to both internal and external stakeholders. đ • sustainable reporting has become more important with growing concerns from consumers and investors that financial returns are achieved with integrity, backed by esg considerations. • in recognition of such trends, the singapore exchange ( “ sgx ” ) has introduced a “ comply or explain ” regime for sustainability reporting in 2017, where listed companies

we must act now, and we must act together, to secure a cleaner and greener future. 1 link to “ ngfs glasgow declaration action ” : www. ngfs. net / sites / default / files / ngfsglasgowdeclaration. pdf 2 / 2 committed to bis central bankers'speeches
on the size of the gse balance sheets, we put at risk our ability to preserve safe and sound financial markets in the united states, a key ingredient of support for housing. financial instability coupled with the higher interest rates it creates is the most formidable barrier to the growth, if not the level, of homeownership. huge, highly leveraged gses subject to significant interest rate risk are not conducive to the long - term financial stability that a nation of homeowners requires.

and we look forward to expanding our horizons in this respect. conclusion i wish i could conclude this wrap - up with a list of the three or four things we could do to immediately unlock small business lending. but the problems are numerous and complex and they will require creativity and persistence to solve. just because the solutions are hard to find does not mean that we shouldn ’ t keep trying. finding solutions to small business financing issues is not only an important component of the economic recovery, it is also important to the restoration of communities that have been hard - hit by foreclosures and job losses. what we have accomplished is a good beginning. we have identified some specific credit gaps and generated some ideas to tackle them. we have brought together a network of people with different perspectives and resources but a shared commitment to improving credit conditions. and we have sparked numerous research projects to further understanding of the current and ongoing credit needs of small businesses. if we continue to work together, i am sure that we can alleviate some of the problems that small businesses face. the more we do now, the better prepared our small businesses and lending institutions will be when economic growth and consumer demand pick up. thank you, again, for your participation today.
rafael buenaventura : raising the bar on consumer banking service speech by mr rafael buenaventura, governor of bangko sentral ng pilipinas ( central bank of the philippines ), at the bank marketing association of the philippines ’ ( bmap ) 30th anniversary of upgrading bank - marketing practice, makati city, 26 august 2004. * * * introduction distinguished officers and members of the bank marketing association of the philippines ( bmap ), follow bankers, ladies and gentlemen : good evening. i am deeply honored to take part in this celebration, marking bmap ’ s 30th year of upgrading bankmarketing practice in the country. this year ’ s theme of “ customer service in the marketing mix of financial products ” rightly emphasizes the importance of banks ’ clients in influencing an institution ’ s success. consumer banking over the last couple of years, the philippine banking system has experienced strong growth in consumer banking services. credit card receivables for example, grew by an average 25. 2 percent annually from 2000 to 2003. this has allowed more ordinary people without access to credit to now have access and on clean basis. however, this growth has also come with a price in the form of increased volume of bad accounts. many of the problems were traceable to the fact that some new cardholders did not really understand the obligations and responsibilities that came with them. as a result, past due credit card accounts rose an average 40. 4 percent, a pace much faster than the new ones granted. the number of credit card - related complaints also rose dramatically. it is in this regard that we should work hand in hand in channeling more efforts towards customer education and protection. for its part, the bangko sentral ng pilipinas ( bsp ) issued various regulations geared towards protecting both the industry and the public. for instance, in 2002 we issued circular no. 349 which significantly tightened rules on credit card and other lending operations by requiring banks and their subsidiary credit card companies to ascertain that cardholders are capable of fulfilling their commitments and by setting credit limits based on their net take home pay. moreover, the bsp took a more proactive stand by creating the consumer education committee in january of this year to help improve basic financial literacy. i commend bmap together with the credit card association of the philippines ( ccap ), the bankers association of the philippines ( bap ), the chamber of thrift banks ( ctb ) and the

governor salceda to the csf movement. we also look forward to learning much from your csf as you start implementation of this empowering collateral - free credit program for micro, small, and medium enterprises. mabuhay ang albay! mabuhay ang mahal nating bansang pilipinas! maraming salamat sa inyong lahat!
##makers must avoid misplacing the focus of policies just on short - term issues. they must instead always weigh very carefully between short - term and long - term objectives toward achieving strengthened resiliency of the overall economy. only with such resiliency, will a small open economy like thailand be able to sail through the waves of global financial turbulence in the years ahead.

policy can take care of exchange rate as long as there is no conflict with inflation. and, we have no target level for the thai baht in mind. foreign exchange market is intervened when there is too much volatility in the market. the objective is to smooth the country ’ s adjustment during the transitional period. looking forward, the baht movement would depend largely on external developments which i have already discussed. moreover, there are also internal drivers : large surplus in current and capital accounts. the thai stock market remains one of the most popular destinations in emerging markets for foreign investors, given its relatively low p / e ratio. during the first 7 months of this year, foreign investors became net buy about 4 billion us dollar. such inflows together with foreign direct investments have also added pressure on the currency. ladies and gentlemen, i would like to turn to the third and final part of my talk today, which is thailand ’ s approach in coping with the risks and challenges posed by globalization. indeed, the challenges of globalization are constantly changing. to meet these challenges from without, it is critical that the thai economy build strength from within : by continuously improving the flexibility and efficiency of its firms, the resiliency of its households, and the competitiveness of its business environment. but beyond getting the fundamentals right and strengthening them, the thai economy needs a strategic policy package that builds a system that allows for constant self - correction – one that also let the economy regain its strength quickly after a severe negative shock. that system should be underpinned by a strong link to the world economy, which will encourage innovation and efficiency. specifically, i should underscore that this approach requires policy markers to focus on achieving three key objectives, namely managing volatilities especially those emanating from volatile global capital movements ; building resiliency in both real and financial sectors ; and fostering long - term productivity improvement. looking ahead, the pressing and practical challenges we face in the near term are three - fold and indeed they are also inter - related. they are “ hot money ” inflows and large inflows in general, pressure for rapid domestic currency appreciation, and finally, the potential loss of monetary autonomy in the sense of independent interest rate policy. being part of the fast growing asia, thailand and its neighbors have become attractive destinations for international investors – although the more powerful underlying reason may ironically be a medium - term flight from us dollar assets since 2002. with large capital inflow
solve the too - big - to - fail problem have come thick and fast. at root, each has aimed to strengthen the structure of the world ’ s biggest banks. that is the good news. claims that they have solved the too - big - to - fail problem appear to me, however, premature, probably over - optimistic. worse, they risk sending a false sense of crisis comfort. that is the bad news. to see why such a cautious conclusion is warranted, we begin by tracking the structural evolution of the financial system over the past few decades. we then consider the three most prominent policy initiatives aimed at tackling too - big - to - fail – systemic surcharges, resolution regimes and structural reform. in the final section we consider what supplementary policy options might be necessary to ensure banking is right - sized. haldane ( 1928 ). haldane is, regrettably, no relative. bis central bankers ’ speeches 2. evolution of the financial system the past fifty years have seen seismic shifts in the structure, size and composition of the global financial system. these changes gave birth to the too - big - to - fail problem. chart 1 plots the ratio of banking sector assets - to - gdp, and its cross - country dispersion, for a set of 14 advanced countries over the past 140 years. 2 for the better part of a century, between 1870 and 1970, financial deepening in these countries followed a modestly upward trend. over this period, the average bank assets - togdp ratio rose from 16 % to over 70 %, or less than 6 percentage points per decade. since 1970, this trend has changed trajectory. the ratio of bank assets - to - gdp has more than doubled over the past 40 years, rising from around 70 % to over 200 %, or over 30 percentage points per decade. in other words, since 1970 financial deepening has occurred five times faster than in the preceding century. for some individual countries, the rise has been more dramatic still – in the uk, the ratio has risen five - fold. in cross - country studies, financial deepening of this type has generally been found to have a positive effect on medium - term growth ( beck and levine ( 2004 ) ). taken literally, this would suggest that the rise in banking scale over recent decades has provided a significant tailwind to medium - term growth in advanced countries. so it seemed in the pre - crisis period. but that conventional wisdom has recently

that the city is more than banking and that banking is much more than the trading of complex securities. so all of us here tonight would like to pay tribute to your work since you became lord mayor, to support your efforts to promote financial literacy, and to thank both the lady mayoress and yourself for the splendid hospitality which you have extended to us all this evening. so i invite you all to rise and join me in the traditional toast of good health and prosperity to " the lord mayor and the lady mayoress ", ian and lin luder.
bank of new york liberty street economics ( blog ), november 25, 2011. 18 warren buffett ’ s letter to berkshire hathaway inc. shareholders, february 25, 2017. 6 / 6 bis central bankers'speeches

and maturity transformation, must no longer escape our vigilance. all countries are moving in that direction. in europe, following the de larosiere report, we are creating a european systemic risk board. in the united states, it has been proposed that the federal reserve will become the future systemic supervisor. in france, the government has decided a reform where insurance and banking supervision will be merged under the umbrella of a “ systemic ” college under the auspices of the banque de france. clearly, the move towards macro financial supervision means that central banks will have to assume additional responsibilities. history tells us that the missions of central banks have taken major turns following financial crises. second, regulation will become more global. emerging market economies might feel that they are not part of the problem since they did not play a role in starting the crisis ; but they are major actors and are part of the solution. henrique mereilles sitting at the table next to me is truly a sign of times, a sign clearly underlined by the increasing role of g2o and the recent expansion of the fsb. international standards in the field of prudential rules have already paved the way for an international level playing field. i strongly hope that basel ii can soon become a truly universal standard and framework for banking supervision. beyond prudential rules, it is of the utmost importance that convergence be achieved in accounting standards if only for level playing field reasons. finally, improved coordination between supervisors through supervisory colleges for all systemic actors ( not just banks ) will be a significant progress. the objectives of financial regulation have shifted. it remains important to increase the resilience of the financial system. we need to ensure that intermediaries build, over time, stronger capital and liquidity cushions, especially for trading activities. the basel committee has been very active and currently is devising proposals. but our main priority is to reduce procyclicality in our financial systems. stronger capital and liquidity cushions must be built in good times and drawn down in bad times. the essential contribution however will come from a change in our provisioning rules. the objective is to build automatic and “ through the cycle ” stabilizers in a transparent way and according to a rule based system. i believe there is a lot to learn from the spanish dynamic provisioning approach. finally, nothing will work if we do not address the issue of incentives. in a market based economy, incentives determine the behaviours of agents. regulators must aim at creating an
difference in terms of cash flow and liquidity management. another advantage is the finality of instant payments, which is particularly useful in e - commerce and other situations where goods or services are only delivered against the payment. clearly, instant payments will become an alternative for cash, which also offers finality, and for credit cards in an online environment. more strategically, instant payments are reason to develop a new payment infrastructure. this may provide the basis for service enhancements and value - added services. the combination of instant payments and psd2 also offers new opportunities. new services will be offered online, by banks and non - banks, and payments will be settled in a few seconds, which is what consumers and retailers expect in today ’ s increasingly digital word. traditional obstacles in terms of time and space are gradually being removed. payment markets will become fully integrated! conclusions i want to end with this positive outlook in mind. payment integration clearly contributes to greater efficiency and economic growth. which is why we must continue our efforts. rather than the previous metaphor on european integration, i prefer what jacques delors said : ‘ europe is like a bicycle. if it doesn ’ t move forward, it will fall over ’. i find this perspective much more appealing, not only because i ’ m dutch and we cycle everywhere. it shows that economic integration needs momentum. moreover, innovation needs to be stimulated by other means than just striving for integration. legislation and regulation can be helpful, central banks can provide guidance, like the erpb did with instant payments. they can also stimulate cooperation between market participants and public authorities, which can further innovation. this brings us back to the overarching theme of the conference. i hope that today ’ s program and the panel discussion will shed new light on the various issues in payments and payment innovations. i would like to encourage you to use this opportunity to actively participate in exchanging views. i wish all of you another day of lively and productive discussions! so let ’ s make the organizers proud, and ensure this tenth edition is one of the most memorable conferences of the year.

conference has only further matured. it has grown both in audience and in breadth of topics. and this year ’ s program is, once again, testimony to that. i wish you all an inspiring two days. 1 national bank of the republic of north macedonia, accessed on 7 december 2021, rnm fintech survey final report clean 211220. pdf ( nbrm. mk ) 3 / 3 bis central bankers'speeches
to membership, if not for good but at least for the foreseeable future, the situation will worsen further, as i have described already. i think this would be very unfortunate.

the similarities also outweigh the differences now. this is perhaps not so surprising. greater independence leads to a natural increase in demands for central banks to clearly explain and account for their actions. it is also natural that it should be possible to assess these actions. to this end, those who appoint the executive board at the riksbank and at the ecb have the opportunity to attend important board meetings. both institutions are also accountable to their respective parliaments. however, there are also a number of differences. for instance, our target is more precise and we regularly publish inflation reports containing forecasts that show how our analysis work develops and changes over time. we also publish separate minutes of our monetary policy discussions. neither monetary policy theory, nor its practical implication is written in stone. changes occur over time. in this spirit the ecb has been reviewing its monetary policy operations over the past year. the enlargement eastwards will entail a new, formative stage. i would gladly work actively to achieve increased clarity and transparency within the ecb if the result of the referendum is a “ yes ” vote. is a national stabilisation policy necessary? the risk that sweden could end up in a different situation from the rest of the euro area, and that this would cause serious economic policy problems, has been strongly highlighted in the swedish discussions, much more so than in other countries where the monetary union has been discussed. the reason for this is, of course, the severe crisis that occurred at the beginning of the 1990s, with the collapse of the krona in 1992, which had such a tangible effect on the lives of many in sweden. in my opinion, there is a tendency to overestimate the risks that developments in sweden will differ substantially from the rest of the world and require unique stabilisation policy measures. when we have differed from other countries previously - such as during the crisis years of the early 1990s - this has usually been the result of conducting a different economic policy ; of not having control over inflation or focussing on stability, as the core emu countries did. however, there now appears to be a consensus that economic policy should be aimed at long - term stability and that this policy should stand firm. at the same time, i do not think that a relatively similar development in interest rates in sweden and the euro area in recent years is sufficient argument against the need for a national stabilisation policy. while it is true that the instrumental rates have developed similarly to one