samchain/econo-pairs-v2 huggingface dataset:
hands of the industry itself. thank you for your attention. bis central bankers ’ speeches

will be important validation tools and will encourage the diffusion of best practices throughout the industry both during the initial, more - qualitative interval and later, when more quantitative approaches are used. in addition to learning what we can from the qis4 results, we will also assess comments on the trading and banking book proposals released jointly by the basel committee on banking supervision and the international organization of securities commissions. we intend to incorporate those treatments and revisions into the interagency notice of proposed rulemaking for implementing basel ii in the united states and hope to complete our efforts in a timely manner. although the agencies have decided to delay the notice of proposed rulemaking while we review the qis4 results, we remain committed to basel ii. we recognize that we must continue to give institutions as much information as possible to help them with their preparations. and we remain committed to providing helpful information to institutions as soon as it becomes available - for example, the draft supervisory guidance documents that are now under development. we do, however, recognize that certain time pressures exist for institutions wishing to implement the new framework at the earliest possible date. on the one hand, those institutions are encouraged to start preparations as soon as possible ; on the other hand, we leave open the possibility that elements of the framework could change. i recognize that this is not a trivial matter, and i sympathize with the challenges you face in deciding which investments and upgrades you should make to your systems and personnel. when it comes to basel ii, we recognize that certain details relating to systems and processes will depend on what the final u. s. rule and guidance contain. accordingly, we are available to discuss your implementation efforts at any time, and we want to hear specifics about which elements of the proposal you think will demand the greatest investments or generate the greatest uncertainty. with that information, the agencies can then determine where best to target resources to assist institutions during the transition to basel ii. we certainly hope that many upgrades made for basel ii are those that would have been made anyway. conclusion these are challenging times both for banks and for bank supervisors. on the one hand, new technologies and markets afford us exciting opportunities to meaningfully strengthen the risk - measurement and - management capabilities of our financial institutions. on the other hand, the risks of getting it wrong - of failing to keep banks'risk - management practices up - to - date - can only grow as banking becomes ever more complex and sophisticated and as banking systems become more concentrated. this
. at the same time, the bot is expecting that the thai economy will return to a positive growth of 3. 3 – 5. 3 percent in 2010. ladies and gentlemen, i believe we have a consensus that the worst of the global economic crisis is already behind us. at this juncture, policymakers and businesses are starting to look beyond the crisis and gauging what lies ahead. at the bank of thailand, we envisage the following three challenges for the post - crisis era. first, the outlook for thai export market will not be as good as the pre - crisis period. this is because the global financial crisis is likely to reduce both the purchasing power and the potential growth of thailand ’ s major trading partners, especially the industrialized economies. moreover, as the unemployment rates continue to increase in the g3 countries, protectionist sentiment may be intensified in an attempt to protect jobs at home. it is a common knowledge that, since the 1997 financial crisis, thailand has relied on exports as our primary engine of growth. this dependency is expected to continue for quite some time as our domestic demand is not large enough to substitute the purchasing power from abroad. therefore, exporters need to be more adaptive, while policymakers need to ensure supportive policies. having said that, it does not mean we will abandon our efforts in rebalancing our growth engine more towards domestic demand going forward. this can also be done as the balance sheet of the private sector is still in good shape. now i would like to turn to our second challenge : as the world economic recovery begins to find more solid footing, the exit from the unconventional measures and the return of monetary policy towards the normal level becomes an increasingly important issue. israel, australia and norway are already leading the way. however, it is a great challenge for policymakers to exercise an exit strategy with appropriate pace and time so as to ensure that the exit does not create unwarranted impacts on the economic recovery. on the one hand, a premature exit can derail the recovery. on the other, a delayed exit can lead to rising inflation and asset price bubbles. on top of this, the coordination of exit policy among countries is also important. for instance, the removal of deposit guarantees should be simultaneously implemented in order to avoid a disruption which may be caused by the shifting of deposits from a country that has lifted the guarantee to another country that has not. on balance, it is expected that emerging economies including asia are likely to recover

a great supporter of our investment programs, an example of which is your thailand means business 2008 report which is very relevant in terms of attracting new or re - investment from british businesses. i hope that this long relationship will continue to be as good as ever or even better in the coming years. thank you.
finance : 9. the first measure is a three - phased approach to promote green and sustainable banking in hong kong. initially, to develop a common framework to assess the existing baseline of individual banks to establish how “ green ” they are, by talking to the industry to identify the parameters to be included in the assessment ; secondly, to engage and consult the industry on whether supervisory requirements are needed ; and if needed, how the hkma should develop our supervisory expectation or requirements ; and thirdly to focus on implementation, monitoring and evaluation. 10. the second measure relates to responsible investment by the exchange fund. the exchange fund now adopts a guiding principle that priority will be given to green and esg investments, if the long term return is comparable with other investments on a risk - adjusted basis. 11. our third measure is the launch of the centre for green finance under the hkma ’ s infrastructure financing facilitation office, focusing on capacity building to facilitate the equipping of financial institutions with the knowledge, skills, tools and other resources in green finance. 1 / 2 bis central bankers'speeches 12. in fact, we ’ re now in our developmental plan to prepare banks for the upcoming changes. a working group on the assessment framework has been in place since august, and today ’ s seminar marks the beginning of the capacity building programme for the centre for green finance. on the other hand, the assessment framework will help banks understand their readiness for change, while the capacity building events will equip practitioners with the necessary knowledge for the changes. 13. for today ’ s seminar, we will first invite the ifc to provide an overview of the opportunities and challenges to green banking, and introduce some case studies on their approach to assisting banks in “ greening ” their operations. this afternoon, several banks will share their initiatives and practical experience on their green journey, including governance, risk management, disclosure and green products and business policy. 14. and here i would like to extend our special thanks to the ifc for their dedicated support for this workshop. their expertise will surely benefit our audience today. i would also like to thank hsbc, standard chartered bank, citibank, boc and bnp paribas for sharing their experiences with everyone later today. 15. ladies and gentlemen, i wish you all a fruitful workshop and i look forward to working closely together with the industry to develop green and sustainable banking in hong kong. thank you very much. 2 / 2 bis

central bankers'speeches
problem will not be helpful for small and medium size enterprises only. during our visit today we have found yet another evidence that there are successful entrepreneurs in our country. the good news is that banks are willing to grant loans and the “ bad ” news is reserved for the italian government : stand ready and start arranging yet another credit line!

radovan jelasic : effects of the financial crisis on central and eastern europe speech by mr radovan jelasic, governor of the national bank of serbia, at the " global crisis in europe and central asia " panel discussion of the imf and wb spring meeting, washington, 24 april 2009. * * * dear ladies and gentlemen, central and eastern europe has gone through an unbelievable development during the last two decades in all aspects : politically, economically and socially. but the financial crisis has thrown much of that progress into doubt. some brave but at the same time unpopular steps urgently need to be taken by the governments of the region. if these choices are not made immediately, the region ’ s macroeconomic and social stability will be at risk. democracy, during the next couple of months, will undergo its first major test since the beginning of transition. first, most cee countries, including serbia, greatly underestimated and are still underestimating the problems they will face in 2009 and 2010, as our economic models – built on foreign direct investments, foreign borrowing and, for the regional members of the european union, additional funds from brussels – need a complete overhaul. today ’ s problems cannot, and should not, be solved just by relying on financing from the imf, wb and eu. instead we need a long overdue adjustment, with fiscal and structural reforms, including pension, healthcare and education reform for which imf and wb should play a key role. “ premature welfare states ” as janos kornai would call it, based on now scarce and expensive foreign funding, nose - diving fdis and reduced budgetary incomes, are going to face an abrupt end all over the region. second, banks that are majority owners of the cee ’ s banking sector are hesitating to take the support of their respective governments as well as the ifis. the level of exposure in the cee region is definitely not commensurate with the level of recapitalization carried out up till now. in the meantime, the banking sector was never ever more important than at this crucial junction of the transition process. now its time to prove if mark twain was right by saying that bankers are people who offer you an umbrella when the sun is shining and want it back when it is raining. the so - to - say “ taking away of the umbrella ” is taking place despite the fact that margins are at the level not seen during this decade! third, regulators in
recovery. an appropriate restructuring and consolidation of the banking sector should also play an important role. sound balance sheets, sound risk management, and transparent as well as robust business models are key to strengthening the financial soundness of banks and their resilience to shocks, thereby laying the foundations for sustainable economic growth and financial stability. we are now at your disposal for questions.

be supported in the short term by a number of temporary factors but is likely to be affected over the medium term by the process of ongoing balance sheet correction in the financial and the non - financial sector of the economy, both inside and outside the euro area. in the view of the governing council, the risks to this outlook remain broadly balanced. on the upside, there may be stronger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken. confidence may also improve more quickly, the labour market deterioration may be less marked than previously expected and foreign demand may prove to be stronger than projected. on the downside, concerns remain relating to a stronger or more protracted negative feedback loop between the real economy and the financial sector, renewed increases in oil and other commodity prices, the intensification of protectionist pressures and the possibility of a disorderly correction of global imbalances. with regard to price developments, annual hicp inflation stood at - 0. 3 % in september, according to eurostat ’ s flash estimate, compared with - 0. 2 % in august. the current negative inflation rates are in line with previous expectations and reflect largely base effects resulting from the movements in global commodity prices a year ago. also owing to base effects, annual inflation rates are projected to turn positive again in the coming months. thereafter, over the policy - relevant horizon, inflation is expected to remain in positive territory, with overall price and cost developments staying subdued reflecting ongoing sluggish demand in the euro area and elsewhere. in this context, it is important to re - emphasise that inflation expectations over the medium to longer term remain firmly anchored in line with the governing council ’ s aim of keeping inflation rates below, but close to, 2 % over the medium term. risks to this outlook remain broadly balanced. they relate, in particular, to the outlook for economic activity and to the evolution of commodity prices. furthermore, increases in indirect taxation and administered prices may be stronger than currently expected owing to the need for fiscal consolidation in the coming years. turning to the monetary analysis, the latest data confirm that developments in broad money and credit growth remain subdued. in august, the annual growth of m3 and loans to the private sector declined further to historically low rates of 2. 5 % and 0. 1 % respectively. this parallel deceleration in money and credit growth confirms our previous assessment of a moderate underlying pace of monetary expansion and low inflationary pressures over the medium term. the ongoing
market disruptions, impedes economic resiliency, and limits the world ’ s ability to realize the full potential of the rise in global productivity to lift standards of living.

donald l kohn : the united states in the world economy speech by mr donald l kohn, member of the board of governors of the us federal reserve system, at the federal reserve bank of atlanta ’ s public policy dinner, atlanta, georgia, 7 january 2004. * * * no public policy issues facing the united states today in the economic realm are more important or prominent than those that touch on our place in the world economy. the greater attention to global economic issues is partly just a natural byproduct of the increasing interdependencies of all national economies. but this focus has been accentuated of late by the potential effects of two trends that have intensified in recent years. one is the emergence of several developing countries - most prominently china and india - as global economic forces and the consequent reorganization of production processes and change in the nature and location of jobs here and abroad. the second is our burgeoning trade and current account deficits and the possibility that they cannot be sustained at these levels. like most interesting policy issues, these are difficult and complex, and they therefore carry a considerable risk that policy prescriptions will be ineffective or even counterproductive. 1 the two developments are related, but only to a limited and indirect extent. importantly, they arise from very different underlying sources. job reorganization results from the integration of china and other developing countries into the world economy. the increase in our current account deficit has numerous roots, including, most prominently, stronger growth here than in our trading partners. but trade and exchange rate relationships with emerging - market economies are a small part of the story. the deficit does mean that the united states has been spending more than we produce, and the rest of the world has done the opposite. because they have different causes, these developments have different public policy implications. their implications for federal reserve policy are indirect. we cannot affect the pace of job restructuring nor correct the current account deficit, and that limitation is important to understand. nonetheless, how these phenomena evolve and how they are addressed are critical background factors for us as we conduct monetary policy. they can influence the balance of aggregate supply and demand and the functioning of the economy - its flexibility and resiliency and its capacity to advance standards of living. let ’ s look at these developments separately. job restructuring i think it is useful to look at job restructuring as the adaptation to a much larger development - a huge increase in global productive capacity. the major increase in global productivity has two main causes
. we, at the central bank, find ourselves at the intersection of these two worlds, pulled in both directions and predictably unable to satisfy both constituencies for long. we have to make sure you are improving your bottom line, but not at the expense of anybody else or of the country at large – that is our mandate : price stability in the context of balanced and orderly economic development. bis central bankers ’ speeches if we just read the world press, and inhale – a practice which is not recommended on health grounds – mauritius looks to be doing rather well. but this should be a wake - up call for skeptics. well done, all you directors here. all of you in your own separate ways, in companies, big and small, have all become part of that world - famous mauritius success story! on this subject, i have been reminded by a colleague of the wise words of adam smith, the grandfather of free - market economics, when he observed : “ people of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices ” for “ prices ”, read directors ’ pay or ceo ’ s remuneration, or share issues to the board and the management. to complete his observation on the cupidity of the world, adam smith added this cool assessment of the prospects for regulation : “ it is impossible indeed to prevent such meetings ( of people in a common trade ) by any law which either could be executed, or would be consistent with liberty and justice. ” such, indeed, is the dilemma that we, regulators, face in searching to improve our systems of international, regional and national management of the financial industry and how best to regulate and supervise a deeply - flawed market which is falling into moral hazard. yet, mauritius seems to have done rather well. the financial sector has largely escaped from the fallout from the great crisis and is expected to remain solid, resilient, profitable and financially stable. i see many of our ceo ’ s from banks here and i ’ d like to congratulate them for a job well - done. but that does not mean that they managed it on their own. we at the bank did our best to keep them on the straight and narrow path. as i hinted earlier, if you have only self - regulation, you can be easily tempted to stray from that in the search of greater profits and greater returns for your

gentlemen, let me introduce to you for the first time in our history the 35th anniversary commemorative k2. 00 circulation coin. alongside it is the commemorative k2. 00 note which will circulate concurrently. another historical introduction is the new 35th anniversary 50t circulation commemorative circulation coin which has the bank logo in red on the back. a new look k50. 00 banknote is also launched. it has new security and design features which now standardizes the features with the other banknotes.
still generates important financial 3 and trade 4 spillovers. as a group of countries tightens monetary policy, their currencies can appreciate and potentially generate inflation spillovers to the countries on the other side of that appreciation 5. in the case of a global inflationary shock, it is important to avoid ‘ reverse currency wars ’ as countries seek to escape inflationary depreciation. but coordination does not mean that the pace of monetary tightening must be equal across all economies, as each has its own specificities. for example, relative to the us, fiscal policy has been less expansionary across eurozone economies, and the euro area also features a stronger predominance of bank credit relative to market credit, which can be important for the transmission of monetary policy. 6 but monetary policy works also through market expectations of future policy rates, which can change quickly and are formed within a global market, creating an additional channel for spillovers. when one central bank makes a move, markets ’ attention turns to its peers in search for cues on their likely next decisions. indeed, there are strong mutual interdependencies between us and euro area yields over time : going beyond simple correlations, estimates based on granger - causality tests suggest that causality runs both ways ( figure 2, slide 3 ). interestingly, this two - way causality holds for rate expectations at short to medium term maturities – the typical monetary policy horizon, as shown by figure 2 ( slide 3 ) ; and at longer maturities, causality mainly runs via the term premium. the latter is consistent with the dominance of global macro - financial factors as drivers of the term premium component of long - term rates. while spillovers between the us and the euro area are mutual, their intensity is asymmetric. 7 us factors explain a larger share of variations in euro area yields schmidt, j., caccavaio, m., carpinelli, l., marinelli, g. ( 2018 ). international spillovers of monetary policy : evidence from france and italy, " journal of international money and finance. london, m., silvestrini, m. ( 2023 ) us monetary policy spillovers to emerging markets : the trade credit channel. berthou, a., schmidt, j. ( 2022 ) exchange rate pass ‑ through to import prices in france : the role of invoicing currencies, bulletin banque de france 242 / 6. alder,

##inish the binding nature or the efficiency of the pact. let me conclude by mentioning how much we have achieved in europe over the last fifty years. the eu has reached a diversified but, broadly speaking, very ambitious level of integration : it is complex because the degree of integration is largely dependent on which areas are at stake, it is ambitious since, in some areas precisely, the system is completely integrated and relies on one single policy. the euro, in that regard, is both the symbol of our achievements and our best hope for the future of european integration. thank you.