samchain/econo-pairs-v2 huggingface dataset:
downturn entirely, but it is possible to prevent it from becoming too deep. in monetary policy it is also necessary to take into account what might happen further ahead if one conducts a very expansionary monetary policy over a long period of time. in particular the experiences of the years with low interest rates and rapid international growth prior to the current financial crisis indicate that one may also need to take into account the more longterm consequences of monetary policy and at what pace inflation should be brought back on target. there is also reason to take into account not only the total amount of spare resources in the economy, but also the composition of those resources. for an export - dependent country such as sweden it is important, for instance, to take into account to what extent a large fall in exports could be replaced by other parts of demand through expansionary monetary policy and at what rate this could be done without inflation problems arising. correspondingly, one may need to take into account the extent to which the labour supply will decline as a result of the depth and length of the recession when assessing what consequences a coming recovery may have for wage formation. the conclusion i draw from this is that it is important not to overestimate the available resources in the economy over the coming years. we must try to make the best possible assessments of the amount of resources that will disappear more permanently as a result of for a more detailed analysis of this connection, see adolfson, m. and u. soderstrom ( 2003 ), “ how is the economy affected by the inflation target? ” economic review 1, pp. 49 - 63, sveriges riksbank. http : / / www. riksbank. com / upload / dokument _ riksbank / kat _ publicerat / artiklar _. pv / er03 _ 1 _ artikel3. pdf. the recession and of how quickly output can increase without causing inflation problems. otherwise there is a risk that we will conduct an expansionary monetary policy for too long and thus risk inflation problems later on. one necessary condition for conducting effective monetary policy is that the financial system functions. since last autumn the riksbank has taken a number of measures to safeguard financial stability, in particular the extensive lending to the banks. we have recently decided to extend the eligible counterparties for our monetary policy operations and to offer the banks the opportunity to borrow from the riksbank not merely at maturities of three months and six months,

. edu / ~ mw2230. woodford, michael ( 2010b ), “ inflation targeting and financial stability, ” in progress.
in order to advance the ideals of political and economic consciousness espoused by dr. eric williams. it is therefore with great pleasure that i invite ms. rachel manley to deliver the twentyseventh dr. eric williams memorial lecture, entitled “ the road to independence : a manley perspective. ” i thank you. bis central bankers ’ speeches

cultural landscape. her grandfather norman manley or pardi, as he was affectionately called, was the founder of jamaica ’ s people ’ s national party and one of the key figures in the jamaican struggle for independence. norman manley rose to the post of jamaica ’ s chief minister in 1955 and became its first and only premier when jamaica gained self - government before independence. her grandmother edna manley or mardi, as she was affectionately known, was the wife of a national hero and mother to jamaica ’ s fifth prime minister. her legacy is firmly entrenched in jamaica ’ s art, sculpture and painting and poetry and prose. some say edna manley was nothing less than the mother of jamaica ’ s artistic soul. bis central bankers ’ speeches rachel is the first child of michael manley, jamaica ’ s charismatic, controversial prime minister who served between 1972 and 1980, and then again between 1987 and 1992, who attempted to refashion jamaica ’ s unjust post - colonial economy and society into a democratic socialist mould while annoying the united states with his radical foreign policy, especially his friendship with fidel castro, and who passionately advocated a brave new world economic order. even though she has been part of history in the making, lived close to history makers, and even made history, rachel manley affirms that she is not a historian. and although she experienced first - hand her family ’ s intriguing politics and its impact on jamaican society and the region, rachel manley confesses that she is no politician. so tonight, rachel manley is here to speak to us as a writer, an award - winning author and poet best known for her intimate, captivating non - fiction trilogy of memoirs about one of jamaica ’ s most prominent and glamorous political families, her own manley family. yesterday, i was fortunate enough to meet for the first time, ms. rachel manley, an absolutely charming and endearing woman who is utterly passionate and compassionate about caribbean regionalism. she gifted me with personally signed copies of her awardwinning trilogy of memoirs, requested that i read them at my leisure, warning that afterwards she would quiz me on certain aspects of her three books. well, never one to fail an exam, last night and early this morning i skimmed through her trilogy and found them very relevant to the on - going discourse on the future of caribbean integration, nation building and development. the first book in the trilogy is entitled, drumblair : memories of jamaican
mojmir hampl : should non - euro area countries welcome the banking union? speech by mr mojmir hampl, vice governor of the czech national bank, at the europolis conference “ auf dem weg zu mehr stabilitat ”, technische universitat berlin, berlin, 5 april 2013. * * * my remarks today focus on non - euro area countries ’ attitude to the ssm ( single supervisory mechanism ), as it is the key part of what is called the banking union ( bu ) which is “ almost ” finalized. let me start with a statement that the so - called bu is currently only an emerging concept. we are very far from the final version and it is difficult to guess what the final outcome might be. nevertheless, what we get in the end will be critical for the position of non - euro area countries. so, what is it all about? the proposed bu is based on four / five pillars, or “ legs ” : a. crd iv – the capital requirements directive, or single rules b. ssm, or the single supervisory mechanism under the ecb c. single resolution and recovery mechanisms a rules d. a single system of deposit guarantees e. finally, a fiscal back - up through the esm problems emerge immediately, because each pillar is at a different stage of negotiation and approval, involves different rules of approval and, more importantly, so far each applies to a different group of countries : a. the esm already exists. but it will have to be clarified under what conditions it may be used for direct recapitalization of financial institutions. what ’ s important for our discussion is that exclusively euro - area countries are covered with the esm. b. crd iv will apply to all 27 eu members and is close to be approved. the ssm has recently been negotiated for euro - area countries plus volunteers from other c. eu countries, but has not been approved yet. germany is currently blocking its approval. its political sensitivity is not negligible, but do not forget that “ money ” is not involved directly yet. nevertheless, its future functioning will require money, and that will be crucial. d. the single resolution and recovery rules for banks are proposed and meant for the whole eu27, while the resolution authority will most likely cover only the members of the ssm. all these are now under preparations and discussions, exactly as the new rules for the dgs. the resolution rules and

##hetti, s. g. et al. ( 2000 ), " asset prices and central bank policy ", geneva reports on the world economy no. 2, cepr, switzerland. see also kent, c. & lowe, p. ( 1997 ), " asset - price bubbles and monetary policy ", research discussion paper 9709, economic research department, reserve bank of australia.
with stress and scenario analyses. these simulate extreme market fluctuations and examine the impact of such fluctuations on the assets. scenarios that have an especially severe impact on the snb ’ s assets include a fall in the gold price and a depreciation of the dollar and euro. such scenarios show that serious losses could potentially be sustained. the volatility of the snb ’ s earnings therefore remains high despite the new investment universe. experience has shown, however, that major losses tend to even themselves out in the medium term, i. e. over a period of three to five years.

finally, it is conceivable that the national bank could gain access to privileged financial market information through its activity in the area of system stability. this would make investing in the swiss financial sector even more problematic. the influence of equity portfolios and corporate bonds on the national bank ’ s risk profile is only moderate. the overall risk attached to assets – as measured by value - at - risk – has not changed greatly since the introduction of these investment options. gold and exchange rates are still the biggest factors contributing to overall risk. equities account for less than 5 % of the total risk, while corporate bonds contribute only a negligible proportion. the current investment structure and the performance of the snb ’ s assets are published online on a quarterly basis in an updated appendix to the investment policy guidelines of the swiss national bank. 3. risk measurement and management the return on the snb ’ s assets – particularly on currency reserves – fluctuates dramatically from year to year. the absolute loss can be considerable. while it is true that earnings fluctuations have been reduced by the scaling - back of dollar and gold holdings in recent years along with the improved diversification of currencies and investment categories, it is not possible to continue reducing risks ad infinitum. hence, hedging the currency reserves ’ dollar and gold risks to a high degree, for instance, is impracticable, as these reserves would then no longer serve their intended purpose. professional risk measurement and management is thus crucial for the snb. the risks attached to the national bank ’ s assets are primarily assessed using the value - at - risk ( var ) method. this widely used risk indicator quantifies the level of loss that will most probably not be exceeded within a specific period of time. the snb calculates the var based on a 95 % probability and a time horizon of one year. value - at - risk analyses are undertaken both for individual portfolios and the total assets. the current var for the total assets of approximately chf 100 billion amounts to roughly chf 4. 5 billion. a value - at - risk analysis gives no indication of how much could potentially be lost beyond the specified level of 95 %. furthermore, it is based on current risk and correlation structures that are not necessarily an accurate reflection of future risks. this is particularly the case at the moment – at a time when market volatility is low by historical standards. the snb therefore backs up the var calculations
us on this exciting journey of tokenisation. submit your proposals to our fintech regulatory sandbox for live experimentation. as you can see from the examples of project ubin +, project orchid, and project guardian, there is much more to the digital asset ecosystem than cryptocurrencies. the real value in the crypto industry comes not from speculating in cryptocurrencies but from tokenising assets and placing them on a distributed ledger for use cases that increase economic efficiency or enhance social inclusion. the question is often asked : does singapore want to be a crypto asset hub? if a crypto hub is about experimenting with programmable money, yes we want to be a crypto hub. if it is about applying digital assets for use cases like atomic settlement, yes we want to be a crypto hub. if it is about tokenising real and financial assets to increase efficiency and reduce risks in financial transactions, yes we want to be a crypto hub. 8 / 11 bis - central bankers'speeches but if it is about trading and speculating in cryptocurrencies, that is not the kind of crypto hub we want to be. grounded like earth – trusted sustainability data ( project greenprint ) the fifth desired outcome is trusted sustainability data. good data is foundational to driving the green and transition finance agenda. financial institutions and corporates need good data on their customers'and suppliers'carbon footprints and compliance with their respective transition targets. they also need good data on the climate - related risks their physical assets are vulnerable to. quality data is key in the fight against greenwashing and in enabling stakeholders to make well - informed esg - investment decisions. but the esg data acquisition process is often manual, tedious and costly. access to good data sources is often fragmented, and data verification is at a nascent stage. fintech can be a key enabler in addressing these data challenges. in fact, we need fintech to do in the sustainability space what it is doing today in the inclusion space. we need green fintech. just as earth provides a firm, steady ground upon which we stand, we want to create a trusted data ecosystem that provides a firm foundation for sustainable finance. to build a green fintech data ecosystem, mas has launched a collaborative effort with the financial industry called project greenprint. project greenprint seeks to build digital utilities that streamline the collection, access, and use of climate and sustainability data. it aims to help

, comments and a summary of the discussions will be made available on the ecb ’ s website in due course.
future is not a place we go to, it is a place we create. the paths are not to be found, but made. ", therefore let us create the future we want as a nation, by doing all that we can do, as far as humanly possible. i thank you. 4 / 4 bis - central bankers'speeches

johannes! gawaxab : talking points a€ “ presidential visit to the bank of namibia talking points by mr johannes! gawaxab, governor of the bank of namibia, at the presidential visit to the bank of namiba, windhoek, 19 october 2022. * * * director of ceremonies, your excellency, the president of the republic of namibia, dr hage geingob, deputy governors of the bank, the entire management and staff of the bank of namibia, members of the media, ladies and gentlemen, good morning, 1. on behalf of the board, management and staff, it gives me great pleasure to welcome you, your excellency most cordially to the bank of namibia this morning. it is indeed an immense honour to host you at the bank today. your excellency, ladies & gentlemen, 2. your presence here today, signifies a day of celebration to honour our history as a central bank and as a nation. this is an opportunity to reflect on how far we have come as a bank of the namibian people, whilst at the same time glimpsing into the future with confidence and hope. it is a day of celebrating great leaders such as yourself, that have brought us to this point. indeed, we are standing on the shoulders of giants. 3. i would like to emphasise that since the dawn of independence, the government of namibia, in recognition of the important role of the central bank, has been committed to providing an enabling environment within which the bank of namibia could operate independently. in doing so, the bank has been able to successfully discharge its mandate and has been committed to taking decisions in the best interest of the namibian people and the economic prosperity of this country. government in general and the ministry of finance in particular have embraced sound, stability - oriented policies, thereby providing a solid foundation that facilitates the bank's operations. your excellency, 4. the world economy has taken a major hit with the devastating impact of the covid - 19 pandemic and now the russia - ukraine conflict, and likewise namibia has not been spared. despite this very difficult global situation, i do believe that there is a lot of promise and opportunity, and that our stars are aligning. the economy recorded positive growth in 2021 after almost five years of contraction, and the first two 1 / 3 bis - central bankers'speeches quarters of 2022 have also delivered neat positive growth rates and opportunities in the
, and for that reason it is very important that society accepts the values and behaviour observed in the economy. you ’ ve spent the last 40 years working in the public sector in the area of monetary policy – first in paris for france, and now in frankfurt for the euro area. can you tell us something : what is money, the nature of money? money has an essential function. it acts as a store of value, it is a means of exchange and it allows people to calculate the price of everything. money is an inseparable element of civilisation, as it allows the division of labour. it is only thanks to money that we have cities at all. i would compare money to a poem, since a poem always retains its structure, just as a gold coin always retains the image stamped on it. once formed – whether written or minted – these two things should not and cannot be altered. goethe gave considerable thought to this issue, as you can see from reading faust. to what extent are you personally fascinated by money? i, personally, am not fascinated by wealth. in germany we say that money rules the world. would you, as a man of money, confirm that? no, i would not say that at all. ideas rule the world – hopefully. money is a means, not an end ; an instrument, not the ultimate goal ; un moyen, pas une fin. bis central bankers ’ speeches your wife recently said on german television that the question of whether she was pleased that her husband ’ s work was coming to an end was a “ delicate and difficult question ”. she also said that she hopes you find something to occupy yourself with as soon as possible. what does madame trichet mean by that? did she really say that? she knows me well. i will certainly remain active. but i will wait until i have left the ecb before deciding what exactly i will do. does she perhaps mean that jean - claude trichet cannot be happy without work? you can trust my wife on that! mr trichet, why is your signature on the euro banknotes? the euro banknotes are issued by the ecb. i therefore sign the euro banknotes as president of the ecb, on behalf of the governing council. currently there are around 14 billion euro banknotes in circulation. bis central bankers ’ speeches

and europe will be part of it, not only because they are currently, and will be for many years, the two main economic and financial areas worldwide, but also because they share important values – such as the freedom of private enterprise, freedom of expression, social equity – without which there can be no cooperation. these values could be put to the test in the future, especially in this difficult phase for the world economy. defending these values will require even stronger transatlantic relations. thank you for your attention. this bis review is available on the bis website at www. bis. org.
central bankers'speeches

norman t l chan : hong kong – an offshore renminbi business centre speeking points by mr norman t l chan, chief executive of the hong kong monetary authority, on the regulatory requirements for the adjustments to renminbi risk management limit and net open position, hong kong, 17 january 2012. * * * the development of hong kong as an offshore rmb business centre achieved encouraging results in the past year. trade settlement using rmb reached rmb2 trillion ; rmb deposits almost doubled ; and total issuance of dim sum bonds exceeded rmb100 billion. i am very confident that the trend of solid development will continue in 2012. with the continued growth in both turnover and depth of the offshore rmb ( cnh ) market in hong kong, the hong kong monetary authority ( hkma ) considers that conditions are now ripe to appropriately relax certain regulatory requirements on the rmb business of banks in hong kong. first, on the regulatory requirements of the rmb net open position, the hkma has decided to raise the limit for rmb net open position, from not exceeding 10 % to not exceeding 20 % of the bank ’ s total rmb assets or liabilities. second, currently the hkma requires each participating ai to maintain the sum of rmb cash or balances with the rmb clearing bank and the people ’ s bank of china, shenzhen branch, at no less than 25 % of its total rmb customer deposits ( referred as rmb risk management limit ). the hkma has now decided that participating ais can include two more types of rmb assets, namely “ rmb sovereign bonds issued in hong kong by the ministry of finance of china ” and “ rmb bond investment through the mainland interbank bond market ”, in the calculation of this limit. the above two relaxations take effect today. i believe they will help expand the scope of development for offshore rmb business in hong kong and provide banks with a greater flexibility in rmb asset management, which will be conducive to further development of the market. third, the hkma has imposed some restrictive arrangements on the inclusion of rmb assets as liquid assets in calculating the statutory liquidity ratio of ais. as the offshore rmb market in hong kong becomes more mature, i believe there is room for suitably relaxing these restrictions. since the adjustments to be made in the calculation are more complicated and technical, we shall announce the details later. bis central bankers ’ speeches
but emerge stronger. " cbbh and i personally will do everything in our power to make it so. " thank you

the consequences of the drop in oil prices appear to be well understood, and that the possibility of a rate cut had begun to enter markets in the last couple of weeks. moreover, given the magnitude of the shock, we concluded that the benefits of acting now rather than waiting would outweigh the costs of any short - term market volatility that might arise. with that, carolyn and i would be happy to take your questions bis central bankers ’ speeches