samchain/econo-pairs-v2 huggingface dataset:
. meyer, and james x. sullivan ( 2020 ), “ income and poverty in the covid - 19 pandemic, ” nber working paper series 27729 ( cambridge, mass. : national bureau of economic research, august ). return to text 4 85 fr 66410 ( october 19, 2020 ), “ community reinvestment act : advance notice of proposed rulemaking and request for comment ( pdf ). " return to text 2 / 2 bis central bankers'speeches

accounts. community development activities are another point of emphasis, including financing for affordable housing and other needs, or volunteer activities, such as financial counseling, and providing clearer and stronger incentives to invest in the areas of need that lie outside of existing branch - based assessment areas. another key objective is to provide greater certainty ; tailor regulations based on local community needs, bank size, and business model ; and minimize burden. ultimately, we hope that our proposal provides a foundation for the three banking agencies to converge on a consistent approach that has broad support among stakeholders. the next step for us is to continue to gather feedback on our proposal from a wide range of stakeholders, including local communities. in addition to participating in conversations like this one today, we hope to receive as many comments as possible through our formal comment process, which has a deadline of february 16, 2021. we value this feedback tremendously, and our proposal includes specific questions where we are especially interested in input. given the expertise and leadership of the trust on racial equity, we will be particularly interested in your comments on the second question in our proposal : “ in considering how the cra ’ s history and purpose relate to the nation ’ s current challenges, how can we strengthen the cra to address ongoing systemic inequity in credit access for minority individuals and communities? " i thank you for your valuable engagement in this process thus far and look forward to hearing your ideas today and in the months to come. with your continued engagement, i am confident we can come together on a stronger approach to the cra that will benefit communities across the country. 1 i am grateful to taz george of the federal reserve bank of chicago for his assistance in preparing this text. these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. return to text 2 for more information, see the chicago community trust ’ s webpage “ chicago community covid - 19 response fund. " return to text 3 recent research indicates that the government ’ s response offset what could have been a surge in income poverty. han, meyer, and sullivan ( 2020 ) found that income poverty declined about 1. 5 percentage points, and that government programs, including the regular unemployment insurance program, the expanded unemployment insurance programs, and the economic impact payments, account for more than the entire decline in poverty, which would have risen over 2. 5 percentage points in the absence of these programs. see jeehoon han, bruce d
just as we had resisted earlier calls from the imf to move from our hybrid regime to a pure inflation - targeting framework. 18. rethinking our economic strategy. a rethinking of our economic strategy is warranted in the light of the new global economic paradigm characterised by muted growth prospects in our traditional advanced economy partner countries, combined with a slowdown in growth momentum in emerging economies. i strongly believe that a rebalancing of the economy, away from consumption and towards investment and exports, is urgently required if we want to contain rising current account deficits, sustain strong growth, and graduate to a high - income economy. while monetary policy through an appropriate level of the key repo rate ( krr ), could contribute to a more balanced economy, it should be accompanied by appropriate fiscal policies and supported by bold structural policies to raise productivity across public and private sector enterprises. 19. new roles of central banks. central banks have been responsible for cushioning some of the financial damage arising from the disorderly financial and monetary conditions triggered by the global financial crisis. however, this has come at a dear price, with central banks ’ buffers dwindling and their fire - power compromised by the continued ultra - low returns on their investment portfolios. central banks in key economies have become the new economic game - changers, taking the strain of propping up their financial sector and their economies on their own balance sheets. the bank has faced similar challenges and has not been immune from some of the problems affecting its ( bigger ) peers elsewhere, such as the us federal reserve, the bank of england, the bank of japan, the swiss national bank, and the reserve bank of india. 20. restoring the health of the mauritian economy is no longer the only item on the agenda anymore, as the bank ’ s efforts to prop up the economy by combating appreciation and absorbing liquidity have combined with negligible returns on its reserves to raise serious concerns about the health of the bank ’ s balance sheet. expansionary monetary policy has recently been scrutinized by global fund managers and economists, who argue that the effect of monetary easing is felt only by big corporations and ignores sme ’ s. some have gone even further, declaring that in recent times, expansionary monetary policy might have been of purely cosmetic benefit. central banks such as the bank of england and the us federal reserve have launched initiatives to aid sme ’ s, thus making their own policy decisions

it a success. thank you. 3 / 3 bis central bankers'speeches
governance and conduct prudential regulation and conduct regulation denote what is commonly known as twin peaks model for the regulations. in rbi, we are looking at these two aspects through the prism of governance with equal emphasis on conduct of business through prudence. it's no doubt essential for the management to deliver good performance but more importantly this should be achieved by adhering to acceptable customer and market conduct and best corporate governance practices. we often see that the matters of conduct do not get the priority or attention of the board which they should be getting. customer service, customer conduct, ethical employee behaviour, data privacy, cyber security are critical and important issues which assume even greater relevance in times of innovation, change and business disruptions. good or rather best practices in these areas are the key soft pillars which build the edifice of a successful financial institution, more so in these challenging times. therefore, there is a need to reflect on the role and expectations from the governance architecture viz., the board and its committees, the independent directors and the assurance functions in banks and other financial institutions on these issues. in fact, the board should drive a culture where the expectation would be to go beyond baseline compliance to regulatory and legal requirements and aim for higher, best - inindustry standards. to this end, the board must ensure a suitable policy framework for its own assessment regarding effectiveness and composition, in accordance with their strategies and risk profiles, both at the aggregated and dis - aggregated levels. concluding remarks 4 / 5 bis - central bankers'speeches as we strive to become a developed country by 2047, financial institutions will need extraordinary amounts of financial resources to support growth to realise our visions for a brighter tomorrow. raising these resources would not be a constraint for financial intermediaries with robust governance frameworks as they can command a governance premium. it is important in this context to gain and retain the trust of other stakeholders such as depositors and various providers of financial resources. this is best ensured by strong governance, control, and assurance functions in financial institutions. also, while we collectively aspire for an efficient financial intermediation with positive spill over to the real sectors, these aspirations are set in an increasingly competitive, diverse, and interconnected world. as the saying goes, the time to fix the roof is while the sun is shining. the banking sector in india at this juncture is sound, resilient, and financially healthy. so, the time is perhaps right to improve the plumbing by

addressing the gaps in governance frameworks, assurance functions and strategise for better times ahead. thank you. inputs provided by tariqa singh, pradeep kumar and tripta roy are gratefully acknowledged. 1 sec 10 - a and 10 - b of the b. r. act, 1949 5 / 5 bis - central bankers'speeches
consensus and normality, capable of convincing the productive forces and the international markets that greece has broken once and for all with past practices and is back on track to its convergence with europe. related link : annual report of the bank of greece ( in greek ). 7 / 7 bis central bankers'speeches

turkey ), as credit growth remains on average positive, but is nevertheless too weak to support satisfactory rates of sustainable growth. in particular, there are countries, like bulgaria, bosnia and herzegovina and fyrom, where credit to the private sector is experiencing a moderate recovery but in other countries, such as slovenia, serbia and – to a lesser extent croatia and romania – bank credit growth to the private sector and in particular to enterprises is still negative. as fabrizio coricelli discusses in his presentation, creditless recoveries are not uncommon in the aftermath of financial crises, in particular when financial crises were preceded by periods of credit booms to the private sector. calvo et al ( 2006 ), in a seminal paper published in the american economic review, describe creditless recoveries as “ phoenix miracles ”. the phenomenon of creditless recoveries has been documented mainly in emerging market and low - income economies but seems to also play a role in industrial countries. empirical evidence suggests that creditless recoveries are more likely when the preceding recession was deep and when the recession coincided with a banking crisis. several other factors also play a role : the openness of the economy to financial flows, the degree of export dependence, the degree of external adjustment during the recession and the stance and mix of fiscal and monetary policies. bis central bankers ’ speeches several explanations of this phenomenon have been proposed in the literature. one explanation is that economies can rebound without bank credit because capacity utilization is low during a recession allowing gdp to recover mainly through the absorption of unused capacity rather than through investment. a second explanation is that, in the absence of bank credit, firms increasingly use internal finance and trade credit. furthermore, even if bank credit is declining, bank credit may be reallocated toward more - dynamic sectors, thus allowing an economic rebound. empirical research at the bank of greece suggests that the probability of a creditless recovery depends on two additional features of the economy : first, the saving – investment gap, in other words, the net financing needs of the private sector and, second, the degree of a country ’ s fiscal and external adjustment during the recession. in particular, the lower are the net financing needs of the private sector at the bottom of the recession, the more likely it is that the economy can recover without bank credit. since the gap between investment and saving can be financed through either capital inflows from abroad ( in other words via currentaccount deficits ) or through lower budget deficits (
way forward by helping our financial institutions, which as per fatca, a passthru payment is any withholdable payment or other payment to the extent attributable to a withholdable payment bis central bankers ’ speeches would be impacted by fatca, to gain an in - depth understanding of this piece of legislation. it is in this same perspective that the bank of mauritius and the mba have recently set up a joint working group to evaluate the impact of fatca on banks in mauritius. on a concluding note, may i draw your attention to the fact that so far, the us is the only country which taxes its citizens on the basis of nationality. interestingly, outgoing president nicolas sarkozy has recently announced that should he win the presidential elections, france would also tax its citizens on the basis of nationality. so it might well be that fatca which had been accused of being “ a kind of us backward imperialism ”, might become the new reality, the new norm. one final comment, whilst i understand the difficulties that our institutions might face in complying with fatca, i have only one advice for them : complain but comply! thank you. bis central bankers ’ speeches

1 2021. i am equally pleased to share with you that, as part of the commitment to continuously innovate and improve service to the business community, the bank is embarking on an assessment of improving efficiency in its real - time gross settlement system and potentially making the macss operate on a 24 / 7 basis. this will improve ease of doing business and enable the business community to better handle their payments. ladies and gentlemen, i have noted low adoption of payment infrastructure by the local business community. i therefore encourage all of you present today and, through the mcci, the entire local business community to adopt payment infrastructures and to improve efficiency for themselves and their clients by taking full advantage of the initiatives the bank is rolling out for payment systems both domestically and regionally. i hope that today ’ s informative session will provide you with deeper insights on the merits of the maucas and the sadc and comesa cross - border payment systems. the bank ’ s payments team will take you through detailed presentations and i encourage you to make the session as interactive as possible by asking your questions. with these words, ladies and gentlemen, i wish you a very fruitful session and deliberations. i also take this opportunity to wish you and your close ones our best wishes for the new year. i thank you for your attention. 3 / 3 bis central bankers'speeches
bank of england the challenges and opportunities ahead for the mutual sector − speech by david bailey given at the building societies association conference 04 may 2023 bank of england speech introduction good morning everyone and i ’ d like to thank robin, mark, rob and their colleagues at the building societies association for inviting me to speak today. i ’ m delighted to be able to join the bsa conference in person for the first time and meet members face to face. it ’ s an added bonus that we are meeting in liverpool where there is a building sense of excitement and anticipation, not just about this conference but also about the eurovision song contest next week. in recognition of eurovision, i did think about peppering my speech with references to famous songs from over the years, but my team told me to “ refrain1 ” as they said ’ david, you ’ ll have trouble “ making your mind up2 ” ’ so i reluctantly agreed to take a “ better the devil you know3 ” approach and stuck with a more traditional format instead. this year's eurovision theme is " united by music ". whilst the audience today is possibly dressed ‘ slightly ’ differently to next week ’ s, it does bring together a wide range of building societies and credit unions who are united by their mutual ownership model and the provision of financial services to a diverse set of members and customers right across the uk. at the pra we recognise the vital role mutuals play in the uk financial sector. collectively, bsa members manage over £500bn of assets, nearly 15 % of assets managed by the uk deposit takers we supervise at the pra. also, all 50 bsa members have headquarters outside london enabling a connection with local communities, some members of whom might not have other ways of accessing mainstream financial services. this is further fostered through a network of almost 1350 branches serving more than 26 million members. in line with this, we see our role in supervising bsa members as central to our mission at the bank of england to ‘ promote the good of the people of the united kingdom by maintaining monetary and financial stability ’. my remarks today will focus on two areas. firstly, a key challenge for the mutual sector to tackle over the coming year, managing a fast - evolving outlook for credit risk whilst supporting your members in the current economic climate. i will be setting out the pra ’ s expectations and a flavour of what we are doing in this space. secondly, the opportunity we are taking to evolve our regulatory

. importantly, this exit strategy is clear, transparent and open to public scrutiny. openness and transparency have been the cornerstones of uk monetary policy since the monetary policy committee was established in 1997. that has never been more important than now. the inflation target is symmetric. that requires the mpc to set policy in a symmetric way. the committee adjusted monetary policy boldly and decisively on the way down in order to meet the inflation target. and, let me assure you that, when the time comes, we will be prepared to respond with equal vigour on the way back up.
policy horizon can adjust depending on the nature, size and persistence of the shocks as needed. this change explains why we have removed the notion of " timeliness " from our monetary policy statement, focusing instead on achieving " sustainable " inflation convergence. and it puts us in the best position to react to future shocks. conclusion let me conclude. the lithuanian poem " the seasons " ( metai ), written by kristijonas donelaitis, charts the cyclical nature of the rural life of lithuanians. the ecb is also moving through its monetary policy cycle, and we are now at a stage where the darkest days of winter look to be behind us, and we can start to look forward instead. we certainly hope that the days ahead will be better. but winds are blowing in different directions and there is much uncertainty before us. so, our monetary policy will be prepared for all scenarios to come. 6 / 7 bis - central bankers'speeches [ this speech was updated on 16 december 2024 at 11 : 25 cet to correct the ecb's june 2023 average growth projections for 2024. ] 1 lenza, m., moutachaker, i. and paredes, j. ( 2023 ), " density forecasts of inflation : a quantile regression forest approach ", working paper series, no 2830, ecb. 2 the ecb's consumer expectations survey shows that perceptions of past inflation have declined by more than 5 percentage points from their peak of 8. 4 % in september 2023. 7 / 7 bis - central bankers'speeches

impede our progress. conclusion we are recovering from a set of shocks, and it will take time. these shocks did not develop overnight, but came after years of interest rates that were too low, leverage that was too high, and financial supervision that was too lax. if we have learned anything from this crisis, as well as past crises, it is that we must be careful not to repeat the policy patterns we have used in previous recoveries, such as 1990 – 91 and 2001. if we again leave rates too low for too long out of fear that the recovery is not strong enough, we are almost assured of suffering these same consequences yet again. i am fully committed to the federal reserve ’ s dual maintain to maintain long - run growth so as to promote effectively the goals of maximum employment, stable prices and moderate long - term interest rates.
growth and on the cost and availability of credit in canada. weighing the implications of these considerations, the bank views the risks to its projection for inflation as balanced. against this backdrop, the bank judges that the current level of the target for the overnight rate – 3 per cent – remains appropriate. we will continue to monitor carefully the evolution of risks, together with economic and financial developments in the canadian and global economies, and set monetary policy consistent with achieving the 2 per cent inflation target over the medium term.

important, if elementary. individual banks have also been able to increase their exposure to borrowers with which they do not have a lending relationship. ( indeed, some commentators suggest that it may sometimes be more effective for second - tier and smaller banks to take corporate credit exposure via the derivatives market than via participation in the lower tiers of loan syndicates. ) if, overall, the result were a greater dispersion of risk around the banking system and fewer large exposures relative to capital, the system as a whole would probably be safer even if, net, no credit risk had left the banking industry in aggregate. according to various surveys, some credit risk has been shed to non - banks, including insurance companies, pension funds and hedge funds. that too should, on balance, promote the resilience of the system, not least because non - banks are not part of the core payment systems that underpin our financial markets – provided, of course, that banks prudently manage their counterparty exposures to non - bank sellers of credit protection. as others have argued, this is a change of degree rather than kind : with the growth of corporate bond markets, and especially securitisation, non - banks have been my thanks to mike cross, colin miles and david rule for long - running debates on the issues discussed here. for comments, to peter andrews, andrew bailey, alex bowen, alastair clark, paul fisher, damien lynch, peter westaway and simon wells. and to sandra bannister for secretarial support. for an early review, see rule, d, ( 2001 ) ‘ the credit derivatives market : its development and possible implications for financial stability ’, financial stability review, issue 10, june 2001, pages 117 - 140 and rule, d, ( 2001 ), ‘ risk transfer between banks, insurance companies and capital markets : an overview ’, financial stability review, issue 11, december 2001, pages 137 - 159. running credit portfolios for years. by separating the provision of liquidity from exposure to credit risk, credit derivatives, and the related developments in structured finance, give non - banks new ways of accessing credit risk. as well as more dispersed risk buttressing systemic stability, the innovation of credit derivatives has plausibly taken us a further step towards complete markets, in effect providing a richer market for credit insurance than previously existed. investors and others may, therefore, be able to get a little closer to the portfolios they really