samchain/econo-pairs-v2 huggingface dataset:
stanley fischer : monetary policy - by rule, by committee, or by both? speech by mr stanley fischer, vice chair of the board of governors of the federal reserve system, at the 2017 us monetary policy forum, sponsored by the initiative on global markets at the university of chicago booth school of business, new york city, 3 march 2017. * * * in recent years, reforms in the monetary policy decisionmaking process in central banks have been in the direction of an increasing number of monetary policy committees and fewer single decisionmakers – the lone governor model. 1 we are only a few months away from the 20th anniversary of the introduction of the bank of england ’ s monetary policy committee, just a few years after the 300th birthday of the venerable old lady of threadneedle street. the bank of israel moved from a single policymaker to a monetary policy committee in 2010, while i was governor there ; more recently, central banks in india and new zealand have handed over monetary policy to committees. the federal reserve is not part of this recent shift, however. the federal open market committee ( fomc ) has been responsible for monetary policy decisions in the united states since it was established by the banking act of 1935, two decades after the founding of the fed itself. 2 the movement toward committees reflects the advantages of committees in aggregating a wide range of information, perspectives, and models. despite the prevalence and importance of committees in modern central banking, the role of committees in the formulation of policy has not attracted nearly as much academic attention as has the research on monetary policy rules. 3 the literature on monetary policy rules stretches back to at least adam smith and includes important contributions from david ricardo, knut wicksell, and milton friedman. more recently, john taylor has moved the research agenda forward with his eponymous rule, and a large number of academic papers have been written examining the effectiveness and robustness of policy rules. 4 in contrast, as noted, study of the role of committees in making monetary policy has been fairly light, notwithstanding the insightful work of alan blinder and others. 5 committees and rules may appear to be in opposition as approaches to policymaking. one might even argue that if a central bank ever converged on a single monetary rule, there would be no need for a monetary policy committee. in practice, the fed operates through a committee structure and considers the recommendations of a variety of monetary rules as we make monetary policy decisions. our decision is typically whether to raise or reduce the

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the lending attitudes of private banks are becoming more cautious. hence, the developments in the behavior of financial institutions and corporate financing continue to require closer monitoring.

toshihiko fukui : the challenges for sustained economic growth under changing economic, social and international environments opening speech by mr toshihiko fukui, governor of the bank of japan, at the 11th international conference sponsored by the institute for monetary and economic studies, bank of japan, tokyo, 5 july 2004. * * * introduction good morning, ladies and gentlemen. i am very pleased to address the 11th international conference hosted by the institute for monetary and economic studies. on behalf of my colleagues at the bank of japan, i welcome the participants from all over the world. this year ’ s conference is focused on “ the challenges for sustained economic growth under changing economic, social and international environments. ” over the two - day conference, we will explore a broad range of issues on economic growth. what are the major engines of economic growth? what are the long - term effects of uneven growth over the economies on global resource allocation? what roles should a government and a central bank play in promoting sustained economic growth? major engines of sustained economic growth our understanding of economic growth has advanced significantly since the revival of growth theory in the mid - 1980s. for the last two decades economic growth has been one of the most sought - after subjects of economic research. the new “ endogenous ” growth theory has provided various systematic expositions of technological progress, such as creation, accumulation and diffusion of new ideas. the standard growth theory tells us that economic growth in per capita basis comes from mainly two sources : capital deepening and total factor productivity growth, or tfp growth. capital deepening increases output along the production function. tfp growth increases output by pushing the production function upward. the former faces the diminishing marginal productivity as capital deepening progresses, and the latter becomes increasingly important in achieving sustained growth in the long - term. as the new endogenous growth theory suggests, tfp growth is closely related to accumulation of the intangible capitals, such as human capital and research and development. we see a lot of evidence that such investments have actually trended upward. in particular, workers with high educational backgrounds and those engaged in research and development have both increased in major industrial countries. interactions between trend growth paths and business cycles growth theory tends to focus on the trend growth paths in the long run. observed growth paths, however, are not smooth. there exists a dynamic interaction between trend growth paths and business cycles. how do macroeconomic fluctuations influence the trend growth paths? how do the trend growth
familiar with it. rather, i intend to focus on what has made this latest episode of global financial turbulence more troublesome than others in recent history. this should help us see recent developments in the canadian economy and in monetary policy in a clearer light. it should also provide some insight on what needs fixing in the international financial system and what mistakes to avoid in the future. so, why has the 1997 – 98 financial turmoil been more widespread and long - lasting? the way i see it, there were two main reasons. first, with the benefit of hindsight, it is clear that too many incautious international portfolio investments were made in the wake of the growing globalization of capital markets. second, it has taken japan much longer than expected to deal with its serious economic and financial problems, problems that long predated the asian crisis. – 2 – let me explain why i think these factors have had such an impact this time around. first, the matter of incautious international investment practices – what was the problem here? with the opening up of financial markets and with the decline in interest rates in industrial countries, a growing number of investors were attracted to higher returns abroad. “ abroad ” often meant the so - called emerging market countries, particularly those in asia. with their rapid rates of economic growth year after year, these countries seemed to have great investment potential. but foreign investments, especially in emerging markets, are far more complex than domestic ones. and assessing these investments can be very tricky. for one thing, investors are dealing with companies operating far away, in a very different economic and political environment. for another, financial regulatory and supervisory practices in some of these countries are less welldeveloped and transparent. in addition, investors may have felt rather well “ protected ” from risks – for a couple of reasons. first, past assistance packages by the international monetary fund ( imf ) and other international agencies may have led them to believe that the international community would always come to the rescue if worst came to worst. second, many investment advisers evidently were not terribly fussed about the exchange rate risk because most asian currencies were fixed to the u. s. dollar. it is all too easy to forget that having a fixed exchange rate is not in and of itself a guarantee that a currency will not decline in value – which in fact is what many of these currencies have done. in the end, huge amounts were placed in emerging markets in the 1990s by mutual funds, pension

help inspire more microentrepreneurs, generate more success stories from their ranks, and realize our goal of achieving balanced and sustained growth that is truly inclusive. thank you all for joining today ’ s launch of the 2015 cma. mabuhay ang microfinance sector! mabuhay ang ating mahal na bansang pilipinas! maraming salamat sa inyong lahat. bis central bankers ’ speeches
emerge stronger from the crisis for the benefit of singapore. 24. thank you and i wish you a fruitful two days ahead. 1 refers to financial and insurance activities, excluding holding companies ( expressed in nominal terms ). 2 this accounts for 4. 5 % of total employment in singapore. 3 refers to financial and insurance activities, excluding holding companies 4 refers to financial and insurance activities, including holding companies 5 mti, economic survey of singapore 2q2020, 11 august 2020 6 mom, labour market statistics, 29 july 2020 ( seasonally - adjusted basis ) 7 mom, 2019 labour market statistics, 12 march 2020 6 / 6 bis central bankers'speeches

to be contained. and a mutually damaging trade war would be averted. and this is what emerging asia is doing – liberalising trade within the region and with others. tpp - 11 or comprehensive and progressive agreement for trans - pacific partnership ( cptpp ) this will reduce barriers across economies with a gdp of us $ 10 trillion, roughly 13. 5 % of the world economy. it is expected to be ratified early next year. and five to six more countries have expressed interest in joining the cptpp. asean + 6 or regional comprehensive economic partnership ( rcep ) this fta builds on the existing five asean plus one ftas. negotiations have been going on for some time but the pace has picked up recently as rising trade tensions have underscored the importance of enhancing economic integration to build resilience when it is signed, rcep will be the world ’ s largest trading bloc in terms of population, covering nearly 3. 5 billion people, and accounting for a third of the world ’ s gdp. second headwind – tightening global financial conditions. as the fed continues to raise interest rates and unwind its balance sheet, global liquidity conditions will tighten and financial market valuations will come under further pressure. asset revaluations will be keenly felt in emes, which have benefited from large investor inflows driven in part by investors ’ search - for - yield in the post - gfc period. in emerging asia, some economies will face higher financing costs, rising external debt burdens, short - term capital outflows, and heightened currency volatility. we have already seen some signs of these pressures. they are to be expected – as part of the normal adjustment to the normalisation of global financial conditions. asean is well placed to deal with these pressures as well as contagion effects from emes in other parts of the world first, economic fundamentals in asean are stronger. growth is good – it is close to or above potential across the asean - 4 ( malaysia, indonesia, thailand, philippines ). inflation has been subdued. current accounts are in surplus or only a small deficit. buffers to withstand shocks are strong – be it central banks ’ reserves or banks ’ capital adequacy. second, asean policymakers have demonstrated that they are able and willing to adjust policies to deal with external and internal stresses. they have raised interest rates pre - emptively. they have allowed their exchange rates to depreciate in an
assets can also be tokenized on other forms of distributed ledger technology. 6 request for information and comment on financial institutions'use of artificial intelligence, including machine learning, 86 fed. reg. 16837 ( march 31, 2021 ). 4 / 4 bis - central bankers'speeches

‐ 021 ‐ 22884 ‐ 9 bhattacharya, a., ivanyna, m., oman, w., stern, n. ( 2021 ). climate action to unlock the inclusive growth story of the 21st century. imf working paper 21 / 147. centred focus on gdp ” to a “ stock ‐ centred focus on a broad definition of capital ” ; “ the conceptual framework used by policymakers must treat planetary boundaries – notably climate overshoot – as a hard constraint ”. they also propose to establish an annual carbon budget at the national level which would be binding. in short, if we are to hold a serious discussion about what an ecological transition means for central banks, including the impact it will have on output and other key macroeconomic variables, we need to be able to engage in a responsible and scientific manner on these difficult questions, rather than sweeping them under the rug. finally, i would like to state that living and thriving within ecological limits is also about coming to terms with our own limits as human beings, and acknowledging our own mistakes. in an age of rampant ecological destruction and rising socioeconomic inequalities, we ( policymakers, central bankers, economists, and so on ) should also acknowledge the limits of the analytical frameworks and policy proposals that we have been using. in this context, the green swan reminds us that ecological risks ( including but not limited to climate change ) are so complex that we will never be able to accurately measure them, meaning that we should learn by doing. after centuries of economic development during which we did not care so much about the limits of the earth ( its resources and its ability to absorb pollutions such as carbon emissions ), it is time to pause and think about what we have done. in ancient mythology prometheus, who stole fire from the gods ‐ i. e. encouraged energy consumption ‐ is severely punished, for eternity. without envisaging such a punishment, we should react positively and decisively to the warnings we are receiving from scientists andfrom the authors of the green swan. three underlying messages are enshrined in the green swan : acknowledging our multiple ecological crises beyond climate change ; cooperating and coordinating our actions ; and learning to live and thrive within limits. it is not only a topic for today ’ s conference but a challenge for each of us, for our societies and democracies, as well as for the financial system in the long run. thank you for your attention
pages ) 13 - 36. 39. dossche, m., j. slacalek and g. wolswijk, monetary policy and inequality, european central bank, economic bulletin, no 2 / 2021. 40. bourguignon, f. ( 2017 ), world changes in inequality : an overview of facts, causes, consequences and policies, bank for international settlements, working paper no 654. 41. carney, m, the spectre of monetarism, speech delivered on 5 december 2016.

will covid - 19 increase economic inequality? opening speech at the international conference on household finance 29. 04. 2021 | virtual event | jens weidmann 1 introduction 2 consumption and saving 3 potential long - term effects of the coronavirus crisis 3. 1 possible scarring of beliefs 3. 2 disruption of education 3. 3 unequal labour market impact 4 inequality and monetary policy 4. 1 wealth inequality in germany 4. 2 distributional effects of unconventional monetary policy 4. 3 implications for monetary policy 5 conclusion 1 introduction ladies and gentlemen, it is a great pleasure to welcome you to our conference today. i would have liked to deliver my speech to you all personally in frankfurt, but the pandemic keeps throwing spanners in the works. at least we are able to hold this conference virtually. today and tomorrow, you will be discussing a broad range of issues related to household ﬁnance with the heterogeneity of households and in broad range of issues related to household ﬁnance, with the heterogeneity of households and, in particular, the distribution of income and wealth, featuring prominently among them. using a metaphor created by joseph schumpeter, [ 1 ] some economists have likened economic inequality to a hotel. as the labour economist gary fields put it : “ the rooms at the top are luxurious, those in the middle are ordinary, and those in the basement are substandard. on any given night, the occupants of the hotel experience quite unequal accommodations. [ … ] the difference in the quality of the hotel rooms at each point in time is what we call inequality. ” importantly, it is also characteristic of a hotel that its occupants change. social mobility means that people can later ﬁnd themselves in rooms of a very different quality than before. however, just as the hospitality industry has been hit hard by the coronavirus pandemic in the real world, schumpeter ’ s ﬁgurative hotel may not have escaped unscathed either. indeed, some observers have already dubbed the covid - 19 recession “ the most unequal in modern u. s. ( seite ) history ”. first and foremost, the pandemic is a global health crisis that must be overcome as quickly as possible. more than three million people have already lost their lives, and many more have suffered from severe illness. at the same time, this is also an economic crisis of historic proportions – a crisis that has robbed individuals of their livelihoods or
participatory, democratic processes and promoting partnerships ”. given that on the path to sustainable development lies the environmental challenge, the bank of greece has committed to invest significantly in goal 13, i. e. climate action, a horizontal goal that contributes to the achievement of all others. as addressing the challenge of climate change calls for coordinated efforts, the bank of greece, through its climate change impacts study committee ( ccisc ), is currently involved in an eight - year programme with the greek ministry of environment and energy and other partners for the implementation of the national adaptation strategy for greece. the bank of greece is also building a stakeholders ’ network to bring together academia, the public and the financial sectors in stepping up the collective effort to address issues of climate change and adaptation. let us now examine what makes a public - private partnership successful. public - private partnerships need to be commercially viable schemes in order to attract private sector investment, and there is already good guidance on how public - private partnerships can deliver the value - for - money approach when selecting projects. public - private partnerships are just one way to deliver public infrastructure and services. this means that they should not be seen as a “ deus ex machina ”, only stepping in to make up for limitations in public funds to cover investment needs, but also as a way to increase the quality and efficiency of public services. when well designed and implemented, public - private partnerships increase access to capital, foster innovation and produce more efficient public services. they also bring into the projects a business culture oriented towards efficiency, quality and economic viability. public - private partnerships are gaining a solid foothold, but face quite a few impediments and challenges. according to the united nations, public - private partnerships serve as an instrument for financing key economic infrastructure projects and deliver value for money, but only if countries have in place the institutional capacity to create, manage, evaluate and monitor them. these four interrelated capacities ensure that public - private partnerships are undertaken for the “ right ” reason. 3 the design of a proper legal framework and of contractual arrangements is crucial to make public private partnerships live up to their potential. this brings me to the next question : what actions can governments take? ultimately, building successful partnerships is equivalent to building trust between public and private entities. it is often said that successful partnerships require both parties to have “ shared goals ”. however, since this is very hard to achieve when it comes to public - private partnerships, the focus

would make us a less open bank. figure 1. is the market always right? repo rate expectations according to implied forward rates per cent 7. 5 7. 5 7. 0 7. 0 6. 5 6. 5 6. 0 6. 0 5. 5 5. 5 5. 0 5. 0 4. 5 4. 5 4. 0 4. 0 3. 5 3. 5 3. 0 3. 0 2. 5 2. 5 2. 0 2. 0 1. 5 1. 5 1. 0 1. 0 0. 5 0. 5 0. 0 0. 0 source : the riksbank
anselmo l s teng : macao and the perspective of syndicated loans speech by mr anselmo l s teng, chairman of the monetary authority of macao, at the syndicated loans conference, asia pacific loan market association, macao, 7 june 2007. * * * distinguished guests, dear delegates, ladies and gentlemen, i am very pleased to have the honour of speaking to the association today. it is our privilege that this conference is held in macao. first and foremost, on behalf of the government of the macao special administrative region, i would like to express my warmest welcome to all of you to macao, a city well known for its eastern and western patrimony. i would like to take this occasion to share with you the development of the macao economy and our government ’ s strategy to promote sustainable development via proper economic diversification. i will then move on to talk about the local banking sector, loan market and some of my views. macao is one of the leading tourism centres in the asia - pacific region in terms of visitor arrivals and receipts. our economy, following the establishment of the special administrative region of the people ’ s republic of china in 1999, could be characterised as high growth, low unemployment, and strong fiscal and external balances. capitalising on competitive advantages of the tourism sector, our economy has sustained a remarkable uptrend in the past seven years. with a population of just about half a million, macao saw its record of visitor arrivals reaching 22 million last year. in the first quarter of this year, we achieved a real gdp growth of 25. 6 %, after having attained 16. 6 % in 2006. the unemployment rate is currently at a 10 - year low of 3. 2 %, while inflation eased to 4. 57 %. in the past few years, our economic prosperity has been largely built on the thriving tourism sector, which is concentrated on a few products and markets. the sar government is fully aware that “ putting all eggs in one basket ” is risk - prone and counterproductive to macroeconomic stability. diversifying the structure of our economy is not only related to a valid concern for sustainability, but also our ability to generate new types of employment opportunity and ultimately, to maintain a high degree of social stability. for a small and open economy like macao that possesses a competitive tourism sector, we believe that diversification should be strictly based on the economic principle of comparative advantage. macao should

to take this opportunity to wish you good health and a pleasant stay in macao. more importantly, i hope macao will impart to you a fine and long lasting memory. thank you!