samchain/econo-pairs-v2 huggingface dataset:
. and yang, j. ( 2013 ), ‘ optimal bank capital ’, economic journal, vol. 123 ( 567 ), pp. 1 – 37. see bis / fsb ( 2010 ) assessing the macroeconomic impact of the transition to stronger capital and liquidity requirements ; bis ( 2013 ), macroeconomic impact assessment of otc derivatives regulatory reforms. european commission, economic review of the financial regulation agenda, may 2014. see dg ecfin ( 2007 ) impact assessment : possible macroeconomic and financial effects of solvency ii and eba ( 2014 ) second report on impact assessment for liquidity measures under article 509 ( 1 ) of the crr. “ the global economy in 2030 : trends and strategies for europe ”, european strategy and policy analysis system and centre for policy studies, april 2014. gordon, r. ( 2012 ), “ is us economic growth over? faltering innovation confronts the six headwinds ”, nber working paper 18315. bis central bankers ’ speeches another related consequence of secular stagnation may be that the natural real interest rate ( the real interest rate consistent with full employment and stable inflation ) has fallen. population ageing has shifted the balance between older households who are likely to save and younger households who are likely to borrow. as a result, real interest rates have declined substantially in the last two decades. 23 nominal interest rates have also fallen in line with the real, leaving the ‘ normal ’ central bank policy rate much closer to the zero bound, thus increasing the likelihood of hitting it during deep recessions. without getting into a discussion about the merits and risks of unconventional monetary policy, it is probably fair to say that the zero lower bound on nominal interest rates complicates the task of monetary policy in trying to stabilise large shocks. financial crises are some of the largest peace - time negative shocks to hit market economies and our ability to use monetary policy in order to deal with them ‘ ex - post ’ would be impaired in a secular stagnation world. this makes the role of regulation in avoiding financial crises more important than ever. when it comes to dealing with financial crises, prevention is always better than cure but especially so when ‘ mopping - up after the crash ’ is complicated by the inability to cut short - term interest rates sufficiently far below zero. 24 what has been achieved and what is in the pipeline? we have seen that, far from damaging growth, a strong regulatory framework is essential in ensuring

agricultural policy is welcomed, as are the efforts to limit upward pressure on agricultural prices through biofuels policies. a successful conclusion of the doha round of world trade negotiations should also help to improve the functioning of global trade in general and of agricultural markets in europe and worldwide in particular. tax policies are not an appropriate means to counter commodity price increases, be it oil or nonoil commodities, as this would send wrong signals to producers and consumers alike and would distort markets. we are now at your disposal for questions.
remained around 10 per cent. the objective of the policy should be to keep the inflation rate around six per cent. this itself is much higher than what the industrial countries are aiming at and therefore will have some implications for the exchange rate of the rupee. monetary growth should be so moderated that while meeting the objective of growth it does not push the inflation rate beyond six per cent. 21. a question that arises in this context is whether monetary policy by itself is able to contain inflationary pressures particularly in developing economies like ours. it is true that developing economies like india are subject to greater supply shocks than developed economies. fluctuations in agricultural output have an important bearing on the price situation. nevertheless, continuous increase in prices which is what inflation is about cannot occur unless it is sustained by a continuing increase in money supply. control of the money supply has thus to play an important role in any scheme aimed at controlling inflation. 21. the controversy over the objective of monetary policy has reached such a pitch that some have described central bankism as a religion with hard money as supreme god and inflation as devil. let me however say that the commitment to a reasonable degree of price stability is not a dogma. it is good economics.

reforms. first, we need to continue to adapt imf surveillance and facilities and other parts of the gfsn to modern realities. second, we need to further reduce financial regulatory flaws and gaps at the regional and global level regarding capital flows and cross - border banking. third, we need to try to find ways to make central bank swaps a more transparent and reliable part of the gfsn. finally, international organisations and treaties need to accommodate but monitor sofies ’ use of macroprudential and capital flow management tools. with time, we might develop a new consensus on the rules of the game. for more information on the special reserve requirement on certain capital inflows in iceland, see central bank of iceland ( 2017 ). references : central bank of iceland ( 2017 ). special reserve requirement on capital inflows. monetary bulletin 2017 / 4. available at www. cb. is. gudmundsson, mar ( 2008 ). financial globalisation : key trends and implications for the transmission mechanism of monetary policy. bis papers no 39. available at www. bis. org. gudmundsson, mar ( 2016 ). global financial integration and central bank policies in small, open economies, singapore economic review. obstfeld, maurice ( 2015 ). trilemmas and trade - offs : living with financial globalisation. bis working papers 480. available at www. bis. org. rey, helene ( 2013 ). dilemma not trilemma : the global financial cycle and monetary policy independence. available at www. kansascityfed. org / publicat / sympos / 2013 / 2013rey. pdf.
from ethiopia, russia, ukraine, belarus, lithuania, moldova, bulgaria, kazakhstan, turkmenistan, azerbaijan, uzbekistan, iran, australia, the uk, germany, france, the u. s., argentina, uruguay, and brazil. i, too, am an ‘ oleh. it makes me proud, as an israeli and as a recent immigrant, to see the young immigrants integrating beautifully in israel and doing well in their fields of study. the more able israel is to grow over time, and the better its education system, the more successful we will be in attracting immigration that attracts immigration – because of zionism, yes, but also because it ’ s a country that is worth living in. thus far, i ’ ve spoken about the social and national levels. but this event is above all an important one at the personal level. each of you has reached at a critical phase in your lives. the path you choose to follow in the coming years will affect your future. it sounds very important, and indeed it is. but student life may also be very enjoyable. it is my wish that each of you should seize firmly the opportunities that lie ahead. enjoy yourselves, and, the main thing, be successful! thank you. may you succeed.

the inflation objective. concluding remarks ladies and gentlemen, the philippine economy ’ s current fundamentals are at the strongest they have been over the past two – three decades, providing us reasons to be optimistic about the future. but there are headwinds, mainly coming from external developments. this time around, we believe that the philippines is better able to withstand the shocks due to the following reasons … ” buffers ” as i would like to refer to these : the underlying growth momentum due to improving fundamentals ; we have a stronger external liquidity position ; we have gained dividends from our structural reforms in the areas of fiscal policy, power, banking, and capital market ; and we have better information disclosure, which encourages markets to look at philippine - specific risks and not be prone to herding behavior. but we cannot afford to be complacent. even as we have built up “ buffers ”, we must continue to be mindful of the potential risks, particularly the possibility of unforeseen ones that could impede our path to further progress. the primary task ahead of us is to focus on strengthening the economy while also preserving the momentum for economic reforms to ensure sustained growth in the long run. the implementation of appropriate reforms by the government and active participation of the private sector, in promoting economic development will be powerful forces in the fulfillment of this challenging task. in this endeavor, the bsp looks forward to fmap ’ s continued support. maraming salamat at magandang hapon sa inyong lahat!
developed a new vision, strategies and objectives for the namibian nps. bis central bankers ’ speeches allow me to spend few minutes to highlight a few points about what is contained in the vision document. the nps vision 2015 document provides a high - level strategic direction for the namibian payment system up to 2015. the nps vision 2015 contains six strategic focus areas, i will highlight a few. access and participation in the nps the first objective under this focus area is to increase the accessibility of the payment system by providing for new types of participants, but at the same time maintaining the safety and efficiency of the payment system by adhering to sound internationally accepted payment system principles. increased accessibility by new participants will facilitate wider usage of the payment system by the public and will further enhance access to financial services and payment system. the second objective, close to many people ’ s hearts, is to set standards for fees and charges in the interest of efficiency in the nps. the payment system fees and charges have often been identified as one of the key supply side barriers to financial services. the recent amendments to the payment system management act give the bank of namibia power to act if the market fails to ensure that fees and charges are transparent, competitive and commensurate with input costs. over the next few years ending in 2015, the bank will be targeting products, fees and charges that have hindered namibia from moving towards a more financially inclusive economy : these are : cash deposit fees, the lack of a low cost basic bank account, penalty fees, dormant account fees, non - transparent pricing such as tiered pricing structures, and interchange fees an implementation plan with a time table on how to address these issues has been agreed with banks recently and is in the process of being rolled out. interoperability and standards in the nps in order to ensure that the namibian payment system remains safe and efficient we need to adopt international best practice. namibia has in the past few years experienced a significant increase in card fraud. therefore we need to strengthen our risk mitigation measures. in this regard, i am pleased to inform you that the banking industry has agreed on a roadmap for rolling out europay, mastercard and visa ( emv ) standards in namibia. these standards will be fully complied with on the post machines side by 2012 and on the cards side by 2015. once implemented, emv compliance will go a long way to reducing card fraud in namibia. nps infrastructure and technology namibia can

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
bostjan vasle : bank of slovenia's 30th anniversary address by mr bostjan vasle, governor of bank of slovenia, at the celebration of bank of slovenia's 30th anniversary, ljubljana, 7 october 2021. * * * mr president, honourable guests, ladies and gentlemen, it is a great honour and pleasure to be able to welcome you to the celebration of our anniversary in this house, so full of milestones in our recent history and culture. thirty years ago, the day that slovenia declared independence also saw the birth of banka slovenije, the central bank of the newly established state, and a cornerstone of slovenian sovereignty. since that june day it has been our mission to ensure price stability, thereby helping to create the conditions for slovenia to develop and for the wellbeing of its citizens. anniversaries are a time for reflecting on what good was done in the past, what we can learn from it, and how best to set out the path moving forward. usually away from the media spotlight, banka slovenije has so far made a significant and lasting contribution on the path to slovenia's stability and progress. in its very first year it introduced payment notes and then the tolar as the first official currency of independent slovenia. soon after slovenia became a full member of the imf and the world bank, with whom we continue to work closely today. after a decade of sustained improvement in the stability of the currency, in 2002 banka slovenije was granted the additional power of overseeing the legality and proper functioning of payment systems in the country. two years later, when slovenia joined the eu, banka slovenije also became a member of the european system of central banks, and put itself on the pathway for joining the euro by joining the erm ii system. slovenia eventually succeeded in becoming the first of the ten new eu member states to join the euro, at the beginning of 2007. coins featuring preseren, trubar and triglav, to name just a few designs, have since been faithful ambassadors for our country, our culture and our way of life, and together with other european symbols have been a valued currency around the world. after slovenia joined the euro area – which then enjoyed and still to this day enjoys one of the highest levels of public support in the entire monetary union – the series of historical milestones was followed by a time of economic and financial crisis, which in slovenia was reflected

pleasant celebration of your
have curbed debt growth and demand pressures in the norwegian economy. but in an environment of persistently low external interest rates, such a policy would likely have led to a sharp appreciation of the krone, resulting in too low levels of inflation and economic activity. thus, the crisis in europe and weak growth in the us are also contributing to keeping interest rates in norway at a low level. the main objective of monetary policy in norway is low and stable inflation. this objective provides the economy with a nominal anchor. with firmly anchored inflation expectations, monetary policy can contribute to stable developments in the real economy. chart 6 the operational target of monetary policy is annual consumer price inflation of close to 2. 5 percent over time. over the past ten years, average inflation has been somewhat below, but close to, 2. 5 percent. a credible and firmly anchored monetary policy can contribute to curb the impacts of external shocks. this increases the resilience of the norwegian economy. more resilient banking sector the financial crisis provided us with some important insights. first, the crisis illustrated that low and stable inflation is not sufficient to secure financial stability. second, the crisis revealed severe shortcomings in banking regulation. banking and financial sector regulation is now being reformed in many countries. norwegian banks have become more solid in recent years. this is a positive development. banks ’ capital, in particular that of the largest banks, should be increased further in order to satisfy the new regulations. bis central bankers ’ speeches the forthcoming regulatory framework for banks in the eea includes a countercyclical buffer – a capital requirement that can be increased in upturns and turned off in downturns. when banks are required to build up an additional buffer, they are better equipped to cope with periods of rising losses. the buffer will strengthen the resilience of the banking sector during an upturn. it may also counteract the build - up of financial imbalances, although the effect is uncertain. thus, norges bank cannot disregard taking financial imbalances into consideration when setting the key policy rate. the criteria for the conduct of monetary policy remain firm, also after the introduction of a countercyclical capital buffer. later this year, norges bank will provide advice to the ministry of finance on the size of the countercyclical buffer. an integrated analysis and set of forecasts form a common basis, both for this advice, and for the bank ’ s monetary policy decisions. the norwegian economy is also

##to branch of stanbic bank zambia limited officially open. i thank you for your attention. bis central bankers ’ speeches
can be for the better – and by future - proofing our banks and perhaps also our personal choices – we can create not a grave but a braver new world, which is more inclusive, more responsible, more sustainable, and more prosperous. technology will provide the means, but a more liveable, sustainable planet will provide the purpose. thank you. 8 / 8 bis central bankers'speeches

setting of monetary policy while the labour market strengthens and inflation increases. looking forward, there are scenarios where the next move in the cash rate is up and other scenarios where it is down. over the past year, the next - move - is - up scenarios were more likely than the next - move - is - down scenarios. today, the probabilities appear to be more evenly balanced. we will be monitoring developments in the labour market closely. if australians are finding jobs and their wages are rising more quickly, it is reasonable to expect that inflation will rise and that it will be appropriate to lift the cash rate at some point. on the other hand, given the uncertainties, it is possible that the economy is softer than we expect, and that income and consumption growth disappoint. in the event of a sustained increase in the unemployment rate and a lack of further progress towards the inflation objective, lower interest rates might be appropriate at some point. we have the flexibility to do this if needed. the board will continue to assess the outlook carefully. it does not see a strong case for a nearterm change in the cash rate. we are in the position of being able to maintain the current policy setting while we assess the shifts in the global economy and the strength of household spending. it has long been the board's approach to avoid reacting to the high - frequency ebb and flow of news. instead, we have sought to keep our eye on the medium term and put in place a setting of monetary policy that helps deliver on our objectives of full employment, an inflation rate that averages between 2 and 3 per cent, and financial stability. thank you for listening. i look forward to answering your questions. 1 forecasts will be published online for the various expenditure components of gdp as well as selected other variables. 13 / 13 bis central bankers'speeches
##ing including through arrangements for independent audits, and a robust taxonomy for the market and bonds. the announcement in this year ’ s union budget referring to mobilisation of resources via ‘ green bonds ’ is also expected to enable a price anchor for esg bonds in due course. 27. there is a limited investor base for capital bonds issued by banks in india. this has resulted in indian banks accessing global markets for raising capital. while any issuer, including banks, will naturally search for the market where they can most efficiently raise funds, there is a need perhaps to look at factors which are impeding domestic appetite for such bonds and whether the factors are aligned to international norms / standards. e. price transparency 28. the importance of high - quality and timely information on financial markets is basic to the development of the market. most of you will be aware that in the domestic government securities market, information about every single trade is disseminated in near - real time ensuing the highest standards of transparency. there has been feedback from market participants about the need for improving the timeliness and integrity of data on primary and secondary market transactions in the corporate bond market. this is arguably a low hanging fruit which we can aspire for. it has also been highlighted that there is a need for adoption of uniform valuation methodology across investors. valuation by an independent benchmark administrator would be ideal. conclusion 29. let me conclude now. we have made impressive progress in the development of the corporate bond markets - the market is large and growing ; the issuer base is expanding ; product diversity and sophistication are developing ; secondary volumes are low but growing ; and market infrastructure is the best in the world. efforts need to focus on improving complementary – repo and derivative – markets, diversify the investor base, both domestic and global, and improve access of borrowers at the lower end of the credit spectrum. beyond this, market development and improvements will remain a continuous exercise. as much as we need to take these steps, it will serve us well to temper our expectations on the degree of liquidity in secondary corporate bond markets. if international experience is anything to go by, the best we can achieve may be well short of the liquidity we are used to in government bond markets or equity markets. thank you.

delighted to have you with us and look forward to hearing you. bis central bankers ’ speeches