samchain/econo-pairs-v2 huggingface dataset:
kiyohiko g nishimura : a central banker ’ s perspective on the international monetary system remarks by mr kiyohiko g nishimura, deputy governor of the bank of japan, at the international symposium of the banque de france : regulation in the face of global imbalances, paris, 4 march 2011. * * * introduction the theme of this panel, “ towards which international monetary system? ” is a grand theme which cannot be easily captured in a ten minute intervention. so, i will focus on two issues. one is the over - arching issue of how to understand the role and limitations of the current international monetary system, or ims. the other is the challenges for central bankers in fulfilling our responsibilities within the current ims. the role and limitations of the current ims first, the current ims. the ims provides a critical underpinning for the global economy. it enables the efficient and smooth allocation of goods and services as well as capital, both domestically and in a cross - border context. the central issue confronting the current ims is how to introduce symmetrical adjustment between external surplus and deficit countries. the current ims does not have a built - in mechanism which automatically fosters a balanced adjustment process. the united states as the main reserve currency country has little incentive to reduce its current account deficit, especially because once a currency is established as the main reserve currency, there is a strong inertia to continue its use. on the other hand, surplus emerging economies are expanding their foreign currency reserve holdings both from a precautionary motivation and from the perspective of maintaining their export competitiveness. to the extent domestic price developments are manageable, there are few constraints to this strategy. past attempts to reduce imbalances have been conducted mostly on a bilateral basis and have, in some cases, turned into quite contentious discussions and negotiations. another issue regarding the ims is the extent of the adjustment that would be required among surplus and deficit countries. the distinction between longer - term trends in investment - savings balance, which are strongly influenced by the stage of economic development and demographics, and short - term cyclical trends, is not necessarily straightforward. for example, in the 1980s there was substantial pressure on japan to reduce its trade and current account surplus. however, such pressure could easily turn into misdirected attempts. in the japanese case, using macro - economic policies, especially accommodative fiscal and monetary policy, failed to achieve its goal and rather

this one are so useful. in this respect i hope that you have many stimulating discussions and a productive conference. thank you for your attention.
jacqueline loh : unlocking insurance linked securities growth through asia opening speech by ms jacqueline loh, deputy managing director of the monetary authority of singapore, at the artemis ils asia 2018 conference, singapore, 12 july 2018. * * * distinguished guests, ladies and gentlemen, a very good morning to all of you. 2 i am very pleased to be here today at the artemis ils asia 2018 conference. the third time that it is held in singapore, the conference is a good market barometer that insurance - linked securities ( ils ) are becoming more prominent in asia, and prospects are bright for the coming years. alternative capital becomes mainstream 3 we are gathering here at an exciting time for the global insurance - linked securities industry, with alternative capital being an increasingly important part of an insurer ’ s risk transfer toolkit. born from a need to bring additional loss absorbing capacity following the devastating disasters in the mid - 1990s – hurricane andrew and the northridge earthquake in california – the development of the ils market has been a remarkable story of innovation. 4 twenty years later, the global ils market continues to thrive. emerging from the him ( harvey, irma and maria ) hurricane losses, earthquakes in mexico and wildfires in california, 2017 has been widely billed as the global financial crisis equivalent for the ils market, as it registered the largest losses in more than a decade. yet, the ils market has remained largely resilient. growth remains strong in 2018, with issuance of catastrophe bonds the most prevalent type of ils, more than doubling compared to the same period last year. ils rates have stabilised after having risen post these disasters, and subsequently dipping with the influx of capital. catastrophe bond managers have continued to launch new ils funds in response to strong demand from investors. today, the ils market has grown to the point where it now provides 15 % of global catastrophe reinsurance capacity. 5 let me highlight 2 key reasons why ils has been growing over the years : a. first, it offers sponsors a viable alternative to enhance risk transfer programs. ils provides diversification of the source of risk capital, multi - year coverage, and also competitive rates compared to traditional reinsurance. b. second, there is strong demand from investors given ils ’ low correlation with other asset classes, and low volatility. to illustrate, the swiss re global cat bond index has an annual volatility under 3 % 1, much below the 15 %

i am sure that today's words of wisdom from many eminent professors and senior central bankers assembled here will be of great help to policy - makers at the bank of korea and other central banks as well. in closing, let me once again voice my deep gratitude to all of you taking part here, for sparing your precious time to be with us. thank you very much.
the various countries is based on the ecb ’ s capital allocation principle. 1 / 1 bis central bankers'speeches

and fabian winkler ( 2020 ), “ how robust are makeup strategies to key alternative assumptions? ” finance and economics discussion series 2020 - 069 ( washington : board of governors of the federal reserve system, august ), https : / / doi. org / 10. 17016 / feds. 2020. 069. see don kim, cait walsh, and min wei ( 2019 ), “ tips from tips : update and discussions, ” feds notes ( washington : board of governors of the federal reserve system, may 21 ), - 12 making those adjustments, tips - based 5 - and 10 - year inflation expectations were 1. 41 percent and 1. 66 percent, respectively, on the final day of the third quarter, up from the lows experienced in march but well below their historical average. finally, it is useful to consult measures of underlying trend inflation. 15 a variety of estimates using time - series models suggest that underlying trend inflation may have moved down by as much as 1 / 2 percentage point over the past decade. 16 it is difficult to anticipate how long it will take to achieve the conditions set out in the forward guidance. the september summary of economic projections shows that most participants do not currently anticipate that the policy rate will depart from its lower bound by the end of 2023. when it does lift off, the policy rate could be expected to change only gradually, reflecting the commitment to remain accommodative until inflation has moderately exceeded 2 percent for some time. of course, the pace of the https : / / www. federalreserve. gov / econres / notes / feds - notes / tips - from - tips - update - and - discussions20190521. htm. see lael brainard ( 2017 ), “ understanding the disconnect between employment and inflation with a low neutral rate, ” speech delivered at the economic club of new york, new york, september 5, https : / / www. federalreserve. gov / newsevents / speech / brainard20170905a. htm. stock and watson introduced an estimate of trend inflation that assumed time - varying volatility. cecchetti and others provided an update of that model that estimated trend inflation for core pce prices in 2017 as about 1 - 1 / 2 percent in the past few years, compared with readings above 2 percent in the 2006 – 08 period ( see figure 4. 1
, more importantly, strengthen malaysia's position as an attractive and dynamic international islamic financial centre. the bank's regulatory orientation in this changing environment continues to evolve towards a more robust and flexible regime to effectively maintain financial stability. the regulation of the financial services industry in the changing environment will continue to focus on safeguarding the financial system against systemic risk, ensuring the reasonable protection of consumers in financial service dealings and enhancing the efficiency of the financial system. in addition, the regulatory function will also continue to facilitate the achievement of the socio - economic objectives, including increasing the insurance penetration, promoting adequate provision for retirement needs and supporting the growth of target sectors. while these objectives will provide the basis and direction for regulation, it is recognized that the environment in which financial institutions operate has changed significantly. accordingly, the regulatory practices have undergone significant change in recent years to ensure that they continue to be aligned with the underlying rationale for regulation. more specifically, the bank's approach to regulation is increasingly characterised by : • a heightened focus on, and alignment with, risk ; • anticipatory, rather than reactive interventions ; • greater use of incentives to achieve desired institutional behaviours and outcomes ; and • convergence with international best practices. efforts have also been directed at achieving regulation that is more proportionate in relation to its costs and benefits. this has resulted in an expanded regulatory toolkit that is now beyond prescriptive rules, but leveraged more extensively on inherent checks and balances within the system, and on the greater use of incentives to achieve desired institutional behaviours and outcomes. in addition, there has been an increased focus on market conduct and harnessing more active consumerism to reinforce prudential regulation and supervision. to further reinforce these changes, the bank has undertaken a holistic review of the regulatory and supervisory structures within the bank. the internal organisational changes that are being made will result in a complete transition from the current approach to regulation on a sectoral basis, to one that will integrate the bank's regulation of different financial institutions under its purview along functional lines. in effect, the existing regulatory departments will be transformed into new departments with respective responsibilities for financial sector development, prudential policy, consumer protection and market conduct, and financial surveillance across both the banking and insurance sectors. the supervisory functions will similarly be integrated for financial service groups that include both banks and insurance companies under their umbrella. we believe this organisational change will deliver a more comprehensive overview and cohesive approach to the development

sekian, terima kasih.
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practically no changes in the interest rates paid on these deposits. in terms of loan rates, deposit - taking institution's weighted average loan rates actually declined by 14 bps during the period september 2021 a€ “ october 2022. to facilitate greater transparency around the issue of deposit rates, the bank recently began publishing in the newspapers, detailed data on interest rates paid by all commercial banks on savings accounts, demand deposits and time deposits. the publication of this data is an initiative of bank of jamaica aimedat encouraging the public to act in an informed manner by moving their deposits to the commercial banks where they can benefit from higher deposit rates. notwithstanding the slow responses to date, but appreciating that it takes time for policy signals to have an effect, the monetary policy committee of bank of jamaica judged that it might be appropriate at this time to pause further rate increases. this pause is conditional on : 2 / 3 bis - central bankers'speeches commercial banks deposit rates and loan rates moving higher ; core inflation not continuing to increase ; and the us federal reserve not exceeding its projected rate increases for 2022 and 2023. looking ahead, bank of jamaica expects that, consistent with consensus forecast for a fall in commodity prices and the bank's overall monetary policy stance, inflation is projected to decline to single digits in early 2023 and return to the 4 % to 6 % target range by december 2023. bank of jamaica recognizes that our monetary policy actions to bring inflation back to its target will not be painless to all jamaicans. however, the bank is cognizant that the greatest pain of all is the adverse impact of high and unpredictable inflation on the ability of our working population and the most vulnerable members of society to afford the basic necessities of food, transportation and housing and on stable long - term economic growth. in this regard, bank of jamaica reaffirms its commitment to doing all it can to achieve its primary mandate of returning inflation to the 4 % - 6 % corridor without causing undue harm to employment and economic growth. again, i thank you for the opportunity to report on the monetary policy mandate and actions of the central bank. 1 over the period 01 july to 09 december 2022, the exchange rate appreciated by 0. 8 per cent ( $ 1. 28 ) to j $ 154. 34 = us $ 1. 00. this was in contrast to a depreciation of 7. 4 per cent ( $ 10. 67 ) over the corresponding period of
amando m tetangco, jr : financial education and consumer protection – triggering a positive ripple effect speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the launch of wealth watch book ii, manila, 6 june 2017. * * * thank you for joining us at the launching of the second volume of the wealth watch book of the bangko sentral ng pilipinas. this is a special event that marks our continuing program to help improve the lives of filipinos through financial inclusion, education and protection. in particular, this book provides practical tips on wealth creation and enhancing the readers ’ financial well - being through investments management and entrepreneurship. indeed, the increasing sophistication of financial markets makes continuing financial education necessary. thus, even as we encourage our youth and the unbanked to develop the habit of saving, we also continue to develop for those who already have savings, guides on how to make prudent decisions to grow and invest their money. the timing is perfect. the philippine economy has been growing consistently and in recent years at levels regarded as one of the fastest in asia. in fact, our growth rate of 6. 4 % in the first quarter this year, brought our record of achieving uninterrupted gdp growth for 73 consecutive quarters now. in other words, our economy has been on a growth track since the first quarter in 1999 or in the last 18 years. to make this economic growth meaningful and inclusive, we should continue to empower our people to prosper and achieve financial security. the link between financial literacy and the economy ladies and gentlemen. an increasing body of research shows that a financially - literate population can create “ economic ripples ”. they have higher levels of savings and diversified investments. they manage credit and mortgages well, and make retirement planning a priority. 1 in short, they make good financial decisions that lead to better economic well - being for themselves, their families and eventually, their communities. very few initiatives have such transformational power. financial literacy in the philippines as a people, therefore, we should aspire for the development of a financially - learned citizenry who can protect themselves from fraud, even as they gain from being part of the financial system and a robust economy. in this manner, they can contribute to the sustained growth and strength of our economy. this is the challenge before us. a world bank

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bank to issue a retail cbdc within months of experiencing one of the strongest hurricanes, as they sought to restore financial access to areas impacted by the event. these technologies have also spawned volatile investment instruments such as crypto - assets and stablecoins whose existence may accelerate the thrust among central bankers towards retail cbdc issuance. the discussion on cbdcs raises several issues, including are they inevitable in the digital age and will they impact financial stability. our panellists will address these key issues, providing a spring board for discussions of our research papers which cover traditional areas, including growth, debt, financial sector innovation, and public sector reform. all areas worthy of thoughtful and thorough examination. we hope that by bringing our best minds together to provide their local, regional and global perspectives, we can provide solutions through our shared experience and expertise to craft practical takeaways for navigating the current global space. i encourage you, whether you are here with us in - person or joining us online, to avail yourself of this opportunity to learn from our presenters, and indeed throughout the four days of this seminar. we hope this year ’ s ars will be not only informative, but also inspiring, as we work to confront the many challenges we as a nation and a region face. i thank you. 3 | page

sector. in conclusion, data doesn't just offer numbers ; it tells a story. a story of where we've been, where we are, and most importantly, where we can go. the intersection of technology and tourism presents an avenue ripe with opportunities. let's harness these insights to ensure that our beautiful island remains a premier destination, not just for the present generation but for many generations to come. thank you, and let us work together to build a future as luminous as the barbadian sun. 4 | page
answering that question is to look at the fundamental forces shaping economic activity. in that regard, a first consideration is that financial conditions should prove conducive to stronger economic growth over the next year or so. monetary policy is very accommodative. the nominal federal funds rate is currently 1 - 1 / 4 percent, a level that, using standard measures of core consumer price inflation, implies a real funds rate that is at or below zero, as compared with the real rate's long - run average of about 2 - 3 / 4 percent. with corporate risk spreads having narrowed considerably, borrowing terms are now quite favorable. business financing needs have been very limited recently, and demand for credit has been weak. but the financial sector is well capitalized and under little stress, and lenders should be well positioned to fund a pickup in business demand for credit. in addition, as i noted earlier, equity prices have moved up again. fiscal policy, like monetary policy, has been providing fundamental stimulus to economic growth over the past two years, through both tax cuts and higher outlays for defense. the tax proposals currently under consideration by the congress could add to that stimulus, either by accelerating some of the tax cuts enacted previously or by excluding some portion of dividends from taxable income. a third factor underpinning longer - run prospects for growth is the sustained strong uptrend in labor productivity. labor productivity rose 2 percent in 2001, a remarkable showing for a recession year, and it was up an additional 4 percent in 2002. productivity appears to have a strong underlying trend, which could support overall income growth even if the weakness in the labor market continues for a while longer. in assessing how these factors will play out over time, i find it useful to consider separately how they translate into a pickup in demand among households and among businesses. from the perspective of households, the combination of lower energy prices and tax cuts should help bolster real disposable income in the near term. in addition, the drag on household spending from the earlier declines in stock market wealth should gradually diminish, especially if the stock market holds on to its recent gains. low interest rates should allow consumers to continue to finance their purchases relatively cheaply, whether through home equity loans or through more standard instruments. the outlook for the business sector is perhaps a more critical consideration. here, too, the fundamentals look favorable. in the near term, lower oil prices should reduce the costs of production for

will hence not come under pressure from across the atlantic to tighten monetary policy any time soon? i doubt that ms yellen fits into all the slots that people put her in. at the fed, too, decisions are taken by a committee. ms yellen is highly experienced and has an excellent professional and academic background. the good cooperation with the ecb will be continued. we, as the ecb, will fulfil our mandate in line with our established strategy for the euro area. bis central bankers ’ speeches
l wilson kamit : monetary policy, supervision and governance of the financial system in papua new guinea speech delivered by mr l wilson kamit, cbe, governor of the bank of papua new guinea, at the workshop of the new ireland forum for development on ‘ partnership in development - understanding the issues ’, at the institute of public administration, port moresby, 14 august 2004. * * * rt. honourable sir julius chan ambassador noel levi other distinguished guests and speakers organisers of the new ireland forum for development ladies and gentlemen introduction i am honoured to be here today to address the new ireland foru m for development. the overall theme, ‘ partnership in development - understanding the issues ’ is an ideal one, given the current state of our socio - economic and political development, as well as the on - going changes within our nation and society. thank you mr. stephen mokis for the invitation. the new central banking act ( cba ) of 2000 requires greater transparency and accountability in the central bank ’ s activities. we are required to publicise economic information through the quarterly economic bulletins ( qeb ), annual reports, semiannual monetary policy statements ( the latest was dated 30 july ) and the monthly kina facility rate ( kfr ) announcements. this also requires giving talks and presentations to different sectors of the business and civic community on what we do, as opposed to the past where we shied away from such invitations to speak publicly. over the years, i had had the opportunity to address graduation ceremonies of educational institutions, given talks to business grouping and have made presentations at various forums around the country. with the central bank board, we have held board meetings at alotau, lae, wewak, kavieng and goroka. on other business, staff and i have visited manus, mount hagen and kokopo on different occasions to give public talks. there were also briefings to the national executive council ( nec ) and the economic ministers. in july last year ( 2003 ), i was invited to address the provincial governors ’ conference in kavieng. it was the first time for the central bank to address a large number of politicians and public servants under one roof. today ’ s invitation is one such meeting that we are happy to attend. the presentation is however slightly different, because whilst my talk on ‘ monetary policy, supervision and governance of the financial system ’ has a national emphasis, this forum has a provincial focus. i have divided my talk

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