samchain/econo-pairs-v2 huggingface dataset:
for quite some time. [ 15 ] central banks have to protect their balance sheets. after all, their financial independence is one of the conditions needed for them to safeguard price stability. this is why we should not mix up such risk - mitigating measures with 17. shin, h. s. ( seite ), central banks and policy the new world of payments, speech delivered on 30 june 2020. proposals which primarily target climate objectives. p p p y g p y j 18. king, m., monetary policy : theory in practice, speech delivered on 7 january 2000. and even if we do tilt the portfolio in a risk - oriented manner, we will be reliant on a suitable and transparent risk measure. it is all the more important, then, to enhance our pool of information, through reporting obligations for issuers or rating standards, say. that way, central banks can also help to better pinpoint climate - related financial risks in the market. they would thus be acting as a catalyst for the greening of the financial system and be supporting climate policy. 6 central bank digital currency there ’ s one final topic i would like to touch upon at least briefly : central bank digital currency. right now, you would be hard pressed to find an area that is being transformed by digitalisation as much as payments. yet digital money in itself is nothing new. households and businesses hold bank deposits on a large scale – that ’ s digital money created by commercial banks. so far, though, the only central bank money they have been able to use has been in the form of banknotes. access to central bank money in its digital form is reserved for banks. the digital euro would change all that : it would be intended for people and businesses. more than 50 central banks the world over are looking at the option of introducing this kind of central bank digital currency – with more joining them. [ 16 ] it could offer a host of advantages, such as lowering transaction costs and spurring completely new services. the political guard often points out that the digital euro could also help to preserve monetary sovereignty in europe. above all, though, the digital euro would make one thing possible : enabling people to pay with public money in a digital environment as well. this could be a weighty argument, especially given the declining use of cash. yet one thing is clear : the eurosystem will continue to provide cash ; the digital euro would be an additional offering. at the same time, there

on 14 december 2020. 17. shin, h. s. ( seite ), central banks and the new world of payments, speech delivered on 30 june 2020.
in the united kingdom, that brings together responsible finance experts from around the world and has a unique role for this endeavour. the focus on collaboration and convergence between the diverse fields of ethical and responsible finance has great potential to harness the best practices of positive finance in its various forms to collectively wield a powerful force in shaping future finance. moving forward, stable and sustainable development can be best served by re - connecting the current gulf between finance and value creation that is reinforced by bringing benefit to society. with the financial reforms by the international community now much in place, the imperative for future finance is not only by becoming stable and resilient but also becoming a deep anchor to its bedrock, the real economy and generating a positive benefit to the greater society. with that, allow me to wish you an engaging and productive forum. thank you. bis central bankers ’ speeches

in the middle chart, figures for the consumption activity index exclude inbound tourism consumption and include outbound tourism consumption. 2. in the right chart, seasonally adjusted figures are boj staff estimates. sources : cabinet office ; bank of japan ; japan national tourism organization, etc. chart 4 i. economic developments comparison between the present and around 2015 - 2016 crude oil prices and yen / u. s. dollar exports and production s. a., cy 2015 = 100 real exports u. s. dollar / bbl industrial production yen / u. s. dollar crude oil ( brent, left scale ) yen / u. s. dollar ( right scale ) " favorable " - 5 nonmanufacturing ( large enterprises ) nonmanufacturing ( small enterprises ) - 10 - 15 cy12 di ( " favorable " - " unfavorable " ), % points business conditions di ( nonmanufacturing sector ) cy14 sources : ministry of finance ; bank of japan ; ministry of economy, trade and industry ; bloomberg. - 20 cy12 " unfavorable " chart 5 i. economic developments boj's forecasts of real gdp ( april 2019 outlook report ) s. a., ann., tril. yen fiscal 2021 + 1. 2 % fiscal 2019 + 0. 8 % fiscal 2018 ( y / y % chg. ) + 0. 6 % fiscal 2020 + 0. 9 % fy 12 note : forecasts are the medians of the policy board members'forecasts ( point estimates ). sources : cabinet office ; bank of japan. chart 6 i. economic developments key points for the future domestic demand sustainability ( business fixed investment plans in the tankan ) developments in overseas economies ( imf world economic outlook ) 6. 0 growth rates, ann., % y / y % chg. average ( fy 2004 - 2017 ) 5. 5 5. 0 4. 5 4. 0 3. 5 3. 0 2. 5 2. 0 1. 5 1. 0 0. 5 advanced economies emerging market and developing economies world economy 0. 0 16 : h1 16 : h2 17 : h1 17 : h2 18 : h1 18 : h2 19 : h1 19 : h2 fy 2019 fy 2015 fy 2017 - 2 mar. june sept. fy 2016 fy 2018 dec. forecast actual notes : 1. in the left chart, figures for the world economy
the short term, but these trends are very positive for new zealand ’ s terms of trade which have picked up significantly over the last decade. the other important positive pressure is from australian growth. the australian mineral boom is now well documented, and expected to continue, if not intensify. the drivers in china and elsewhere look reasonably sustainable and as a low cost producer, australia appears better positioned than most to weather any reduction in chinese prices. the strength of the mineral boom has meant a strong australian recovery and a very strong aud currency. both of these outcomes are driving strong australian demand for food and manufacturing exports from a more competitive new zealand. we are a primary product supplier to asia, but we need to see ourselves also as a post - primary supplier to australia. so the medium - term outlook looks favourable. in the meantime we see new zealand continuing its recovery. the aftershocks identified so far, and other aftershocks yet to come, mean that this recovery could yet be a prolonged process. “ the coming surge in food prices ”, nomura, sept 2010.

specifically, i note a very timely and comprehensive analysis of liquidity issues was prepared in a special financial stability review by the bank of france in february. in new zealand, we have also been keenly aware of the liquidity risks that recent events have demonstrated. banks have had an important role intermediating capital account flows into new zealand ( and australia ), and have accepted a significant amount of short term capital flows in order to minimise funding costs. we want to look at whether the vulnerabilities that this can create have been adequately priced and managed – noting that some of the costs of a liquidity event are probably externalities that would ultimately be borne by other new zealand parties. breakdown of short term lending markets is one specific challenge we would expect to confront if the financial stability situation deteriorates markedly further in one or more of the major advanced economies. there will doubtless be other flow - on effects as well. like the transmission of subprime issues to monolines and seemingly unrelated markets, many of these flow - on effects could surprise us. however, the potential for a deterioration in financial stability to further intensify risk aversion seems significant. for countries like new zealand with substantial borrowing from abroad this could clearly have an impact on our cost of funds and / or our access to funds in some global financial markets.
, the peso actually appreciated by 2. 0 percent. in other words, the exchange rate is no longer adding to the inflation problem. that is the situation. the policy rate [ adjustment ] addressed two issues : first, it prevented the knock - on effects of supply shocks from spreading too much. second, it made the peso stronger, which also significantly reduced inflationary expectations. and, as i said, we did it without any risk that financial stability is reduced. 2 / 2 bis - central bankers'speeches

##p has invested $ 150 million in the green bond fund launched by the bank for international settlements. this bolsters environmentally responsible finance and investment practices. together with the department of finance, the bsp now co - chairs a newly formed inter - agency task force that is mandated to facilitate green finance initiatives. lastly, the bsp recognizes the important role of islamic banking in strengthening and promoting financial inclusion. the bsp, together with the other members of the interagency technical working group on islamic banking, is committed to support the growth of islamic banking in the country. prospects for 2020 2019 was a very good year. i expect 2020 to be even better. we will continue to pursue goals that will benefit the filipino people. we will persevere in pushing initiatives that will ensure that every filipino has wider access to financial products and services. we expect the share of electronic payments, or e - payments, in total payment transactions in the country to rise to about 30 percent of the total by end - 2020 and to 50 percent by end - 2023. it is our hope that by end - 2023, 7 out of 10 adult filipinos would have access to financial services through bank accounts. it is our hope that with your help, and the help of other industry players and other government agencies, we will enable more filipinos to reap the benefits of a stronger and more inclusive economy. toast that said, let me now call on the members of the monetary board to join me on stage for the ceremonial toast. finance secretary sonny dominguez, philip medalla, juan de zuniga, peter favila, tony abacan, and bruce tolentino. 3 / 4 bis central bankers'speeches everyone please join us as we raise our glasses to the very good year we had and the even better year ahead! let us all keep working together for a stronger and more inclusive economy! salamat at mabuhay tayong lahat! 4 / 4 bis central bankers'speeches
even setbacks along the way. we also need to be inclusive and make sure no one is left behind, especially those from regions and sectors where the need for economically viable and credible decarbonisation solutions is the most acute. that is why the theme of today's conference is transition finance. although most of us can agree that transition finance is critical in reaching the net - zero goals, how to do it, and how to do it right, is still very much under debate. despite the immediate challenges in labelling, collecting data, and building metrics, i have confidence that hong kong and dubai, working hand - in - hand, can chart a new path ahead. and this would require some fresh thinking as well. for example, we as financial regulators need to look beyond our traditional mandate and take up the role as an enabler of facilitation for such collaboration. it is on us to create a conducive environment, where honest, difficult but necessary conversations among diverse stakeholders have to take place. we also need to arm the market participants with the right tools and incentives to develop and test innovative solutions ; and lay the groundwork in infrastructure to facilitate cross - border climate fund flows. ian and i will share more of my thoughts in the coming session, and i look forward to an open and constructive exchange of views with you all. closing today's conference is just a first step in our building of a " net - zero asia a€ “ middle east corridor ". i hope the speakers'sharing today will catalyse a lot more fruitful discussions down the road. with that, may i invite ian and teresa [ ko, senior partner, hong kong, freshfields bruckhaus deringer and co vice chair, ifrs foundation ] to join me on stage for the fireside chat to kick - start our event today. thank you very much! 2 / 2 bis - central bankers'speeches

possible without the dedication, expertise and integrity of the hkma ’ s own management and staff. they are a credit to hong kong. 59. but at the same time, we could not have done it without the professionalism of all of you in the banking industry. so i would like to thank all of our friends in the hong kong association of banks and the hong kong institute of bankers. your constructive feedback and positive attitude to our relationship has made our mutual success possible. 60. as i say farewell, i trust that our collaborative relationship will continue, to the benefit of not only the banking industry but the whole hong kong economy and community. 61. i wish you all the very best for the future. thank you all very much. 5 / 5 bis central bankers'speeches
, let me wish you all a very productive symposium with lively and enlightening exchanges of views. christine, the floor is yours. 3 / 3 bis central bankers'speeches

contra - cyclical. in this regard and especially in the light of the profits announced by the major banking groups and the large payouts to traders, ceos or shareholders in the form of dividends, i would like to stress that these profits should primarily be used to bolster capital ratios and allow banks to focus on their core task of financing the economy. all in all, i praise international standards in the field of prudential rules. the ones already developed over many years and which the crisis is now leading us to adapt, or the new ones under scrutiny, are only meaningful and will only produce their desired effects if they are applied by all countries and, needless to say, first of all by those that negotiated them. from that viewpoint, the adoption of the basel ii framework by the united states looks to be one of the most important and urgent issues. it is also very important to improve and harmonise accounting standards. the views of g20 countries sometimes differ as to the role of accounting. for instance, one contentious issue is marking - to - market and the extent to which fair value accounting should be applied. it is vital that the accounting choices of standard setters better take on board the financial stability dimension, since they have an impact on the latter. lastly, the crisis has also highlighted the limitations of self - regulation ; it is also essential that the regulation of all systemically important institutions and markets be proportional to their potential impact on financial stability. however, in order to implement such an approach, agreement would have to be reached at the international level on a standard definition of the systemic nature of an entity, which clearly does not depend on its size alone. moreover, the consistency and the appropriate balance of such potential specific rules with the general rules must also be ensured. for instance, for banks, it is important to allow for the fact that the size of an institution is already taken into account in the prudential ratios, since capital requirements are proportionate to exposures. it is also important to bear in mind that the diversification of business lines, which goes hand in hand with a certain size of institution, may be a factor of resilience that should not be discouraged. this is an important and delicate task that has been entrusted to the fsb. 2. developing multilateral surveillance i will now turn to collective surveillance. let me start with the following simple observation : the crisis did not emerge from where we were expecting. our warning systems, both at the national
small modular reactors ( smr ), ai - based defence equipment, biotechnology, rare earths extraction, battery technology, oceanography and space exploration. the start - up ecosystem that encompasses these sectors needs to be promoted to hasten the progress of the country. concluding observations 29. let me now conclude by saying that as india ’ s growth narrative changes from caution and watchfulness to optimism and exuberance, it is now india ’ s time to make a mark in the emerging global economic today, india has the third largest startup ecosystem in the world ( https : / / pib. gov. in / pressreleasepage. aspx? prid = 1913106 ) and is home to more than 99, 000 recognised startups ( https : / / www. startupindia. gov. in / accessed on july 22, 2023 ). india ’ s tech startups raised us $ 18. 2 billion in cy2022 ( india tech start - up landscape report 2022, nasscom and zinnov ), and india added 23 unicorns to its tally this year, the second highest only after the us. 17 india tech start - up landscape report 2022, nasscom and zinnov landscape. a recent media article aptly captures india ’ s potential in an article titled : “ the global economy needs a new powerhouse. india is stepping up ”. 18 the need of the hour is to make concerted efforts in the areas outlined in my speech today and also a few other areas to lay the foundations of this new powerhouse - india - which is destined to grow in size, confidence and inclusiveness. thank you. namaskar. https : / / www. bloomberg. com / news / features / 2023 - 01 - 23 / india - s - 1 - 4 - billion - population - couldbecome - world - economy - s - new - growth - engine # xj4y7vzkg

giving me the opportunity to address it. 1 https : / / www. imf. org / - / media / files / publications / wp / 2021 / english / wpiea2021221 - print - pdf. ashx 6 / 6 bis - central bankers'speeches
rehabilitation of slum dwellers as well as for construction of individual dwelling units of up to rs. 1. 0 million are treated as priority sector loans. government also allows deduction from income up to rs. 0. 1 million per annum for principal repayment and rs. 0. 15 – 0. 25 million for interest component for income tax purposes. in addition, there are several specific government schemes for housing for the underprivileged. while these measures have incentivised house ownership, there is a huge bis central bankers ’ speeches gap between demand and supply besides affordability. let me now turn to house prices which have implications not only for demand but also for financial stability. house prices real estate prices are conceptually somewhat different from the prices of goods and services. while prices are generally determined by supply and demand, real estate prices additionally reflect market ’ s expectations of future prices. as experience shows, if expectations are belied there could be dramatic adjustments in prices raising stability concerns. compilation of house price indices is challenging not only because of difficulty of gathering accurate price data but also due to quality changes in the construction of similar size of houses even in the same locality. to overcome these challenges, various methods for measuring house prices such as hedonic prices, repeat sales, median prices and sale price appraisal ratio have been developed. it is therefore not feasible to construct a single index that would satisfy all the requirements. the choice of a method therefore is largely influenced by the ease of regular availability of data and the characteristics of the housing market. for example, the case - shiller index based on repeat sales data is popular in the us. however, given the predominance of new construction and first time ownership, repeat sales method may not be suitable in the indian context. in india currently, we have two publicly available house price indices ( hpis ) : ( i ) nhbresidex compiled on survey based information for 20 cities, and ( ii ) rbi - hpi based on registration prices information for 9 cities. the work of compilation of a hpi was initiated by the reserve bank in 2007 beginning with mumbai city. subsequently, the coverage has been extended to eight more cities : delhi, chennai, kolkata, bengaluru, lucknow, ahmadabad, jaipur and kanpur. apart from data for individual cities, a composite house price index ( hpi ) covering these 9 cities with base 2008 – 09 : q4 = 100 is currently being disseminated by the

higher incomes and accelerate the benefits of reforms, thereby making the euro area more resilient to global shocks. fiscal policies should support the economic recovery, while remaining in compliance with the eu ’ s fiscal rules. full and consistent implementation of the stability and growth pact is crucial for confidence in our fiscal framework. at the same time, all countries should strive for a growthfriendly composition of fiscal policies. we are now at your disposal for questions. bis central bankers ’ speeches
first as our economic fundaments remain sound and the banking system is in a position to support economic recovery. as a result, interest rates in emerging market economies are expected to be raised faster than the industrialized countries. these interest rate and growth differentials against the backdrop of ample global liquidity are breeding the carry - trade behaviour with the usd as the funding currency this time. this leads us to our third challenge, which is how to prevent the surge in capital inflows from creating unwarranted instabilities such as excessive volatility in the currency market and asset price bubbles. in response to this challenge, we are beginning to see some countries such as hong kong, korea, singapore and china tightening their prudential standards to cool down speculative pressure in the real estate sector. in addition, brazil has recently imposed measure to slow down the inflows of fund into its stock market. in the case of thailand, net capital flows have turned positive in july and continued to remain so, causing the thai baht to strengthen as the current account is also in surplus. nevertheless, the thai baht has been moving in line with other regional currencies and the bank of thailand remains vigilant in ensuring this continues to be the case. in order to make capital flows more balanced, we are in the process of furthering the liberalization of capital outflows. this would also increase the flexibility of our businesses in financial management. as for the issue of asset price bubbles, while the signs of accelerating asset prices observed in many countries in asia are not so apparent in thailand at this time, the risk is not neglected. as a matter of prudence, the bank of thailand will continue to closely monitor asset prices to ensure financial stability prevails in the long term. ladies and gentlemen, i would like to conclude my speech tonight by reiterating that the economic recovery in thailand is expected to continue going forward. nevertheless, the risk of an aftershock is not negligible due to fragile global and domestic environment. hence, businesses and policymakers alike need to remain vigilant, but at the same time, should not be overcome by unreasonable fear. one important factor that will help speed up the process of recovery is the return of investment and trade within the country. with our economic resilience and strong economic fundamentals, i would like to assure you that thailand remains a lucrative place to invest. despite this difficult time, the bcct has always been

, t. laubach, f. s. mishkin and a. s. posen, ( 1999 ), inflation targeting : lessons from the international experience, princeton, n. j. : princeton university press. taylor, j. b. ( 1993 ) exposes a simple interest rate rule for price stability, see “ discretion versus policy rules in practice ”, carnegie - rochester conference series on public policy 39, p. p. 195 – 214. bis central bankers ’ speeches