samchain/econo-pairs-v2 huggingface dataset:
the risks surrounding the outlook and in judging the appropriate future course of monetary policy. references blinder, alan s. ( 2023 ). " landings, soft and hard : the federal reserve, 1965 – 2022, " journal of economic perspectives, vol. 37 ( winter ), pp. 101 – 20. duesenberry, james s. ( 1949 ). income, saving, and the theory of consumption behavior. cambridge, mass. : harvard university press. gali, jordi ( 1994 ). " keeping up with the joneses : consumption externalities, portfolio choice, and asset prices, " journal of money, credit and banking, vol. 26 ( february ), pp. 1 – 8. lindsey, david ( 2003 ). " a modern history of fomc communication : 1975 – 2002 ( pdf ), " memorandum, board of governors of the federal reserve system, division of monetary affairs, june 24. pollak, robert, a. ( 1970 ). " habit formation and dynamic demand functions, " journal of political economy, vol. 78 ( 4, part 1 ), pp. 745 – 63. stigum, marcia, and anthony crescenzi ( 2007 ). stigum's money market, 4th ed. mcgraw - hill. volcker, paul ( 1981 ). " dealing with inflation : obstacles and opportunities, " speech delivered at the alfred m. landon lecture series on public issues, kansas state university, manhattan, kansas, april 15. 5 / 6 bis - central bankers'speeches 1 the start date of 1989 is motivated by the fact that this was the earliest cycle in which the fomc was viewed as considering monetary policy actions in terms of discrete 25 basis point, 50 basis point, etc., rate moves in the federal funds rate target and, as such, is more comparable to today. see stigum and crescenzi ( 2007 ) for a discussion of the fomc's increased focus on federal funds rate targeting in the late 1980s as well as lindsey ( 2003 ), who describes the fomc's further shift toward targeting the federal funds rate in 1989 by discontinuing the practice of targeting borrowed reserves. 2 the pce inflation numbers in table 1 are revised data, which means the data that policymakers were reviewing at the time - the so - called real - time data - could have been different. in addition, for some of these cycles, policymakers focused

on cpi inflation more than pce inflation. also, note that while the table frequently references inflation relative to a 2 percent rate, it was only for the last peak - rate episode for which the fomc had established a 2 percent rate of inflation to be most consistent over the longer run with its price - stability goal, per its first " statement on longer - run goals and monetary policy strategy " adopted in january 2012. 3 the data shown in figure 4 are revised data. 4 blinder ( 2023 ) labels the july 1995 episode as the " perfect soft landing " and identifies other " softish " landings ( see his table 1, page 119 ). blinder ( 2023 ) defines a softish landing as an outcome in which real gdp declines by less than 1 percent or there is no nber recession for at least a year after an fomc tightening cycle. 6 / 6 bis - central bankers'speeches
0. 5 percentage points, to 14. 5 %. 2 / 3 bis - central bankers'speeches the easing of interest rate policy will support economic recovery, without threatening macrofinancial stability. the new level of interest rates on the nbu's operations is sufficient to maintain the attractiveness of hryvnia assets, safeguard exchange rate sustainability and retain moderate inflation. in particular, for these purposes, the nbu plans to continue operations with threemonth certificates of deposit as an effective element of the operational design of interest rate policy, which has proven to be effective over the past year. at the same time, in the context of the interest rate policy easing cycle and a steady slowdown in inflation, the need for a significant difference between the interest rate on this operation and the key policy rate is diminishing. in view of the above, the nbu is cutting the interest rate on three - month certificates of deposit by 1. 5 percentage points, to 17. 5 %. what is more, the nbu is decreasing the interest rate on refinancing loans by 1. 5 percentage points, to 19. 5 %. the interest rate on overnight certificates of deposit will continue to equal the key policy rate. if required, the nbu will continue to modify the parameters of operations with threemonth certificates of deposit. in particular, starting from 19 april, to determine the limit on banks'investments in three - month certificates of deposit, the growth of hryvnia household deposits with a maturity of more than 93 days will be calculated for the last 12 months ( rather than from 4 april 2023, as is currently the case ). this will encourage banks to increase their portfolios of hryvnia household term deposits, which is important for maintaining exchange rate sustainability and protecting international reserves. the nbu will continue the cycle of interest rate policy easing, provided that risks to inflation and exchange rate sustainability are sustainably reduced the nbu continues to be prepared to adapt its interest rate policy dynamically in response to changes in the balance of risks to inflation and exchange rate sustainability. maintaining a controlled situation in the fx market and moderate inflation, as well as increased foreign aid inflows, will create preconditions for further steps to cut the key policy rate and ease fx restrictions. they will promote lending and support economic recovery. 3 / 3 bis - central bankers'speeches

milestone in the process of building the capital market union. finally, i wish to thank the staff of the 4cbs and the ecb for their effort and their commitment to the project ’ s success : they have all been involved in the development of t2s and are now actively engaged in the operational phase. and thanks to all those involved central banks, csds, financial markets - for their unflagging support and decisive contributions. once again, let me extend our welcome to everyone present. i wish you all a pleasant evening. bis central bankers ’ speeches
use up its excess capacity. this would mean significant downside risk to our underlying inflation profile, which is already below target because of the expected dissipation of one - time inflation effects from meat, communications and dollar depreciation. obviously, these risks would be even more material if oil were to average $ 50 a barrel. adding at least another year onto the period during which the economy would be operating below capacity and accepting more downside risk on inflation was considered unreasonable. accordingly, we decided that it was appropriate to take out some insurance against that downside risk in the form of a lower interest rate profile. policy insurance is a logical part of our risk management framework. today ’ s action is intended to reduce the risk that our inflation path might move materially to the downside, as well as cushion the impact of lower oil prices and facilitate the economy ’ s sectoral adjustment to its new circumstances. the bank has room to maneuver should its forecast prove to be either too pessimistic or too optimistic. bis central bankers ’ speeches we also considered carefully the matter of financial stability risks. for the past couple of years, we have seen periods of downside risk to the inflation profile, but the horizon over which we believed inflation would return sustainably to target remained reasonable, around two years. financial stability risks have been elevated throughout, sometimes evolving constructively, sometimes edging higher. but they did not pose sufficient concern to make it necessary to alter policy and delay further the economy ’ s progress toward sustainable 2 per cent inflation. the drop in oil prices, however, has two separate effects relevant to policy. as already discussed, it materially increases the downside risk to underlying inflation, but it also increases the household debt - to - income ratio significantly. while it is true that a lower profile for interest rates may exacerbate household imbalances at the margin by encouraging more borrowing, the far more important effect will be to mitigate those imbalances by cushioning the decline in income and employment caused by lower oil prices. ultimately, we believe the most reliable way to reduce financial stability risks is to do what we can to get the economy back to full capacity and sustainable inflation. finally, we discussed the risk that by moving today we would surprise financial markets. we generally prefer that markets not be surprised by what we do, and believe that transparency around our analysis of the economy will minimize the scope for surprises. in that respect, we took comfort from the observation that

the consequences of the drop in oil prices appear to be well understood, and that the possibility of a rate cut had begun to enter markets in the last couple of weeks. moreover, given the magnitude of the shock, we concluded that the benefits of acting now rather than waiting would outweigh the costs of any short - term market volatility that might arise. with that, carolyn and i would be happy to take your questions bis central bankers ’ speeches
amando m tetangco, jr : efforts to provide an integrated national payments and settlements system remarks by mr amando m tetangco, jr, governor of the central bank of the philippines ( bangko sentral ng pilipinas ), at the signing of the moa on the interconnection of pds settlement highway ( psh ) and bsp philpass, bangko sentral ng pilipinas, manila, 29 august 2007. * * * monetary board members ; mr. vicente castillo, ceo, philippine dealing system holdings corp ; mr. ramon sy, president, bankers association of the philippines ; guests from our partners in the banking sector ; bsp officials ; our friends from the media ; ladies and gentlemen, good afternoon! today ’ s moa signing is another landmark in our joint efforts to provide an integrated national payments and settlements system. as partners in the financial reform agenda, we have all vigorously worked together to have the various pieces of the payments puzzle be put together. in the process, we continue to work towards the establishment of the infrastructure that would allow the secure and timely completion of transactions to reduce systemic risk in the financial markets and thereby enhance the integrity of financial transactions. in the course of the last five years, the bsp ’ s philpass has been interconnected with the check and peso clearing results of the pchc, the delivery vs. payment of government securities transactions of the bureau of the treasury, the atm transactions of the megalink member banks, and the payment vs. payment ( foreign exchange ) transactions of the philippine dealing exchange. to date, all the commercial banks and 50 % of the thrift and savings banks and some non - banks performing quasi - banking operations settle these various transactions in the philpass. with the signing of the memorandum of agreement for the interconnection of the philippine dealing system holdings corporation ’ s settlement highway with philpass, all the payment instructions for transactions that would be done through the pds group could now be transmitted directly to the bsp - philpass and effected in the ddas of the counterparties who are philpass member banks or through the ddas of the philpass member bank in their capacity as settlement banks for non - philpass members. these transactions include foreign currency transactions, interbank and interdealer repo transactions, and interbank fund transfers. it is also worthy to note that this interconnectivity comes at very minimal cost. this is because the infrastructure

is already in place ; all that needed to be done was minimal reconfiguration of the existing systems to capture these additional types of financial transactions. the bangko sentral ng pilipinas, in fulfilling the third pillar of its mandate, will continue to work to improve the operations of the philpass to better address all the concerns of our stakeholders. we are well aware, however, that we cannot do this alone. we look forward to your continued support and partnership. thank you!
stability.

yannis stournaras : the acropolis of athens and contemporary europe speech by mr yannis stournaras, governor of the bank of greece, at the official dinner on the occasion of the ecb governing council meeting, athens, 25 october 2023. * * * dear prime minister mitsotakis, dear president lagarde, dear finance minister hatzidakis, dear colleagues and partners, it is a great pleasure to welcome you, the governing council of the ecb, to the bank of greece. it's been a long time, 15 years, since we last met here. what has happened since then is well known to all of us. it is now part of our shared history. what is important is that we are all now wiser, stronger, closer to each other, better prepared to tackle difficulties, more european. ladies and gentlemen, this room was designed to host esteemed guests like you, and is decorated with paintings made by some of the most important modern greek artists. but the most beautiful sight of this room you can see outside : it's the acropolis of athens, with the parthenon, its central temple. there's hardly an end to the list of things that one can say about the acropolis. the history, architecture and art of the monuments on this rocky hill have inspired many historians, artists and researchers. the parthenon was built between 447 and 438 bc, during the so - called " golden ge of pericles ", the athenian politician inextricably linked with the heyday of democracy demokratia ; literally, the power of the people - as a form of government that was destined to have a profound impact on the development of the western world. the acropolis is the most accurate reflection of the splendour, power and wealth of 5thcentury athens, a city - state at the peak of its glory. and it has the parthenon located at the most conspicuous point. the parthenon was dedicated to the goddess athena, who was much more than a patron goddess of athens. she was the apotheosis or deification of the athenian city. the parthenon was built by ictinus and callicrates, two famous architects of the time. its pedimental sculptures, frieze and metopes were the work of a team coordinated by master sculptor phidias. phidias also created the gold and ivory statue of athena
bankers of the 1980s - an era that has oft been alluded to as the ‘ decade of greed ’. this set in motion a period when dramatic financial success received acclaim, flamboyant star operators were viewed as folk heroes and cautionary words from regulators were viewed with distaste. at another level, they are attributable to the changed business environment of relentless competition in which firms operate. this competition has brought with it pressures on corporate managements to consistently sustain and enhance their financial performance and demonstrably enhance shareholder value. the pressures on management, have in the recent past, also spilled over to auditors and how they conduct their business. these pressures have also brought into focus concepts of earnings management - the quality of earnings and how methods of earnings management may lead to or even constitute fraud. the accounting, regulatory and ethical failures subsuming the system, the cultural ethos and individual deviance have squarely resituated professional values and ethics and the broader governance issues onto the centre stage of boardroom concerns. the general dismay was, in fact, not with insolvencies per se but with unexpected collapses where the financial statements, regulatory warnings did not presage what was to come. the un - serviceability of accounts to give a true and fair picture of what lay in store, the inaction of regulators to gauge the pulse of the forthcoming events and the ethical failures of the organisational culture or of individuals that perpetuated acts of commission or omission painted a picture of a systems failure that often got blurred with the media focus on personalities and on deviant behaviour. this in turn has brought back into focus the quest for codes and standards as well as the issue of values and ethics in business. while the quest for codes and standards, in generic terms is, in some ways, never ending, the endeavour in accounting and finance, nonetheless, is geared to improve the reliability of financial statements. this makes them more credible and increase shareholders ’ confidence. confidence in financial statements reduces the cost of capital and makes the markets more efficient. thus, in a market economy, quality accounts, audits and the integrity of professionals create an enabling environment for economic efficiency and corporate growth. historically, the importance of published accounts was brought into focus by the uk ’ s companies act of 1844. this, over time, gave rise to the quest for standards, codes and quality in accounting in market based economies has been to shore up investor confidence by setting strong and binding

more questions than answers. today i sign off with a call for more innocent times and leave you with a chiasmus ( where meaning is reversed as in a mirror image ) : i trust that value based professionals value the profession they profess and value the values they profess to value. i leave it to you to pause and ponder.
, patrick d. walker, sukanya chaudhari, robin varghese – perc press ( june 2012 ) 5. general principles of credit reporting, consultation paper, world bank 2011 6. worldbank datasets 7. doing business 2012, doing business in a more transparent world, the world bank bis central bankers ’ speeches

case of sme bis central bankers ’ speeches borrowers are far lesser than that in case of other larger borrowers. hence, there is a strong case for providing greater credit to this business segment. here, i see a significant role for the cics in building an information base on smes and assisting banks in their credit decision making. i would urge the cics to take urgent steps to bridge this information void and help facilitate flow of credit to smes, which would provide an impetus to the overall economic growth environment. identity fraud – an emerging threat and role of the cics in combating it according to the norton cybercrime report 2011 more than two thirds of online adults ( 69 percent ) have been a victim of cybercrime in their lifetime, and every second 14 adults become a victim of cybercrime, resulting in more than one million cybercrime victims every day. the situation is equally alarming in india. fraud, especially in the banking domain, assumes great significance due to the associated reputational and monetary losses. incidence of frauds can severely dent the confidence in the financial system, particularly at a time when we are trying to use technology as the medium to bring more and more of the excluded masses into the formal financial system. fraudsters employ innovative ways of impersonating others using altered kyc documents. they also apply for credit at multiple banks at the same time by exploiting vulnerabilities in banks ’ systems and processes. alternately, fraudsters can also apply for credit from the same bank at multiple locations assuming different identities. while guidelines around kyc norms have been strengthened and the banks are being encouraged to provide unique customer ids at the institutional level, the credit bureaus have capabilities to play an important role in preventing such frauds by providing a holistic view of the individual and highlighting the different variations of id information, as provided to different credit providers. also, data sharing mechanism amongst banks can help in identifying serial fraudsters by picking up inter - temporal and inter - bank inconsistencies of application data to provide an early warning mechanism to identify potential risk cases. further, in a robust kyc system, banks could consider using multi - database checks on an individual ’ s identity at the time of underwriting that encompasses different identifier databases like uid, pan, voter id, passport, etc. this will help in rooting out many cases of identity frauds through fraudulent documentation. from a consumer ’ s perspective, cics hold
borrowing limit for banks was also raised from 50 to 100 per cent of unimpaired tier i capital with option to swap with rbi. these schemes mobilised us $ 34. 3 billion. [ swap schemes were closed by end - november 2013. ] bis central bankers ’ speeches

monetary conditions, and were intended to signal a policy shift towards maintaining interest rates at lower levels for a longer period. spillovers to emes it is widely perceived that in absence of unconventional monetary policy measures, financial sector meltdown and recession, particularly in advanced economies, would have been more severe, which in turn could have significantly impacted the global economy. 1 however, opinion remains divided on the efficacy of prolonged recourse to unconventional monetary policy. it is argued that greater risk taking behaviour as an outcome of unconventional measures could undermine financial stability. furthermore, there is the risk of postponement imf ( 2013 ), global impact and challenges of unconventional monetary policies, imf policy paper, october. bis central bankers ’ speeches of necessary fiscal reforms that were otherwise required. more importantly, there are concerns of cross - border spillovers in terms of capital flows, exchange rates and other asset prices, particularly in emerging market economies ( emes ). this was fully in evidence as the fed communicated its intention of undertaking tapering earlier than anticipated which increased financial vulnerabilities across emes, though subsequent communication somewhat eased the pressure. these policy developments, however, have significantly altered the external financial environment in many emes, including india. even before the tapering talk, the impact of policy changes in systemically important advanced economies on the rest of the world through various channels was in evidence. unconventional monetary policy measures not only supported domestic economies, but also boosted a broad range of asset prices globally, especially equity and bond markets in emes. in fact, recent literature suggests that besides domestic pull factors in emes, push factors – monetary policy in advanced economies and global risk appetite – were important determinants of capital flows to emes. 2 while the presence of cross - border spillovers from policy changes / announcements in advanced economies is well recorded in the literature, the more recent debate has been on the degree and kind of spillovers across emes and how these could be minimised. governor rajan argued that capital flows pushed into emes due to ultra - accommodative monetary policy in source countries tend to increase local leverage not only through cross - border banking flows but also through appreciating domestic currencies and escalation in asset prices. the exit from a prolonged use of unconventional monetary policy also poses the risk of asset prices overshooting on the downside which can cause significant collateral damage. 3 according to the imf, emes received much larger net