samchain/econo-pairs-v2 huggingface dataset:
i mentioned earlier, many people associate crowdfunding with tech startups and art initiatives. however, there may be ways that this new form of fundraising can be adapted to community development investing. given how wide open the issues are, today ’ s event is a working meeting with discussion groups. we appreciate your willingness to share your time with us, and we look forward to benefitting from your insights. thank you. calvert foundation ( pdf ). bis central bankers ’ speeches

jeremy c stein : crowdfunding for community development finance welcoming remarks by mr jeremy c stein, member of the board of governors of the federal reserve system, at the crowdfunding for community development finance conference, washington dc, 24 march 2014. * * * good morning. let me start by welcoming everyone to the federal reserve. today ’ s topic of crowdfunding for community development finance is an important and topical one, and i want to thank you all for helping us think through the challenges and opportunities presented by this new technology as it relates to raising funds for local communities. this gathering is particularly timely for two reasons. first, in many communities, traditional resources for community development are shrinking, and the field is actively seeking to identify new sources of funding. second, the securities and exchange commission recently released its proposed rule under the jumpstart our business startups – or jobs – act, which is likely to influence the environment for crowdfunding in general and for community development finance specifically. to the extent that most people know about crowdfunding at all, they may associate it with tech startups or independent movie production, since the press coverage has often focused on examples in these areas. these stories typically describe the use, and often success, of crowdfunding, as aspiring inventors and artists are able to tap the internet to raise the money that can help make their visions a reality. the question for today is whether this power of the crowd can be harnessed to support community development, a field that has not widely benefitted from crowdfunding thus far. indeed, when i say “ power of the crowd, ” it is worth noting that while individual investment amounts may be small, the total amount of funds raised from this source can be large. although we lack reliable data on the current size of crowdfunding, some sources indicate that it ’ s a multibillion - dollar industry, with more than 1 million separate offerings each year, and that the field is growing rapidly. 1 while crowdfunding may not be as well known in the community development context, there are, in fact, existing models of crowdfunding for community development that we can learn from. i understand that several of these existing models will be discussed on a panel later this morning. one local example is fundrise, an investment platform for commercial real estate that gives individuals the opportunity to invest directly in neighborhood businesses. fundrise started on the h street corridor here in d. c., and has completed
christopher kent : opening panel remarks - fx week australia opening panel remarks by mr christopher kent, assistant governor ( financial markets ) of the reserve bank of australia, at the fx week australia, sydney, 27 march 2019. * * * thanks to fx week for the invitation to discuss the fx global code. when the fx global code was launched in 2017, the aim was that it would promote a robust, fair, liquid and transparent wholesale market. to do that, the code sets out principles of good practice. as awareness of the code builds and more market participants commit to adhering to its principles, standards will no doubt improve across the market. the code has already gained significant traction in the marketplace. a recent survey of market participants by the global foreign exchange committee ( gfxc ) confirmed that awareness of the code within the industry was now very high. almost all of those surveyed had read part or all of the code. furthermore, the vast majority of respondents indicated that they expected or required their counterparties to adhere to the code. globally, there are now more than 800 firms that have signed statements of commitment to the code and lodged them on public registers. so what do we need to do from here? globally, it is clear that the sell - side have embraced the code. what appears to be missing is comparable take - up from the buy side. this is as apparent in australia as it is in other jurisdictions. to some extent, this could be just a lag as buy - side participants take longer to complete the process of reviewing the code and aligning their practices to it. encouragingly, the gfxc ’ s survey showed that while current take - up from the buy - side was low, many of the buy - side respondents indicated that they did intend to adhere and some of those had already begun the process. more broadly, though, the gfxc is conscious that greater take - up from the buy - side will be needed and the gfxc is actively looking at ways to achieve that end. for those in the audience from the buy - side the question i would put to you is : can you justify to your stakeholders — whether they are your investors ( if you are a fund manager ) or shareholders ( if you are a business ) — why you have not adopted a set of principles which represent industry best practice when you are managing their money? the widespread adoption of the code will benefit everyone involved in the fx industry, regardless of where you sit

together as a team, we will be able to ensure ever - more prosperous lives for our citizens. let me not take up any more of your time, but let me wish you an enjoyable time during the remainder of your stay here. ladies and gentlemen, thank you for your attention.
songs. the coin we are launching today is the third commemorative coin issued by the central bank this year. earlier this year we issued two coins to mark historical events. firstly a €100 gold proof coin to mark the first meeting of dail eireann in 1919. secondly a €15 silver proof coin to commemorate 100 years since the first transatlantic flight by aviators john alcock and arthur brown in june 1919. at this point, i would like to thank the numismatic advisory committee for their part in selecting the themes and issues we commemorate. i would also like to thank all the staff in the bank who have worked on this coin and the event today. with our third coin of the year, we celebrate 70 years since the birth of phil lynott in 1949. this coin is the second in a three - year series called ‘ modern irish musicians ’ and follows the rory gallagher coin in 2018. rory and phil played together in punchestown, many years ago. a gig never to be forgotten by anyone who was there and indeed one which president higgins recalled at the launch of the rory gallagher coin last year. struck in sterling silver, and minted in the royal dutch mint, the coin is designed by artist sandra deiana, and my thanks to both of them. it pays tribute to phil with a depiction of him in a characteristic pose with his bass guitar and sound waves emanating from it. behind the main focal point of the design is a graphic representation of a vinyl record. in 2013, phil ’ s bandmate scott gorham said " phil was so proud of being irish. no matter where he went in the world, if we were talking to a journalist and they got something wrong about ireland, he'd give the guy a history lesson. it meant a lot to him ". [ xii ] i can think of no better way to honour that pride in being irish than to be commemorated on an irish coin which recognises modern irish musicians. next year we will complete this coin series when we commemorate the 80th anniversary of the birth of dublin born musician luke kelly. phil lynott ’ s iconic status, his contribution to modern irish music and the enduring popularity of his music is why the bank has issued a coin honouring him. like phil lynott and thin lizzy, the central bank of ireland ’ s commemorative coins also have a local as well as a global following amongst collectors including in the us, europe, middle east and asia. and so we expect phil

to grow over time at a non - inflationary and therefore sustainable pace. the longer economic growth is sustained, the more benefits we will see in terms of improved incomes and employment. [UNK]
- 5 source : capie, f and webber, a ( 1985 ), “ a monetary history of the united kingdom, 18701982 ”, and ons.

developments, since it does not account for the effects of other determinants of inflation in each country. in addition to the effects of globalisation on inflation through the channels i previously described, globalisation can affect both long - term inflation and its short - term dynamics by affecting a country ’ s potential growth as well as global potential growth and the movements of capital and liquidity across borders. recent research at the bis and by other economists has tried to conceptualise these effects and estimate global potential growth and the associated “ global output gap ”, pointing to evidence that the degree of global economic slack could be becoming an important factor influencing domestic cyclical conditions. such calculations may further explain why global inflationary pressures have been rather subdued, with few signs of “ second - round ” effects from the sharp rise in oil prices over the past two years, partly reflecting the effects of globalisation on the demand side of the oil market. they may also help explain why inflationary pressures may be increasing in the coming quarters as the global economy continues to expand at a robust pace, greater than the estimated range of rates of global potential growth. at the same time, it should be perfectly clear that the uncertainty surrounding estimates of the rate of global potential growth ( and of the global output gap ) is considerable and obviously exceeds the uncertainty associated with the estimated potential growth rate of a national economy. consequently, the usefulness of such measures is rather limited in practice and extreme caution is warranted in deriving conclusions about their impact on the dynamics of inflation. ultimately, global inflation will be determined over the long term by the trend increase in global liquidity. the relationship between global trend money growth and long - term inflation will depend, however, on the way globalisation affects the rate of expansion of the productive capacity of all economies as well as on its effects on the factors and mechanisms that determine the “ velocity of circulation of global money ”. this simple conceptual framework points to the usefulness of examining the determinants of global portfolio allocation patterns and it can also help explain the observed longterm statistical relationship between global inflation and money creation. overall, apart from a few episodes, there was a positive correlation between long - term inflation and trend money growth in industrial countries until the mid - 1990s ( see chart 8 ). since that time, money growth has increased persistently, while inflation has remained subdued. while competitive pressures resulting from globalisation seem to have at least partly contributed to containing consumer price inflation in recent years, the wide
sector to further move towards the reduction of gender inequalities and a more inclusive finance. this regulatory text, which will be adopted before the end of the year, calls for a genuine implementation of the gender dimension by ( i ) entrenching professional gender equality within banking institutions ; ( ii ) developing offers adapted to the needs of female customers, in particular female entrepreneurs, based on dedicated refinancing mechanisms such as “ gender bonds ” ; and ( iii ) assisting these institutions in the implementation of funded projects. furthermore, to catch up with the deficit in accessing financial services, the ministry of finance and bank al - maghrib have developed and implemented a national strategy for financial inclusion. this strategy targets as a priority women, youth and the rural population. ladies and gentlemen, alongside these efforts as a regulator, bank al - maghrib is striving as an enterprise to set an example in terms of professional equality between men and women. we have instilled equity and equality in all our processes, as well as in the recruitment, promotion and social rights. women now represent 40 % of the bank ’ s total workforce, as well as of its management and board. our 2019 - 2023 strategic plan enshrines gender equality as a guiding principle for the bank ’ s actions. in 2020, bank al - maghrib has adopted a charter for professional gender equality that specifically recognizes the inclusive nature of the work environment and the mix of professions and promotes work / life balance. in order to explore the best practices in gender awareness and facilitate the exchange of experiences, we have with a number of central banks instituted a regular meeting dedicated to gender and reserved exclusively for women. this initiative has been very successful, and we have been approached by several central banks who wish to join us. we aspire to convert this regular meeting into an intercontinental forum of central banks dedicated to the gender issue, initially in africa - latin america. ladies and gentlemen, the fight against gender inequality requires a firm and sustained political will, reinforced monitoring and consultation of all stakeholders. over and above public policies, this is a cultural change that must be carried out, especially in our region, through ongoing education, promotion and awareness raising. on the eve of a new post - covid era marked by the impacts of the crisis, rapid mutations and paradigm shifts, this work is more necessary than ever to strengthen the resilience of our economies and societies, a resilience that requires the mobilization and

valorization of all resources, especially human resources, of which women are an essential component. thank you for your attention.
in. bail - in will be the rule, bail - out a rare exception. as from the beginning of 2016, or in some countries even earlier, the brrd requires bail - in of shareholders and creditors equal to at least 8 % of the total liabilities of a bank. in most cases this should be enough. only after the threshold of 8 % bail - in can money from the resolution fund be used and only at the very end of the process can public money be used. it is notable that public money can, in exceptional cases, be used to fund resolution functions, not to bail - out nonviable banks. as a conclusion, let me recognise the good progress we have made not only between authorities from banking union countries but also with authorities outside the banking union. through this work we can correct flaws in our internationally integrated financial markets to get regulatory and supervisory institutions matching with the banking business. bis central bankers ’ speeches

it is also worth noting that over the past 6 months, many households have improved their finances and paid down debt. it is possible that this attitude to debt will change again, but it is also possible that people will continue to take a more cautious approach to borrowing than they did before the pandemic. so this is something to keep an eye on. but for the time being, the priority is employment. this brings me to the end of my prepared remarks. guy and i look forward to answering your questions. thank you. 3 / 4 bis central bankers'speeches 4 / 4 bis central bankers'speeches
adrian orr : opening statement to the finance and expenditure committee opening statement by mr adrian orr, governor of the reserve bank of new zealand, to the finance and expenditure committee ( fec ), wellington, 7 february 2024. * * * tn koutou katoa, and thank you chair. when i spoke to this committee following the release of our november monetary policy statement, i explained why the monetary policy committee had agreed to maintain the official cash rate ( ocr ) at 5. 50 %. in short, consumer price inflation at 4. 7 % remains too high, and we remain wary of ongoing domestic inflation pressures. the ocr remains at a restrictive level to slow spending growth in the economy and reduce inflation pressures. the monetary policy committee will be giving its full assessment of the latest economic data at our february monetary policy statement, due out at the end of this month. it is worth noting that this will be the first reflecting our new remit. you've just heard from the bank regarding our november financial stability report. i won't repeat what has already been covered, but i would like to note some other financial stability highlights from the past year. in december we completed our outsourcing policy. this ensures major new zealand banks can continue to operate if their parent bank fails. our review of our insurance legislation continues, and we have published a new interim solvency standard. the new deposit takers act, as mentioned by our chair, will strengthen and simplify our approach to the regulation of banks and other deposit takers, and introduce the depositor compensation scheme. we are well advanced in building the capacity, capability, and resilience needed to support the new legislative expectations. the recent variation to our five - year funding agreement was triggered primarily by the deposit takers bill becoming legislation, as well as progress in some multi - year investment programmes. the likelihood of the variation was signalled at the outset of our current funding agreement. we are progressing investment in the bank's critical infrastructure, including cyber and physical resilience, cash management, investigating a central bank digital currency, enhanced data collection, and more intensive regulatory supervision given our expanded mandate. as a full - service central bank, we work continuously on being cost - effective and fit for purpose. our international comparators highlight we are on course. we work closely with our council of financial regulators partners. we have achieved significant progress on the regime for financial market infrastructures, cyber resilience, and

similarly, developments in the broader economy may first be reflected in supervisory information which may therefore be useful in setting monetary policy. of course, the intensity of the debate about banking union reflects its importance. thank you. bis central bankers ’ speeches
delivery of public services.

v leeladhar : indian banks and the global challenges inaugural address by mr v leeladhar, deputy governor of the reserve bank of india, at the seminar on “ indian banks and the global challenges ”, organized jointly by the indian merchants ’ chamber and the indian banks ’ association, mumbai, 31 january 2006. * * * it gives me great pleasure and privilege to participate in the seminar jointly hosted by indian merchants'chamber and iba at a juncture when financial services sector across jurisdictions is going through a strong phase of increasing globalisation. integration of economies leads to integration of financial markets catalyzing the globalisation process. the growing role of the financial sector in allocation of resources has significant potential advantages for the efficiency with which our economy functions. consequently, the adverse consequences of malfunction of the financial system are likely to be more severe than they used to be in the past. hence, all our efforts today are focused at ensuring greater financial stability. given the significance of the indian banking system, one cannot afford to underplay the importance of a robust and resilient banking system. 2. the enhanced role of the banking sector in the indian economy, the increasing levels of deregulation along with the increasing levels of competition have facilitated globalisation of the india banking system and placed numerous demands on banks. operating in this demanding environment has exposed banks to various challenges. the last decade has witnessed major changes in the financial sector - new banks, new financial institutions, new instruments, new windows, and new opportunities - and, along with all this, new challenges. while deregulation has opened up new vistas for banks to augment revenues, it has entailed greater competition and consequently greater risks. demand for new products, particularly derivatives, has required banks to diversify their product mix and also effect rapid changes in their processes and operations in order to remain competitive in the globalised environment. globalisation – a challenge as well as an opportunity 3. the benefits of globalisation have been well documented and are being increasingly recognised. globalisation of domestic banks has also been facilitated by tremendous advancement in information and communications technology. globalisation has thrown up lot of opportunities but accompanied by concomitant risks. there is a growing realisation that the ability of countries to conduct business across national borders and the ability to cope with the possible downside risks would depend, interalia, on the soundness of the financial system and the strength of the individual participants. adoption of appropriate prudential,
market. sources : bloomberg and central bank of chile.

##r – which was the most likely path of monetary policy as discussed in september ’ s monetary policy report presented to congress – but also communicated that the most likely course of action would be an easing of policy by early 2009. in january 2009, with a clearer assessment of the reduced inflationary pressures, the mpr was lowered by 100 basis points. later, with the evidence of alleviated inflationary pressures and drastic increases in downward risks to growth and inflation, the central bank decided to cut the mpr by 250 basis points at both its meetings of february and march. the monetary easing process continued and completed 775 basis points in seven monthly meetings, bringing the mpr to 0. 50 %, the minimum level deemed adequate for a normal functioning of money markets. in addition, the central bank adopted some non - conventional monetary policy measures, extending the overnight liquidity facility for banks at the mpr to 180 day tenors and cutting the issuance of 1 - and 2 - year central bank bonds. it has been also announced that the mpr will be held constant at this minimum level for a prolonged period of time, and that it will use with flexibility all the monetary policy tools at hand, which goes way beyond setting the mpr every month. several lessons and challenges arise for the chilean experience. first, the volatility of inflation has been very large. this could be explained by the severity of the shocks hitting the economy, but this is not so clear when comparing with other countries. although it was argued that indexation could be resuming and inflation would stay high, the turnaround was impressive, and hence, it is not clear how persistence has evolved, and it is difficult to the output gap is actual output minus potential output ; hence, an increase refers to a rise above potential output. explain with a simple linear adjustment. it could be argued that the change in inflation is due to the impact on inflation of the widening of the output gap. however, the output gap changed little when inflation was rising, and the current decline cannot be explained by the current narrowing of the output gap. 10 we used to think that the output gap, as a proxy for marginal cost, is what affects inflation, but the chilean experience was more of a large swing in the growth of domestic demand rather than output. however, the connection from domestic demand to inflation is less clear than that of the output gap. finally, the degree of openness and competition in the chilean economy may increase the sensitivity of prices