samchain/econo-pairs-v2 huggingface dataset:
economic growth and keep our financial system strong. our combined actions will lead to a greener, better, and sustainable future for our children and the filipino people. congratulations and more power to the rebap! thank you and mabuhay! 5 / 6 bis central bankers'speeches 6 / 6 bis central bankers'speeches

our local debt market, liberalize further the domestic foreign exchange market, digitalize our payment system, and ultimately enhance access to financial services and products. all these complement our financial inclusion agenda. the philippines has a lot of potential as a promising investment destination. our capital market is being positioned to serve as an important source of long - term funding, in support of the national government ’ s “ build, build, build ” agenda. developing the domestic capital market is critical given its role in complementing bank lending to support economic growth. last august 2017, the bsp, together with the department of finance ( dof ), securities and exchange commission ( sec ) and bureau of the treasury ( btr ), unveiled the roadmap to hasten the development of the domestic debt market. deliberately, we sequenced and calibrated the roadmap to prioritize urgent and foundational issues. the initial phase will focus on improving market benchmarks, covers initiatives to increase volume of treasury issuances, promotes market - making and price discovery, enhances the yield curve, establishes an organized repo market, and strengthens regulatory oversight. we look forward to the launch of the first trade in the organized repo market by next month. on the part of the bsp, we have started improving the regulatory framework for project financing starting last year with the issuance of circular no. 914. just this month, we issued circular no. 976, which enhances prudential reporting requirements over project finance exposures. this will sharpen bsp ’ s ability to assess bank exposures to project finance, and timely deploy macroprudential measures, if necessary. finally, we issued amendments to provide banks and quasibanks ( qbs ) more flexibility in issuing bonds and commercial papers. these proactive measures are important as demand for infrastructure picks up and gains traction. complementing capital market development initiatives, we are also further liberalizing and rationalizing foreign exchange ( fx ) rules in order to reduce the cost of doing business and facilitate job - generating investments. this forms part of a broader fx market reform agenda to enhance transparency, improve price discovery, and increase availability of fx products, especially hedging instruments. ultimately, a deeper fx market will increase resilience of our domestic economy against external shocks even as we allow greater exchange rate flexibility. finally, we come to a topic that is closest to my heart, our advocacy for financial inclusion. we are passionate about em
you can count on it : happy new year to you all and to our country! 3 / 3 bis central bankers'speeches

. i would like to welcome the efforts that you have made to anticipate these consequences. the banque de france and the acpr, in liaison with the european authorities, will by the end of march take all necessary measures in the framework of the draft law “ empowering the government to take steps to prepare for the withdrawal of the united kingdom from the european union ”, which will be re submitted to the french senate tomorrow. beyond brexit, each sector faces its own regulatory issues : basel iii and solvency ii. for banks, the key issue of the crr / crd package is the transposition into european law of the basel iii agreement, which was obtained after much wrangling on 7 december 2017 and properly completed with market risks on monday in basel. it will have to take into account european specificities – including those of french banks – while maintaining the principle of maximum harmonisation, which is essential to the deepening of the banking union. for insurers, the challenge for this first half of 2019 is to prepare the 2020 solvency ii review. the acpr and the ministry of the economy and finance will coordinate an open and comprehensive assessment in order to identify avenues for reform : on equity holdings and long - term investment, on excessive volatility, on simplifications of the prudential framework, including its reporting, etc. however, this supposes a collective involvement of professionals, which i call for tonight, and european convergences, which we will endeavour to achieve. i would like to come back to a 2018 innovation, which contributes to financial stability : the decision taken in june to introduce a “ countercyclical buffer ” for banks at the minimum rate of 0. 25 %. it is not a matter of curbing credit today, but rather of building up reserves that would be available in the event of a reversal of the cycle tomorrow. fortunately, annual credit growth has remained very dynamic since june – at 5. 5 % of which 6. 1 % for smes : the french high council for financial stability is therefore ready to raise this “ buffer ” moderately as soon as necessary. however, the new risks are technological as well as financial. cybersecurity must be a concern for all public and private players. this will be a priority of the french presidency of the g7. 3 – my third and last wish is for inclusive finance the yellow vests movement has given rise to unacceptable violence – including against bank and insurance
thank you! 3 / 3 bis - central bankers'speeches

kamau thugge : launch of the chora plan financial literacy campaign remarks by dr kamau thugge, governor of the central bank of kenya, at the launch of the chora plan financial literacy campaign, nairobi, 11 june 2024. * * * mr. john gachora, chairman, kenya bankers association ( kba ) mr. raymond molenje, acting chief executive officer ( ceo ), kba ; ceos herepresent ; distinguished guests ; ladies and gentlemen : good morning! i am pleased to be here at the launch of the chora plan financial literacy campaign. let me express my gratitude to the kenya bankers association ( kba ) for the invite and organizing this launch event. i note that the campaign themed claim your financial freedom is designed to empower individuals and businesses in the economy with knowledge and skills necessary to make informed financial decisions on banking, insurance and pension services. i am also informed that today's launch will pave the way for a month - long sensitization drive focusing on building a saving culture and financial planning. this will in turn enhance the financial health of businesses and households. before delving into the theme of today, let me briefly set the context in which we meet this morning. globally, growth has continued to recover, while inflation has moderated but has continued to be sticky downward in advanced economies. this generally positive global outlook is subject to downside risks, mainly from a potential escalation of geopolitical tensions and if interest rates remain higher for longer to fight the sticky inflation rates in advanced economies. domestically, we have experienced relative macroeconomic stability this year with inflation oscillating at around 5. 0 percent in april and may, which is the mid point target range of the central bank of kenya ( cbk ). the foreign exchange market has also stabilized, and the shilling is one of the best ( if not the best ) perfoming currencies this year vis - a - vis the major currencies. on the growth front, the recently released economic survey 2024, shows that the kenyan economy recorded strong growth in 2023 of 5. 6 percent, driven by the rebound of the agriculture sector and robust performance of the services sector including the finance and insurance sector. while the recent flooding in parts of the country, caused considerable damage to lives and livelihoods, the economy is expected to remain strong in 2024. this will be supported by the resilient services sector, continued robust
reducing banking spreads. sbp is further developing capacities to monitor operational risks associated with weak internal control systems, delays in adoption of information technology solutions and outsourcing of processes by banks.

metropolitan corporations. microfinance the role of microfinance in poverty alleviation and employment generation has been widely accepted. the government has established a micro - credit bank ( khushali bank ), as a prototype institution for providing credit access to poor households. this bank has so far reached out to 200, 000 poor households throughout the country. the work of this bank has been reinforced by the pakistan poverty alleviation fund, which through a network of partner organizations in non - governmental sector has reached out to another 300, 000 poor families. education and health pakistan ’ s poor educational outcomes have become a major constraining influence on its quest for integration in the global economy. high rates of illiteracy, particularly among women, low educational attainment of the labour force, and lack of qualified technical and scientific manpower have impeded economic growth. the strategic thrust of education sector reforms ( esrs ) consists of ( a ) achieving universal primary education and adult literacy ; ( b ) improving the quality of education ; ( c ) renewed focus on technical and vocational education. higher education and science and technological research capacities are also being bolstered in the country. madarassahs are being brought into the mainstream educational system so that their products can find gainful employment in the economy. the national commission on human development is mobilizing community volunteers to bring out - of - the school children into the system. female educational enrolments have jumped in the province of punjab since the girl students were awarded monthly stipends to support their education. the new health policy follows a “ health for all ” approach based on accessibility, affordability and acceptability of health services by the general population. the health strategy places greater focus on a continuous shift from curative services to preventive health services by improving the primary health care system. improvements in health status are taking place mainly through maternal and child health, communicable and infectious disease control and elimination of nutrient deficiencies. the budget for the expanded program of immunization has been increased and coverage is being expanded in rural areas as well as among women. a sound tuberculosis control program, hiv / aids program, and anti - malaria program are also under implementation. the shift of public expenditures from tertiary to primary and secondary health care and devolving and decentralizing financial and administrative powers to local tiers form the crux of the health sector reforms. this new approach provides a clear signal that preventive rather than curative health care will
developments in line with norges bank ’ s mandate. bis central bankers ’ speeches

debt has continued to grow faster than income, which may indicate that the vulnerabilities that built up prior to the crisis are still present. an assessment of systemic risk must include an analysis of both the probability and consequence of a crisis. if the costs associated with a crisis are sufficiently large, systemic risk can be considerable even if the probability of a crisis seems small. as underlined in the theoretical literature, the economy can be vulnerable to substantial deleveraging when debt is at a high level. previous economic downturns provide confirmation of this. the costs of a crisis may then be substantial. the empirical models can provide support when we assess financial imbalances and whether a crisis is emerging. at the same time, humility is required and we must recognise that our ability to provide a precise estimate of systemic risk is limited. no two financial crises are alike, and the financial system is constantly evolving. there are many sources of systemic risk and new ones may emerge – not least when new regulations are introduced. we must be prepared for possible changes in the predictive power of the indicators. norges bank will therefore always have to exercise professional judgment in its assessment of systemic risk. the aim of macroprudential regulation is to strengthen the resilience of the financial system and dampen the build - up of financial imbalances. the purpose of the countercyclical capital buffer is primarily to increase banks ’ resilience to loan losses in a future downturn. if the bis central bankers ’ speeches buffer functions as intended, banks will tighten lending to a lesser extent in a downturn than would otherwise be the case. in addition, the buffer may to some extent dampen high credit growth during an upturn. the buffer rate will be increased when financial imbalances are building up or have built up, thus bolstering resilience when we need it most. the countercyclical capital buffer can thereby have an impact on both the probability and the costs of a crisis. the buffer may thus also reduce fluctuations in the economy. we are now in a phase where banks are facing a number of new capital requirements. banks can choose to adapt to the higher capital requirements by, for example, increasing lending margins or by tightening lending. thus, higher capital requirements could curb economic activity in the short term. as the new requirements are phased in, the buffer will have to be adjusted to the economic situation and other requirements applying to banks. this does not mean that the counter
) its exchange rate must be determined by market forces of supply and demand ; ( c ) a significant portion of the world trade must be invoiced in the aspiring reserve currency ; ( d ) in order to enjoy the exorbitant privilege of issuing the reserve currency, the issuing country must accept the “ exceptional responsibility ” of maintaining sufficient liquidity in the currency ; ( e ) its financial markets must be open, deep and robust ; ( f ) the policies of the country must inspire trust and confidence. china and india 11. i believe i have raised a lot of questions. but let me conclude with some thoughts on india - china comparison which has almost become a national obsession. 12. for us in india, china means many things – an object of envy, a challenge and an inspiration. 13. note that in 1700, india, with a population of 165 m, was the world ’ s largest economy, followed by china with 138 m people. even a century later, in 1820, as industrial revolution was gathering pace, india and china accounted for half of world gdp. the pecking order completely changed after that. china and india got relegated to the bottom of the league of nations. and over the last 25 years, we are fighting our way back up. 14. but china is ahead of us by miles. china is already a low middle income country, whereas india is still a low income country and home to the largest number of poor people in the world. as recently as 1990, india was 30 places ahead of china in the global competitiveness index. we are now 30 places behind china. as recently as 2000, there was at least one indian university / institution in the top 100 global institutions while china had none. today china has five and india has none. as measured by patents registered or research publications, china is moving up, and india is moving down. 15. i am making this comparison not so much in despair, but to trigger some introspection about what india should do to regain the glory that we enjoyed as the world ’ s pre - eminent global power 300 years ago. china has demonstrated what is possible. to that extent china is an inspiration. the task for us in india is to match up to that record, or even surpass it, but by doing it the indian way. 16. i am sure listening to arvind about china ’ s rise to the top will answer many of these questions and also provide us answers for our own way

forward. 17. please join me in welcoming arvind subramanian. bis central bankers ’ speeches
was introduced, is it working? as it turns out, there have been improvements in financial markets, economic activity and prices, and people ’ s expectations, and the qqe has been powerfully exerting its effects. let me point out some examples. bis central bankers ’ speeches in the financial markets, stock prices have risen by more than 30 percent since the beginning of the year. this substantially exceeds the rate of increase not only in europe, of around 13 percent, but also in the united states, of around 16 percent. on the real economy front, real gdp has marked high growth since the turn of the year of around an annualized 4 percent for two consecutive quarters. the unemployment rate has recently declined to the levels seen prior to the lehman shock of around 4 percent. people ’ s expectations have also changed. consumer confidence indicators clearly have tilted upward since around the end of last year. looking at business confidence indicators, according to the boj ’ s business survey, called the tankan survey, the diffusion index ( di ) for business conditions bottomed at minus 9 percentage points in the last december survey and has improved to plus 2 percentage points in the latest september survey – the same level as that in december 2007, prior to the lehman crisis. turning to price developments, expected inflation rates have increased as a whole, according to market indicators and various surveys. the break - even inflation rate ( bei ) has increased to close to 1. 7 percent, from around 0. 70 a year ago. in the opinion survey on the general public ’ s views and behavior conducted by the boj, in which consumers are asked their views on the inflation rate one year from now, the proportion of consumers who answered that prices would increase was just over 50 percent in the last december survey, but increased to above 80 percent in the september survey. in addition, the di for selling prices in the tankan survey, which is calculated based on a question firms were asked of developments in selling prices of their own products and services, have improved for large firms from minus 15 percentage points in the last december survey to zero in the september survey. looking at the observed inflation rates, the cpi inflation rate turned positive in june for the first time in 14 months, and accelerated to 0. 8 percent in august. as explained, stock prices have been rising and the real economy has been improving steadily. the inflation rate has turned positive and inflation expectations have risen. such improvements in economic activity, prices, and people

in tokyo is boosting the level of people ’ s sentiment. at the time of the olympics, seven years from now, we will welcome you to a japan that has regained its brightness. however, i am afraid that you may not be able to ride subways in tokyo at a minimum fare of 160 yen at that time. thank you for your attention. bis central bankers ’ speeches
underlying the u. s. current account deficit are likely to unwind only gradually, however. thus, we probably have little choice except to be patient as we work to create the conditions in which a greater share of global saving can be redirected away from the united states and toward the rest of the world - particularly the developing nations.

to avoid preventable foreclosures, which can be costly to all involved – the borrower, the lender, and the communities in which they are located. steps that should be taken in this area include ensuring adequate funding and staffing of mortgage servicing operations and adopting systematic, proactive, and streamlined mortgage loan modification protocols aimed at providing long - term sustainability for borrowers. finally, the agencies expect banking organizations to conduct regular reviews of their management compensation policies to ensure that they encourage prudent lending and discourage excessive risk - taking. thank you. i would be pleased to take your questions.
will continue. 6. outlook the pfandbrief is undoubtedly a winner of the financial crisis. the voluntary transparency initiative of the association of german pfandbrief banks has also contributed to this. this initiative could be a model for other asset classes – for example abs – to increase transparency and to regain investors ’ confidence. though issuers have to cope with higher competition for the favour of investors, from the perspective of the bundesbank the pfandbrief is well positioned for the future. thank you very much. bis central bankers ’ speeches

new features of money, the role of a central bank will not become obsolete. a stable currency is and will always be of utmost importance. we need trust. what does this mean for those modern endeavours of tokenisation, digitalisation and the use of distributed ledger technology? how should we react towards stable coins or crypto - tokens? as for digitalisation – this is a long - standing tradition in the world of finance. money in our accounts, bookings in our payment and settlement systems – all these have already been electronically digitalised for decades. and back in the 90s, in the “ electronic ” not yet “ digital ” age, we toyed with the idea of creating “ electronic money ” as a form of innovative banknotes. consequently, new regulatory regimes were invented and developed. however, these promises did not become a reality – at least not in europe and not beyond a few “ niche ” use cases. in germany, the card - based e - money product vanished after 20 years of very limited success. in the end, bringing innovation to fruition is a very complex process – particularly in the network industry of payments. apart from convenience and safety, cost is a key criterion. looking at the new technologies, a system based on distributed ledger technology may very well turn out to be superior in terms of transaction costs. in that case, we would be open to adopting it. the bundesbank is undertaking its own experimental studies into how we could use blockchain or dlt for payments or settlements. we have discovered that modern versions of blockchain are more than capable of handling the volumes of transactions currently settled in our conventional systems. however, they are somewhat more resource - intensive and a fair bit slower. so the overall assessment hinges on a cost - benefit calculation over the entire lifecycle of, say, securities. in the medium term, we imagine that dlt - based settlement systems might contribute to reducing overall transaction costs in securities settlement. and we are closely monitoring all related efforts. this relates only to the technological aspect. we are open to new devices, new settlement techniques or new message systems. what presents more of a fundamental issue, however, is money. the fundamental role of central bank money will not diminish. you can see that even the crypto community is betting on the stability of central bank money when it comes to creating stable coins. and many developers of new dlt - based prototypes have asked us to bring central bank money to the ledger