samchain/econo-pairs-v2 huggingface dataset:
february. speyer, b. ( 2006 ), “ credit derivatives – short - term challenges and long - term implications ”, journal of financial transformation, volume 16, pp. 143 - 152. zhu, h. ( 2006 ), “ an empirical comparison of credit spreads between the bond market and the credit default swap market ”, journal of financial services research, volume 29, no 3 / june, pp. 211 - 235.

heng swee keat : singaporea€™s investment banking industry and capital markets keynote address by mr heng swee keat, managing director of monetary authority of singapore, at the singapore investment banking association 30th anniversary dinner, singapore, 6 october 2005. * * * i am honoured to address this distinguished audience, and to join you in celebrating the 30th anniversary of the establishment of siba. may i thank the chairman and the committee for this honour. global investment banking trends in the 30 years since siba's predecessor body, the merchant bankers association, was set up, the business of underwriting and trading has been dramatically transformed. the globalization of capital markets, driven by liberalisation and technological advances, has created a web of interconnected markets. this has facilitated innovation and sharpened competition. financial transactions now transcend sovereign borders as well as traditional product lines. investors have also become more sophisticated and demanding, and a new array of products has evolved to meet complex needs. this has led to significant growth, for example, of derivatives instruments to complement the cash markets, including within asia. responding to these new challenges, investment banks have deepened capabilities, and many have also undergone significant consolidation, to achieve scale and depth. beyond the traditional underwriting business, advisory and fees - related businesses have expanded. investment banks also structure, market and trade in a full range of financial instruments - equities, fixed income, derivatives and hybrid instruments. recognizing these changes, siba enlarged its membership, and took on its current name in 2000 to reflect its role in representing a wider group of members. that was a very timely move. developments in singapore's capital markets in the last 3 decades, singapore's capital markets have grown in tandem with the growth in the global markets. new listings have grown, and the singapore exchange has attracted many foreign companies. foreign listings now account for more than a quarter of total listings, making sgx the most international among asian exchanges. our debt market has also grown, with outstanding corporate debt issuance rising from s $ 23 billion in 1995 to s $ 123 billion in 2004. siba and its members have contributed to our success in developing our capital markets. the association has not only represented the interest of the investment banking community well ; its initiatives have also facilitated the development of investment banking activities in singapore. the professionalism and integrity of siba members in executing financial transactions have ensured that we maintain investor confidence in our markets. going forward, capital markets worldwide will
the economic development. there are prospects of lower wage inflation than in previous years. which we welcome. but there are hardly prospects of a change in the competitive environment. changing real wage expectations after a period with a strong labour market is an uphill struggle. and it also clearly highlights the problems arising when demand reaches unsustainably high levels. * * * financial conditions are very expansionary amid historically low short - term interest rates. adjusted for tax and inflation, the real interest rate on an adjustable - rate mortgage is currently very low. this supports the housing market. in our judgement, the housing market is slowly recovering, and price adjustments are done at the current low interest rate level. budding optimism is seen among potential buyers. i usually refrain from official predictions of interest - rate developments. but today, i will make an exception. i am quite sure that rates on 1 - year adjustable rate mortgages cannot be sustained at the current low level. i will not try to predict when it will rise. but i advise homeowners and others against stretching their budgets so tight that they can only make ends meet at the current very low interest rate level. normalisation of interest rates and rising unemployment may present a certain risk to the development. if the low growth continues in the euro area in the coming period, the normalisation of interest rates will be postponed. by contrast, stronger economic growth could cause interest rates to rise, but in that case, unemployment will stabilise and perhaps begin to fall. housing market developments and rising equity prices have caused household wealth to rise again. combined with continued handsome growth in disposable incomes and more upbeat consumer expectations, this means that we take a more positive view on the outlook for private consumption. the decline in consumption during the crisis has been sharper in denmark than in most other countries. despite a fairly good rise in incomes. the consumption ratio has thus dipped and now stands at a very low level. this, together with general stabilisation of the economic development and the slightly positive sentiment, paves the way for the return of confidence and for households to spend the increase in disposable incomes on consumption and residential investments. however, indications for the first months of the year do not suggest a strong reversal. the low interest rates will gradually stimulate the economy over a number of years. therefore, interest rates will have an underlying expansionary effect on the economy in the years ahead. this also applies to fiscal policy as the expansionary stance

##marks nationalbank does not support the idea of abolishing this possibility. on behalf of danmarks nationalbank, i hereby thank the danish mortgage banks ’ federation for our successful cooperation during the past year. thank you for your attention.
. thank you for your attention. page 7 sur 7 references i francois villeroy de galhau, central banks and finance in the face of a triple revolution, speech, november 2021. ii francois villeroy de galhau, roads for the future : central bank digital currency ( cbdc ) and innovative payments, speech, june 2021.

examples will be discussed this morning to illustrate the lessons learned from such inspections. for instance, acpr staff examined distribution channels in which there are a number of intermediaries between the customer and the producer ( bank or more often insurer ). the questions that we are asking today are simple. but they are important for the sector as a whole. do all intermediaries provide value added to the customer? how can we guarantee the customer a reliable and efficient chain, irrespective of its organisation? to enhance practices, the acpr also has a flexible legal tool, the recommendation. i believe that this instrument is useful for prevention. recommendations are intended to change or guide the behaviour of professionals. it helps them to identify and actually integrate what is expected of them in terms of consumer protection. generally, the area of business practices is one in which it is quite conceivable that some best practices can be defined by the players themselves. to do this, dialogue is required as well as commitments that are binding enough to be enforced. the aeras agreementwhich aims to facilitate access to credit for people with serious health problems, is a good example and i would like to thank mr emmanuel constans, chairman of the aeras mediation committee and member of the acpr college for having agreed to present today the changes in this agreement. iii / lastly, our supervision of business practices must increasingly take account of developments in technology and in changes in europe. i believe that it is important, not only for the acpr but also for the market, to anticipate these changes wherever possible. european legislation that is recent or in the process of being adopted calls for the standardisation of customer information. this is the case for the packaged retail and insurance - based investment products ( priips ), the directive on credit agreements relating to residential immovable property ( carrp ), and the insurance distribution directive ( idd ). also, under the aegis of the amf, with which we share a joint unit that is efficient at bis central bankers ’ speeches supervising business practices, there is the markets in financial instruments directive ( mifid ). european legislation recasts the obligations of product distributors to include in particular the concept of independent advice in the sectoral directives. it also makes changes to the obligations of product manufacturers by imposing a product design process that takes account of the interests and characteristics of the targeted customers. lastly, extensive work on the delicate subject of the compensation
positive contributions they and their peers will make to the economics profession and to the world of economic policy. it feels like another example of dr. alexander showing up to mark an inflection point. thank you all, thank you for your work, sadie collective, and warm congratulations to : sarah deschenes peyton dunham nishan jones camillah canty tarikua erda lauryn mwale 1 these remarks represent my own views, which do not necessarily represent those of the federal reserve board or the federal open market committee. 3 / 3 bis - central bankers'speeches

i think it is important to recount the fed ’ s efforts to support the u. s. economy during this recent period of severe economic and financial distress. as you may recall, the federal paul warburg, the federal reserve system : its origins and growth, vol. 1, 1930. the federal reserve banks are funded through their respective operations. the federal reserve board – and later, the board of governors – is funded through semiannual assessments on the banks [ section 10 of the federal reserve act ]. the board ’ s financial independence was strengthened in the 1933 banking act [ section 6 ( b ) ] which stipulated that these semiannual assessments “ [ … ] shall not be construed to be government funds or appropriated moneys. ” for example, see alesina and summers, “ central bank independence and macroeconomic performance. ” journal of money, credit and banking, vol. 25, no. 2 pg. 157 – 62, 1993. h. parker willis described this independence given to the reserve banks in the conduct of policy. “ there is nothing, either in the federal reserve act or in the regulations of the federal reserve board, to indicate that the reserve banks are to be operated in groups or through communications with one another, resulting in the establishment of a single policy as to detail. ” h. parker willis, the federal reserve, pg. 128, 1915. this assumes no vacancies on the seven - member board of governors. currently, with five members of the board of governors and five votes among the reserve banks, the balance is split equally. bis central bankers ’ speeches reserve responded to the financial crisis in two ways. first, it intervened to prevent the failure of several systemically important institutions, including firms that it did not supervise – namely bear stearns and aig. 9 second, it established a number of special liquidity facilities to ensure that domestic banks, securities dealers, commercial paper issuers, money market mutual funds and foreign banks had sufficient access to dollar liquidity so they could sustain their lending and investment activities, and thereby continue to supply credit to households and businesses. i strongly believe that these interventions were necessary to prevent a systemic collapse of the global financial system. if such a collapse had occurred, i am convinced that the consequences would have been a global depression. if the federal reserve hadn ’ t done everything in its authority to prevent a collapse, we would have been derelict in our duty to the country. let me be clear : the
century ago, banco de la republica responded to the biggest financial crisis since the great depression of 1929. in this context, the importance of monitoring financial stability is evident, obviously by supervisory bodies, but also by central banks that are not directly responsible for this task. 1 / 2 bis - central bankers'speeches during the last decades, we have observed how colombian banks have expanded significantly toward different central american countries. specifically, colombia's foreign banking assets - a good part of them in central america - currently represent 22 % of the consolidated assets of credit institutions. this international presence undoubtedly brings great benefits to the colombian financial system through greater diversification. however, this expansion of colombian banking entities in central america also comes with greater complexity in the activities and risks assumed by these institutions through their operations in the region. in turn, this creates the need to better understand the conditions and characteristics of the different economies and thus be able to monitor more closely and assess the ability of financial institutions to withstand different shocks. multilateral organizations such as the international monetary fund and the world bank have recognized the significant progress made by colombia in this regard through the financial sector assessment program ( fsap ), which includes the identification and regulation of local financial conglomerates and the incorporation of central american exposures in the stress testing developed by banco de la republica. although this assessment evidences satisfactory progress, improvement opportunities in the analysis of the risks to which we are exposed in the region were also identified. although this regional financial stability group to which you belong was established in 2011, colombia's participation began in september 2014, when it signed the " cooperation agreement for the preservation of regional financial stability. " since then, our officials have permanently participated in the annual meetings emanating from the agreement. in addition, we have also been permanent users of the regional financial stability report, which has been very enriching for banco de la republica. during the next two days, you will be presenting and discussing the regulation, operation, dynamics, and experience of the liquidity measures available in each jurisdiction. also, the situation of foreign currency mismatches in the different financial systems will be reviewed, as well as the current policies and measures available to manage this risk and other issues. i am confident that these spaces will allow the sharing of information and experiences and will serve to promote new regional cooperation initiatives to strengthen financial stability. i wish you every success in your deliberations and, of course, i hope you enjoy your stay in

bogota. thank you very much. 2 / 2 bis - central bankers'speeches
, jackson hole conference proceedings. r. g. rajan ( 2006 ) : “ monetary policy and incentives ”, speech given at the bank of spain conference on central banks in the 21st century, 8 june 2006. c. m. reinhart and k. s. rogoff ( 2009 ), “ the aftermath of financial crises ”, american economic review, 99 ( 2 ), 466 - 472. taylor ( 2009 ), “ the financial crisis and the policy responses : an empirical analysis of what went wrong ”, nber working paper no 14631.

sector. indeed, in many countries, it is envisaged to make the central bank the “ systemic supervisor ” or, at least, a central pillar in the macro - supervisory architecture. 3. a key question, however, is how this new financial stability function would interact with monetary policy. in theory, things are simple. central banks would have several tools available for different objectives. one set of tools ( interest rates, international reserves ) would, as now, be used to fulfil the price stability mandate. on the other hand, macro - prudential tools would support and foster financial stability. in such an ideal “ tinberghen ” world, each instrument would be precisely assigned to a single objective. things may be more complex in the real world because these instruments are not independent. for instance, changes in capital requirements will affect credit growth and the transmission channel of monetary policy. conversely, as i said, levels of or movements in monetary policy rates may increase or decrease the level of risk inside the financial system, hence its vulnerability to shocks. finally, there may be circumstances in which the objectives of price and financial stability may not be fully compatible. 4. when instruments overlap and the objectives possibly conflict with each other, the potential for confusion is real and significant. to avoid any damage to central banks'credibility and ability to fulfil their mandate, it is essential that a clear and transparent framework should be in place. it should be made clear, in particular, that, whatever the new tasks and functions of central banks, price stability should remain the primary objective of monetary policy. as i said, this may not be a sufficient condition to ensure financial stability. but it is certainly a necessary one. looking at recent events, the credibility of central banks has enormously helped to contain financial instability and its effects, both directly and indirectly. directly, because their credibility has allowed central banks to act forcefully in the knowledge that they could do so without “ disanchoring ” inflation expectations. and indirectly, because, with expectations firmly anchored, the risk of a deflationary spiral has been considerably reduced. indeed, even when instant inflation turned negative in many countries for several months in a row, long - term inflation expectations remained remarkably stable. to maintain and preserve this necessary clarity, we are fortunate, in the eurosystem, in having an appropriate and efficient framework. the treaty specifies that the primary objective of monetary policy should be to achieve price stability ; and that other goals can only
success in life. may you pursue excellence, mastery, adaptability and persevere through every circumstances in life. in this regard, we look forward to your many future and excellent contributions to build malaysia to be a prosperous, inclusive and vibrant nation. 2 / 2 bis central bankers'speeches

european central bank : press conference a€ “ introductory statement introductory statement by mr willem f duisenberg, president of the european central bank and mr christian noyer, vice - president of the european central bank, at the press conference, held in frankfurt am main on 1 february 2001. * * * ladies and gentlemen, let me welcome you to our first press conference of 2001. the vice - president and i are here to report, as we have done for more than two years now, on the outcome of today's meeting of the governing council of the ecb, which was also attended by the eurogroup president, minister reynders, as well as by commissioner solbes. let me also take this opportunity to again welcome greece as the twelfth country to join the euro area. mr. papademos, the governor of the bank of greece, has been participating in our meetings as a member of the governing council since 1 january 2001. the governing council conducted its regular examination of monetary and economic developments and their implications for the maintenance of price stability in the euro area. the decision to keep interest rates unchanged reflects the governing council's assessment that the risks to price stability in the medium term now appear more balanced than at the end of last year. factors which might pose upward risks to price stability in the medium term are still present and as such will be subject to ongoing close monitoring. let me elaborate on this assessment. starting with the first pillar of the monetary policy strategy of the ecb, monetary data for december 2000 confirmed the gradual moderation of the growth of monetary aggregates which has been observed since the spring of last year. according to the latest data, the three - month average of the annual growth rates of m3 in the months from october to december 2000 stood at 5. 0 %, which was slightly lower than the average of 5. 1 % recorded for the period from september to november 2000. therefore, after the recent slowdown in monetary growth, the risks to price stability from the monetary side have become increasingly balanced. caution still needs to be exercised, however, given the continued dynamics in credit growth to the private sector and the upward deviation of m3 from the reference value in the past. turning to the examination under the second pillar, broadly similar indications are emerging, as inflationary impulses resulting from previous developments in oil prices and the external value of the euro are gradually diminishing. as regards economic activity, uncertainty concerning the external environment for the euro area has increased,
, according to the plan and the agreements reached with our european partners. in 2019 we expect the positive trends in the banking sector to continue altogether, however with possible increased challenges associated with the general economic environment banks operate in. concurrently, in the coming months we will evidence processes of potentially long - term consequences directly impacting the sector, aimed at achieving a qualitatively higher degree of integration of bulgaria into the european financial and institutional infrastructure. 1 / 1 bis central bankers'speeches

2022 and the implications of the ecb monetary policy the banking sector of cyprus has enhanced its resilience further and retained a solid financial standing throughout 2022. the liquidity of the banking system stands at high levels compared to other eu countries, with the liquidity coverage ratio at 310 % as at december 2022, almost double the eu average of 161 %. its loss absorption capacity, the common equity tier 1 ratio, stood at 17. 7 % as at december 2022, which is also above the eu average of 14. 96 %. moreover, the banking sector's profitability reported significant profits in 2022, with the increasing interest rate environment being the key contributor to this. the recent episodes with a number of failing regional american banks and credit suisse have reminded us that we should all remain vigilant. our banking sector has successfully weathered the shocks of these recent events so far. however, contagion 2 / 4 bis - central bankers'speeches risks have been elevated globally as a crisis event in a non - systemic bank in the us, such as svb, caused market volatility and ripple effects in other continents. the eurozone mandatory supervisory restrictions with regards to the banks'continuous management of concentration risks on assets as well as financing, has proved to be once again best practice for risk management purposes. the ample liquidity of cyprus banks in conjunction with cbc's preventive measures in 2021 to manage concentration risks, reinforced the banks'actions towards diversification making them stronger and capable to face any similar events. however, there is no room for complacency. the elevated levels of inflation, in combination with the increasing interest rates, are expected to reduce net household income, hampering borrowers'repayment ability. consequently, loan portfolios bear elevated risks that need to be properly managed. in this respect, the cbc has mandated a consortium of experts, comprised of international, well reputable companies, to carry out a project with the ultimate goal of maintaining and further strengthening the economy's financial stability. the scope of the project is the formulation of a national systemic solution that could contribute to a further reduction of existing and new non performing loans in the cyprus banking system. this effort is of prime importance for an additional reason ; the progress achieved in de - risking the banks'balance sheets by reducing the amount of nonperforming loans in each bank, has been heterogeneous across banks. most of the progress has been achieved only