samchain/econo-pairs-v2 huggingface dataset:
##ley, and jean - philippe laforte ( forthcoming ). " natural rate measures in an estimated dsge model of the u. s. economy ", journal of economic dynamics and control. erceg, christopher j., dale w. henderson, and andrew t. levin ( 2000 ). " optimal monetary policy with staggered wage and price contracts ", journal of monetary economics, vol. 46 ( october ), pp. 281 - 313. english, william b. ( 1999 ). " inflation and financial sector size ", journal of monetary economics, vol. 44 ( december ), pp. 379 - 400. feldstein, martin ( 1997 ). " the costs and benefits of going from low inflation to price stability, " in christina d. romer and david h. romer, eds., reducing inflation : motivation and strategy. chicago : university of chicago press, pp. 123 - 66. fischer, stanley ( 1993 ). " the role of macroeconomic factors in growth ", journal of monetary economics, vol. 32 ( december ), pp. 485 - 512. friedman, milton ( 1968 ). " the role of monetary policy ", american economic review, vol. 58 ( march ), pp. 1 - 17. gali, jordi, mark gertler, and j. david lopez - salido ( 2007 ). " markups, gaps, and the welfare costs of business fluctuations ", review of economics and statistics, vol. 89 ( february ), pp. 44 - 59. goodfriend, marvin ( 1993 ). " interest rate policy and the inflation scare problem : 1979 - 1992 ( 636 kb pdf ) ", federal reserve bank of richmond, economic quarterly, vol. 79 ( winter ), pp. 1 - 23. goodfriend, marvin ( 2005 ). " inflation targeting in the united states? " in ben s. bernanke and michael woodford, eds., the inflation - targeting debate. chicago : university of chicago press, pp. 311 - 37. goodfriend, marvin, and robert g. king ( 1997 ). " the new neoclassical synthesis and the role of monetary policy ", in ben s. bernanke and julio j. rotemberg, eds., nber macroeconomics annual, vol. 12. cambridge, mass. : mit press, pp. 231 - 83. goodfriend, marvin, and robert

hostilities have tested the resilience of every economy in the world, including india. the well - calibrated and co - ordinated monetary and fiscal policies adopted in our country went a long way in shielding our economy from these shocks and helped us emerge even stronger than before. it is a matter of satisfaction that today our gdp growth is robust ; inflation is moderating ; the financial sector is stable ; the external sector remains resilient ; and the forex reserves are at an all - time high. over the years, the reserve bank has emerged as a symbol of stability, resilience, and commitment to the welfare of our citizens. this has been possible due to the 1 / 2 bis - central bankers'speeches contributions made by generations of team rbi. as we move towards rbi @ 100, the reserve bank remains focused on ensuring a stable and strong financial system that would act as a bedrock for our country's economic progress. with these words, let me once again welcome the hon'ble prime minister and the other dignitaries to this commemorative event. i also extend a warm welcome to each one of you in the audience. thank you. namaskar! 2 / 2 bis - central bankers'speeches
g., he et al. ( 2017 ), “ fintech and financial services : initial considerations ”, imf staff discussion notes no. 17 / 05. 6 / 6 bis central bankers'speeches

economic growth ”, in beck, t. and r. levine ( eds. ), handbook on finance and development, forthcoming. 8 this conclusion is supported by both micro and macroeconomic evidence and is robust across a wide set of economies and sectors ( see, e. g., arestis, p., p. demetriades and k. b. luintel ( 2001 ), “ financial development and economic growth : the role of stock markets ”, journal of money, credit, and banking, 33, 16 – 41 ; beck, t. and r. levine ( 2002 ), “ industry growth and capital allocation : does having a market - or bank - based system matter? ”, journal of financial economics 64, 147 – 180 ; and beck, t. and r. levine ( 2004 ), “ stock markets, banks, and growth : panel evidence ”, journal of banking and finance, 423 – 442. ) 9 see langfield, s. and m. pagano ( 2016 ), “ bank bias in europe : effects on systemic risk and growth ”, economic policy, 31 ( 85 ), 51 – 106 ; and demirguc - kunt, a., e. feyen and r. levine ( 2013 ), “ the evolving importance of banks and securities markets ”, world bank economic review, 27 ( 3 ), 476 – 490. 10 see hsu, p., x. tian and y. xu ( 2014 ), “ financial development and innovation : cross - country evidence ”, journal of financial economics, 112 ( 1 ), 116 – 135. 11 see greenspan, a. ( 1999 ), “ do efficient financial markets mitigate financial crises? ”, speech before the 1999 financial markets conference of the federal reserve bank of atlanta, sea island, georgia, 19 october. 12 depending on the type of activity they carry out, many fintech companies are already subject to one or more pieces of eu sectoral financial services legislation. 13 see goodhart, c. ( 2008 ), “ the boundary problem in financial regulation ”, national institute economic review, 206, 48 – 55. 14 see eichengreen, b. ( 2009 ), “ the financial crisis and global policy reforms ”, federal reserve bank of san francisco asia economic policy conference, 18 – 20 october, quoted by aikman, d. et al. ( 2017, op. cit ). 15 see, e.
for leading the way in bringing insurance broking services to the people of mzuzu and the surrounding area. distinguished guests, ladies and gentlemen, i now have the pleasure to declare the mzuzu office of swift insurance brokers & consultants officially opened. thank you and god bless you all.

services. it is therefore encouraging to note initiatives by some banks to reach out to the “ unbanked ” populations. bis central bankers ’ speeches finally, may i assure you that the reserve bank of malawi will always strive to provide an enabling legal and regulatory framework to encourage innovations by all players in our financial sector in order to enhance access to financial services. in this regard, we will continue to work with stakeholders to put in place an enabling environment for business to thrive. i thank you for your kind attention, and god bless you all. bis central bankers ’ speeches
in what continues to be a fascinating journey. for example, see : lowe p ( 2014 ) “ australia ’ s rmb policies and future direction ”, introductory remarks at the rmb internationalisation roundtable, sydney, 23 july ; and lowe p ( 2014 ) “ some implications of the internationalisation of the renminbi ”, opening remarks to the centre for international finance and regulation conference on the internationalisation of the renminbi, sydney, 26 march. bis central bankers ’ speeches

expect we ’ ll receive a more substantial body of submissions during the second round of consultation in the second half of the year. the consultations to date have highlighted a number of quite specific issues that are going to be worth considering as part of the strategic review. i ’ ll briefly go through a cross section of those, but this is by no means exhaustive. i also note that many of these issues are not new, and are already being thought about by the industry. bis central bankers ’ speeches transmission of data with payments successful integration of payments systems into other processes requires that sufficient information travel with the payment to allow proper reconciliation. a business owner making payment to a supplier might wish to convey information, not just on the invoice number, but ( for example ) on which items on that invoice are being paid and why. an employer making a payment to a super fund needs to be able to provide information on the relevant employee accounts, the amounts of each payment and even the type of payment. even an individual sending money to a friend or relative might simply want to attach a personal message to that payment. at the moment, the choices are largely either : to limit the additional information to the 18 characters permitted by the direct entry system ; to separate the payment from the information and put in place a process to bring them back together at a later stage ; or to pay by cheque attached to the information source. the question for the review will be whether this is likely to represent a significant shortcoming in our payments system in the years ahead? and if it is, what is the best means of addressing it and how should that be achieved? timeliness and ease of addressing payments there are times when we really need payments to be made quickly. the classic example is government emergency payments. most government payments to individuals can be made perfectly adequately by the direct entry system. but in an emergency, the availability of funds the next day might not be sufficient. in recent times many such payments have been made using the rtgs system, even though this is a long way away from that system ’ s intended use. even then, the speed can vary significantly depending on the systems of the recipient bank. a related issue is the ease of addressing payments to individuals. as i said before, writing someone ’ s name on a cheque is relatively straightforward, but directing an electronic payment can be much more difficult. for most people this currently involves entering bsb and account number details into an internet banking package.
to have well - designed corporate insolvency regimes that can separate viable from non - viable borrowers and facilitate the valuation of assets to be sold off. but it ’ s also key for confidence that the bank resolution process is absolutely clear. in particular, we need to make sure that the new bail - in rules are applied evenly across countries and with the minimum scope for national discretions. we also still don ’ t have bis central bankers ’ speeches agreement on a backstop for the single resolution fund. and a european deposit insurance scheme would signal progress in completing banking union. that brings me to the final area for action : completing our monetary union. the five presidents ’ report has laid out a long - term vision for economic and monetary union ( emu ) and a sequence of steps towards it. now we need to realise the short - term steps that will lend credibility to that long - term vision – first and foremost, by finishing all three pillars of banking union. removing the fragility of emu, by making progress with both the short - term steps and the longterm vision, would bring about a vital boost to confidence in europe. conclusion let me conclude. the outlook for the global economy in 2016 is uncertain. but our challenge, in the euro area, is to ensure that global headwinds do not blow our domestic recovery off course. for that, all policymakers need to work to build confidence. the ecb is contributing to securing the cyclical recovery by fulfilling our price stability mandate. and the concerns surrounding our monetary policy do not stand up scrutiny. time and again, the critics of our decisions have been proved wrong. the ecb has acted independently from the political system and for the sake of the euro area as a whole. to turn the cyclical recovery into a structural recovery, however, others have to play their part. that entails concerted action on fiscal policies, structural reforms and reducing the debt overhang. most of all, we need to continue the process to complete our monetary union on all the necessary fronts. bis central bankers ’ speeches

19 era. 10 see the european commission ’ s website. 4 / 4 bis central bankers'speeches
the the risks to the firm ’ s future if investment doesn ’ t pay off. it is also important to note that maintaining technology can come with high fixed costs alongside the people associated with supporting that technology. gaining relevant technical expertise at board and senior management is one option that some firms determined to make the most of the right technological advances take. pooling expertise or outsoucing – subject to tight and expert oversight – are other options. organisational transformation projects are always difficult to achieve in a fast - paced environment. firms, faced with declining demand for their current services and lacking the resources to invest in new services, may take the path to merge. for friendly societies, this could be achieved through a part eight transfer. the pra currently has an open consultation on insurance business transfers, cp16 / 211, which welcomes comments and feedback until 28 october. in addition, if longer - term viability is not an option, insurers should be mindful that in certain circumstances a managed exit from the market may be most appropriate. as communicated in our dear ceo letter on 2021 priorities2, we are currently developing our approach to recovery and resolution planning. we will expect firms to demonstrate – in a proportionate manner for their size – that they have a suitable structure and business model, and adequate contingency plans to be able to exit the market smoothly. in some cases, entering into run - off could be in the best interest of existing policyholders. more than fifty insurers regulated by the pra are currently in some form of run - off and we endeavour to take a proportionate approach, thereby minimising the burden of entering this regime for smaller firms. diversity and inclusion mutual insurers have a considerable strength to celebrate in social purpose, and that should provide them with a relative competitive advantage. within firms, we – at the pra and the financial conduct authority ( fca ) – believe that increased diversity and inclusion will advance our statutory objectives by resulting in improved governance, decision - making and risk management within firms, a more innovative industry, and products and services better suited to the diverse needs of consumers. we would like to see firms collectively consider how they can build a diverse workforce too. 3 in the pra, together with the fca and the bank published a joint discussion paper ( dp 21 / 2 ) july on diversity and inclusion in financial services. in this discussion paper, we make clear that when we think about diversity, we focus on ‘ diversity

, making rules and technical standards and determining our general policy approach, as distinct from taking supervisory decisions regarding individual firms. 6 solvency ii review : unlocking the potential - speech by gareth truran 6 / 6 bis central bankers'speeches
on the remaining outstanding issues that we faced in our efforts to revise the international capital framework. over the last few months we have completed significant changes in a number of important areas : we decided to calibrate regulatory capital to unexpected losses only ; we have made significant improvements to the provisions relating to securitisation, credit risk mitigation and operational risk ; we have clarified pillar 2 and the calibration process ; we have specified the treatment of revolving retail exposures, and we continue to make progress in preparations for the implementation of the accord. having reached consensus on the framework, the basel ii process is entering a new stage. member authorities will now focus on transforming the text of the framework, which will be published at the end of june, into national rules. this will require national supervisors to conduct rule - making and adoption processes relevant to their jurisdictions, something that is well under way in many countries. in addition, the committee agreed on the timetable for the implementation of the accord in member countries. this is the second important development of last week ’ s meeting in my view. the committee confirmed that the new framework will be implemented by year - end 2006 for those banks adopting the standardised and foundation approaches to risk. with regard to the most sophisticated approaches to risk measurement and management, the committee considered the needs of national supervisors and of the industry and decided to provide an additional year. this additional year of data collection and analysis will be invaluable to the prudent and consistent implementation of the advanced treatments. let me explain in more detail the supervisory perspective. as you know - and perhaps many of you have been involved - supervisors, bankers, and others have discussed intensively the technical requirements for the most advanced treatments of credit and operational risk over the past few years. this exchange of views has helped us to improve the requirements tremendously. the committee wishes to have the best information possible to assess how the recent changes will improve risk sensitivity, enhance the role of supervisory judgement, and promote sound disclosures regarding a bank ’ s measures and processes for controlling risk. the committee agreed that this could be done by requiring additional impact analysis, perhaps through national field tests in those jurisdictions that plan them. an alternative is to require banks to calculate their requirements under the 1988 rules and the new framework in parallel for two years, rather than just one as originally proposed. consequently, those banks that will adopt basel ii ’ s advanced approaches to risk will be permitted to implement the new rules at year -

##to branch of stanbic bank zambia limited officially open. i thank you for your attention. bis central bankers ’ speeches
the standard of practice and ensure that our financial market continue to make a positive contribution to the growth and development of the thai economy which is the ultimate goal for sustainable development. thank you. bis central bankers ’ speeches

advanced economies. and these differences are reflected in our assessment of vulnerabilities. we fully recognise that some vulnerabilities may be more relevant for emerging market economies, and others for advanced economies, or for different sets of jurisdictions. for example, the urgency policymakers ascribe to some of the risks relating to cryptoassets and crypto - markets differs across countries. in some economies, the most pressing concern is the potential loss of monetary sovereignty. in other economies, the risks of money laundering and fraud are perceived to be more urgent. the fourth and final guiding principle, is that the fsb leverages on this diversity of its membership. there lies tremendous strength in that diversity. fsb members not only come from different kinds of economies, but they are also represented by different kinds of authorities : ministries of finance, central banks, and securities and market authorities. 2 / 6 bis - central bankers'speeches our members also include global standard - setting bodies and international organisations. many of those members carry out and publish financial stability assessments. the fsb's vulnerabilities assessment therefore builds on those analyses. with these four guiding principles, i have given you a brief and mainly theoretical outline of the fsb's financial stability surveillance framework. i hope that this approach, this way of thinking about how to enhance the resilience of the global financial system, provides you with some stimulus for today's discussions. but what does it look like when we actually apply this framework? to illustrate this, allow me to touch on several of the key fsb priorities that are also on your agenda today. first, i will focus on the cyclical vulnerabilities that emerge from the current outlook. the combination of rising inflation, tightening financial conditions and the fallout from russia's invasion of ukraine has led to a synchronised slowdown in global economic activity. this is occurring against a backdrop of high levels of debt of households, nonfinancial corporates and sovereigns. the latter implies that some governments have limited fiscal space to provide additional targeted policy support. and given the increases in inflation, central banks also have less policy space to react to financial stability shocks. although this outlook is challenging, so far the global banking system has shown itself to be resilient. global financial markets have largely coped in an orderly manner, with limited and temporary support when necessary. and systemic financial institutions have shown resilience to market strains – in large part due
##entliche verschuldung, wirtschaftswissenschaftl. seminar, bd. 8., stuttgart 1979 statutes of the escb and the ecb, available at http : / / www. ecb. int / ecb / legal / pdf / en _ statute _ from _ c _ 11520080509en02010328. pdf bis central bankers ’ speeches

active communication internally, and lead coordination externally. internally, a strong knowledge management system and enterprise wide communication policy are being implemented and continually refined in the bank. we also give importance to and deeply value our domestic and international stakeholders and partners. last july, together with 12 other government agencies, we launched the national strategy for financial inclusion to build an inclusive financial system. we also chair the voluntary inter - agency body, the financial sector forum comprised of the bsp, sec, insurance commission and the pdic. our bank supervision policy committee regularly conducts meetings with 15 industry associations for the continuous rationalization of regulations and so that supervisory policy remains relevant and responsive. our payment and settlement steering committee regularly consults philpass stakeholders who are given the opportunity to raise concerns, grievances, as well as recommendations to improve philpass operations. the bsp also actively participates and holds chairmanship positions in international fora such as the alliance for financial inclusion, the g - 20 global partnership for financial inclusion, bank for international settlements asian consultative council, financial stability board regional consultative group for asia, and the bis meeting of governors from small open economies. as governor, i represent the country in the executive meeting of east asia and pacific central banks ( emeap ), asean and asean + 3 ; and south east asia central banks ( seacen ), among others. we are represented in the imf, the world bank and adb. we benefit from a continued exchange of ideas, sharing of competencies, and strengthening of linkages. sixth, laws and regulations must be complied with. i understand that common carriers have the legal duty to observe extraordinary diligence. in philippine law, the banking community is the only other industry required to observe this highest degree of diligence when acting in a fiduciary capacity. and for good reason, given its key role. in the bsp, we are mindful of this principle and strive to follow both the letter and the spirit of legal provisions. seventh, the journey must be inclusive. the bsp is continually increasing its interface with the filipino people, our ultimate stakeholder. the phrase “ inclusive growth ” is now cutting across the global reform agenda. the bsp has been doing its part to promote financial inclusion. and we have done so following three pillars, namely : access and usage, financial literacy and education, and increased financial consumer protection. policy and regulatory efforts are designed and directed toward allowing more of our countrymen effective access to a wide range