samchain/econo-pairs-v2 huggingface dataset:
central bankers ’ speeches

a sub - committee under the chairmanship of governor of the reserve bank acts as the operational arm of the fsdc. it provides a mechanism for coordination among regulators, and between regulators and the government which, as we realized during this crisis, is critically important, especially during stressed times. 13. failures of commercial banks in india have been rare. the last time we had a major commercial bank coming under distress was in 2004 and that was resolved by effectively and quickly merging it with another strong public sector bank. failures among urban co - operative banks are, however, quite common. for banks that fail to meet the minimum prescribed requirements, we institute a regular monitoring mechanism. the weak bank is required to put in place a plan of action indicating targets for critical financial parameters including capital infusion. if weakness in the bank persists with net worth turning negative and there is no credible action plan for a turnaround, it is put under a moratorium. the purpose of imposing a moratorium is to prevent a run on the bank, stop asset stripping and give time to the regulators to identify a suitable strong bank for takeover. the process of merger is put through as expeditiously as possible in a transparent and consultative manner. importantly, in the reserve bank, we have a committee of the board, the board for financial supervision, which reviews our bank supervisory function and monitors the performance of banks, especially weak banks. 14. the typical resolution methods that we have used in india are assisting the troubled bank in restructuring, or merging it with a strong institution, or closure. the most common method has been assisted or compulsory merger when the weak bank is merged with another bank, usually a public sector bank. there were also cases of voluntary merger where a healthy bank voluntarily took over a weak bank. apart from making payouts to banks that are put under liquidation, dicgc assists in mergers by meeting the shortfalls in depositors ’ claims up to the coverage limit when the acquiring bank is unable to meet this liability. in case of smaller urban cooperative banks, the general approach has been to liquidate the bank with reimbursement made to depositors. bank resolution framework and deposit insurance 15. the financial crisis has underscored the importance of rapid resolution to arrest contagion and restore stability. we need a resolution process where banks can be wound down in an orderly fashion, removing the unsafe or unsound elements but preserving the vital financial activities. international financial standard setting bodies like the financial stability
majority of our people ; and the maintenance of macro - economic stability for growth and employment creation. thank you. 5 / 5

mr. stals discusses monetary policy challenges in south africa address by the governor of the south african reserve bank, dr. chris stals, at a south african financial markets conference arranged by standard bank of south africa limited in cape town, on 7 / 11 / 97. 1. challenge number one - to find consensus on what the objective of monetary policy should be in south africa in the international community of central bankers, there is widespread consensus that the primary goal of monetary policy must be domestic price stability. price stability, however, is only a means to an end, and not a final goal of overall macroeconomic policy. the ultimate goal is determined by governments and is normally linked to the objective of maximum economic growth, development and the creation of more employment opportunities. contemporary economic theory supports the view, however, that financial stability, as measured by a low rate of inflation, is a precondition for the attainment of optimum economic development. furthermore, monetary policy, being only one of the sub - elements of overall macroeconomic policy, is tasked with the responsibility to create and maintain such a stable financial environment that will be conducive for sustainable economic growth at an optimum rate in the medium and longer term. in south africa, however, confusion remains on what the task and the functions of the central bank should be. the most important delusion, supported by certain business people, politicians and even some academics, is linked to the now defunct phillips curve approach in terms of which the assumption is made that a higher inflation rate can produce a sustained lift in growth and employment. world - wide experience, as long back as in the 1970s, provided sufficient evidence that the assumed trade - off of higher inflation for lower unemployment could only be exploited over the limited period in which inflation expectations did not fully adjust to the new higher rate of inflation. with a more effective implementation of the theory of rational expectations within modern communities, this limited period has indeed become very short. another reason why the conventional theory of demand management through the application of monetary policy is no longer appropriate is the major shift that took place in recent years in macroeconomic management, away from conventional keynesian demand management to contemporary supply - side economics. the phillips curve approach is based on the theory of demand - driven inflationary or deflationary conditions. the world - wide situation in the 1970s, when there was a simultaneous rise in inflation and in unemployment in many of the industrial countries, refuted the theory of the trade - off and forced
base and operations swiftly in order to consolidate the gains that have been achieved over the last 10 years. i thank you.

economic development. distinguished guests, with the risks to economic growth projected to remain elevated, allow me, to take this opportunity, to urge barclays bank zambia and absa group limited to explore ways in which the bank can assist in addressing some of the challenges facing the country, such as, load shedding, as this has potential to further negatively impact the country ’ s economic growth. it is our expectation that barclays bank zambia will come up with products and services that will contribute to the enhancement of alternative energy sources to mitigate the threat on economic growth and indeed financial stability arising from load shedding. ladies and gentlemen, it is also our expectation that the bank will continue to support the sme sector in zambia, as the sme sector is key to sustainable economic growth and development of the country. you will agree with me that smes have the potential to create many productive jobs and contribute significantly to our economy, if well supported. it is our expectation that absa group limited, through barclays zambia, will continue with its efforts and strategies that promote financial system stability, support monetary policy, enhance financial inclusion and gender mainstreaming for sustainable development in line with the bank of zambia ’ s strategic objectives. today, as we commission this site, it is my hope that the facility will be of highest standards and that the new premises will provide an environment for the provision of innovative financial solutions to the public as an endorsement of the absa group brand promise “ bringing possibilities to life. ” master of ceremonies, distinguished guests, ladies and gentlemen, with these remarks, please join me in applauding the board, management, and staff of barclays bank zambia, and absa group limited, for this initiative that will introduce convenience and world class banking services and facilities to its clientele. the timing of this project is also a good indication that the absa group is opportunity focused rather than challenges. we hope this will rub on to the other players in our economy as well. thank you and god bless.
many issues these rules do not take into account. i would like to note that this monetary policy report provides further discussion of monetary policy rules and their role in the federal reserve ’ s policy process, extending the analysis we introduced in july. thank you. i would be pleased to take your questions. 2 / 2 bis central bankers'speeches

solid blue bars in figure 4 present a snapshot of the distribution of nominal wage changes for individual jobs during the depth of the current labor market slump, based on data collected by the bureau of labor statistics. 5 for comparison, the dashed red line presents a hypothetical distribution of wage changes, using a normal distribution that approximates the actual distribution of wage changes greater than zero. the distribution of actual wage changes shows that a relatively high percentage of workers saw no change in their nominal wage, and relatively few experienced modest wage cuts. this pile - up phenomenon at zero suggests that, even when the unemployment rate was around 10 percent, many firms were reluctant to cut nominal wage rates. in the absence of this barrier, nominal gains in wages and unit labor costs would have likely been even more subdued given the severity of the economic downturn, with the result that inflation would probably now be running at a lower rate. anchored inflation expectations are another reason why inflation has remained close to 2 percent in the face of very low resource utilization. as shown in figure 5, survey measures of longer - horizon inflation expectations have remained nearly constant since the mid - 1990s even as actual inflation has fluctuated. as a result, the current slump has not generated the downward spiral of falling expected and actual inflation that a simple accelerationist model of inflation might have predicted. indeed, keeping inflation expectations from declining has been an important success of monetary policy over the past few years. at the same time, the fact that longer - term inflation expectations have not risen above 2 percent has also proved extremely valuable, for it has freed the fomc to take strong actions to support the economic recovery without greatly worrying that higher energy and commodity prices would become ingrained in inflation and inflation expectations, as they did in the 1970s. while my modal outlook calls for only a gradual reduction in labor market slack and a stable pace of inflation near the fomc ’ s longer - run objective of 2 percent, i see substantial risks to this outlook, particularly to the downside. as i mentioned before, even without any political gridlock, fiscal policy is bound to become substantially less accommodative from early 2013 on. however, federal fiscal policy could turn even more restrictive if the congress does not reach agreement on several important tax and budget policy issues before the end of this year ; in fact, the cbo recently warned that the potential hit to gross domestic product ( gdp ) growth could be sufficient to push the economy into recession in 2013. 6 the
the stablecoin is operating as a bank, the backing assets for stablecoins cover the outstanding coin issuance at all times. an alternative to a private stablecoin, but not a mutually exclusive one would be central bank digital money in the form of a central bank digital coin ( cbdc ). central bank money has a unique role in anchoring value and promoting confidence in monetary systems. a cbdc could therefore play an important role in sustaining, and potentially expanding retail access to central bank money. i have discussed the public interest in the safety and security of money. but there is another very important public interest in this area which goes to the heart of the monetary and financial system. i mentioned earlier that commercial bank money combines in one place – bank accounts – the store of value and means of payment functions of money and in doing so enables lending to the real economy. what if new forms of digital money – stablecoins or cbdc – result in a large scale displacement of commercial bank money which means that a higher fraction of money in the economy must be backed by high - quality liquid assets rather than by loans to the real economy, with this being necessary to preserve the stability of a now more fragmented financial system. in that event, real economy loans could be financed instead by more expensive sources of funding, reducing the efficiency with which commercial banks extend credit. this could lead to greater reliance on non - banks for credit provision as some borrowers find it cheaper to seek credit opportunities outside the banking system. i should emphasise that our work – and the scenario we use to illustrate these effects in the paper – does not at this stage suggest that the impact on lending rates and credit provision is more than modest. so this does not look headline making. but, there is a lot of uncertainty around how this could work out. we don ’ t know much about the likely demand for digital money, or about how it will be remunerated, all of which is important for determining these effects. the authorities may also wish to limit the speed and scale of any transition to digital money in the interests of greater assurance that there will be no threat to financial stability. continuing with the provision of credit, greater reliance on longer - term stable funding by banks could reduce the likelihood of a sharp deterioration in bank credit conditions. however, banks will 3 / 4 bis central bankers'speeches also be vulnerable to a deterioration in sentiment in wholesale funding markets. as a result, lending rates could be more volatile overall

ignore the risks that digital money is attractive for money launderers and cyber criminals. all i can say today, i hope this gives the sense of the scale of this area of innovation and how important the subject is. thank you i am grateful to jas ellis, andrew hauser, karen jude and sam woods for their help with preparing these remarks. 4 / 4 bis central bankers'speeches
various services provided by the rbi regulated entities like banks, nbfcs and payment system operators. the existing ombudsman schemes are being integrated into a single scheme which will offer the benefit of a single platform to customers for getting speedy resolution of their grievances. this integrated scheme will reinforce confidence and trust in the financial system. 6. the launching of these two citizen centric initiatives today will provide further impetus to our journey towards a more inclusive and responsive financial system. i once again extend a warm welcome to all the dignitaries, participants and viewers. thank you. 1 / 1 bis central bankers'speeches

mumbai ) formalizing india ’ s informal economy, shri. anil padmanabhan, july 11, 2016, accessed on www. livemint. com on november 23, 2019 strengthening governance in microfinance institutions ( mfis ) – some random thoughts ( keynote address by shri. anand sinha, deputy governor, reserve bank of india at ficci ’ s workshop on ‘ strengthening microfinance institutions ( mfis ) : good governance and strategic people practices, april 23, 2012 at mumbai 5 / 5 bis central bankers'speeches
possible if and only if the capital account is managed ”. 6 in india, we experienced two episodes of severe stress on our balance of payments emanating from volatile capital flows which were managed with a combination of polity tools. given that the central bank balance sheets in advanced countries are still bloated and the actual taper starting now, considerable uncertainties remain for global financial markets and capital flows to the emes. thank you. rey, helene ( 2013 ), “ dilemma not trilemma : the global financial cycle and monetary policy independence ”, paper presented in 2013 jackson hole economic policy symposium, federal reserve bank of kansas city. bis central bankers ’ speeches

##ance in the islamic finance industry deserves appreciation. the islamic financial institutions should be able to play significant roles in the economic development covering all segments in the society. the availability of standards on the microfinance activities is important to ensure operational prudence practiced by the islamic financial institutions when extending their facilities to the low income society. some regulatory incentive needs to be created in terms of relatively lower risk weighted asset to provide lower cost of capital when entertaining the micro - entrepreneurs. although, further research need to take place to find the optimal number and prerequisites when applying the incentives. closing 16. finally, please allow me to wish you all a productive discussion and deliberation in this important seminar. i am confident that supported by internationally reputable academics and players, we can achieve significant outcomes that are beneficial to promote development in the area of microfinance for islamic finance. i wish this program a great success. thank you very much. wassalamu ’ alaykum warahmatullah wabarakatuh. bis central bankers ’ speeches
and scenarios let me start with how we will consider uncertainty. we will widen and rebalance our approach, placing less focus on a central projection. we will put more systematic analysis around how we consider risks to, and uncertainty about, the way the economy may evolve. and around how to set policy considering those risks and uncertainties. we will build the use of scenarios into our processes. we will loosen the link between the forecast and the policy decision and its communication. this was one of the overarching recommendations from dr bernanke. this is not entirely new. the mpc has always considered risks and uncertainties. and on some occasions, the mpc has turned to scenario analysis to improve its understanding of the inflation outlook. a wider and more systematic use of scenarios will allow us to better consider alternative conditioning assumptions and also different relationships between economic variables. combined with data analysis it will help us judge the likelihood of different views of the economy, and to update our judgements on risks and uncertainties over time as the evidence evolves. and it can help us understand better the consequences of setting policy as if we are in one state of the world, when in fact we may be in another. we will consider and publish different scenarios for the economy on an ongoing basis. and we will look at how monetary policy might need to be different in those alternative outlooks by looking at policy paths which are endogenous to those scenarios. of course, the devil is in the detail of how we design and practically apply these changes. and there are important questions we will need to work through. these include : first, what scenarios to choose? we will prioritise policy relevance in our scenario selection and development, and we expect to be discussing a small number of scenarios at any given time. second, who ‘ owns ’ what? we will need to consider the respective roles of the mpc and bank staff in the forecast and scenario development. there will be more staff input into the baseline forecast. this will free up mpc time for discussions of the economy, policy and policy strategy. we will retain an important role for the committee in shaping the forecast and in scenario selection cementing the link between analysis and policymaking. third, how to use a broader range of inputs to inform the policy outlook? we will need to develop our framework for how we will combine the different inputs to best support the mpc's policy deliberations. how to bring together insights from conjunctural analysis

borrowing limit for banks was also raised from 50 to 100 per cent of unimpaired tier i capital with option to swap with rbi. these schemes mobilised us $ 34. 3 billion. [ swap schemes were closed by end - november 2013. ] bis central bankers ’ speeches
of attention in the literature over the last two decades. who better to speak to us this evening on this topic than otmar, with his extraordinary talent for communicating with an interested general public? ladies and gentlemen, please join me in welcoming otmar issing with a big round of applause. page 4 / 4

philipp hildebrand : key factors for the swiss economy – financial market regulation in switzerland speech by mr philipp hildebrand, chairman of the governing board of the swiss national bank, swiss economic forum, interlaken, 4 june 2010. the complete speech can be found in german on the swiss national bank ’ s website. * * * the financial system is the life blood of our economy. key measures to increase the resilience of the financial system have already been implemented in switzerland. however, they have not addressed the fundamental problem, which is that systemically important banks cannot at present be allowed to fail. the commission of experts set up by the government to examine ways of alleviating this problem published its interim report a few weeks ago. the report proposes measures in the areas of capital, liquidity and organisational structure. this approach is in line with the key points on the financial stability board ’ s agenda. the interim report is an important milestone in the efforts to address the “ too big to fail ” issue. naturally, we still face considerable challenges. moreover, cross - border solutions are required for the “ too big to fail ” question. the commission ’ s proposals represent a constructive step towards global cooperation. if the key points on the financial stability board ’ s agenda are not implemented in the major financial centres, we will ultimately be left empty handed. one of the few positive aspects of the financial crisis has been the unprecedented international collaboration to combat the crisis and the endeavours to cooperate internationally on regulatory reform. successful further cooperation along these lines is in the interests of us all.