samchain/econo-pairs-v2 huggingface dataset:
last few years, kenyans have expressed concerns on what they perceived as the alienation of banks from meeting their needs. today ’ s event and launch is proof that banks have heard the cry of kenyans. over the last three years, banks have reviewed their business models to put the customer at the center. msme ’ s have not been left behind and the variety of products targeting this sector and exhibited here today is welcome. today is really just the beginning for banks in scaling up support to msmes. a lot more remains to be done, not just through finance but also through capacity building, enabling access to markets, promoting innovation and most importantly through creating an enabling business environment. feedback from msmes will also be essential for banks to calibrate their products. by effectively serving the msme sector, banks will truly be working for and with kenyans. with the advances in technology and innovations, this is the vision that the banking sector must achieve. thank you!

i have alluded to in my remarks in the recent past at other fora. the use of agents by banks should lower service delivery costs as they do not have to put up “ brick and mortar ” structures to expand their footprint across the country. it is the central banks ’ expectation that savings from such innovations will be passed on to customers in the form of lower charges and lending rates. as i draw to a close, i wish to briefly dwell on credit products. competition in the recent years coupled with aggressive marketing has increased personal loans by banks. as we have seen from the survey presentation this morning, the cost of credit is not just the lending rate but also includes other costs such as commitment fees, negotiation fees, legal, valuation and insurance fees. the challenge that we must then face is disclosure to consumers of the total effective cost of loans. in this regard, i would urge kba to require in its ’ code of conduct that banks disclose the total all inclusive “ annual percentage rate ” of credit facilities to enable customers make informed choices and avoid “ debt overloads ”. the recent years have produced results that we will quote for many years to come : a ) lowering barriers to entry : threshold of minimum balance, loan requirements, etc, improves access to financial services. b ) lowering transactions costs attracts potential micro - savers to banks. c ) banks can make profits in downstream activities. let me end by reiterating that the central bank remains committed to continued consumer education and sensitization on banking products and services in conjunction with banks, the media and other like minded players. we are convinced that this will bring on board more kenyans into the formal financial sector, uplifting their well being and enabling them to participate in and benefit from our national development aspirations. i thank you all once again for honouring our invitation and it is now my pleasant duty and honour to officially launch the survey on bank charges and lending rates. thank you.
. problems occur if the contributions of human labour and capital calculated in this way are applied to two countries at a different level of development. in such cases, there is a significant degree of divergence between the characteristics of these economies observed in reality and predicted by the model. it had been clear for a relatively long time that if the share of human labour in output was only one - third, solow ’ s model would provide a very good picture of reality in international comparison. to overcome this inconsistency, however, it was necessary to come up with the idea of introducing a new variable in the model that would represent human capital. although this may seem obvious today – as such things always seem to be as soon as someone else thinks of them – it was a novelty in the late 1980s. it was another nobel prize laureate in economics robert lucas who divided human labour into a part reflecting people ’ s general capacity for work, and the contribution of human capital that was a result of previous investment in education. what lucas did was very simple from today ’ s point of view. using the extensive structure of us economic data, he chose the average wage of people with basic education as a basic remuneration of people ’ s capacity for work. then he gradually added the average wage of other people after each finished year of education. the results showed that every additional year of education up to the level of a bachelor ’ s degree increases the wage by 8 % on average. in the united states, if you finish high school and obtain a bachelor ’ s degree, which means you invest eight years in education, you can look forward to a wage two - thirds higher than the wage you would get if you only finished basic education. although lucas ’ s calculations didn ’ t include subsequent stages of education, as the bachelor ’ s degree was sufficient to reduce the share of basic human labour in output and improve solow ’ s original concept, it ’ s clear that things don ’ t stop at the bachelor ’ s degree. on the contrary, one could say, it seems that a simple linear relationship ceases to be valid here, and every additional year brings an even higher wage increase compared to the previous years. regardless of the size of the increase, investment in education is by no means an empty slogan. i wish you that you all become a living proof of this.

frequent numerical target misses. nevertheless, the czech republic enjoys low inflation, and inflation expectations seem to be firmly anchored at low levels at present. monetary policy decision - making is rule - based and transparent, thereby enhancing the credibility of the cnb. such a framework allows an independent central bank to commit credibly to its long - term goal of price stability, and at the same time preserves enough discretion for an active anti - cyclical monetary policy that takes into account not only inflation, but also other factors such as variability of output.
rate for each group of countries. an increase indicates depreciation. ( 2 ) includes argentina, brazil, chile and mexico. ( 3 ) includes china, hong kong, indonesia, malaysia, south korea, and thailand. ( 4 ) includes hungary, poland, czech republic, and russia. ( 5 ) includes australia, canada and new zealand. source : bis. bis central bankers ’ speeches

a well - managed and capitalized banking sector that is both healthy and competitive. this feature also rules out financial dominance of monetary policy in chile. the cbc shares normative attributions with a specialized public institution, focusing on the formulation of financial regulations applicable to monetary markets. chile ’ s financial system strength has been acclaimed by international credit rating agencies. moody ’ s financial strength ranking places chile ’ s financial strength close to the top of industrial countries ( figure 5 ). monetary policy framework : central bank charter and its objectives although the road to cbc autonomy began in the mid - 1970s, the 1989 constitutional law of the cbc specified the bank ’ s objectives and granted cbc the necessary instruments to comply with its legal mandate. since 1989, the cbc is an autonomous, technical institution, governed by the constitution, with full legal capacity, control of its equity, and of indefinite duration. the constitutional law establishes two objectives for the cbc. the first objective is to preserve the stability of chile ’ s currency. this means avoiding loss of purchasing power due to inflation. the latter objective is achieved through ensuring that inflation remains low and stable. the second objective of the cbc is to ensure the normal functioning of domestic and external payments, by safeguarding the financial sector ’ s primary functions of credit and savings intermediation, provision of payment services, and proper risk allocation by financial markets. cbc ’ s constitutional law prohibits cbc credit to the government. in order to contribute to policy coordination and information sharing, and minimizing potential conflict between fiscal and monetary authorities as a consequence of cbc autonomy, the constitutional law mandates participation of the finance minister at monetary policy meetings, without voting rights but with the temporary right of suspending a board decision. furthermore, the law states that cbc policy decisions must take into account the government ’ s general economic policy orientation. overview of the evolution of mp framework the chilean experience with it can be split into two periods. the first one – from 1991 to 1999 – falls short in many aspects of a full - fledged inflation targeting framework. this first phase featured more than one anchor ( an er band, in addition to the inflation target ) and low levels of mp transparency and communication. the second phase – from 2000 to the present – features a single inflation target and an active communication strategy for mp. in the context of reporting the annual monetary program to the congress, the cbc announcement of an annual inflation target arose as a natural response to the legal mandate for price - level stability. in 1991, the
i am intimidated by the new questions that are being asked and how they are being answered. that is the sign of a good conference. the theme of this year's research fair, emerging trends shaping central bank policy and operations, is fitting. there are enticing and complementary papers on the cbdc ( central bank digital currency ) and monetary policy, the macroeconomics of temperature shocks, the pecking order of monetary policy, the macroeconomics of policy uncertainty, policy uncertainty and cross - border flows, policy 1 / 2 bis - central bankers'speeches uncertainty and the real exchange rate, cross - border evidence on a decomposition of inflation, supply shocks with a flat phillips curve, and asymmetric expectations of monetary policy. what a feast of papers. these are exciting times for researchers. as someone who enjoyed doing my share of research, i am jealous of the work you are doing and will be doing. but i am also grateful to be able to count on it. future trends before i end, let me mention three of the trends we could work on for future conferences : economic fragmentation, sustainability, and digitalization. these trends are of real concern to us. more specifically, we could look at such questions as : geopolitical conflict and economic fragmentation including supply chain and protectionist trade disruptions ; how an emerging market, like the philippines - whatever refet means by emerging market - how an emerging market should deal with climate change in a way that it can afford. following refet, maybe a gompertz function will help us see the macroeconomics of artificial intelligence for an emerging market, including the risks it could bring. even including the risk that it could kill us all. i had to mention artificial intelligence because of a personal experience i had a few weeks ago. on social media, there was a video featuring a deepfake image of me. i was portrayed ostensibly recommending investments in what could only be a financial scam. one complaint i do have is that as long as they were doing a deepfake of me, i wish it had made me better looking. so, to close, i would like to welcome and thank everyone who came here today, especially those who traveled far to join us. thanks again to brac and other bsp colleagues who helped organize this important discussion. these emerging trends - economic fragmentation, digitalization, and climate changepose profound policy questions for central banks. as with all new or fast - changing developments, we

need to understand them as best and as quickly as we can so we can address them as well, if not better, than those we have faced in the past. thank you very much. maraming salamat. 2 / 2 bis - central bankers'speeches
if the euro area were to break into two halves? it would, at any rate, be difficult for monetary policy to lastingly bridge an economic divide if governments fail to find one another. draghi : a breakup of the euro area? that will not happen. that is also why there is no plan b. the political domain always needs a plan b if things develop less well than envisaged is the view of, for example, henry kissinger, us secretary of state for many years. in an interview he gave to handelsblatt, he advised those with responsibly in europe to think of alternatives. draghi : kissinger is a politician, i am not. and that is to remain so? draghi : ( laughs ) i don ’ t want to be a politician. not even as state president of italy, your home country? president napolitano, the current incumbent, intends to retire shortly. draghi : my period of office as president of the ecb runs until 2019. mr draghi, thank you for the interview. bis central bankers ’ speeches

inequality database, social science quarterly 97 ( 5 ), 1267 – 81. in other advanced economies, e. g. france and norway, net income inequality has remained fairly constant in recent decades. see dabla - norris, e., k. kochhar, n. suphaphiphat, f. ricka and e. tsounta ( 2015 ), causes and consequences of income inequality : a global perspective, international monetary fund staff discussion note sdn / 15 / 13, june. see, e. g., philippon, t., and a. reshef ( 2012 ), wages and human capital in the u. s. finance industry : 1909 – 2006, quarterly journal of economics, 127 ( 4 ) : 1551 – 1607. for a critical appraisal of the fsb, see sheets, n. ( 2017 ), race to the top : the case for the financial stability board, peterson institute for international economics, policy brief 17 – 12, april. gambacorta, l. and h. s. shin ( 2016 ), why bank capital matters for monetary policy, bis working papers no 558, april 2016. the common equity tier 1 ratio of significant euro area banks reached 13. 7 % in the third quarter of 2016 against 9 % in 2012. the annual growth rate of adjusted mfi loans to non - financial corporations ( i. e. adjusted for loan sales, securitisation and notional cash pooling ) stood at 2. 0 % in february 2017, up from a trough of – 3. 5 % in february 2014. the annual growth rate of adjusted mfi loans to households stood at 2. 3 % in february 2017, up from a trough of – 0. 4 % in november 2013. see cœure, b. ( 2017 ), sustainable globalisation : lessons from europe, speech at a special public event “ 25 years after maastricht : the future of money and finance in europe ”, maastricht, 16 february. 3 / 3 bis central bankers'speeches
will ultimately contribute to future prosperity. but experience has taught us that it is a development which needs to be monitored very closely and presupposes a high degree of discipline in economic policy. it requires a great deal from decision - makers in the political system and the supervisory authorities, as well as from those of us who work in central banks. developments in the financial field are creating large opportunities. but it is also important to bear in mind that major, far - reaching changes normally entail risks. in view of these risks, every agent in the financial system needs to act wisely and discerningly. only in this way can the full benefits be drawn from the opportunities that financial developments are providing.

amando m tetangco, jr : bangko sentral ng pilipinas ’ policy directions in a challenging landscape speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the aci phils - fmap - ihap - mart - nasbi - toap joint general assembly, manila, 24 september 2013. * * * ladies and gentlemen, good evening. let me begin by thanking the organizers of this event for the opportunity to speak before your membership. i sometimes have the chance to speak individually with a number of the associations and i always welcome those one - on - one exchanges, which are often very informative and insightful. but your annual general meeting is a clear upside for everyone. by holding a joint general assembly, we benefit from not having to repeat messages across several forums. we also benefit from coming together as a market with a commitment towards ensuring that we continue to build on the gains we have made so far. introduction let me take you to a quick game of word association. is everyone familiar with this game? for example, when i say blue. what comes to your mind? i debated whether i should use words or the rorschach test of inkblots. in the end, i concluded “ words ” would be easier for a crowd like this. it should be easier to find some kind of consensus in a room full of traders than it would among economists. [ two - handed economist. ] here goes : uncertainty, communication, volatility, normalization, p44. 00, maintain, spread narrowing, market infrastructure, client suitability, client protection, real growth, inclusive growth. as expected there are differing appreciations / meanings associated with words. our associations are defined by where we are right now ( in dealer parlance, your current “ position ” ) and what we ’ ve learned from the past ( ika nga nila – kailan, kung saan at gaano kalaki ang talo or panalo mo! ) in other words, ladies in gentlemen, your associations and ultimately your behavior are defined by facts and perception. tonight i ’ d like to lay down some “ facts ” before you. after which, i ’ ll briefly touch on some of the “ risks ” that could color our perception. my goal tonight is to help ensure that there is a convergence between your appreciation and the actual
at the end of my remarks. research by nicholas bloom analysing the effects of uncertainty shocks on the economy is a prime example of a policy - relevant research output. published in econometrica in 2009, it could not be more timely. 1 the unprecedented level of uncertainty has been one of the key distinguishing features of the great recession. economic uncertainty refers to an environment in which little or nothing is known about the future state of the economy. there is a variety of sources of economic uncertainty, ranging from wars, acts of terrorism and natural disasters to changes in economic and financial policies. professor bloom highlighted the adverse effects of heightened uncertainty on economic activity. uncertainty leads firms to cut back or defer hiring and investment decisions. it also drives consumers to put off buying new goods. as a result, uncertainty can escalate financial stress and recession, as well as nicholas bloom, 2009, “ the impact of uncertainty shocks ”, econometrica 77 ( 3 ), pp. 623 – 685. bis central bankers ’ speeches stall labour market recovery. 2 what was new was the attempt to measure general and event uncertainty through a variety of indicators, avoid the trap of reverse causation with the economic fluctuations it was trying to explain and insert the variable in a dsge model. professor bloom ’ s work on uncertainty inspired further research on the effects of uncertainty, including on the links between uncertainty and monetary policy. 3 for example, the idea that changes in uncertainty may interact with monetary conditions and can drive global financial cycles was one of the themes in this year ’ s jackson hole economic policy symposium, the annual gathering of prominent central bankers, finance ministers, leading academics and financial market players from around the world. 4 because of its latent nature, uncertainty is difficult to quantify and has to be measured indirectly using a variety of indicators. here, too, nicholas bloom, together with scott baker of stanford university and steven davis of the university of chicago, made an important contribution in developing an economic policy uncertainty index for the us, europe and other major economies. the measure has been used not only in academic papers but also by investors and financial professionals. 5 it has also been subject to intense discussions in the blogosphere in view of some of its political uses. the difficulties in finding good indicators controlled to avoid reverse causation and the use of political events provided fodder for the debates. professor bloom ’ s work on measuring uncertainty stimulated more systematic analysis of uncertainty indices also at the ec

be done in several areas, such as raising the flexibility and adaptability of the individual euro area economies and paying close attention to cost competitiveness in the various economies. the achievements of emu and our monetary policy support the reforms that are urgently needed in many countries. we look forward to welcoming you wholeheartedly into the euro area. thank you very much for your attention.
you. it is up to you now to repay their investment in you in terms of finances, time, effort and intellectual guidance to be successful in whatever you do after su ’ u school. if you hold on strongly to your christian values, apply them in whatever you do and continue to fear god, i believe you will be successful and your future will be bright. but first you must succeed in your exams next week. on that note, i wish you all the best in your exams and may god ’ s many blessing be upon you as you answer that exam question or tick the box of that “ multiple choice ” question. thank you for listening. may god bless su ’ u school and may god bless solomon islands. bis central bankers ’ speeches

denton rarawa : the importance of fearing god as you climb your life ’ s mountains keynote address by mr denton rarawa, governor of central bank of solomon islands, at the su ’ u national secondary school 2013 graduation ceremony, malaita province, 2 november 2013. * * * introduction chairman of su ’ u school board, mr edward ronia ; other su ’ u school board members ; education director, sse church, mr joash maneipuri su ’ u school principal, mr johnson paraerae ; deputy principal, mr timothy aihunu ; other members of staff of su ’ u school ; former students & friends of su ’ u school parents and guardians ; chiefs and community leaders of dorio ; graduating students ; ladies and gentlemen, first of all, let me thank the su ’ u school graduation organizing committee for inviting me yesterday to be your guest of honour at this graduation ceremony this afternoon. it is indeed an honour and privilege for me to be here. it is also good to be back at su ’ u after 35 years. i still have fond memories of my time as a student here, although most have faded over the years. the place has certainly changed but it is really sad to see that the school facilities have been allowed to deteriorate over the years. this afternoon i will address mainly the graduating students. some of you, especially forms 3, 5 and 6 students will continue your education next year here at su ’ u school or in other schools in the country. some forms 6 and 7 graduates will enter university at sinu or within the region. but most of you will find employment or return to your communities. the theme of my presentation this afternoon is : “ the importance of fearing god as you climb your life ’ s mountains ”. i don ’ t know why i chose the analogy of “ mountains ”. maybe because su ’ u school sits on top of a mountain. i have a friend from nepal. nepal is a tiny country between china ( or the chinese province of tibet ) and india. nepal is a mountainous country. in fact, the highest mountain in the world, mt everest is in nepal. my nepalese friend is an avid mountain climber in his younger days. he was telling me about the most satisfying and most frustrating aspects of mountain climbing. the best part of mountain climbing is when you finally reach the top of the mountain. it is a very satisfying feeling. you reach the top and celebrate, congratulate your colleagues,