samchain/econo-pairs-v2 huggingface dataset:
to change the situation in spain it is crucial to make citizens and governments aware that there is a cost to restrictions on access to data by the research community, as they will eventually result in less effective public policies. i trust that discussions of the papers to be presented at the conference over the next two days will bring us up to speed with the most advanced practices across the globe. thank you very much and enjoy the sessions!

11. 07. 2022 welcoming remarks to the conference on econometric methods and empirical analysis of microdata in honour of manuel arellano pablo hernandez de cos governor good morning, and welcome to this conference on econometric methods and empirical analysis of microdata in honour of manuel arellano, one of our country ’ s leading economists and a key figure in the field of econometrics at international level. let me take this opportunity to, once again, congratulate professor arellano on all his important achievements. we are indeed very honoured at the banco the espana to have manuel with us at the cemfi. in his recent acceptance speech at the award ceremony of the king of spain ’ s prize for economics, manuel arellano argued that a nation without good administrative data is like a hospital system without access to advanced magnetic resonance equipment. i couldn ’ t agree more with this comparison. to have an accurate diagnosis of the problems of an economy it is crucial to be able to observe economic reality in sufficient detail. and, the analysis of an economy in high resolution is possible thanks to the empirical analysis of data, of microdata in particular, using, of course, the appropriate econometric methods. indeed, in recent decades, the analysis of microdata has revolutionised research in the social sciences1 and policy evaluation. the availability of granular data, together with the development of innovative econometric methods, has radically changed the way researchers approach and understand social issues. at the same time, economists are increasingly being given the opportunity to help governments design new policies and regulations2. and, in this respect, we should bear in mind that carefully designed scientific experiments have been an engine of economic, technological, and social progress. social experiments have become crucial to ensure that governments implement policies with a proven record of success3, that are based on evidence and not on prejudice or intuition. we are now in a position to create a virtuous circle that begins with the allocation of resources to the compilation of data and the provision of access to them, continues with the evaluation of public policies, and ends with the application of the findings to the design of policies. however, unlike medical trials, social experiments – large - scale, publicly funded randomised controlled trials – have not become the gold standard for the evaluation of public policy interventions. einar, l. y levin, j. ( 2014 ) " the data revolution and economic analysis ", working
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seppo honkapohja : international spillovers from unconventional monetary policy easing and exit – what do we know? remarks by mr seppo honkapohja, member of the board of the bank of finland, in the panel session “ unconventional monetary policy and its reversal : policy options for growth and stability ”, asian economic panel, helsinki, 9 june 2014. * * * introduction : the global financial crisis and the crisis in europe the start of the global financial crisis can be dated in different ways. one plausible date is almost seven years ago in august 9 in 2007 when significant turmoil in financial markets appeared. this unrest continued and in september 2008 a financial panic brought financial markets to a halt and the resulting economic downturn in 2008 – 2009 which for a while resembled the pace of developments in the great depression. 1 in europe, a further stage of the crisis appeared in 2010 when a sovereign debt crisis hit some euro area countries. some of the roots in the euro crisis were due to specific features of construction of the european monetary union, but the crisis was also triggered by the second - wave shocks from the global financial crisis. the first - round effect of the 2007 – 2008 panic was a vast deterioration of balance sheets of banks and other financial institutions. growing uncertainty about asset and collateral quality squeezed credit and dried up liquidity. the downward spiral of the financial system, unseen in developed countries for eight decades, called for prompt and extraordinary policy actions. monetary policy responses management of short - term interest rates became the key policy tool and the stabilization of inflation the central policy objective during the great moderation period. this standard policy framework turned out insufficient to contain the panic. the federal funds rate in the united states hit the zero lower bound in december 2008 and has remained at this level ever since. the european central bank also started a series of reductions of its main refinancing operations ( mro ) rate. with little or no room for further interest rate reductions, the central banks in developed countries turned their attention to highly unconventional measures, previously regarded as inconsistent with the inflation targeting paradigm. the objective of these measures was to maintain financial liquidity and stability. however, the move towards longer - term maturities was also designed to flatten the yield curve and stimulate real investment. in november 2008 the federal reserve started the first round of quantitative easing and began to buy a wide class of assets, including mortgage - backed securities, long - term government debt and bank debt. by mid - 2010 the stock
american economic review, american economic association, vol. 102 ( 2 ), pp. 1029 – 61 stiglitz, j. and weiss, a. ( 1981 ) : credit rationing in markets with imperfect information, the american economic review, vol. 71, no. 3, pp. 393 – 410. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches

, the keidanren's final results showed that summer bonuses and lump - sum payments of major firms, after having risen at a high rate of 8. 8 percent in the previous year, continued to increase this year, marking 0. 5 percent year on year. nevertheless, by industry, the number of those experiencing increases in summer bonuses and lump - sum payments was almost the same as those experiencing decreases. it is necessary to carefully monitor the progress in active initiatives taken by firms, including small and medium - sized ones, such as strengthening of their earning power and wage system reforms, which are imperative to sustainable wage growth. second is developments in overseas economic activity and prices. in advanced economies, the effects of policy interest rate hikes have become unclear, mainly because of postpandemic pent - up demand and of wage growth due to tighter labor market conditions. in this situation, the cpi for all items less food and energy has remained elevated, and the risk of economic overkill through continued policy rate hikes is also of concern. in addition, a 1 percentage point change in china's gdp is estimated to affect the gdp of other asia - pacific regions by about 0. 3 percentage point. 3 depending on the extent of deceleration of overseas economies, this may have a significant impact on japan's exports and production, and therefore careful monitoring is warranted of changes in the situation overseas. ii. conduct of monetary policy in light of recent economic and price developments, i would like to share my views on the conduct of monetary policy for the immediate future. i believe that the bank of japan needs to patiently continue with the current monetary easing for the time being in view of the price stability target of 2 percent, primarily for two reasons. the first reason concerns achieving inflation accompanied by wage increases. a major problem facing japan's economy is that there has been almost no increase in the three key economic and financial indicators of prices, wages, and interest rates since the second half of the 1990s ( chart 4 ). the distribution of selling price changes has clustered near 0 percent for many years ( chart 5 ). firms have curbed investment given the difficulty of recovering it. this led to declines in their capacity for innovation and earning power, thereby causing a slump in labor productivity. to propel a change in this economic activity stagnation, the bank has continued with monetary easing. as a result, coupled with the government's policies, japan's economy is no longer in
experts. thus the training efforts of the institutes will be a key ingredient in the development of the three pillars of basel ii. the inclusion of the stakeholders in this consultative process and capacity building is crucial. ladies and gentlemen, i would like to encourage you all to participate actively during this important forum so as to get maximum benefits from this workshop. as i conclude, may i welcome the presence of delegates from rwanda and burundi to this workshop. i wish the participants a happy stay in nairobi and fruitful deliberations. with these few remarks, it is now my humble duty to declare the 7th east african banking school officially open. thank you for your kind attention.

central bank of kenya launch of nse listing rules incorporating listing requirements for green bonds wednesday, february 20 2019 keynote address by dr. patrick njoroge, governor, central bank of kenya 659 words good morning! first, i want to thank geoffrey odundo for getting me out of the office on this fine wednesday morning. i had a choice between attending a meeting in my office – which overlooks a car park, by the way – and joining you, not just for breakfast, but to breathe some fresh air. this was a good choice of hotel, seeing as it is located in central park, which partly serves as a lung for this busy city. when i was appointed to this position, one of the things i sought was regular respite from the pressures of the job. i have told many of you the story before, of how karura forest and my saturday morning runs there help clear my head. some of you may have joined me on these runs. i'm not just re - telling this story to prove my running credentials. karura's existence, and the dogged work put in by the late professor wangari maathai, brought home to kenyans the value of protecting the environment. i need not remind you that she was also instrumental, three decades ago, in protecting uhuru park just next door, and keeping it safe for the people of nairobi to use. this was years before climate change and environmental protection became buzzwords. kenya was a leader in proving the fact that the environment matters. we have been leaders in establishing the principle that we have only borrowed this planet from our children. so we now seek to lead the world in proving that being green pays – that we can take the great strengths of the financial industry and its investment savvy and apply these to the task of protecting the earth and all who live in it. kenya, therefore, is one of the pioneers in establishing the green bond market. there is appetite for investing in africa, in recognition that, of all the investment bets you can make, this is the one that is sure to come up trumps. there is also appetite, as i have mentioned, to use your investment muscle to do good – to help defend the planet against the ravages of climate change and environmental damage. these two impulses come neatly together when we seek to make nairobi the global hub for green finance. what must we do, then? what is my challenge to you? this
rasheed mohammed al maraj : financial sector education and training in bahrain address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the signing ceremony : bibf - sii mou, manama, 20 february 2008. * * * good afternoon lord mayor, mrs. ruth martin and other members of the sii team, colleagues from the bibf, ladies and gentlemen, as governor of the central bank of bahrain ( cbb ) and in my capacity as chairman of the bibf, i would like to welcome you all to the launch of a new partnership between the bibf and the securities & investment institute ( sii ). i am delighted to note that the sii is the largest and most widely respected professional body for the securities and investment industry in the uk and that its vocational courses attract over 37, 000 candidates a year. the cbb welcomes and, indeed, supports the bibf - sii strategic partnership which will further deepen the scale and scope of internationally recognized qualifications and training courses offered by the bibf. in bahrain, we recognize and appreciate the value of education and training, so it is no surprise that fostering and nurturing a vibrant training institute, such as the bibf, has been an integral element of bahrain ’ s success as an international financial centre. through the provision of high quality training and education programmes catering specifically for the financial sector, the bibf has helped create a talent pool for banks and other financial institutions to draw from. today, bahraini nationals account for over 70 % of total financial sector employment, which has continued to accelerate over the years. in fact, bahrain ’ s financial sector continues to see the highest value - added per worker. the sector employs 2. 7 % of bahrain ’ s civil service and private sector workforce, while contributing over 25 % of gdp. however, as you are all aware, the financial services industry is one of the most rapidly growing and evolving segments of the global economy. this means that people working in this industry have to keep upgrading their expertise if they are to compete effectively in the market for financial sector jobs. the bibf, with the support of the cbb, is committed to fulfilling its mandate of continuously growing bahrain ’ s talent pool and “ shaping tomorrow ’ s financial leaders today ”. from its modest beginnings, the bibf has grown into a highly respected institution, which delivers a wide range of degree and diploma programmes, professional qualifications and short

##duration courses addressing the needs of all segments of the financial sector – banking, insurance and capital markets. in conclusion, i would like to congratulate the bibf and sii for reaching this significant milestone today. let us all work together to ensure that bahrain retains its leading edge as a financial centre and as a centre of excellence in financial training and education. thank you.
bond market as and when needed and the appreciation of the swiss franc will continue to be prevented.

thomas jordan : financial crisis dispersing? economy changing direction? speech by mr thomas jordan, member of the governing board of the swiss national bank, at the general assembly of the handels - und industrieverein des kantons schwyz, schwyz, 25 august 2009. the complete speech can be found in german on the swiss national banka€™s website ( www. snb. ch ). * * * the situation on the international financial markets has recently brightened again. this is mainly due to the positive keynote in company earnings reports and a series of unexpectedly favourable economic data. the relaxation of monetary policy was pursued further through the implementation of unconventional measures in march 2009, and this is also likely to have had a calming effect. price advances since march should, however, be partly seen as corrections to excessive downward movements in the previous period. considerable uncertainties still prevail and the danger of setbacks should not be carelessly underestimated. the recessionary developments in the world economy weakened significantly in the second quarter of 2009. expansionary monetary policy around the world, together with fiscal support programmes, have probably played an important role in this respect. economic indicators are also showing a turn for the better in the swiss economy. nevertheless, in view of the exceedingly low level of utilisation of production capacity, industrial investment will probably continue falling. given the increasingly gloomy outlook for employment, private consumption is also likely to put a damper on the resumption of cyclical activity. consequently, the current overall situation of the swiss economy remains difficult despite the many rays of hope with regard to the economic cycle. also, the danger of deflation does not yet seem to have been entirely averted. we have not yet reached the moment for a change of direction in monetary policy in switzerland. after analysing the available economic data and forecasts and taking various risk considerations into account, there is no need for the snb to take monetary policy action at present. the snb can afford to adopt a holding stance. however, this holding stance should not be mistaken for inactivity. the snb continues its firm implementation of an extremely expansionary monetary policy and the unconventional measures launched on 12 march 2009. the swiss franc money market is still being provided with a generous and flexible supply of liquidity, interest rates remain low, swiss franc bonds are still being purchased to dampen the level of risk premiums on the swiss franc
must have the opportunity to make a definite pre - calculation as to the cost of these assets to him and the price at which he will have to pass them on in order to make both ends meet. /... / therefore, maintaining the firm value of a monetary unit is an enormous, difficult, and very responsible task in every country. to sum it up, i would like to express my many thanks to all the estonians : to every corporate manager, state official, banker, and politician who has supported the central bank in performing its difficult task by having faith in it. without your trust in the past 12 years we would not have reached the point where we are standing now. once again - thank you very much!

##e taught for thirteen years in the prestigious columbia university in new york. there he mainly focused on development economics, earning a great reputation as an international advisor on the subject. he died unexpectedly and still relatively young at only 51. the view of ragnar nurkse of the time notes his thorough knowledge of economic theory and practice, his original ideas, and his clear vision. he was the sort of man who is clearly needed in the world today. when estonia regained its independence it chose the path of reform, with a unique combination of conservatism, innovation and a recognition of its own limitations. estonia chose once again the road to europe. eesti pank concentrated on stabilising the economy and on earning and maintaining confidence in the estonian currency. today the european union and its member states are estonia ’ s main partners both economically and politically. working together with the european system of central banks has become a matter of course for eesti pank, be it in monetary policy, financial stability or economic analysis. we are in an unprecedented position to engage in defining the economic world around us, and our input is listened to. evidently there are limits on how much a small country can contribute in the functioning of the european union, because smaller countries have fewer resources. but we can widen bis central bankers ’ speeches those limits by making the best use of our resources, by learning from our own experience and that of our partners, and by working well together. working together is particularly important right now, at a time of geopolitical tensions in and around estonia and of deepening insecurity. it is right now that we need to find the ideals, the ideas, and the goals that can bring us together, and we must work together to achieve them. i wish us strength and good luck in all of this. thank you again. bis central bankers ’ speeches
have been volatile against the backdrop of the further decline in crude oil prices and uncertainty such as over future developments in emerging and commodity - exporting economies, particularly the chinese economy. for these reasons, there is an increasing risk that an improvement in the business confidence of japanese firms and conversion of the deflationary mindset might be delayed and that the underlying trend in inflation might be negatively affected. in order to preempt the manifestation of this risk and to maintain momentum toward achieving the price stability target of 2 percent, the bank introduced “ quantitative and qualitative monetary easing ( qqe ) with a negative interest rate ” in january 2016. the bank will lower the short end of the yield curve by slashing its deposit rate on current accounts into negative territory and will exert further downward pressure on interest rates across the entire yield curve, in combination with continued large - scale purchases of japanese government bonds ( jgbs ). the jgb yield curve has declined after the introduction of “ qqe with a negative interest rate, ” bis central bankers ’ speeches and policy effects have been seen. going forward, these effects are likely to steadily spread to both the real economy and the price front. the bank will continue with “ qqe with a negative interest rate, ” aiming to achieve the price stability target of 2 percent, as long as it is necessary for maintaining that target in a stable manner. it will examine risks to economic activity and prices, and take additional easing measures in terms of three dimensions – quantity, quality, and interest rate – if it is judged necessary for achieving the price stability target. in global financial markets, risk aversion of investors has been spreading excessively around the globe recently. the bank will carefully monitor how the developments in global financial markets influence japan ’ s economy and prices. thank you. bis central bankers ’ speeches

environment that is prone to greater volatility and increased uncertainty, there will be a greater trend to diversify risks. this will also contribute to overall global stability in the international financial system. on our part, the bank is committed to collaborate with the chinese authorities to facilitate the use of renminbi that is anchored on real sector activities for the mutual benefit of our countries. today ’ s seminar will discuss the issues concerning the use of renminbi in trade and investment. on this note, i wish you all a productive and successful engagement. bis central bankers ’ speeches