samchain/econo-pairs-v2 huggingface dataset:
i hope we will have a better insight in risk management area and a fruitful discussion to enhance our understanding and more importantly to increase confidence in implementing it. thank you.

not tolerate inflation move beyond the upper bound of the target range. bank indonesia will also strengthen policy coordination with the government to manage domestic demand. 24. but again, as i mentioned before about lesson from 2013 experience, a sound macroeconomic policy is not sufficient to sustain economic growth. it is imperative to augment it with structural reform. we have to address our reliance on the export of primary commodities given the boom of commodity prices is over. at the same time, efforts should be made to address our heavy reliance on energy and food imports. bis central bankers ’ speeches 25. in the financial sector, financial market reform is also imperative. we, in bank indonesia, with close collaboration with ojk, have committed to boost financial market deepening initiatives. this includes elements such as well - functioning securities and money market, seamless payment system, and well developed long - term financing. a nation in transition ladies and gentlemen, 26. the year of 2014 is rather special. with the general election at our doorstep, maintaining macroeconomic stability is a key. macroeconomic stability, in our view, is the element of continuity for the indonesian economy in transition. in this regard, i would like reiterate our commitment to maintain the stability of our economy. 27. i would also like to emphasize here the remarkable progress in the nation ’ s journey to democracy. less than two decades ago, if we recall, there was an imminent risk of “ balkanisation ” following a devastating financial crisis and an abrupt regime change. but now we are viewed as a strong and stable democracy, supported by institutional reforms in both private and public spheres. 28. with more than 500 elected offices throughout the archipelago, election and peaceful transition of power actually occur almost every day in this country. i am confident that the upcoming parliament and presidential elections will be no different. and it will be a testament to the strength of our democracy and its ability to support economic development. closing ladies and gentlemen, 29. before concluding this remark, i would like to remind us that fitch rating is the first rating agency to award investment grade to indonesia after losing the credential due to 97 / 98 financial crisis. we believe that such decision was taken after an elaborate assessment on the country ’ s economic and financial data. and as we all have witnessed in 2013, it turned out to be an accurate assessment. indonesia ’ s economy is indeed resilient and is able to withstand challenges that may have come to its way. 30. i am confident
framework that was built in response to the needs of the financial sector and beyond ; one that has proven its value in pilot tests ; and one that, in the meantime, has received encouraging reactions from the ecb. i therefore want to call upon everyone here today to start using art – in whatever form suits you. to start using this state of the art framework to learn about the state of your cybersecurity, and hence, to take an improved stance in our joint fight against cyber threats. and don't shy away from spreading the word – the art we are talking about today, is not one for the few, it is one for the many. 3 / 4 bis - central bankers'speeches dear cisos, it is heart - warming to see so many of you here, today – from the financial sector, the healthcare sector, the telecom sector, and the dutch government. each one of you plays a vital role in our society – a role that becomes even more vital, the more connected we become, whether you share software, service providers, or cyber risks. maybe we'll reconvene in the future, and then there will be cake. and candles. and cards. and hopefully we will be celebrating the success of art, the success of a common cause : our fight against cyberthreats. we're not there yet, but i am confident we will get there – stronger and more resilient than ever. together, we'll protect our organisations, our people and our society. and today marks another step forward. and that alone is very much reason to celebrate. so let's celebrate! thank you. 4 / 4 bis - central bankers'speeches

in order to return to sound fiscal positions are credible, respecting fully the provisions of the stability and growth pact. this is essential to maintain the public's trust in the sustainability of public finances, which is important both for the economy to recover and for supporting long - term growth. countries subject to the excessive deficit procedure need to comply strictly with the ecofin council recommendations for correcting their deficits. many countries will need to specify further credible consolidation measures for 2010 and beyond. full and consistent implementation of the eu's legal provisions for sound fiscal policies is a prerequisite for the maintenance of their credibility as one of the pillars of the institutional framework of economic and monetary union. turning to structural reforms, the governing council welcomes the commitment of the spring european council to make full use of the renewed lisbon strategy for growth and jobs in the current situation. the updated recommendations for the euro area countries call for an accelerated implementation of reforms to support the economy, facilitate necessary adjustments and ensure a high level of growth potential. it remains essential that government support measures do not distort competition or delay necessary structural adjustment processes and that governments remain firmly committed to avoiding protectionism. we are now at your disposal for questions.
eds ) ( 2018 ), conference, reserve bank of australia, sydney. available at < https : / / www. rba. gov. au / publications / confs / 2018 / >. central bank frameworks : evolution or revolution? proceedings of a © reserve bank of australia, 2001 – 2019. all rights reserved. the reserve bank of australia acknowledges the aboriginal and torres strait islander peoples of australia as the traditional custodians of this land, and recognises their continuing connection to country. we pay our respects to their elders, past, present and emerging. https : / / www. rba. gov. au / speeches / 2019 / sp - gov - 2019 - 07 - 25. html 14 / 14

scammers. the public is advised to frequently check the amaran scam facebook page by bank negara malaysia, as well as cyber crime alert and semak mule by pdrm for the latest updates. recognising the need to intensify the awareness on financial scams, i would like to congratulate the banking industry for coming together to undertake the national scam awareness campaign. throughout this campaign, the public can expect to see more prominent scam awareness advertisements, messages and prompts on banks'own channels as well as mainstream and social media. i understand there will also be community outreach programmes to educate the public. as digital finance becomes increasingly pervasive, and as new threats emerge, the effort to educate the public must be sustained well into the future. we cannot rest on our laurels. i would like to reiterate that the fight against financial scams is one fought on multiple fronts. we are only stronger if we work together and play our part in order to safeguard the security and integrity of our country's financial system. 2 / 2 bis - central bankers'speeches
banking, as well as in banking supervision, will increase. i ’ m convinced that diversity in management positions is an intelligent idea to pursue. 2 / 2 bis central bankers'speeches

long period of time with regard to the reinvestments, as we cannot exclude the possibility that we will reach our inflation objective earlier than expected or that there will be an increase in negative side effects from our expansionary monetary policy. is quantitative easing ( qe ) a tool the ecb could use again in the future, as some current and former governing council members have suggested? 1 / 2 bis central bankers'speeches in the context of a monetary union with many different sovereigns and no fiscal, genuine economic and political union, qe should not be part of the normal policy toolbox. it should be a tool of last resort, to be used only when there is a clear risk of deflation. with a long - lasting, very accommodative monetary policy, side effects and risks emerge. and while pursuing price stability is the main objective, we also have to keep in mind the costs – and not only the benefits – of our monetary policy measures. what danger does the row between rome and brussels over the italian budget present for the country ’ s banking system? as a banking supervisor it ’ s not our task to comment on political discussions or decisions with regard to the budgets and fiscal stances of individual countries. banks have to acknowledge changes and risks in the macroeconomic environment they operate in. and if these changes are relevant, we as supervisors adapt our assessment of banks ’ risk profiles, too. overall, the italian banking system has become more resilient and banks are better equipped to deal with uncertainties than they were before. what do you see as the top priority for banking supervision in the coming months and years, in italy and elsewhere? among other topics, there is still further work to do on non - performing loans. they will keep us busy for the coming years. the cleaning up of banks ’ balance sheets should be pushed through as quickly as possible. this is not specific to italy. all banks should do their utmost to improve their resilience in sunny times when the economic cycle is on the upside. not all banks have done all of the work we would like them to do. some are well under way, and some still need to do much more. some observers are disappointed that a male candidate – italy ’ s andrea enria – will take over as head of ecb banking supervision from daniele nouy next year, rather than irishwoman sharon donnery. how did you feel about the news? i hope that our ratio of women in central
how they can be measured and managed, will be discussed. i'm very tempted to remain with you for your discussions, but sadly i have my own job to do, which makes it impossible for me to stay. but i wish you, padraic, and everyone here an enjoyable and interesting couple of days in what has become the best tradition of this very special event.

the 11 in that context it ’ s worth noting that our new objective is to facilitate growth and competitiveness, subject to alignment with international standards. 12 implementing basel 3. 1 in the uk − speech by phil evans | bank of england 13 the debate was so colourful it was even referenced in a tv debate between then - prime ministerial candidates rishi sunak and liz truss – surely a first for prudential regulation of insurers! 14 in general, there is a strong complementarity between our new secondary objective, and our long - standing secondary objective to facilitate competition in the banking and insurance sectors. bank of england administrative aspects of the senior managers regime and are considering an approach to indexing thresholds in our regime in order to avoid “ prudential drag ” in which fixed thresholds become more biting over time as the economy grows. and it ’ s not just policy - making that is changing. we ’ re on a mission to make our regulation as efficient as possible, by removing unnecessary frictions and inefficiencies so that we can achieve our objectives with minimal costs to the real economy. in particular : we ’ ve improved the speed and efficiency of regulatory processes, with the timeliness of authorisation of new senior managers now running consistently at very close to 100 % ; we ’ re revamping our rule - book to make it easier to navigate ; and we are reviewing the banking data we collect with the aim of streamlining reporting, ensuring we get the data we need, but no more than we need, at the lowest cost to firms. now reasonable people can debate whether we are doing enough, too much, the right or the wrong things to advance the new objective given to us by parliament. unreasonable people are also welcome to debate those points, and i ’ m sure they will. but if you want to argue that the pra is simply not doing much on competitiveness and growth, you are just straightforwardly wrong. busting myths but while i ’ m focused on actions, i ’ m also aware that perceptions matter. we should be held to account for our support for growth and competitiveness, and so it ’ s important that people can see what we are doing. part of that is about explaining what we ’ re doing, but another part is busting some persistent myths about our work. the first myth is that prudential regulation is fundamentally at odds with risk - taking. i ’ ve heard many versions of this in my 8 years in
at recent international meetings : the exit strategy. this strategy sets a course for progressively reversing the policy measures that were implemented in recent months, i. e. the interest rate levels and non - standard instruments. let me make it quite clear : this is not – yet – the time to implement the exit strategy. we clearly stated our view last week that the level of interest rate is appropriate, and we decided to conduct another one - year refinancing operation at the mro rate ( 1 % ) with full allotment. but it ’ s critical to have a well thought - out exit strategy, because markets have to realise that the current policy is temporary and will be reversed when it is no longer appropriate, in particular when risks to price stability re - emerge and conditions in financial markets have improved. as far as the euro area is concerned, the primary goal of monetary policy remains on friday 4 september 2009, three, six and 12 month rates in the us ( libor ) stood at 0. 31 %, 0. 71 % and 1. 29 %. the corresponding rates in the euro area ( euribor ) were 0. 80 %, 1. 07 % and 1. 28 %. price stability ; and the ecb will do whatever is needed to carry out its mandate. inflation expectations over the medium term have to remain well anchored. this is essential to ensure that long - term interest rates remain low, thereby supporting the economic recovery. having an exit strategy is thus an act of responsibility for a central bank. drawing up an exit strategy entails two questions above all : how? and when? i won ’ t touch upon the how – the instruments – as both chairman bernanke and president trichet have examined this particular question recently. 2 instead, i will address the issue of the when from an analytical point of view. the concrete implementation will depend on many imponderables, not least the prospects for economic recovery and for the stabilisation of financial markets – and those prospects are fraught with uncertainty. i intend to discuss a few issues that – in my view – central banks will have to consider when taking the decision to exit. this will show how complex and difficult that decision is going to be. my analysis does not pretend to be exhaustive, but in my view the following five issues demand our full attention. one issue is reversibility. once the decision has been taken, we can ’ t easily go back on it. this

aim to provide any insight into specific monetary policy decisions over the next few months. my purpose was to explain parts of the analytical framework in which central banks will have to operate, on this and that side of the atlantic. just like the entry, the exit will also call for close interaction between the monetary authorities. this might not necessarily mean coordinated action or similar measures, given the different situations. however, the challenges ahead are quite similar. ultimately, if we want to avoid “ being too late ” or “ being too early ”, the only solution is to “ be right on time ”. and this is what we are committed to doing.
org.

7. the share funded by cmbs ( the orange line ) increased from almost nothing in 1990 to almost 30 percent in 2008. in an accounting sense, most of this increase in funding from the capital markets came at the expense of direct holdings of whole loans by insurance companies ( the dashed green line ) and other intermediaries ( the black line ), whose funding shares fell by half between 2000 and 2008. in contrast, depositories'share of commercial mortgages outstanding ( the purple line ) held steady from 1990 through 2007. in 2008, the decrease in the commercial mortgages funded by cmbs – the downtick of the orange line at the end of the sample – was offset by an increase in commercial mortgages funded by depositories – the uptick of the purple line. these data suggest that depositories increased their share of commercial mortgages as securitization markets stalled in 2008. again, banks and other depositories served an important safety - valve function for the commercial mortgage market. in figure 8, federal reserve flow of funds data are used to construct market shares of all financial intermediation provided by four major classes of institutions : banks, thrifts, insurance companies, and " other financial intermediaries, " which range from finance companies to the entities that issue abs. 9 in 1950, banks'share of financial intermediation ( the red line ) was about 50 percent ; it declined and then rose to about 48 percent in the mid1970s, then it trended down to about 33 percent at the turn of the century. from the fourth quarter of 2007 to the fourth quarter of 2008, this measure of total financial intermediation grew by about 5 percent. at the same time, the banking system's share increased from 32. 8 percent to 33. 4 percent – a 0. 6 percentage point increase in market share. thrifts and insurance companies – represented by the blue solid and green dashed lines, respectively – had declines in their market shares in the fourth quarter of 2008. in figure 9, the shares for banks and thrifts are combined so that there is a depositories'share of this measure of u. s. financial intermediation ( the purple line ). comparing the purple line for the depositories'share with the black line for other financial intermediaries'share, it is bank's ability to hedge against marketwide liquidity shocks as they did last fall has been documented in the academic banking literature ; see
serious about achieving its 2 percent inflation objective on a sustained basis. for instance, see james h. stock and mark w. watson ( 2007 ), “ why has u. s. inflation become harder to forecast? ” journal of money, credit and banking, vol. 39 ( february ), pp. 3 – 33. their model allows the responsiveness of underlying inflation to actual inflation to vary over time and suggests that responsiveness — the “ gain ” — has been lower in recent years than in the 1970s and 1980s. see the federal open market committee ’ s september 2018 sep, an addendum to the minutes of the september 25 – 26, 2018, fomc meeting, in board of governors of the federal reserve system ( 2018 ), “ minutes of the federal open market committee, september 25 – 26, 2018, ” press release, october 17, https : / / www. federalreserve. gov / newsevents / pressreleases / monetary20181017a. htm. for discussions with respect to disinflation, see antulio n. bomfim and glenn d. rudebusch ( 2000 ), “ opportunistic and deliberate disinflation under imperfect credibility, ” journal of money, credit and banking, vol. 32 ( pt. 1, november ), pp. 707 – 21 ; and athanasios orphanides and david w. wilcox ( 2002 ), “ the opportunistic approach to disinflation, ” international finance, vol. 5 ( spring ), pp. 47 – 71. - 12 conclusion in today ’ s new normal, it is important to achieve inflation and inflation expectations around our 2 percent target on a sustained basis while guarding against financial imbalances through active use of countercyclical tools. we want to be mindful of the risk of financial imbalances that could amplify any shock and help tip the economy into recession, which the federal reserve has less conventional space to address in today ’ s low interest rate environment. in my view, it is therefore wise to proceed cautiously, helping to sustain the expansion and further gains in employment and with appropriate regulatory safeguards that reduce the risk of dangerous financial imbalances.

may be implemented more efficiently if private sector companies, with specialist expertise, invest in, and manage the project and bear the risks that the project will not be completed on time and within budget. these are important advantages, not least because project implementation capacity is weak in uganda and some other countries in the region. however, it is a misperception that ppps reduce the fiscal burden on the government over the long term ; instead they usually only extend the time frame over which the fiscal costs are incurred. ppps in many countries have bis central bankers ’ speeches also entailed substantial quasi fiscal liabilities because of implicit or explicit public guarantees given to private investors. ppps should be one of the options considered by governments for developing infrastructure but they should not be seen as a panacea for a shortage of budgetary resources. thank you very much for listening. bis central bankers ’ speeches
one value that strikes me as having been at least as important as any other has been the federal reserve ’ s willingness, during its finest hours, to stand up to political pressure and make tough but necessary decisions. the fight against inflation during paul and alan's times in office was critical for the nation ’ s longer - term prosperity, and it required perseverance in the face of heavy criticism. i keep in my office one of the 2 - by - 4s mailed to the fed during paul ’ s tenure, which communicates some distinctly unfavorable views of high interest rates and their effects. more recently, of course, the federal reserve took controversial but necessary measures to arrest what was arguably the worst financial crisis in american history, helping to avert what likely would have been a much more severe economic downturn than the great recession we did experience. we have been able to respond nimbly to economic emergencies and make difficult choices in part because of our institutional structure – including long terms for members of the board of governors and diverse regional representation in our policymaking committee – and because of the willingness of policymakers, past and present, to do whatever was needed in the longer - run interest of the economy. as an institution, the federal reserve must continue to be willing to make tough decisions, based on objective, empirical analysis and without regard to political pressure. bis central bankers ’ speeches but, finally, we must also recognize that the fed ’ s ability to make and implement such decisions ultimately depends on the public ’ s understanding and acceptance of our actions. for this reason, we must continue to emphasize two other essential values – transparency and accountability. we must do all that we can to explain our actions and to show how they serve the public interest. that ’ s why we must welcome communication, broadly defined. of course, we will continue to talk to economists and market participants, but that is not enough. ultimately, the legitimacy of our policies rests on the understanding and support of the broader american public, whose interests we are working to serve. the ability of this institution to support a healthy economy – an economy with high levels of employment, low inflation, and a stable financial system – will require our continued efforts to engage in twoway communication – explaining our actions and, importantly, listening to what our fellow citizens have to say. let me end by thanking the organizers of this event and, in particular, all of the past and present policymakers in attendance for helping us mark this

centennial milestone in such a memorable fashion. bis central bankers ’ speeches