samchain/econo-pairs-v2 huggingface dataset:
soundness, therefore, the absolutely crucial thing is to avoid a housing boom and bust cycle. to ensure this, policy initiatives are naturally required from the micro angle targeting the supply and demand of housing and the tax regime. an even more important task, however, is to carry out macro economic policies that keep the overall economy on a stable course. what is more, given that financial innovation can amplify financial unrest, central banks and financial supervisory authorities should redouble their efforts to construct effective systems for monitoring and supervision of financial derivatives. closing remarks ladies and gentlemen, i expect this seminar will be a forum for a policy debate, involving in - depth and constructive discussions about household debt issues. in closing i should once more like to voice my deep thanks to all of you taking part. although you have a crowded and hectic schedule, i hope you will be able to spare some time to gain a taste for korean culture and the beauty of spring here. thank you.

s role as its national economy ’ s lender of last resort is indispensable. in light of this, the bank of korea is moving to cooperate actively in the systems of international policy coordination, by strengthening our networks with other central banks. domestically, we find ourselves in a situation in which inflationary pressures have become very large, driven by global inflationary trends due to the excessive global liquidity and rapid growth in emerging economies, and by the continued growth of our domestic economy. it is high time now for us to seek ways of establishing a post - crisis paradigm so as to firmly anchor the foundation for price stability in the medium - and long - term, based upon thorough analysis of the currents of economic change both at home and abroad. bis central bankers ’ speeches going forward, we must be unremitting in our efforts to restore the robustness of the korean economy, so that it is not so greatly swayed by domestic or external shocks. i am firmly convinced that all amcham members gathered here today will also contribute much, in your own individual fields of expertise, as our partners for the stable growth of the korean economy. i should like to close by again expressing my gratitude to amcham for giving me this opportunity to address you. bis central bankers ’ speeches
adriana d kugler : some reasons for optimism about inflation speech by ms adriana d kugler, member of the board of governors of the federal reserve system, at the peterson institute for international economics, washington dc, 18 june 2024. * * * thank you for your introduction, adam, and thank you for the invitation to speak here today. it is great to come to peterson to discuss the economic outlook and monetary policy, which is my topic this afternoon. 1 as i stand here today, inflation remains too high, but i am encouraged by the overall progress and trajectory. recent data on the economy and inflation also give me cautious optimism that we are on track and making continued headway toward the federal open market committee's ( fomc ) inflation goal of 2 percent. that progress may have paused in the first three months of the year, but information since then on economic activity, the labor market, and inflation points to renewed progress. over the last year through april, personal consumption expenditures ( pce ) inflation was 2. 7 percent, down from 7. 1 percent at its peak in 2022. core pce inflation - which excludes the volatile food and energy categories - was 2. 8 percent through april, down from its peak of 5. 6 percent. based on consumer and producer price inflation for may released last week, i estimate that 12 - month pce inflation in may was a bit lower than in april. i was encouraged by some of the details of the recent reports, particularly the continued improvement in market - based services inflation, which is based on observation of actual market prices rather than imputed values. that's important because market - based prices are likely to be a better indication of the overall trend for core services inflation than nonmarket prices. housing services inflation, meanwhile, continues to be persistent. market rents for new tenant leases have already cooled significantly, but further progress in overall housing services inflation will rely on the ongoing pass - through of the previous market rents deceleration to the rents of existing tenants with expiring leases. so inflation is still too high, and further progress is likely to be gradual. however, there are several reasons why i remain optimistic that improving supply and cooling demand will support continued disinflation. the first reason i am optimistic about further progress on inflation has to do with declining price increases and even declining prices as consumers become more price sensitive. i think of this from several, related angles - i will mention a few

reserve bank of new york ; board staff calculations. november 12, 2019 slide 7 of 8 figure 6 : bond - stock covariances in advanced economies note : 10 - year bond returns are constructed from zero - coupon yields for united states and generic bond yields for other advanced economies. covariances are estimated from a rolling window of 3 months of daily data. source : bloomberg finance lp ; federal reserve bank of new york ; board staff calculations. november 12, 2019 slide 8 of 8
one in the mid - 1990s – stand out. in both, a sharp rise in the inflation rate was followed by a decline in the growth rate. this was quite pronounced in the first episode and somewhat moderate, though unmistakable in the second. after that, growth has sustained at a relatively fast pace accompanied by relatively low inflation. immediately before the crisis period, both growth and inflation accelerated sharply, suggesting the build - up of demand - side pressures. however, the overall impression, over a somewhat longer period than for india is that sustained high growth is concomitant with relatively low inflation. a final issue that i want to look at in this long - term perspective is the behaviour of crude oil prices. slide 3 displays the trend of nominal prices as well as real prices, derived by deflating by the us producer price index. during the period that we have been talking about, both moved in tandem. the 1990s were a benign period, with oil not exerting significant global inflationary pressure. in contrast, oil prices have risen persistently over the past decade, aggravating demand - driven inflationary pressures in the period before the crisis and continuing to do that after a brief respite. recent inflation dynamics to provide a backdrop, let me first talk about some important characteristics of the recent episode of fast growth. slide 4 displays the annual contribution to growth made by each of the components of aggregate demand. private consumption, the largest single component makes a steady contribution throughout the period, a factor influenced by its sheer size. but, the most significant feature of the period is the relatively large and sustained contribution of capital formation, or investment. the acceleration in growth seen since 2003 – 04 was preceded by a surge in investment spending, which then remained a very significant contributor to growth over the entire episode. it slumped during the crisis period, reflecting its high sensitivity to macroeconomic conditions, but recovered noticeably in the following year. when we bring the inflation trajectory back into the picture, we might infer that the combination of fast growth and low inflation is actually very conducive to high investment spending. with reference to today ’ s theme, this is obviously a relationship of great significance. investment has the twin virtues of creating demand for goods and services in the present while simultaneously expanding the capacity to produce them in the future. it follows that a growth process that is more conducive to investment spending is more likely to be sustainable than one that is less conducive. the recent episode

scope for stepping up the economic activity which has slackened in the recent years. this will require reorientation of public expenditure towards strengthening social and economic infrastructure and active encouragement of private investment in industry and services. in this process, banks can play a major role by effectively meeting the credit need of the economy and being more inclusive. thank you. bis central bankers ’ speeches
( ifs ) and trustee of imperial college london. now, let me give the floor to our keynote speaker, ms. rachel lomax. after her speech we will proceed with the first panel – global markets volatility and potential risks for romania. thank you! 2 / 2 bis central bankers'speeches

irish financial 3 / 6 bis - central bankers'speeches system and the evolution of existing sectors are bringing rapid evolution to the landscape for financial users and firms. in response, we are continuing to evolve our regulatory approach. to support financial wellbeing, our regulation will continue to be outcomes - focused and follow six principles : forward looking, connected, proportionate, predictable, transparent and agile. particular milestones in our regulatory work programme this year include : consulting and engaging widely on the development of our consumer protection framework and on the operationalisation of the individual accountability framework ; continuing to progress actions at a domestic and international level on the global systemic risks in the funds sector, as well as enhancing the governance, oversight and investor outcomes in the sector ; and implementing new eu regulations on digital operational resilience and markets in crypto. our supervisory priorities include the assessment and management of risks to financial and operational resilience, continuing to drive for fair outcomes for consumer and investors, overseeing the withdrawal of ulster bank and kbc from the irish market and detecting and sanctioning market abuse. we will in particular work with the department of finance on the next steps from the retail banking review and the recommendations of the imf's financial system assessment programme. we note and welcome the joint oireachtas committees recent report on banking and are currently studying its recommendations. let me touch on a couple of issues before we turn to your questions. retail bank consolidation the central bank continues to engage actively with the firms as part of its supervisory programme on retail bank consolidation. we have made clear to the retail banks that the bank exits, and in particular the large - scale migration of customer bank accounts from ulster bank and kbc, must happen in line with customer needs and expectations. the account migration, transfer of loans and other assets and winding down of the business of ulster bank and kbc is a complex process, but it is on track and the system is working well together and responding appropriately. our latest account migration statistics – published yesterday – indicate that, at enddecember 2022, 65 per cent of current accounts were either closed or inactive. 4 we expect all retail banks to have plans in place to manage the impact of the broader changes and consolidation in the retail banking sector in ireland. it is the responsibility of the individual banks to ensure that they are putting their customer first, ensuring fair treatment of customers and that customers understand what the changes mean for them. 4 / 6 bis - central bankers'speeches as
. kuttner ( 2005 ), what explains the stock market's reaction to federal reserve policy?, the journal of finance 60 ( 3 ) : 1221 - 1257. bolton, patrick and marcin kacperczyk ( 2021 ), do investors care about carbon risk? journal of financial economics 142 ( 2 ) : 517 – 549. brunnermeier, markus k. ( 2023 ), re - thinking monetary policy in a changing world, https : / / www. imf. org / en / publications / fandd / issues / 2023 / 03 / rethinking - monetary - policy - in - a - changing - world - brunnermeier [ https : / / www. imf. org / en / publications / fandd / issues / 2023 / 03 / rethinking - monetary - policy - in - a - changing - worldbrunnermeier ], last accessed : may 22, 2023. buch, claudia m., sandra eickmeierand, esteban prieto ( 2014 ). in search for yield? survey - based evidence on bank risk taking, journal of economic dynamics and control 43 ( c ) : 12 - 30. buch, claudia m. ( 2023 ), resilient retail banking : setting the course towards a robust financial sector. speech delivered at the 21st retail banking day of the “ borsen - zeitung ” : next level banking – digital, smart and sustainable, 8 may 2023, frankfurt a. m. federal financial supervisory authority ( 2022 ), general administrative act ordering a capital buffer for systemic risks under section 10e of the kwg ( gesetz uber das kreditwesen ), https : / / www. bafin. de / dok / 17771124 [ https : / / www. bafin. de / dok / 17771124 ], last accessed : may 22, 2023. federal financial supervisory authority ( 2017 ), finanzkonglomerate : bafin ( bundesanstalt fur finanzdienstleistungsaufsicht ) konsultiert rundschreiben und formular fur solvabilitatsmeldung, https : / / www. bafin. de / shareddocs / veroeffentlichungen / de ( deutschland ) / meldung / 2017 / mel

1. report of the high level group on financial supervision in the eu, february 25, 2009. 2. financial reform : a framework for financial stability, group of thirty, january 15, 2009. 3. declaration : summit on financial markets and the world economy, g - 20, november 15, 2008. 4. asset price bubbles : implications for monetary, regulatory and international policies, speech by the governor bank of spain, february 24, 2002.
seeing. together – and working with all of you in industry, i hope that global ccp regulators can find ways to begin to address the lessons i have just laid out : tackling the side effects without sacrificing the cure ; dealing with situations in which history is not a good guide to the future ; and understanding the structural factors that can lead to big price moves. addressing the issues we have seen in march 2020 and again in 2022 is both urgent and important. cooperation will give us a strong foundation on which to enhance the crucial role ccps play in supporting global financial stability as we address vulnerabilities that have become evident in recent stress. i am grateful to sarah crowley, chandima wijerathna, dan wright, don payagala, michael wood, pavel chichkanov and shriya mrug for their help in preparing these remarks. i am also grateful to jon cunliffe, andrew hauser, david bailey, nathanael benjamin, sarah breeden, andrea rosen, imane bakkar, martin arrowsmith, simon morley, justin jacobs, barry king and jaynika patel for their helpful comments. 1. the ftse all - share index fell over 10 % on 12 march, the largest one - day fall since 1987. other markets also saw shocks beyond or close to the largest in history. 2. fsb ( 2017 ) report on effectiveness of derivatives reforms. 3. by march 2020, 60 % of credit default swaps were cleared, and 80 % of interest rate contracts, up from about 10 % and 40 % respectively in 2008. 4. review of margining practices ( bis. org ) 5. from lender of last resort to market maker of last resort via the dash for cash : why central banks need new tools for dealing with market dysfunction ( bankofengland. co. uk ) 6. vm calls were six times larger compared to normal levels on 1 march 2022 ( £34billion ), compared to a five - fold increase on 18 march 2020 ( £29billion ). vm calls at the most affected clearing services were as high as 35 times normal levels ( lme base ). 7. total im requirements of uk ccps peaked at around 30 % higher relative to their pre - stress levels in q1 2020. the peak aggregate increase in q1 2022 was 13 % ( relative to 1 february 2022 ). 8. review of margining practices ( bis

. org ) 9. joint statement from uk financial regulation authorities on london metal exchange and lme clear | bank of england 10. this is different to climate change, where it is possible to model how the future will be different to the past and this is informing the pricing of risk today – but there is no obvious way to identify future market shocks and volatility robustly. 11. ignoring population structure can lead to erroneous predictions of future population size | learn science at scitable ( nature. com ) 12. joint statement from uk financial regulation authorities on london metal exchange and lme clear | bank of england 13. principles for financial market infrastructures ( bis. org ) 14. bank of england - consultation paper - the bank of england ’ s approach to tiering incoming central counterparties under emir article 25
. 12 see william c. dudley, u. s. monetary policy and emerging market economies, march 27, 2014. 8 / 8 bis central bankers'speeches

the key to our financial inclusion efforts. technology needs to be leveraged both for improving access to financial services and for bringing down the cost of providing these services. as a starting point, we have insisted that all bank branches including rrbs should be on cbs. we have encouraged a multi - channel approach including mobiles, hand held devices, smart cards, micro - atms, kiosks, etc for providing financial services. however, the frontend devices need to be seamlessly integrated with bank cbs systems. coverage a village is considered to be covered by banking service if either a bank branch is present or a bc is physically present or visiting that village. bis central bankers ’ speeches availability availability of banking services means availability of a minimum of four products i ) a basic savings bank deposit account ( formerly termed as no - frills account ) with overdraft facility. ii ) a remittance product for electronic benefit transfer and other remittances. iii ) a pure savings product, ideally a recurring or a variable recurring deposit. iv ) entrepreneurial credit such as general credit card, kisan credit card. challenges to social banking the concept of social banking, despite its inherent merits, faces several significant challenges in the process of scaling up. an efficient business / delivery model that is capable of delivering banking services to the masses in a cost effective manner is yet to be implemented by banks. while several delivery models have been experimented with, the same has not yet stabilized. similarly, several alternate technology options are being tried out. however, the alternative that would be able to handle high volume low value transactions, cost efficiently, is yet to be crystallized. banks also have to refine their pricing practices in order to ensure that the basic goal of social orientation is maintained while ensuring viability and sustainability of social banking initiatives. sensitization of bank ’ s manpower on their role in implementing the bank ’ s social banking measures is also a significant challenge as the rationale and guiding spirit behind the initiatives need to be conveyed to the operational staff on the ground. this is of utmost importance as they serve as the frontline contact of the bank with the target groups and hence, are a vital cog in the implementation of bank ’ s social banking initiatives. besides being technologically conversant with the innovative platforms being adopted by banks, the staff needs to have a behavioural orientation that grooms them to empathise with the vulnerable groups and gain their confidence. the way forward with the introduction
of managing these exits often proves extraordinarily challenging and time - consuming when it comes to the crunch. the exception to this is credit unions, which can nearly always be exited without great difficulties by our team together with fscs and fca colleagues. we therefore intend to do more in the coming years to increase our confidence that firms can exit the market without disturbing it, in an orderly way and without having to rely on the backstop of an insolvency or resolution process. this will entail : 2 / 5 bis central bankers'speeches further developing our approach to wind - down and run - off planning, so that we and the firms we supervise have the capabilities in place to execute a safe and orderly exit should they enter distress ; building this in a proportionate way into bau supervisory activity and tools, potentially using skilled person reports where needed ; and looking at whether there is scope to reform any aspects of the protection framework of the financial services compensation scheme ( fscs ) to ensure that depositors and policyholders are appropriately protected in insolvency, and paid out in a timely fashion. to avoid creating excessive alarm from those of you eyeing the prudentist as she considers this new form of intervention, the instruction manual does not contain any of : more capital ; bail - in debt / mrel ; or their close cousin, root canal surgery. nor do we necessarily expect more exits than we have had in the past. it is our hope that through time this shift in our approach will reduce the risk of disorderly exits in the small and mid - sized population, and support a competitive and dynamic marketplace while increasing the effectiveness of our supervision. rule - maker the other major area in which we need to update the pra ’ s own operating model is to accommodate the change in our role following brexit. “ take back control ” is a big deal in financial services, given the amount of regulation we have and the large extent to which it has come from or via the eu in recent decades. as a first step, parliament has been debating : whose control? as control of the rulebook becomes a stronger reality now that we are moving away from the start - position in which we simply imported all the existing rules from the eu, what are the respective roles of parliament, the government and regulators in this process? a lot has already been said on this by us and others so i will not repeat it here, but i will point out that we are

- off subsidised by the fscs in order to provide continuity of cover to policyholders, rather than being wound - up at the point it becomes technically insolvent ( the value of its assets is less than the value of its liabilities ). this should still be considered firm failure. 2 pcc sixth assessment reportopens in a new window 5 / 5 bis central bankers'speeches