samchain/econo-pairs-v2 huggingface dataset:
to openly debate this draft act and share opinions which the bank can benefit from in its effort to develop a comprehensive law. with these words, i declare this stakeholders workshop open and wish you a fruitful debate. i thank you.

tukiya kankasa - mabula : stakeholder ’ s workshop on the draft bank of zambia act opening remarks by dr tukiya kankasa - mabula, deputy governor of the bank of zambia, at the stakeholder ’ s workshop on the draft bank of zambia act, lusaka, 21 september 2010. * * * chief executive officers and representatives of stakeholder institutions ; distinguished invited guests ; directors and staff of the bank of zambia ; members of the press ; ladies and gentlemen. on behalf of the bank of zambia, and indeed on my own behalf, i welcome you to this workshop which is entitled “ the stakeholder ’ s workshop on the draft bank of zambia act ”. as the name rightly suggests, it is a workshop facilitating the meeting of minds of key stakeholders affected by the bank of zambia act. on the one hand we have those administering the act, the bank of zambia representatives and on the other hand those whose operations stand to be affected by the administration of the act, the financial service providers. we have also cast the net wide to include other key stakeholders such as government ministries, other regulatory entities and professional bodies representing lawyers, accountants and economists. the bank of zambia is charged with the responsibility of formulating and implementing monetary and supervisory policies that achieve and maintain price stability and promote financial system stability in the republic of zambia. to give you a brief background on the central bank legislation, since its inception in 1964 the bank has operated under 3 different bank of zambia acts ; the boz act of 1965, the boz act of 1985 and the current boz act of 1996. each of these acts has responded to the era of its time. for example, the acts of 1965 and 1985 were characterised by high government involvement in the operations of the bank. the bank administered exchange control regulations. it also determined and regulated the frequency and rates of fees, commissions and interest rates etc charged by financial institutions. the economic reforms that swept the country in the 1990 ’ s saw the ushering in of the current boz act of 1996 which supported the government ’ s free market policies. the bank ’ s mandate was made clearer, exchange control regulations were suspended and the bank ’ s regulation of interest rates etc was removed. there was also improved transparency and accountability. since the enactment of the boz act of 1996 two issues have precipitated the need to have the act reviewed again ; 1. in 2002, the imf and the world bank conducted a joint assessment
board, european commission, single supervisory mechanism, and ecb in its monetary policy function : that cooperation has worked very well, in a very swift way, which is what you want to see in the case of resolution. would that be the case for any other bank? i don ’ t know. all banks are different, and, well, you know that quote from leo tolstoy, who said that all happy families are alike, and every unhappy family is different. so every failed bank is different. very diplomatic. one very last question, because we haven ’ t talked about china at all : when it comes to external factors, how should we look at china? 4 / 5 bis central bankers'speeches china remains a major area of interest for us. i would not say of concern, or risk, because so far the chinese authorities have been able to steer the transition in the chinese system very well, and to provide stability to the world economy. that said, there are issues to be addressed : shadow banking, corporate debt, transition towards domestic demand, transition towards a decarbonised economy. these are daunting challenges that will stay with us in the years to come, but so far the chinese authorities have been very successful in steering the economy and not making china become an issue for the global economy. we ’ ve got enough issues, so we don ’ t want china to become one of them. 5 / 5 bis central bankers'speeches

picture terms, following the leadership core and keeping in alignment ”, strengthen “ confidence in the path, theory, system and culture of socialism with chinese characteristics ”, and uphold “ general secretary xi jinping ’ s core position on the party central committee and in the party as a whole as well as the party central committee ’ s authority and its centralized and unified leadership ”. moreover, we will thoroughly implement the guidelines of the fifth plenary session of the 19th cpc central committee and the 2020 central economic work conference, practice the new development philosophy at the new development stage, focus on promoting high - quality development, and pursue financial supply - side structural reform as our main task, so as to build a modern central bank system. we will also press ahead with our efforts to ensure “ six stabilities ” and “ six guarantees ” to provide strong and effective financial support for speeding up the building of a new development paradigm and commemorate the centenary of the founding of the party with remarkable achievements! 2 / 2 bis central bankers'speeches
is retained on the book of the issuer, or sold at a higher cost to another investor, reducing the return from the deal. ( however, this effect on overall profitability is much smaller than the increase in spreads since the crisis. ) the cost of long - term and short - term wholesale funding has also decreased since mid 2009, though the cost of deposits remains high. consistent with this, the smaller lenders ’ market shares have risen slightly over recent months, though they are unlikely to return to pre - crisis levels any time soon. the pre - crisis level of rmbs activity, which these institutions relied more heavily on, was supported by demand from offshore sivs which is no longer there. but as the major banks have increased their lending rates to recoup increased funding costs, and as funding costs for securitisation have fallen, the smaller participants have become increasingly more competitive. while interest rates on mortgages have increased relative to the cash rate, the reserve bank is able to take account of those changes in its policy deliberations. the cash rate determined by the reserve bank is still the major determinant of the interest rate structure in australia, including that of mortgage rates. with the securitisation market showing greater vitality in recent months, the housing loan market remains contestable. any widening in margins is likely to attract new competitors into the market. already, the improvement in securitisation has encouraged some of the smaller lenders back into the market and encouraged some brokers to again look to increase their own mortgage lending. with these developments, the provision of mortgage credit in australia is likely to continue to be adequate in a competitive marketplace.

##c statement, september 16, 2020. 3 / 3 bis central bankers'speeches
volatility that provides the incentive for profit - seeking market participants to spring up, offering a narrower bid - ask spread inside the central bank's spread. it is the balance sheets of these profit - seeking entities ( mainly banks ), not the balance sheet of the central bank itself, that provides the barometer in a modern system. if the central bank announces its interest rate rule – either explicitly or through its actions and stance – and traders are convinced of its commitment to follow that rule, then the standing facilities are options that are good not just until the next intervention or the next meeting of the monetary policy committee ( mpc ), but for much longer than that. true, the precise strike price will change over time, but we know exactly how it will change because the central bank has told us via its monetary policy stance. hence, the relationship between financial markets and the central bank conducting monetary policy cannot be encapsulated in nash equilibrium scenarios such as the prisoner's dilemma. i will suggest that the relationship is one of emotional intimacy in a dispassionate world, the seeking of mutual comfort in the unknown, a quiet and meaningful relationship. these are the sentiments used to express the academy's appreciation of the 2003 movie which won the oscar for best screenplay. it was titled lost in translation from which i derive the inspiration for the theme of my talk today. a popular adage about monetary policy is that it operates with long and variable lags. in normal times, a rate change takes up to one year for its peak impact on growth and up to two years for its peak impact on inflation. this is an empirical result validated on high by ben bernanke, nobel prize winner for economics in 2022, as well as on the earth by the reserve bank's economists in the report on currency and finance, 2021 - 22. these lags in transmission pose an existential dilemma for the central bank. for instance, seeing inflation rising in the future in its forecasts, it raises interest rates. a few months later, the economy goes through a phase of slowdown. societal pressures build up on the central bank to support growth and it gives up on inflation control. price pressures persist, get elevated and out of control, eventually killing growth. this is the classic problem of time inconsistency that haunts all central banks all the time. a seminal contribution of two economists – fynn kydland and edward prescott – who won the nobel

support to making the euro a truly international currency.
is precisely what happened, for example, on the announcement of the gdp figures for the march quarter of 1998 at the end of june, for the june quarter at the end of september, and for the september quarter near the end of december. in each case, monetary conditions moved in a broadly appropriate direction. conclusion at the beginning of my address i asked what new zealanders can expect of monetary policy in the long term. i would hope that they can expect monetary policy to become so totally predictable as to be boring – stable average prices year after year after year – because that is the best environment for growth in output and employment. interest rates will still move up and down to some degree of course, reflecting changes in the balance between savers and borrowers. but the week - to - week volatility of short - term interest rates should be diminished by our move to implement monetary policy through an official cash rate, and our progressively longer track record of low inflation should make it unnecessary ever to push interest rates to the levels seen in the early stages of disinflation in the mid - eighties. the new zealand dollar will also fluctuate of course, certainly against individual currencies and even against the trade - weighted index. as i discussed in a speech to the canterbury employers ’ chamber of commerce at the end of january, that appears to be a fact of life which nobody has yet found a way of avoiding. so i suppose that, with interest rates and the exchange rate still moving up and down, monetary policy will never seem totally boring. but with luck monetary policy will at least come to be seen for what it is when it is formulated with skill, namely a useful contributor to a prosperous society, but not nearly as important as a whole host of other matters – policies on education, policies on the labour market, policies on taxation, our access to international markets, the quality of our managers, and all the rest. those are the things which will really determine our longer - term prosperity.

. wadsworth, a ( 2018c ) ‘ the pros and cons of issuing a central bank digital currency ’ reserve bank of new zealand bulletin, vol 81. no. 7. weber, w ( 2015 ) ‘ government and private e - money - like systems : federal reserve notes and national bank notes, bank of canada staff working paper 2015 - 18.
the boj, contributed to the containment of crossborder spillovers during the initial stages of the global financial crisis. looking back at the history of central banks, most of those established before the second world war were brought into existence for the purpose of restoring order to a financial system in turmoil. macro - prudential perspectives are therefore nothing new to central banking. rather, macro - prudence might be part of the original reason why an economy needs a central bank. ultimately, it could be argued that all the activities of central banks, from issuing banknotes to operating payment and settlement systems, acting as the lenderof - last - resort and implementing monetary policy, cannot be pursued without a “ macroprudential perspective ”. thank you for your attention.

- 19 pandemic. frankfurt. financial stability board ( 2020 ). evaluation of the effects of too - big - to - fail reforms : consultation report 2020. basel. imf, eurostat, deutsche bundesbank ( 2020 ). second phase of the g20 data gaps initiative ( dgi - 2 ) – status report on the implementation of recommendation ii. 20 “ promotion of data sharing ”. 1 for more information on the international banking research network, see : 2 for details on the international 3 see the status report on the implementation of recommendation ii. 20 “ promotion of data sharing ” 4 the idea of such a standard was also expressed at the 8th imf statistical forum : measuring the economics of a pandemic : 4 / 4 bis central bankers'speeches
population in advanced economies and in the world at large.

task. it requires the ability to assess the quality and quantity of the skills available among the population, determine and anticipate those demanded by the labour market and implement efficient strategies to maintain and update them throughout workers ’ lifecycles. data on available skills is, however, of poor quality and the demand for skills, present and future, is often a black box. in developing countries challenges are even greater as access to basic - level schooling remains an issue for a sizeable share of the population : action will have to be taken to carefully balance equal access to and completion of lower - secondary education with further learning both for school - age children and for adults. these strategies require coherence and co - operation among schools, the private sector and social partners : the world of learning and the world of work must be linked. formal education attainments do indeed display high complementarity with on - the - job training and other initiatives intended to increase the coherence between the supply and the demand of skills. human capital investment is key not only to boosting productivity but also to tackling inequality and promoting social mobility, enhancing social capital and maintaining social cohesion. adults with low levels of education have a higher likelihood of reporting poor health and a lower participation in community groups and organizations. at the same time, more qualified adults are much more likely to feel that they have a voice that can make a difference in social and political life. these results are consistent across a wide range of countries, confirming that skills have a profound relationship with economic and social outcomes in many different contexts and institutions. investing in skills is far less costly, in the long run, than paying the price of poorer health, lower incomes, unemployment and social exclusion that could lead to political aversion towards technological advancement and progress. finally, i would like to stress the important role of international cooperation in the management of the long and uncertain transition phase. an institutional synoptic design encompassing all policies ( fiscal and welfare, antitrust, and structural reforms ) is highly desirable. greater attention must be paid to the coordination of policies at a supranational level and to the sharing of data and statistics in order to correctly measure and interpret the economic variables as well as the channels through which the effects of these policies will meet their intended target. let me conclude by thanking the organizers – emanuela ciapanna, fabrizio colonna and paolo sestito from the bank of italy as well as ciro avitabile
region tried to adapt through offshore banking, the financial action task force and new regulatory standards ensured the death of another promising avenue of potential diversification. but many of our countries have continued to adapt and to remake themselves. and grenada is one of those that has shown the ability to adapt. your success in exporting tertiary educational services is a case in point. grenada has a world class medical school that caters for students from the us and the caribbean region. some experts think that grenada could capitalize on this platform and its current tourist industry, to expand into medical tourism and assisted living geared, for example, to the aging us population. and while light manufacturing on a large scale may be out of the question, there is still room to exploit your comparative advantage in niche industries, like organic spices – nutmeg and mace. you as business people know better than i ever can, that the current global environment will not provide you a free lunch. rather, you will have to earn your keep through your ingenuity, by continually adapting and by continuously becoming more competitive and efficient in what you do. ladies and gentlemen, one lesson that the current crisis should teach us is that we need to enhance the region ’ s competitiveness, in order to survive. this crisis should also provide additional impetus to the regional integration movement. former barbadian prime minister owen arthur, who has been a leading proponent of the csme recently reminded us that “ delays in carrying out regional economic and financial integration, as contemplated under the csme, will compromise severely the region ’ s capacity to take advantage of new economic partnership agreements with our major trading partners, or to fit the regional economy into the evolving global economy ”. while he recognized that the recently signed epa was not a perfect agreement, he defined it as an important instrument of economic engagement and cooperation, which if used properly, would help the region build new competitive industries. i noticed that the theme of your banquet and awards ceremony this evening is “ fostering development through partnership ”. i am not sure which partnerships you had in mind. i nevertheless invite you to seek to build partnerships, throughout the region, to ensure the implementation of the csme and the epa, since it may be the best way of guaranteeing the development of grenada and the region as a whole. thank you for inviting me and i wish your organization all the best.

5 - 4. 3 - 4. 3 n. a. trinidad and tobago 1. 6 - 0. 1 0. 3 2. 7 2. 7 6. 6 5. 7 3. 3 chart 13 total debt / gdp ratio ( % ) bahamas 40. 2 40. 4 43. 6 57. 4 47. 5 42. 4 49. 7 n. a. barbados 63. 2 72. 6 79. 8 75. 2 75. 3 79. 1 76. 6 76. 1 eccu 101. 7 112. 4 124. 9 129. 3 141. 8 126. 9 124. 1 121. 6 jamaica 98. 2 130. 3 137. 1 151. 1 140. 7 134. 9 148. 9 140. 0 trinidad and tobago 54. 4 54. 1 58. 3 49. 9 44. 6 37. 6 30. 5 28. 3
housing market. for the inflation target to be achieved on a sustained basis in 2016, the economy must reach and remain at full capacity. closing the output gap over this time frame is reliant on continued stimulative monetary policy and hinges critically on stronger exports and business investment. weighing these considerations within the bank ’ s risk - management framework, the monetary policy stance remains appropriate and the target for the overnight rate remains at 1 per cent. the bank is neutral with respect to the timing and direction of the next change to the policy rate, which will depend on how new information influences the outlook and assessment of risks. and now, with that, carolyn and i would be pleased to answer your questions. bis central bankers ’ speeches

the accomplishment of inflation target over the medium term period, and provides at the same time the needed monetary conditions to support the sound development of economy. looking ahead, bank of albania shall continue to observe carefully the developments in inflation and in the other indicators of the economic progress, by analysing the need and time span in terms of a reaction from the monetary policy.
been growing reasonably is that housing activity has been very strong. q : you are term - limited to 2015. if i could sign a law giving you a third term – would you want it? would you take it? a : i believe very strongly in term limits. i have hardly seen anybody get better after ten years on a job. i believe very strongly in this ten year term limit for governors. i thought that i should stop teaching when i stopped being sick to my stomach when i went in and lectured. i lost my fear of the students, i really don ’ t want to lose my fear of these people and the journalists among them, by being on the job too long. it is still extremely challenging, and it ’ s a great privilege to have that job. q : will you stay in israel after your term is up? a : i very much want to stay strongly connected with israel, we have family in the states and we ’ ll have to decide what we do. but i ’ m not going to disappear from the local scene, that ’ s for sure. bis central bankers ’ speeches q : i ’ m choosing my words carefully here … do you have a desire to play a public role in israel after you have been governor of the bank of israel? a : there are a few jobs that i would prefer over this one and i don ’ t think any of them are available, or likely to be available. q : what brought you to israel? a : my wife and i, and my family, have been involved with israel since we were young. we visited pretty regularly … spent sabbaticals here, we knew israel reasonably well. in 1983 – 85 i had the privilege of working with george shultz when the united states and the israeli government cooperated to stabilize the israeli economy we ’ d always been close to israel, somebody gave me the opportunity to try to contribute something to israel, and i said well, i ’ d always wanted to do that, and i ’ ll never get another opportunity like this the current prime minister was very influential and persuasive, he was the finance minister at the time. we are extremely happy we did it ; it ’ s been a wonderful experience. q : is it fair to say that after 2015 we will not have heard the last from you? a : i hope my voice will still be heard. bis central bankers ’ speeches

will encourage them requires a transparent and credible long - term policy.