samchain/econo-pairs-v2 huggingface dataset:
if we take an optimistic look at the future, our steady efforts may result in the formation of an open, flexible and surprisingly well - organized regional economic zone within the context of “ future globalization of complexity ”.

countries. from this point of view, the sustainability of chinese economic growth has become an indispensable factor for autonomous expansion of the asian economy as a whole, particularly the east asian economy. at present, with the exception of worries about sars, conditions in asia look relatively good. economies in the east asian region have been growing at an increasingly rapid pace. for example, the ratio of intra - regional trade to nominal gdp for the nine east asian economies has more than doubled from 8 % in the late eighties to 17 % today. this ratio is roughly the same as that of the eu. at the beginning of my remarks i said that globalization was a process through which we overcome conflicting values and jointly create new values. the dynamism of asia seems to embody this. that is, asia is a place where different values come into contact with each other and create new knowledge in the process. against this background, japan is making progress steadily in its structural reforms, aiming at reaching the final goal that it will become a home of high value added, a hub for gathering, creating and transmitting information that will contribute to further development of asia as a whole. here, let me discuss again the central bank job. in 1991, asian central banks established emeap ( executives ’ meeting of east asia - pacific central banks ), which serves as a forum for the regular exchange of information and views among them. over the weekend, i attended my first emeap governors ’ meeting, and what i took away from that meeting was the increasing complexity of the challenges that face central banks in east asia, challenges that cannot be solved with domestic remedies alone. along with this, i also perceived a growing momentum for central banks to pool their wisdom and act together to solve these challenges. these efforts are beginning to bear fruit. at the beginning of this month, emeap announced the project of the asian bond fund which will invest part of the foreign reserves held by east asian central banks in asian bonds, thereby serving as a catalyst to greater activity on fixed income markets in the region. the bank of japan supports this initiative and will actively participate in the fund. both dialogue and cooperation among east asian central banks have only just begun. it is too early to tell whether this dialogue and cooperation will eventually lead to regional integration. even if it does, the orientation of that integration is unlikely to be the same as europe ’ s in view of the historical and economic differences between the two regions. however,
us, and the opportunities before us, for further solid progress. and let us not forget that, whilst the west debates the merits and demerits of the anglo - saxon, the swedish and the japanese finance models, to get them out of the current disaster zone, we here in africa are refining our own african model. our model has served us well to avoid our economies being sucked into the maelstrom of the western self - made crisis. so, as we are getting well on the way to our own economic union, and things are looking up, we can truly boast : now africa is going places! let us keep moving. and enjoy the ride. thank you very much for your attention.

i have no doubt that we will be looking at a “ brave new world ” in which there will be less inequity and disparity among nations. both europe and the us are at defining moments in their history. there are indeed many indicators of change that suggest that they are about to cross – or may even have crossed – watersheds in their economic history. the dollar is newton d baker was the us secretary of war during world war i the borgias, descendants of a noble line, originally from valencia, spain, that established roots in italy and became prominent in ecclesiastical and political affairs in the 1400s and 1500s. the house of the borgias produced two popes and many other political and church leaders. some members of the family became known for their treachery. bis central bankers ’ speeches steadily being eroded as the world ’ s sole or dominating reserve currency. the days are gone when 85 per cent or more of international currency reserves were held in “ greenbacks ”, a more realistic figure today would be around 60 per cent. the growing surreal indebtedness of the us is putting into question the “ safe haven ” feature of the dollar. the dream of jean monnet and robert schuman ’ s of a “ united states of europe ” is turning into a nightmare. looking beyond what is happening on the two sides of the atlantic, we see asia and latin america advancing to centre stage. and the new mantra of investors – africa ’ s success story, the rise of the economic lions of africa – speaks volumes about the “ newly discovered ” potential of africa. who would have forecast that europe would turn to china for assistance. all these changes pose innumerable challenges for policymakers – for a central banker most certainly – decision makers, and implementers of government policies as well as for providers of goods and services. but what a fantastic time to be around! as new graduates, you can bring your contribution to the making of a new world order. you decide whether you wish to be passive onlookers or proactive players in this drama. let me conclude by sharing with you some of the lessons that the crisis has taught us and which i believe will serve you well in your future career : – do not be too greedy. – do not abuse of the system. – do not take short cuts. – earn a good reputation – you cannot buy an excellent reputation, you must earn it. – always have a positive and proper mindset i again
, supervisors have to include aml / cft risk in their risk based approach to supervisions and to be fully aware of consequences and implications of theirs supervised institutions ’ failures to adequately identify and manage all risks including ml / tf risk. this is because the issue is no longer just about technical compliance but more importantly, whether the supervisory framework has been effective in mitigating and in ensuring adequate enforcement against ml / tf. therefore, to equip supervisors in fulfilling their duties to conduct aml / cft supervision, courses such as this is important to provide all of you with an understanding of the importance of reviewing the operational, legal, and reputational risks associated with ml / tf and their impact on the overall bank assessment. this course will provide first and foremost, an overview of the international standards relating to aml / cft supervision matters, operational aspects of the supervision work by incorporating publicly available case studies in the training modules, technical aspects of anti - money laundering and combating the financing of terrorism, supervision of banks, conduct of on - site and off - site bank supervision, and sharing of real bank cases on supervision on aml / cft. bis central bankers ’ speeches i do hope that aside from benefiting from the course, participants will make full use of these forums as a platform to network and exchange views on key aml / cft supervisory issues, collaborate, compare practices and share relevant information. on that note, i would like to once again thank all of you here today for attending this workshop and for the speakers, mr stuart yikona, ms. pramita moni sengupta, mr. mehmet kerse, ms. desiree ann chereebin and ms leonora emini who are willing to share your experiences for the collective benefits of everyone here attending the workshop. our appreciation again to the government of canada for the support for this programme. i wish all of you a successful and productive workshop ahead and please take the time to explore kuala lumpur and its surroundings. thank you and have a pleasant and enriching day ahead. bis central bankers ’ speeches

yourselves among the luckiest in all our society to graduate from this institution, to have the support of loved ones through three grueling years, and the health and other good fortune not to get tripped up along the way. several years ago, one of my predecessors, ben bernanke, said, " those who are the luckiest... also have the greatest responsibility to work hard, to contribute to the betterment of the world, and to share their luck with others. " i cannot improve upon that. i thank you for having me. georgetown will always hold a special place in my heart. thank you again to dean treanor and all the faculty, and the hardiest of congratulations to the class of 2024. 4 / 4 bis - central bankers'speeches
randal k quarles : brief thoughts on the financial regulatory system and cybersecurity speech by mr randal k quarles, vice chairman for supervision of the board of governors of the federal reserve system, at the financial services roundtable 2018 spring conference, washington dc, 26 february 2018. * * * thank you very much for having me here at the financial services roundtable ’ s spring meeting. i am pleased to speak with you all about our financial regulatory system : both the broad principles that have been directing my approach to evaluating the regulatory system, as well as cybersecurity, which is a topic of great import to financial system participants and their regulators. efficiency, transparency, and simplicity of regulation as i have said before, we have an opportunity to improve the efficiency, transparency, and simplicity of regulation. we have spent the past decade building out and standing up the postcrisis regulatory regime, and as a result we have made critical gains. the financial system is undoubtedly stronger and safer. we have robust capital and liquidity levels, an effective stress testing regime, and improved resolvability of our largest firms. but at the same time, it is our responsibility to ensure that those rules are effective. and if we identify rules that are not working as intended, we should make the necessary changes. with the benefit of hindsight and with the bulk of our work behind us, now is a natural and expected time to evaluate the effectiveness of that regime. our efforts toward implementing those principles are underway. federal reserve board staff members continue the review that i have previously outlined. the goal is to consider the effect of past regulatory initiatives on the resiliency of our financial system, on credit availability and economic growth, and more broadly, their costs and benefits. i am confident that that review will reveal some clear ways that we can improve the core post - crisis reforms. cybersecurity let me now turn from regulation to supervision, and more specifically, to the topic of cybersecurity, which continues to be a high priority for the federal reserve. the federal reserve is committed to strategies that will result in measureable enhancements to the cyber resiliency of the financial sector. given the dynamic and highly sophisticated nature of cyber risks, collaboration between the public sector and private sector toward identifying and managing these risks is imperative. while we know that successful cyber attacks are often connected to poor basic information technology hygiene, and firms must continue to devote resources to these basics,

forward to those efforts. 2 / 2 bis central bankers'speeches
( see, for example, de leeuw et al, 2018 the ons plans to re - start publication of the lfs in the new year. for some time it has also been developing an ). improved, “ transformed labour force survey ” ( tlfs ). this should be ready for publication in the spring of next year. details of the tlfs, and the ons ’ s methods for constructing estimates of labour market quantities in the meantime, can be found here and here. 3. if employment is over - measured one quarter then, on the reasonable assumption that the measurement error is uncorrelated from one period to the next, you ’ d expect on average to see weaker growth the following quarter. in symbols, if ( the log of ) employment is measured with some serially uncorrelated error error [UNK], such that = +, where l is the true number, then its growth rate will a moving - average error term : ∆ = ∆ + ∆. in simple tests on the uk time series the presence of this term shows up with a high degree of statistical significance. independently, and alongside the main lfs release, the ons has always published estimates of sampling error for various series. the latest release, in september this year, had a figure of ±0. 5 percentage points for quarterly employment growth. 4. see, for example, giannone, reichlin and small anesti et al and daniell and moreira. the particular models used by the bank are described in. 5. using a crude multiplier to turn one into the other, the red line includes the bank - rate equivalent of votes for qe. 6. it was also the case in many countries, including the uk, that the pandemic resulted in a significant decline in labour market participation, persuading some people to retire earlier than they might have done. it ’ s not obvious this matters directly for inflationary pressure, at least once you ’ ve taken into account any impact it might have had on the rate of unemployment : in most simple empirical models of wage growth, it ’ s unemployment ( relative to the nairu ) that is the relevant measure of slack in the labour market. however, it's possible the early retirers were more concentrated in some parts of the economy than others, in which case the drop in participation might have added to mismatch in the labour market, contributing to the rise in the nairu.

. speech at sibos by jon cunliffe - ‘ is ‘ crypto ’ a financial stability risk? ’ ( 13 october 2021 ) 6. prudential treatment of cryptoasset exposures - second consultation 7. iosco crypto - asset roadmap for 2022 - 2023 ( 30 june 2022 ) ( 7 july 2022 ) 8. fsb statement on international regulation and supervision of crypto - asset activities ( 11 july 2022 ) 9. fpc record ( march 2022 ) – “ on balance, the fpc judges that a systemic stablecoin issued by a non - bank without a resolution regime and deposit guarantee scheme could meet its expectations, provided the bank applies a regulatory framework that is designed to mitigate these risks to financial stability ”.
have more actuarial support, and in the case of banking supervision, we are making use of retired professionals who bring an expertise that could only be gleaned from years of experience in the field. my parting words are that regulation is a multi - dimensional challenge. it requires all stakeholders ( boards, management, auditors and actuaries ) to work both independently and collaboratively to be effective. we are gaining ground, but we still have much to do. bis central bankers ’ speeches

board members or those aspiring to be board members may want to strengthen their understanding of the laws and philosophy governing credit unions, their ability to read and interpret financial statements and to acquire some knowledge of risk management ; and four, the recent passage of the anti - money laundering legislation also applies to credit unions. as such, credit unions are expected to put measures in place to ensure compliance with the aml / cft. i hope these few ideas help you to plan your activities. i also hope we could continue to work together to bring the credit union legislation and the regulatory framework into operation this year. as you know, we are awaiting government ’ s approval of the policy framework after which we would proceed rapidly to the preparation of the draft bill. work is proceeding, in parallel, on the amendment to the present co - operative societies act. it is my firm conviction that the new legislation is in the best interest of the credit union movement and ultimately will strengthen the contribution that the sector could make to the economy. i end by reiterating my earlier statement that the central bank strongly supports the credit union movement which has made a significant contribution to the economy over the bis central bankers ’ speeches past decade and which i am sure will continue to play a major part in our attainment of long term sustainable growth and improvement for our entire population. i wish the league and its membership, the best for 2011. bis central bankers ’ speeches
— we still have strong export growth, sound balance sheets in the corporate and financial sectors, asset markets which are not overheated, no over - capacity in physical investment, low inflation and macro - economic policies that are exerting an expansionary influence on the economy.

the cyclical position by lowering interest rates and also by buying large quantities of government and long - term securities ( graph 11 ). before the financial crisis, the central banks held only around 5 per cent of government securities on issue. today, they hold nearly 30 per cent. in japan, the bank of japan holds almost 50 per cent of government securities on issue, with these holdings equivalent to 80 per cent of japanese gdp. https : / / www. rba. gov. au / speeches / 2019 / sp - gov - 2019 - 10 - 29. html 14 / 18 10 / 30 / 2019 some echoes of melville | speeches | rba graph 11 another significant purchaser of government securities over recent times has been pension funds, particularly in europe. as prudential regulation has been strengthened, the funds have purchased additional long - dated assets to maturity match their long - dated pension liabilities. one way of seeing the effect of these various purchases is the term premium ( graph 12 ). normally, when an investor purchases a 10 - year security, a risk premium is earned over and above the return that is expected from rolling a short - term investment for 10 years. this premium, which historically has averaged around 1½ per cent, is now negative at around minus 1 per cent. this is directly related to purchases of government securities by central banks and others. so this is part of the story too. https : / / www. rba. gov. au / speeches / 2019 / sp - gov - 2019 - 10 - 29. html 15 / 18 10 / 30 / 2019 some echoes of melville | speeches | rba graph 12 taking into account all these factors, the key to a return to more normal interest rates globally is to improve the investment climate. while melville turned out to be wrong about zero interest rates, he was right in another sense. at low interest rates, many investments that didn't make sense at higher interest rates should now make sense. this is especially so for investments with long - term payoffs, because future returns no longer need to be discounted as highly. this means that low interest rates give us the opportunity to lengthen our horizons and think about projects with really long - term payoffs. there are two central elements in improving the investment climate. the first is the reduction in some of the geopolitical and other concerns that have led to higher risk premiums being required. the second is structural measures that give people greater confidence about future economic growth,
stable growth on the whole, as evidenced by the fact that the year - on - year gdp growth rate for the january - march quarter of 2017 increased somewhat from the previous quarter. looking forward, growth in emerging economies is expected to become solid on the back of the steady growth in advanced economies and the effects of policy measures taken by emerging economies. the latest world economic outlook ( weo ) released by the international monetary fund ( imf ) projects that the global economic growth rate will increase, registering 3. 1 percent in 2016, 3. 5 percent in 2017, and 3. 6 percent in 2018 ( chart 2 ). the bank is also monitoring developments in risk factors and their impacts on the global economy ; risks include those of the new u. s. administration's economic policy and of political situations in europe, as well as geopolitical risks. let me now turn to japan's economy. japan's exports and production have been on an increasing trend amid the global improvement mainly in the manufacturing sector and trade activity ( chart 3 [ left chart ] ). against this background, in the corporate sector, profits have been at record high levels ( chart 3 [ right chart ] ). business sentiment has been favorable on the whole, and business fixed investment has continued on a moderate increasing trend. a feature of the current economic recovery phase is that improvement in business sentiment has been widely seen, not only for firms in metropolitan areas and large firms but also for firms in local areas and small firms. the diffusion indexes ( dis ) by region for business conditions in the tankan ( short - term economic survey of enterprises in japan ) have been positive as a trend for all regions since the december 2013 survey ( chart 4 ). the dis by firm size have been well above zero for large firms as well as small firms ( chart 5 ). this was not the case with the previous economic recovery phase from 2002 through 2008 before the global financial crisis. in the household sector, japan's labor market conditions have continued to tighten steadily. the unemployment rate has declined to the range of 2. 5 - 3. 0 percent - - which is virtually full employment - - for the first time since 1994. the active job openings - to - applicants ratio has risen to 1. 48 times, the level last seen in 1974, exceeding the peak level observed in the " asset bubble " period ( chart 6 ). looking ahead, labor market conditions are expected to tighten further as the economy continues growing

##s their continuing connection to country. we pay our respects to their elders, past, present and emerging.