samchain/econo-pairs-v2 huggingface dataset:
in south africa. inflation targeting should lead to closer economic coordination and greater transparency and accountability. it is, however, at the same time important that our house is in order before we implement this framework. in other words we must get our ducks in a row first. thank you very much.

by a very wide margin and consistently would, of course, lead to lost reputation or prestige and eventually perhaps to a request for the resignation of the officials involved in targeting. in most countries applying this framework it is still too early to determine what prospective penalties will be applied. the achievement of the target is, however, also important because it affects the credibility of the central bank. an inflation targeting framework can only be successful if the public is convinced that the central bank is serious about containing inflation. this means that the government and the central bank cannot simply change to inflation targeting without reference to anyone else. it must ensure that the ordinary people in the street are in favour of price stability. any misconception that the central bank is not concerned about economic growth and employment creation must be removed. it is important that the public does not get the impression that the central bank is dogmatic about the containment of inflation and does not care about other critical issues of importance to the economy. it is also important that the public is ensured that there are no hidden agendas, in other words that the objectives stated will be the ones actually pursued. bill allen, an official of the bank of england, at the beginning of this year in a speech at the reserve bank indicated that this was a major issue in the united kingdom when they adopted inflation targeting in 1992. this was partly due to their mixed historical record at that time in achieving monetary policy objectives and partly because monetary policy had traditionally been conducted in an environment of considerable mystery and secrecy. fortunately, we have progressed somewhat on both these fronts in south africa and there should not be any difficulties in switching to inflation targeting. advantages of inflation targeting what are the advantages of inflation targeting for south africa? firstly, inflation targeting can improve the coordination between monetary policy and other macroeconomic policies depending on the way the target is set and whether the target is consistent with other policy objectives. the setting of inflation targets should preferably ( but not compulsorily ) be a joint effort between the government and the central bank. inflation targeting will be most effective when economic policies are well coordinated. this coordination must be clearly spelled out and all stakeholders should be consulted, including business and the trade union movement. a formalised coordinated approach will probably lead to the best results. the reserve bank is therefore of the opinion that with the adoption of inflation targets a policy target agreement should be drawn up that would be signed by the minister of finance on behalf of cabinet and the governor of the reserve bank to
do not guarantee redemption at par, are not suitable for use in payment systems and need to be regulated under an investment regime. innovation using new technologies is not confined to new entrants. banks, whose business model depends in part on issuing liquid liabilities ( bank deposits ) for payments use, may well want to use new technologies to tokenise and transfer bank deposits. [ 32 ] this would fall under the existing banking regime rather than the proposed regime for payment systems using stablecoins. there are a number of issues concerning the issuance and transfer of bank deposits in tokenised form that will need to be considered by bank regulators and banks themselves, including whether such tokens should be permitted to circulate freely like digital banknotes. [ 33 ] but the underlying nature of the claim, deposit protection and management of risks should be regulated in the banking regime. banks may also want to issue stablecoins under the proposed new regime. in that case however, our view is that they should be issued out of a separate, bankruptcy remote, legal entity with different branding, to avoid confusion among consumers and so avoid contagion in a stress between different forms of money. conclusion i am often asked, “ what do central banks do? ” or, a more penetrating question – usually from schoolchildren : “ what is the bank of england for? ” rather than give them the long list of bank of england functions – monetary policy, financial stability, bank regulation, payment system regulation, provision of cash etc – i give a much simpler answer. central banks are responsible for ensuring that that most foundational element of the economy and society, that is called money, “ works ”. that people can use it everyday with confidence – confidence in its value, confidence in its creditworthiness, its authenticity, its usability – and confidence that it will be accepted everywhere at the same value whatever form it takes. and while we may not be the originators of technological innovation in money and payments, we do i think have a responsibility to ensure that beneficial innovation that will improve the usability and functionality of money can not only happen but can happen without putting confidence in money at risk. one cannot know now whether the appearance of libra off the shore of conventional money and payments was truly a ‘ black ships ’ moment. i certainly hope that the ‘ wake up ’ call for cross - border payments is not forgotten and that we deliver the long overdue improvements the g20 has set as the target. likewise

where, in payment transactions that involve a transfer of the token between individuals, the recipient becomes a customer of the issuing bank. this would raise some difficult issues, such as around how a bank would maintain a single customer view of those who hold its liabilities in order to facilitate a rapid deposit insurance payout were the bank to fail, and around how banks would satisfy ‘ know your customer ’ requirements to prevent money laundering and terrorist financing.
jorg asmussen : the public and the private banking union speech by mr jorg asmussen, member of the executive board of the european central bank, at the joint conference “ the single resolution mechanism and the limits of bankregulation ”, humboldt universitat / financial risk and stability net - work in berlin, berlin, 8 november 2013. * * * dear mr aehling [ veranstalter ], dear colleagues, ladies and gentlemen, intro the timing of today ’ s conference on “ the single resolution mechanism and the limits of bank - regulation ” could not have been better chosen as the srm is the dominating theme in all european fora at the moment. thank you for inviting me and i am happy to share a view on banking union from the european central bank with you. banking union looking back with the experience of the crisis, i think that many here today share the assessment that the key problem in the past was that there was too little cooperation and too much diversity – we lacked a coherent european approach to financial sector policies. but there is clearly scope for more cooperation today as, particularly after the experience of the crisis, preferences are more aligned in europe. we all want banks that are well supervised and that can be resolved at minimum cost to the taxpayer. to achieve this, i think we need not reinvent the wheel. there are elements of the us approach that have worked and that we can usefully borrow in europe. saying this, one has to acknowledge, of course, that the us is a fully integrated federal state whereas the european union will remain a construction sui generis for the foreseeable future. therefore, the us approach cannot serve as a blueprint for europe, but its direction may prove right for europe as well. the elements of the us approach fall into two basic categories : first, what i call the us ’ s “ public banking union ” – its federal institutions for dealing with banking crises. second, what i dub its “ private banking union ” – its integrated financial market that dissipates the costs of crises. public banking union clearly, the key difference between europe and the us is that banking problems in the us have been mainly taken care of at the federal level, whereas in europe responsibility for troubled banking has thus far remained national. during the crisis in the us, it was federal institutions that stepped into the breach. the federal deposit insurance corporation ( fdic ) resolved 490 unviable banks, using resources from its deposit

capital controls, for the longer term we see it very much as a third line of defence after macroeconomic policies, and micro and more usual macropru. it is no panacea and comes with distortions. all of this remains a work in progress, and history will tell whether it will be sufficient to preserve monetary and financial stability in the rougher seas of freer capital movements that we intend to embark upon. 2 / 2 bis central bankers'speeches
the benefits of the current system without its costs. conclusion for so long as there have been financial markets, participants have had on occasion to weigh the costs and, especially, the externalities associated with fire - sale liquidations of troubled entities against short - term assistance to tide the firms over for a time. it was such a balancing of near - term costs and longer - term benefits that presumably led j. p. morgan to convene the leading bankers of his age - both commercial and investment - in his library in 1907 to address the severe panic of that year. such episodes were recognized as among those rare occasions when otherwise highly effective markets seize up and temporary ad hoc responses were required. the convening of ltcm investors and lenders last week at the federal reserve bank of new york could be viewed in that long tradition. it should similarly be viewed as a rare occasion, warranted because of the potential for serious disruptions to markets. we must also remain mindful where to draw the line at which public - sector involvement ends. the efforts last week were limited to facilitating a private - sector agreement and had no implications for federal reserve resources or policies. footnotes 1 at the same time, not all fire sales are without merit. the resolution trust corporation earlier this decade chose to offer commercial real estate in what might be termed a fire sale because it was the only way an otherwise seized - up market could be galvanized. some level of market prices had to be established - even if below “ intrinsic ” or longer - run value in order to re - establish a two - way market. this was a special case.

for leading the way in bringing insurance broking services to the people of mzuzu and the surrounding area. distinguished guests, ladies and gentlemen, i now have the pleasure to declare the mzuzu office of swift insurance brokers & consultants officially opened. thank you and god bless you all.
make investments and avail credit. importantly, access to financial services also helps the poor insure themselves against income shocks and equips them to meet emergencies such as illness, death in the family or loss of employment. the size of financial exclusion 6. yet the statistics on financial exclusion in india are disheartening. out of the 600, 000 habitations in the country, only about 30, 000, or just 5 percent, have a commercial bank branch. just about 40 per cent of the population across the country have bank accounts, and this ratio is much lower in the north - east of the country. the proportion of people having any kind of life insurance cover is as low as 10 per cent, and the proportion having non - life insurance is an abysmally low 0. 6 per cent. people having debit cards comprise only 13 per cent and those having credit cards a marginal 2 per cent. 7. these statistics, staggering as they are, do not convey the true extent of financial exclusion. even where bank accounts are claimed to have been opened, verification has shown that a significant portion of these accounts are dormant. very few conduct any banking transactions and even fewer receive any credit. millions of people across the country are thereby denied the opportunity to harness their earning capacity and entrepreneurial talent, and are condemned to marginalization and poverty. 8. but there is a brighter side to the story. remember that illustration they give in business strategy courses. a business executive of a shoe company was sent to a large developing country to assess the market potential there. what he saw was millions of people going without shoes. he came back and reported to the management that there was no business potential there because no one wore shoes. a few months later, the strategist of a rival company went and saw the same picture. he came back and reported to his management that there is tremendous business potential in that country because of the number of shoes they can sell. ultimately, it is a question of mindset, and it is only the change in mindset of all concerned stakeholders that can make financial inclusion a reality. is financial inclusion a viable business model? 9. how can we make financial inclusion workable? contrary to common perception, financial inclusion is a potentially viable business proposition. take the success story of dharavi, a bustling industrial - slum in mumbai. wikipedia reports that dharavi exports goods worth $ 500 – $ 650 million every year. ironically, even though dhara

important to develop appropriate technology for small farm size. there is also a need for developing better farming practices in horticulture, poultry, dairy and fishery, the consumption of which is going to increase substantially. in this endeavour, agricultural scientists and leaders like you have an important role in ushering in another green revolution for which this university has prided itself. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
news conference 15 december 2022, 10. 00 am introductory remarks by martin schlegel i am pleased to give you an assessment of current developments with regard to cash. since june, after many years of strong growth, we have seen a significant decline in banknote circulation. to contextualise this decline of approximately 10 %, let me first say a few words about the above - average growth in recent years. in the period since the 2008 financial crisis, the value of banknotes in circulation grew, on average, more than twice as fast as in the two preceding decades – by around 6 % instead of 2. 5 % per year ( cf. chart 1 ). between mid - 2008 and june 2022, the value of banknotes in circulation more than doubled overall, from around chf 41 billion to chf 91 billion. this sharp increase was driven in particular by the desire of companies and private individuals to hold cash as a store of value. there was particularly strong demand for the large denominations, such as the 1000 - franc and 200 - franc notes ( cf. chart 2 ). we see two reasons for the increased demand for cash as a store of value over the last 15 years or so. first, there were multiple periods of high uncertainty, notably the financial crisis and the coronavirus pandemic. cash tends to be popular as a secure store of value during such times. second, the general decline in interest rates – and negative interest rates in particular – also contributed to the increased demand for cash. when interest rates are low or negative, it is relatively attractive to hold cash ( as opposed to bank deposits, for example ) as a store of value. the increase in interest rates since june has meant that there is once again less of an incentive to hold cash. against this backdrop, the value of banknotes in circulation fell by around chf 10 billion to chf 81 billion between june and october. returns of the 1000 - franc notes in particular were substantial, totalling chf 7. 7 billion. we expect this decline to continue. nevertheless, demand for cash as a store of value is likely to persist. companies and households consider such a safety net to be important. page 1 / 2 berne, 15 december 2022 martin schlegel news conference of course, cash is not only used to store value, but also to make payments. small denominations in particular play an important role here. the decline in banknotes in circulation observed since

june is not related to the use of cash for payment purposes. the rise in interest rates has had no impact on the small denominations ( cf. chart 2 ). while the growth rate for the small denominations dipped during the pandemic, demand has rebounded since early 2022 and has stabilised. despite the general increase in the demand for cash, the use of cash for payments has declined in recent years. we are currently investigating changes in the use of cash as a payment method in our 2022 ‘ survey on payment methods ’. we will present the results in the spring of next year. page 2 / 2
. we also have to check whether new data requirements can be met from existing statistics if we estimate parts of the data cells and accept - as far as tolerable - estimation errors. this could apply to some specific sectoral breakdowns within the credit aggregates of mfis which are not actually reported but estimated from specific benchmarks. in order to reduce the reporting burden, statistics could be compiled, whenever possible, on a sample basis, in particular in those cases where prices or indices are to be calculated. the mfi interest rate statistics could be taken here as an example. at the very least, statistics, or surveys, could be reported on a voluntary basis. this would be feasible in cases where a very small number of institutions cover the bulk of the business in question. statistics on derivatives and the bank lending survey are valid examples. iv conclusion let me conclude by emphasising three points. first, there is a need for financial stability statistics beyond those that are already available for monetary policy purposes. second, although progress has been made, a more extensive set of indicators is still missing. third, clear - cut mandates are necessary for the formulation of reporting requirements and for the cost assessments ; all the parties involved have to acknowledge that the production of statistical data is costly and burdensome and that budgets for statistical reporting are in no case “ unlimited ”.

do first is to continue with the current sound macroeconomic policies and structural reforms in a decisive way. second, in order to start dedollarization, an active dedollarization strategy such as the so - called “ carrot and stick approach ” in the literature, which consists of regulations that will encourage the use of the turkish currency, should be planned. however, as ize and levy - yeyati 14 suggest, before launching an overly ambitious policy agenda, we should make all the necessary researches to understand the roots, risks and costs of dollarization and the implications of policy reforms made against it. i think, this conference provides a big opportunity for all of us to share our opinions and experiences and to enlighten our way of dedollarization. distinguished participants, i would like to conclude my words by repeating that i am very glad to welcome such distinguished economists from all over the world. i am sure that we have a lot to draw on the experiences of each other. i hope you enjoy both the conference and your stay in istanbul. thank you very much. provisional data. reinhart, c. m ; k. s. rogoff and m. a. savastano ; 2003 ; “ addicted to dollars ” ; nber working paper series ; no : 10015. ize, a. and e. levy - yeyati ( 2005 ) ; “ financial dedollarization : is it for real? ” ; imf working paper ; wp / 05 / 187.
communications and schroders group from the uk jointly established the bank of communications & schroders fund management co. ltd., deutsche bank ag bought equities of harvest fund management co. ltd. and belgian company invested in fushi fund management co. ltd in shanghai etc. second, china and europe have made a series of great progress in financial strategic cooperation. hsbc holding became the strategic investor of the bank of communications ; royal bank of scotland became the strategic investor of the bank of china ; bnp paribas invested in the nanjing commercial bank and became its strategic investor ; bausparkasse schwabisch hall ag and china construction bank together established the sino - german bausparkasse in tianjin. third, financial cooperation between china and europe via hong kong is in even greater scale. as the frontline of china to open up to the outside world, hong kong has 35 licensed banks from the european union, such as bnp paribas peregrine, deutsche bank, among the 167 licensed banks under the hkma regulation and 126 licensed securities future traders, consulting companies, asset management companies and other licensed financial intermediaries held by european shareholders among the total licensed financial intermediaries under the supervision of hong kong securities regulatory commission. furthermore, there are 1422 funds authorized by the hong kong securities regulatory commission to operate in hong kong are registered in europe. at end - 2004, net assets of those european funds reached over usd500 billion. financial development between china and europe will bring not only new challenges but also new opportunities for both sides to strengthen cooperation in financial services and regulation. china and europe have already set up bilateral financial services cooperation projects before, and the people ’ s bank of china as well as the china banking, securities and insurance regulatory authorities, have conducted and benefited from broad business exchange and collaboration with their european counterparts. in future, both sides will continue to strengthen exchange, understanding and cooperation to promote further development of their bilateral relations. ladies and gentlemen, china is making efforts to deepen financial reform and improve financial market openness. in particular, after the wto accession, china is conducting financial opening - up in line with the wto commitments. the third plenum of the 16th cpc central committee held in october 2003 pointed out that, china will boost opening - up in full scale, improve institutional protection of opening - up, advance the facilities of trade and investment, introduce more and more advanced technology, management experiences and qualified personnel,

that this style of investment can also come into conflict with the mandate of central banks in preserving stability and orderly markets. so, the challenge is to achieve a proper balance. thank you, mr. chairman.