samchain/econo-pairs-v2 huggingface dataset:
monetary and financial stability is pursued in emerging market economies is quite distinct from that in developed economies. for emerging markets, there are two stylized facts that are unique to its policy setting. the first is the greater income and consumption volatility that have been observed in emerging markets, both in terms of the level and in terms of growth relative to developed economies. and the second is the fact that economic agents in the views expressed in this paper are those of the authors and do not necessarily represent those of the bank of thailand or bank of thailand policy. i would like to thank piti disyatat, ashvin ahuja, sarawan angklomkliew, jaturong jantarangs, nawaporn maharagkaga, don nakornthab, kobsak pootrakool, mathinee subhaswadikul and supradit tangprasert of the bank of thailand for their substantial contribution to the drafting the original paper. emerging markets face greater limitations in the ability to smooth consumption in response to shocks. the empirical evidence from two recent studies are summarized in table 1. as documented by aguiar and gopinath in 2007, consumption is around 40 percent more volatile than income at business cycle frequencies for emerging markets, while the ratio is less than one for developed economies. the same is true when comparing relative volatility in growth rates of consumption and income. a study by kose, prasad, and terrones in 2005 also shows greater income and consumption volatility in emerging markets relative to developed economies. such heightened volatility in macroeconomic outcomes undoubtedly has adverse implications for welfare. and the fact that consumption is so volatile – in itself as well as in relation to income – suggests the existence of serious limitations in the ability of economic agents in emerging markets to smooth consumption in response to shocks. a central proposition of our studies is that a large part of the explanation for higher macroeconomic volatility in emerging markets rests with key differences in the nature of shocks hitting emerging market economies, as well as the way in which the economic system of emerging markets propagate the shocks. figure 1 captures our basic arguments, and depicts how observed macroeconomic outcomes are the result of the interaction between the nature of shocks and the structural features of the economic system. firstly, the nature of shocks that emerging market economies experience is quite different from that of developed economies. a particularly pertinent example in this context is capital flow

to thank the australian - thai chamber of commerce for the invitation. thank you.
t t mboweni : review of the south african reserve bank and its activities 1998 - 2003, a preliminary assessment speech by mr t t mboweni, governor of the south african reserve bank, at the cape town press club, cape town, 29 september 2003. * 1. * * introduction ladies and gentlemen. i thank you for this invitation to interact with you once again. we certainly live in interesting times and much has changed in the world over the past five years. these changes have also affected the south african reserve bank as much as any other institution which has a domestic and international focus. we constantly face new challenges and new circumstances in which to conduct our work. the fact that the sarb has risen to meet these challenges says much about the fact that it is an international institution par excellence. 2. international developments there has been two key developments over the last five years that have brought wide - ranging changes to the global social, economic and financial order. the first was the introduction of a single european currency. after decades of preparation, the euro was introduced as a single currency on 1 january 1999 and euro banknotes and coin were introduced on 1 january 2002. this currency change - over in europe firmly established the european central bank ( ecb ) as the single monetary policy authority for participating countries of the european union. the introduction of the euro was an eventful episode in the history of europe. firstly, the united kingdom, sweden and denmark elected not to adopt the euro as their national currency on 1 january 2002, although they are member countries of the european union. secondly, the euro / us dollar exchange rate has shown large swings since january 1999. after reaching a high of just over €1 = us $ 1, 18 some four days after its introduction in january 1999, the exchange rate of the euro subsequently dropped by nearly 30 per cent to just below €1 = us $ 0, 83 by october 2000. the second major event was the attacks on the united states on 11 september 2001. these attacks highlighted a potential systemic risk to financial institutions worldwide in the event of a prolonged disruption of their operations. multi - lateral co - ordination to ensure business continuity in the financial industry has received considerable attention since these attacks, and south africa and the sarb are glad to be involved in these initiatives. the bank has played an active role in the establishment of a financial sector contingency forum, which is responsible for the identification and management of potential crisis events that might threaten the stability of the south

you well during your deliberations for the rest of the day as we search for new and innovative ways to address the challenges that we collectively face in an effort to make this country of ours truly great, in amplification of the inspiring achievements of teams sa at the london 2012 olympic games, that have made us all proud. i thank you. bis central bankers ’ speeches
foreign exchange market administration featuring " macroprudential management plus micro supervision " and to enhance the review mechanisms for combating money laundering, terrorist financing, and tax evasion so that opening - up and risk control will be pushed ahead together. with strong support from all sides and our joint efforts, shanghai is bound to become a high - level international financial center based on rmb - denominated financial assets, and will play a bigger role in advancing china's financial opening - up and high - quality economic development. i wish the forum a complete success. thank you. 4 / 4 bis - central bankers'speeches

ben s bernanke : brief overview of the 4th conference of the international research forum on monetary policy ( welcoming remarks ) welcoming remarks by mr ben s bernanke, chairman of the board of governors of the us federal reserve system, at the fourth conference of the international research forum on monetary policy, washington dc, 1 december 2006. * * * vice president papademos, ladies and gentlemen, i would like to welcome you to the fourth conference of the international research forum for monetary policy. the forum is one outgrowth of the increased interaction between central banks and academic institutions that, in my opinion, benefits both groups. it is a true joint effort involving the european central bank, the federal reserve board, the bmw institute for german and european studies at georgetown university, and the centre for financial studies at goethe university in frankfurt. you have a very full agenda for the next two days. the topics represent a good mix of theoretical work as well as empirical work based on both calibration and econometric estimation. you are beginning with two papers that emphasize the importance of inflation expectations. other papers examine such topics as the application of search theory, the functioning of mortgage markets, the theoretical analysis of optimal monetary policy, and empirical research on price - setting. there is a lot of intellectual food on the table. bon appetit!
a clear commitment to implementing the reforms and the explanation of their benefits will help to reduce such uncertainties and thereby make a considerable contribution to improving the economic outlook for the euro area. we are now at your disposal for questions.

european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, and mr lucas papademos, vice - president of the european central bank, berlin, 4 may 2005. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to the press conference here in berlin. today is the 11th time that the governing council has met outside frankfurt, and i would like to thank president weber for his invitation and hospitality. let me also express our gratitude to the staff of the deutsche bundesbank for their excellent organisation of today ’ s meeting. let me now report on the outcome of today ’ s meeting, which was also attended by commissioner almunia. on the basis of our regular economic and monetary analyses, we continue to see no significant evidence of a build - up of underlying domestic inflationary pressures in the euro area. accordingly, we have left the key ecb interest rates unchanged. the exceptionally low level of interest rates across the entire maturity spectrum provides considerable support to economic activity in the euro area. at the same time, continued vigilance with regard to upside risks to price stability is warranted. allow me to elaborate on our decision, turning first to the economic analysis. regarding the current situation and the short - term outlook for economic activity, recent data and survey indicators are, on balance, on the downside. some of the downward risks to economic growth identified earlier, in particular those related to persistently high oil prices, appear to have partially materialised over the past few months. at the same time, when looking beyond the short term, conditions remain in place for stronger real gdp growth. on the external side, euro area exports should continue to be supported by foreign demand. on the domestic side, investment should benefit from the very favourable financing conditions, the robust corporate earnings currently being observed and ongoing improvements in corporate efficiency. consumption growth should evolve broadly in line with expected developments in disposable income. downside risks to economic growth continue to be related to oil price developments and global imbalances. turning to price developments, according to eurostat ’ s flash estimate, annual hicp inflation was 2. 1 % in april, unchanged from march. over the coming months, annual hicp inflation rates are likely to remain around these levels. wage increases have remained contained over recent quarters and, in the context of moderate economic growth and weak labour markets, this trend should continue for
we see that the … situation has changed in a meaningful way, then we may well adjust the pace of purchases in order to keep the level of accommodation consistent with the outlook. ” conclusion let me reiterate how pleased i am to be here on staten island and to have the opportunity to speak to the members of the chamber. parts of staten island were among the most devastated areas in the region and we at the federal reserve bank are committed to doing all that we can to help people and businesses recover. many obstacles remain to be overcome but i am confident that staten island will meet the challenges that lay ahead. bis central bankers ’ speeches

the economic outlook. as always, my views are my own and do not necessarily reflect those of the fomc or the federal reserve system. regional economic conditions the financial crisis underscored the fact that the world is a complicated place and that the insights of professional economists and financial experts must be supplemented with a broader set of perspectives from households and businesses. today ’ s visit is in that spirit – i want to talk about what we are seeing in the economy but also to hear from you firsthand about your assessment of economic conditions. so what do we see? let me start with basic economic characteristics. while staten island is the city ’ s least populous borough, its population has grown steadily and rapidly, more than doubling in the last half - century to close to one - half million residents. on its own, staten island is larger than all other cities in the entire new york – new jersey region, with the obvious exception of new york city. bis central bankers ’ speeches in many ways – homeownership, educational attainment, income, and demographics – staten island more closely resembles the nation than the rest of new york city. for example, the homeownership rate on staten island is almost 70 percent, well above the 30 percent average homeownership rate citywide. still, with a sizable proportion of the borough ’ s workers commuting to manhattan ( about ¼ of the island ’ s workers or more than 50, 000 people ) staten island ’ s economy is closely tied to the rest of the city ’ s economy, as well as to northern new jersey ’ s. thus, when manhattan sees brisk job growth, the residents of staten island have better opportunities. the new york city economy continues to rebound strongly from the 2008 – 09 downturn – more strongly than the nation as a whole. the new york fed ’ s index of economic activity for the city has grown solidly and steadily for the past three years, signaling a robust rebound in the local economy. this strength is reflected in strong job creation : while the u. s. economy has thus far recovered only about two - thirds of the jobs lost during the recession, new york city has recovered all its lost jobs and then some. in fact, total employment in the big apple recently surpassed not only its pre - crisis peak of 2008 but also its all - time peak of 1969. here on staten island job creation has not been quite as robust over the past couple years. it should be recognized, however,
players in the industry to recognise and serve markets – especially the msme sector seize opportunities not just for profit but to actively participate in financial inclusion efforts leverage on digital technology and engage in continuous training and development. fourth, industry players would benefit from collaboration and cooperation. fifth and finally, continuous dialogue and a healthy partnership between regulators and the regulated would result in greater 4 / 5 bis central bankers'speeches industry support, rationalised regulations and national development. we encourage you to help us in this regard. rounding these points up, i will end with sage advice ( again from shakespeare ). the world ’ s pre - eminent dramatist and poet said, “ our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt. ” given the crucial role we play in economic development and even in financial inclusion. let us not fear to attempt. it is our pleasure in the bsp to stand with you, friends and colleagues of pfai, to endeavour to believe in the great strides we can make together for the betterment of the business environment for the credit, financing and leasing industries for msmes for our nation. thank you for your kind attention. congratulations to your new officers. mabuhay ang ating mahal na bansang pilipinas. 5 / 5 bis central bankers'speeches

important that governments feel forced to rescue it from impending failure, fearing the economic costs such a failure would cause. possible solutions to the “ too big to fail ” issue are the creation of incentives to encourage banks to reduce their size or change their organisational structure.
to struggle with shortage of supply of agricultural commodities vis - a - vis the growing demand for several years. the pressure would be reflected, among others, in rising prices. apart from raising agricultural productivity, improvement in management of supply chain would be critical for sustenance of overall economic growth and for prevention of runaway rise in prices. diversification into non - traditional areas like biofuels, polymers, pharmaceutical / health products and feed for poultry and diary to meet growing demand for protein food has major implications for supply chain. increase in complexity and decentralisation of agribusiness organizations would guide the future changes in supply chains. it would also entail the need for development of new concepts and techniques. i hope you all would deliberate on these issues and suggest the way ahead. report of the “ working group on agricultural marketing infrastructure, secondary agriculture and policy required for internal and external trade for the xii five year plan 2012 – 17 ” http : / / planningcommission. nic. in / aboutus / committee / wrkgrp12 / agri / weg _ rep _ market. pdf bis central bankers ’ speeches i thank tefla ’ s and globoil once again for giving me this opportunity to share some of my thoughts with such distinguished participants. bis central bankers ’ speeches

percent ) ; euro area ( 2. 4 percent ) ; uk ( 2. 9 percent ) ; and china ( 9. 9 percent ). ( source : imf world economic outlook, october 2016 ). 3 the average capacity utilization rate of the manufacturing sector stood at 83. 8 percent in january 2017. 4 following the bpm6 format, the current account has been in surplus from 2005 – 2016. ( current account surpluses were also recorded in 2003 and 2004, following the bpm5 concept ) 6 / 7 bis central bankers'speeches 5 as of 2016, 88. 2 percent of cities and municipalities have at least one financial service access point, up from 87 percent in 2015. of this number, 63. 8 percent have banking presence in 2016 ( 63 % in 2015 ). ( source : bsp financial inclusion initiatives 2016 report ) 6 republic act no. 10744 ( “ credit surety fund cooperative act of 2015 ” ) was passed into law on 6 february 2016. 7 / 7 bis central bankers'speeches
, january ; niepmann, f. and stebunovs, v. ( 2018 ), “ modeling your stress away ”, international finance discussion papers, no 1232, board of governors of the federal reserve system, july ; quagliariello, m. ( 2019 ), “ are stress tests beauty contests? ( and what we can do about it ) ”, staff paper series, no 4, european banking authority, july ; and kok, c., muller, c. and pancaro, c. ( 2019a ), “ the disciplinary effect of supervisory scrutiny on bank risk taking : evidence from the eu - wide stress test ”, macroprudential bulletin, no 9, european central bank, forthcoming. 3 in fact, recent empirical evidence suggests that the comprehensive intrusion associated with the ecb stress test quality assurance process has a disciplinary effect on banks ’ risk taking after the stress tests ( see kok et al. ( 2019a ), ibid. ; and kok, c., muller, c. and pancaro, c. ( 2019b ), “ the disciplinary effect of supervisory scrutiny in the eu - wide stress test ”, working paper series, european central bank, forthcoming ). for related evidence in a us context, see : acharya, v. v., berger, a. n. and roman, r. a. ( 2018 ), “ lending implications of u. s. bank stress tests : costs or benefits? ”, journal of financial intermediation, vol. 34 ( c ), pp. 58 – 90 ; and hirtle, b., kovner, a. and plosser, m. ( 2019 ), “ the impact of supervision on bank performance ”, staff reports, no 768, federal reserve bank of new york. 4 see also enria, a. ( 2018 ), “ what have we learnt from eu - wide stress tests ”, speech delivered at the banca nationala a romaniei, 15 november. 5 see budnik, k. ( 2019 ), “ abird ’ s - eye view of the resilience of the european banking system : results from the new macroprudential stress test framework ”, macroprudential bulletin, issue 7, european central bank, march. 6 in addition to both the 2016 and 2018 eu - wide stress test exercises, albeit not in parallel with them, the ecb

published macroprudential stress test analyses for euro area banks, see dees, s. et al. ( 2016 ), “ macroprudential effects of systemic bank stress ”, macroprudential bulletin, issue 2, european central bank, october ; and budnik, k. ( 2019 ), ibid. 4 / 4 bis central bankers'speeches
eddie yue : remarks at media standup remarks by mr eddie yue, chief executive of the hong kong monetary authority, at media standup, hong kong, 2 october 2019. * * * ladies and gentlemen, 1. today is my first working day as the chief executive of the hkma. apart from the transition to a new position, i will also be faced with a challenging external and domestic environment. this includes the weakening of global economic momentum, uncertainties over the chinaus trade conflict and brexit, unpredictable monetary policy stance across central banks especially in the us, and the social events in hong kong in recent months. all these have presented huge challenges and uncertainties for the hong kong economy. 2. our key priority in the next few years is to maintain hong kong ’ s monetary and financial stability. 3. and, the foundation for this stability is the linked exchange rate system ( “ the link ” ), which has helped hong kong weather different financial storms since 1983. i ’ ve been involved in the operation of the link throughout my career in the hkma and i have also gone through two financial crises. i firmly believe that the link is the most appropriate monetary system for hong kong. we see no need and have no intention of changing this well - established system. 4. our banking system is also robust and sound. i ’ m confident that hong kong ’ s financial system is well positioned to cope with market volatilities. 5. we will also reinforce hong kong ’ s role as a premier international financial centre. one key driver is the rapid development of fintech. while the hkma has done a great deal in the past few years in promoting fintech, there is still room to further apply new technology in finance in the coming years. this includes, for example, fostering a better ecosystem for regulatory technology ( or regtech ) and supervisory technology ( or suptech ). we are also aware that any new risks associated with the increasing use of technology have to be managed. these include for example cyber and data security. we will work with the industry to address these risks. 6. we are also committed to promoting market development opportunities, especially in strengthening the role of hong kong as the gateway to the mainland ’ s capital markets, in the greater bay area development, and also in green finance. 7. these are rough times. but my colleagues and i will continue to discharge our duties in a professional manner and do our best to serve the people of hong

kong. 1 / 1 bis central bankers'speeches
markku virtanen, “ modernising and diversifying existing smes ”, oecd paper. metcalfe, j. s., r. ramlogan and e. uyarra ( 2003 ), “ economic development and the competitive process ”, paper delivered at conferencia internacional sobre sistemas de inovacao e estrategias de desenvolvimento para o terceiro milenio, november, p. 1 – 31. meyer - stamer, j., ( 1995 ), ‘ micro - level development, vol. 23, p. 143 – 148. innovations and competitiveness ’, world promoting entrepreneurship and innovative smes in a global economy : towards a more responsible and inclusive globalisation, istanbul, turkey 3 – 5 june 2004, 2nd oecd conference of ministers responsible for small and medium - sized enterprises ( smes ). report of the pm ’ s task force on msmes, january 2010 ( chairman : shri t. k. a. nair ). report of the working dr. k. c. chakrabarty ). group on rehabilitation of sick smes ( chairman : zimmerman, barsky, and brouthers, “ networks, smes, and international diversification ”, the multinational business review, volume 17 • number 4. bis central bankers ’ speeches

to deal with the problems of instability and volatility in exchange rates and capital flows which have characterized international financial markets in the 90s. let each country take measures to build its own safety walls by providing for higher reserves, more realistic policies to regulate capital flows, and careful monitoring of exchange rates. finally, let the international institutions play a supportive role through higher and more automatic access, subject to annual performance review. these institutions must also be made less ideological and less political with greater voice for all member countries rather than for a handful of industrial countries. [ i believe that what i have said is also in line with the “ middle way ” prescription of mervyn king and is capable of being built into the present architecture. ]