samchain/econo-pairs-v2 huggingface dataset:
economic analysis : a perspective. the economic journal, vol. 95, supplement : conference papers, pp. 21 - 41.

incentive not to be overly transparent about borrower risk. [ 3 ] for his part, the investor cannot ensure that the originator is acting in their best interests. after the financial crisis, securitisation was blamed for passing bad loans on to unsuspecting investors. the financial crisis has highlighted potential weaknesses in the securitisation process, which are particularly relevant for very complex securitisations. these include insufficient transparency and insufficient risk management systems and valuation procedures. as a result, securitisation markets have been stigmatised in public perception. however, with appropriate structure and regulation, securitisation may have a positive long - term social value. securitisation markets complement other long - term wholesale funding sources for the real economy. this allows enterprises to diversify their sources of funding. by gaining indirect access to investors on the capital market, small and medium - sized enterprises can particularly benefit from this. securitisation can also open up space on banks ’ balance sheets, thus creating leeway for further lending to the private sector. a market for prudently designed asset - backed securities may potentially improve the efficiency of resource allocation in the economy and ensure better risk sharing. [ 4 ] this occurs due to the transformation of relatively illiquid assets into more liquid securities, often sub - divided into several tranches with varying levels of risk. as a result, the costs of capital may be lower and economic growth may be higher. from the perspective of central banks, given appropriate structure and regulation, securitisation can play a significant role in supporting both monetary and financial stability. for example, in certain cases, high - quality asset - backed securities could ensure better transmission of monetary policy, since a greater fraction of enterprises get access to credit markets. in terms of financial stability, greater diversification in bank liabilities may make banks ’ lending decisions less dependent on the business cycle. and it may reduce borrowers ’ exposure to refinancing and liquidity risk. this could strengthen banks ’ resilience and reduce systemic risk. but how do we ensure that there is appropriate structure and regulation in the markets for securities? in this context, following the financial crisis, the financial stability board proposed a set of measures aimed at greater resilience in securitisation markets. [ 5 ] amongst other aspects, there was coordination in the development of policies for improving transparency and aligning incentives in securitisation. furthermore, a recent report of the
. it has indeed been a pleasure listening to the illuminating remarks of dr. deshpande, dr. chandra mohan, dr. narsimha reddy and dr. parikh. let me conclude by expressing, once again, my deep appreciation of the excellent and pioneering work undertaken by igidr on developmental issues. thank you.

from us $ 113. 0 billion at end march 2004 to us $ 131. 2 billion as at end december 2004. nearly sixty per cent of the reserve accretion in the current financial year has come in two months ( november and december ) - perhaps indicative of the volatility in portfolio flows. second, the trade - deficit on the balance of payments basis doubled to us $ 12. 3 billion in the second quarter from us $ 5 billion in the first quarter - reflective of surge in imports - both due to increase in oil - prices and pick up in investment activity. there is no reason to believe that the trend will not persist for the rest of the year which may have a potential for a large trade - deficit during the year as a whole. third, the current account of the balance of payments which was in a surplus of us $ 3. 2 billion in the first quarter turned into a deficit of us $ 6. 4 billion, reflective of not only surge in trade - deficit but also moderation in the invisibles surplus. it is, therefore, possible that the current account for the year as a whole may be marginally in deficit or very marginally in surplus. despite the surge in trade - deficit, a strong case for further liberalisation of trade and rationalisation of tariffs persists since the beneficial effects of such liberalisation are evident. fourth, the capital account of the balance of payments shows that in the second quarter, external commercial borrowings and short term credit moderated, while there were outflows under banking capital. nri deposits continued to register net outflows. overall, however, the current trends do point to continued surpluses in balance of payments, with possible marginal deficit in the current account being more than compensated by continued strong inflows, particularly on account of inflows on foreign direct investment ( fdi ) and fii flows. our emphasis in management of capital account has generally been on external debt as recommended by rangarajan committee, more than a decade ago, but there are several reasons, for exploring an appropriately active but nuanced management of non - debt flows at this stage. the magnitudes of fdi / fii flows are tending to be large and volatility has perhaps increased. the impact of such flows on the stock markets is discernible, but perhaps less evident at this juncture in corporate ownership and control. the possible issues that need to be considered if one were to achieve a better management of non
during this period, the financial industry made use of the opportunity offered by economic growth, consolidated the foundation for sustainable and stable development. a brief look back of past history of the macao economic development and change in industry, we can perceive the pattern ; the two significant developments of macao financial industry were brought about by the rapid growth of the economy and prosperity. in the 70 ’ s and 80 ’ s, the policy to diversify manufacturing industry enabled new manufacturing industries to flourish. coupled with the prosperous development of other pillar industries and the legislation promulgated in 1982 which allowed banks in macao to expand their activities, the financial system had a rapid growth which in turn stimulated economic development. in 1999, after the return to the motherland, under the auspices of the central government and leadership of the msar government, macao experienced economic consolidation to rapid growth. the financial industry also benefited from phenomenal economic growth. financial products became highly diversified and differentiated. services network, channel and related quality were enhanced. risk control, management and resilience continued to be strengthened. in the face of this unprecedented global financial crisis, our financial system emerged relatively unscathed, while the operating results continued to stay at a high level. all along, capitals from the mainland, portugal and hong kong dominate the macao banking industry and account for a large chunk of the market. together with branches of the us, the uk, france, singapore and chinese taiwan banks, the banking system of macao as a whole is pivotal to the industrial transfer of macao. in the 80 ’ s to the beginning of the 90 ’ s in last century, the pearl river delta was the ideal relocation area in attracting industrial transfer due to its comparative advantage in its convenient location, availability of labour and cheap land cost. macao enterprises made full use of the opportunity provided by the reform / opening - up policy of the nation to move their labour - intensive production base to this area. from a micro point of view, the migrant enterprise, in the course of transfer, will face the problem if it can obtain the much sought financial services in the new location. how the local financial institutions can provide the necessary funding services for the migrant enterprise under controlled risk is an issue for financial regulator. generally speaking, the local financial institution has limited information on the migrant enterprise. there is insufficient knowledge of the financial condition of the migrant enterprise, its cash flow, its profitability, its debt servicing ability, the quality of management, hence it

the arrangement and choosing macao to hold such a practical and meaningful workshop. thank you very much. enjoy your workshop and the rest of your stay in macao.
financial system. our microentrepreneurs, nanays, and tatays can approach microfinance institutions to open an account and secure credit with just their philid. onboarding will be more cost - efficient too for our service providers. we are boosting our whole - of - government approach to diversify the broadband market so that filipinos across the country can have affordable internet connectivity and digital financial services available to them. we have begun with steps to encourage the adoption of satellite broadband. microfinance institutions can save on it costs, automate processes, and enhance delivery of financial services in the last mile through this technology. picture a farmer in the field or a fisherman at sea doing pera padala, paying loans, receiving 2 / 3 bis central bankers'speeches payments with his phone through your mobile apps, just as he would use its built - in gps to check the weather or navigate the seas. the possibilities are endless. together with industry partners, we launched the qr ph to standardize and create an interoperable qr system for person - to - person and person - to - merchant fund transfers. in terms of policy, our recently issued open finance framework gives the power of data to the people. through open finance, players inside and outside of the industry, regardless of size, will have an opportunity to provide more contextualized services for a wider client base. the digital age is here, and so we encourage microfinance institutions to continue their advance towards digital adoption. as more businesses, including microenterprises shift online, it is also fitting that financial service providers do the same. and so, we urge you to capitalize on these developments. crises also breed opportunities. and there is no time like the present to recalibrate strategies and fortify digital capabilities. the pandemic may seem insurmountable, but giants like you continue to take huge steps with government to ensure no one is left behind. we owe much to the microfinance community. after all, the bsp ’ s financial inclusion mission started with microfinance, in the belief that the poor can contribute just as much, if not more, to the country ’ s growth and prosperity. in closing, we must do things with a greater sense of urgency and efficiency. we must aim higher and strive to reach out to more filipinos. as the olympic motto goes : citius ( kee - tee - oos ), altius ( al - tee

would like to thank the independent evaluation office for the invitation. thank you.
, the restrictions on rmb interbank transfers between personal accounts and corporate accounts were also removed. 26. with these relaxations, the key hurdles that had previously limited the development of offshore rmb wealth management business have been eliminated. market players have been responding to these relaxations quickly with the launch of a wide range of rmb investment products. these include rmb - denominated insurance policies and investment funds. investor interest in these products has been phenomenal. 27. in developing our offshore rmb business, i have to say that hong kong does not have a monopolistic power and we are also facing competition from other financial centres. however, hong kong does enjoy the first mover advantage over the others in a number of ways. over the years, the hkma has built up a very good working relationship with the mainland authorities. we have accumulated a wealth of operational and regulatory experience in rmb business. we have also developed the most advanced financial infrastructure for rmb transactions with cross - border links with the mainland. these are some of our unique strengths, and it is not easy for others to replicate them, at least in the short term. 28. with all these developments, where should we go next? at the policy level, i believe it would be important to build an effective two - way channel to increase interaction between the rmb onshore and offshore markets. a potential area that can be explored is to allow such real economic activities as fdi and odi to be possibly settled in rmb in a gradual and controllable manner. if this can be done, offshore rmb liquidity can be channelled back to the mainland in the form of fdi to support mainland ’ s economic activities, while in the opposite direction, mainland enterprises can make use of rmb for the settlement of odi to eliminate foreign exchange risk. given the significant share of hong kong in mainland ’ s fdi and odi, building such a two - way channel will also be conducive to the sustainable development of the offshore rmb market in hong kong. 29. in addition to fdi and odi, we have been in close communication with the mainland authorities to explore other possible channels. in this regard, we welcome the announcement of the people ’ s bank of china in august regarding the introduction of a pilot scheme allowing eligible entities in hong kong to make use of their rmb funds to invest in the mainland's interbank bond market. the launch of this scheme has opened up a

crockett, to deliver the fourth hkma distinguished lecture. mr crockett, please.
i would like to give my view on interrelationships between the euro area and japan, focusing on capital flows. as i have mentioned, in the euro area, monetary union has triggered various kinds of structural change, bolstering the development of the overall economy. the impact is so large that it has affected not only the euro area itself, but also japan. an example of the effect is direct investment. direct investment from western europe to japan soared more than tenfold in a year, from about 100 billion yen in 1998 to over 1 trillion yen in 1999. investment from france was especially large, which reflects the capital collaboration that was seen in the automobile industry. direct investment from japan to the euro area is also on the rise. the increase in direct investment will promote the reallocation of management resources, technology transfer, and competition, resulting in boosting both economies. the increase in capital flows between the two economies is well evidenced in portfolio investment. in 1999, japan ’ s portfolio investment in the euro area exceeded that in the united states. japan ’ s foreign portfolio investment in france, germany, the netherlands, and luxembourg, the four euro area countries for which individual data are available, totaled almost 5. 6 trillion yen in 1999. on the other hand, japan ’ s portfolio investment in the united states was 1. 4 trillion yen. this is rather noteworthy, because, in international capital markets, the united states, with its huge current account deficit, absorbs a lot of funds provided by the euro area and japan. despite such a situation, capital flows between the euro area and japan are surging, and both economies are growing more interdependent in international capital markets. in the increasingly integrated global market, the euro area and japan are becoming more and more dependent. i hope today ’ s forum will contribute to bringing the two economies closer, and serve as an opportunity to enhance communication between the private sector of the euro area and that of japan. i know this forum will be a success.

improvements in foreign exchange settlement, and enhancing the framework for resolving cross - border failures of financial institutions must not be forgotten as well. concluding remarks already forty years ago, the nobel prize - winning economist sir john r. hicks predicted that in a globalized financial market “ a national central bank will no longer be a true central bank, ” but will become “ single banks in a world - wide system. ” whether we like it or not, this is clearly the direction we are heading. bis central bankers ’ speeches
for their insight and contributions over the years. thank you all, and have a great conference.

. in the fall of 2012, with the unemployment rate hovering stubbornly at around 8 percent and core inflation steadily drifting lower than our 2 percent target, the fed introduced open - ended asset purchases and, later, forward guidance that related federal funds rate actions to thresholds explicitly expressed in terms of our policy goals. together, these efforts have helped the economy make impressive progress toward our employment mandate and appear to be moving us closer to our 2 percent inflation target as well. with the economy undershooting both our employment and inflation goals, monetary policy does not presently face a conflict in goals ; actions that support employment growth also help move inflation up toward our target. yet, as i look to the future and assess risks, i foresee a time when a policy dilemma might emerge : namely, we could find ourselves in a situation in which the progress or risks to one of our goals dictate a tightening of policy while the achievement of the other goal calls for maintaining strong accommodation. bis central bankers ’ speeches so what happens when a conflict emerges? in such cases, the fomc has said that it will follow a “ balanced approach ” to achieving its policy goals. i will elaborate at length on this later, but let me summarize how i think we should operationalize this approach today. we should keep our focus on our policy goals and should be highly attuned to both the likelihood and the costs of missing those goals. to me, the risks imposed on an economy forced to operate at the zero lower bound on policy rates are paramount. accordingly, before the fed raises rates we should have a great deal of confidence that we won ’ t be forced to backtrack on our moves and face another painful period at the zlb. we should be exceptionally patient in adjusting the stance of u. s. monetary policy – even to the point of allowing a modest overshooting of our inflation target to appropriately balance the risks to our policy objectives. conflicting signs in the labor market of course, to judge the success of policy, you have to know when you ’ ve actually reached your targets. knowing when we hit our inflation target is straightforward. after all, a 2 percent increase in pce prices is an easily identifiable number. but full employment is a far more nuanced concept. as the fomc ’ s annual january “ statement on longer - run goals and monetary policy strategy ” recognizes, maximum employment can be influenced by a large number of structural factors that can change over time and
operations, risk management, and crisis resolution. 2 they are designed to ensure see leaders ’ statement released after the g20 pittsburgh summit held on september 24 – 25, 2009. see committee on payment and settlement systems ( cpss ) and technical committee of the international organization of securities commissions ( iosco ), “ principles for financial market infrastructures, assessment bis central bankers ’ speeches that the infrastructure supporting global financial markets is robust and thus well placed to withstand financial shocks. compared with existing recommendations, the new principles introduce new or more demanding requirements. for example, clearing houses that are systemically important and multi - jurisdictional and those that clear complex products will be required, at a minimum, to withstand the simultaneous failure of the two largest participants, instead of the largest participant, as in the current set of recommendations. the principles will apply to all systemically important payment systems, central securities depositories, securities settlement systems, central counterparties, and trade repositories, which collectively clear, settle, and record transactions in financial markets. the bank of japan, in close cooperation with the japanese financial services agency, has participated in the international discussions leading to the agreement on the new principles and is firmly committed to implementing them as soon as practicable. along with this international push for more robust and resilient market infrastructures, there have also been efforts that reflect japanese domestic experiences. while the failure of lehman brothers did not cause much disruption in japan, and hence cross - border spillovers were minimal, it was found that the crisis resolution mechanism at the japan government bond clearing corporation ( jgbcc ) could be further improved. it took herculean efforts at the jgbcc to come up with securities and funds that lehman brothers could not deliver after its bankruptcy filing. it was a close call. much progress has been made to reduce risk and ensure the continuity of operations even in extremely stressful situations, especially in the area of dealing with a large number of fails and raising emergency liquidity. as i have noted at the beginning, these efforts to strengthen market infrastructures in japan are moving forward at a good speed. for example, with respect to the g20 commitment to move otc derivative trading onto centralized clearing by the end of this year, japan has set up the necessary legal and institutional framework, and is probably the first market of any significant size to do so. on this basis, the clearing of cds began from july 2011, and yen interest rate swaps will also be centrally cleared

are on the firm side. in view of the general outlook that i sketched at the beginning, that seems to us to be appropriate. having reached that position in a fairly timely fashion, the board has judged it to be sensible of late to leave the cash rate steady. my colleagues and i look forward to your questions. bis central bankers ’ speeches