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in credit intermediation is not disrupted. i hope the analysis and observations i have shared today can assist with a process of learning, evolving, and improving that will prevent future disruptions. thank you. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches | richard byles : update and outlook for the jamaican economy monetary policy press statement by mr richard byles, governor of the bank of jamaica, at the quarterly monetary policy report press conference, kingston, 21 february 2024. * * * introduction good morning and welcome to our first quarterly monetary policy repor... | 0 |
european central bank : press conference - introductory statement introductory statement by mr jean - claude trichet, president of the european central bank, frankfurt am main, 4 may 2006. * * * ladies and gentlemen, let me welcome you to our press conference and report on the outcome of today ’ s meeting of the ecb ’ ... | vitor constancio : strengthening european economic governance – surveillance of fiscal and macroeconomic imbalances speech by mr vitor constancio, vice - president of the european central bank, at the brussels economic forum, brussels, 18 may 2011. * * * thank you very much for the invitation to participate in this pan... | 0.5 |
. innovation is already altering the power source of motor vehicles, and much research is directed at reducing gasoline requirements. at present, gasoline consumption in the united states alone accounts for 11 percent of world oil production. moreover, new technologies to preserve existing conventional oil reserves and... | oil industry to build inventories, demand from investors who have accumulated large net long positions in distant oil futures and options is expanding once again. such speculative positions are claims against future oil holdings of oil firms. currently, strained capacity has limited the ability of oil producers to quic... | 1 |
by the governors of the four non - euro area national central banks. the signing of this agreement by the latter parties implies their acceptance of the operating procedures. it does not, however, imply their participation in erm ii. for the currency of each member state participating in the mechanism, a central rate a... | shocks, hicp inflation has been above - and sometimes significantly above - 2 % for quite some time. but inflation always bounced back following these shocks and today the outlook for price stability is once again favourable. a second related point i would like to mention is the medium - term orientation of our policy.... | 0.5 |
pursued will be of importance for how the adjustment takes place. in norway, monetary policy is geared towards keeping inflation low and stable. the operational target of monetary policy is consumer price inflation of close to 2. 5 percent over time. the inflation target provides the economy with a nominal anchor. when... | ##fg has grown in size. oil prices have fallen sharply over the past six months. even if prices edge up again, we have been reminded of the uncertainty associated with future revenues. lower oil prices imply slower growth in the gpfg than previously estimated. in the longer term, this means less money in the national c... | 1 |
back to. practically everything we need is in there. and it ’ s a respectful document. it gives each of us the responsibility of exercising good judgment. and more importantly, it says that we trust each other to do so. i ’ m really proud to be in an institution where we can operate that way. and the fact that we can i... | david a dodge : the bank of canada ’ s commitments to canadians remarks by mr david a dodge, governor of the bank of canada, at the town hall meeting, ottawa, 18 may 2004. * * * good morning everyone and welcome. welcome also to those of you joining us by videoconference. today ’ s gathering is very important, so i ’ m... | 1 |
y v reddy : some perspectives on the indian economy address by dr y v reddy, governor of the reserve bank of india, at the peterson institute for international economics, washington dc, 17 october 2007. * * * mr. chairman and friends, i am greatly honored by the invitation extended to me by the peterson institute for i... | his business will still flourish. let me bring up some statistics to highlight the importance of the exportoriented sector in the mauritian economy and the extent to which they are exposed. the eoe sector plays a key role in our economy and its sustainability and competitiveness are a matter of national interest. to ta... | 0 |
yves mersch : prospects of islamic finance – the view of a central bank in europe closing keynote address by mr yves mersch, governor of the central bank of luxembourg, at the islamic finance conference, frankfurt am main, 18 november 2010. * * * ladies and gentlemen, it is my pleasure to talk to an audience of such di... | ), “ understanding the great recession ”, american economic journal : macroeconomics, vol. 7 ( 1 ), 110 — 167. 21 see gertler, m. and p. karadi ( 2015 ), “ monetary policy surprises, credit costs, and economic activity ”, american economic journal : macroeconomics, pp. 44 – 76. 22 clerc, l., a. derviz, c. mendicino, s.... | 0 |
. policy actions have typically been explained solely in terms of inflation : for example, reducing the risk that inflation will undershoot the target in the medium term or extending the horizon over which we intend to return inflation to target. although, technically accurate, such explanations don ’ t speak to the di... | gdp peaked sources : ons and bank calculations. notes : the chart plots real business investment. the range includes the recessions of 1973, 1979 and 1990. all speeches are available online at www. bankofengland. co. uk / speeches chart 3 : uk real business investment to gdp ratio is falling percent of gdp source : ons... | 0.5 |
, exchange - traded market when the trading halt ends? what kinds of problems might domestic specialists and market makers have in restarting if the market has moved away from them during the halt? recent changes to shorten the duration of the circuit breakers likely would ameliorate these concerns somewhat, but the wo... | , resulting in greater reliance on remote work, reductions in nonessential travel, and changes to cre usage and valuations. - 7in downside scenarios, there could be some persistent damage to the productive capacity of the economy from the loss of valuable employment relationships, depressed investment, and the destruct... | 0.5 |
a broader range of individuals and institutional investors. for islamic banks, the iap creates a differentiated product that presents a new source of income and funding profile. there is also the potential for institutions with specific mandates including government agencies to strategically collaborate with the iap an... | institutions that include four islamic banks and two development financial institutions on their collective effort to initiate this platform. i understand there is bis central bankers ’ speeches interest from other islamic banks to take part in this platform. this platform will have the potential to create a more exten... | 1 |
business lines in a situation of financial stress. work has also been initiated to implement this in malaysia. financial institutions are expected to develop a menu of options for recovering from events of severe stress in order to restore business to a stable condition. these plans must be regularly updated to reflect... | and remain resilient against calamities, not just for their own survival, but in the interest of employees and the community that depend on them. role and prospects of the insurance industry in advancing risk management the cost associated with negative tail - risk events will only escalate as business networks grow in... | 1 |
stanley fischer : monetary policy - by rule, by committee, or by both? speech by mr stanley fischer, vice chair of the board of governors of the federal reserve system, at the 2017 us monetary policy forum, sponsored by the initiative on global markets at the university of chicago booth school of business, new york cit... | proximity can often mean economic and financial linkages. but even economies on the other side of the globe, with few direct linkages, can be affected for no other reason than that they are classified as “ emerging markets ”. such countries might well have some weaknesses such as those noted above which, given time and... | 0 |
system and in the real economy. a year ago, the uk housing market was clearly developing significant momentum. prices were growing much faster than incomes. borrowers were increasingly driven to borrow a greater amount relative to their annual income. the amount of such new mortgages at high loan to income ( lti ) rati... | implementation of the new capital accord requires higher specialised skills in banks. in fact it requires a paradigm shift in risk management. the governance process should recognise this need and make sure that the supervised entity gears up to it. risk awareness has to spread bank - wide, the manner of doing business... | 0 |
and the development of a level playing field in international financial transactions, and it is therefore a threat to international financial stability. the caribbean is requesting that the imf, through its membership of the fsb, insist that the fsb refocus its engagement with the caribbean to concentrate on issues whe... | per cent. an additional important feature of the measures is that a certain amount of new lending is allowed above the specified thresholds. 17 these allowances recognise that higher loan - tovalue or loan - to - income mortgages can be appropriate in certain circumstances, as laid out in the banks ’ own credit policie... | 0 |
from the crisis that buffeted its economy and banking sector. state intervention is much more limited in italy than in almost all other european countries, helping to remove the market ’ s perception of a risk considered high for the entire banking system. the costs for the public purse will be reduced by burden sharin... | reached its lowest level since 2008 ; from the end of 2015 the stock of outstanding npls also began to diminish, albeit gradually. nonetheless, they continue to weigh heavily on the balance sheets of italy ’ s banks and there have been repeated calls for better, firmer and more comprehensive management of these exposur... | 1 |
compensation structure is reconsidered, the psas need to be amended or renegotiated in order to facilitate more workouts. finally, psas should clarify the situations in which loan modifications and other mitigation strategies should be pursued. one tool that could aid in providing such clarity, and has received substan... | government policies to drive structural changes. 2 / 2 bis - central bankers'speeches | 0 |
jean - claude trichet : award acceptance speech for the grand cross 1st class of the order of merit speech by mr jean - claude trichet, president of the european central bank, at the award of the grand cross 1st class of the order of merit by the president of the federal republic of germany, berlin, 3 april 2008. * * *... | the values for the financial sector are ultimately solidified by private sector forces. in particular, professional bodies have a crucial role to play. this role includes – but is not limited to – promoting competence within the financial sector. beyond training, these organisations are uniquely positioned to build for... | 0 |
in 2016 will be the weakest in seven years. south africa, like other commodity - exporting nations, is facing a terms - of - trade shock as a result of the persistent decline in commodity prices since 2011. this has been exacerbated by periods of protracted labour unrest and electricity supply shortages. more recently,... | remember that the structures of financial markets differ across countries, and hence a policy tool that appears appropriate in some jurisdiction may not necessarily be the most desirable one in a different country. furthermore, empirical evidence does not, so far, suggest that the volatility of south african financial ... | 0.5 |
carolyn wilkins : opening remarks - “ toward the 2021 renewal of the monetary policy framework ” opening remarks ( delivered virtually ) by ms carolyn a wilkins, senior deputy governor of the bank of canada, at the bank of canada workshop “ toward the 2021 renewal of the monetary policy framework ”, ottawa, ontario, 26... | important financial market utilities. more recently, we have also created an office of financial stability policy and research at the federal reserve board. this office coordinates our efforts to identify and analyze potential risks to the broader financial system and the economy. it also helps evaluate policies to pro... | 0 |
welcome address luigi federico signorini, deputy governor of the bank of italy cepr international macroeconomics and finance ( imf ) programme meeting webinar, 10 - 11 december 2020 ladies and gentlemen, it is my privilege to open this meeting of the cepr ’ s international finance and macro group. in these unusual time... | volatility of short - term interest rates around a given level of official interest rates. i would also emphasise that the actions undertaken were not in any way motivated by an attempt to mitigate losses for those who had taken excessive credit market risks. rather, the substantial injections of liquidity by central b... | 0 |
be made to the collective bargaining system so that settlements are more closely related to the specific situation of firms. it is also necessary to increase the incentives for the stable hiring of employees, reducing the segmentation and duality brought about by the still - high numbers of temporary employees as a pro... | stood at end - 2002 at 4 %. this increase in inflation has been partly reversed, thanks to the improvement in recent months which has seen this rate cut by around one percentage point. however, the bout of rising inflation last year fed through in part to wages, highlighting the importance of reinforcing wage moderatio... | 1 |
to improve bank transparency, as well as strengthen the effectiveness of liquidity risk management and derivative products will complement these regulations farther. under such a policy, all players in the banking industry, including shariah, is expected to have sufficient space to maintain its intermediary function, a... | . we will form a panel team to improve audit quality and managerial steps. this year, we will also increase our budget for training. these measures are expected to secure our pathway through this crisis period as well as also build more solid foundations for better bank supervision in the mid term. closing distinguishe... | 1 |
swedish economy continued to grow at a good rate during the first six months of this year. 1 this is partly because the development of domestic demand has been relatively stable. there are several reasons why sweden has coped so well. sweden ’ s stable public finances, for example, have meant that fiscal - policy conso... | currency and banking crisis show that threats to the financial system may indeed emerge suddenly, and that authorities must react very quickly - if not within minutes, at least within hours. the growth and increasing globalisation of financial markets, the high volatility in these markets and the increasing complexity ... | 0.5 |
dialogue between risk managers and the insurance industry, parima will help to enhance risk culture and risk management capacity in asia. develop the marketplace i will now move on to our efforts to develop the insurance marketplace in singapore. we have three key thrusts for marketplace development. first, expanding t... | , there is room for private credit to provide non - dilutive financing that can complement equity and debt financing, by providing flexibility through customised deal structures. 3. ultimately, we need a variety of funding instruments – including seed funds, short - term loans, venture debt and equity financing – to bu... | 0.5 |
this should be weighed against the significant benefits and operational savings from the more accurate allocation of capital to risk. mas will work closely with the local banks to implement the new accord. business and strategic considerations next, banks have to decide how to grow and position their businesses over th... | in the countries of the region. our strong legal system and the availability of international legal expertise and product structuring teams equip us to structure complex cross - border transactions. the growing wealth management industry will also generate a steady source of funds for regional investment products. huma... | 1 |
ambiguities and possible breaches of the contract will enhance competitiveness, both at the institutional level as well as for the financial system as a whole. in malaysia, islamic finance disputes are adjudicated in civil courts and not the shariah courts where the jurisdiction is limited to matters relating to muslim... | zeti akhtar aziz : legal issues in the islamic financial services industry speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 4th ifsb seminar on legal issues in the islamic financial services industry, kuala lumpur, 28 september 2009. * * * it is my great pleasure to speak at this 4th ifsb... | 1 |
a new format focused on issues with long - term strategic implications that need to be addressed in the current environment. it is designed to encourage deliberations from the different perspectives between industry participants and bank negara malaysia. the dialogue will also serve as a platform to reflect on recent e... | evolved a vibrant sukuk market, more asian countries have turned to the sukuk market for financing large - scale projects including for infrastructure development. several countries in the region are currently reviewing their legislation and taxation to enable debut sukuk issuance. the asian sukuk market has also been ... | 0.5 |
interest rates in january 2015. and, as companies cut their investment intentions further, we lowered interest rates again the following july. to be clear, our economic models correctly predicted that the collapse in oil prices would be a serious blow. specifically, our main policy model gave us invaluable insights int... | off sharply, since banks needed to repair their balance sheets and comply with more - stringent regulatory capital requirements. so how does canada fit in? we have traditionally been a capital importer. our current account balance — the difference between how much we invest and how much we save — has typically been in ... | 0.5 |
klibor which has no direct correlation with the changes in the rental rate. actively promote the role of the market players the islamic financial services industry is expected to benefit from the recent increase in the number of players following the launching of islamic subsidiaries, the issuance of foreign islamic ba... | the euro crisis. in fact, there are already signs that asian exports, thailand ’ s included, are slowing. amid a slowing global economy, this drag on growth is unavoidable in the short - term. to grow out of the crisis and survive the shocks from outside, thailand must look within and unleash domestic engines of growth... | 0 |
ravi menon : a vibrant carbon market for a low carbon future opening remarks by mr ravi menon, managing director of the monetary authority of singapore, at the climate impact x announcement event, singapore, 20 may 2021. * * * minister for national development mr desmond lee, ladies and gentleman, good afternoon. let m... | for domestic inflationary pressure, the mpc has raised bank rate twice ; it now stands at 0. 75 %. the fpc, meanwhile, judging that the domestic risk environment had returned to a standard level, has also raised the counter cyclical capital buffer twice to 1 %. looking ahead, if we get a smooth brexit with a transition... | 0 |
in service to society new zealand ’ s revised monetary policy framework and the imperative for institutional change a speech delivered at wharewaka function centre, wellington, new zealand on 29 march 2019 by adrian orr, governor written with omar aziz, economic advisor 2 the terrace, po box 2498, wellington 6140, new ... | / refit - - review - of - flexible - inflation - targeting / and https : / / www. regjeringen. no / en / aktuelt / report - of - the - law - commission - on - the - act - relating - to - norgesbank - and - the - monetary - system / id2558679 / page 5 of 11 “ strategies, tools and communication practices ” that service ... | 1 |
state one of the particular strengths of new york state is its diversity — and this is especially true from an economic perspective. in western and central new york there are top - tier universities, manufacturing businesses, a thriving professional services industry, as well as popular tourist destinations. since the ... | christian noyer : re - examining central bank orthodoxy for un - orthodox times speech by mr christian noyer, governor of the bank of france and chairman of the board of directors of the bank for international settlements, at the conference of the global interdependence center / bank of france, paris, 26 march 2012. * ... | 0 |
philip r lane : q & a with reuters q & a with mr philip r lane, member of the executive board of the european central bank, conducted by mr daniel burns, at reuters newsmaker, new york city, 27 september 2019. * * * the following is a transcript of an on stage question and answer. let me welcome philip lane, member of ... | most helpful in building an economy in which people are poised to get ahead. conversely, it would also be beneficial to understand whether any policies may hold people back or discourage upward mobility. there is some debate on how the level of economic mobility in the united states may have changed in recent decades a... | 0 |
heartened by your show of support. as the economist adam smith once said, and i quote : “ civilized society stands at all times in need of the cooperation and assistance of great multitudes. ” bis central bankers ’ speeches it is our hope therefore that the same spirit of cooperation and collaboration will characterize... | ##ism. pragmatism 1 / 4 bis - central bankers'speeches in light of our limited knowledge about the economy and the influence of monetary policy, decision - makers are well advised to be pragmatic. they should choose policies that exhibit a certain degree of robustness to different circumstances. rather than seeking mea... | 0 |
incoming ” banks, from our point of view. they are making progress in preparing for the post - brexit world, although details and decisions are often still missing. that said, there are still some banks, mostly smaller ones, which seem to be delaying their final decision on relocating. second, there are those banks whi... | , and they need local infrastructure. in respect of market risk, banks must be able, in the medium to long term, to trade locally on a permanent basis, and they must have local risk committees. likewise, they will need to trade and hedge risks not just with other group entities but with diversified counterparties. agai... | 1 |
øystein olsen : the norwegian economy – macroeconomic developments and monetary policy speech by mr øystein olsen, governor of norges bank ( central bank of norway ), at the finance norway's capital markets day 2018, oslo, 6 april 2018. * * * accompanying slides first of all, i would like to thank finance norway for th... | 2. 5 percent. an expected real appreciation could then occur partly in the form of wider price and cost differentials between norway and its trading partners. the period of rising oil revenue spending now appears largely to be over. thus, it is difficult to find compelling arguments for setting an inflation target in n... | 1 |
indeed, the three recent rate hikes by the fomc were so well anticipated that financial markets hardly responded when those actions were announced. second, in the long run, communicating the central bank ’ s objectives and policy strategies can help to anchor the public ’ s long - term expectations - most importantly, ... | term policy tightening, presumably on the expectation that the sharp pickup in growth in the third quarter of 2003 would induce the fomc to raise rates. however, this market reaction placed insufficient weight, i believe, on the fact that the expansion that began in mid - 2003 was characterized by exceptional gains in ... | 1 |
arrangements for the recovery or potential resolution of central counterparties in a crisis situation can be put in place. we should not wait for a potential emergency to remind us of the urgency of this problem. it would be too late to address it then, as the cross - border upheaval in the banking sector in the contex... | there is no doubt of the scale of the challenge that the crisis has posed for all advanced economies, including the us and japan, there is also no doubt that we have taken significant measures in responding to that challenge. but much more needs to be done. i. financial and economic reform prompted by the crisis let me... | 0.5 |
and risk - based capital is that they work. if and as they work, we may well observe what the critics note. but, that short - run effect has to be evaluated against the long run, and a judgment reached about the terms of the tradeoff. for in the long run, both market discipline and risk - based capital charges affect e... | overvalued exchange rate. with ltcm, there was similar excessive leverage and reliance on short - term financing arrangements. going forward, international organizations and national authorities will have to invest more resources in monitoring markets for signs of stress. while there is not a single indicator of bankin... | 1 |
. c. stein ( 2004 ), “ cyclical implication of the basel ii capital standards, ” economic perspectives, 1q / 2004, federal reserve bank of chicago. rajan, r. g. ( 2009 ), “ cycle - proof regulation, ” the economist, april 8, 2009. " contingent " regulations have the following properties. during the up - phase period, t... | drying up quickly in the interbank market. the event has come to be known as the " paribas shock. " many european banks were among those facing liquidity difficulties. confronted with this situation, the european central bank ( ecb ) promptly announced that it was prepared to supply massive amounts of liquidity into th... | 1 |
##equacy framework ( caf ) review, launched under the italian g20 presidency, which has increased the ibrd's financing capacity by up to $ 150 billion over the next decade. we congratulate the bank for the newly adopted ibrd framework of restoration measures, while calling for rapid approval of remaining reforms to ens... | project standardization and securitization will contribute to attracting investors and accelerating the wbg's portfolio turnover, thus making capital more efficient. the poorest countries are facing the greatest hardships, and 700 million people worldwide are still trapped in extreme poverty. it is our duty to help the... | 1 |
in remote areas, even during the monsoon season. the project not only builds and upgrades markets, but also significantly boosts sales of agricultural produce and enhances access to inputs. additionally, ccrip enhances climate change adaptation capacity and promotes employment opportunities and gender empowerment. ccri... | by more than the bank had expected, with more muted price pressures across a wide range of goods and services, consistent with the unexpected increase in excess capacity. bis central bankers ’ speeches • total cpi inflation has also been lower than anticipated, reflecting developments in core inflation and weaker - tha... | 0 |
on to consumers and lower prices are reflected in lower nominal salary settlements, then inflation could be structurally lower than it has been. this would give the monetary policy committee serious food for thought and in general would imply lower rates or at least a more gradual normalisation of interest rates. it co... | . ii. conduct of monetary policy next, let me explain the bank ’ s conduct of monetary policy. first, the bank has been pursuing powerful monetary easing through comprehensive monetary easing. under the comprehensive monetary easing framework, the bank encourages a decline in longer - term market interest rates and a r... | 0 |
in greater detail, starting with the economic analysis. since september 2008 the financial market turmoil has intensified and broadened. tensions have increasingly spilled over from the financial sector into the real economy. as a result, economic activity throughout the world, including in the euro area, has weakened ... | financial tensions has contributed to a slowdown in the flow of monetary financial institution ( mfi ) loans to the non - financial private sector in recent months. more data and further analysis are necessary to form a robust judgement about the severity and scope of credit constraints and their possible implications ... | 1 |
, dr. jha served as india ’ s ambassador to the united states and as governor of jammu and kashmir. he was also a member of the widely acclaimed brandt commission which made a persuasive case for north - south cooperation. that some of the issues raised in the brandt commission are relevant even today is a testimonial ... | concluding, it will be remiss of me not to address the relationship between the real and the financial sectors in the context of globalisation, open economies and macro finance. economists have for long recognised the strong complementarities between the real and the financial sectors. financial development contributes... | 0.5 |
ipumbu shiimi : addressing financial inclusion in namibia statement by mr ipumbu shiimi, governor of the bank of namibia, at the official launch of the nam - mic payment solution, windhoek, 24 april 2012. * * * director of ceremonies members of the board of directors of nam - mic payment solution members of the media d... | tom alweendo : announcement of the commencement date of the financial intelligence act 2007 speech by mr tom alweendo, governor of bank of namibia, at launching the awareness campaign on provisions of the financial intelligence act 2007, windhoek, 29 april 2009. * * * distinguished invited guests ; members of the media... | 0.5 |
weak price pressures. see kalemli - ozcan, s., laeven, l., and d. moreno ( 2015 ), “ debt overhang, rollover risk and investment in europe “, mimeo. kydland, f. and e. prescott ( 1977 ), “ rules rather than discretion : the inconsistency of optimal plans ”, journal of political economy, 85, 473 – 490. barro, r. and d. ... | peter praet : the european central bank ’ s fight against low inflation – reasons and consequences speech by mr peter praet, member of the executive board of the european central bank, at luiss school of european political economy, rome, 4 april 2016. * * * i would like to thank jonathan yiangou, john hutchinson and fe... | 1 |
committed advocate of the basel reform agenda. upon joining the basel committee as an observer in 2014, we became a proactive adopter of global regulatory standards. we are convinced that higher and better quality bank capital is the cornerstone of a sustainable global financial order. the uae has indeed benefitted fro... | opening remarks by h. e. the governor of the central bank of the uae for the 20th international conference of banking supervisors abu dhabi, 28 november 2018 as prepared for delivery esteemed colleagues, ladies and gentlemen, welcome to abu dhabi and to the 20th international conference of banking supervisors ( icbs ).... | 1 |
consider a standard measure of problem loans : the ratio of noncurrent and delinquent loans to bank capital and the allowance for loan loss. in the first quarter of 2009, that ratio rose for all loans to 24 percent for the median minnesota bank, double the 25 - year median level of 12 percent. for commercial real estat... | amando m tetangco, jr : we are all wealth watchers speech by mr amando m tetangco, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the wealth watch book launch, manila, 3 july 2015. * * * this is the second time this week that we are launching a document related to financial... | 0 |
is home working good for you? speech given by andy haldane chief economist and member of the monetary policy committee ( mpc ) engaging business summit and autumn lecture 14 october 2020 the views expressed here are not necessarily those of the bank of england or the monetary policy committee. i would like to thank jac... | speech of the governor on the occasion of the 20th anniversary of the cbk honourable... it is my great honour and pleasure to welcome you today for marking the 20th anniversary of the establishment of the central bank of the republic of kosovo. it is my great pleasure to have representatives of local and international ... | 0 |
various kinds of moral hazard, both socially and economically. it is true that the zero interest rate policy, which provides the market with ample funds to guide the overnight rate to virtually zero, could create a situation where banks and firms have become less sensitive to borrowing costs and liquidity risks. indeed... | 1999. for example, the year - on - year growth rate of real gdp increased from minus 0. 4 % in the first quarter of 1999 to plus 0. 7 % in the same quarter of 2000, and industrial production growth rose from minus 3. 8 % in the first quarter of 1999 to plus 7 % in the second quarter of 2000. business sentiment in terms... | 1 |
in which that in formation is publicized and shared. banks must increase their level of technical knowledge, including expertise in products, production methods, markets, about the firms applying for loans, particularly in this recession, when loan applications tend to be for generic purposes and less tied to investmen... | s place in assessing creditworthiness and without being a burden on the budget in the immediate, but only after bankruptcy is announced and within the limit of the ratio of insolvencies to the total guarantees granted. a good example is already provided by the central guarantee fund operating under the aegis of the min... | 1 |
countries like the philippines, with a long tradition of microfinance, have better institutional and financial infrastructures, which can be leveraged to provide a wider range of services, and cater to more clients at the “ bottom of the pyramid ”. ladies and gentlemen. this happened because we have dedicated and creat... | generation currency coin series. prominently featured on the obverse of the 20 - piso coin is manuel l. quezon, the first president of the philippine commonwealth who advocated the adoption of the national language ; created the national economic council, the precursor of the national economic development authority ; a... | 0.5 |
good cop / bad cop speech given by sam woods, deputy governor, prudential regulation and chief executive officer, prudential regulation authority mansion house city banquet, london 25 october 2018 i am grateful to ivar van hasselt and joanna keeble for their assistance in preparing this speech and to other colleagues f... | that is a fairly high bar. in practice this is likely to mean that we put more emphasis on operational resilience for larger firms doing activity whose disruption could have a financial stability impact. for smaller firms we are only strongly interested where something is going on that is big enough to threaten the fir... | 1 |
u. s. virgin islands — and is the area the new york fed is responsible for. i spent yesterday and today meeting with district business leaders, community organizers, and elected officials, hearing about their work, their successes, and their challenges. people ’ s experiences are influenced by the macro level, but thei... | some more significant changes in light of developments and lessons learned in recent years. and most importantly, it positions us for success in achieving our maximum employment and price stability goals in the future. 1 see board of governors of the federal reserve system, statement on longer - run goals and monetary ... | 0.5 |
of the exchange rate on domestic petrol price increases has been in excess of 50 cents per litre. the producer price index also shows that while the headline ppi inflation increased by 7, 8 per cent, the imported component increased by 2, 1 per cent. this favourable inflation prognosis has allowed us to reduce interest... | these exit strategies. this optimistic view envisaged us policy rates being increased by the middle of 2010. there were, however, more pessimistic views which believed ( and some still believe ) that the risk of a double - dip recession was high. the current emerging consensus appears to be that while the risks of a re... | 1 |
frederic s mishkin : globalization - a force for good? remarks by mr frederic s mishkin, member of the board of governors of the us federal reserve system, at the weissman center distinguished lecture series, baruch college, new york, 12 october 2006. * * * it is a great pleasure, for very personal reasons, to be here ... | globalization of trade in goods and services are not controversial among economists. polls of economists indicate that one of few things on which they agree is that the globalization of international trade, in which markets are opened to flows of foreign goods and services, is desirable. but financial globalization, th... | 1 |
masaaki shirakawa : semiannual report on currency and monetary control statement by mr masaaki shirakawa, governor of the bank of japan, concerning the bank ’ s semiannual report on currency and monetary control, before the committee on financial affairs, house of representatives, tokyo, 13 july 2011. * * * introductio... | among the flexible and internationally used investment currency elite. one example of such necessary reforms would be to eliminate obstacles hindering access to the capital market, such as the quota model for investment in the bond market. the final step towards becoming a globally recognised key currency is for a curr... | 0 |
than in the past. this could be a concern in view of the generally limited price and wage flexibility, low labour mobility and the lack of a risk - sharing mechanism due to the still incipient financial integration. time will judge the severity of this potential effect. montary union with the completion of the single m... | assume, for simplicity ’ s sake, that these goods are only produced domestically. if the prices of these products grow at a rate of 2 % per year, the overall average inflation is 2. 6 %, exceeding the 2 % objective of most central banks in advanced countries, including the ecb ’ s. if some of these goods and services a... | 0.5 |
jens weidmann : stable banks for a stable europe speech by dr jens weidmann, president of the deutsche bundesbank, at the 20th german banking congress, berlin, 7 april 2014. * 1. * * welcome mr fitschen, ladies and gentlemen i am honoured to have been asked to speak to you this evening at the 20th german banking congre... | 2016 – an adequate timeframe, in my opinion, for mobilising these funds. it would also be right, in my view, to use the option granted by the srm regulation of also counting amounts which banks have already paid into national resolution funds towards their contributions. a european deposit guarantee scheme is not being... | 1 |
such as electricity and water, as well as transport links, need ongoing investment to accommodate a rising population. this challenge has clearly been recognised and, over recent years, governments at both the state and federal level have been increasing infrastructure investment. as can be seen from this graph, public... | - which is the ratio of our resource - intensive export prices to our manufacturing - intensive import prices - bottomed in 1985 but have on average risen since. more importantly, few now doubt that it is manufacturing prices which are under continued downward pressure as a result of the rapid expansion of capacity in ... | 0.5 |
opening remarks delivered by mrs. leila matroos - lasten, acting president of the centrale bank van curacao en sint maarten during the second of the third cbcs central banking conference opening remarks delivered by mrs. leila matroos - lasten, acting president of the centrale bank van curacao en sint maarten on the oc... | lopes, mrs. chaukos, and mr. cova. we encourage you to make the most of this opportunity to engage and interact with these experts. we will cap our day with presentations and a panel discussion on central bank digital currency ( cbdc ). new global or regional trends and policies have helped push innovation and technolo... | 1 |
oriented policies are no substitutes for fiscal and external adjustment : they are mutually reinforcing. if designed in a way that reduces rents and fights vested interests, they will not only improve the efficiency of the adjustment process but also its equity, to the benefit of the poorest, the youngest, and of futur... | ##ency of the financial system. the fed expects the banks it oversees, including the largest banks, to be financially sound. two core elements of soundness are capital and liquidity. capital is the funds provided by a bank ’ s shareholders that serve as a buffer to enable the firm to absorb unexpected losses, including... | 0 |
to build a digital and carbon - neutral future. finally, better access to venture capital would help young european firms turn innovative ideas into marketable products. 1 / 2 bis - central bankers'speeches for now, i look forward to implementing our newly established partnership and to the benefits it will bring to ou... | joachim nagel : remarks at the " bell ringing ceremony " remarks by dr joachim nagel, president of the deutsche bundesbank, at the " bell ringing ceremony " to celebrate the european commission joining the european repo market at deutsche borse / eurex, frankfurt am main, 7 october 2024. * * * check against delivery la... | 1 |
— including early childhood learning, youth programs, housing, reservation schools, higher education, workforce development, children and family services, and elder programs. 38 center for indian country development a pervasive lack of data makes it difficult to evaluate how economic developments are impacting indian c... | we know it is a product of the great depression, and that economic disaster was the result of a combination of events unlikely to recur. in addition, the moral - hazard costs of the safety net are significant. nonetheless, the safety net, by providing ongoing access to real resources, has become capitalized into a broa... | 0.5 |
to reverse these policies? what are the right pace and sequence for each element? bis central bankers ’ speeches a key step in normalizing policy will be to start increasing the target for the federal funds rate, which is currently still in a range of 0 to 1 / 4 per cent. this can be accomplished, in part, by gradually... | annual real rate of return of 1½ - 2 per cent. by way of comparison, the authorities have based their use of petroleum revenues over the central government budget on the assumption that the petroleum fund can generate a long - term real return of 4 per cent. it is unlikely that this rate of return will be achieved if w... | 0 |
a new series of banknotes is currently being introduced. the €50 banknote was issued recently and will be followed by the €100 and €200 banknotes soon. and you ’ re withdrawing the €500 banknote from circulation? exactly. we ’ re no longer printing the €500 banknote because it has become too popular for money launderin... | attract foreign direct investment ( fdi ). one way to do that is by completing quickly privatization projects which are at a mature stage, as well as stepping up the pace of the overall privatization and real estate development programme. fdi, besides closing the investment gap, promotes greater trade ties with countri... | 0 |
gov / newsevents / pressreleases / monetary20171011a. htm. 19 see janet l. yellen ( 2016 ), “ the federal reserve ’ s monetary policy toolkit : past, present, and future, ” speech delivered at “ designing resilient monetary policy frameworks for the future, ” a symposium sponsored by the federal reserve bank of kansas ... | regulatory quality affect incentives for people and businesses to invest in physical and human capital, technology and the organization of production. therefore, particular emphasis should now be placed on improving the public administration, implementing the land registry, strengthening institutions, cutting red tape,... | 0 |
, including the build - up of leverage which can be triggered by monetary policy, by using macroprudential policy instruments which reduce the interconnectedness of financial institutions and procyclicality through regulations on financial institutions ’ balance sheets. furthermore, if additional macroprudential polici... | juyeol lee : opening address – 2017 bank of korea international conference speech by mr juyeol lee, governor of the bank of korea, at the 2017 bank of korea international conference, seoul, 1 june 2017. * * * ladies and gentlemen, i am delighted to bid a warm welcome to you all, our participants in this bank of korea 2... | 0.5 |
, and the government ’ s new economic stimulus package are expected to underpin the economy. however, attention should be paid to growing risks of downward pressures on the economy induced by a possible further slowdown in overseas economies as well as by developments in foreign and domestic capital markets. with regar... | t t mboweni : the foundation has been laid1 speech by mr t t mboweni, governor of the south african reserve bank, at the bmf corporate update gala dinner, gallagher estate, 18 june 2004. * * * one of the institutional arrangements arising out of the political negotiations process at the world trade centre in kempton pa... | 0 |
however, overcoming the challenges posed by excessively high inflation requires the contribution of other players as well. fiscal policy has a major role to play in protecting the most vulnerable income groups from excessive inflation, but has to act in a manner that does not amplify current inflationary pressures. tar... | financial safety net will need to be put in place to assure that greece is able to weather adverse developments that could temporarily drive borrowing costs up to unsustainable levels. the envisaged “ cash buffer ” is one such safety net, that would enable greece to avoid a recourse to the markets at times of heightene... | 0.5 |
the financial and business services sector. one explanation may be that in periods of uncertainty the large well - known enterprises with good ratings continue to attract funds at favourable conditions and may then channel funds to smaller enterprises via intercompany loans or via trade credits. it would, of course, be... | negative correlation, and that the total debt is downwardly sticky has an implication for the relation between the debt and economic growth. in countries such as japan, the united states, the united kingdom, and spain, the debt overhang in households, firms, and / or the government seems to be at a threshold point at w... | 0 |
, the german economy is a net exporter of euro banknotes both to the rest of the euro area and non - euro area countries. according to our estimates, more than 40 % of the bundesbank ’ s cumulative net issuance leaves the euro area altogether. what are the main drivers behind this? conventional decompositions suggest t... | in the balance sheet and changes in interest rates. uncertainties related to this relationship help to explain the fomc ’ s choice to make changes in overnight rates its main tool for adjusting the stance of monetary policy in the normalization process while balance sheet normalization runs in the background. still, ha... | 0 |
1. 4 % in 2005, 1. 6 % in 2006, 1. 8 % in 2007 and 2. 14 % in 2008. with 1, 470 branch offices spread over the country, the amount of financing provided by the industry has grown from a mere rp 5. 5 trillion ( usd 458 million ) in 2003 to rp 28 trillion ( usd 2. 3 billion ) in 2007 and rp 38 trillion ( usd 3. 2 billion... | sethaput suthiwartnarueput : central banking amidst shifting ground welcome remarks by dr sethaput suthiwartnarueput, governor of the bank of thailand, at the bis - bot conference on " central banking amidst shifting ground ", bangkok, 2 december 2022. * * * governors, distinguished guests, ladies and gentlemen. it is ... | 0 |
to find a policy that is sufficiently tight to prevent inflationary impulses gaining a lasting grip. this is necessary to ensure that they do not spread to inflation expectations, wages and other prices. at the same time, the policy must be sufficiently loose to avoid unnecessary negative effects on production and empl... | , was affected by the economic slowdown in 2001. the slowdown was aggravated by the uncertainty following the terrorist attacks on 11 september. growth in sweden and in the oecd as a whole was then around 1 per cent. economic policy was made more expansionary in many countries and at the beginning of 2002 there were si... | 0.5 |
. regtech could address a wide array of requirements related to regulatory reporting, financial crime, operational risk ( including cyber - security and fraud detection ), consumer protection and data protection regulation. although there are many regtech companies operating in developed countries, there are no example... | years after the monetary independence, we stand firm ahead of new challenges and i assure you that we will succeed by guaranteeing the stability of the denar and price stability, which are the best contributions that a central bank can make for the prosperity of our society. congratulations on the 28th anniversary of t... | 0.5 |
of monetary union that was previously priced - in by markets. today, the euro area is therefore a more stable and resilient place to invest in than it was a year ago. and not a single euro of government bonds has been purchased under the omt programme. strengthening banks ’ risk absorption capacity banks ’ capital posi... | aging of the population occurs over a shorter period and at a faster pace than you might expect. 8 the good news about demographic change is that we can forecast prospective changes well in advance and with a certain degree of accuracy. in addition, emerging countries can learn from the precedents set in those advanced... | 0 |
. think about how you can provide them with an opportunity to invest in a broad range of assets at affordable cost. i have little doubt in my mind that as you take up this challenge, you will be able to create financial stability by being a good investment manager to this segment of investors. i have been informed by t... | marked improvement on the 1980s, when the increase remained at around 1 per cent per year, and even more so compared with the 1970s, when the productivity trend was negative. factors such as the change in fiscal and monetary policy regimes and stiffer competition have probably played a role in this development. despite... | 0 |
##ly regulatory requirements with internal risk measurement methodologies. it is important to recognize that the application of the new accord is principally intended for large international banks, which are complex institutions usually operating in developed countries. therefore, basel ii has often been questioned abo... | ##k and 10000 lek. the latter is a completely new denomination in the series of the albanian banknotes. the printing and issue into circulation for the first time of the new banknote with the largest value, 10000 leke, represents in itself, the adoption of the banknotes ’ structure to the evolution of the structure of ... | 0.5 |
legal issues regarding central bank digital currency ( abstract ), " institute for monetary and economic studies, bank of japan, september 2019. goods ( i. e. financial and monetary stability ). this is desirable for the national economy as a whole. the bank of japan, as the operator of the boj - net and as a catalyst ... | ” rate of inflation. the specificities of our economy coupled with the weak predictable relationships between certain key monetary and other economic variables have not made targeting a specific inflation rate that easy at this stage. i suspect you must be aware of the saying : “ to be sure of hitting the target, shoot... | 0 |
only loosely connected local markets. thus, while investors can arbitrage the price of a commodity such as aluminum between portland, maine, and portland, oregon, they cannot do that with home prices because they cannot move the houses. as a consequence, unlike the behavior of commodity prices, which varies little from... | our country ’ s fundamentals. these episodes lasted for only a limited time, however. another advantage of a flexible swiss franc is that changes in the international monetary system have little bearing on our currency which is largely determined by switzerland ’ s economic realities. consequently, the launch of the eu... | 0 |
also, in some sense, preserved the obstacles to swift and orderly liberalisation of capital controls. if parliament had not passed the emergency legislation in october 2008, thereby ensuring that there was a functioning banking system and that domestic deposits were secure, if capital controls had not been introduced i... | our most basic questions about them : are available measures suitable indicators of true inflation expectations by households and businesses? how are expectations formed – and in particular what are the respective roles of central bank talk, central bank actions, and actual inflation outcomes? and how do expectations i... | 0 |
or losses, at least if those accounts were also to be marked to market. so gilt price movements necessarily all wash out once the public accounts are compiled on a consistent basis, at least so long as the assets are retained within the public sector 3. we do not, however, expect to retain all the purchased assets in t... | by the committee on payments and market infrastructures ( cpmi ) and the international organisation of securities commissions ( iosco ). all speeches are available online at www. bankofengland. co. uk / speeches operational risk is the risk of disruption from systems and processes, from human errors and management fail... | 0.5 |
of the swedish economy further ahead would be even worse if high inflation were allowed to become entrenched – we know this from experiences both in sweden and in other countries. the question is not, therefore, whether inflation will return to the target, but how it will happen, and how the swedish economy will develo... | the riksbank, and not as something which agents in general should support, can be problematic. this was evident during the long period when the riksbank ’ s policy rate was close to the lower bound, and the riksbank also supplemented its policy with other measures such as asset purchases, but it was nevertheless diffic... | 1 |
economic stability, but it is not sufficient. governments also need to practice the right economic policies. bis central bankers ’ speeches an ongoing question is how much responsibility for economic policies should be elevated to the european level. for banking supervision and resolution there is a strong case for cen... | , namely the interest rate decisions, which are designed to deliver price stability, and the non - standard measures, which are designed to help restore a better transmission of our monetary policy, taking into account the abnormal functioning of some markets. question : how is the ecb ’ s room for manoeuvre influenced... | 0.5 |
with a significant rise in uncertainty. this scenario captured many channels likely to affect the canadian economy, including foreign demand and commodity prices. it also attempted to capture some amplification from elevated household debt. it did not, however, include the effects of any financial turbulence coming fro... | banking system, making it harder for business owners and families to borrow and intensifying the downturn. resilient to storm pressures let me now turn to my third point : the canadian financial system is highly resilient. 7 leveraged loans are high - yield loans to non - financial corporations with lower credit rating... | 1 |
the 2019 financial inclusion survey showed that 71 % or an estimated 51 million remain unreached by the formal financial system. with these realities and other significant developments transforming the country ’ s financial inclusion landscape, our vision and strategy must evolve to reflect new exigencies, demands, and... | . 1 billion this year to us $ 6. 5 billion next year. remittances will swing from a 5 - percent contraction this year to 4 - percent growth next year. year - to - date, overseas filipino remittances fell by only 2. 4 percent. our external accounts will remain robust, with the gross international reserves ( gir ) hittin... | 0.5 |
their life - cycle income. reforms that raise expectations of life - cycle income should immediately support current consumption. to give just one example of this effect, an extension of the retirement age should lift not only medium - term supply – by expanding the active population – but also short - term demand, by ... | mario draghi : building on the achievements of post - crisis reforms speech by mr mario draghi, president of the european central bank and chair of the european systemic risk board, at the second annual conference of the esrb, frankfurt am main, 21 september 2017. * * * it is my pleasure to welcome you to the second an... | 0.5 |
agencies understand that outside parties will likely want to see the notice of proposed rulemaking for basel ii and the relevant proposals for amending current rules alongside one another for comparison's sake. conclusion broadly speaking, in developing basel ii we are striving to establish higher standards for interna... | . supervisors and the industry need to maintain an ongoing dialogue about basel ii, since it is such a complex and multifaceted project. issues range from very technical questions about parameter values to broad concerns about how the framework will be implemented across countries. we hope it is clear that we are being... | 1 |
lucas papademos : financial structures, credit growth and house prices in the new eu member states - policy challenges on the road to the euro speech by mr lucas papademos, vice president of the european central bank, at the conference held by latvijas banka, riga, 19 september 2005. * i. * * introduction it is a great... | jerome h powell : welcoming remarks - teacher town hall meeting welcoming remarks ( hybrid ) by mr jerome h powell, chair of the board of governors of the federal reserve system, at a conversation with the chair : a teacher town hall meeting, washington dc, 28 september 2023. * * * thank you, sarah, thank you to those ... | 0 |
are not aware of how much good they do to their children. it just comes with being a father or a mother. so again, let me congratulate you and congratulate everyone who has been involved in your success. let ’ s now open our discussion. thank you. 2 / 2 bis central bankers'speeches | sector. these became what is known as the 2 / 3 bis central bankers'speeches single rulebook – a single framework for financial institutions in all 28 eu countries. but writing the rules was not enough. so, the second step was to build european banking supervision. and so the single supervisory mechanism, or ssm for sh... | 0.5 |
situations. indeed, we have begun to buy back short -, medium - and long - term securities to inject liquidity to the market, proving that they are in fact monetary policy instruments. besides, regulatory measures were adopted – bimonthly calculation of banks ’ liquidity requirements – to “ decompress ” stress situatio... | , if we fast forward to the year 2008, and to the current financial crisis, we note that asymmetries in information between financial institutions, this time relating to the extent of exposure to and value of complex derivative products, led to a freezing up of credit markets, the eventual collapse of some important fi... | 0 |
andreas dombret : in support of coco bonds op - ed by dr andreas dombret, member of the executive board of the deutsche bundesbank, published in frankfurter allgemeine zeitung, 21 february 2015. * * * one of the key outcomes of regulatory reform in the banking industry, launched in 2008, is that banks need more and mor... | a certain extent. for those institutions that are the most heavily affected, fulfilling the basel iii requirements will undoubtedly present a challenge that should not be underestimated. yet for them as well – and let ’ s remember there is just a relatively small number of such institutions – i consider the consequence... | 0.5 |
innovations would not have been possible without the breakthroughs achieved in financial theory, it has been predominantly technological progress that has made the widespread use of these innovations possible. the second factor underlying the structural changes in the financial system and banking sector is the process ... | point to participation. emu is one important component of the eu cooperation in which sweden is now taking part. from the debate about economic aspects of emu one sometimes gets the impression that an alternative exists which is much simpler, enabling us to avoid all the adjustments which brussels imposes. that is not ... | 0 |
quite persistent as it takes time for prices to adjust. that is not surprising, as companies know that foreign exchange markets are volatile and so the initial response of prices to an exchange rate change is likely to be relatively small. but the longer it persists, the more likely it is that sterling prices will adju... | over the past year. instead, as chart 5 shows, sterling has remained relatively weak, both against the full trade - weighted basket of the currencies of our trading partners, and particularly against the euro – which is the most important currency for uk trade, with the euro area accounting for around half of our total... | 1 |
mr. meyer gives his views on the us economic outlook and the challenges facing monetary policy remarks by mr. laurence h. meyer, a member of the board of governors of the us federal reserve system, before the economic strategy institute, washington, d. c. on 8 / 1 / 98. three forces are likely to shape the outlook to w... | jerome h powell : introductory comments – roundtable on the interim report of the alternative reference rates committee introductory comments by mr jerome h powell, member of the board of governors of the federal reserve system, at the roundtable on the interim report of the alternative reference rates committee, spons... | 0.5 |
even more tangible : 1 / 6 bis - central bankers'speeches people want our work and decisions to be an island of stability in the middle of a storm that keeps raging. our observations have been confirmed by banque de france's governor francois villeroy de galhau, who said, " the credibility of central banks and their re... | philosophy of central banking. since the war's onset, we have accumulated a unique base of knowledge and solutions that has proved effective amid high uncertainty. over this time, the financial sector and the economy have gone from survival and adjustment stages to gradual recovery. along with solutions, we have also d... | 1 |
task faced by most central banks. apart from ensuring cost effective and high quality currency notes and coins, it also requires accurate forecasts of the demand for currency notes and coins, which varies seasonally and with economic activity. the higher acceptance of electronic payment not only improves the economic e... | local community. the importance of vision so far, my remarks have focused on the tangible aspects of planning and investment. but i do not want to leave out a critical element that is perhaps impossible to measure but underlies each of your undertakings. that element is vision. the washington post has reported that whe... | 0 |
rates as soon as core inflation stabilises, or even better, when it starts falling. however, it's different in reality. because of the transmission lag, the central bank should correctly stop raising rates before inflation peaks. 3 the problem of this 1 / 4 bis - central bankers'speeches academically and practically co... | speech price stability : the foundation for a strong economy july 08, 2022 john c. williams, president and chief executive officer remarks at the university of puerto rico – mayaguez, mayaguez, puerto rico as prepared for delivery it's a pleasure to be here this morning at the university of puerto rico's beautiful maya... | 0 |
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