samchain/econo-pairs-v1 huggingface dataset:
3. https://www.jstor.org/stable/1808111 Bordalo, P, Gennaioli, N and Shleifer, A (2018), ‘Diagnostic Expectations and Credit Cycles’, Journal of Finance, Vol. 73, No. 1. https://doi.org/10.1111/jofi.12586 Bridges, J, Jackson, C and McGregor, D (2017), ‘Down in the slumps: the role of credit in five decades of recessions’, Bank of England Staff Working Paper No. 659. https://www.bankofengland.co.uk/workingpaper/2017/down-in-the-slumps-the-role-of-credit-in-five-decades-of-recessions Broadbent, B (2019), ‘Debt dynamics’, speech given at the London Business School. https://www.bankofengland.co.uk/speech/2019/ben-broadbent-speech-at-london-business-school Bunn, P and Rostom, M (2015), ‘Household debt and spending in the United Kingdom’, Bank of England Staff Working Paper No. 554. Carney, M (2019), ‘The global outlook’, speech given at Frobisher Hall, London. https://www.bankofengland.co.uk/speech/2019/mark-carney-speech Cipolla, C (1982), ‘The monetary policy of fourteenth-century Florence’, University of California Press  14  All speeches are available online at www.bankofengland.co.uk/speeches  14  Clayton, N and Wilkins, C (2017), ‘Memory, mental time travel and The Moustachio Quartet’, Interface Focus 7. https://doi.org/10.1098/rsfs.2016.0112 Cunliffe, J (2016), ‘Credit: can trees grow to the sky?’, speech given at the British Property Federation annual investment conference, London. https://www.bankofengland.co.uk/speech/2016/credit-can-treesgrow-to-the-sky Diamond, D and Dybvig, P (1983), ‘Bank runs, deposit insurance, and liquidity’, Journal of Political Economy, Vol. 93, No. 3. https://doi.org/10.1086/261155 Frank, T (1935), ‘The financial crisis of 33 AD’, American Journal of Philology, Vol. 56, No.

Their expertise will surely benefit our audience today. I would also like to thank HSBC, Standard Chartered Bank, Citibank, BOC and BNP Paribas for sharing their experiences with everyone later today. 15. Ladies and gentlemen, I wish you all a fruitful workshop and I look forward to working closely together with the industry to develop green and sustainable banking in Hong Kong. Thank you very much. 2/2  BIS central bankers' speeches
The Open Banking standard and PSD2  11  introduce changes to access of account  information and initiation of payments, requiring banks to make customer data available to authorised third parties if customers so choose. This may change the way that customers access and operate their bank 12  accounts, such as by making them accessible via a single smartphone app developed by a third party . As the prudential regulator of UK financial services firms, the Bank of England needs to be open in how it considers and responds to changes arising in retail banking from this reform. In fact, increasing competitive pressures in retail banking, enabled in part by an increase in the use of fintech, formed part of the biennial 13  exploratory scenario in our 2017 stress test . As well as looking at these infrastructure changes impacting the firms we regulate, we are also opening ourselves to change by experimenting with new technologies when we think about enhancing how we work – including for the infrastructure we are responsible for. 10  Hauser, A (2017) Europe’s second Payment Services Directive Cunliffe, J (2018) 13 Bank of England (2017a) 11 12  4  All speeches are available online at www.bankofengland.co.uk/speeches  4  14  The Bank of England is currently investing in its RTGS service , a critical piece of national infrastructure, renewing the heart of the UK’s overall payment system to meet the challenges posed by a rapidly changing landscape.

This information helps individuals and businesses to increase their awareness on the number of ways to save and invest their financial resources, as well as how to manage their financial affairs safely in an increasingly digitized environment. Ladies and Gentlemen, technology and innovation in the financial sector has played a major role in raising the level of financial inclusion in the country over the last five years. According to the FinScope 2020 Survey, while overall financial inclusion increased to 69.4 percent, from 59.3 percent in 2015, formal financial inclusion rose significantly to 61.3 percent from 38.2 percent. This was largely due to the uptake of mobile money, which went up exponentially by 58.4 percent from 14.0 percent. Invited Guests, the use of digital financial platforms for the payment of retail and public services, including Government services has significant benefits to consumers and service providers alike. Digital platforms facilitate relatively safe, efficient and  2/4  BIS - Central bankers' speeches  convenient service delivery and allows for tracking of financial transactions. With regard to Government related services, the use of digital platforms is expected to enhance revenue collection and contribute positively to the national Treasury. This notwithstanding, the rise in the use of Digital Financial Services has also introduced significant risks for individuals as well as for financial service providers. To address these risks, there is greater need to enhance cyber security and raise awareness about fraud to secure higher uptake and protect the consumers of digital financial services.
In the case of Japan, monetary policy can end the deflation that has characterized the economy since the late 1990s, but can do little to infuse  2  BIS central bankers’ speeches  long-run expansion unless it is accompanied by fiscal policy that implements structural change. But the biggest problem the U.S. confronts is homegrown: political failure in Washington to act on the key issues holding the recovery hostage. Fiscal and regulatory uncertainty is a powerful deterrent to business investment. Going back to the earliest days of the current recovery, my business contacts have regularly complained of the fog of uncertainty emanating from Washington. They have consistently cited fiscal and regulatory uncertainty as major impediments to capital investment and expanding payrolls. Uncertainty comes in many forms. In some cases it is major legislation such as the health care reform or financial regulation as in the Dodd Frank [Wall Street Reform and Consumer Protection] Act. Fiscal issues have regularly constrained the recovery – the debt ceiling debacle in summer 2011, the last-minute resolution of the fiscal cliff in December 2012, the brute force sequester of 2013 and so on. Most vexing is not knowing how businesses will be taxed or how the federal government will shape future spending. This makes budgeting and planning capital outlays and payrolls into the future an uncertain process.

Mexico has revamped labor laws, the education system and its telecommunications system, financial and energy sectors – including a plan to open up its oil and gas sector to private investment. The timing is good. The implementation of these new laws will coincide with a strengthening U.S. economic recovery. You know far more about these structural reforms than I do. I cannot pretend to speak with any authority on the detailed economic implications of these reforms, but I do want to offer some perspective from Texas. Last year’s passage of the historic energy reform should, if carefully and deliberately implemented, increase oil and gas production and reverse the nineyear trend of declining output that is currently depressing Mexico exports, industrial production and GDP and adversely impacting government revenues. The Eagle Ford shale oil boom in south central Texas exemplifies the regulatory differences between our two regions that the reform aspires to relinquish. The gap is very telling. As activity has accelerated dramatically north of the border, there is no corresponding drilling or production in northern Mexico despite the contiguous geology. And it’s not because Eagle Ford required the deep pockets of the huge energy corporations. Rather, it is largely independent operators who have developed the vast majority of Eagle Ford projects. The result: sharply rising oil production in the Eagle Ford, from nothing four years ago to more than 1.3 million barrels per day currently. The shale oil boom in Texas has had far-reaching effects on the state.
It is important, however, that the Riksbank’s monetary policy does not unnecessarily hamper decreased unemployment, particularly as the estimates of equilibrium unemployment are somewhat uncertain. So all the other information about labour market tendencies should also be considered. When the economy is moving closer to its capacity ceiling, certain statistical phenomena can be expected to occur more clearly and frequently. The same applies to anecdotal information in such a situation. What I have in mind is, for example, bottleneck problems in the labour market and signs of difficulties in recruiting skilled labour. Another phenomenon is an increased propensity to resort to labour disputes, in the form of regular strikes or wildcat behaviour. Moreover, firms may have to compromise over job qualifications and take on less skilled personnel in order to cope with demand for their goods or services. Some such signs have been observed in recent months. Firms are already finding it difficult to recruit computer consultants, for instance, as well as some other categories of personnel. The situation in some parts of Sweden is also more strained than in other parts. This suggests that the economy is moving towards a situation where firms find it increasingly hard to keep up with demand for goods and services; a situation, in other words, where demand is rising too rapidly. At the same time, the bottleneck problems are still fairly limited. There are no signs as yet of more widespread shortages that might generate unsettling inflationary impulses.

Faced with Brexit, Europe has the additional imperative of not letting sources of systemic risk for the EU grow outside the EU. In this regard, the proposal recently made by the EU Commission is a step in the right direction, but it should be streamlined and strengthened to make sure that euro-denominated clearing activities are supervised and so located in the European Union when they exceed certain thresholds. One additional word about cyber-risks: as we have been reminded by the two viral attacks carried out in the last two months, we are at the same stage that medicine was at before Pasteur and vaccinations. The challenge is to take swift and decisive actions to enhance cyber resilience in the financial system, building notably on the G7 recommendations: the G7 is, at this stage, the key forum to act. 2. Two requirements to consolidate what we have achieved so far. Although there are still some areas of work, tremendous progress has been made since the crisis to enhance the resilience of the global financial system. I believe that two requirements are necessary to consolidate our achievements. The first one is to remain vigilant to avoid any backtracking. As you know, the US Treasury recently published a “Report”, exploring the  2  possibility of adjusting its national banking regulations iii . Some adjustments to national regulations, applying for instance to locally-active entities, or the Volcker rule, may indeed be deemed appropriate and legitimate.
But I realise that some more structured answers have to be given at some point, and that’s what I would like to do today. As you all well know by now, the ECB has been assigned the primary objective of maintaining price stability in the euro area. The ECB therefore has no choice but to take a euro area perspective: its policy decisions aim at area-wide price stability. Those decisions draw on all available information, including that deriving from national indicators, but they cannot be tailored to the specific needs of a single Member State. As we have seen, economic divergences can emerge and persist across countries and regions within the euro area. In principle, there are several reasons why such variations in growth or inflation may emerge within a monetary union. Initial differences in the level of development or income may lead to some countries catching up with the area-wide average through a period of faster growth, associated with relative price changes.1 Certain economic shocks may affect the economic performance of one country but not another.2 The transmission of monetary policy may differ across countries and regions because of variations in economic and financial structures.3 Although the economic literature prior to the introduction of the euro emphasised the importance of asymmetric shocks, the cross-country variation in growth and inflation in  1  One explanation of these catch-up effects is the so-called Balassa-Samuelson effect, see: Balassa, B. (1964). “The purchasing power parity doctrine: A reappraisal,” Journal of Political Economy 72, pp.

However, if interest rates were moved up gradually from current levels, in a well-communicated strategy that was understood by the public, the business community and financial markets, the cost of borrowing would still be low in real terms and I do not believe that the recovery would be seriously damaged. Indeed, for the many UK households which rely on the income from savings and investments, this could provide a powerful boost to confidence by signalling the beginning of a return to more normal economic conditions. The other very important way in which monetary policy can support recovery is by maintaining confidence in price stability over the medium term. The mandate for the Monetary Policy Committee makes clear that the best contribution that the MPC can make to sustained economic growth is by maintaining price stability – which is specified in terms of a 2% target for CPI inflation under our current remit. There are good reasons why low and stable inflation remains the focus of our monetary policy. The effects of high inflation are damaging in their own right – eroding the value of savings, hitting pensioners on fixed incomes and creating an uncertain and volatile business climate. After inflation got out of control in the UK in the mid-1970s, we experienced two decades of economic volatility and high unemployment, including three major recessions. Fortunately, there is little risk today of a return to that era of double digit inflation rates.
This has been due to the concentration of these companies in certain banks, and also because of the problems encountered in the standardization of the bills according to particular banks’ requirements. The Bank of Albania continues to be committed to finding a solution to these problems. 3. The expansion of the ATMs and the POS (point of sale)  Automated teller machines (ATMs) experienced a further development over 2005 - 2006. Most banks have established a number of ATMs in Tirana and in other main cities throughout the country. The number of electronic terminals has grown from 93 at the end 2004 to 266 in August of the present year, while the number of users has increased from 34,090 to about 295,250. ATMs are used through debit cards, but credit cards are also being widely used. Both Visa and MasterCard are actively being used in Albania and most banks are members in one of them, providing the respective cards. Although the use of cards is still limited, the growing number of service units accepting electronic payments (POS-Point of Sale) from 155 in December 2004, to 1073 in August 2006, and the gradual change of  BIS Review 101/2006  1  the attitude favouring the holding of cash will lead to the enhancement of the use of cards as a mean of payment.

The implementation of the Automatic Electronic Clearing House (AECH) project  After the introduction of the RTGS system for the settlement of gross payments, the payments infrastructure expanded with the Automatic Electronic Clearing House (AECH) system, which aims at reducing the processing time of small value payments considerably, encouraging as such the use of banking payments. Over the present year, significant improvements have been made in terms of the information technology and communication with commercial banks, which has been indicated by the programmes used and by the purchase of new programmes by several banks. These programmes constitute a better sustaining for the Banking Accounting Manual requirements and serve to the needs of the institution to expand the activity and introduce new services, such as e-banking. 6. The review of the legal framework related to the payment system in the country, paying a special attention to that part which supports the new payment instruments and actors in the country  The abovementioned developments in technology and information have been supported by the Bank of Albania through the formulation of the Regulation ”On the use of information technology and communication of the entities licensed by the Bank of Albania”, approved upon the Supervisory Council decision No. 32, dated 3 May 2006. This regulation will not only assist the provision of a more prudent and complete supervision of the information technology and communication used by banks, but at the same time it will help banks in their day-to-day work and in the use of this technology.
Spencer Dale: Inflation, inflation, inflation Speech by Mr Spencer Dale, Executive Director and Chief Economist of the Bank of England, at Cardiff Business School, Cardiff, 22 September 2010. *  *  *  I would like to thank Venetia Bell, Rohan Churm and Łukasz Rachel for their considerable help in preparing these remarks. The views expressed are my own and do not necessarily reflect those of other members of the Monetary Policy Committee. Introduction Thank you for the invitation to speak this evening. I studied for my undergraduate degree in economics at what was then University College Cardiff in the mid 1980s. I had three wonderful years in Cardiff and it is a huge pleasure to come back tonight and to see so many familiar faces. Although I hope some of those familiar faces will be kinder to my speech tonight than they were with my essays back then. The theme of my talk tonight is inflation. I hope that you won’t find that too disappointing. I fear that some of you were looking forward to a talk on more exciting topics like the financial crisis, the new responsibilities that have been granted to the Bank, the speculation concerning a double dip. But I make no apology for focussing on inflation. One of the cornerstones of our economy’s stable and consistent growth in the 15 years or so prior to the financial crisis was the period of low and stable inflation that was achieved then.

It is difficult to know exactly how much spare capacity there is in the economy and what its precise impact is on inflation. But that there remains some slack in the economy and this is likely to be pushing down on costs and prices seems clear. That impact should become more apparent as the temporary effects associated with the shocks to input prices and VAT wane. It is perhaps noteworthy that in the US and euro area, which have not experienced falls in their exchange rates or large movements in indirect taxes, core inflation has weakened substantially. The downside risks to the growth outlook, stemming in particular from the substantial fiscal consolidation now in train and the continuing constraints on the supply of bank lending, add materially to the downside risks to inflation. And even if the economic recovery does continue, it is possible that some of the factors that may have contributed to the surprising strength in inflation in the past may start to fade. As demand increases, companies may begin to bring mothballed capacity back on stream. And as firms build up their cash balances and credit becomes more available, margins may start to fall as companies seek to enter new markets and gain new customers. The risks to the inflation target are real and substantial. The job of monetary policy is to try to balance these upside and downside risks to inflation. In essence this is no different to normal, monetary policy is always faced with a balancing act.
We do not dictate anything to anyone. We do not replace any government. We do not take any political decisions. We are only giving messages to Governments individually, and to the Eurogroup as a whole. This has always been our task since the setting-up of the ECB. Do you not think it was appropriate for us to tell the big countries in 2004 that they should not weaken the Stability and Growth Pact? BIS central bankers’ speeches  3  Almost all experts agree that Europe must come closer together. How do you imagine the Europe of the future? I would make a distinction between the immediate future, and – after a change in the Treaty – what I would call “tomorrow” and the “day after tomorrow”. Immediately we must apply completely and rigorously the new governance which has just been approved by the Parliament and the Council. “Tomorrow” we must have the possibility to impose decisions on a country that is not applying the recommendations and, in so doing, is putting the system as a whole in danger. And “the day after tomorrow” we should have a significantly stronger political union with an executive branch and, in this executive branch, a European Finance Minister. He would be responsible for surveillance of fiscal and economic policies, for the monitoring of the financial sector and for the representation of the European economy in international institutions.

Instead, deposit money will end up in accounts held by the e-money platforms, which will become banks’ major depositors. Such large depositors may behave differently from numerous small depositors in the aggregate. Banks are also facing competition in credit intermediation. Banks have never enjoyed a monopoly in this area. Large companies can obtain credit in the bond market.10 Finance companies offer leasing to firms, and car loans and consumer credit to retail customers, often linked to a credit card.11 Here, too, the landscape is changing. Web-based solutions, greater access to information and machine learning make it possible to perform standardised credit checks quickly and efficiently, which opens up new channels for credit intermediation. Chart: Crowdfunding Some of these channels can best be described as complementary to traditional forms of financing. This pertains above all to digital platforms that channel credit from savers to borrowers, also called crowdfunding. Many of these crowdfunding platforms provide loans to small and medium-sized enterprises, which are not especially attractive to traditional financial 3/7  BIS central bankers' speeches  institutions, often because the loans are small. In the US and the UK, crowdfunding platforms represent a growing market. Their scale is also increasing in Norway, though for now, credit volumes are marginal. A trend that is becoming increasingly evident is bundling financial services with other products. Some companies combine payment solutions with securities and cryptocurrency trading. An example of this is Robinhood in the US. Others combine proprietary payment solutions with access to credit for online purchases of goods and services.