samchain/econo-pairs-v1 huggingface dataset:
In other words, shareholder primacy was not just retained but now made legally explicit in Section 172 of the UK Companies Act (2006): “A director of a company must act in a way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole…” The Group also suggested that directors’ duties be defined in law. They were to serve the interests of shareholders, first and foremost, but also had to “have regard” to wider interests, including employees, customers, suppliers and the wider community. This “enlightened shareholder value” objective was to be supported by public accountability, with annual reporting on how companies were meeting their wider interests. 15 The findings of the review were drafted into legislation, with the Company Law Act of 2006. Under it, shareholders were given new legal rights to initiate proceedings against directors if they breached their responsibilities. And the precise role of the “have regards” provisions  13  Empirical evidence appeared to support this case. Companies in which shareholders had stronger rights relative to management had higher stock returns and relative to the market (Gompers, Ishii and Metrick (2003)), while acquisitions involving companies where there were stronger takeover defence measures tended to have lower shareholder returns (Masulis, Wang and Xie (2007)). 14  See Chapter 1 of The Company Law Review Steering Group (1999). 15  See paragraph 3.2 of The Company Law Review Steering Group (2000).

Philipp Hildebrand: The global financial crisis – analysis and outlook Summary of a speech by Mr Philipp Hildebrand, Vice-Chairman of the Governing Board of the Swiss National Bank, at the NZZ-Podium, Zurich, 5 February 2009. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  We are currently experiencing the most severe and most complex financial crisis in several decades. It has affected many people around the globe, and finger-pointing and casting blame happen all too easily. Yet only a careful investigation of the responsibilities is likely to point to ways in which our financial system, and ultimately our economy, can be made more resilient once this crisis has been overcome. Financial markets react to incentives, and these incentives were misplaced in the past. It is in our power to start lobbying for clearly defined and risk-limiting conditions. If the responsible authorities wish to enact more stringent regulation, we ought to give them our unconditional support. The National Bank is determined to employ all the means at its disposal to ward off an economic contraction. BIS Review 12/2009  1
Since then, the unemployment rate has fallen by a little less than 1 percentage point each year, and wage growth has picked up by 0.2 percentage points each year. Three quarters into 2014, wage growth is already up another two-tenths, to 2.1 percent at an annual rate. This pattern of rising wage growth is roughly what one would have expected judging by prerecession data. 3 If anything, wage growth has been running a bit above what we should have expected. This contradicts the view that the unemployment rate has understated labormarket slack. Of course, the Federal Reserve has a target for price inflation, not wage inflation. The rate of wage inflation consistent with our 2 percent price-inflation target depends on secular trends in labor productivity growth and in labor’s bargaining power – trends over which the Federal Reserve has no control and about which it can only make informed guesses. Nevertheless, the Dallas Fed’s study of the Phillips curve has an important lesson for Fed policymakers: If we keep pushing on the accelerator pedal until wage growth matches the rate that we believe to be sustainable, we will likely have pushed too far and missed our exit. Because wage growth reacts to slack with a lag, it will continue to increase even after policy stimulus is removed. Because wage growth rises at an increasing rate the farther the unemployment rate declines, the overshoot is likely to be large. I liken monetary policy to duck hunting.

It is also true that the movements of the exchange rate observed recently have surprised us to a certain extent. These surprises, however, should be taken as economic shocks that no economic relationship could have predicted. We central bankers are not very interested in short-term volatilities, but we should not miss breaks in the business cycle. For this task we need a relationship that has an economic grounding in the profitmaximising behaviour of the financial markets. And this is what the uncovered interest rate parity certainly has, and what the statistical models lack. Ladies and Gentlemen, allow me to wish to all of us fewer exchange rate surprises and the best possible forecasts! 2  BIS Review 17/2007
Third, the allocation of our purchases across market segments is also state-contingent. For example, the crisis revealed an unprecedented need for short-term liquidity by firms as lockdown measures dried up revenue streams. Firms started to heavily draw down bank credit lines, and year-to-date bond issuance activity by euro area firms is reaching new record levels. At the same time, traditional investors, such as money market funds, shifted their asset allocation to the shortest maturities only. In response to these developments, we decided to shift a significant share of our purchases to the commercial paper market, and to longer tenors, in particular. Today, we see clear evidence of the success of allocating purchases flexibly across market segments. Commercial paper rates for non-financial firms have started to stabilise and issuance at longer tenors is rising, thereby reducing rollover risks and hence uncertainty for firms (see Slide 10). Conclusion Let me conclude. COVID-19 constitutes an unprecedented shock to the global and euro area economy. By how much the crisis will permanently shift economic structures, both within and across countries, remains highly uncertain at the current juncture. But the nature and severity of the shock make it likely that these shifts will be significant. In this uncertain environment, monetary policy needs to play a proactive stabilising role. It needs to restore and preserve financial conditions that are consistent with a return of inflation to levels 6/7  BIS central bankers' speeches  closer to 2% over the medium term.

Jean-Pierre Roth: Demography and economic policy – the challenges ahead Summary of a colloquium by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank and Chairman of the Board of Directors of the Bank for International Settlements, on “Chances et défis du vieillissement” (opportunities and challenges of demographic ageing), at the University of Geneva, Geneva, 10 November 2006. The complete speech can be found in French on the Swiss National Bank’s website (www.snb.ch). *  *  *  What will Switzerland look like in 2050? The demographic changes under way will have a strong impact on the future demographic landscape, with regard to both the working population and the older age segments. The ageing society poses two major challenges for economic policy: ensuring the production capacity of the Swiss economy as well as the continuance of the social security scheme. To address these challenges, an economic policy that promotes productivity increases while guaranteeing economic growth must be implemented with immediate effect. In line with this economic policy, adjustments must be made to our social security system.
However, during the past 20 years, the euro area has essentially forged ahead through crises, with the creation of the European Stability Mechanism to help Member States in 2012 – supporting among others Portugal – or the Banking Union in 2014 in response to the Spanish or Irish crises. As distance grows with the last financial crisis, general European interest has nowadays waned. This is a very serious problem: in 2017 and 2018, in what might be seen as the sunny summer of the economic cycle, we, Europeans, proved unable to fix the roof. And this takes me to our challenges for 2019. II. Our challenges in the face of 2019’s uncertainties 1. A slowdown and not a recession. A word first on our economic environment. At the global level, activity is clearly decelerating, but we are not heading towards a recession. According to the IMF, global growth could stand at 3.5% in 2019 after 3.7% in 2018. The main explanation for this slowdown is the increase in general uncertainty due to geopolitical risks, starting worldwide with trade tensions initiated by the US administration and in Europe with the prospect of a hard Brexit, very damaging but unfortunately less and less implausible. Uncertainty is depressing business confidence and possibly investment by fostering a wait-and-see attitude [slide 5].5 For instance, in France, manufacturers’ expectations on the overall economic outlook have turned down earlier and more significantly than their expectations on their own production.

13  Ferrucci, Jiménez-Rodríguez and Onorante (2012, , "Food price pass-through in the Euro Area: Non-linearities and the role of the common agricultural policy" International Journal of Central Banking ) find asymmetries between positive and negative shocks in the food inputs, Borrallo, Cuadro and Pérez (2023, forthcoming) confirm these results for the euro area by extending the sample to the present time. In the case of oil, Kilian and Vigfusson (2011, Quantitative Economics, "Are the responses of the U.S. economy asymmetric in energy price increases and decreases?") show that there are no significant asymmetries in the United States. However, Garzón and Hierro (2021, Economic Modelling " Asymmetries in the transmission of oil price shocks to inflation in the Eurozone") find that asymmetries do exist in the euro area. 14  According to the ECB's March forecast, nominal wage growth, as measured by compensation per employee, will increase from 4.6% in 2022 to 5,3% in 2023, before declining to 4,4% in 2024 and 3,6% in 2025. 15  This has happened in a context of a sharp increase in public employment, whose growth has accounted for about half of total employment growth since the end of 2019. 16  The ECB experimental tracker of negotiated wages shows a clear upward shift in wage increases agreed for 2022 and 2023. Contract negotiations during 2022 delivered wage increases around 4,4% and 4,8% for 2022 and 2023 respectively, with higher increases the more recent the agreement is.
Deposit to GDP ratio was 64.2% at end-year, higher than its level prior to deposits withdrawal. In addition, the profile of deposit time structure reflected a higher preference for saving, characterised by a shift to longer maturity-term deposits. Easing lending terms during 2010 H2, stimulating measures taken by the Bank of Albania, and decreasing uncertainty and risk premiums were followed by a gradual credit growth. Private sector loan portfolio expanded by 10% in 2010, principally influenced by foreign-currency credit growth. This performance reflects prudential bank policies on loan portfolio quality and economic agents’ moderate demand for loan. In general, lending continues to suffer from lack of demand and realistic, qualitative and valuable business plans for crediting. Restoration of confidence in the financial system, macroeconomic stabilisation, and regulatory and supervisory measures taken by the Bank of Albania led to stabilisation and improvement of banking system capitalisation, liquidity and profitability indicators. 2. Inflation and monetary policy  Annual consumer price inflation was on average 3.6% in 2010, remaining within the Bank of Albania’s targeted band. Inflationary pressures were more concentrated in 2010 H1, mostly triggered by a rise in some administered prices. Average annual inflation in 2010 H1 was 3.9%. In the following two quarters, relative stabilisation of the exchange rate and low inflationary pressures from the domestic demand contributed to the average inflation rate convergence around the Bank of Albania’s target. Negative output gap generated contained inflationary pressures throughout 2010, thus balancing the national currency depreciation effect and the international market price rise.

New regulatory acts and key amendments to actual acts on banking supervision approved during 2010 are:   Regulation “On management of risk from open foreign exchange positions”;    Regulation “On risk management in the activity of non-bank institutions”;    Guideline “On conservatorship and liquidation of banks”. *  *  *  Besides the main aspects of the Bank of Albania’s work, such as monetary policy and banking supervision and regulation, the Bank of Albania’s activity was also focused on fulfilment of its other legal obligations and institutional commitments. Sparing the details, I would like to emphasize that the Bank of Albania has done a great job in 2010 for:   Developing and sophisticating the payment system;    Supporting the integration processes of the country, in accordance with our scope of activity;    Enhancing our communication with the public, as an essential instrument to foster transparency and central bank independence;    Further developing the monetary statistics and those of the external sector of the economy;    Strengthening research capacity, in support of analysis and decision-making. All these activities serve the financial system development and support the free market economy in Albania.
Miguel Fernández Ordóñez: The biggest risk - complacency Address by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, delivered to the Círculo de Economía, Barcelona, 31 January 2007. * * * I very much appreciate the opportunity provided to me by the Círculo de Economía to deliver this address at this time, just as the figures for last year have been released. In terms of the Spanish economy's performance, the figures speak for themselves and confirm a favourable short-term outlook. Against this background, I think it is very important to reflect on the underpinnings of the economy’s trajectory, in order to identify those factors that are genuinely relevant for projecting ahead the progress that has been achieved in recent decades. I have therefore thought it best to adopt a long-term approach for this speech, going beyond conjunctural analysis. And with the title I have chosen, I have sought precisely to stress that when things are going well and the outlook is favourable, the biggest risk is complacency. The year 2006 ended in Spain with growth at around 3.8%, outperforming the seven biggest industrialised countries. This is the first time in many years that this has happened. Not only has growth in Spain been higher than in the euro area countries, but it has also been higher than in the United Kingdom, Japan and the United States, which in recent years had been growing at a rate above Spain.

This indigenous population growth has been reinforced in recent years by the phenomenon of immigration, and has been an essential explanatory factor of our recent growth. In addition to the foregoing causes, which can be quantified, there are others that are more difficult to measure since they refer to qualitative aspects, but which are equally relevant. Thus, for instance, Spanish trade unions have progressively adopted a bargaining strategy more in keeping with the requirements stemming from Spanish euro area membership and with the challenges posed by globalisation, and that has been conducive to employment generation and the growth of the Spanish economy in recent years. 2  BIS Review 32/2007  Something similar may be said of the substantial continuity over time of the broad thrust of economic policy, irrespective of the different governments that have successively been in power. Such continuity has also impregnated the natural debate under democracy between the various policy options. Underpinning this debate has been a degree of agreement on the importance of stability-oriented macroeconomic (fiscal and monetary) policies and the microeconomic policies geared to improving the workings of markets. And this is not something that is found in all developed countries. Specifically, continuity in privatisation and market liberalisation policies, which has placed Spain in a leading position in continental Europe and has contributed significantly to the growth in the past 20 years, would not have been possible without this underlying agreement.
Peter Pang: Managing the next phase of growth in Asia Welcome remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, at the IMF’s Asia and Pacific Regional Economic Outlook, Hong Kong, 28 April 2011. *  *  *  1. Good morning. It is my great pleasure to welcome you all to the launch of the latest issue of the IMF’s Asia and Pacific Regional Economic Outlook (REO). We are honoured to have Mr. Anoop Singh, Director of the Asia and Pacific Department of the IMF, and his colleagues to share with us today their views on the region’s economic and financial developments, the outlook and the challenges, and what can be done to manage the risks and promote sustainable growth in the years ahead. 2. I like the theme of this issue of the REO – “Managing the Next Phase of Growth” – as this is what concerns us most in Asia at this juncture. We are now some two-and-a-half years after the outbreak of the global financial crisis, and Asia has been leading the global recovery – a recovery that is maturing as rightly pointed out by the IMF. The question is where and how we should move on from here. And looking ahead, managing the next phase of growth is very challenging as we are facing complications of unprecedented scale and dimensions. 3.

The divergence in the growth rates of advanced and emerging economies have been driving fund flows to Asia, resulting in signs of overheating in certain pockets of the region. The increasingly negative real interest rates as a result of rising inflation in many regional economies will add fuel to the already high credit growth and heated asset markets. That said, we must also be wary of the risk of reversal of the fund flow. The recent surge in headline inflation and the more favourable near-term cyclical conditions in advanced economies have already brought forward expectations of the start of rising interest rate cycles. With the normalisation of monetary policy stances in the advanced economies becoming more imminent, the risk of an abrupt reversal of international capital flows is increasing. This calls for pre-emptive policy actions to contain the build-up of overheating pressure and another boom-bust cycle in the region before such abrupt reversals of capital flows occur. BIS central bankers’ speeches  1  6. Secondly, some of the conventional wisdoms in monetary policy may be challenged by paradigm shifts in the next phase of growth. Conventionally it has been suggested that central bank normally may not need to react proactively to commodity price inflation because of their transitory nature and limited pass-through to core inflation. However, the recent increase of commodities prices such as food and oil could be more sustainable because of structural change in demand and supply.
Pablo Hernández de Cos: Audiovisual communication competition on financial education Speech by Mr Pablo Hernández de Cos, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the General Council of Economists, 4 February 2021. * * * Third Deputy Prime Minister and Minister for Economic Affairs and Digital Transformation, ViceChair of the CNMV, Chair of the General Council of Economists, ladies and gentlemen: Let me begin by thanking the General Economists Association for organising this event, which marks the conclusion of the Audiovisual Communication Competition on Financial Education. Let me congratulate, too, the winners, other finalists and participants for their effort, dedication and high-quality work. The competition, like most activities since the onset of the pandemic, has had to adapt to the extraordinary circumstances we are facing. Both organisers and contestants have shown high adaptability. The contestants have had to put all their creativity into a digital content. These circumstances also serve to emphasise how financial education can complement the development of other citizens’ capabilities, particularly those relating to digital skills. Clearly, this competition aside, we have all in the last few months purchased more goods and services, including financial ones, through digital channels. This trend will likely continue in the future. To ensure citizens adapt appropriately to these developments, financial education efforts must run in tandem with digital education ones.

Here I would like to remind you that the Banco de España has opened a public consultation process on the amendment of Circular 2/2016 on supervision and solvency this very week. The aim is to develop certain aspects of the macroprudential toolkit that legislation has made 1/2  BIS central bankers' speeches  available to the Banco de España. Pursuant to this legislation, the Banco de España may set limits and conditions on lending standards and other financial institution transactions, along with sectoral concentration limits. The new Circular defines the procedures for activating, deactivating and changing these measures, including the variables and parameters that the Banco de España may take into consideration to adopt a decision, the sectors that may be affected and the contractual terms or ratios that the measures may apply to. I would like to conclude by thanking the General Council of Economists for this initiative geared to young people, a group that the Banco de España considers a strategic priority in the context of the Financial Education Plan. It is a further example of how the Financial Education Plan partners, in this case the General Council of Economists, play an essential role in meeting the Plan’s objectives. We have continued to move resolutely in this direction: through partnership agreements such as those recently signed with the Ministry of Education and Vocational Training and the Ministry of Consumer Affairs; and by pressing ahead with the work avenues opened with the Ministry of Economic Affairs and Digital Transformation.