samchain/econo-pairs-v1 huggingface dataset:
Speedy and efficient liquidation of insolvent companies is crucial for the economy’s overall ability to restructure, innovate and grow. This is closely related to creditor protection. Creditors enjoy high standing in Norwegian legislation. High creditor protection makes it relatively easy for creditors to demand liquidation when the conditions are met. As long as the legal system and administrators in bankruptcy function as intended, the creditors may realise their claims on the estate and resources are freed up for society. It is essential that resources – labour, skills and capital – that are tied up in an unprofitable business are freed up for new activities. This also provides adequate, if painful, adjustment in a crisis. The downturn is shortened, and the economy gets back on its feet faster. Household debt is harder to restructure. Norwegian households can settle debt by liquidating their assets, but this usually only takes place after the borrower dies.4 Before that, the rule is that debt follows you to your grave. Norway has a Debt Settlement Act. Very few would voluntarily petition to enter into a debt settlement arrangement. While some of the debt may be forgiven, such an arrangement involves garnishment of wages, down to the minimum for necessities. Many of those who enter into such an arrangement in Norway struggle with debts incurred while self-employed. Recent years have seen a sharp rise in consumer debt. Defaulting on this sort of debt is much more common than defaulting on a residential mortgage. Default does not mean that lenders forfeit their money.

At a time when so many other parts of Europe were stagnant or in recession, this should not come as a surprise. Additionally, French consumption, which had been very resilient during the crisis, was weakened by the fact that to restore credibility in the consolidation of public finances the government decided to implement a number of tax increases. These inevitably have had an impact on consumers’ behaviour. I do not believe that this will necessarily last, because the savings ratio in France is high compared to the average elsewhere in Europe. We can therefore expect the savings ratio to decrease somewhat, leading to a more sustained recovery in consumption. That is hopefully one positive factor for the future. Another is that France is definitely moving towards reversing the trends in terms of competitiveness. The country is now demonstrating that there is a clear understanding of the need to pay close attention to firms’ production costs, which is illustrated by the government’s so-called Competiveness Pact. It is also illustrated through a number of structural reforms that have started to be introduced to increase the flexibility of the economy and make job creation more resilient. From that standpoint the first move which is very significant is the so-called National Pact between business and unions which will be vetted by law. This is a complete reversal of the previous trend. So in a sense, yes, the modèle Français is adapting. But I also think the model is retaining some features which are strong cultural characteristics.
Fintech is transforming the relation with customers, the means of payment, as well as the modes of financing and transfers. On this particular last point, the potential gains are enormous for developing countries receiving large flows of their nationals abroad. In 2018, according to the World Bank, these transfers may have totaled 689 billion dollars, more than three-quarters of which were intended to developing countries. Traditional business models of banks are now challenged by the new financing methods, thus putting more pressure on their profitability and pushing them, in some cases, to greater risk-taking, which would eventually impact financial stability. 5  In emerging and developing countries, with internet and mobile telecommunications  penetration,  Fintech  now  offers  tremendous  opportunities to strengthen financial inclusion and economic and social development. According to a statement issued last November by the United Nations Secretary General, within a period of six years, 1.2 billion people have accessed financial services through technology. In a report issued in 2016, the Mckinsey Institute estimated the potential of Fintech in emerging economies by 2025 to an additional 6 percent of GDP, i.e. 3.7 trillion Dollars, and 95 million new jobs. The same report also revealed that two billion people and 200 million of very small, small and medium enterprises in emerging countries do not have access to credit, while those who have are still facing high costs.

Using the atrium as a large communicative zone within the two tower buildings was also welcomed. The Governing Council noted that all requirements for the energy concept had basically been fulfilled and that the design complied with the relevant regulations in the fields of building and environmental law. 2  BIS Review 5/2005  Next steps So where do we go from here? The Governing Council decided that the next step would be an “optimisation” phase in which the selected architect would again review his design on the basis of further guidance from the ECB. We will reassess the ECB’s functional and spatial requirements and, on that basis, seek to further optimise the design with the aim of reducing costs. With regard to the cost, the estimates available at present, taking into account the optimisation potential, suggest that the construction costs will be about € million. The total investment costs, however, will be higher, since they include additional elements, such as the cost of purchasing the Grossmarkthalle site, planning fees and other infrastructural costs. Some of these additional cost items are related to the construction costs, while others depend on further deliberation and specification. More precise information on the cost aspects of the project will be provided at the end of the detailed planning phase. I should like to emphasise that we will continue to work closely with the City of Frankfurt authorities in the coming phases of the project, especially in view of the urban development plan that will be adopted by Frankfurt’s City Council.
Chart 14: Flesch-Kincaid reading grade level of  Chart 15: Flesch-Kincaid reading grade level of  BoE publications  US Fed publications  UK Political Speeches  8  2016  2012  2007  2002  1997  1992  1987  1982  6  14  Financial Times New York Times  12 10  Washington Post  8  US Political Speeches  6 2016  Tabloid  Beige Book Summary  2012  10  Chair Speech  16  2007  Broadsheet The Economist  12  FOMC Minutes  18  2002  14  MPC Statement Inflation Report  Reading grade level  1997  Governor Speech  20  1992  MPC Minutes  1987  Reading grade level  1982  16  Sources: Nexis, Bank of England calculations  Sources: Nexis, Bank of England calculations  Notes: Newspaper and journal content matches a search for  Notes: Newspaper and journal content matches a search for  ‘monetary policy’. ‘monetary policy’.

This may affect the formation of monetary policy. The risk of conflicts between the inflation target and the need for exchange rate stability is sometimes emphasised in discussions. For several reasons I do not believe we need to be particularly concerned about that. For one thing, ERM2 participation is not an ordinary system of fixed exchange rates but the preliminary stage of acceding to a monetary union in which exchange rates are irrevocably locked. So currency unrest during this period should really only occur in the event of uncertainty about Sweden's EMU participation on account of problems either in Sweden or in EMU. Note that these risks are not really economic but political. Presumably they would also be extremely small in a situation where accession to ERM2 has been preceded by political agreement both in Sweden and in the rest of the European Union. Moreover, currency risks arise as a rule when economic policy is out of step with the fixed exchange rate. If Swedish monetary policy before and during the ERM2 period is focused on price stability and economic policy in other respects is also in line with the direction in the monetary union, the risks of a currency crisis would no doubt be even smaller. Furthermore, the ERM2 period will presumably be comparatively short and directly connected with Sweden's subsequent full participation in the monetary union. If the Swedish economy is in step with the euro area on accession to EMR2, the probability of any serious imbalances having time to arise is therefore small.
Their model has positive features: (slide 10) equity capital amounts to 121% of GDP in the United States, compared with only 52% in the euro area, which means that in the United States innovation finds appropriate financing more easily. But it also has limitations that we should be mindful of: excessive cost of equity can have harmful effects. To meet the financial challenge, savings have a central role to play. I will focus on two avenues for steering them into productive investment. First, savings should be reoriented towards the long-term, more easily than towards direct risk-taking. French and, more generally, European savers are more risk-averse than American ones – and this is probably not going to change. The first savings motive in the euro area is indeed insurance against unexpected events (mentioned by more than 50% of households).viii But at the same time, savers are more and more concerned by the increase in life  5 expectancies and the need to prepare for retirement: old age provision ranks as the second most important savings motive (nearly 40%).ix Therefore it makes sense to offer savers new, complementary forms of savings products, that are less liquid during the first years, but that include some form of longterm capital guarantee. These new products would provide financial intermediaries – in particular life insurers – with liabilities long enough to take pooled risks – in the form of equity investments essentially – and savers with the higher returns offered by equity over the long run.

According to Banque de France calculations, the nominal CoE is still more than 9% for large listed companies in the euro area – compared with a risk-  4 free rate of around 0%. In other words, the risk premia have increased. The high CoE prompts companies to give priority to dividends and share buybacks over investment. In addition, it often goes hand in hand with a persistently high “hurdle rate”vii within companies, which results in an excessively severe selection of investment projects. The United States are a case in point (slide 9): since the early 2010s, share buybacks and dividends have increased sharply to more than 100% of reported earnings, while productive investment has significantly slowed down to an almost zero growth. 3. So what can be done to cure the investment dearth? First and foremost, we need a comprehensive therapy in Europe, both economic and financial. On the economic side, monetary policy is active and efficient; but it cannot remain the only game in town. Growth will be stronger in Europe if we combine structural reforms – including pro-business measures – where they are needed, such as in France, with greater fiscal support to help spur investment in the countries that have room to manoeuvre, such as Germany. But we also need to address the financial side of this investment dearth issue. The United States shows how crucial it can be in the long term.
Having said this, I must also highlight that, by historical records, political developments had dented confidence in the economy only in the short run. Therefore, I am optimistic that with Thailand’s economic fundamentals remaining sound, the economy will be able to maintain growth momentum and overcome these short-run dips. In this regard, I wish to add that political development, which sometimes breeds strain and uncertainty within the society and economy, is not a unique phenomenon only to Thailand. Rather, it is a necessary process of growing up for most economies. For the past thirty years, the Thai economy has taken a good lead in development progress building on lessons learnt from crises, while political advancement trailing behind. From 1977 to 2007, the economy in real term has grown at an average rate of 7.0 percent (excluding 1997 and 1998), facing phases of reforms and restructuring, from import substitution to export promotion and to liberalization after the Asian financial crisis. In the meanwhile, Thai politics has evolved more gradually than the economy. And now, it may be time for catching up. And hopefully, out of this growing-up process, the gap between economic and political developments will narrow and a stronger economy under a more matured politics will emerge. Ladies and Gentlemen, I turn now to the second part of my talk. In the face of possible short-term dent on confidence, it is prudent that we do not lose sight of what importantly determines the future of the Thai economy.

We have a vision, we have teams of responsible professionals who work every day to achieve the goals set by the SDDS Plus, we have excellent interinstitutional cooperation... And all this, which is also necessary to build and develop modern and quality statistics, guarantees us that we will succeed to the end. Thank you. 2/2  BIS central bankers' speeches
To do so, we have to take as our basis the development of its purchasing power. It thus makes sense to measure the value of money using a basket of goods and services that is as representative as possible of consumer spending, as Switzerland does with the consumer price index. 1 The value of money thus depends on the transaction prices of goods and services, and its development over time can be measured using the price of the basket. Central bank money and bank deposits Having looked at what constitutes sound money, let us now turn to the two types of money that are circulating in parallel in the current monetary system and that can be exchanged for  1  In its monetary policy strategy, the SNB equates price stability with a rise in the Swiss consumer price index of less than 2% a year. Deflation – i.e. a sustained decrease in the price level – also breaches the objective of price stability. With this definition, the SNB takes into account the fact that it cannot steer inflation precisely and that the consumer price index tends to overstate inflation slightly. Page 3/8  each other: central bank money and bank deposits, that is to say book money of banks. 2 In Switzerland, central bank money comprises the banknotes issued by the SNB and the sight deposits held at the SNB by financial market participants, primarily banks.

This would result in monetary policy no longer being centred on price stability and thus on sound money. 11 Switzerland has been able to manage the additional debt well thus far thanks to the fact that its public finances were in good order when the crisis hit. That said, the coronavirus crisis has fuelled aspirations here, too. There have been mounting calls for the SNB to make massive additional profit distributions. However, there are two things to bear in mind here. On the one hand, the size of any distribution depends on the earnings potential of our investments. And on the other hand, a central bank’s equity must be sufficiently high to cover the risks in its balance sheet. 12 Ladies and gentlemen, a monetary system has to take account of the changing needs of the economy and society over time, and the evolving environment in which it exists. However, it is also important to note that it is an order that has developed over the course of history and any ill-considered interventions could entail serious consequences for our country and the population as a whole. Swiss monetary history has been characterised by a wide range of changes, but the desire for sound money has been a constant throughout. Today’s paper money system with central bank money and banks’ book money has stood the test of time.
Reforms in the banking system need to be accompanied by structural reforms in other parts of the economy. However, this can only be possible if the economy is growing sustainably. Within the context of limited fiscal space, there is a need for the appropriate environment to encourage investment and stimulate growth in the private sector. Going forward, we need to enhance Malta’s competitive position in order to attract a higher volume of capital investment in the future. A strong education and skills base, an upgraded infrastructure and a clean and sustainable source of energy are essential elements that would pave the way for future investment. The financial sector provides an important contribution to output and employment growth in Malta. Going forward, the sector also has room for expansion in a range of activities that link it with the domestic economy in the sense that value is added in Malta by engaging the services of financial experts, lawyers, accountants and so on, but catering to demand abroad, such as in the Mediterranean region and beyond. For example, the recently announced initiative to create space for a new commercial activity in the form of facilities for Islamic banking is consistent with this vision for Malta. Enhancing our competiveness requires a constant search for new areas of activity as well as strengthening and refining the currently successful ones. It is the only way that we can ensure that the standard of living can keep increasing and that the value added of the Maltese economy can keep advancing. Thank you.

For the SNB, the focus is on measures that reinforce the long-term resilience of our financial system with a view to future financial market crises. BIS Review 101/2008  1
And indeed one of the benefits of low inflation is that price signals carry more information, making price comparisons worthwhile. Understanding what is happening is relevant to monetary policy. To the extent that a fierce competitive struggle is squeezing retail margins, it is likely to affect the shortrun outlook for inflation. While such a squeeze won’t have an effect on inflation in the longer term, it could herald a lasting improvement in productivity across the sector as a whole. This brings me to my final issue: whether productivity in the UK will accelerate as it seemingly has in the US.6 Since 1995 the growth of US productivity has doubled and the improvement has been sustained through the stock market crash. This is directly relevant to current thinking about US monetary policy. If faster productivity has indeed helped to create a high level of spare capacity and contributed to a higher growth in underlying supply, holding interest rates at historically low levels for some time should not add to inflationary pressures, even if demand grows rapidly. This is a key reason why the Fed believes it can be ‘patient’ in raising interest rates. The US evidence does seem to suggest that productivity has accelerated and that ICT has played a substantial role in raising productivity in non ICT sectors. This answers one puzzle, neatly posed by US economist Robert Solow when he commented that ‘You can see computers everywhere but in the productivity statistics’.

Without evidence about what works best, governments end up effectively running a mass experiment on everyone, but without the appropriate controls and therefore without learning as much as they could do to improve their policies. In this regard, the "causal revolution" of the past 30 years has also been characterised by the increasing attention that researchers have devoted to justifying causal interpretation of their research findings. In parallel, the appearance of new data, together with new concepts to be measured and new measurement techniques, have multiplied the opportunities to provide convincing descriptive analysis, even in the absence of experimental data. The influence of these approaches has been immense and has given rise to empirical results capable of shaking the most entrenched beliefs of economists. The truth is that there are still wide disparities in data availability across countries. At one extreme there is Denmark and other Scandinavian countries, with a culture that encourages the use of public data by the research community for the common good. But, in most cases, even if public administrations are repositories of enormous wealth in the form of individual data, the administration that holds the data is not capable of exploiting their full potential. Analysing this data is not their main priority and information is usually scattered among various administrations that do not readily communicate with each other or are very reluctant to share their data, even with external researchers.
Also, the global financial system currently provides ample liquidity, and since global markets have increasing access to more information on the productive and financial structure and the functioning of the economies of the region, they are more willing to provide tailored financing at good rates of return. Against this backdrop, we believe that the economies of the region have a good opportunity for building a new relationship with the Fund, which should be based rather on a collaborative dialogue about how global financial development could contribute to the final objective of achieving high and sustainable growth rates in the medium-term, than on meeting a certain set of stringent conditions associated to the lending programs as has been so far. Should the weight of emerging economies in the decision-making process of the Fund be increased, all these necessary efforts to which I have referred to above would produce better outcomes. Chile, as the rest of South America, did not support the proposed resolution on the quota reform in September, although it did fully support the search for an integral solution. The reasons for our vote are well known and it is not is my intention to reiterate our arguments in this occasion. We still believe that an increase in emerging country quotas would lead to more active and committed involvement of emerging economies in the Fund’s decisions that definitely would increase the Fund’s legitimacy in the region.

Rachel Lomax: Why monetary stability matters to Merseyside Speech by Ms Rachel Lomax, Deputy Governor of the Bank of England, at the launch of the Merseyside Economic Review 2005, the Mersey Partnership, Liverpool, 24 February 2005. *  *  *  It is a great pleasure to be back in Merseyside, as the guest of the Mersey Partnership. It’s always inspiring to be in a city that has a great future as well as a glorious past – and I’m not referring to Will Alsop’s SuperCity of the North. When I was last in Liverpool everyone was on tenterhooks waiting to hear the outcome of the European Capital of Culture. Congratulations on a spectacular result. By all accounts you’re set to be European Capital of shopping too when the new Grosvenor development opens in the Paradise area of the city. This is my first visit as a member of the Bank of England’s Monetary Policy Committee (MPC). Of course, the Bank and Liverpool go back a very long way. Liverpool was a village when the Bank was founded. By the time we opened our first branches around the country, that village had grown into a major port, the gateway to the workshop of the world. So it was natural that the branch the Bank built in Castle Street in around 1850 was one of its grandest, the work of Charles Cockerell. We still have agents in the City – Neil Ashbridge and John Young.