samchain/econo-pairs-v1 huggingface dataset:
This gap is especially pronounced in the upper echelons of decision-making structures where women make up 28% of board membership and a third of senior management with limited participation beyond marketing positions; 2. The number of borrowers was dominated by men. The number of men with loan accounts in every 1,000 adults was 27 at the end of 2014 compared to 12 for women; 3. When it comes to paying back of loans, women had better repayment behaviour than men. The percentage of non-performing loans for women averaged 4.3% compared to 4.9% for men. Further, women-owned small business accounts exhibited the lowest percentage of nonperforming loans, which ranged between 1-3% during this period. This is, on average, 17 percentage-points lower than that of men. This showed that women and women-owned businesses are more prudent borrowers than men and men-owned businesses; 4. Few financial institutions, offered gender- focused products and services. These products and services were mostly tailored for individual women and women smallholder businesses; 5. Most financial institutions’ Information Management Systems are unable to provide sex2/3  BIS central bankers' speeches  disaggregated data. Of the 64 institutions surveyed, only 25 institutions (mostly banks and microfinance institutions) had information management systems that can generate reports based on the sex of account holders, such as the number of women-owned and male-owned accounts, and the number of male and female borrowers; and 6. The number of digital wallets, or e-wallets, has been on the increase. It rose steadily in both number and value.

On the fiscal front, cuts in wage and corporate income taxes differentiated across regions have been put in place last week to support the economy that is already growing at a moderate pace. 1  On March 15, 2009 Special Consumption Tax (SCT) rates were decreased on vehicles to %18 from %37, and on durable goods and other electrical household appliances to %0 from %6.7. These rates were increased on vehicles to %28, on durable goods to %2 and on other electrical household appliances to %6.7 on 16 June, 2009. By October 1, 2009, SCT rates were brought back to the levels before March 2009. Similarly, Value Added Tax (VAT) rates on furniture and IT products were slashed to %8 on March 30, 2009, before being raised back to the initial rate of %18 on October 1, 2009. BIS central bankers’ speeches  3  Dear Participants, So far I have touched on the impacts of movements in commodity prices on inflation and economic growth. Now I will talk about the impact of fluctuations in commodity prices on foreign trade balances. The dependency of the Turkish economy on energy imports makes the current accounts balance more sensitive to changes in commodity prices. Uncertainties regarding the global economy in recent years and the exceptionally loose monetary policies adopted by advanced economies, such as the United States, Japan and the Euro Area, foreshadow the high probability of continued excess volatility in commodity prices.
Debt-to-income ratio in different income groups 2016 Percentage of disposable income 400  400  350  350  300  300  250  250  200  200  150  150  100  100  50  50  0  0  1  2  3  4  5  6  7  8  9  10  Note. The columns show the median in each decile group. Data for July 2016. The high debt ratio in the lowest income group should be interpreted with a certain amount of caution, as this group includes, among others, households with highly varied incomes, for example households with negative income. Source: The Riksbank  In addition to households having different sizes of assets and liabilities that are affected by interest rates to different degrees, there may also be other dimensions that play a role in how the distribution of income and wealth is affected by a period of very expansionary monetary policy. For instance, one can imagine that household that are used to managing their assets and liabilities have better conditions for safeguarding themselves against or benefitting from the effects of monetary policy on interest rates and asset prices. However, the distributional effects of monetary policy do not come solely through changes in nominal interest rates and asset prices. Ultimately, it is the effect when consideration is given to inflation that is important. And the composition of household wealth is also significant in this context.

The distributional effects of the central banks’ asset purchases have been in focus in, for instance, the United States, the United Kingdom and in Germany, where there has been considerable discussion of the effects of low interest rates for savers.1 In Sweden, the Riksdag Committee on Finance has included distributional effects in the questions that are to be included in the ongoing review of the monetary policy framework and the Sveriges Riksbank Act – in the terms of reference for the review it says that the committee making the review shall consider in particular whether the Riksbank should give consideration to the consequences that conventional and unconventional monetary policy may have on, for instance, the distribution of income in the economy.2 Explaining why the distribution of income and wealth changes is a challenge that is not made easier by the fact that the statistics in some cases lag behind and in other cases have large gaps. Those of you who have read Piketty's best-seller Capital in the Twenty-First Century also know that one can give the question of distributional effects much greater room than I have scope for today. What I want to say with these reservations is that those of you who are expecting to hear exactly how great the distributional effects of monetary policy have been will  1 See, for instance, the Bank of England (2012), OECD (2015), Bindseil et al. (2015), Deutsche Bundesbank (2016),  European Parliament (2016), Domanski et al. (2016) and Amaral (2017).
That said, climate transition is far from being the primary cause of the recent surge in energy prices across the world. Indeed, it has more to do with a combination of global factors: rapid demand recovery from the pandemicinduced recession, supply disruptions, geopolitical tensions. And in the specific case of Europe, the shock on energy prices is amplified by the run-up in wholesale electricity market prices, due to a shortage in natural gas. Page 9 sur 9 Afterwards, beyond our projection horizon, the transition to net zero might have a more significant impact on inflation, especially if it were to be disorderlyii. The net zero transition would then result into a negative supply shock, in particular if the capacity increase in alternative energy sources were too slow. In addition, the reallocation of demand involved by the transition might trigger relative prices changes in some sectors. The level of r* – the natural interest rate – could also be affected in two opposite ways: higher green investments will increase it; but a negative impact on productivity growth would reduce it. On many of these questions, it’s too early to tell. We need urgently more analytical work on the macroeconomic modelling of climate transition; more than ever, monetary policy will remain a judgment exercise, looking through temporary phenomena while averting lasting increases in inflation. Central banks will have to ensure that these shocks on relative prices do not result into a lasting increase in inflation.

All these initiatives are key to ensuring our capacity to finance the two “Great transformations”, ecological and digital, that we will all have to pursue in the long run. Both require very significant investments in the coming years and hence a co-financing by the public and the private sectors: it is healthy to encourage convergence of private actors with policy goals set by public authorities on these collective issues. Allow me here to turn to some great economists of the last century to shed some light on these transformations. One of them is Joseph Schumpeter and his creative destruction, and the decisive role of private innovation. But we shouldn’t forget Karl Polanyi and his “Great transformation”, written in Britain and published in 1944. Polanyi warned of the dangers of changing a “Market Economy” into a “Market society”, and hence of purely self-regulated markets forgetting about social and political institutions. We might say that his ideas are the structural side of what Keynes wrote on cyclical policies. To succeed in the face of the challenges of both the modern economy and democratic discontent, we will need to reconcile the ideas of these three great thinkers. Page 6 sur 9 II. 20 years ahead: our two great transformations, ecological and digital 1/ I will start with the digital revolution, where Europe is still lagging behind the United States and China. Compared to the United States, we spend less on R&D, have fewer researchers and have filed fewer patents, particularly in biotechnology and in information and communication technologies.
Our stability reports have been judged to be of high quality, transparent and frank. We intend to live up to that reputation once again. 6  BIS Review 52/2008

A Strong Foundation for Shanghai – Singapore Partnership 5 Over the years, China and Singapore have developed a strong bilateral relationship. Trade and economic ties are robust and strong. This is a firm foundation for the Shanghai – Singapore relationship to grow from strength to strength: In 2015, Sino-Singapore bilateral trade rose 1.6% year-on-year to SGD 123.5 billion or about USD 90 billion. For the third consecutive year, China was Singapore’s largest trading partner. Singapore was China’s 3rd largest trading partner in ASEAN 1. During the same period, Shanghai – Singapore bilateral trade saw steady growth to reach almost USD 13 billion. In 2015, Singapore’s investments into China amounted to about USD 7 billion, an increase of 18.5% from 2014. For the third consecutive year, Singapore was China’s largest foreign investor2. Singapore was China’s 5th largest investment destination. Singapore’s actual investments into Shanghai expanded an impressive 160% year-on-year to reach USD 2.2 billion in 2015. 6 In particular, financial cooperation between both countries has thrived. In September this year, President Xi Jinping met PM Lee Hsien Loong at the side-lines of the G20 meetings in Hangzhou. Both leaders noted the positive progress achieved in the latest government-togovernment (G-to-G) project in Chongqing. Financial cooperation was highlighted as an area that has made strong headway. China and Singapore also achieved several new financial cooperation milestones in 2016.
It was not until 2007 that it became self-evident that this was not a tragedy but an opportunity for Poland, which got a million ‘ambassadors’ in Europe, who were hardworking, acquired new experience and spoke foreign languages. Similarly to the Global Scott Network, the Polish diaspora emerged in the European Union. Over time, this diaspora turned into the Global Polish Network. Therefore, we were successful in turning the brain drain into brain gain. Obviously, the Global Polish Network would not have been possible without the E-Ambassador Internet System, which was set up in 2007. Whenever the Globals want to look together through the world news on issues they are interested in, they sit down so as to see the screen from different angles and each of them, holding their respective coffee cups and remote controls, looks through the Internet special edition produced by the aggregator. If they want to hear the sound, they just put on earphones. 7:00 a.m. After breakfast. Lucky. He can always get what he wants. Lucky is a Bavarian Mountain Hound. He loves long walks, freedom and, above all, he adores roaming the neighbourhood. Obviously, Lucky has a microchip implanted behind his ear, and John Global's bicycle is equipped with a GPS, which keeps track of Lucky's every move.

In Malaysia, solutions tested in the Bank’s regulatory sandbox enabled the Bank to design regulatory safeguards that would allow the implementation of end-to-end electronic know-yourcustomer processes for the provision of remittance services. By dispensing with the need to conduct physical face-to-face verifications, this is expected to significantly expand access to remittance services for customers working and living in remote parts of Malaysia, while effectively addressing money laundering and terrorist financing risks. Bank Negara Malaysia also successfully collaborated with the World Bank and the money services business industry in Malaysia to pilot and adopt solutions that have expanded the reach and reduced the costs of formal remittances. Second, policy life cycles will need to be managed more proactively, to allow for policies to be renewed when conditions change. While much is often said about policy stability, policies that fail to keep pace with conditions that are changing far more rapidly than we have experienced before, can be counterproductive at best, and at worst, create greater risks for the system. The SDGs are undeniably one of the most comprehensive attempts to capture the most important global challenges that we face. Solutions to these challenges will invariably create new issues for policy makers to consider. This in turn will lead to shorter policy life cycles, and a need for faster policy responses to emerging issues. Third, we need better remittance data. It is encouraging that efforts are being taken to ensure the availability of official global data sources on remittance flows.
In the beginning phases of the Norwegian oil age, the impulses to other economic sectors were modest. Over the years, we have developed an internationally competitive petroleum supply industry of considerable scope. While the companies operating on the Norwegian continental shelf had to import virtually all their equipment in the 1970s, the import share has now dropped to just below 40 percent. The Norwegian engineering industry has flourished. The supply industry has become a major export industry. Almost two-thirds of total Norwegian exports are now linked to the petroleum industry. Chart 7  BIS central bankers’ speeches  7  Vigorous activity in the oil and gas industry helped Norwegian manufacturing sectors during the financial crisis. The petroleum industry is a buffer against the current downturn in advanced economies. In that respect, the Norwegian economy has become more robust. The flip side of the coin is that our economic future is becoming increasingly dependent on oil and gas activities. The substantial petroleum revenues and the spillover effects from oil and gas production are reflected in the labour market and are driving up house prices and debt. Thus, the Norwegian economy is also vulnerable. In the mid-1980s, the Norwegian economy was shaken by a sharp and long-lasting fall in oil prices. Today’s situation is quite different. Oil prices are persistently high, reflecting the emergence of newly industrialised countries. But it is risky business to take today’s oil price levels for granted. New energy technologies are being developed. Climate challenges will not disappear.

Øystein Olsen: The economic outlook Speech by Mr Øystein Olsen, Governor of the Norges Bank (Central Bank of Norway), to invited foreign embassy representatives, Norges Bank, Oslo, 4 April 2013. The speech is based on the annual address 2013, Monetary Policy Report 1/13 and previous speeches. Please note that the text below may differ slightly from the actual presentation. *  *  *  Excellencies, Ladies and Gentlemen, First of all, I would like to welcome you to Norges Bank. Five years after the financial crisis started, growth is weak and unemployment high in many countries. The economic situation in Norway stands in contrast to developments abroad. Norway’s economy is still growing and unemployment remains low. There is a tendency to see ourselves as a country apart. Truly, Norway’s oil and gas resources provide an economic base that few other countries enjoy. Income levels are among the highest in the world. At the same time, our increasing dependence on oil and gas increases the vulnerability of the Norwegian economy. The theme of my presentation today is how to enhance the resilience of the Norwegian economy. When the financial crisis washed over the Norwegian banking sector in autumn 2008, we were reminded of how dependent we are on the world around us. Nonetheless, the Norwegian economy weathered the crisis well. After about a year, the downturn in Norway was over.
A particular benefit was that we were able to access deeper and private information not available to analysts to run the tests; the resultant reports and briefing sessions are always attended with great interest by the market. Charlotte Gerken Executive Director, Insurance Supervision  Annex  ©2023 Bank of England

The prominent role of money is signalled by the announcement of a reference value for the annual rate of growth of the broad monetary aggregate M3. This reference value represents a visible public commitment to analysing and explaining monetary developments and their implications for price stability in detail. In December 2000, the Governing Council of the ECB reconfirmed the reference value of 4 1/2% annual growth. This rate should be consistent with price stability in the medium term. While the reference value plays an important role in monetary analysis, the assessment of the first pillar goes beyond the evaluation of the deviation of M3 growth from the reference value. It encompasses a variety of approaches which assign a central role to money because of the ultimately monetary nature of inflation, as well as a detailed analysis of the components and counterparts of M3. Thus, an in-depth analysis of the overall liquidity conditions in the euro area is provided. BIS Review 10/2001  1  Despite broad consensus on the fact that inflation is ultimately a monetary phenomenon, the assessment of monetary developments alone does not give an accurate picture of the state of the economy and of the potential risks to price stability. Therefore, for a robust strategy, it is useful to analyse additional indicators relevant for future price stability and to combine them under a second pillar.
Süreyya Serdengeçti: Financial stability and implications of Basel II Opening speech by Mr Süreyya Serdengeçti, Governor of the Central Bank of the Republic of Turkey, at the conference on “Financial stability and implications of Basel II”, Istanbul, 16 May 2005. *  *  *  Financial stability Minister, Governors, Academicians, Guests etc., I would like to welcome you to Istanbul today and thank you all for your participation in this conference. It is an honor for me to host such distinguished speakers and participants in Istanbul. One of the features of the world economy back in the 90’s was the financial liberalization of economies. The ambitious macroeconomic policies of many countries aiming at liberalizing capital accounts, started in fact with developed countries in the late 70’s and spread to developing countries in the late 80’s and 90’s. Another feature of the world economy in the 90’s was the acceleration of capital movements around the world, which I would say is also an outcome of the financial liberalization policies. The comprehensive technological progress in areas of information, communication and computing also highly promoted this active movement of capital across national borders. This impressive change in the global economic environment since the 80s has resulted in important changes in global financial markets. As the figures indicated, during this period, the global financial sector in general and the banking sector in particular developed much more than the real sector did. New financial instruments that were designed for firms’ financing needs provided new opportunities for companies.

We know that recoveries from financial crises tend to be slow; it takes on average about eight years to reach the pre-crisis level of real per capita income following financial crises. 3 Distorted and damaged financial sectors don’t allocate resources effectively. We may not pay the price for a number of years as the boom builds up. But in the end the price we pay is large when a financial system misallocates resources in the boom and in the following bust. Real GDP per head – the best measure of our aggregate living standard – remains 1% below its pre-crisis peak. This high cost to the economy and to society is why we need not only robust regulation of financial institutions but also of the financial system as a whole. Financial stability and sustainable growth are complements. They are not alternatives. Turning back to the reallocation mechanism, there are now some positive signs. The financial sector is well into its recovery. Bank lending growth to non-financial businesses was positive in 2015 Q1 for the first time since the crisis. Beyond the banking system, the Bank’s agents are reporting private equity firms purchasing debt-laden companies and restructuring their funding. The creation of new firms, a sign of vibrancy and reallocation in the economy, increased by 30% in 2013. And labour market ‘churn’, the movement of workers between firms is almost back to its pre-crisis average having fallen sharply in the crisis. In addition, we have seen a return of business investment over the past two years.