samchain/econo-pairs-v1 huggingface dataset:
By and large, they are not currently configured as centres for life-long learning. And nor, in the main, are they institutions providing a balanced educational offering of cognitive, technical and social skills. To meet the needs of the future world of work, that might need to change. The importance of a broad-based, Newman-style, education is likely to be greater than ever. This might criss-cross disciplinary boundaries, as one way of increasing people’s ability to make giant logical leaps. Those skills will be social and technical every bit as much as cognitive, with head, hands and hearts sharing equal billing. Put this way, the future university may need to be a very different creature than in the past. It may need to cater for multiple entry points along the age distribution, rather than focussing on the young. And it may need to cater for multiple entry points along the skills spectrum, rather than focussing on the cognitive. It would, in short, need to be plural rather than singular – a “multiversity”, rather than a university. (b) Intellectual Capital  Multiversities are about spreading future skills across the workforce. Another educational challenge is how to spread future technologies across companies. This is crucial if ideas and innovations are to become GPTs, boosting productivity, pay and living standards. At present, evidence on the diffusion of new technologies across firms paints a rather mixed picture. To understand why, it is useful to recognise that two forces are at work when a new idea is diffusing through the economy.

Globalisation does not mean that ASEAN countries should allow themselves to be swamped by foreign companies. It is a legitimate ambition for countries to want to build up their own strong companies. But the companies need to be internationally competitive; it is not viable for them to depend on protected home markets. Companies which cannot hold their own domestically will find it very difficult to compete abroad. Furthermore, governments must understand what industries they have the best chance of building up, given the nature of the global marketplace. In many industries technology and economies of scale have led to a worldwide wave of mergers and consolidations. For example in banking and auto manufacturing the scale has become global, with a few large players dominating the worldwide market. In these industries, the most promising approach for small and medium countries is to seek investments from these major players, not to build up their own national champions to compete against the giants. This is what Thailand has done with the auto industry. Globalisation has its downside. The competition is intense, the environment is constantly and rapidly changing, restructuring and upgrading are endless tasks, and unpredictable disasters strike from time to time. All this brings disorientation, new insecurities, and a sense of loss of control. But governments have to manage these problems and risks.
Mr Roth discusses demonitisation of gold in Switzerland Speech by Mr Jean-Pierre Roth, Vice–Chairman of the Governing Board of the Swiss National Bank, at the 22nd Annual FT World Gold Conference in London on 14 June 1999. I would like to thank you for inviting me to participate in this gold conference and for the opportunity to give you some insight into the present state of the discussions on the demonetisation of gold in Switzerland. I must admit that I have accepted your invitation with mixed feelings: why play the role of trouble shooter here among people worried about the activity of central banks on the gold market? How to communicate the SNB’s intentions when its room for manoeuvre depends on a complicated political process? All this makes me dream of the comfortable situation of my colleagues in Belgium and Holland who were able to implement their strategy without outside interference and could communicate their sales as a fait accompli. I also look with envy at the Bank of England which will be able to proceed with sales shortly after the Treasury has made its intentions public.

Much attention will also be required, in the fullness of time, to make sure that the financial systems through which financial intermediation takes place are robust so that the benefits of financial liberalization could be maximized and the associated risks could be minimized and prudently managed. 3. As a financial services centre which operates with a highly liberal regime, Hong Kong has important roles to play in all this. There is not enough time to go into details here on this occasion, so I shall just identify three general areas for your consideration. 4. The first area concerns financial intermediation within individual economies, in other words, the channelling of domestic savings into domestic investments. Here Hong Kong, at this stage at least, largely only plays an advisory role. The less liberalized financial systems in this region are very much dominated by domestic financial institutions, particularly in the banking market. Further, domestic politics and a desire to protect domestic financial institutions from undue competition are such that liberalization to admit foreign financial institutions to take part in domestic financial intermediation would only proceed at a pace dictated by these considerations. For example, it will, I think, take some time and patience for Hong Kong-based banks to gain a physical presence in the mainland of China, be allowed access to renminbi banking business and command a significant share of that business. 5.
Research indicates that a fall on the stock market affects household confidence relatively quickly, that is already after two to four weeks.5 The indicator of Swedish consumer confidence in the economy published by the National Institute for Economic Research tends to fall when the Stockholm stock exchange falls (see Figure 6). There may therefore be good reasons for believing that the recent falls on the stock markets of the world are one of the reasons why the Swedish households have become more cautious and are expected to increasing their saving. Financial turbulence has also led the companies to lower their expectations regarding the period ahead and to begin to postpone investments. All in all this has a dampening effect on economic activity in Sweden. High sovereign debts abroad affect Sweden As we have noted, the level of debt is high in the euro area and the United States. Following many years of budget deficit, what were in many cases already weak public finances were further undermined in connection with the financial crisis of 2008–2009. In 2009, the average budget deficit in the euro area amounted to 6.4 per cent of GDP. This figure fell to 6 per cent  5  See for example Jansen and Nahuis, 2003; Kremer and Westerman, 2004; and Beckmann, Belke and Kuhl, 2011. BIS central bankers’ speeches  7  in 2010 and is expected to be 4.4 per cent in 2011.

In line with developments elsewhere in the world, the Swedish purchasing managers index for October also showed a positive development. The expected upturn in private consumption is confirmed by new information, in this case turnover in the retail trade sector. The picture of a gradual, cautious strengthening of the labour market is also supported by incoming data regarding, for instance, new job vacancies, redundancies and companies’ recruitment plans. Employment appears if anything slightly stronger than was expected," said Mr Heikensten. “Inflation in the Swedish economy has been low since the end of 2003. According to the most recent data, for October, annual inflation in terms of the CPI and UND1X stood at 0.5 per cent and 0.8 per cent, respectively. The low domestic inflation rate is largely due to a surprisingly rapid increase in productivity. At the same time, imported inflation has been kept down by strong global competitive pressure, spare resources in the global economy and a previously relatively strong krona. Our assessment in the Inflation Report was that inflation would increase in future, but at a fairly moderate rate. At the beginning of the forecast period the oil price in particular was expected to push up the rate of price increase. After that, rising capacity utilisation in Sweden and abroad, together with diminishing effects of a number of price-dampening factors, was expected to lead to inflation rising.
Interest rates The main objective of the Central Bank of Iceland, like those in many other countries around the world, is to promote price stability. An intermediate objective has been to secure the value of the króna. To do so, the Bank applies its policy rates, namely the rates of interest that it sets for its transactions with credit institutions. In a scenario of overheating and inflationary risks, the Central Bank raises its interest rates, as it has been doing in recent times. The Bank already took such action in the second half of 1997 and raised interest rates fairly rapidly in 1999 and 2000. Over these two years, the Central Bank raised its interest rates seven times in all, by a total of 3.6 percentage points. The policy rate is now 11.4%, which is very high by international comparison. However, under certain circumstances interest rates have been this high or even higher in various other industrialised countries. Broadly speaking, these interest rate rises served a double purpose. Firstly, they were aimed at influencing the exchange rate differential with abroad, thereby exerting a direct impact on capital inflows and supporting the exchange rate of the króna. The other purpose was to contribute towards higher interest rates at credit institutions and thereby reduce the expansion in their lending. Experience shows that the impact on lending will emerge eventually. All these measures were aimed at reducing consumption and investment.

And market valuations collapse. In short, finance magnifies the cycle. This is detrimental to you, to lenders, and to the rest of the economy. And to your great credit, your industry has been in the vanguard of thinking to deal with this. The proposal of the cross-industry Vision for Real Estate Finance, led by Nick Scarles of Grosvenor, was that everyone – lenders, borrowers and regulators – should consider appropriate levels of debt not relative to market prices but relative to cash flows capitalised at long-term, cycle-neutral, rates. Put simply, if prices rise because of sentiment rather than cashflow prospects, that should result in greater reliance on equity, rather than debt, finance. So when the inevitable reverse in sentiment happens, it won’t be magnified by an overindebted industry. The industry proposal is music to our ears. If you apply it, it will stop debt running away unsustainably in the good times. And it will cushion the bad times. It’s countercyclical, mirroring the way capital requirements for banks will now operate. And it’s completely in tune with the broader aim of reducing the way finance magnifies cycles. So we want to help you make progress with it. As capitalisation rates come down from their post-crisis highs, the need to do so is increasing. BIS central bankers’ speeches  3  So in a matter of months, the Bank of England will start reporting market-wide indicators of valuations and gearing based on cashflows capitalised at cycle-neutral rates. It will help you to measure the risks.
Among firms that report in pesos, the debt is mostly concentrated in those with a limited individual currency mismatch: firms with a mismatch Page 8 of 20  Central Bank of Chile September 2019  of over 10% of their assets hold just 3% of external debt, and represent about 10% of the total number of companies that use the Chilean peso as accounting currency. Local institutional investors’ participation in the local sovereign debt market, especially in the longer segments of the yield curve, is much higher in Chile than in most emerging economies, at 80 to 90%. Thus, the buy-and-hold strategy of these investors reduces the volatility of both local sovereign rates and domestic funding costs. By now, the Chilean financial sector is one of the most developed in the emerging world. It has transited from being largely dominated by traditional banking to being composed by several other market participants, including Pension Funds, General Fund Administrators and Insurance Companies; among others. Assets under management of these non-bank investors went from less than 1% of GDP in 1984, to Page 9 of 20  Central Bank of Chile September 2019  65% in 2000, and to almost 100% of GDP in 2018. This development has translated into improved access to alternative sources of funding by Chilean firms. Currently, around 85% of total corporate bonds are held by institutional investors, thus reliance on banking credit of these corporations has gone from 91% of financial debt in 1986 to around 25% in recent years.

I’ll also go into some detail about the outlook for inflation. Finally, I’ll discuss what this means for monetary policy and the road ahead. Before I continue, I need to give the standard Fed disclaimer that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee (FOMC) or others in the Federal Reserve System. Economic Outlook I’ll start by saying that the headline of our economic story is good news: the recovery continues to show solid momentum. But the subheading is that we’ll need to be patient. Even with the strong pace of growth we experienced much of this year, a full recovery from the pandemic will take time to complete. The adjustment to rapidly changing circumstances, along with a resurgence in COVID-19 cases, is affecting consumer spending and jobs, sustaining supply bottlenecks in sectors such as autos, and delaying a full reopening of the service sector. So, to continue with the news analogy, here’s the lede: I expect gross domestic product, or GDP, to increase around 5 ½ to 6 percent this year. My current forecast accounts for strong growth in the first half of 2021, but also balances some slowing of growth in the remainder of the year relative to the first half. Now I’ll turn to employment, something I know many of you as business leaders watch closely. Job gains by and large have been strong in recent months.
Central banks are permanently asymmetrically called on to privilege more the short term to the detriment of the medium and long term and this by all sensitivities, all constituencies whether private or public … We were made independent precisely because our democracies rely on us to reason also medium to long term, and to avoid being exclusively trapped in short-term considerations. In my own experience, this is both a national and international experience in the euro area: I know practically of no constituency which would call on us to increase rates at any time! I experienced all the consequences in the 1980s of the second oil shock and the defaults of sovereign states, which were the mark of the 1980s. We had a very negative consequence of  4  BIS Review 159/2008  these dramatic oil shocks and commodity price shocks that we had to cope with in the 2000s, because there has been, on top of the savings glut, an additional pot of forced savings that were accumulated at the level of the global economy by the oil and commodity producers. That created an additional element of capital chasing investment and hunting for yields. You then had a very low level of spread, a very low level of volatility and a very low level of risk premia, which contributed to create an asset bubble, asset price inflation. FT: Are there measures that you could take or policies that you should adopt in order to avoid another wave of volatility?

John C Williams: Banking culture - the path ahead Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the conference "Building Cultural Capital in the Financial Services Industry: Emerging Practices, Risks and Opportunities", Federal Reserve Bank of New York, New York City, 4 June 2019. * * * As prepared for delivery Good morning, everyone. I’d like to begin by welcoming you to the Federal Reserve Bank of New York and to the fifth conference on culture in financial services that we’ve hosted. Before I launch into my remarks, it’s time I remind everyone that the views I express today are mine alone and do not necessarily reflect those of the Federal Open Market Committee or others in the Federal Reserve System. When I took on the role as President of the New York Fed last year it so happened that my first day coincided with this conference. In my remarks that day, I emphasized that culture is a longterm project, a constantly evolving one, which is never done. The trouble with long-term projects with no distinct finish line is that they can lack a sense of urgency. The pressure to make real progress is often missing, especially when there are so many other priorities competing for our time. Headlines in the financial news illustrate the lack of progress. In the year since our last conference, stories of money laundering and fraud have been an all-too-frequent feature.
And, this doesn’t begin to capture the full human toll— including the impact on workers who have lost confidence in the future and the poorer health outcomes that occur because of increased stress. For too many individuals in the United States, for instance, the American dream has been put at risk, with parents increasingly pessimistic about whether their children will have the opportunity to do better than they did. We should find better ways to help communities that are struggling because of the effects of free trade. In the United States, we have historically experienced a high degree of geographic labor mobility—much higher than in other advanced economies. The ability to move in search of better opportunities, when possible, has helped to mitigate some of the adverse effects of trade. But, mobility has declined in the United States in recent years, implying that the adjustment costs to trade may have increased. Protectionism Is Not the Answer Given these costs of global integration and more liberalized trade, what is the best path forward? Protectionism can have a siren-like appeal. Viewed narrowly, it may be potentially rewarding to particular segments of the economy in the short term. Viewed more broadly, it would almost certainly be destructive to the economy overall in the long term. Countries need to compete better, not compete less. Trade barriers are a very expensive way to preserve jobs in less competitive or declining industries. They blunt opportunities in export industries and they reduce the affordability of goods and services to households.

Let’s not think of how we can reform, but how we can design. Let’s create a system that can better withstand the unforeseeable and the unpredictable. Conclusion These are difficult, complicated issues. But complexity doesn’t need to get in the way of getting back to principles or impede necessary action. Look no further to what we just accomplished with LIBOR. On January 1st, we are taking a giant leap in moving to a post-LIBOR world. That’s a monumental feat for financial market reform—and it was made possible by a significant, prolonged, and coordinated effort by the private and official sectors across the globe. With Treasury market reform, we must take the same approach of bringing together the best ideas from the public and private sectors. Three episodes of market dysfunction over the past decade are too many. Let’s work together to build a system that is truly resilient and can withstand the challenges of our time—and of the future. Thank you. 1 Recent Disruptions and Potential Reforms in the U.S. Treasury Market: A Staff Progress Report, Inter-Agency  Working Group for Treasury Market Surveillance, November 8, 2021. 2 For a history of the Desk statement on repo operations during that period, see Repo and Reverse Repo  Operations: Statements and Operating Policies. Details on the parameters of the repo operations during this 3/4  BIS central bankers' speeches  period can be found at Historical Repurchase Agreement Operational Details.
Inflation expectations themselves have been remarkably stable, including during the recent period when oil prices jumped to levels no one could have expected only a year ago. This, by itself, illustrates the credibility achieved by the Eurosystem, after only six years of existence. Second, European households and companies are reaping the benefits of that credibility. Long term interest rates stand at an historically low level, around 100 basis points below the level in the United States. So, even after the recent increases in short term rates, monetary and financial conditions remain extremely favourable for investment and growth. And indeed, we might be witnessing in Europe the start of period of sustained and stable growth, at least if current projections and surveys prove to be right in the coming months. A third benefit of the Euro is the boost it gives to financial integration in Europe. In many segments, European financial markets have reached the depth and liquidity which, up to now, were the preserve of dollar markets. This stimulates productive investment, helps in restructuring (as witnessed by the current wave of M&As) and, more generally, allows a better allocation of savings and sharing of risks. As a consequence, the euro is becoming extremely attractive, as a vehicle, a transaction, an investment and a reserve currency. As you may know, as central bankers, we remain neutral as far as the internationalisation of the euro is concerned. We are neither encouraging, nor discouraging the process.

Christian Noyer: Is the euro a success story? Speech by Mr Christian Noyer, Governor of the Bank of France, at the Paris EUROPLACE International Forum, Tokyo, 29 November 2006. *  *  *  It is a great pleasure for me to be here today and to have the opportunity to address such a distinguished audience. I want to talk to you about a success story: the euro. As you well know, there have been difficult times for European integration. The Treaty creating a Constitution for Europe was not ratified last year and the future of political integration is fraught with uncertainties. Also, much remains to be done, in terms of structural reform, if the European countries want to achieve the same level of long term growth as other developed economies. Nevertheless, I feel very optimistic. And the reason for this optimism is the euro. The single currency has the potential to bring enormous benefits to European nations, which they can use to achieve a high degree of stability and prosperity. 1)  What are those benefits? The first, and most obvious, is price stability. Over the last five years, inflation has stayed broadly in line with the price stability objective set by the European Central Bank, i.e. inflation below but close to 2% over the medium-term. Gone are the days when European citizens had to worry about the purchasing power of their savings. This stability goes beyond the behaviour of prices.