samchain/econo-pairs-v1 huggingface dataset:
But they are particularly important in the case of innovative projects in Spain, where external finance comes mainly in the form of bank loans, due to the absence of sufficiently developed alternative capital markets, as evidenced by the fact that bond issues still represent barely 10% of the total finance received by Spanish non-financial corporations, compared with 40% in the USA. 9  See S. Fazzari, R. Hubbard and B. Petersen (1988), “Financing Constraints and Corporate Investment”, Brookings Papers on Economic Activity, vol. 1, pp. 141-206. 10 See A. Goodare and I. Tonks (1995), “Finance and Technological Change”, in P. Stoneman (ed. ), Handbook of the Economics of Innovation and Technological Change, Wiley-Blackwell, pp. 298-341. 14/18  Financing innovation  The most recent period has seen some growth of non-bank financing in Spain and a certain improvement in the allocation of bank financing compared with the period immediately before the crisis, during which the firms receiving credit were characterised by their low productivity and a high proportion of real estate assets on their balance sheets. This largely explains the low dynamism of aggregate productivity in that period.11 By contrast, in the recovery phase funds tended to go to firms with a comparatively more favourable economic and financial position and which were more productive.12 In any event, this relative improvement in the allocation of bank credit cannot be allowed to hinder the development of specific financial products to facilitate the financing and growth of small and/or newly created innovative firms.

In view of those suggestions, and after considering the greater risks to the financial system posed by the Bear situation, we were able to work quickly on a companion facility that would transmit liquidity to parts of the market where it could be most powerful. This is what led the Board of Governors of the Federal Reserve System to approve the establishment of the Primary Dealer Credit Facility on March 16. Under Section 13(3) of the Federal Reserve Act, the Board of Governors is empowered to authorize a Federal Reserve Bank like the New York Fed to lend to a corporation, such as an investment bank, in extraordinary circumstances under which there is evidence that the corporation cannot “secure adequate credit accommodations from other banking institutions.” The Board of Governors needed to make the statutory finding that the circumstances were exigent and extraordinary, and it did so, based on the situation prevailing in the financial markets and the distinct possibility that absent an assurance of liquidity to major investment banks the deterioration in financial conditions likely would have continued with substantial effects on the economy. We recognized, of course, that the use of this legal authority was, in itself, an extraordinary step. At the same time, we were mindful that Congress included this lending power in the Federal Reserve Act for a reason, and it seemed irresponsible for us not to use that authority in this unique situation.
Maintaining ecological sustainability requires global initiatives, advances in technology, and changes in policies and consumption patterns. To its credit, China is serious over environmental issues. The recent 17th CCP Congress reaffirms Chinese leaders’ pursuit of “harmonious development”. It also explains why Premier Wen Jiabao agreed readily to my proposal that Singapore and China jointly build an eco-city in China – a city where people, economic activities and the environment co-exist in harmony. We are in the process of choosing a non-agricultural site which lacks water, so that the ecocity there could be a model for China’s new cities. Priorities of ASEAN Southeast Asia is an important piece of the regional structure and will play its part. Later this month, the ASEAN and East Asia Summits will be held in Singapore. Singapore, as ASEAN Chair, has identified climate change and the environment as key agenda items. This will sustain the momentum of discussions on such issues until the December UN Framework Convention on Climate Change Meeting in Bali. In practical terms, Singapore and Malaysia are working with neighbouring Indonesian provinces to tackle peat land fires and develop sustainable land-clearing practices. While Myanmar will no doubt grab media attention at the ASEAN Summit, it will not be the most important story for ASEAN. Of greater importance is the fact that ASEAN leaders will sign a politically-binding declaration to establish an ASEAN Economic Community by 2015. ASEAN will evolve into a single market and production base with free flow of goods, services, investment and skilled labour.

Most importantly, we will not accept empty shell companies. All entities in the euro area must have adequate local risk management, sufficient local staff and operational independence. All that should be self-evident. Banks which seek to permanently book all exposures back-to-back with another entity in London should change their plans. And so should banks that plan to book all exposures with a euro area entity while having their risk management somewhere else. We are aware that it is a burden for UK banks to apply for a new licence in the EU. With a view to internal models, we would aim to be accommodating regarding the timing. There will be a transitional period in which new euro area entities might use internal models that have not yet been approved by the ECB. But of course, there are conditions attached. First, the relevant models must have been approved by the UK’s Prudential Regulation Authority. We would also reflect on any comments on the quality of the models from our UK colleagues. Second, the banks must have applied for internal model approval in the euro area. The transitional period will cease as soon as we have approved or rejected the bank’s model application. Ladies and gentlemen, sound banks are at the heart of a strong economy. Banks therefore should note Walter Bagehot’s words and remain cautious. It is our job as supervisors to help them do so and steer clear of risky adventures. Thank you for your attention. 2/2  BIS central bankers' speeches
They do not directly influence the supply side, which depends upon a whole host of structural characteristics of the economy which are largely beyond the direct reach of monetary policy. What we have to do in managing short-term interest rates is to keep overall demand growing broadly in line with the underlying - sustainable supply-side capacity of the economy as a whole to meet that demand. In other words we are trying to maintain overall, macro-economic, stability in a much broader sense, in the medium- and longer- and not just the short-term; and the Government's inflation target is the criterion against which our success, or otherwise, in achieving that broader macro-economic stability is to be measured. Our problem is that we don't know with any great precision or confidence exactly what is happening on the supply-side - that's to say precisely what rate of growth we can hope to sustain. We don't know precisely either what is currently happening, or what is likely to happen looking forward over the next couple of years or so to overall, aggregate, demand. And we don't know precisely what the full impact of a change in interest rates will be on aggregate demand, or how long it will take before the full impact is felt. Ours is not a precise science. In fact it's more of an art than a science.

8  For its part, year-on-year growth in the prices of services and non-energy processed goods, which include processed food, stood at 4.3% in May. 3  of employment.9 Among the factors behind this worse relative performance of the Spanish economy is its specialisation in tourism.10 This sector has been among the hardest hit by the pandemic and, moreover, the recovery in inbound tourism has been slower in Spain. Indeed, the gap with the euro area has tended to narrow in the most recent period, given the improvement in activity in hospitality and leisure. However, there was still a significant gap in trade, transportation and hospitality; construction; and professional and administrative activities; as well as in industry, in part due to the importance of the automotive industry. Conversely, in the sectors that have led the recovery, such as financial activities and public administration, GVA has outstripped its pre-pandemic level in Spain more than in the euro area. From the standpoint of demand components, the difference visà-vis the rest of the euro area reflects the lower buoyancy of services exports,11 residential investment12 and private consumption.13 The role of economic policy in the pandemic crisis Economic policies worldwide have played a key role to mitigate the impact of the health crisis on the income and financial position of households, firms and financial institutions. The monetary, fiscal and prudential authorities have also taken complementary measures, adapting them flexibly to the health situation and the economic effects of the pandemic.
APP The significant stock of assets purchased through the APP and the subsequent reinvestments once net purchases ended in December 2018 have been providing substantial monetary 6 / 19  BIS central bankers' speeches  accommodation to the euro area. My colleague Benoît Cœuré recently provided a thorough assessment and Chart 4 and Chart 5 illustrate the contribution of the APP to the easing of financial conditions through the reduction of yields.6 According to those estimates, after the last recalibration of the APP in June 2018, the ten-year bond yield would have been around 95 basis points higher in the absence of the APP. Moreover, this impact is quite persistent. Asset purchases work through a variety of mechanisms. Of particular importance is the duration channel. By absorbing duration risk from the market, investors require less risk compensation, which pushes down term premia and yields. The duration channel is complemented by the signalling channel through which asset purchases can affect the expected path of short-term policy rates.7 Importantly, the bonds we have purchased will remain on our balance sheet for a long time and we continue to reinvest maturing principals (Chart 4). A meaningful stock effect will therefore continue to prevail and will exert substantial downward pressure on yields (Chart 5), particularly at the longer end of the curve.

Mr Chairman, I am informed that one of the notable projects being undertaken collaboratively is on ICT Governance implementation within the central banks using the Control Objectives for Information and related Technologies (COBIT) framework. BIS Review 42/2008  1  Ladies and Gentlemen, you will be delighted to learn that just last week a number of board members from central banks in Africa and across the world converged here in Livingstone to discuss the subject “Trends in Central Bank Governance”. Indeed good corporate governance is generally acknowledged as important in economic management and therefore, the role that ICT Governance plays, in this regard, can not be over emphasized. I am also informed that this conference will discuss some of the solutions available for implementing Business Continuity Planning (BCP) and the progress so far made in this regard. Indeed business continuity planning and management for ICT resources is critical to the operations of our Central Banks. The level of investment and dependence on ICT services is significant and few organizations could operate for long today without these resources. I therefore urge you to critically review this area that is equally important to the implementation of good corporate governance. Mr Chairman, allow me also to talk about financial inclusion or access to finance for all. Ladies and Gentlemen, as you are aware most of our rural areas are mostly unbanked due to infrastructural obstacles.
Philipp Hildebrand: Global and Swiss economic outlook Introductory remarks by Mr Philipp Hildebrand, Chairman of the Governing Board of the Swiss National Bank, at the end-of-year media news conference, Zurich, 16 December 2010. *  *  *  The Swiss National Bank (SNB) is maintaining its expansionary monetary policy. It is leaving the target range for the three-month Libor unchanged at 0.00–0.75%, and intends to keep the Libor within the lower part of the target range at around 0.25%. The global economic recovery is continuing. While the growth dynamic in emerging economies is vigorous, the recovery in the industrialised economies remains modest overall. Growth in Switzerland was robust in the third quarter of 2010, but the weakening of exports, in particular, points to a significant reduction in growth in the quarters ahead. The SNB expects GDP to grow by some 1.5% in 2011, following growth of about 2.5% in the current year. Monetary policy operates in an environment of heightened uncertainty. Concerns about stability in the euro area have led to renewed financial market tensions. Against this backdrop, the Swiss franc has again appreciated. Should these tensions be exacerbated and put a strain on economic developments in the euro area, this would also have a detrimental effect on the Swiss economy. If a deflation threat emerges, the SNB would take the measures necessary to ensure price stability. The SNB’s conditional inflation forecast for 2012 and 2013 is slightly below the September forecast.

Rather, the Bank estimate was developed in the spirit of trying to give some guidance to the members of the MPC on the relative weights that they should attach to the conflicting pictures painted by the Halifax and Nationwide indices. The house price index constructed by the Department of Environment, Transport and the Regions is also helpful in this respect. That index has the advantage that it is constructed using a more complete method for adjusting for the mix of houses transacted than the Bank estimate, but it is based on only a small sample - approximately 5% - of mortgage-backed transactions. The Bank estimate suggests that house prices increased by 9.0% in the year to 1997 Q4, compared with 6.9% measured by Halifax and 12.9% by Nationwide. The Bank estimate is broadly consistent with the DETR index, which shows a 7.9% increase over the same period. But further work is required on this issue which is of importance to us all. “Divided we stand, united we fall” That brings me to the Monetary Policy Committee and the prospect for interest rates. The transparency of the new process means that the debate about monetary policy within the MPC is explained clearly to the world at large. Hence the reasons why monetary policy is so finely balanced are, I believe, now widely understood. But it is not just the policy debate which is now more transparent. The voting record of each individual member of the MPC is in the public domain.
Our economy, which once was very much out of balance, is now in balance and developing about as well as could be expected in difficult circumstances. Furthermore, and this is very crucial, opinion polls show that public support for the euro appears to be rising and has clearly been above 50%. If one also considers recent improvements in the outlook for the euro area as compared to 6 or 12 months ago, I believe the support will continue rising in the future. Never in our history has Estonia been engaged in shaping Europe to such an extent. We have a say in the processes affecting us, from monetary policy decisions to the euro area’s future. For us, it is a matter of economic security, future prosperity and international credibility. I wish Latvia determination and success in following the same path. Thank you! BIS central bankers’ speeches  3

Moreover, this framework should be flexible enough to allow countries to give a response according to the features of the crisis specific to the respective country. Anyway, clear principles for preventing legal bottlenecks and the cross-country spillover of negative effects should be put in place, and countries should share the fiscal burden of a cross-border crisis in line with those principles. BIS Review 56/2009  3  6. The IMF strengthened its role after being criticised for not having foreseen the Asian crisis. A few years ago, many economists expected a sharp decline in the IMF's role in the current economic context. Against the background of the current crisis, the world seems to rediscover the role of the IMF. The institution's funds have recently been increased in order to meet the requests of different countries for financial and technical assistance. The statements of the G20 leaders are indicative of the fact that the IMF will assess regularly the measures taken and the global actions necessary to be initiated. Furthermore, a close cooperation between the IMF and the Financial Stability Board (FSB), which will include all G20 countries, members of the Financial Stability Forum, Spain and the European Commission is envisaged. Together, the IMF and the FSB will convey early warnings on macroeconomic and financial risks and will indicate the necessary actions to address such risks. My opinion is that the current financial crisis highlights the fact that in such difficult times, an institution having an image of each economy in the global context is required.
As I have mentioned, there is probably less to gain from lower long-term rates in Norway than in countries that have used unconventional instruments to reduce rates. And the effects of such instruments are now also being called into question internationally. The costs are particularly related to financial stability. Persistently low interest rates can induce investors to take on greater risk in the search for yield, bidding up the price of risky investments and pushing down yields to the level of risk-free interest rates. Prices for securities and other assets can be pushed up higher than future income and risk would suggest. High debt ratios create vulnerabilities, increasing the risk of new crises and future losses. Persistently lower interest rates can also hamper necessary structural changes and reduce the economy’s growth capacity. Debt becomes easy to service, even for unprofitable enterprises. Projects that generate low returns can be debt-financed. Chart: Fiscal impulses The strategy pursued by other countries of stretching the limits of monetary policy must be viewed in the light of monetary policy being practically the only instrument applied. Fiscal policy has made a scant contribution or pulled in the opposite direction. There are probably a number of reasons why this is the case. For some countries with high government debt, the risk of rising interest expenses restricted fiscal room for manoeuvre. At the same time, fiscal policy is managed at national government level.

Jon Cunliffe: Monetary policy one year on Speech by Sir Jon Cunliffe, Deputy Governor for Financial Stability of the Bank of England, to the Cambridge Society for Economic Pluralism, Cambridge, 28 October 2014. *  *  *  My appointment to the Bank of England was announced in July 2013, at about the same time we first had official data in showing the UK economy growing strongly. I joined almost exactly a year ago on 1 November, shortly before the inflation data for October came in showing a 0.5pp drop to 2.2%, the biggest fall in over 18 months. But as always in economic policy making one has to distinguish between correlation and causality. The latter is nearly always uncertain. Indeed, as an economic policy maker, especially a forward looking monetary policy maker, one must accept one is almost always making policy under conditions of considerable uncertainty. Perhaps that is why you so often hear from monetary policy makers about puzzles and how “the data are unusually difficult to read this month”. Our job on the MPC is precisely to make judgments about the future on the basis of imperfect information. To decide when we have enough to act and when it is better to wait. And to adapt those judgments as the economy evolves. Against that background, and on the occasion of my first anniversary at the Bank, I want tonight to review how the economy has evolved over the last year against what was expected when I joined the MPC.
That said, neither the MPC nor the FPC can afford to be complacent. The past five years or so have presented the policy makers here and elsewhere with many difficult challenges. We have discovered that we knew even less about the workings of the economy than we thought we did. And we have moved into policy territory that we could scarcely have imagined during the halcyon days of the Great Moderation. Happily, there are signs that a recovery is at last starting to gain traction here in the United Kingdom. But there is still a long way to go before we can say the economy is mended. Until that is the case, monetary policy will need to remain supportive and the guidance we issued in August was intended to make that clear. Thank you! The UK economic outlook Society of Business Economists Annual Conference Charlie Bean, Deputy Governor for Monetary Policy 22 October 2013  2  6  This point was originally made in a Credit Suisse note entitled “Market to Mark”, 4 September 2013.

What a relief, one might think, that we consumers don't have to pay for all this. But who is it that has to pay? Because someone ultimately has to bear the costs. It is easy to initially assume that it is the retail trade and the banks that benevolently pay for payments. But it is not that simple. The merchants need to have their costs covered; otherwise they will not be able to run their businesses. And the same applies to the banks. The costs of all payments therefore gradually arise as the markups on the prices of the goods and services we buy. Milk and vegetables may become a little more expensive in the shop and the interest on our deposits at the bank may be a little lower than would otherwise have been the case. It is thus we consumers and bank customers who ultimately pay the costs of all payments. But we do not see them. We are therefore led to believe that they do not exist – or that someone is paying them. Shouldn’t the actual costs be visible? Is this a good system? Normally, we want to be able to see what various goods and services cost. The price helps us decide how much we will buy. We do not have any such price signals regarding the different methods of payment. The real prices are hidden. And this raises the question: If we knew what it actually costs, would we change our method of payment?