samchain/econo-pairs-v1 huggingface dataset:
Given the importance of the bank finance for the non-financial sector, the ECB undertook specific measures targeted at covered bond market, which is an important source of liquidity for banks. To ensure adequate depth and liquidity at secondary markets for government securities and increase the investors’ confidence in 2010 Securities Market Program and later on in 2012 Outright Monetary Transactions were implemented. To support the lending to the private sector a credit easing package was introduced in 2014. To address the risk of prolonged period of low inflation, at the beginning of 2015 the Expanded Asset Purchase Program was adopted. 3 Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Macedonia, Poland, Romania, Serbia, Slovenia. 2  region. In this analysis we will focus on the financial channel, i.e., on the extent to which eased financial conditions due to the ECB’s unprecedented monetary stimulus has affected the financial conditions in the region. First, we will tackle the question on the synchronization between the changes in ECB rate and policy rates in the region, and subsequently the transmission to banks’ lending rate as an indicator for the financing conditions of the private sector. In this context we will also touch upon the issue of the spread between foreign and domestic interest rates as an important factor that influences the room for monetary policy maneuver of the central banks in the region, especially for economies with some form of managed exchange rate regime.

The expansionary fiscal policy is contributing to a strong development of household disposable income in the coming years, providing a basis for higher private consumption as well as increased saving. Exports rise during the forecast period but the increase is relatively modest both on account of the international upswing being tentative initially and because the krona is expected to appreciate. GDP growth is judged to be 1.6 per cent this year and then accelerate to between 2.5 and 3 per cent in the coming years, which as fare as can be judged is somewhat more than the Swedish economy can sustain in the longer run without giving rise to inflationary tensions. With the high resource utilisation, labour costs are judged to rise somewhat more than we foresaw in the December Report. Partly for this reason, domestic inflation in the forecast period is somewhat higher than foreseen earlier. CPI inflation stops at 2.2 per cent one year ahead and 2.4 per cent after two years. The corresponding forecast for inflation’s underlying rate, UND1X, is 2.2 per cent both one and two years ahead. Monetary policy focuses in the first place on the latter rate. In this price forecast, the supply shocks that are now leaving their mark on inflation are judged to drop out of the twelve-month change figures successively during the late spring. Inflation is accordingly expected to approach 2 per cent in the early summer.
By occupation, consistent with qualifications, the gender pay gap is smaller for professional and administrative occupations than for skilled trades, customer service and plant operatives (Chart 9). For almost all occupations, the gender pay gap is higher outside London. In 2018, the gender pay gap outside London remained higher for managers, skilled trades and elementary occupations. For the rest of the occupations, the pay gap in London overtook the respective gap outside London. Broadly speaking, occupations with median hourly pay of more than £ (managers, professional, and associate occupations) have lower gender pay gaps than occupations where the median hourly pay is less than £ (sales and customer services, and elementary occupations). Relatedly, there is a clear inverse relationship between the gender pay gap and female-dominated professions. Occupations with a lower share of females tend to be characterised by higher gender pay gaps and vice versa, consistent with increased female representation shrinking gender pay gaps cross-sectionally, if not always over time. 12  All speeches are available online at www.bankofengland.co.uk/speeches  12  Chart 9: Median gender pay gap by occupation, sample average Gender pay gap, per cent 35  London  Other  30  25  20  15  10  5  0 Managers  Professional  Associate Administrative Skilled trades professionals  Male male  Personal service  Sales and customer  Process and plants  Elementary  Female female  Source: ONS Labour Force Survey and Bank of England calculations.

Conclusion To summarise, deregulation will bring greater competition to the banking industry, which should enable banks to exercise a great deal more freedom in the nature of business they pursue and in the form of services they offer. Ideally, this freedom should also provide greater choice for the consumer, greater efficiency in the delivery of services, and better value for money. In practice, however, the transitional period in which we now find ourselves will also give rise to misunderstandings, disputes, and dissatisfaction among many consumers that will need to be resolved. To approach these problems and to find practical ways of resolving them, we need to develop a more sophisticated and better organised system of consumer protection. We have now placed the subject on the table for discussion. I hope that the community and its representatives, and the industry, through your organisation, will take up the debate and help shape an effective solution. BIS Review 55/2001  5
Further, like the Federal Reserve and the Bank of England, it has pursued a very expansionary liquidity-provision policy, which can be measured by the sizeable increase of over 50% in its balance sheet since 2008. Among the extraordinary measures, I would highlight the long-term (as long as three years) refinancing operations; the extension of the list of assets accepted as collateral for the loans made to banks; and the launch of asset purchase programmes, such as the Securities Market Programme, the two Covered Bonds Purchase Programmes (including Spain's) and the announcement, in August 2012, of the Outright Monetary Transactions programme. More recently, in July this year, a policy of forward guidance has been adopted, involving the more accurate communication of the projected behaviour of official interest rates in the future. Yet we should remember that the capacity of monetary policy to resolve the problems at the root of this crisis is very limited. What it can do, and is doing, is making time so that other players who do have the proper tools to resolve the problems can adopt the measures needed, and so that such measures may take effect. The other European economic authorities, starting with the Commission, have – in close collaboration with national governments – taken significant steps towards correcting the weaknesses exposed in the euro's institutional arrangements. Thus, a permanent mechanism, the European Stability Mechanism, has been set up, with the capacity to provide funds to the Member States deprived of access to the capital markets.

This is progressing slowly because their income is weak and so the adjustment has to proceed mainly through the contraction of credit. Under these conditions, aggregate credit to the private sector will probably still take some time to achieve positive rates. This situation at aggregate level can and should be compatible with differing behaviours of credit to firms and to households, so as to allow financial resources to flow to those sectors in a solid position to undertake viable spending, investment and hiring projects. The results of preliminary analyses at the Banco de España indicate that such reallocation of financial resources is already taking place. However, there are still some frictions affecting most notably lending to SMEs, which as you know are particularly vulnerable to crises such as that we have witnessed. 4  BIS central bankers’ speeches  Under its remit, the Banco de España has recently adopted specific measures addressing this sector, such as the redefinition of SME for the purposes of prudential regulation or the early application of the supporting factor for capital requirements associated with SME loans. The Banco de España has also identified possible courses of action in other areas. A far-from-exhaustive list would include exploring ways of strengthening the role of the ICO, simplifying the current public framework of financial support to SMEs and, in the longer term, designing mechanisms to capture homogeneous high-quality information on the most significant aspects of SMEs’ business to make it easier for them to access bank credit.
It is simply a case of adapting the implementation of this strategy to an environment characterised by interest rates close to zero and a Swiss franc once again in the role of a safe haven. Contrary to certain reactions aired in the media, the action to counter the rise of the Swiss franc against the euro is not a form of competitive devaluation, which would inevitably work against the interests of our country in the long run. Rather, it is a key operational tool which, under the given circumstances, helps us perform our mandate with regard to price stability, in other words to preserve our economy from both inflation and deflation. The outlook for 2009 The year 2009 will see the steepest decline in Switzerland’s GDP since 1975. Exports, normally the driving force of our economy, will continue to be weak, and the lack of confidence in the corporate sector will weigh on investment demand. Moreover, all signs point to a further slackening of consumption in view of growing uncertainty about households’ purchasing power. All in all, the outlook for the near future is anything but bright. Switzerland does not constitute a special case – all industrialised countries are faced with a similar downturn, especially those with high exposure to foreign trade.

Jean-Pierre Roth: Review of the Swiss economy in 2008 and the outlook for 2009 Speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the General Meeting of Shareholders of the Swiss National Bank, Berne, 17 April 2009. *  *  *  Mr President of the Bank Council Dear Shareholders Dear Guests The financial crisis, which first emerged in August 2007, continued to spread during 2008. From mid-September on, the situation deteriorated sharply. Growing uncertainty about the stability of the financial system gradually paralysed the money market. Most industrialised countries implemented relief packages for banks with the aim of improving their refinancing conditions, cleaning up their balance sheets or strengthening their capital base. In fact, the crisis led to an unprecedented level of government intervention. Far-reaching guarantees were granted, major corporations were put under state control, and a substantial amount of risk was transferred from the private to the public sector. The difficulty of implementing our monetary policy The waning ability of the financial markets to function properly posed problems for the implementation of our monetary policy. The prevalent mood of uncertainty created a strong appetite for liquidity, and yet the seizing-up of the interbank market hampered the supply in Swiss francs. In view of these two factors, the Swiss National Bank (SNB) had to resort to some exceptional measures. From the start, the uncertainty engendered by the financial crisis led to a surge in demand for liquidity by both banks and the public in Switzerland.
Enable, Empower, Ensure: A New Finance for the New Economy Speech given by Mark Carney, Governor of the Bank of England Speech at the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House, London 20 June 2019  I am grateful to Jennifer Nemeth and James Benford for their assistance in preparing these remarks, and to Julia Kowalski, Tom Mutton, Varun Paul, Simon Scorer, Oliver Thew and the Climate Hub team for their help with background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  New Economy – New Finance There’s a new economy emerging driven by changes in technology, demographics and the environment. This new economy requires a new finance. A new finance to serve the digital economy. A new finance with products that are more cost effective, better tailored, and more inclusive. A new finance to support the transition to a sustainable economy. A new finance that balances innovation with resilience. With its leadership in fintech and green finance, the UK private sector is creating the new finance, but your efforts will be more effective with the right conditions in which to innovate and the level playing fields on which to compete. New Finance - New Bank That’s why a new finance demands a new Bank of England. Our strategy is to enable innovation and to empower competition, while ensuring monetary and financial stability.

22 The shrinking of the spread around July 2017 is related to concerns in the bill markets about the impending  debt limit. Again, this is an example of a change in the perceived money-like characteristics of a particular asset (in this case, Treasury securities maturing in the so-called “red zone”) changing the asset’s price. 23 The minutes to the November 2016 FOMC meeting report on a Committee discussion about its long-run  operating framework. At that meeting most participants did not indicate support for using the balance sheet as an active tool for financial stability purposes, although a few expressed support for undertaking further study of this possibility. 24 More details on the current operating system can be found in the New York Fed’s annual reports on domestic  open market operations for 2015 and 2016. 25 Since, prior to the crisis, the Federal Reserve did not remunerate reserves, it needed to maintain tight control on  the supply of reserves and other liabilities to achieve its interest rate target. For a discussion of the benefits of separating interest control from the supply of money-like assets, see Todd Keister, Antoine Martin, and James McAndrews, “Divorcing Money from Monetary Policy,” Federal Reserve Bank of New York Economic Policy Review 14, no. 1, September 2008. 26 Primary dealers and market participants were asked to estimate the average level of the Federal Reserve’s  liabilities in 2025 under the assumption of no return to the zero lower bound between now and then.
And experience has shown that price stability – their primary mandate – does not always coincide with financial stability and the avoidance of bubbles. Furthermore, in an integrated financial system, judgments have to be made on a worldwide basis. Another alternative is the IMF. But the IMF is mostly controlled by governments and decisions are made according to voting shares. Implementing macrosupervision will involve delicate decisions (like strengthening lending standards in good times) to which governments may not spontaneously agree. A fully independent body would certainly be necessary. Second, how is that judgment passed on to regulators and supervisors and translated into supervisory decisions. This is totally unchartered territory. I would just mention it as a matter for future research in the governance of the financial system. The instruments The most important instrument in our current toolkit are capital requirements put on some financial intermediaries. Those capital requirements perform a dual function. They act as compulsory buffers imposed on banks and their shareholders. They also have an incentive function: to prevent  4  BIS Review 37/2009  shareholders from taking too much risk with deposits. It has proven more and more difficult to reconcile those two objectives. In theory it could be done, just as taxes can be used both to raise revenues and allocate resources. But, in practice, they both may be lost into an increasingly complex system. In addition, capital requirements may not be binding when they need to.

The Institute & Faculty of Actuaries has been at the heart of the insurance industry for over 150 years, and the changes to regulation, the industry and the world around us mean your contribution is more essential than ever. Having the right people putting the right ideas to work has never been more important. BIS central bankers’ speeches  7
I also believe that it will continue to serve Hong Kong well in the years to come. BIS Review 53/1999  8

The deployment of strong authentication procedures adds greater operational complexity to the classical means of interaction with customers and here, once again, given that the situation may entail a certain level of initial confusion, it would be advisable to develop educational and assistance programmes that help accommodate users to the new reality. Bank customers and financial education I cannot stress this point enough. Financial and digital literacy are basic, crucial factors for the efficient use of financial technology and for lessening the level of risk implicit in its use. Involuntary authorisation for access to personal information or fraud, to which I have just referred, are merely some of the examples of this implicit risk. Other examples are: (i) the offering of complex, opaque projects that are difficult to understand and which may be wrapped up in a user-friendly fashion for the public at large through applications (apps or similar); (ii) the disclosure of relevant information, pre-contractual or contractual alike, through smart phones or tablets, in which the size of the screen and the immediacy of acceptance limit customers’ capacity to know what they are really agreeing to; (iii) limitations in obtaining direct and personalised advice from a qualified adviser; (iv) discrimination linked to the use of macro-data, in the sense that the use and knowledge of personal data by 6/8  services providers might result in discriminatory practices against specific groups of consumers, normally those who are most vulnerable; and (v) the risk of financial exclusion linked to the lack of digital skills.
The original target date of 2020 was advanced to 2015 this year. Obviously, there are practical difficulties of integration given the diversity in the region and the different levels of development. ASEAN leaders have tasked an Eminent Persons Group to come up with an ASEAN Charter to guide ASEAN's future development. This will mark a new phase of deeper ASEAN integration. Geo-strategic shifts The re-emergence of India and China, and the revitalisation of ASEAN are taking place within a broader geo-strategic context. Let me now examine some of the larger trends. At one level, Asia is slowly but surely coalescing. The entire region is being sewn together by changing patterns of trade, investment and production chains. Increasing economic integration is reflected by the rapid expansion of intra-Asia trade. From 34% in 1980, intra-Asian trade as a share of the region's total trade has grown to more than 50% in 2005. The transformations taking place in Asia are of a depth and scope historically unprecedented. The combined population of Northeast Asia, Southeast Asia and India is well over 3 billion, about half the world's population. Changes of the scale that are currently underway could be profoundly unsettling to international order. Strong growth will give Beijing and New Delhi the resources to pursue wider strategic interests across Asia and beyond. Strategic stability is not to be taken for granted, particularly in Asia where there are many territorial and other unresolved issues left over from historically complicated relationships. Great power competition and rivalry are facts of life.

The responses of central banks to the financial turmoil  Over the past four weeks – in particular following the collapse of Lehman Brothers – credit risk concerns have intensified and have led to additional disruptions in the functioning of money markets, not only in the United States, but also in the euro area and Europe in general. Central banks are taking all the necessary steps to stop the downward spiral, and recent actions have once again demonstrated their determination in this respect. In both “normal” and “turbulent” times, the primary objective of the Eurosystem’s open market operations is to keep the shorter rates, in particular, the overnight rate, as close as possible  BIS Review 123/2008  1  to the minimum bid rate. However, during the recent period of turbulence, open market operations have also aimed at ensuring the continued access of solvent banks to liquidity, notably by contributing to easing the impaired functioning of the money market. The Eurosystem intends to continue to follow this approach as long as necessary. From the first day of the financial market turbulence on 9 August 2007, in an environment of increased liquidity risk and in response to banks’ changed liquidity demand pattern, the ECB has achieved these objectives through making technical changes to the way in which it supplies liquidity in normal times, while also utilising the full latitude of its framework for monetary policy implementation.
The euro is the currency of an economic area with a population of nearly 300 million people and one-sixth of world GDP, which is significantly higher than that of Japan, although smaller than that of the United States. The euro area is the largest trade partner in the world economy with a share of 20.1% in world exports, followed by the United States with a share of 16.3% and Japan with a share of 7.6%. Given these facts, it is stating the obvious to say that the euro and the Eurosystem are likely to play an important role in the world economy. By reducing the number of key players in the international arena and by strengthening the awareness of each player to take up its respective responsibility, the euro will contribute – over time – to facilitating international cooperation. But the transfer of competence for monetary policy from the national to the Community level also implied that new arrangements had to be found in order to allow the Eurosystem to participate and represent the euro area in matters of its competence. Devising the appropriate arrangements was complicated because of two specific features: the first relates to the fact that membership in different fora (for example, the G7 or the G10) varies across euro area Member States. The second derives from the fact that full membership in intergovernmental institutions such as the International Monetary Fund (IMF) or the Organisation for Economic Cooperation and Development (OECD) is restricted to countries only.

This added strength means we expect polymer notes to last at least two-and-a-half times longer than the current generation of £ banknotes, generating cost savings over time. Polymer notes are also better for the environment. Because they will last longer, we will have to print fewer. That means less energy in production and transportation. And when a polymer banknote has reached the end of its useful life, it will be recycled. Importantly, using polymer means we can incorporate better security features. It allows for see-through panels, coloured foils, detailed metallic images, and a new advance: tactile features. In fact, I can announce today that tactile features will be present on all the other denomination polymer notes, leaving The New Fiver identifiable by their absence. This all means safer banknotes, with the tactile feature helping the visually impaired to recognise our different notes, ensuring the nation’s money is as inclusive as possible. By adopting polymer, we’re aligning with international best practice, alongside Australia, New Zealand, and Canada. As Churchill did, we may have to wait a while for the Americans to join up. We have exploited polymer’s possibilities in The New Fiver’s design. It features Churchill’s portrait, captured in Ottawa by Yousuf Karsh. The famous glower of the war-time hero prompted, in this case, by the photographer’s decision to take Churchill’s cigar away from him. 1 Behind the portrait is an illustration of the Houses of Parliament by Abigail Daker, viewed from the South Bank, looking across Westminster Bridge.