samchain/econo-pairs-v1 huggingface dataset:
17  All speeches are available online at www.bankofengland.co.uk/speeches  17  Chart 14: Median ethnicity pay gap by sector, sample average Ethnicity pay gap, per cent  London  20  Other 15  10  5  0  ‐5  ‐10  ‐15 Agriculture  Industry  Construction Trade and transport  ICT  Ethnic minority minority ethnic  Finance  Real Estate Professional Public sector  Other  White white  Source: ONS Labour Force Survey and Bank of England calculations. Note: A positive ethnicity pay gap in this chart indicates that ethnic minorities earn less than their white counterparts, whereas a negative ethnicity pay gap indicates that ethnic minorities earn more than their white counterparts. If we look at ethnic minority workers at a more granular level, some interesting cohort effects emerge. There is a very wide dispersion of pay among different ethnic minority cohorts, with some having negative and others positive pay gaps compared with their white counterparts (Chart 15). Median hourly pay is highest for those of Chinese ethnicity, at just over £ or around 15% higher than for whites. There are also negative pay gaps, though smaller ones, for workers from a mixed/multiple ethnic and Indian background. At the other end of the spectrum, there are significantly positive pay gaps for other ethnic minority cohorts, including black and Afro-Caribbean workers. The largest pay gaps are for workers from a Pakistani and Bangladeshi background, which average 13% and 20%, respectively (Chart 15).

By contrast, ethnic minorities born in the UK boosts earnings by around 7% relative to non-UK born ethnic minorities. UK-born ethnic minorities tend to be more educated and earn more across all the types of qualifications, compared with non-UK born ethnic minorities. (g)  London. Compared to the benchmark (the North), the region in which people live and work plays a  relatively very small role in determining their pay, with one exception – London and the South East. A job there boosts earnings, relative to the North, by 21% and 12% respectively. This effect is present across all four sub-groups. The ‘London effect’ is if anything more pronounced among white women, who earn 26% more. Section 5: Conclusion Let us conclude by summarising some of our main findings and then setting out some of the potential next steps, policy-wise, that flow from this analysis. 32  All speeches are available online at www.bankofengland.co.uk/speeches  32  First, the good news is that, once we control for various job and individual-specific factors, there is clear evidence of progress having been made in shrinking gender and ethnicity pay gaps in the UK over the past quarter-century or so. Based on the results from the Oaxaca-Blinder decomposition, these gaps have shrunk by around half for females, and by a little less than that for ethnic minorities. Second, the less good news is that these gender and ethnicity pay gaps remain large even once various compositional effects are taken into account, at around 10 percentage points.
These expectations have clearly had an impact on the exchange rate with all that implies for output and inflation and for the exceptional circumstances trade off faced by the MPC that I have described earlier. And though it is more difficult to measure, these expectations are affecting to some degree many of the economic decisions of businesses and households. The full and diverse range of expectations of Brexit and of the path to it cannot by definition all come to pass. Over our forecast period, a specific Brexit and a specific path to it will emerge. The MPC cannot forecast what that outcome will be or how it will measure against the diverse expectations in and between households, businesses and financial markets. Nor can the MPC forecast how that outcome will affect the adjustment of the paths of demand, supply and the exchange rate, relative to each other. It is that relative adjustment of these variables that will determine the path of inflation and hence whether – and in which direction – policy may need to respond to meet the Committee’s primary objective. We can, in my view, only work on what we see in the economy now and stand ready to respond as necessary as Brexit emerges. Conclusion  Monetary policy makers complaining about uncertainty is a bit like sailors complaining about the sea. Uncertainty is not a reason for inaction. Economic data are never clear. Economies are adaptable organisms that are always evolving.

1-17 Haldane, Andrew G. (2017) ‘Work, Wages and Monetary Policy’ speech given at the National Science and Media Museum, Bradford IMF (2013) ‘The dog that didn’t bark: has inflation been muzzled or was it just sleeping?’ April World Economic Outlook, Chapter 3 Mishkin, Frederic (2007) ‘Inflation Dynamics’ NBER working paper 13147 Nagel, S and Malmendier, U (2011) 'Depression Babies: Do Macroeconomic Experiences Affect Risk Taking?’ Quarterly Journal of Economics, Vol126(1), pp373-416 Phillips, A W (1958) ‘The relation between unemployment and the rate of change of money wage rates in the United Kingdom, 1861–1957’ Economica, Vol. 25, No. 100, p. 283–99 Pizzinelli, Carlo and Bradley Speigner (2017) ‘Matching Efficiency and Labour Market Heterogeneity in the United Kingdom’ Bank of England Working Paper No. 667 Saunders, Michael (2017) ‘The Labour Market’ speech given at the Resolution Foundation, London Stiglitz, Joseph (1997) 'Reflections on the natural rate hypothesis' Journal of Economic Perspectives, 11, 3–10 Yellen, Janet (2017) ‘Inflation, Uncertainty and Monetary Policy’ Speech at the "Prospects for Growth: Reassessing the Fundamentals" 59th Annual Meeting of the National Association for Business Economics, Cleveland, Ohio  18  All speeches are available online at www.bankofengland.co.uk/speeches  18
Accounting for 99.2% of the total business establishments in the country, there is vast potential to enhance the SMEs' contribution to the economy. In view of both their significance and potential, the Government has given due recognition and allocated significant amount of funds and resources to further enhance the growth of this sector. Various initiatives undertaken by the financial sector had also led to the SMEs enjoying a high level of financing from the financial system. In 2006, banking institutions approved RM39.6 billion to more than 84,000 SME accounts, an increase of 10.7% from the previous year. Meanwhile, outstanding loans to SMEs expanded by 4.2% on an annual basis to RM104.6 billion at end 2006, accounting for 45% of total outstanding business loans. In spite of these priorities and efforts, certain segments of the SME sector continue to lament the lack of financing access, which is deemed as a major challenge that hinders their growth and development. Interestingly, this is not unique to Malaysian SMEs, but rather a worldwide phenomenon. According to the Asian Banker's 2005 Report, it was estimated that only about 5%3 of the world's 500 million lowincome entrepreneurs have access to financial services. The main reasons for the financial constraints faced by SMEs are quite generic, and high on the list is the perception that SMEs are historically a high risk group lacking in financial discipline and unable to provide trustworthy financial track records.

Timothy Geithner: US and the global economy Remarks by Mr Timothy Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Asia Society’s CEO Forum, New York, 19 October 2005. *  *  *  I want to focus my remarks today on the imbalances in the world economy and their implications for the United States and Asia. These imbalances, which are most visible in the U.S. current account deficit, present challenges—and risks—for the world economy. How we manage these challenges will have significant implications for our economic future and for the rest of the world. The sources of these imbalances are varied and complex. They are the result of fundamental changes in the world economy, changes not anticipated and not fully understood. They involve economic forces across the global economy, some transitory and some probably more enduring. The imbalances took a long time to build up and they will probably take a long time to unwind. The magnitude and persistence of these imbalances seems to be the result of the interaction of two forces. The first involves a decline in U.S. savings relative to domestic investment, matched by an increase in savings relative to investment in parts of the rest of the world, principally in emerging Asia and the major oil exporters. In the United States, public savings and household savings fell, while investment spending stayed reasonably strong and housing investment very strong, even during the latest recession.
Let me conclude with some imagery from rural America. In the traditionalist Amish communities of Ohio, Pennsylvania, and Indiana known for simple living and for shunning modern technology, whenever there is a need for a new barn to be built, the Amish organize what are called barn raisings. In a barn raising, the community comes together to assist in building their neighbors’ barns, with the understanding that the favor is eventually returned to other members of the community. The barn raising is a showcase of Amish planning, organization, and manual labor and serves as a practical linchpin of the agriculturally-rooted Amish society. However, while the barn raising fulfills a practical need, it also serves to tie the Amish community together by reinforcing Amish society through a very visible expression of the principle of mutual aid.17 In this 100th anniversary year of the first dollar account openings for foreign central banks by the Federal Reserve System of the United States, I can think of no more moving metaphor than this for the benefits that flow from central bank cooperation through the reciprocal provision of account services. Let us work together to preserve it. Thank you for listening. 1 I would like to thank Mark Choi for his assistance in the preparation of these remarks and colleagues in the  Federal Reserve System for their insightful comments and suggestions. 2 A cash account that a bank holds with another bank in a foreign currency. 3 The first Federal Reserve Board was sworn in on August 10, 1914.

Whether for time-sensitive transactions as part of the often intricate choreography of global financial stability operations or for more routine official payments, the insights developed and experiences with the policies, environments, and constraints of other central banks provide the Federal Reserve with enhanced capabilities to formulate and execute policies. The dedication, skill, and expertise of this staff transform on a daily basis the abstract principle of safe, confidential, and reliable service provision into an operational reality. So, to the current and former staff here today, I pay tribute to your service to the global official community, to the Federal Reserve, and to the U.S. You are worthy heirs to the legacy of Benjamin Strong, Montagu Norman, and other early giants of central bank cooperation. The evolving risk environment in cross-border payment operations Even as we hold this commemoration and celebrate the legacy of central bank cooperation in this most tangible of forms, the evolving risk environment in cross-border payment operations requires us as central bankers to continually rededicate ourselves, in word and deed, to the mission of providing safe, confidential, and reliable services to each other. As we are all no doubt aware, risks in cross-border payment operations have undergone major shifts in recent years, with cyber threats in particular emerging as one of the most critical security issues facing our community.
4 For a full discussion of wage growth, see Cunliffe (2017) 3  7  All speeches are available online at www.bankofengland.co.uk/speeches  7  judging the appropriate balance to be struck when faced with a trade-off between returning inflation sustainably to target and supporting jobs and activity, one must pay close attention to any sign that above target inflation is feeding through to ‘second round’ effects in domestic costs. So far that doesn’t seem to be the case. In summary, it is difficult to determine precisely why the supply side of the economy has behaved as it has in the period since the referendum. The weakness in real wage growth, and the subdued nature of domestically generated inflation mean I am not yet ready to discount the idea that labour market flexibility is continuing to intensify. If true it would mean there is a little more room than headline measures of slack suggest for the economy to grow without generating above-target inflation in the medium term. For that reason, in our November meeting I was willing to wait for more evidence on the evolution of wage and domestic cost growth before beginning to withdraw some monetary stimulus. So I voted for no change in Bank Rate. Deliver Once the decision is made, attention turns to the final phase of ‘end to end’ monetary policy: Deliver. A key part of being Deputy Governor for Markets and Banking is responsibility for delivering much of the Bank’s monetary, and indeed financial stability, operations.

By de-politicising the short run trade-off between inflation and activity, this arrangement has provided the grounds for the most successful monetary policy regime for the UK thus far. The MPC’s flexible inflationtargeting framework was further strengthened by the 2013 Treasury Review and the following Remit update which effectively ‘completed the contract’ by further specifying the relationship between the MPC’s primary objective for price stability, and its secondary objective to support jobs and growth. Though, having overseen the 2013 Review, I must declare an interest in judging its contribution. Since then, the Remit has explicitly acknowledged that, in exceptional circumstances shocks to the economy may be particularly large or the effects of shocks may persist over an extended period. In such a period the  1  Carney M (2017), remarks given at a conference to mark 20 years of the MPC’s operational independence, notes that Governor Eddie George once remarked that in the half century that followed the Bank’s nationalisation in 1946 it “operated under legislation which, remarkably did not attempt to define our objectives or functions.” 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  MPC must balance the trade-off between the speed with which inflation is brought back to the target and the consideration that should be placed on the variability of jobs and economic activity.
What is the next frontier for diversity and how is it to be reached? From a potentially long list, let me make four points on possible next steps. First, we have barely scratched the surface when it comes to harvesting the fruits of existing diversity initiatives, focussed on the protected characteristics of gender, ethnicity and disability. On gender, where progress has perhaps been fastest and furthest, there are still gaps to fill all the way up the executive chain, especially in financial services, with a persistent pay gap of 20-30% and low levels of representation at executive level. On ethnicity, as John Parker’s report last week made clear, we are scarcely out of the  7  For further details please see Haldane (2014) ‘Central bank psychology’. 4  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  4  starting blocks. And on disability, physical and mental, much the same could be said. Whatever else we do, we must not let up in continuing to make progress along these dimensions of diversity. Second, notwithstanding that, I do think we need to do a much better job of understanding and measuring the more subtle, cognitive and socio-economic dimensions of diversity. They are harder to identify and measure, as the information exists between our ears rather than on our faces. But that is precisely why unconscious biases may be largest and most in need of redress.

We need to ensure broad support for the reform agenda especially since there might be some short-term costs of certain reforms. However, according to the EBRD data not only is the difference in the percentage of people who support market economy approximately twice lower in our region than in Germany, but it has actually declined in the last ten years, diverged, and the same applies to the support of democracy as a political system. This is where policy transparency and communication will play a tremendously important role. And clearly, not everything we do will always get full support from the broad public, especially in the case of 8  structural reforms with long-term gains and short-term costs, but boldness is often rewarded beyond our expectations. Thank you. 9
Encik Abu Hassan Alshari Yahaya: Anti-money laundering and combating the financing of terrorism Welcoming remarks by Mr Encik Abu Hassan Alshari Yahaya, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the ASEAN Regional Bank Supervision Workshop on “Anti-Money Laundering and Combating the Financing of Terrorism”, Kuala Lumpur, 3 March 2015. *  *  *  Welcome to Malaysia. I hope you have had a pleasant journey travelling to KL and managed to have a good rest. I also hope that the facilities being offered here at our Lanai Kijang are adequate to meet your expectations. It is a great honour for Bank Negara Malaysia to host and co-organise the ASEAN Regional Bank Supervision Workshop on Anti-Money Laundering and Combating the Financing of Terrorism. I would like to take this opportunity to thank the World Bank for formulating the programme and organising this workshop and our utmost gratitude to the Government of Canada for the generous financial support that has made the hosting and organizing of this course possible. As a country that has just gone through its on-site mutual evaluation process, we have seen that the role of supervision is very important in the development of a country’s AML/CFT regime. There is critical need for the integration between AML/CFT, prudential and business conduct supervision as well as between those supervisors and the law enforcement authorities. These inter-linkages prove to us that collective effort is key in combating ML/TF effectively.

This course will provide first and foremost, an overview of the international standards relating to AML/CFT supervision matters, operational aspects of the supervision work by incorporating publicly available case studies in the training modules, technical aspects of anti-money laundering and combating the financing of terrorism, supervision of banks, conduct of on-site and off-site bank supervision, and sharing of real bank cases on supervision on AML/CFT. BIS central bankers’ speeches  1  I do hope that aside from benefiting from the course, participants will make full use of these forums as a platform to network and exchange views on key AML/CFT supervisory issues, collaborate, compare practices and share relevant information. On that note, I would like to once again thank all of you here today for attending this workshop and for the speakers, Mr Stuart Yikona, Ms. Pramita Moni Sengupta, Mr. Mehmet Kerse, Ms. Desiree Ann Chereebin and Ms Leonora Emini who are willing to share your experiences for the collective benefits of everyone here attending the workshop. Our appreciation again to the Government of Canada for the support for this programme. I wish all of you a successful and productive workshop ahead and please take the time to explore Kuala Lumpur and its surroundings. Thank you and have a pleasant and enriching day ahead. 2  BIS central bankers’ speeches
14  This follows from the fact that transnational corporations often react to the prospect of a larger market arising from regional arrangements by establishing integrated production and distribution networks within the region in question. 15  Eurostat, European Union Foreign Direct Investment Yearbook 2000. Moreover, according to UNCTAD’s latest World Investment Report, Poland, the Czech Republic, the Russian Federation, Hungary and Slovakia absorbed around seventyfive per cent of world FDI flows to Eastern Europe in 2001. 16  Staying out of the EU is also likely to have negative implications for Malta’s credit rating. In a recent report, for example, FITCH credit rating agency notes that: “staying out would damage Malta’s creditworthiness unless a new government were clearly determined to retain and develop the parts of the EU Acquis that are starting to enhance the efficiency and competitiveness of the Maltese economy.”  17  Argentina, Brazil, Paraguay and Uruguay. 18  Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates  4  BIS Review 69/2002  EU membership would also pose some challenges. For example, because membership implies more than a free trade agreement, Malta would have to apply the EU’s common external tariff (CET) to imports from third countries. Upon closer examination, however, it seems that this is unlikely to be a major problem. For a start, Malta’s customs duties on non-EU imports are already roughly in line with the CET, so that not much change would be necessary.

The situation is not expected to change in the near future in view of the differences among small 22 states themselves. As an EU member, moreover, since Malta’s representation in EU decisionmaking bodies would be more than proportionate to its population, its voice would stand a better chance of being heard, not least because most of the other acceding countries are also small and could be potential allies on issues of common concern. Indeed as Malta’s recent experience with the OECD and developments relating to the proposed EU savings tax directive have shown, Malta is likely to obtain a better deal as an EU member. Four years ago the OECD was planning to take action against non-co-operative countries on its list of “harmful tax havens”. Malta was not on the list because the Maltese Government undertook to eliminate any offending practices and to exchange information with foreign tax authorities once a level playing field was achieved. But the relevant aspect of this episode is that small jurisdictions are being compelled to revisit their strategies and diversify their economies in a manner which does not harm the interests of stronger, high-tax economies, and that standards and codes of good practice will increasingly serve as another dimension of competition. In these circumstances it cannot but be perceived as an advantage by prospective members that the EU not only has the capacity to resist threats to the competitiveness of its members, but also has enough bargaining power to persuade its competitors to reach a compromise acceptable to its members.