samchain/econo-pairs-v1 huggingface dataset:
I think we’ve made real progress on this front. Non-nationals for example, play an important part not just in our commercial life but in the governance of our market institutions. And I very much welcomed the initiative by the Foreign Bankers’ Association to establish the Guild of International Bankers, which itself followed the opening up, to non-nationals, of the City Freedom. It is economic activity - not nationality - that generates employment and income - and even, Chancellor, tax revenue - and that’s something, too, which is now better understood than in many other jurisdictions. It is crucial that these approaches continue - as I have no doubt they will - into the future - whatever that might hold. I have also been impressed, my Lord Mayor, by the increasing commitment among City firms including many firms from overseas - not just to professional, but also to social responsibility. And in this context I have been greatly encouraged by the widespread and very positive response to the  2  BIS Review 29/2003  Heart of the City campaign launched nearly three years ago to encourage and extend City corporate community involvement. I hope that that, too, will continue. So I take the opportunity this evening to express my thanks to all of you represented here who have worked with us at the Bank over the years in so many different ways, through good times and bad, to secure the City’s position as the pre-eminent global financial market place.

Perhaps the most important program was the purchase of deteriorated portfolios by the Central Bank under a variety of schemes, including repurchase agreements, and in exchange of debt instruments, liquid resources, and a new liability called “Subordinated Obligation”. The impact of these programs on the assets side of the Central Bank balance sheet was huge, and so were the costs of the complete rescue plan. Altogether, it is estimated that only the direct fiscal cost of the Chilean Financial Crisis of 1982 reached 41% of GDP. The aftermath of the crisis The lessons learned from this crisis highlighted the fact that banking regulation and supervision needed to be substantially upgraded. In 1986, the General Banking Law introduced limitations on currency mismatch, constraints on related party lending, and restrictions for banks to receive  Page 2 of 5  Central Bank of Chile March 2019  goods instead of liquid resources; all of them, elements which were common practice before the 1982 crisis. Paradoxically, what could be considered harsher regulation did not hamper financial deepening. Instead, it fostered solvency and credibility of the banking system and allowed its healthy development in the ensuing decades. Regulation and Financial Development Credit has a valuable role in the economy. Financial intermediaries channel resources from agents that save, to agents that need to borrow to smooth consumption or finance profitable projects.
In any case, as a breach of the threshold becomes imminent, it seems likely that the Committee will wish to provide further guidance on the future determinants of policy in order to reduce any uncertainty surrounding our reaction function. Can we say anything yet about the effectiveness of the introduction of forward guidance? As already noted, the primary objective is to give confidence to business and households that policy will not be tightened until there is a material reduction in economic slack (assuming that neither price nor financial stability are threatened) and to prevent an excessive snapback in market interest rates taking place simply because a recovery is under way. As far as the broad message to businesses and households goes, contacts of the Bank’s Agents suggest that businesses have got the message that the MPC will only begin to tighten policy once the recovery is entrenched and slack has been materially reduced. And in the period after the MPC’s announcement, the Markit Household Finance Index suggested that households expected Bank Rate to rise later than before, although the date has since come back in again, perhaps reflecting the continued flow of positive data. At first sight, the evidence from market interest rates is more equivocal. Chart 5 shows the instantaneous forward yield curve in May, August and today. Yields have risen substantially since May. On the face of it, that appears to suggest that the guidance has not been very effective at influencing the expectations of market participants.

(2016) document similar patterns in real interest rates around the world. 6. Within our central framework for understanding its determinants, R* is the price that equilibrates supply and demand in the capital market. On one side of the market, households accumulate wealth and use capital as a means of storing that wealth. Households’ accumulation of wealth is the result of their desire to smooth lifetime consumption. On the other side of the market, firms require capital to produce. They choose the optimal quantity of capital to use, equalising the marginal costs and marginal returns. See Bank of England (2018) for details. 7. See Cesa-Bianchi et al. (2022). 8. Estimates of the underlying trends in the structural factors that drive Global R* are obtained for 1950–2015. The trends are extracted using a statistical filter and to avoid so-called ‘end point’ problems the latest data are omitted. Given the frequency of the releases of some data series and because the model focuses on a five-year real interest rate, the sample period therefore ends in 2015. See Cesa-Bianchi et al. (2022) for details. 9. The table also shows that varying the simulation assumptions results in simulations that imply falls in Global R* that vary between 1.1 and 3.3 percentage points. 10. As shown in Cesa-Bianchi et al. (2022), the dynamic paths of the structural model simulation and statistical estimate differ more in other parts of the sample period, so do not imply exactly that same change in Global R* over all subsamples. 11.
Second, there is the risk of contagion - problems at one bank can spread to others - not just through direct financial linkages but also because, in the absence of timely, transparent information on bank assets, depositors become concerned about other banks which they see as similar. Finally, banks play a central role in payments systems, including payment flows generated by FX trading. The conclusion I draw is that there is enough that is special about banks for their prudential supervision to be retained as a separate activity in any new regulatory structure, and that this argument at present outweighs the case for change. Whether prudential supervision of banks should be a function of the central bank is a separate question. Some argue that other central banking responsibilities (such as the conduct of monetary policy) make for conflicts of interest and therefore that supervision should not be carried out by the central bank. I am not persuaded by these arguments either. Nor am I aware of many examples where the suggested conflicts between a supervisory role for the central bank and its other responsibilities have arisen in practice. Indeed, there are important synergies between the supervisory function and other central bank responsibilities. It makes sense for the ‘micro’ supervision of individual banks in the system to be carried out by the same body that carries out the ‘macro’ function of maintaining the stability of the financial system as a whole, stability which is essential if monetary policy is to be executed effectively and efficiently.

The selection of a champion city recognises the enormous potential of cities across Malaysia, where three quarters of our population live, to be the engines of innovation. In our work at Bank Negara on a range of issues – whether it is to improve access to financing, promote financial inclusion or lift economic efficiency through migration to electronic payments – our collaboration with cities and their leaders has been the source of many solutions and breakthroughs in addressing the challenges that we face. This reflects the close and vibrant communities and networks within cities that can be drawn upon much more quickly and effectively to deliver solutions that will benefit the community. As a champion city for remittances, Kota Kinabalu will similarly be able to show the way in generating new solutions for remittances. There are many valuable lessons that we can take from our recent experience with the Greenback project in Johor Bahru. But it will be important for us to receive your ideas and your input to ensure that we are addressing the specific needs and circumstances of people and businesses in Kota Kinabalu. Kota Kinabalu has a sizeable population of foreign workers who contribute to the state of Sabah, while supporting and improving the livelihoods of their families back home.
£ note character selection announcement Speech given by Mark Carney Governor of the Bank of England  Science and Industry Museum, Manchester 15 July 2019  I am grateful to Clare Macallan for her assistance in preparing these remarks, and to Matthew Corder, Toby Davies, Sarah John, Elizabeth Levett, Debbie Marriott and James Oxley for their help with background research and analysis. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  It’s a pleasure to be at the Science and Industry Museum in Manchester. These galleries testify to the UK’s rich history of discovery in science, technology and industry. A little more than eight months ago, the Bank sought to recognise the UK’s extraordinary scientific heritage by asking people across the country to “Think Science” in order to help us choose the character to feature on the new £ note. We were overwhelmed by the response. In six weeks, almost a quarter of a million nominations were submitted, from which we distilled a very long list of nearly 1,000 unique characters.1 The hard work of narrowing down these names to a shortlist of twelve options required the incomparable knowledge and tireless work of the Banknote Character Advisory Committee.2 On behalf of the Bank, I would like to thank the external members of the Advisory Committee – Dr Maggie Aderin-Pocock, Dr Emily Grossman, Professor Simon Schaffer, Dr Simon Singh, Professor Sir David Cannadine, Sandy Nairne and Baroness Lola Young – for their invaluable expert advice and unbridled enthusiasm.

His work prefigured the neural networks that are used today in applications such as cancer diagnosis and self-driving cars and as yet undiscovered new technologies of tomorrow. And the Turing Test, a method for determining whether a computer can exhibit intelligent behaviour indistinguishable from a human being, remains the benchmark for judging true artificial intelligence. Turing also leaves a very different, though no less important, legacy. In March 1952, he was convicted of Gross Indecency for his private relationship with a man, avoiding prison only by submitting to chemical castration. His security clearance was revoked for no reason other than his homosexuality, bringing to an end a promising post-war career as a consultant for GCHQ. He died shortly thereafter, on 7 June 1954, from cyanide poisoning. In 2009, the then Prime Minister Gordon Brown made an official posthumous apology on behalf of the “government and all those who live freely thanks to Turing’s work” for his “utterly unfair” treatment.6 Turing received a royal pardon for his conviction in December 2013 and in 2017 the “Alan Turing Law” was passed, pardoning the nearly 50,000 men cautioned or convicted under now-rescinded historical legislation that outlawed homosexual acts. In the UK today, we are fortunate to live in more inclusive times.
Further, the HKMA discourages the repeated use of the overnight facility by charging repeated borrowers, which is clearly defined, very penal interest rates23. 41. Were the HKMA to suspend the operation of the LAF, interbank interest rates would be even more volatile as banks, in the case of capital outflow, scrambled for liquidity which may not be there. In the end, transactions could not be settled, creating chaos in the interbank market which would in turn damage confidence on the banking system as a whole. This is the reality of modern day finance that we all have to accept and monetary authorities have a responsibility to guard against. (c) The auto-pilot trigger 42. Yet another area of controversy concerns the exchange rate level at which the HKMA passively buys or sells US dollars against the Hong Kong dollar balances in the clearing accounts of the banks in accordance with the discipline of the currency board system, thus triggering the auto-pilot adjustment mechanism. There seems to be three alternatives. First is for the HKMA to do so passively always at the fixed exchange rate of $ to $ This is the most transparent alternative.

12 The General Bank Clearance Centre was established by the PBoC in December 1997 to help prevent financial risks and  maintain a stable payment order. The PBoC has also abolished credit quotas for working capital loans for all state-owned commercial banks since January 1998. Besides, in a banking conference held at that time, PBoC Governor Dai Xianglong highlighted four major banking reform directions, namely reorganizing the PBoC’s branch network, streamlining commercial bank operations, converting co-op banks into commercial banks and cleaning up non-performing loans. 13 Based on Goldman Sachs and World Bank’s studies, the estimated total worker compensation (i.e. wages plus social  security benefits) per week in the manufacturing sector in 1998 is $ for China, $ for Indonesia, $ for Malaysia, $ for the Philippines, $ for Thailand, $ for Korea and $ for Taiwan. BIS Review 19/1998  -5likely to be offset by higher inflation, higher costs of imports and higher interest rates. China has also established market leadership in a variety of products in world markets. It is difficult to see this dominant position being significantly eroded, particularly with the existence of international trade barriers which limit the extent of the possible shift of export orders from China to other Asian economies. 16. Fifth, the economic fundamentals of the Mainland of China are strong. Economic growth in 1998, forecasted to be 8% in real terms, is only a shade below the growth rate of 8.8% achieved in 1997. Furthermore, inflation is expected to be below 3%.
7 See the 2014 report “ERAC peer review of the Spanish research and innovation system”, authorised by the European Commission. 15/18  The growth of firms is influenced by the availability of external financing to undertake new investment projects. In Spain’s case, as is known, this financing is mainly through bank loans, especially at smaller-sized companies. In the immediate run-up to the crisis, the standards governing this type of loan to firms were relatively lax. That made for abundant bank financing, which was particularly conducive to the creation and survival of numerous firms, many of them small in size. However, the companies resorting in best conditions to such lending did not always evidence high productivity. Indeed, the buoyancy of loans extended to relatively unproductive firms in the years prior to the crisis made for the build-up of macrofinancial imbalances. Conversely, in recent years, the allocation of lending appears to be proving more efficient. Specifically, funds tend to be earmarked for companies showing a comparatively more favourable economic and financial situation and that are more productive.8 This change in lending standards might be linked both to experience of the crisis and to financial regulation changes. In particular, the regulatory requirements applied to credit institutions have been significantly tightened with the aim, among others, of better aligning the level and quality of bank capital to the real risks assumed by banks. The weight of construction-related investment has diminished, partly as a result of the credit-allocation changes I have just referred to.

07.05.2019  Challenges for the Spanish economy. Productivity and the business sector Assembly of the Instituto de la Empresa Familiar Pablo Hernández de Cos Governor  Good morning. Let me begin by thanking the Instituto de la Empresa Familiar (IEF) for their kind invitation to take part in their Annual Assembly. Throughout its 25-year history, the IEF has not only played a crucial role in disseminating studies on the reality of and the challenges facing family businesses in our country, but has also fostered debate on many economic aspects of general interest. One recent example is its interesting publication on dual training on its website.1 In my address today I shall, after briefly describing the current economic setting, mainly analyse the principal challenges facing our economy in the medium and long term. I will particularly focus on productivity, the main determinant of economic growth in the long run. In Spain’s case, productivity dynamics have been particularly poor in recent decades. Improving them with a view to the future is, therefore, a prerequisite for achieving sustainable and balanced growth in the long term. The economic situation  After averaging growth of around 3% in the three years from 2015 to 2017, the pace of the Spanish economy eased somewhat last year to annual growth of 2.6%. 1  See the study by Instituto de Empresa Familiar (2018) “Orientación profesional y formación dual. Hacia un modelo integrado para el empleo juvenil”.
 But GDP growth has so far this year been weaker than expected.  Inflation is at its highest since the mid-1990s.  But crude oil and other commodity prices have fallen.  At the same time, productivity has been lower, which has led to increased wage costs.   16  BIS Review 100/2008

After much careful study and  2  BIS central bankers’ speeches  planning for a year, the HKMA launched the Tracker Fund, an open-ended exchange-traded fund, in November 1999 and resold $ billion worth of stocks to 180,000 investors. We continued to recoup over $ billion in the next three years through the same mechanism. Ultimately, our market operation turned in a profit of nearly $ billion at prevailing stock prices at that time. 7. The experience of Hong Kong clearly shows that market failures do occur. In the example I have just outlined, market intervention by the HKMA proved to be bold and effective in securing the safety and soundness of Hong Kong’s monetary and financial system. It was, indeed, undertaken in a life-and-death but smokeless war on the financial front. Hong Kong prides itself on being one of the world’s freest and most open markets. Nevertheless, as a much smaller market compared with our American and European counterparts, Hong Kong could fall prey to global predators, resulting in market failures. If the markets were allowed to plunge in free fall, the entire financial system might face a total meltdown. It was at such a critical moment that the Hong Kong SAR Government was left with no other option than to take unprecedented action. Today, with 17 years behind us, Hong Kong remains a free and open market and an international financial centre as before, and any lingering doubt has vanished. After all, “actions speak louder than words”.
Although more and stricter regulations may be linked to a certain cost, for instance, in the form of higher interest rate margins, studies indicate that this is more than counterbalanced in the long run by more favourable economic development. 1 I would like to point out that I am not talking about a return to the strictly regulated credit and finance markets we had before – deregulation has of course had some positive effects and meant that the economy in many ways functions better. But I think that most people will agree that the financial sector needs a tighter rein than it has had for the past fifteen, twenty years. Tighter regulations and supervision planned Reform work is already under way on an international level. The Basel III rules, which in brief entail the banks having to hold more and better capital and larger liquidity buffers, are one example of this. In the supervisory field, the EU has established a special body, the European Systemic Risk Board, which is to identify risks in the financial system as a whole and to provide warnings and recommendations to the countries and authorities concerned. Sweden of course supports and participates fully in this international reform work. But one thing we really need to ask ourselves is whether this work sufficiently takes into account the specific circumstances prevailing in each individual country. Is it really the case that “one size fits all”?

14.1.2020  Informational breakfast “The European Banking Union” Club Diálogos para la Democracia Margarita Delgado Deputy Governor  Good morning. Many thanks, Miguel, for your kind introductory words. My appreciation, too, to Unicaja and the Club Diálogos para la Democracia, in particular their chairman, Antonio Gavilanes, for inviting me to take part in today’s colloquium. As you well know, Diálogos para la Democracia was founded in 1976 as a debate forum that sought to provide ideas and solutions to the numerous problems arising in a society which, at that time, was in transition towards democracy. Evidently, societies evolve, and new problems arise which we must address. This is why this type of forum remains as necessary today as ever. Undoubtedly, since our democratic transition, one of the key landmarks has been our accession to what was then known as the European Economic Community on 1 January 1986, over 34 years ago. The importance of this landmark in shaping our society and our economy has been enormous. Despite this importance, I believe that knowledge in Spanish society of Europe’s institutions and regulatory framework is, very often, scant. This is why I greatly appreciate this opportunity to discuss a European project I consider most important, namely the Banking Union. Allow me to begin by acknowledging that this is a topic I am somewhat biased about.