samchain/econo-pairs-v1 huggingface dataset:
His concern “that the variety and difficulty of administrative problems have so increased, and the tools and techniques for solving them have so developed, as to render administration more than ever a science” resulted in the creation of the Institute of Public Administration in 1957. To this day, the Institute continues to provide education, training and research to the public sector, enabling better policy making through a better understanding of the Irish economy. In addition, Whitaker was instrumental in setting up the Economic and Social Research Institute – the first institution to provide independent research and analysis of the Irish economy. 3 For example, nine Regional Technical Colleges were established during the 1970s to provide vocational tertiary level training. The Industrial Development Authority ensured that government funding of higher education adapted to meet businesses’ increasing demands for skilled labour in areas such as engineering and computer sciences, helping to ensure people could develop the skills necessary to work in the expanding sectors. 4 Whitaker, TK (1955/1956) 'Capital formation, saving and economic progress', Dublin: Journal of the Statistical and Social Inquiry Society of Ireland, Vol. XVIX, pp. 184-209. 2  2  All speeches are available online at www.bankofengland.co.uk/speeches  2  The Irish experience over the past half century reinforces the lessons learnt in the UK from the three profound technological revolutions – institutions are essential to smooth the major transitions and to ensure their promise is realised by as many as possible.

The Future of Work Speech given by Mark Carney, Governor of the Bank of England  2018 Whitaker Lecture, Central Bank of Ireland 14 September 2018  I am grateful to Clare Macallan and Jennifer Nemeth for their assistance in preparing these remarks. I would also like to thank Will Abel, Andy Haldane, Carsten Jung, Rana Sajedi and Greg Thwaites for the background research and analysis they conducted. 1  All speeches are available online at www.bankofengland.co.uk/speeches  It is a pleasure to deliver this lecture in honour of TK Whitaker. Whitaker’s career in public policy spanned a period of profound structural change in the Irish economy. In 1956, when he became Secretary of the Department for Finance, the Irish economy was isolated and uncompetitive. Growth in output per capita was lagging the rest of Europe and the steady tide of emigration was gradually shrinking the population. By the time Whitaker’s career drew to a close, the Celtic Tiger was roaring: Ireland had caught up with even the most prosperous nations in the EU, GDP growth was averaging over 5%, and the population had increased by two-thirds as emigration switched to immigration. The catalyst for this transformation was opening up to foreign trade and investment. Beginning with the 1958 report Economic Development, Whitaker strongly advocated replacing the old strategy of self-sufficiency with a new one of export-led growth, which led in time to Ireland joining the EU. For many, this is the greatest long-term consequence of his work.
They have more even pattern of urbanization of cities where it follows the “rank-size rule” in which the second-largest city is typically half the size of the largest city, and the third city is half the size of the second city, and so forth. We see that in South Korea and Malaysia, but you do not see that in Thailand. This is not only because of the technology but it has to do with our policies focusing on the centralization around Bangkok. However, technologies such as remote working and work-from-anywhere increase the likelihood of a more decentralized growth. Bangkok today becomes so large, so congested, and so expensive, which makes sense for people to relocate elsewhere if communication is not a constraint. If such relocation occurs and the growth of the second city rises, they will provide sustainable boost to domestic consumption growth from the urban middle class which has been lacking in Thailand. This is accounted for why, despite all of our efforts in trying to boost domestic demand, we still end up relying so much on foreign demand whether in the forms of exports or foreign tourists. Those are some reasons why I think Thailand remains a good place to do business. I understand that some of them are speculative and I do not think that all those things will happen that easily.

In addition, and perhaps most importantly, the capital requirements have now become much more forward-looking. Each year a bank’s capital dividend and share-repurchase plan is assessed against the amount of capital the bank would potentially have under an extremely stressed economic and market environment given its portfolio of assets. The annual Comprehensive Capital and Analysis Review (CCAR) process has pushed U.S. banks to improve their capital planning processes and forced them, when needed, to retain more earnings and to build up their capital. As a result, these banks are much less risky now than they were prior to the financial crisis, when their vulnerability was masked by a high, but unsustainable, level of profitability. 1/3  BIS central bankers' speeches  On the liquidity side, there has also been significant improvement. The Liquidity Coverage Ratio and the Net Stable Funding Ratio requirements have forced banks to hold more high-quality liquid assets and have reduced the scope for maturity transformation. The ability and willingness of banks to finance illiquid, hard-to-value assets with short-term funding was an important element that contributed to the financial crisis. In addition, I believe that supervisory oversight has improved. There is more attention on horizontal evaluations across the systemically important firms and a greater emphasis on bank governance, risk management, cyber security, and bank data and technology capabilities than in the past. But the progress has not just been in terms of enhancing the strength of individual institutions. The system as a whole is also stronger because of a number of important initiatives.
Christine Lagarde: Hearing of the Committee on Economic and Monetary Affairs of the European Parliament Introductory statement by Ms Christine Lagarde, President of the European Central Bank, at the ECON committee of the European Parliament, Brussels, 2 December 2019. * * * Madam Chair, Honourable members of the Economic and Monetary Affairs Committee, Ladies and gentlemen, I am very happy to be back before this Committee for my first regular hearing as ECB President. I want to express my personal and sincere gratitude to this house for the support I received during the appointment process. And I look forward to a constructive and positive relationship between our two institutions going forward. The connection between the ECB and the European Parliament is especially valuable today as a means to reinforce trust in European institutions. In the euro area, support for the single currency has grown steadily in recent years, rising from a low of 62% in 2013 during the crisis to an all-time high of 76% today. Trust in the ECB has grown in that time as well – but its recovery after the crisis has been less dynamic.1 My predecessors at the ECB were alert to this and already acted to address the challenge. The ECB’s accountability practices have evolved2, as has its communication strategy.

Investment projects amounting to more than USD160 billion to be financed by the Gulf states in Asia have been announced since 2005 2 . In 2006 alone, mega-deals 3 involving corporate acquisitions and real estate purchases from the Gulf to Asia, are estimated to total more than USD18 billion, including multi-billion dollar IPO purchases in financial institutions in China, large oil refineries and telecom companies. The value of such investments are expected to increase to between USD20-30 billion in 2007. For economic regions with high savings and surpluses such as Asia and the Middle East, the challenge is to recycle part of these surplus funds to productive investments in the region. The supply of savings in Asia and the Middle East is by far higher than in any other part of the world. Savings rates here in Asia are expected to remain in the region of 30-40% of GDP for some years to come. 1  The Gulf Cooperation Council represents Saudi Arabia, UAE, Bahrain, Qatar, Oman and Kuwait  2  "A route to riches on the new Silk Road", Financial Times, 21 Dec 2006  3  Worth more than USD1 billion  BIS Review 31/2007  1  Similarly, savings in the Middle East economies have been rising in the recent decade and is expected to average about 30-35% of GDP in the coming years. In 2006, the current account surpluses as percentage of GDP for Asia and the Middle East were about 5% and 23% respectively 4 .
Due to domestic economic turmoil and financial crisis in the late 1980s and early 1990s, it took time before the idea of a fund was turned into actual savings. The first allocation – some USD 400 million – was not made until 1996. Since then, the Fund has grown rapidly in size. As you have already seen, the Fund’s assets are currently valued at around USD 350 billion. The Fund is expected to grow further in coming years, and may double in 5-10 years. The Fund was established as a tool to support prudent management of Norway’s petroleum wealth. One purpose is to shield the non-oil economy from price fluctuations. The Fund is also a long-term savings instrument. It will help to cope with future financial commitments linked to an ageing population. Accumulation of capital in the Fund reflects the depletion of a non-renewable resource, which is exchanged for financial assets through the Fund’s investments. By setting up the Fund, it became possible to establish a path for  2  BIS Review 58/2009  production of oil and gas that is independent of the profile for petroleum revenue spending. The alternative to a fund would have been to directly regulate production by putting a conservative upper limit on annual extraction. Furthermore, to effectively shield the non-oil economy, and to make sure that private sector investment decisions could be made independently of the public sector’s saving of petroleum wealth, the Fund is only invested abroad.

Besides the obvious economic crimes such as drug trafficking and corruption, governments also need to fight against economic and financial crimes in every other shape and form. Any type of such crimes can generate feelings of resentment about an unfair society, not just the drug trafficking cases. Stock price manipulation, insider trading, or tax evasion, which even though do not directly harm people's lives, can still make people feel slighted. This is especially so if these white-collar perpetrators are quite influential or are close friends with politicians or the administrations. In all these cases, the role model set by the government is the most important element in winning people's confidence that the government is truly and sincerely committed to fighting against economic and financial crimes. If the perpetrators are members of the government, swift and decisive actions taken against them will make society confident in the government's policy on this issue and thus encourage law enforcement officers to fearlessly do the right things. What I have been talking about so far concerns economic crimes within a country. Things get more complicated and much more difficult to combat when it comes to cross-border economic crimes. These require close cooperation of law enforcement authorities in every country. Today's United Nations Congress on Crime Prevention and Criminal Justice is a good example of the collaboration effort at the international level. To combat transnational crime, the willingness to collaborate is strong when authorities hold the same view on such crimes.
If you collapse the range of alternatives to the worst possible outcome – now you know for sure that a project isn’t worth pursuing – that would obviously hit investment, 7  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  7  despite the drop in uncertainty. If it keeps open the possibility of better outcomes a lack of clarity may sometimes be worth putting up with. Monetary policy and DB pension schemes  Let me turn now to my second topic, the interaction between low bond yields, QE and the financial position of defined benefit (DB) pension schemes. These funds do exactly what they say on the tin: they promise their beneficiaries a fixed future payout, not unlike the coupon on a government bond. That’s why they’re obliged to discount these liabilities by the longer-term bond yield. That, in turn, means the present-value cost of those liabilities goes up when the bond yield falls. And because easier monetary policy tends in the first instance to do precisely that – to depress yields – central banks have been criticised in recent years for worsening the financial position of such funds. Since its decision to ease monetary policy in August, both by lowering Bank Rate and expanding its asset purchases, the MPC has again encountered this concern. Just as this point isn’t new, nor is what I’ll say in response.

The pre-positioning drive has gathered pace in the last year or so – there is now over £ of collateral pre-positioned for use in the DWF. After applying appropriate haircuts to each piece of collateral pre-positioned, this means the Bank could, subject to solvency and viability assessments and repayment plans, lend around £ in the DWF without the complications of further detailed collateral checks. 11 Although not a substitute for firms  9  Further details on how central banks can use their money market operations to implement monetary policy and provide liquidity support to banks are set out in Clews, Salmon and Weeken (2010), “The Bank’s money market framework”, available in the Bank’s Winter 2010 Quarterly Bulletin. 10  Further details are available at http://www.bankofengland.co.uk/markets/marketnotice100719.pdf. 11  That is around 10% of annual nominal UK GDP in 2011 – slightly higher than that in the United States, where the lendable value of collateral pledged by all depository institutions in the Discount Window (around $ in January 2012) is equivalent to around 8.5% of nominal US GDP in 2011. BIS central bankers’ speeches  5  building up their own holdings of high quality liquid assets to a more satisfactory level, that represents a very substantial “war chest” of potential liquidity in the event of significant adverse shocks. There is limited cost to the counterparty of pre-positioning, as collateral can be withdrawn on demand for use in other operations or market transactions.
More data on the granularity of balance-sheet exposures and across types of financial instruments are essential inputs for evaluating propagation effects with contagion and spillover models. Recent initiatives in central bank statistics also address interlinkages beyond the sample of large players – for example, by means of so-called “from whom to whom” information on deposits and loans from financial corporations, or through securities holding statistics with a view to also creating “who to whom” data for various sectors of the economy in the Euro Area Accounts. Dedicated ad hoc surveys, for example in the context of the ESRB’s work at an EU-wide level, should also contribute to shedding light on this topic. Sufficiently granular information would facilitate linking the regulated financial sector with the shadow banking sector. In addition, enhancing information on financial conglomerates – banking groups with substantial activities over and beyond the banking sector – would be essential, as nonbanking activities may be systemically important. In the case of financial conglomerates, contagion and concentration risks can be exacerbated by the increased intra-group complexity and potential conflicts of interest. At the micro-level, improvements to data for characterising interconnectedness are being pushed forward by several initiatives with different objectives and time lines.

John C Williams: Bridging the skills gap Remarks by Mr John C Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the "Skilling the Gap: Building Local Talent for InDemand Careers", Columbia-Greene Community College, Hudson, New York, 21 October 2022. ***  As prepared for delivery Thank you for that kind introduction. I'm so pleased to be here-especially at this time of year, when the autumn colors light up the region. In fact, my wife and I have fallen in love with this area-so much so, that we are now splitting our time between Columbia County and New York City. Of course, I'm not just here as your neighbor. Part of my job as president of the New York Fed-one of the best parts-is to meet with business and community leaders from across the Federal Reserve's Second District. This gives me the opportunity to see and hear the challenges they face. And throughout the Second District-which includes New York State, Northern New Jersey, Southwestern Connecticut, Puerto Rico, and the U.S. Virgin Islands-the issues I hear about consistently have to do with labor shortages and the skills gap. Employers can't find enough skilled workers-and workers can't obtain the skills they need to move up the economic ladder. Before I go any further, I will give the standard Fed disclaimer that the views I express today are mine alone, and do not necessarily reflect those of the Federal Open Market Committee or others in the Federal Reserve System.
We also went through a great deal of upheaval on the policy front – with a major surge in inflation in the 1980s, joining the ERM in 1990 and then leaving it two years later, and also having to deal with a very large public sector deficit in the wake of the early 1990s recession. Perhaps when I was appointed to the MPC in 2006, twenty years after I joined the CBI, alarm bells should have been ringing in the business community. Both my periods of involvement with national economic policy-making have coincided with periods of major economic turbulence in the UK economy! Maybe you can take some comfort from the fact that my term on the MPC finishes at the end of May – which should usher in a calmer period for the UK economy and policymaking if past experience is any guide! From a personal point-of-view, however, this has been a fascinating period to be involved with UK economic policy-making. In my view, the actions taken by the MPC from the autumn of 2008 and through 2009 played a key role in stabilising the UK economy in the face of the  1  MPC members typically undertake 2-day regional visits which include around 4 in-depth discussions with individual companies and 3 meetings with groups of business executives. Since I joined the Committee in October 2006, I have undertaken 35 regional visits of this sort. BIS central bankers’ speeches  1  negative and destructive forces created by the global financial crisis.

It is a great strength of the MPC that regional visits are a key part of the activities of all members of the Committee. And in the four and a half years I have spent as a member of the Committee, I estimate that I have visited around 140 individual businesses and talked to around 100 business groups – across England, Scotland, Wales and Northern Ireland.1 There are two reasons why I am particularly pleased to speak at today’s lunch. First of all, the East of England is my home region as I live in Essex and have done so for over a quarter of a century now. Second, I am always delighted to speak on a CBI platform as the seven and a half years that I spent as a CBI economist in the late 1980s and the early 1990s was a very important and formative period in my career. I have a great respect for the work of the CBI which remains the pre-eminent business organisation in the UK. That period I spent working in the CBI’s Economics Department about twenty years ago was also a period of major economic turbulence in the UK. I joined the CBI in September 1986, just as the “Lawson Boom” was getting underway. And I was the CBI’s Director of Economic Affairs from 1989 until the end of 1993 as boom turned to bust and the UK economy went through the last major recession before the global financial crisis of 2008/9.
Inflation has fallen to single digit, while the exchange rate has remained relatively stable. In 2011 inflation closed at 7.2% from 7.9% in 2010. In February 2012, inflation was recorded at 6.0%;  iii. The financial sector has also recorded tremendous growth since the commencement of liberal economic and financial policies in the early 1990s; and  iv. Equally, positive developments have been registered in the payment systems. I must caution though that sustaining macroeconomic stability remains a key challenge in the face of a weak global economic outlook and limited domestic resources. It is important that we all keep an eye on economic developments with a view to striking a balance between wealth redistribution on one hand and sustaining the required investment and economic growth on the other. Ladies and gentlemen, in the recent past, we have witnessed a number of work stoppages as workers press for increased remuneration. In this regard, I wish to urge the Union leadership to be wary of sparking a wage price spiral because this may cause a rise in inflation. As you may be aware, high inflation is detrimental to our economy because of the following reasons: i. Makes Planning difficult for economic agents;  BIS central bankers’ speeches  1  ii. Companies and consumers are unable to draw up effective investment and expenditure plans;  iii. Government is also unable to make good projections of revenue collections and thus unable to effectively plan its current and capital expenditures;  iv.

Michael Gondwe: Collective bargaining Remarks by Dr Michael Gondwe, Governor of the Bank of Zambia, at the official opening of the Zambia Union of Financial and Allied Workers (ZUFIAW) Negotiations Forum – Phase 1, Lusaka, 20 March 2012. *  *  *    The ZUFIAW President, Mr Cephas Mukuka    The General Secretary of the Zambia Union of Financial Institutions and Allied Workers (ZUFIAW), Mrs Joyce Nonde Simukoko    The Executive Secretary of Federation of Free Trade Union in Zambia, Mr Lyson Mando    The Representative from the International Labour Organisation    Workshop Facilitators    Distinguished Participants    Ladies and Gentlemen  I wish to welcome you all to this important Workshop, on Collective Bargaining, organized by the Zambia Union of Financial and Allied Workers (ZUFIAW). Let me take this opportunity to commend ZUFIAW for taking the initiative to organise this Forum, which is intended to facilitate exchange of information and views on aspects of effective collective bargaining. Mr President, as you are aware, in spite of the recent global economic crisis, our country has continued to enjoy relative macroeconomic stability, with favourable prospects for the future. As a result of consistent implementation of appropriate macroeconomic policies: i. The country has registered positive real GDP growth averaging 6.5% annually since 2007. This is a necessary condition for poverty reduction efforts;  ii. Inflation and exchange rates developments have also been favourable.