samchain/econo-pairs-v1 huggingface dataset:
Chart 16: IMF estimates of global price Phillips curve slopes Interquartile range  Median 2.0  1.5  1.0  0.5  0.0 1961 1967 1974 1980 1986 1993 1999 2006 Sources: IMF (2013). Chart 17 shows the results from this exercise. Wages and prices are both weaker throughout: at the two-year horizon, wage growth is 0.6 percentage points lower than in the February Inflation Report, while inflation is 0.2 percentage points lower. In other words, a flatter Phillips curve would generate a downside risk to the inflation outlook at the policy horizon. A final explanation for the wage puzzle is that weak wages are signalling that the output or unemployment gap is larger than currently estimated. There are a number of potential sources of such additional slack, including greater spare capacity in firms, a greater willingness among workers to increase their average hours, or a lower long-term rate of unemployment than is currently estimated by the Bank.10 How much additional slack? Imagine you asked yourself how much slack would be needed to resolve the wage puzzle of the past few years. Even with a very conservative estimate of the Phillips curve slope, the implied degree of slack could be somewhere close to 4%, materially above the MPC’s current central view of slack of around ½%.

This might arise because the pool of workers willing to enter the labour force at the existing wage rate has increased – for example, older workers prepared to work longer than they had planned or workers from overseas moving into the UK labour force. There is evidence of many of these trends intensifying over the past few years. For example, the unemployment rate among 18-to-24 year olds has fallen by almost 4 percentage points over the past year. The trend in labour force participation rate has picked up significantly among women and older cohorts over the same period. And net migration to the UK was estimated to be almost 300,000 in the year to September 2014, almost double the level two years earlier. 7  8  For example, Weale (2015). BIS central bankers’ speeches  There is evidence, in the UK and internationally, to support the Phillips curve having flattened over time. For example, cross-country evidence from the IMF suggests that the slope of the price Phillips curve has fallen, from around one in the 1970s to 0.1–0.2 today (Chart 16). That could reflect the effects of globalisation, enhancing competition in domestic labour and product markets.8 The implications of a flatter Phillips curve for future wage growth and inflation can be assessed by rerunning the projections from the MPC’s February Inflation Report. Specifically, assume a halving of the Phillips curve slope used in the model of Chart 15, from 1 to 0.5.9 That slope is still well above the levels in Chart 16.
We are going to develop our regulation in such a way as to encompass other non-core assets of credit institutions as well. According to our assessments, the total value of such immobilised assets 4/7  BIS central bankers' speeches  that have no requirements for repayment and are often liquid only to a limited extent already exceeds two trillion rubles. However, banks’ regulatory capital covers as little as 15% of these assets. I would like to reiterate that we do not want to limit market development, decrease Russian ecosystems’ competitiveness, and curb the deployment of innovations. Just the opposite. We believe that if banks develop ecosystem business, they should do this at the expense of their shareholders, rather than depositors and creditors. We are aware that other sectors of the financial market should also create conditions to offer comprehensive solutions to clients. For many years, we have been working towards elimination of regulatory arbitration, implementing a risk-based approach, and raising the requirements for financial stability, and now we believe that we are really prepared to switch to regulation by activity type. This approach implies that main regulatory requirements will be set not for a legal entity, but rather for the activity it carries out. What services will be covered in the first place? Payment services may be provided by nonfinancial and non-bank financial institutions. In our opinion, it is possible to combine the activities of a non-governmental pension fund and a life insurer.

Since its launch, the Financial Education Plan has raised awareness of financial planning and encouraged households to treat savings as a fixed expense, helping them to build up a financial safety net based on what they can afford. Further, the plan also aims to teach the general public, and students in particular, to make responsible use of credit as and when it is needed, and to invest their savings based on sound risk assessments and in awareness of the risk-return trade-off. The Banco de España has redoubled its engagement in financial education, with recent structural changes aimed at reinforcing this function and helping the public to make better financial decisions, including when it comes to their savings and investments. In conclusion, Spanish households’ ability to appropriately manage their savings, based on informed decision-making, is a cornerstone of their financial health and, therefore, of stability for society at large. Thank you very much. 5
The recent forecasts by various international organisations indicate that, in fact, we are in a very serious worldwide recession, from which neither the euro area nor the Spanish economy have been spared. In general, according to the available forecasts for developed countries, the problems will be acute in 2009, although it is expected that at some point during 2010, taking into account the current high uncertainty any forecasting exercise entails, an incipient recovery may become discernible. The Spanish banking system, as is inevitable when faced with a global financial crisis, has not been immune. Nevertheless, the impact has been no less than in other banking systems, where public authorities have had to take control of very large institutions, as I have said. This better relative performance can be explained by at least two factors. Firstly, the business model of Spanish credit institutions is based on traditional retail banking and is founded on long-term relationships with customers and creditors. This type of banking model has enabled credit institutions to acquire in-depth knowledge of their customers, reducing the perverse effects linked to asymmetrical information present in any banking business model. Similarly, since it does not use asset securitisation as a risk transfer mechanism but only as a means of obtaining liquidity, the origination and acquisition of complex structured products has been avoided, which have proved to be substantially opaque and the cause of hefty losses for many institutions in various countries.

Miguel Fernández Ordóñez: Financial integration and stability in Europe Opening remarks by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, at the Conference on "Financial Integration and Stability in Europe", organised by the Bank of Spain, the European Central Bank and the Center for Financial Studies, Madrid, 30 November 2006. *  *  *  Good morning ladies and gentleman. First of all, allow me to welcome you. We are really delighted to host this conference at the Banco de España in Madrid. Some of you are perhaps too young to remember, but it was here in Madrid, in 1989, that the European Council decided to embark on the first stage of Economic and Monetary Union, as envisaged in the Delors Report which was the catalyst for the EMU process. I would like to start my intervention today with a quote from the Delors Report; a quote that refers to financial integration. Simplifying, it said the following: The objective of a single financial area, in which all monetary and financial instruments circulate freely, and banking, securities and insurance services are offered uniformly throughout the area, would be fully implemented through the approval and enforcement of the necessary Community directives. You can appreciate the appealing simplicity of its definition of an integrated financial market: one where all monetary and financial instruments circulate freely, and where banking, securities and insurance services are offered uniformly.
M R Pridiyathorn Devakula: The Bank of Thailand's new Data Management System Speech by Mr M R Pridiyathorn Devakula, Governor of the Bank of Thailand, at the inauguration ceremony of The Financial Institutions Electronic Data Submission for the Data Management System Project (DMS), Bangkok, 1 October 2003. *  *  *  The Deputy Permanent Secretary, Ministry of Finance Managers from financial institutions The Managing Director of IBM (Thailand) Company Limited Bank of Thailand’s executives All staff of the Data Management System Project Ladies and gentlemen, It is an honor for me to have such a great opportunity for today’s inauguration ceremony for the Data Management System, or the DMS. The Bank of Thailand has thus far developed the system upon early stage of the project, with full implementation of latest information technology advancement to enhance the efficiency of data management system. Major objectives include the reduction of burden borne by data compilers, excessive data quantity and redundancy in the system, improved management on data collection and compilation procedures to obtain more complete and up-to-date information. In order to achieve such ultimate objectives, the Bank of Thailand therefore has deemed it appropriate to revise the organization structure; that is, with complete transfers of all data management related operations pertaining to all various departments toward a single control center under the Data Management Group. Data management system development project was then initiated, in order to ensure that all Bank of Thailand’s data management routines are well consistent and in accordance with normal standard.

This is fully supported by the commitment of its leaders to a shared vision to make meaningful progress in the implementation of the AEC Blueprint. The vision for an economically and financially integrated ASEAN represents the aspiration of many policy makers, old and new. A recent take on this can be found in a document titled “The Road to ASEAN Financial Integration”, a study on the financial landscape and formulating milestones on ASEAN monetary and financial integration. This document endorsed by the ASEAN Central Bank Governors and approved by the Finance Ministers presents a clear, ambitious and committed statement by the region to collectively embark on this journey. In this respect, ASEAN has made meaningful progress in the identification, articulation and implementation of principles to advance financial and economic integration among its members. Work to craft the post-2015 plan is in progress, in line with the assessment of the current state of readiness in this region. As we enter the next phase, the principles that underpin ASEAN’s integration model will continue to be tested, and whether ASEAN reaps fully the benefits of economic and financial integration, will be very much determined by the collective actions of governments, policymakers and economic and financial agents, including those of us in this room today. In my remarks this morning, I will discuss the role of financial integration as both a key enabler and an outcome of the AEC.
4  BIS Review 6/2007  economy was in a situation where inflation deviated from target. This would mean that when we conduct our monetary policy we must assess how quickly it is appropriate to bring inflation back to 2 per cent. Several factors need to be taken into account; the reasons for the deviation from target, the size of the deviation and how we expect real economy factors such as growth and employment to develop. The two-year horizon should be regarded as a restriction as to how much consideration can normally be given to real economic developments. Situations may arise where the deviations are substantial and it is reasonable to allow longer than two years for inflation to return to target. In this way we can avoid excessive fluctuations in real economic activity. However, I would like to emphasise that this kind of strategy only comes into question when it will not jeopardise the credibility of monetary policy. A desirable monetary policy should also be predictable in order to make it easier for households and companies to adapt to new economic conditions. Changes in the repo rate should therefore normally be made gradually and not in large steps, as I see it. Of course, there may be other reasons to avoid large changes in interest rates. Changing the interest rate gradually gives, for instance, some scope to give consideration to the real economy, while enabling us to wait for and analyse new economic information.

These efforts, however, need to be balanced by efforts to enhance the capacity of countries not only to manage the risks and vulnerabilities, but also to sustain their own capacity to support growth and development. Capacity building involves helping countries to help themselves. It requires enhancing the institutional capacity of the country. Support in putting in place the necessary institutional structures, arrangements and systems would increase the potential for the sustainability of the development process. Strengthening these foundations are vital to the deregulation and liberalisation process. They represent the pre-conditions to any reform agenda. In this regard, capital account liberalisation needs to be managed in accordance with the country's own institutional capabilities and implementation capacity. Supporting financial infrastructures, sound and strong financial institutions, developed financial markets, and a more market-driven environment are key to the success of the liberalisation process. On the support for the low-income and poorer countries, the uneven progress made in meeting the Millennium Development Goals is of deep concern. The debt relief proposal of the G-8 to assist the Heavily Indebted Poor Countries (HIPC) is a welcome step. Debt cancellation, however, addresses the symptoms and not the cause of poverty. Experience has shown only a few countries have graduated from the debt relief programme under the HIPC Initiative. Many still continue to be burdened with unsustainable levels of debt. It is important to recognise that the task of assisting the lower-income countries does not stop short at providing financial assistance.
Society expects higher standards, and the PRA supports the FCA in upholding these standards as part of the global effort to restore trust between financial institutions, regulators and – most importantly – the public. Three things strike me as important as part of this effort and I pick these three because they are close to my role and that of the PRA and the wider Bank of England. First, the Fair and Effective Markets Review under my colleague Minouche Shafik, with Martin and Charles Roxburgh, is vitally important to establish the better standards that society reasonably expects. Second, we need better international coordination among authorities to enable conduct risks to be dealt with effectively, but also in ways that do not threaten safety and soundness. That is a high priority. And third, to support credit and borrowing in the economy, and thus growth, we must all work to ensure that people feel confident to use banks and thus overcome the legacy of mistrust from revealed misconduct. The fourth issue on which I want to comment concerns incentives. These lie at the heart of good pro-active supervision, getting the incentives right. Unfortunately, we see areas where that has not happened. I want to cover two of those. The first is remuneration. Once again there is a lot being said on this subject. My view has not changed.

Andrew Bailey: Speech at the Lord Mayor’s Banquet Speech by Mr Andrew Bailey, Deputy Governor of Prudential Regulation and Chief Executive Officer of the Prudential Regulation Authority at the Bank of England, at the City Banquet, London, 16 October 2014. *  *  *  Lord Mayor, thank you once again for inviting us round to Dinner. Events at the Mansion House never cease to be special, with an aura that sets them apart. It is a true story from some years ago that a very senior official from another country came to a lunch at the Mansion House, at which he spoke, and after which he came to visit the then Governor of the Bank. He had been impressed by the grandeur of the surroundings, the food and drink, the speeches (in plural), but he had just one question for the Governor. How does anyone make money in the City if that is how they carry on? The Governor was wise and slightly avuncular in his answer, to the point of remarking that it is not a question that anyone in the City would ask. Lunches may have become shorter, but dinners remain a place to take stock over good food and wine and with good company. And, for Martin and me it is a chance to take stock after just over eighteen months of the new arrangements. The PRA is responsible for the prudential supervision of banks, insurers and major investment firms.
I want to underline today that you are an important partner in our efforts and when we join forces guaranteeing the welfare of future generations becomes an easier task. Dear guests, We have constantly emphasised that financial education and research are an integral and significant part of the activity of the Bank of Albania. They are a precondition and source for the social-economic development and welfare of the citizens of Albania. In this regard, I would like now to turn your attention to what has now become a tradition, the ceremony for the Governor’s Award for the Best Diploma. 1/2  BIS central bankers' speeches  This is the 13th year that the Bank of Albania has selected and awarded three diploma theses. Over the years, we have found that the quality of research work has been improving, to the point that it has become actually difficult to distinguish the work presented by a recently graduated student from that of a researcher at the Bank of Albania. The selected topics present great interest, as they focus on critical issues related to the economic and financial reality in Albania and beyond. As in previous years, Albanian students from domestic or foreign universities have applied and presented their best research work. We are happy to note that participation and interest from students and universities has been significantly on the rise, revealing the recognition, reliability and reputation this Award has achieved.

Staying on the media, but shifting to another, concrete contribution of it, professionalism and integrity in covering news related to economic and financial developments in Albania increased notably this year. Let me emphasise. We are glad to say that we find your work has advanced in all its dimensions. The language you use as well as the breadth and depth of your analysis in presenting our reports to the public reflect a serious approach and professionalism. Thanks to you, our decisions have been passed on in a timely fashion. Further, they have been translated and adapted using simple and easy-to-assimilate language, not only for market actors, but also for the general public. The media is a unique ally in our efforts to enhance the effectiveness of our decision-making. Please allow me to thank you once again for your work, filled with passion and dedication during the course of this year. I am confident that in the coming year your dedication, truthfulness and objectivity in reporting economic and financial news will continue to characterise your work. I would like to assure you that the Bank of Albania will continue be a transparent institution, ready to provide opinions and assessments as necessary in all public debates related to the performance of our economy and financial markets. For the Bank of Albania, macroeconomic stability and financial solidity in Albania are essential and long-term objectives. We work incessantly to enable such stability, which is vital for all the citizens of Albania.
At the same time, it will be critical to avoid further setbacks that would make recovery even more difficult. This includes not only the risk of accelerated infections, but also the risk of business failure and the collapse of the sectors most affected by social distancing, with the consequent loss of human and social capital. It will be especially important to avoid financial instability resulting from the deterioration of the credit portfolio, the cost of funding or the loss of liquidity. The Bank is aware of these challenges and risks and will be on the lookout to contribute as much as possible within the framework of its institutional mandates and powers, but much more will be required to articulate a policy response commensurate with the task at hand. It will be everyone’s responsibility to make the recovery faster, more robust, more sustainable, and more equitable than it has been in other economic crises in our history. From this perspective, to resume a path of growth, we have identified six major challenges: The first is to recover the labor market, severely affected by the abrupt halt in activities across all sectors and territories. This challenge is of the utmost importance for the well-being of the population and needs to be addressed urgently, decisively, and realistically. In this process it will be especially important to focus on those sectors most affected by the loss of jobs, such as women, and to learn from the lessons learned about the weakness associated to the high level of labor informality.

Caleb M Fundanga: A brief look at corporate governance in Zambia Speech by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the launch of corporate governance guidelines for banks and non-bank financial institutions, Lusaka, 28 November 2006. *  *  *  ♦ The Chairperson of the Bankers Association of Zambia; ♦ The Chairperson of the Institute of Directors; ♦ The Chief Executive Officers of banks and non-bank financial institutions; ♦ Deputy Governors, Bank of Zambia; ♦ Representatives of Professional Bodies; Media Colleagues; ♦ Distinguished Invited Guests; ♦ Ladies and Gentlemen. I wish to welcome you all to the launch of the corporate governance guidelines for banks and nonbank financial institutions, in particular, deposit taking non-bank financial institutions. As you all may be aware, the recent debacle of corporate scandals has resulted in the resurgence of interest in good corporate governance. These scandals have not been restricted to large businesses in the US or Europe, but have surfaced in emerging economies as well, with equally devastating effects. This, together with concern about our environment and globalisation, has played an important role in this resurgence of interest in how companies are managed, directed and controlled. Here in Zambia, the collapse of a number of banks in the mid-1990’s has largely been attributed to poor corporate governance. Some characteristics of this included dominant key shareholders, poor transparency and inadequate disclosure.