samchain/econo-pairs-v1 huggingface dataset:
However, in a few areas the EU authorities will be able to make binding decisions which have a direct effect on national regulations and supervision: •  First, in the area of regulation, the authorities will develop binding technical standards to promote uniformity in the implementation and application of EU-law. •  Second, the EU authorities will be equipped with powers to address national supervisors that are considered to be diverging from the existing community legislation. If it is deemed that the supervisor concerned is not in compliance with EU law, then the authorities will be able – as a last resort option – to adopt decisions directly applicable to the supervised financial institutions. •  Third, in areas where EU law requires coordinated decision making between home and host supervisors the authorities will be able to make binding decisions directly applicable to individual institutions if supervisors cannot reach a joint decision (for example on the validation of Basel II internal models). •  Fourth, in the event of a crisis situation the authorities will be able to make certain emergency decisions requiring national supervisors to jointly take specific action. •  Finally, the EU authorities will be awarded full and direct supervisory powers over credit rating agencies. Besides these binding powers the authorities will also have other “soft” instruments to promote and strengthen harmonisation and co-operation. For example, the authorities will be able to participate as observers in all supervisory colleges.

But in a broader context too, it will be a natural step towards strengthening the global financial system. Thank you. 4  BIS Review 134/2009
Occupations are ordered according to decreasing gross weekly median pay in 2004.

Regarding productivity growth in the other sectors, the possibility of further improvements relies mainly on: (1) increasing human capital accumulation through increased labor participation, raising working skills above the already projected levels or the migration of workers with the competences required by the Chilean system; and (2) making productivity improvements via enhancing companies’ efficiency, lowering production and trading costs, and changing output composition toward more competitive and productive sectors, while advancing in terms of innovation and technological development. 24. As Chile’s concern for growth has intensified, many ideas about public policies have emerged that could help enhance productivity, with proposals coming from the government, private agents and the National Productivity Commission. In particular, policies have been developed that have permitted to diversify the energy matrix, increase supply reliability and reduce costs. There have been other factors, however, that pose a risk to productivity, including initiatives that may overburden corporate costs, generate new trading costs or reduce savings. 25. Finally, any discussion about productivity must necessarily cover technological development. This is a key driver of economies’ productivity and competitiveness around the world. It is obvious in my opinion that the new technologies, knowledge and innovation capacity are input into the productive system through new ventures, investments and restructurings.
Deeply disappointed, the couple consulted another friend and sought advice on what went wrong and what could be done. They were told that the food variety was still too limited. They should offer hot pot rice (煲仔飯) and hot pot meals (火鍋) as well to attract a wider clientele. The couple thought it was a good advice and immediately launched the new products. In the first winter, the business went quite well but in the summer months it was dreadful. What was more surprising, in the second winter, the business fell even further. After two years of struggle, the couple felt that they had run out of new ideas and that there was no point to hang on. So they decided to close down the business and sell the shop space. So the couple went to see the branch manager of the bank to settle the outstanding mortgage payments. The branch manager, who was also an old customer of their noodle shop living in the neighbourhood, asked why they had to close their shop. The couple complained that the market environment, including people’s taste and eating habits had changed but they simply could not cope with these changes fast enough. The branch manager was astonished to hear this and said: “I used to like your noodle shop very much in the earlier years, but for reasons I don’t understand, the quality of the noodles kept deteriorating. When you introduced the cafe, the food was even worse.

Svein Gjedrem: The role of the Central Bank Address by Mr Svein Gjedrem, Governor of Norges Bank (Central Bank of Norway), to the Fafo Institute for Labour and Social Research and the Norwegian Power and Democracy Project, Oslo, 6 September 2002. *  *  *  The way in which economic policy is oriented today reflects the experience gained and the lessons learned in the 1970s and 1980s. In Norway, efforts to develop an economy under strong centralised 1 coordination and control culminated in the 1973 proposal to establish an incomes policy council. According to the proposal, the social partners would undertake a commitment through the council to keep negotiated wage increases within specific limits. It was also stipulated that demand management policy should be included as part of incomes policy. The proposal to establish an incomes policy council was logical. It was the last wall in the building that was constructed after the war. Coordination and control were important key words.
Both as an educationist and as a politician, Steen made key contributions to the creation of the Norwegian comprehensive school. Source: Store Norske Leksikon, http://nbl.snl.no/Johannes_Steen/ utdypning. Internationally, the Society of Jesus is known as the founder of the modern school system, with a curriculum tailored to the child’s age and previous knowledge and schooling characterised by systematic progression. These pedagogical principles evolved gradually through the second half of the 1500s, culminating in 1598 with Ratio Studiorum, the official plan for Jesuit education (see O’Malley, J. W. (1993): The First Jesuits, Harvard University Press, Cambridge, Massachusetts). BIS central bankers’ speeches  3  1889. The result was a comprehensive school system that strengthened our collective identity.12 For Norwegians, it is easy to take inclusive institutions for granted. Throughout human history, however, it is extractive institutions that have been the norm. There were attempts to achieve a balance of power in regimes as disparate as ancient Rome, China and Venice. But they remained attempts. The inclusive institutions were replaced by nepotism and abuse of power. The economists Acemoglu and Robinson point to the Glorious Revolution as a turning point in history.13 The British Parliament permanently curtailed the power of the Crown. The UK did not become a democracy in the modern sense overnight, but checks and balances were introduced. The development of written laws and a judicial system featuring independent courts started. Patent laws were adopted and limited companies saw the light of day.

When these young economists returned home, they had learned that another world was possible. They had received key inspiration about the proper business of a central bank and the proper conduct of monetary and credit policy. Today, the Bank has a Research Unit. The research is useful but it is a drop in the ocean compared with the research taking place in the wider world. But the Research Unit is important for ensuring that we are vigilant. It is the Bank’s bridge to the academic world inside and outside Norway. Internationally recognised scholars visit the Bank on a weekly basis to relate the latest news from the research front and challenge our perceptions and ways of thinking. The actual presence of in-house researchers with specialist expertise in central banking sharpens the minds of other Bank staff. The Research Unit ensures that as an institution the Bank does not isolate itself and become inward-looking and self-satisfied. The third measure is to ensure that the Bank’s governing bodies and Bank staff work together as a team. Most of the literature on “making good decisions” focuses on the composition of the governing board (external vs. internal and governance by experts vs. general governance expertise) and work structure (collegial committees vs. individualistic committees). Just as important is how the governing board manages to make the most of staff expertise. If an institution like the central bank slowly slips into mediocrity, it will not be discovered until it is too late. 12  BIS central bankers’ speeches
We need to solidify our confidence that our ultimate exit from the zero lower bound will occur smoothly – and in a way that sustains our escape from it. A corollary to this is we should not shy away from policy prescriptions that generate forecasts of inflation that moderately overshoot our 2 percent target for a limited time. Such a policy strategy more properly balances expected costs and benefits. And it would leave me with much more confidence that inflation will not stall out below target once we start raising rates. I agree with Atlanta Fed President Lockhart in thinking that we ought to be “whites of their eyes” inflation fighters. 15 The last thing we want to do is regress back into the ZLB. Indeed, such a relapse would be a sign there was something else going on that was preventing the economy from being as vibrant as we thought possible. To summarize, I am very uncomfortable with calls to raise our policy rate sooner than later. I favor delaying liftoff until I am more certain that we have sufficient momentum in place toward our policy goals. And I think we should plan for our path of policy rate increases to be shallow in order to be sure that the economy’s momentum is sustainable in the presence of less accommodative financial conditions. References Aaronson, Daniel, Luojia Hu, Arian Seifoddini and Daniel G. Sullivan, 2014, “Estimating and forecasting trend labor force participation,” Economic Perspectives, Federal Reserve Bank of Chicago, Vol. 38, forthcoming.

Depending on each firm’s business focus, geographic reach and customer base, any single scenario will result in variable degrees of stress, potentially undercutting structural macroprudential objectives. In the current stress testing regime, the bank-generated stress tests required as part of the CCAR go a long way to addressing concerns that stress tests based on a single supervisory scenario will not be tailored enough to expose capital vulnerabilities at all firms. In these exercises, banks are supposed to identify scenarios that are uniquely stressful to them. Evaluating these scenarios to ensure that they capture firm-specific risks is a key part of the CCAR qualitative review. This seems a very constructive way to think about consistency across firms, with the emphasis on each firm having robust risk identification and thorough consideration of the kinds of stress environments that would uniquely test its business model. Multiple, Independent Estimates and Diverse Perspectives Our 2009 paper described the benefits of the SCAP’s use of multiple, independent estimates of losses, revenue and expenses, as well as bringing diverse perspectives to bear on the design and implementation of the exercise. At that time, the technology of firm-wide stress testing was in its infancy, and the SCAP results were based on a combination of bank-generated estimates, 3/6  BIS central bankers' speeches  (somewhat primitive) supervisory models, and high-level “top down” estimates of possible stressed loan losses.
The bank crisis in the early 1990s is still such a recent event that I shall not dwell on it here. But it is worth noting that there was a similar crisis in the 19th century. As early as 1857 the government was obliged to intervene to safeguard the payment system in connection with a bank crisis: Skånes Enskilda Bank was threatened and finance minister Gripenstedt came to its rescue. Barely two 4  See Lennart Schön, ibid. BIS Review 10/2001  3  decades later, in 1878, another bout of excessive optimism and unduly strong credit growth led once more to a bank crisis when the boom was over. On that occasion the crisis hit Stockholm in particular. Stockholms Enskilda Bank was most vulnerable, having increased its commitments in private railroad construction in the 1870s. Government efforts saved the bank by establishing a fund in the National Debt Office so that the bank could mortgage its illiquid railroad bonds. These examples illustrate how excessive optimism is liable to lead to things getting out of hand and resulting in imbalances. The course of economic developments may then be checked for the time being but once the problems have been overcome, a new expansive phase begins. I leave you to draw your own parallels with the previous rapid price rise for IT shares and last year’s subsequent correction. The bursting of what some have called an IT bubble in the stock market is thus not the end of the new information technology’s era.

First, eTradeConnect will provide the infrastructure for digitalising trade finance, as well as support cross-boundary trade between Hong Kong and Mainland China. Second, CDI will link up various digital islands to form a seamless data ecosystem. And finally, mBridge will expedite cross-border payments while reducing costs. 18. We believe that the combined power of the three infrastructure would pave the way for digitalising cross-border trade in the trade corridor between Hong Kong, Mainland China, and other APAC regions. I hope to share further updates with you in the not-so-distant future, and 2/3  BIS central bankers' speeches  in the meantime, I welcome your feedback and suggestions. 19. Thank you, and an early Happy Chinese New Year to you all. Wishing you all health, happiness, and good fortune in the Year of the Tiger. 1 Asian Development Bank, 2021 Trade Finance Gaps, Growth, and Jobs Survey. 2 Mr Chu’s story is based on the true story of Joe Chu, a local importer of Qingyuan chickens. Here is the web link  to the interview of Mr Chu and a few entrepreneurs who have used CDI: www.youtube.com/watch? v=Fp6HLkUd3Xo  3/3  BIS central bankers' speeches
Figure 2 Wages and salaried employment (1)  Real wage mass  (annual change, percent)  (annual change, percentage points)  8  24 12  Wages (2)  6 Public salaried employment (right axis)  4  18  9  12  6  2  6  3  0  0  0  -6  -3  -2  11  12  Private salaried employment 13 14 15 16 17  12 Real wage mass  Salaried employment  9 6 Self employment  3 0  Other 18  -3  11  12  13  14  15  (1) Quarterly moving averages. (2) Simple average between Wage Index and Labor Cost. Sources: Central Bank of Chile and National Statistics Institute. 8  16  17  18  Figure 3 GFCF  Investment indicators  (real annual change, percent)  (annual change, percent; original series)  12  16  6  8  0  0  0  55  -6  -6  -8  50  -12 -16  45  12 6  FBCF  Construction and other works  -12 -18  -18 -24  Machinery & equipment  -24  65  Capital goods imports (1)  60  40  IMCE investment (right axis) (2) (3)  -24 -32 14  15  16  17  18  35 14  15  16  17  18  (1) Moving six-month average.

Jaime Caruana: Announcement of Basel II Opening remarks of Mr Jaime Caruana, Governor of the Bank of Spain and Chairman of the Basel Committee on Banking Supervision, at the press conference announcing the publication of Basel II, Bank for International Settlements, Basel, 26 June 2004. *  *  *  I would like to thank President Trichet for his kind words, which I will certainly share with my colleagues. On behalf of the Basel Committee on Banking Supervision, I am honoured to join him in announcing the publication of the revised framework for bank capital adequacy, a document that we have officially entitled, the “International Convergence of Capital Measurement and Capital Standards: a Revised Framework.” I will not go into details about the document in my opening remarks, although of course I will be delighted to answer questions afterwards. What I would like to say is that the new framework represents a significant step towards achieving a more comprehensive and risk sensitive supervisory approach. It also represents an unparalleled opportunity for banks to improve their capital strategies and risk management systems. And finally, it provides supervisors with an opportunity to improve their ability to identify banking risks and to enhance the dialogue with the industry and among banking supervisors. This new approach can be expected to play a significant role in reinforcing the soundness of individual banks and thereby enhancing financial stability. Our objective is also to ensure a consistent application across jurisdictions.
Some of you may already be aware that the HKMA has begun researching retail CBDCs (rCBDCs). We have been working with the Bank for International Settlements (BIS) Innovation Hub Hong Kong Centre on Project Aurum, which will focus on the technical aspect of issuing r-CBDCs and the possible architectural designs. 24. Similar to the majority of central banks, we see that a lot of issues need to be thought through before issuing r-CBDC. For instance, how should we strike a right balance between privacy and traceability? How do we mitigate cybersecurity risks? How will it affect the effectiveness of monetary transmission? These are important questions that need to be answered before reaching a conclusion. 25. Against this backdrop, the HKMA will soon begin a comprehensive study on e-HKD to understand its use cases, benefits, and related risks. This is to increase our technical readiness so that we are prepared for all kinds of circumstances in the future, including the potential for Hong Kong to issue e-HKD. We have already established an internal crossdepartmental working group within the HKMA to study the relevant technical, policy and legal issues, and we hope to offer our initial thought on this complex matter in 12 months’ time. 26. Needless to say, CBDC will remain one of the most important topics among the global central banking community in the months or years to come. The HKMA will continue to work with the BIS and other international institutions to prepare Hong Kong for the evolving landscape. Creating the next-generation Data infrastructure 27.

We will then assess and benchmark the results against overseas peers to identify whether there are firstly, any business areas – such as Investech, Wealthtech, Insurtech and Greentech - where technology is underused, or secondly, any specific technology types, including artificial intelligence and blockchain solutions – that are not receiving sufficient attention. Based on the findings of this exercise, we will consider what support the HKMA can offer to help the banking sector reach the next level of fintech sophistication. If everything goes according to plan, you can expect to see the results in the first half of 2022. 18. In parallel, we will continue to provide guidance on fintech areas that may present opportunities or risk management challenges to the banking industry. This will help banks adopt novel technologies with more confidence and less apprehension that regulators may come knocking! As an example, as part of our two-year Regtech roadmap, we will soon be publishing a “Regtech Adoption Practice Guides” series to address how Regtech solutions can be applied to cloud computing, blockchain and anti-money laundering surveillance. 19. Despite this promise of support, we recognise that banks, especially smaller ones, may still have doubts about going “all in” with fintech given the heavy talent and resource investments required. However, we are confident that by offering support that is targeted, specific to local market circumstances, and where it is needed, banks of all sizes will soon grow to appreciate the case for “going” fintech.
Since then, the support to the level of activity from asset purchases has likely been waning. At the same time, the value of the £ stock of purchased assets has declined relative to nominal GDP (from 22.5% to 20.1%) as the latter has increased. 2  Over the period 1971 to 2008 the correlation between unemployment and inflation was –0.2. 3  As best we can tell around ½ percentage point. 2  BIS central bankers’ speeches  seemed slow to pick up. The early signs were that 2015 would be more promising, but the rate of wage growth seems to have levelled off again in the most recent data. Wage data can be volatile in the short run, and this recent pause may prove to be more noise than signal. But there are several plausible explanations for why wage growth might have levelled off more recently. •  The first is quite simply that the number of hours worked per person per week has levelled off in the most recent data, and even started to decline. This could have a temporary flattening effect on the growth rate of wages earned per week. •  The second is the nature of the growth in employment that we have seen. It has been unusually skewed towards employees with less experience and educational attainment and in occupations that tend to attract lower levels of pay. These compositional effects tend to push down on starting salaries, though that shouldn’t affect future wage growth prospects.

9  For example, in his 2009 letter to the Chancellor requesting the MPC be able to use the Asset Purchase Facility for monetary policy purposes, the then Governor, Mervyn King said “At some future date, I would expect that the MPC would wish to exit from the strategy of buying assets and would wish to reduce the amount of assets held under the Asset Purchase Facility.”  10  See for example Alesina and Summers (1993), Klomp and De Haan (2009) and King (2013). BIS central bankers’ speeches  5  Conclusion Let me sum up. We are still learning how the post-crisis economy behaves, and some relationships in the data have proven slow to reassert themselves or may have changed. The recent plateau in wage growth despite the ongoing recovery is one example, and I will wait until I am convinced that wage growth will be sustained at a level consistent with inflation returning to target before voting for an increase in Bank Rate. In this sense, I will proceed with caution. But once I am convinced, absent further shocks, I can see Bank Rate rising more quickly than the path implied by the market curve at the time of the last Inflation Report. That is not to say I don’t understand the shape of the yield curve – market participants must consider all of the possible outcomes when making their decisions, and the yield curve could be weighed down by worries about the world.