samchain/econo-pairs-v1 huggingface dataset:
The ethnicity pay gap then began increasing steadily between 2006 and 2014 (red dots), averaging 6% over the period. Recently, it has begun to fall (green dots), reaching just under 4% in 2018. Chart 11 shows that higher ethnic minority participation in the workplace has only been associated with lower pay gaps very recently. This, and the relatively volatile pattern in the ethnicity pay gap over time, presents something of a puzzle. We might instead expect pay disparities to decline as ethnic minorities become better represented in the labour market through higher participation. 14  All speeches are available online at www.bankofengland.co.uk/speeches  14  Chart 11: Ethnic minority participation and unconditional pay gaps Ethnicity pay gap (per cent) 12  2006 ‐ 2014  10  2015 ‐ 2019 8 6  1997 ‐ 2005  4 2 0 ‐2 ‐4 55  56  57  58  59  60  61  62  63  64  65  Ethnicity participation (per cent) 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. Looked at by qualification, white workers earn more than ethnic minorities for most levels of qualifications. The exception are those with “other” or no qualifications living outside London.

Looked at over time, Chart 23 shows that this gap was quite volatile in the early part of the sample, although the coefficients are also insignificant for this period. Since 2009, the ethnicity pay gap has remained in double digits for most of the period and has been statistically significant.13  Chart 23: Conditional ethnicity wage gap under specification (6) Difference in lnpay 0.1 Not statistically significant  Statistically significant  0.05  0  ‐0.05  ‐0.1  ‐0.15  Ethnicity pay gap ‐0.2 1994‐1998  1999‐2003  2004‐2008  2009‐2013  2014‐2019  Source: ONS Labour Force Survey and Bank of England calculations. Note: A negative ethnicity pay gap in this chart indicates that ethnic minorities earn less than their white counterparts, whereas a positive ethnicity pay gap indicates that ethnic minorities earn more than their white counterparts. The raw, unconditional pay data suggests that wage patterns may vary significantly across different ethnic minority groups, with some pay gaps negative and others positive. To see whether these effects hold true having accounted for compositional effects, we can run (7) with separate binary variables for each ethnicity group i relative to a white control group, namely: mixed/multiple ethnic groups, Indian, Pakistani, Bangladeshi, Chinese, other Asian background, Black/African/Caribbean/Black British and “Other”. 13  This may in part because of the rising proportion of ethnic minorities in the sample population.
Over the years, I have returned to China many times and witnessed its remarkable transformation first-hand. How China has changed! Revolutionary songs in public have given way to pop songs in karaoke lounges. Mao jackets have been discarded in favour of Gucci, Armani and other luxury brands. I am told that many Chinese go to Hong Kong to buy branded goods, while many Hong Kongers cross over to Shenzhen to buy cheap imitations. China is today the third biggest luxury goods market worldwide. 10. The physical transformation of China is remarkable enough but the mindset change is even more impressive. When Deng Xiaoping pronounced that the colour of the cat is not important so long as it catches mice, pragmatism supplanted ideological purity. Today, there are more capitalists in China than in Japan. According to a recent Xinhua article (13th October 2005) entitled " China's Rich Get Gloriously Richer", the total wealth of China's 400 richest people grew by 40 percent in 2004 and amounted to 7 percent of GDP. The Chinese have made a strategic choice to pursue what they call  BIS Review 83/2005  1  'socialism with Chinese characteristics'. But to me, it is capitalism with Chinese characteristics. China has also embraced globalisation and with its admission to the World Trade Organisation in 2001, China will have to play by international trade rules. There is no turning back. As China grows, it has a vested interest to strengthen the international system that has enabled its success. 11.

We must therefore consider whether cash has any important characteristics that are not shared by bank deposits and whether there is a need for other forms of central bank money in addition to cash. Cash has a number of unique characteristics: It is a credit risk-free alternative to deposit money. It is an independent back-up solution if electronic systems fail. It is legal tender that can be used by all. 4/5  BIS central bankers' speeches  For Norges Bank, the question is whether a CBDC could supplement cash to maintain confidence in the monetary system and ensure that Norway’s future payment system is safe and efficient. A list of factors that should be given weight in an assessment of whether Norges Bank should issue a CBDC was presented by a Norges Bank working group in May. Phase 2 of the assessment is now in progress. The working group is focusing on the purposes of a CBDC, the solutions that best serve these purposes and their impact. The working group’s report will be published in spring 2019. This is a long-term process and it is too early to draw any conclusions. A premise underlying the work is that a CBDC must not impair the ability of banks and other financial institutions to provide credit. Conclusion The various developments reflect a payment system in change. It is important to look up and envision the situation a few years ahead. Where do we want to be then?
However, the pattern of its recovery is, so far, relatively weak in comparison with other similar cyclical phases. The financial restructuring being implemented by certain large corporations, which has limited their ability to spend on new projects, and persisting factors of uncertainty over the pick-up in demand may have been behind the as-yet subdued response of this investment component Goods exports expanded at a faster rate than their markets, despite the loss of competitiveness induced by the appreciation of the euro. This favourable result was offset, however, by the sluggish behaviour of tourism and by the rise in imports, boosted by the euro appreciation. Consequently, net external demand exerted a significant contractionary effect on GDP, which has run into the opening months of 2004. It should be borne in mind, moreover, that the employment adjustment in the industries most exposed to foreign competition may be reflecting the fact that the defence of market share is, in some cases, based on unsustainable processes that erode the economy’s overall competitiveness in the medium term. 4  BIS Review 39/2004  Notable among the achievements in 2003 was the improvement in inflation which, after starting the year at a rate of 4%, ended it at 2.6%. This sizable downward adjustment partly reflects the removal of certain transitory elements from the index which had had an upward effect in 2002, but it was also the result of the restraining impact of import prices, favoured by the euro appreciation and the slowdown in oil prices.

The difficult times of past years, during which most institutions showed notable resilience, led many of them to undertake reforms designed to reduce costs, such as the sale of non-strategic assets, and these decisions should now be bearing fruit. The improved situation of financial institutions at the international level seems to be borne out by the favourable outlook for their future performance that agents operating in the markets have. In 2003 this perception was reflected in rising stock market prices, reduced implied volatilities and narrowing risk premia. Spanish deposit institutions, thanks to their sound initial position and the fact that the Spanish economy outperformed the EU average, were less severely hit by the difficulties of past years. They were thus in a position in 2003 to benefit from the favourable international financial situation, from the rebound of the securities markets, and from the continued strong relative performance of the Spanish economy. In particular, Spanish deposit institutions enjoyed higher growth of earnings and profitability in 2003. This allowed the effects of a more competitive environment and low interest rates to be offset by larger business volumes and tighter control of operating expenses. Also, lower doubtful assets allowed bad debt provisioning to be reduced thanks to the smaller need for provisions to the specific fund (partly counteracted by changes in the statistical and general funds), thereby boosting the institutions’ profit and loss accounts. Solvency ratios held steady and default ratios stood at historical lows.
Peter Pang: Economic and financial outlook for the Asia/Pacific region Welcome remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, at the Launch of the International Monetary Fund’s Regional Economic Outlook, Hong Kong, 28 April 2014. *  *  *  1. Good afternoon. It is my pleasure to welcome all of you to the launch of the latest issue of the IMF’s Asia and Pacific Regional Economic Outlook. We are honoured to have Mr. Changyong Rhee, Director of the Asia and Pacific Department of the IMF, and his colleagues to share with us today their views on the region’s economic and financial developments, the outlook and the challenges, and what can be done to manage the risks and promote further growth that is sustainable over the years ahead. 2. I totally agree with the theme of this issue of the REO – sustaining Asia’s high growth momentum would require continuing vigilance and reforms. There is little doubt that Asia will continue to grow faster than most other regions in the world. Since the Asian financial crisis, policymakers have implemented many structural reforms making the region more resilient. Asia has also been leading the world recovery after the global financial crisis. Having said that, Asia cannot afford to feel complacent as the road ahead is bumpy. And we will be in unchartered waters when the high tide of global liquidity starts to ebb as the developed economies embark on the normalization of their monetary policies.

With the US rate hike cycle drawing nearer, the window for the region to get prepared for a tightening in financial conditions is getting smaller. It is therefore important for policy makers to contain further build-up of leverage, and to ensure banks will properly manage interest rate and exchange rate risks, and can withstand any potential deterioration in loan quality. It is encouraging to see that policymakers in many economies in the region have taken pre-emptive policy actions to lower credit growth and slow house price inflation. The biggest challenge now is when and how to relax these measures when market conditions reverse. 6. Second, policymakers will need to have sufficient backstop to mitigate systemic risk in the financial system in the event of a disorderly exit of US monetary policy. In this regard, the ASEAN+3 Chiang Mai Initiative Multilateralisation Arrangement, the regional financial safety net, could help to mitigate the risk of financial contagion by providing financial resources to members in the event of short-term liquidity difficulties. BIS central bankers’ speeches  1  7. Third, structural reforms remain the best way to reduce vulnerabilities and achieve sustainable growth over the long-term. We have been moving forward on this front through a deepening of intraregional trade, strengthening private and public-sector balance sheets and improving market infrastructure. But a lot more needs to be done. There is still ample scope to tackle structural impediments to growth and stability such as further capital market development, product and labour market reforms and service-sector reforms.
It is now over a year since the Occupy movement commenced its journey and entered the collective conscience of the public and policymakers. One year on, what has it achieved? Some have suggested rather little, that Occupy’s voice has been loud but vague, long on problems, short on solutions. Others have argued that the fault-lines in the global financial system, which chasmed during the crisis, are essentially unaltered, that reform has failed. I wish to argue tonight that both are wrong – that Occupy’s voice has been both loud and persuasive and that policymakers have listened and are acting in ways which will close those fault-lines. In fact, I want to argue that we are in the early stages of a reformation of finance, a reformation which Occupy has helped stir. Let me start with the contribution of the Occupy movement itself. Occupy has been successful in its efforts to popularise the problems of the global financial system for one very simple reason: they are right. By this I do not just mean right in a moral sense. For sure, Occupy have touched a moral nerve in pointing to growing inequities in the allocation of wealth and incomes globally. The 99% certainly agrees. But so, more interestingly, do a high and rising share of the 1%. Yet it is the analytical, every bit as much as the moral, ground that Occupy has taken. For the hard-headed facts suggest that, at the heart of the global financial crisis, were and are problems of deep and rising inequality.

What I confess I did not anticipate at that time was the difficult international environment in which we've had to operate over the past four years - including both the global economic slowdown and the persistent strength of sterling against the surprisingly weak euro. It must be that external environment - which has clearly had a dampening effect on demand and output in this country - that is, for us, the frost that burns. 2  BIS Review 64/2002  There was nothing that we could do ourselves directly to address the causes of these problems which had their origins abroad. What we could do - and indeed have done - is to offset as best we could the effects of the external frost by turning up the domestic heat in our economy, cutting interest rates to their lowest level for 40 years - which is where they've been for the past 12 months - consciously encouraging consumer spending on the back of rising house prices and a rapid build up of household debt. So although we've been reasonably successful in maintaining stability in the UK economy as a whole, we've had to live with a painful imbalance within the economy - between the internationally exposed sectors, including much of manufacturing, which have been having a torrid time, and the domestically-oriented sectors which have been doing relatively well. Essentially, faced with the external frost we've turned up the domestic heat - without that we'd all have felt cold! But this approach is not without risks.
When the prices of some goods fell, such as imports in the late 1990s, people had more disposable income to spend on other goods and services. That pushed up demand in those sectors and encouraged companies to raise prices. Conversely, when some prices rose, as with energy prices over the past two years, the resulting squeeze on income available to spend on other goods and services helped to bear down on inflation in those sectors. With steady growth of money spending, a change in relative prices can be consistent with stable inflation overall. Monetary policy – a credible commitment to the inflation target and a broadly stable growth of total money spending – was then, and is always, the key to low and stable inflation. That point was made forcefully in a speech in February by the late David Walton, whose untimely death in June was a great loss to the Monetary Policy Committee. Over the past couple of years our economic performance has not been quite as “nice” as in the NICE decade, but it was “not so bad”. 2 In 2005, output growth slowed to 1.9% and inflation rose to 2.5%. Back in 1976, to describe this as “not so bad” would have been the understatement of the year. It followed a period of rather strong nominal domestic demand growth which, by placing pressure on the supply capacity of the economy, accounted for some of the subsequent pickup in inflation.

As with the Arthurian legends, epitomised by King Arthur’s Round Table above us, that too is a myth. Despite large changes in relative prices, the average change in prices – inflation – has been remarkably stable. Indeed, it is striking that in a decade in which prices moved so much, overall inflation was more stable than in any decade for a hundred years. It was a decade that in my first speech as Governor, I described as NICE – a non-inflationary consistent expansion. 1 How can inflation be stable when individual prices move around so much? The explanation is that inflation is the result, in the old adage, of too much money chasing too few goods. Inflation arises when the total amount of money spending (or nominal demand) in the economy is greater than the value today of the available goods and services. When the Bank of England changes Bank Rate to keep consumer price inflation close to the target of 2%, we influence – albeit imprecisely and with a time lag – the amount of money spent in the economy and so the inflation rate. In short, inflation is made at home. Nevertheless, we cannot and do not control the price of every item in your shopping basket. That distinction between changes in individual prices and changes in the average level of prices is  1  Speech at an East Midlands Development Agency/Bank of England Dinner in Leicester, October 2003.
Caleb M Fundanga: Growing investor confidence in Zambia’s economy Opening remarks by Dr Caleb M Fundanga, Governor of the Bank of Zambia, at the Afreximbank/PTA Bank Financing Agreements Signing Ceremony, Lusaka, 10 June 2008. *  *  *  • The President of AFREXIM Bank • The President of PTA Bank • Chief Executives and representatives of Financial Institutions Present • Distinguished ladies and gentlemen I am greatly honoured to be given an opportunity to make these brief remarks at this signing ceremony of two important financing agreements. I wish to extend a warm welcome to all of you gathered here today, particularly those who have travelled from outside the country. I hope that you will not only have a pleasant ceremony today but also have fruitful deliberations at the Euromoney Conferences starting tomorrow at this same venue. I also hope you will find time to explore the beautiful scenery and experience the warm hospitality that Zambia has to offer. Mr President, Ladies and Gentlemen, over the recent past, the Zambian economy has performed relatively well. This is reflected in the overall macroeconomic stability which has been underpinned by positive growth rates in real Gross Domestic Product, low inflation, relative stability in the exchange rate of the Kwacha against major currencies, stable financial sector and improved banking services. However, although incomes have generally increased, the challenge that still remains is that of meeting the basic needs of the majority of Zambians in order to uplift their living standards.

This ceremony is therefore more than timely as the Government is working tirelessly towards empowering its citizens economically and at the same time increasingly diversifying the economy and promoting export led growth. It is for this reason, Mr President that the Government established the Citizen’s Economic Empowerment Fund under the Citizens Economic Empowerment Act of 2006 in order to promote empowerment of citizens in various economic activities. This signing ceremony is yet another indication of the growing investor confidence in Zambia’s economy. You will be glad to note that the country’s total investment pledges rose more than ten times over to US $ billion in 2007 from US $ million recorded in the year 2001. This is an indication of the vast investment potential and improving investor confidence due to the macroeconomic stability particularly lower inflation and the sound fiscal polices that the Government has put in place. Institutional capacity has also been enhanced with effective supervision of the financial system to promote efficient operations of the banking sector. Mr President, the mining sector continues to be the major economic activity in the country. Following the liberalisation of the sector and subsequent privatisation of the mines, Government has continued to facilitate mineral exploration by the private sector and created an attractive investment environment through the maintenance of macroeconomic stability. This has sustained renewed interest in mining, reflected in a complete rebound in the mining sector on the Copperbelt and North Western province start up of new mines.
We also have a contingent term repo facility that we could activate at a higher frequency if needed; and we – like the ECB – can lend to a very broad range of counterparties against a wide range of collateral. Central banks and regulators must also be clear that liquidity facilities and buffers are there to be used. For example, in October, the Bank clarified our supervisory expectations to re-emphasise our commitment to providing liquidity in the ordinary course of business. We do not expect firms to justify any usage, nor is there any presumption they would use their own buffers before our facilities. Next year’s first system-wide liquidity stress test will be another opportunity to demonstrate that liquidity buffers are fully useable. Increased central clearing would be a capital-efficient way to further improve repo market liquidity; this would be most effective if smaller institutions participated directly. And a more holistic approach by firms to internal capital management would make them more agile, including not applying the leverage ratio at the desk level. 4  All speeches are available online at www.bankofengland.co.uk/news/speeches  4  Liquidity concerns also go to the heart of otherwise immensely positive developments in market-based finance. As is the case for banks, the institutions at the heart of market-based finance, particularly open-ended investment funds, must prudently manage their leverage and liquidity. Mismatches between redemption terms and the liquidity of some funds’ assets means there is an advantage to investors who redeem ahead of others, particularly in stress.

After a period, the rise in prices for domestically produced goods and services also slowed. Inflation measured by the CPI-ATE reached its lowest level in the first months of 2004. Inflation remained at less than ½% until after the summer before picking up in the autumn. Inflation moved up primarily as a result of a slower decline in prices for imported consumer goods. The depreciation of the krone since the beginning of 2003 has contributed to these developments. In addition, the rise in prices for domestically produced goods and services stabilised, and towards the end of 2004 there was a tendency towards a higher rise in prices for these goods and services. Prices for imported consumer goods fell more than expected at the beginning of 2005, while the tendency towards a more rapid rise in prices for domestically produced goods and services has persisted. So far in 2005, inflation measured by the CPI-ATE has been around ¾ per cent. The other Nordic countries have also experienced falling inflation. Inflation has declined, and is now relatively low in Sweden, Denmark, Finland and Norway. The year-on-year rate of underlying inflation in these countries was around 1 per cent in March. A common feature of the low level of inflation in the Nordic countries seems to be the sluggish trend in prices for imported consumer goods, even though developments have not been entirely the same in all the Nordic countries. BIS Review 34/2005  1  Reliable information about the economic situation is important when setting the interest rate.