samchain/econo-pairs-v1 huggingface dataset:
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In 2017 and 2018, the New York Fed held seven regional meetings in our District, and one in Orlando, FL in partnership with our Atlanta Fed colleagues after the influx of Puerto Ricans to the mainland post-Hurricane Maria. We found that all of these communities shared certain needs, including to: develop training programs that lead more directly to available jobs; make the public workforce system less complicated; and find a consistent way to document and collect data on individuals who participate in training to assess the effectiveness of the programs. I hope this book will help find solutions, recognizing that there is no one-size-fits-all solution or approach. So what’s in the book? Investing in America’s Workforce: Improving Outcomes for Workers and Employers is a collection of more than 65 essays from national and regional workforce experts about systemic barriers to employment and how further workforce investments can overcome those barriers. Staff from the New York Fed contributed two chapters in the publication. One piece—on partnership development as a key workforce strategy— includes a look into how three employers in New York and Puerto Rico developed partnerships with post-secondary institutions to make progress in overcoming the skills gap issue. By detailing some of the factors that contributed to employers’ partnering with educational institutions, this chapter aims to provide insight to employers seeking to engage with educational partners to address labor market concerns and support the development of skilled industry talent.
In the banking sector, non-performing lending to the resident private sector fell by 5.4% in 2021, to € billion, confirming the variable’s singular performance during this crisis, underpinned by the economic policy measures. Despite this encouraging performance, there is potential latent impairment in some credit portfolios, particularly those linked to the most vulnerable segments of firms and households. Loans with significant increase in credit risk since initial recognition (Stage 2 loans) continued to grow at high rates in late 2021 (by 14% year-on-year) and accounted for 8% of total credit, up 2.2 pp on pre-pandemic levels. Forborne loans also rose by 14%, owing to the sharp growth in the non-financial corporate sector and among sole proprietors. At end-2021 they represented 5% of total outstanding loans, the same percentage as prior to the pandemic. Vulnerability is highest among the sectors sensitive to the effects of the pandemic and to the rising energy costs. In particular, the combined share of NPLs and Stage 2 loans in the sectors most severely affected by the pandemic was almost 24% in December 2021, compared with 17.7% in the moderately affected sectors and 15.5% in the less affected sectors. Across all sectors, Stage 2 loans account for the bulk of the deterioration. These credit exposures, which show some sign of impairment, may also be more vulnerable to the materialisation of risk in the present setting. Accordingly, careful monitoring is needed, together with early and correct recognition of potential losses. Meanwhile, the Spanish banking sector’s profitability improved substantially in 2021.

Greater focus on incentives is needed But, I also think we must take a broader view of what characterizes a resilient and robust financial system. To that end, we need to carefully monitor the incentives that influence the behavior of financial firms and their employees. Indeed, the record from the crisis and more recent years shows just how powerful incentives can be in driving firms and individuals to do things that are imprudent and/or unethical. Bad incentives can lead to conduct that not only generates large risk exposures and market excess, but also erodes trust and confidence in the financial system.
7 The so-called stock-flow (or deficit-debt) adjustment reflects all those transactions and flows that are not reflected in the deficit, but are reflected in government debt (and vice versa), in accordance with the European statistical rules, including notably the requirement to finance the acquisition of financial assets. 25  3 Medium-term challenges 3.1  The changing role of fiscal policy in the crisis: from expansion to consolidation  The pandemic is taking a high toll in terms of human life and, as I have already mentioned, the price is also high in terms of the loss of income of many households and firms. Against this background, there is a high level of agreement among political forces, social agents and economic analysts as to the need for an expansionary fiscal policy that prioritises providing support for households and safeguarding the productive system. The corollary of such a policy is, obviously, a very large impact on public finances. However, it is preferable to bear this cost as the consequences of fiscal policy failing to respond to the pandemic would have been much more severe. The recommendations of the different international organisations, and their own actions, as exemplified by the European Commission’s temporary suspension of the fiscal discipline rules, have also been in line with this consensus on the role of budgetary policy in this crisis, not only in Spain, but also in other economies.

1.5  Draft Budget macroeconomic forecast  The macroeconomic forecast underpinning the Draft Budget expects real GDP in Spain to fall by 11.2% in 2020, followed by growth of 9.8% in 2021. In the fiscal sphere, it envisages a correction of 3.6 pp in the general government budget deficit between 2020 and 2021, from 11.3% of GDP this year to 7.7% of GDP next year. In such an extraordinarily uncertain and changing environment as the present one, we need to be especially cautious when assessing these forecasts and comparing them with those made – mostly at different moments in time – by other analysts. In my view, three points should be highlighted. First, the starting point for this Draft Budget, which is none other than the forecasts made for the current year. In general, these are consistent with those published by the Banco de España in our latest projections report. In particular, the scale of the possible fall in GDP in Spain in 2020 – 11.2% according to the macroeconomic forecast underpinning the Draft Budget – is more or less mid-range between the two projection scenarios presented by the Banco de España in September, which envisaged a decline of 10.5% under scenario 1 and of 12.6% under scenario 2. This is also true for the budget deficit estimated for 2020 in the Draft Budget forecast, which is 11.3% of GDP, virtually mid-range between the deficit envisaged under scenario 1 (10.8%) and scenario 2 (12.1%).
It undertook a swathe of regulatory reforms targeted at banks and nonbanks alike. Since 2011, European banks have nearly doubled their core capital ratios to over 14%.1 We also saw the creation of European banking supervision to give us a broad European view of risks to financial stability. This meant that, when the pandemic hit, the financial sector could play a fundamentally different role. Instead of being a source of instability, banks could be mobilised to enhance our response to the pandemic, rapidly funnelling liquidity to the economy. From March to May last year, bank lending to companies in the euro area rose by almost € billion, the largest jump on record in a 1/4  BIS central bankers' speeches  three-month period. The increase in bank capital before the crisis meant that supervisors could free up € billion of additional capital for new lending. And thanks to European banking supervision this decision was taken quickly and collectively, rather than in a drawn-out negotiation between multiple national supervisors. This joint European action also averted the risk of stigma that we had previously feared. What the financial crisis taught us, essentially, is that there is no trade-off between effective regulation and supporting growth. A robust financial sector is an asset during a crisis. And our experience during the pandemic has proven the wisdom of this lesson beyond doubt. The importance of credible commitment But the financial crisis also had a more profound impact on Europe, morphing into the euro area sovereign debt crisis.

For the first time, the SNB has classified these securities according to the new Basel III liquidity coverage ratio requirements, which require credit institutions to hold a minimum level of high-quality liquid assets so that they can cover an exceptional short-term liquidity requirement themselves. These new baskets therefore meet  2  BIS central bankers’ speeches  a significant market need. In this way, the SNB is helping to ensure that the repo market remains liquid, also under the new liquidity requirements. Reform efforts in the area of benchmark interest rates I would like to close by talking about progress that has been made in reforming benchmark interest rates. The international efforts to improve the credibility and acceptance of benchmark interest rates are being coordinated by the Financial Stability Board, whose final report on this matter will be published this summer. As part of this work, a group of private sector financial market participants has drawn up alternatives to the Libor. Data are currently being collected so that the proposals can be evaluated. Surveys are being carried out in all currency areas affected, including the Swiss franc area, and the first results will also be available this summer. Both the final report and the survey results are important steps towards reforming benchmark interest rates. However, the organisation that will administer the Libor interest rates has already been established. It is ICE Benchmark Administration Limited (IBA), a London-based subsidiary of the US exchange operator, Intercontinental Exchange (ICE).
However, the improvement in the macroeconomic environment and positive economic growth has resulted in great strides in the development of the financial services and financial sector in general. The Government of the Republic of Zambia through the Ministry of Finance and Bank of Zambia has been putting in place measures to maintain a stable macroeconomic environment which have resulted in low inflation and a decline in interest rates in recent years. Except for the volatility of the Kwacha exchange rate against other currencies experienced in recent months, the exchange rate has been fairly stable over the years. We remain confident that the economy is on a robust footing and the end year inflation target of 6.5 per cent is attainable. The Bank of Zambia will continue to be vigilant and take appropriate measures to support the stability in the macroeconomic environment. 2  BIS central bankers’ speeches  Ladies and Gentlemen, the strong economic performance has culminated in growth in both the number of financial services providers and the financial products in the country. However, the level of financial inclusion still needs to be broadened further. The evidence from the FinScope Demand Surveys revealed that as at 2009 only 37 per cent of the adult Zambian population was financially included. This signified a 3.6 per cent marginal increase from 33.7 per cent in the 2005 survey. The FinScope study further revealed that access to finance for women was relatively poor in relation to their male counterparts.

Hence my interest in the collaborative efforts of the business, academic and health sectors to further economic growth. These efforts capitalize on the strengths of the region and may well be a good way to further economic development not only in Syracuse but in Buffalo and Rochester as well. Each metro area has a strong university, a strong health sector and a business community all eager to find ways to leverage local assets and boost economic development. Looking forward, I believe that the colleges and universities in Syracuse will help drive the region’s economy in the years to come. Syracuse can build on these assets by continuing to make partnerships between industry and higher education a high priority. When companies and universities work together, they can become a powerful engine for innovation and economic growth. These collaborations are a key ingredient to helping improve the competitiveness of local businesses, the universities themselves, and their regions, and we should take every opportunity to exploit these partnerships as much as possible to unleash their full potential. College graduates finding jobs Let me finish off by saying a few words about the value of education. There is no doubt that the Great Recession and sluggish recovery that followed has made it difficult for many people to find jobs. I’m sure many of you here today are worried about finding a good job after you graduate, and you may be wondering whether going to college will turn out to have been a good investment.
The only option for the SNB is therefore to  2  BIS central bankers’ speeches  diversify its risks as efficiently as possible with a view to limiting the exchange rate, credit and concentration risks of its foreign currency investments. The SNB had already begun diversifying its investments in the late 1990s. The SNB foreign currency investments are considerably more diversified than those of many other countries, with many central banks investing their foreign exchange reserves mainly in US Treasuries, that is, in public debt titles and in dollars. While the SNB also holds the large majority of its portfolio in the form of government securities, it also currently holds as many as 10% of its reserves in equities and 5% in corporate bonds. In order to limit credit risk, the large majority of our public debt holdings have the highest (AAA) or second-highest rating (AA). In effect, our current allocation corresponds to 86% AAA-rated and 13% AA-rated public debt holdings. The SNB diversification strategy is, however, subject to limits. These spring from the stringent requirements with regard to the security and liquidity of the investments. Many investment markets are too narrow, and do not meet the SNB’s liquidity requirements. The SNB’s investment universe – and thus its scope for diversification – is therefore limited. The bulk of the worldwide supply of highly rated public debt instruments is denominated in euros and US dollars.

With interest rates close to zero, the SNB created additional Swiss franc liquidity through foreign exchange market interventions. This prevented the rise in the value of the Swiss franc from leading to what at the time would have been an undesirable tightening of monetary conditions. The foreign exchange reserves therefore surged from around CHF 50 billion at the end of 2008 to a good CHF 200 billion by the end of 2010. A direct consequence of our much larger balance sheet is the increase in the financial risks associated with our foreign exchange reserves. These risks have materialised in the last 12 months, and have led to significant losses for the SNB. They hold the potential for further losses. Just as the increase in our foreign exchange reserves was determined by the demands of monetary policy under the exceptional circumstances that prevailed in 2009 and 2010, monetary policy considerations will continue to dictate our actions in the future. This means, in particular, that selling our foreign exchange reserves (and buying Swiss francs) is not an option at the moment. Monetary policy also dictates that our currency risks not be hedged. In effect, hedging the exchange rate risk using derivatives would be equivalent to buying Swiss francs against foreign exchange for forward delivery. The effect of hedging on the market is thus comparable to the direct sale of foreign currency.
Since summer 2012, Target balances have shrunk by about a third. Spreads on long-term sovereign bonds vis-à-vis Germany have fallen by around 350 to 450 basis points for Spain, Italy and Ireland, and by more than 600 basis points for Portugal. Spreads in corporate debt markets have fallen by more than 150 basis points for some important market segments, and thus have made it easier for firms to raise funds in the market. What challenges are yet to be tackled? Despite these achievements, several challenges remain. Let me focus on three challenges for the ECB. One of them relates to a prolonged period of low inflation. Since the review of the ECB’s monetary policy strategy, which took place in 2003 under the auspices of Otmar Issing, the ECB has aimed at inflation rates below, but close to, 2% over the medium term. To be sure, current HICP inflation, which stood at 0.8% in January, can clearly not be considered close to 2%. Is this a reason for concern? With the average euro area inflation rate standing at 0.8%, we are clearly not in deflation, which is defined as a self-reinforcing fall in prices that is broad-based across items and across countries. Moreover, inflation expectations for the euro area over the medium to long term continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2%.

Mr. Yam looks at Asian banking in a regional and global context Address by the Chief Executive of the Hong Kong Monetary Authority, Mr. Joseph C.K. Yam, at the ADB-IIF Forum on Developing Asian Financial Markets held in Fukuoka, Japan, on 10/5/97. I am pleased to be here this morning to address you on the subject of Asian banking in a regional and global context. I will be speaking particularly about banks in the East Asia region. The importance of banking stability 2. There is increasing international recognition of the importance of a sound banking system in promoting macroeconomic stability, sustainable economic growth and the efficient intermediation between savings and investment. The last few months have seen a series of initiatives by international financial institutions and groupings to devise principles, standards and strategies for the promotion of financial stability. While these initiatives have been directed principally at emerging markets, they also have application to the more developed markets which have been by no means immune from banking problems in recent years. A number of Asian economies, including Hong Kong, have participated in this work. This is a practical recognition that the setting of international regulatory standards must be a broadly-based process, in keeping with the global nature of today’s financial markets. 3. I do not need to belabour the point about the debilitating and disruptive effects which banking problems can have on economic and monetary management. The need to restore the capital of failed banks can impose a heavy fiscal burden.
Mr Yam looks towards a stronger financial system in Hong Kong  Speech given by Mr Joseph Yam JP, Chief Executive of the Hong Kong Monetary Authority, at the Annual Dinner 1999 of the Hong Kong Society of Accountants on 29 October 1999. *  *  *  Introduction I feel greatly honoured to have been invited to speak at this year’s Annual Dinner of the Hong Kong Society of Accountants. I must confess that I became a little worried when I checked up on the list of speakers at your Annual Dinners in the past 10 years. I realise that, in accepting this speaking engagement, I have taken on the almost impossible task of performing to a standard that may well be beyond me. I shall nevertheless try my best not to make you feel that you have gone down market. You are of course well aware of the close working relationship between the accounting profession and the Hong Kong Monetary Authority. Your involvement in all our many advisory committees and in regulatory compliance of the financial institutions we supervise is crucial to our work, and I take this opportunity to thank you all for your help and forbearance in our ever-increasing supervisory demands. As a gesture of gratitude I shall this evening steer well clear of the irksome domestic supervisory issues. Instead I shall focus on the broader subjects of economy and finance as we recover from the financial turmoil of the last two years.

In addition, at liftoff, the FOMC decided to widen the spread between IOR and the ON RRP offered rate by 5 basis points, which acted to slightly reduce secured rates relative to unsecured rates.30 These two factors explain why dispersion rose around the first tightening, but not at the following two tightenings: reduced uplift from the zero lower bound and the lower relative setting of the ON RRP offered rate had some effect on the outcome of the first tightening, but had no effect on the subsequent two. Finally, the new SEC money market fund rules brought about a pickup in demand for ultra-low-risk investments, and a corresponding decline in demand for unsecured investments. If these one-off factors were the primary reasons that this spread widened, we would expect to see essentially one-for-one passthrough of future monetary tightening into both markets. Transmission to broader money markets This evidence on control and transmission is encouraging. However, there have been some recent signs of more volatile transmission of interest rates into broader money markets. The most notable of these has been the rise in LIBOR rates relative to like-maturity overnight index swaps, shown for a 3-month maturity in (Figure 14). This figure suggests that banks’ cost to obtain funding for three months has risen relative to the cost of borrowing that funding overnight—for example in the federal funds or Eurodollar market—and hedging the overnight interest rate risk of such borrowing with a swap.