samchain/econo-pairs-v1 huggingface dataset:
In addition, cross-border banks with subsidiary structures have to obey to the rules of the deposit insurance scheme in each country where they are represented. This is complicated and costly for them. Once they have become a member of a scheme and paid into it, it is often impossible to recover the funds in case they would like to streamline the group by moving to a branch structure, e.g. by becoming a Societas Europea. This might discourage cross-border groups from streamlining their company structure, which could become a factor limiting financial integration. In this area as well, I a missing a study providing answers that take all benefits and costs of different options into account. All these observations raise the issue as to whether the mechanisms for coordination at the level of the EU should be used to achieve more convergence in the various aspects of deposit insurance schemes in the context of the presently decentralised approach to financial regulation and stability. This convergence could go in the following directions. First, in addition to setting a lower bound, also the maximum amount covered could be limited and the specification which deposits are included and which not better harmonised. Partial insurance, or the so-called co-insurance, for smaller deposits could be removed where it still exists, as recent experience seems to suggest that it may reintroduce incentives for retail depositors to run a bank. Second, it may be advisable to move towards pre-funded schemes, which are financed through risk-sensitive premia. This would bring bank incentives better in line.

To whet your appetite – and here my comments are aimed particularly at the representatives of the press – I should like to stress that we have been particularly transparent and candid in preparing this work, something which was probably inconceivable just twenty-five years ago. So start looking for the scoops which, no doubt, are hiding within the pages of the book – happy hunting! 2  BIS Review 71/2007
For instance, the proportion of borrowers with a debt burden indicator above 80% (suggesting that people had to spend more than 80% of their monthly income on loan servicing — a heavy debt burden) went up from 23% at the beginning of the pandemic to 30% in the second quarter of this year. That is certainly an area of concern. We are in dialogue with banks, explaining why that situation is dangerous. A bank portfolio might look OK (banks might tell us: see for yourself, our portfolio is being serviced, it is all right). However, when many consumers in the wider system, some of them debt-laden, take out many loans that are unsupported by income growth, risks are bound to increase. In a negative scenario, many borrowers would be unable to service their loans, which would trigger the emergence of social and financial stability risks. With the tools available to us, we are working to cool the market. We have increased add-ons to high-risk consumer loans, with a further increase to take effect from 1 October. We might have to raise those buffers still further. However, they are not an ideal tool. This is how they work: high-risk loans lock more bank capital compared with low-risk loans (and therefore high-risk loans lose economic advantage). However, there is capital stock in the banking system, but it is distributed unevenly. Ultimately, regulatory add-ons propel banks with modest capital reserves to change their strategies, while those with abundant capital may simply lure their customers away.

“Sudden stops” were observed in the funds flowing towards the euro area countries more adversely affected by the sovereign crisis, with changes in the bank deposits in  4  See for instance Cassola, N., A. Durré and C. Holthausen (2011): “Monetary Policy Operations: experiences during the crisis and lessons learnt”, Proceedings of the Sixth ECB Central Banking Conference “Approaches to monetary policy revisited – lessons from the crisis”. 4  BIS central bankers’ speeches  stressed and non-stressed countries. These developments were eventually mirrored in the Target balances of the Eurosystem The large differences in financing conditions across countries translated into a very high fragmentation of credit growth across the national dimension. The ability of banks in some countries to deleverage is heavily complicated by the adverse market conditions. Not only do banks in the affected countries often need to deleverage more than others, but also their portfolios consist of less liquid assets (such as domestic sovereign bonds) and they face, ceteris paribus, higher funding costs than their peers in other euro area countries. Often they are even completely cut off from traditional private sources of funding. With the deepening of the sovereign debt crisis, the Eurosystem undertook additional measures, with a particular view to mitigating the increased heterogeneities in the euro area financial conditions. In 2010, the Securities Markets Programme was launched, aimed at certain important segments of the financial market that were dysfunctional, but vital for the transmission of monetary policy signals.
The Gini coefficient shown is calculated over final income, which includes direct and indirect payments, benefits, and benefits in kind such as health and education. Source: World Wealth and income database and Atkinson, Anthony B. (2007). The Distribution of Top Incomes in the United Kingdom 1908-2000; in Atkinson, A. B. and Piketty, T. (editors) Top Incomes over the Twentieth Century. A Contrast Between Continental European and English-Speaking Countries, Oxford University Press, chapter 4. 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013  1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011  0.2  At the same time as these intergenerational divides are emerging, evidence suggests that equality of xi  opportunity in the UK remains disturbingly low, potentially reinforcing cultural and economic divides. xii  6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6  All of this matters. As the community groups here in Liverpool will attest, and more formal studies of people’s happiness find, subjective well-being is significantly affected by perceptions of inequality and the sense of community.

And, when we rebound from the shock of the pandemic, the Mittelstand will have to be one of the drivers once again. The coronavirus is a double economic shock. Its effects have hit activity extremely hard, with GDP falling by 6.8% in the euro area last year and 5% in Germany. But it has also accelerated structural changes that will transform our lifestyles and our economies. According to some estimates, the pandemic has brought forward the digital transition in Europe by seven years. [4] And it is estimated that 20% of work hours will move permanently from office to home. [5] This will lead to new patterns of demand and new ways of living. So, our challenge will not only be to recover from the crisis, but also to adapt to the changes it has set in motion. And the Mittelstand – thanks to its agility, its focus on innovation and its commitment to competing by adding value – will have to be at the heart of this process. For now, however, the pandemic is still weighing heavily on our economies, and especially on firms in the services sector. While manufacturing has recovered quite well since the first lockdown last year, buoyed by solid global demand, activity in the services sector has remained subdued owing to the social distancing measures that are still in place today.
Another important feature to note is the decentralisation of knowledge: With a touch of their screen, consumers are now able to access an almost infinite repository of information about the products that they want; including comparisons and peer reviews. The days of the insurer or agent knowing best have passed, and it is important to recognise how this tilts the bargaining power in favour of the consumer. From this, there are fundamental questions that need to be asked of the agency force: Are the current incentives of the industry aligned with the best interests of consumers? Should insurance companies still be thought of as the main principals that agents serve, or should consumers be seen as an equal principal in that relationship? How can the remuneration and more generally, culture, change from one focused on volume of sales to one where agents are recognised for more customer-centric, and a consultative role? These are some of the questions that I hope this convention will touch on, and perhaps for me to share some thoughts. 1/4  BIS central bankers' speeches  There are many concerns over the potential upheaval of the status quo arising from the digitalisation of services. But I can share with you that we firmly believe that the agency force will continue to have a role to play in the general insurance sector even as it evolves into the Digital Economy.

Encik Adnan Zaylani Mohamad Zahid: Distribution in a digital economy - Customer @ Core Keynote address by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the General Insurance Agents Convention &quot;Distribution in a Digital Economy - Customer @ Core&quot;, Bangsar South City, 18 October 2018. * * * Let me first begin by thanking Persatuan Insurans Am Malaysia (PIAM) for hosting this convention and inviting me to deliver the keynote address. This is my first ever engagement with the general insurance agency force but also the insurance industry as a whole and I am very pleased to be here at this fittingly themed convention, “Distribution in a Digital Economy – Customer @ Core”. There is no question that we are now in an era of the Digital Economy. According to the World Bank there has been an accelerated growth of internet access of more than 170% in global accessibility in the past ten years. In 2006, only 17% of the world’s population was estimated to have an Internet connection – but now that number is 46% in 2016. During the same period, Malaysians with Internet access has increased from 52% to 79%, which is a very high number amongst many countries. With such widespread accessibility, a market presence on the Internet has never been more important.
There is a risk that the structural changes brought about by the crisis may result in persistently lower productivity growth. It appears that inflation will remain considerably lower in the years ahead than we expected in December. Both the objective of stabilising inflation around the target and the objective of ensuring stable developments in the real economy suggest that the interest rate should be low. Interest rate setting can also be assessed using simple monetary policy rules that prescribe an interest rate path based on actual inflation and output. The calculations are based on projections for inflation and output in the current Monetary Policy Report. The different rules yield somewhat divergent results, but all of them indicate a decline in the interest rate. Rules do not capture possible restrictions in the supply of credit that may affect the monetary policy transmission mechanism. 12  BIS Review 37/2009  Norges Bank has estimated a simple interest rate rule based on the Bank’s previous interest rate setting. 5 The rule includes developments in inflation, wage growth, mainland GDP and central bank key rates abroad. The interest rate in the previous period is also important. The key rate is now below the lower end of the interval projected. Norges Bank has given weight to staving off particularly adverse outcomes and therefore brought forward the decrease in the key policy rate last autumn.

According to an IPCC study, everyday behavioural changes by people which reduce demand for energy – such as adjusting temperature settings in buildings and reducing air travel – can cumulatively lead to substantial reductions in carbon emissions. People across the world are increasingly concerned about climate change and want to do something about it. Climate change is inspiring people to step up to a higher cause, to take collective action for the common good of our planet. Singaporeans too are becoming more environmentally conscious. According to a 2020 study by the Institute of Policy Studies, 61% of Singaporeans surveyed felt that protecting the environment should be prioritised even if it results in slower economic growth and some loss of jobs. More individuals are taking climate-friendly actions, motivated by a desire to preserve a liveable world for future generations. There are many things we can do as individuals to minimise our impact on the climate. We can do energy audits of our homes to identify ways to be more energy efficient. We can reduce food and plastic waste. We can become a zero-waste nation and a circular economy, where we use less resources and re-cycle resources. We can eat lower in the food chain and shift towards more plant-based protein. University of Oxford researchers have found that reducing meat and dairy products from our diet can help to shrink our carbon footprint from food by up to 73%. We can drive less and take public transport more.
By then the Central Bank had repeatedly stated that the exchange rate of the króna had become much weaker than warranted by economic fundamentals. The impact of the tight monetary stance was increasingly felt as the year 2001 wore on. The sharp turnaround in the exchange rate at the end of November that year and the agreement between the Federation of Icelandic Labour and Confederation of Employees in December 2001, postponing an inflation-triggered review of wage agreements, eased the uncertainty and changed expectations. Both these events led to a rapid drop in inflation in 2002, and by last November the Central Bank’s inflation target was attained, one year before this was envisaged in the joint declaration by the government and the Central Bank from March 2001. When it became clear that inflation was on a significant downward path, the Central Bank gradually began to lower its interest rates. It also announced that it aimed to cut them in more and smaller steps rather than fewer and larger ones, not least with the idea of maintaining calm in the forex market. Since April last year the Central Bank has lowered its interest rates eleven times by a total of 4.8 percentage points, including the cut announced on February 10. The Central Bank’s rate for its repo agreements with credit institutions is now lower than it has ever been since the current arrangements for such transactions were introduced early in 1998, when it was 7.2%, and in fact is at its lowest level since 1994.

In this regard, the involvement of multilateral agencies such as ADB would be very useful in that not only will it foster investors’ confidence if the multilateral agencies put in their own financial resources, but it will also help build the governments’ capacity in structuring projects, strengthening the PPP framework and improving project governance to make their infrastructure projects commercially viable. Secondly, shortfall in educational inputs has been seen as one of the major constraints for some developing economies to enhance productivity and move up the value chain. It has also been a major reason for the remaining pockets of poverty in the region, including in countries where substantial economic progress has been made but a substantial proportion of the population is still living in poverty. We encourage ADB to further strengthen its support for the educational sector and developing human capital, which are essential to enhancing competitiveness, eliminating poverty and addressing the rising inequality in developing Asia. Thirdly, intra-regional trade has been an important source of growth after the global financial crisis as regional economies increased their domestic demand and reduced their reliance on exports to advanced economies. As the global economy continues to rebalance, the prospect of the region to sustain its growth would very much depend on its ability to hold up domestic demand through sustained productivity enhancement as mentioned above, and further trade integration within the region.
With its twenty years of experience the ABB is now mature enough to stop looking on itself only as an intra-branch organisation and to “open up” so as to actively and publicly uphold the views of the Association members and their loyal clients. I will finish by assuring you that we at the BNB will also continue to work invariably for the financial stability of Bulgaria and to enable the banking system to support the growth of the Bulgarian economy. You know that a considerable part of our activity is done in a way that is invisible to the public, including outside the country where the BNB participates in numerous bodies and working initiatives of the EU and the ECB. An example of this is the issue of financial transaction tax – an ill-advised concept which has turned out to suit politicians with populist leanings in Europe. For over two years the BNB has been defending with firmness and argumentation the position that this tax would be detrimental to both the EU economy and the Bulgarian economy. Luckily, just a few days ago (at the informal ECOFIN meeting in Copenhagen on 30 and 31 March) some of the biggest EU countries, like Germany, which had most ardently insisted on introducing a financial transaction tax, practically gave up on that idea because reaching an agreement in the entire EU proved impossible.

Monetary policy cannot alone prevent financial imbalances or secure the competitiveness of the Norwegian business sector. The objective of monetary policy is low and stable inflation and the Bank only has one instrument – the interest rate. Inflation expectations are now firmly anchored, which means that Norges Bank can give weight to stabilising economic developments in interest rate setting. But monetary policy cannot be overburdened. When assessing the various considerations, monetary policy must pursue its primary objective – low and stable inflation. Other economic objectives must be pursued using policy tools such as financial regulation, the tax system and fiscal policy. Thank you for your attention. 8  BIS central bankers’ speeches
The Swedish krona also strengthened during the period 2010–2013. This meant that import prices measured in Swedish krona fell, and thus also Swedish consumer prices. However, during 2014 the krona weakened, which instead led to higher prices. Finally, there is a technical factor that is important for inflation as measured in terms of the consumer price index, CPI. When the Riksbank cuts the repo rate to bring up inflation, the immediate effect is the opposite. Households’ mortgage interest expenditure, and thus the CPI, then fall. There is an alternative measure of inflation, the CPIF, which is based on a constant interest rate and therefore not affected by the Riksbank’s repo rate cuts. Many often follow the CPIF instead of the CPI, particularly during periods when the repo rate changes a lot. Inflation expectations indicate confidence in the inflation target It is important that the inflation target is credible. And it becomes credible when the economic agents expect inflation to return to the target following deviations. It is primarily the long-term inflation expectations that indicate confidence in the inflation target. Central economic agents are regularly asked how high they expect inflation to be in the coming years. Figure 5 shows how inflation expectations two and five years ahead have developed since 2010. Initially, expectations five years ahead were actually above the inflation target of 2 per cent. However, during 2014 there was a change, when the five-year expectations fell below the level of 2 per cent.

Table 1 FLS data The table below includes all participating groups that had signed up to the scheme and certified their Base Stock of loans by 24/09/2012 FLS Group  Certified lending to UK households and PNFCs Aggregate outstanding FLS £ drawings £ Base Stock of loans as at 30/06/12  Quarterly net lending flow  Cumulative net lending since 30/06/2012  1,211,736  n/a  n/a  n/a  Aldermore  1,567  n/a  n/a  n/a  Barclays  181,020  n/a  n/a  n/a  Hinckley & Rugby Building Society  433  n/a  n/a  n/a  Ipswich Building Society  444  n/a  n/a  n/a  Kleinwort Benson  11  n/a  n/a  n/a  Leeds Building Society  7,567  n/a  n/a  n/a  Lloyds Banking Group  443,255  n/a  n/a  n/a  629  n/a  n/a  n/a  Nationwide Building Society  152,155  n/a  n/a  n/a  Principality Building Society  5,408  n/a  n/a  n/a  RBS Group  214,816  n/a  n/a  n/a  Santander  189,339  n/a  n/a  n/a  Virgin Money  15,093  n/a  n/a  n/a  TOTAL  Monmouthshire Building Society  The FLS measure of lending covers drawn sterling loans to households and private non-financial corporations (PNFCs) by the FLS Group, which includes all UK resident monetary financial institutions and related specialist mortgage lenders within a group.
Risk premiums on projects that do not meet green standards should reflect the higher risk associated with these projects. Similarly, discounts should not be given for so-called green projects unless there are financial reasons for doing so. A green investment does not necessarily involve lower financial risk. In order to identify and adapt to their own climate risk, banks depend on relevant disclosure by 4/7  BIS central bankers' speeches  the companies in their lending portfolios. Accurately pricing risk is difficult without information about the level of the borrower’s exposure. For banks, transition risk is also a source of financing risk. There is growing interest in climate risk among financial investors, including those providing credit to banks. The perception that some banks are particularly exposed to transition risk may have implications for banks’ funding costs and access to funding. Thus, just as banks should identify climate risk in their own lending portfolios, they must be prepared for their own investors to demand improved disclosure of climate-related financial risk. The recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) are in the process of becoming normative. Banks play a vital role in the intermediation of credit to households and businesses. Problems in the banking sector can quickly have negative consequences for the wider economy. Large credit losses or difficulties obtaining funding can have ripple effects in the form of lower lending to households and businesses. Transition risk may therefore contribute to systemic risk.

Central banks and financial supervisory authorities can, within their mandates, promote financial stability by ensuring that financial institutions include climate risks in their risk assessments. Climate risks must be addressed in the same manner as other risks facing the financial sector. To the extent climate risks lead to higher credit risk, funding risk and systemic risk, climate risks should be included in the assessment of whether banks are sufficiently capitalised and have adequate long-term funding. Climate risks and the Government Pension Fund Global Norges Bank manages the GPFG under a mandate from the Ministry of Finance. The capital is invested with the objective of achieving the highest possible return within the limits of acceptable risk. The GPFG’s mandate requires responsible investment activities to be integrated into investment management. The aim of being a responsible investor is in part to support the long-term financial performance of the GPFG's investments. In addition, we seek to mitigate the financial risks associated with environment-related and social conditions in investee companies. Chart: Invested in more than 9 000 companies in 73 countries Seventy percent of the GPFG is invested in equities. With ownership shares in more than 9 000 companies in 73 countries, we take part in global growth and value creation. Many of the companies in the GPFG’s portfolio could be impacted by physical climate change and the consequences of regulatory and technological countermeasures. Climate change could thus influence the GPFG's long-term return.