samchain/econo-pairs-v1 huggingface dataset:
The function of state banks has become more concentrated and their share of the credit market has been reduced from more than 30 per cent in the1980s to 8 per cent today. The first wave of banking deregulation in the mid-1980s was not particularly successful. It was only after the banking crisis and the tax reform that Norwegian credit and capital markets started to function efficiently. It became more profitable to channel capital to investment projects that yield the highest social return and locked-in capital was freed up for new industries and businesses. It became easier for entrepreneurs to start up and build up businesses and capital. Illustrative of the enterprise spirit in the period 1998-2003 – which was not a period of particularly strong growth – was the start-up of 12 new businesses for every 100 existing businesses, which was quite high compared with other countries. Norwegian credit and capital markets are relatively well developed today. Sound projects will always find funding. The main weakness is still to be found in housing, property and wealth taxation, which favours considerable overinvestment in dwellings and holiday homes. In addition to the changes I have highlighted, the framework conditions for the electricity market, telecom market, aviation and audiovisual industry have changed. Retail trade has been liberalised. State-owned companies were listed on the stock exchange and new forms of managing public entities were developed. 16  BIS Review 15/2007  Economic growth has also been bolstered by higher female labour force participation.

In the poem “Otherness land”20 he describes Norway as a country in the far north, a nation struggling and resisting intimidation. A prominent feature of Norway is its natural resources. The harvesting of waterfall power, oil and gas, timber and fish are important to income and welfare in Norway. Jacobsen writes: “… But we became a civilised people in the end, seafarers from the start, rulers of the whole of the North Atlantic. And now we are reaping black gold from the seabed (…)” And So do not …….. dwell in a dream for we await your hands and goodwill. We should hope that we have become a civilised people – but we should not believe that we can safeguard welfare simply by reaping black gold from the seabed. Welfare is secured by putting hands back to work, productive labour and the willingness to change – and of no less importance by protecting the environment. 20  20  A previous translation of the poem does not exist. The verses included in the address have been translated by Norges Bank's staff translators Janet Aagenæs and Helle Snellingen. BIS Review 15/2007
Another way to look at borrower difficulty in loan repayment is to consider the state of repayment by the end of 2014 for all student loan borrowers we observe finishing their new loan accumulation, between 2005 and 2010. High rates of delinquency and default, and the high prevalence of participation in repayment-delaying programs such as deferments, forbearances and income based repayment, lead to a lower rate of balance reduction in the years after student loan borrowers leave school. In order to understand the magnitude of this delay, we investigate the extent of student loan repayment that recent school-leaving cohorts have achieved by 2014. For the blog series, we calculated the outstanding balance of each of the 2005–2010 schoolleaving cohorts as of the second quarter of the school-leaving year. For each cohort, we then recorded the share of the original student loan balance that remained as of the end of 2014. For example, for the 2010 cohort 91 percent of the original balance remained unpaid four and a half years later, at year-end 2014. This is typical of all the cohorts we examine, from 2005 forward. So what accounts for the high default rates and low repayment rates of recent cohorts? Undoubtedly the weak labor market conditions for entering college graduates played an important role in explaining defaults and low loan repayment rates. As the youth unemployment rate continues to improve, we would expect repayment rates to gradually improve.

James McAndrews: Student debt and higher education financing – a public finance perspective Remarks by Mr James McAndrews, Executive Vice President and Director of Research of the Federal Reserve Bank of New York, at the National Association of College and University Business Officers, at the Waldorf Astoria, New York City, 5 February 2015. *  *  *  Accompanying slides can be found at the end of the speech. Good afternoon. I’m happy to be here and to have the opportunity to share with you some thoughts on the subject of financing higher education in the United States. The remarks I make reflect my own views, and not those of the Federal Reserve Bank of New York or of the Federal Reserve System. Some of you may be wondering why the research director of a central bank is particularly interested in the way we as a nation pay for college. The answer, of course, is that we are gaining an increasing understanding that how we finance post-secondary education has important effects on a variety of critical economic outcomes, including economic growth and inequality. It’s this realization, combined with the fact that the outstanding student debt balance has now surpassed $ trillion, which has brought increased attention and discussion to the question of education finance. First, I’d like to acknowledge the work and research of Meta Brown, Rajashri Chakrabarti, Andrew Haughwout, Donghoon Lee, Joelle Scally, and Wilbert Van der Klaauw in preparing these remarks.
By continuing to usethe our site, agree to our Terms and You can learn moreour about how we use cookies by reviewing our Privacy Statement. of Use"A Privacy Statement. 1 Outside of New York City, however, New York State has faced sluggish job growth as well as ongoing labor shortages. Jaison R. Abel, Jason Bram, Richard Deitz, and  Jonathan Hastings "The Tri-State Region's Recovery from the Pandemic Recession Three Years On," Federal Reserve Bank of New York Liberty Street Economics, April 13, 2023; Jason Bram, "How Did New York City's Economy Weather the Pandemic?" Federal Reserve Bank of New York Liberty Street Economics, April 13, 2023. 2 Mary Amiti, Sebastian Heise, Giorgio Topa, and Julia Wu, "What Has Driven the Labor Force Participation Gap since February 2020?" Federal Reserve Bank of New York  Liberty Street Economics, March 30, 2023. 3 Board of Governors of the Federal Reserve System, Statement on Longer-Run Goals and Monetary Policy Strategy, adopted effective January 24, 2012; as reaffirmed  effective January 31, 2023. 4 John C. Williams, A Steady Anchor in a Stormy Sea, remarks at SNB-FRB-BIS High-Level Conference on Global Risk, Uncertainty, and Volatility, Zurich, Switzerland,  November 9, 2022. 5 Federal Reserve Bank of New York, Short-Term Inflation Expectations Decline; Perceived and Expected Credit Conditions Mostly Unchanged, May 8, 2023. 6 Federal Reserve Bank of New York, Global Supply Chain Pressure Index. 7 Board of Governors of the Federal Reserve System, Federal Reserve issues FOMC statement, May 3, 2023.

"7 In addition, the FOMC indicated it will continue to reduce its holdings of Treasury securities and agency debt and agency mortgage-backed securities, according to the framework announced a year ago.8 The FOMC also said that the "Committee will closely monitor incoming information and assess the implications for monetary policy." I will be particularly focused on assessing the evolution of credit conditions and their effects on the outlook for growth, employment, and inflation. Always in Motion Is the Future Because of the lag between policy actions and their effects, it will take time for the FOMC's actions to restore balance to the economy and return inflation to our 2 percent target. I expect inflation to decline to around 3-1/4 percent this year, before returning to our longer-run goal of 2 percent over the next two years. As tighter monetary policy continues to take effect, I expect real GDP to grow modestly this year, with growth then picking up somewhat next year. And I anticipate slow growth will continue to cool the labor market, with unemployment gradually rising to about 4 to 4-1/2 percent over the next year. Knowledge Lights Our Way I am confident we are on the path to restoring price stability. As always, I'll be monitoring the totality of the data and what it implies for the achievement of our goals. To paraphrase wiseyouphilosopher Yoda, little more knowledge lights way."
Miguel Fernández Ordóñez: Labour market experiences – towards more efficient labour markets Opening speech by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, at the high-level seminar on Labour market experiences: towards more efficient labour markets, International Monetary Fund (IMF)–Banco de España, Madrid, 11 May 2010. *  *  *  Let me first thank you all for accepting the invitation to participate in this high-level seminar on “labour market experiences: towards more efficient labour markets”. In particular I would like to thank Olivier Blanchard, chief economist at the International Monetary Fund, for participating in this event and accepting to share with me these introductory remarks. In fact, the idea of organising this seminar was originally from the IMF, which last autumn suggested staging this event, mindful as it was of the potential role played by the Spanish labour market institutions in explaining some of the specific inefficiencies of our economy. The Fund viewed the conference as a way of promoting discussion about possible avenues of reform. The Research Department of the Banco de España then took up the IMF’s baton, drawing on its long tradition of sound economic research and deep analysis on this topic. We are certainly proud to have been able to assemble such an eminent and diverse group of professionals on the occasion of this event in Madrid.

The range of participants and audience at this conference is precisely something I would like to stress, the main goal of the seminar being to promote an exchange of views and flow of ideas and thinking among the various groups having a say on this topic, namely academia, international organisations, policymakers, social agents and the private sector. Only by covering all the different aspects and by sharing the different country experiences on this matter can we expect to make the right diagnosis of the problems and facilitate the acceptance and implementation of the reforms that might be needed. As you may be aware, I myself have repeatedly been suggesting the need for a labour market reform in Spain. But it is not the goal of this conference to act as a platform for announcing or defending the views of the Banco de España. On the contrary, its spirit is to incorporate different views into the discussion and promote mutual learning. I should like particularly to stress the importance of grounding and testing our opinions and proposals in rigorous analytical and empirical economic research.
Some observers consider that this performance represents a new economic era in which high economic growth and falling unemployment can be achieved without generating increased inflationary pressure. According to this view, potential output has risen in recent years, accompanied by a fall in equilibrium unemployment. Explanations for this could be, for example, improved productivity as a result of new technology and increased international competition. An alternative explanation is that transitory factors, such as the loss of global demand in connection with the crisis in Southeast Asia, have caused prices to fall or remain unchanged. In Sweden, too, economic growth since the mid-1990s has been comparatively good without inflationary pressure giving cause for concern. The monetary stance has been adjusted accordingly and  3  BIS Review 90/1999  the repo rate is currently 2.9%. It is too early, however, to say whether or not this is a sign of some farreaching change in the Swedish economy. The Riksbank will have to take a close look at the incoming statistics and endeavour to arrive at a conclusion. Conclusion There are many signs that the Swedish economy is growing more rapidly. It is only now that we are beginning to see growth rates above 3%. For the Riksbank – as well as for the economy in general – it is important that this trend does not again land us in a situation where inflation is high and variable. Provided the cards are played correctly, growth can be sustained and lead to a permanent increase in employment.

The international situation Favourable conditions in the rest of the world are of course of major importance for economic growth in Sweden. In the euro area there are now also increasing signs that activity is picking up. Incoming statistics on confidence indicators, for instance from Italy, France and Germany, show that households as well as firms foresee a brighter future than before. Moreover, the Japanese economy seems to be recovering from its poor performance in recent years. Still, the latest statistics suggest that the trend for manufacturing output remains weak, making it advisable to wait for further statistics before taking a Japanese upswing as given. The US economy remains strong. GDP growth in the first quarter this year was over 4% and over 2% in the second quarter. Household expenditure on consumption has gone on rising more rapidly than current income, so saving has fallen and is now at a record low. This has been accompanied by a weak price trend for a majority of goods. Nevertheless, the US Federal Reserve now considers that inflationary pressure is building up. At the two most recent meetings the Federal Reserve has raised interest rates in order to forestall an unduly rapid increase in consumer prices. New economic relationships? The prolonged strength displayed by the US economy has been unexpected. In the past five years US economic growth has averaged an annual rate of over 3%. At the same time, the average rate of CPI inflation has been little more than 2%.
Against this backdrop, the strong political impetus given by the Heads of State and Government of the G20, at its summit in London on 2 April, is most welcome. Indeed, it is fair that the road map for reforming the international financial architecture was set out by a group that ensures equal representation between industrialised and emerging countries. Work on implementing this road map is now underway and I would like to comment on the progress being made in three areas that I believe essential for achieving the defined goal: -  strengthening financial regulation in a multilateral framework,  -  developing multilateral surveillance,  -  and enhancing the legitimacy and resources of the institutions that are at the heart of the international financial architecture. 1. Strengthening financial regulation in a multilateral framework  Before discussing the work being carried out in the area of regulation, I would like to highlight some recent welcome developments in terms of the governance of international standard setters. Indeed, following the decision taken at the London summit to broaden the membership of the Financial Stability Forum (FSF) – re-established as the Financial Stability Board (FSB) – to include all G20 members, Spain and the European Commission, and to enhance its mandate to promote financial stability notably by developing its collaboration with international standard setters, membership of the latter was also recently expanded to increase the representation of emerging countries.

This clearly reflects the IMF’s commitment to reforming its assistance and solidarity framework to help the most vulnerable countries. Similarly, the adequacy of the resources of multilateral development banks was reviewed and, for example, the capital of the Asian Development Bank was tripled. In order to enhance the legitimacy and efficiency of key players in the international financial architecture, the bolstering of resources must go hand in hand with a reform of their governance. As a European, I am perhaps not the best person to give my views on the governance of financial institutions, and of the IMF in particular because, for emerging countries to be given a fair representation, it is most often the representation of European countries that is called into question. You may therefore be tempted to interpret my suggestions negatively. I would, however, first like to say that the representation of European countries should not be contested: Europe is a diverse continent that encompasses small, new, and even emerging countries alongside large and established developed nations. Overall, it is somewhat under-represented in a community that is still made up of sovereign states.
I don’t want to reveal too much now, but there are a few points worth considering in this context. First of all is the importance of real-time settlement, which enhances efficacy and security. This has been a feature of payment intermediation in Iceland for a decade and a half, and it is where other countries are heading. It is therefore vital that we preserve that feature during the changes now taking place. Second, it is important to keep the cost of domestic payment intermediation down. New and more diverse solutions that, for example, work directly with core financial market infrastructure, such as bank deposits and the Icelandic Banks' Data Centre’s systems, could help in this regard. Third, it is important that it be impossible to stop domestic payment intermediation through some sort of foreign intervention. Fourth, there must be alternate routes in the system, in case anything goes wrong. This could call for some diversity in payment intermediation, using different types of technology. Electronic krónur could play a role in this. But the topic of electronic krónur gives rise to big questions that must be discussed — questions about the possibilities for the general public to use electronic claims against the Central Bank (and indirectly against the State) as a medium of payment instead of bank deposits, and questions about the repercussions this could have on the role and stability of the banking system. The discussion promises to be an interesting one, and it is just beginning.

Nevertheless, I cannot leave the topic of the financial system without mentioning the massive overhaul of financial market infrastructure that is currently underway and the germination of ideas in the area of payment intermediation, as the Central Bank is integrally involved with both. The renewal of the most important core infrastructure elements used for decades to operate the financial system began recently. The investment as a whole represents the financial system’s largest IT investment ever undertaken. The overhaul will move us away from “home-grown” solutions to standardised international systems. The systems being renewed are the banks’ internal payment systems, the Central Bank’s interbank payment systems, and the Nasdaq securities depository’s securities settlement system. A variety of benefits accompany new financial market infrastructure, but the implementation process can be risky, partly because the new systems must communicate with the old ones during the transition phase. Supervisory bodies monitor this risk. It is analysed at meetings of the Systemic Risk Committee and is identified as a risk factor in statements issued by the Financial Stability Council. Such a risk materialised to an extent last November and the cooperative forum on operational security of financial market infrastructure that I just mentioned was set up afterwards. In that forum and elsewhere, work will be done to minimise the operational risk accompanying the ongoing renewal process.
According to BIS data, global turnover in commodity derivatives (measured in number of contracts) grew from 420 million to 489 million in the first quarter of 2008. On a year-on-year basis, turnover grew 52%, led by agricultural and energy products. BIS Review 90/2008  1  Others have pointed the finger at speculators for the historically high commodity prices although the extent of this has not been well established. There are concerns over speculative activities giving rise to a disconnect between the physical and futures markets. In the US where commodities are actively traded, there are claims that speculators’ interest in crude oil now account for about 70% of all trading in West Texas intermediate crude on the New York Mercantile Exchange ("NYMEX"), compared with 37% in 2000. On the other hand, some have attempted to make a distinction between speculative trading (which at the core, means taking positions based on one’s view of the market) and market manipulation (or collusive trading that interferes with the free play of demand and supply, and has an illicit element). They argue that speculators play a vital role in providing liquidity and take the risk that hedgers want to avoid. Without speculation, consumers would likely pay more for energy and other commodities. Whatever the causes, whether physical demand and supply or speculation, the world now has to grapple with higher commodity prices. What are the implications and effects of the commodities boom? Clearly the hike in oil prices, for instance has crimped the real incomes of households.

Lim Hng Kiang: Issues, challenges and opportunities presented by commodities Speech by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Global Financial Market Summit, Singapore, 9 July 2008. *  *  *  Introduction I am very honoured to be invited to participate in this Conference on Global Financial Markets and in particular on the commodity markets. High food and fuel prices continue to hog the headlines nowadays. I am sure the proceedings of this Conference will attract strong interest. The commodities world The importance of commodities cannot be over-emphasised. Commodities are the critical raw materials that feed our peoples and our factories, and power our economies. In countries where Governments have had to reduce fuel subsidies, this has sparked heated protests by consumers and workers, from farmers to fisherman to truck drivers, causing economic and social disruptions. Some have also likened the oil rally to the dot.com bubble and are wary of a third oil shock since the 1970s and 80s. Boom in commodity prices What has led to the boom in commodity prices? The global increase in commodity prices has been widely attributed to the mismatch between physical demand and supply. On the demand side, there has been a significant increase in consumption of fuel and grain. In Asia, demand for oil has been driven by tremendous growth in emerging markets such as India and China.