samchain/econo-pairs-v1 huggingface dataset:
In particular,   Financial implications are often not yet disclosed    Disclosures are often in multiple reports making comparisons harder    Disclosure varies by industry and region, with higher percentages of European firms, as well as higher shares of those on the climate frontline – such as the energy sector – disclosing information aligned with the recommendations; and    Disclosure is weakest with respect to strategic resilience which is the topic of greatest interest to most capital providers. As they look to enhance their disclosures, TCFD members are supported by various TCFD Preparers’ Forums, which have been established to help firms prepare disclosures, for example the Oil and Gas industry group convened by the World Business Council on Sustainable Development and the Institute of International Finance for banks. A4S’ implementation workshops are exactly the sort of collaborative processes which will help ensure that the TCFD recommendations are implemented in a consistent manner. This is particularly important for more complex parts of the TCFD framework like scenario analysis and its interpretation. As A4S has identified, managing climate-related risks will require firms to assess the resilience of their business strategies: where they are now, where they are going and how they will get there. 10  See TCFD (2018), ‘2018 Status Report’, September 2018.

Financial soundness improved, while capitalisation and liquidity stand at optimal parameters, at 16% and 4%, respectively. According to the latest data, as at November 2015, the performance of deposits was positive, increasing over EUR 130 million, thus confirming the public trust in the banking system. BIS central bankers’ speeches  1  After long-standing efforts, having increased for seven years, we provided for the reduction of non-performing loans below 20%. The lowering of the non-performing loans ratio, as financing costs in the financial market stand at minimum historical levels, allows for a reliable recovery of credit to economy in the period ahead. We believe that, as a result of the joint action plan with the Government, the non-performing loans ratio will continue to fall in the year ahead. Also, in 2015, a new investor, the American Bank of Investments, entered the banking market, being the first one after 2009. We consider the new investment as a very positive development for the promotion of competition within the system. The Bank of Albania will continue to promote banking system consolidation and adhere to rigorous requirements for a responsible and proactive management of each bank. In 2015, the most delicate developments coincided with the complex political and financial situation in Greece. The banking sector in general and individual banks in particular weathered with success all the difficulties. The Bank of Albania, in addition to the constant monitoring of developments in Albanian banks with Greek capital, intensified the communication with the respective authorities in Greece and in the euro area.
In particular, I wish to argue that the twin forces of integration and information may have increased the severity of the tail risks facing global systems, as recently evidenced by the global financial crisis. Insuring against those rising tail risks may call for a fresh policy response – for example, a strengthening of public policy institutions. Integration and systemic risk Consider first the relationship between integration and systemic risk. It is well-known that deeper integration of a network does not have a straightforward impact on its stability. Integration can be a double-edged sword – and the greater the degree of integration, the sharper this sword. This is sometimes known as the “robust-yet-fragile” property of connected webs (Watts (2002)). The intuition is beguilingly simple. Within limits, connectivity acts as a shock-absorber, a riskspreader. Links in the system act as a mutual insurance device as risk is distributed and diversified away. That results in connected networks appearing “robust” to shocks. But when shocks are sufficiently large, the same connectivity serves as a shock-transmitter. Risksharing becomes risk-spreading. Links in the system act as a mutual incendiary device as risk is amplified across the wider web. Connected networks become “fragile”. In short, connected networks tend simultaneously to be stable and unstable, calm and turbulent, robust-yet-fragile. They sit atop a cliff-edge, on one side of which are the sunny uplands of stability, on the other the stormy lowlands of fragility. The more connected and integrated the system, the more precipitate this cliff-edge (Acemoglu et al.

If I plug a destination into my new GPS device, it asks whether I want the quickest route, or the geographically shortest route, or a route that meets some other criteria. The quickest route is likely to involve highways, but may cover more miles. The shortest route may take side roads that reduce distance and save gas, but take substantially more time. And, of course, you may run into traffic or construction that forces you to adapt your route. When setting monetary policy there may be a variety of paths you can take to reach the destination. For instance, aggressive pursuit of accommodative monetary policy by the Fed and stimulative fiscal policy by Congress and the Administration might get us more quickly to our desired destination – but could enlarge the deficit or risk igniting inflation expectations. Alternatively, aggressive pursuit of less accommodative policies – that is, removing monetary and fiscal stimulus sooner rather than later – could result in a more extended period of  1  Of course, the views I express today are my own, not necessarily those of my colleagues on the Board of Governors or the Federal Open Market Committee (the FOMC). BIS Review 62/2010  1  underutilized resources; or worse, significantly increase the length of the journey to our ultimate destination. Right now, we are far from our destination, and the rest of my remarks will focus on selecting among the alternate routes to our objective.
They will help us build the trust that is crucial to delivering our mission. And they will help us merit that trust by making us more effective. By reflecting diversity and choosing inclusion, we will ensure we are doing all that we can to promote the good of the people of the United Kingdom. 9  All speeches are available online at www.bankofengland.co.uk/speeches  9  ENDNOTES i  Putnam, R (1993), “What makes democracy work?” National Civic Review. Putnam finds that cities, regions and countries with more trusting people tend to have better working democratic institutions. See also OECD (2009), “Fostering diversity in the public service”, October. ii See e.g. Noland, M, Moran, T, and Kotschwar, B (2016), “Is Gender Diversity Profitable? Evidence from a Global Survey”, working paper 16-3 Peterson Institute for International Economics, February. iii Page, S E (2007), “The difference. How the power of diversity creates better groups, firms, schools, and societies”, Princeton University Press. Page describes four elements of cognitive diversity: perspectives, the way we see and present problems and solutions; interpretations, the way we explain our perspective; heuristics, the way we seek to rationalise and solve problems; and predictive models, the way we infer cause and effect. iv See e.g. Riordan C M (2015), “Diversity is useless without inclusivity”, Harvard Business Review, August.

Not everyone wants to be steeped in fan charts; modelling and stress testing. Yet the decisions we take impact every UK citizen. How can they rely on us – the dreaded experts? Of course, trust can be built through a track record, but it can also be grounded in familiarity. People trust vi  individuals, places and things that they know. Reflecting the diversity of the people we serve can reduce misperceptions that we are experts making esoteric decisions in an ivory tower for the benefit of others. Moreover, diverse decision-making bodies typically have greater political support and enjoy greater public trust. vii  They also tend to achieve better policy outcomes through better understanding of community needs  and more effective dialogue with the wider population. viii  Better decision making, innovation and adaptability  Homogenous groups that pay insufficient attention to minority views are vulnerable to biases, groupthink and over optimism. They are more likely to be influenced by the way information is presented (framing); and to stick with under-performing projects because of prior investments. ix  3  All speeches are available online at www.bankofengland.co.uk/speeches  3  Diverse groups can overcome these ills as they are more inclined to consider novel ideas and challenge each other, enabling them to infer cause and effect and to solve problems better. Diverse teams are also better able to adapt to changes and are more resilient.
Given increased inflation expectations and supply-side restrictions, these factors may have a longer-lasting effect on prices. The pass-through of last year’s ruble depreciation to prices still continues, although it is waning. Recently, prices could be affected not only by ruble exchange rate fluctuations in 2020 H2, 1/3  BIS central bankers' speeches  but also its weakening in spring, when enterprises were unable to revise their prices immediately due to a slump in demand. Eventually, the combination of the two episodes of the ruble depreciation may be a reason why inflation expectations will stay elevated for a longer period. Upward pressure on domestic prices persists due to the situation in global commodity markets, first and foremost in food markets. Food prices have risen because of reduced inventories and unfavourable weather conditions. Moreover, the growth of prices for cereals increases costs in meat product manufacturing and is not only a proinflationary factor in itself, but it may also entail secondary effects. It is worth noting that the new mechanism of export duties in grain markets will smooth out the influence of global price fluctuations on domestic prices. Finally, inflation is still affected by a group of factors associated with the epidemic situation. It includes staff shortages in a number of industries, increased costs incurred by companies to comply with sanitary and epidemiological rules, and persistent temporary delays in supplies due to disruptions in logistics chains. These are supply-side factors putting upward pressure on inflation.

Thomas Jordan: Current challenges for the Swiss National Bank in the area of monetary policy Summary of a speech by Mr Thomas Jordan, Member of the Governing Board of the Swiss National Bank, at the Money Market Event of the Swiss National Bank, Zurich, 27 March 2008. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  With its forecast that GDP will grow by 1.5%-2.0% and the average inflation rate will amount to 2%, the National Bank is cautiously optimistic for the Swiss economy in 2008. However, since the summer of 2007, the international environment has taken a clear turn for the worse: Financial markets are in a serious crisis, the major economies are weakening and inflation rates are rising worldwide. This means that the SNB’s monetary policy is facing challenges on several fronts simultaneously. With regard to economic growth, the SNB is called upon to assess the consequences of the international financial crisis for the Swiss economy as precisely as possible and to analyse their implications for monetary policy correctly and at an early stage. On the inflation front, it must ensure that the measures taken in connection with the financial market crisis do not jeopardise the credibility of a monetary policy geared to long-term price stability or shake established inflation expectations. Finally, the challenge in the money market is two-fold.
Also, the improvement of domestic consumption and investment are slow due to a cautious private sector’s confidence. Externally, Thai economy is affected by the current uneven recovery of global economy which hinders Thai export growth. However, Thai economy is expected to recover up to 3.8% GDP growth this year from a mere 0.8% last year. Private consumption and the government expenditures will play key roles for 2015 outlook. 4. On the bright side, Thailand has been riding on the back of China’s economic prosperity. In other words, the regional prospect has pinned on improvement in intraregional trades of goods and services. China’s economic figures may be somewhat lower than its historical average, as a result of the sluggish recovery of the global demand and the continued structural reform in China. However, China growth rate is still at a satisfactorily high level. And China has yet remained an important engine in support of the growth of the Thai export sector. For the past few years, Thailand has become one of the most popular destinations among Chinese tourists, thanks to popularity of the ‘Lost in Thailand’ movie. Each week, hundreds of flights between Thailand and China have been landed to accommodate the increasing interest of Chinese visitors. We value this considerably as it not only helps boost the tourism and services sector of the Thai economy, but also tightens our cultural connections. 5. As we all know, Chinese economy has become a necessary ingredient for our secret recipe for the past decade.

The domestic credit ratings industry has also gradually opened up to foreign players to create a level playing field. 6. Secondly, Mainland authorities have continued to enhance foreign investment channels, such as combining the QFII and RQFII schemes and simplifying the application process. The inclusion of ETFs in the Stock Connect and linkage between the interbank and exchange traded bond markets will expand the product range for international investors participating in the onshore equity and bond markets. 7. Thirdly, China’s financial markets have moved towards closer integration with global standards. A milestone development is the recent adoption of a legal framework to bring the onshore futures and derivatives markets under better regulation and in line with international best practices, such as recognising the enforceability of close-out netting. Foreign institutions may also choose to sign ISDA agreements with onshore counterparties in respect of OTC derivatives transactions in the interbank market. 8. The liberalisation of the onshore capital markets has resulted in rapid growth in crossboundary capital flows in recent years. In particular, Hong Kong’s mutual market access schemes with the Mainland, namely the Stock Connect and the Bond Connect, have  played a crucial role in encouraging greater portfolio investment into China and the inclusion of RMB assets into major global indices. Within three years, foreign holdings of onshore equities had more than tripled and foreign holdings of onshore bonds had more than doubled at the end of last year. 9.
This situation was rectified in 1988 through the so-called Accounting Arrangements which required the Hongkong and Shanghai Banking Corporation Limited, as the Management Bank of the Clearing House of Hong Kong Association of Banks, to maintain a clearing account with the then Monetary Affairs Branch of Government for the account of the Exchange Fund. Thus the monetary base was only clearly defined then. The Accounting Arrangements were subsequently replaced by another arrangement, on the occasion of the introduction of Real Time Gross Settlement for interbank transactions in Hong Kong BIS Review 19/1998  -6any change in the monetary base has to be matched by a corresponding change in the amount of US dollar reserves held by the HKMA, and the change brought about by the HKMA rather passively converting Hong Kong dollars in the monetary base into US dollar reserves and vice versa at much the initiative of the banks. 19. The advantage of such a requirement is that whenever there is capital outflow, which would take the form of the sale by the banks of Hong Kong dollars to the HKMA for US dollars at the fixed exchange rate, there will, on settlement of the deals, be a shrinkage of the clearing balance of the banking system. This will lead to Hong Kong dollar interest rates in the interbank market increasing. The greater the outflow, the larger will be the fall in the clearing balance of the banking system and the higher will be the interest rates in the interbank market.

The Corporation should not have any difficulty in raising long term fixed rate funds from the market, particularly with the forthcoming institutionalization of savings through the establishment of a Mandatory Provident Fund scheme. Second, the HKMA will continue to reinforce successful efforts in the past to ensure that the banks in Hong Kong are in a position to manage prudently their risks, having regard to the special circumstances of Hong Kong’s currency board system, and pay special attention to the quality of their assets so as not to be overly exposed to those which are vulnerable to interest rate volatility. A consultant study on the future development of the banking system of Hong Kong covering this aspect, amongst others, is to be conducted in the near future. Support for the Link 30. There is wide support amongst the community of Hong Kong on the exchange rate link. In early December last year an opinion poll carried out by one of our leading newspapers reported that only seven percent of the people of Hong Kong think that our link with the US dollar should be broken. SeventyBIS Review 19/1998  -9one percent think that it should be kept and twenty-two percent express no opinion20. This degree of public support - support from those having Hong Kong dollar assets - is crucial to our success in maintaining the exchange rate link, whereas the sceptical views of those without Hong Kong dollar assets are rather irrelevant. 31.
Rodrigo Vergara: The Monetary Policy Report and the Financial Stability Report Presentation by Mr Rodrigo Vergara, Governor of the Central Bank of Chile, before the Finance Commission of the Honorable Senate of the Republic, Santiago de Chile, 18 December 2012. The Monetary Policy Report of December 2012 and the Financial Stability Report of the second half of 2012 can be found at http://www.bcentral.cl. *  *  *  Introduction Mr. President of the Senate’s Finance Commission, Senator Jose García, senators members of this Commission, ladies and gentlemen, I appreciate your invitation to present our Board’s vision on recent macroeconomic and financial developments, their prospects and implications for monetary and financial policy. This vision is contained in detail in our Monetary Policy Report of December 2012 and our Financial Stability Report of the second half of 2012. The year that is ending has brought good news to our economy. The inflationary fears we expressed early in the year have abated. This year our economy will grow 5.5 percent. Unemployment is low, labor income is growing steadily and consumer and business expectations are optimistic. Investment is high by historic standards. A year ago, when we presented our reports to this Commission, we foresaw that the deepening of the Eurozone crisis at the time could have significant effects on our economy, including a major slowdown during 2012. It did not.

8  BIS central bankers’ speeches  Table 1 Economic growth and current account (annual change, percentage) 2011  2012 (f) 2013 (f) MP Report MP Report MP Report MP Report Sep. 12 Dec. 12 Sep. 12 Dec. 12  GDP  6.0  4.75-5.25  5.5  4.0-5.0  4.25-5.25  Domestic demand Domestic demand (w/o inventory change) Gross fixed capital formation Total consumption Exports of goods and services Imports of goods and services  9.4 10.2 17.6 7.9 4.6 14.4  5.6 5.5 7.0 5.1 3.5 4.0  6.6 6.8 11.3 5.3 2.7 5.5  5.5 5.8 7.1 5.4 3.6 5.8  5.7 6.0 7.6 5.5 3.0 5.9  Current account (% of GDP)  -1.3  -3.2  -3.8  -4.4  -4.6  (f) Forecast. Source: Central Bank of Chile. Table 2 International baseline scenario assumptions 2011  Growth Trading partners World at PPP  2012 (f) 2013 (f) 2014 (f) MP MP MP MP MP MP Report Report Report Report Report Report Sep. 12 Dec. 12 Sep. 12 Dec. 12 Sep. 12 Dec. 12 (annual change, percentage) 4.2 3.5 3.3 3.8 3.5 4.3 4.0 3.8 3.1 3.0 3.6 3.3 4.1 3.8  United States Eurozone Japan China India Rest of Asia (excl. Japan, China & India) Latin America (excl.
Chart 6: Zombie firms rising in AEs, falling in the UK  (a)  Per cent of firms 12%  Per cent of firms 30%  10%  25%  8%  20% UK measure (RHS) (c)  6%  15%  Global measure (LHS) (b) 4%  10%  2%  5%  0%  0% 2007  2008  2009  2010  2011  2012  2013  2014  2015  Source: European Commission, AMECO database; IMF, World Economic Outlook; Datastream Worldscope; The Conference Board; BIS calculations; Bureau van Dijk and Bank calculations. (a) Zombie firms are defined as firms with a ratio of earnings before interest and taxes to interest expenses below one. (b) Sample includes listed firms aged 10 years or more. Shown is the median share across AU, BE, CA, CH, DE, DK, ES, FR, GB, IT, JP, NL, SE and US. (c) Sample includes both publicly listed and private UK firms. Only firms whose turnover reached £ million in one of the past ten years are included. There are around 17,200 firms per year in the sample.

Estimates from regression analysis by BIS show that the sensitivity of investment to investment opportunities (proxied by Tobin’s Q) is approximately three times more sensitive for physical investment than for intangible investment – a result that the BIS suggest could be explained by “the structural lumpiness of intangible investment”. In a similar vein, Ryan and Taylor (2017) also find that intangible capital responds more slowly to changes in investment opportunities. They conclude that, compared with physical capital, intangible capital’s convex adjustment costs are roughly twice as large. 9 See https://www.oecd.org/eco/growth/OECD-2015-The-future-of-productivity-book.pdf. 3  All speeches are available online at www.bankofengland.co.uk/speeches  3  Although these secular forces may likely persist, many of the conditions for a revival in business investment are now in place. II. The Contribution of Central Banks to Investment Recognising that the most important contributions will be from structural policies, how can central banks support that belated investment recovery? First, we must acknowledge that, while the cost and availability of finance matters; internal cash flows, the profit outlook and uncertainty are far more important determinants of investment. Monetary policy affects companies’ profits and cash flows through its effects on domestic demand and, via the exchange rate, external demand. Given the importance of internal finance for investment, and the high hurdle rates investment projects must clear, such indirect effects are more important for investment than the direct effects on the cost of capital. The biggest contributions of central banks are therefore improving the demand and profit outlooks and reducing uncertainty.