samchain/econo-pairs-v1 huggingface dataset:
Immediately prior to the Industrial Revolution and running chronologically, these included the th  th  th  windmill in the 12 century, the mechanical clock in the 13 , the cannon in the 14 , the printing press in the th  th  th 17  15 , the postal service in the 16 and the telescope and microscope in the 17 . It will surprise no-one that waves of innovation, big and small, have been lapping the shores of society for the entirety of human civilisation. In other words, while ideas and innovation may well be a necessary condition  14  Van Reenen et al (2010), for example, document the economic impact of ICT. See Bughin et al (2017) and Haldane (2018), for example. Flohr (2016), for example, discusses innovation in Roman society. 17 Clark (2009). 15 16  5  All speeches are available online at www.bankofengland.co.uk/speeches  5  for economic growth, the historical record suggests they may not themselves have been sufficient. Other forces appear to have been at play, translating these ideas into sustained growth in living standards. What might those forces be? I want to provide two different, but complementary, lenses on the growth story. The first focusses on a rather broader set of “capitals” – not just physical capital (plant and machines) but human (skills and expertise), intellectual (ideas and technologies), infrastructural (transport and legal systems), social (co-operation and trust) and institutional (national and civic, private and public) capital.

This workshop will provide an opportunity for all GCC organizations in the statistical community to share national experiences, and lead discussions to identify areas for mutual cooperation for further improvement in data production and presentation. I may emphasize here that timely availability of reliable and mutually consistent national data would be of great help to the GCC Monetary Council in its task of preparing for the achievement of the ultimate goal of GCC Monetary Union. It will also provide the basis for judicious policy formulations even after the establishment of the Monetary Union for the region. I therefore urge you all, to actively engage in workshop discussions to fully understand these matters, come to useful conclusions and make your deliberations fruitful. Dear Participants I hope that by the end of the workshop you will have achieved at least the following two objectives: 1. Sufficient statistical insight to effectively address burgeoning data-related issues and concerns, and be in a position to produce intended statistical forms and table, and;  2. Identification of some future work based on mutual cooperation. I thank you all for your attention and wish all a productive and rewarding workshop. 2  BIS Review 170/2010
We may conclude that the right way forward is a like-for-like replacement of the current RTGS using more modern technology. Or we may decide that more radical change is needed to meet the needs of the UK’s future financial system. We genuinely do not have preconceptions on this question – and will want to consult closely with all of you, and a wide audience beyond this room, on the benefits, costs and risks of alternative options. A blueprint for RTGS and the Bank’s settlement infrastructure Having set out the context in which we will develop the blueprint, I want to say a few words about how it will be structured. The blueprint will seek to answer four overarching questions. First, what should the Bank’s policy objectives be in the delivery of sterling settlement in central bank money? Second, what functions should the UK High Value Payments System have? Third, who should be able to access it, and how? And, fourth, what should the role of the Bank of England be in the delivery of that service? Let me elaborate a little on each – starting with policy objectives. The mission of the Bank of England is to promote the good of the people of the United Kingdom by maintaining monetary and financial stability.

Major changes to the access arrangements to settlement accounts raise both policy and practical questions for the Bank – and could have implications for market participants and fellow regulators too – so it is right that they should be considered as part of the development  9  See Davey and Gray (2014). 10  Further information on the planned extension of RTGS opening hours http://www.bankofengland.co.uk/markets/Pages/paymentsystem/extending.aspx. 11  The Bank stands ready to act as a settlement agent for payment systems recognised under the Banking Act or whose access to settlement in central bank money is otherwise judged by the Bank to be likely to reduce the risk of widespread disruption. There are currently 6 payment schemes for which the Bank acts as settlement agent (as well as the CREST securities settlement system) and there are around 40 settlement account holders in RTGS. BIS central bankers’ speeches  can  be  found  here:  5  of a broader blueprint. Targeted extensions in access could bring benefits in terms of innovation. But we need to think through the implications for stability, market structure and costs. The final theme of the blueprint is the role of the Bank. The Bank developed the RTGS infrastructure itself, and is responsible for the maintenance and development of all elements of its hardware and software. The Bank is also responsible for the day-to-day operation of RTGS, although these running costs are in turn charged out to its users on a full cost recovery basis.
This is the flexibility and health of the supply side of the UK economy. Key issues relating to the supplyside performance of the economy include: how efficiently labour markets operate; how dynamic and entrepreneurial UK-based firms are; how various forms of regulation affect investment plans and the climate for doing business; and how efficiently the economy can reallocate resources away from declining activities to new areas of growth. I have been generally impressed by the supply side performance of the UK economy through this recession and the early phases of the recovery. Most businesses have showed resilience in the face of a big shock to demand, and the flexibility of wages and hours worked was used to protect jobs. Company failures have been lower than we have seen in previous recessions. 10 And the economy has turned round from the very worrying situation we faced in the middle of last year and has generated over 300,000 new jobs since last winter, according to the latest Labour Force Survey results. But there are some puzzles on the supply side of the economy too, and these have an important bearing on the judgements the Monetary Policy Committee is making at the moment. Capacity utilisation appears quite high given the early phase of the recovery. Chart 10 shows the responses from the CBI’s Industrial Trends Survey on capacity utilisation in manufacturing, where it is perhaps easier to assess than in the services sector.

Inflation has been above target, not below it – and is expected to remain so for some time. Because of these changes in economic conditions, I have voted for a rise in interest rates at recent MPC meetings – as a start to a gradual movement away from the exceptional level of monetary stimulus put in place to combat very difficult economic conditions last year. And I continue to believe that this the right policy for the situation the UK economy currently faces. In the years ahead, we will see much tighter restraint of public spending as the large deficit which built up over the recession is reined in. That process of deficit reduction is necessary to ensure longer term confidence in the future stability of the economy in financial markets and more generally. In this environment, it is the private sector which will be the engine of growth for the UK economy – just as it was in the 1990s recovery and the previous recoveries we have experienced here in the UK. Confidence that inflation is being kept under control is a key factor in sustaining that private sector engine of growth. My view remains that we should be starting now to make a gradual adjustment of monetary policy.
Overcoming entrenched scepticism and resisting vested interests will always be challenging, all the more so as the reforms are comprehensive. But such an approach would hit several birds with one stone. It would provide a positive impulse for employment and growth. And it would form the basis for future institutional change which would put our Economic and Monetary Union on a solid and permanent footing. I thank you for your attention. [1]  See last year’s discussion at the “ECB Forum on Central Banking” in https://2015.ecbforum.eu/en/content/programme/overview/programme-overview.html. [2]  See Cœuré, B. (2016), “Time for a new Lamfalussy moment”, Lamfalussy Commemorative Conference, Budapest, 1 February 2016. [3]  See Cœuré, B. (2013), “The three dimensions of the euro area crisis”, Asia-Europe Economic Forum conference on “European troubles, Asian worries”, Brussels, 21 January. [4]  See Blanchard, O., and F. Giavazzi (2003), “Macroeconomics effects of regulation and deregulation in goods and labor market”, The Quarterly Journal of Economics, Vol. 118, No. 3, pp. 879–907. BIS central bankers’ speeches  Sintra,  Portugal. 5  [5]  See European Commission (2013), “The growth impact of structural reforms”, Quarterly Report on the Euro Area, Vol. 12, No. 4. This report provides a good overview of productivity developments in Europe and in the US. [6]  See Cœuré, B. (2014a) “Structural reforms: learning the right lessons from the crisis”, speech at the Economic conference, Latvijas Banka, Riga, 17 October.

In 2015 only 4% of CSRs were fully implemented, down from 7% in 2014. In some countries excessive economic imbalances 4  BIS central bankers’ speeches  persist and could harm other Member States. More can be done to improve national implementation and I see a lot of merit in the IMF's proposal that CSRs should be linked to outcome-based benchmarks that are concrete, measurable, and clearly linked to the ultimate reform objective[28]. The dismal implementation record of the CSRs nevertheless suggests that a governance framework that envisages European economic policy priorities being legitimised and implemented at national level has its limits. Looking forward, we will need to engage in a process at European level, based on shared institutions, that provides both economic resilience and the appropriate legitimacy. In such a process, consensus would be needed on (i) the policy areas that are crucial to preserve the resilience of the euro area, and on (ii) designating those policy areas as shared competences with democratic legitimisation at European level. And as I have said before, getting there will require both economic and political convergence. The success of the Single Market is one of the few uncontroversial achievements of the EU. It has shown that shared competences can be used to implement economic policies that lead to greater prosperity in each country and, at the same time, ensure greater resilience of the euro area and the EU as a whole. We should build on it if we want to make further progress.
W A Wijewardena: Microfinance – a potent instrument of poverty alleviation Valedictory address by Mr W A Wijewardena, Deputy Governor of the Central Bank of Sri Lanka, at the Third Training Program on Microfinance Delivery System, College of Agricultural Banking, Reserve Bank of India, Pune, 16 March 2007. *  *  *  It is indeed an honor for me to deliver the Valedictory Address on the occasion of the conclusion of the Third Training Program on Microfinance Delivery System in Pune. The Central Bank of Sri Lanka made a request to the College of Agricultural Banking, a renowned training institute on microfinance, to prepare a tailor-made training program for its staff and microfinance practitioners engaged in its poverty alleviation projects. The College, popularly known as CAB, very kindly agreed to this. After the exchange of several correspondences between the two institutions, the training program was finally arranged. Two batches of trainees have already followed the program and enjoyed the hospitality which CAB had offered them. Back at home, those trainees have spoken very high of the quality of the training imparted to them by CAB. I am sure that those who pass out today in this third program too will return to Sri Lanka with the same high opinion on CAB’s professional standards. Microfinance is a very potent instrument of poverty alleviation. It fills the gaps which normally arise in macro-type poverty reduction policies pursued by governments.

The Bank of Albania will support this process by cooperating with the banking industry and improving the regulatory and supervisory framework. For the supervisory authorities of the financial system, the recommendations relate to strengthening the preventive and management framework of risks and, in this regard, improvement of the legal, operational and inter-institutional cooperation infrastructure is recommended. Concluding, I would like to reiterate our message: the prospects for Albania’s development remain positive. The economic and financial stability, geographical position and natural resources, and integration with the European Union make us optimistic about Albania’s future development. I invite you all to share in this vision and work together to make it a reality. I assure you that the Bank of Albania, as the supervisory authority, will undertake all the necessary actions, under its scope of activity, to support the industry to successfully overcome these challenges and ensure that the sector remains well capitalised and liquid. Thank you! BIS central bankers’ speeches  3
The need for credibility may therefore in itself indicate that cyclical considerations should only very seldom lead to discretionary deviations from the main rule. Automatic stabilisers will still have an effect. I believe that our politicians are aware of this risk. In the National Budget for 2002, the budget balance was cyclically adjusted by NOK 5.1 billion, which shows that we are experiencing a period of strong expansion. The plans nevertheless called for the use of petroleum revenues in 2002 that was identical to the expected real return on the Petroleum Fund at the beginning of the fiscal year. Hence, it is only via automatic stabilisers that fiscal policy will be adapted to the cyclical situation this year. I interpret this to mean that the threshold for departing from the main rule is high. 10  BIS Review 7/2002  Structural effects on the Norwegian economy As may be inferred from the presentation so far, it is monetary policy that shall address the second challenge: preventing the increased use of petroleum revenues from resulting in nominal instability. Despite many uncertainties, I do not believe that there are grounds for serious concern with regard to monetary policy’s ability to deliver nominal stability over time, at least as long as fiscal policy is stable and predictable. However, the interest rate level will naturally have to be adapted.

Peter Pang: A decade of Hong Kong Dollar settlement in the CLS system Opening remarks by Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority, at the 10th anniversary celebration of Hong Kong Dollar settlement in CLS, Hong Kong, 21 October 2014. *  *  *  David 1, distinguished guests, ladies and gentlemen, I am honoured to be here today to celebrate the 10th anniversary of the Hong Kong dollar settlement in the CLS system. Opening 2. If we were a married couple, this event would mark our Tin Anniversary, with tin symbolizing durability and pliability. It is good to note that our bonding remains robust, despite the fact that CLS has 16 other currency partners, and its desire to have more in the future. 3. According to Jane Austen, “happiness in marriage is entirely a matter of chance”. Being a monetary authority, the HKMA would not leave such an important financial infrastructure for addressing the FX settlement risk to chance. 4. The one thing that keeps our bonding with CLS strong is our common vision – to provide the solution to help market players eliminate the FX settlement risks through a highly effective and efficient settlement platform. 5. Our decision to join the CLS in 2004 was based on the simple fact that CLS provides the most powerful global solution to eliminate the FX settlement risks among market players. And CLS has delivered such a solution without a hitch in the past decade. Good times 6.
Mugur Isărescu: Relations between euro and non-euro countries within the Banking Union Speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, before the UniCredit 15th International Advisory Board, Rome, 10 July 2014. *  *  *  Ladies and gentlemen, Let me first thank UniCredit and Mr. Romano Prodi for inviting me to make this address in front of such a distinguished audience. I was asked to talk about the soon-to-be-operational Banking Union, specifically about the relations between the euro area and non-euro area members and, generally, its anticipated impact on investor confidence across the European Union. As you probably know, in my capacity as Governor of the National Bank of Romania, I have argued in favour of the Banking Union project. I see the Banking Union as a substitute for the fiscal counterpart of the Monetary Union required for the proper functioning of the latter. It is hardly imaginable that a consensus on fiscal union is achievable, particularly in today’s Europe, where both payers and recipients are known beforehand. Consequently, to target first the Banking Union has the distinct advantage of actually being feasible. In this context, I am in favour of Romania’s entering the Banking Union before joining the Euro area through the close cooperation arrangement with European Central Bank.

The situation only got worse when the sovereign crisis – that started in Greece in late 2009 – progressively spread to other euro area countries with vulnerable fundamentals. As we have seen in our discussions today, the trigger of the crisis in the euro area shows, to a certain extent, similarities to those that affected Latin America in the past: a stop in  2  BIS central bankers’ speeches  foreign capitals inflows, which induced severe financial stress and real adjustment. But also differences, due to the fact that this reduction of capital flows took place in a highly integrated monetary union, with its own peculiar adjustment mechanisms, leading to the segmentation of the euro area capital markets. These peculiarities also contribute to explain the huge magnitude and depth of the crisis. The scale of the imbalances and adjustments surpasses those in Latin American past experience. Correspondingly, the challenges that individual countries and the area as a whole are facing are daunting. Indeed, the policy response to the crisis – both at the national level and at the level of the EU and the euro area authorities – has been substantial, particularly in the structural and institutional dimensions. The euro area authorities have realised that, in parallel to the management of the crisis, a reshuffling of the European governance and a strengthening of the institutional framework are necessary for the long term sustainability of EMU.
And I would stress that many of the issues raised by the attributes of, and thought processes within, hedge funds themselves are shared increasingly by securities companies and other types of financial institution including banks. Overseers of financial stability take note! A third group of new players is the non-financial groups who straddle finance and the real economy. I could mention industrial giants like GE. We need to understand their implications, and any new vulnerabilities they may cause. Next I want to highlight the rating agencies. The new holders of financial assets find that understanding the credit risks inherent in the assets they hold has become more difficult. So they outsource credit evaluations to the rating agencies, as third party specialists who benefit from economies of scale. Indeed in the case of collateralised debt obligations whole categories of assets are dependent on their rating. But this can give rise to particular vulnerabilities. What happens if there is a rating downgrade? Did the investors in Parmalat bonds rely on the fact that they were rated investment grade? Changes to ratings will be known to all at the same time. And this could trigger mass exodus either by holders of rated assets or, in cases where banks themselves are rated, by depositors or other counterparties. Of course the rating agencies provide valuable services and information. And their increasingly public significance raises calls for them to be regulated. In my view, attempts to do so could actually create additional moral hazard, particularly in today’s compensation orientated society.

And well managed banks have indeed been able to weather the shocks - a real positive from the point of view of financial stability oversight. But on the other hand the added vulnerabilities too are real. So I do not find it surprising that there are calls for public policy response. The consequences of liberalisation and the derivatised world of enhanced risk transfer are indeed formidable. There is the breakdown of the old barriers; with unfamiliar and new players operating in often unfamiliar territory; uncertainty over concentrations of risk and with a more difficult or unpredictable set of behaviours; and newly created networks whose failure could be catastrophic. Spotting threats is tougher: and there is a premium on intelligence from a broader network to cover a multitude of new transmission channels. The tension between globalised players in a world of national supervisors needs to be managed. But let me not leave you with the impression that we are deterred by the task. On the contrary challenging certainly, but hopeless certainly not. After all, the market place itself has to act prudently; to judge potential behaviour of counterparties; to improve risk management techniques; to understand where concentrations of risks reside and what their dangers are. If firms fail to do so they go out of business. And as for the public authorities, we all know the maxim or guiding prayer “Lord let there be failures: but let them be small ones”. No better way of encouraging market discipline!