samchain/econo-pairs-v1 huggingface dataset:
It soon grew into a regional, and in time global, network offering financial, housing, training and social support, to both men and women, cushioning the recessionary hit to societies. And that remains its role today. The story, then, is of a social infrastructure emerging to support workers and societies buffeted by technological change. These institutions aimed either to reduce the length or to limit the costs of adjustment by displaced workers. By enhancing skills and mitigating hardships, the incidence and cost of recessionary adjustment was reduced, for individuals and societies. And this, ultimately, was the difference between the living standards escalator of the Golden Era and the travellator of its Malthusian predecessor. Joseph Schumpeter spoke powerfully about the forces of “creative destruction”. 42  The lesson of history  seems to be that we need both to “cultivate the creative” and to “disarm the destructive” if innovation is to translate into rising levels of social, human and infrastructural capital and, then, higher living standards. It is only by establishing strong institutional roots that technological fruit can subsequently be harvested. Future Growth and Future Institutions  From the past and present to the future. What lies in store for future economic growth? It is difficult to know with any confidence. But if history is any guide, the story of growth will hinge on the interplay between the two “i”s – the disruptive forces of innovation on the one hand, the stabilising role of institutions on the other.

29  All speeches are available online at www.bankofengland.co.uk/speeches  29  Table 1: Estimates for Job Destruction and Creation from Automation (MIT (2018))  Jobs Destroyed  When  Where  Jobs Created  Predictor  2016  Worldwide  900,000 to 1,500,000  Metra Martech  2018  US jobs  3,078,340  Forrester  2020  Worldwide  1,000,000-2,000,000  Metra Martech  2020  Worldwide  1,800,000  2,300,000  Gartner  2020  Sampling of 15 countries  7,100,000  2,000,000  World Economic Forum (WEF)  2021  Worldwide  1,900,000-3,500,000  The International Federation of Robotics  2021  US jobs  9,108,900  Forrester  2022  Worldwide  1,000,000,000  Thomas Frey  2025  US jobs  24,186,240  2025  US jobs  3,400,000  2027  US jobs  24,700,000  2030  Worldwide  2,000,000,000  2030  Worldwide  400,000,000800,000,000  2030  US jobs  58,164,320  PWC  No Date  US jobs  13,594,320  OECD  No Date  UK jobs  13,700,000  IPPR  13,852,530  13,604,760  Forrester  ScienceAlert  14,900,000  Forrester  Thomas Frey  555,000,000890,000,000  McKinsey  Source: MIT Technology Review (2018) - https://www.technologyreview.com/s/610005/every-study-we-could-find-on-what-automationwill-do-to-jobs-in-one-chart/  30  All speeches are available online at www.bankofengland.co.uk/speeches  30  Chart 6: Wage premium for cognitive skills Real wage level of full time U.S. male workers relative to 1963 2.0 High School Dropout High School Graduate Some College Bachelor's Degree Greater than Bachelor's Degree  1.8 1.6 1.4 1.2 1.0 0.8  1963  1968  1973  1978  1983  1988  1993  1998  2003  2008  Sources: Autor (2014).
The full-time employment model does not adequately address the profound changes in employment patterns, which economies are now experiencing, such as the increasing number of women in the workforce. Then again, most pension schemes are also designed for workers with full and uninterrupted careers. This does not reflect the experience of women, as we see more and more today, who may leave their jobs to become full time housewives or homemaker. Breakdown of marriage institutions, which is now not uncommon, and the fact that women typically outlive their husbands, place women at greater risk of being in poverty in old age unless pension schemes are adapted to meet their needs. Pension schemes must also take into account the changing work patterns in economies, which in the recent decade had seen an increase in part-time workers, the self-employed and temporary workers. 2  BIS Review 137/2007  The third challenge is in instilling public awareness on planning for retirement, particularly on having an appropriate level of retirement income to support retirees' healthcare and longterm care. A recent survey conducted in Malaysia revealed that more than 80% of Malaysians are either indifferent or not worried whether or not they have enough money for retirement. Only 34% are consciously saving regularly for retirement and an alarming 60% do not know exactly how much they need during retirement.

They are indispensable to avoid any room that may be used for abusive actions that would impair the institution. I therefore request that you take the necessary measures in terms of financial, human and technological capacities in order to ensure the safety of each banking operation. In pursuing its supervisory function, the Bank of Albania will have this matter under close focus and I assure you that any decision that may have hampered the safety of the activity will be handled with utmost stringency by the law. In a broader context, banking activity, in addition to operational risks, is faced with other financial-related risks. We will therefore increase the regulatory requirements for banks to be engaged in an integrated process of risk evaluation and management proportionate to the level of development and sophistication. In a more practical approach, this implies that banks should have specific functional structures that monitor risks in the main activity areas and endeavour to anticipate their possible evolution and impact on banks’ activity. These structures must be  2  BIS Review 174/2010  in place in the largest banks and their products should be an integral part of the decisionmaking process. Dear participants, We are leaving behind a challenging year but other numerous challenges will follow for banking activity. They provide us the opportunity to put our vision into practice, in order to ensure a stable banking activity as a precondition for conducting an efficient intermediation activity with remarkable contribution to economic development at home.
And the reforms do pay off: the remarkable labour productivity growth performance in some network industries in Europe over the last ten years provides a perfect example of the positive impact on labour productivity growth of easing regulations and fostering competition. For example, in the telecommunication sector which was largely liberated in the course of the 1990s, hourly labour productivity grew on average by 8.5% in the euro area over the period 1996-2003 compared to 6.9% in the US. The euro area HICP index for telecommunications fell by 35% relative to the overall euro area HICP index in the period 1998-2005. The third prerequisite for higher growth in the euro area is the unlocking of business potential by creating an entrepreneurial-friendly economic environment. This includes lowering costs imposed by public sector administrations for existing firms and business start-ups. Let me illustrate this with some figures. According to the World Bank, in 2004, the average cost of starting a business with up to 50 employees in the euro area (excluding Luxembourg) is estimated to have been around ten times larger than in the US 12 . The policy implication of lowering business regulation is that EU countries can help to raise economic growth by avoiding an excessively restrictive regulatory environment for firms. The immense importance of this issue is increasingly appreciated by European governments and several initiatives at national or EU level have started to implement actions for a “better regulation”.

It is imperative that a lot more local businesses engage in economic sectors like mining, manufacturing, construction and tourism in order to effectively contribute to the country’s economic development. This can only be possible through innovation and risk taking by indigenous companies with the potential to grow and succeed not only in Zambia but also in international markets. BIS Review 103/2010  1  Moreover, entrepreneurship can play a central role in assisting our country meet the various challenges that it faces today. For instance, entrepreneurship can assist in addressing the challenges arising from:   Low levels of employment;    Social exclusion;    Low levels of competitive products and services in the economy; and    Urbanisation and rural poverty. In order to minimize the adverse effects that arise from these challenges, there is a need to both sustain a high level of entrepreneurial activity in general and to maximise the number of new businesses that are innovative, and that aspire to, and are capable of achieving significant growth. However, if we are to build a much greater number of competitive and innovative businesses in Zambia, then we will need to see many new businesses being created now and in the years ahead. We need to ensure that the culture of entrepreneurship becomes embedded in all our people at a very young age.
In part, they find this results from location, as twothirds of counties with high levels of Black business activity pre-COVID are in the top 50 COVIDaffected areas. It also reflects thinner financial cushions (e.g., smaller cash positions, weaker bank relationships, pre-existing funding gaps) for many of these businesses entering the crisis. The Fed's Policy Response: What We've Done Turning to the Fed's policy response, there are of course limits to what central banks can do to address the uneven impact of a public health shock, or the structural inequities that were in place long before it hit. But we are determined to do what we can to limit the effects. We know from history and statistical studies that avoiding large and persistent spikes of unemployment is critical to preventing inequality from getting worse. The less advantaged tend to lose their jobs first when a recession hits, and the longer they are separated from the labor force, the harder it becomes to get hired back. Knowing this pattern, the Fed moved with unprecedented speed and scale when the crisis hit. The FOMC cut the policy rate to essentially zero and conducted asset purchases at a record pace. It also used its lender-of-last-resort powers to provide liquidity to dysfunctional markets. With assistance from the Treasury, we provided trillions of dollars in backstop lending support for households, businesses, and state and local governments. The Fed also took action to encourage banks to use their substantial capital and liquidity buffers to support the economy during this time of hardship.

Daleep Singh: Creating opportunity out of crisis - extending access to the Fed’s emergency facilities Remarks (via videoconference) by Mr Daleep Singh, Executive Vice President and Head of the Markets Group of the Federal Reserve Bank of New York, at the National Association of Securities Professionals’ 15th Annual Legislative Symposium, 10 September 2020. * * * As prepared for delivery Good afternoon, and thank you, Guy, for the kind introduction. I must say, it's a bittersweet feeling to speak before you today. I'm honored to have the privilege of addressing this gathering, and I want to express my deep gratitude to you, Ron Parker, and the entire NASP membership for engaging with the New York Fed in our response to the COVID pandemic. But the context is tragic—we continue to face the worst public health and economic shock of our lifetimes, hitting people of color the hardest during a summer filled with bitter reminders of systemic racism that continues to plague our society. Today I'll share our ambition to create opportunity out of this multifaceted crisis. As you've heard me say before, we've moved at maximum speed and with maximum care to implement the Federal Reserve's crisis response. In practice, this means our policy execution has been guided by a set of principles, including transparency, governance, accountability, and access. In my remarks, I'll focus on access: what it means, and why it matters in the context of implementing the Fed's emergency facilities.
Developing the renminbi market – Preparing for the future That said, with the transformation of RMB to become international reserves currency, coupled with China’s strong FDI presence and push for financing infrastructure in Asian countries as part of One Belt One Road plan, it is timely to enhance the strategies moving forward. I would suggest to look at a few key aspects: 1. The first is to increase the stock of renminbi liquidity onshore. With a stable and larger renminbi liquidity pool, banks will be able to offer renminbi loans and financing. Currently, the RMB deposit balance with the banking system is relatively low, hovering around 3% of total foreign currency deposits. Malaysia is a net receiver of FDI from China and with substantial exports to China – banks should be proactive in approaching clients to facilitate these flows in renminbi. Banks with regional presence should also expand its renminbi business through its branches overseas, using Malaysia as a launch pad and leveraging on the renminbi liquidity infrastructure available in Malaysia. The offshore CNH renminbi market is well developed, and the gap between CNH and CNY markets has narrowed significantly. As such, banks should be able to offer competitive pricing for clients to manage and hedge renminbi exposures. With the various liquidity facilities in place, we can expect the renminbi market here to be able to meet their requirements. 2. Second, is to further develop the renminbi foreign exchange onshore market to increase the depth and liquidity.

The daily foreign exchange volume in Malaysia is around USD7-8 billion, while the renminbi FX transactions accounts for less than 1% of the daily volume. This certainly does not commensurate with the investment and trade relationship that we have between our two countries. How can we further build on this with the existing infrastructure in place? One area that Bank Negara is looking at is to learn from our baht-ringgit cross currency market framework that we developed with our Thailand counterpart by appointing market makers, which are given certain flexibilities to facilitate doing business. A similar framework could also be considered for the renminbi ringgit cross currency markets. This will enable the market maker banks to play a larger role in enhancing the renminbi FX activities, not only in the spot market, but also in the renminbi forward and swap markets, which will result in lower foreign exchange transaction cost to the real sector. Another area that we are developing is to introduce a flexible hedging framework for residents to hedge their foreign exchange exposures up to a certain limit. This framework is specifically made available for the USD/MYR and the RMB/MYR pair. Under this framework, within a small limit, it suffices for residents to declare their intent and they are free to manage their exposure within this. Last week, Bank Negara had begun engagement with the treasurers on this framework and we hope to finalise this soon for immediate implementation. 3. Third, is to capitalise on the infrastructure financing opportunities.
Among the safeguards to be introduced include requiring a certain percentage of premiums paid by policyholders in respect of investment-linked policies to be placed in the policyholders’ unit fund in order to preserve policy values. Consumers will also be given a wider choice of delivery channels to obtain insurance and takaful products. This includes the availability of additional channels so that consumers have more choices and options. In addition, the enhanced disclosure standards will increase transparency, enabling consumers to make more informed decision and become more empowered to make investment decisions over the longer term. We shall raise the level of professionalism in the industry with new requirements and expectations placed on intermediaries in their conduct of business. Needless to say, that the reputation of the industry will be positive when industry players discharge their respective roles in an appropriate manner that enhance the image, integrity and professionalism of all of us here today. A good reputation is beneficial to the industry. An industry that has a good reputation will be good for its players, and that good reputation would be translated into good value propositions for all those who are involved. There had been representations made to the Bank as well as at the highest level, that the current commission rates are too low for agents to sustain a decent living and to attract new talents into the profession.

BIS Review 7/2007  1  Other strategies include the following: Improvements to public service •  addresses issues relating to public service and improve the delivery mechanism. About 15% of govt. revenue has been provided for administrative, regulatory and other services and improvements to the public service delivery programme to make it more responsive to public needs. In delivering public services the budget advocates to use e-governance structures which are speedier than the present rule based structures. •  promotes productivity and request public service to eliminate waste and duplication while encouraging to complete activities which have already begun by spending agencies before venturing into new areas. To further facilitate the completion of unfinished work, the budget enables the roll over of all unspent provisions of previous years to the ensuing year. •  addresses the welfare issues of selected community groups and measures to extend the safety nets. Reopening of closed factories and revival of failed businesses In the 2007 budget, the fiscal arm has been extended to promote the re-opening of closed factories, abandoned companies and business entrepreneurs which can be revived through provision of debt relief, 3 year tax holidays and an exemption from economic services tax for a period. The budget proposes to grant Rs. 2 bn. to Lankaputhra Development Bank which will provide equity or debt to such factories on the basis of solid restructuring plans. These efforts will also increase employment throughout the country.
The PPP is powerful as it puts the duty on insurers to really understand the risks they face and their resilience to them – it acts as a guardrail for how firms must invest their assets. For instance, the current Pillar 1 regime within the Solvency II[15] framework focuses heavily on reinsurers’ current credit ratings, solvency positions and probability of default. Whereas the PPP would also consider the reinsurer’s resilience over the whole duration of the exposures, as well as the potential impact from a mass recapture event where large concentrations to a small number of counterparties exist. And the PPP is flexible in that it can accommodate a range of investment strategies, risk management practices, business models and types of risk concentration. In 2019, when I last spoke at this conference, we had found that firms had not been implementing the PPP consistently, so we had just begun our consultation on Supervisory Statement (SS1/20)[16] aimed to address this deficiency. SS1/20 sets out PRA expectations of firms regarding their investment strategy and risk management framework, as well as their exposures to non-traded assets, intragroup loans and participations, and valuation uncertainty. It also reminds firms that the PPP applies to all assets including reinsurance arrangements. Since the publication of SS1/20 we have worked with firms to apply the PPP to address risk concentrations of concern to us.

The behaviour of investment while the wedge was falling does not present a puzzle. However, as described below, the behaviour since the 1990s is more difficult to rationalise and so that is the focus of the analysis here. 19. See Bailey et al. (2022). 20. Gutierrez and Philippon (2017), Autor et al. (2017), De Loecker et al. (2020). Page 22 21. In other words, if intangible investment is underestimated, total investment flows and (hence) the capital stock will be underestimated. In that case, the wedge will be over-estimated. See also Haskel and Westlake (2018). 22. See Gopinath et al. (2017) on financial frictions and Mian et al. (2021b) on sluggish demand recovery. This result is also in line with Döttling et al. (2017), who found that, contrary to the United States, the missing-investment puzzle in Europe is more conjunctural than structural. 23. Goodridge and Haskel (2022). 24. See Haskel and Westlake (2022) for a literature review. 25. See De Ridder (2016) and Haskel and Westlake (2022). 26. See De Ridder (2019) and Aghion et al. (2019). 27. See Akcigit and Ates (2021) for evidence in the United States, Bailey et al. (2022) for evidence on the United Kingdom. Similarly, Gutierrez and Piton (2020) show that the labour share has not fallen in the United Kingdom, contrary to the United States. The economic landscape: structural change, global R * and the missing-investment puzzle - supporting paper
In this respect, the ACP, which maintains close links to the Banque de France and operates under its aegis, is naturally particularly attentive to and involved in all these matters. This is why we are accompanying the prudential reform with more general and macroeconomic reflections on the financing of the economy, and in particular on credit developments and the relationship between banking regulation and monetary policy. The new liquidity ratios therefore cannot be applied as they stand as they do not take into account all their consequences and interactions beyond the prudential objectives themselves, which include in particular the functioning of the interbank market, the level of intermediation or the conditions  2  BIS central bankers’ speeches  of monetary policy implementation. I therefore believe that the work underway on the calibration of these ratios is of the utmost importance in order to properly manage all the consequences of these new rules. * *  *  Before handing the floor to Danièle Nouy, Secretary General of the Autorité de contrôle prudentiel, I would like to conclude with a few words on recent developments in Europe. You are aware of my commitment to full harmonisation in Europe: this “single rule book” is the only way to achieve a truly efficient single market. You are also aware that the negotiations between the European Council and Parliament might reintroduce the national options that the Commission had removed.

The limited development of equity markets and sizeable home bias in portfolios have significant consequences for the appropriate functioning of the monetary union. Indeed, they set a limit to the capacity of risk-sharing mechanisms in the euro area, compared for instance to the United States. 12  Conceptually, risk-sharing is closely linked to the capacity of EMU to withstand shocks. It can be seen as the ability of countries to diversify the impact of idiosyncratic shocks among other Member States through private channels (i.e. savings and capital markets) and public channels (i.e. fiscal transfers). In Europe, in the absence of a significant public budgetary instrument and of well-developed and integrated capital markets to diversify the impact of idiosyncratic shocks, the credit channel is the only way of cushioning shocks across the euro area countries. Nevertheless, this channel is not strong enough to offset the weakness of other channels. Despite the initial expectation when the euro was launched that many banks would provide retail services across the euro area, firms and households rely mainly on their domestic banking systems. Cross-border wholesale banking flows rose notably from the onset of EMU until the start of the crisis, but reversed abruptly afterwards. Finally, the fact that the ultimate backstop for deposit insurance still depends on national governments -implying a fundamental misalignment between liability and control- does not contribute to achieving greater integration.