samchain/econo-pairs-v1 huggingface dataset:
I fully share the assessment put forward in these reports and I would like to stress here the special responsibilities of central banks, due to their position at the heart of financial systems: their role as liquidity supplier to the economy, their close and constant contact with credit institutions, their contribution to banking supervision and to the safe and efficient functioning of payment systems, and at least for some of them, their contribution to the safe and efficient functioning of securities clearing and settlement systems. To sum up, an institutional framework in which the Eurosystem’s responsibilities for monetary policy in the euro area are coupled with extensive supervisory responsibilities of NCBs in domestic markets, and with reinforced co-operation at an area-wide level, seems appropriate to tackle the changes triggered by the current financial trends and the introduction of the euro. Two points of particular relevance for the financial regulatory framework Let me conclude on this important topic by stressing two points of particular relevance for the European financial regulatory framework: -  There are still some barriers to further integration of EU capital markets. In this regard, the Eurosystem welcomed the objective of the European Council meeting in Lisbon in March 2000, to accelerate completion of the internal market for financial services, and to set a tight timetable so that the Financial Services Action Plan can be implemented by 2005. This Plan is regularly reviewed by European authorities, and progress is being made.

Rosthom Fadli: IMFC Statement Statement by Mr Rosthom Fadli, Governor of the Bank of Algeria, on behalf of the Islamic Republic of Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Libya, Morocco, Pakistan and Tunisia, at the forty-third meeting of the International Monetary and Financial Committee, Virtual IMF Spring Meetings, Washington DC, 8 April 2021. * * * The COVID-19 crisis has taken a heavy economic toll and caused tragic loss of lives and immense human suffering. No country has been spared. The synchronized, forceful, and timely global policy response prevented a worse outcome, but the damage has been still very significant and widespread. The recovery is gaining momentum, though its course and pace are highly dependent on the dynamics of the pandemic. The pandemic’s long term scarring effects are also still uncertain. The crisis has exacted a heavy toll on the low-income countries (LICs), in many cases reversing, in a matter of few short months, their hard-earned gains achieved over decades in alleviating poverty and improving social conditions. The vulnerable groups—youth, women, low skill labor and workers in the informal sector—have been hardest hit. The crisis has pushed millions of people into extreme poverty and severe food insecurity in addition to millions already suffering. Saving lives is still the highest priority. Multiple waves of the virus and its still uncontrolled spread in some regions pose serious threats to the global fight against the pandemic and further loss of lives.
With the acceleration of historical transformations, the 20th and early 21st century have been particularly rich in the emergence of ethical issues. The Great Depression, which started in 1929, led to protectionist reactions, which themselves led to economic disasters; a powerful movement of social inspiration reacted in turn by trying to bring back order in monetary affairs, and multilateralism in international ones (see Part III). In the 1970s, however, neoliberal thinking inspired by men such as Milton Friedman and Friedrich Hayek caused a swing of the pendulum. In Hayek’s opinion for instance, trying to subject finance or the economy to ethical principles was a waste of time. Today, after new crises and with the emergence of fresh concerns, the pendulum has swung again. To give just one example, environmental concerns have acquired an essential ethical dimension. Another distinction is between the ethics of money and of currency. The ethics of money are customary and widespread, and can be summed up by the words of Alexandre Dumas, a famous French writer: “money is a good servant but a bad master”. The ethics of currency that interest me today are obviously part of this, but are perhaps less common. They have two specific features: (i) the importance of institutions, of the "sovereign" dimension: there is no currency without a public authority that guarantees it and is responsible for it (ii) the importance of trust, which can be defined as being able to count on the character, ability, strength or truth of someone or something.

Jean-Pierre Roth: More growth a must Summary of a speech by Mr Jean-Pierre Roth, Chairman of the Governing Board of the Swiss National Bank, at the Swiss Economic Forum, Thun, 27 May 2005. The complete speech can be found in German on the Swiss National Bank’s website (www.snb.ch). *  *  *  Since the mid-1970s now, economic growth in Switzerland has been significantly lower than that of other industrialised nations. In terms of per capita GDP among OECD countries, Switzerland lost its leading position during this time, falling back into the main field. Economic growth is vital, however, for the sustainability of our social security institutions. Demographic shifts will cause the ratio of pensioners to contributors to double in the next 30 years, with the result that tomorrow’s generation will be faced with a heavy burden – one that could be considerably lightened by higher growth rates. The soft growth in Switzerland is primarily attributable to the lack of competition in the domestic market. There are numerous known ways to boost growth which have proven successful in many other countries. So far, however, Switzerland unfortunately has neither grasped the importance of implementing these measures, nor does it have the political will to do so. Stronger economic growth can only be achieved by opening our domestic market to competition, contributing to the attractiveness of Switzerland as a business centre and strengthening our human capital.
The figure is interpreted as follows: Each mark represents a particular inflation forecast. The red marks show the Riksbank’s forecasts, while the blue marks show the forecasts made by a number of other forecasters. It is possible to see how high an inflation rate a forecaster has predicted by looking at the vertical axel, while the horizontal axel shows when the forecast was made. The dotted line in the figure shows the actual outcome for CPI inflation in 2009. BIS Review 32/2010  Figure 9 shows the forecasts for GDP growth in 2009 made by various forecasters in 2008 and 2009. In this case, too, it is clear that the forecasts follow a common pattern. Initially, the forecasters tended to overestimate GDP growth in 2009 During the first half of 2008, they estimated on average that growth in 2009 would be approximately 2 per cent. As it appeared  BIS Review 32/2010  13  that the financial turmoil would dampen growth in both Sweden and abroad, the GDP forecasts were gradually revised downwards. After April 2009, many of the forecasts were gathered around the actual outcome for GDP growth, which was –4.9 per cent. However, most of the forecasters revised their forecasts upwards towards the end of the year and were thus surprised by the lower outcome.

Ravi Menon: Emerging Asia - short-term outlook and risks Pointers for panel remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the 5th Milken Institute Asia Summit, Singapore, 13 September 2018. * * *  Global growth has shown remarkable resilience despite mounting uncertainties. Growth this year is likely to be as strong as last year’s. And last year’s growth was the strongest since the global financial crisis. And Emerging Asian economies have been doing well. But the going will get tougher in the months ahead and going into 2019. Some slowdown in momentum is to be expected, following 12–18 months of strong growth What bears close watching are two headwinds emanating from the US and sweeping across the world, including Emerging Asia. The first headwind is rising trade tensions. The second is tightening global financial conditions. First, growing trade disputes. The impact of the trade tariffs announced to-date has been limited. If the threats of further tariffs are carried out, trade volumes will come down and some reduction in growth is to be expected – the US by about 0.5% points and China by about the same amount. This will have implications down the supply chain and production networks across Emerging Asia, shaving off growth in most economies. 2019 will most likely not be as good a year as 2018. But the effects will not be devastating – we are not looking at a recession. This is not a global trade conflict. This is centred on the US.
In the November Business Perceptions Report, companies reported difficulties in satisfying increased demand, in part because of lower inventories anticipated for this year, some logistical restrictions, and uncertainty in scheduling their purchase and import orders, and/or in anticipating the higher sales. There is no conclusive evidence of extensive inventory replenishment taking place. It is important to note that the price increases of recent months will hardly have an impact on medium-term inflation, given the wide activity gap opened by the pandemic. In fact, the reversal in November of several of these previous increases confirms the volatile and transitory nature of these surprises. In the coming quarters, annual inflation is expected to hover around 3%, consolidating its convergence to the target during 2022. This scenario assumes that inventories will eventually be replenished, thus normalizing the supply of goods, and that the gradual reopening of the economy will boost the supply of services. Our projection scenario for inflation and its implications for monetary policy remind us of the importance of correctly understanding the role of supply and demand forces behind price movements. This is a key part of the work that the CBC must do, as it is essential to assess the short- and medium-term outlook for inflation, and possible adjustments to monetary policy. This is an ongoing task within the CBC, one that faces new challenges as the economy changes continually.

Zeti Akhtar Aziz: The changing landscape of financial regulation – implications for Islamic finance Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the 7th Independence Federal Savings Bank (IFSB) summit on Global Financial Architecture, Manama, 4 May 2010. *  *  *  It is my pleasure to be here on the occasion of the 7th IFSB Summit on Global Financial Architecture: Challenges for Islamic finance. I am honoured to be invited to speak on the ongoing regulatory and supervisory reforms being undertaken following the recent international financial crisis, focusing on its implications for Islamic finance particularly in the context of strengthening the financial stability of the Islamic financial system. It was exactly 10 years ago in a speech here in Bahrain when I reflected on then the remarkable achievements of Islamic banking and highlighted that while the amount of funds managed in the Islamic financial system was only a fraction of the total assets of the international financial system, it represented that portion of financial activities that was truly supported by underlying productive capacity that generated growth of economies across continents, and that, it was this form of financial activities that we should encourage, as opposed to the financial flows that were destabilising and destructive.
In September 2013, shareholders of a major U.S. bank requested that the bank prepare “a full report on what the bank has done to end [its] unethical activities, to rebuild [its] credibility and provide new strong, effective checks and balances within the [b]ank.” That request was forwarded, by the way, by a Catholic nun. The bank responded through its attorneys that the nun’s proposal was “materially false and misleading” and “impermissibly vague and indefinite.”9 Fast forward to May 2015. The Federal Advisory Council-a panel of bankers that advises the Federal Reserve System-reported that “Regulators and the banking industry have worked extensively to restore financial stability through a series of mechanisms and rules that establish appropriate levels of capital, liquidity, and leverage. . . . As often as not, however, the challenges faced in recent years have been behavioral and cultural; post-crisis episodes such as LIBOR and foreign exchange manipulation provide hard evidence that there remains work to be done.”10 This is clearly an encouraging difference in perspectives. The public sector, too, has paid increasing attention to culture. The Group of Thirty, the Basel Committee, the European Systemic Risk Board, and the Financial Stability Board have issued papers on culture, governance, and misconduct risk. The Fair and Effective Markets Reviewa joint project of the Bank of England, the Financial Conduct Authority, and Her Majesty’s Treasury-has called for heightened standards for market practice in matters affecting the public good.

Sweden’s price stability norm in the 1930s lasted only a few years and was followed by a return to a fixed exchange rate regime. During those years, however, it performed the central function of stabilising expectations as well as prices. This was important not least because to some extent it helped shield Sweden from the global economy’s depressive impulses and thereby contributed to the recovery being speedier than in most other countries. Here I should perhaps add that although this Swedish price stability “experiment” attracted a good deal of attention at the time, it certainly did not leave any deep or lasting mark on the modern approach to inflation targeting. In the aftermath of the depression and the second world war, Keynesianism gained ground. The introduction of inflation targeting in Sweden in the 1930s was therefore not as pioneering as when this kind of regime was introduced in the early 1990s, first by New Zealand and later by others. 1  BIS Review 50/2000  A great advantage with a regime that explicitly targets inflation, is that the central bank adjusts the interest rate continuously in the light of inflation prospects. Compared with a fixed exchange rate regime, imbalances can then be prevented from building up to the same extent. A slight upward adjustment of the interest rate at an early stage, to reduce the risk of inflation picking up, is something quite different from having to hike the short-term interest rate in order to defend a fixed exchange rate.
Some of these relate to the characteristics of the individual worker – for example, their number of years in employment, their tenure in post, where they live, their age and their educational qualifications. Other factors relate to the nature of the job itself – whether it is full or part-time, the occupation, sector and job-type. Both factors, individual and job-specific, are likely to be important in explaining pay. Chart 18 shows the Oaxaca-Blinder decomposition of the gender pay gap over the sample, when the average gender pay gap in the UK was close to 22%. From the decomposition, around half of that gap can be accounted for by compositional effects, arising from the different characteristics of either the worker or the job they are carrying out. That leaves around 11 percentage points of the pay gap unaccounted for by these factors. In other words, around half of the gender pay gap is difficult to justify on fundamental grounds, consistent at least with some significant degree of gender pay “bias”. Of those factors explaining the gender pay gap, the most important relate to the characteristics of the job rather than the individual. Occupation, sector, and the full/part-time nature of work are the most important factors accounting for the gender pay gap. It is difficult to know how much these reflect personal choice (workers’ preference for a certain sector or way of working) rather than legacy environmental factors (such as the preponderance of males in certain professions or sectors).

The Goldin specification is:  (5) ln  ∝  Where  ∗  ∗  =  1 0  female male  We regress the natural log of average gross hourly pay on a binary female coefficient and a set of controls, wider than the ones used in Goldin (2014). The set of controls comprises both individual and job-specific characteristics. It includes: age, female-age group interactions, usual hours worked, public or private sector, full time or part time, contract type, whether born in the UK, has a child under 2, female and child under 2  26  All speeches are available online at www.bankofengland.co.uk/speeches  26  interaction, occupation, female and occupation interaction, educational qualifications, tenure, region of home and sector (Annex Table 1A).11 Once we take account of these factors, Table 2 suggests that there was, on average, a conditional gender pay gap of just under -15% between 1994 and 2019.12 This gender pay gap is highly statistically significant. To understand how it has changed over time, we split the sample into five periods (1994-1998, 1999-2003, 2004-2008, 2009-2013, 2014-2019) and re-estimate (5). As Chart 22 shows, the gender pay gap has fallen over time, though it remains around -10% and is statistically significant by the end. Table 2: Gender pay gap for specification (5)  Female Observations  Coefficient  Pay gap, per cent  Number of observations for females  -0.159***  -15%  291,859  (-11.17) 537,177  Source: ONS Labour Force Survey and Bank of England calculations.
Miguel Fernández Ordóñez: The biggest risk - complacency Address by Mr Miguel Fernández Ordóñez, Governor of the Bank of Spain, delivered to the Círculo de Economía, Barcelona, 31 January 2007. * * * I very much appreciate the opportunity provided to me by the Círculo de Economía to deliver this address at this time, just as the figures for last year have been released. In terms of the Spanish economy's performance, the figures speak for themselves and confirm a favourable short-term outlook. Against this background, I think it is very important to reflect on the underpinnings of the economy’s trajectory, in order to identify those factors that are genuinely relevant for projecting ahead the progress that has been achieved in recent decades. I have therefore thought it best to adopt a long-term approach for this speech, going beyond conjunctural analysis. And with the title I have chosen, I have sought precisely to stress that when things are going well and the outlook is favourable, the biggest risk is complacency. The year 2006 ended in Spain with growth at around 3.8%, outperforming the seven biggest industrialised countries. This is the first time in many years that this has happened. Not only has growth in Spain been higher than in the euro area countries, but it has also been higher than in the United Kingdom, Japan and the United States, which in recent years had been growing at a rate above Spain.

What they should be trying to avoid is a repeat of the problems with credit cards, where many borrowers chose bankruptcy as a way out of their problems. The dynamics of the two products are different, but the warning signs are there. As might have been expected, credit card charge-offs did increase during the SARS crisis as rising unemployment prompted a renewed increase in bankruptcy petitions. But the latest news on this front is somewhat more encouraging. The number of petitions continued to rise going into the first week of June, but has since fallen back and the daily average for June as a whole was back to around the levels that we saw before the SARS outbreak. If this improvement can be sustained, it would have a positive impact on profitability in 2003. Asset quality is an important factor in explaining changes in profitability across banks and over time. But it is certainly not the only factor and not necessarily the most important in the long term. To generalise, changes in bank profitability depend on both macroeconomic influences and a variety of bank-specific determinants. The Research Department of the HKMA has recently been doing some work in this area based on published data of 14 banks that account for about half the market in Hong Kong. I would like to share with you some of the preliminary findings of the research since it casts an interesting light on how the performance of the industry might evolve over the next few years.
Conference on opportunities and challenges of the tokenisation of finance Paris, 27 September 2022 Anchors and catalysts: central banks’ dual role in innovation  Speech by François Villeroy de Galhau, Governor of the Banque de France  Press contact: Mark Deen (mark.deen@banque-france.fr), Déborah Guedj (deborah.guedj@banquefrance.fr)  Page 1 sur 5 Ladies and Gentlemen, It is a great pleasure to welcome you in the Louvre for this conference organised by the Banque de France. I am honoured by the presence of Commissioner Mairead McGuinness, of my most distinguished peers at central banks, and of prominent representatives of the public and private sectors. I trust this unique blend of skills will offer a comprehensive overview of the topic that will keep us busy: the tokenisation of finance, and the role of central banks in it. Let me just recall what I describe as the “triangle of disruptions”i: new players; new settlement assets based on blockchain; and new decentralised market infrastructures. These disruptions offer the potential for cheaper and faster services. However, they could also lead to fragmentation and to systemic risk. How can we collectively reap the “net benefits” from innovation? That will only be possible if we come out on top of two false contradictions. The first apparent oxymoron opposes stability and innovation. Financial stability implies that the financial system is capable of withstanding shocks, so as to avoid impacts on the real economy. But it does not mean stagnation or paralysis, and does not ban innovation in any way.

Resilience: three lessons from the financial crisis1 Speech given by Dave Ramsden, Deputy Governor for Markets & Banking  Inverness Chamber of Commerce 30 May 2019  1  With thanks to Tom Smith for his assistance in preparing these remarks and to staff across Bank, including Alex Baiden from the Bank’s Advanced Analytics division and Nick Bate and Liam Crowley-Reidy from the Bank’s Monetary Analysis directorate, for their many contributions, as well as my colleagues on the MPC for their helpful comments and suggestions. 1  All speeches are available online at www.bankofengland.co.uk/news/speeches  1 Introduction It’s great to be here in Inverness, and to be speaking here this morning. My talk today is going to focus on resilience. The first definition of resilience thrown up by Google is “the capacity to recover quickly from difficulties; toughness”. It seems apt that I should be focusing on this here in Inverness as Scotland itself is a famously resilient nation. Robert the Bruce was taught resilience by a spider. Scotland’s mountains epitomise geological resilience and tests the physical resilience of walkers and climbers. The Scottish economy has been through some tough times, but proved relatively resilient during the financial crisis, with Scottish onshore GDP falling much less than overall UK GDP. Even the existence of the Loch Ness monster has proved resilient to continued scientific investigation. And resilience is a word that you hear a lot these days (Chart 1). Psychological resilience is lauded as a virtue as life becomes more complex and challenging.