Table 4: Regressions of average pay on productivity Average pay Levels 0.20***  Growth 0.49***  Productivity  0.04***  0.004  Employment 2 Employment Age Exporter Foreign owned  0.35*** -0.03*** 0.002*** -0.005 0.20***  0.14*** -0.005* -0.002*** -0.03* 0.09***  241,165 0.60  215,614 0.51  Productivity 2  Constant Observations R-squared  36  All speeches are available online at www.bankofengland.co.uk/speeches  36  Sources: ONS Research Database and Bank calculations. Notes: Regressions are in logs. Chart 28: Average and director pay from company accounts data  Sources: BVD. Chart 29: Variance of average and director pay from company accounts data  Sources: BvD. 37  All speeches are available online at www.bankofengland.co.uk/speeches  37  References Aghion, P, T, Besley, J, Browne, D, Caselli, R, Lambert, R, Lomax, C, Pissarides, N, Stern, J, Van Reenen (2017) ‘Investing for Propsperity: skills, infrastructure and innovation’, LSE Growth Commission Report. Amiti, M and D Weinstein (2013), How much do bank shocks affect investment? Evidence from matched bank-firm loan data’, Federal Reserve Bank of New York Staff Reports 604. Andrews, D, Criscuolo, C and Gal, P (2015), ‘Frontier firms, technology diffusion and public policy: micro evidence from OECD’, OECD Productivity Working Paper No 2. Arrowsmith, M, Franklin, J, Gregory, D, Griffths, M, Wohlmann, E and Young, G (2013), ‘SME forbearance and its implications for monetary and financial stability’, Quarterly Bulletin, Bank of England. Bahaj, S, Foulis A, and Pinter, G (2016), ‘The Residential Collateral Channel’, Discussion Paper 1607, Centre for Macroeconomics.

Tarisa Watanagase: Combating the global financial crisis – role of international cooperation Remarks by Dr Tarisa Watanagase, Governor of the Bank of Thailand, at the HKMA Distinguished Lecture, Hong Kong, 16 December 2008. *  *  *  Governor Draghi, Governor Yam, Distinguished Guests, Ladies and Gentlemen, I am honored and delighted to be here among this gathering of distinguished policymakers, financial experts and academia, at this year’s HKMA Distinguished Lecture and would like to thank Governor Yam for the kind invitation. This lecture truly provides an excellent opportunity for us to share our views on the topical issues that are at the center of international financial community. Ten years ago, we had the Asian financial crisis. In Thailand, there were plenty of discussions about the causes and remedies of the crisis, some of which still continued until these days. To me, the Thai crisis had 4 main causes, namely, we had weaknesses in the macroeconomic management leading up to bubbles, lax supervision, excessive risk taking of both the financial sector and the private sector in general, and the inadequate legal and information infrastructure. The crisis we are facing now has many surprises as pointed out by Governor Draghi, but I also see plenty of similarities in the underlying root causes. Because of the crisis’s global scale and its severity, this time around we have seen unprecedented efforts taking at both the national, regional and international levels. Today, one decade after the Asian financial crisis, emerging markets look less vulnerable to financial disturbances.