samchain/econo-pairs-v1 huggingface dataset:
Therefore, the measures set forth in the said arrangements secured the financing of Romania’s economy. This financing had a favourable impact in several areas: relatively larger investment compared to the case such arrangements would not have been concluded; slower depreciation and stabilisation of the leu against the euro and other currencies; the signing of the Vienna agreement based on which banks committed themselves to roll over the credit lines and to maintain capital adequacy ratios at safety levels. As for the future developments in the real effective exchange rate of the domestic currency, it is desirable that it stabilise around a level consistent with a current account deficit that may be safely covered via foreign direct investment. BIS Review 5/2010  15  Lower depreciation pressures on the leu and, implicitly, lower inflationary pressures ceteris paribus that emerge via the exchange rate channel, along with the fiscal consolidation efforts allowed the central bank to adopt a cautious easing of the monetary policy stance, which will make the descending slope of the GDP less sharp, without fuelling further inflationary pressures. The expected developments in GDP, inflation and the current account deficit presented in Figure III are similar to the profiles of the trajectories illustrated in Figure I. Figure III 1. Current account deficit* (% of GDP) 0  2.

While the relatively high level of these countries’ foreign liabilities makes an excessive depreciation undesirable, considering the threat this would pose to financial stability, in other economies the authorities welcome the depreciation given its favourable impact on external competitiveness. In 2009, the latter countries have been facing capital inflows generating appreciation pressures and many of them have chosen to intervene in order to counter these pressures. In this respect, it is worth mentioning the massive interventions of the Swiss National Bank and the devaluation of the Singapore dollar in the spring of 2009, the frequent interventions of the Bank of Israel and the joint interventions of the central banks in Thailand, South Korea, Singapore and the Philippines. BIS Review 5/2010  13  As for Romania’s economy, some adjustments would have been very painful for want of external financial support. For instance, if the risk of a financing gap had materialised at the highest level expected for 2009, then the depreciation pressures on the leu would most likely have generated a currency crisis with a negative impact on inflation and, implicitly, on leudenominated financial assets of households. Other adjustments, such as the cut in public spending, wage cuts included, given that government expenditures had reached unsustainable levels during the massive capital inflow cycle, would have borne the hallmark of lesser credibility. In such an environment, the arrangement concluded with the IMF and the EU brought about two major advantages to Romania’s economy: coverage of the external financing deficit and credibility.
In addition, the IoD provided input into the Corporate Governance Model Board Charter which has been developed with technical expertise from MTN Special Engagements led by Ms Mary Ncube. The outcome of this work is what will be presented to you today. The presentation will focus on the significant position that Boards of Directors occupy in the whole Corporate Governance process and how their role, functions and operations may be reduced into a charter that might guide their work., including;   Powers, functions and delegations of the board;    Board composition and mix – and the challenge in state-owned institutions;    The Chairperson and CEO – and whether they should be different persons and why;    Rights and duties of Directors – and that ultimately the buck stops here;    The role of the Board Secretary – and how they can help drive the right agenda;    Disclosure of conflict of interest and the challenge of ethical standards;    Members’ remuneration and expenses – and what is morally right?   Corporate social responsibility; and,    Evaluation of the Board’s performance, etc. But why do we need a Board Charter one may be tempted to ask?

But as markets attained a global dimension, encouraged by financial liberalisation and the advance of information technology, they became far less tolerant of weaknesses than before, and the markets responded to weaknesses with harsh punishments, which many considered grossly unfair. But this is the reality that we face. And if we are to continue to benefit from the greatly enhanced efficiency of global financial markets in international financial intermediation - a process that has contributed so much to development - we have to get on with the necessary reforms. These include the domestic structural reforms to the financial and corporate sectors, to make sure that we can manage the risks and cope with the volatility that are part of that efficiency. And, to the extent that consensus can be reached, they also include measures to strengthen the international financial architecture. Thus, with some encouragement from the Bank and from others, and more importantly, urged on by the brute forces of the market, significant progress has been made in the domestic structural reforms of individual economies in the region. I applaud the progress and the achievements; and I sympathise with the pain and suffering which they have entailed. With the economic recovery of the region now well under way and international funds flowing back into the region, I would also urge a continued commitment to structural reforms and caution against complacency.
What to expect from the Fed’s Monetary Policy Normalization?1 Sebastián Claro Vice‐Governor, Central Bank of Chile              I would like to start thanking the organizers for this invitation. Let me start with a disclaimer. Next Monday, April 3rd, the board of the Central Bank of Chile will present its inflation report to the Senate. Therefore, I will not be able in this occasion to offer a detailed discussion on the macroeconomic situation and perspectives in Chile, which will be described in detailed in the report. Rather, I have decided to focus on a broader issue that is relevant for Chile and the region in the current scenario. During 2017, we will finally witness the process of monetary policy normalization in the United States. After almost 8 years keeping the Federal Funds rates essentially at zero, the Federal Reserve has started a gradual process of interest rate hikes. This is good news. Fundamentally, the normalization of monetary policy is the natural consequence of a normalization of the US economy after the Global Financial Crises. A normal US economy is a positive phenomenon for the world economy. However, this transition period may become bumpy. Indeed, previous episodes of rate hikes by the Federal Reserve have not been smooth at all for emerging economies. The most obvious of these examples is the debt crisis in the early 1980s.

While there is a familiar ring to parts of this sorry tale, you can be comforted that our job at the Bank of England is to protect the value of the new Jane Austen note. In fact, maintaining confidence in our currency is the fundamental responsibility of your central bank. That extends to maintaining its value, protecting against counterfeiting, and also ensuring that the choice of character on the notes commands respect and legitimacy. The Bank of England has, through its banknotes, a unique and rare opportunity to promote awareness of Britain’s history and to acknowledge the life and work of its greatest citizens. After the announcement of the Churchill note concerns were expressed that – in the absence of any other changes to the Bank of England’s notes – none of the four characters on our notes would be a woman. That was not the Bank’s intention; we have listened and we fully understand the concerns raised by many people, including some whom I am delighted to see here today. We believe that our notes should celebrate the full diversity of great British historical figures and their contributions in a wide range of fields. The Bank is committed to that objective, and we want people to have confidence in our commitment to diversity. That is why I am today announcing a review of the selection process for future banknote characters.
Conclusions  By way of conclusion, I would say that, during periods of great transformations, while theory should still guide reasoning, close contact with the shifting economic reality is essential for efficient policy action. Therefore, in such circumstances, the normal rule-based monetary policy should probably give way to a larger degree of flexibility. Regardless of the objectives and rules set for monetary policy conduct, they should not be pursued or applied mechanically. A central banker cannot afford to live in an ivory tower; quite on the contrary, he needs to keep at all times abreast of the latest developments and trends economy-wide and in the financial system. Such an approach should not be assimilated to promoting a discretionary stance, but rather to a solid anchoring in the day-to-day realities, which often prove more complex than imagined by policymakers or theoreticians. When faced with completely unexpected developments requiring swift action, one cannot rely solely on recommendations derived from more or less mainstream economic theory. In spite of the significant progress achieved over the past decades, both monetary theory and economic science, in general, have their limits and imperfections.

I will start off briefly with the past journey of Asian development, and then focus on how to prepare our bank centric financial system for challenges and opportunities that lie ahead in this rapidly evolving economic environment and financial landscape. Having a smooth-functioning financial system is of course a necessary condition for growth as finance is often referred to as the life blood of the economy. On the other hand, if the blood is infected, it could lead to severe malfunctions of the body and serious adverse consequences. Thus, going forward, in pursuit of the prosperity of Asia, I propose that the role of finance and banking must focus on three key words: “productivity, immunity, and inclusion”. I will come back to these three key words later in my talk. Ladies and Gentlemen, Let’s begin by looking back over the past fifty years. Undoubtedly, it has been an incredible journey of Asia’s achievements. From a primarily agrarian and poor region in the 1960s, Asia has transformed itself into today’s key engine of the global economy. According to the latest IMF’s World Economic Outlook, emerging and developing Asia is expected to 1  grow at 6.4 percent in 2017, making it the fastest growing region and contributing almost half of the world’s output growth. To get to where we stand today, Asia has gone through various rounds of boom and bust cycles.
Thank you very much. BIS Review 38/2005  5

This will be increasingly important to the effectiveness of the overall supervisory process, as the SEC moves toward providing a form of consolidated supervision for the largest securities firms. At the international level, we have made considerable progress in developing a network for cooperation and information sharing among national authorities that better matches the increased integration of national financial systems. We have worked to clarify the division of labor among supervisors of institutions with supra-national reach, and to cover gaps in the supervisory overlay. We have also worked to identify and promote the adoption of best practices and standards for many dimensions of the institutional framework that underpins well-functioning financial markets. Strengthening home-host supervisory cooperation and avoiding duplication of supervisory efforts will continue to be top priorities for the international supervisory community, especially as we adopt newer supervisory approaches, such as Basel II. Finally, we need to continue to promote investments in strengthening resilience in critical infrastructure in payments and settlement systems and those institutions that play an important role in market clearance systems. This is a critical part of the supervisory and market oversight process we perform, and there is an active public-private effort underway to bring about further improvements in back-up facilities and overall resilience. The innovations that have transformed finance over the past decade have substantially improved the overall stability and resilience of the U.S. financial system. But these improvements are unlikely to have brought an end to what Charles Kindleberger called “manias and panics” in financial markets.
29 Recent work indicates that trade unions in the US played an important role in supporting the wages of lower-skilled workers during the years of the 3rd Industrial Revolution, thereby helping to limit increases in inequality over this period. See Farber, H S , Herbst, D, Kuziemko, I and Naidu, S (2018), ‘Unions and Inequality over the Twentieth Century: New Evidence from Survey Data’, NBER Working Paper No. 24587. 8  All speeches are available online at www.bankofengland.co.uk/speeches  8  So building on the past, what could be done this time? First, everyone can contribute to a better understanding of the new skills that will be required. That includes granular reviews by firms of the mismatches between their current talent pool and future needs; estimates by the creators of general purpose technologies of the breadth of their potential applications; and reporting by public institutions on the aggregate pace of automation and trends in the labour market. The rate-limiting factor of technology adoption is often the skill-set of existing employees. For that reason alone, business has an enormous interest in effective workforce training. And the providers of generalpurpose technologies have a responsibility to explore how they can develop their products in ways that maximise job-creation or broader social benefits. For example, DeepMind established an Ethics and Society Research Unit to help technologists put ethics into practice, and to help society anticipate and direct the impact of AI so that it works for the many.

The Future of Work Speech given by Mark Carney, Governor of the Bank of England  2018 Whitaker Lecture, Central Bank of Ireland 14 September 2018  I am grateful to Clare Macallan and Jennifer Nemeth for their assistance in preparing these remarks. I would also like to thank Will Abel, Andy Haldane, Carsten Jung, Rana Sajedi and Greg Thwaites for the background research and analysis they conducted. 1  All speeches are available online at www.bankofengland.co.uk/speeches  It is a pleasure to deliver this lecture in honour of TK Whitaker. Whitaker’s career in public policy spanned a period of profound structural change in the Irish economy. In 1956, when he became Secretary of the Department for Finance, the Irish economy was isolated and uncompetitive. Growth in output per capita was lagging the rest of Europe and the steady tide of emigration was gradually shrinking the population. By the time Whitaker’s career drew to a close, the Celtic Tiger was roaring: Ireland had caught up with even the most prosperous nations in the EU, GDP growth was averaging over 5%, and the population had increased by two-thirds as emigration switched to immigration. The catalyst for this transformation was opening up to foreign trade and investment. Beginning with the 1958 report Economic Development, Whitaker strongly advocated replacing the old strategy of self-sufficiency with a new one of export-led growth, which led in time to Ireland joining the EU. For many, this is the greatest long-term consequence of his work.
As a result, there has been a movement of capital in the direction of investments that are considered to be more secure (flight to quality). This is reflected, for example, in a rise in the gold price since February 2010. In May 2010, the gold price in Swiss francs reached new heights. The flight to quality has also had consequences for Switzerland, since our country has traditionally been regarded as a safe haven for investors. This situation has been reinforced by the fact that, until now, the Swiss economy has withstood the crisis better than most developed countries. This has resulted in upward pressure on the Swiss franc, which has led to repeated interventions on the foreign exchange market. The liquidity injected into the market in the course of these interventions has reduced Swiss franc interest rates, in  BIS Review 85/2010  1  particular for short term maturities. In addition, the yield on 10-year Swiss Confederation bonds fell to below 1.50% in May 2010. For the sake of completeness, it should be pointed out that the Swiss franc has not been the only currency to appreciate. The yen, the US dollar and the currencies of the Nordic countries have also strengthened against the euro. Investing foreign exchange reserves As already mentioned by Philipp Hildebrand, the SNB had to implement unconventional monetary policies in order to combat the financial crisis and avert deflation risks. This resulted in an expansion in the SNB balance sheet, which took place in two stages.

We are in the very preliminary phase of this discussion and many challenges lay ahead in that regard, particularly deciding what should be subject to international supervision and what should be subject to national or regional supervisory entities. Much of the discussion today evolves around crisis prevention. In terms of crisis resolution, the recommendation is for every country to take all the necessary actions to restore the regular working of its financial system, consumer and investor confidence and the level of economic activity. But every country must act according to its needs and resources. Countries were financial institutions faced severe losses require capital injections, while some countries have to boost domestic demand to compensate for too much dependency on exports. The important point here is to draw a clear difference between fiscal stimulus, liquidity management and monetary policy. 2  BIS Review 147/2008  The difference between liquidity management and monetary policy is not clear for many observers nowadays, but it is nonetheless fundamental. In moments of market disfuntionality, for instance, monetary easing sometimes does not work. It is important to mention that in some circumstances liquidity management is the critical issue. Of course, we should not forget the need for price stability in order to have the basis to restore growth.
Graph: Demand from the oil and gas sector and government spending of oil/gas revenues It has been estimated that one in nine jobs in the Norwegian economy was related to oil sector demand in 2014.5 The step-wise development of oil and gas reserves in the North Sea has helped to create a supply industry that has become world leading in special areas. The downturn following the oil price decline in 2014 has highlighted the oil-dependence of the Norwegian economy. As oil-sector demand plummeted, the blow to the economy was cushioned by a substantial increase in government spending. This room for manoeuvre in fiscal policy was provided by the significant savings in preceding years. Without it, the recent downturn could have become much more painful. Intergenerational concerns Graph: Old-age dependency ratio Allow me to move on to another argument for relatively high saving: the intergenerational challenges facing the Norwegian economy. Like many other countries, we must cope with the challenges associated with an ageing population. As we have developed a more extensive welfare state than many other countries, the impact on public finances is significant. The pension system is basically pay-as-you-go and health care is also funded by the government. An ageing population will therefore weigh quite heavily on public finances. In the 1990s and 2000s the demographic trend was different. During those years, the share of the population 67 years or older actually declined, mirroring low birth rates between the two world wars.

IPSs have to obtain the same improvements in organisation, efficiency, economies of scope, diversification and quality and unity of management as traditional mergers. They must do so in the same length of time as a normal merger, and they must strive to ensure that their results are clearly perceived by the markets as lasting. 2  BIS Review 173/2010  In this connection, it is vital that the initiators should be particularly diligent in countering the danger that the “raw novelty” of this legal formula – whose features have had to be rapidly devised – may be used as an excuse for rigidities, procrastination or half-measures. Compared with traditional mergers, where the combining of objectives and efforts to advance in a single direction is more natural, all the participants in IPSs must be on their guard to prevent the essential goal of unity from becoming distorted. They must strive to ensure that the mind-set of directors, managers and staff alike is geared towards a single goal; individual visions are no longer appropriate here, and nor are decisions not aimed at achieving a better future for the single corporate project that has replaced its predecessors. All the participants in institutional protection schemes are assuming a very specific responsibility here, an institutional responsibility and a personal responsibility.