samchain/econo-pairs-v1 huggingface dataset:
Again, the role of the Government must be re-emphasized, primarily in packaging suitable tax advantages which can be offered in order to incentivise even the population outside the formal sector of employment to promote higher contributions. Some pension markets remain underdeveloped or at least underutilised in part due to tax disincentives. As such, the design and implementation of an appropriate tax framework incorporating preferential tax treatment could facilitate the promotion of long-term savings. The problems experienced in recent years by public funded pension systems highlighted the importance of complementary or supplementary forms of private savings initiatives. The emergence of institutional investors in particular, primarily as risk transfer conduits and as collectors of savings has shifted focus from publicly funded pensions systems to private savings schemes. This is the fourth and last initiative I will attempt to raise. In order to reduce the cost of providing for the social security of the ageing population, developed countries have encouraged the development of private pension schemes through tax incentives. In some developed countries, employees are given higher personal tax relief for contributions to approved pension schemes. While some countries have made private pensions mandatory, others continue to grapple with ways to promote participation in private pension systems in order for households to meet adequate retirement income needs. As such, measures need to be taken to incentivise private pension schemes.

On the other hand, due to its high share in the expenditures of especially low-income households and corresponding purchasing power effects, food prices are given a great importance by policy makers. Meanwhile, the metals, such as iron ore, copper and aluminum, are among the most important raw materials for the industry and construction sector. The reason why commodity prices have been frequently attracting attention is the current fluctuations in commodity prices of a magnitude that has not been seen since 2007. Price of brent crude oil, which was USD 50 per barrel in early 2007, climbed to USD 145 within one and a half year. Then, parallel to the deepening global crisis in late 2008, crude oil prices went back to USD 35; and now it is hovering around USD 125. And the uncertainties about oil prices, resulting from demand and supply-side developments, and their potential effects keep the policymakers interest in commodity prices alive in the current economic outlook. As they are among the risk factors that affect the inflation outlook, we directly referred to commodity prices, mostly to those of crude oil and food, in our latest inflation reports. As a matter of fact, nearly half of the revisions about official inflation forecasts published in our inflation reports in the last couple of years originated from the changes in our assumptions about food and commodity prices. This suggests that the rise in commodity prices may bring about challenges for central banks not only in terms of direct pressures on inflation.
If however action were needed on financial stability, this would be effected chiefly through temporary liquidity instruments, which would not conflict with the increase in interest rates needed to ensure price stability. II. A plea for more focused multilateral cooperation Be they energy price pressures or financial spill-overs, the challenges currently faced by central banks require more than individual actions – they call for strong and effective multilateral impetus. I say it here in Washington, during the IMF Spring Meetings. However, the tide has been turning the other way since the Russian invasion of Ukraine. As geopolitical rifts deepen and trust fades, it is becoming more and more difficult for the G20 to deliver on its mandate, despite remarkable efforts from the Indonesian and now the Indian presidency. We need to find pragmatic ways forward to overcome deadlocks in global action and adapt to the new realities. Alternatives to multilateral cooperation, such as regionalism, “minilateralism”, ii or “polylateralism” iii can usefully supplement it. Working on smaller scales, or relying on non-state actors could help achieve breakthroughs. Yet they cannot replace it. They lack the global reach of international state cooperation.iv Hence my call for a focused or pragmatic multilateralism. v The principle is simple: rather than pursuing an exaggerated ambition, focus at present multilateral efforts on a few selected global issues, where there are clear common interests.

Although a large part of this increase results from the valuation effect deriving from the peso depreciation, its level is high from a historical perspective. Moreover, the increase accumulated in the past seven years is high by emerging economies’ standards (figure 9). On the other hand, although the financial indicators of SVS-listed firms have not changed much since our last Report, debt is high and profitability is low, historically (figure 10). Anyway, various indicators show that the balance sheet exposure of these firms to exchange rate risks has remained low. Turning to the real-estate sector, housing sales remain dynamic and prices are on an upward trend, albeit with some moderation lately (figure 11). Advance purchases associated with the upcoming tax reform explain the strength of the sector to an important extent. Actually, most of the properties sold are either off-plan or in construction phase. The low interest rates on mortgage loans also explain part of this dynamism. The growth in housing prices has been reflected in the dynamics of mortgage loans, which are rising nearly 10 percent annually in real terms, due mainly to an increase in the average debt and, to a lesser extent, to an increase in the number of debtors. Notably, although many lending indicators remain stable, such as the loan to value ratio and the debt to income ratio, the share of households with more than one mortgage has increased: from 20 to 25 percent in the last five years. As for office space, the vacancy rate continues to grow.
The regional economies recognize the importance of developing these markets thus co-ordinated efforts through various initiatives have been undertaken to remove impediments to these developments. With further lowering of trade barriers under the ASEAN Free Trade Area and ASEAN+3 initiatives, intra-regional investment flows would further increase. The intensification of regional co-operation has been enhanced in recent years. In the aftermath of the Asian financial crisis, there has been an increase in the level of financial co-operation among the Asian countries. These efforts have revolved around swap facilities to provide emergency liquidity assistance, regional surveillance and peer review to enhance regional financial and monetary co-operation, regional capacity building and the enhancement of skills and capabilities of regional financial regulators and policymakers. Regional surveillance and peer review in particular is an important step forward as it will contribute to confidence building and would complement the implementation of the various regional financing schemes. Significant progress has been made in achieving the objectives of the Chiang Mai Initiative to create swap facilities to provide emergency liquidity assistance for the region. Closer co-operative efforts in the standardisation of systems and documentation procedures would also contribute to facilitating intra-regional trade and investment among economies within the region, as well as with the rest of the world. Effective co-operation in these areas will augment the foundations for realising the tremendous potential that this region possesses for future growth and prosperity.

It also explains the effects that monetary policy is having on the economy and how that's helping to bring inflation back down. During the pandemic and its aftermath, we saw an enormous swing in demand, away from services like travel and entertainment and toward goods and housing, as people adjusted to work from home and avoided contact-intensive activities. More recently, we are seeing a rotation in demand from goods back into services. But through all these shifts, overall demand has remained very strong and has far exceeded supply. This misalignment of supply and demand is true for the labor market as well. Although several indicators of labor demand-such as job openings, quits, and hiring-have stepped down from their very high levels of the first few months of 2022, they show that demand still far exceeds available supply. And the unemployment rate of 3.5 percent is historically low. The same dynamics play out in the Federal Reserve's Second District, the region that the New York Fed represents. Our regional business surveys indicate that activity is slowing, with an especially sharp decline in the manufacturing sector. That said, many businesses continue to add staff, and consumer confidence is strong. Overall, inflationary pressures in the region are moving downward, but are still quite high. Gears Are Turning With inflation running persistently above its longer-run goal of 2 percent, the FOMC has taken strong actions to align demand with supply in the economy and bring inflation down.
That will tend to bear down in the 19  future on Spanish banks’ net interest income which, given the banks’ type of business, is the main component of their profit and loss account.6 In short, the financial situation of both the non-financial private sector and the financial sector is, admittedly, significantly healthier than in the previous crisis; but the degree to which the outlook for the Spanish economy has worsened, combined with uncertainty over the duration of the downturn, obliges us as supervisors to monitor closely the risks to financial stability. I believe it is important that, both in this area and in others, we take as a starting point the experience of the past crisis. And that experience should lead us to do everything possible to prevent the current situation from having a significant financial component. As we witnessed what is now a decade ago, crises that have such a component are also characterised by being deeper and longer-lasting. I thus think our shared aim should be to prevent the crisis from being accompanied by a generalised tightening of financing conditions or from seriously damaging our financial system. 6  R. Blanco (2020), "Retos del entorno de bajos tipos de interés para la política monetaria y la estabilidad financiera”, Documentos Ocasionales, Banco de España, forthcoming. 20  Fiscal policy as the main defence mechanism Generally, the various economic authorities - supranational and national alike - have appreciated the enormous dimension of the challenge facing us.

And, increasing student debt burdens have made it more difficult for many young adults to become homeowners.3 This is significant because homeownership is a major avenue for wealth accumulation for many households. Nevertheless, the tightening labor market should provide greater opportunities for workers to obtain employment, build human capital, and gain greater opportunities to improve their financial circumstances. On the business side of the ledger, investment spending should remain solid. Business cash flows are strong, and the corporate sector is set to receive a meaningful lift from the recently 1/6  BIS central bankers' speeches  enacted tax legislation. The large reduction in the statutory corporate income tax rate from 35 percent to 21 percent and the 100 percent expensing provision for investment should drive down the effective cost of capital for business. In addition, the U.S. economy should be well supported by the recent improvement in the global economic outlook. More synchronized cyclical recoveries in Europe and Japan—and a revival of growth in many emerging market economies—should ensure that demand for U.S. goods and services remains strong. Putting it all together, I have raised my real GDP forecast for 2018 by about half a percentage point to three quarters of a percentage point to a 2½ percent to 2¾ percent range. About onethird of this upward revision reflects the firmer momentum of the economy going into 2018 and about two-thirds the stimulative impact of the tax legislation.
Timothy F Geithner: Challenges facing the global payments system Remarks by Mr Timothy F Geithner, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the SIBOS 2004 Atlanta Conference, Atlanta, 14 October 2004. *  *  *  I am pleased to have the chance to address SIBOS 2004. This is an important forum for us because a strong and efficient payments infrastructure is a vital strategic asset for the U.S. and the global financial system. I want to take this opportunity to talk about some of the forces shaping the evolution in this strategic infrastructure, the challenges they present, and the implications for participants, system operators, and the central banks who oversee them. In this context, I will try to identify some of the major priorities we see over the medium term in strengthening the safety and soundness and the operational resilience of the global payments and settlement system. Over the past 15 years, we have brought about a major global effort to reduce the potential for systemic risk emanating from the key elements of the payment infrastructure - the large value payments systems and the securities and foreign exchange settlement systems. Particularly notable are the 1989 G-30 standards on clearance and settlement systems, the Lamfalussy Report, the launch of CLS bank, and the paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System.

Participant or member discipline should complement the work of payments system overseers, in a role analogous to the market discipline applied by counterparties to financial institutions. Clearing and settlement arrangements for OTC derivatives As we look at the evolution of the global payments system, one critical area that deserves further attention by market participants and central banks is the clearing and settlement arrangements for the over-the-counter derivatives market. This is an area where the innovation that has driven rapid growth has not been matched by a comparable investment in the infrastructure for post-trade processing. Because of the relatively slow development of clearing and settlement services for the OTC derivatives market, dealers and their counterparties have been forced to assume and manage risks that are largely avoidable. Unexecuted confirmations create unnecessary legal risk for counterparties and can add to replacement cost risk. Delays and errors in settlement add cost and liquidity risk. There are a number of important efforts by the private and official sectors that offer the promise of progress. The effort underway by the industry to standardize documentation, automate confirmation  BIS Review 59/2004  3  procedures, and match and reconcile payment flows is very important. The Fed has played a role in shaping recommendations for close-out netting on a cross-product basis, and has been strongly supportive of efforts to put these provisions into U. S. law.
The Aspen Institute (2009), Overcoming Short-termism: A Call for a More Responsible Approach to Investment and Business Management. Tuckett, D (2009), “Addressing the Psychology of Financial Markets”, the Economics e-journal, Vol. 3, 2009–40. Vuchinich, R E and Simpson, C A (1998), Delayed Reward Discounting in Alcohol Abuse, NBER Working Paper 6410. Wang, G J, Volkow, N D, Telang, F, Jayne, M, Ma, J, Rao, M, Zhu, W, Wong, C T, Pappas, N R, Geliebter, A and Fowler J S (2004), “Exposure to Appetitive Food Stimuli Markedly Activates the Human Brain”, NeuroImage 21(2004), pp 1790–1897. Watson, K K and Platt, M L (2010), “Neuroethology of Reward and Decision-Making”, Philosophical Transactions of the Royal Society, 363, 3825–3835. Weber, M (1958), The Protestant Ethic and the Spirit of Capitalism, New York: Charles Scribner’s Sons. BIS Review 114/2010  21

William C Dudley: What kind of jobs have been created during the recovery? Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York, at the Regional Economic Press Briefing, New York City, 21 May 2014. *  *  *  Good morning and welcome once again to the Federal Reserve Bank of New York’s Regional Economic Press Briefing. I am pleased to have this opportunity to speak with you. This morning I want to focus on economic conditions in our region, giving particular attention to the kinds of jobs created in New York, Northern New Jersey and Puerto Rico during the recovery from the Great Recession. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. While the New York Fed has broad operating responsibilities on behalf of the FOMC and the Federal Reserve System, we are also deeply committed to our region. That commitment manifests itself in several ways. We produce monthly indices of economic activity that enable us to gauge the performance of the region’s economy. We conduct a regular poll of small businesses in our region, and just last week, we hosted a summit examining new sources of credit for small businesses. We developed block-by-block flood maps which were created after Superstorm Sandy to inform residents and businesses in Brooklyn of their vulnerability to future storms.
With more money chasing the same goods, we would see a direct impact, first on money spending, then on inflation. In the modern world the nearest equivalent to helicopter drops has been the monetary financing of government deficits. But monetary financing is not a problem we face at the moment, indeed it is not allowed within the EU under the Maastricht Treaty. So what we need to be concerned about today is the creation of extra money through the banking system and the way that happens is through the granting of credit to willing borrowers who borrow to spend on assets, investment or consumption. The supply changes we need to spot are changes in banks’ willingness to lend. And we don’t have to look far to find some. Take, for example, the growth of consumer credit in the UK (Chart 15). We see rapid growth in the late 90s and early years of this century followed by a sharp decline as banks began to see defaults rising. Another recent example is the sub prime market in the US. Chart 16 shows the arrears rates on successive cohorts of loans, marking very clearly the reduction in credit quality in 2006 as the market overshot. In both cases the figures and the market explanations confirm that these movements reflect at least in part changes in the supply curve for credit.

The goal of this Regulation is to ensure a more rigorous regulatory treatment of issuance and transactions with some types of crypto-assets and the crypto-asset service providers will be subject to authorisation and control. The long-term trends in Europe are related to achieving a greater integration and autonomy of the European payment system. In its centre are positioned the instant payments and application of common technical and business standards across Europe. Bulgaria is an active participant in these processes. EU initiatives for development of retail payments are in the process of implementation on our domestic payments market. A still open question is whether the changes in the people’s payment habits will stay as a permanent feature and will set a direction for the forthcoming technical developments in the payments sector. In this very dynamic area the EU regulators will continue playing an active role. I wish interesting and productive work to all the participants in today’s financial forum. 2/2  BIS central bankers' speeches
We have chosen to use fundamental analysis as a basis but to also weigh in as far as possible the effects of other factors. This means that our assessments assume that the krona will appreciate in the long term, which it has so far stubbornly refused to do. Nevertheless, the consequences of these “misforecasts” have not been so great. During the period we have had a floating exchange rate, fluctuations in the krona rate have not had as large an impact on inflation as before, which we have taken into account when making inflation assessment. This means that monetary policy has not been affected to any great extent by the fact that the krona has not developed as expected. What does the future hold in store? The prospects for the US economy played a decisive role in the assessment of Swedish growth and inflation even before the terrorist attack a couple of weeks ago. One important factor was whether there was actually grounds for the optimistic expectations of future growth that characterised the economy and that had previously pushed up investment and share prices. Was the economic downturn in the shape of a V, i.e. would it soon be over? There can scarcely be any doubt that developments in information technology had created and are still creating growth potential that is far from exhausted. Or would it take longer time to grow into the overinvestment that occurred when the “new economy” appeared to be a fact, i.e.

On the basis of this rationale, it is my view that regional financial cooperation should move progressively forward, with the process being further strengthened and the work becoming more focused, aimed at producing more tangible results. Let me now spare with you my thoughts on the way forward. On this issue, I should say at the outset that the points I am going to make here are not new, and some of them are probably already familiar to you. The first is the Chiang Mai Initiative or CMI. CMI was created conceptually as a short-term financing facility to help participating members manage their balance of payments shortfalls at a time of financial distress. Although the economies of East Asia are now much stronger than five years ago, CMI should continue to remain a key pillar of regional financial cooperation. This is because it is important for the region to have its own liquidity arrangement that can be called upon when the need arises. With the crisis now behind us, we do have time to think on how best to improve the existing facility. And, one way we can approach this is to look for ways we can credibly turn the existing arrangement into a facility that emphasizes a greater level of resource commitment by participating members. This is to say that requesting members should be in a position to count on this facility when the need arises. Looking at the improvement from this angle, I think there are three ways we can reflect upon.