samchain/econo-pairs-v1 huggingface dataset:
The response has been centred on three main layers: -  Strengthening of the microprudential framework with higher capital requirements (Basel III) and new resolution frameworks in most jurisdictions; The introduction of a separate and tighter framework for systemically important financial institutions The development of a new macroprudential policy framework addressing systemic risk   Enhanced international coordination. The global nature of the crisis required a global response and new international institutions to coordinate the regulation of the financial sector. At the global level we saw the creation of the Financial Stability Board and the intensification of the work at the Basel Committee (BCBS). In the case of the European Union, we have taken an important step towards financial integration, most notably with the activation of the Banking Union, currently comprising two elements: the Single Supervisory Mechanism and the Single Resolution Mechanism. There is a third necessary pillar, the European Deposit Insurance Scheme, which is still under political negotiations. III. Four broad challenges for central banks ahead:  1. Are we under a “new normal” macroeconomic environment for the macroeconomy and what does it mean for monetary policy? New normal? Debate about whether or not we are facing a new structural reality of secular stagnation that defines a “new normal” for the macroeconomy, characterised by low growth, low inflation and low real and nominal interest rates. Most estimates suggest that the natural interest rate (i.e.

Christine Lagarde: IMFC Statement Speech by Ms Christine Lagarde, President of the European Central Bank, at the forty-fourth meeting of the International Monetary and Financial Committee (IMFC), IMF Annual Meetings, 14 October 2021. * * * Global economic activity has continued to recover since our previous meeting in April this year, thanks to further progress in vaccination campaigns and supportive economic policies. However, the pace of the recovery remains uneven across sectors and countries, and the spread of the more contagious Delta variant of the coronavirus (COVID-19), coupled with supply bottlenecks, is casting a shadow over the near-term growth prospects for the global economy. The main challenge for policymakers continues to be steering the economy safely out of the crisis. It remains crucial that policy support is not withdrawn prematurely. On the fiscal side, support measures should be increasingly targeted. And on the monetary side, clear communication by major central banks is essential, also in view of the recent inflation developments. The policy mix should be accompanied by well-tailored structural reforms to enhance long-term growth and minimise scarring effects from the pandemic, along with action to accelerate the green and digital transitions. Euro area developments and outlook The rebound phase of the euro area economy is increasingly advanced, despite supply bottlenecks and continuing uncertainty about the pandemic.
As time goes on, we will sort out what we are learning and set priorities. In my comments today, I have chosen to focus on two observations that seem to me to offer important tentative lessons with regard to our own specific experience since early August. As I said at the outset, I am very much looking forward to reading thorough and rigorous academic analyses on these and other topics once we gain some perspective on the current market turbulence. BIS Review 141/2007  7  Figure 1: Banking problems worldwide, 1980-96. Source: Goodhart et al.

Located within the NBRM Library, the Center provides access to over 400 publications of the World Bank, electronic access to the World Bank databases, as well as a specifically authorized direct access to the electronic World Bank library, with a possibility to browse over 6,000 copies of professional literature. What makes this Center additionally useful for the public is that, within the cooperation with NBRM, it simultaneously provides the external users with an access also to the National Bank publications, in the form of annual reports and working papers, and to the professional literature that the NBRM Library has at its disposal. The access to all publications, as well as to the World Bank statistical database is open for all interested users in the Republic of Macedonia, because of which this Center can bear the epithet of a rich trove of knowledge, which is waiting to be used. Dear Ladies and Gentlemen, We live in an era of extraordinary dynamic changes. An era, where the already learned things outdate in no time, or become insufficient, while the crisis once again showed that the enigmas are far more numerous than the axiomatic truths. That is the reason that the investments in learning should be ongoing. As a Central Bank, we make constant efforts for knowledge improvement and elevation of the scientific and research capacity, not only within the Bank, but wider, as well.
And last but not least, on behalf of the Board, I wish to stress that we will conduct our monetary policy to ensure that inflation stands at 3 percent over the policy horizon, and we insist on the need for every participant in the financial system to thoroughly evaluate their borrowing and lending decisions. In addition, we will continue to contribute with what is our task, i.e., safeguarding the stability of the currency and the normal functioning of internal and external payments, to Chile’s development and welfare. Thank you. BIS central bankers’ speeches  7

Ladies and Gentlemen, at this juncture, I would like to mention that the macroeconomic gains attained in the recent past will need consolidating in 2006 and onwards. You will agree with me that the macroeconomic gains attained have set the stage for sustained future growth of our economy, employment creation and poverty reduction. In this regard, allow me now turn to the future growth focus of our economy. Mr. Chairman, Zambia has articulated its long-term development objectives in the National Long Term Vision 2030. Part of this vision is enshrined in the Fifth National Development Plan (FNDP); 20062010 whose theme is: “Broad Based Wealth and Job Creation through Citizenry Participation and Technological Advancement”. This calls for policies that accelerate and sustain economic growth, and which enable the poor to participate in, and benefit from the growth process. In this respect the broad macroeconomic objectives for the Plan period 2006-2010 are as follows: -  To accelerate pro-poor economic growth;  -  To reduce and stabilise inflation; and  -  To sustain a viable balance of payments and external and domestic debt position. What then do we see as the sources of economic growth and employment creation in future? Ladies and Gentlemen, we see the growth of the Zambia economy being driven by increased activities in agriculture, mining, export-led manufacturing, tourism and energy. Agriculture Mr Chairman, this sector possesses great potential to make higher contributions to the country’s growth and employment aspirations given the abundant arable land and water supply.
Years of subdued inflationary pressure and weak demand have already exhausted the conventional policy space across the industrialised world. And although central banks have successfully relaxed the constraints of the zero lower bound, the risks to financial stability and other side effects emerging from a protracted and intense usage of non-standard measures are likely to rise. For these reasons, central banks cannot just stand on the sidelines when it comes to climate change. And the COVID-19 pandemic has taught us that monetary and fiscal policies are most effective when they complement each other. This will also be true in the fight against climate change. I see three major avenues through which the ECB, and central banks more generally, can contribute. The first is through our involvement in defining rules and standards, and in promoting research for a better understanding of the implications of climate change for financial markets and monetary policy. [11] The ECB is a member of the Network for Greening the Financial System (NGFS) and has contributed actively to the development of the EU taxonomy of sustainable economic activities. These activities are at the same time instrumental for promoting capital markets union. The second way in which the ECB can contribute is by ensuring that we ourselves are an environmentally mindful and responsible investor. We are doing this already for our pension fund investments and are now exploring options for other non-monetary policy portfolios.

Therefore, as I’ll explain later, forward-looking comprehensive supervision of the financial system is a key element in attempting to distinguish a healthy expansion of credit from a more dangerous and fragile buildup of debt. Recipes In what follows, I’ll outline recent findings on some of the possible mechanisms that can generate a modern financial crisis, one that is not characterized, like the U.S. banking crisis in 1931–33 by depositors demanding currency from their banks. In particular, I’ll focus on two strands of research that identify mechanisms that can amplify small initial disturbances in the economy to produce significant financial distress. My review is selective, as I don’t aim to cover all the possible factors that researchers have suggested can contribute to financial crises, but instead to focus on two topics that reveal some of the main mechanisms at play. The first mechanism is the procyclicality of financial intermediary leverage; banks and other financial intermediaries, notably broker-dealers, increased their leverage during the growth years of the 2000s, issuing increasing amounts of debt, but little equity. But as financial volatility increased in 2007, they began to deleverage, a process that produced stresses for many institutions and people throughout the economy, much like the distress caused by classic bank runs. The second mechanism I’ll review is the role played by the private sector in creating moneylike assets, such as repos, commercial paper, and other short-term and ostensibly safe assets.
Liquidity can be supplied generally to the market or in the form of specific assistance for individual financial institutions. The Riksbank has used both of these alternatives. The general liquidity assistance has been designed so that the Riksbank has supplied the banks with loans in kronor and dollars at longer maturities than the market has been able to offer. In total this lending has amounted to over SEK 450 billion. Lending in kronor has increased by more than SEK 250 billion and lending in dollars by almost SEK 200 billion. BIS Review 7/2009  5  This means that the Riksbank's balance sheet for the second half of 2008 has increased from SEK 200 billion at the end of June to SEK 700 billion at the turn of the year. The loans from the Riksbank together with Swedbank's borrowing under the government's guarantee programme mean that the State provided or guaranteed more or less all of the banking sector's borrowing in the last few months of 2008. The Riksbank has also set up a temporary credit facility based on commercial papers in order to improve the supply of credit for non-financial companies. These companies can fund their operations by issuing commercial papers and selling them to the banks. The commercial papers can then be used by the banks as security for loans from the Riksbank. However, the scope of these activities has been fairly limited.

Even if you accept cash has other benefits that mean it is the preferred payment method for some, the inability to pay interest on public money is a relic of a bygone era. In principle, a widely-used digital currency could mitigate, perhaps even eliminate, this technological constraint. Specifically, CBDC would enable interest to be levied on central bank issued monetary assets or digital cash. The extent to which this relaxed the ZLB constraint depends, in addition, on the elasticity with which physical cash is provided to the public alongside CBDC. Access to physical cash is an issue well above the pay grade of central bank technicians; it is a political-cum-social issue. Nonetheless, the potential macro-economic benefits of easing the ZLB constraint are large and have grown over time. Studies suggest the ZLB constraint can result in significant shortfalls in output relative to potential (of around 2%) and inflation relative to target (of as much as 2 percentage points).31 These are potentially enormous gains in macro-economic terms. To those benefits needs to be added the gains to digital cash users of holding a remunerated instrument, helping protect their purchasing power. These financial stability and monetary-macro benefits should be at the centre of the debate about the desirability and design of digital currencies. To give an example, the design of the remuneration schedule for CDBC will in my view be one of the most significant decisions made by central banks in the next half-century.
Reforms also are being considered for money market mutual funds, where the inherent run risk in the event that a money market mutual fund “breaks the buck” continues to be a significant vulnerability. Yet a third set of initiatives in the reform agenda seeks to strengthen the clearance and settlement infrastructure for over the counter derivatives. In addition to creating incentives to move derivative transactions into trade repositories and central counterparties, which provide the benefits of risk management mechanisms and encouragement of standardization of  BIS central bankers’ speeches  3  contract terms, the reform efforts extend to improving the international legal framework for derivatives transactions in the event of default and failure or resolution. Regulatory reform can create guardrails for the financial system, but in my view, those reforms are far more effective if accompanied by similar reform efforts in the private sector. Private sector reform can take the form of enhancing internal governance, re-evaluating strategy and business models, and strengthening risk management and internal controls within individual firms. It can also take the form of industry collective action to improve market structure and practice, to invest in financial infrastructure and to recommend best practices. In the U.S., the combination of public sector – and private sector – driven reform has historically played an important role in our financial system and should play a role today.

I also emphasize that SAMA will follow up this matter and take legal actions against insurers that are proven to be negligent. I am sure that you all are aware of the significance of handling such claims promptly and efficiently since this will enhance insurance companies’ reputation and attractiveness to those averse to taking risks. Dear Audience, During the past few years, the insurance sector has not only achieved good results in terms of services provided, diversity of products, and establishing trust with beneficiaries, but also in terms of compliance with laws, regulations, and instructions issued. However, there is a lot more that remains to be done to modernize the insurance industry to enhance its soundness, capabilities and performance to make it comparable to regional and global insurance industries. Such a situation calls for considerable attention to professionalism in application of technical aspects of pricing policies, management of claims, provision of technological infrastructure consistent with the size and nature of the work, investment policy, compliance with the financial solvency standards, and allocations of necessary technical provisions to ensure health and soundness of the companies’ financial positions. It is imperative that the insurance industry remains competitive by developing and providing insurance products and services to the satisfaction of customers at all times. Dear Audience, We expect the insurance industry to continue to improve its performance and achieve balanced growth in accordance with corporate objectives and available resources.
In my historical walkthrough, I gave you some cases of this: The foundation of the Riksbank on the ruins of Stockholms Banco; Postgirot, a rare example of the private sector failing to accommodate consumer needs; and Amsterdamsche Wisselbank was an example of the government trying to solve the problem of not having uniformity of money. Network and scale effects as important as ever My fourth and final lesson relates to network and scale effects, and the barriers to entry they pose. Providers of new payments solutions need to invest money for development, setting up the infrastructure and marketing. Hence, there is a high fixed cost associated with market entry. Furthermore, to have a successful payments method, you need to have both payers and payees on board, and you need to reach a critical mass to cover your costs. We say that payments are a scale business. However, reaching a critical mass can be difficult since the value of the payment method is determined by the number of users. In economics, we often use the term network effects to describe the situation where a user’s value from a product or service depends on the number of users. A classic example is that of the telephone: Two telephones enable only one link between participants. Adding a third telephone allows for two more connections, and adding a fourth telephone enables three new connections. Hence, each new participant grows the value of the network more than the last one did. The same holds in the payments market.

With the new Act, the SNB specifically bears the responsibility of overseeing the systemically important payment and securities settlement systems. The operators of such systems will in future have to meet certain minimum requirements, which will also include requirements with regard to information security. Secure and reliable information and communications structures are an essential precondition for the smooth functioning of the financial system. In the context of its mandate, the SNB limits itself to systems-relevant aspects in these areas. Systems-irrelevant problems concerning individual banks or payment systems, by contrast, are explicitly not a part of its mandate. This is based on the conviction that the problems in the financial system must be solved by the market itself whenever possible. BIS Review 32/2004  1
I really hope that the conference provides an excellent frame for communication and exchange of ideas. It is important that the collaboration in investment finance leads to the implementation of effective investment policies to ensure the engagement of both the public and the private sectors for economic growth. As a part of the European Union, Romania needs to align and redefine the economy, to deepen the integration and to enhance the convergence with the Euro Area countries in the light of the Euro adoption objective. This statutory obligation as an EU member is assumed in the accession treaty; however the process requires significant efforts to prepare, on economical, political, social and cultural levels. This process requires making good use of all instruments and the financial investments make no exception. We still need to develop the analysis capacity, the European investments absorption and the acceleration of funds distribution in the Romanian economy. The cooperation and the technical assistance for co-financing of investment projects under the Multiannual Financial Frameworks 2014–2020 and the next one, as well as the active role played by the European Investment Bank in the approval of structural funds under the Juncker plan in Romania are key priorities to ensure the enablement of economic growth potential in action towards sustainable economic development.

Ladies and gentlemen, Concluding, I believe the challenge and the opportunity lie in the continuous efforts, the relentless endeavors and the implementation of strategic investment projects, fostering access to finance for ensuring the sustainable economic development in Romania, as well as in Europe. Strong European cooperation, like the partnership between the European Investment Bank and Romania, is the only way to bridge the gaps in investments, to reduce regional disparities and close on the imbalances that delay the long-term sustainable economic growth. I would like to wish you all a fruitful dialogue and I invite Vice-President McDowell to take the floor. Thank you. 3/3  BIS central bankers' speeches
The first is the need for place-based policies to invest more in at-risk communities to improve their childhood environments. The second is to facilitate families to be able to move into areas with better childhood environments. 2  Piketty and Saez (2003) and Chetty, et al. (2014). 3  Chetty, et al. (2014). 4  Chetty and Hendren (2015), Chetty, et al. (2014). 5  Measured by income-adjusted test scores, drop-out rates, average class size and per-pupil spending. 2  BIS central bankers’ speeches  With respect to the first, I would initially like to talk about the importance of schools―and in particular, strong public education. Consistent with the findings by Chetty, there exists a large literature that has established the importance of high-quality education as a key determinant of economic mobility. While there are differences of opinions on the most relevant measures of school quality, there is ample evidence that children who attend better schools on average end up with better outcomes later in life – such as higher levels of educational attainment and higher earnings. It is also well known that there exist large disparities in the quality of education by geography and socioeconomic background. Compared to children born to lowincome parents, those born to higher-income families can better afford to move and live in areas with high-quality schools. The sorting of families by income and their desire for better educational opportunities leads to enclaves of higher-quality and higher-spending schools that are separated from areas of economically less-advantaged populations and lower-quality schools.

Accordingly, the region’s economic performance has a most significant influence on Spanish banks’ balance sheets, and the risks arising from these exposures may potentially become systemic. At the Banco de España, then, several directorates general – including Economics, Statistics and Research; Financial Stability, Regulation and Resolution; and Banking Supervision – devote many resources to monitoring all that occurs in the Latin American region from the real and financial perspective. However, the Banco de España remains ambitious to strengthen its knowledge of and links to the region’s economic agents. Our first Strategic Plan, for the 2020-2024 period, approved in January last year, actually set as one of its priorities that of increasing our contribution to this objective. As part of this aim, we are pursuing a series of medium and long-term-oriented actions in the sphere of cooperation with Latin American central banks and institutions. We also seek to extend and enhance our analytical capacity in respect of the region’s economies and financial systems. We are convinced that these seminars are a firm step forward in this direction. The aim of this webinar is to shed some light on how remittance flows during the health crisis have influenced Latin America’s macroeconomic and financial stability. As you are well aware, the Latin American economic situation has been particularly affected by the COVID-19 pandemic. Along with the human cost in lives, the effects on poverty and income distribution have been very severe.