samchain/econo-pairs-v2 huggingface dataset:
median debt burden ratio ( the ratio of financial costs to gross operating profits plus financial revenue ) by between 2. 5 pp and 5. 6 pp ( from a starting point of 11. 6 % ), depending on the percentage of debt and loans that are refinanced in the near term. to put this into perspective, the percentage of employment accounted for by firms under high financial pressure2 would rise by 1. 6 % following the interest rate increase, from 9. 1 % before the hike. household income is primarily being supported by labour market developments – given the year - on - year increase of 3. 6 % in the number of persons employed and of 5. 1 % in hours worked – and, to a lesser extent, by the government policy support measures. however, high inflation is driving a significant decline in real disposable income. indeed, in 2022 h1 households ’ disposable income increased by 4. 2 % year - on - year in nominal terms, which transforms into a 3. 1 % fall once developments in the private consumption deflator are taken into account. bank lending to households has held stable in recent months. however, a distinction can be drawn between the performance of mortgage lending ( growing consistently at rates of just over 1 % ) and that of consumer lending ( shrinking at rates of around 4 % ). unlike firms, in 2022 households are not accelerating the growth of their bank deposits, which have been on a sustained growth path ( above 5 % ) since 2021. together with cash, they account for 40 % of households ’ total financial assets. simulations have also been carried out on the potential impact on household income of the rise in energy prices and interest rates, which is notably uneven across income percentiles. the upturn already observed in energy prices would generate an increase in the median household's energy expenditure as a proportion of its budget from 10 % to more than 12. 5 %. by way of comparison, energy expenditure represents around 7 % of the budget of higher - income households and the increase would be proportionally lower. a firm is understood to be under high financial pressure when its financial expenditure exceeds the sum of its gross operating profit and financial revenue. as regards the effect of the surge in interest rates, an increase of 300 bp, in line with that observed to date, would generate a 3. 9 % rise in the proportion of households with a high financial burden3 ( to 13. 8 % of the population

for 2017, the data refer to june. figure 2 composition of households ’ portfolio of financial assets : june 2017 ( per cent ) 2. 8 23. 3 31. 4 deposits and cash government securities and bonds shares and equity interests investment fund units insurance products and pension funds 11. 7 8. 0 other assets government securities non - bank private bonds ordinary bank bonds 22. 8 subordinate bank bonds source : bank of italy. 0. 5 3. 2 2. 2 2. 1 designed and printed by the printing and publishing division of the bank of italy
sharon donnery : brexit and global capital markets remarks by ms sharon donnery, deputy governor ( central banking ) of the central bank of ireland, at chatham house, london, 23 march 2017. * * * introduction it is a pleasure to be invited to chatham house to discuss brexit and global capital markets. 1 in my remarks today, i would like to first turn to history to better understand the emergence of centres for capital. i will then touch on what brexit may mean for the ‘ city of london ’ as a global market for capital. finally, i will address some of the potential macroeconomic implications of the uk ’ s decision to leave the eu and exit the single market, for both the uk and irish economies, and for ireland as a location for financial services. history of centres for capital the fortunes of centres for capital change. take the example of a world - leading commercial and financial centre of the past : venice. venice rose in status because it was able to make full use of its location, servicing important trading routes between europe and the east. by the fourteenth century markets for debt, and secondary markets for debt, equity, and mortgage instruments existed. 2 their development was accompanied by financial innovations such as bankruptcy laws distinguishing illiquidity from insolvency ; double - entry accounting ; deposit banking ; and a reliable medium of exchange – the venetian ducat. 3 however, the emergence of alternative trade routes with the discovery of the new world and vasco de gama ’ s voyage to india endangered the economic supremacy of the italian city. the venetians were not blind to the changing geopolitical landscape. to retain its importance as a leading trading and financial centre, venice encouraged the excavation of suez canal, but without success. 4 moreover, venice failed to modernise its naval force, which was not equipped to navigate in oceanic waters. the mediterranean soon lost its importance as european trade rerouted to the oceans, signalling the decline of the fortune of the italian city and the advent of new opportunities for the atlantic powers. subsequently, the netherland ’ s economic prominence led to amsterdam becoming the world ’ s leading trading and financial centre, from the end of the sixteenth century. however, the napoleonic wars, french occupation and relegation in terms of the financing of international trade and issuing foreign loans, led to a decline in its status as a ‘ capital of capital ’. it could not compete or adapt to competition from new centres such as london or paris.

similarly, developments in the broader economy may first be reflected in supervisory information which may therefore be useful in setting monetary policy. of course, the intensity of the debate about banking union reflects its importance. thank you. bis central bankers ’ speeches
ims reform. the activation and deactivation, and the criteria for conditionality, for the flexible credit line or similar instruments could be reviewed, towards making them closer substitutes to bilateral swap lines that have been implemented by major central banks. this would help reduce the stigma associated with the fund ’ s toolkit, and would contribute to ensure adequate liquidity provision in times of market stress. bis central bankers ’ speeches

by the tensions that emerged at the international level in connection with the crisis in east asia and the vicissitudes of some important european countries or by those attributable to domestic political developments. today the bank of italy ’ s reserves comprise more than 2, 500 tonnes of gold and foreign assets, net of repurchase agreements, worth 82 trillion lire, compared with o trillion in 1992. underlying the lira ’ s solidity is the return to balance between italy ’ s external assets and liabilities. at the end of 1992 italy had external claims of 600 trillion lire and external liabilities amounting to 770 trillion. the net debt of 170 trillion was equal to 11 per cent of gdp. thanks to the succession of surpluses recorded on the current account of the balance of payments, at the end of 1997 italy ’ s overall net external position was once more broadly in balance. last september some 470 trillion lire of government foreign debt, consisting mostly of government securities held by non - residents, were matched by net external assets of more than 350 trillion held by the non - bank private sector, about 100 trillion held by the bank of italy and smaller amounts held by banks and other financial operators. the bank of italy and the european system of central banks it has been agreed within the community that the decisions concerning the start of monetary union – in particular, those involving the countries that will adopt the single currency from the start – will be taken in the early part of the month of may. with the introduction of the single currency, the task of formulating monetary policy will be transferred to the european system of central banks, comprising the central banks of all the participating countries and the european central bank. the treaty establishing the european community, as amended at maastricht, provides a broad outline of the internal organization of the escb. the preparatory work carried out by the european monetary institute since the signing of the treaty has focused on these aspects. the national central banks will be entrusted with the task of implementing within each country the monetary policy decided at the community level. the central banks of the participating countries will continue to be responsible for all the functions they are entrusted with under national laws ; in italy these include banking supervision, the supervision of markets, the safeguarding of competition in the credit market and, jointly with the european central bank, oversight of the payments system. the systemic crises in foreign markets have strengthened the view that banking supervision complements monetary policy in determining conditions of stability in financial
views between participants. thank you very much.

of the financial system started to improve, when japan ’ s economy returned to a full - fledged recovery path supported by the global economic growth. in the meantime, the average growth of japan ’ s economy had been stagnant, compared with the previous decades. while the economy of this period is often called as “ japan ’ s lost decade ”, in my view, such a categorization might not be perfectly capturing the nature of the problem and challenges of policy measures taken to cope with a financial crisis. i will touch on this issue later, but it is true that it took a prolonged period of time for japan to return to a full - fledged recovery path after the burst of the bubble. today, i will emphasize three points focusing on policy responses on the financial system front, although we also have to examine the macroeconomic policy responses in order to make a comprehensive analysis of how to cope with a financial crisis. first, there was a delay in recognizing the severity of the impact of massive nonperforming assets on the economy. it was a few years after the burst of the bubble when we recognized how seriously the decline in real estate prices affected financial institutions. however, we lagged behind in recognizing how powerful the macroeconomic significance of the impact – or to borrow the recently much talked - about expression, “ an adverse feedback loop between the financial system and the real economy ” – could be. second, there were imperfections in accounting and disclosure standards. at present, vigorous discussions are going on about how to cover the expected losses over the credit cycle in terms of accounting. at the time, there was a lag in showing the incurred losses of financial institutions on the accounting and disclosure front. partly because of that, there was only an insufficient incentive mechanism at play to urge banks to promptly address the nonperforming asset problem. third, partly as a result of the aforementioned two points, the authorities could not resolve troubled financial institutions in a timely manner, because of the delayed progress in establishing a framework of resolution to cope with troubled and failed large financial institutions. arguably, the legal framework of resolution, operational procedure, and, above all, public funds to cover a capital shortage are vital in ensuring the smooth resolution of troubled and failed financial institutions. and it was in early 1998 after we experienced a series of failures of large financial institutions that the full - fledged safety net framework was put in place. it is clear in my memory that, the dicj in the meantime had been tack
jose de gregorio : workshop on financial markets and monetary policy opening remarks by mr jose de gregorio, governor of the central bank of chile, at the workshop on financial markets and monetary policy, santiago, 6 august 2010. * * * on behalf of the central bank of chile i would like to welcome you all to this workshop on the interactions between financial markets and monetary policy. we have put together a very interesting group of papers that are surely at the forefront of research in this area. the episodes that started to unfold during the second half of 2008 reminded us once more of the central importance of financial markets for the functioning of the economy. as the crisis progressed and policy makers tried to mount a response that could mitigate the effects on the real economy, understanding which actions would have the bigger impact at the smallest possible cost become a key priority. at the same time, gauging how the traditional policy actions would affect the economy in a scenario of deep disarray of financial markets also become an important priority in central banks and treasury departments around the world. the collection of papers that will be presented here today try to illuminate different features of the policy dilemmas i just mentioned. they are then a very welcome contribution. to some extent economists lacked a clear theoretical framework to understand the role of financial markets as both an originator and propagator of shocks when the crisis started. the paper by professor nobuhiro kiyotaki from princeton university along with his coauthor mark gertler builds a model whose aim is precisely to build such a model that can serve economists to describe the interactions between developments in financial markets and the rest of the economy. the framework proposed by kiyotaki and gertler is also used by them to estimate the likely effects that the set of actions undertaken by policy makers that have come to be known as unconventional monetary policy. understanding the effect of these non traditional tools is surely an important issue and helps us to design better policies. the study of unconventional monetary policies is also the subject of the paper by javier garcia - cicco who analyses this issue estimating a model for the case of chile. as you are well aware, the prominence of unconventional monetary policies during the 2008 – 2009 crises was due to the fact that the interest rate that most central banks use as its main instrument were aggressively reduced towards levels very close to their effective lower bounds. the paper by martin bodenstein and his coauthors from the federal reserve studies how an economy

will enrich our knowledge on the subject. we will also benefit from the richness of the exchange of information between institutions, which i hope will show us the road to the future of risk management. i wish you very fruitful sessions today and tomorrow, which will encourage learning, generate more conversations over time and development collaborative work that will provide continuity to the topics that will be covered in these two days. thank you very much. 3 / 3 bis - central bankers'speeches
lastly, japan should prepare itself to deal with the various problems attending its declining population.

in sales. this indicates not only the cyclical strengthening of the economy but also the strengthening of the corporate structure accompanying progress in dealing with structural problems. problems in the financial system although there are still more than a few problems left for banks to deal with, they have made substantial progress in dealing with npl problems over the past year or so. major banks have made considerable progress in disposing of npls, although the pace of disposal has varied across individual institutions. combined with the rise in stock prices, their capital adequacy ratios recovered, on average, to around 11 percent at the end of september 2003. regional banks have also made progress in reducing npls, but the pace of disposal has been slower than at major banks. under such circumstances, banks ’ lending attitude seems to be gradually becoming more accommodative. the lending attitude as perceived by firms in the tankan has improved moderately. in the most recent march survey, the number of firms that responded that banks ’ lending attitude was “ accommodative ” exceeded those that responded “ severe. ” the bank intends to encourage these favorable developments. japanese banks need to realize that they will no longer be able to satisfy the diverse needs of their customers simply by increasing the supply of conventional bank loans. as a matter of fact, it is encouraging that a considerable number of banks have already launched initiatives toward introducing new methods of credit extension, expanding existing channels for credit extension, managing their credit portfolios proactively, and developing more sophisticated risk management systems. the bank will back their efforts to establish new business models, as stated in its “ on - site examination policy for fiscal 2004. ” the full removal of blanket deposit insurance in april 2005 will be an important challenge for banks, as it will put their true financial strength to the test. the bank hopes that efforts such as those i have described will enable many banks to regain market confidence and allow them to meet this challenge on their own. the situation in the household sector finally, let me turn to the household sector. consumers have been rather restrained in their spending as they have experienced prolonged economic stagnation and the frequent emergence of concerns over financial system stability. recently, however, there have been signs that consumers ’ attitude has become somewhat less restrained. for example, the growth rate of the amount outstanding of banknotes in circulation has been slowing recently. in the past, the growth in banknotes surged when major financial institutions failed in 1997 and 1998 or when blanket deposit
25 % for the main refinancing rate, 0. 00 % for the rate on the deposit facility and 0. 75 % for the rate on the marginal lending facility. we also extended our pledge to guarantee full liquidity provision at a fixed rate to our counterparties against eligible collateral for as long as needed and at least until july 2015. we are resolute in our determination to maintain a high degree of monetary accommodation, given expectations of a prolonged period of low inflation, to be followed by a gradual upward movement towards levels closer to 2 %. we are ready to act swiftly if needed, and the governing council has stated unanimously its “ commitment to using also unconventional instruments within our mandate to cope effectively with the risks of a too prolonged period of low inflation. ” key developments towards banking union by putting in place and finalising legislative and practical steps towards banking union, 2013 marked a quantum leap in european integration. today, not even two years after the eu heads of state or government committed to build a genuine banking union, the two cornerstones of this ambitious project – the single supervision mechanism ( ssm ) and the single resolution mechanism ( srm ) – are in place. the ssm will create genuine european supervision, requiring the ecb to take responsibility for ensuring that the european banking sector is sound and safe. in the process of establishing the ssm, we need to further restore the health of the banking sector and confidence in it, thereby creating the conditions for a revival of credit provision to the real economy. the ecb ’ s comprehensive assessment is designed for this purpose. at the ecb, we are very conscious of the huge responsibility that we have been asked to shoulder, and this exercise will be executed in a credible and consistent manner. let me assure you that we will under no circumstances compromise the rigour of the comprehensive assessment. as regards the srm, we welcome the political agreement that was reached on 20 march 2014. the intense negotiations between the co - legislators produced an srm that is more efficient, more credible and more european. the european parliament undoubtedly played a decisive role in achieving this outcome. let me highlight three aspects of the agreement that the ecb deems particularly important. first, we had insisted all along on the need for adequate funding for the single resolution bis central bankers ’ speeches fund ( srf ). we therefore welcome the fact that the srf will be mutualised faster and that the pace of mutualisation will be significantly frontloaded. taken together

france and my colleagues at the ecb who worked hard to organise this event. have a great conference. bis central bankers ’ speeches
##ivating a thriving open finance and open data ecosystem. one where we have many open finance participants – be it financial services providers or third - party providers, which include app developers – compete and collaborate to create ingenuous products and services which talk to and share data with each other – of course, with the customer's consent. we believe that the richer pooling of customer data will power data - driven innovations, which include products and services that better serve the needs of customers. it is for this reason that bank negara malaysia will help shape participation rules of the ecosystem, which include, to if 2 / 3 bis - central bankers'speeches necessary, formally mandate the participation of financial institutions in the platform, or to allow non - fi third - party providers access to the platform. in closing, my hope is that by providing consumers greater control over their own financial data, open finance will ignite new, data - driven innovations, opening up solutions that uplift the lives and livelihoods of customers. with that, i wish everyone a productive conference ahead. thank you. 3 / 3 bis - central bankers'speeches

insurers, too risky and likely unprofitable. we are taking a view that this is misplaced, and it will take proof to change this. currently, we are still finalising the details and targeting the scheme to be fully operational in early 2019. as insurance regulators, these emerging trends place new demands on our skill sets, expertise and competencies. we have seen the need to become more agile, pragmatic and experimental. we also need to be more open to new ways of formulating developmental policies and regulation. in this respect, we can learn from each other the evolving practices, environment and developments that we face in our respective markets. as a group, i believe asean regulators will continue to work closely towards achieving a consistent approach in driving the development of a holistic insurance ecosystem and infrastructure in the region. regular dialogues and exchange of information among and between 3 / 4 bis central bankers'speeches regulators and the industry will continue with new areas for collaboration, particularly in the management of risks and developments brought about by innovation. these include consumer data protection issues, rise of cybercrime, potential job loss or disruption, and rapid and unexpected climate change and natural disasters. closing this week ’ s asean events continues our commitment towards promoting continued development in the insurance sector. the challenge herein lies with ensuring that the asean insurance market has the capacity to reinforce the economic growth momentum and stand wellprepared against the evolving trends and risks. in doing so, we should never forget to uphold the highest standards of integrity, professionalism and ethics. 4 / 4 bis central bankers'speeches