samchain/econo-pairs-v2 huggingface dataset:
relevant age group passed five or more gcse o levels in england and wales. by 2010, that had reached almost 80 %. beyond age 18, there was in parallel a rise in both numbers and attendance at universities. for over six hundred years from 1209, england had only two universities – this one ( oxford ) and the other one ( cambridge ). it was not until the formation of university college london in 1829 that their duopoly was th broken. and it was not until the 20 century that some of the other main cities – manchester, liverpool, leeds, bristol, birmingham and sheffield – established their own universities. today, there are around 130 universities in the uk as a whole. participation rates in higher education have also undergone a secular rise and, latterly, a revolution. the share of young people attending university has increased from just over 3 % in 1950 to over 8 % in 1970, over 19 % in 1990, 33 % in 2000 and 49 % by 2016. having been less than 5, 000 in 1920, the number of first degrees obtained at uk universities had increased to over 365, 000 by 2016. through the rapid rise in school and university attendance, there was a revolution in cognitive skills in the workforce. that provided the human capital necessary to turn new technologies and machines into higher levels of productivity among companies, higher wages among workers and, ultimately, higher living standards among societies. put differently, higher cognitive skills reduced the odds of a lengthy recessionary period of technological unemployment for many individuals and societies. legislative dates for compulsory schooling vary from dates of enforcement. barro - lee educational attainment dataset : http : / / www. barrolee. com / bolton ( 2012 ). willetts ( 2017 ). bolton ( 2012 ) for data from 1950 to 2000. 2016 data from department of education. bolton ( 2012 ) and universities uk ( 2017 ). refers to full - time first degrees only. all speeches are available online at www. bankofengland. co. uk / speeches raising levels of skills and training for workers is one way of limiting the costs of technological disruption. providing them with access to finance or housing is another. this support helped smooth the hit to incomes th th and lifestyles brought about by job displacement. starting in the late 18 and early 19 centuries, at the dawn of the industrial revolution, financial institutions began to emerge to provide financial support through bridging loans, often operating on collective or co - operative principles.

sustainable and equitable growth. this will help alleviate standard of living for the entire region. and i am convinced that today ’ s conference will play an important role in sharing developments in the frontier economies – the next wave of emerging economies which will contribute to the regional and global growth and prosperity. 17. last but not least, i would like to express my sincere gratitude to our cohosts, the international monetary fund ( imf ) and the japan international cooperation agency ( jica ), who make the conference possible. i wish you all a successful conference and look forward to your discussions. 18. thank you. bis central bankers ’ speeches
to promote a stronger eu financial system ”, ceps special report no 136, april 2016. 13 / 13 bis central bankers'speeches

calls for ensuring a consistent regulatory treatment of similar risks, irrespective of the framework or combination of frameworks under which stablecoins schemes might be operated. - secondly, coordinating the adjustment of regulatory and supervisory frameworks at the international level whatever the final choice made for the european union in terms of regulation strategy, such an adjustment of the regulatory framework should be part of broader adjustment at the global level, given the possible development of global stable coins. indeed, there is a need for overall consistency to prevent regulatory arbitrage under the “ same activities, same risks, same rules ” principle. this is also necessary to address risks that fall outside existing frameworks, including risks to fair competition and monetary policy transmission. indeed, in july 2019, g7 finance ministers and central bank governors agreed that possible stablecoins initiatives must meet the highest regulatory standards, be subject to prudent supervision and oversight and that possible regulatory gaps should, as a matter of priority, be assessed and addressed. accordingly, the financial stability board is working on a global regulatory and supervisory approach towards stablecoins. developing shared public policy, regulatory and supervisory goals and principles should help capture activities that fall outside traditional regulatory boundaries. it should also help prevent any discrepancies at domestic levels that may give rise to fragmentation and regulatory arbitrage which would be counterproductive for the development of these new instruments themselves. these goals and principles should include common requirements vis - a - vis gsc operators before they start their operations, such as clear and proper risk management policies and means, regarding their stabilisation mechanisms, legal certainty of users ’ redemption rights and potential claims on underlying reserve assets, and regarding linkages and exposure between their core components and the other entities of the financial system. in addition, there is a need to agree on adequate cross - border oversight principles and schemes between authorities in charge of jurisdictions impacted by the potential circulation of stablecoins. to that end, we could take inspiration and review existing standards and principles for cross - border cooperation in the field of market infrastructures or aml - cft. - thirdly, making concrete efforts – including live experimentations – to address weaknesses of the current payment and settlement landscape adjusting the regulatory and oversight frameworks might not be enough as we have to make sure stablecoins do not become a bad solution to a real problem. our current financial system order rests on multiple issuers of settlement assets linked to the anchor settlement asset provided by central banks. in
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environment. while there are several elements under this heading, “ business facilitation ” is one that requires particular attention. in the latest doing business report by the world bank, trinidad and tobago ranks 68 out of 183 countries. in that report, two of the areas cited as needing significant improvement are : i ) dealing with construction permits – it takes around 297 days to get a building permit ; and ii ) registering property, where it takes on average 162 days to complete the process. discussions with local traders also suggest that there are often significant delays and charges at our ports, even relative to the rest of the caribbean countries. i understand that some important work has been going on to progressively reduce administrative procedures by way of a single electronic window which would help to further automate transactions. bis central bankers ’ speeches the private sector also has its challenge. entrepreneurs need to move out of their existing comfort zones and to invest in new industries for export to some of the more promising and dynamic markets. it is worth remembering that following the economic crisis of the 1980s, local private sector firms took up the challenge, identified new exports niches and established a formidable presence in the caricom region. in some cases the amount of capital needed may require partnering with foreign investors. in other circumstances, public / private sector partnerships may be the appropriate modality. the trade unions clearly have an important role in the transformation effort. relations between companies and unions need to shift from being adversarial to one of cooperation. it is critical for both parties to jointly address competitive pressures and work to harness the skills and commitment of the workforce. productivity and / or profitability are the source of an employers ’ capacity to pay, if business competitiveness is to be achieved and maintained. some of the more dynamic export - oriented economies ( in asia ) have experimented with compensation systems which provide flexibility through variable pay arrangements which can respond to changes in market cycles or to poor enterprise performance. i am not sure whether it would work here but perhaps, it is worth some consideration. let me end by returning to the main theme … while we are undoubtedly the economic leaders of the caricom region, our energy advantage is on the wane. in these circumstances, in order to ensure medium - term sustainability and increasing living standards, we need to become more competitive, and to put the diversification thrust on the front burner. time may not be on our side. bis central bankers ’ speeches
jerome h powell : opening remarks – “ perspectives on maximum employment and price stability " opening remarks by mr jerome h powell, chair of the board of governors of the federal reserve system, at “ perspectives on maximum employment and price stability ", a fed listens event sponsored by the board of governors of the federal reserve system, washington dc, 4 october 2019. * * * good afternoon. welcome to the room where members of the board of governors and the presidents of the 12 reserve banks meet eight times a year — most recently, two weeks ago — to decide the stance of monetary policy. it ’ s a magnificent, formal — perhaps even imposing — room, with 26 - foot ceilings, a monumental marble fireplace, and a 1, 000 - pound brass and glass chandelier. it ’ s seen a lot of history since franklin roosevelt dedicated this building in 1937. british and american military leaders conferred here during world war ii. and, through the decades, our federal reserve predecessors grappled with financial turmoil and the economy ’ s ups and downs. so when my colleagues and i take our assigned places around this polished mahogany and granite table, the setting and its history lends a certain formality — dare i say, stuffiness — to the proceedings. as we kick off this 12th of 14 fed listens events, governor brainard, governor bowman, and i hope that today ’ s meeting is anything but stuffy. candid and serious, yes. but not stuffy. the reserve banks and the board have been holding fed listens events around the country as part of a comprehensive and public review of our monetary policy strategy, tools, and communications practices. almost all of the fed listens meetings, like this one, have been open to the press and live - streamed on the internet. both the breadth and transparency of the review are unprecedented for us. one reason we are conducting this review is that it is always a good practice for any organization to occasionally take a step back and ask if it could be doing its job more effectively. but we must pose that question not just to ourselves. because congress has granted the federal reserve significant protections from short - term political pressures, we have an obligation to clearly explain what we are doing and why. and we have an obligation to actively engage the people we serve so that they and their elected representatives can hold us accountable. we ’ ve invited you here because we want to better understand how monetary policy affects the lives of the people your organizations represent — union

long recovery, now in its 11th year, is benefiting them and their neighbors to a degree that has not been felt for many years. employers are partnering with community colleges and nonprofit organizations to offer training. and people who have struggled to stay in the workforce in the past are getting new opportunities. once again, welcome. now it is your turn to speak. we ’ re listening. 2 / 2 bis central bankers'speeches
which india has lagged behind others ( chart 10 ). bis central bankers ’ speeches 27. even our best productivity achievements in terms of yields of major crops are way behind world numbers. during 2010 – 11, punjab, with the highest yield in rice, produced 3. 8 tonnes per hectare as against the world average of 4. 3 tonnes per hectare. yield of oilseeds in tamil nadu, the highest in india, at 2. 1 tonnes per hectare is lower than the us average of 2. 7 tonnes per hectare. there are wide variations in productivity levels of crops across states. unlike food grains where the green revolution improved the food security situation, we are still not self - sufficient in pulses and edible oilseeds. the demand for other farm products like fruits and vegetables has also been rising significantly faster than supply, putting pressure on food inflation. 28. the growth of agriculture and allied sector was most impressive during the 6th five year plan period ( 1980 to 1985 ) when it peaked at 5. 8 per cent. the annual average agricultural growth rate moderated thereafter as shown in the following table. bis central bankers ’ speeches 29. how do we respond to declining growth and moderating productivity improvements? the overall policy framework for agriculture, driven primarily by remunerative prices and subsidized provision of inputs, needs to change ; the focus would have to shift to productivity and selective policy stimulus to items where the supply response has been weak. public expenditure needs to reorient towards building capital infrastructure for agriculture which in turn would “ crowd - in ” private investment and help realize the full potential of agriculture growth. there has been no major technological breakthrough in agriculture since the green revolution of the mid - 60s. there have been achievements in some specific crops such as cotton, basmati rice and maize, but that needs to be broad based. the green revolution also needs to penetrate the eastern region, where the yields have generally remained low. 30. management of climatic concerns is becoming increasingly important given the continuing dependence on rainfed farming, frequent floodsin eastern india, frost, particularly in north - western india, and heat waves and cyclones on the east coast. these climatic changes are likely to significantly increase volatility in agricultural production. recent large increases in prices of some items like onion, sugar, vegetables and cotton are, at least in part, a result of seasonal weather related factors, both domestic and external. ( ii ) rethink price policy interventions 31. paradoxically, in india

( ifs ) and trustee of imperial college london. now, let me give the floor to our keynote speaker, ms. rachel lomax. after her speech we will proceed with the first panel – global markets volatility and potential risks for romania. thank you! 2 / 2 bis central bankers'speeches
areas of economic policy - not only at the start of monetary union but also in the future. in that case the euro has a good chance of becoming a lastingly stable currency, respected by the markets and the population alike. and domestic stability is at the same time the best contribution the euro can make to a sound, viable and stable global financial system in which the financial market players can act in a spirit of responsibility.

##icate the preservation of price stability. as part of their communication strategy, many central banks have decided to publish their forecasts in order to increase transparency. in a forwardlooking environment, fostering transparency by means of published forecasts is more than an end in itself. it also serves to guide expectations of future monetary policy actions, thus making the central bank more effective in fulfilling its duties. for this reason, the quality of the forecasts is crucial not only under reputation aspects but also for reasons of policy effectiveness. as a result, central banks have a natural interest in applying the best forecasting methods available. this necessitates to continuously incorporate the latest academic developments in forecasting into the models used by economic and research departments at central banks. in my following remarks, i shall discuss some of the recent developments. a rough benchmark for the euro area is that monetary policy affects output in about a year and inflation in about two years. see angeloni, kashyap and mojon ( 2003 ). recent developments in forecasting one way of distinguishing the main developments in forecasting methods is to focus on the amount of information used for specifying forecast models : 2 • • forecasting in data - rich environments with as much information as is available : • factor forecasting with large datasets, • forecast pooling or combination, and • disaggregation versus aggregation of data, forecasting with reduced information : • theory - based forecasting : for example dsge models, • model selection : general - to - specific modelling strategies to highlight the diversity of models within both the limited information and full - information approaches, i have included some examples of methods in the above listing which may be of potential use for central bank forecasting. 2. 1 forecasting tools in central banks : some stocktaking what kind of forecasting approaches have been adopted by central banks? as outlined in sims and in pagan & robertson ( 2002 ), most of the central banks employ traditional macroeconometric models, sometimes replaced by medium - scale dsge models, as core or workhorse models for forecasting and policy analysis. these models have a well - specified theoretical framework in statistical and economic terms that helps providing some economic interpretation of the forecast. 3 although most of the central bank work typically devotes around a single core model, alternative macroeconometric or dsge models of differing size or with different regional coverage are also employed. additionally, a number of econometric time series
pose risks to the financial system. we also need to keep in mind that financial products and activities are expanding across jurisdiction of different agencies. regulatory framework must shift from entity - based regulations, which have formed the core of our regulatory framework, to activity - based ones. most importantly, the regulations must be agile and able to adapt to the everchanging environment of the digital world. to give you an example, our regulatory sandbox scheme that was introduced less than two years ago might be too slow and out of sync with market requirements today. in response, we have decided to allow financial institutions to develop their own sandbox and move from the approval concept to registration concept, with a view to reducing time - to - market and increasing flexibility for innovation and investments. we have also amended our regulations governing banks ’ it - related services with the aim to facilitating partnerships between banks and tech companies, and enhancing connectivity between banks and the digital world. ladies and gentlemen, it is my firm belief that these four guiding principles will be key to building a sustainable digital finance ecosystem that will strengthen the value of our financial network — the network that will eventually lead to a better society through improvements in productivity, inclusivity, and immunity. in doing this, close collaboration among key stakeholders within our financial system is crucial. and this is why “ collaboration for the future of finance ” has been selected as the theme for the 2019 bangkok fintech fair. the 2019 bangkok fintech fair presents an exciting venue for stakeholders to learn from leaders of financial innovation on different aspects of collaboration — from the art of multiple - stakeholder engagement to the various types of partnership. the panel discussions will highlight how collaboration can help benefit customer experience, improve financial inclusion, and advance competitiveness of our digital finance ecosystem. you will also learn of many exciting new innovations from the technology talk room, the asean fintech connectivity room, as well as booth presentations throughout our venue. i would like to thank our speakers, participants, and the audience for your presence at the 2019 bangkok fintech fair. i would also like to take this opportunity to thank our partners and the bank of thailand staff for their tremendous and tireless efforts in organizing this event. the bank of thailand looks forward to working closely with all of you to create the digital finance ecosystem in thailand and asean that encourages innovation and close collaboration among stakeholders. thank you very much for your participation. i wish you a productive and joyful conference ahead.

will work together towards preserving thailand ’ s existing savings culture, in order to keep it an integral part of thailand ’ s economic development for tomorrow and beyond. thank you.
njuguna ndung ’ u : the general principles for credit reporting – how they pertain to kenya closing remarks by prof njuguna ndung ’ u, governor of the central bank of kenya, at the first annual meeting of the association of kenya credit providers, kenya school of monetary studies, nairobi, 19 november 2013. * * * mr. habil olaka, chief executive officer, kenya bankers association ; ms. marianne ndegwa jordan, chief executive officer, kenya tourist development corporation ; mr. timothy tiampati, acting chief executive officer, idb capital ms. mercy njeru, chief executive officer, kenya rural sacco societies union ; chief executive officers of licensed credit reference bureaus ; representatives of fsd kenya and usaid firm ; representatives of sasra ; representatives of various credit provider institutions ; ladies and gentlemen : i am pleased to note that you have just concluded the first annual general meeting of the association of kenya credit providers ( akcp ). i wish to congratulate the entire membership and particularly the secretariat and the newly appointed governing council for this milestone in the evolution of the credit information sharing program. indeed it is gratifying to note that since the launch of the association at the cis regional conference slightly over a month ago, some progress has already been made. the new association is already settling in well at ksms, which attests to the commitment of the central bank in playing its part in this very important initiative of sharing credit information by more credit providers. as you embark on implementing the objectives for which you have been set up, i wish to challenge you to strive to observe, from the very outset, the general principles for credit reporting developed by an internationally representative taskforce of the world bank and the bank for international settlements. the report issued jointly by the two bodies describes the nature of credit reporting elements of a credit reporting system that is safe, efficient and reliable. the report which consists of 5 general principles, 5 roles of key players and 5 recommendations for effective oversight are a good reference for credit reporting systems ’ policy and oversight. i encourage you to familiarise yourselves with those principles and strive to achieve full compliance. but in addition, there are country specific or peculiar characteristics that could be added to reflect our country characteristics and environment. ladies and gentlemen, allow me to lay some emphasis on the first of the 5 general principles that i believe speaks well to the mandate of akcp. it states that : credit reporting systems should have

domestic regulators forum using cbk to introduce cis as an agenda item in the forum ’ s meetings. with these few remarks, i wish to once again congratulate the officials of akcp that have been elected today and assure you of the support of the central bank. thank you! bis central bankers ’ speeches