Supplement. The Debt Monster. By the Numbers. Daniel Stelter, Dirk Schilder, and Katrin van Dyken. May
|
|
|
- Marybeth Alyson Mitchell
- 6 years ago
- Views:
Transcription
1 Supplement The Debt Monster By the Numbers Daniel Stelter, Dirk Schilder, and Katrin van Dyken May
2 T the impact of an increase in interest rates on the debt burden in the ten countries in our sample: Japan, the U.S., and eight countries in the euro zone France, Germany, Greece, Ireland, Italy, Portugal, Spain, and the U.K. For each country, we show total debt as a percentage of GDP, as well as the breakdown of that debt among households, nonfinancial, and government (the le-hand column). We also show the total interest burden as a percentage of GDP for the average and each of these three sectors, as well as the impact of changes in interest rates on the total interest burden (the middle column). Finally, for the average and the three sectors, we calculate the cost in billions of euros of a hypothetical change from the current interest rate to an interest rate of percent or 8 percent (the right-hand column). E Japan trillion = billion 2.22 trillion 3.4 trillion 7.1 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. T D M
3 E U.S trillion = billion 1.22 trillion 8.2 trillion 8.99 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. E France trillion = billion 1.2 trillion 1.6 trillion 1.49 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. T B C G
4 E Germany trillion = billion 1.34 trillion 1.7 trillion 1.76 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. E Greece billion = billion 14 billion 171 billion (as a percentage of GDP) billion Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February T D M
5 E Ireland billion = billion 193 billion 33 billion 1 billion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. E Italy trillion = billion 9 billion 1.4 trillion 1.76 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. T B C G
6 E Portugal billion = billion 17 billion 24 billion (as a percentage of GDP) billion Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February E Spain trillion = billion 82 billion 1.6 trillion 61 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February T D M
7 E U.K trillion = billion 1.83 trillion 2.21 trillion 1.19 trillion (as a percentage of GDP) Note: is total debt as a percentage of GDP in 29; interest burden is annual interest as a percentage of GDP in 29 at the then interest rate, which is marked by red dots. The vertical dashed lines show the interest rate as of February 211. T B C G
8 About the Authors Daniel Stelter is a senior partner and managing director in the Berlin office of The Boston Consulting Group and the global leader of the Corporate Development practice. You may contact him by at stelter.daniel@bcg.com. Dirk Schilder is an analyst in the firm s Munich office. You may contact him by at schilder.dirk@bcg.com. Katrin van Dyken is an analyst in BCG s Frankfurt office. You may contact her by at vandyken.katrin@bcg.com. Acknowledgments The authors would like to thank Robert Howard for his contributions to the writing of this report, as well as other members of the editorial and production staffs, including Angela DiBattista, Elyse Friedman, and Kirsten Leshko. For Further Contact If you would like to discuss this Focus report, please contact one of the authors. The Boston Consulting Group (BCG) is a global management consulting firm and the world s leading advisor on business strategy. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Our customized approach combines deep insight into the dynamics of and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 74 offices in 42 countries. For more information, please visit For a complete list of BCG publications and information about how to obtain copies, please visit our website at To receive future publications in electronic form about this topic or others, please visit our subscription website at The Boston Consulting Group, Inc All rights reserved. /11 T B C G
The Debt Monster. Daniel Stelter, Dirk Schilder, and Katrin van Dyken. May
The Debt Monster Daniel Stelter, Dirk Schilder, and Katrin van Dyken May AT A GLANCE Unprecedented levels of debt are creating the conditions for higher-than-expected inflation. W G I N A In many countries,
Fixing the Euro Zone. Daniel Stelter, Marc-Olivier Lücke, and Dirk Schilder. March 2012
Fixing the Euro Zone Daniel Stelter, Marc-Olivier Lücke, and Dirk Schilder March 2012 AT A GLANCE Although a step in the right direction, the recent haircut imposed on private holders of Greek debt really
At the end of this report, we summarize some important Year-End Considerations which employers should be prepared to address.
Global Report December 2009 Retirement Plan Accounting Assumptions at 2009 This report supplements our June 2009 Global Report, which presented the results of Hewitt Associates global survey of 2008 year-end
THE ECONOMIC OUTLOOK IN 2012 ILTA CONFERENCE. 9 May 2012 Vicky Pryce
THE ECONOMIC OUTLOOK IN 2012 ILTA CONFERENCE 9 May 2012 Vicky Pryce Contents Global and European economy UK economy Prospects for individuals and businesses Concluding remarks what next? Global and European
Why U.S. Treasurys Look Like High-Yield Bonds
Boom & Bust Monthly Insight Video September 2014 Why U.S. Treasurys Look Like High-Yield Bonds Hi, I m Rodney Johnson. Welcome to the September 2014 educational video. This month we re going to talk about
Economic and Financial Market Outlook. 25 June 2012 Chris Murphy with Dinar Prihardini
Economic and Financial Market Outlook 25 June 2012 Chris Murphy with Dinar Prihardini The information in this presentation is of a general nature and does not represent advice. Independent Economics does
the Flight to Equities Continues
the Flight to Equities Continues By Gerry Hansell, Jeff Kotzen, Frank Plaschke, Eric Olsen, and Hady Farag This is the first in a series of articles published as part of The Boston Consulting Group s 24
The World of Factoring. VII International Factoring Congress, Warsaw, Poland 22 September 2016 Erik Timmermans, Deputy Secretary General FCI
The World of Factoring VII International Factoring Congress, Warsaw, Poland 22 September 2016 Erik Timmermans, Deputy Secretary General FCI Global Factoring Volume 1995-2015 2 500 (IN EURO BILLIONS) 2
Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe
Germany The Future of HNWIs to 2016: Wealth in the Powerhouse of Europe China The Future of HNWIs to 2015: Opportunities for Wealth Managers and Private Banks Publication date: May, 2012. WealthInsight.
BACK TO THE FUTURE INVESTORS REFOCUS ON YIELD T BCG I S. By Jeff Kotzen, Tim Nolan, and Frank Plaschke
T BCG I S BACK TO THE FUTURE INVESTORS REFOCUS ON YIELD By Jeff Kotzen, Tim Nolan, and Frank Plaschke This is the second in a series of online articles published in advance of The Boston Consulting Group
52 ECB. The 2015 Ageing Report: how costly will ageing in Europe be?
Box 7 The 5 Ageing Report: how costly will ageing in Europe be? Europe is facing a demographic challenge. The old age dependency ratio, i.e. the share of people aged 65 or over relative to the working
Burden of Taxation: International Comparisons
Burden of Taxation: International Comparisons Standard Note: SN/EP/3235 Last updated: 15 October 2008 Author: Bryn Morgan Economic Policy & Statistics Section This note presents data comparing the national
Bayer Annual Report To our Stockholders Investor Information. Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
Bayer Annual Report 2015 39 Performance of Bayer Stock in 2015 [Graphic 2.1] (Indexed; 100 = Xetra closing price on December 31, 2014; source: Bloomberg) 130 120 110 100 90 80 Jan Feb Mar Apr May June
How Wealthy Are Europeans?
How Wealthy Are Europeans? Grades: 7, 8, 11, 12 (course specific) Description: Organization of data of to examine measures of spread and measures of central tendency in examination of Gross Domestic Product
GREEK ECONOMIC OUTLOOK
CENTRE OF PLANNING AND ECONOMIC RESEARCH Issue 27, June 2015 GREEK ECONOMIC OUTLOOK Macroeconomic analysis and projections Public finance Human resources and social policies Development policies and sectors
Some Basic Facts about Government Expenditures and Taxation in Canada. Econ 525
Some Basic Facts about Government Expenditures and Taxation in Canada Econ 525 Revenues and Expenditures in Canada Since we re studying the role of government in this course it is worth considering some
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.
PRESS CONFERENCE 2 November 2012
PRESS CONFERENCE 2 November 212 3Q 212 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner 4 3 5 Asset class Value Percentage fund Equities 2 247 6.3% 3 723 4 3 5 3 Fixed Income
European Competitiveness in an Open World EIB Economics Conference, Berlin, 2-3 March, 2015
European Competitiveness in an Open World EIB Economics Conference, Berlin, 2-3 March, 2015 Boris Vujčić, Governor boris.vujcic@hnb.hr Europe s convergence to the US has stopped a quarter of century ago
Mr Sven Giegold Member of the European Parliament European Parliament 60, rue Wiertz B-1047 Brussels. Frankfurt am Main, 19 April 2018
Danièle NOUY Chair of the Supervisory Board Mr Sven Giegold Member of the European Parliament European Parliament 60, rue Wiertz B-1047 Brussels Frankfurt am Main, 19 April 2018 Re: Your letter (QZ020)
Three-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
Can the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight
Can the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight Eurozone Growth Robust in First Half 4 (Percent change, q/q, real GDP) 3 2 1 0-1 GDP Dom Demand Cons Inv Govt.
Threats to monetary robustness of the euro area
Le Cercle des Économistes and Friedrich Ebert Stiftung Berlin, 23 June 2017 Can the euro still be saved? Threats to monetary robustness of the euro area Stefan Kooths Kiel Institute for the World Economy,
Financial Stability Review November Press Briefing Luis de Guindos 29 November 2018
Financial Stability Review November 218 Press Briefing Luis de Guindos 29 November 218 Risk assessment The financial stability environment has become more challenging Four key risks over a two-year horizon
IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE
IN A TOUGH MARKET, INVESTORS SEEK NEW WAYS TO CREATE VALUE By Julien Ghesquieres, Jeffrey Kotzen, Tim Nolan, and Hady Farag This article is the second in the 6 BCG Value Creators series. In May 6, we released
Capital Flows in the Euro Area: Some lessons from the last boom-bust cycle. Angel Gavilan, Martin Hillebrand December 2017
Capital Flows in the Euro Area: Some lessons from the last boom-bust cycle Angel Gavilan, Martin Hillebrand December 217 The last boom in capital flows was largely a global phenomenon Sum of current account
4.3. MAPFRE and its shareholders
4.3. MAPFRE and its shareholders MAPFRE maintains relations with its shareholders and investors in accordance with specific corporate policies that were approved in July 2015, in which it is established
A short history of debt
A short history of debt In the words of the late Charles Kindleberger, debt/financial crises are a hardy perennial we have been here many times before. Over the past decade and a half the ratio of global
Financial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
EXECUTIVE SUMMARY PRIVATE PENSIONS OUTLOOK 2008 ISBN
EXECUTIVE SUMMARY PRIVATE PENSIONS OUTLOOK 2008 ISBN 978-92-64-04438-8 In 1998, the OECD published Maintaining Prosperity in an Ageing Society in which it warned governments that the main demographic changes
Global Report: Global Survey of Retirement Plan Accounting Assumptions
Global Report: Global Survey of Retirement Plan Accounting Assumptions July 2014 This report presents the results of Aon Hewitt s global survey of accounting assumptions used for employee benefit plans
Session 11. Fiscal Policy
Session 11. Fiscal Policy Government size Budget balances Fiscal Policy over the business cycle Debt and sustainability Understanding Fiscal Policy: Government size Government size varies across countries.
Chart pack to council for cooperation on macroprudential policy
Chart pack to council for cooperation on macroprudential policy Contents List of charts... 3 Macro and macro-financial setting... 5 Swedish macroeconomic setting... 5 Foreign macroeconomic setting... Macro-financial
The euro area in a globalized economy: An ESM perspective
The euro area in a globalized economy: An ESM perspective Rolf Strauch, Chief Economist, Member of the Management Board 3 rd Annual BBVA European Debt Conference New York, 4 October 217 The euro area:
Country Risk Conference Coface Country Risk
WORLD OVERVIEW OF COUNTRY RISK Country Risk Conference Coface Country Risk > Johannesburg, South Conference Africa 2014 > 12 th June 2013 Thursday, 15 th May 2014 Johannesburg, South Africa 1 Agenda 8.30
EU BUDGET AND NATIONAL BUDGETS
DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT ON BUDGETARY AFFAIRS EU BUDGET AND NATIONAL BUDGETS 1999-2009 October 2010 INDEX Foreward 3 Table 1. EU and National budgets 1999-2009; EU-27
Name Organisation Date
European Public Leadership Driving Innovation In Construction and Operations Name Organisation Date Construction: declining productivity and low digitalisation Productivity Digitalisation Other non-farm
Corporate taxes and intellectual property
Corporate taxes and intellectual property Rachel Griffith and Helen Miller Corporate tax reform Corporate Tax Reform: Delivering a More Competitive System HM Treasury (Nov 2010) competitive stable provide
CFA Institute Member Poll: Euro zone Stability Bonds
CFA Institute Member Poll: Euro zone Stability Bonds I. About the Survey... 2 a. Background... 2 b. Purpose and Methodology... 2 II. Full Results... 2 Q1: Requirement of common issuance of sovereign bonds...
Eurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 214 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Outlook for Cyprus
DG TAXUD. STAT/11/100 1 July 2011
DG TAXUD STAT/11/100 1 July 2011 Taxation trends in the European Union Recession drove EU27 overall tax revenue down to 38.4% of GDP in 2009 Half of the Member States hiked the standard rate of VAT since
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates
Figure 1: Underlying Activity Growth (% MoM Ann.) for Global Aggregates World Advanced Economies Emerging Market Economies Notes: The black dashed line represents the model s estimate of long-run growth.
U.S. Chamber of Commerce Economic Outlook
U.S. Chamber of Commerce Economic Outlook December 211 Economic Policy Division Real GDP Outlook Percent Change, Annual Rate 2 1 1 - -1 197 197 198 198 199 199 2 2 21 U.S. GDP Actual and Potential Quarterly,
Study Questions. Lecture 17 European Monetary Unification and the Euro
Study Questions Page 1 of 4 Study Questions Lecture 17 pean Monetary Unification and the Part 1: Multiple Choice Select the best answer of those given. 1. The is a. The common currency that the members
Eurozone. Outlook for. Ernst & Young Eurozone Forecast. Summer edition 2012
Eurozone Ernst & Young Eurozone Forecast Summer edition 2012 Outlook for Published in collaboration with Andy Baldwin Head of Financial Services Europe, Middle East, India and Africa With key national
Eurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for
Latvia and the Euro. Ilmārs Rimšēvičs Governor. Latvijas Banka
Latvia and the Euro Ilmārs Rimšēvičs Governor. Latvijas Banka October, 2013 Despite loud ex ante warnings of protracted recession risks under internal adjustment scenario, a strong V shaped recovery followed
An FSE Listings Inc Article FSE Listings Inc- Frankfurt Stock Exchange Listings
FSE Listings How To Prepare Yourself For Listing On The Frankfurt Stock Exchange Author: Mark Bragg An FSE Listings Inc Article FSE Listings Inc- Frankfurt Stock Exchange Listings List your firm fast with
EUROPA - Press Releases - Taxation trends in the European Union EU27 tax...of GDP in 2008 Steady decline in top corporate income tax rate since 2000
DG TAXUD STAT/10/95 28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio1
Potential Gains from the Reform Package
Chart 1 Potential Gains from the Reform Package GDP per capita, % 18 16 14 12 8 6 4 2 Ireland Germany Finland Portugal Spain France Greece Note: The estimated cumulative GDP impact from structural reforms
FEES AND COMMISSIONS. Transaction Fee (Per transaction) Observations
FEES AND COMMISSIONS 1.- Equity transactions (1) 1.1.- Equity transactions traded on Spanish markets (SIBE). Transaction Fee (Per transaction) Observations 1.1.1. Purchase/sale of securities (2) Requests
Prof. Charles Calomiris Prof. Jordi Gual James D. Wolfensohn Introduction & M.C.: Prof. Pedro Videla
Prof. Charles Calomiris Columbia Business School Prof. Jordi Gual IESE and Chief Economist, La Caixa James D. Wolfensohn Former President, World Bank Introduction & M.C.: Prof. Pedro Videla IESE Business
A TALE OF TWO CHINESE CONSUMERS
A TALE OF TWO CHINESE CONSUMERS By Jeff Walters and Youchi Kuo Despite the well-publicized slowdown in economic growth, overall consumer sentiment in China can still be described as cautiously optimistic.
IS A DEBT TARGET FOR THE EMU FEASIBLE?
IS A DEBT TARGET FOR THE EMU FEASIBLE? Paolo Canofari, Piero Esposito SEP Policy Brief No. 12 26 February 2014 Introduction The newly elected government led by Alexis Tsipras is challenging the European
紅石國際教育中心. Red Rock Institute & Publishing
紅石國際教育中心 Red Rock Institute & Publishing Phillips Curve LRAS Inflation. B.. A C PL1 PL2 AD AD AD1 Unemployment Real GDP RDP2 FE RGDP1 The Short-Run Phillips Curve illustrates the Trade-off between Inflation
EMPLOYMENT RATE IN EU-COUNTRIES 2000 Employed/Working age population (15-64 years)
EMPLOYMENT RATE IN EU-COUNTRIES 2 Employed/Working age population (15-64 years EU-15 Denmark Netherlands Great Britain Sweden Portugal Finland Austria Germany Ireland Luxembourg France Belgium Greece Spain
Economic and Housing Outlook
Economic and Housing Outlook Macdonald Realty Monday, January 23, 212 Helmut Pastrick Chief Economist Central 1 Credit Union Outline: European developments U.S. economy and forecasts Canadian economic
Europe s Response to the Sovereign Debt Crisis. Christophe Frankel, CFO of EFSF ICMA Conference, Milan 24 May 2012
Europe s Response to the Sovereign Debt Crisis Christophe Frankel, CFO of EFSF ICMA Conference, Milan 24 May 2012 The reasons for sovereign debt crisis 1 Member States did not fully accept the political
Commission recommends 11 Member States for EMU
IP/98/273 Brussels, 25 March 1998 Commission recommends 11 Member States for EMU The European Commission has today recommended that the following eleven countries meet the necessary conditions to adopt
Learning Goal. To develop an understanding of the Millennium Development Goal targets
Learning Goal To develop an understanding of the Millennium Development Goal targets APK - Activity If you were to set up goals for the world to improve conditions for the world s people, what goals would
PUBLIC FINANCE IN THE EU: FROM THE MAASTRICHT CONVERGENCE CRITERIA TO THE STABILITY AND GROWTH PACT
8 : FROM THE MAASTRICHT CONVERGENCE CRITERIA TO THE STABILITY AND GROWTH PACT Ing. Zora Komínková, CSc., National Bank of Slovakia With this contribution, we open up a series of articles on public finance
Region Europe & AFLAME
Region Europe & AFLAME Olof Sandén Executive Vice President Europe & AFLAME Region Europe & AFLAME Covers a vast geographical area Region Europe & AFLAME in numbers 159 Countries 18 Time zones 16 Companies
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars. Number of business days
Table 1: Foreign exchange turnover: Summary of surveys Billions of U.S. dollars Total turnover Number of business days Average daily turnover change 1983 103.2 20 5.2 1986 191.2 20 9.6 84.6 1989 299.9
Quarterly Market Review
Q4 Quarterly Market Review Fourth Quarter 2011 Quarterly Market Review Fourth Quarter 2011 This report features world capital market performance in the last quarter. It begins with a global overview, then
T R A D E FX BASIC. 1. What is Forex? 2. 8 Majors. 3. What is bought and sold? 4. Types of Charts. 5. Basic Terms EBOOK 01.
T R A D E 1. What is Forex? 2. 8 Majors 3. What is bought and sold? 4. Types of Charts 5. Basic Terms FX BASIC EBOOK 01 FX BASICS 02 What do you know about Forex? The terminology FOREX stands for the Foreign
Bank of Montreal European Banks AutoCallable Principal At Risk Notes, Series 87 (CAD), Due April 30, 2018
A final base shelf prospectus containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and
Fiscal Policies in High Debt
Antonella Cavallo Pietro Dallari Antonio Ribba Fiscal Policies in High Debt Euro-Area Countries * ) Springer Contents 1 Introduction 1 1.1 The Controversial Macroeconomic Outcomes of Fiscal Policy... 1
The Time Has Come: The European Distressed Opportunity
INSIGHTS The Time Has Come: The European Distressed Opportunity 203.621.1700 2013, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY For several years, the European debt crisis has inflicted unprecedented
Monetary Integration
Monetary Integration By Michael Möhnle Table of Contents 1. 6-Stages of Economic Integration 2. International Monetary Integration - Bretton Woods 3. European Monetary Integration 4. European (Economic
Preliminary results of International Trade in 2014: in nominal terms exports increased by 1.8% and imports increased by 3.
International Trade Statistics 7 July, 215 Preliminary results of International Trade in : in nominal terms exports increased by 1.8% and imports increased by 3.2% vis-à-vis 213 In, exports of goods increased
The Outlook and Challenges for Japan's Economy
The Outlook and Challenges for 's Economy Speech at a Meeting with Business Leaders in Osaka October, Masaaki Shirakawa Governor of the Bank of Chart The Bank of 's Economic and Price Forecasts A. Real
OECD Report Shows Tax Burdens Falling in Many OECD Countries
OECD Centres Germany Berlin (49-30) 288 8353 Japan Tokyo (81-3) 5532-0021 Mexico Mexico (52-55) 5281 3810 United States Washington (1-202) 785 6323 AUSTRALIA AUSTRIA BELGIUM CANADA CZECH REPUBLIC DENMARK
Does sovereign debt weaken economic growth? A Panel VAR analysis.
MPRA Munich Personal RePEc Archive Does sovereign debt weaken economic growth? A Panel VAR analysis. Matthijs Lof and Tuomas Malinen University of Helsinki, HECER October 213 Online at http://mpra.ub.uni-muenchen.de/5239/
2017 Federico Caffè Lectures. Monetary Policy in Times of Low Inflation
217 Federico Caffè Lectures Monetary Policy in Times of Low Inflation Stephanie Schmitt-Grohé Columbia University November 15 and 16, 217 Sapienza, Università di Roma Stephanie Schmitt-Grohé 217 Federico
Structural perspectives on European employment, productivity and growth in a global context Sintra, Portugal, 23 May 2015
Structural perspectives on European employment, productivity and growth in a global context Sintra, Portugal, 23 May 2015 Catherine L. Mann OECD Chief Economist Key messages Prolonged weak demand has left
AIECE Spring Meeting General Report. Bologna, 12/13 May Ferdinand Fichtner, Christoph Große Steffen, Michael Hachula DIW Berlin
AIECE Spring Meeting 2016 General Report Ferdinand Fichtner, Christoph Große Steffen, Michael Hachula DIW Berlin Overview: Discussion of General Report Thursday Friday 14.30 14.45 14.45 16.00 16.20 16.35
All In: Investors Look to the Long Term Summary of BCG's 2013 Investor Survey. May 2013
All In: Investors Look to the Long Term Summary of BCG's 13 Investor Survey May 13 Copyright 13 by The Boston Consulting Group, Inc. All rights reserved. Usage of these materials This document summarizes
Europe s Response to the Sovereign Debt Crisis. Klaus Regling, CEO of EFSF 40 th Economics Conference OeNB Vienna, 10 May 2012
Europe s Response to the Sovereign Debt Crisis Klaus Regling, CEO of EFSF 40 th Economics Conference OeNB Vienna, 10 May 2012 Eight reasons for sovereign debt crisis Member States did not fully accept
International Statistical Release
International Statistical Release This release and additional tables of international statistics are available on efama s website (www.efama.org). Worldwide Investment Fund Assets and Flows Trends in the
Household Financial Wealth By Selected Country
Household Financial Wealth By Selected Country US$ Trillions 60 50-37% Indicates Projected Shortfall 40 30 20 Extrapolation of Historical Growth 2003-24 Projection (Based on Demographic Trends) -47% -34%
The Outlook for Israel s Economy in Light of Current Global Developments
The Outlook for Israel s Economy in Light of Current Global Developments Dr. Leonardo Leiderman Professor of Economics, Tel-Aviv University and Chief Economic Advisor, Bank Hapoalim To be presented in
Fiscal rules in Lithuania
Fiscal rules in Lithuania Algimantas Rimkūnas Vice Minister, Ministry of Finance of Lithuania 3 June, 2016 Evolution of National and EU Fiscal Regulations Stability and Growth Pact (SGP) Maastricht Treaty
Modelling the sovereign debt crisis in Europe
Modelling the sovereign debt crisis in Europe National Institute Global Econometric Model Dawn Holland October 211 Project LINK Meeting on the World Economy National Institute of Economic and Social Research
International Debt Collection: the 2018 edition of collection complexity
Economic Insight International Debt Collection: the 2018 edition of collection complexity February 1, 2018 Authors: Maxime Lemerle +33 1 84 11 54 01 maxime.lemerle@eulerhermes.com Executive Summary The
European bank performance 10 years after the crisis
European bank performance 1 years after the crisis London, European banks have become more profitable, but revenue gap to US peers widened further in last few years Net income USD / EUR bn, up to Q4 17
CANADA S LABOUR MARKET PRE- AND POST-CRISIS
CANADA S LABOUR MARKET PRE- AND POST-CRISIS WILLIAM ROBSON PRESIDENT AND CEO, C.D. HOWE INSTITUTE PRESENTATION TO THE NERO MEETING AT THE OECD 20 JUNE 2011 CANADA S LABOUR MARKET HIGHLIGHTS Decent Top-Level
Progress Towards Strong, Sustainable, and Balanced Growth. Figure 1: Recovery From Financial Crisis (100 = First Quarter of Real GDP contraction)
Progress Towards Strong, Sustainable, and Balanced Growth Figure 1: Recovery From Financial Crisis ( = First Quarter of Real GDP contraction) 13 125 196-26 AE Recessions' Range*** 196-26 AE Recessions**
Effective Tax Rates on Employee Stock Options in the European Union and the USA
Brussels, May 23 Ref. Ares(214)75853-15/1/214 Effective Tax Rates on Employee Stock Options in the European Union and the USA Table of Contents INTRODUCTION...2 RESULTS...3 Normal taxation (no special
Real Estate Investment Strategy
Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured
Report. Global Wealth 2009 Delivering on the Client Promise
Report Global Wealth 2009 Delivering on the Client Promise The Boston Consulting Group (BCG) is a global management consulting firm and the world s leading advisor on business strategy. We partner with
Stronger growth, but risks loom large
OECD ECONOMIC OUTLOOK Stronger growth, but risks loom large Ángel Gurría OECD Secretary-General Álvaro S. Pereira OECD Chief Economist ad interim Paris, 3 May Global growth will be around 4% Investment
Eurozone Ernst & Young Eurozone Forecast June 2013
Eurozone Ernst & Young Eurozone Forecast June 2013 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Luxembourg Malta Netherlands Portugal Slovakia Slovenia Spain Ernst & Young
UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES. April 26, 2009
UPDATE ON FISCAL STIMULUS AND FINANCIAL SECTOR MEASURES April 26, 2009 This note provides an update of information in the paper, The State of Public Finances: Outlook and Medium-Term Policies After the
The near-term global economic outlook
Overview The near-term global economic outlook Paul van den Noord Counsellor to the Chief Economist OECD 1 Overview World growth has slowed, including in EMEs. Trade has weakened. Unemployment is high
Real Estate Investment Beyond(?) the Global Credit Crisis
Real Estate Investment Beyond(?) the Global Credit Crisis James Valente (james.valente@ipd.com) Director, North America November 29 th 2011 2011 ipd.com Overview Variation in regional trends Global investment
Patterns of Global Capital Flow
Patterns of Global Capital Flow Real Estate Capital Flows (from one continent to another) have been more than $100 billion in each of the last three years North America was the largest source of cross-regional