85th Annual Report, 2014/15 - Statistics associated with the graphs

Series description is to be found in the corresponding graph, that is linked in the right side column.

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Graphs

 
Chapter I: data behind the graph (xlsx)  
I.1 Interest rates have been exceptionally and persistantly low p 7
I.2 Interest rates sink as debt soars p 8
I.3 US monetary policy and dollar appreciation around EME financial crises p 11
I.4 Financial and business cycles in the United States p 17
     
Chapter II: data behind the graphs (xlsx)  
II.1 Easier monetary policies support asset prices p 26
II.2 Signs of increased financial risk-taking p 27
II.3 Increasing duration and credit risk for EME corporate bond investors p 28
II.4 The dollar soars, the euro plunges p 29
II.5 Oil plunge puts energy sector under pressure p 29
II.A Physical and futures prices of oil co-move closely p 30
II.6 Falling yields, flattening curves p 32
II.7 Falling term premia push yields lower p 33
II.8 The ECB's asset purchase programme has a strong effect on interest rates p 34
II.9 Official holdings of government securities grow p 35
II.10 Signs of market fragility after a period of declining and unusually low volatility p 37
II.11 Market-making and market liquidity have become more concentrated p 38
II.12 Bond funds have grown rapidly post-crisis p 39
II.13 Growing importance of investors in oil markets p 40
II.B Tight links between oil, the dollar and financial markets p 41
II.14 Rising energy sector debt and widening spreads p 42
     
Chapter III: data behind the graphs (xlsx)  
III.1 Shifting patterns of growth p 46
III.2 Where are countries in the financial cycle? p 47
III.A Leverage and the debt service burden are important drivers of expenditure p 49
III.3 Resource misallocations from credit booms hold back productivity growth p 51
III.4 Ageing will weigh on public debt and growth p 52
III.5 GDP, credit and capital inflows in EMEs p 54
III.6 Commodity prices and capital inflows overstate potential output and push up real exchange rates p 55
III.7 Emerging market debt p 56
III.B.1 Credit booms lead to labour misallocation p 57
III.B.2 The effect of financial crises and labour reallocation on productivity p 58
III.8 Foreign currency debt p 59
III.9 Private sector debt in EMEs p 60
III.10   Lines of defence p 61
     
Chapter IV: data behind the graphs (xlsx)  
IV.1 Monetary policy remains very accommodative amid disinflation p 66
IV.2 Policy rates are low and central bank assets high in major advanced economies p 67
IV.3 Most policy rates were cut from already low levels p 68
IV.4 Policy stances have been influenced by inflation performance and exchange rates p 69
IV.5 The pass-through of commodity prices and exchange rates to inflation is changing p 70
IV.6 Domestic cyclical drivers of inflation matter less and global more p 72
IV.7 Long-term inflation expectations are still anchored p 73
IV.8 Worrisome household debt and house price trends persist p 75
IV.A Macroprudential tools and monetary policy are interrelated p 76
IV.B The financial cycle has become increasingly sensitive to policy rates p 78
IV.9 Output slowdowns coincide more with asset price declines than with deflations p 80
IV.C Real-time bias of output gap estimates has implications for policy benchmarks p 81
     
Chapter V: data behind the graphs (xlsx)  
V.1 The international roles of currencies: US dollar remains dominant p 86
V.A Dollar zone in green larger than euro zone in blue p 87
V.2 Federal Reserve spurs dollar bond issuance by non-US borrowers p 88
V.B Global credit in US dollars and euros extended to the non-bank sector p 89
V.3 Policy rates have been low compared with Taylor rates p 92
V.4 Capital flows contributed to domestic credit growth during the boom ... p 93
V.5 Transatlantic waves: from policy rates to bond yields p 95
     
Chapter VI: data behind the graphs (xlsx)  
VI.1 Subdued revenues in the banking sector p 103
VI.2 Banks build capital buffers p 103
VI.3 Banks build loss-absorbing capacity p 104
VI.A Dealer inventories evolve as trading model stutters p 105
VI.B Swings in credit risk assessments p 107
VI.4 Equity markets reflect scepticism about banks p 108
VI.C Role of TLAC in resolution: an illustrative example p 109
VI.5 Weak ratings erode banks' funding advantage p 110
VI.D Effects of changes in the interest rate structure on banks' return-on-assets (RoA) p 111
VI.6 Insurance companies: evolving market perceptions and business models p 114
VI.7 Insurance companies move towards lower-rated investments p 115
VI.8 Pension funds show signs of shifting away from equities p 116
VI.9 New types of asset managers drive the sector's growth p 117
VI.10 EMEs' growing vulnerability to volatile fund flows p 118
     

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