samlet årgang - Økonomisk Institut - Københavns Universitet

156
NATIONALØKONOMISK TIDSSKRIFT 2005. NR. 2
Table 1. Interest rates and inflation 1875-2003 – Summary statistics.
Market rate of discount/ Government CPI inflation
money market rate bond yield
Mean Max Min Mean Max Min Mean Max Min
per cent per annum
Sub-periods determined by exchange-rate regime:
1875-1913 The Classical
Gold Standard
4.73 6.78 3.34 3.81 4.50 3.43 0.0 8.5 -10.6
1914-1945 World Wars and
inter-war period
5.05 7.31 3.68 4.75 6.30 3.75 3.8 24.4 -15.0
1946-1971 Bretton Woods 5.92 9.50 3.50 6.54 11.07 3.55 4.4 11.7 -0.7
1972-2003 European exchangerate
co-operation
9.19 16.93 2.38 10.93 22.11 4.31 5.6 15.2 1.3
1972-1978 The
Currency Snake
10.84 15.42 6.47 13.45 15.71 10.44 10.1 15.2 6.6
1979-1998 ERM I 9.98 16.93 3.66 11.52 22.11 5.03 4.9 12.3 1.3
1999-2003 ERM II
1972-1986
3.74 4.91 2.38 5.01 5.66 4.31 2.5 2.9 2.1
The devaluation/
»soft peg« period
1987-2003
12.09 16.93 6.47 14.87 22.11 10.20 9.1 15.2 3.6
The unchanged parity/
»hard peg« period
6.64 11.04 2.38 7.45 11.29 4.31 2.6 4.8 1.3
Sub-periods determined by degree of restrictions on cross-border capital mobility:
1875-1913 Free cross-border
capital movements
4.73 6.78 3.34 3.81 4.50 3.43 0.0 8.5 -10.6
1914-1926 Restrictions on
cross-border
capital movements
5.92 7.31 4.77 5.14 6.30 4.25 5.5 19.3 -15.0
1927-1931 Free cross- 4.87 5.15 4.60 4.91 5.10 4.65 -3.0 -0.6 -5.7
border capital
movements
1932-1988 Restrictions on 7.26 16.93 3.50 8.33 22.11 3.55 5.7 24.4 -0.7
cross-border
capital movements
1989-2003 Free cross-border 6.28 11.04 2.38 7.04 10.63 4.31 2.4 4.8 1.3
capital movements
1875-2003 Total 6.16 16.93 2.38 6.36 22.11 3.43 3.2 24.4 -15.0
Source: Abildgren, K. (2005).