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100 Deleveraging, What Deleveraging important to prepare for the future in terms of policies and institutions, which is vital for the Eurozone. He noted wide agreement that the policy sequencing was right in the US but not in Europe. Disagreements arise over whether the European failure should be attributed to institutions, to policy mistakes, or to both. He further observed that the role of demography may be more important than is usually recognised. He opined that redistributive issues and inequality also matter a lot. He expressed hope that disagreements about the measure of debt would be resolved. Finally, he noted that controversy was part of the process.
Data Appendix Debt typically expressed as a ratio to GDP, where GDP data are from the IMF. Debt variables General government Source for Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain: Eurostat. Source for other countries: IMF World Economic Outlook 2014. Households “Loans” category in non-consolidated stocks of liabilities for sector “Households and non-profit institutions serving households”. Source: OECD Financial Balance Sheets database. Note: 2013 values are estimated based on the available quarterly data for Austria, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Korea, Netherlands and Spain. Data for Switzerland are for 2012. Non-financial corporates Sum of “Loans” and “Securities other than shares, except financial derivatives” categories in non-consolidated stock of liabilities for sector “Non-financial corporations”. Source: OECD Financial Balance Sheets database. Note: 2013 values are estimated based on the available quarterly data for Austria, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Korea, Netherlands and Spain. Data for Switzerland are for 2012. Financial corporates Sum of “Loans” and “Securities other than shares, except financial derivatives” categories in non-consolidated stock of liabilities for sector “Financial corporations”. Source: OECD Financial Balance Sheets database. Note: 2013 values are estimated based on the available quarterly data for Austria, Czech Republic, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Korea, Netherlands and Spain. Data for Switzerland are for 2012. Total Sum of debt levels for government, household and non-financial corporates. 101
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Geneva Reports on the World Economy
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International Center for Monetary a
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International Center for Monetary a
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Acknowledgements We thank Susan Lun
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List of Conference Participants Edm
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List of Conference Participants xi
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List of Conference Participants xii
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Foreword Since 1999 the Geneva Repo
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Page 105 and 106: 6 Discussions Morning discussion Ma
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Page 109 and 110: Discussions 91 urged the authors to
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Page 113 and 114: Discussions 95 about potential GDP
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Page 117: Discussions 99 In response to Laure
Page 121 and 122: References Adrian, T., E. Moench an
Page 123 and 124: References 105 Jorda, O., M. Schula
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