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16 Deleveraging, What Deleveraging public debt to GDP in developed markets, almost stable in the decade until 2007, has since then increased by 35 points, reaching well above the 100% threshold. In particular, this is the other side of the coin of the greater progress made in the private sector in Anglo-Saxon economies. Figure 2.3 shows that the ratio of public debt to GDP increased by 46 points in the UK and by 40 points in the US, which are sharper increases than in the Eurozone (+26 points), since policies in the former countries have (in different ways) permitted a greater expansion of the government balance sheet than in the latter region, so as to allow a gradual deleveraging in the private sector, both financial and non-financial. Figure 2.3 Global debt breakdown 280 270 260 250 240 230 220 210 200 190 DM - total debt ex-financials (% of GDP) DM EMU USA UK 01 02 03 04 05 06 07 08 09 10 11 12 13 240 220 200 180 160 140 120 100 80 60 EM - total debt ex-financials (% of GDP) EM India Turkey China Brazil 01 02 03 04 05 06 07 08 09 10 11 12 13 110 100 90 80 70 60 50 Private debt - households (% of GDP) US UK EMU DM Japan 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 140 130 120 110 100 90 80 70 60 Private debt - non-fin. corp. (% of GDP) US UK EMU Japan DM 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 270 250 230 210 190 170 150 130 110 90 70 50 Private debt - financials (% of GDP) US UK EMU DM Japan 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 110 100 90 80 70 60 50 40 30 Government debt (% of GDP) DM EMU USA UK 01 02 03 04 05 06 07 08 09 10 11 12 13 Note: DM = developed markets; EM = emerging markets; EMU = Eurozone. Source: Authors’ calculation based on OECD, IMF and national accounts data. See Data Appendix at the end of the report.
Global debt analysis: Deleveraging What deleveraging 17 These different balance sheet dynamics between the Eurozone and the US/UK are even more evident when considering central bank balance sheets. Indeed, while during 2008-12 the balance sheets of the Fed and the ECB experienced a similar expansion, since mid-2012 the Fed balance sheet has kept growing under the impulse of QE3, while the ECB balance sheet has been shrinking quite rapidly, along with the reimbursements of the LTROs (see Section 4.2).
Page 1: Geneva Reports on the World Economy
Page 4 and 5: International Center for Monetary a
Page 6 and 7: International Center for Monetary a
Page 8 and 9: Acknowledgements We thank Susan Lun
Page 11 and 12: List of Conference Participants Edm
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Page 15 and 16: List of Conference Participants xii
Page 17: Foreword Since 1999 the Geneva Repo
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Discussions 99 In response to Laure
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Data Appendix Debt typically expres
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References Adrian, T., E. Moench an
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References 105 Jorda, O., M. Schula
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It is widely accepted that high lev
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