Michael D. Bordo Christopher M. Meissner Working Paper 178
Michael D. Bordo Christopher M. Meissner Working Paper 178
Michael D. Bordo Christopher M. Meissner Working Paper 178
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Figure 3 Change in Loans versus the Change in GDP, 14 countries, 1972-2008<br />
Residuals of change ln(Real Loans)<br />
-.2 -.1 0 .1 .2 .3<br />
FRA<br />
AUS<br />
AUS<br />
AUS<br />
AUS AUS<br />
AUS AUS<br />
AUS AUS<br />
AUS<br />
AUS AUS AUS AUS AUS<br />
AUS AUS<br />
AUS<br />
AUS<br />
AUS<br />
CAN<br />
DNK<br />
DNKCAN<br />
AUS<br />
CAN CAN<br />
CAN DNK DNK DNK DEU<br />
AUS DNK<br />
CAN DNK<br />
AUS<br />
CAN<br />
DNK CANDNK<br />
FRA<br />
CAN<br />
AUS AUS<br />
CAN<br />
CAN<br />
AUSCAN<br />
DNK FRA FRA DNK AUS<br />
AUS FRA<br />
AUS<br />
DNK<br />
CAN CAN<br />
FRA<br />
FRA<br />
FRA FRADEU<br />
DEU<br />
DEU<br />
FRA<br />
CANAUS<br />
AUS AUS CAN CAN<br />
CAN<br />
CAN DNK<br />
DEU FRA<br />
FRA DEU DNK FRACAN<br />
DNK<br />
CAN CAN FRA DNK FRA<br />
FRA FRA FRA<br />
FRA FRAFRA FRA FRA DEU DEU<br />
DEU<br />
AUSFRA AUS FRA AUS DEU<br />
DEU DEU<br />
CAN<br />
CAN CAN<br />
DNK FRA<br />
DNKAUS<br />
DEU DNK FRA<br />
FRA FRA<br />
CAN<br />
CAN<br />
DNK DNK<br />
CAN DNK<br />
DEU<br />
DNK<br />
CAN<br />
DEU<br />
ITA<br />
DEU<br />
DEU<br />
DEU DEU DEU DEU<br />
DEU<br />
ITA ITA ITA<br />
DEU DEU DEU<br />
ITA<br />
ITA ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ITA<br />
ESP<br />
NLD ESP NLD NOR<br />
NLD<br />
NOR<br />
NOR NOR<br />
NLD ESP JPN NLD NOR<br />
NOR JPN JPN JPN<br />
JPNNLD<br />
ESPITA<br />
JPN<br />
JPN NLD NOR NLD ESP<br />
JPNNLD<br />
ESP NOR NLD ESP<br />
NOR JPN ESP JPNJPN JPN<br />
NLD NLD ITA<br />
JPN JPN<br />
JPN JPN<br />
NLD<br />
NLD NLD<br />
NOR NLD NOR NOR<br />
NOR NOR<br />
JPN NOR NLD NLD<br />
NOR<br />
NOR<br />
NOR NOR NOR<br />
JPN JPN NLD<br />
NLD<br />
NOR<br />
ITA JPN JPN NOR NOR<br />
NOR ESP<br />
JPN<br />
JPN<br />
JPN NLD JPN JPN<br />
NLD<br />
JPN<br />
NLD NOR NLDNOR<br />
NLD<br />
NLD NOR ESP<br />
NOR NLD<br />
NLD<br />
NOR ESP<br />
ESP<br />
ESP<br />
ESP<br />
SWE<br />
SWE<br />
SWE<br />
SWE GBR<br />
SWE SWE CHE SWE<br />
ESP GBR GBR<br />
GBR<br />
SWE<br />
SWE SWE<br />
CHESWE<br />
GBR<br />
ESPESP<br />
SWE CHE SWE CHEESPESP<br />
ESP<br />
SWECHE<br />
CHE ESP<br />
SWE<br />
CHE<br />
SWE<br />
GBRESP<br />
CHE GBR<br />
GBR GBR<br />
SWE SWE CHE<br />
SWE SWE<br />
GBR<br />
GBRGBR<br />
SWE<br />
ESP<br />
SWE<br />
CHE<br />
ESP<br />
CHE<br />
GBR<br />
GBR<br />
GBR GBR<br />
GBR<br />
GBR<br />
GBR<br />
GBR GBR CHE SWE<br />
SWE<br />
GBR<br />
GBR CHE GBR<br />
ESP<br />
CHE<br />
CHE<br />
SWE<br />
SWE<br />
GBR GBR SWE<br />
CHE CHE<br />
ESP<br />
SWE SWE CHE SWE SWE<br />
GBR<br />
SWE<br />
SWE<br />
SWEGBR<br />
SWE<br />
SWE<br />
GBR<br />
GBRUSA GBR USA<br />
USA USA<br />
USA<br />
USA USAGBR<br />
USA USA<br />
GBR<br />
USA<br />
GBRUSA<br />
USA USA GBRGBR USA<br />
USA<br />
USA<br />
USA<br />
USA<br />
USA USA<br />
USA<br />
USA USA USA<br />
USA USA<br />
USA USA<br />
USA<br />
USA<br />
USA USA<br />
USA USA USA<br />
Notes: Residuals of change in ln(Real Loans) on the y-axis is the residual from a panel OLS regression of the annual change of the log of<br />
real loans on country fixed effects, year fixed effects, and lagged changes in the share of income of the top 1 percent of tax units, shortterm<br />
interest rates, log of the real money supply, log of the ratio of investment to GDP, and the ratio of the current account to GDP. The<br />
change in ln(Real GDP) is residual from a similar regression using contemporaneous changes in the log of real GDP and contemporaneous<br />
explanatory variables. This scatter plot therefore corresponds to the regression in column 5 of Table 3.<br />
29<br />
DNKNOR<br />
-.05 -.025 0 .025 .05<br />
Residuals of change in ln(Real GDP)
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