PowerPoint PresentationManagement School
Richard A. Werner
University of Southampton Management School
Athens University of Economics and Business
Athens
Management School
How did Greece get into trouble?
We all know, it started by Greece giving up control over its
money and joining the euro
Since then, the ECB has been making monetary policy in Greece.
What sort of monetary policy did it pursue?
What is the best way to measure monetary policy?
What is money?
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Textbooks and central banks do not tell us clearly:
“It is much harder to measure than one would have first thought.” (p. 119) Chamberlin and Yueh (2006)
“Although there is widespread agreement among economists that money is important, they have never agreed on how to define and how to measure money” (Miller and Van Hoose, 2004:42)
Today, even the Federal Reserve cannot tell us just what money is:
“there is still no definitive answer in terms of all its final uses to the question: What is money?”
What is Money?
Management School
What is the Role of Banks?
Thus when the financial crisis hit, the leading economics models and theories did not include banks as they were not considered important or special.
Saving
(Lenders,
Depositors)
Banks
= “direct finance”/disintermediation
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But empirically, it had been found that banks are special!
Their function cannot be easily replaced by other financial players or markets.
- Fama (1985) shows that banks must have monopoly power
compared to other financial institutions.
- Ashcraft (2005) shows that the closure of small regional banks
significantly hurts the local economy.
But economic theory could not explain why.
Here is why.
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*
Over 80% of the population thinks that it comes from the central bank
or the government.
No money comes from the government.
Only about 3% of the money supply comes from the central bank.
Who creates the remaining 97% of our money supply and who allocates
this money?
Answer: The banks
They are not financial intermediaries but the main creators of money.
They have a license to create money out of nothing.
The ‘leading’ economic journals and textbooks are silent on this.
Centre for Banking, Finance & Sustainable Development
Management School
Step 1 Deposit of $100 by customer at Bank A
Step 2 $100 used to increase the reserve of Bank A
Banks Do Not Lend Money
Assets
Liabilities
$100
Assets
Liabilities
$100
$100
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*
Step 3 Loan of $9,900 granted, by crediting borrower’s bank account. Where do
the £9,900 come from? From nowhere. The borrower is treated as if
she/he or the bank had actually deposited the money, but no money
was deposited or transferred from anywhere else.
Banks Do Not Lend Money, They Create it!
NB: No money is transferred from elsewhere
There is no such thing as a ‘bank loan‘.
Banks create money through ‘credit creation‘.
This is how 97% of the money supply is created.
Assets
Liabilities
Management School
*
“The actual process of money creation takes place primarily in banks.”
(Federal Reserve Bank of Chicago, 1961, p. 3);
“By far the largest role in creating broad money is played by the banking sector ... When banks make loans they create additional deposits for those that have borrowed.” (Bank of England, 2007)
“Over time… Banknotes and commercial bank money became fully interchangeable payment media that customers could use according to their needs” (ECB, 2000).
“The commercial banks can also create money themselves… in the eurosystem, money is primarily created by the extension of credit… ….” (Bundesbank, 2009)
Bank Credit Creation: Not in Economics Textbooks,
but Admitted by Central Banks:
*
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They are the Creators of the Money Supply.
And they decide who gets the money and for which purpose it is used.
This decision shapes the economic landscape.
Banks thus decide over the economic destiny of a country.
Credit creation is the most important macroeconomic variable.
/
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*
Money is best measured by its credit counterpart (C) which created it.
Financial transactions are not part of GDP.
If we want a link to GDP, we must divide money/credit into two streams:
Credit used for GDP transactions, used for the ‘real economy’
(‘real circulation credit’ = CR)
The Quantity Theory of Credit (Werner, 1992, 1997):
C
Management School
(PRY) = VR CR (PFQF) = VFCF
nominal GDP real economy credit creation asset markets financial credit creation
Real circulation credit determines nominal GDP growth
Financial circulation credit determines asset prices – leads to asset cycles and banking crises
Centre for Banking, Finance & Sustainable Development
Management School
Investment credit
(= credit for the creation of new goods and services or productivity gains)
Result: Growth without inflation, even at full employment
Case 1: Consumption credit
Result: Inflation without growth
The effect of bank credit allocation depends on
the use money is put to
Case 2: Financial credit
(= credit for transactions that do not contribute to and are not part of GDP):
Result: Asset inflation, bubbles
Management School
*
*
A significant rise in credit creation for non-GDP transactions (financial credit CF) must lead to:
- asset bubbles and busts
- banking and economic crises
from 23.8% of all loans in 1919
to over 35%
CF/C rose from about 15% at the
beginning of the 1980s to almost
twice this share
Credit for financial transactions explains boom/bust cycles and banking crises
CF/C = Share of loans to the real estate industry, construction companies and non-bank financial institutions
CF/C
Management School
Centre for Banking, Finance & Sustainable Development
Management School
*
Out-of-control CF is the problem, creating the Bubbles and Crises in Ireland, Spain
nGDP
nGDP
Chart1
Spain
1993/Q1
10.90
1.69
1986/Q1
284,605
121.88
7,819
13.38
46,995.0
605.6
1993/Q2
18.64
2.81
1986/Q2
287,647
114.00
8,382
16.48
50,379.0
571.0
1993/Q3
15.84
4.00
1986/Q3
294,803
112.91
8,267
14.44
49,686.0
593.3
1993/Q4
16.61
5.19
1986/Q4
304,850
115.36
8,986
13.66
54,004.0
564.5
1994/Q1
12.46
7.13
1987/Q1
304,242
6.90
8,650
10.62
51,987.0
585.2
1994/Q2
4.99
6.97
1987/Q2
318,532
10.74
9,183
9.55
55,191.0
577.1
1994/Q3
3.31
6.03
1987/Q3
328,970
11.59
9,332
12.88
56,085.0
586.6
1994/Q4
3.00
5.40
1987/Q4
344,281
12.93
10,245
14.02
61,572.0
559.2
1995/Q1
7.46
10.06
1988/Q1
351,766
15.62
9,739
12.59
58,534.0
601.0
1995/Q2
7.72
14.21
1988/Q2
365,291
14.68
10,287
12.02
61,826.0
590.8
1995/Q3
8.80
5.99
1988/Q3
375,893
14.26
10,434
11.81
62,710.0
599.4
1995/Q4
8.58
10.35
1988/Q4
394,189
14.50
11,188
9.20
67,244.0
586.2
1996/Q1
8.34
5.77
1989/Q1
402,844
14.52
10,955
12.48
65,841.0
611.8
1996/Q2
8.03
5.05
1989/Q2
422,522
15.67
11,511
11.90
69,184.0
610.7
1996/Q3
7.95
6.99
1989/Q3
438,350
16.62
11,673
11.87
70,156.0
624.8
1996/Q4
5.52
6.08
1989/Q4
453,430
15.03
12,530
11.99
75,307.0
602.1
1997/Q1
5.50
4.97
1990/Q1
455,058
12.96
12,101
10.46
72,729.0
625.7
1997/Q2
7.33
5.14
1990/Q2
478,123
13.16
12,798
11.18
76,919.0
621.6
1997/Q3
6.68
7.16
1990/Q3
489,677
11.71
12,768
9.38
76,735.0
638.1
1997/Q4
6.59
8.02
1990/Q4
502,082
10.73
14,316
14.25
86,042.0
583.5
1998/Q1
7.23
5.01
1991/Q1
527,368
15.89
13,403
10.76
80,556.0
654.7
1998/Q2
6.20
7.74
1991/Q2
535,110
11.92
13,990
9.31
84,079.0
636.4
1998/Q3
5.59
8.07
1991/Q3
544,494
11.19
14,187
11.11
85,266.0
638.6
1998/Q4
5.89
7.32
1991/Q4
553,768
10.29
15,424
7.74
92,698.0
597.4
1999/Q1
8.58
9.39
1992/Q1
543,438
3.05
14,987
11.82
90,073.0
603.3
1999/Q2
8.30
7.47
1992/Q2
550,445
2.87
15,146
8.26
91,027.0
604.7
1999/Q3
9.21
6.89
1992/Q3
576,423
5.86
15,256
7.54
91,689.0
628.7
1999/Q4
11.86
6.43
1992/Q4
600,747
8.48
16,006
3.77
96,197.0
624.5
2000/Q1
8.12
10.03
1993/Q1
602,664
10.90
15,241
1.69
91,601.0
657.9
2000/Q2
8.97
8.50
1993/Q2
653,035
18.64
15,572
2.81
93,591.0
697.8
2000/Q3
10.41
7.69
1993/Q3
667,726
15.84
15,867
4.00
95,362.0
700.2
2000/Q4
10.45
8.55
1993/Q4
700,533
16.61
16,837
5.19
101,192.0
692.3
2001/Q1
13.98
8.07
1994/Q1
677,733
12.46
16,328
7.13
98,131.0
690.6
2001/Q2
13.85
8.32
1994/Q2
685,599
4.99
16,658
6.97
100,119.0
684.8
2001/Q3
12.04
8.47
1994/Q3
689,839
3.31
16,824
6.03
101,112.0
682.3
2001/Q4
12.07
7.20
1994/Q4
721,554
3.00
17,746
5.40
106,653.0
676.5
2002/Q1
9.26
6.85
1995/Q1
728,274
7.46
17,970
10.06
108,003.0
674.3
2002/Q2
9.74
7.41
1995/Q2
738,539
7.72
19,025
14.21
114,344.0
645.9
2002/Q3
9.99
6.76
1995/Q3
750,553
8.80
17,832
5.99
107,170.0
700.3
2002/Q4
8.05
7.45
1995/Q4
783,469
8.58
19,582
10.35
117,688.0
665.7
2003/Q1
9.47
7.70
1996/Q1
788,991
8.34
19,007
5.77
114,235.0
690.7
2003/Q2
10.11
7.15
1996/Q2
797,880
8.03
19,985
5.05
120,114.0
664.3
2003/Q3
10.54
7.10
1996/Q3
810,207
7.95
19,078
6.99
114,660.0
706.6
2003/Q4
11.83
7.53
1996/Q4
826,712
5.52
20,773
6.08
124,846.0
662.2
2004/Q1
11.97
6.90
1997/Q1
832,367
5.50
19,952
4.97
119,913.0
694.1
2004/Q2
13.72
7.09
1997/Q2
856,350
7.33
21,012
5.14
126,283.0
678.1
2004/Q3
13.59
8.27
1997/Q3
864,356
6.68
20,444
7.16
122,870.0
703.5
2004/Q4
13.74
7.44
1997/Q4
881,160
6.59
22,438
8.02
134,855.0
653.4
2005/Q1
15.46
7.78
1998/Q1
892,538
7.23
20,951
5.01
125,920.0
708.8
2005/Q2
21.94
8.69
1998/Q2
909,470
6.20
22,638
7.74
136,059.0
668.4
2005/Q3
22.58
7.45
1998/Q3
912,701
5.59
22,094
8.07
132,785.0
687.4
2005/Q4
24.21
8.26
1998/Q4
933,036
5.89
24,081
7.32
144,729.0
644.7
2006/Q1
21.84
8.81
1999/Q1
969,116
8.58
22,918
9.39
137,739.0
703.6
2006/Q2
14.01
8.58
1999/Q2
984,957
8.30
24,330
7.47
146,227.0
673.6
2006/Q3
15.93
7.92
1999/Q3
996,746
9.21
23,617
6.89
141,943.0
702.2
2006/Q4
14.08
7.94
1999/Q4
1,043,659
11.86
25,629
6.43
154,033.0
677.6
2007/Q1
15.62
7.42
2000/Q1
1,047,813
8.12
25,216
10.03
151,152.0
693.2
2007/Q2
17.51
7.22
2000/Q2
1,073,312
8.97
26,398
8.50
158,656.0
676.5
2007/Q3
16.91
6.18
2000/Q3
1,100,554
10.41
25,434
7.69
152,903.0
719.8
2007/Q4
17.07
6.98
2000/Q4
1,152,690
10.45
27,819
8.55
167,196.0
689.4
2008/Q1
15.47
4.79
2001/Q1
1,194,289
13.98
27,251
8.07
163,955.0
728.4
2008/Q2
13.91
4.29
2001/Q2
1,221,971
13.85
28,594
8.32
171,759.0
711.4
2008/Q3
12.11
3.77
2001/Q3
1,233,082
12.04
27,587
8.47
165,507.0
745.0
2008/Q4
15.75
0.94
2001/Q4
1,291,840
12.07
29,823
7.20
179,176.0
721.0
2009/Q1
14.66
-2.69
2002/Q1
1,304,880
9.26
29,118
6.85
174,999.0
745.6
2009/Q2
11.40
-4.71
2002/Q2
1,341,015
9.74
30,713
7.41
184,581.0
726.5
2009/Q3
8.02
-4.30
2002/Q3
1,356,221
9.99
29,453
6.76
177,072.0
765.9
2009/Q4
1.11
-2.05
2002/Q4
1,395,869
8.05
32,045
7.45
192,606.0
724.7
2003/Q1
1,428,466
9.47
31,359
7.70
188,515.0
757.7
2003/Q2
1,476,563
10.11
32,908
7.15
197,799.0
746.5
2003/Q3
1,499,194
10.54
31,544
7.10
189,655.0
790.5
2003/Q4
1,560,966
11.83
34,457
7.53
207,113.0
753.7
2004/Q1
1,599,514
11.97
33,524
6.90
201,555.0
793.6
2004/Q2
1,679,117
13.72
35,241
7.09
211,850.0
792.6
2004/Q3
1,702,944
13.59
34,153
8.27
205,358.0
829.3
2004/Q4
1,775,416
13.74
37,020
7.44
222,531.0
797.8
2005/Q1
1,846,837
15.46
36,131
7.78
217,224.0
850.2
2005/Q2
2,047,565
21.94
38,305
8.69
230,274.0
889.2
2005/Q3
2,087,471
22.58
36,698
7.45
220,737.0
945.7
2005/Q4
2,205,330
24.21
40,077
8.26
241,063.0
914.8
2006/Q1
2,250,103
21.84
39,314
8.81
236,639.0
950.9
2006/Q2
2,334,369
14.01
41,593
8.58
250,333.0
932.5
2006/Q3
2,420,080
15.93
39,603
7.92
238,400.0
1015.1
2006/Q4
2,515,834
14.08
43,260
7.94
260,175.0
967.0
2007/Q1
2,601,501
15.62
42,231
7.42
253,963.0
1024.4
2007/Q2
2,743,035
17.51
44,595
7.22
267,880.0
1024.0
2007/Q3
2,829,414
16.91
42,052
6.18
252,889.0
1118.8
2007/Q4
2,945,267
17.07
46,281
6.98
278,429.0
1057.8
2008/Q1
3,003,856
15.47
44,254
4.79
265,815.0
1130.1
2008/Q2
3,124,494
13.91
46,506
4.29
279,718.0
1117.0
2008/Q3
3,172,172
12.11
43,636
3.77
261,990.0
1210.8
2008/Q4
3,409,114
15.75
46,715
0.94
280,226.0
1216.6
2009/Q1
3,444,116
14.66
43,062
-2.69
258,447.0
1332.6
2009/Q2
3,480,570
11.40
44,316
-4.71
267,269.0
1302.3
2009/Q3
3,426,650
8.02
41,760
-4.30
250,212.0
1369.5
2009/Q4
3,446,845
1.11
45,759
-2.05
271,903.0
1267.7
2010/Q1
3,443,710
-0.01
2010/Q2
3,500,098
0.56
Spain
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0
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0
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0
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Greece
0
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Bank Assets to GDP Ratio (Spain)
Private Liquidity
Private Liquidity
nGDP (mEuros)
1995/Q1
19066
1996/Q1
17.7
10.1
1981/Q2
3,309
1,127,461
1,127,461
2001/Q4
190,588
37,560
507.4
1995/Q2
19354
1996/Q2
17.8
11.4
1981/Q3
3,590
1,223,408
1,223,408
2002/Q1
186,340
38,023
490.1
1995/Q3
20317
1996/Q3
27.0
10.7
1981/Q4
3,772
1,285,411
1,285,411
2002/Q2
181,330
38,643
469.2
1995/Q4
21190
1996/Q4
16.1
7.6
1982/Q1
4,052
1,380,634
1,380,634
2002/Q3
184,528
39,555
466.5
1996/Q1
21000
10.1
1997/Q1
28.7
12.0
1982/Q2
4,515
1,538,483
36.5
36.5
1,538,483
36.5
2002/Q4
189,133
40,394
468.2
1996/Q2
21557
11.4
1997/Q2
21.8
11.0
1982/Q3
4,710
1,605,091
31.2
31.2
1,605,091
31.2
2003/Q1
191,025
41,818
456.8
1996/Q3
22485
10.7
1997/Q3
12.7
9.6
1982/Q4
5,031
1,714,306
33.4
33.4
1,714,306
33.4
2003/Q2
188,852
42,643
442.9
1996/Q4
22809
7.6
1997/Q4
11.9
10.2
1983/Q1
5,115
1,743,085
26.3
26.3
1,743,085
26.3
2003/Q3
193,904
43,576
445.0
1997/Q1
23528
12.0
1998/Q1
7.1
5.5
1983/Q2
5,325
1,814,616
17.9
17.9
1,814,616
17.9
2003/Q4
199,675
44,394
449.8
1997/Q2
23928
11.0
1998/Q2
6.5
9.3
1983/Q3
5,679
1,935,291
20.6
20.6
1,935,291
20.6
2004/Q1
201,438
45,192
445.7
1997/Q3
24649
9.6
1998/Q3
4.4
10.8
1983/Q4
6,251
2,130,126
24.3
24.3
2,130,126
24.3
2004/Q2
213,277
46,200
461.6
1997/Q4
25130
10.2
1998/Q4
25.9
9.4
1984/Q1
6,375
2,172,516
24.6
24.6
2,172,516
24.6
2004/Q3
217,516
46,808
464.7
1998/Q1
24821
5.5
1999/Q1
4.6
8.3
1984/Q2
6,755
2,301,849
26.9
26.9
2,301,849
26.9
2004/Q4
227,673
47,613
478.2
1998/Q2
26149
9.3
1999/Q2
11.7
6.0
1984/Q3
7,279
2,480,233
28.2
28.2
2,480,233
28.2
2005/Q1
229,556
47,525
483.0
1998/Q3
27318
10.8
1999/Q3
13.3
7.1
1984/Q4
8,179
2,786,966
30.8
30.8
2,786,966
30.8
2005/Q2
238,447
48,232
494.4
1998/Q4
27485
9.4
1999/Q4
1.5
4.9
1985/Q1
8,511
2,900,123
33.5
33.5
2,900,123
33.5
2005/Q3
250,446
49,277
508.2
1999/Q1
26887
8.3
2000/Q1
18.7
23.5
1985/Q2
8,855
3,017,599
31.1
31.1
3,017,599
31.1
2005/Q4
266,736
50,332
530.0
1999/Q2
27727
6.0
2000/Q2
9.3
22.1
1985/Q3
9,601
3,271,785
31.9
31.9
3,271,785
31.9
2006/Q1
272,612
51,179
532.7
1999/Q3
29251
7.1
2000/Q3
11.3
17.5
1985/Q4
10,147
3,457,852
24.1
24.1
3,457,852
24.1
2006/Q2
285,029
52,299
545.0
1999/Q4
28820
4.9
2000/Q4
10.4
21.0
1986/Q1
10,750
3,663,197
26.3
26.3
3,663,197
26.3
2006/Q3
292,445
53,109
550.6
2000/Q1
33203
23.5
2001/Q1
26.9
7.7
1986/Q2
11,383
3,878,794
28.5
28.5
3,878,794
28.5
2006/Q4
303,415
53,871
563.2
2000/Q2
33846
22.1
2001/Q2
23.9
7.1
1986/Q3
11,278
3,842,997
17.5
17.5
3,842,997
17.5
2007/Q1
315,425
55,332
570.1
2000/Q3
34357
17.5
2001/Q3
20.6
7.3
1986/Q4
12,654
4,311,984
24.7
24.7
4,311,984
24.7
2007/Q2
326,717
56,160
581.8
2000/Q4
34874
21.0
2001/Q4
24.0
7.7
1987/Q1
12,627
4,302,665
17.5
17.5
4,302,665
17.5
2007/Q3
332,891
57,062
583.4
2001/Q1
35759
7.7
2002/Q1
3.1
6.3
1987/Q2
13,201
4,498,549
16.0
16.0
4,498,549
16.0
2007/Q4
354,764
57,883
612.9
2001/Q2
36252
7.1
2002/Q2
0.1
6.6
1987/Q3
13,349
4,548,973
18.4
18.4
4,548,973
18.4
2008/Q1
362,978
58,990
615.3
2001/Q3
36857
7.3
2002/Q3
2.1
7.3
1987/Q4
14,094
4,802,698
11.4
11.4
4,802,698
11.4
2008/Q2
384,668
59,806
643.2
2001/Q4
37560
7.7
2002/Q4
-0.8
7.5
1988/Q1
14,820
5,050,094
17.4
17.4
5,050,094
17.4
2008/Q3
398,013
60,155
661.6
2002/Q1
38023
6.3
2003/Q1
2.5
10.0
1988/Q2
15,908
5,420,937
20.5
20.5
5,420,937
20.5
2008/Q4
414,698
60,190
689.0
2002/Q2
38643
6.6
2003/Q2
4.1
10.4
1988/Q3
16,832
5,735,581
26.1
26.1
5,735,581
26.1
2009/Q1
409,381
59,330
690.0
2002/Q3
39555
7.3
2003/Q3
5.1
10.2
1988/Q4
18,286
6,231,171
29.7
29.7
6,231,171
29.7
2009/Q2
420,016
59,190
709.6
2002/Q4
40394
7.5
2003/Q4
5.6
9.9
1989/Q1
18,876
6,432,245
27.4
27.4
6,432,245
27.4
2009/Q3
407,716
59,191
688.8
2003/Q1
41818
10.0
2004/Q1
5.5
8.1
1989/Q2
19,984
6,809,813
25.6
25.6
6,809,813
25.6
2009/Q4
418,649
59,782
700.3
2003/Q2
42643
10.4
2004/Q2
12.9
8.3
1989/Q3
20,695
7,052,033
23.0
23.0
7,052,033
23.0
2010/Q1
428,663
58,724
730.0
2003/Q3
43576
10.2
2004/Q3
12.2
7.4
1989/Q4
21,892
7,459,972
19.7
19.7
7,459,972
19.7
2010/Q2
473,318
58,592
807.8
2003/Q4
44394
9.9
2004/Q4
14.0
7.3
1990/Q1
22,521
7,674,128
19.3
19.3
7,674,128
19.3
2004/Q1
45192
8.1
2005/Q1
14.0
5.2
1990/Q2
23,577
8,034,117
18.0
18.0
8,034,117
18.0
2004/Q2
46200
8.3
2005/Q2
11.8
4.4
1990/Q3
24,677
8,409,086
19.2
19.2
8,409,086
19.2
2004/Q3
46808
7.4
2005/Q3
15.1
5.3
1990/Q4
25,438
8,668,248
16.2
16.2
8,668,248
16.2
2004/Q4
47613
7.3
2005/Q4
17.2
5.7
1991/Q1
25,153
8,571,311
11.7
11.7
8,571,311
11.7
2005/Q1
47525
5.2
2006/Q1
18.8
7.7
1991/Q2
26,114
8,898,667
10.8
10.8
8,898,667
10.8
2005/Q2
48232
4.4
2006/Q2
19.5
8.4
1991/Q3
27,682
9,432,905
12.2
12.2
9,432,905
12.2
2005/Q3
49277
5.3
2006/Q3
16.8
7.8
1991/Q4
30,108
10,259,631
18.4
18.4
10,259,631
18.4
2005/Q4
50332
5.7
2006/Q4
13.8
7.0
1992/Q1
31,158
10,617,364
23.9
23.9
10,617,364
23.9
2006/Q1
51179
7.7
2007/Q1
15.7
8.1
1992/Q2
32,371
11,030,699
24.0
24.0
11,030,699
24.0
2006/Q2
52299
8.4
2007/Q2
14.6
7.4
1992/Q3
33,931
11,562,394
22.6
22.6
11,562,394
22.6
2006/Q3
53109
7.8
2007/Q3
13.8
7.4
1992/Q4
36,150
12,318,553
20.1
20.1
12,318,553
20.1
2006/Q4
53871
7.0
2007/Q4
16.9
7.4
1993/Q1
35,917
12,239,145
15.3
15.3
12,239,145
15.3
2007/Q1
55332
8.1
2008/Q1
15.1
6.6
1993/Q2
38,287
13,046,712
18.3
18.3
13,046,712
18.3
2007/Q2
56160
7.4
2008/Q2
17.7
6.5
1993/Q3
40,032
13,641,428
18.0
18.0
13,641,428
18.0
2007/Q3
57062
7.4
2008/Q3
19.6
5.4
1993/Q4
42,911
14,622,381
18.7
18.7
14,622,381
18.7
2007/Q4
57883
7.4
2008/Q4
16.9
4.0
1994/Q1
42,363
14,435,596
17.9
17.9
14,435,596
17.9
2008/Q1
58990
6.6
2009/Q1
12.8
0.6
1994/Q2
44,488
15,159,784
16.2
16.2
15,159,784
16.2
2008/Q2
59806
6.5
2009/Q2
9.2
-1.0
1994/Q3
45,813
15,611,135
14.4
14.4
15,611,135
14.4
2008/Q3
60155
5.4
2009/Q3
2.4
-1.6
1994/Q4
45,256
15,421,377
5.5
5.5
15,421,377
5.5
2008/Q4
60190
4.0
2009/Q4
1.0
-0.7
1995/Q1
51,599
17,582,936
21.8
21.8
17,582,936
21.8
2009/Q1
59330
0.6
2010/Q1
4.7
-1.0
1995/Q2
54,144
18,449,969
21.7
21.7
18,449,969
21.7
2009/Q2
59190
-1.0
2010/Q2
12.7
-1.0
1995/Q3
56,332
19,195,571
23.0
23.0
19,195,571
23.0
2009/Q3
59191
-1.6
1995/Q4
60,393
20,579,418
33.4
33.4
20,579,418
33.4
2009/Q4
59782
-0.7
1996/Q1
60,752
20,701,885
17.7
17.7
20,701,885
17.7
2010/Q1
58724
-1.0
1996/Q2
63,756
21,725,514
17.8
17.8
21,725,514
17.8
2010/Q2
58592
-1.0
1996/Q3
71,524
24,372,710
27.0
27.0
24,372,710
27.0
1996/Q4
70,116
23,892,747
16.1
16.1
23,892,747
16.1
1997/Q1
78,217
26,653,382
28.7
28.7
26,653,382
28.7
1997/Q2
77,672
26,467,496
21.8
21.8
26,467,496
21.8
1997/Q3
80,583
27,459,644
12.7
12.7
27,459,644
12.7
1997/Q4
78,456
26,734,560
11.9
11.9
26,734,560
11.9
1998/Q1
83,741
28,535,691
7.1
7.1
28,535,691
7.1
1998/Q2
82,708
28,183,514
6.5
6.5
28,183,514
6.5
1998/Q3
84,168
28,681,250
4.4
4.4
28,681,250
4.4
1998/Q4
98,773
33,657,810
25.9
25.9
33,657,810
25.9
1999/Q1
87,581
29,844,920
4.6
4.6
29,844,920
4.6
1999/Q2
100,445
34,228,300
31,477,130
11.7
11.7
31,477,130
11.7
1999/Q3
101,294
34,517,700
32,488,880
13.3
13.3
32,488,880
13.3
1999/Q4
105,060
35,801,200
34,166,400
1.5
1.5
34,166,400
1.5
2000/Q1
114,000
35,433,600
18.7
18.7
35,433,600
18.7
2000/Q2
123,000
37,417,200
9.3
9.3
37,417,200
18.9
2000/Q3
124,300
38,430,700
11.3
11.3
38,430,700
18.3
2000/Q4
127,400
39,521,900
10.4
183,914
10.4
39,521,900
15.7
2001/Q1
132,000
44,981,392
132,000
26.9
26.9
44,981,392
26.9
2001/Q2
136,100
46,378,541
136,100
23.9
23.9
46,378,541
23.9
2001/Q3
136,000
46,344,464
136,000
20.6
20.6
46,344,464
20.6
2001/Q4
143,800
49,002,456
143,800
24.0
190,588
24.0
49,002,456
24.0
2002/Q1
136,100
46,378,541
136,100
3.1
186,340
3.1
46,378,541
3.1
2002/Q2
136,300
46,446,695
136,300
0.1
181,330
0.1
46,446,695
0.1
2002/Q3
138,800
47,298,615
138,800
2.1
184,528
2.1
47,298,615
2.1
2002/Q4
141,200
48,116,459
141,200
-1.8
189,133
-0.8
189,133
-99.6
2003/Q1
191,025
2.5
191,025
-99.6
2003/Q2
188,852
4.1
188,852
-99.6
2003/Q3
193,904
5.1
193,904
-99.6
2003/Q4
199,675
5.6
199,675
5.6
2004/Q1
201,438
5.5
201,438
5.5
2004/Q2
213,277
12.9
213,277
12.9
2004/Q3
217,516
12.2
217,516
12.2
2004/Q4
227,673
14.0
227,673
14.0
2005/Q1
229,556
14.0
229,556
14.0
2005/Q2
238,447
11.8
238,447
11.8
2005/Q3
250,446
15.1
250,446
15.1
2005/Q4
266,736
17.2
266,736
17.2
2006/Q1
272,612
18.8
272,612
18.8
2006/Q2
285,029
19.5
285,029
19.5
2006/Q3
292,445
16.8
292,445
16.8
2006/Q4
303,415
13.8
303,415
13.8
2007/Q1
315,425
15.7
315,425
15.7
2007/Q2
326,717
14.6
326,717
14.6
2007/Q3
332,891
13.8
332,891
13.8
2007/Q4
354,764
16.9
354,764
16.9
2008/Q1
362,978
15.1
362,978
15.1
2008/Q2
384,668
17.7
384,668
17.7
2008/Q3
398,013
19.6
398,013
19.6
2008/Q4
414,698
16.9
414,698
16.9
2009/Q1
409,381
12.8
409,381
12.8
2009/Q2
420,016
9.2
420,016
9.2
2009/Q3
407,716
2.4
407,716
2.4
2009/Q4
418,649
1.0
418,649
1.0
2010/Q1
428,663
4.7
428,663
4.7
2010/Q2
473,318
12.7
473,318
12.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bank Assets to GDP Ratio (Greece)
Centre for Banking, Finance & Sustainable Development
Management School
1995-97: over 20% credit growth
2001-2: over 30% credit growth
nGDP
Chart1
Spain
1993/Q1
10.90
1.69
1986/Q1
284,605
121.88
7,819
13.38
46,995.0
605.6
1993/Q2
18.64
2.81
1986/Q2
287,647
114.00
8,382
16.48
50,379.0
571.0
1993/Q3
15.84
4.00
1986/Q3
294,803
112.91
8,267
14.44
49,686.0
593.3
1993/Q4
16.61
5.19
1986/Q4
304,850
115.36
8,986
13.66
54,004.0
564.5
1994/Q1
12.46
7.13
1987/Q1
304,242
6.90
8,650
10.62
51,987.0
585.2
1994/Q2
4.99
6.97
1987/Q2
318,532
10.74
9,183
9.55
55,191.0
577.1
1994/Q3
3.31
6.03
1987/Q3
328,970
11.59
9,332
12.88
56,085.0
586.6
1994/Q4
3.00
5.40
1987/Q4
344,281
12.93
10,245
14.02
61,572.0
559.2
1995/Q1
7.46
10.06
1988/Q1
351,766
15.62
9,739
12.59
58,534.0
601.0
1995/Q2
7.72
14.21
1988/Q2
365,291
14.68
10,287
12.02
61,826.0
590.8
1995/Q3
8.80
5.99
1988/Q3
375,893
14.26
10,434
11.81
62,710.0
599.4
1995/Q4
8.58
10.35
1988/Q4
394,189
14.50
11,188
9.20
67,244.0
586.2
1996/Q1
8.34
5.77
1989/Q1
402,844
14.52
10,955
12.48
65,841.0
611.8
1996/Q2
8.03
5.05
1989/Q2
422,522
15.67
11,511
11.90
69,184.0
610.7
1996/Q3
7.95
6.99
1989/Q3
438,350
16.62
11,673
11.87
70,156.0
624.8
1996/Q4
5.52
6.08
1989/Q4
453,430
15.03
12,530
11.99
75,307.0
602.1
1997/Q1
5.50
4.97
1990/Q1
455,058
12.96
12,101
10.46
72,729.0
625.7
1997/Q2
7.33
5.14
1990/Q2
478,123
13.16
12,798
11.18
76,919.0
621.6
1997/Q3
6.68
7.16
1990/Q3
489,677
11.71
12,768
9.38
76,735.0
638.1
1997/Q4
6.59
8.02
1990/Q4
502,082
10.73
14,316
14.25
86,042.0
583.5
1998/Q1
7.23
5.01
1991/Q1
527,368
15.89
13,403
10.76
80,556.0
654.7
1998/Q2
6.20
7.74
1991/Q2
535,110
11.92
13,990
9.31
84,079.0
636.4
1998/Q3
5.59
8.07
1991/Q3
544,494
11.19
14,187
11.11
85,266.0
638.6
1998/Q4
5.89
7.32
1991/Q4
553,768
10.29
15,424
7.74
92,698.0
597.4
1999/Q1
8.58
9.39
1992/Q1
543,438
3.05
14,987
11.82
90,073.0
603.3
1999/Q2
8.30
7.47
1992/Q2
550,445
2.87
15,146
8.26
91,027.0
604.7
1999/Q3
9.21
6.89
1992/Q3
576,423
5.86
15,256
7.54
91,689.0
628.7
1999/Q4
11.86
6.43
1992/Q4
600,747
8.48
16,006
3.77
96,197.0
624.5
2000/Q1
8.12
10.03
1993/Q1
602,664
10.90
15,241
1.69
91,601.0
657.9
2000/Q2
8.97
8.50
1993/Q2
653,035
18.64
15,572
2.81
93,591.0
697.8
2000/Q3
10.41
7.69
1993/Q3
667,726
15.84
15,867
4.00
95,362.0
700.2
2000/Q4
10.45
8.55
1993/Q4
700,533
16.61
16,837
5.19
101,192.0
692.3
2001/Q1
13.98
8.07
1994/Q1
677,733
12.46
16,328
7.13
98,131.0
690.6
2001/Q2
13.85
8.32
1994/Q2
685,599
4.99
16,658
6.97
100,119.0
684.8
2001/Q3
12.04
8.47
1994/Q3
689,839
3.31
16,824
6.03
101,112.0
682.3
2001/Q4
12.07
7.20
1994/Q4
721,554
3.00
17,746
5.40
106,653.0
676.5
2002/Q1
9.26
6.85
1995/Q1
728,274
7.46
17,970
10.06
108,003.0
674.3
2002/Q2
9.74
7.41
1995/Q2
738,539
7.72
19,025
14.21
114,344.0
645.9
2002/Q3
9.99
6.76
1995/Q3
750,553
8.80
17,832
5.99
107,170.0
700.3
2002/Q4
8.05
7.45
1995/Q4
783,469
8.58
19,582
10.35
117,688.0
665.7
2003/Q1
9.47
7.70
1996/Q1
788,991
8.34
19,007
5.77
114,235.0
690.7
2003/Q2
10.11
7.15
1996/Q2
797,880
8.03
19,985
5.05
120,114.0
664.3
2003/Q3
10.54
7.10
1996/Q3
810,207
7.95
19,078
6.99
114,660.0
706.6
2003/Q4
11.83
7.53
1996/Q4
826,712
5.52
20,773
6.08
124,846.0
662.2
2004/Q1
11.97
6.90
1997/Q1
832,367
5.50
19,952
4.97
119,913.0
694.1
2004/Q2
13.72
7.09
1997/Q2
856,350
7.33
21,012
5.14
126,283.0
678.1
2004/Q3
13.59
8.27
1997/Q3
864,356
6.68
20,444
7.16
122,870.0
703.5
2004/Q4
13.74
7.44
1997/Q4
881,160
6.59
22,438
8.02
134,855.0
653.4
2005/Q1
15.46
7.78
1998/Q1
892,538
7.23
20,951
5.01
125,920.0
708.8
2005/Q2
21.94
8.69
1998/Q2
909,470
6.20
22,638
7.74
136,059.0
668.4
2005/Q3
22.58
7.45
1998/Q3
912,701
5.59
22,094
8.07
132,785.0
687.4
2005/Q4
24.21
8.26
1998/Q4
933,036
5.89
24,081
7.32
144,729.0
644.7
2006/Q1
21.84
8.81
1999/Q1
969,116
8.58
22,918
9.39
137,739.0
703.6
2006/Q2
14.01
8.58
1999/Q2
984,957
8.30
24,330
7.47
146,227.0
673.6
2006/Q3
15.93
7.92
1999/Q3
996,746
9.21
23,617
6.89
141,943.0
702.2
2006/Q4
14.08
7.94
1999/Q4
1,043,659
11.86
25,629
6.43
154,033.0
677.6
2007/Q1
15.62
7.42
2000/Q1
1,047,813
8.12
25,216
10.03
151,152.0
693.2
2007/Q2
17.51
7.22
2000/Q2
1,073,312
8.97
26,398
8.50
158,656.0
676.5
2007/Q3
16.91
6.18
2000/Q3
1,100,554
10.41
25,434
7.69
152,903.0
719.8
2007/Q4
17.07
6.98
2000/Q4
1,152,690
10.45
27,819
8.55
167,196.0
689.4
2008/Q1
15.47
4.79
2001/Q1
1,194,289
13.98
27,251
8.07
163,955.0
728.4
2008/Q2
13.91
4.29
2001/Q2
1,221,971
13.85
28,594
8.32
171,759.0
711.4
2008/Q3
12.11
3.77
2001/Q3
1,233,082
12.04
27,587
8.47
165,507.0
745.0
2008/Q4
15.75
0.94
2001/Q4
1,291,840
12.07
29,823
7.20
179,176.0
721.0
2009/Q1
14.66
-2.69
2002/Q1
1,304,880
9.26
29,118
6.85
174,999.0
745.6
2009/Q2
11.40
-4.71
2002/Q2
1,341,015
9.74
30,713
7.41
184,581.0
726.5
2009/Q3
8.02
-4.30
2002/Q3
1,356,221
9.99
29,453
6.76
177,072.0
765.9
2009/Q4
1.11
-2.05
2002/Q4
1,395,869
8.05
32,045
7.45
192,606.0
724.7
2003/Q1
1,428,466
9.47
31,359
7.70
188,515.0
757.7
2003/Q2
1,476,563
10.11
32,908
7.15
197,799.0
746.5
2003/Q3
1,499,194
10.54
31,544
7.10
189,655.0
790.5
2003/Q4
1,560,966
11.83
34,457
7.53
207,113.0
753.7
2004/Q1
1,599,514
11.97
33,524
6.90
201,555.0
793.6
2004/Q2
1,679,117
13.72
35,241
7.09
211,850.0
792.6
2004/Q3
1,702,944
13.59
34,153
8.27
205,358.0
829.3
2004/Q4
1,775,416
13.74
37,020
7.44
222,531.0
797.8
2005/Q1
1,846,837
15.46
36,131
7.78
217,224.0
850.2
2005/Q2
2,047,565
21.94
38,305
8.69
230,274.0
889.2
2005/Q3
2,087,471
22.58
36,698
7.45
220,737.0
945.7
2005/Q4
2,205,330
24.21
40,077
8.26
241,063.0
914.8
2006/Q1
2,250,103
21.84
39,314
8.81
236,639.0
950.9
2006/Q2
2,334,369
14.01
41,593
8.58
250,333.0
932.5
2006/Q3
2,420,080
15.93
39,603
7.92
238,400.0
1015.1
2006/Q4
2,515,834
14.08
43,260
7.94
260,175.0
967.0
2007/Q1
2,601,501
15.62
42,231
7.42
253,963.0
1024.4
2007/Q2
2,743,035
17.51
44,595
7.22
267,880.0
1024.0
2007/Q3
2,829,414
16.91
42,052
6.18
252,889.0
1118.8
2007/Q4
2,945,267
17.07
46,281
6.98
278,429.0
1057.8
2008/Q1
3,003,856
15.47
44,254
4.79
265,815.0
1130.1
2008/Q2
3,124,494
13.91
46,506
4.29
279,718.0
1117.0
2008/Q3
3,172,172
12.11
43,636
3.77
261,990.0
1210.8
2008/Q4
3,409,114
15.75
46,715
0.94
280,226.0
1216.6
2009/Q1
3,444,116
14.66
43,062
-2.69
258,447.0
1332.6
2009/Q2
3,480,570
11.40
44,316
-4.71
267,269.0
1302.3
2009/Q3
3,426,650
8.02
41,760
-4.30
250,212.0
1369.5
2009/Q4
3,446,845
1.11
45,759
-2.05
271,903.0
1267.7
2010/Q1
3,443,710
-0.01
2010/Q2
3,500,098
0.56
Spain
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Greece
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bank Assets to GDP Ratio (Spain)
Private Liquidity
Private Liquidity
nGDP (mEuros)
1995/Q1
19066
1996/Q1
17.7
10.1
1981/Q2
3,309
1,127,461
1,127,461
2001/Q4
190,588
37,560
507.4
1995/Q2
19354
1996/Q2
17.8
11.4
1981/Q3
3,590
1,223,408
1,223,408
2002/Q1
186,340
38,023
490.1
1995/Q3
20317
1996/Q3
27.0
10.7
1981/Q4
3,772
1,285,411
1,285,411
2002/Q2
181,330
38,643
469.2
1995/Q4
21190
1996/Q4
16.1
7.6
1982/Q1
4,052
1,380,634
1,380,634
2002/Q3
184,528
39,555
466.5
1996/Q1
21000
10.1
1997/Q1
28.7
12.0
1982/Q2
4,515
1,538,483
36.5
36.5
1,538,483
36.5
2002/Q4
189,133
40,394
468.2
1996/Q2
21557
11.4
1997/Q2
21.8
11.0
1982/Q3
4,710
1,605,091
31.2
31.2
1,605,091
31.2
2003/Q1
191,025
41,818
456.8
1996/Q3
22485
10.7
1997/Q3
12.7
9.6
1982/Q4
5,031
1,714,306
33.4
33.4
1,714,306
33.4
2003/Q2
188,852
42,643
442.9
1996/Q4
22809
7.6
1997/Q4
11.9
10.2
1983/Q1
5,115
1,743,085
26.3
26.3
1,743,085
26.3
2003/Q3
193,904
43,576
445.0
1997/Q1
23528
12.0
1998/Q1
7.1
5.5
1983/Q2
5,325
1,814,616
17.9
17.9
1,814,616
17.9
2003/Q4
199,675
44,394
449.8
1997/Q2
23928
11.0
1998/Q2
6.5
9.3
1983/Q3
5,679
1,935,291
20.6
20.6
1,935,291
20.6
2004/Q1
201,438
45,192
445.7
1997/Q3
24649
9.6
1998/Q3
4.4
10.8
1983/Q4
6,251
2,130,126
24.3
24.3
2,130,126
24.3
2004/Q2
213,277
46,200
461.6
1997/Q4
25130
10.2
1998/Q4
25.9
9.4
1984/Q1
6,375
2,172,516
24.6
24.6
2,172,516
24.6
2004/Q3
217,516
46,808
464.7
1998/Q1
24821
5.5
1999/Q1
4.6
8.3
1984/Q2
6,755
2,301,849
26.9
26.9
2,301,849
26.9
2004/Q4
227,673
47,613
478.2
1998/Q2
26149
9.3
1999/Q2
11.7
6.0
1984/Q3
7,279
2,480,233
28.2
28.2
2,480,233
28.2
2005/Q1
229,556
47,525
483.0
1998/Q3
27318
10.8
1999/Q3
13.3
7.1
1984/Q4
8,179
2,786,966
30.8
30.8
2,786,966
30.8
2005/Q2
238,447
48,232
494.4
1998/Q4
27485
9.4
1999/Q4
1.5
4.9
1985/Q1
8,511
2,900,123
33.5
33.5
2,900,123
33.5
2005/Q3
250,446
49,277
508.2
1999/Q1
26887
8.3
2000/Q1
18.7
23.5
1985/Q2
8,855
3,017,599
31.1
31.1
3,017,599
31.1
2005/Q4
266,736
50,332
530.0
1999/Q2
27727
6.0
2000/Q2
9.3
22.1
1985/Q3
9,601
3,271,785
31.9
31.9
3,271,785
31.9
2006/Q1
272,612
51,179
532.7
1999/Q3
29251
7.1
2000/Q3
11.3
17.5
1985/Q4
10,147
3,457,852
24.1
24.1
3,457,852
24.1
2006/Q2
285,029
52,299
545.0
1999/Q4
28820
4.9
2000/Q4
10.4
21.0
1986/Q1
10,750
3,663,197
26.3
26.3
3,663,197
26.3
2006/Q3
292,445
53,109
550.6
2000/Q1
33203
23.5
2001/Q1
26.9
7.7
1986/Q2
11,383
3,878,794
28.5
28.5
3,878,794
28.5
2006/Q4
303,415
53,871
563.2
2000/Q2
33846
22.1
2001/Q2
23.9
7.1
1986/Q3
11,278
3,842,997
17.5
17.5
3,842,997
17.5
2007/Q1
315,425
55,332
570.1
2000/Q3
34357
17.5
2001/Q3
20.6
7.3
1986/Q4
12,654
4,311,984
24.7
24.7
4,311,984
24.7
2007/Q2
326,717
56,160
581.8
2000/Q4
34874
21.0
2001/Q4
24.0
7.7
1987/Q1
12,627
4,302,665
17.5
17.5
4,302,665
17.5
2007/Q3
332,891
57,062
583.4
2001/Q1
35759
7.7
2002/Q1
3.1
6.3
1987/Q2
13,201
4,498,549
16.0
16.0
4,498,549
16.0
2007/Q4
354,764
57,883
612.9
2001/Q2
36252
7.1
2002/Q2
0.1
6.6
1987/Q3
13,349
4,548,973
18.4
18.4
4,548,973
18.4
2008/Q1
362,978
58,990
615.3
2001/Q3
36857
7.3
2002/Q3
2.1
7.3
1987/Q4
14,094
4,802,698
11.4
11.4
4,802,698
11.4
2008/Q2
384,668
59,806
643.2
2001/Q4
37560
7.7
2002/Q4
-0.8
7.5
1988/Q1
14,820
5,050,094
17.4
17.4
5,050,094
17.4
2008/Q3
398,013
60,155
661.6
2002/Q1
38023
6.3
2003/Q1
2.5
10.0
1988/Q2
15,908
5,420,937
20.5
20.5
5,420,937
20.5
2008/Q4
414,698
60,190
689.0
2002/Q2
38643
6.6
2003/Q2
4.1
10.4
1988/Q3
16,832
5,735,581
26.1
26.1
5,735,581
26.1
2009/Q1
409,381
59,330
690.0
2002/Q3
39555
7.3
2003/Q3
5.1
10.2
1988/Q4
18,286
6,231,171
29.7
29.7
6,231,171
29.7
2009/Q2
420,016
59,190
709.6
2002/Q4
40394
7.5
2003/Q4
5.6
9.9
1989/Q1
18,876
6,432,245
27.4
27.4
6,432,245
27.4
2009/Q3
407,716
59,191
688.8
2003/Q1
41818
10.0
2004/Q1
5.5
8.1
1989/Q2
19,984
6,809,813
25.6
25.6
6,809,813
25.6
2009/Q4
418,649
59,782
700.3
2003/Q2
42643
10.4
2004/Q2
12.9
8.3
1989/Q3
20,695
7,052,033
23.0
23.0
7,052,033
23.0
2010/Q1
428,663
58,724
730.0
2003/Q3
43576
10.2
2004/Q3
12.2
7.4
1989/Q4
21,892
7,459,972
19.7
19.7
7,459,972
19.7
2010/Q2
473,318
58,592
807.8
2003/Q4
44394
9.9
2004/Q4
14.0
7.3
1990/Q1
22,521
7,674,128
19.3
19.3
7,674,128
19.3
2004/Q1
45192
8.1
2005/Q1
14.0
5.2
1990/Q2
23,577
8,034,117
18.0
18.0
8,034,117
18.0
2004/Q2
46200
8.3
2005/Q2
11.8
4.4
1990/Q3
24,677
8,409,086
19.2
19.2
8,409,086
19.2
2004/Q3
46808
7.4
2005/Q3
15.1
5.3
1990/Q4
25,438
8,668,248
16.2
16.2
8,668,248
16.2
2004/Q4
47613
7.3
2005/Q4
17.2
5.7
1991/Q1
25,153
8,571,311
11.7
11.7
8,571,311
11.7
2005/Q1
47525
5.2
2006/Q1
18.8
7.7
1991/Q2
26,114
8,898,667
10.8
10.8
8,898,667
10.8
2005/Q2
48232
4.4
2006/Q2
19.5
8.4
1991/Q3
27,682
9,432,905
12.2
12.2
9,432,905
12.2
2005/Q3
49277
5.3
2006/Q3
16.8
7.8
1991/Q4
30,108
10,259,631
18.4
18.4
10,259,631
18.4
2005/Q4
50332
5.7
2006/Q4
13.8
7.0
1992/Q1
31,158
10,617,364
23.9
23.9
10,617,364
23.9
2006/Q1
51179
7.7
2007/Q1
15.7
8.1
1992/Q2
32,371
11,030,699
24.0
24.0
11,030,699
24.0
2006/Q2
52299
8.4
2007/Q2
14.6
7.4
1992/Q3
33,931
11,562,394
22.6
22.6
11,562,394
22.6
2006/Q3
53109
7.8
2007/Q3
13.8
7.4
1992/Q4
36,150
12,318,553
20.1
20.1
12,318,553
20.1
2006/Q4
53871
7.0
2007/Q4
16.9
7.4
1993/Q1
35,917
12,239,145
15.3
15.3
12,239,145
15.3
2007/Q1
55332
8.1
2008/Q1
15.1
6.6
1993/Q2
38,287
13,046,712
18.3
18.3
13,046,712
18.3
2007/Q2
56160
7.4
2008/Q2
17.7
6.5
1993/Q3
40,032
13,641,428
18.0
18.0
13,641,428
18.0
2007/Q3
57062
7.4
2008/Q3
19.6
5.4
1993/Q4
42,911
14,622,381
18.7
18.7
14,622,381
18.7
2007/Q4
57883
7.4
2008/Q4
16.9
4.0
1994/Q1
42,363
14,435,596
17.9
17.9
14,435,596
17.9
2008/Q1
58990
6.6
2009/Q1
12.8
0.6
1994/Q2
44,488
15,159,784
16.2
16.2
15,159,784
16.2
2008/Q2
59806
6.5
2009/Q2
9.2
-1.0
1994/Q3
45,813
15,611,135
14.4
14.4
15,611,135
14.4
2008/Q3
60155
5.4
2009/Q3
2.4
-1.6
1994/Q4
45,256
15,421,377
5.5
5.5
15,421,377
5.5
2008/Q4
60190
4.0
2009/Q4
1.0
-0.7
1995/Q1
51,599
17,582,936
21.8
21.8
17,582,936
21.8
2009/Q1
59330
0.6
2010/Q1
4.7
-1.0
1995/Q2
54,144
18,449,969
21.7
21.7
18,449,969
21.7
2009/Q2
59190
-1.0
2010/Q2
12.7
-1.0
1995/Q3
56,332
19,195,571
23.0
23.0
19,195,571
23.0
2009/Q3
59191
-1.6
1995/Q4
60,393
20,579,418
33.4
33.4
20,579,418
33.4
2009/Q4
59782
-0.7
1996/Q1
60,752
20,701,885
17.7
17.7
20,701,885
17.7
2010/Q1
58724
-1.0
1996/Q2
63,756
21,725,514
17.8
17.8
21,725,514
17.8
2010/Q2
58592
-1.0
1996/Q3
71,524
24,372,710
27.0
27.0
24,372,710
27.0
1996/Q4
70,116
23,892,747
16.1
16.1
23,892,747
16.1
1997/Q1
78,217
26,653,382
28.7
28.7
26,653,382
28.7
1997/Q2
77,672
26,467,496
21.8
21.8
26,467,496
21.8
1997/Q3
80,583
27,459,644
12.7
12.7
27,459,644
12.7
1997/Q4
78,456
26,734,560
11.9
11.9
26,734,560
11.9
1998/Q1
83,741
28,535,691
7.1
7.1
28,535,691
7.1
1998/Q2
82,708
28,183,514
6.5
6.5
28,183,514
6.5
1998/Q3
84,168
28,681,250
4.4
4.4
28,681,250
4.4
1998/Q4
98,773
33,657,810
25.9
25.9
33,657,810
25.9
1999/Q1
87,581
29,844,920
4.6
4.6
29,844,920
4.6
1999/Q2
100,445
34,228,300
31,477,130
11.7
11.7
31,477,130
11.7
1999/Q3
101,294
34,517,700
32,488,880
13.3
13.3
32,488,880
13.3
1999/Q4
105,060
35,801,200
34,166,400
1.5
1.5
34,166,400
1.5
2000/Q1
114,000
35,433,600
18.7
18.7
35,433,600
18.7
2000/Q2
123,000
37,417,200
9.3
9.3
37,417,200
18.9
2000/Q3
124,300
38,430,700
11.3
11.3
38,430,700
18.3
2000/Q4
127,400
39,521,900
10.4
183,914
10.4
39,521,900
15.7
2001/Q1
132,000
44,981,392
132,000
26.9
26.9
44,981,392
26.9
2001/Q2
136,100
46,378,541
136,100
23.9
23.9
46,378,541
23.9
2001/Q3
136,000
46,344,464
136,000
20.6
20.6
46,344,464
20.6
2001/Q4
143,800
49,002,456
143,800
24.0
190,588
24.0
49,002,456
24.0
2002/Q1
136,100
46,378,541
136,100
3.1
186,340
3.1
46,378,541
3.1
2002/Q2
136,300
46,446,695
136,300
0.1
181,330
0.1
46,446,695
0.1
2002/Q3
138,800
47,298,615
138,800
2.1
184,528
2.1
47,298,615
2.1
2002/Q4
141,200
48,116,459
141,200
-1.8
189,133
-0.8
189,133
-99.6
2003/Q1
191,025
2.5
191,025
-99.6
2003/Q2
188,852
4.1
188,852
-99.6
2003/Q3
193,904
5.1
193,904
-99.6
2003/Q4
199,675
5.6
199,675
5.6
2004/Q1
201,438
5.5
201,438
5.5
2004/Q2
213,277
12.9
213,277
12.9
2004/Q3
217,516
12.2
217,516
12.2
2004/Q4
227,673
14.0
227,673
14.0
2005/Q1
229,556
14.0
229,556
14.0
2005/Q2
238,447
11.8
238,447
11.8
2005/Q3
250,446
15.1
250,446
15.1
2005/Q4
266,736
17.2
266,736
17.2
2006/Q1
272,612
18.8
272,612
18.8
2006/Q2
285,029
19.5
285,029
19.5
2006/Q3
292,445
16.8
292,445
16.8
2006/Q4
303,415
13.8
303,415
13.8
2007/Q1
315,425
15.7
315,425
15.7
2007/Q2
326,717
14.6
326,717
14.6
2007/Q3
332,891
13.8
332,891
13.8
2007/Q4
354,764
16.9
354,764
16.9
2008/Q1
362,978
15.1
362,978
15.1
2008/Q2
384,668
17.7
384,668
17.7
2008/Q3
398,013
19.6
398,013
19.6
2008/Q4
414,698
16.9
414,698
16.9
2009/Q1
409,381
12.8
409,381
12.8
2009/Q2
420,016
9.2
420,016
9.2
2009/Q3
407,716
2.4
407,716
2.4
2009/Q4
418,649
1.0
418,649
1.0
2010/Q1
428,663
4.7
428,663
4.7
2010/Q2
473,318
12.7
473,318
12.7
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bank Assets to GDP Ratio (Greece)
Centre for Banking, Finance & Sustainable Development
Management School
What happened in 1993/4? And in 2000/1?
The Bank of Greece was established by League of Nations (Annex
to the Geneva Protocol of 1927) in 1928, as a Société Anonyme
In 1994, the Bank of Greece was made more independent from
the government, and monetisation of government policy stopped.
“As of 1994 the Bank of Greece no longer provides finance in any form to the public sector. …prohibition of monetary financing.” (Bank of Greece)
In 2000, the Bank of Greece was made fully independent from
the government, without democratic accountability.
In 2001, the Bank of Greece became an integral part of the ECB.
Note: the ECB is independent of and unaccountable to any
government or democratically elected assembly in Europe
*
Management School
The Great Greek Asset Bubble of 1994-2009
was created by the policy of excessive credit creation by the
Greek central bank and the ECB.
increased tax revenues and economic growth projections.
encouraged the government to overspend and undersave significantly
the bubble was unsustainable – as they always are – and thus would,
without fail, result in a banking crisis and a fiscal crisis
what happened since 2009 has been predictable and was caused
*
Management School
2001-2: over 30% credit growth
Independence from govt
1993/Q1
10.90
1.69
1986/Q1
284,605
121.88
7,819
13.38
46,995.0
605.6
1993/Q2
18.64
2.81
1986/Q2
287,647
114.00
8,382
16.48
50,379.0
571.0
1993/Q3
15.84
4.00
1986/Q3
294,803
112.91
8,267
14.44
49,686.0
593.3
1993/Q4
16.61
5.19
1986/Q4
304,850
115.36
8,986
13.66
54,004.0
564.5
1994/Q1
12.46
7.13
1987/Q1
304,242
6.90
8,650
10.62
51,987.0
585.2
1994/Q2
4.99
6.97
1987/Q2
318,532
10.74
9,183
9.55
55,191.0
577.1
1994/Q3
3.31
6.03
1987/Q3
328,970
11.59
9,332
12.88
56,085.0
586.6
1994/Q4
3.00
5.40
1987/Q4
344,281
12.93
10,245
14.02
61,572.0
559.2
1995/Q1
7.46
10.06
1988/Q1
351,766
15.62
9,739
12.59
58,534.0
601.0
1995/Q2
7.72
14.21
1988/Q2
365,291
14.68
10,287
12.02
61,826.0
590.8
1995/Q3
8.80
5.99
1988/Q3
375,893
14.26
10,434
11.81
62,710.0
599.4
1995/Q4
8.58
10.35
1988/Q4
394,189
14.50
11,188
9.20
67,244.0
586.2
1996/Q1
8.34
5.77
1989/Q1
402,844
14.52
10,955
12.48
65,841.0
611.8
1996/Q2
8.03
5.05
1989/Q2
422,522
15.67
11,511
11.90
69,184.0
610.7
1996/Q3
7.95
6.99
1989/Q3
438,350
16.62
11,673
11.87
70,156.0
624.8
1996/Q4
5.52
6.08
1989/Q4
453,430
15.03
12,530
11.99
75,307.0
602.1
1997/Q1
5.50
4.97
1990/Q1
455,058
12.96
12,101
10.46
72,729.0
625.7
1997/Q2
7.33
5.14
1990/Q2
478,123
13.16
12,798
11.18
76,919.0
621.6
1997/Q3
6.68
7.16
1990/Q3
489,677
11.71
12,768
9.38
76,735.0
638.1
1997/Q4
6.59
8.02
1990/Q4
502,082
10.73
14,316
14.25
86,042.0
583.5
1998/Q1
7.23
5.01
1991/Q1
527,368
15.89
13,403
10.76
80,556.0
654.7
1998/Q2
6.20
7.74
1991/Q2
535,110
11.92
13,990
9.31
84,079.0
636.4
1998/Q3
5.59
8.07
1991/Q3
544,494
11.19
14,187
11.11
85,266.0
638.6
1998/Q4
5.89
7.32
1991/Q4
553,768
10.29
15,424
7.74
92,698.0
597.4
1999/Q1
8.58
9.39
1992/Q1
543,438
3.05
14,987
11.82
90,073.0
603.3
1999/Q2
8.30
7.47
1992/Q2
550,445
2.87
15,146
8.26
91,027.0
604.7
1999/Q3
9.21
6.89
1992/Q3
576,423
5.86
15,256
7.54
91,689.0
628.7
1999/Q4
11.86
6.43
1992/Q4
600,747
8.48
16,006
3.77
96,197.0
624.5
2000/Q1
8.12
10.03
1993/Q1
602,664
10.90
15,241
1.69
91,601.0
657.9
2000/Q2
8.97
8.50
1993/Q2
653,035
18.64
15,572
2.81
93,591.0
697.8
2000/Q3
10.41
7.69
1993/Q3
667,726
15.84
15,867
4.00
95,362.0
700.2
2000/Q4
10.45
8.55
1993/Q4
700,533
16.61
16,837
5.19
101,192.0
692.3
2001/Q1
13.98
8.07
1994/Q1
677,733
12.46
16,328
7.13
98,131.0
690.6
2001/Q2
13.85
8.32
1994/Q2
685,599
4.99
16,658
6.97
100,119.0
684.8
2001/Q3
12.04
8.47
1994/Q3
689,839
3.31
16,824
6.03
101,112.0
682.3
2001/Q4
12.07
7.20
1994/Q4
721,554
3.00
17,746
5.40
106,653.0
676.5
2002/Q1
9.26
6.85
1995/Q1
728,274
7.46
17,970
10.06
108,003.0
674.3
2002/Q2
9.74
7.41
1995/Q2
738,539
7.72
19,025
14.21
114,344.0
645.9
2002/Q3
9.99
6.76
1995/Q3
750,553
8.80
17,832
5.99
107,170.0
700.3
2002/Q4
8.05
7.45
1995/Q4
783,469
8.58
19,582
10.35
117,688.0
665.7
2003/Q1
9.47
7.70
1996/Q1
788,991
8.34
19,007
5.77
114,235.0
690.7
2003/Q2
10.11
7.15
1996/Q2
797,880
8.03
19,985
5.05
120,114.0
664.3
2003/Q3
10.54
7.10
1996/Q3
810,207
7.95
19,078
6.99
114,660.0
706.6
2003/Q4
11.83
7.53
1996/Q4
826,712
5.52
20,773
6.08
124,846.0
662.2
2004/Q1
11.97
6.90
1997/Q1
832,367
5.50
19,952
4.97
119,913.0
694.1
2004/Q2
13.72
7.09
1997/Q2
856,350
7.33
21,012
5.14
126,283.0
678.1
2004/Q3
13.59
8.27
1997/Q3
864,356
6.68
20,444
7.16
122,870.0
703.5
2004/Q4
13.74
7.44
1997/Q4
881,160
6.59
22,438
8.02
134,855.0
653.4
2005/Q1
15.46
7.78
1998/Q1
892,538
7.23
20,951
5.01
125,920.0
708.8
2005/Q2
21.94
8.69
1998/Q2
909,470
6.20
22,638
7.74
136,059.0
668.4
2005/Q3
22.58
7.45
1998/Q3
912,701
5.59
22,094
8.07
132,785.0
687.4
2005/Q4
24.21
8.26
1998/Q4
933,036
5.89
24,081
7.32
144,729.0
644.7
2006/Q1
21.84
8.81
1999/Q1
969,116
8.58
22,918
9.39
137,739.0
703.6
2006/Q2
14.01
8.58
1999/Q2
984,957
8.30
24,330
7.47
146,227.0
673.6
2006/Q3
15.93
7.92
1999/Q3
996,746
9.21
23,617
6.89
141,943.0
702.2
2006/Q4
14.08
7.94
1999/Q4
1,043,659
11.86
25,629
6.43
154,033.0
677.6
2007/Q1
15.62
7.42
2000/Q1
1,047,813
8.12
25,216
10.03
151,152.0
693.2
2007/Q2
17.51
7.22
2000/Q2
1,073,312
8.97
26,398
8.50
158,656.0
676.5
2007/Q3
16.91
6.18
2000/Q3
1,100,554
10.41
25,434
7.69
152,903.0
719.8
2007/Q4
17.07
6.98
2000/Q4
1,152,690
10.45
27,819
8.55
167,196.0
689.4
2008/Q1
15.47
4.79
2001/Q1
1,194,289
13.98
27,251
8.07
163,955.0
728.4
2008/Q2
13.91
4.29
2001/Q2
1,221,971
13.85
28,594
8.32
171,759.0
711.4
2008/Q3
12.11
3.77
2001/Q3
1,233,082
12.04
27,587
8.47
165,507.0
745.0
2008/Q4
15.75
0.94
2001/Q4
1,291,840
12.07
29,823
7.20
179,176.0
721.0
2009/Q1
14.66
-2.69
2002/Q1
1,304,880
9.26
29,118
6.85
174,999.0
745.6
2009/Q2
11.40
-4.71
2002/Q2
1,341,015
9.74
30,713
7.41
184,581.0
726.5
2009/Q3
8.02
-4.30
2002/Q3
1,356,221
9.99
29,453
6.76
177,072.0
765.9
2009/Q4
1.11
-2.05
2002/Q4
1,395,869
8.05
32,045
7.45
192,606.0
724.7
2003/Q1
1,428,466
9.47
31,359
7.70
188,515.0
757.7
2003/Q2
1,476,563
10.11
32,908
7.15
197,799.0
746.5
2003/Q3
1,499,194
10.54
31,544
7.10
189,655.0
790.5
2003/Q4
1,560,966
11.83
34,457
7.53
207,113.0
753.7
2004/Q1
1,599,514
11.97
33,524
6.90
201,555.0
793.6
2004/Q2
1,679,117
13.72
35,241
7.09
211,850.0
792.6
2004/Q3
1,702,944
13.59
34,153
8.27
205,358.0
829.3
2004/Q4
1,775,416
13.74
37,020
7.44
222,531.0
797.8
2005/Q1
1,846,837
15.46
36,131
7.78
217,224.0
850.2
2005/Q2
2,047,565
21.94
38,305
8.69
230,274.0
889.2
2005/Q3
2,087,471
22.58
36,698
7.45
220,737.0
945.7
2005/Q4
2,205,330
24.21
40,077
8.26
241,063.0
914.8
2006/Q1
2,250,103
21.84
39,314
8.81
236,639.0
950.9
2006/Q2
2,334,369
14.01
41,593
8.58
250,333.0
932.5
2006/Q3
2,420,080
15.93
39,603
7.92
238,400.0
1015.1
2006/Q4
2,515,834
14.08
43,260
7.94
260,175.0
967.0
2007/Q1
2,601,501
15.62
42,231
7.42
253,963.0
1024.4
2007/Q2
2,743,035
17.51
44,595
7.22
267,880.0
1024.0
2007/Q3
2,829,414
16.91
42,052
6.18
252,889.0
1118.8
2007/Q4
2,945,267
17.07
46,281
6.98
278,429.0
1057.8
2008/Q1
3,003,856
15.47
44,254
4.79
265,815.0
1130.1
2008/Q2
3,124,494
13.91
46,506
4.29
279,718.0
1117.0
2008/Q3
3,172,172
12.11
43,636
3.77
261,990.0
1210.8
2008/Q4
3,409,114
15.75
46,715
0.94
280,226.0
1216.6
2009/Q1
3,444,116
14.66
43,062
-2.69
258,447.0
1332.6
2009/Q2
3,480,570
11.40
44,316
-4.71
267,269.0
1302.3
2009/Q3
3,426,650
8.02
41,760
-4.30
250,212.0
1369.5
2009/Q4
3,446,845
1.11
45,759
-2.05
271,903.0
1267.7
2010/Q1
3,443,710
-0.01
2010/Q2
3,500,098
0.56
Spain
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Greece
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Bank Assets to GDP Ratio (Spain)
Private Liquidity
Private Liquidity
nGDP (mEuros)
1995/Q1
19066
1996/Q1
17.7
10.1
1981/Q2
3,309
1,127,461
1,127,461
2001/Q4
190,588
37,560
507.4
1995/Q2
19354
1996/Q2
17.8
11.4
1981/Q3
3,590
1,223,408
1,223,408
2002/Q1
186,340
38,023
490.1
1995/Q3
20317
1996/Q3
27.0
10.7
1981/Q4
3,772
1,285,411
1,285,411
2002/Q2
181,330
38,643
469.2
1995/Q4
21190
1996/Q4
16.1
7.6
1982/Q1
4,052
1,380,634
1,380,634
2002/Q3
184,528
39,555
466.5
1996/Q1
21000
10.1
1997/Q1
28.7
12.0
1982/Q2
4,515
1,538,483
36.5
36.5
1,538,483
36.5
2002/Q4
189,133
40,394
468.2
1996/Q2
21557
11.4
1997/Q2
21.8
11.0
1982/Q3
4,710
1,605,091
31.2
31.2
1,605,091
31.2
2003/Q1
191,025
41,818
456.8
1996/Q3
22485
10.7
1997/Q3
12.7
9.6
1982/Q4
5,031
1,714,306
33.4
33.4
1,714,306
33.4
2003/Q2
188,852
42,643
442.9
1996/Q4
22809
7.6
1997/Q4
11.9
10.2
1983/Q1
5,115
1,743,085
26.3
26.3
1,743,085
26.3
2003/Q3
193,904
43,576
445.0
1997/Q1
23528
12.0
1998/Q1
7.1
5.5
1983/Q2
5,325
1,814,616
17.9
17.9
1,814,616
17.9
2003/Q4
199,675
44,394
449.8
1997/Q2
23928
11.0
1998/Q2
6.5
9.3
1983/Q3
5,679
1,935,291
20.6
20.6
1,935,291
20.6
2004/Q1
201,438
45,192
445.7
1997/Q3
24649
9.6
1998/Q3
4.4
10.8
1983/Q4
6,251
2,130,126
24.3
24.3
2,130,126
24.3
2004/Q2
213,277
46,200
461.6
1997/Q4
25130
10.2
1998/Q4
25.9
9.4
1984/Q1
6,375
2,172,516
24.6
24.6
2,172,516
24.6
2004/Q3
217,516
46,808
464.7
1998/Q1
24821
5.5
1999/Q1
4.6
8.3
1984/Q2
6,755
2,301,849
26.9
26.9
2,301,849
26.9
2004/Q4
227,673
47,613
478.2
1998/Q2
26149
9.3
1999/Q2
11.7
6.0
1984/Q3
7,279
2,480,233
28.2
28.2
2,480,233
28.2
2005/Q1
229,556
47,525
483.0
1998/Q3
27318
10.8
1999/Q3
13.3
7.1
1984/Q4
8,179
2,786,966
30.8
30.8
2,786,966
30.8
2005/Q2
238,447
48,232
494.4
1998/Q4
27485
9.4
1999/Q4
1.5
4.9
1985/Q1
8,511
2,900,123
33.5
33.5
2,900,123
33.5
2005/Q3
250,446
49,277
508.2
1999/Q1
26887
8.3
2000/Q1
18.7
23.5
1985/Q2
8,855
3,017,599
31.1
31.1
3,017,599
31.1
2005/Q4
266,736
50,332
530.0
1999/Q2
27727
6.0
2000/Q2
9.3
22.1
1985/Q3
9,601
3,271,785
31.9
31.9
3,271,785
31.9
2006/Q1
272,612
51,179
532.7
1999/Q3
29251
7.1
2000/Q3
11.3
17.5
1985/Q4
10,147
3,457,852
24.1
24.1
3,457,852
24.1
2006/Q2
285,029
52,299
545.0
1999/Q4
28820
4.9
2000/Q4
10.4
21.0
1986/Q1
10,750
3,663,197
26.3
26.3
3,663,197
26.3
2006/Q3
292,445
53,109
550.6
2000/Q1
33203
23.5
2001/Q1
26.9
7.7
1986/Q2
11,383
3,878,794
28.5
28.5
3,878,794
28.5
2006/Q4
303,415
53,871
563.2
2000/Q2
33846
22.1
2001/Q2
23.9
7.1
1986/Q3
11,278
3,842,997
17.5
17.5
3,842,997
17.5
2007/Q1
315,425
55,332
570.1
2000/Q3
34357
17.5
2001/Q3
20.6
7.3
1986/Q4
12,654
4,311,984
24.7
24.7
4,311,984
24.7
2007/Q2
326,717
56,160
581.8
2000/Q4
34874
21.0
2001/Q4
24.0
7.7
1987/Q1
12,627
4,302,665
17.5
17.5
4,302,665
17.5
2007/Q3
332,891
57,062
583.4
2001/Q1
35759
7.7
2002/Q1
3.1
6.3
1987/Q2
13,201
4,498,549
16.0
16.0
4,498,549
16.0
2007/Q4
354,764
57,883
612.9
2001/Q2
36252
7.1
2002/Q2
0.1
6.6
1987/Q3
13,349
4,548,973
18.4
18.4
4,548,973
18.4
2008/Q1
362,978
58,990
615.3
2001/Q3
36857
7.3
2002/Q3
2.1
7.3
1987/Q4
14,094
4,802,698
11.4
11.4
4,802,698
11.4
2008/Q2
384,668
59,806
643.2
2001/Q4
37560
7.7
2002/Q4
-0.8
7.5
1988/Q1
14,820
5,050,094
17.4
17.4
5,050,094
17.4
2008/Q3
398,013
60,155
661.6
2002/Q1
38023
6.3
2003/Q1
2.5
10.0
1988/Q2
15,908
5,420,937
20.5
20.5
5,420,937
20.5
2008/Q4
414,698
60,190
689.0
2002/Q2
38643
6.6
2003/Q2
4.1
10.4
1988/Q3
16,832
5,735,581
26.1
26.1
5,735,581
26.1
2009/Q1
409,381
59,330
690.0
2002/Q3
39555
7.3
2003/Q3
5.1
10.2
1988/Q4
18,286
6,231,171
29.7
29.7
6,231,171
29.7
2009/Q2
420,016
59,190
709.6
2002/Q4
40394
7.5
2003/Q4
5.6
9.9
1989/Q1
18,876
6,432,245
27.4
27.4
6,432,245
27.4
2009/Q3
407,716
59,191
688.8
2003/Q1
41818
10.0
2004/Q1
5.5
8.1
1989/Q2
19,984
6,809,813
25.6
25.6
6,809,813
25.6
2009/Q4
418,649
59,782
700.3
2003/Q2
42643
10.4
2004/Q2
12.9
8.3
1989/Q3
20,695
7,052,033
23.0
23.0
7,052,033
23.0
2010/Q1
428,663
58,724
730.0
2003/Q3
43576
10.2
2004/Q3
12.2
7.4
1989/Q4
21,892
7,459,972
19.7
19.7
7,459,972
19.7
2010/Q2
473,318
58,592
807.8
2003/Q4
44394
9.9
2004/Q4
14.0
7.3
1990/Q1
22,521
7,674,128
19.3
19.3
7,674,128
19.3
2004/Q1
45192
8.1
2005/Q1
14.0
5.2
1990/Q2
23,577
8,034,117
18.0
18.0
8,034,117
18.0
2004/Q2
46200
8.3
2005/Q2
11.8
4.4
1990/Q3
24,677
8,409,086
19.2
19.2
8,409,086
19.2
2004/Q3
46808
7.4
2005/Q3
15.1
5.3
1990/Q4
25,438
8,668,248
16.2
16.2
8,668,248
16.2
2004/Q4
47613
7.3
2005/Q4
17.2
5.7
1991/Q1
25,153
8,571,311
11.7
11.7
8,571,311
11.7
2005/Q1
47525
5.2
2006/Q1
18.8
7.7
1991/Q2
26,114
8,898,667
10.8
10.8
8,898,667
10.8
2005/Q2
48232
4.4
2006/Q2
19.5
8.4
1991/Q3
27,682
9,432,905
12.2
12.2
9,432,905
12.2
2005/Q3
49277
5.3
2006/Q3
16.8
7.8
1991/Q4
30,108
10,259,631
18.4
18.4
10,259,631
18.4
2005/Q4
50332
5.7
2006/Q4
13.8
7.0
1992/Q1
31,158
10,617,364
23.9
23.9
10,617,364
23.9
2006/Q1
51179
7.7
2007/Q1
15.7
8.1
1992/Q2
32,371
11,030,699
24.0
24.0
11,030,699
24.0
2006/Q2
52299
8.4
2007/Q2
14.6
7.4
1992/Q3
33,931
11,562,394
22.6
22.6
11,562,394
22.6
2006/Q3
53109
7.8
2007/Q3
13.8
7.4
1992/Q4
36,150
12,318,553
20.1
20.1
12,318,553
20.1
2006/Q4
53871
7.0
2007/Q4
16.9
7.4
1993/Q1
35,917
12,239,145
15.3
15.3
12,239,145
15.3
2007/Q1
55332
8.1
2008/Q1
15.1
6.6
1993/Q2
38,287
13,046,712
18.3
18.3
13,046,712
18.3
2007/Q2
56160
7.4
2008/Q2
17.7
6.5
1993/Q3
40,032
13,641,428
18.0
18.0
13,641,428
18.0
2007/Q3
57062
7.4
2008/Q3
19.6
5.4
1993/Q4
42,911
14,622,381
18.7
18.7
14,622,381
18.7
2007/Q4
57883
7.4
2008/Q4
16.9
4.0
1994/Q1
42,363
14,435,596
17.9
17.9
14,435,596
17.9
2008/Q1
58990
6.6
2009/Q1
12.8
0.6
1994/Q2
44,488
15,159,784
16.2
16.2
15,159,784
16.2
2008/Q2
59806
6.5
2009/Q2
9.2
-1.0
1994/Q3
45,813
15,611,135
14.4
14.4
15,611,135
14.4
2008/Q3
60155
5.4
2009/Q3
2.4
-1.6
1994/Q4
45,256
15,421,377
5.5
5.5
15,421,377
5.5
2008/Q4
60190
4.0
2009/Q4
1.0
-0.7
1995/Q1
51,599
17,582,936
21.8
21.8
17,582,936
21.8
2009/Q1
59330
0.6
2010/Q1
4.7
-1.0
1995/Q2
54,144
18,449,969
21.7
21.7
18,449,969
21.7
2009/Q2
59190
-1.0
2010/Q2
12.7
-1.0
1995/Q3
56,332
19,195,571
23.0
23.0
19,195,571
23.0
2009/Q3
59191
-1.6
1995/Q4
60,393
20,579,418
33.4
33.4
20,579,418
33.4
2009/Q4
59782
-0.7
1996/Q1
60,752
20,701,885
17.7
17.7
20,701,885
17.7
2010/Q1
58724
-1.0
1996/Q2
63,756
21,725,514
17.8
17.8
21,725,514
17.8
2010/Q2
58592
-1.0
1996/Q3
71,524
24,372,710
27.0
27.0
24,372,710
27.0
1996/Q4
70,116
23,892,747
16.1
16.1
23,892,747
16.1
1997/Q1
78,217
26,653,382
28.7
28.7
26,653,382
28.7
1997/Q2
77,672
26,467,496
21.8
21.8
26,467,496
21.8
1997/Q3
80,583
27,459,644
12.7
12.7
27,459,644
12.7
1997/Q4
78,456
26,734,560
11.9
11.9
26,734,560
11.9
1998/Q1
83,741
28,535,691
7.1
7.1
28,535,691
7.1
1998/Q2
82,708
28,183,514
6.5
6.5
28,183,514
6.5
1998/Q3
84,168
28,681,250
4.4
4.4
28,681,250
4.4
1998/Q4
98,773
33,657,810
25.9
25.9
33,657,810
25.