The crisis in figures  (OECD & other sources)
The OECD area goes into recession at the end of 2008 www.oecd.org/crisisresponse /38
The fall in GDP gathers speed in early 2009 in most countries www.oecd.org/crisisresponse /38
…  partly driven by the decline in gross fixed investment www.oecd.org/crisisresponse /38
Monetary policy rates are very close to zero in most major OECD countries at the end of 2008 Note: The dark line represent...
Unconventional measures have led to significant expansion of central banks’ balance sheets Size of central banks’ balance ...
Budget balances will deteriorate markedly in all OECD member countries except Iceland in 2009 & 2010 Budget balances  (as ...
Unemployment is rising sharply   www.oecd.org/crisisresponse /38
Unemployment rises steeply in recessions and may not recover to previous levels www.oecd.org/crisisresponse /38
Unemployment rises steeply in recessions and may not recover to previous levels www.oecd.org/crisisresponse /38
During recessions, Research & Development expenditures drop more severely than GDP  www.oecd.org/crisisresponse /38
Industrial production continues to plunge in most OECD countries   Industrial Production 12-month rate of change www.oecd....
Housing starts collapsed or slowed dramatically Index 2005=100, Seasonally adjusted  www.oecd.org/crisisresponse /38
Leading Indicators signal continued slowdown for some economies… www.oecd.org/crisisresponse /38
…  but a possible trough for others by mid-2009  www.oecd.org/crisisresponse /38
OECD Business Cycle Clock I US and Japan continue to slow down www.oecd.org/crisisresponse /38
OECD Business Cycle Clock II  Recession in France and Italy may start easing in mid-2009   www.oecd.org/crisisresponse /38
US households starting to feel more optimistic about their standard of living…   www.oecd.org/crisisresponse /38
…  and their well-being   www.oecd.org/crisisresponse /38
US consumer spending stabilises in Spring 2009 after falling for a year  www.oecd.org/crisisresponse /38
Business and consumer confidence rising but still a long way to go   Confidence Indicators Long term average = 100 www.oec...
Inflation rates stable or lower thanks to falling energy prices Consumer prices, 12-month rate of change www.oecd.org/cris...
Unit labour costs still rising in fourth quarter of 2008 in all OECD countries except Korea www.oecd.org/crisisresponse /38
China’s stock market rebounds first   www.oecd.org/crisisresponse /38
US real estate prices back to pre-2003 levels after peaking in 2006   www.oecd.org/crisisresponse /38
UK real estates start to pick up and are still higher than historical levels www.oecd.org/crisisresponse /38
Stock market volatility reverting to historical levels after Lehman Brothers collapse sparks unprecedented spike   www.oec...
Spread on short-term interest rates soars to record levels then eases US TED Spread (LIBOR 3-month rate minus 3-month T-bi...
Securitisation, a driver of the crisis, on the retreat since first quarter of 2008… www.oecd.org/crisisresponse /38
… partly due to lower mortgage securitisation  www.oecd.org/crisisresponse /38
The exponential growth in outstanding Credit Default Swaps suddenly stopped in mid-2008…   www.oecd.org/crisisresponse /38
… and US commercial paper funding is contracting US commercial paper outstanding, billions USD (Source: Federal Reserve)  ...
The price of international shipments of raw materials rebounds after hitting an all-time low   Baltic Dry Index (Source: B...
Yen appreciates by 20% against the dollar in 4 months to 17 December 2008 then loses ground  www.oecd.org/crisisresponse /38
Euro depreciates 20% against the dollar from July 2008 to end October 2008, then strengthens   www.oecd.org/crisisresponse...
Collapse of merchandise exports in fourth quarter of 2008 www.oecd.org/crisisresponse 36/38
Collapse of merchandise imports in fourth quarter of 2008 www.oecd.org/crisisresponse /38
The fall in total merchandise trade eases off Total merchandise trade, US$ billion, seasonally adjusted www.oecd.org/crisi...
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The financial crisis in numbers

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A selection of graphs illustrating the crisis.

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Transcript of "The financial crisis in numbers"

  1. 1. The crisis in figures (OECD & other sources)
  2. 2. The OECD area goes into recession at the end of 2008 www.oecd.org/crisisresponse /38
  3. 3. The fall in GDP gathers speed in early 2009 in most countries www.oecd.org/crisisresponse /38
  4. 4. … partly driven by the decline in gross fixed investment www.oecd.org/crisisresponse /38
  5. 5. Monetary policy rates are very close to zero in most major OECD countries at the end of 2008 Note: The dark line represents the main policy rate of the central banks. The light line plots the overnight rate. Source: Bloomberg, Bank of Japan, Datastream, ECB. Main Policy and Overnight rates www.oecd.org/crisisresponse /38
  6. 6. Unconventional measures have led to significant expansion of central banks’ balance sheets Size of central banks’ balance sheets Source: Datastream www.oecd.org/crisisresponse /38
  7. 7. Budget balances will deteriorate markedly in all OECD member countries except Iceland in 2009 & 2010 Budget balances (as % of GDP) www.oecd.org/crisisresponse /38
  8. 8. Unemployment is rising sharply www.oecd.org/crisisresponse /38
  9. 9. Unemployment rises steeply in recessions and may not recover to previous levels www.oecd.org/crisisresponse /38
  10. 10. Unemployment rises steeply in recessions and may not recover to previous levels www.oecd.org/crisisresponse /38
  11. 11. During recessions, Research & Development expenditures drop more severely than GDP www.oecd.org/crisisresponse /38
  12. 12. Industrial production continues to plunge in most OECD countries Industrial Production 12-month rate of change www.oecd.org/crisisresponse /38
  13. 13. Housing starts collapsed or slowed dramatically Index 2005=100, Seasonally adjusted www.oecd.org/crisisresponse /38
  14. 14. Leading Indicators signal continued slowdown for some economies… www.oecd.org/crisisresponse /38
  15. 15. … but a possible trough for others by mid-2009 www.oecd.org/crisisresponse /38
  16. 16. OECD Business Cycle Clock I US and Japan continue to slow down www.oecd.org/crisisresponse /38
  17. 17. OECD Business Cycle Clock II Recession in France and Italy may start easing in mid-2009 www.oecd.org/crisisresponse /38
  18. 18. US households starting to feel more optimistic about their standard of living… www.oecd.org/crisisresponse /38
  19. 19. … and their well-being www.oecd.org/crisisresponse /38
  20. 20. US consumer spending stabilises in Spring 2009 after falling for a year www.oecd.org/crisisresponse /38
  21. 21. Business and consumer confidence rising but still a long way to go Confidence Indicators Long term average = 100 www.oecd.org/crisisresponse /38
  22. 22. Inflation rates stable or lower thanks to falling energy prices Consumer prices, 12-month rate of change www.oecd.org/crisisresponse /38
  23. 23. Unit labour costs still rising in fourth quarter of 2008 in all OECD countries except Korea www.oecd.org/crisisresponse /38
  24. 24. China’s stock market rebounds first www.oecd.org/crisisresponse /38
  25. 25. US real estate prices back to pre-2003 levels after peaking in 2006 www.oecd.org/crisisresponse /38
  26. 26. UK real estates start to pick up and are still higher than historical levels www.oecd.org/crisisresponse /38
  27. 27. Stock market volatility reverting to historical levels after Lehman Brothers collapse sparks unprecedented spike www.oecd.org/crisisresponse /38
  28. 28. Spread on short-term interest rates soars to record levels then eases US TED Spread (LIBOR 3-month rate minus 3-month T-bill rate) (Source: Bloomberg) 15 Sept, 2008 Lehman Brothers files for bankruptcy www.oecd.org/crisisresponse /38
  29. 29. Securitisation, a driver of the crisis, on the retreat since first quarter of 2008… www.oecd.org/crisisresponse /38
  30. 30. … partly due to lower mortgage securitisation www.oecd.org/crisisresponse /38
  31. 31. The exponential growth in outstanding Credit Default Swaps suddenly stopped in mid-2008… www.oecd.org/crisisresponse /38
  32. 32. … and US commercial paper funding is contracting US commercial paper outstanding, billions USD (Source: Federal Reserve) www.oecd.org/crisisresponse /38
  33. 33. The price of international shipments of raw materials rebounds after hitting an all-time low Baltic Dry Index (Source: Bloomberg) 5 Dec 2008 www.oecd.org/crisisresponse /38
  34. 34. Yen appreciates by 20% against the dollar in 4 months to 17 December 2008 then loses ground www.oecd.org/crisisresponse /38
  35. 35. Euro depreciates 20% against the dollar from July 2008 to end October 2008, then strengthens www.oecd.org/crisisresponse /38
  36. 36. Collapse of merchandise exports in fourth quarter of 2008 www.oecd.org/crisisresponse 36/38
  37. 37. Collapse of merchandise imports in fourth quarter of 2008 www.oecd.org/crisisresponse /38
  38. 38. The fall in total merchandise trade eases off Total merchandise trade, US$ billion, seasonally adjusted www.oecd.org/crisisresponse /38
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