Adding the Domestic Private Sector Financial Balance

35
Adding the Domestic Private Sector Financial Balance Fiscal Surplus Current Account Surplus Fiscal Deficit Current Account Deficit Domestic Private Sector Financial Balance = 0 DPSFB = CUB - GFB

Transcript of Adding the Domestic Private Sector Financial Balance

Page 1: Adding the Domestic Private Sector Financial Balance

Adding the Domestic Private Sector Financial Balance

Fiscal Surplus

Current AccountSurplus

Fiscal Deficit

Current AccountDeficit

Domestic Private SectorFinancial Balance = 0

DPSFB = CUB - GFB

Page 2: Adding the Domestic Private Sector Financial Balance

-15% -13% -11% -9% -7% -5% -3% -1% 1% 3% 5%

-15%

-13%

-11%

-9%

-7%

-5%

-3%

-1%

1%

3%

5%

19961997

19981999

20002001

2002

200320042005

2006

2007

20082009

2010

2011

Portugal

Unemployment >= 7.5%

Unemployment < 7.5%

Private Sector Balance = 0

Current Account Deficit Current Account Surplus

Govern

ment

Defi

cit

G

overn

ment

Surp

lus

Page 3: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

Portugal

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 4: Adding the Domestic Private Sector Financial Balance

-4% -3% -2% -1% 0% 1% 2% 3% 4%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

2006

2007

2008

19961997

19981999

2000

2001

20022003

20042005

2009

2010

2011

Italy

Unemployment >= 7.5%

Unemployment < 7.5%

Private Sector Balance = 0Current Account Deficit

Current Account Surplus

Govern

ment

Defi

cit

Gov-

ern

ment

Surp

lus

Page 5: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-10%

-5%

0%

5%

10%

15%

Italy

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 6: Adding the Domestic Private Sector Financial Balance

-8% -6% -4% -2% 0% 2% 4%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

19992000

2001

200220032004

2005

2006

2007

2008

Ireland

Unemployment >= 7.5%Unemployment < 7.5%Private Sector Balance = 0

Current Account Deficit Current Account Surplus

Govern

ment

Defi

cit

Govern

ment

Surp

lus

Page 7: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Ireland

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 8: Adding the Domestic Private Sector Financial Balance

-16% -14% -12% -10% -8% -6% -4% -2% 0%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

1996

1997

1998

1999

20002001

20022003

2004

2005

20062007

2008

2009

2010

2011

Greece

Unemployment >= 7.5%Private Sector Balance = 0

Current Account Deficit

Govern

ment

Defi

cit

Page 9: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-20%

-15%

-10%

-5%

0%

5%

10%

Greece

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 10: Adding the Domestic Private Sector Financial Balance

-12% -10% -8% -6% -4% -2% 0% 2%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

1996

1997

19981999

20002001

20022003

20042005

2006

2007 2008

2009

2010

2011

Spain

Unemployment >= 7.5%Private Sector Balance = 0Series5

Current Account Deficit Current Account Surplus

Govern

ment

Defi

cit

G

overn

ment

Surp

lus

Page 11: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-15%

-10%

-5%

0%

5%

10%

Spain

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 12: Adding the Domestic Private Sector Financial Balance

-4% -2% 0% 2% 4% 6% 8%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

2010

2011

1997

1998

1999

2000

2001

2002

2003

20042005

2006

2007

2008

2009

Germany

Unemployment >= 7.5%Unemployment < 7.5%Private Sector Balance = 0

Current Account Deficit Current Account Surplus

Govern

ment

Defi

cit

G

overn

ment

Surp

lus

Page 13: Adding the Domestic Private Sector Financial Balance

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Germany

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 14: Adding the Domestic Private Sector Financial Balance

-4% -3% -2% -1% 0%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

5%

1997

1998

1999

2000

2001

2002

2003

20042005

2006

2007 2008

United Kingdom

Unemployment >= 7.5%Unemployment < 7.5%Private Sector Balance = 0

Page 15: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-15%

-10%

-5%

0%

5%

10%

15%

United Kingdom

Government BalancePrivate Sector Balance

Year

Perc

ent

of

GD

P

Page 16: Adding the Domestic Private Sector Financial Balance

-1% 0% 1% 2% 3% 4% 5% 6%

-13%

-11%

-9%

-7%

-5%

-3%

-1%

1%

19961997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

20082009

2010

2011

Japan

Unemployment < 7.5%Private Sector Balance = 0

Current Account Surplus

Govern

ment

Defi

cit

Page 17: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-15%

-10%

-5%

0%

5%

10%

15%

20%

Japan

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 18: Adding the Domestic Private Sector Financial Balance

-7% -6% -5% -4% -3% -2% -1% 0% 1%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

1996

1997

1998

19992000

2001

2002

2003

20042005

2006

20072008

United States

Unemployment >= 7.5%Unemployment < 7.5%Private Sector Balance = 0

Current Account Deficit

Govern

ment

Defi

cit

Govern

ment

Surp

lus

Page 19: Adding the Domestic Private Sector Financial Balance

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

-15%

-10%

-5%

0%

5%

10%

United States

Government BalancePrivate Balance

Year

Perc

ent

of

GD

P

Page 20: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

Current Account 1996P

erc

ent

of

GD

P

Page 21: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Current Account 1997P

erc

ent

of

GD

P

Page 22: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Current Account 1998P

erc

ent

of

GD

P

Page 23: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Current Account 1999P

erc

ent

of

GD

P

Page 24: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Current Account 2000P

erc

ent

of

GD

P

Page 25: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Current Account 2001P

erc

ent

of

GD

P

Page 26: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Current Account 2002P

erc

ent

of

GD

P

Page 27: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-7.0%

-6.0%

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

Current Account 2003P

erc

ent

of

GD

P

Page 28: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Current Account 2004P

erc

ent

of

GD

P

Page 29: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Current Account 2005P

erc

ent

of

GD

P

Page 30: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Current Account 2006P

erc

ent

of

GD

P

Page 31: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Current Account 2007P

erc

ent

of

GD

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Page 32: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

Current Account 2008P

erc

ent

of

GD

P

Page 33: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-14.0%

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

Current Account 2009P

erc

ent

of

GD

P

Page 34: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Current Account 2010P

erc

ent

of

GD

P

Page 35: Adding the Domestic Private Sector Financial Balance

Portugal Italy Ireland Greece Spain Germany France

-12.0%

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

Current Account 2011P

erc

ent

of

GD

P