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IETSupplement Cross-CountryComparison August 2011 Contents Page 2 10 23 32 40 50 62 66 72 81 87 91 Output and Growth Productivity Labor Markets Measures of Inflation Government Finance International Accounts Foreign Exchange Reserves Exchange Rates Monetary Aggregates Interest Rates Stock Exchange Indices Notes and Sources Conventions used in this publication: 1. Charts and tables contain data that were current through July 2011. Unless otherwise indicated, data are quarterly. 2. The percent change refers to the percent change from the same period in the previous year. For example, the percent change in x between quarter t – 4 and the current quarter t is: [(xt /x t – 4)–1] ×100. 3. All data with significant seasonal patterns are adjusted accordingly. Dear Reader, To serve you better, we have expanded International Economic Trends to include data on six important emerging markets: Brazil, China, India, Korea, Mexico, and Russia. We welcome your comments addressed to: Editor, International Economic Trends Research Division Federal Reserve Bank of St. Louis P.O. Box 442 St. Louis, MO 63166-0442 or to: stlsFRED@stls.frb.org Thank you, Chris Neely, Editor, International Economic Trends IET Supplement is published by the Research Division of the Federal Reserve Bank of St. Louis. Visit the Research Division’s website at research.stlouisfed.org/publications/IETsupplement to download this publication or register for e-mail notification updates. For more information on data in this publication, please call (314) 444-8590. IET Supplement Cross-Country Comparison Real Gross Domestic Product for Canada, Japan, United Kingdom, and United States Percent change from year ago 8 6 4 2 0 -2 -4 -6 -8 -10 -12 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 2 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Gross Domestic Product for Euro Area, France, Germany, and Italy Percent change from year ago 6 4 2 0 -2 -4 -6 -8 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 3 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Gross Domestic Product for Mexico, Brazil, and Russia Percent change from year ago 15 12 9 6 3 0 -3 -6 -9 -12 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 4 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Gross Domestic Product for Korea, India, and China Percent change from year ago 15 12 9 6 3 0 -3 -6 -9 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 08 China 09 09 10 10 11 11 12 1 Annual Data Research Division 5 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Nominal Gross Domestic Product for Canada, Japan, United Kingdom, and United States Percent change from year ago 12 9 6 3 0 -3 -6 -9 -12 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 6 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Nominal Gross Domestic Product for Euro Area, France, Germany, and Italy Percent change from year ago 12 9 6 3 0 -3 -6 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 7 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Nominal Gross Domestic Product for Mexico, Brazil, and Russia Percent change from year ago 40 30 20 10 0 -10 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 8 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Nominal Gross Domestic Product for Korea, India, and China Percent change from year ago 30 25 20 15 10 5 0 -5 -10 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 China Research Division 9 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Industrial Production for Canada, Japan, United Kingdom, and United States Percent change from year ago 30 15 0 -15 -30 -45 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 10 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Industrial Production for Euro Area, France, Germany, and Italy Percent change from year ago 15 10 5 0 -5 -10 -15 -20 -25 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 11 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Industrial Production for Mexico, Brazil, and Russia Percent change from year ago 30 15 0 -15 -30 -45 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 12 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Industrial Production for Korea, India, and China Percent change from year ago 30 20 10 0 -10 -20 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 China Research Division 13 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Retail Sales for Canada, Japan, United Kingdom, and United States Percent change from year ago 20 16 12 8 4 0 -4 -8 -12 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 14 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Retail Sales for Euro Area, France, Germany, and Italy Percent change from year ago 12 8 4 0 -4 -8 -12 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 15 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Retail Sales for Mexico, Brazil, Russia, Korea, and China Percent change from year ago 30 20 10 0 -10 -20 -30 94 94 95 95 96 Mexico 96 97 97 98 98 99 99 Brazil 00 00 01 01 02 02 03 03 Russia 04 04 05 05 06 06 07 Korea 07 08 08 09 09 10 10 11 11 12 China Research Division 16 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Capacity Utilization for Canada, Japan, United Kingdom, and United States Percent 110 100 90 80 70 60 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 02 02 03 Japan (2000 = 100) 03 04 04 05 05 06 06 07 United Kingdom 07 08 08 09 09 10 10 11 11 12 United States Research Division 17 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Capacity Utilization for Euro Area, France, Germany, and Italy Percent 95 90 85 80 75 70 65 60 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 18 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Capacity Utilization for Mexico, Brazil, Korea, and China Percent 110 100 90 80 70 60 94 94 95 95 96 96 97 97 Mexico 98 98 99 99 00 00 01 01 Brazil 02 02 03 03 04 04 05 05 06 Korea 06 07 07 08 08 09 09 10 10 11 11 12 China Research Division 19 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Output per Worker for Canada, Japan, United Kingdom, and United States Percent change from year ago 6 4 2 0 -2 -4 -6 -8 -10 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 20 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Output per Worker for Euro Area, France, Germany, and Italy Percent change from year ago 6 4 2 0 -2 -4 -6 -8 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 21 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Output per Worker for Mexico, Brazil, Russia, and Korea Percent change from year ago 12 8 4 0 -4 -8 -12 -16 94 94 95 95 96 96 97 97 Mexico 98 98 99 99 00 00 01 01 Brazil 02 02 03 03 04 04 05 05 Russia 06 06 07 07 08 08 09 09 10 10 11 11 12 Korea Research Division 22 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Earnings for Canada, Japan, United Kingdom, and United States Percent change from year ago 8 6 4 2 0 -2 -4 -6 -8 -10 94 94 95 95 96 96 97 97 Canada 1 Hourly Earnings, 2 Monthly Earnings, 3 98 98 1 99 99 00 00 01 01 Japan 02 2 02 03 03 04 04 05 05 06 06 United Kingdom 07 3 07 08 08 09 09 10 10 United States 11 11 12 1 Weekly Earnings Research Division 23 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Hourly Earnings for Euro Area, France, Germany, and Italy Percent change from year ago 8 6 4 2 0 -2 -4 -6 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 24 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Earnings for Mexico, Brazil, Russia, Korea, and China Percent change from year ago 60 45 30 15 0 -15 -30 94 94 95 95 96 Mexico 1 Hourly Earnings, 2 96 1 97 97 98 98 99 99 Brazil 00 2 00 01 01 02 02 03 03 Russia 2 04 04 05 05 06 06 07 07 Korea 2 08 08 09 09 10 10 11 China 11 12 2 Monthly Earnings Research Division 25 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Employment for Canada, Japan, United Kingdom, and United States Percent change from year ago 5 4 3 2 1 0 -1 -2 -3 -4 -5 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 26 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Employment for Euro Area, France, Germany, and Italy Percent change from year ago 5 4 3 2 1 0 -1 -2 -3 -4 -5 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 27 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Employment for Mexico, Brazil, Russia, and Korea Percent change from year ago 20 15 10 5 0 -5 -10 94 94 95 95 96 96 97 97 Mexico 98 98 99 99 00 00 01 01 Brazil 02 02 03 03 04 04 05 05 Russia 06 06 07 07 08 08 09 09 10 10 11 11 12 Korea Research Division 28 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Unemployment Rate for Canada, Japan, United Kingdom, and United States Percent 12 11 10 9 8 7 6 5 4 3 2 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 29 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Unemployment Rate for Euro Area, France, Germany, and Italy Percent 12 11 10 9 8 7 6 5 4 3 2 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 30 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Unemployment Rate for Mexico, Brazil, Russia, and Korea Percent change from year ago 14 12 10 8 6 4 2 94 94 95 95 96 96 97 97 Mexico 98 98 99 99 00 00 01 01 Brazil 02 02 03 03 04 04 05 05 Russia 06 06 07 07 08 08 09 09 10 10 11 11 12 Korea Research Division 31 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Consumer Price Index for Canada, Japan, United Kingdom, and United States Percent change from year ago 6 4 2 0 -2 -4 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 32 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Consumer Price Index for Euro Area, France, Germany, and Italy Percent change from year ago 6 4 2 0 -2 -4 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 33 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Consumer Price Index for Mexico, Brazil, and Russia Percent change from year ago 30 300 25 250 20 200 15 150 10 100 5 50 0 0 94 94 95 95 96 96 97 97 98 98 99 99 00 00 Mexico 1 Left Scale, 2 1 01 01 02 02 03 03 04 04 Brazil 1 05 05 06 06 07 07 08 08 Russia 09 09 10 10 11 11 12 2 Right Scale Research Division 34 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Consumer Price Index for Korea, India, and China Percent change from year ago 30 25 20 15 10 5 0 -5 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 China Research Division 35 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Producer Price Index for Canada, Japan, United Kingdom, and United States Percent change from year ago 14 12 10 8 6 4 2 0 -2 -4 -6 -8 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 36 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Producer Price Index for Euro Area, France, Germany, and Italy Percent change from year ago 10 8 6 4 2 0 -2 -4 -6 -8 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 37 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Producer Price Index for Mexico, Brazil, and Russia Percent change from year ago 70 60 50 40 30 20 10 0 -10 -20 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 38 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Producer Price Index for Korea, India, and China Percent change from year ago 20 15 10 5 0 -5 -10 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 China 08 09 09 10 10 11 11 12 1 Annual Data Research Division 39 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Gross Debt for Canada, Japan, United Kingdom, and United States Percent of GDP, annual data 210 190 170 150 130 110 90 70 50 30 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 40 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Gross Debt for Euro Area, France, Germany, and Italy Percent of GDP, annual data 160 140 120 100 80 60 40 20 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 41 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Net Debt for Canada, Japan, United Kingdom, and United States Percent of GDP, annual data 120 100 80 60 40 20 0 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 42 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Net Debt for Euro Area, France, Germany, and Italy Percent of GDP, annual data 120 100 80 60 40 20 0 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 43 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Debt for Mexico, Brazil, and Russia Percent of GDP 160 120 80 40 0 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 44 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Debt for Korea, India, and China Percent of GDP 90 80 70 60 50 40 30 20 10 0 93 93 94 94 95 95 96 96 97 97 98 98 99 Korea 99 00 00 01 01 02 02 03 India 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 China Research Division 45 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Budget Balance for Canada, Japan, United Kingdom, and United States Percent of GDP, annual data 4 0 -4 -8 -12 93 93 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 00 Japan 01 01 02 02 03 03 04 04 05 05 United Kingdom 06 06 07 07 08 08 09 09 10 10 11 United States Research Division 46 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Budget Balance for Euro Area, France, Germany, and Italy Percent of GDP, annual data 4 0 -4 -8 -12 93 93 94 94 95 95 96 96 97 Euro Area 97 98 98 99 99 00 00 France 01 01 02 02 03 03 04 04 05 Germany 05 06 06 07 07 08 08 09 09 10 10 11 Italy Research Division 47 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Budget Balance for Mexico, Brazil, and Russia Percent of GDP, annual data 15 10 5 0 -5 -10 93 93 94 94 95 95 96 96 97 97 98 98 Mexico 1 99 99 1 00 00 01 01 02 02 03 Brazil 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 Russia Quarterly data. Research Division 48 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Government Budget Balance for Korea, India, and China Percent of GDP 10 5 0 -5 -10 -15 93 93 94 94 95 95 96 96 97 97 98 98 99 Korea 99 00 00 01 01 02 02 03 India 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 China Research Division 49 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Imports of Goods and Services for Canada, Japan, United Kingdom, and United States Percent of GDP 50 40 30 20 10 0 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 50 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Imports of Goods and Services for Euro Area, France, Germany, and Italy Percent of GDP 50 40 30 20 10 0 94 94 95 95 96 96 97 97 98 Euro Area 1 1 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Imports of Goods Only Research Division 51 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Imports of Goods and Services for Mexico, Brazil, and Russia Percent of GDP 35 30 25 20 15 10 5 0 94 94 95 95 96 96 97 97 98 98 99 99 Mexico 1 00 00 1 01 01 02 02 03 03 04 04 Brazil 1 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Imports of Goods Only Research Division 52 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Imports of Goods for Korea, India, and China Percent of GDP 25 70 20 60 15 50 10 40 5 30 0 20 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 Left Scale, 2 00 2 01 01 02 02 03 03 04 04 India 1 05 05 06 06 07 07 08 08 China 09 09 10 10 11 11 12 1 Right Scale Research Division 53 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Exports of Goods and Services for Canada, Japan, United Kingdom, and United States Percent of GDP 50 40 30 20 10 0 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 54 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Exports of Goods and Services for Euro Area, France, Germany, and Italy Percent of GDP 50 40 30 20 10 0 94 94 95 95 96 96 97 97 98 Euro Area 1 1 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Exports of Goods Only Research Division 55 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Exports of Goods and Services for Mexico, Brazil, and Russia Percent of GDP 40 35 30 25 20 15 10 5 0 94 94 95 95 96 96 97 97 98 98 99 99 Mexico 1 00 00 1 01 01 02 02 03 03 04 04 Brazil 1 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Exports of Goods Only Research Division 56 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison International Trade - Exports of Goods for Korea, India, and China Percent of GDP 20 60 15 50 10 40 5 30 0 20 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 Left Scale, 2 00 2 01 01 02 02 03 03 04 04 India 1 05 05 06 06 07 07 08 08 China 09 09 10 10 11 11 12 1 Right Scale Research Division 57 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Current Account Balance for Canada, Japan, United Kingdom, and United States Percent of GDP 8 6 4 2 0 -2 -4 -6 -8 94 94 95 95 96 96 97 97 Canada 98 98 99 99 00 00 01 01 Japan 02 02 03 03 04 04 05 05 06 06 United Kingdom 07 07 08 08 09 09 10 10 11 11 12 United States Research Division 58 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Current Account Balance for Euro Area, France, Germany, and Italy Percent of GDP 10 8 6 4 2 0 -2 -4 -6 -8 94 94 95 95 96 96 97 97 98 Euro Area 98 99 99 00 00 01 01 France 02 02 03 03 04 04 05 05 06 Germany 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 59 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Current Account Balance for Mexico, Brazil, and Russia Percent of GDP 16 12 8 4 0 -4 -8 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 60 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Current Account Balance for Korea, India, and China Percent of GDP 20 15 10 5 0 -5 -10 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 00 01 01 02 02 03 03 04 04 India 1 05 05 06 06 07 07 08 China 08 09 09 10 10 11 11 12 1 Annual Data Research Division 61 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Foreign Exchange Reserves for Canada, Japan, United Kingdom, and United States Billions of US$ Billions of US$ 120 1200 100 1000 80 800 60 600 40 400 20 200 0 0 94 94 95 95 96 96 97 97 Canada 1 Left Scale, 2 98 1 98 99 99 00 00 01 01 Japan 02 2 02 03 03 04 04 05 05 06 06 07 07 United Kingdom 1 08 08 09 09 10 10 11 11 United States 12 1 Right Scale Research Division 62 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Foreign Exchange Reserves for France, Germany, and Italy Billions of US$ 120 100 80 60 40 20 0 94 94 95 95 96 96 97 97 98 98 99 99 00 France 00 01 01 02 02 03 03 04 04 Germany 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Italy Research Division 63 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Foreign Exchange Reserves for Mexico, Brazil, and Russia Billions of US$ 600 500 400 300 200 100 0 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 64 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Foreign Exchange Reserves for Korea, India, and China Billions of US$ 350 3500 300 3000 250 2500 200 2000 150 1500 100 1000 50 500 0 0 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 Left Scale, 2 00 1 01 01 02 02 03 03 04 04 India 1 05 05 06 06 07 07 08 08 China 09 09 10 10 11 11 12 2 Right Scale Research Division 65 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Effective Exchange Rate for Canada, Euro Area, Japan, United Kingdom, and United States Index 2005 = 100 180 160 140 120 100 80 60 94 94 95 95 96 96 Canada 97 97 98 98 99 99 00 Euro Area 00 01 01 02 02 03 03 Japan 04 04 05 05 06 06 07 07 08 United Kingdom 08 09 09 10 10 11 11 12 United States Research Division 66 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Effective Exchange Rate for Mexico, Brazil, and Russia Index 2005 = 100 170 150 130 110 90 70 50 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 67 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Real Effective Exchange Rate for Korea, India, and China Index 2005 = 100 130 120 110 100 90 80 70 60 50 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 China Research Division 68 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Exchange Rates for Canada, Euro Area, Japan, United Kingdom, and United States Per US$ Per US$ 1.75 165 1.50 150 1.25 135 1.00 120 0.75 105 0.50 90 0.25 75 0.00 60 94 94 95 95 96 96 Canada 1 Canadian dollar, Left Scale, 2 97 97 98 1 euro, Left Scale, 98 99 99 00 00 Euro Area 3 01 01 02 02 03 2 Japanese yen, Right Scale, 03 Japan 4 UK pound, Left Scale, 5 04 04 05 05 06 06 3 07 07 08 08 United Kingdom 4 09 09 10 10 11 11 12 United States 5 US TWEX, March 1973=100, Right Scale Research Division 69 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Exchange Rates for Mexico, Brazil, and Russia Per US$ 40 35 30 25 20 15 10 5 0 94 94 95 95 96 96 97 97 98 98 99 99 00 00 1 Mexico 1 Mexican peso, 2 Brazilian real, 3 01 01 02 02 03 03 04 04 Brazil 2 05 05 06 06 07 07 08 Russia 08 09 09 10 10 11 11 12 3 Russian ruble Research Division 70 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Exchange Rates for Korea, India, and China Per US$ 70 1450 60 1350 50 1250 40 1150 30 1050 20 950 10 850 0 750 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 1 Korean won, Right Scale, 2 Indian rupee, Left Scale, 3 00 1 01 01 02 02 03 03 04 04 India 2 05 05 06 06 07 07 08 08 China 09 09 10 10 11 11 12 3 Chinese yuan, Left Scale Research Division 71 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Reserve Money for Canada, Japan, United Kingdom, and United States Percent change from year ago 125 100 75 50 25 0 -25 94 94 95 95 96 96 97 97 Canada 1 Reserve Money, 2 Adjusted Monetary Base, 3 98 98 99 99 00 00 1 01 01 Japan 02 2 02 03 03 04 04 05 05 06 06 United Kingdom 07 3 07 08 08 09 09 10 10 United States 11 11 12 2 Coins and Notes in Circulation Research Division 72 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Monetary Base for Mexico, Brazil, and Russia Percent change from year ago 150 125 100 75 50 25 0 -25 -50 94 94 95 95 96 96 97 97 98 98 99 99 00 Mexico 00 01 01 02 02 03 03 04 Brazil 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 Russia Research Division 73 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Reserve Money for Korea, India, and China Percent change from year ago 50 40 30 20 10 0 -10 -20 -30 94 94 95 95 96 96 97 97 98 98 99 99 00 Korea 00 01 01 02 02 03 03 04 India 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 China Research Division 74 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Narrow Money for Canada, Euro Area, Japan, United Kingdom, and United States Percent change from year ago 35 30 25 20 15 10 5 0 -5 94 94 95 95 96 96 Canada 1 M1B, 2 M1, 3 M2, 4 1 97 97 98 98 99 99 00 00 Euro Area 2 01 01 02 02 03 03 Japan 2 04 04 05 05 06 06 07 07 08 United Kingdom 3 08 09 09 10 10 11 11 United States 12 4 MZM Research Division 75 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Narrow Money for Mexico, Brazil, and Russia Percent change from year ago 70 60 50 40 30 20 10 0 -10 -20 94 94 95 95 96 96 97 97 98 98 99 99 00 00 1 Mexico 1 01 01 02 02 03 03 04 04 Brazil 1 05 05 06 06 07 07 08 Russia 08 09 09 10 10 11 11 12 1 M1 Research Division 76 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Narrow Money for Korea, India, and China Percent change from year ago 40 30 20 10 0 -10 -20 94 94 95 95 96 96 97 97 98 98 99 99 Korea 1 00 00 1 01 01 02 02 03 03 04 04 India 1 05 05 06 06 07 07 08 China 08 09 09 10 10 11 11 12 1 M1 Research Division 77 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Broad Money for Canada, Euro Area, Japan, United Kingdom, and United States Percent change from year ago 20 15 10 5 0 -5 94 94 95 95 96 96 Canada 1 M2, 2 M3, 3 1 97 97 98 98 99 99 00 00 Euro Area 2 01 01 02 02 03 03 Japan 1 04 04 05 05 06 06 07 07 08 United Kingdom 3 08 09 09 10 10 11 11 United States 12 1 M4 Research Division 78 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Broad Money for Mexico, Brazil, and Russia Percent change from year ago 70 60 50 40 30 20 10 0 -10 -20 94 94 95 95 96 96 97 97 98 98 99 99 00 00 1 Mexico 1 M3, 2 01 01 02 02 03 03 04 04 Brazil 1 05 05 06 06 07 07 08 Russia 08 09 09 10 10 11 11 12 2 M2 Research Division 79 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Broad Money for Korea, India, and China Percent change from year ago 30 25 20 15 10 5 0 94 94 95 95 96 96 97 97 98 98 99 99 Korea 1 M2, 2 00 00 1 01 01 02 02 03 03 04 04 India 2 05 05 06 06 07 07 08 China 08 09 09 10 10 11 11 12 1 M3 Research Division 80 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Short-Term Interest Rates for Canada, Euro Area, Japan, United Kingdom, and United States Percent 12 10 8 6 4 2 0 94 94 95 95 96 96 Canada 1 90-Day Prime Corporate Paper, 97 97 98 98 1 2 99 99 Euro Area 90-Day Deposits, 3 3-Month CDs, 00 00 4 01 01 02 2 02 03 03 Japan 3 04 04 05 05 06 06 07 07 08 United Kingdom 4 08 09 09 10 10 11 11 United States 12 3 3-Month Interbank Loans Research Division 81 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Short-Term Interest Rates for Mexico, Brazil, and Russia Percent 70 60 50 40 30 20 10 0 94 94 95 95 96 96 97 97 98 98 99 99 00 00 1 Mexico 1 3-Month T-Bill, 2 31-Day or longer T-Bill, 3 01 01 02 02 03 03 04 04 Brazil 2 05 05 06 06 07 07 08 Russia 08 09 09 10 10 11 11 12 3 1-3 Month Interbank Rate Research Division 82 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Short-Term Interest Rates for Korea, India, and China Percent 35 30 25 20 15 10 5 0 94 94 95 95 96 96 97 97 98 98 99 99 Korea 1 91-Day CD, 2 Bombay Interbank Money Market Rate, 3 00 00 1 01 01 02 02 03 03 04 04 India 2 05 05 06 06 07 07 08 China 08 09 09 10 10 11 11 12 3 3-Month Bill Research Division 83 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Long-Term Interest Rates for Canada, Japan, United Kingdom, and United States Percent 14 12 10 8 6 4 2 0 94 94 95 95 96 96 97 97 Canada 1 10-Year Government Bonds, 2 98 98 99 99 00 1 00 01 01 Japan 02 1 02 03 03 04 04 05 05 06 06 United Kingdom 07 1 07 08 08 09 09 10 10 United States 11 11 12 2 Composite of Long-Term Government Bonds Research Division 84 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Long-Term Interest Rates for Euro Area, France, Germany, and Italy Percent 14 12 10 8 6 4 2 0 94 94 95 95 96 96 97 97 Euro Area 1 98 98 99 99 00 00 01 1 Weighted Average of 10-Year Government Bonds, 01 France 2 10-Year Benchmark Bonds, 3 02 02 03 03 04 04 2 7- to 15-Year Public Sector Bonds, 05 05 06 Germany 4 3 06 07 07 08 08 09 09 Italy 10 10 11 11 12 4 Government Bonds, 15- to 20-Year through 1990 and 10-Year starting in 1991 Research Division 85 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Long-Term Interest Rates for Mexico, Brazil, Russia, and Korea Percent 30 120 25 100 20 80 15 60 10 40 5 20 0 0 94 94 95 95 96 96 97 97 Mexico 1 98 98 99 1 Composite of Long-Term Government Bonds, Right Scale, 99 00 00 01 01 Brazil 2 unspecified, Left Scale, 3 02 02 03 03 04 04 05 2 10-Year Government Bonds,Right Scale, 05 06 06 07 07 08 08 09 3 Russia 4 09 10 10 Korea 11 11 12 4 10-Year Government Bonds, Left Scale Research Division 86 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Stock Exchange Indices for Canada, Japan, United Kingdom, and United States Index 2005 = 100 150 125 100 75 50 25 0 94 94 95 95 96 96 97 97 Canada 1 Toronto Stock Exchange 2 98 98 1 99 99 00 00 01 01 Japan 3 Tokyo Stock Exchange Financial Times Stock Exchange 4 02 02 03 03 2 04 04 05 05 06 06 United Kingdom 07 3 07 08 08 09 09 10 10 United States 11 11 12 4 New York Stock Exchange Research Division 87 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Stock Exchange Indices for Euro Area, France, Germany, and Italy Index 2005 = 100 175 150 125 100 75 50 25 0 94 94 95 95 96 96 97 97 Euro Area 1 SM Dow Jones EURO STOXX , 2 SBF 250, 3 98 98 99 99 00 1 CDAX, 00 01 01 France 4 02 2 02 03 03 04 04 05 05 06 Germany 3 06 07 07 08 08 09 09 Italy 10 10 11 11 12 4 Milan Stock Exchange Research Division 88 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Stock Exchange Indices for Mexico, Brazil, and Russia Index 2005 = 100 300 250 200 150 100 50 0 94 94 95 95 96 96 97 97 98 98 99 99 00 00 1 Mexico 1 Mexican IPC, 2 Brazilian Stock Exchange, 3 01 01 02 02 03 03 04 04 Brazil 2 05 05 06 06 07 07 08 Russia 08 09 09 10 10 11 11 12 3 Russian MICEX Research Division 89 Federal Reserve Bank of St. Louis IET Supplement Cross-Country Comparison Stock Exchange Indices for Korea, India, and China Index 2005 = 100 500 450 400 350 300 250 200 150 100 50 0 94 94 95 95 96 96 97 97 98 98 99 99 Korea 1 KCE KOSPI, 2 Indian Stock Exchange, 3 00 00 1 01 01 02 02 03 03 04 04 India 2 05 05 06 06 07 07 08 China 08 09 09 10 10 11 11 12 3 Shanghai Composite Research Division 90 Federal Reserve Bank of St. Louis Notes and Sources Notes Euro-Area Data: Euro-area countries are Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia, and Spain. Data series are break adjusted and include all euro area countries for the full sample, with these exceptions: Series for interest rates are not break adjusted. Euro-area interest rates prior to December 1998 are calculated on the basis of national government yields weighted by GDP. Starting in 1999, short-term rates are euro interbank offered rates. Long-term rates are calculated on the basis of national government bond yields weighted by the nominal outstanding amounts of government bonds in each maturity band. The euro/dollar exchange rate used in the chart on page 69 is a synthetic rate prior to January 1999. This is constructed by calculating a weighted average of the exchange rates of the euro-area countries, excluding Greece and Luxembourg, against the dollar. The weights are based on 1997 GDP shares. German Data: As a result of reunification, data for all of Germany are now incorporated in the statistical series. The starting periods for unified German data are listed below. Care should be exercised when interpreting the data around these break periods. Third quarter 1992: capacity utilization. Capacity Utilization covers the manufacturing sector for Canada, China, France, Japan, Korea, Mexico, Russia, the United Kingdom, the United States, and the euro area; manufacturing excluding food, beverage, and tobacco for Germany; mining and manufacturing for Italy; installed capacity utilization for Brazil. Consumer Price Index is for all items. The current index is based on goods and services consumed by all individuals for Brazil, Canada, India, Mexico, and Russia; all multi-person households excluding those mainly engaged in agriculture, forestry, and fisheries for Japan; all households except pensioners dependent on state pension and high income households for the United Kingdom; all households except farming and fishing for Korea; all urban households for the United States; all urban and rural residents for China. Data for the euro area, France, Germany, and Italy are based on the harmonized index of consumer prices. Current Account Balance is the sum of merchandise and service exports and income receipts on domestic assets abroad minus the sum of merchandise and service imports and income payments from foreign assets in the domestic economy plus net unilateral transfers. Earnings are based on hourly earnings in manufacturing for Canada, Germany, the United States, and the euro area; hourly earnings in manufacturing excluding construction for France, hourly earnings in industry for Italy; hourly earnings for Mexico, monthly earnings in manufacturing for Brazil, China, Japan, and Russia; monthly earnings for wage earners in manufacturing for Korea, and weekly earnings in manufacturing for the United Kingdom. German real earnings data prior to 2007 are not strictly comparable with the new figures: Before 2007, gross hourly earnings covered full-time wage earners only. Since the first quarter of 2007, the data refer to the index of gross hourly earnings (excluding extra payments) of full-time wage earners and salaried employees. The Exchange Rate for all countries except the United States is expressed as units of local currency per U.S. dollar. For the United States the trade-weighted exchange rate, TWEX, is used. This is a weighted average of the exchange value of the U.S. dollar relative to the major international currencies—the euro, Canadian dollar, Japanese yen, British pound, Swiss franc, Australian dollar, and Swedish kronor. Prior to 1999, the currencies of the euro-area countries (with the exception of Greece) are used instead of the euro. Real Effective Exchange Rate uses normalized unit labor costs in manufacturing. The weighting scheme used to construct the rates, for all except the euro area, is based on disaggregated data for trade among 21 industrial countries in manufactured goods for 2005. For the euro area the weights relate to the trade of the euro area with the other countries. The weights reflect the relative importance of a country’s trading partners in its direct bilateral trade relations Research Division Federal Reserve Bank of St. Louis IET Supplement and competition in third markets. Normalized unit labor costs in manufacturing are calculated by dividing an index of actual hourly compensation per worker by a five-year moving average index of output per man-hour. Employment data refer to civilian employment for Canada, Germany, Italy, Japan, Korea, Russia, and the United States; industrial employment for France; and total employment for Brazil, the euro area, Mexico, and the United Kingdom. Foreign Exchange Reserve data are end of period. The dollar value of reserves may fluctuate as a result of changes in reserve holdings and/or changes in the value of the currencies held vis-à-vis the U.S. dollar. Government Budget Balance is the difference between general government current receipts and total outlays. Total outlays consist of current expenditures and net capital expenditures. Gross Government Debt incorporates all financial liabilities of the general government sector. The general government sector consolidates the accounts of the central, state, local, and social security sectors. Net Government Debt measures the gross financial liabilities of the general government sector less the financial assets of the general government sector. For China and India general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. This includes debt liabilities in the form of SDRs, currency and deposits, debt securities, loans, insurance, pensions and standardized guarantee schemes, and other accounts payable. Industrial Production measures the change in the volume of output in the mining, manufacturing, oil, electricity, gas, and water industries. Long-Term Interest Rate data refer to the government bond rate. The government bond rate is a composite of yields on federal government bonds with maturities of more than 10 years for Mexico and the United States; long-term public and semi-public sector bonds for France; 7- to 15-year public sector bonds for Germany; 15- to 20-year government bonds through 1990 and 10year government bonds starting in 1991 for Italy; and 10-year government bonds for Canada, the euro area, Japan, Korea, Russia, and the United Kingdom. Reserve Money data refer to the adjusted monetary base for Japan and the United States; monetary base for Brazil, Canada, Mexico, Russia; and M0 for the United Kingdom. Reserve Money is currency in circulation, deposits of the deposit money banks, and demand deposits of other residents (with the exception of the central government) with the monetary authority. Adjusted Monetary Base Japan: currency in circulation and current deposits at the Bank of Japan. United States: the sum of currency in circulation outside Federal Reserve banks and the U.S. Treasury, deposits of depository financial institutions at Federal Reserve banks, and an adjustment for the effects of changes in statutory reserve requirements on the quantity of base money held by depositories. Notes and Coins in Circulation United Kingdom: After reforming the rules governing bank reserves, the Bank of England discontinued its M0 series in May 2006 because the data would not be comparable to previous data. IET now presents a related series, “Notes and Coins in Circulation,” in place of M0. The Bank of England directs interested parties to “Publication of narrow money data: the implication of money market reform” in its Autumn 2005 Quarterly Bulletin (http://www.bankofengland.co.uk/publications/quarterlybulletin/ qb050304.pdf). M1 Japan: cash, currency in circulation, and deposit money. Euro area: currency in circulation and overnight deposits. Brazil: notes and coins held by public, and demand deposits. China: currency in circulation, and demand deposits. India: currency in circulation and demand deposits at monetary institutions. Korea: currency in circulation and demand deposits at monetary institutions. Mexico: notes, coins, cheque accounts held by public, denominated in Pesos or in foreign currency, and interest accounts in Pesos. Russia: money outside bank and demand deposits in the banking system. M1B Canada: currency outside banks, chartered bank checkable deposits, less inter-bank checkable deposits. 91 IET Supplement MZM United States: currency in circulation, travelers’ checks, total publicly-held checkable deposits minus cash items in the process of collection and Federal Reserve float, savings deposits, shares in retail money market mutual funds (funds with initial investments of less than $50,000), net of retirement accounts, and institutional money market mutual funds. M2 Canada: currency outside banks, chartered bank demand and notice deposits, chartered bank personal term deposits, adjustments to M2 (continuity adjustments and inter-bank demand and notice deposits). United Kingdom: currency in circulation and sterling retail deposits with the U.K. banks and building societies. United States: MZM less institutional money market mutual funds plus small denomination (less than $100,000) time deposits. Brazil: M1 plus open market funds, short-term fixed-yield funds, short-term financial investment funds, remunerated special deposits and bonds of the federal government, states, and municipalities, held by the non-financial public entities. China: M1 plus quasi-money (time deposits and savings deposits and other deposits). Korea: M1 plus time and savings deposits and residents’ deposits in foreign currency at deposit money banks. Russia: M1 plus quasi-money (bank system deposits that cannot be directly used for making payments and are less liquid than M1) This include time deposits in national currency and all deposits in foreign currency. M2 + CDs Japan: M1 plus private deposits, public deposits less demand deposits, and certificates of deposit. M3 Euro area: M1 plus deposits with a maturity up to 2 years, deposits redeemable at notice up to 3 months, repurchase agreements, money market funds, and debt securities up to 2 years. India: M1 plus post office savings, bank deposits and residents’ deposits in foreign currency at deposit money banks, and other time deposits with banks. Mexico: M1 plus residents’ possessions of other bank deposits, securities issued by the Federal Government, securities issued by private entities and the retirement saving funds, plus bank deposits and Federal Government securities in the hand of non residents. M4 United Kingdom: M2 plus wholesale deposits with the U.K. banks and building societies. Output Per Worker is the ratio of real GDP to employment. Producer Price Index covers manufacturing for Canada and the United Kingdom; and total industry for Japan and the United States. Data for the euro area, France, Germany, and Italy are based on the harmonized index of total industry excluding construction. Retail Sales are based on a volume index. Stock Exchange Index refers to all share prices except for the United Kingdom, which excludes financial firms. Unemployment Rate is the standardized unemployment rate. It is the percentage of the civilian labor force that is unemployed. The unemployed are all persons of working age who are without work, readily available for work, and actively seeking work. The standardized rate may differ from the national unemployment rate calculations. Notes and Sources Sources Abbreviations Board of Governors of the Federal Reserve System (BOG) Bureau of Economic Analysis, U.S. Department of Commerce (BEA) Bureau of Labor Statistics, U.S. Department of Labor (BLS) International Monetary Fund, International Financial Statistics (IMF) World Economic Outlook (WEO) Organization for Economic Cooperation and Development, Economic Outlook (OECD1) Main Economic Indicators (OECD2) National Accounts Quarterly (OECD3) Canada Bank of Canada: M1B and M2. BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, real effective exchange rate, and reserve money. OECD1: gross government debt, net government debt, and budget balance. OECD2: capacity utilization, consumer price index, current account balance, GDP, hourly earnings, industrial production, interest rates, producer price index, retail sales, stock exchange index, and unemployment rate. Statistics Canada: employment. Euro Area European Central Bank: current account balance and employment . Eurostat: capacity utilization, consumer price index, GDP, interest rates, merchandise trade, producer price index, and retail sales. Haver Analytics: synthetic euro exchange rate. IMF: real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: hourly earnings, industrial production, M1, M3, stock exchange index, and unemployment. France BOG: exchange rate. Eurostat: capacity utilization, consumer price index, and producer price index. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. Institut National de la Statistique et des Etudes Economiques: employment. OECD1: gross government debt, net government debt, and budget balance. OECD2: current account balance, GDP, hourly earnings, industrial production, retail sales, interest rates, stock exchange index, and unemployment. Germany BOG: exchange rate. Bundesanstalt Fur Arbeit: employment. Eurostat: capacity utilization, consumer price index, and producer price index. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: current account balance, GDP, hourly earnings, industrial production, M1, M3, retail sales, interest rates, stock exchange index, and unemployment. Italy BOG: exchange rate. Eurostat: capacity utilization, consumer price index, and producer price index. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. Instituto Nazionale di Statistica: employment. OECD1: gross government debt, net government debt, and budget balance. OECD2: current account balance, GDP, hourly earnings, industrial production, long-term interest rates, retail sales, stock exchange index, and unemployment. Japan Bank of Japan: adjusted monetary base and long-term interest rate. BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. 92 Research Division Federal Reserve Bank of St. Louis Notes and Sources OECD2: capacity utilization, consumer price index, current account balance, employment, GDP, hourly earnings, industrial production, M1, M2, producer price index, retail sales, short-term interest rate, stock exchange index, and unemployment. United Kingdom BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: capacity utilization, consumer price index, current account balance, GDP, industrial production, interest rates, M2, M4, producer price index, retail sales, stock exchange index, unemployment, and weekly earnings. U.K. Office for National Statistics: employment and Notes and Coins in Circulation. United States BOG: capacity utilization, exchange rate, industrial production index, M2, and interest rates. BEA: GDP, current account balance, merchandise and service trade, and retail sales. BLS: employment, consumer price index, and producer price index. Federal Reserve Bank of St. Louis: adjusted monetary base and MZM. IMF: foreign exchange reserves and real effective exchange rate. OECD1: gross government debt, net government debt, and budget balance. OECD2: hourly earnings, stock exchange index, and unemployment. Brazil Banco Central Do Brazil: capacity utilization, employment, gross government debt, and long-term interest rate. BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, monetary base, producer price index, and short-term interest rate. OECD1: budget balance. OECD2: consumer price index, current account balance, GDP, industrial production, M1, M3, monthly earnings, real effective exchange rate, retail sales, stock exchange index, and unemployment. IET Supplement India IMF: foreign exchange reserves, reserve money, and short-term interest rate. OECD1: budget balance. OECD2: consumer price index, exchange rate, GDP, industrial production, M1, M3, merchandise trade, producer price index, real effective exchange rate, and stock exchange index. WEO: current account as a percentage of GDP and government debt. Korea BOG: exchange rate. IMF: foreign exchange reserves, merchandise and service trade, monthly earnings, and reserve money. OECD1: gross government debt and budget balance. OECD2: capacity utilization, consumer price index, current account, employment, GDP, industrial production, interest rates, M1, M2, producer price index, real effective exchange rate, retail sales, stock exchange index, and unemployment. Mexico BOG: exchange rate. IMF: budget balance, foreign exchange reserves, government debt, and merchandise and service trade. OECD2: capacity utilization, consumer price index, current account, employment, GDP, hourly earnings, industrial production, interest rates, M1, M3, monetary base, producer price index, real effective exchange rate, retail sales, stock exchange index, and unemployment. Russia BOG: exchange rate. Central Bank of Russia: government debt. IMF: foreign exchange reserves, monetary base, and merchandise and service trade. OECD1: budget balance. OECD2: capacity utilization, consumer price index, current account, employment, GDP, industrial production, interest rates, M1, M2, monthly earnings, producer price index, retail sales, stock exchange index, and unemployment. China IMF: foreign exchange reserves and reserve money. OECD1: budget balance. OECD2: capacity utilization, consumer price index, exchange rate, industrial production, M1, M2, merchandise trade, monthly earnings, nominal GDP, producer price index, real effective exchange rate, retail sales, short-term interest rate, stock exchange index, and unemployment. WEO: current account as a percentage of GDP, government debt, and real GDP. Research Division Federal Reserve Bank of St. Louis 93
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