Marcello Minenna

The Incomplete Currency


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2.11 The outflow of financial assets from Europe to the US

      Figure 2.12 The depreciation of the Euro/Dollar exchange rate

      Figure 2.13 The outflow of financial assets from the US to Europe

      Figure 2.14 The appreciation of the Euro/Dollar exchange rate

      Figure 2.15 Exchange rate Italian Lira/German Deutschmark–(January 1995–December 1998)

      Figure 2.16 Exchange rate Italian Lira/French Franc–(January 1995–December 1998)

      Figure 2.17 Interest rate on 10-year government bonds of different Eurozone countries

      Figure 2.18 Summary of the convergence trade strategy

      Figure 2.19 Inflation rate differentials of “peripheral countries” with respect to the Eurozone average (January 1995–December 1998)

      Figure 2.20 The outflow of financial capitals from Europe to the US with an irrevocably fixed exchange rate

      Figure 2.21 The increase of real interest rate in Europe

      Figure 2.22 The outflow of financial capitals from the US to Europe with an irrevocably fixed exchange rate

      Figure 2.23 The increase of the real interest rate in the US

      Figure 2.24 Correlation between the economic cycles of the Eurozone countries and the economic cycle of Germany

      Figure 2.25 % Exports + imports of different Eurozone countries as a percentage of GDP

      Figure 2.26 % Exports and imports in terms of GDP for the giants of the world economy

      Figure 2.27 Correlation coefficient between the growth of regional and aggregate employment (national and EU) 1996–2000

      Figure 2.28 Correlation coefficient between the growth of regional and aggregate employment (national and EU) 2001–2006

      Figure 2.29 Average inflation rates of the various Eurozone countries (1999–2007)

      Figure 2.30 Average real interest rates in Eurozone countries (1999–2007)

      Figure 2.31 Dollar/Euro exchange rate and theoretical cost of Italian and German exports in Dollars in 1999

      Figure 2.32 Dollar/Euro exchange rate and theoretical cost of Italian and German exports in Dollars in 2007

      Figure 2.33 Real effective exchange rate trend of some Eurozone countries 1994–2008 (basis 1994)

      Figure 2.34 Trend of the real effective exchange rate and of the current account balance for Germany 1994–2014 (Base 1994)

      Figure 2.35 Italy and Germany: percentage weight of exports compared to exports of Europe to the rest of the world (2002–2013)

      Figure 2.36 Trend of the current account balance of the main Eurozone countries: 2002–2013

      Figure 2.37 Accounting of financial flows in the Target2 payments system–1st Part

      Figure 2.38 Accounting of financial flows in the Target2 payments system–2nd Part

      Figure 2.39 ISA balance of the US Reserve Banks ($ billion 2003–2014)

      Figure 2.40 Target2 net balances for different Eurozone countries (1999–2014)

      Figure 2.41 Target2 net balance for peripheral and core countries of the Eurozone (1999–2014)

      Figure 2.42 Hidden transfer of credit risks in the Target2 payments system

      Figure 2.43 Infringement procedures provided by the Stability and Growth Pact

      Figure 2.44 Phase 1 of the speculative attack on the Lira (August–September 1992)

      Figure 2.45 Phase 2 of the speculative attack on the Lira (August–September 1992)

      Figure 2.46 Phase 3 of the speculative attack on the Lira (August–September 1992)

      Figure 3.1 Eurozone inflation rate (1999–2007)

      Figure 3.2 % Growth rate of the GDP of some Eurozone countries (1999–2007)

      Figure 3.3 Budget deficit in terms of GDP for some Eurozone countries (2002–2007)

      Figure 3.4 Evolution of the real estate bubble in Spain (1998–2008)

      Figure 3.5 Normalised trend of the prices of new building in Ireland and the USA (1998–2008)

      Figure 3.6 Percentage weight of real estate taxes on total fiscal revenues–Ireland (2002–2007)

      Figure 3.7 Percentage weight of real estate taxes on total fiscal revenues–Ireland (Period 2002–2011)

      Figure 3.8 GDP change for some Eurozone countries in 2009

      Figure 3.9 Budget deficit in terms of GDP of some Eurozone countries (2008–2013)

      Figure 3.10 10-year government bonds' yields of various Eurozone countries

      Figure 3.11 Evolution of the real effective exchange rate of some Eurozone countries 1994–2014

      Figure 3.12 Evolution of the real financial effective exchange rate for some Eurozone countries: 2000–2014

      Figure 3.13 BTP-BUND spread vs difference in the cost of access to credit between Italian and German companies (2009–2014)

      Figure 3.14 BONOS-BUND spread vs difference in the cost of access to credit between Spanish and German companies (2009–2014)

      Figure 3.15 Evolution