Fig. 1b - Stock market volatility
(daily returns, 3M exp. mov. average)
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
United States
Irillllllllllllllllllllllllllllllllllllllllillllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
Japan
Iiiiiiiiiiiiiiiiiii
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
France
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Italy
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
United Kingdom
Tiï Iiiiiiiiiiiiiiiiiiiiiiiiii Iiiiiiiii Iiiiiiiiii ≡≡ Iiiiiiiiiiiiiiiiiiiiiiтаτrшта ιιιιιιιιι
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Canada
I Iiiiiiiiiiiiiiiiiiiiiiiiiiii Iiiiiiiiiii Iiiiiiiiiiii iiiiiiiγ
Irilllllllllllllllllllllllllll
Iiiiiiiiiiiiiiiiiiiiiiii
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Euro area
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
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