Figure 1: Development in global liquidity since 1984
HPI
.06
.05
.04
.03
.02
.01
.00 ......................
84 86 88 90 92 94 96 98 00 02 04 06
IS
.06
.05
.04
.03
.02
.01
.00.......................
84 86 88 90 92 94 96 98 00 02 04 06
M
.12
.10
.08
.06
.04
.02
84 86 88 90 92 94 96 98 00 02 04 06
:tz
0Azn
.............»..............
84 86 88 90 92 94 96 98 00 02 04 06
MSW
.6
.4
.2
.0
-.2
-.4 ......................
84 86 88 90 92 94 96 98 00 02 04 06
Figure 2: Global series, 4-quarter moving average of growth rates (except interest
rate series), 1984Q1 - 2006Q4
13
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