The fundamental determinants of financial integration in the European Union



31

Appendix D

CC = -1.37 - 0.30** INF    R2 = 0.53

CC = 0.04 - 0.25** DEP    R2 = 0.63

(0.65) (0.09)


(0.27) (0.06)

0-


¾-0,5-

<3


j≡


f''^

}-


Germany


Austria


Netherlands


Belgium


Denmark


France


Sweden


Germany


Austria


Netherlands


Denmark


United Kingdan


Finland


-0.5-


Belgium


France


Italy


Spain


2        3        4        5        £        7        8        9       10       11       12

Tfiflatinn (%)


-1.5-


-2-


-2.5


-4     -3     -2     -1     0


United Kingdom


Sweden


Finland


" Italy

Spain


23456789 10


Appreciaticin (-) Depreciation (+)


CC = -1.02 + 0.004 M2 R2 = -0.11


CC =-33.51** + 0.35** PROD   R2 = 0.52

(1.83) (0.03)


(9.51) (0.10)

Denmark


§0.5-


® 0-
a
E

1-0.5-


2-1.5-


Belgium


Finland


Gennany


Netherlands


United Kingdom


Sweden


France


Italy


Austria


Spain


0.5-


0-


-0.5


-2-


Denmark


Spain


Germany


Netherlands


Austria


United Kingdom


Belgium


France


Italy


Sweden


Finland


■2.5

45        50        55        60        65        70        75        80

М2 as percentage of GDP

■2.5

89        90        91        92        93        94        95        96        97

Productivity in the business sector


CC =-0.22 - 0.10 UN R2 = -0.06
(0.86) (0.15)

CC = -0.78 - 0.003 DEF   R2= -0.11

(0.45) (0.10)

I
I-
§


0-


1

<3


■2.5


Austria


Sweden


Germany


Netherlands


United Kingdom


Finland


Denmark


Belgium


0.5-


0-


■0.5-


Belgium


France


Italy


-1.5-


Italy


Spain


123456789
Unemployment rate (%)


-2.5


-12 -11 -10 -9


-8


Germany Dpnmarlf


Austria


Netherlands


United Kingdom


France


Spain


-7    -6    -5


Sweden


-2    -1    0


General government financial balance as percentage of GDP


Finland




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