32
CC =-1.01 + 0.005 DEBT R2 = -0.10
(0.78) (0.01)
CC =-0.59 - 0.30 CA R2 = 0.14
(0.30) (0.19)
Gerniany
Denmark
Denmark
Austria
Austria
Germany
1
Î-
Γ^
J"
Finland
0.5-
0-
I-OlS-
ð
S.
l-ɪ-
ð
France
Spain
■ Sweden
Netho1Iands
United Kingdnm
Belgium
S
f
l-
⅜
Netherlands
Italy
Γ
≡-1.5-
I -ɪ-
⅜
United Kingdom
Finland
France
Spain
Belgium
Italy
Sweden
10 20 30 40 50 60 70 80 90 100 110 120
Gross government debt as percentage of GDP
CC = -0.23 - 0.64 INF TAX
(0.49) (0.36)
R2 = 0.10
-2.5
Current account balance as percentage of GDP
CC = -0.24 - 0.48 SEIGN R2 = 0.07
(0.49) (0.36)
Denmark
Germany
■ Austria
Netherlands
Belgium
France
Sweden
Finland
0.5
Inflation tax as percentage of GDP
United Kingdom
Spain
Italy
2.5
I 0.5-
I
.1
⅛-0,5-
S
?
1
a
■2.5
Denmark
Rnland
Germany
■ h Austria
Netherlands
Belgium
France
Sweden
Seignorage as percentage of GDP
United Kingdom
Spain
Italy
CC = -1.68* - 0.01 OPEN R2 = 0.06
(0.77) (0.01)
CC = -1.63 + 0.01 CREDIT R2 = - 0.07
(1.64) (0.02)
I 0.5-
Germany
S
1
>-
■2.5 —
20
≡ tH
a
E
I-0.5-
г
O
:e
2-1.5-
tr
t
д -2-
■2.5—
1.5
France
Italy
Netherlands
Spain
40
United Kingdom
Belgium
§0.5-
ξ
S
≡ O
a
E
2-0.5-
Denmark
Belgium
Sweden
2-1.5-
e
a
Fioland
■2-
Finland
60
sα
Openness
100
120
140
Netherlands
United Kingdom
Sweden
France a
Italy
■2.5—
50
60
70
SO
90
Credit to the domestic economy
Germany
Austria
Spain
100
110
CC = -0.75 - 0.005 M2M1 R2
(0.93) (0.27)
■ Netherlands
Belgium
Italy
United Kingdom
France
Spain
Finland
2.5
3 3.5
М2 overM1
0.11
Sweden
4.5
5.5