2. The OECD area goes into recession at the end of 2008 www.oecd.org/crisisresponse /38
3. The fall in GDP gathers speed in early 2009 in most countries www.oecd.org/crisisresponse /38
4. … partly driven by the decline in gross fixed investment www.oecd.org/crisisresponse /38
5. Monetary policy rates are very close to zero in most major OECD countries at the end of 2008 Note: The dark line represents the main policy rate of the central banks. The light line plots the overnight rate. Source: Bloomberg, Bank of Japan, Datastream, ECB. Main Policy and Overnight rates www.oecd.org/crisisresponse /38
6. Unconventional measures have led to significant expansion of central banks’ balance sheets Size of central banks’ balance sheets Source: Datastream www.oecd.org/crisisresponse /38
7. Budget balances will deteriorate markedly in all OECD member countries except Iceland in 2009 & 2010 Budget balances (as % of GDP) www.oecd.org/crisisresponse /38
25. US real estate prices back to pre-2003 levels after peaking in 2006 www.oecd.org/crisisresponse /38
26. UK real estates start to pick up and are still higher than historical levels www.oecd.org/crisisresponse /38
27. Stock market volatility reverting to historical levels after Lehman Brothers collapse sparks unprecedented spike www.oecd.org/crisisresponse /38
28. Spread on short-term interest rates soars to record levels then eases US TED Spread (LIBOR 3-month rate minus 3-month T-bill rate) (Source: Bloomberg) 15 Sept, 2008 Lehman Brothers files for bankruptcy www.oecd.org/crisisresponse /38
29. Securitisation, a driver of the crisis, on the retreat since first quarter of 2008… www.oecd.org/crisisresponse /38
30. … partly due to lower mortgage securitisation www.oecd.org/crisisresponse /38
31. The exponential growth in outstanding Credit Default Swaps suddenly stopped in mid-2008… www.oecd.org/crisisresponse /38
32. … and US commercial paper funding is contracting US commercial paper outstanding, billions USD (Source: Federal Reserve) www.oecd.org/crisisresponse /38
33. The price of international shipments of raw materials rebounds after hitting an all-time low Baltic Dry Index (Source: Bloomberg) 5 Dec 2008 www.oecd.org/crisisresponse /38
34. Yen appreciates by 20% against the dollar in 4 months to 17 December 2008 then loses ground www.oecd.org/crisisresponse /38
35. Euro depreciates 20% against the dollar from July 2008 to end October 2008, then strengthens www.oecd.org/crisisresponse /38