Figure 12.1 American house prices; 12-month moving average, 1987 – 2012 Source: calculations based on data from US Census Bureau; median new house price in US dollars (not inflation adjusted, 12-month moving average); monthly median income constructed from annual data; note that the right- hand scale starts at three rather than zero.

Figure 12.2 Stock market index; monthly data, 1987 – August 2012 Source: OECD Dow Jones EURO STOXX broad index, monthly data

Figure 12.3 Maximum loans by Federal Reserve to selected banks ($ bn), Source: van Marrewijk (2012); indicated are the largest loans to individual banks in billion US $; these occur at different dates, but all are either in 2008 or in 2009.

Figure 12.4 Great Recession: real world trade flows (index), 1970 – July 2012 Source: calculations based on World Development Indicators online (world exports of goods and services in constant 2000 US dollar; , annual data) and CPB Netherlands Bureau for Economic Policy Analysis (volume of world merchandise exports; Jan 1991 – July 2012, monthly data); index (2000=100).

Figure 12.5 Trade volumes and the Great Recession; selected areas, 2004 – July 2012 Source: calculations based on CPB Netherlands Bureau for Economic Policy Analysis data (volume of exports and imports); see the main text for details; pre-2009 peaks indicated (square, circle, triangle).

Figure 12.5 Trade volumes and the Great Recession; selected areas, 2004 – July 2012 Source: calculations based on CPB Netherlands Bureau for Economic Policy Analysis data (volume of exports and imports); see the main text for details; pre-2009 peaks indicated (square, circle, triangle).

Figure 12.6 Surprise! OECD’s changing world trade growth projections for 2009 Source: van Marrewijk (2012).

Figure 12.7 Industrial production; monthly growth rates, 2007 – July 2012 Source: calculations based on CPB Netherlands Bureau for Economic Policy Analysis data; growth rate of industrial production in this month relative to the same month one year ago (%).

Figure 12.7 Industrial production; monthly growth rates, 2007 – July 2012 Source: calculations based on CPB Netherlands Bureau for Economic Policy Analysis data; growth rate of industrial production in this month relative to the same month one year ago (%).

Figure 12.8 GDP per capita (PPP); countries with growth and decline (%), Source: author’s calculations based on data from World Development Indicators online; sample of 171 countries; GDP per capita PPP in constant 2005 international $; countries with growth have per capita income this year larger than previous year

Figure 12.9 USA retail and manufacturing sales; index (1992=100), 1992 – Aug 2012 Source: based on data from US Census Bureau; seasonally adjusted sales, monthly ($ mn)

Figure USA inventory/sales ratio; index (period average = 100), 2002 – Jul 2012 Source: based on data from US Census Bureau; seasonally adjusted inventory/sales ratio for manufacturing and trade, monthly data; index relative to period average

Figure Government net lending / borrowing (% of GDP), Source: IMF World Economic Outlook database

Figure Expected general government gross debt (% of GDP), 2012 Source: IMF World Economic Outlook database

Figure Emerging markets; 20 largest foreign exchange reserves, mid 2011 ($bn) Source: based on The Economist (2011b).

Figure Total factor productivity index; 1989 = 100, Source: author’s calculations based on Conference Board Total Economy Database

Figure Sovereign ratings in Europe since 2005; long-term foreign currency Source: based on data from Fitch Ratings; ratings transformed to a scale from 0 (D) to 24 (AAA), at steps of one in the 24 actual ratings given by Fitch (two more ratings than given in Table 12.4).

Figure Sovereign ratings since 1997; long-term foreign currency Source: based on data from Fitch Ratings; ratings transformed to a scale from 0 (D) to 24 (AAA), at steps of one in the 24 actual ratings given by Fitch (two more ratings than given in Table 12.4).