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Figure 1. Financial income in Germany (% of GDP)

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1 Figure 1. Financial income in Germany (% of GDP)
Figure 1. Financial income in Germany (% of GDP). Corrected financial income is the sum of net banking incomes + VA of insurance and pension funds+VA of auxiliary financial intermediation. The data for net banking incomes are available from 1979 to 2008. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

2 Figure 2. Unit cost of financial intermediation in Germany
Figure 2. Unit cost of financial intermediation in Germany. The plain unit cost uses plain financial VA, whereas the corrected unit cost uses corrected financial income. The unit cost is “trade balance adjusted” when financial sector trade balance is added to financial income. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

3 Figure 3. Financial income in France (% of GDP)
Figure 3. Financial income in France (% of GDP). Corrected financial income is the sum of net banking incomes+VA of insurance and pension funds+VA of auxiliary financial intermediation. The data for net banking incomes are available from 1988 to 2008. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

4 Figure 4. Unit cost of financial intermediation in France
Figure 4. Unit cost of financial intermediation in France. The plain unit cost uses plain financial VA, whereas the corrected unit cost uses corrected financial income. The unit cost is “trade balance adjusted” when financial sector trade balance is added to financial income. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

5 Figure 6. Unit cost of financial intermediation in the United Kingdom
Figure 6. Unit cost of financial intermediation in the United Kingdom. The plain unit cost uses plain financial VA, whereas the corrected unit cost uses corrected financial income. The unit cost is “trade balance adjusted” when financial sector trade balance is added to financial income. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

6 Figure 5. Financial income in the United Kingdom (% of GDP)
Figure 5. Financial income in the United Kingdom (% of GDP). Corrected financial income is the sum of net banking incomes+VA of insurance and pension funds+VA of auxiliary financial intermediation. The data for net banking incomes are available from 1980 to The unit cost is trade balance adjusted when financial sector trade balance is added to financial income. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

7 Figure 7. Financial income in the United States (% of GDP)
Figure 7. Financial income in the United States (% of GDP). Corrected financial income is the sum of net banking incomes+VA of insurance+VA of other financial intermediaries. The data for net banking incomes are available from 1980 to 2007. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

8 Figure 8. Unit cost of financial intermediation in the United States
Figure 8. Unit cost of financial intermediation in the United States. The plain unit cost uses plain financial VA, whereas the corrected unit cost uses corrected financial income. Plain unit cost series is from Philippon (2015). From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

9 Figure 9. Comparing national series
Figure 9. Comparing national series. Unit cost adjusts financial income for financial sector trade balance after 1992 for France and Germany and throughout the period for the United Kingdom. (A) Unit cost = (1-trade balance share of VA) × plain financial income/domestic financial assets; (B) unit cost = (1-trade balance share of VA) × corrected financial income/domestic financial assets. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

10 Figure 10. Financial income in Europe (% of GDP), first method
Figure 10. Financial income in Europe (% of GDP), first method. Financial income is measured by the ratio of the sum of countries’ financial income to the sum of countries’ GDP. When it accounts for all countries, plain financial income is based on German, French, and UK data from 1951 to 1960, it adds the Netherlands from 1961 to 1969, and adds Italy and Spain after 1969. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

11 Figure 11. Unit cost of financial intermediation in Europe estimation, first method. The aggregation method is based on the ratio of the sum of countries’ financial income to the sum of countries’ financial output. The plain unit cost uses plain financial income, whereas the corrected unit cost uses corrected financial income. The unit cost is “adjusted” when financial sector trade balance is added to financial income. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

12 Figure 12. Countries’ contribution to European output and unit cost minus countries’ contribution to GDP. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

13 Figure 13. The European and US unit costs
Figure 13. The European and US unit costs. The European series is the ratio of the sum of countries’ financial income to the sum of countries’ financial output. The European unit cost is adjusted for financial intermediation trade balance. The US unit cost series is from Philippon (2015). From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

14 Figure 14. Unit cost of financial intermediation with quality adjustment. The quality adjustment unit cost multiply unit cost by quality adjustment coefficient. The quality adjustment coefficient is based on the ratio of the US unit cost to the US quality adjusted unit cost from Philippon (2015). All series are also adjusted for financial intermediation trade balance. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

15 Figure 15. Comparison of the GDP share financial wealth and the GDP share of financial assets. “Assets” is the ratio of credit, market capitalization, and public debt to GDP; “wealth” is the private financial wealth to GDP (Piketty and Zucman 2015). From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

16 Figure 16. Plain unit cost and nominal rates (smoothed values)
Figure 16. Plain unit cost and nominal rates (smoothed values). Nominal rates are smoothed based on local regressions lowess transformation (band width 0.3). The unit cost is trade balance adjusted after 1991 for France, Germany, and throughout the period for the United Kingdom. From: Financial Consumption and the Cost of Finance: Measuring Financial Efficiency in Europe (1950–2007) Journal of the European Economic Association. Published online March 03, doi: /jeea/jvx008 Journal of the European Economic Association | © The Author Published by Oxford University Press on behalf of European Economic Association. All rights reserved. For permissions, please

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