美国真的在去杠杆吗？-.pdf

文档介绍：㕢೑ⳳⱘ೼এᴴᴚ৫˛
ཙࡎᆦڔ܁ᄯ໰ᄃ௪
ຂఆġܑྡྷ֨॓
௏Đܬ๥ಝďדڔ܁೎๼
މ⢊ϔ⾕㧹䚼䮼؎ࡵᘏ乱ঞ๲䭓
2
 㧹䚼䮼؎ࡵᵘ៤–ᆊᒁ⾕
ഒ࿯ϦਪႯ๠-- ޥබ(ၽGDPᄯԅႽΑ) ഒ࿯ϦਪႯ๠႙Щெࣣ--ޥබ
Private debt outstanding -- households
100 (as % of GDP) ޥබලΑ
ޥHouseholdsබ 14
95 12
10
90
8
6
85
4
80 2
0
Source: Datastream, CSI
75 -2
02 03 04 05 06 07 08 09 02 03 04 05 06 07 08 09
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3
 㧹䚼䮼؎ࡵᵘ៤–䴲䞥㵡݀ৌ⾕
٤ഓ–٤ഓ(ၽGDPᄯԅႽΑ) ഒ࿯ϦਪႯ๠႙Щெࣣ–ഒ࿯ϦਪႯ๠
Private debt outstanding -- corporate
80
ලΑ ٤ഓ(as % of GDP)
16
٤Corporateഓ
75 14
12
10
70
8
6
65
4
Source: Datastream, CSI 2
60 0
02 03 04 05 06 07 08 09
02 03 04 05 06 07 08 09
ᆇॸࣿၗġ'DWDVWUHDPc&6, Sources: FFA, CSI
4
 㧹䚼䮼؎ࡵᵘ៤–䞥㵡Ϯ⾕
ഒ࿯ϦਪႯ๠–ࠡకྜ(ၽGDPᄯԅႽΑ) ഒ࿯ϦਪႯ๠႙Щெࣣ-- ࠡకྜ
Private debt outstanding -- financial sector
120 (as % of GDP)
ࠡకྜලΑ
16
115 ࠡࠡFinancialకకྜྜ sector
14
110
12
105
10
100
8
95 6
Source: Datastream, CSI
90 4
02 03 04 05 06 07 08 09 02 03 04 05 06 07 08 09
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މ⢊㧹䚼䮼؎ࡵᘏԧ⾕
(էदݲ֍ď10࿁ਥ၍Đ ഒ࿯ϦਪႯ๠ᆙ֍(ၽGDPᄯԅႽΑޑഒ࿯ϦਪႯ๠
1200 Private debt outstanding as a whole
ഒ࿯ϦਪႯ๠ 300 (as % of GDP)
290 ഒPriv࿯ ateϦਪdebtႯ๠
900 280
270
260
600
250
240
Source: Datastream, CSI
300 230
02 03 04 05 06 07 08 09 02 03 04 05 06 07 08 09
ᆇॸࣿၗġ'DWDVWUHDPc&6,
6
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ມᅗئطබ௠
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ส୳ืغഒ࿯ϦਪႯ๠৑
7
މ⢊Ѡ݀݅䚼䮼؎ࡵᘏ乱ঞ๲䭓
8
މ⢊䚼䮼؎ࡵᘏ乱ঞ๲䭓݅݀
٤٫ϦਪႯ๠႙Щ(٤٫ϦਪႯ๠(ၽGDPᄯԅႽΑ
Public debt outstanding
ලΑ ٤٫ϦਪႯ๠႙Щ(as % of GDP) 42
40
٤Public٫Ϧ debtਪႯ๠
40
30
38
20
36
34 10
Source: Datastream, CSI
32 0
02 03 04 05 06 07 08 09 02 03 04 05 06 07 08 09
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ᆇॸࣿၗġ))$c&6,
9
䚼䮼؎ࡵঞ䋶ᬓ䌸ᄫ݅݀
(٤٫ϦਪႯ๠(ၽGDPᄯԅႽΑ(٤٫ϦਪႯ๠ۤѥᆓ(ၽGDPᄯԅႽΑ
100
ؐ⌟٤٫ϦਪႯ๠乘 4 60
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50
0
60
-2
40
-4
40
-6
30
20
-8
20 -10
0
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