Finance and Economics Discussion Series: Data for paper 2010-44
♣
The Effects of Bank Capital on Lending: What Do We Know, and What Does it Mean?
Jose M. Berrospide and Rochelle M. Edge
Figure 1, Top-left panel: Assets and Leverage Growth of Various Institutions in the Flow of Funds Accounts. Households
| |
Leverage growth, (horizontal axis) |
Assets growth, (vertical axis) |
| 1963-01-01 |
-0.126239228697678 |
2.04224440957324 |
| 1963-04-01 |
0.244290518107992 |
1.62736926750422 |
| 1963-07-01 |
0.112362960292645 |
1.89711298245865 |
| 1963-10-01 |
0.401281841281498 |
0.0578706223038683 |
| 1964-01-01 |
-0.0720568200613947 |
1.91922305344518 |
| 1964-04-01 |
0.140991658786205 |
2.09809071121256 |
| 1964-07-01 |
0.0437290817763891 |
1.92058668640795 |
| 1964-10-01 |
0.122256832568524 |
1.88770982175503 |
| 1965-01-01 |
-0.0700612590947558 |
1.65299588674781 |
| 1965-04-01 |
0.394159951429773 |
0.0517802562524095 |
| 1965-07-01 |
-0.131840221204116 |
3.030267790884 |
| 1965-10-01 |
-0.0415957552069801 |
3.03641742950502 |
| 1966-01-01 |
0.112209679868869 |
0.168505881087144 |
| 1966-04-01 |
0.204279249302841 |
1.15734054342622 |
| 1966-07-01 |
0.319866727118812 |
-1.13036396101731 |
| 1966-10-01 |
-0.202780901276089 |
3.19129654172077 |
| 1967-01-01 |
-0.505454347752499 |
3.54180706339233 |
| 1967-04-01 |
0.100521950395538 |
1.31038704458317 |
| 1967-07-01 |
-0.169932004252915 |
2.85196081486112 |
| 1967-10-01 |
-0.00657856569646897 |
2.58241059907873 |
| 1968-01-01 |
0.0920268588201933 |
0.0534731613930139 |
| 1968-04-01 |
-0.190512053714398 |
4.52918888578238 |
| 1968-07-01 |
0.00478954189520042 |
1.79873557193018 |
| 1968-10-01 |
-0.247187495254031 |
5.03169773119942 |
| 1969-01-01 |
-0.0522158970681308 |
0.201323222221084 |
| 1969-04-01 |
0.315222714783081 |
0.1780605114448 |
| 1969-07-01 |
0.112098892576817 |
0.546090023411727 |
| 1969-10-01 |
0.277809696739784 |
0.484884747112724 |
| 1970-01-01 |
-0.254526782966102 |
0.173326511734206 |
| 1970-04-01 |
0.517993313463783 |
-2.24101183919778 |
| 1970-07-01 |
-0.274187381614843 |
3.43025132239432 |
| 1970-10-01 |
-0.195821171540778 |
3.29921338986034 |
| 1971-01-01 |
-0.460733997244323 |
4.07189788510698 |
| 1971-04-01 |
0.163713529591991 |
1.75779729330388 |
| 1971-07-01 |
0.153395691150293 |
1.42361863538232 |
| 1971-10-01 |
0.0364991325256137 |
2.92435666925719 |
| 1972-01-01 |
-0.288813764781681 |
3.6358422179311 |
| 1972-04-01 |
0.296852749678478 |
1.45781489874688 |
| 1972-07-01 |
0.0143549914174868 |
2.73558997077727 |
| 1972-10-01 |
-0.291021711992956 |
5.48239429076909 |
| 1973-01-01 |
0.212500144750516 |
0.410800360560026 |
| 1973-04-01 |
0.32135029140834 |
0.914575251340821 |
| 1973-07-01 |
-0.167044683466977 |
4.21783756077749 |
| 1973-10-01 |
0.484598232487654 |
-0.768923806717658 |
| 1974-01-01 |
0.022421712702414 |
0.470163044243588 |
| 1974-04-01 |
0.509514785907061 |
-0.328388637069843 |
| 1974-07-01 |
0.587608781054949 |
-1.21838476643479 |
| 1974-10-01 |
-0.160920012971055 |
2.9559359541131 |
| 1975-01-01 |
-0.756078899607293 |
5.06303542547726 |
| 1975-04-01 |
-0.361314522315315 |
4.607475310369 |
| 1975-07-01 |
0.432322305319777 |
-0.363553389627846 |
| 1975-10-01 |
0.0046111889036915 |
3.17555354540686 |
| 1976-01-01 |
-0.337255328989772 |
3.67071661497558 |
| 1976-04-01 |
0.0223161887492829 |
3.26488257903526 |
| 1976-07-01 |
0.158786631153962 |
2.03893706167924 |
| 1976-10-01 |
0.0669024248110439 |
2.95320787918836 |
| 1977-01-01 |
0.0431321603084456 |
1.66134456804448 |
| 1977-04-01 |
0.172378948476526 |
3.21797641226915 |
| 1977-07-01 |
0.263425272147422 |
2.40932487106946 |
| 1977-10-01 |
0.213332734790339 |
2.55036527369215 |
| 1978-01-01 |
-0.00632452741314848 |
2.36232438859416 |
| 1978-04-01 |
0.120720768799587 |
4.11955152037269 |
| 1978-07-01 |
0.108312499736263 |
3.87322407546538 |
| 1978-10-01 |
0.207525461174618 |
2.47731092243506 |
| 1979-01-01 |
-0.233846039088559 |
4.01807563992884 |
| 1979-04-01 |
0.0784108200300837 |
3.61461666099432 |
| 1979-07-01 |
0.0496108832786168 |
3.7865768270291 |
| 1979-10-01 |
0.0828710643046238 |
3.06909573305485 |
| 1980-01-01 |
0.0313304519244495 |
2.1016899446251 |
| 1980-04-01 |
-0.33510352786229 |
3.66037587003019 |
| 1980-07-01 |
-0.245669594542786 |
4.26814821415771 |
| 1980-10-01 |
-0.046822088149101 |
3.44150702706869 |
| 1981-01-01 |
-0.140588344080739 |
1.66348373549836 |
| 1981-04-01 |
0.0117605451230851 |
2.50126757483295 |
| 1981-07-01 |
0.208954853719012 |
0.711379132461309 |
| 1981-10-01 |
-0.0833354462264402 |
2.69729737512592 |
| 1982-01-01 |
-0.0960601921533355 |
0.788119831363399 |
| 1982-04-01 |
0.0710714456197303 |
1.08175268980517 |
| 1982-07-01 |
-0.194877144464878 |
2.04548577536787 |
| 1982-10-01 |
-0.087484817251704 |
2.82247895427223 |
| 1983-01-01 |
-0.445432105594046 |
2.80760163657472 |
| 1983-04-01 |
0.0714932575300198 |
2.77858037104974 |
| 1983-07-01 |
0.295318243101628 |
1.33244702335362 |
| 1983-10-01 |
0.359633324109643 |
1.0396930398916 |
| 1984-01-01 |
0.00517979623861908 |
1.31057392409781 |
| 1984-04-01 |
0.259023772955769 |
1.65407810258247 |
| 1984-07-01 |
0.00675449419460517 |
2.94862762908887 |
| 1984-10-01 |
0.179881831918549 |
2.33534940520297 |
| 1985-01-01 |
0.0716812410542778 |
3.09930469678636 |
| 1985-04-01 |
0.177194642733247 |
2.61015460424687 |
| 1985-07-01 |
0.456307372041009 |
1.44682444708062 |
| 1985-10-01 |
0.0321457220820998 |
4.78119079695005 |
| 1986-01-01 |
-0.362395421943684 |
3.29779459765458 |
| 1986-04-01 |
0.0657895374084339 |
2.45901354141722 |
| 1986-07-01 |
0.434663007557301 |
0.857973344019491 |
| 1986-10-01 |
-0.0169722775651193 |
3.50163975903899 |
| 1987-01-01 |
-0.641983880728036 |
4.21556031389225 |
| 1987-04-01 |
0.254523591428746 |
1.96353745313729 |
| 1987-07-01 |
0.0316523609702912 |
2.58979780278821 |
| 1987-10-01 |
0.514790190095882 |
-1.94020502806176 |
| 1988-01-01 |
-0.190172777134912 |
2.54479888841641 |
| 1988-04-01 |
0.0852716707219203 |
2.43459192545994 |
| 1988-07-01 |
0.164126029835443 |
1.66681117003675 |
| 1988-10-01 |
0.124710893569491 |
2.42305912565415 |
| 1989-01-01 |
-0.156558903209703 |
2.16907359683989 |
| 1989-04-01 |
0.0809546277839468 |
2.23776213248763 |
| 1989-07-01 |
-0.0641320769964038 |
2.93115128104979 |
| 1989-10-01 |
0.126955072057622 |
1.70807082498925 |
| 1990-01-01 |
0.233578954147595 |
0.428981619722046 |
| 1990-04-01 |
0.123317688423574 |
1.37716372731469 |
| 1990-07-01 |
0.561382252855824 |
-1.25862255766072 |
| 1990-10-01 |
-0.0790015183612214 |
2.20843383590437 |
| 1991-01-01 |
-0.408325315275559 |
2.80341176006036 |
| 1991-04-01 |
0.253442437753337 |
0.403421428520701 |
| 1991-07-01 |
-0.00255660379643308 |
1.2678596903769 |
| 1991-10-01 |
-0.0962475320430922 |
2.64790137401949 |
| 1992-01-01 |
0.0370785163170462 |
0.206450253452117 |
| 1992-04-01 |
0.165022909561152 |
0.241697510078143 |
| 1992-07-01 |
0.0752676002353292 |
1.25472353585472 |
| 1992-10-01 |
-0.139393675198829 |
2.6682021974554 |
| 1993-01-01 |
-0.197420590801023 |
1.30784092890885 |
| 1993-04-01 |
0.128072472714691 |
0.99547515960674 |
| 1993-07-01 |
0.0973827702768215 |
1.64441603387695 |
| 1993-10-01 |
0.0575045033502475 |
1.94485291469357 |
| 1994-01-01 |
0.0996938149211646 |
0.154055311627954 |
| 1994-04-01 |
0.200435183715664 |
0.792149800523911 |
| 1994-07-01 |
0.0628947467581575 |
1.6499993623736 |
| 1994-10-01 |
0.259492692811714 |
1.19665311040626 |
| 1995-01-01 |
-0.296781706565941 |
2.2230533932843 |
| 1995-04-01 |
-0.0822648392372671 |
2.35866655783299 |
| 1995-07-01 |
-0.0831262935415134 |
2.77435800934327 |
| 1995-10-01 |
-0.0930264833769123 |
2.38242602977141 |
| 1996-01-01 |
-0.178641796978363 |
2.24999617207311 |
| 1996-04-01 |
0.00385385839827279 |
1.89084880507269 |
| 1996-07-01 |
0.084416564593659 |
1.36680786941181 |
| 1996-10-01 |
0.0576419129854289 |
1.65015544922242 |
| 1997-01-01 |
-0.038008348013796 |
0.885722911122633 |
| 1997-04-01 |
-0.547770232093281 |
4.98879177771547 |
| 1997-07-01 |
-0.212105659898698 |
3.49327419448673 |
| 1997-10-01 |
0.0388058067846808 |
1.38547553321005 |
| 1998-01-01 |
-0.638273895305985 |
4.93214416051873 |
| 1998-04-01 |
0.0885441329599779 |
1.95306081646247 |
| 1998-07-01 |
0.78199862575421 |
-2.7440860688959 |
| 1998-10-01 |
-0.777769863140176 |
7.19999734955956 |
| 1999-01-01 |
-0.0799501999123264 |
1.88636397869737 |
| 1999-04-01 |
-0.167184729530667 |
3.51019163583928 |
| 1999-07-01 |
0.518566220725414 |
-0.627929809491667 |
| 1999-10-01 |
-0.829277195310407 |
7.95924499719687 |
| 2000-01-01 |
-0.179713914002111 |
3.02546623783111 |
| 2000-04-01 |
0.443696938823557 |
-0.623978204689468 |
| 2000-07-01 |
0.266943163500288 |
0.96464652837347 |
| 2000-10-01 |
0.736199490820377 |
-2.3949437111099 |
| 2001-01-01 |
0.581929543591841 |
-2.54360399304254 |
| 2001-04-01 |
-0.0721587428253123 |
3.07576390599149 |
| 2001-07-01 |
1.24612976150109 |
-3.34329895304085 |
| 2001-10-01 |
-0.405434007053951 |
3.79653297254978 |
| 2002-01-01 |
0.0447419997105181 |
1.43889888280559 |
| 2002-04-01 |
0.908494538091342 |
-2.28433761341577 |
| 2002-07-01 |
1.12534146292151 |
-2.96705923959103 |
| 2002-10-01 |
-0.035533474815419 |
3.29350402382613 |
| 2003-01-01 |
0.314619798114846 |
0.605948792866617 |
| 2003-04-01 |
-0.113449982114233 |
4.88302918919996 |
| 2003-07-01 |
0.0504193904431904 |
2.55467193297854 |
| 2003-10-01 |
-0.585765056531484 |
4.96680748944085 |
| 2004-01-01 |
-0.154165781004245 |
2.84774710357512 |
| 2004-04-01 |
0.173511900196077 |
2.2413851905418 |
| 2004-07-01 |
0.283046740038428 |
1.31076951125955 |
| 2004-10-01 |
-0.36801274297007 |
5.3063025326259 |
| 2005-01-01 |
-0.0890262207374426 |
2.2330084080677 |
| 2005-04-01 |
-0.0614395602274498 |
3.12166541660754 |
| 2005-07-01 |
-0.124531915483816 |
3.61821372911135 |
| 2005-10-01 |
-0.0668532889193885 |
2.7942417224629 |
| 2006-01-01 |
-0.254742622887583 |
3.81891819048681 |
| 2006-04-01 |
0.58452770138222 |
-0.109724001402567 |
| 2006-07-01 |
0.219366886764072 |
1.42373769556292 |
| 2006-10-01 |
-0.222264153445406 |
3.2074088361544 |
Figure 1, Top-right panel: Assets and Leverage Growth of Various Institutions in the Flow of Funds Accounts. Non-fin. Non-farm Corporates
| |
Leverage growth, (horizontal axis) |
Assets growth, (vertical axis) |
| 1963-01-01 |
-0.228107574133107 |
0.575442572980567 |
| 1963-04-01 |
0.321552143096326 |
1.15692845694302 |
| 1963-07-01 |
0.239664399382034 |
1.25592974571713 |
| 1963-10-01 |
1.25892886407624 |
1.32321578659724 |
| 1964-01-01 |
-0.640572097239045 |
0.609912333145757 |
| 1964-04-01 |
0.111494757556629 |
1.73387012370845 |
| 1964-07-01 |
0.295659396913162 |
1.54280345116113 |
| 1964-10-01 |
1.2955306738589 |
1.68270231996335 |
| 1965-01-01 |
-0.0029155875685638 |
1.41351362422091 |
| 1965-04-01 |
0.380036281804741 |
1.73920827379332 |
| 1965-07-01 |
0.392892514608811 |
1.75625897952856 |
| 1965-10-01 |
0.840294714925882 |
3.11762863671496 |
| 1966-01-01 |
0.0277296716727493 |
1.23701957736602 |
| 1966-04-01 |
-0.108470938760907 |
2.77168357555273 |
| 1966-07-01 |
0.354247447569156 |
1.75467737052952 |
| 1966-10-01 |
0.617821399691554 |
2.29130546070964 |
| 1967-01-01 |
-0.380717651662288 |
1.06276799363945 |
| 1967-04-01 |
-0.197567529782272 |
1.28125110952066 |
| 1967-07-01 |
-0.0267239308260225 |
1.97916042048165 |
| 1967-10-01 |
0.724448294780333 |
2.80311439062317 |
| 1968-01-01 |
0.206873135273522 |
1.91335015786194 |
| 1968-04-01 |
-0.0314932652911604 |
2.09984631059075 |
| 1968-07-01 |
0.463267033438486 |
2.02401691331924 |
| 1968-10-01 |
0.74541422593617 |
3.18442616836063 |
| 1969-01-01 |
-0.142814229604715 |
2.32854989990778 |
| 1969-04-01 |
0.23830822371862 |
2.45164420307433 |
| 1969-07-01 |
0.218470857414488 |
2.48285722823851 |
| 1969-10-01 |
0.559597732528783 |
2.83355464637765 |
| 1970-01-01 |
-0.365368797185739 |
1.84001395987989 |
| 1970-04-01 |
-0.218237081721184 |
2.85690419704185 |
| 1970-07-01 |
0.184206051639668 |
1.21094501049148 |
| 1970-10-01 |
0.144946556548398 |
2.1724952147909 |
| 1971-01-01 |
-0.562368179390171 |
2.22121240393955 |
| 1971-04-01 |
-0.214601980635376 |
2.2862823714352 |
| 1971-07-01 |
-0.181708616513521 |
2.32672348877563 |
| 1971-10-01 |
0.409641578977293 |
2.37658025146004 |
| 1972-01-01 |
-0.578948367944798 |
2.60096957262694 |
| 1972-04-01 |
-0.103709511607819 |
2.01433795796087 |
| 1972-07-01 |
0.224369397213464 |
2.19148102806579 |
| 1972-10-01 |
0.559160598307695 |
3.57076153252964 |
| 1973-01-01 |
-0.0778343782145363 |
2.860801646218 |
| 1973-04-01 |
0.37383702105942 |
3.41560110072778 |
| 1973-07-01 |
0.328272252070705 |
3.37600948513008 |
| 1973-10-01 |
0.776222948523242 |
3.93831576649291 |
| 1974-01-01 |
-0.596880806373468 |
3.36517566844221 |
| 1974-04-01 |
-0.409340448148054 |
4.53085889105207 |
| 1974-07-01 |
-1.02092188422039 |
5.16272627996499 |
| 1974-10-01 |
-6.14428770655672 |
4.05625567290986 |
| 1975-01-01 |
13.1146119390387 |
7.7853044580606 |
| 1975-04-01 |
-0.631276001645031 |
2.41568367721665 |
| 1975-07-01 |
0.668158374837868 |
1.30587184382787 |
| 1975-10-01 |
-0.243029799669015 |
1.66004401113309 |
| 1976-01-01 |
-0.109944149856822 |
2.65670383226837 |
| 1976-04-01 |
-0.486978592365495 |
3.08911130003899 |
| 1976-07-01 |
0.161747445016713 |
2.60784036210573 |
| 1976-10-01 |
-0.300165126879826 |
1.93789389114969 |
| 1977-01-01 |
0.103370623194521 |
2.75307154557649 |
| 1977-04-01 |
-0.229722799788412 |
2.34166838926528 |
| 1977-07-01 |
0.260908986042407 |
2.81856255567654 |
| 1977-10-01 |
0.419464102795208 |
2.94348847486661 |
| 1978-01-01 |
0.545771011828222 |
2.85117128448387 |
| 1978-04-01 |
-0.268494769159466 |
3.21211129333439 |
| 1978-07-01 |
-0.154649620541469 |
3.34680232190021 |
| 1978-10-01 |
0.417405000020854 |
3.72575061612375 |
| 1979-01-01 |
0.375188540470561 |
3.7812677758132 |
| 1979-04-01 |
-0.302836077643309 |
3.53647543184286 |
| 1979-07-01 |
0.22663211867302 |
4.24081962762275 |
| 1979-10-01 |
0.33398768618742 |
3.25656767973852 |
| 1980-01-01 |
0.546782795605938 |
3.15499251269644 |
| 1980-04-01 |
-0.856505839696187 |
2.66955793437951 |
| 1980-07-01 |
-0.122705657476452 |
4.05727113027081 |
| 1980-10-01 |
-0.414595373710513 |
3.33277321692582 |
| 1981-01-01 |
1.4441812433369 |
4.84519567263859 |
| 1981-04-01 |
-0.488484451186966 |
2.55562320793012 |
| 1981-07-01 |
0.591489731242878 |
2.21438361058008 |
| 1981-10-01 |
-0.690364434125423 |
2.4291890142736 |
| 1982-01-01 |
0.366158369198555 |
2.22662654396149 |
| 1982-04-01 |
0.139218833947452 |
0.917932173863245 |
| 1982-07-01 |
0.482555038540067 |
1.54884940576934 |
| 1982-10-01 |
-0.0971013866649995 |
0.768242367009164 |
| 1983-01-01 |
-0.0634053719135608 |
1.40528098072543 |
| 1983-04-01 |
0.219670680251971 |
1.1686316169943 |
| 1983-07-01 |
0.504853528982796 |
1.00219687850385 |
| 1983-10-01 |
0.161705945157875 |
1.40739720344605 |
| 1984-01-01 |
1.46911435120149 |
2.05358219106644 |
| 1984-04-01 |
0.89933638302977 |
2.41920258113555 |
| 1984-07-01 |
0.388940984058839 |
2.52206476154282 |
| 1984-10-01 |
-0.497393072881902 |
1.45181640244505 |
| 1985-01-01 |
1.56024385427611 |
1.44645117424789 |
| 1985-04-01 |
0.787197492516523 |
1.32460035184498 |
| 1985-07-01 |
0.869666575941808 |
1.41137942564231 |
| 1985-10-01 |
0.95733210681177 |
2.62137447281656 |
| 1986-01-01 |
-0.328478871858506 |
0.428910898480117 |
| 1986-04-01 |
-0.0165866582326868 |
1.09440860051178 |
| 1986-07-01 |
1.04422581301111 |
1.5753951083685 |
| 1986-10-01 |
0.356329695020219 |
1.21521546308365 |
| 1987-01-01 |
0.209580436184043 |
1.88293729883622 |
| 1987-04-01 |
0.119069038536046 |
1.28923243844052 |
| 1987-07-01 |
-0.0418342799963001 |
1.41111348624041 |
| 1987-10-01 |
0.916417835052163 |
1.60671461061277 |
| 1988-01-01 |
0.357000772216964 |
1.94482981695783 |
| 1988-04-01 |
0.0540685395443941 |
1.69367096718298 |
| 1988-07-01 |
-0.0576890195099766 |
1.34447523904069 |
| 1988-10-01 |
1.46813201250087 |
3.50205868679248 |
| 1989-01-01 |
-0.0546240156314881 |
4.4129186267563 |
| 1989-04-01 |
0.55797915108311 |
0.60871315182407 |
| 1989-07-01 |
0.728380564332709 |
0.391077188293631 |
| 1989-10-01 |
0.831102702652786 |
0.205968150512126 |
| 1990-01-01 |
0.81346181154327 |
0.212260499052697 |
| 1990-04-01 |
0.0728596792311187 |
0.243080983718547 |
| 1990-07-01 |
0.841873273831717 |
1.09517273985253 |
| 1990-10-01 |
0.0151369952196445 |
0.838157936878359 |
| 1991-01-01 |
0.0877005346169302 |
0.395588030928362 |
| 1991-04-01 |
0.276517242657159 |
0.0754149511625224 |
| 1991-07-01 |
1.58436156446731 |
-0.350948268277362 |
| 1991-10-01 |
0.741918560663168 |
-0.767949343946051 |
| 1992-01-01 |
4.20783232851127 |
0.658358469844811 |
| 1992-04-01 |
0.508918163279715 |
-0.313366304221241 |
| 1992-07-01 |
0.800439928376728 |
-0.383659626170552 |
| 1992-10-01 |
0.833067318519953 |
-0.217761420054108 |
| 1993-01-01 |
0.993598554103237 |
1.08797803256528 |
| 1993-04-01 |
0.0439885310328458 |
1.03294518876615 |
| 1993-07-01 |
-0.092785178443211 |
0.997978671952238 |
| 1993-10-01 |
-0.0343251603232009 |
1.42541483466405 |
| 1994-01-01 |
-0.387636499711286 |
1.04407986904633 |
| 1994-04-01 |
-0.542725597466409 |
1.54107673631159 |
| 1994-07-01 |
-0.701593753635454 |
1.34083892616153 |
| 1994-10-01 |
-0.221452560518764 |
2.10612496635161 |
| 1995-01-01 |
-0.154392461689645 |
1.33646818607287 |
| 1995-04-01 |
-0.425612417689147 |
1.84401445456077 |
| 1995-07-01 |
-0.190083774432714 |
1.90505034564559 |
| 1995-10-01 |
0.00762535733551672 |
2.24748673272812 |
| 1996-01-01 |
0.143063027136558 |
1.70585942089865 |
| 1996-04-01 |
-0.220709729393687 |
1.56196579226093 |
| 1996-07-01 |
-0.299371847657048 |
1.69363304482844 |
| 1996-10-01 |
-0.748265759799915 |
2.10628823382446 |
| 1997-01-01 |
-0.676447855631335 |
1.72540872539666 |
| 1997-04-01 |
-0.999867784358532 |
1.61402449730974 |
| 1997-07-01 |
-0.806221348131897 |
2.14236253630657 |
| 1997-10-01 |
-0.888292965546222 |
1.7075748210476 |
| 1998-01-01 |
-0.422104763065911 |
2.82496951542264 |
| 1998-04-01 |
-0.370184718338351 |
2.74061853601761 |
| 1998-07-01 |
0.608818816248036 |
1.02526293025154 |
| 1998-10-01 |
0.575706094492756 |
5.00690487465711 |
| 1999-01-01 |
0.351053403801593 |
2.8513317627872 |
| 1999-04-01 |
-0.520698612503012 |
3.36255119875104 |
| 1999-07-01 |
1.5185260616585 |
1.64129205019394 |
| 1999-10-01 |
-0.805832904249437 |
3.78968277688283 |
| 2000-01-01 |
0.514020746436694 |
2.75474150976618 |
| 2000-04-01 |
0.720474264292825 |
3.1979030128864 |
| 2000-07-01 |
0.641898207446845 |
3.03602027072287 |
| 2000-10-01 |
-1.93107856706601 |
4.71476283345014 |
| 2001-01-01 |
1.02399882872239 |
0.139859655845509 |
| 2001-04-01 |
0.0828370615200136 |
0.70971027546749 |
| 2001-07-01 |
0.421376275705709 |
-0.258128094799726 |
| 2001-10-01 |
-0.237463988415154 |
0.204005175818156 |
| 2002-01-01 |
0.023668004617039 |
0.645030633414834 |
| 2002-04-01 |
0.0242325139099941 |
0.144131193344776 |
| 2002-07-01 |
-0.245289228026246 |
0.00649295617480838 |
| 2002-10-01 |
-0.542324162487162 |
1.07802911834682 |
| 2003-01-01 |
-0.729454550808528 |
0.832826992930302 |
| 2003-04-01 |
-0.948773173019657 |
0.635631123598834 |
| 2003-07-01 |
-0.685302458331061 |
0.50903172417458 |
| 2003-10-01 |
-1.24235700574691 |
1.13374482228261 |
| 2004-01-01 |
-0.317498141963979 |
1.70791000948456 |
| 2004-04-01 |
-0.816381778474462 |
1.80843627056391 |
| 2004-07-01 |
-0.634344090165428 |
1.65962761424765 |
| 2004-10-01 |
-0.875669721652994 |
2.52525007896784 |
| 2005-01-01 |
0.767138892867814 |
1.26355513538978 |
| 2005-04-01 |
-3.62016385023146 |
6.39501188927691 |
| 2005-07-01 |
-0.806131363240847 |
2.62505761662761 |
| 2005-10-01 |
-0.683413476362293 |
2.5236870227858 |
| 2006-01-01 |
-1.1246412182238 |
2.59866371177568 |
| 2006-04-01 |
-0.0182435341699483 |
1.87640102032929 |
| 2006-07-01 |
-0.631241369217961 |
1.94204080084204 |
| 2006-10-01 |
-1.13877063175899 |
2.93283386213039 |
Figure 1, Bottom-left panel: Assets and Leverage Growth of Various Institutions in the Flow of Funds Accounts. Commercial Banks
| |
Leverage growth, (horizontal axis) |
Assets growth, (vertical axis) |
| 1963-01-01 |
-0.598156930580673 |
-1.58992352408189 |
| 1963-04-01 |
-0.610476475335986 |
3.14445391683242 |
| 1963-07-01 |
2.24436783416069 |
1.18431879628542 |
| 1963-10-01 |
6.27454573417139 |
3.8664285091923 |
| 1964-01-01 |
-2.94591259589719 |
-0.841669637676601 |
| 1964-04-01 |
-0.152964061974292 |
3.14145722443513 |
| 1964-07-01 |
0.696103398465198 |
2.01502382075311 |
| 1964-10-01 |
2.5131080657397 |
4.29885627374387 |
| 1965-01-01 |
-0.0648892693662972 |
0.108887675456915 |
| 1965-04-01 |
0.14585472743498 |
3.77868828789516 |
| 1965-07-01 |
0.284702599875319 |
0.71974920079394 |
| 1965-10-01 |
2.69504505991121 |
4.86901962710344 |
| 1966-01-01 |
-0.611014291720779 |
-1.05638750014635 |
| 1966-04-01 |
0.929468212477569 |
4.31770243205425 |
| 1966-07-01 |
-0.121546763362779 |
-0.2963513337228 |
| 1966-10-01 |
-0.0815508388152475 |
3.24281736291054 |
| 1967-01-01 |
2.4268668112442 |
0.143259371091364 |
| 1967-04-01 |
-1.21059320744177 |
2.89217547276739 |
| 1967-07-01 |
3.32019628187781 |
2.99189061284293 |
| 1967-10-01 |
-0.636853112382652 |
4.68975937237961 |
| 1968-01-01 |
0.884277878678774 |
-0.519012264857444 |
| 1968-04-01 |
-1.47804415196439 |
2.47374574061565 |
| 1968-07-01 |
3.98451336024157 |
3.71518157515136 |
| 1968-10-01 |
1.56708875000591 |
5.04350681333114 |
| 1969-01-01 |
-0.319479140670353 |
-1.38320152542902 |
| 1969-04-01 |
-3.53865039545278 |
3.11221497965717 |
| 1969-07-01 |
2.3244867242451 |
0.171707745512428 |
| 1969-10-01 |
1.96619626052164 |
3.3263408934979 |
| 1970-01-01 |
-1.75968222397158 |
-1.1555383956112 |
| 1970-04-01 |
-4.62064533296854 |
3.11545601854335 |
| 1970-07-01 |
8.5452609572541 |
2.89956728157501 |
| 1970-10-01 |
2.20619375651507 |
4.61465020975682 |
| 1971-01-01 |
6.70910590927607 |
0.777461542626012 |
| 1971-04-01 |
-2.01504320953685 |
3.09218617197828 |
| 1971-07-01 |
9.21628453734094 |
2.42791262045581 |
| 1971-10-01 |
3.5897394232437 |
5.06014026672481 |
| 1972-01-01 |
1.33269964202456 |
1.39010428376252 |
| 1972-04-01 |
-2.27950309798338 |
3.11325195985455 |
| 1972-07-01 |
3.66370236924196 |
3.34959968239263 |
| 1972-10-01 |
0.423200680615743 |
6.13314681106136 |
| 1973-01-01 |
-6.25942888118025 |
2.44266589452062 |
| 1973-04-01 |
-4.82292466432122 |
3.76028288609771 |
| 1973-07-01 |
-6.28937598829058 |
4.46194598107053 |
| 1973-10-01 |
5.68461262059581 |
3.33421162716154 |
| 1974-01-01 |
-3.20941498033119 |
1.56882331679427 |
| 1974-04-01 |
0.973430570435085 |
4.2430971542301 |
| 1974-07-01 |
7.18351609037278 |
1.92042703742785 |
| 1974-10-01 |
2.84382368890186 |
1.79825095612773 |
| 1975-01-01 |
-2.37617969143094 |
-0.342074028696404 |
| 1975-04-01 |
-0.933882679495746 |
1.81264819761684 |
| 1975-07-01 |
-1.59128749859421 |
1.5599812740928 |
| 1975-10-01 |
5.20437430338636 |
2.76655380771249 |
| 1976-01-01 |
-7.49629992859665 |
0.165182994964286 |
| 1976-04-01 |
3.39164336886526 |
2.56446120371197 |
| 1976-07-01 |
-0.633463390967648 |
1.67770841856598 |
| 1976-10-01 |
3.38606975638218 |
3.84681530419206 |
| 1977-01-01 |
0.623518095625064 |
1.27466420024664 |
| 1977-04-01 |
0.66612608055443 |
2.98570244381047 |
| 1977-07-01 |
0.602734682232864 |
2.42189411453366 |
| 1977-10-01 |
7.69146556826439 |
4.02518679000055 |
| 1978-01-01 |
-1.77904759444188 |
1.25981816477645 |
| 1978-04-01 |
1.54605198916997 |
4.48608356065354 |
| 1978-07-01 |
-0.265737863380999 |
3.16121636490239 |
| 1978-10-01 |
8.83513230005073 |
4.76989926920799 |
| 1979-01-01 |
-4.52741021866653 |
0.977430975340865 |
| 1979-04-01 |
-2.92270548418436 |
3.65807331406864 |
| 1979-07-01 |
1.29558392591222 |
3.53775099332354 |
| 1979-10-01 |
1.90030053463401 |
2.49515203402804 |
| 1980-01-01 |
-4.94169164306891 |
0.904445485705008 |
| 1980-04-01 |
1.95276294445923 |
1.25598558486879 |
| 1980-07-01 |
-0.508076018079107 |
2.46752374466193 |
| 1980-10-01 |
3.12374032638829 |
4.43658800120947 |
| 1981-01-01 |
-0.622223222962148 |
0.285812818586817 |
| 1981-04-01 |
6.6232571934568 |
2.89500354649543 |
| 1981-07-01 |
9.56607094659594 |
2.82813590382689 |
| 1981-10-01 |
14.5676328359432 |
2.95738232516132 |
| 1982-01-01 |
10.4048565758006 |
-0.698756804708867 |
| 1982-04-01 |
-0.579263320323875 |
1.36840317502385 |
| 1982-07-01 |
-0.14525711134673 |
2.49561653032957 |
| 1982-10-01 |
74.2088472475413 |
3.66658862653968 |
| 1983-01-01 |
5.65072746132413 |
-0.246633196943824 |
| 1983-04-01 |
-15.8983066803075 |
2.23728841038398 |
| 1983-07-01 |
16.5301103475826 |
2.96655405692408 |
| 1983-10-01 |
3.51577436850317 |
3.8746139439459 |
| 1984-01-01 |
-55.2017897278311 |
3.2748074141068 |
| 1984-04-01 |
4.75909454347814 |
2.2377487562508 |
| 1984-07-01 |
-0.424230846207407 |
2.58671402213744 |
| 1984-10-01 |
-1.31633045886141 |
4.01070407552688 |
| 1985-01-01 |
0.117237427790462 |
0.910783796715386 |
| 1985-04-01 |
-2.36979988423668 |
2.48179316589319 |
| 1985-07-01 |
-2.53704857051414 |
2.79909829658043 |
| 1985-10-01 |
-2.50968052836762 |
5.11585998829287 |
| 1986-01-01 |
-0.583156145214181 |
0.638505843331583 |
| 1986-04-01 |
-2.58369190245865 |
1.72486786196544 |
| 1986-07-01 |
-0.0866370872235733 |
2.82682870213453 |
| 1986-10-01 |
6.70318481763799 |
4.72439120183823 |
| 1987-01-01 |
5.22544647601451 |
-1.0126340809245 |
| 1987-04-01 |
31.3055942749422 |
1.47205114735043 |
| 1987-07-01 |
5.4221711799719 |
2.69749796409515 |
| 1987-10-01 |
-12.274426428778 |
2.61122128714373 |
| 1988-01-01 |
3.06665115027811 |
0.373275950626373 |
| 1988-04-01 |
27.6580630670626 |
2.30429656793829 |
| 1988-07-01 |
-5.1848865555789 |
1.5384647786024 |
| 1988-10-01 |
18.000376514793 |
2.05108846105448 |
| 1989-01-01 |
-11.0120496738343 |
1.20381160146881 |
| 1989-04-01 |
1.63723463146765 |
3.07978673018303 |
| 1989-07-01 |
-10.2018057358286 |
3.31537855063728 |
| 1989-10-01 |
-0.917382673286005 |
1.64591877016225 |
| 1990-01-01 |
6.81563100824636 |
0.804531523263674 |
| 1990-04-01 |
9.08280314494703 |
-0.762620491859844 |
| 1990-07-01 |
-5.91556504893109 |
1.58839618906081 |
| 1990-10-01 |
-8.3989856105246 |
1.53909768785441 |
| 1991-01-01 |
14.8551567091666 |
0.352962152233105 |
| 1991-04-01 |
-2.44163806823271 |
-0.494331978486484 |
| 1991-07-01 |
-7.71193104516503 |
1.7624187187107 |
| 1991-10-01 |
6.9616462497043 |
1.51005266665487 |
| 1992-01-01 |
-29.5355657759952 |
1.40851535056885 |
| 1992-04-01 |
3.87934069163602 |
1.28043900110977 |
| 1992-07-01 |
-3.36429811271105 |
2.0939705820793 |
| 1992-10-01 |
-5.50900459648447 |
1.25954235482668 |
| 1993-01-01 |
-6.03965303620595 |
0.718380073044567 |
| 1993-04-01 |
-4.05115332886135 |
1.66045235279193 |
| 1993-07-01 |
0.528924606725756 |
1.58194768507582 |
| 1993-10-01 |
-4.16762490919743 |
2.37375431231202 |
| 1994-01-01 |
12.250587206596 |
1.8616053625828 |
| 1994-04-01 |
0.808591069842723 |
1.4565219091256 |
| 1994-07-01 |
4.51584999319039 |
1.09934043551942 |
| 1994-10-01 |
4.49192289232232 |
2.29771111762542 |
| 1995-01-01 |
-14.6720051621007 |
2.25396333144618 |
| 1995-04-01 |
-15.2062861783615 |
1.98953650128495 |
| 1995-07-01 |
0.817163109771979 |
1.72306761728758 |
| 1995-10-01 |
3.70192225861943 |
1.83707715579022 |
| 1996-01-01 |
-6.75881625396896 |
0.348317227027262 |
| 1996-04-01 |
8.20815612032137 |
1.34457023934786 |
| 1996-07-01 |
-3.28279926975676 |
0.910292572785432 |
| 1996-10-01 |
4.29268549884416 |
2.13834958771892 |
| 1997-01-01 |
4.55501656729107 |
1.72796475541233 |
| 1997-04-01 |
-2.37958310335932 |
2.57521665698692 |
| 1997-07-01 |
3.05036080276142 |
1.63633552314355 |
| 1997-10-01 |
16.9729911007722 |
3.58283928378045 |
| 1998-01-01 |
-1.56009799537451 |
1.37579609956626 |
| 1998-04-01 |
-3.90127238528367 |
1.66590542217044 |
| 1998-07-01 |
9.23047217625659 |
2.87655446481709 |
| 1998-10-01 |
-17.1105548921739 |
2.58920008354904 |
| 1999-01-01 |
-6.91420783514649 |
0.00836789308711339 |
| 1999-04-01 |
0.140122699033718 |
1.20464484019549 |
| 1999-07-01 |
-14.4021679116832 |
1.82203109424202 |
| 1999-10-01 |
2.87680639330044 |
3.18762833494146 |
| 2000-01-01 |
6.19733224671937 |
0.879109603058659 |
| 2000-04-01 |
8.90784597533001 |
2.66413348662724 |
| 2000-07-01 |
13.9219100138301 |
2.41347224043915 |
| 2000-10-01 |
3.39578812162569 |
1.88951735828926 |
| 2001-01-01 |
-10.4632258843059 |
0.57051934943928 |
| 2001-04-01 |
-2.26489614747051 |
0.868976362687435 |
| 2001-07-01 |
18.793617289497 |
1.98729810819351 |
| 2001-10-01 |
-6.94359879015642 |
2.04001081368819 |
| 2002-01-01 |
-17.6570900112208 |
-0.285941881197305 |
| 2002-04-01 |
14.0582536843912 |
2.20216387518404 |
| 2002-07-01 |
1.37382942627271 |
2.90812507518303 |
| 2002-10-01 |
27.5366106588277 |
2.33819734765526 |
| 2003-01-01 |
-22.2807832338799 |
1.47491062455358 |
| 2003-04-01 |
-0.292130133544688 |
2.5815796730789 |
| 2003-07-01 |
25.4847081885506 |
0.17018323902056 |
| 2003-10-01 |
2.19303176068433 |
2.38716486083081 |
| 2004-01-01 |
-2.01412352105692 |
3.08032152712396 |
| 2004-04-01 |
20.9916089486054 |
2.0583340676261 |
| 2004-07-01 |
-10.1496600896077 |
2.3064216167894 |
| 2004-10-01 |
25.0585724570867 |
1.63906707999928 |
| 2005-01-01 |
-13.4434550565399 |
2.70904025644418 |
| 2005-04-01 |
-2.66950738957072 |
2.46206563115725 |
| 2005-07-01 |
-25.1621902085867 |
2.46673039979191 |
| 2005-10-01 |
3.97329876463088 |
0.972226809265719 |
| 2006-01-01 |
4.22986401293357 |
1.9730799663517 |
| 2006-04-01 |
-8.04331349343778 |
2.62162539213713 |
| 2006-07-01 |
21.7593474188447 |
0.50965551346962 |
| 2006-10-01 |
-7.96862862310376 |
4.08037067452685 |
Figure 1, Bottom right panel: Assets and Leverage Growth of Various Institutions in the Flow of Funds Accounts. Security Brokers and Dealers
| |
Leverage growth, (horizontal axis) |
Assets growth, (vertical axis) |
| 1963-01-01 |
-16.1167699922759 |
-14.0196892420828 |
| 1963-04-01 |
-5.28010900870212 |
13.2018209408194 |
| 1963-07-01 |
-13.1722889688872 |
8.09164026322202 |
| 1963-10-01 |
6.85169969235475 |
3.34836527621194 |
| 1964-01-01 |
-27.9849283121891 |
-9.67601178138977 |
| 1964-04-01 |
-2.1849957374254 |
12.3550724637681 |
| 1964-07-01 |
-12.8478940485148 |
-1.56938621949909 |
| 1964-10-01 |
13.6165570805737 |
7.69902806596048 |
| 1965-01-01 |
-21.2107268991326 |
-8.22348408030825 |
| 1965-04-01 |
-9.58961310742394 |
15.9982322395315 |
| 1965-07-01 |
-35.5273601662982 |
-18.9351366796838 |
| 1965-10-01 |
2.93487403022994 |
21.595582187757 |
| 1966-01-01 |
-23.9017271580804 |
-11.8465552227268 |
| 1966-04-01 |
7.7995396251233 |
15.1704483174394 |
| 1966-07-01 |
-20.1212796910903 |
-15.0090415913201 |
| 1966-10-01 |
2.18198279764599 |
26.3829787234042 |
| 1967-01-01 |
-5.98545374675842 |
1.44426723374091 |
| 1967-04-01 |
-13.330710190486 |
0.585203947943058 |
| 1967-07-01 |
-4.31865302600057 |
12.6345953456061 |
| 1967-10-01 |
0.880648660310968 |
13.5687302443913 |
| 1968-01-01 |
-16.2534948447586 |
-7.66410970063132 |
| 1968-04-01 |
-0.619631803993514 |
11.1013086310837 |
| 1968-07-01 |
6.86379561592285 |
16.8673901535204 |
| 1968-10-01 |
-6.25686145369216 |
4.82418889077629 |
| 1969-01-01 |
-25.8317985609027 |
-21.0554745314104 |
| 1969-04-01 |
6.24654728639098 |
8.4296955183031 |
| 1969-07-01 |
-15.4439032551095 |
-18.6596832207989 |
| 1969-10-01 |
21.036111484236 |
19.4879751745539 |
| 1970-01-01 |
-8.33219340008385 |
-15.134398130113 |
| 1970-04-01 |
-5.23181858091508 |
-10.1751970009946 |
| 1970-07-01 |
16.8692658088319 |
13.2612213610425 |
| 1970-10-01 |
19.6822733568244 |
22.1687471800271 |
| 1971-01-01 |
-11.7579244637262 |
-8.52517542779762 |
| 1971-04-01 |
-10.3644461384335 |
-3.55965278245071 |
| 1971-07-01 |
-5.98197811939992 |
1.10940552609544 |
| 1971-10-01 |
18.0515985291363 |
21.5237043682285 |
| 1972-01-01 |
-16.1719053937041 |
-1.70925610448609 |
| 1972-04-01 |
-4.30760490688852 |
7.62031313189671 |
| 1972-07-01 |
-0.447467258903089 |
0.7139789564097 |
| 1972-10-01 |
24.0881380805089 |
22.248281008475 |
| 1973-01-01 |
-34.6013094968682 |
-19.563985175496 |
| 1973-04-01 |
-18.5418978808472 |
-3.75650477016479 |
| 1973-07-01 |
-17.0675887126998 |
-4.8042804843706 |
| 1973-10-01 |
7.56035864743836 |
20.0686309312507 |
| 1974-01-01 |
-27.5507777349655 |
-18.8972109983246 |
| 1974-04-01 |
-1.23247647774133 |
6.13646029527919 |
| 1974-07-01 |
-6.65854621067958 |
-0.143110653157019 |
| 1974-10-01 |
1.29254153832807 |
4.6147672552167 |
| 1975-01-01 |
-11.4115284555648 |
-4.37832209984109 |
| 1975-04-01 |
-2.21789870266569 |
4.97421203438395 |
| 1975-07-01 |
-11.7714227665346 |
-5.7266077082651 |
| 1975-10-01 |
17.0124183152508 |
24.4194799930511 |
| 1976-01-01 |
20.7552761339337 |
13.101554500605 |
| 1976-04-01 |
3.93402247940862 |
4.64589934570594 |
| 1976-07-01 |
18.000017011888 |
15.7845064883995 |
| 1976-10-01 |
12.8235435613943 |
15.9523162613775 |
| 1977-01-01 |
-15.8556629249133 |
-18.8072991417943 |
| 1977-04-01 |
7.71896971126471 |
9.46608946608947 |
| 1977-07-01 |
-7.44780555296481 |
-8.56841550224097 |
| 1977-10-01 |
14.4627685339797 |
7.95847750865053 |
| 1978-01-01 |
1.34006650004195 |
6.69738247863247 |
| 1978-04-01 |
2.36650676545505 |
5.8983666061706 |
| 1978-07-01 |
-2.09342485033878 |
3.90627308453741 |
| 1978-10-01 |
-6.68725681570334 |
-7.52168349210863 |
| 1979-01-01 |
-6.94838156990841 |
-2.19864698646987 |
| 1979-04-01 |
26.5580715005183 |
30.9039459204528 |
| 1979-07-01 |
-5.75999776595936 |
-3.54758130374213 |
| 1979-10-01 |
-15.8834214596597 |
-18.611948103693 |
| 1980-01-01 |
11.4630910307741 |
12.9578068108803 |
| 1980-04-01 |
-3.79194616665427 |
14.0310959423587 |
| 1980-07-01 |
8.13235645186021 |
5.39455556083424 |
| 1980-10-01 |
-20.3001521010795 |
2.22903378484978 |
| 1981-01-01 |
12.6407825173599 |
18.2988667930685 |
| 1981-04-01 |
-6.97482549409824 |
-2.2289313802229 |
| 1981-07-01 |
-5.55597728248679 |
-9.89478098433152 |
| 1981-10-01 |
15.486203365057 |
26.4157728840092 |
| 1982-01-01 |
-1.48804483071042 |
-6.40751029150909 |
| 1982-04-01 |
-1.20897402604585 |
-2.11518174828801 |
| 1982-07-01 |
0.174880036853242 |
5.97486574361596 |
| 1982-10-01 |
23.4395144835256 |
43.5355154523674 |
| 1983-01-01 |
-21.0072658612449 |
-15.2698889222456 |
| 1983-04-01 |
1.46249525146767 |
9.847078331609 |
| 1983-07-01 |
4.75075337102979 |
7.16451417291342 |
| 1983-10-01 |
4.07784520832828 |
8.91283409583434 |
| 1984-01-01 |
-8.07252346469581 |
-10.6164951416601 |
| 1984-04-01 |
-4.42660607313572 |
-7.50565799725448 |
| 1984-07-01 |
11.4523864891169 |
19.4758657574542 |
| 1984-10-01 |
35.5313972289182 |
32.5104078069743 |
| 1985-01-01 |
-27.4587220751199 |
-23.0697768694154 |
| 1985-04-01 |
10.5075123098674 |
18.4465912833461 |
| 1985-07-01 |
-2.7778488534361 |
5.29691453569741 |
| 1985-10-01 |
18.1427778491159 |
37.3283571579466 |
| 1986-01-01 |
0.618701361549356 |
15.278561173213 |
| 1986-04-01 |
-7.1139755575506 |
1.04418608530299 |
| 1986-07-01 |
-9.16157339549576 |
-5.71779168111109 |
| 1986-10-01 |
0.925725320654847 |
7.730243959379 |
| 1987-01-01 |
-10.3209012925375 |
-8.41509331744182 |
| 1987-04-01 |
-3.75539680201145 |
-5.79999053545655 |
| 1987-07-01 |
-1.43017608658792 |
1.22953650618223 |
| 1987-10-01 |
-23.9922832596251 |
-14.4269718681182 |
| 1988-01-01 |
1.47003619418742 |
6.23205845680981 |
| 1988-04-01 |
-10.4445390934799 |
-1.60906206284759 |
| 1988-07-01 |
0.612486095821674 |
-4.41440629182936 |
| 1988-10-01 |
3.47610056834264 |
-1.41631960064431 |
| 1989-01-01 |
3.77310473492911 |
5.92919702656951 |
| 1989-04-01 |
30.1959806248366 |
29.9973597543182 |
| 1989-07-01 |
-3.77744028807574 |
0.0256547300908627 |
| 1989-10-01 |
39.7662167057309 |
26.4026332100797 |
| 1990-01-01 |
-10.4569329763927 |
-13.3712377409537 |
| 1990-04-01 |
-1.02241546834031 |
-0.396722767397484 |
| 1990-07-01 |
4.20946394808117 |
-2.27272727272727 |
| 1990-10-01 |
22.5415461300256 |
31.4101375095876 |
| 1991-01-01 |
-6.19048985262732 |
-4.53090606676764 |
| 1991-04-01 |
7.76124193258627 |
7.79361933380218 |
| 1991-07-01 |
14.0761653781212 |
14.2230130486358 |
| 1991-10-01 |
5.61817707674461 |
7.91294526949839 |
| 1992-01-01 |
-7.44633936023708 |
-3.01314246188085 |
| 1992-04-01 |
-1.72673728455619 |
6.47056817089469 |
| 1992-07-01 |
14.6277469925407 |
15.2502635732967 |
| 1992-10-01 |
-9.31316561291004 |
-3.53506637252003 |
| 1993-01-01 |
19.0336754061814 |
8.9720012993409 |
| 1993-04-01 |
22.8142201727435 |
5.4964048838769 |
| 1993-07-01 |
2.51596804276544 |
5.39803347423351 |
| 1993-10-01 |
33.4745952246426 |
3.51195803984139 |
| 1994-01-01 |
-3.10501414418252 |
-1.86119662975325 |
| 1994-04-01 |
7.38823902723402 |
-0.912385845356234 |
| 1994-07-01 |
2.46909456922919 |
0.8380944198634 |
| 1994-10-01 |
-36.8575276452655 |
-3.14346449917142 |
| 1995-01-01 |
-1.20468417060824 |
3.94612996015165 |
| 1995-04-01 |
5.60490293769424 |
4.04871918555942 |
| 1995-07-01 |
0.064107314312678 |
2.31087524526998 |
| 1995-10-01 |
16.4714210517958 |
12.9051811514995 |
| 1996-01-01 |
-4.10102170503418 |
0.22935900933807 |
| 1996-04-01 |
1.58528051561875 |
-0.727422164774638 |
| 1996-07-01 |
2.15215671139783 |
3.15957443044514 |
| 1996-10-01 |
10.0808390522527 |
9.12752989919845 |
| 1997-01-01 |
-3.76497742879137 |
2.99268799766166 |
| 1997-04-01 |
7.91718435880358 |
9.46528429420426 |
| 1997-07-01 |
-4.30640644759328 |
4.37394589019138 |
| 1997-10-01 |
13.9023296117095 |
4.05763811914905 |
| 1998-01-01 |
0.332954927807405 |
17.8280376902286 |
| 1998-04-01 |
-4.58023254159445 |
-0.112622793154193 |
| 1998-07-01 |
11.7623029456562 |
7.91952675626313 |
| 1998-10-01 |
-9.13334473085071 |
-6.92369326959704 |
| 1999-01-01 |
-6.87744787798638 |
-2.97705440527846 |
| 1999-04-01 |
-9.53627922695711 |
0.753002780404022 |
| 1999-07-01 |
0.437485272198113 |
2.31863939987895 |
| 1999-10-01 |
12.3169438841125 |
8.64348943522863 |
| 2000-01-01 |
-2.36965733350583 |
13.1391345871437 |
| 2000-04-01 |
-1.53090504179038 |
0.0337299397364266 |
| 2000-07-01 |
4.50971362664403 |
6.68192534779994 |
| 2000-10-01 |
36.0971839172481 |
1.05749842587375 |
| 2001-01-01 |
-3.54905503667911 |
-0.810716987558413 |
| 2001-04-01 |
9.80686240574127 |
10.1854251720614 |
| 2001-07-01 |
12.9573238576955 |
9.57066584961506 |
| 2001-10-01 |
-11.7096408622212 |
0.205245590501546 |
| 2002-01-01 |
-8.40115550972138 |
-1.65675063453509 |
| 2002-04-01 |
-0.595641189387963 |
1.65718718042291 |
| 2002-07-01 |
-1.99252088145734 |
-3.10678630999343 |
| 2002-10-01 |
-33.2212050388461 |
-5.93792305817618 |
| 2003-01-01 |
1.68318093272217 |
3.75050545895674 |
| 2003-04-01 |
2.30489201234785 |
9.13832862385917 |
| 2003-07-01 |
-2.52360911113498 |
3.21264822761731 |
| 2003-10-01 |
2.41898633989497 |
3.35279900762224 |
| 2004-01-01 |
4.12606539772651 |
5.59651040313747 |
| 2004-04-01 |
-2.55162798572414 |
-2.96530961148268 |
| 2004-07-01 |
3.45723223227352 |
7.23716532307834 |
| 2004-10-01 |
18.5406757958369 |
4.08953268528658 |
| 2005-01-01 |
2.53160033326409 |
5.53855360168596 |
| 2005-04-01 |
2.52784360475999 |
4.78632979056695 |
| 2005-07-01 |
-0.654431368069186 |
3.79000901356152 |
| 2005-10-01 |
-0.587924492272796 |
0.446971432079457 |
| 2006-01-01 |
-8.18234687930951 |
7.57015584965093 |
| 2006-04-01 |
2.83088191211964 |
5.00382199678244 |
| 2006-07-01 |
3.59528420509043 |
7.57229157873969 |
| 2006-10-01 |
34.9778402385978 |
6.08456365295913 |
Figure 2, Top-left panel: Assets and Leverage of Commercial Banks Across Different Sample Periods. Commercial Banks (1963:Q1 to 1989:Q4)
| Leverage growth, (horizontal axis) |
Total Asset Growth, (vertical axis) |
| -0.598156930580673 |
-1.58992352408189 |
| -0.610476475335986 |
3.14445391683242 |
| 2.24436783416069 |
1.18431879628542 |
| 6.27454573417139 |
3.8664285091923 |
| -2.94591259589719 |
-0.841669637676601 |
| -0.152964061974292 |
3.14145722443513 |
| 0.696103398465198 |
2.01502382075311 |
| 2.5131080657397 |
4.29885627374387 |
| -0.0648892693662972 |
0.108887675456915 |
| 0.14585472743498 |
3.77868828789516 |
| 0.284702599875319 |
0.71974920079394 |
| 2.69504505991121 |
4.86901962710344 |
| -0.611014291720779 |
-1.05638750014635 |
| 0.929468212477569 |
4.31770243205425 |
| -0.121546763362779 |
-0.2963513337228 |
| -0.0815508388152475 |
3.24281736291054 |
| 2.4268668112442 |
0.143259371091364 |
| -1.21059320744177 |
2.89217547276739 |
| 3.32019628187781 |
2.99189061284293 |
| -0.636853112382652 |
4.68975937237961 |
| 0.884277878678774 |
-0.519012264857444 |
| -1.47804415196439 |
2.47374574061565 |
| 3.98451336024157 |
3.71518157515136 |
| 1.56708875000591 |
5.04350681333114 |
| -0.319479140670353 |
-1.38320152542902 |
| -3.53865039545278 |
3.11221497965717 |
| 2.3244867242451 |
0.171707745512428 |
| 1.96619626052164 |
3.3263408934979 |
| -1.75968222397158 |
-1.1555383956112 |
| -4.62064533296854 |
3.11545601854335 |
| 8.5452609572541 |
2.89956728157501 |
| 2.20619375651507 |
4.61465020975682 |
| 6.70910590927607 |
0.777461542626012 |
| -2.01504320953685 |
3.09218617197828 |
| 9.21628453734094 |
2.42791262045581 |
| 3.5897394232437 |
5.06014026672481 |
| 1.33269964202456 |
1.39010428376252 |
| -2.27950309798338 |
3.11325195985455 |
| 3.66370236924196 |
3.34959968239263 |
| 0.423200680615743 |
6.13314681106136 |
| -6.25942888118025 |
2.44266589452062 |
| -4.82292466432122 |
3.76028288609771 |
| -6.28937598829058 |
4.46194598107053 |
| 5.68461262059581 |
3.33421162716154 |
| -3.20941498033119 |
1.56882331679427 |
| 0.973430570435085 |
4.2430971542301 |
| 7.18351609037278 |
1.92042703742785 |
| 2.84382368890186 |
1.79825095612773 |
| -2.37617969143094 |
-0.342074028696404 |
| -0.933882679495746 |
1.81264819761684 |
| -1.59128749859421 |
1.5599812740928 |
| 5.20437430338636 |
2.76655380771249 |
| -7.49629992859665 |
0.165182994964286 |
| 3.39164336886526 |
2.56446120371197 |
| -0.633463390967648 |
1.67770841856598 |
| 3.38606975638218 |
3.84681530419206 |
| 0.623518095625064 |
1.27466420024664 |
| 0.66612608055443 |
2.98570244381047 |
| 0.602734682232864 |
2.42189411453366 |
| 7.69146556826439 |
4.02518679000055 |
| -1.77904759444188 |
1.25981816477645 |
| 1.54605198916997 |
4.48608356065354 |
| -0.265737863380999 |
3.16121636490239 |
| 8.83513230005073 |
4.76989926920799 |
| -4.52741021866653 |
0.977430975340865 |
| -2.92270548418436 |
3.65807331406864 |
| 1.29558392591222 |
3.53775099332354 |
| 1.90030053463401 |
2.49515203402804 |
| -4.94169164306891 |
0.904445485705008 |
| 1.95276294445923 |
1.25598558486879 |
| -0.508076018079107 |
2.46752374466193 |
| 3.12374032638829 |
4.43658800120947 |
| -0.622223222962148 |
0.285812818586817 |
| 6.6232571934568 |
2.89500354649543 |
| 9.56607094659594 |
2.82813590382689 |
| 14.5676328359432 |
2.95738232516132 |
| 10.4048565758006 |
-0.698756804708867 |
| -0.579263320323875 |
1.36840317502385 |
| -0.14525711134673 |
2.49561653032957 |
| 74.2088472475413 |
3.66658862653968 |
| 5.65072746132413 |
-0.246633196943824 |
| -15.8983066803075 |
2.23728841038398 |
| 16.5301103475826 |
2.96655405692408 |
| 3.51577436850317 |
3.8746139439459 |
| -55.2017897278311 |
3.2748074141068 |
| 4.75909454347814 |
2.2377487562508 |
| -0.424230846207407 |
2.58671402213744 |
| -1.31633045886141 |
4.01070407552688 |
| 0.117237427790462 |
0.910783796715386 |
| -2.36979988423668 |
2.48179316589319 |
| -2.53704857051414 |
2.79909829658043 |
| -2.50968052836762 |
5.11585998829287 |
| -0.583156145214181 |
0.638505843331583 |
| -2.58369190245865 |
1.72486786196544 |
| -0.0866370872235733 |
2.82682870213453 |
| 6.70318481763799 |
4.72439120183823 |
| 5.22544647601451 |
-1.0126340809245 |
| 31.3055942749422 |
1.47205114735043 |
| 5.4221711799719 |
2.69749796409515 |
| -12.274426428778 |
2.61122128714373 |
| 3.06665115027811 |
0.373275950626373 |
| 27.6580630670626 |
2.30429656793829 |
| -5.1848865555789 |
1.5384647786024 |
| 18.000376514793 |
2.05108846105448 |
| -11.0120496738343 |
1.20381160146881 |
| 1.63723463146765 |
3.07978673018303 |
| -10.2018057358286 |
3.31537855063728 |
| -0.917382673286005 |
1.64591877016225 |
Figure 2, Top-right panel: Assets and Leverage of Commercial Banks Across Different Sample Periods. Commercial Banks (1963:Q1 to 1984:Q4)
| Leverage growth, (horizontal axis) |
Total Asset Growth, (vertical axis) |
| -0.598156930580673 |
-1.58992352408189 |
| -0.610476475335986 |
3.14445391683242 |
| 2.24436783416069 |
1.18431879628542 |
| 6.27454573417139 |
3.8664285091923 |
| -2.94591259589719 |
-0.841669637676601 |
| -0.152964061974292 |
3.14145722443513 |
| 0.696103398465198 |
2.01502382075311 |
| 2.5131080657397 |
4.29885627374387 |
| -0.0648892693662972 |
0.108887675456915 |
| 0.14585472743498 |
3.77868828789516 |
| 0.284702599875319 |
0.71974920079394 |
| 2.69504505991121 |
4.86901962710344 |
| -0.611014291720779 |
-1.05638750014635 |
| 0.929468212477569 |
4.31770243205425 |
| -0.121546763362779 |
-0.2963513337228 |
| -0.0815508388152475 |
3.24281736291054 |
| 2.4268668112442 |
0.143259371091364 |
| -1.21059320744177 |
2.89217547276739 |
| 3.32019628187781 |
2.99189061284293 |
| -0.636853112382652 |
4.68975937237961 |
| 0.884277878678774 |
-0.519012264857444 |
| -1.47804415196439 |
2.47374574061565 |
| 3.98451336024157 |
3.71518157515136 |
| 1.56708875000591 |
5.04350681333114 |
| -0.319479140670353 |
-1.38320152542902 |
| -3.53865039545278 |
3.11221497965717 |
| 2.3244867242451 |
0.171707745512428 |
| 1.96619626052164 |
3.3263408934979 |
| -1.75968222397158 |
-1.1555383956112 |
| -4.62064533296854 |
3.11545601854335 |
| 8.5452609572541 |
2.89956728157501 |
| 2.20619375651507 |
4.61465020975682 |
| 6.70910590927607 |
0.777461542626012 |
| -2.01504320953685 |
3.09218617197828 |
| 9.21628453734094 |
2.42791262045581 |
| 3.5897394232437 |
5.06014026672481 |
| 1.33269964202456 |
1.39010428376252 |
| -2.27950309798338 |
3.11325195985455 |
| 3.66370236924196 |
3.34959968239263 |
| 0.423200680615743 |
6.13314681106136 |
| -6.25942888118025 |
2.44266589452062 |
| -4.82292466432122 |
3.76028288609771 |
| -6.28937598829058 |
4.46194598107053 |
| 5.68461262059581 |
3.33421162716154 |
| -3.20941498033119 |
1.56882331679427 |
| 0.973430570435085 |
4.2430971542301 |
| 7.18351609037278 |
1.92042703742785 |
| 2.84382368890186 |
1.79825095612773 |
| -2.37617969143094 |
-0.342074028696404 |
| -0.933882679495746 |
1.81264819761684 |
| -1.59128749859421 |
1.5599812740928 |
| 5.20437430338636 |
2.76655380771249 |
| -7.49629992859665 |
0.165182994964286 |
| 3.39164336886526 |
2.56446120371197 |
| -0.633463390967648 |
1.67770841856598 |
| 3.38606975638218 |
3.84681530419206 |
| 0.623518095625064 |
1.27466420024664 |
| 0.66612608055443 |
2.98570244381047 |
| 0.602734682232864 |
2.42189411453366 |
| 7.69146556826439 |
4.02518679000055 |
| -1.77904759444188 |
1.25981816477645 |
| 1.54605198916997 |
4.48608356065354 |
| -0.265737863380999 |
3.16121636490239 |
| 8.83513230005073 |
4.76989926920799 |
| -4.52741021866653 |
0.977430975340865 |
| -2.92270548418436 |
3.65807331406864 |
| 1.29558392591222 |
3.53775099332354 |
| 1.90030053463401 |
2.49515203402804 |
| -4.94169164306891 |
0.904445485705008 |
| 1.95276294445923 |
1.25598558486879 |
| -0.508076018079107 |
2.46752374466193 |
| 3.12374032638829 |
4.43658800120947 |
| -0.622223222962148 |
0.285812818586817 |
| 6.6232571934568 |
2.89500354649543 |
| 9.56607094659594 |
2.82813590382689 |
| 14.5676328359432 |
2.95738232516132 |
| 10.4048565758006 |
-0.698756804708867 |
| -0.579263320323875 |
1.36840317502385 |
| -0.14525711134673 |
2.49561653032957 |
| 74.2088472475413 |
3.66658862653968 |
| 5.65072746132413 |
-0.246633196943824 |
| -15.8983066803075 |
2.23728841038398 |
| 16.5301103475826 |
2.96655405692408 |
| 3.51577436850317 |
3.8746139439459 |
| -55.2017897278311 |
3.2748074141068 |
| 4.75909454347814 |
2.2377487562508 |
| -0.424230846207407 |
2.58671402213744 |
| -1.31633045886141 |
4.01070407552688 |
Figure 2, Bottom-left panel: Assets and Leverage of Commercial Banks Across Different Sample Periods. Commercial Banks (1990:Q1 TO 2008:Q3)
| Leverage growth, (horizontal axis) |
Total Asset Growth, (vertical axis) |
| 6.81563100824636 |
0.804531523263674 |
| 9.08280314494703 |
-0.762620491859844 |
| -5.91556504893109 |
1.58839618906081 |
| -8.3989856105246 |
1.53909768785441 |
| 14.8551567091666 |
0.352962152233105 |
| -2.44163806823271 |
-0.494331978486484 |
| -7.71193104516503 |
1.7624187187107 |
| 6.9616462497043 |
1.51005266665487 |
| -29.5355657759952 |
1.40851535056885 |
| 3.87934069163602 |
1.28043900110977 |
| -3.36429811271105 |
2.0939705820793 |
| -5.50900459648447 |
1.25954235482668 |
| -6.03965303620595 |
0.718380073044567 |
| -4.05115332886135 |
1.66045235279193 |
| 0.528924606725756 |
1.58194768507582 |
| -4.16762490919743 |
2.37375431231202 |
| 12.250587206596 |
1.8616053625828 |
| 0.808591069842723 |
1.4565219091256 |
| 4.51584999319039 |
1.09934043551942 |
| 4.49192289232232 |
2.29771111762542 |
| -14.6720051621007 |
2.25396333144618 |
| -15.2062861783615 |
1.98953650128495 |
| 0.817163109771979 |
1.72306761728758 |
| 3.70192225861943 |
1.83707715579022 |
| -6.75881625396896 |
0.348317227027262 |
| 8.20815612032137 |
1.34457023934786 |
| -3.28279926975676 |
0.910292572785432 |
| 4.29268549884416 |
2.13834958771892 |
| 4.55501656729107 |
1.72796475541233 |
| -2.37958310335932 |
2.57521665698692 |
| 3.05036080276142 |
1.63633552314355 |
| 16.9729911007722 |
3.58283928378045 |
| -1.56009799537451 |
1.37579609956626 |
| -3.90127238528367 |
1.66590542217044 |
| 9.23047217625659 |
2.87655446481709 |
| -17.1105548921739 |
2.58920008354904 |
| -6.91420783514649 |
0.00836789308711339 |
| 0.140122699033718 |
1.20464484019549 |
| -14.4021679116832 |
1.82203109424202 |
| 2.87680639330044 |
3.18762833494146 |
| 6.19733224671937 |
0.879109603058659 |
| 8.90784597533001 |
2.66413348662724 |
| 13.9219100138301 |
2.41347224043915 |
| 3.39578812162569 |
1.88951735828926 |
| -10.4632258843059 |
0.57051934943928 |
| -2.26489614747051 |
0.868976362687435 |
| 18.793617289497 |
1.98729810819351 |
| -6.94359879015642 |
2.04001081368819 |
| -17.6570900112208 |
-0.285941881197305 |
| 14.0582536843912 |
2.20216387518404 |
| 1.37382942627271 |
2.90812507518303 |
| 27.5366106588277 |
2.33819734765526 |
| -22.2807832338799 |
1.47491062455358 |
| -0.292130133544688 |
2.5815796730789 |
| 25.4847081885506 |
0.17018323902056 |
| 2.19303176068433 |
2.38716486083081 |
| -2.01412352105692 |
3.08032152712396 |
| 20.9916089486054 |
2.0583340676261 |
| -10.1496600896077 |
2.3064216167894 |
| 25.0585724570867 |
1.63906707999928 |
| -13.4434550565399 |
2.70904025644418 |
| -2.66950738957072 |
2.46206563115725 |
| -25.1621902085867 |
2.46673039979191 |
| 3.97329876463088 |
0.972226809265719 |
| 4.22986401293357 |
1.9730799663517 |
| -8.04331349343778 |
2.62162539213713 |
| 21.7593474188447 |
0.50965551346962 |
| -7.96862862310376 |
4.08037067452685 |
| 5.06633822024438 |
-0.133801998182581 |
| 21.7345425372502 |
2.56181220213798 |
| 10.8973460715134 |
4.18049646058076 |
| 5.22668597137643 |
2.7981301239633 |
| -27.4425295213941 |
3.41925426276188 |
| -5.33470423477325 |
1.21858614091117 |
| -21.6289630572704 |
5.83754892962032 |
Figure 2, Bottom right panel: Assets and Leverage of Commercial Banks Across Different Sample Periods. Commercial Banks (1985 :Q1 to 2008:3)
| Leverage growth, (horizontal axis) |
Total Asset Growth, (vertical axis) |
| 0.117237427790462 |
0.910783796715386 |
| -2.36979988423668 |
2.48179316589319 |
| -2.53704857051414 |
2.79909829658043 |
| -2.50968052836762 |
5.11585998829287 |
| -0.583156145214181 |
0.638505843331583 |
| -2.58369190245865 |
1.72486786196544 |
| -0.0866370872235733 |
2.82682870213453 |
| 6.70318481763799 |
4.72439120183823 |
| 5.22544647601451 |
-1.0126340809245 |
| 31.3055942749422 |
1.47205114735043 |
| 5.4221711799719 |
2.69749796409515 |
| -12.274426428778 |
2.61122128714373 |
| 3.06665115027811 |
0.373275950626373 |
| 27.6580630670626 |
2.30429656793829 |
| -5.1848865555789 |
1.5384647786024 |
| 18.000376514793 |
2.05108846105448 |
| -11.0120496738343 |
1.20381160146881 |
| 1.63723463146765 |
3.07978673018303 |
| -10.2018057358286 |
3.31537855063728 |
| -0.917382673286005 |
1.64591877016225 |
| 6.81563100824636 |
0.804531523263674 |
| 9.08280314494703 |
-0.762620491859844 |
| -5.91556504893109 |
1.58839618906081 |
| -8.3989856105246 |
1.53909768785441 |
| 14.8551567091666 |
0.352962152233105 |
| -2.44163806823271 |
-0.494331978486484 |
| -7.71193104516503 |
1.7624187187107 |
| 6.9616462497043 |
1.51005266665487 |
| -29.5355657759952 |
1.40851535056885 |
| 3.87934069163602 |
1.28043900110977 |
| -3.36429811271105 |
2.0939705820793 |
| -5.50900459648447 |
1.25954235482668 |
| -6.03965303620595 |
0.718380073044567 |
| -4.05115332886135 |
1.66045235279193 |
| 0.528924606725756 |
1.58194768507582 |
| -4.16762490919743 |
2.37375431231202 |
| 12.250587206596 |
1.8616053625828 |
| 0.808591069842723 |
1.4565219091256 |
| 4.51584999319039 |
1.09934043551942 |
| 4.49192289232232 |
2.29771111762542 |
| -14.6720051621007 |
2.25396333144618 |
| -15.2062861783615 |
1.98953650128495 |
| 0.817163109771979 |
1.72306761728758 |
| 3.70192225861943 |
1.83707715579022 |
| -6.75881625396896 |
0.348317227027262 |
| 8.20815612032137 |
1.34457023934786 |
| -3.28279926975676 |
0.910292572785432 |
| 4.29268549884416 |
2.13834958771892 |
| 4.55501656729107 |
1.72796475541233 |
| -2.37958310335932 |
2.57521665698692 |
| 3.05036080276142 |
1.63633552314355 |
| 16.9729911007722 |
3.58283928378045 |
| -1.56009799537451 |
1.37579609956626 |
| -3.90127238528367 |
1.66590542217044 |
| 9.23047217625659 |
2.87655446481709 |
| -17.1105548921739 |
2.58920008354904 |
| -6.91420783514649 |
0.00836789308711339 |
| 0.140122699033718 |
1.20464484019549 |
| -14.4021679116832 |
1.82203109424202 |
| 2.87680639330044 |
3.18762833494146 |
| 6.19733224671937 |
0.879109603058659 |
| 8.90784597533001 |
2.66413348662724 |
| 13.9219100138301 |
2.41347224043915 |
| 3.39578812162569 |
1.88951735828926 |
| -10.4632258843059 |
0.57051934943928 |
| -2.26489614747051 |
0.868976362687435 |
| 18.793617289497 |
1.98729810819351 |
| -6.94359879015642 |
2.04001081368819 |
| -17.6570900112208 |
-0.285941881197305 |
| 14.0582536843912 |
2.20216387518404 |
| 1.37382942627271 |
2.90812507518303 |
| 27.5366106588277 |
2.33819734765526 |
| -22.2807832338799 |
1.47491062455358 |
| -0.292130133544688 |
2.5815796730789 |
| 25.4847081885506 |
0.17018323902056 |
| 2.19303176068433 |
2.38716486083081 |
| -2.01412352105692 |
3.08032152712396 |
| 20.9916089486054 |
2.0583340676261 |
| -10.1496600896077 |
2.3064216167894 |
| 25.0585724570867 |
1.63906707999928 |
| -13.4434550565399 |
2.70904025644418 |
| -2.66950738957072 |
2.46206563115725 |
| -25.1621902085867 |
2.46673039979191 |
| 3.97329876463088 |
0.972226809265719 |
| 4.22986401293357 |
1.9730799663517 |
| -8.04331349343778 |
2.62162539213713 |
| 21.7593474188447 |
0.50965551346962 |
| -7.96862862310376 |
4.08037067452685 |
| 5.06633822024438 |
-0.133801998182581 |
| 21.7345425372502 |
2.56181220213798 |
| 10.8973460715134 |
4.18049646058076 |
| 5.22668597137643 |
2.7981301239633 |
| -27.4425295213941 |
3.41925426276188 |
| -5.33470423477325 |
1.21858614091117 |
| -21.6289630572704 |
5.83754892962032 |
Figure 3, Top-left Panel: BHC Capital Ratios and Commercial-Bank and BHC Loan Growth. BHC Total Risk-based Capital Ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1993:01 |
|
| 1993:02 |
|
| 1993:03 |
|
| 1993:04 |
|
| 1994:01 |
|
| 1994:02 |
|
| 1994:03 |
|
| 1994:04 |
|
| 1995:01 |
|
| 1995:02 |
|
| 1995:03 |
|
| 1995:04 |
|
| 1996:01 |
14.07 |
| 1996:02 |
13.88955 |
| 1996:03 |
13.68728 |
| 1996:04 |
13.60544 |
| 1997:01 |
13.87039 |
| 1997:02 |
14.04876 |
| 1997:03 |
13.92377 |
| 1997:04 |
13.80247 |
| 1998:01 |
13.85724 |
| 1998:02 |
13.7665 |
| 1998:03 |
13.64634 |
| 1998:04 |
13.46254 |
| 1999:01 |
13.46371 |
| 1999:02 |
13.39197 |
| 1999:03 |
13.23073 |
| 1999:04 |
12.98476 |
| 2000:01 |
12.81248 |
| 2000:02 |
12.74135 |
| 2000:03 |
12.71896 |
| 2000:04 |
12.65062 |
| 2001:01 |
12.75146 |
| 2001:02 |
12.68279 |
| 2001:03 |
12.83631 |
| 2001:04 |
12.84802 |
| 2002:01 |
13.24138 |
| 2002:02 |
13.31693 |
| 2002:03 |
13.34195 |
| 2002:04 |
13.53707 |
| 2003:01 |
13.60582 |
| 2003:02 |
13.5163 |
| 2003:03 |
13.76931 |
| 2003:04 |
13.82643 |
| 2004:01 |
13.98493 |
| 2004:02 |
13.6764 |
| 2004:03 |
13.53071 |
| 2004:04 |
13.42937 |
| 2005:01 |
13.20941 |
| 2005:02 |
13.07076 |
| 2005:03 |
13.02858 |
| 2005:04 |
13.0959 |
| 2006:01 |
13.06846 |
| 2006:02 |
12.89084 |
| 2006:03 |
12.8077 |
| 2006:04 |
12.82391 |
| 2007:01 |
12.69648 |
| 2007:02 |
12.58249 |
| 2007:03 |
12.47857 |
| 2007:04 |
12.27672 |
| 2008:01 |
12.23884 |
| 2008:02 |
12.26039 |
| 2008:03 |
12.20854 |
| 2008:04 |
13.29137 |
| 2009:01 |
13.64186 |
| 2009:02 |
13.65842 |
| 2009:03 |
14.03327 |
Figure 3, Top-right Panel: BHC Capital Ratios and Commercial-Bank and BHC Loan Growth. BHC Tier 1 Risk-based Capital Ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1993:01 |
|
| 1993:02 |
|
| 1993:03 |
|
| 1993:04 |
|
| 1994:01 |
|
| 1994:02 |
|
| 1994:03 |
|
| 1994:04 |
|
| 1995:01 |
|
| 1995:02 |
|
| 1995:03 |
|
| 1995:04 |
|
| 1996:01 |
12.37234 |
| 1996:02 |
12.25942 |
| 1996:03 |
12.05546 |
| 1996:04 |
12.00424 |
| 1997:01 |
12.20755 |
| 1997:02 |
12.37972 |
| 1997:03 |
12.28778 |
| 1997:04 |
12.20484 |
| 1998:01 |
12.22356 |
| 1998:02 |
12.13399 |
| 1998:03 |
12.02605 |
| 1998:04 |
11.82633 |
| 1999:01 |
11.77107 |
| 1999:02 |
11.63155 |
| 1999:03 |
11.5136 |
| 1999:04 |
11.29309 |
| 2000:01 |
11.10032 |
| 2000:02 |
11.04987 |
| 2000:03 |
11.01535 |
| 2000:04 |
10.95089 |
| 2001:01 |
10.92752 |
| 2001:02 |
10.94873 |
| 2001:03 |
11.00231 |
| 2001:04 |
10.96873 |
| 2002:01 |
11.33785 |
| 2002:02 |
11.40702 |
| 2002:03 |
11.46251 |
| 2002:04 |
11.62184 |
| 2003:01 |
11.67171 |
| 2003:02 |
11.55807 |
| 2003:03 |
11.73758 |
| 2003:04 |
11.77039 |
| 2004:01 |
11.96543 |
| 2004:02 |
11.68649 |
| 2004:03 |
11.56708 |
| 2004:04 |
11.47499 |
| 2005:01 |
11.2785 |
| 2005:02 |
11.13603 |
| 2005:03 |
11.12592 |
| 2005:04 |
11.19233 |
| 2006:01 |
11.16255 |
| 2006:02 |
11.00436 |
| 2006:03 |
10.90919 |
| 2006:04 |
10.93027 |
| 2007:01 |
10.77276 |
| 2007:02 |
10.60724 |
| 2007:03 |
10.50713 |
| 2007:04 |
10.29348 |
| 2008:01 |
10.20662 |
| 2008:02 |
10.20431 |
| 2008:03 |
10.07689 |
| 2008:04 |
11.17678 |
| 2009:01 |
11.49581 |
| 2009:02 |
11.49173 |
| 2009:03 |
11.80706 |
Figure 3, Middle left Panel: BHC Capital Ratios and Commercial-Bank and BHC Loan Growth. BHC Capital-to-Assets Ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1993:01 |
7.983245 |
| 1993:02 |
8.107023 |
| 1993:03 |
8.127108 |
| 1993:04 |
8.172951 |
| 1994:01 |
8.220338 |
| 1994:02 |
8.234689 |
| 1994:03 |
8.217484 |
| 1994:04 |
8.13539 |
| 1995:01 |
8.349502 |
| 1995:02 |
8.387015 |
| 1995:03 |
8.419108 |
| 1995:04 |
8.659494 |
| 1996:01 |
8.621958 |
| 1996:02 |
8.523753 |
| 1996:03 |
8.55697 |
| 1996:04 |
8.538125 |
| 1997:01 |
8.463024 |
| 1997:02 |
8.502636 |
| 1997:03 |
8.555887 |
| 1997:04 |
8.542845 |
| 1998:01 |
8.532564 |
| 1998:02 |
8.544255 |
| 1998:03 |
8.620569 |
| 1998:04 |
8.372407 |
| 1999:01 |
8.419908 |
| 1999:02 |
8.181856 |
| 1999:03 |
8.118515 |
| 1999:04 |
7.918401 |
| 2000:01 |
7.851113 |
| 2000:02 |
7.831671 |
| 2000:03 |
8.002729 |
| 2000:04 |
8.18896 |
| 2001:01 |
8.326698 |
| 2001:02 |
8.423366 |
| 2001:03 |
8.583373 |
| 2001:04 |
8.296842 |
| 2002:01 |
8.462461 |
| 2002:02 |
8.68187 |
| 2002:03 |
8.64948 |
| 2002:04 |
8.841802 |
| 2003:01 |
8.872516 |
| 2003:02 |
8.774582 |
| 2003:03 |
8.786002 |
| 2003:04 |
8.78712 |
| 2004:01 |
8.968641 |
| 2004:02 |
8.623652 |
| 2004:03 |
8.881633 |
| 2004:04 |
9.043767 |
| 2005:01 |
8.97165 |
| 2005:02 |
9.064206 |
| 2005:03 |
9.015709 |
| 2005:04 |
8.954084 |
| 2006:01 |
9.015676 |
| 2006:02 |
8.928439 |
| 2006:03 |
9.181232 |
| 2006:04 |
9.210421 |
| 2007:01 |
9.349863 |
| 2007:02 |
9.230909 |
| 2007:03 |
9.38089 |
| 2007:04 |
9.322599 |
| 2008:01 |
9.257041 |
| 2008:02 |
9.256902 |
| 2008:03 |
9.111705 |
| 2008:04 |
9.606906 |
| 2009:01 |
9.695751 |
| 2009:02 |
9.810624 |
| 2009:03 |
9.936409 |
Figure 3, Middle right Panel: BHC Capital Ratios and Commercial-Bank and BHC Loan Growth. BHC Tangible Common Equity Ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1993:01 |
7.24367 |
| 1993:02 |
7.369182 |
| 1993:03 |
7.397818 |
| 1993:04 |
7.420092 |
| 1994:01 |
7.497168 |
| 1994:02 |
7.454138 |
| 1994:03 |
7.412564 |
| 1994:04 |
7.321293 |
| 1995:01 |
7.516293 |
| 1995:02 |
7.532034 |
| 1995:03 |
7.55437 |
| 1995:04 |
7.801417 |
| 1996:01 |
7.768167 |
| 1996:02 |
7.63075 |
| 1996:03 |
7.659504 |
| 1996:04 |
7.656777 |
| 1997:01 |
7.543171 |
| 1997:02 |
7.555078 |
| 1997:03 |
7.582047 |
| 1997:04 |
7.565039 |
| 1998:01 |
7.537 |
| 1998:02 |
7.498692 |
| 1998:03 |
7.540388 |
| 1998:04 |
7.289921 |
| 1999:01 |
7.250229 |
| 1999:02 |
6.989185 |
| 1999:03 |
6.910373 |
| 1999:04 |
6.66209 |
| 2000:01 |
6.591691 |
| 2000:02 |
6.599348 |
| 2000:03 |
6.760219 |
| 2000:04 |
6.962426 |
| 2001:01 |
7.10903 |
| 2001:02 |
7.108478 |
| 2001:03 |
7.267029 |
| 2001:04 |
6.896 |
| 2002:01 |
6.989111 |
| 2002:02 |
7.207556 |
| 2002:03 |
7.192336 |
| 2002:04 |
7.318613 |
| 2003:01 |
7.255217 |
| 2003:02 |
7.195474 |
| 2003:03 |
7.080507 |
| 2003:04 |
6.985255 |
| 2004:01 |
7.185217 |
| 2004:02 |
6.669928 |
| 2004:03 |
6.906222 |
| 2004:04 |
6.855797 |
| 2005:01 |
6.635 |
| 2005:02 |
6.755 |
| 2005:03 |
6.693623 |
| 2005:04 |
6.607029 |
| 2006:01 |
6.595652 |
| 2006:02 |
6.470652 |
| 2006:03 |
6.666159 |
| 2006:04 |
6.660073 |
| 2007:01 |
6.649058 |
| 2007:02 |
6.452971 |
| 2007:03 |
6.492647 |
| 2007:04 |
6.386715 |
| 2008:01 |
6.365075 |
| 2008:02 |
6.171037 |
| 2008:03 |
6.066136 |
| 2008:04 |
5.84224 |
| 2009:01 |
5.783574 |
| 2009:02 |
6.033043 |
| 2009:03 |
6.345023 |
Figure 3, Bottom-left Panel: BHC Capital Ratios and Commercial-Bank and BHC Loan Growth. Commercial Bank Loan Growth
| Quarters, (horizontal axis) |
Percent, (vertical axis), solid line |
Percent, (vertical axis), dashed line |
| 1993:01 |
-0.680648905859715 |
1.03613983680124 |
| 1993:02 |
1.69330890238567 |
4.08538718618126 |
| 1993:03 |
2.94926109544719 |
4.89355936055516 |
| 1993:04 |
5.68120184884743 |
7.46186533903503 |
| 1994:01 |
6.75886737114608 |
8.82739299527639 |
| 1994:02 |
7.24008145694379 |
8.37168646402509 |
| 1994:03 |
8.43684172093442 |
9.46613881798821 |
| 1994:04 |
9.27157831412007 |
11.0473046591108 |
| 1995:01 |
11.4415406164737 |
14.724525809713 |
| 1995:02 |
11.8625457493444 |
15.7311973646904 |
| 1995:03 |
11.5286618170568 |
15.0577999404168 |
| 1995:04 |
10.0283098595313 |
13.9102403845912 |
| 1996:01 |
8.36260554150854 |
10.6266643134543 |
| 1996:02 |
7.48530357251569 |
13.6536068603756 |
| 1996:03 |
6.95966981802398 |
14.6109939647562 |
| 1996:04 |
7.80023371520588 |
14.9219817837943 |
| 1997:01 |
5.12821328007307 |
11.4183397681429 |
| 1997:02 |
6.1173144978895 |
14.6172749455461 |
| 1997:03 |
5.63426073545972 |
13.762998450478 |
| 1997:04 |
5.20292405848208 |
13.6529534601379 |
| 1998:01 |
8.48071417418648 |
19.3070687126226 |
| 1998:02 |
7.40082217905929 |
12.0666660610087 |
| 1998:03 |
7.89663151466007 |
11.8505039952165 |
| 1998:04 |
8.34401050072906 |
13.1702684832973 |
| 1999:01 |
7.25503927183091 |
9.62348753731985 |
| 1999:02 |
6.88448208625201 |
8.94825762538045 |
| 1999:03 |
6.72418261495407 |
8.3504633011128 |
| 1999:04 |
7.80726147177113 |
8.0766507611111 |
| 2000:01 |
9.33246239181156 |
11.665243455986 |
| 2000:02 |
11.3719787035209 |
14.3591761579847 |
| 2000:03 |
11.7767239565679 |
15.3552883202193 |
| 2000:04 |
8.95828149394631 |
11.9687674441541 |
| 2001:01 |
7.05635615938964 |
8.75433649057156 |
| 2001:02 |
3.86827688076747 |
4.55608690183165 |
| 2001:03 |
1.89503333921923 |
1.98082924517893 |
| 2001:04 |
1.99427195478676 |
2.24959798729931 |
| 2002:01 |
0.796973921611721 |
0.261447398951387 |
| 2002:02 |
2.1719532675288 |
1.87806580848483 |
| 2002:03 |
4.61763338551929 |
5.91583970834703 |
| 2002:04 |
5.78328774366707 |
7.19402546560978 |
| 2003:01 |
7.66798134265052 |
9.0531918420613 |
| 2003:02 |
8.25860611770333 |
10.1045627744439 |
| 2003:03 |
6.84440166137492 |
7.22000047604618 |
| 2003:04 |
6.22250697922482 |
6.8617579483951 |
| 2004:01 |
6.67013472843845 |
8.18669557364997 |
| 2004:02 |
8.21730347532761 |
9.48448023786672 |
| 2004:03 |
10.1591398062946 |
11.5201992325513 |
| 2004:04 |
10.5464551909608 |
11.651824707762 |
| 2005:01 |
10.9747456876412 |
11.8049977139499 |
| 2005:02 |
9.90986860770457 |
10.7814388079737 |
| 2005:03 |
9.61323697798258 |
10.3883718970638 |
| 2005:04 |
9.79990918227653 |
9.91582122138568 |
| 2006:01 |
10.1821922992136 |
10.3536302673207 |
| 2006:02 |
10.1041846951833 |
9.95568019821849 |
| 2006:03 |
8.74158002688745 |
8.73329867027166 |
| 2006:04 |
11.3970784352823 |
13.0359720670063 |
| 2007:01 |
8.99382706903317 |
10.129453798582 |
| 2007:02 |
9.23958659370562 |
11.0953369885263 |
| 2007:03 |
11.4255572655886 |
14.6700010520183 |
| 2007:04 |
10.42878001995 |
12.7818529320156 |
| 2008:01 |
11.2029475783384 |
13.9679676542339 |
| 2008:02 |
8.21392885592351 |
9.94694455838419 |
| 2008:03 |
8.60057348310608 |
9.66508828757373 |
| 2008:04 |
3.24103662702977 |
3.43592830553302 |
| 2009:01 |
0.911566372744188 |
0.469045533687806 |
| 2009:02 |
0.623318499103998 |
0.629616344471462 |
| 2009:03 |
-6.00186965395779 |
-6.73371543430601 |
Figure 3, Bottom-right Panel: BHC Capital Ratios and Commercial-Bank and BHC Loan Growth. BHC Loan Growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1993:01 |
8.58417325 |
| 1993:02 |
10.613388 |
| 1993:03 |
11.341319 |
| 1993:04 |
13.703919 |
| 1994:01 |
14.93892475 |
| 1994:02 |
14.87145725 |
| 1994:03 |
16.67461225 |
| 1994:04 |
15.46698225 |
| 1995:01 |
16.9450275 |
| 1995:02 |
17.73529 |
| 1995:03 |
15.63839 |
| 1995:04 |
15.27335 |
| 1996:01 |
13.9645375 |
| 1996:02 |
14.0650375 |
| 1996:03 |
15.0795175 |
| 1996:04 |
15.7858775 |
| 1997:01 |
16.2751625 |
| 1997:02 |
16.1308875 |
| 1997:03 |
16.1185975 |
| 1997:04 |
15.70869 |
| 1998:01 |
16.15679 |
| 1998:02 |
15.9077075 |
| 1998:03 |
15.3743025 |
| 1998:04 |
16.9388225 |
| 1999:01 |
16.01592 |
| 1999:02 |
15.9117975 |
| 1999:03 |
16.4934525 |
| 1999:04 |
15.37723 |
| 2000:01 |
17.347645 |
| 2000:02 |
17.5255125 |
| 2000:03 |
16.6951025 |
| 2000:04 |
14.69377 |
| 2001:01 |
12.8443175 |
| 2001:02 |
10.8276825 |
| 2001:03 |
9.507224 |
| 2001:04 |
9.23009925 |
| 2002:01 |
7.142175 |
| 2002:02 |
7.3834425 |
| 2002:03 |
8.798306 |
| 2002:04 |
9.28137075 |
| 2003:01 |
10.74927875 |
| 2003:02 |
11.36596125 |
| 2003:03 |
10.162578 |
| 2003:04 |
10.4799355 |
| 2004:01 |
10.7930115 |
| 2004:02 |
12.5748815 |
| 2004:03 |
14.86342225 |
| 2004:04 |
15.30001975 |
| 2005:01 |
16.8219525 |
| 2005:02 |
15.87384 |
| 2005:03 |
14.7626725 |
| 2005:04 |
14.3487275 |
| 2006:01 |
13.4794975 |
| 2006:02 |
13.279485 |
| 2006:03 |
12.7184175 |
| 2006:04 |
11.7176835 |
| 2007:01 |
10.880205 |
| 2007:02 |
9.8287725 |
| 2007:03 |
9.43669275 |
| 2007:04 |
10.65747425 |
| 2008:01 |
10.88842 |
| 2008:02 |
10.20384925 |
| 2008:03 |
9.53984625 |
| 2008:04 |
7.646458 |
| 2009:01 |
4.38097325 |
| 2009:02 |
1.4847215 |
| 2009:03 |
-1.73064925 |
Figure 4, Top-left Panel: Aggregate Data Used in Panel and VAR Models. Real GDP Growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1990:01 |
2.79272750014355 |
| 1990:02 |
2.44391085066915 |
| 1990:03 |
1.65243119783729 |
| 1990:04 |
0.554390987958535 |
| 1991:01 |
-0.970463166264122 |
| 1991:02 |
-0.694450175053051 |
| 1991:03 |
-0.272572460737124 |
| 1991:04 |
0.998668773263795 |
| 1992:01 |
2.57594120428554 |
| 1992:02 |
2.96021470985425 |
| 1992:03 |
3.56639251612431 |
| 1992:04 |
4.22201114619895 |
| 1993:01 |
3.31395396930457 |
| 1993:02 |
2.8947681674462 |
| 1993:03 |
2.39325050060012 |
| 1993:04 |
2.65833434060966 |
| 1994:01 |
3.44354588908929 |
| 1994:02 |
4.16436604460558 |
| 1994:03 |
4.28138232110038 |
| 1994:04 |
4.07391337134861 |
| 1995:01 |
3.3501120257788 |
| 1995:02 |
2.20627459988214 |
| 1995:03 |
2.40117305048127 |
| 1995:04 |
1.99149342466771 |
| 1996:01 |
2.42914170381001 |
| 1996:02 |
3.92842079614625 |
| 1996:03 |
3.95756800293145 |
| 1996:04 |
4.34843822000365 |
| 1997:01 |
4.43193798419117 |
| 1997:02 |
4.18968821339926 |
| 1997:03 |
4.5709044142487 |
| 1997:04 |
4.24949347787028 |
| 1998:01 |
4.42355901247946 |
| 1998:02 |
3.84699814884707 |
| 1998:03 |
3.91053258152142 |
| 1998:04 |
4.8624326142958 |
| 1999:01 |
4.80907460742434 |
| 1999:02 |
4.69253971390171 |
| 1999:03 |
4.64534738818592 |
| 1999:04 |
4.70938265019884 |
| 2000:01 |
4.08355061336616 |
| 2000:02 |
5.23674315729278 |
| 2000:03 |
4.05667214648277 |
| 2000:04 |
2.86648016398434 |
| 2001:01 |
2.27516129106262 |
| 2001:02 |
0.996901498781815 |
| 2001:03 |
0.638786542676599 |
| 2001:04 |
0.40136226658558 |
| 2002:01 |
1.58683189664685 |
| 2002:02 |
1.46243415155131 |
| 2002:03 |
2.23543800898774 |
| 2002:04 |
1.90350372246524 |
| 2003:01 |
1.45265721185474 |
| 2003:02 |
1.71789172493186 |
| 2003:03 |
2.88165928108453 |
| 2003:04 |
3.75646689508629 |
| 2004:01 |
4.0538511847296 |
| 2004:02 |
3.96763468965262 |
| 2004:03 |
3.03725719713613 |
| 2004:04 |
3.00569399547233 |
| 2005:01 |
3.29682239152289 |
| 2005:02 |
3.01391048204938 |
| 2005:03 |
3.03881204980398 |
| 2005:04 |
2.69039046140636 |
| 2006:01 |
3.00080853970081 |
| 2006:02 |
2.93506034410183 |
| 2006:03 |
2.20494908451618 |
| 2006:04 |
2.41768861260543 |
| 2007:01 |
1.41426202898887 |
| 2007:02 |
1.8460430074955 |
| 2007:03 |
2.70258516550908 |
| 2007:04 |
2.49953206105521 |
| 2008:01 |
2.01742105129287 |
| 2008:02 |
1.58752401381003 |
| 2008:03 |
0.026203093488524 |
| 2008:04 |
-1.87943128153752 |
| 2009:01 |
-3.35837420781731 |
| 2009:02 |
-3.90494185122078 |
| 2009:03 |
-2.67382075139774 |
Figure 4, Top-right Panel: Aggregate Data Used in Panel and VAR Models. GDP Price Inflation
| Quarters, (horizontal axis) |
Percent, (vertical axis), Total , solid line |
Percent, (vertical axis), Excluding food & energy, dashed line |
| 1990:01 |
3.51105020523501 |
3.33998554427008 |
| 1990:02 |
3.68678559486697 |
3.61764686780731 |
| 1990:03 |
3.95092511369575 |
3.94650844330176 |
| 1990:04 |
4.09209431707744 |
4.13842651628444 |
| 1991:01 |
3.95916303526098 |
3.90061111735702 |
| 1991:02 |
3.51144181440954 |
3.41951821896714 |
| 1991:03 |
3.36840093215895 |
3.24114865303088 |
| 1991:04 |
3.14609219275324 |
2.88829702641306 |
| 1992:01 |
2.57917855233172 |
2.6891467105854 |
| 1992:02 |
2.48466801088878 |
2.75276831546693 |
| 1992:03 |
2.17229773676078 |
2.51445393704757 |
| 1992:04 |
2.1598509082815 |
2.40328878934609 |
| 1993:01 |
2.24882032756577 |
2.28189869720649 |
| 1993:02 |
2.18357626673134 |
2.22818716847559 |
| 1993:03 |
2.17996880681053 |
2.13952764802403 |
| 1993:04 |
2.1600930206622 |
2.06875081303552 |
| 1994:01 |
2.08900401005301 |
2.03032828259404 |
| 1994:02 |
2.01198598874663 |
2.05694337215898 |
| 1994:03 |
2.14474256111223 |
2.20199928723366 |
| 1994:04 |
2.11191029564608 |
2.29324895552305 |
| 1995:01 |
2.15931743828597 |
2.33299936547194 |
| 1995:02 |
2.12695120551558 |
2.2497378220386 |
| 1995:03 |
2.00258975685508 |
2.06283426993463 |
| 1995:04 |
1.99483940934622 |
2.03540029491037 |
| 1996:01 |
1.99936287279465 |
1.86316419147081 |
| 1996:02 |
1.93854989373234 |
1.51359443769567 |
| 1996:03 |
1.78603544229998 |
1.56455345298531 |
| 1996:04 |
1.82996364594405 |
1.55808913348122 |
| 1997:01 |
1.89841221077642 |
1.54088448602245 |
| 1997:02 |
1.74868279323492 |
1.7049096424911 |
| 1997:03 |
1.77993875777198 |
1.45145567101001 |
| 1997:04 |
1.59779163495606 |
1.28809603458319 |
| 1998:01 |
1.11922739230104 |
1.00450347368211 |
| 1998:02 |
1.12603780097862 |
0.878921039045712 |
| 1998:03 |
1.1608159420561 |
0.989708895205753 |
| 1998:04 |
1.09234590985274 |
0.985367024582816 |
| 1999:01 |
1.37103356838499 |
1.30234614435648 |
| 1999:02 |
1.48365371476233 |
1.48078984680856 |
| 1999:03 |
1.4722470226378 |
1.52071862367817 |
| 1999:04 |
1.52307386320145 |
1.64678843650617 |
| 2000:01 |
1.87171312148617 |
1.95387288601031 |
| 2000:02 |
2.0267016647922 |
1.89664186505184 |
| 2000:03 |
2.25803163537579 |
2.07589396176612 |
| 2000:04 |
2.43241640692653 |
2.13246891254329 |
| 2001:01 |
2.31712872987613 |
1.90092157367165 |
| 2001:02 |
2.48891979636692 |
1.95515638603086 |
| 2001:03 |
2.19927431874203 |
1.71518993209276 |
| 2001:04 |
1.97767554696713 |
1.57413981953882 |
| 2002:01 |
1.64623703177196 |
1.46676626316359 |
| 2002:02 |
1.41761552583479 |
1.57290502716109 |
| 2002:03 |
1.54272595128964 |
1.72087125647759 |
| 2002:04 |
1.82739292606251 |
1.927812395012 |
| 2003:01 |
2.19813173589039 |
2.21397714596352 |
| 2003:02 |
2.04718396109791 |
1.97855916661591 |
| 2003:03 |
2.17161699845947 |
1.96565473223287 |
| 2003:04 |
2.10703056563091 |
1.89345947524596 |
| 2004:01 |
2.25979217470578 |
2.05835546305311 |
| 2004:02 |
2.80631834696119 |
2.6405110608793 |
| 2004:03 |
2.96500416025565 |
2.94378538516188 |
| 2004:04 |
3.19269781917182 |
3.17908941878301 |
| 2005:01 |
3.24407551782089 |
3.31419761226028 |
| 2005:02 |
3.07846738075097 |
3.20526196473046 |
| 2005:03 |
3.38551947173842 |
3.24301286886535 |
| 2005:04 |
3.47703627034295 |
3.40265574875927 |
| 2006:01 |
3.30544080046877 |
3.17063301089405 |
| 2006:02 |
3.50874331469981 |
3.29828847731534 |
| 2006:03 |
3.24035506245448 |
3.13244466902515 |
| 2006:04 |
2.84152185732252 |
2.83374041066842 |
| 2007:01 |
3.1371711994773 |
2.94668703848739 |
| 2007:02 |
2.91627764927571 |
2.61057846431608 |
| 2007:03 |
2.57000383714672 |
2.52629956880188 |
| 2007:04 |
2.7090567343953 |
2.73416244790445 |
| 2008:01 |
2.09555246906752 |
2.50934149895971 |
| 2008:02 |
1.93026448168589 |
2.7165864977185 |
| 2008:03 |
2.53678901065169 |
2.9050227543381 |
| 2008:04 |
1.95246065945345 |
1.95296482781433 |
| 2009:01 |
1.99355790426063 |
1.35696548384727 |
| 2009:02 |
1.49148258078062 |
0.821169567621018 |
| 2009:03 |
0.559272620525175 |
0.186439337858489 |
Figure 4, Middle left Panel: Aggregate Data Used in Panel and VAR Models. Federal Funds Rate
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1990:01 |
8.25033333333333 |
| 1990:02 |
8.24263736263736 |
| 1990:03 |
8.15956521739131 |
| 1990:04 |
7.74260869565217 |
| 1991:01 |
6.43255555555556 |
| 1991:02 |
5.86241758241758 |
| 1991:03 |
5.6454347826087 |
| 1991:04 |
4.81673913043478 |
| 1992:01 |
4.02252747252747 |
| 1992:02 |
3.77054945054945 |
| 1992:03 |
3.2570652173913 |
| 1992:04 |
3.03608695652174 |
| 1993:01 |
3.04033333333333 |
| 1993:02 |
3 |
| 1993:03 |
3.05967391304348 |
| 1993:04 |
2.98967391304348 |
| 1994:01 |
3.21211111111111 |
| 1994:02 |
3.94076923076923 |
| 1994:03 |
4.48402173913043 |
| 1994:04 |
5.16532608695652 |
| 1995:01 |
5.80633333333333 |
| 1995:02 |
6.01989010989011 |
| 1995:03 |
5.79663043478261 |
| 1995:04 |
5.71913043478261 |
| 1996:01 |
5.36648351648352 |
| 1996:02 |
5.2432967032967 |
| 1996:03 |
5.30673913043478 |
| 1996:04 |
5.27967391304348 |
| 1997:01 |
5.27955555555556 |
| 1997:02 |
5.52307692307692 |
| 1997:03 |
5.53326086956522 |
| 1997:04 |
5.50652173913044 |
| 1998:01 |
5.52033333333333 |
| 1998:02 |
5.49989010989011 |
| 1998:03 |
5.53358695652174 |
| 1998:04 |
4.86032608695652 |
| 1999:01 |
4.73244444444444 |
| 1999:02 |
4.74659340659341 |
| 1999:03 |
5.09195652173913 |
| 1999:04 |
5.3054347826087 |
| 2000:01 |
5.67549450549451 |
| 2000:02 |
6.2732967032967 |
| 2000:03 |
6.52 |
| 2000:04 |
6.4729347826087 |
| 2001:01 |
5.59677777777778 |
| 2001:02 |
4.32538461538462 |
| 2001:03 |
3.50130434782609 |
| 2001:04 |
2.13380434782609 |
| 2002:01 |
1.73311111111111 |
| 2002:02 |
1.75 |
| 2002:03 |
1.73989130434783 |
| 2002:04 |
1.44445652173913 |
| 2003:01 |
1.24966666666667 |
| 2003:02 |
1.24681318681319 |
| 2003:03 |
1.01673913043478 |
| 2003:04 |
0.996630434782609 |
| 2004:01 |
1.00318681318681 |
| 2004:02 |
1.00989010989011 |
| 2004:03 |
1.43141304347826 |
| 2004:04 |
1.95021739130435 |
| 2005:01 |
2.469 |
| 2005:02 |
2.94395604395604 |
| 2005:03 |
3.45826086956522 |
| 2005:04 |
3.97978260869565 |
| 2006:01 |
4.45555555555556 |
| 2006:02 |
4.90703296703297 |
| 2006:03 |
5.24663043478261 |
| 2006:04 |
5.24663043478261 |
| 2007:01 |
5.25655555555555 |
| 2007:02 |
5.25 |
| 2007:03 |
5.07478260869565 |
| 2007:04 |
4.49673913043478 |
| 2008:01 |
3.18098901098901 |
| 2008:02 |
2.08549450549451 |
| 2008:03 |
1.94141304347826 |
| 2008:04 |
0.507934782608696 |
| 2009:01 |
0.182111111111111 |
| 2009:02 |
0.18 |
| 2009:03 |
0.156739130434783 |
Figure 4, Middle right Panel: Aggregate Data Used in Panel and VAR Models. Bank & Thrift Loan Growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1990:01 |
6.33087107606854 |
| 1990:02 |
4.73972257818887 |
| 1990:03 |
3.79945381177269 |
| 1990:04 |
1.94762370271874 |
| 1991:01 |
-1.28838374242281 |
| 1991:02 |
-2.76995748709368 |
| 1991:03 |
-4.76148516456856 |
| 1991:04 |
-5.75760905413394 |
| 1992:01 |
-5.18637638297444 |
| 1992:02 |
-5.19746761247337 |
| 1992:03 |
-3.64852312840868 |
| 1992:04 |
-2.66423683806737 |
| 1993:01 |
-2.60609190122086 |
| 1993:02 |
-1.00929110893694 |
| 1993:03 |
-0.3898382421321 |
| 1993:04 |
0.633434285289736 |
| 1994:01 |
2.40585637990124 |
| 1994:02 |
3.67381041161841 |
| 1994:03 |
5.45988368131814 |
| 1994:04 |
7.37169156289097 |
| 1995:01 |
9.13500410797304 |
| 1995:02 |
9.41298933932505 |
| 1995:03 |
8.83616021775361 |
| 1995:04 |
7.65966274058244 |
| 1996:01 |
5.95656061315177 |
| 1996:02 |
5.67843807917639 |
| 1996:03 |
6.20741365577528 |
| 1996:04 |
5.67259317226844 |
| 1997:01 |
5.84048095430464 |
| 1997:02 |
6.06582702566594 |
| 1997:03 |
5.82301046929496 |
| 1997:04 |
6.39708326475567 |
| 1998:01 |
6.46863615168442 |
| 1998:02 |
5.79794326709767 |
| 1998:03 |
5.67959770134443 |
| 1998:04 |
6.67599768349344 |
| 1999:01 |
6.83145685931002 |
| 1999:02 |
6.10113102855496 |
| 1999:03 |
6.90277795889063 |
| 1999:04 |
6.92537293996558 |
| 2000:01 |
8.50784416300679 |
| 2000:02 |
11.3736348569222 |
| 2000:03 |
10.4316793841177 |
| 2000:04 |
9.33195813062181 |
| 2001:01 |
7.48691175700843 |
| 2001:02 |
4.99611067685833 |
| 2001:03 |
3.55450191708573 |
| 2001:04 |
2.32272328990149 |
| 2002:01 |
1.13804649734577 |
| 2002:02 |
0.819638582429044 |
| 2002:03 |
3.32720484167444 |
| 2002:04 |
4.8393752909747 |
| 2003:01 |
5.96054414811938 |
| 2003:02 |
7.03841771078069 |
| 2003:03 |
5.69556229901255 |
| 2003:04 |
5.15011667487798 |
| 2004:01 |
6.32836308923006 |
| 2004:02 |
7.19023741559042 |
| 2004:03 |
8.51567809334634 |
| 2004:04 |
10.656641916571 |
| 2005:01 |
10.7906944119029 |
| 2005:02 |
11.2757698292881 |
| 2005:03 |
11.4154118708543 |
| 2005:04 |
10.4282955752394 |
| 2006:01 |
10.2942176002446 |
| 2006:02 |
9.94239949684767 |
| 2006:03 |
8.86362995607552 |
| 2006:04 |
8.64049547881811 |
| 2007:01 |
7.88255376468845 |
| 2007:02 |
7.74240275147411 |
| 2007:03 |
9.73294627769206 |
| 2007:04 |
10.7360196389598 |
| 2008:01 |
10.8192619719304 |
| 2008:02 |
8.77137599185184 |
| 2008:03 |
5.5584099108986 |
| 2008:04 |
2.50548998569338 |
| 2009:01 |
-0.271401732337885 |
| 2009:02 |
-2.86742060073701 |
| 2009:03 |
-6.19313282538245 |
Figure 4, Bottom-left Panel: Aggregate Data Used in Panel and VAR Models. Bank Capital-to-Assets Ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1990:01 |
6.38462876810772 |
| 1990:02 |
6.43676114705044 |
| 1990:03 |
6.45377871902145 |
| 1990:04 |
6.45365682413064 |
| 1991:01 |
6.66094985067541 |
| 1991:02 |
6.71350300827402 |
| 1991:03 |
6.70432415245817 |
| 1991:04 |
6.74962880610879 |
| 1992:01 |
6.96032521427353 |
| 1992:02 |
7.22608393888089 |
| 1992:03 |
7.39165330442203 |
| 1992:04 |
7.51463867415335 |
| 1993:01 |
7.79041635875128 |
| 1993:02 |
7.89023721706415 |
| 1993:03 |
7.95368448063993 |
| 1993:04 |
8.0042013164197 |
| 1994:01 |
7.82986092971256 |
| 1994:02 |
7.83964639821569 |
| 1994:03 |
7.95465921826044 |
| 1994:04 |
7.79448270364617 |
| 1995:01 |
7.88392719435079 |
| 1995:02 |
8.03794540679885 |
| 1995:03 |
8.14823986431007 |
| 1995:04 |
8.11780504556591 |
| 1996:01 |
8.23488253119463 |
| 1996:02 |
8.32618661778085 |
| 1996:03 |
8.33703541505335 |
| 1996:04 |
8.22669116244375 |
| 1997:01 |
8.430498561951 |
| 1997:02 |
8.4637762427924 |
| 1997:03 |
8.53758444661356 |
| 1997:04 |
8.33492448686806 |
| 1998:01 |
8.4063736605161 |
| 1998:02 |
8.55369597168131 |
| 1998:03 |
8.6273093849585 |
| 1998:04 |
8.4387342966808 |
| 1999:01 |
8.63105907090872 |
| 1999:02 |
8.4750142550602 |
| 1999:03 |
8.45734479720011 |
| 1999:04 |
8.31439229757054 |
| 2000:01 |
8.36748195215604 |
| 2000:02 |
8.37001167511747 |
| 2000:03 |
8.54487402080035 |
| 2000:04 |
8.45891907295602 |
| 2001:01 |
8.62495345997558 |
| 2001:02 |
8.72321464093893 |
| 2001:03 |
8.90251272571501 |
| 2001:04 |
9.03679023168672 |
| 2002:01 |
9.21023162637484 |
| 2002:02 |
9.16288688821327 |
| 2002:03 |
9.15543674383511 |
| 2002:04 |
9.09115613667633 |
| 2003:01 |
9.08784490590351 |
| 2003:02 |
8.95252332167832 |
| 2003:03 |
9.05335993952313 |
| 2003:04 |
9.04227262654127 |
| 2004:01 |
9.08284659972966 |
| 2004:02 |
9.15195538292797 |
| 2004:03 |
9.91024782019291 |
| 2004:04 |
10.0503652247703 |
| 2005:01 |
10.0717184671503 |
| 2005:02 |
10.1809279942039 |
| 2005:03 |
10.0517729179155 |
| 2005:04 |
10.0377046738846 |
| 2006:01 |
10.1759484371727 |
| 2006:02 |
10.0621056271526 |
| 2006:03 |
10.2463039743881 |
| 2006:04 |
10.2455157368968 |
| 2007:01 |
10.2986663553089 |
| 2007:02 |
10.1154414389643 |
| 2007:03 |
10.2284851047452 |
| 2007:04 |
10.2576590638368 |
| 2008:01 |
10.1020266034322 |
| 2008:02 |
10.1414175845622 |
| 2008:03 |
9.69085557107065 |
| 2008:04 |
9.395588290575 |
| 2009:01 |
10.1864853490315 |
| 2009:02 |
10.5960305287648 |
| 2009:03 |
10.9483004448258 |
Figure 4, Bottom-right Panel: Aggregate Data Used in Panel and VAR Models. Change in C&I Lending Standards
| Quarters, (horizontal axis) |
Percent, (vertical axis) |
| 1990:01 |
56.9 |
| 1990:02 |
39.45 |
| 1990:03 |
48.9 |
| 1990:04 |
36 |
| 1991:01 |
15.5 |
| 1991:02 |
12.25 |
| 1991:03 |
9 |
| 1991:04 |
5.25 |
| 1992:01 |
0.9 |
| 1992:02 |
-1.7 |
| 1992:03 |
4.35 |
| 1992:04 |
2.65 |
| 1993:01 |
-7.85 |
| 1993:02 |
-19.45 |
| 1993:03 |
-17.75 |
| 1993:04 |
-12.95 |
| 1994:01 |
-12.2 |
| 1994:02 |
-6.95 |
| 1994:03 |
-17.4 |
| 1994:04 |
-6.85 |
| 1995:01 |
-5.9 |
| 1995:02 |
-6.05 |
| 1995:03 |
-3.45 |
| 1995:04 |
6.95 |
| 1996:01 |
-0.9 |
| 1996:02 |
-3.7 |
| 1996:03 |
-7.8 |
| 1996:04 |
-5.45 |
| 1997:01 |
-6.95 |
| 1997:02 |
-5.7 |
| 1997:03 |
-7 |
| 1997:04 |
1.8 |
| 1998:01 |
-7.1 |
| 1998:02 |
0 |
| 1998:03 |
36.4 |
| 1998:04 |
7.4 |
| 1999:01 |
10 |
| 1999:02 |
5.4 |
| 1999:03 |
9.1 |
| 1999:04 |
10.9 |
| 2000:01 |
24.6 |
| 2000:02 |
33.9 |
| 2000:03 |
43.8 |
| 2000:04 |
59.7 |
| 2001:01 |
50.9 |
| 2001:02 |
40.4 |
| 2001:03 |
50.9 |
| 2001:04 |
45.4 |
| 2002:01 |
25 |
| 2002:02 |
21.4 |
| 2002:03 |
20 |
| 2002:04 |
22 |
| 2003:01 |
8.9 |
| 2003:02 |
3.5 |
| 2003:03 |
0 |
| 2003:04 |
-17.9 |
| 2004:01 |
-23.2 |
| 2004:02 |
-20 |
| 2004:03 |
-21.1 |
| 2004:04 |
-23.6 |
| 2005:01 |
-24.1 |
| 2005:02 |
-16.7 |
| 2005:03 |
-8.8 |
| 2005:04 |
-10.7 |
| 2006:01 |
-12.3 |
| 2006:02 |
-8.9 |
| 2006:03 |
0 |
| 2006:04 |
0 |
| 2007:01 |
-3.7 |
| 2007:02 |
7.5 |
| 2007:03 |
19.2 |
| 2007:04 |
32.2 |
| 2008:01 |
55.4 |
| 2008:02 |
57.6 |
| 2008:03 |
83.6 |
| 2008:04 |
64.2 |
| 2009:01 |
39.6 |
| 2009:02 |
31.5 |
| 2009:03 |
14 |
Figure 5: Average Actual and Target BHC Capital-to-Assets Ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis), Current capital, solid line |
Percent, (vertical axis), Target capital, blue dashed line |
| 1993:01 |
7.983245 |
9.124422 |
| 1993:02 |
8.107023 |
8.997452 |
| 1993:03 |
8.127108 |
8.947092 |
| 1993:04 |
8.172951 |
8.91818 |
| 1994:01 |
8.220338 |
8.962479 |
| 1994:02 |
8.234689 |
8.767515 |
| 1994:03 |
8.217484 |
8.706678 |
| 1994:04 |
8.13539 |
8.651739 |
| 1995:01 |
8.349502 |
8.596387 |
| 1995:02 |
8.387015 |
8.394552 |
| 1995:03 |
8.419108 |
8.400803 |
| 1995:04 |
8.659494 |
8.452724 |
| 1996:01 |
8.621958 |
8.561897 |
| 1996:02 |
8.523753 |
8.498613 |
| 1996:03 |
8.55697 |
8.512951 |
| 1996:04 |
8.538125 |
8.527714 |
| 1997:01 |
8.463024 |
8.528685 |
| 1997:02 |
8.502636 |
8.458825 |
| 1997:03 |
8.555887 |
8.461528 |
| 1997:04 |
8.542845 |
8.43703 |
| 1998:01 |
8.532564 |
8.367166 |
| 1998:02 |
8.544255 |
8.298796 |
| 1998:03 |
8.620569 |
8.34626 |
| 1998:04 |
8.372407 |
8.285485 |
| 1999:01 |
8.419908 |
8.248719 |
| 1999:02 |
8.181856 |
8.232452 |
| 1999:03 |
8.118515 |
8.201139 |
| 1999:04 |
7.918401 |
8.159819 |
| 2000:01 |
7.851113 |
8.239037 |
| 2000:02 |
7.831671 |
8.188982 |
| 2000:03 |
8.002729 |
8.230476 |
| 2000:04 |
8.18896 |
8.300815 |
| 2001:01 |
8.326698 |
8.297038 |
| 2001:02 |
8.423366 |
8.242792 |
| 2001:03 |
8.583373 |
8.31773 |
| 2001:04 |
8.296842 |
8.420234 |
| 2002:01 |
8.462461 |
8.521059 |
| 2002:02 |
8.68187 |
8.628349 |
| 2002:03 |
8.64948 |
8.814622 |
| 2002:04 |
8.841802 |
8.790264 |
| 2003:01 |
8.872516 |
8.789089 |
| 2003:02 |
8.774582 |
8.649905 |
| 2003:03 |
8.786002 |
8.683489 |
| 2003:04 |
8.78712 |
8.691847 |
| 2004:01 |
8.968641 |
8.877856 |
| 2004:02 |
8.623652 |
9.013489 |
| 2004:03 |
8.881633 |
9.13307 |
| 2004:04 |
9.043767 |
9.215485 |
| 2005:01 |
8.97165 |
9.274581 |
| 2005:02 |
9.064206 |
9.270546 |
| 2005:03 |
9.015709 |
9.26207 |
| 2005:04 |
8.954084 |
9.342667 |
| 2006:01 |
9.015676 |
9.437223 |
| 2006:02 |
8.928439 |
9.40922 |
| 2006:03 |
9.181232 |
9.388752 |
| 2006:04 |
9.210421 |
9.408396 |
| 2007:01 |
9.349863 |
9.442395 |
| 2007:02 |
9.230909 |
9.418826 |
| 2007:03 |
9.38089 |
9.447974 |
| 2007:04 |
9.322599 |
9.410636 |
| 2008:01 |
9.257041 |
9.329699 |
| 2008:02 |
9.256902 |
9.28495 |
| 2008:03 |
9.111705 |
9.373864 |
Figure 6, Top-left Panel: Average Actual and Target Capital-to-Assets ratios, by BHC Size. Largest 4 BHCs
| Quarters, (horizontal axis) |
Percent, (vertical axis), Target , blue dashed line |
Percent, (vertical axis), Actual , solid line |
| 1993:01 |
6.771266 |
6.99832666666667 |
| 1993:02 |
6.78863166666667 |
7.00909133333333 |
| 1993:03 |
6.76864033333333 |
6.765731 |
| 1993:04 |
7.090216 |
6.90735466666667 |
| 1994:01 |
6.96396733333333 |
6.56372233333333 |
| 1994:02 |
6.771845 |
6.62338433333333 |
| 1994:03 |
6.69852933333333 |
6.46982066666667 |
| 1994:04 |
6.75891033333333 |
6.40846066666667 |
| 1995:01 |
6.46192266666667 |
6.363293 |
| 1995:02 |
6.45746066666667 |
6.57123133333333 |
| 1995:03 |
6.493333 |
6.590502 |
| 1995:04 |
6.656866 |
6.90357033333333 |
| 1996:01 |
6.85673883333333 |
6.963611 |
| 1996:02 |
6.86421366666667 |
6.95083066666667 |
| 1996:03 |
6.89520366666667 |
7.071237 |
| 1996:04 |
6.90256833333333 |
7.06293333333333 |
| 1997:01 |
6.80091933333333 |
7.38092366666667 |
| 1997:02 |
6.63820533333333 |
7.32490033333333 |
| 1997:03 |
6.83833166666667 |
7.38589166666667 |
| 1997:04 |
6.835214 |
7.314772 |
| 1998:01 |
6.81172566666667 |
7.14671133333333 |
| 1998:02 |
6.798423 |
7.568798 |
| 1998:03 |
6.84700016666667 |
7.23084333333333 |
| 1998:04 |
6.79150066666667 |
8.06751233333333 |
| 1999:01 |
6.89703166666667 |
8.209154 |
| 1999:02 |
6.97216733333333 |
8.06637366666667 |
| 1999:03 |
7.08872533333333 |
8.042545 |
| 1999:04 |
7.34335833333333 |
7.66219366666667 |
| 2000:01 |
7.47677533333333 |
7.88608266666667 |
| 2000:02 |
7.139975 |
7.3565515 |
| 2000:03 |
7.256295 |
7.75176225 |
| 2000:04 |
7.328715375 |
7.599424 |
| 2001:01 |
7.2717865 |
7.7427045 |
| 2001:02 |
7.42255825 |
7.6427195 |
| 2001:03 |
7.57025375 |
7.42144 |
| 2001:04 |
7.7228355 |
7.58770625 |
| 2002:01 |
7.94800575 |
7.63605575 |
| 2002:02 |
8.097133 |
7.63601125 |
| 2002:03 |
8.179445 |
7.49792625 |
| 2002:04 |
8.19031475 |
7.48067075 |
| 2003:01 |
8.050748 |
7.26853075 |
| 2003:02 |
7.9172005 |
7.20204225 |
| 2003:03 |
7.870863 |
7.169856 |
| 2003:04 |
7.8629895 |
7.30919925 |
| 2004:01 |
8.0050135 |
7.15151275 |
| 2004:02 |
8.29476725 |
7.57851325 |
| 2004:03 |
8.5246175 |
8.5479955 |
| 2004:04 |
8.54635475 |
8.589484 |
| 2005:01 |
8.567005 |
8.34079075 |
| 2005:02 |
8.50472425 |
8.357588 |
| 2005:03 |
8.47778525 |
8.328253 |
| 2005:04 |
8.47704725 |
8.1898115 |
| 2006:01 |
8.67995925 |
8.412382 |
| 2006:02 |
8.6637365 |
8.162421 |
| 2006:03 |
8.63283925 |
8.42997925 |
| 2006:04 |
8.646334 |
8.420997 |
| 2007:01 |
8.650308 |
8.2057145 |
| 2007:02 |
8.50053975 |
7.8824815 |
| 2007:03 |
8.6501845 |
7.7380945 |
| 2007:04 |
8.69605575 |
7.47227575 |
| 2008:01 |
8.56639775 |
7.63291975 |
| 2008:02 |
8.3915635 |
7.82751125 |
| 2008:03 |
8.62816575 |
7.235166 |
Figure 6, Top-right Panel: Average Actual and Target Capital-to-Assets ratios, by BHC Size. Largest 5 to 20 BHCs
| Quarters, (horizontal axis) |
Percent, (vertical axis), Target , blue dashed line |
Percent, (vertical axis), Actual , solid line |
| 1993:01 |
8.83202857142857 |
7.7002366 |
| 1993:02 |
8.7236855 |
7.6490955 |
| 1993:03 |
8.6519528125 |
7.5517270625 |
| 1993:04 |
8.6750503125 |
7.71913575 |
| 1994:01 |
8.658651125 |
7.5164570625 |
| 1994:02 |
8.507917375 |
7.541131625 |
| 1994:03 |
8.4895054375 |
7.593986625 |
| 1994:04 |
8.4379018125 |
7.5973970625 |
| 1995:01 |
8.39521025 |
7.8001110625 |
| 1995:02 |
8.2104316875 |
7.852741125 |
| 1995:03 |
8.2057844375 |
7.959873875 |
| 1995:04 |
8.2263086875 |
8.1350560625 |
| 1996:01 |
8.3224050625 |
8.0583209375 |
| 1996:02 |
8.31873578125 |
7.8737815 |
| 1996:03 |
8.3949796875 |
7.941605 |
| 1996:04 |
8.3986973125 |
7.9348715 |
| 1997:01 |
8.3955215625 |
7.7125630625 |
| 1997:02 |
8.35313525 |
7.738229125 |
| 1997:03 |
8.3792061875 |
7.7795355625 |
| 1997:04 |
8.35427625 |
7.763988375 |
| 1998:01 |
8.3286635 |
7.9166833125 |
| 1998:02 |
8.3608195625 |
7.9528358125 |
| 1998:03 |
8.43199975 |
8.1047734375 |
| 1998:04 |
8.3980763125 |
8.1655725625 |
| 1999:01 |
8.363479375 |
8.1776709375 |
| 1999:02 |
8.3695715625 |
7.9590650625 |
| 1999:03 |
8.35107525 |
7.937012 |
| 1999:04 |
8.368370375 |
7.848414875 |
| 2000:01 |
8.5159269375 |
7.849953875 |
| 2000:02 |
8.63929475 |
7.9107771875 |
| 2000:03 |
8.6958784375 |
8.2412909375 |
| 2000:04 |
8.80634675 |
8.4609149375 |
| 2001:01 |
8.9037581875 |
8.61246875 |
| 2001:02 |
8.7860556875 |
8.649154125 |
| 2001:03 |
8.8390611875 |
8.921414625 |
| 2001:04 |
8.96570396875 |
8.7312823125 |
| 2002:01 |
9.07928575 |
9.0191049375 |
| 2002:02 |
9.12266475 |
9.201676125 |
| 2002:03 |
9.3413231875 |
9.13859375 |
| 2002:04 |
9.31187675 |
9.1165539375 |
| 2003:01 |
9.3668230625 |
9.3386550625 |
| 2003:02 |
9.2545383125 |
9.212981875 |
| 2003:03 |
9.270315375 |
9.3032484375 |
| 2003:04 |
9.2767663125 |
9.3136813125 |
| 2004:01 |
9.4855121875 |
9.3350485 |
| 2004:02 |
9.65547625 |
9.069507 |
| 2004:03 |
9.80055525 |
9.5506875625 |
| 2004:04 |
9.8689335625 |
9.7378770625 |
| 2005:01 |
9.9489959375 |
9.9741664375 |
| 2005:02 |
9.9090643125 |
10.07547625 |
| 2005:03 |
9.8349879375 |
9.9648753125 |
| 2005:04 |
9.900889 |
9.9185661875 |
| 2006:01 |
9.9772210625 |
9.9821050625 |
| 2006:02 |
9.95062875 |
9.905622 |
| 2006:03 |
9.91564325 |
10.154791375 |
| 2006:04 |
9.917943125 |
10.1343495625 |
| 2007:01 |
10.030513125 |
10.239398625 |
| 2007:02 |
9.9681800625 |
10.042673 |
| 2007:03 |
10.009511375 |
10.6464955625 |
| 2007:04 |
10.0371184375 |
10.539269125 |
| 2008:01 |
10.0670079375 |
9.9917499375 |
| 2008:02 |
9.9970704375 |
10.1612746875 |
| 2008:03 |
10.2356500666667 |
9.95661166666667 |
Figure 6, Bottom-left Panel: Average Actual and Target Capital-to-Assets ratios, by BHC Size. Medium-sized BHCs
| Quarters, (horizontal axis) |
Percent, (vertical axis), Target , blue dashed line |
Percent, (vertical axis), Actual , solid line |
| 1993:01 |
9.32754560294118 |
8.00146046753247 |
| 1993:02 |
9.2023453 |
8.16223587012987 |
| 1993:03 |
9.15718058571429 |
8.27119116883117 |
| 1993:04 |
9.08292683561644 |
8.34116261538462 |
| 1994:01 |
9.05977870666667 |
8.38324524358974 |
| 1994:02 |
8.85752857333333 |
8.38652728395062 |
| 1994:03 |
8.78316077333334 |
8.35737491358024 |
| 1994:04 |
8.73883725333334 |
8.23290167901235 |
| 1995:01 |
8.70591789333333 |
8.47231354320987 |
| 1995:02 |
8.55448134177215 |
8.5459626707317 |
| 1995:03 |
8.5602762 |
8.61159741463415 |
| 1995:04 |
8.6158536375 |
8.92336191566265 |
| 1996:01 |
8.68673645679012 |
8.87687738095238 |
| 1996:02 |
8.6483557804878 |
8.81875598809524 |
| 1996:03 |
8.63731934146342 |
8.84883857142857 |
| 1996:04 |
8.6338703313253 |
8.79419670238095 |
| 1997:01 |
8.64607669879518 |
8.72629783529412 |
| 1997:02 |
8.57301731325301 |
8.75973757303371 |
| 1997:03 |
8.56234772289156 |
8.79460226966292 |
| 1997:04 |
8.54128227710843 |
8.73299728571429 |
| 1998:01 |
8.46262294047619 |
8.72218564835165 |
| 1998:02 |
8.34879339772727 |
8.72278985714286 |
| 1998:03 |
8.37296842045455 |
8.78438504395604 |
| 1998:04 |
8.29216116111111 |
8.49384271428572 |
| 1999:01 |
8.27120127472527 |
8.45618516304348 |
| 1999:02 |
8.26594842222222 |
8.21709531578947 |
| 1999:03 |
8.21676937777778 |
8.13301171578948 |
| 1999:04 |
8.19038623595506 |
7.91613254736842 |
| 2000:01 |
8.27460773255814 |
7.84619660416667 |
| 2000:02 |
8.21586963636364 |
7.83560216326531 |
| 2000:03 |
8.257536375 |
7.97687206122449 |
| 2000:04 |
8.3203935 |
8.17450952040816 |
| 2001:01 |
8.31396578977273 |
8.33599193877551 |
| 2001:02 |
8.21824289010989 |
8.43157531632653 |
| 2001:03 |
8.26897486666667 |
8.58457012244899 |
| 2001:04 |
8.39558443333333 |
8.28965727551021 |
| 2002:01 |
8.55160779347826 |
8.44779892857143 |
| 2002:02 |
8.67483716304348 |
8.62236056122449 |
| 2002:03 |
8.83380373626374 |
8.58563080612245 |
| 2002:04 |
8.75262259574468 |
8.57258058163265 |
| 2003:01 |
8.72858140425532 |
8.53858501020408 |
| 2003:02 |
8.59689091489361 |
8.50748126530612 |
| 2003:03 |
8.64502890625 |
8.5327965 |
| 2003:04 |
8.65979052061856 |
8.60588056122449 |
| 2004:01 |
8.84119054081632 |
8.74952774489796 |
| 2004:02 |
8.95813801020408 |
8.38164291836735 |
| 2004:03 |
9.11407721938775 |
8.74489543877552 |
| 2004:04 |
9.14743709183674 |
8.7800486122449 |
| 2005:01 |
9.19944958163265 |
8.70697657142857 |
| 2005:02 |
9.19940924489796 |
8.83560971428571 |
| 2005:03 |
9.20394325510204 |
8.82048585714285 |
| 2005:04 |
9.29712674489796 |
8.80678978571429 |
| 2006:01 |
9.38709282653061 |
8.87748746938776 |
| 2006:02 |
9.35937230612245 |
8.80698291836735 |
| 2006:03 |
9.3342878367347 |
9.12140141836735 |
| 2006:04 |
9.35965041326531 |
9.18155939795919 |
| 2007:01 |
9.38368244897959 |
9.33982520408163 |
| 2007:02 |
9.3704068877551 |
9.23002771428571 |
| 2007:03 |
9.37134871428571 |
9.38769441836735 |
| 2007:04 |
9.34813491836735 |
9.31707904081633 |
| 2008:01 |
9.30505334693878 |
9.36600665306122 |
| 2008:02 |
9.17597726530612 |
9.21140779591837 |
| 2008:03 |
9.29241729787234 |
9.22282507446809 |
Figure 6, Bottom-right Panel: Average Actual and Target Capital-to-Assets ratios, by BHC Size. Smallest 20 BHCs
| Quarters, (horizontal axis) |
Percent, (vertical axis), Target , blue dashed line |
Percent, (vertical axis), Actual , solid line |
| 1993:01 |
8.74450842857143 |
8.39733635714286 |
| 1993:02 |
8.52091057142857 |
8.56196757142857 |
| 1993:03 |
8.45443457142857 |
8.28395442857143 |
| 1993:04 |
8.49664771428571 |
8.26091007142857 |
| 1994:01 |
9.407396125 |
8.4406645 |
| 1994:02 |
9.191205 |
8.46570158823529 |
| 1994:03 |
9.177058875 |
8.44617935294118 |
| 1994:04 |
8.93701822222222 |
8.37861564705882 |
| 1995:01 |
8.6189556 |
8.58253664705882 |
| 1995:02 |
8.1001255625 |
8.30062905555555 |
| 1995:03 |
8.1561094375 |
8.25518761111111 |
| 1995:04 |
8.2002161875 |
8.20159283333333 |
| 1996:01 |
8.312104875 |
8.09462972222222 |
| 1996:02 |
8.22219129411765 |
7.96510611111111 |
| 1996:03 |
8.30957552941176 |
7.98953183333333 |
| 1996:04 |
8.336192 |
8.06862047368421 |
| 1997:01 |
8.376834875 |
8.0880487368421 |
| 1997:02 |
8.313511 |
8.1467194 |
| 1997:03 |
8.3447919375 |
8.2713936 |
| 1997:04 |
8.2946860625 |
8.43830545 |
| 1998:01 |
8.21516622222222 |
8.3703706 |
| 1998:02 |
8.25190252631579 |
8.35137575 |
| 1998:03 |
8.31746652631579 |
8.4632719 |
| 1998:04 |
8.29293636842105 |
8.26109375 |
| 1999:01 |
8.25782547368421 |
8.4784373 |
| 1999:02 |
8.15730505263158 |
8.291134 |
| 1999:03 |
8.06943136842105 |
8.2062573 |
| 1999:04 |
7.96992768421052 |
8.0780783 |
| 2000:01 |
7.96522015789474 |
7.92208395 |
| 2000:02 |
7.87279576470588 |
7.8441435 |
| 2000:03 |
7.87184882352941 |
7.9996325 |
| 2000:04 |
7.94048211764706 |
8.13921215 |
| 2001:01 |
8.077853875 |
8.2910024 |
| 2001:02 |
8.0442140625 |
8.3586436 |
| 2001:03 |
8.25350393333333 |
8.539462 |
| 2001:04 |
8.41866566666667 |
8.3172984 |
| 2002:01 |
8.03008435714286 |
8.47305463157895 |
| 2002:02 |
8.122953 |
8.60685631578947 |
| 2002:03 |
8.3058168 |
8.80935205263158 |
| 2002:04 |
8.786687125 |
10.336324 |
| 2003:01 |
8.7514206875 |
10.45666175 |
| 2003:02 |
8.623399125 |
10.14743415 |
| 2003:03 |
8.54757133333333 |
9.9361404 |
| 2003:04 |
8.56412373684211 |
9.6691743 |
| 2004:01 |
8.73901436842105 |
10.11259935 |
| 2004:02 |
8.90967594736842 |
9.66184125 |
| 2004:03 |
9.12528126315789 |
9.79538955 |
| 2004:04 |
9.15706831578948 |
9.8715546 |
| 2005:01 |
9.24313689473684 |
9.5927064 |
| 2005:02 |
9.26098842105263 |
9.516634 |
| 2005:03 |
9.24453721052632 |
9.35046455 |
| 2005:04 |
9.28971678947369 |
9.0570965 |
| 2006:01 |
9.40047978947368 |
9.0403149 |
| 2006:02 |
9.36734857894737 |
8.8950311 |
| 2006:03 |
9.38511078947369 |
8.84580285 |
| 2006:04 |
9.39724557894737 |
8.86556405 |
| 2007:01 |
9.41672415789474 |
8.9162494 |
| 2007:02 |
9.39927663157895 |
8.85550235 |
| 2007:03 |
9.421149 |
8.91802935 |
| 2007:04 |
9.35588131578947 |
8.71604931578947 |
| 2008:01 |
9.35666705263158 |
8.72395694736842 |
| 2008:02 |
9.25838213157895 |
8.65278626315789 |
| 2008:03 |
9.25344647368421 |
8.28998205263158 |
Figure 7, Top-left Panel: Response to a Capital-to-Assets Ratio Shock. Response of output growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
0.218987871535 |
0.485730172778 |
-0.047173275321 |
| 1 |
0.088442458718 |
0.236661436265 |
-0.059373423394 |
| 2 |
0.110052488657 |
0.253813842153 |
-0.031296523231 |
| 3 |
0.019846028699 |
0.149900418062 |
-0.109953883226 |
| 4 |
-0.012858660641 |
0.102080731948 |
-0.127571309399 |
| 5 |
-0.068677117939 |
0.041322812166 |
-0.180644959267 |
| 6 |
-0.093982225648 |
0.005265651068 |
-0.197755083991 |
| 7 |
-0.122975289487 |
-0.02662655332 |
-0.223922060978 |
| 8 |
-0.134382151648 |
-0.042633189449 |
-0.232090588205 |
| 9 |
-0.146675107311 |
-0.053369790503 |
-0.2443987065 |
| 10 |
-0.148613605519 |
-0.053865336616 |
-0.246706151381 |
| 11 |
-0.151037131577 |
-0.053568194001 |
-0.250551228706 |
| 12 |
-0.147195032078 |
-0.047855641971 |
-0.24831629237 |
| 13 |
-0.143610428133 |
-0.042846346736 |
-0.247109422384 |
| 14 |
-0.136013622288 |
-0.033789719823 |
-0.240875715598 |
| 15 |
-0.128711835328 |
-0.025205102458 |
-0.236453013641 |
| 16 |
|
|
|
Figure 7, Top-right Panel: Response to a Capital-to-Assets Ratio Shock. Response of loan growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
0.079752357548 |
0.42721258098 |
-0.264326663972 |
| 1 |
0.290522155097 |
0.548076248328 |
0.03429268004 |
| 2 |
0.410931399845 |
0.680018856602 |
0.14174306746 |
| 3 |
0.385535506775 |
0.62291348909 |
0.149306773724 |
| 4 |
0.341989081849 |
0.574098636092 |
0.111096990789 |
| 5 |
0.270012981673 |
0.488460678566 |
0.045375584256 |
| 6 |
0.201926878531 |
0.413309503743 |
-0.014104822504 |
| 7 |
0.13134923301 |
0.336561343942 |
-0.080761491859 |
| 8 |
0.073141464191 |
0.277635839786 |
-0.135569138159 |
| 9 |
0.024859414443 |
0.231273753076 |
-0.183694217986 |
| 10 |
-0.007522601788 |
0.20502020438 |
-0.222422109612 |
| 11 |
-0.0279817129 |
0.189809650177 |
-0.251023418835 |
| 12 |
-0.034715365809 |
0.18983412174 |
-0.266582716162 |
| 13 |
-0.031723301913 |
0.19980409466 |
-0.27220943994 |
| 14 |
-0.018969555696 |
0.217954450562 |
-0.263788427189 |
| 15 |
-3.142548e-06 |
0.238786618788 |
-0.246330090119 |
| 16 |
|
|
|
Figure 7, Bottom-left Panel: Response to a Capital-to-Assets Ratio Shock. Response of standards
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
-2.1615365661 |
-0.9094134957 |
-3.4352111675 |
| 1 |
-1.2672287521 |
0.4725395045 |
-3.031756823 |
| 2 |
-0.8239716321 |
0.729789503 |
-2.3555602628 |
| 3 |
-0.1764121642 |
1.398346671 |
-1.7339520708 |
| 4 |
0.4162265774 |
1.9056813144 |
-1.0517437862 |
| 5 |
1.0121828337 |
2.4401319786 |
-0.3870828068 |
| 6 |
1.4540303806 |
2.8114503749 |
0.1063657052 |
| 7 |
1.8000912988 |
3.1620991133 |
0.469079198 |
| 8 |
2.0139179426 |
3.3892350955 |
0.674584993 |
| 9 |
2.128926405 |
3.5891522904 |
0.7374882669 |
| 10 |
2.1336032432 |
3.6761844785 |
0.673661727 |
| 11 |
2.0549620136 |
3.6537356987 |
0.5228900729 |
| 12 |
1.8952116191 |
3.5602429811 |
0.3024189778 |
| 13 |
1.6803898481 |
3.4177934102 |
0.0266816918 |
| 14 |
1.4188135993 |
3.1822853407 |
-0.2661055401 |
| 15 |
1.1348959264 |
2.9131185163 |
-0.5806642388 |
| 16 |
0.8391671894 |
2.6125824886 |
-0.8983348837 |
Figure 7, Bottom-right Panel: Response to a Capital-to-Assets Ratio Shock. Response of the capital-assets ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
0.1529756041 |
0.1667909711 |
0.1390090677 |
| 1 |
0.1372018511 |
0.1623013108 |
0.1117740435 |
| 2 |
0.1336063318 |
0.1578833584 |
0.1084557967 |
| 3 |
0.1243399441 |
0.1503779037 |
0.0967475198 |
| 4 |
0.1199818424 |
0.1464760592 |
0.0921719383 |
| 5 |
0.1140552877 |
0.141749759 |
0.0849139306 |
| 6 |
0.1093812917 |
0.1376613654 |
0.0792104489 |
| 7 |
0.1037840696 |
0.1336827952 |
0.0723642915 |
| 8 |
0.0988875574 |
0.1293885814 |
0.0663089656 |
| 9 |
0.0936592986 |
0.1254502842 |
0.0595468111 |
| 10 |
0.0890499502 |
0.1219215364 |
0.0533229116 |
| 11 |
0.0845538278 |
0.1189206957 |
0.0472481974 |
| 12 |
0.0807816296 |
0.1165366563 |
0.0419072031 |
| 13 |
0.077430656 |
0.1150709167 |
0.0367074238 |
| 14 |
0.0748742024 |
0.1141785607 |
0.0323352869 |
| 15 |
0.0728711795 |
0.1138413311 |
0.0286738306 |
| 16 |
0.0716253417 |
0.1145122661 |
0.0256249215 |
Figure 8, Top-left Panel: Response to a Capital-to-Assets Ratio Shock (incl. credit extended by ABS issuers). Response of output growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
0 |
0 |
0 |
| 1 |
0.107413416866617 |
0.371614320583778 |
-0.155318100279549 |
| 2 |
-0.00621902513703751 |
0.15677485036675 |
-0.167796710601617 |
| 3 |
-0.00162137803233909 |
0.141739450558104 |
-0.145151198904983 |
| 4 |
-0.0820142040633013 |
0.0461791787149089 |
-0.211937645662321 |
| 5 |
-0.0972276754629516 |
0.0143377779436933 |
-0.212347209408546 |
| 6 |
-0.136896986959614 |
-0.029808248373935 |
-0.250138247256222 |
| 7 |
-0.143732063588191 |
-0.0414118122943722 |
-0.250039739831987 |
| 8 |
-0.158716783691505 |
-0.0558111172960444 |
-0.264598859286605 |
| 9 |
-0.156408289224367 |
-0.05334793360233 |
-0.262077901656123 |
| 10 |
-0.158796844299109 |
-0.0516465383995799 |
-0.266600891112289 |
| 11 |
-0.150614898775062 |
-0.0402869115782883 |
-0.262287625075149 |
| 12 |
-0.146068741529096 |
-0.0306692473247805 |
-0.261205840534987 |
| 13 |
-0.134117444194265 |
-0.015324479472974 |
-0.251641934973801 |
| 14 |
-0.125454448447874 |
-0.00140005637153559 |
-0.247209358500679 |
| 15 |
-0.111297370658936 |
0.0169713949346271 |
-0.235515034724878 |
| 16 |
-0.100862240379231 |
0.0320647337155238 |
-0.22619612519449 |
Figure 8, Top-right Panel: Response to a Capital-to-Assets Ratio Shock (incl. credit extended by ABS issuers). Response of bank, thrift & ABS issuer loan growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
0 |
0 |
0 |
| 1 |
-0.0962613626158213 |
0.214998823090019 |
-0.408144146003426 |
| 2 |
-0.0312545493050292 |
0.190724592528574 |
-0.25148544634306 |
| 3 |
-0.0493057455018859 |
0.214180698389939 |
-0.316923946557605 |
| 4 |
-0.0832099001299318 |
0.171080675137246 |
-0.340067311483298 |
| 5 |
-0.127470101005266 |
0.138125947369036 |
-0.396740569610386 |
| 6 |
-0.173489818092376 |
0.087941873675898 |
-0.441005920212687 |
| 7 |
-0.212441499410922 |
0.053978553509283 |
-0.485200513277985 |
| 8 |
-0.240936881887582 |
0.0332912693491511 |
-0.522061829891692 |
| 9 |
-0.256972549490339 |
0.028378627678153 |
-0.547855744781967 |
| 10 |
-0.258225754328364 |
0.042731215284176 |
-0.559405157205221 |
| 11 |
-0.246344508657107 |
0.0774126587481338 |
-0.559988998505907 |
| 12 |
-0.220960683067403 |
0.118608212340328 |
-0.553154196812013 |
| 13 |
-0.185514588933672 |
0.177003774461964 |
-0.531898381892746 |
| 14 |
-0.140929930273923 |
0.23894131684059 |
-0.508322239065471 |
| 15 |
-0.091318623804421 |
0.309602240256059 |
-0.478793223896736 |
| 16 |
-0.0381478090722977 |
0.382625471572918 |
-0.437856041182915 |
Figure 8, Bottom-left Panel: Response to a Capital-to-Assets Ratio Shock (incl. credit extended by ABS issuers). Response of standards
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
-1.37034200069241 |
0.00679685252791039 |
-2.74479353258479 |
| 1 |
-0.342713909860798 |
1.52068199706401 |
-2.1640235315778 |
| 2 |
0.273248609499521 |
1.89495764311906 |
-1.33617605475813 |
| 3 |
0.956876543550135 |
2.62442501727968 |
-0.703126670834696 |
| 4 |
1.39468583090685 |
2.98673800181724 |
-0.148582902018301 |
| 5 |
1.75396287173806 |
3.30323708110144 |
0.232493231777034 |
| 6 |
1.95637244981823 |
3.46763889866471 |
0.475578018824824 |
| 7 |
2.07238490049014 |
3.60913199062198 |
0.585539219251704 |
| 8 |
2.07971465953215 |
3.66769580660128 |
0.533865697515405 |
| 9 |
2.00903786745642 |
3.68624959142015 |
0.379414703442901 |
| 10 |
1.86001321163395 |
3.64617019662103 |
0.0954314195143503 |
| 11 |
1.65040218991966 |
3.52480166520081 |
-0.24906906008727 |
| 12 |
1.3901057316336 |
3.37296585642824 |
-0.662839300111047 |
| 13 |
1.09446915403851 |
3.20262020528483 |
-1.11090525737354 |
| 14 |
0.779827161142016 |
2.95768065255725 |
-1.5095605264948 |
| 15 |
0.459896147107823 |
2.68435770705739 |
-1.92501676186638 |
| 16 |
0.154598740396933 |
2.3912381039366 |
-2.25175662808678 |
Figure 8, Bottom-right Panel: Response to a Capital-to-Assets Ratio Shock (incl. credit extended by ABS issuers). Response of the capital-assets ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) upper band |
Percent, (vertical axis) lower band |
| 0 |
0.1529756041 |
0.167311739395842 |
0.13822350292635 |
| 1 |
0.118516312798553 |
0.143184092474109 |
0.0944801543929348 |
| 2 |
0.107240297265762 |
0.130309897119065 |
0.0838006853954147 |
| 3 |
0.0913006213996538 |
0.117083960696167 |
0.0655616883834459 |
| 4 |
0.0829071364090235 |
0.108348554980148 |
0.0568032593980014 |
| 5 |
0.0741648762702628 |
0.101546737270651 |
0.0465201309476562 |
| 6 |
0.0681325246226864 |
0.0967987852778962 |
0.0392553796742161 |
| 7 |
0.0615970969856583 |
0.0921166002628896 |
0.0311360123853297 |
| 8 |
0.05635291635659 |
0.0882446220005348 |
0.0238111183353583 |
| 9 |
0.0509731649177887 |
0.0844569767106154 |
0.01604697345235 |
| 10 |
0.0466226947713736 |
0.0824131225470278 |
0.00981029810384679 |
| 11 |
0.0425732622733768 |
0.0804095309922137 |
0.00338952828386261 |
| 12 |
0.0396217517289995 |
0.0806656819586555 |
-0.00201480273136508 |
| 13 |
0.0372912785948847 |
0.0813385056528233 |
-0.00682097346378978 |
| 14 |
0.0361051145093117 |
0.0826465246330417 |
-0.0105496811237019 |
| 15 |
0.035637891573721 |
0.0848545333401078 |
-0.0132521243341903 |
| 16 |
0.0362124165140561 |
0.087848934176624 |
-0.015106043208001 |
Figure 9, Top-left Panel: Response to a Capital-to-Assets Ratio Shock (endogenous responses shut down). Response of output growth
| Quarters, (horizontal axis) |
Percent, (vertical axis), Full response, solid black |
Percent, (vertical axis), Output response shut down, solid blue |
Percent, (vertical axis), Standards response shut down, solid red |
Percent, (vertical axis), Standards & output response shut down, green dashed line |
| 0 |
0 |
0 |
0 |
0 |
| 1 |
0.218987871535 |
0 |
0.173335973 |
0 |
| 2 |
0.088442458718 |
0 |
-0.004211274 |
0 |
| 3 |
0.110052488657 |
0 |
0.037246685 |
0 |
| 4 |
0.019846028699 |
0 |
-0.02110004 |
0 |
| 5 |
-0.012858660641 |
0 |
-0.025062838 |
0 |
| 6 |
-0.068677117939 |
0 |
-0.039163587 |
0 |
| 7 |
-0.093982225648 |
0 |
-0.039302293 |
0 |
| 8 |
-0.122975289487 |
0 |
-0.040078415 |
0 |
| 9 |
-0.134382151648 |
0 |
-0.038001284 |
0 |
| 10 |
-0.146675107311 |
0 |
-0.036050774 |
0 |
| 11 |
-0.148613605519 |
0 |
-0.033821297 |
0 |
| 12 |
-0.151037131577 |
0 |
-0.0318787 |
0 |
| 13 |
-0.147195032078 |
0 |
-0.030150765 |
0 |
| 14 |
-0.143610428133 |
0 |
-0.028676861 |
0 |
| 15 |
-0.136013622288 |
0 |
-0.027395154 |
0 |
| 16 |
-0.128711835328 |
0 |
-0.026263151 |
0 |
Figure 9, Top-right Panel: Response to a Capital-to-Assets Ratio Shock (endogenous responses shut down). Response of loan growth
| Quarters, (horizontal axis) |
Percent, (vertical axis), Full response, solid black |
Percent, (vertical axis), Output response shut down, solid blue |
Percent, (vertical axis), Standards response shut down, solid red |
Percent, (vertical axis), Standards & output response shut down, green dashed line |
| 0 |
0 |
0 |
0 |
0 |
| 1 |
0.079752357548 |
0.048702865 |
-0.024439467 |
-0.033792128 |
| 2 |
0.290522155097 |
0.186635596 |
0.163453084 |
0.12299151 |
| 3 |
0.410931399845 |
0.298743395 |
0.228285571 |
0.206448139 |
| 4 |
0.385535506775 |
0.289346617 |
0.23918645 |
0.240622511 |
| 5 |
0.341989081849 |
0.283148502 |
0.247689474 |
0.264063078 |
| 6 |
0.270012981673 |
0.265978602 |
0.257721019 |
0.284165396 |
| 7 |
0.201926878531 |
0.253682494 |
0.266601691 |
0.299053889 |
| 8 |
0.13134923301 |
0.239946921 |
0.272359089 |
0.307098704 |
| 9 |
0.073141464191 |
0.228211794 |
0.275170014 |
0.308987956 |
| 10 |
0.024859414443 |
0.217429205 |
0.275284231 |
0.305776663 |
| 11 |
-0.007522601788 |
0.208081377 |
0.273027845 |
0.298479361 |
| 12 |
-0.0279817129 |
0.199654775 |
0.268648681 |
0.287944126 |
| 13 |
-0.034715365809 |
0.192002384 |
0.262428625 |
0.274969847 |
| 14 |
-0.031723301913 |
0.184869829 |
0.254644007 |
0.26028853 |
| 15 |
-0.018969555696 |
0.178132931 |
0.245571549 |
0.244557866 |
| 16 |
-3.142548e-06 |
0.171688851 |
0.235471438 |
0.228343126 |
Figure 9, Bottom-left Panel: Response to a Capital-to-Assets Ratio Shock (endogenous responses shut down). Response of standards
| Quarters, (horizontal axis) |
Percent, (vertical axis), Full response, solid black |
Percent, (vertical axis), Output response shut down, solid blue |
Percent, (vertical axis), Standards response shut down, solid red |
Percent, (vertical axis), Standards & output response shut down, green dashed line |
| 0 |
-2.1615365661 |
-2.168507669 |
0 |
0 |
| 1 |
-1.2672287521 |
-1.146595978 |
0 |
0 |
| 2 |
-0.8239716321 |
-0.726679607 |
0 |
0 |
| 3 |
-0.1764121642 |
-0.293048076 |
0 |
0 |
| 4 |
0.4162265774 |
0.185342993 |
0 |
0 |
| 5 |
1.0121828337 |
0.608772232 |
0 |
0 |
| 6 |
1.4540303806 |
0.967444775 |
0 |
0 |
| 7 |
1.8000912988 |
1.267370533 |
0 |
0 |
| 8 |
2.0139179426 |
1.516731214 |
0 |
0 |
| 9 |
2.128926405 |
1.719956814 |
0 |
0 |
| 10 |
2.1336032432 |
1.881162759 |
0 |
0 |
| 11 |
2.0549620136 |
2.004111009 |
0 |
0 |
| 12 |
1.8952116191 |
2.092575363 |
0 |
0 |
| 13 |
1.6803898481 |
2.150093675 |
0 |
0 |
| 14 |
1.4188135993 |
2.180023534 |
0 |
0 |
| 15 |
1.1348959264 |
2.185513222 |
0 |
0 |
| 16 |
0.8391671894 |
2.169530307 |
0 |
0 |
Figure 9, Bottom-right Panel: Response to a Capital-to-Assets Ratio Shock (endogenous responses shut down). Response of the capital-assets ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis), Full response, solid black |
Percent, (vertical axis), Output response shut down, solid blue |
Percent, (vertical axis), Standards response shut down, solid red |
Percent, (vertical axis), Standards & output response shut down, green dashed line |
| 0 |
0.152975604 |
0.152975604 |
0.152975604 |
0.152975604 |
| 1 |
0.137201851 |
0.135042375 |
0.138356521 |
0.135950211 |
| 2 |
0.133606332 |
0.127355655 |
0.132039047 |
0.12855657 |
| 3 |
0.124339944 |
0.118627556 |
0.126151391 |
0.121643276 |
| 4 |
0.119981842 |
0.1140987 |
0.121754359 |
0.11661494 |
| 5 |
0.114055288 |
0.109461473 |
0.116910298 |
0.112056485 |
| 6 |
0.109381292 |
0.105598412 |
0.111615752 |
0.107720421 |
| 7 |
0.10378407 |
0.101710767 |
0.105963729 |
0.103532327 |
| 8 |
0.098887557 |
0.098086782 |
0.100127029 |
0.099515309 |
| 9 |
0.093659299 |
0.094533236 |
0.094168954 |
0.095623875 |
| 10 |
0.08904995 |
0.091107934 |
0.088159609 |
0.091827498 |
| 11 |
0.084553828 |
0.087770608 |
0.082151892 |
0.088101002 |
| 12 |
0.08078163 |
0.084540176 |
0.07619909 |
0.084434852 |
| 13 |
0.077430656 |
0.08141195 |
0.070345766 |
0.080825381 |
| 14 |
0.074874202 |
0.078391645 |
0.064631556 |
0.077274745 |
| 15 |
0.07287118 |
0.075478005 |
0.059089807 |
0.073788242 |
| 16 |
0.071625342 |
0.07267071 |
0.053748812 |
0.070373673 |
Figure 10: Decomposition of BHC Quarterly Loan Growth
| Quarters (horizontal axis) |
Percent, (vertical axis), 2008:Q4 |
Percent, (vertical axis), 2009:Q1 |
Percent, (vertical axis), 2009:Q2 |
Percent, (vertical axis), 2009.Q3 |
| Capital Ratio (gray box) |
1.59 |
1.68 |
1.69 |
1.71 |
| Securities/Assets (peach box) |
1.23 |
1.326 |
1.34 |
1.35 |
| Chargeoffs/Assets (lt. green box) |
-1.35 |
-1.905 |
-1.92 |
-2.44 |
| Lending Std (lavender box) |
-0.27 |
-1.592 |
-1.129 |
-0.48 |
| GDP Growth (blue box) |
0.189 |
-0.57 |
-1.058 |
-1.09 |
| FFR (rose box) |
0.85 |
0.565 |
-0.255 |
1.137 |
| Predicted (red line ) |
1.407 |
-1.464 |
-2.294 |
-0.822 |
| Actual (purple line ) |
1.32519 |
-0.9 |
-0.6438 |
-1.6259 |
Figure 11, Top-left Panel: Decomposition of Loan Growth (model estimated through 2008:Q3) . Effect of innovations to standards
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
8.50699824365671 |
8.50699824365671 |
| 2007:Q3 |
14.2315941964872 |
8.33646625156257 |
8.32425791478713 |
| 2007:Q4 |
11.9640230535917 |
8.17078889281292 |
8.0615295992526 |
| 2008:Q1 |
7.08582227136929 |
7.75219495861925 |
7.34486722257533 |
| 2008:Q2 |
1.80406444595921 |
7.32175996843548 |
6.32665633495968 |
| 2008:Q3 |
1.37972987267425 |
6.8321226791477 |
5.17659221655592 |
| 2008:Q4 |
-0.247656647229218 |
6.37380376518937 |
4.31997503659288 |
| 2009:Q1 |
-4.02174460075578 |
5.98844150175848 |
3.64102371033187 |
| 2009:Q2 |
-8.5800110276373 |
5.72023293731642 |
4.26564133994615 |
| 2009:Q3 |
-11.9231190259075 |
5.59050750817828 |
5.0567360600712 |
Figure 11, Top-right Panel: Decomposition of Loan Growth (model estimated through 2008:Q3) . Effect of innovations to loan growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
8.50699824365671 |
9.47687016767332 |
| 2007:Q3 |
14.2315941964872 |
8.33646625156257 |
13.4266510019987 |
| 2007:Q4 |
11.9640230535917 |
8.17078889281292 |
12.1017200264956 |
| 2008:Q1 |
7.08582227136929 |
7.75219495861925 |
9.38076999914737 |
| 2008:Q2 |
1.80406444595921 |
7.32175996843548 |
6.45251316817067 |
| 2008:Q3 |
1.37972987267425 |
6.8321226791477 |
6.30912722896157 |
| 2008:Q4 |
-0.247656647229218 |
6.37380376518937 |
3.96744220168901 |
| 2009:Q1 |
-4.02174460075578 |
5.98844150175848 |
4.30904661242667 |
| 2009:Q2 |
-8.5800110276373 |
5.72023293731642 |
-5.06213294064044 |
| 2009:Q3 |
-11.9231190259075 |
5.59050750817828 |
-14.1304540713282 |
Figure 11, Bottom-left Panel: Decomposition of Loan Growth (model estimated through 2008:Q3) . Effect of innovations to the K/A ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
8.50699824365671 |
8.50699824365671 |
| 2007:Q3 |
14.2315941964872 |
8.33646625156257 |
8.28047160041454 |
| 2007:Q4 |
11.9640230535917 |
8.17078889281292 |
7.99205413060094 |
| 2008:Q1 |
7.08582227136929 |
7.75219495861925 |
7.56474680100419 |
| 2008:Q2 |
1.80406444595921 |
7.32175996843548 |
7.11246564473339 |
| 2008:Q3 |
1.37972987267425 |
6.8321226791477 |
6.36142853378841 |
| 2008:Q4 |
-0.247656647229218 |
6.37380376518937 |
5.55634070162234 |
| 2009:Q1 |
-4.02174460075578 |
5.98844150175848 |
4.55396696224786 |
| 2009:Q2 |
-8.5800110276373 |
5.72023293731642 |
3.96216362755155 |
| 2009:Q3 |
-11.9231190259075 |
5.59050750817828 |
5.04796292390139 |
Figure 11, Bottom-right Panel: Decomposition of Loan Growth (model estimated through 2008:Q3) . Effect of all other innovations
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
8.50699824365671 |
9.02573644225671 |
| 2007:Q3 |
14.2315941964872 |
8.33646625156257 |
9.20961243397447 |
| 2007:Q4 |
11.9640230535917 |
8.17078889281292 |
8.32108597568127 |
| 2008:Q1 |
7.08582227136929 |
7.75219495861925 |
6.05202312450016 |
| 2008:Q2 |
1.80406444595921 |
7.32175996843548 |
3.87770920340193 |
| 2008:Q3 |
1.37972987267425 |
6.8321226791477 |
4.02894993081144 |
| 2008:Q4 |
-0.247656647229218 |
6.37380376518937 |
5.07550556681682 |
| 2009:Q1 |
-4.02174460075578 |
5.98844150175848 |
1.50834196482296 |
| 2009:Q2 |
-8.5800110276373 |
5.72023293731642 |
5.51330038592771 |
| 2009:Q3 |
-11.9231190259075 |
5.59050750817828 |
8.99452857973747 |
Figure 12, Top-left Panel: Decomposition of Loan Growth (model estimated through 2009:Q3). Effect of innovations to standards
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
7.76712721502445 |
7.76712721502445 |
| 2007:Q3 |
14.2315941964872 |
8.0444671455779 |
8.05150894861815 |
| 2007:Q4 |
11.9640230535917 |
8.12180225821809 |
7.95509425931441 |
| 2008:Q1 |
7.08582227136929 |
7.57070789737549 |
6.93235936962996 |
| 2008:Q2 |
1.80406444595921 |
6.96277789522794 |
5.44944979864544 |
| 2008:Q3 |
1.37972987267425 |
6.15660619649184 |
3.51005164678463 |
| 2008:Q4 |
-0.247656647229218 |
5.33196959660959 |
1.47811844963358 |
| 2009:Q1 |
-4.02174460075578 |
4.57659704955655 |
-0.325959907365801 |
| 2009:Q2 |
-8.5800110276373 |
4.00376731831662 |
-1.14879817942292 |
| 2009:Q3 |
-11.9231190259075 |
3.67250004289099 |
-1.21320566894097 |
Figure 12, Top-right Panel: Decomposition of Loan Growth (model estimated through 2009:Q3). Effect of innovations to loan growth
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
7.76712721502445 |
9.75988061040619 |
| 2007:Q3 |
14.2315941964872 |
8.0444671455779 |
13.2666518318626 |
| 2007:Q4 |
11.9640230535917 |
8.12180225821809 |
12.1476129823215 |
| 2008:Q1 |
7.08582227136929 |
7.57070789737549 |
8.92609239103556 |
| 2008:Q2 |
1.80406444595921 |
6.96277789522794 |
3.92497983010245 |
| 2008:Q3 |
1.37972987267425 |
6.15660619649184 |
5.03198278993496 |
| 2008:Q4 |
-0.247656647229218 |
5.33196959660959 |
3.88233017708977 |
| 2009:Q1 |
-4.02174460075578 |
4.57659704955655 |
3.74890237299676 |
| 2009:Q2 |
-8.5800110276373 |
4.00376731831662 |
2.50259945652488 |
| 2009:Q3 |
-11.9231190259075 |
3.67250004289099 |
-2.35707643490142 |
Figure 12, Bottom-left Panel: Decomposition of Loan Growth (model estimated through 2009:Q3). Effect of innovations to the K/A ratio
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
7.76712721502445 |
7.76712721502445 |
| 2007:Q3 |
14.2315941964872 |
8.0444671455779 |
8.10276653252166 |
| 2007:Q4 |
11.9640230535917 |
8.12180225821809 |
7.92762167660689 |
| 2008:Q1 |
7.08582227136929 |
7.57070789737549 |
7.44727317319925 |
| 2008:Q2 |
1.80406444595921 |
6.96277789522794 |
7.31792658133564 |
| 2008:Q3 |
1.37972987267425 |
6.15660619649184 |
6.55283507696536 |
| 2008:Q4 |
-0.247656647229218 |
5.33196959660959 |
5.88202018078433 |
| 2009:Q1 |
-4.02174460075578 |
4.57659704955655 |
4.29745857269058 |
| 2009:Q2 |
-8.5800110276373 |
4.00376731831662 |
2.13336196561276 |
| 2009:Q3 |
-11.9231190259075 |
3.67250004289099 |
1.99140419781096 |
Figure 12, Bottom-right Panel: Decomposition of Loan Growth (model estimated through 2009:Q3). Effect of all other innovations
| Quarters, (horizontal axis) |
Percent, (vertical axis) solid line |
Percent, (vertical axis) small dashed line |
Percent, (vertical axis) large dashed line |
| 2006:Q4 |
7.95172960852064 |
|
|
| 2007:Q1 |
6.75285293948709 |
6.75285293948709 |
6.75285293948709 |
| 2007:Q2 |
9.99560836627332 |
7.76712721502445 |
8.00285497089159 |
| 2007:Q3 |
14.2315941964872 |
8.0444671455779 |
8.94406832021844 |
| 2007:Q4 |
11.9640230535917 |
8.12180225821809 |
8.2991009100032 |
| 2008:Q1 |
7.08582227136929 |
7.57070789737549 |
6.49222102963098 |
| 2008:Q2 |
1.80406444595921 |
6.96277789522794 |
6.00004192155948 |
| 2008:Q3 |
1.37972987267425 |
6.15660619649184 |
4.75467894846481 |
| 2008:Q4 |
-0.247656647229218 |
5.33196959660959 |
4.50578333509188 |
| 2009:Q1 |
-4.02174460075578 |
4.57659704955655 |
1.98764550959234 |
| 2009:Q2 |
-8.5800110276373 |
4.00376731831662 |
-0.0558723154021781 |
| 2009:Q3 |
-11.9231190259075 |
3.67250004289099 |
0.673259008796922 |