History of Credit Bubbles

This chart shows a historic overview of several financial bubbles. From the Tulip Mania in the 1630's to the Real estate Boom that ended in the late 2000's. This research was provided by Goldman Sachs.

Click on the picture for a bigger version.

ZeroHedge

Global House Price Indicators (January 2013)

The Economist posted this overview of global house price indicators in January 2013. Some points of interest:

• Hong Kong saw the biggest rise in housing prices: 22 percent compared to year ago, while Spain saw its house prices contract the most.
• Hong Kong was also the country that saw its house prices increase the most after the start of the global financial crisis in 2007, while Ireland saw the biggest correction; house prices were slashed in halve. 
• Housing markets in Canada and France are most overvalued according to rent and income measures, while those in Japan and China are quite undervalued compared to their long term average values.

The Economist

Economist Poll of Forecasters (July 2012) for 2012, 2013

This graph shows the average forecast for economic data (2012 & 2013) of the main economies in the world. Except for Australia and Japan all the average real GDP growth figures in July have been lowered since June. Italy, the Netherlands, Spain and the Euro Area are expected to have a minus growth for 2012. For 2013 only Italy and Spain are expected to see it's economy contract. Italy's inflation rate is expected to stay relatively high though, while Japan and Switzerland keep having low inflation rates. Spain is expected to see it's current account deficit shrink more and more.

Due to a request by the Economist this graph has been removed. 

View the graph here

Oil Consumption (consumers+companies) Per Capita

As you were able to see in the post a few days ago, The United States consumes the most oil of all the countries. Perhaps surprisingly enough, it is not the country with the highest oil consumption per capita. Singapore takes the first spot, with Kuwait and Saudi Arabia second and third. The U.S. only takes the ninth place after two more oil producing countries, two European countries and Canada. Perhaps also surprisingly, Germany is on the bottom of the developed countries.

Update: this chart also shows consumption of companies, like aviation and oil refinery. That's why consumption per capita may be a bit misleading.

Oil Consumption Per Capita

OECD: Official Versus Effective Retirement Age

The official retirement age is rarely equal to the effective retirement age, the average age the people actually retire. As you can see in this chart the official retirement age can be both higher and lower than the effective retirement age. What is the same for all countries is that the life expectancy was raised and that (assuming an equal or declining birth rate) the work force needs to finance more elderly people. A very reasonable option to do that is by raising the effective retirement age (with the official retirement age).

Japan and Sweden had the highest effective retirement age in 2010, while Austria, France and Belgium (and not Greece) had the lowest effective retirement age.

The Economist

Long Term Pension Age (OECD Countries)

OECD published this graph with the long term pension age in OECD countries. Denmark and Italy have their pension age linked to life expectancy, which means it will almost reach 69 in 2050. Iceland and Norway are already at 67, and increasingly more countries will reach that age in the next years. In some countries there are differences between woman and men.

OECD Pensions Outlook 2012

Buildup of Total Debt (Consumers, Companies & Gov.) in 80s, 90s and 00s

In the left part of the graph you can see the total debt development for the United States across the Household, Corporate, Government and Government Sponsored Entity sectors. You can see that Great Depression levels are being reached again.

Not for every country data about debt levels are available for such a long period. There is data available however from 1980. In the right panel you can see the debt buildup for the three sectors combined (excluding financial sector) per decade as a percentage of GDP. You can see that from 1980-1990 Belgium, Sweden, Italy and Japan had the highest debt buildup. From 1990-2000 Portugal, Spain, Germany and Italy had the highest increase. From 2000 until 2010 however, Portugal, Spain, U.K., France, U.S. and Greece were among the countries with the highest buildup in their debt across the three sectors.

Countries With Biggest Pension Assets As a Percentage of GDP

Not every country has as much pension assets. In the table presented here constructed by Towers Watson the 13 countries with the biggest pension assets in the world are shown. These pension assets are the money that pension funds have for current and future retirees. On average these countries had in 2011 pension assets of 72% of GDP. The Netherlands had relatively the most pension assets: 133% of GDP. France had relatively the least from the 13 countries with the most pension assets in the world: 5% of GDP. The United States has nominally by far the most pension assets in the world: 16 trillion dollar.

For future retirees these assets can ofcourse grow larger given some return if these assets are invested. The next graph shows the allocation of the assets for the 7 countries that had the biggest pension assets in 2011. On average (world) these countries had their assets invested for 41% in equity, 37% in bonds, 20% in other and 2 percent they held in cash. The Anglo-Saxon countries had relatively more invested in equity compared to Japan, Netherlands and Switzerland. The Netherlands and Japan held a relatively high share of the assets in bonds, while Switzerland held a relatively high share in other.

Tower Watson

The World's One Percent

You can see that half of the world's richest 1 percent live in the United States! Four live in Germany, three in France, Italy and the United Kingdom. To be part of the world's richest one percent you 'only' need to make 136.000 dollars as a household of four (including two children).

CNN Money

OECD Countries: Average Tuition Fees & Grants Received (Public Institutions)

This graph shows the average higher edution public tuition fees in dollars for the year 2004/2005. You can see United States was the most expensive country to study in that year. Australia and Japan come in second. Its the cheapest to study in Turkey, Sweden, Finland, Czech Republic, Norway and Denmark.

In Turkey, Norway, Sweden, Denmark and the Netherlands (almost) every student receives a grant. In Belgium and Japan the least number of student receive a grant.

Source: CBS

OECD Countries: How much does the one percent earn?

The one chart which the global occupy-er needs.

In this chart you can see what share of total income the one percent of earners have in several countries. The light blue is the share which it was in 1990. The dark blue is the share which it was in 2007. The United States, the United Kingdom, Canada, Finland and Ireland saw the biggest increases in inequality.

Off The Charts

As you can see the United States has by far the highest inequality among OECD countries.

The next chart shows which occupation the richest 0,1 percent (not the 1 percent) in the United States have.

This chart shows the change in occupation in the total 0,1 percent richest earners. You can see that finance increased dramatically.

EconomPic

Euro Zone Bond Spreads Above Historical Levels

This chart shows the Government Bond Spreads (difference between interest rates of 10 year government bodns of the selected countries verser the interest rate of german bonds). You can see that for some of the countries these spreads are higher than they were in the years before. So you may ask as the FT did: Why did we bother?

FT

House Prices Around The World (1970-2008)

This chart shows the development of the house prices around the world. In Europe, Belgium, UK, Netherlands, Ireland and Norway had the highest increases in the house prices. Germany, Switzerland, Swden, Italy and France had the lowest increases.

Outside Europe, Australia and Canada had relatively has relatively high house prices and relatively lower in Japans and the U.S.

Especially notice 1995 when in many countries house prices started to rise dramatically.

Business Insider

Exposure To China

This map shows the countries that are most dependent on the Chinese economy. Especially for Hong Kong and Mongolia is China a very important trade partner. A hard landing in the Chinese economy would have enormous impacts on these countries economies.

On the other hand a positive note for Greece is that it has a low exposure to the Chinese economy. So it won't see many directly negative effects when the Chinese economy slows down. Although it might encounter second hand negative effects when other trading partners which are dependent on China import less in Greece.

Business Insider

Mortgage Debt-To-GDP Ratio

The Netherlands and Denmark had the highest Mortgage Debt-to-GDP ratio in the developed world in 2009 as you can see. Italy and Greece had the lowest ratio. In the Netherlands there is a big tax incentive to get debt by a mortgage. Besides that, it is also possible as one of the only countries in the world to get a mortgage loan of over 100% of the property value. These policies drove up the mortgage debt dramatically.

Change In Unit Labor Costs (Q2 2011)

The next graph shows the change in unit labor costs in some selected countries. According to many unit labor costs is a good measure for labor costs in a country. It is the cost of labor to make one unit of output. The measure increases when wage cost increase and decreases when productivity increases.

The graph is ordered decreasingly by the change in wages. In Norway and Australia unit labor cost rose the most and in Denmark and Austria the least.

The Economist

United States largest foreign Debtor; Japan largest Creditor

According to a new report from McKinsey the United States was the country with the biggest foreign investments, but if you substract the Liabilities you see the US is the largest foreign debtor. This represents the current account deficit which must be compensated by foreign borrowing. Japan is the largest foreign creditor.

McKinsey

Shadow Economy As A Percentage Of GDP

The Financial Times made this chart with the shadow economy as a percentage of GDP for the developed countries. You can see that the shadow economy is relatively the biggest in Bulgaria en the smallest in the United States.

Source: Financial Times

External Debt for developed countries

External Debt: government debt held by foreigners as a percentage of GDP in 2010-Q3.

Source: Rabobank

Health Care Compared

The next graph ranks the quality of the health care of seven western countries. Several criteria are used.

In this study The Netherlands ended on top and the United States was last.