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S T R I C T L Y   P R I V A T E   A N D   C O N F I D E N T I A L

Crisis Response: Different Aspects. Dr. Jacob A. Frenkel Chairman, JPMorgan Chase International Chairman, Group of Thirty (G30 ) Former Governor, Bank of Israel. S T R I C T L Y   P R I V A T E   A N D   C O N F I D E N T I A L. Panel Discussion II

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S T R I C T L Y   P R I V A T E   A N D   C O N F I D E N T I A L

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  1. Crisis Response: Different Aspects Dr. Jacob A. Frenkel Chairman, JPMorgan Chase International Chairman, Group of Thirty (G30) Former Governor, Bank of Israel S T R I C T L Y   P R I V A T E   A N D   C O N F I D E N T I A L Panel Discussion II The Seventeenth Dubrovnik Economic Conference Croatian National Bank Dubrovnik, June 29-July 2. 2011

  2. Global Imbalances • Imbalances in International Payments • Imbalances in Macro Policies • Imbalances in the Euro-System

  3. International Payments Imbalances • Current Accounts Imbalances • Who Holds US Treasuries? • International Reserves • Savings Imbalances

  4. Current Account of Balance of Payments US$ billions, 2011

  5. Current Account of Balance of Payments

  6. Global Treasury Holdings

  7. Accumulation of Foreign Exchange Reserves (Bill. Usd)

  8. Gross National Savings as a % of GDP, 2010

  9. Imbalances in Macro Policies • Global Interest Rate Cuts • Nominal and Real Interest Rates • Central Bank’s Balance Sheets • Fiscal Deficits and Public Debt

  10. Coordinated Global Rate Cuts

  11. Global Policy Rates: Developed Markets

  12. Global Policy Rates: Main Rate & Real Rates

  13. Global Policy Rates: Main Rate & Real Rates

  14. Total Assets of Key Central Banks (indexed levels)

  15. Federal Reserve Balance Sheet Assets: Total Assets & Security Holdings

  16. Fiscal Positions: General Government Balance

  17. Fiscal Positions: Net Debt

  18. Imbalances in the Euro-System • Unemployment & Productivity • Budget Deficits and Public Debt • Savings and Payments Imbalances • Spreads, CDS, and Banks • “Bad Zones” and the Crisis

  19. Unemployment Rate (%): Selected Euro Area Countries

  20. Relative Unit Labor Costs, Manufacturing Sector

  21. Relative Unit Labor Costs, Manufacturing Sector

  22. Fiscal Position: General Government Balance – Select Euro Area Economies

  23. Fiscal Positions: Net Debt – Select Euro Area Economies

  24. Change in Gross National Saving Rate: Select European Counties (2000 – 2010)

  25. Change in Gross National Saving Rate: Select European Counties (2000 – 2010) Change between 2000-2007 Change between 2007-2010

  26. Euro Area Current Account Balance (% of GDP)

  27. Greece, Portugal, Ireland and Spain: Gross Financing Needs

  28. 10yr Government Bond Yield Spread

  29. European Sovereign CDS Premia

  30. European Sovereign and Corporate CDS Spreads

  31. Bank Holdings of Domestic Government Securities (% of total bank assets)

  32. Gross Government Debt and Budget Deficit (% of GDP 2010)

  33. Gross Government Debt and Budget Deficit (% of GDP 2010)

  34. Current Account Balance and Budget Deficit (% of GDP 2010)

  35. Current Account Balance and Budget Deficit (% of GDP 2010)

  36. Gross National Saving Rate and Budget Deficit (% of GDP 2010)

  37. Gross National Saving Rate and Budget Deficit (% of GDP 2010)

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