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Financial Crisis Impact on SEK/USD FX-swap and Interest Rates

This chart analysis examines the difference between SEK/USD FX-swap implied dollar interest rate and USD Libor rate during the start of the financial crisis in Greece and Lehman. It also explores various indicators such as stock market volatility, government bond yields, and credit spreads in Europe.

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Financial Crisis Impact on SEK/USD FX-swap and Interest Rates

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  1. Chapter 1

  2. Difference between the SEK/USD FX-swap implied dollar interest rate and the USD libor rate, 3 monthsPer cent Start of the financial crisis Greece Lehman Source: Bloomberg Chart 1:1

  3. Swedish and international stress index Sources: Reuters EcoWin, Bloomberg and the Riksbank Chart 1:2

  4. The difference between interest rates on ten year government bonds and the German government bond with the same maturityBasis points Source: Reuters EcoWin Chart: 1:3

  5. Implied stock market volatilityPer cent, 10 day moving average Source: Reuters EcoWin Chart 1:4

  6. CDS-premiums on European governments and corporationsBasis points Source: Bloomberg Chart 1:4

  7. Government CDS premiums Basis points Source: Reuters EcoWin Chart 1:6

  8. Stock market developmentsIndex, 1 January 2008 =100 Sources: Reuters EcoWin Chart 1:7

  9. Risk premiums on the interbank market, 3 monthsBasis points Soure: Reuters EcoWin Chart 1:8

  10. Central banks balance sheetsPer cent of GDP Sources: Respective central bank Chart 1:9

  11. Federal Reserve balance sheetUSD billions Source: Federal Reserve Chart 1:10

  12. The Riksbank loans and the guaranteeprogramme’s outstanding volumesSEK billion Sources: The Riksbank and Swedish National Debt Office Chart 1:11

  13. Budget balance in selected EU countriesPercentage of GDP Source: Reuters Ecowin Chart B1

  14. CDS premiums (5 years) for selected EU countriesBasis points Source: Reuters Ecowin Chart B2

  15. Difference between yields on mortgage bonds and govermnent bond yields with five year maturityBasis points Sources: Reuters EcoWin and the Riksbank Chart 1:12

  16. The difference between the interbank rate and the expected policy rate of different maturitesBasis points Source: Reuters EcoWin Chart 1:13

  17. Indicative breakdown of the Swedish riskpremium, 3 monthsBasis points Source: The Riksbank Chart 1:14

  18. EUR/SEK cross currency basis spread, 5 yearsBasis points Source: Bloomberg Chart 1:15

  19. Credit spreads for US corporate bondsBasis points Source: Reuters EcoWin Chart: 1:16

  20. Credit spreads for European corporate bondsBasis points Source: Reuters EcoWin Chart 1:17

  21. Chapter 2

  22. The Swedish Banks lending per borrower categorySeptember 2009, per cent of total lending Sources: Bank reports and the Riksbank Chart 2:1

  23. The Swedish Banks lending per geographical areaSeptember 2009, per cent of total lending Sources: Bank reports and the Riksbank Chart 2:2

  24. Household borrowing from monetary financial institutionsAnnual percentage change Source: The Riksbank Chart 2:3

  25. Mortgage equity witdrawals, percentage of disposable incomePer cent Sources: Reserve Bank of Australia, Reuters EcoWin and the Riksbank Chart 2:4

  26. House pricesPurchase Price Coefficient Sources: Statistics Sweden and the Riksbank Chart 2:5

  27. Tenant-owned apartment prices, three-month moving averageSEK per square metre Source: www.maklarstatistik.se Chart 2:6

  28. Time to sale in SwedenNumber of days, median Sources: Hemnet and www.maklarstatistik.se Chart 2:7

  29. Number of housing starts Source: Statistics Sweden Chart 2:8

  30. Household debt and post-tax interest expenditurePercentage of disposable income Sources: Statistics Sweden and the Riksbank Chart 2:9

  31. Households' debt ratio in a number of municipalities and in SwedenPer cent Sources: Statistics Sweden and the Riksbank Chart 2:10

  32. Breakdown of households' new mortgages by fixed interest periodsPer cent Source: The Riksbank Chart 2:11

  33. Disposable income of households, final consumption expenditure and savingsSEK million Source: Statistics Sweden Chart 2:12

  34. Corporate borrowing from credit institutions and fixed gross investmentAnnual percentage change Sources: Statistics Sweden and the Riksbank Chart 2:13

  35. Corporate borrowing from credit institutions and their securities fundingSEK Billion Source: The Riksbank Chart 2:14

  36. Interest coverage ratio in Swedish listed companiesRatio Sources: Bloomberg and the Riksbank Chart: 2:15

  37. Profitability and debt/total assets ratio in Swedish listed companiesPer cent Sources: Bloomberg and the Riksbank Chart 2:16

  38. Breakdown of corporate borrowing by period of fixed interestPer cent Sources: Riksbanken Chart 2:17

  39. Expected default frequency (EDF), outcome och forceastPer cent Sources: Moody´s KMV och Riksbanken Chart 2:18

  40. Transaction volumes in the Swedish commercial property marketSEK billion Sources: Savills and the Riksbank Chart 2:19

  41. Real prices of office premises in city centresIndex, 1981 = 100 Sources: Newsec and the Riksbank Chart 2:20

  42. Average yield levels for modern office premises in city centresPer cent Sources: Newsec and Reuters EcoWin Chart 2:21

  43. Component factors for annual change in prices for offices in central StockholmPer cent Sources: Newsec, Reuters EcoWin and the Riksbank Chart 2:22

  44. Vacancy rate for office premises in city centresPer cent Source: Newsec Chart 2:23

  45. The property companies’ credit structureSEK million Sources: Reports of the 17 property comp. listed on the NASDAQ OMX Stockholm A-list, q4, 2009 and the Riksbank. Chart 2:24

  46. GDP in the Nordic countries and GermanyQuarterly changes in per cent Sources: Reuters EcoWin and the Riksbank Chart 2:25

  47. Households’ borrowingsAnnual percentage change Sources: ECB and national statistics offices Chart 2:26

  48. Real house prices in the Nordic countries and GermanyIndex, March 2004 = 100 Sources: the BIS Database, Reuters EcoWin, Statistics Sweden and the Riksbank Chart 2:27

  49. Companies’ borrowingsAnnual percentage change Sources: The ECB and national statistics agencies Chart 2:28

  50. Corporate defaultsTwelve-month moving average, index, average year 2007 = 100 Sources: National statistics agencies and the Riksbank Chart 2:29

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