- International banking and financial market developments – Highlights of the BIS international statistics: “Global cross-border claims increased by $11.6 billion between end-September and end-December 2014 on an exchange rate-adjusted basis. Cross-border claims grew at a year-on-year rate of 5%, with lending to non-bank borrowers expanding faster (7%) than claims on banks (3%). Cross-border claims on China contracted by about $51 billion during the last quarter of 2014, which brought down their year-on-year growth rate to 21%. Outstanding cross-border claims on Chinese residents totalled $1 trillion at end-December 2014, making China the eighth largest borrower worldwide.”
- Quaterly Review Boxes – Residential property price developments – “Real residential property prices continued to increase significantly in most of the advanced economies in 2014 (Graph A). They rose by 3-5% in Australia, Canada, New Zealand and the United States. They also continued to trend upwards in several European countries outside the euro area, increasing by around 10% in Sweden and the United Kingdom over one year, and more moderately in Denmark. The euro area saw a slight increase in aggregate, for the first time in seven years (by 1% year on year), although there remained important disparities across the member states. Real property prices grew by 4% in Germany, 2% in both Portugal and Spain, and a marked 16% in Ireland, albeit from subdued levels. On the other hand, price declines continued, especially in Greece (-4%) and, more moderately, in France and Italy. Contrasting with the above developments for major advanced regions, Japanese prices fell on a year-on-year basis in the fourth quarter, by 2%.”
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