The Incomplete Currency. Marcello Minenna

Debt/GDP ratio in Spain (1880–2010)

      Figure 1.22 Inflation and Debt/GDP ratio in UK (1880–2010)

      Figure 1.23 Inflation and Debt/GDP ratio in the US (1860–2010)

      Figure 1.24 Interest rate on 10-year government bonds of various Eurozone countries

      Figure 1.25 Credit disbursed from the banking systems to the national economies (Eurozone)

      Figure 1.26 European banks involved in the determination of the interbank interest rates in the Eurozone

      Figure 1.27 Term structure of the interest rates on interbank loans

      Figure 1.28 Term structure of the interest rates on Overnight Index Swap (OIS) transactions

      Figure 1.29 Term structure of the interest rates on interbank loans and on Overnight Index Swap (OIS) transactions with evidence of EURIBOR-IRS/OIS spread

      Figure 1.30 Term structure of the interest rates on Overnight Index Swap (OIS) transactions and on collateralised loans (Eurepo)

      Figure 1.31 Term structure of the interest rates on Overnight Index Swap (OIS) transactions and on collateralised loans (Eurepo) with evidence of the OIS/Eurepo spread

      Figure 1.32 Excerpt from the Statute of Federal Reserve Bank (USA)

      Figure 1.33 Excerpt from the Statute of the European Central Bank (EU)

      Figure 1.34 Evolution of the ECB short-term refinancing rate (MRO rate)

      Figure 1.35 Evolution of the ECB rate on Marginal Lending Facility (MLF)

      Figure 1.36 Evolution of the rate paid by the ECB on overnight deposits

      Figure 1.37 Amount of overnight deposits at the European Central Bank

      Figure 1.38 Amount of standard cash deposits at the European Central Bank

      Figure 1.39 Total amount of cash deposits (standard and overnight) at the European Central Bank

      Figure 1.40 Market quote of the US sovereign CDS in June 2012

      Figure 1.41 Market quotes of the CDSs of the individual states of the US federation in June 2012

      Figure 1.42 Market quote of the CDSs of the individual states of the Eurozone in June 2012

      Figure 1.43 Market quote of the CDSs of the European states that do not adhere to the Euro in June 2012

      Figure 1.44 Definition of a sovereign CDS denominated in Euro

      Figure 1.45 Definition of a sovereign CDS denominated in Dollars

      Figure 1.46 Definition of Dollar/Euro CDS quanto spread

      Figure 1.47 Representation of the Bond spread on an Italian government bond (BTP)

      Figure 1.48 Relation between CDS spread and Bond spread in absence of arbitrage

      Figure 1.49 The basis in absence of arbitrage

      Figure 1.50 Positive basis arbitrage strategy

      Figure 1.51 Negative basis arbitrage strategy

      Figure 1.52 Underlying reasons of the positive basis phenomenon

      Figure 1.53 Development of the bases for Germany, France, Italy and Spain

      Figure 1.54 Development of the bases for Germany, France, Italy and Spain with indications of significant events

      Figure 1.55 Underlying reasons for the negative basis phenomenon

      Figure 1.56 Evolution of the 5-year OIS and SWAP and yield on the 5-year Bund: period 2000–2014

      Figure 1.57 Definition of the cash synthetic basis

      Figure 1.58 Types of risks considered in the definition of the cash synthetic basis

      Figure 1.59 Relation between negative basis and cash synthetic basis

      Figure 1.60 Trend of the basis and of the cash synthetic basis for Italy

      Figure 1.61 Relation between positive basis and cash synthetic basis

      Figure 1.62 Trend of the basis and of the cash synthetic basis for Germany

      Figure 1.63 Distinctive trait of the Germany basis

      Figure 2.1 The European Financial System: the key players

      Figure 2.2 The relationship between the banks and the sovereign states

      Figure 2.3 Evolution of government debt held by foreign investors for the main Eurozone countries (period 2003–2007)

      Figure 2.4 Percentage of government debt held by own banking system compared to the total of sovereign bonds in the banks' balance sheet–period 2001–2007

      Figure 2.5 Evolution of government debt held by foreign investors for the main Eurozone countries (Period 2007–2013)

      Figure 2.6 Percentage of government debt held by own banking system compared to the total of sovereign bonds in the balance sheets of the banks: 2001–2013

      Figure 2.7 The relationship between the banks and the European Central Bank

      Figure 2.8 The management of the collateral by the ECB (2000–2007)

      Figure 2.9 Holdings of bonds (sovereign or not) in the assets of the banks (€ billion)–June 2014 figures

      Figure 2.10 The key relationships in the European financial system