Annual Economic Report 2023 - underlying data behind the graphs

Full data set (zip)

Chapter I: Navigating the disinflation journey - read the chapter
Data set
Chapter I data set (xlsx)
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Graph 1 Headline inflation abates while core inflation proves sticky
Graph 2 Factors that triggered the initial inflation surge weaken
Graph 3 Larger contribution from services may imply more persistent inflation
Graph 4 Synchronised monetary tightening lifts rates from historic lows
Graph 5 Monetary tightening raises borrowing costs and slows demand
Graph 6 Activity holds up better than expected, in part thanks to transfers and savings
Graph 7 Strength in activity owes in part to strong labour markets and positive surprises
Graph 8 Financial markets swayed by the monetary policy outlook
Graph A1 Limited global spillovers from China's services-driven recovery
Graph 9 Equity and corporate bond markets reflect a disconnect
Graph B1 Sensitivity of bank interest margins to increase in policy rates
Graph C1 Market response to recent bank failures
Graph 10 The long shadow of low-for-long: duration mismatches and exposure to outflows
Graph 11 Rising interest rates test bank resilience
Graph 12 Disinflation takes time
Graph 13 The low-inflation regime is being tested
Graph 14 Wage- and price-setting could easily change, with implications for inflation
Graph 15 Inflation norms could change as expectations adjust
Graph 16 Financial stress during monetary tightening: debt, inflation, house prices
Graph D1 Corrections in real estate markets pose downside risks
Graph 17 Household debt is high and debt service ratios are rising fast
Graph 18 Three policy rate scenarios: impact on debt service burdens, asset prices, output
Graph 19 Bank credit losses could rise and capital positions weaken
Graph E1 Low-valuation banks: balancing market demands amid low profitability
Graph 20 More expansive policy mix has contributed to inflation surge
Graph 21 Keeping fiscal positions sustainable has become more challenging

Chapter II: Monetary and fiscal policy: safeguarding stability and trust - read the chapter
Data set
Chapter II data set (xlsx)
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Graph 1 Monetary and fiscal policy in historical perspective
Graph A1 How long-term government debt may in fact be overnight
Graph B1 The region of stability
Graph 2 What can go wrong
Graph 3 Changing business cycles and policy responses
Graph 4 Low rates reduce monetary policy traction and constraints on fiscal policy
Graph 5 Central bank holdings of government debt
Graph 6 Monetary and fiscal policy in advanced and emerging market economies
Graph 7 Inflation and crises
Graph 8 Inflation targeting, FX reserves and macroprudential policies
Graph 9 Sovereign ratings, inflation and public debt
Graph C1 The interest rate-growth differential and the level of public debt
Graph 10 Public debt projections
Graph 11 Central bank remittances and government debt service costs
Graph 12 Inflationary effects of fiscal stimulus
Graph 13 Exchange rate pass-through and response to sovereign risk
Graph 14 The sovereign-bank nexus is evident in credit ratings
Graph D1 Extensive use of collateral, increasingly government paper
Graph 15 Government debt after a banking crisis
Graph 16 Rising maturities leave bondholders exposed to interest rate risk
Graph 17 Banks and NBFIs are exposed to sovereign debt
Graph 18 Elevated interest rate risk amid rate hikes and fragile liquidity

Chapter III: Blueprint for the future monetary system: improving the old, enabling the new - read the chapter
Data set
Chapter III data set (xlsx)
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Graph 1 Tokens both define assets and specify what can be done with them
Graph 2 Ramps map assets to their tokenised counterparts on programmable platforms
Graph 3 Non-bearer instrument model of tokenised deposits
Table A1 A bird's eye view of BIS Innovation Hub projects on CBDC and tokenisation
Graph 4 Failures of FTX and Silicon Valley Bank coincide with stablecoin price volatility
Graph B1 Standardised APIs enable interoperability between old and new systems
Graph 5 Stylised representation of a unified ledger
Graph C1 Messaging in a standard person-to-person wire transfer
Graph D1 Streamlining securities settlement through a unified ledger
Graph 6 Trade finance on a programmable platform
Graph 7 Data can obviate the need for collateral and improve credit scoring models
Graph E1 The tokenisation continuum
Table 1 Different characteristics of privacy-preserving technologies
Graph 8 Cyber incidents are rising but spending on security is inadequate

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