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Measuring Saving Rates in New Zealand: An Update

Appendix H: Adjusting for the inflationary tax on liabilities of the government held by the public

Appendix Table H.1 - Adjusting private sector assets for inflation
Notes and coins held by public Gross government debt Overseas debt Private claims Inflation Loss due to inflation 8. Private saving Inflation adjusted private saving GDP Unadjusted ratio Inflation adjusted ratio
  (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
1972 171 3,187  654 2,704 7%  - 431 431 6,962 - -
1973 192 3,503  564 3,131 8%  205 664 460 8,044 8.3 5.7
1974  211 3,735  465 3,480 10%  312 790 478 9,313 8.5 5.1
1975  254 4,200 1,081 3,373 15%  519 232 -287 10,141 2.3 -2.8
1976  296 5,558 2,164 3,690 18%  598 -58 -656 11,428 -0.5 -5.7
1977  326 6,289 2,563 4,051 14%  518 234 -284 13,876 1.7 -2.0
1978  366 7,484 3,256 4,594 12%  497 107 -390 15,534 0.7 -2.5
1979  404 8,820 3,676 5,547 12%  570 520 -50 17,662 2.9 -0.3
1980  453 10,346 4,297 6,503 18%  994 613 -381 20,359 3.0 -1.9
1981  500 11,617 4,809 7,308 15%  980 759 -221 23,766 3.2 -0.9
1982  524 14,381 6,688 8,218 17% 1,241 1,748 507 28,732 6.1 1.8
1983  594 18,733 9,178 10,148 8%  682 2,082 1,400 33,027 6.3 4.2
1984  642 21,879 9,367 13,153 5%  479 3,481 3,002 36,823 9.5 8.2
1985  653 28,246 13,916 14,983 17% 2,186 2,842 656 41,784 6.8 1.6
1986  723 32,002 15,595 17,130 10% 1,561 856 -705 48,242 1.8 -1.5
1987  797 42,472 21,822 21,447 19% 3,245 3,567 322 57,385 6.2 0.6
1988  877 39,068 19,269 20,676 6% 1,361 3,326 1,965 64,565 5.2 3.0
1989  978 39,721 16,777 23,922 4%  917 3,742 2,825 69,996 5.3 4.0
1990 1,047 44,347 20,041 25,353 8% 1,824 3,492 1,668 73,960 4.7 2.3
1991 1,071 43,935 20,198 24,808 3%  714 3,248 2,534 75,410 4.3 3.4
1992 1,087 47,105 20,036 28,156 1%  241 639 398 75,201 0.8 0.5
1993 1,110 47,478 23,523 25,065 1%  370 399 29 77,480 0.5 0.0
1994 1,225 46,429 26,829 20,825 1%  274 673 399 83,569 0.8 0.5
1995 1,340 44,530 23,418 22,452 5%  954 -226 -1,180 89,431 -0.3 -1.3
1996 1,405 41,901 21,896 21,410 2%  449 -453 -902 95,367 -0.5 -0.9
1997 1,503 36,236 20,649 17,090 1%  240 55 -185  100,098 0.1 -0.2
1998 1,598 38,475 19,969 20,104 2%  284 1,142 858  103,813 1.1 0.8
1999 1,735 37,307 17,384 21,658 0%  (73) 1,799 1,872  105,647 1.7 1.8
2000 1,889 36,580 16,368 22,101 2%  433 965 532  112,033 0.9 0.5
2001 2,068 37,194 16,946 22,316 3%  715 2,207 1,492  118,377 1.9 1.3
2002 2,250 36,650 20,069 18,831 3%  615 3,456 2,841  127,282 2.7 2.2
2003 2,402 36,617 17,343 21,677 1%  278 2,269 1,991  133,906 1.7 1.5
2004 2,540 36,017 18,100 20,457 2%  513 2,512 1,999  143,138 1.8 1.4
2005 2,681 35,478 16,444 21,715 3%  582 -1,227 -1,809  153,188 -0.8 -1.2
2006 2,851 35,867 18,191 20,527 4%  864 -5,083 -5,947  161,645 -3.1 -3.7
2007 2,953 36,805 15,398 24,360 2%  411 -6,925 -7,336  169,869 -4.1 -4.3
2008 3,168 37,745 18,156 22,757 4%  979 -7,981 -8,960  183,997 -4.3 -4.9
2009 3,410 50,973 20,393 33,990 2%  429 -5,528 -5,957  185,555 -3.0 -3.2
2010 3,481 58,891 24,397 37,975 2%  566 3,638 3,072  189,718 1.9 1.6
2011 3,692 77,290 36,159 44,823 5% 2,004 7,508 5,504  198,525 3.8 2.8

(1) 1972-2011: RBNZ

(2) 1972-2011: Treasury fiscal time series

(3) 1972-2011: RBNZ

(4) 1972-2011: (2)-(3)

(5) 1972-2011: Statistics New Zealand: CPI All groups CPI009AA.

(6) 1972-2011: (4)*(5)[t-1]

(7) 1972-2011: Statistics New Zealand: authors' estimates.

(8) 1972-2011: (7)+(6)

(9) 1972-2011: Statistics New Zealand: SNDA.SG00NAC00B15

(10) 1972-2011: (7)/(9)

(11) 1972-2011: (8)/(9)

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