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I've posted links to graphs of french data on Brad's blog:


Brad, Daniel Gros doesn't mention France, and I find his proxy graph (only data point where France is) unconvincing.

When I look at first page of this document from Credit Agricole, there's a consumption growth graph 1995-2006 for France:

http://www.credit-agricole.fr/IMG/pdf/EF060707.pdf

It was 4% growth during 98-2000 stock buble, but since then it went down to 2-2.5% a year.

About housing prices, still from Credit Agricole, page 2 there's a housing price graph for 1995-2006:

http://www.credit-agricole.fr/IMG/pdf/EI_060713.pdf

I find no obvious correlation with consumption growth in the French case.

No plausible mecanism in the french case and no correlation in the french data.

We'll see what the future holds :).

by Laurent GUERBY on Tue Aug 29th, 2006 at 03:32:51 PM EST
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