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Friday, January 17

17th Jan - Ahvenanmaa on kallis harrastus

Valtion tulot-menot per asukas sekä työllisyysaste maakunnittain. Selkeä positiivinen korrelaatio - mitä korkeampi työllisyysaste, sen pienempi on valtion nettomeno maakuntaa kohti per asukas. 

Havaintoja: ainoa positiivinen valtiolle on Uusimaa (oikeanpuoleisin piste), ja jostain syystä (raSSismi?) vasemmassa yläkulmassa oleva Ahvenanmaa on valtiolle iso rahareikä siitä huolimatta, että työllisyysaste on saarella erittäin korkea.

Previously on MoreLiver’s:

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The euro zone needs a history lessonThe Economist

Thoughts on Euro's Continued ResilienceMarc to Market
The Pound is Sterling as Retail Sales SurgeMarc to Market

Great Graphic: Eurosystem's Excess LiquidityMarc to Market

IMF Warns 4 European Nations Are "Potentially Destabilizing" To Global EconomyZH

What the Asset Quality Review is likely to find: Independent

European Bank Resolution: don’t try this at homeBruegel

ECB Waters Down 2014 Stress Tests Second Time; Yet Another Sham Stress TestMish’s

Small stores help UK retail sales to fastest growth in nine years – Reuters
UK jobless falling faster than thought, to hit target early - poll – Reuters
Euro zone inflation slows in December on one-off effect in GermanyReuters

Rev-repo rising alphaville / FT
Credit Suisse: In our view, the Fed needed to get some larger-scale tests under its belt to develop full confidence in the program’s capacity for both policy makers and the market. The year-end results seem to have delivered such a result.

Fed’s New Tools Also Work by Adjusting RatesWSJ

Bernanke’s swan song: Fed chief reflects on the tough job of communicationsWaPo

Key Measures Shows Low Inflation in DecemberCalculated Risk

Central Station: Economists See Steady Fed Taper This YearWSJ

Starts Plunge 9.8% As Housing Permits Miss By Most In 7 Months – ZH
Housing Starts at 999 Thousand Annual Rate in December – Calculated Risk

Housing Starts and Building Permits Decline – Bespoke
December’s Housing & Industrial Reports Bring Mixed News – Capital Spectator

Capacity Utilization Rises To 5Y High, Just How Much Slack Is There? – ZH
Fed: Industrial Production increased 0.3% in December – Calculated Risk
U.S. industry shows muscle in late 2013 – Reuters

Industrial production up 0.3 percent in December, exactly as expected – Handelsbanken

Consumer Confidence Slides, Misses By Most In 8 Years – ZH
Preliminary January Consumer Sentiment declines to 80.4 – Calculated Risk
Michigan Sentiment Index Decreased to 80.4 in January – BB
U.S. consumer sentiment dips in January – Reuters

Rapid Asian Growth Comes at a CostWSJ
An environment of falling productivity has arisen in which local authorities have had to plough ever-greater amounts of stimulus into their economies to support growth, amid a lack of concrete structural reforms.

JPMorgan Sees Asian Currencies Extending Rout on EconomyBB
Asian currencies are poised to extend declines amid concern an increase in borrowing costs in China and a weakening yen threaten economic growth in the region, JPMorgan Chase & Co. said.

BOJ Silence on Exit Plan Stokes Concern as Prices RiseBB
Inflation past halfway to 2 percent target, yields on 10-year government securities are still the world’s lowest at 0.67 percent - held down by central bank purchases of unprecedented scale. Even so, Kuroda, who meets with fellow board members next week, says it’s “too early” to discuss an exit strategy.

BOJ Beat: Economists Still Expect More Easing Action This YearWSJ

Commodities 2014Danske Bank

Emerging Markets Briefer: January 2014Danske Bank

EMEA WeeklyDanske Bank

'The Potential Effects of QE on Gross Financial Flows to Developing Countries'Economist’s View

Chartbook: look beyond the ‘fragile five’beyondbrics / FT