39 Chart 14 Stock price indices ( index 31 December 2004 100

Given appropriate assumptions , the implied volatility may be interpreted as the market 's expectation of volatility during the remaining life of the option .

Interest rate , currency and equity swaps ( 3 ) ( 4 ) ( 5 )

those countries belonging to the euro area .

ECB Annual Report 2007 Chart 14 Major stock market indices 1 ) ( index rebased to 100 on 2 January 2007

BERKELEY The S amp P stock index now yields a 7 real (inflation adjusted) return.

Implied interest rate volatility a measure of expected volatility in future short and longterm interest rates , which can be extracted from option prices . Given the observed market price of an interest rate option , the implied volatility can be extracted using a standard option pricing formula which explicitly depends on , inter alia , the expected volatility of the underlying asset price during the period until the option expires .

For the entire year , the rates on loans to households for house Chart 14 ( a ) Stock price indices ( index 1 January 1998 100

In the period from end 2001 to 5 March 2002 , stock prices in the euro area , as measured by the Dow Jones EURO STOXX index , and in the United States , as measured by the Standard Poor 's 500 index , remained broadly stable .

The birth rate and death rate were nearly equal.

Education Index (EI) formula_2 2.1 Mean Years of Schooling Index (MYSI) formula_3 2.2 Expected Years of Schooling Index (EYSI) formula_43.

Contents

Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares Securities other than shares

3 The real cost of non financial corporations financing through quoted equity also rose progressively in the course of 2007 , despite the increases in stock market prices ( measured , for instance , by the broad euro area index ) in the first half of the year .

The increased degree of uncertainty of market participants was reflected in the heightened level of the implied volatility of stocks contained in the Nasdaq 100 index ( see the chart below ) . The implied volatility is derived

Securities Non ( other MFIs than shares ) Securities ( other than shares ) Securities Non ( other MFIs than shares ) Securities Non ( other MFIs than shares ) Securities Non ( other MFIs than shares ) Securities Non ( other MFIs than shares ) Securities ( other than shares )

Refractive index The refractive index of air is close to, but just greater than 1.

Contents Foreword

CONTENTS Page

Contents 1 .

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Chronological Index ..... 74

The Dow Jones EURO STOXX index is one member of this index family . This index aggregates the prices of a broad range of stocks from those countries belonging to the euro area .

It monitors public finances within the framework of multilateral surveillance and submits reports to the Council .

Note Dow Jones EURO STOXX broad ( stock price ) index for the euro area , Standard Poor 's 500 for the United States , and Nikkei 225 for Japan .

Non MFIs

( b ) Quoted shares Quoted shares include capital shares issued by limited liability companies , redeemed shares in limited liability companies , dividend shares issued by limited liability companies , preferred or preference stocks or shares which provide for participation in the distribution of the residual value on dissolution of a corporation .

Note Dow Jones EURO STOXX broad ( stock price ) index for the euro area , Standard and Poor 's 500 for the United States and Nikkei 225 for Japan .

Note The Dow Jones EURO STOXX broad ( stock price ) index for the euro area , the Standard Poor 's 500 for the United States and the Nikkei 225 for Japan .

4.1 Securities ( other than shares ) Securities ( other than shares )

Securities ( other than shares ) General government Securities ( other than shares ) Securities ( other than shares ) Securities ( other than shares ) General government Securities ( other than shares ) Securities ( other than shares ) Securities ( other than shares ) General government Securities ( other than shares ) Securities ( other than shares ) General government General government General government

STS short term securities other than shares . LTS long term securities other than shares .

Restore index

Contents Introduction 1

Contents Introduction 1

Contents Foreword 2

index 2000 100

CONTENTS Paragraph Page

TABLE OF CONTENTS ANNEX .....

Table of contents Introduction 1 .

Loans Securities other than shares Claims on euro area residents denominated in for Domestic eign currency Other assets Domestic MFIs

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Italy Cost of living index .

Securities other than shares Securities other than shares Securities other than shares

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