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Thousands 1990 US Dollars
25
10
23
8
21
6
19
4
17
2
15
0
13
-2
11
-4
9
7
1960
-6
1965
1970
1975
1980
1985
1990
1995
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Thousands 1990 Dollars
6
inv/gdp
0.3
5.5
5
0.25
4.5
4
3.5
0.2
3
2.5
2
0.15
1970
1975
1980
1985
1990
1995
Ilj1 5 Il{hg Lqyhvwphqw lq Jhupdq| +Uhdo {hg lqyhvwphqw/ Zhvw Jhupdq| 4<9804<<315/ Sdq Jhupdq|
iurp 4<<414,
mill.
percent
9
45
8
40
7
35
6
30
5
25
4
20
3
15
2
10
1
5
0
0
1965
1970
1975
1980
1985
1990
1995
Ilj1 6 Hpsor|phqw dqg wkh Xqhpsor|phqw Udwh +Hpsor|phqw@qr1 ri zdjh dqg vdodu| hduqhuv/ xq0
hpsor|phqw udwh@uhjlvwuhuhg xqhpsor|phqw wr wkh zrunirufh/ Zhvw Jhupdq| 4<9304<<315/ Sdq Jhupdq|
iurp 4<<414,
percent
6
percent
4
A. Aggregate Variables
4
B. Disaggregated Variables
3
2
2
0
1
-2
-4
0
-6
-1
-8
-2
-10
-3
-12
-4
-14
-5
-16
-18
-6
0
5
10
15
year after unification
20
25
30
0
5
10
15
20
25
year after unification
Ilj1 7 G|qdplfv lq wkh Edvholqh Prgho +shufhqwdjh ghyldwlrqv iurp lqlwldo vwhdg| vwdwh lq |hduv iroorzlqj
wkh xqlfdwlrq,
30
percent
6
percent
4
A. Aggregate Variables
4
B. Disaggregated Variables
3
2
2
0
1
-2
-4
0
-6
-1
-8
-2
-10
-3
-12
-4
-14
-5
-16
-18
-6
0
5
10
15
year after unification
20
25
30
year after unification
Ilj1 714 G|qdplfv zkhq @ 4@58 +shufhqwdjh ghyldwlrqv iurp lqlwldo vwhdg| vwdwh lq |hduv iroorzlqj wkh
xqlfdwlrq,
percent
6
percent
10
A. Aggregate Variables
B. Disaggregated Variables
4
5
2
0
0
-2
-4
-5
-6
-10
-8
-10
-15
-12
-14
-20
-16
-18
-25
0
5
10
15
20
year after unification
25
30
0
5
10
15
20
25
year after unification
Ilj1 8 G|qdplfv zlwk Lpshuihfw Vxevwlwxwdelolw| + @ 3=8/ shufhqwdjh ghyldwlrqv iurp lqlwldo vwhdg|
vwdwh lq |hduv iroorzlqj wkh xqlfdwlrq,
30
percent
6
percent
4
A. Aggregate Variables
4
3
2
2
0
1
-2
0
-4
-1
-6
-2
-8
-3
-10
-4
-12
-5
-14
-6
-16
-7
-18
B. Disaggregated Variables
-8
0
5
10
15
year after unification
20
25
30
0
5
10
15
year after unification
20
25
Ilj1 91 G|qdplfv zlwk Hjdolwduldq Wd{hv +shufhqwdjh ghyldwlrqv iurp lqlwldo vwhdg| vwdwh lq |hduv
iroorzlqj wkh xqlfdwlrq,
30
percent
6
percent
4
A. Aggregate Variables
4
3
2
2
B. Disaggregated Variables
1
0
0
-2
-1
-4
-2
-6
-3
-8
-4
-10
-5
-12
-6
-14
-7
-16
-8
-18
-9
0
5
10
15
year after unification
20
25
30
0
5
10
15
20
25
year after unification
Ilj1 : G|qdplfv zlwk Lqvxudqfh Wd{hv +shufhqwdjh ghyldwlrqv iurp lqlwldo vwhdg| vwdwh lq |hduv iroorzlqj
wkh xqlfdwlrq,
30
Morten Ravn