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Velocity of Money Circulation: Ratio Nominal GDP to Cash.

Ratio (PIB Nominal/Efectivo)


Is it the
16,0 Inflationary
effect of the
14,0
introduction of
12,0 the Euro?

10,0

8,0

6,0

4,0

2,0

0,0
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Source: Bank of Spain.

Note: Bank of Spain as member of the Euro System does not measure Mo, M1, M2, M3. ECB does it for the Euro Area as a whole.

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