📄 Extracted Text (308 words)
11 September 2016
Asset Allocation
[Figure 5: For DM the PPP methodology smoothens out cyclical variations in
exchange rates but has minimal impact on the trend in the level of DM GDP
50 DM GDP ($tn) - 50
45 45
Using PPP Exchange Weights
40 40
Using Mkt Exch Rate Weights
35 35
30 30
25 - 25
20 - 20
15 15
10 10
5 5
.
.
.
1
1
1
$aaaaaaaaaaaaaace
9 $$ OI
N W $ $ Va4$$ O CN V
c aae
(O CO
43 CO CO CO CO 03 CO c0 CO 03 03 CO 03 03 03 CO CO CO (0 CO
—3 —3 —3 —3 —> —3 —3 —3 —3 —3 —3 —3 —3 —1 —3 —3 —3 —3 —3 —)
San SF, Nom Dour:mho Bat*
Figure 6: For EM, the PPP methodology massively overstates the size of GDP
relative to market exchange rates, more than doubling the current size
70 EM GDP (Stn) S651n 70
65 65
60 - 60
55 - Using PPP Exchange Weights 55
50 Using Mkt Exch Rate Weights - 335 to 50
45 45
40 - 40
35 35
30 30
25 530th 25
20 - 20
15 15
10 - 10
5- 5
0 r r , 0
8 Cal (( ft,) 08 2 171 VD , CO O C•1 V. 88 O CV V CD 03 O
a) a> ° ° 1Cli° C.:1
CcecCCCeCccC CC a a Ca Cac
03 M c0 03 cO 03 01 cO CO CO CO CI 03 03 Cl) 03 40 Al 05 COI
nn - nn - in - ) - i - >nn - ) - n - )nnn -) -)
Sam SF. Mint Daces Sint
Page 6 Deutsche Bank Securities inc.
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0118628
CONFIDENTIAL SDNY_GM_00264812
EFTA01458630
ℹ️ Document Details
SHA-256
dc52b02f4c9937020737aa2a42c54ad24deb6922bef923669602642bc51397df
Bates Number
EFTA01458630
Dataset
DataSet-10
Document Type
document
Pages
1
Comments 0