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divided into structural surplus and deficit economies. While Anglo-Saxon countries have tended to run current account deficits. Japan. Switzerland, Norway. and Sweden have generated consistent surpluses for decades. As a result of these highly persistent global imbalances, the two camps have accumulat
2244 David Folkerts-Landau Group Chief Economist Member of the Group Executive Committee Raj Hindocha Global Chief Operating Officer Research Marcel Cassard Global Head FICC Research & Global Macro Economics Richard Smith and Steve Pollard Co-Global Heads Equity Research Michael Spencer Regional He
together, the dilemma of balancing the risk of domestic overheating versus excessive currency appreciation and subdued spot inflation is something Norway shares with a number of EM economies and also to a lesser extent with neighboring Sweden. However, Norway's dilemma is further reinforced by the l
he risks related to rates movements. EFTA01464473 Deutsche Bank AG/London Page 23 EFTA01464474 David Folkerts-Landau Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head International Locations Deutsche Bank AG Deutsche Bank Place Australia Te
Source: Deutsche Bank, UK Land Registry average price of detached house in prime London (Kensington and Chelsea) Deutsche Bank AG/London Page 9 Norway Netherlands France Austria EFTA01464497 Hungary Portugal Italy Ireland Spain Greece China Indonesia Thailand Brazil Taiwan Malaysia
sks related to rates movements. Deutsche Bank AG/London Page 45 EFTA01464565 David Folkerts-Landau Managing Director Global Head of Research Marcel Cassard Global Head CB&S Research Asia-Pacific Fergus Lynch Regional Head Principal Locations Deutsche Bank AG London Tel: Deuts Frankfurt 60272
ies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Republic Egypt Hungary Israel Kazakhstan Nigeria Poland Romania Russia Sa
g Kong Tel: (852) 2203 8888 Deutsche Securities Inc. 2-11-1 Nagatacho Sanno Park Tower Chiyoda-ku, Tokyo 100-6171 Japan Tel: (81) 3 5156 6770 Marcel Cassard Global Head FICC Research & Global Macro Economics Ralf Hoffmann Regional Head Deutsche Bank Research, Germany Steve Pollard Global Head EFTA
Entities connected to both Norway and Marcel Cassard

Denmark
LOCATION
United Kingdom
LOCATION
Finland
LOCATION
Belgium
LOCATION
Hungary
LOCATION
United States
LOCATION
New Zealand
LOCATION
Frankfurt
LOCATION
Malaysia
LOCATION
Philippines
LOCATION
Deutsche Bank
ORGANIZATION
Tokyo
LOCATION
Wilbur Ross
PERSON
Alan Dershowitz
PERSON
Bloomberg L.P.
ORGANIZATION
Sydney
LOCATION
Chile
LOCATION
Moody's
ORGANIZATION
North America
LOCATION
Columbia University
LOCATION