And, I suspect, that if the data were readily available, we might be able to demonstrate the same pattern at institutions significantly involved in the private equity market and perhaps even in derivatives trading. Any earnings stream that shows variability has been appropriately discounted.
In a similar vein, between 1997 and 2005 euro area residents doubled their holdings of equity issued in another euro area country, while, at the same time, the share of euro area equity assets held outside the euro area remained much lower and increased only slightly. Expanding cross-border investment opportunities enhances the allocation of resources to their best uses.