a) Aggregate Data  Source: Jordà, Schularick, and Taylor (2017) “ Macrofinancial History and the New Business Cycle Facts”  b) Country-by-Country  Source: Jordà, Schularick, and Taylor (2017) “Macrofinancial History and the New Business Cycle Facts”  Figure 2: Public and Private Debt Before and After Financial Crises  The ﬁgure shows the evolution of public debt and the volume of bank lending relative to GDP (in %) 5 years before and after a systemic crisis.
The colder-than-average winter played a role in producing today’s tight supply situation as did the inability of heightened gas well drilling to significantly augment net marketed production. Canada, our major source of gas imports, has little room to expand shipments to the United States. Our limited capacity to import liquified natural gas effectively restricts our access to the world’s abundant supplies of natural gas.