Notes: Data for the United Kingdom and the United States are derived from nominal bond yields deflated using inflation swaps. The Germany/EA figures are based on nominal Bund yield deflated using euro-area inflation swaps (as a proxy for the euro-area risk free rate). The measure of inflation used is RPI for the United Kingdom and CPI for the United States and the euro area. Data are to close of business 9 February 2015. BIS central bankers’ speeches  25  Chart 15: Population growth Annual percentage change 3  2  2050  2040  2030  2020  2010  2000  1990  1980  1970  1960  1950  1940  1930  1920  1910  1900  1890  1880  1870  1860  1850  1840  1830  1  0  Source: United Nations population projections (http://esa.un.org/wpp/) for 1950 onwards; The Maddison-Project (http://www.ggdc.net/maddison/maddison-project/home.htm) prior to 1950. Chart 16: Business expenditure on Research & Development South Korea  Japan  China  United States  United Kingdom  France  R&D Expenditure as a % of GDP  3.5 3.0  Germany  2.5 2.0 1.5 1.0  1981  1985  1989  1993  1997  2001  2005  2009  2013  0.5  Source: OECD.
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