Note 3-38

(38) The risk asset shares are based on money flow statistics in respective countries. The U.S. share is for the end of CY2001 and the German share for the end of CY2000. In Germany, long-term interest rates have declined since the early 1990s while the stock market firmed. At the same time, the German government developed stock market infrastructure through tougher insider trading regulations and the establishment of a securities and exchange control agency. It also abolished the securities trading tax, lowered minimum par values of equity shares and introduced new investment trust products. As a result, shareholdings' share of household assets continued to increase throughout the 1990s.