mesothelioma survival rates australia,mesothelioma survival rates uk,mesothelioma survival rates after surgery,mesothelioma survival rates wiki,mesothelioma mortality rates,mesothelioma survival rate stage 1,mesothelioma survival rate by stage,mesothelioma survival rate stage 2,mesothelioma survival rate without treatment,mesothelioma survival rate 2015,peritoneal mesothelioma survival rates,mesothelioma survival rates in usa introduction,abdominal mesothelioma survival rates,mesothelioma prognosis survival,stage 4 mesothelioma survival rates,survival rates mesothelioma cancer,survival rates for mesothelioma,survival rates for malignant mesothelioma,what is mesothelioma survival rates,survival rates of mesothelioma,mesothelioma surgery survival rates,insurance quotes,insurance companies,insurance near me,insurance broker,insurance definition,insurance auto auction,insurance premium,insurance adjuster,insurance marketplace,insurance deductible,insurance in spanish,insurance agent salary,insurance journal,insurance jobs,insurance agent,insuranceclaimcheck,insurance companies near me,insurance license,insurance car,insurance agency,insurance agents near me,insurance auto,insurance adjuster jobs,insurance agency near me,insurance agent jobs,insurance actuary,insurance attorney,insurance agent job description,insurance adjuster license,insurance associates,insurance adjuster salary,insurance agent license,insurance agency for sale,insurance appraiser,insurance binder,insurance broker near me,insurance broker salary,insurance breast pump,insurance by the mile,insurance bond,insurance broker license,insurance bee,insurance broker definition,insurance beneficiary,insurance blackjack,insurance broker vs agent,insurance business,insurance bad faith,insurance brokerage firms,insurance blockchain,insurance brokers of mn,insurance board,insurance claim,insurance commissioner,insurance card,insurance claim check,insurance calculator,insurance can help you,insurance company ratings,insurance carrier,insurance coverage,insurance commercials,insurance claims adjuster,insurance comparison,insurance companies in florida,insurance commission,insurance cost,insurance careers,insurance declaration page,insurance depot,insurance doctor,insurance designations,insurance direct,insurance declaration,insurance department,insurance discounts,insurance defense,insurance def,insurance dental,insurance dictionary,insurance defense attorney,insurance degree,insurance design administrators,insurance denial codes,insurance donut hole,insurance estimator,insurance exchange,insurance express,insurance endorsement,insurance exam,insurance etf,insurance enrollment,insurance exchange of america,insurance education,insurance eob,insurance exemption,insurance effective date,insurance estimate car,insurance education association,insurance examiner,insurance estimator jobs,insurance epo,insurance expense asset or liability,insurance exposure,insurance for dogs,insurance for kids,insurance for cars,insurance for veterans,insurance fraud investigator,insurance forums,insurance for college students,insurance for students,insurance for pregnant women,insurance for small business,insurance for rental cars,insurance form for taxes,insurance for less,insurance for braces,insurance for pets,insurance for dummies,insurance for rental property,insurance for teens,insurance for uber drivers,insurance geico,insurance group number,insurance general,insurance group,insurance giant,insurance glossary,insurance group number on card,insurance guy,insurance gov,insurance gap,insurance gif,insurance ga,insurance general agent,insurance guarantee association,insurance gap between jobs,insurance group of america,insurance girl,insurance game,insurance guaranty fund,insurance health,insurance house,insurance handbook for the medical office,insurance hub,insurance hmo,insurance headhunters,insurance history,insurance holder,insurance health companies,insurance humor,insurance hit and run,insurance hsa,insurance hours,insurance helper,insurance hra,insurance hotline,insurance huntsville al,insurance humana,insurance helpline,insurance insider,insurance institute for highway safety,insurance industry,insurance investigator,insurance institute,insurance information institute,insurance institute of america,insurance is a financial service that allows a,insurance icon,insurance inspector,insurance in blackjack,insurance investigator jobs,insurance industry trends,insurance id number,insurance industry news,insurance internships,insurance images,insurance intermediaries inc,insurance jobs near me,insurance jokes,insurance jobs from home,insurance jobs atlanta,insurance jobs salary,insurance jobs for nurses,insurance jobs houston,insurance jingles,insurance jobs tampa,insurance job titles,insurance jobs san diego,insurance jobs charlotte nc,insurance jobs denver,insurance jobs richmond va,insurance jobs san antonio,insurance jobs in ct,insurance jobs in nj,insurance king,insurance king commercial,insurance key terms,insurance kaiser,insurance king rockford il,insurance king reviews,insurance knowledge,insurance ky,insurance killeen tx,insurance kansas city,insurance king ohio,insurance kentucky,insurance kennewick wa,insurance keywords,insurance keeps going up,insurance kalamazoo,insurance king hours,insurance klamath falls,insurance kannapolis nc,insurance kpis,insurance lawyer,insurance leads,insurance lapse,insurance logos,insurance land,insurance law,insurance license ca,insurance linked securities,insurance license classes,insurance license texas,insurance life event,insurance license ga,insurance license exam,insurance license lookup ca,insurance license nc,insurance loss ratio,insurance lounge,insurance license search,insurance mandate,insurance meaning,insurance meme,insurance management services,insurance medical,insurance marketing,insurance mga,insurance mandate 2018,insurance management group,insurance man,insurance marketing ideas,insurance manager salary,insurance mayhem,insurance magazines,insurance mart,insurance manager,insurance michigan,insurance m,insurance news,insurance navy,insurance number,insurance noodle,insurance nation,insurance news net,insurance nurse jobs,insurance network,insurance now,insurance names,insurance nexus,insurance national producer number,insurance nurse,insurance nationwide,insurance naic number,insurance navigator,insurance news articles,insurance nerds,insurance online,insurance one,insurance office of america,insurance on the spot,insurance open enrollment,insurance options,insurance offers consumers,insurance online quote,insurance one agency,insurance on the go,insurance offices near me,insurance overload,insurance on a new car,insurance out of pocket,insurance on a leased car,insurance on rental car,insurance open today,insurance on a camaro,insurance on iphone,insurance policy,insurance policy number,insurance plans,insurance panda,insurance penalty,insurance providers,insurance policy definition,insurance places near me,insurance penalty 2017,insurance producer,insurance progressive,insurance plus,insurance places,insurance prices,insurance proceeds taxable,insurance penalty 2018,insurance ppo,insurance payor,insurance quote online,insurance quotes car,insurance quotes texas,insurance quote geico,insurance qualifying event,insurance questions,insurance quotes ga,insurance quote progressive,insurance quotes florida,insurance quotes health,insurance quotes nj,insurance quote state farm,insurance quotes ny,insurance quotes pa,insurance quizlet,insurance quote comparison,insurance quotes az,insurance quotes michigan,insurance rates,insurance rider,insurance risk,insurance reimbursement,insurance recruiters,insurance reviews,insurance rates by state,insurance risk manager,insurance retention,insurance rate calculator,insurance risk services,insurance rates by car,insurance regulation,insurance rebating,insurance reserves,insurance resume,insurance rental car,insurance rn jobs,insurance referral,insurance sales,insurance services,insurance service center,insurance services office,insurance solutions,insurance sales jobs,insurance sales agent,insurance specialist,insurance score,insurance subscriber,insurance schools,insurance sales salary,insurance stocks,insurance scams,insurance state farm,insurance settlement,insurance subscriber number,insurance synonyms,insurance slogans,insurance terms,insurance types,insurance tax form,insurance to go,insurance tpa,insurance test,insurance types word search,insurance training,insurance technology,insurance the general,insurance that covers ivf,insurance trust,insurance tax penalty 2018,insurance tax credit,insurance thought leadership,insurance total loss,insurance that covers braces,insurance tax penalty 2017,insurance tax,insurance underwriter,insurance underwriter salary,insurance underwriter jobs,insurance unlimited,insurance umbrella,insurance underwriting process,insurance usaa,insurance umbrella policy,insurance underwriter definition,insurance usps,insurance until 26,insurance uber,insurance university,insurance utah,insurance umr,insurance united,insurance usps cost,insurance underwriter resume,insurance underwriter training,insurance verification,insurance verification form,insurance verification jobs,insurance value,insurance verification specialist,insurance vocabulary,insurance verifier,insurance verizon,insurance vin check,insurance value chain,insurance violation,insurance value of my car,insurance verifier salary,insurance vs assurance,insurance verification salary,insurance verification specialist resume,insurance verification training,insurance veterans,insurance verification specialist job description,insurance verification letter,assurance wireless,insurance world,insurance waiver,insurance work from home jobs,insurance warehouse,insurance website builder,insurance wiki,insurance west,insurance wholesaler,insurance when buying a new car,insurance waiting period,insurance with the general,insurance work from home,insurance wichita ks,insurance write off,insurance words,assurance wireless customer service,insurance with no car,insurance x dates,insurance xchange,insurance xpress,insurance xenia ohio,insurance x dates leads,insurance x c u,insurance co,insurance xactimate,insurance xchange bustleton ave,insurance xfinity mobile,insurance xml standards,insurance x date definition,insurance check,insurance xol,insurance xl catlin,insurance xl,insurance xl group,insurance yuma az,insurance yakima,insurance york pa,insurance yuba city,insurance you can buy online,insurance you need,insurance youtube,insurance yellow book,insurance yelp,insurance yukon ok,insurance you almost had it,insurance yearly cost,insurance yonkers ny,insurance year,insurance yugioh,insurance yuba city ca,insurance youngstown ohio,insurance yanceyville nc,insurance you should have,insurance yuma,insurance zebra,insurance zone,insurance zone destin,insurance zombie apocalypse,insurance zone destin fl,insurance zurich,insurance zip code rating,insurance zephyrhills fl,insurance zipcar,insurance zebra review,insurance zeeland mi,insurance zanesville ohio,insurance zander,insurance zebulon nc,insurance zip code,insurance zenni optical,insurance zachary la,insurance zebulon ga,insurance zebra crunchbase,insurance quotes online,insurance quotes geico,insurance quotes comparison,insurance quotes colorado,insurance quotes california,insurance quotes sc,insurance quotes indiana,insurance quotes ky,insurance quotes allstate
home design,house plans,house designs,home plans,house design,living room design,home interior design,small house plans,bedroom design,home interior,house interior design,house floor plans,house decoration,building plans,small house design,interior design websites,floor plans,home design plans,interior design for living room,home floor plans,new home designs,room design,best home design,small home design,modern house design,house interior,new house design,small home plans,cottage house plans,house blueprints,modern house plans,best interior design,new home plans,custom home plans,modern home design,house building plans,house plan design,best house designs,bedroom interior design,craftsman house plans,home building plans,ranch house plans,custom house plans,architecture design for home,simple house plans,design your own house,bedroom interior,design your home,best house plans,country house plans,small house floor plans,blueprint homes,house plans and more,one story house plans,custom home designs,design my home,bungalow house plans,house designers,ranch style house plans,bedroom designer,dream house plans,exterior home design,modern home plans,contemporary house designs,home decor,latest home design,interior home decoration,new house plans,house plans and designs,contemporary house plans,design for house,best interior design websites,narrow lot house plans,design my own house,interior design,room interior design,single story house plans,home dizayn,design my house,design your house,beach house plans,ranch home plans,new home floor plans,house construction plan,dream home plans,home and design,modern interior design,house interior decoration,designer houses,craftsman style house plans,beautiful house plans,craftsman home plans,custom home floor plans,designer house,2 story house plans,home construction plans,custom floor plans,desing home,home design websites,new interior design,interior design sites,residential building plans,architecture design house,simple house design,french country house plans,interior home,dream home design,unique house plans,contemporary home design,residential house plans,exterior house design,design your own house plans,ranch floor plans,contemporary interior design,mediterranean house plans,shop interior design,home decoration design,home building design,homeinteriors,build your own house plans,house plans with porches,in home design,interior decoration,best home interior design,design your dream house,home plans and more,at home design,architectural design house plans,new home interior design,architectural house plans,contemporary home plans,house design and floor plan,my house plans,house layout plans,home architecture,colonial house plans,house design inside,house models and plans,two storey house plans,open floor house plans,small space interior design,dizain home,country style house plans,european house plans,house design websites,indian interior design,home layout planner,home dezine,open plan house,2 storey house plans,new house floor plans,building design,townhouse designs and floor plans,house plan drawing,h0me design,home designer architectural,modern floor plans,large house plans,home inside design,in house design,latest home interior design,building design plan,living room decor ideas,architectural floor plans,architectural home plans,new house interior design,architecture and design houses,single level house plans,hd home design,home floor plan designer,home plans and designs,country house design,traditional house plans,house layout,home design home design,model house plan,virtual interior design,interior design books,house building design,dream home floor plans,design interior,home decor ideas,house inner design,home by design,home house design,home design software,cottage home plans,house floor plan design,interior design magazine,italian interior design,house decorating ideas,floor plan designer,home house plans,home get dizain,house design software,best home plans,home internal design,best home interior design websites,new home blueprints,internal house design,interior design images,home design sites,home interior ideas,building plans and designs,my house design,houses and plans,modern house floor plans,home interior design ideas,classic interior design,unique home plans,beach house designs,home inner design,interior design software,home interiors catalog,custom home blueprints,internal decoration of house,interior design online,interior decorating ideas,modern home interior design,blueprint house plans,residential blueprints,interior design ideas,living room design ideas,new style home design,new house plans and prices,home design images,home get design,interior design ideas for living room,3d home design software,house layout design,home design furniture,new construction house plans,custom house designs,house floor plans and prices,house plans online,villa designs and floor plans,home designs and interiors,bedroom design ideas,house plan interior design,villa plans and designs,residential home plans,residential design,home indoor design,interior home plans,new build house designs,find house plans,modern decor ideas,home interior design websites,big house plans,car interior design,interior designer,home design online,beautiful home interior designs,dream house floor plans,home design interior design,interior design photos,unusual house plans,country home plans,residential floor plans,free home design software,interior design ideas bedroom,simple house floor plan,unique house designs,decoration ideas,new home building plans,interior design styles,residential house design,new model house interior design,home design app,free house plans,free home plans,residential house design plans,project house,luxury house design,house model,i design homes,house building plans and prices,architectural design home plans,new dizain home,house design online,great house plans,designer in the house,house indoor design,narrow house plans,house plans floor plans,house and home plans,office interior design ideas,home design 3d,build your own home plans,new home layouts,find house blueprints,homes and interiors,beautiful house interior design,house floor design,country home designs,room design ideas,dizajn home,house get dizain,home design home,house plans by design,townhouse plans,new design home plans,interior design games,interior ideas,my home plan,house interior design ideas,free interior design software,floor plans for building a house,luxury house floor plans,how to design a house,blueprint home plans,a house design,new house blueprints,new home construction plans,home design design,new house plan design,home design magazines,home design ideas,dream house blueprints,house design house design,new latest home design,modern contemporary interior design,best house interior designs,latest house interior designs,3d interior design,home plans with photos,all home design,house and design,house blueprint maker,house room design,home interiors,home blueprint designer,3d house plans,hom design,house blueprint designer,interior colour design,home builders floor plans,luxury home design,3d house design,new home floor plans and prices,house projects plans,home planners inc house plans,design your own home online,house to home designs,plan your home design,house design sites,modern interior design ideas,latest house designs,new build designs,home design house plans,h0use plans,from house design,home interior design plans,custom home design plans,home floor design,build your own house floor plans,where to find house plans,design plan,home designs and floor plans,the best home design,your home design,indoor house design,architectural design floor plans,what is interior design,best home interiors,villa design plan,where to get house plans,interior decorating styles,condo interior design,residential building design plans,interior design pictures,family home plans,contemporary interior designers,interior design portfolio,a home design,house design ideas,home design inside style,design from home,house pictures designs,build it house plans,internal home decoration,homes models and plans,cheap interior design,architectural design plans,interior house plans,house plan maker,interior design help,new house room design,house layout maker,best dizain home,new build floor plans,hd house design,house architecture,house dsgn,house building blueprints,build your home,apartment interior design,in design homes,home out design,latest building designs and plans,residential house plans and designs,home design and decor,home decoration tips,new build house plans,interior design tips,interior design and decoration,in house designer,architectural design,build your house,home building blueprints,house in design,get design house,custom house blueprints,interior design trends,interior design blogs,home ideas,interior design show,design your own home plans,house creator,in home designer,build own house plans,french interior design,designers homes,house of interior design,house room interior design,architectural plans,house designer builder,architecture design house interior,free interior design,home design photo,house construction plans and designs,interior design inspiration,build house plans design,virtual home design,home for design,housing blueprints floor plans,home interior design photos,home design free,home room design,house and home design,latest model home design,blueprints for my home,interior design stores,design your house plans,famous interior designers,inhouse plans,inside house designs plans,the home designers,history of interior design,cheap hotels,booking hotel,hotel deals,booking hotels,last minute hotel deals,hotel room,hotel search,hotel finder,hotel websites,discount hotels,last minute hotels,hotel booking sites,cheap hotel rooms,cheap hotel deals,book hotels,hotels near me,best hotel deals,hotel prices,hotel reservations,online hotel booking,cheap accommodation,cheap rooms,hotel sites,best hotel prices,hotel rates,discount hotel sites,cheap hotel rooms near me,hotel booking websites,find cheap hotels,hotel search engines,cheap hotel booking,motel,cheap hotel sites,best hotel booking site,nearby hotels,hotels near,cheap hotel prices,hotel comparison,budget hotel,cheap motels,hotel chains,best hotels,best hotel rates,hotel search sites,local hotels,hotel room booking,discount hotel rooms,luxury hotels,hotel s,boutique hotel,hotel booking offers,best hotel website,hotels in,hotel online,low cost hotels,hotel last minute,the hotel,hotel packages,book accommodation,cheap hotel websites,hotel accommodation,a hotel,low price hotels,cheap hotel reservations,5 star hotel,discount hotel rates,lowest hotel rates,cheap hotel rates,hotel reservation sites,hotel rentals,hotel breakers,hotel a,cheap hotel booking sites,cheap hotels in,suite,hotels rooms,hotel offers,hotel bargains,hotel suites,cheap hotel suites,best hotel finder,hotel rate,hotel deal sites,cheap last minute hotels,find hotel deals,best hotel sites,discount hotel websites,cheap hotel search,airport hotel,late hotel deals,discount hotel deals,find hotel rooms,hotel room prices,hotel room deals,suite hotels,best cheap hotels,motel discounts,cheap hotel stays,best hotel search,cheap hotel offers,accommodation sites,great hotel deals,hotel deals websites,hotel finder websites,travel hotel,hotel finder sites,hotel resort,affordable hotels,cheap hotel rentals,hotel booking deals,hotel room booking sites,top hotel,last minute hotel booking,hotel booking discount,discount hotel prices,beach hotel,discount rooms,looking for hotels,find hotels near address,last minute hotel rooms,hotel suite,cheap cheap hotels,find me a hotel,very cheap hotels,where to book cheap hotels,cheap hotel discounts,five star hotel,hotel room finder,online hotel reservation,good deals on hotels,discount hotel reservations,where to find cheap hotels,hotel deals near me,book cheap hotels online,where to book hotels,inexpensive hotels,bargain hotel deals,bookit hotels,hotel price finder,cheap hotel accommodation,best hotel booking,best hotel rooms,hotel room rates,book cheap hotel rooms,business hotel,hotel inn,best site to find hotels,hotel at,cheap lodges,websites to book hotels,hotel prices near me,hotels and resorts,hotel room search,cheap hotel packages,find cheap hotel rooms,cheapest site to book hotels,discount accommodation,com hotel,best hotel discount sites,best deals on hotel rooms,cheap hotel breaks,hotel room reservation,find me a hotel room,reserve hotel,good cheap hotels,low cost hotel rooms,best price hotel rooms,hotels downtown,cheap hotels i,online hotel deals,discount hotel booking sites,late hotels,best hotel discounts,cheap luxury hotels,cheap hotel booking website,hotels on,hotel reservation websites,room deal,the cheapest hotel,hotel accommodation deals,hotels cheap hotels,cheap accommodation deals,cheapest place to book hotels,book a room near me,hotel search websites,hotel hotel,best hotel rates online,looking for cheap hotels,4 star hotel,cheap hotels at,find cheap hotel deals,hotel room websites,hotel price search,get cheap hotel rates,gets hotel,get cheap hotels,discount lodging,3 star hotel,websites to find cheap hotels,get hotel deals,places to book hotels,economy hotel,cheapest website to book hotels,hotel room sites,hot deals hotels,search hotel deals,book hotel reservations,find cheap hotel rates,find me a cheap hotel,cheap hotels on,area hotel,best site for hotel deals,best hotel price finder,book cheap rooms,low price hotel rooms,hotels around,best offers on hotel booking,booking hotels in,a cheap hotel,to book a hotel,bargain hotel rooms,cheap hotels motels,cheapest hotel rates online,late hotel rooms,where can i find cheap hotels,find best hotel rates,cheap hotel chains,where to find cheap hotel deals,inexpensive hotel rooms,hotel bargain sites,low price hotel booking,best website to find hotels,hotel offers near me,find best hotel deals,best deal in hotel booking,hotel suite deals,lowest hotel deals,hotel motel,good hotel prices,cheap hotels online,find lodging,great hotel rates,where to get cheap hotels,looking for hotel deals,book hotel now,hotel rate finder,best website to find cheap hotels,hotel savings sites,web booking hotel,book cheap accommodation,search all hotels,discount hotel suites,hotel hotel hotel,cheap hotels and motels,where to book hotel,hotel booking in,discount luxury hotels,websites to book cheap hotels,find cheap motels,reservation hotel,cheap room rates,sites to find cheap hotels,great hotel prices,best site for cheap hotels,compare hotel prices,cheap accommodation sites,find discount hotels,get cheap hotel rooms,sites to book cheap hotels,hotel booking cheapest rates,discount hotel search,best place to book hotels,hotel for,book hotel with,i need a hotel room,cheap lodge deals,hotels uk,find available hotel rooms,find cheap rooms,find a hotel room near me,hotels in price,hotel low cost,cheap hotel room rates,family hotel,best price for hotel booking,hotel rate search,the hotel book,find cheap accommodation,hotel france,extended stay hotels,where to find hotels,find hotel prices,book a room hotel,cheap discount hotel rooms,best cheap hotel finder,hotel directory,hotell,find hotels online,hotel de charme,hotel suite finder,budget hotel booking,special hotel rates,cheap hotel deals and discounts,affordable hotel rooms,get a hotel room,cheap hotel specials,book hotel accommodation,hotel motel discounts,accommodation low priced,find cheap hotel prices,pet friendly hotels,book in hotels,cheap hotels a,romantic hotels,find cheap hotels online,cheap and hotel,aparthotel,hotel club,compare hotel rates,hotels near me booking,cheap hotel reservations online,cheap and best hotel,hotel reservation service,awesome hotel,hotel room booking website,cheap hotel room websites,low price hotels near me,hotel specials,best site to look for hotels,all suites hotel,cheap motels nearby,hotel reviews,best hotel room rates,hotel savings websites,find hotel availability,hotel saving sites,how to find cheap hotels,website of hotel,four star hotel,best site to book cheap hotels,a hotel booking,cheap reservations,rooms hotel,cheap hotel room sites,hotel rooms online,best site to find hotel deals,hotel availability finder,cheapest hotel deals online,discount accommodation sites,to book a hotel room,hotel travel,find the hotel,great hotel deals near me,bellagio hotel,address hotel,accommodation booking websites,best website to book cheap hotels,cheap hotel deals near me,for hotel reservations,discount hotel stays,disneyland hotel,cheapest hotel prices online,luxor hotel,hotel rooms in,places to stay,hotels and prices,hotel suite search,booking in a hotel,reasonable hotel rooms,metatrader 4,forex trading,forex valuta,forex demo,forex pro,trader forex,forex robot,fx forex,forex signals,forex eur usd,bonus forex,forex euro,expert advisor,forex trading software,forex usd,forex spread,forex strategie,valuta forex,valuta trading,forex dollar,forex trading for dummies,forex trading in india,options trading,forex for dummies,trading on line,forex indonesia,trading online,currency trading for dummies,trading platforms,forex handel,online share trading,day trading software,forex trading training,forex trading course,fx trading,forex malaysia,online stock trading,share trading,trading signals,trading software,forex trading platforms,canadian forex,forex bonus,top forex,learn forex trading,forex demo account,free forex signals,stock market trading,best forex signals,stock trading,best forex trading platform,best forex broker,best online trading stocks,stock trading software,forex trading tutorial,how to trade forex,fx broker,online trading,online trading account,forex trading tips,commodity trading,forex trading books,forex training,forex trading for beginners,daytrading,forex trading strategies,belajar forex,ea forex,day trading,online broker,online trading platforms,automated trading,cfd trading,forex trading signals,currency trading,trading courses,i forex,forex broker,forex uk,forex analysis,forex account,what is forex trading,trading account,broker forex,foreign exchange trading,metatrader,forex ea,intraday trading,top forex brokers,forex investing,forex for beginners,online forex trading,meta trader 4,day trade,forex indicators,trading,day trading stocks,forex trading basics,currency options trading,trading strategies,forex strategies,futures trading,forex trading demo,forex trading system,forex forecast,metatrader 5,forex simulator,no deposit bonus forex,forex trading hours,gold trader,trading system,live forex charts,fx trader,forex market,day trader,forex kontor,forex trading broker,paper trading,forex exchange,how to trade currency,trade market,managed forex accounts,forex currency,day trading strategies,instaforex,forex strategy,simulated forex trading,forex australia,forex reviews,forex trading reviews,forex books,learn forex,forex technical analysis,forex charts,best forex robot,forex online,best online trading,forex tips,forex options,free forex charts,ukforex,forum forex,online forex,forex capital,scalping forex,forexlive,forex forum,dailyfx,stock trading strategies,forex trading australia,forex india,forex software,best forex strategy,forex pdf,forex platform,foreign currency trading,fx options,automated trading system,cfd,forex news,finanzas forex,forex currency exchange,forex education,spread trading,forex trading education,lite forex,currency market,forex club,forex rate,best forex,fibonacci trading,fx market,forex broker reviews,gold forex,global forex,foreign currency,forex company,forex tutorial,forex exchange rate,online currency trading,fx charts,money trade,forex calculator,iforex,technical analysis,forex blog,oanda forex,swing trading,what is forex,e forex,fx signals,foreign currency exchange,forex day trading,trading markets,forex bank,forex signal provider,forex contest,exchange rate,forex news live,forex market hours,fxcm,forex tester,easy forex,forex trend,option trading software,foreign exchange market,forex money,forex trading uk,forex system,foreign currency exchange rates,best forex indicator,trend trading,online trading software,forexworld,pip forex,how to do forex trading,foreign exchange,swiss forex,fibonacci forex,forex capital markets,forex trading forex rates forex market,forex brokers list,forex trading account,online commodity trading,forex course,forex wiki,fx trading platforms,forex basics,currency chart,trader,live forex rates,فركس,forex signal service,currency exchange rate,forex school,what is leverage in forex,alpari,forex money exchange,forex quotes,forex predictions,foreign exchange broker,fx currency,currency broker,forex currency rates,forex currency trading,fx street,automated forex trading,forex converter,forex business,forex calendar,forex currency converter,currency rate,ecn forex,best forex platform,metastock,foreign exchange calculator,forex affiliate,forex expert advisor,mt4 forex,forex cargo,master forex,fx exchange,4x trading,forex exchange market,currency trading tips,guide for forex trading,forex directory,forex historical data,hedging forex,money forex,fx trading strategies,forex market news,forex mobile,forex game,forex trading forum,forex trading robot,real time forex,forest trading,internet trading,gft forex,forex broker comparison,accurate forex signals,forex market analysis,forex scam,free forex trading,forex trading times,forex cfd,global forex trading,forex futures,forex metatrader,fx news,forex trading charts,forex trading simulator,cms forex,forex trading news,free forex,live forex trading,forex video,forex practice account,traders,what is forex market,forex data,fx pro,fx rates,currency trading basics,forex bot,forex guide,forex training course,best forex trading system,forex trading companies,action forex,forex jobs,what is fx trading,forex peace army,forex website,forex metal,what is currency trading,bforex trading,free forex robot,forex alerts,online foreign exchange,forex on line,management accounting,go forex,best forex trading software,fx online,x forex,about forex trading,forex trading wiki,learn to day trade,free forex trading signals,expert advisors,forex profit,currencies,change money forex,forex help,best forex traders,forex trader pro,forex arbitrage,forex advisor,day trading online,forex factory,forex trading scams,forex ebook,about forex,forex trading website,forex mentor,currency trading strategies,capital forex,managed forex,forex download,automated forex trading software,jutawan forex,forex charting software,forex tools,fx account,forex seminar,currency exchange,learn forex trading online,free forex training,forex market trading,forex auto trader,forexmarket,forex trading plan,forex göteborg,how to forex,forex broker rating,forex secrets,forex exchange trading,forex services,real forex,earnforex,forex stock,swing trading forex,forex trading school,forex history,stock market trading software,forex trading practice,free forex trading course,stock trading system,commodity futures trading,forex brokerage,forex chat,treding forex,forex dealers,easy forex trading,ava forex,forex marketing,forex trading sites,currency trading platforms,i forex trading,forex scalping system,metatrader brokers,currency calculator,forex forex,spot forex,best forex software,what is margin in forex,forex sites,forex trading tools,fapturbo,forex management,forex trading indicators,forex tv,all about forex trading,forex trading techniques,day trading courses,forex capital market,forex tsd,currency futures trading,forex trading game,online forex trading platforms,forex megadroid,forex trading contest,forex trading room,forex pairs,forex trading secrets,forex foreign exchange,currency,forex trading analysis,online forex brokers,automatic forex trading,online forex trading course,best forex system,the forex,reuters forex,forex trading adalah,forex price,online forex trading account,forex expert,future,commodity,learn currency trading,forex signals software,forex information,currency market trading,bforex online trading,fx forex trading,automated forex trading system,cmc forex,forex bank valuta,online future trading,currency converter,futures trading software,acm forex,forex fund,forex options trading,currency trading software,online forex trading forex,forex program,online forex exchange,forex practice,managed forex trading,forex trading blog,online fx trading,forex trading seminar,fx trading signals,futures trading system,forex ab,forex trend trading,stock market day trading,international forex trading,system forex,fx trading software,4x market,forex bank logga in,automatic forex trading software,free forex trading software,make money forex trading,the forex market,forex advice,forex trading information,forex trading mentors,forex autopilot,forex made easy,currency trading account,make money with forex,what is forex trading all about,fortex trading,forex global,where to trade forex,what is forex exchange,fx currency trading,forex day trading strategies,online forex trading system,forex mini account,gci forex,currency exchange trading,forex killer,interbank fx,what is bforex,forex futures trading,whats forex,currency news trading,what's forex trading,introducing broker forex,fx trading system,currency trading courses,currency forex online trading,spot forex trading,forex t,forex norge,best forex training,day trading systems,all about forex,forex trading programs,mini forex,forex c,market maker forex,currency trading system,forex trading usa,forex easy,fx money exchange,mobile forex trading,forex trading club,currency trading brokers,microfx,forex kontakt,forex trading methods,autofx,forex currency broker,forex daytrading,que es forex trading,forex yard,forex recommendations,forex trading made easy,currency option trading,what's forex,fx money,in forex,4x forex,online foreign exchange trading,forex micro,trade and forex,when to trade forex,forex money changer,online forex training,forex trading signals software,how to trade in forex market,forex trading services,fibonacci forex trading,forex research,forex trading advice,foreign exchange currency trading,forex bank internetbank,förex,currency trading charts,forex in,what is iforex,forex trading alerts,forex bank ab,interbank forex,forex now,forex trading what is it,about forex market,ex forex,marketing fx,fx automated trading,forex day trading system,free forex trading systems,forex best,what is bforex trading,fx trader exchange rates,forex bank malmö,forex english,what is iforex and how does it work,crown forex,pro forex,forex trading today,forex trading station,forex trading forex,currency trading training,define forex trading,forex bank göteborg,currency trading site,foreign exchange market trading,forex bank kontakt,forex market today,forex trading money,fx dealer,forex bank norway,bank forex trading,day trading currency,tentang forex trading,what is forex trading online,forex bank kundtjänst,forex bank öppettider,forex bank login,forex commentary,on line trading forex,forex forex trading,forex automoney,mini forex trading,forex trading forex rates forex,international forex market,currency trading website,trader fx,forex exchange sweden,fortex bank,currency trading signals,how to trade in foreign exchange market,how does forex exchange work,what is foreign exchange trading,online forex market,forex currency market,forexd,forex currency trading system,4x currency trading,forex trading explained,www forec,how to trade foreign currency online,forex trading info,international currency trading
Two new papers on economic stagnation in periods of high government debt (i.e. now) are making a splash:
Public Debt Overhangs by Carmen Reinhart,Vincent Reinhart and Ken Rogoff
The Output Effect of Fiscal Consolidations by Alberto Alesina, Carlo Favero and Francesco Giavazzi
This review is mostly about the former, with a little mention of the latter (maybe I'll get back to that later)
The Reinharts and Rogoff look at episodes in which government debt crossed 90% of GDP. They have two big conclusions: the episodes lasted a long time, "...among the 26 episodes we identify, 20 lasted more than a decade," and those episodes are associated with slow growth: "the vast majority of high debt episodes—23 of the 26— coincide with substantially slower growth."
They want very much to conclude that high debt causes the slow growth, referring to "growth-reducing effects of high public debt." But as always in economics, correlation is not causation, which they recognize:
Ok, well,
I shouldn't be too hard, because I agree with the conclusion (high debt is likely to cause low growth). I'm just picky about the logic. But for a reason.
What's missing? A mechanism. To discuss cause and effect sensibly we have think about the plausible mechanism is. Regressions can too easily conclude that since rich guys drive BMWs, all you need to do is drive a BMW and you'll get rich.
And clearly, debt by itself doesn't matter -- it's how debt leads to other economic events that matters.
This is to me a frustrating feature of Reinhart and Rogoff's earlier work. Recessions after financial crises are typically longer (usually misquoted as "always.") Ok, but why? Because governments follow policies after financial crises that screw up economies for a long time (distorting taxes, wealth transfers, propping up zombie financial institutions)? Because of "private debt overhang" that would be cured by a massive transfer from savers to borrowers? (Not my favorite theory, but popular around the lunchroom so I'll mention it.) Because the destruction of property rights in bailouts freezes new investment? Their work is quoted as a mysterious fact of nature about which nothing can be done.
Here, Reinharts and Rogoff do mention some mechanisms
A mechanism could let us sort out cause and effect. We can see distorting taxation, financial repression, property rights destruction in defaults, inflation, and see which paths following high debt make growth better or worse. (Many PhD theses here!)
And, more importantly, the correlation is really pretty useless until we figure out which mechanism is at work.
RRR's Conclusions:
Alesina and company make this clear:
But the case for default is not, in fact, made anywhere in the "review of historical experience" in this paper. Serial defaulters in their data do not have higher growth rates. Paying it back worked out OK for Alexander Hamilton. The Soviet Union was inaugurated the opposite way with a big default. If washing your hands of debts is such a good idea, it's interesting that so many governments go to such lengths to avoid it.
Where is the option, liberalize your economy, and grow out of it? They dismiss the one great data point that goes against the trend, the UK paying off Napoleonic war debt, thus,
So forget free markets, industrial revolution, railroads and all that -- England just taxed colonies like ancient Rome?
Speaking of the 19th century
Yeah, default sounds great ex-post. But it is the precommitment against default ex-post that lets you borrow ex-ante. To say nothing of the chaos a large-scale sovereign default or inflation in the US and Europe would cause. Not so easy.
I don't mean to sound one-sided on this. I've been advocating Greek default for a while, at least while the original bond holders still held some of the debt. (Too late now). I'd still rather see us all liberalize, grow, and pay it off. I'd rather see governments cut spending, as I see that paying it off by confiscatory wealth taxes will lead to a big no growth data point. Default is only a little better than that option. But let's face up to the costs of default, not just how nice it will be to wipe out the debt.
I'm glad to end on a note of total agreement. "As is the case for now" only applies to some countries -- ask a Greek friend!
Public Debt Overhangs by Carmen Reinhart,Vincent Reinhart and Ken Rogoff
The Output Effect of Fiscal Consolidations by Alberto Alesina, Carlo Favero and Francesco Giavazzi
This review is mostly about the former, with a little mention of the latter (maybe I'll get back to that later)
The Reinharts and Rogoff look at episodes in which government debt crossed 90% of GDP. They have two big conclusions: the episodes lasted a long time, "...among the 26 episodes we identify, 20 lasted more than a decade," and those episodes are associated with slow growth: "the vast majority of high debt episodes—23 of the 26— coincide with substantially slower growth."
They want very much to conclude that high debt causes the slow growth, referring to "growth-reducing effects of high public debt." But as always in economics, correlation is not causation, which they recognize:
But obvious concerns arise here about cause and effect. Is the public debt overhang causing the slower growth? Or is an exogenous shock that causes slower growth either helping to generate the public debt overhang or else prolonging the escape from that debt overhang?Evidence? Well, the debt episodes last a long time
The long length of typical public debt overhang episodes suggests that even if such episodes are originally caused by a traumatic event such as a war or financial crisis, they can take on a self-propelling character...
The long duration belies the view that the correlation [high debt with low growth] is caused mainly by debt buildups during business cycle recessions. ...No, alas. This makes a pretty good first-year exam question: write down a model in which income is completely exogenous (unrelated to debt levels) yet once a country crosses 90% debt/GDP it takes decades to repay, and growth is slower conditional on high debt. (Hint: Use the permanent income model. Countries get in debt when they have bad income shocks. Debt has a unit root in that model, so debt excursions are never expected to revert. It does take "growth fluctuations" that are beyond "cyclical," but those do exist, even without high debt.)
Ok, well,
This endogeneity conundrum has not been fully resolved. However, a number of recent studies have tackled the problem. .... [they] have concluded that the relationship cannot be entirely from low growth to high debt, and that very high debt likely does weigh on growth.Oh, great. "Studies." Yet, as I read the review of the "studies," they are the usual sort of growth regressions or instruments, hardly decisive of causality.
I shouldn't be too hard, because I agree with the conclusion (high debt is likely to cause low growth). I'm just picky about the logic. But for a reason.
What's missing? A mechanism. To discuss cause and effect sensibly we have think about the plausible mechanism is. Regressions can too easily conclude that since rich guys drive BMWs, all you need to do is drive a BMW and you'll get rich.
And clearly, debt by itself doesn't matter -- it's how debt leads to other economic events that matters.
This is to me a frustrating feature of Reinhart and Rogoff's earlier work. Recessions after financial crises are typically longer (usually misquoted as "always.") Ok, but why? Because governments follow policies after financial crises that screw up economies for a long time (distorting taxes, wealth transfers, propping up zombie financial institutions)? Because of "private debt overhang" that would be cured by a massive transfer from savers to borrowers? (Not my favorite theory, but popular around the lunchroom so I'll mention it.) Because the destruction of property rights in bailouts freezes new investment? Their work is quoted as a mysterious fact of nature about which nothing can be done.
Here, Reinharts and Rogoff do mention some mechanisms
The first channel operates through a quantity effect on private sector investment and savings. When public debt is very high, it will tend to soak up the available investment funds and thus to crowd out private investment. If the government at the same time is imposing policies that attempt to reduce its debt burden with higher taxes, a burst of unexpected inflation, or various types of financial repression, then investment may well be discouraged further.The first mechanism seems to me to confuse debt with deficits. The second one rings true: high debts correspond to high taxes (really high tax rates), wealth expropriation, and other big drags on investment. Financial repression is an under-reported issue:
In addition, governments in the second half of the twentieth century often used policies of “financial repression” to reduce the cost of the public debt, by limiting capital flows and regulating financial institutions in such a way that alternative investments were blocked and financing for government debt would flow more cheaply.See Banks, comma, European. And given the detailed control that Dodd-Frank gives to US regulators, I can see "gee, we didn't see you at the Treasury Auction. Should we send some inspectors down to look at the books?" coming to a bank near you soon.
The second channel involves a rising risk premium on the interest rates for government debt. Sufficiently high levels of public debt call into question whether the debt will be repaid in full, and can thus lead to a higher risk premia and its associated higher long-term real interest rates, which in turn has negative implications for investment as well as for consumption of durables and other interest-sensitive sectors, such as housing.This makes less sense by itself. Why should a risk premium on government debt matter to private investment? Well, because we can all see that an indebted government is going to tax away private businesses... but we already talked about that.
A mechanism could let us sort out cause and effect. We can see distorting taxation, financial repression, property rights destruction in defaults, inflation, and see which paths following high debt make growth better or worse. (Many PhD theses here!)
And, more importantly, the correlation is really pretty useless until we figure out which mechanism is at work.
RRR's Conclusions:
This paper should not be interpreted as a manifesto for rapid public debt deleveragingOK, but I find this annoyingly misleading. Why sign on to the deliberately obfuscation induced by current political use of the word "austerity"? Cutting spending is a lot different from raising marginal tax rates. "Unemployment" sounds like an endorsement of short-term Keynesian stimulus, which must be the one thing that clearly doesn't work in their data once debt gets to 90% of GDP.
exclusively via fiscal austerity in an environment of high unemployment.
Alesina and company make this clear:
Adjustments based upon spending cuts are much less costly in terms of output losses than tax-based ones. Spending-based adjustments have been associated with mild and short-lived recessions, in many cases with no recession at all. Tax-based adjustments have been associated with prolonged and deep recessions.Here we have in a nutshell my frustration with the Reinhart-Rogoff paper. There is a causal mechanism staring us in the face -- high taxes, prospective wealth confiscation (and financial repression) kill growth. Yet, they want to make "debt" the culprit, not really looking at the causal mechanisms in any detail. Why are they not just a big data set for Alesina and co's conclusions? Back to RRR:
Our review of historical experience also highlights that, apart from outcomes of full or selective default on public debt, there are other strategies to address public debt overhang including debt restructuring and a plethora of debt conversions (voluntary and otherwise).Now you get the agenda and weak discussion of causal mechanisms. If "debt" is the problem, the answer is obvious: default or inflate it away. "Restructuring" and "conversions" are nice words for default.
But the case for default is not, in fact, made anywhere in the "review of historical experience" in this paper. Serial defaulters in their data do not have higher growth rates. Paying it back worked out OK for Alexander Hamilton. The Soviet Union was inaugurated the opposite way with a big default. If washing your hands of debts is such a good idea, it's interesting that so many governments go to such lengths to avoid it.
Where is the option, liberalize your economy, and grow out of it? They dismiss the one great data point that goes against the trend, the UK paying off Napoleonic war debt, thus,
there were substantial transfers from the colonies to finance debts and facilitate debt reduction...With the exception of the United Kingdom at the height of its colonial powers in the nineteenth century,
So forget free markets, industrial revolution, railroads and all that -- England just taxed colonies like ancient Rome?
Speaking of the 19th century
In those days before fiat currency, inflation was not as prevalent as it would later become. Thus, the “liquidation” of government debt via a steady stream of negative real interest rates was not as easily accomplished in the days of the gold standard and relatively free international capital mobility as in the decades after World War II.This sounds like a bad thing!
Yeah, default sounds great ex-post. But it is the precommitment against default ex-post that lets you borrow ex-ante. To say nothing of the chaos a large-scale sovereign default or inflation in the US and Europe would cause. Not so easy.
I don't mean to sound one-sided on this. I've been advocating Greek default for a while, at least while the original bond holders still held some of the debt. (Too late now). I'd still rather see us all liberalize, grow, and pay it off. I'd rather see governments cut spending, as I see that paying it off by confiscatory wealth taxes will lead to a big no growth data point. Default is only a little better than that option. But let's face up to the costs of default, not just how nice it will be to wipe out the debt.
However, the evidence, as we read it, casts doubt on the view that soaring government debt does not matter when markets (and official players, notably central banks) seem willing to absorb it at low interest rates—as is the case for now.
I'm glad to end on a note of total agreement. "As is the case for now" only applies to some countries -- ask a Greek friend!
0 comments