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Appendix Table 3
Funding Credit Growth                
   Financial system net external liabilities       
(% of GDP) 1999 1998 1997 1996 1995 1994 1993 1992
   5%-15%       
Australia 18.2 16.6 11.9 11.9 10.2 8.5 11 9.7
Belgium 29.9 8.6 7.2 9.7 10.9 10.7 8.2 14.9
Canada 2.8 4.2 3.9 1.9 2.2 4.6 4.6 4.6
Denmark -2.9 -8.8 -9.1 -12.1 -12.9 -13.8 -21.5 -6
France -6.4 -2.4 -3 -0.8 -2.7 -0.5 -4.7 1
Germany -1.2 -3.2 -4.2 -4.9 -3.9 -5.1 -9 -6.2
Luxembourg -481.1 -518.1 -500.3 -458.7 -401.9 -431.9 -416.6 -429.8
Netherlands 10.9 10.6 7.5 1.8 -3.3 -4 -8.5 -7.8
Sweden 13.8 22.6 6.9 7.1 12.9 22 22 19.7
Switzerland -26.5 -26.3 -17.8 -13.4 -9 -6.4 -10.5 -7.3
U.K. 1.3 1.7 4.9 6.3 7 7.2 8 9.1
U.S. 5.5 5.4 5.1 4.7 5.6 5.7 4.2 3.1
   10%-20%       
Austria -7 6.1 6.4 5.8 3.1 3.3 3.1 5.7
Chile -5 0.1 1.1 4.4 5.3 7.3 7.4 7.1
Finland -5.3 -1.4 -2.8 -0.9 3.9 8.4 11.9 17.2
Hong Kong -65.8 -33.1 -1.9 -18.8 -25.5 -25.1 -35.8 -43.5
Ireland -0.5 0.8 -2.8 -0.2 3.7 -3.6 -4.5 0.6
Italy 4.1 3.6 4 3.6 6.5 10.4 8.3 11.3
New Zealand 37.2 32.4 23.2 20.9 20.8 20.9 18.5 19.1
Norway 12.6 12 10.3 6.8 1.5 1.6 2.6 -0.3
Portugal 6 5.9 0.8 -0.5 -3.3 -7.9 -7.4 -1.7
Singapore -2.7 6.3 16.5 13.4 9.1 2.8 1.3 -3.9
South Africa 3.2 5.7 5.4 5.6 5.5 5 4.1 5
Spain 10.6 9.5 4.5 -1.1 -6.6 -2.1 -6.3 2.2
Taiwan -3.9 -2.1 -1.1 -0.9 0.7 1.6 1.4 1.3
   15%-30%       
Argentina 2.2 1.7 1.2 2.2 2.9 2.1 1.6 3.3
Colombia 1.4 2.1 2.4 2.5 2.1 2 2.2 1.3
Estonia 0.6 0.8 0.8 0 -0.5 -0.8 -0.5 N.A.
Hungary 0.2 5.6 4.9 3.2 4.4 3.3 1.2 0.9
Israel 6.4 5.6 5.9 2.2 2.8 2.4 3.1 2.3
Japan -7 -8.3 -7.9 -9.3 -9.3 -6.1 -5.4 -4.6
Panama -5.4 -16 -20.4 -18.8 -21.9 -22.9 -19.3 -17.9
Philippines 1.8 5.1 8 7.5 1.5 -0.7 -1.8 -2.3
Poland -1.1 -0.1 -2.1 -2.4 -4 -6.3 -5.2 -5.6
Slovenia -2.1 -3.4 -3.6 -5.9 -4.9 -7.3 -2.9 -7
Uruguay -1 -1.3 -1.3 -2.1 -1.8 -2 -3.9 -5.3
   25%-40%       
Bolivia 3.1 5.5 7.5 5.8 6.6 6.6 4.3 1.9
Brazil 5.3 5.4 4.9 4.4 3.6 3 4 3
Croatia 3.2 2.6 -1.9 -0.1 5.9 7.4 8.2 N.A.
Cyprus 97.6 110.1 167.8 47.8 33 38.2 35.8 32.8
Greece 24.7 24 17.4 16.8 16.8 16.8 15.1 9
Korea -6.7 0.4 3.2 6.1 4.7 3.7 2.7 3.1
Kuwait -13.1 -17.2 -16.4 -21.7 -26.2 -25.1 -25.6 -26.4
Lebanon 2.9 -4.4 -12.3 -10.3 -17.2 -22.3 -36.2 -36.1
Malaysia 1 5.1 6.5 7 4.6 5.4 15.6 8.7
Morocco -0.1 -0.1 -0.1 3.6 4.2 4.8 4.9 4.5
Oman 4.3 2.1 -2.9 -1.9 -4 -4.8 -4.9 -3.4
Peru 1.4 3.3 3.6 -0.3 0.2 -0.7 -0.8 -1.2
Saudi Arabia -7.7 -8.9 -9.7 -13.5 -13 -14.1 -17.7 -16.8
UAE -15.8 -17.9 -18.5 -20.3 -24.3 -23.8 -30.3 -32
   35%-70%       
Bulgaria -8.9 -9 -9.2 4.2 7.2 -7.3 1.4 1.9
China -3 -3.4 -2.4 -0.9 -0.2 -1.8 -1.8 1.9
Czech Republic -7.4 -1.8 1 5.7 5.1 -1.9 -3.9 -0.8
Egypt -3.3 -3.2 -7.1 -12.8 -15.4 -18.5 -18.4 -20.6
India 2.1 1.7 0.7 1.3 2.1 3.3 4.3 5
Indonesia -2 -1.8 2.4 1.6 2.1 3.1 2.7 1.1
Kazakstan -2.1 0.2 -0.3 -0.9 -0.2 7.3 3.8 N.A.
Latvia 4 1.3 -5 -3.3 -3.3 -5.9 -6.3 N.A.
Lithuania 0.9 1.3 -0.8 -1.2 -0.6 -0.3 -2.6 0
Mexico 4.8 6.4 7.5 10.1 14.1 9.7 8.6 7.8
Pakistan 0.8 1.7 2 3.6 2.9 2.3 3.2 6.2
Romania 1.7 2 3.1 3.2 2.1 1.9 1.3 1.7
Russia -3 -0.3 1.2 -0.6 -1 -3.5 -5.1 0
Slovak Republic -5.2 -3.3 -3.9 -1.9 -4.9 -6.8 -4.7 N.A.
Thailand 6 9.2 25.8 27.3 25.4 19.6 6.1 3.2
Tunisia 7.6 6.6 6.5 7 7.2 7.6 5.7 5.7
Turkey 2.5 1.3 0.3 -0.8 -2.9 -3.9 -0.5 -1.1
Venezuela -1 -0.8 -0.7 -0.8 -0.6 -1.5 -1.5 -1.3
N.A.-Not available. Source: International Financial Statistics, IMF, national authorities, and Standard & Poor's estimates.