3.3.2. Graphiques de corrélation entre l'indicateur
ICRG du risque financier et les différentes variables
macroéconomiques utilisées dans notre étude.
Commentaires :
a) On constate une relation linéaire positive
entre le taux de croissance de PIE par tête et l'indicateur ICRG du
risque financier dans les 2 catégories de pays mais cette relation est
plus forte dans les pays à hauts revenus. Ce qui permet de conclure
à une relation linéaire négative entre le taux de
croissance de PIE par tête et le risque dans les 2 catégories de
pays.
b) On constate une relation linéaire positive
entre le PIE réel par tête et l'indicateur ICRG du risque
financier dans les 2 catégories de pays mais cette relation est plus
forte dans les pays à hauts revenus. Ce qui permet de conclure à
une relation linéaire négative entre le taux de croissance de PIE
par tête et le risque financier dans les 2 catégories de pays, la
relation étant négativement plus forte dans les pays à
moyens et faibles revenus.
c) Aucune relation linéaire entre l'inflation et
le risque financier dans les pays à moyens et faibles
revenus.
Relation linéairement négative entre
l'inflation et l'indicateur du risque financier dans les pays à hauts
revenus, d'où relation linéairement positive entre l'inflation et
le risque financier dans les pays à hauts revenus.
d) Il n'y a pas de relation linéaire entre le
taux d'intérêt et le risque financier aussi bien dans les pays
à hauts revenus que dans les pays à moyens et faibles
revenus.
e) Aucune relation linéaire entre le
crédit domestique au privé et le risque financier dans les pays
à hauts revenus.
Relation positive entre le crédit domestique
au secteur privé et l'indicateur ICRG du risque financier dans les pays
à moyens et faibles revenus, d'où on a une relation
linéaire négative entre le crédit domestique au secteur
privé et le risque financier dans les pays à moyens et faibles
revenus.
f) Relation linéairement positive entre le
taux de croissance du crédit et l'indicateur ICRG du risque financier
dans les pays à moyens et faibles revenus. On a donc une relation
linéairement négative entre le taux de croissance du
crédit et le risque financier dans les pays à moyens et faibles
revenus.
Aucune relation linéaire entre le taux de
croissance du crédit et le risque financier dans les pays à hauts
revenus.
g) On a une relation linéaire positive assez
forte entre la balance courante et l'indicateur ICRG du risque financier dans
les pays à moyens et faibles revenus, donc on a une relation
négative assez forte entre la balance courante et le risque financier
dans les pays à moyens et faibles revenus. Cette relation est aussi
négative entre les pays à hauts revenus et le risque financier
mais la relation est moins forte.
h) Relation linéaire négative entre la
masse monétaire rapportée aux réserves internationales et
l'indicateur ICRG du risque financier dans les pays à hauts revenus,
donc on a une relation linéaire positive entre la masse monétaire
rapportée aux réserves internationales et l'indicateur ICRG du
risque financier dans les pays à hauts revenus.
Aucune relation linéaire entre la masse
monétaire rapportée aux réserves internationales et
l'indicateur ICRG du risque financier dans les pays à moyens et faibles
revenus.
i) Les termes de l'échange ajustés n'ont
aucun effet linéaire sur le risque financier dans les 2
catégories de pays.
-20 -10 0 10 20
10 20 30 40 50
riskfin
Kuwait
Bhamas. The
Barain Luxembo
Bahrain uait uwit
Bahran hmas Th h uxembug
Uitd S
Bh B . Re
ri
gim
A A n . Th
Kuwait Au e
Rep
Bahmas g B
B t A l A h A
Bhrain Aut s K g
t T i bo
B B i it i
u i As us
Ati
ust u s A t R g g m
Bam U
hr . h T
Kuwt gi m gium
Te
Barai h B
i Bum
Bahams he A it
Aurl s
lu i Kwt
g Auta
Koa. p A
Ba. The
Und Kigo Australia Aua
Atri
Bahamas. The Bhas. h lgum
Bahm Th Asrli
Bahain Kwit
Bahrai Bahai Kwit
Bhamas. Th Bahams. Te
Austri elgium Kwt i
uwait
Bhrain
Trinidad and Tobago
Trinidad and Tobago
Hong Kong. China
United Arab Emirates
Oman Slovk Republic
Estoni
Estonia Hng Kong. China
Ireland
Oman
Singapore
Oman
Korea. Rep.Korea. Rep.
Qatar tar
Qatar
Estonia urg
ti
Singpore Sinapore
Ireland
Kora. Rp. Sigapore naore
United Arab Emirates Luxmourg
Ielnd
MltaMalta Sovak Republic
Hg Kong. China Korea. Rep.
l
Kore Rp
land Sigapre Sipore
Korea. Korea. Re. Rep.
Luxembourg
Oman Cyprus Hog Kong. Chi Kore. Rep. rtuga Jpn
Israel Grece
Slovak Republic
Ieland Ireland Ireland
srl
Trinidad and Tbago
Poland
Irend
Cyprus Cyprus
LuxembouLuxembour
Trinidad and Tobao
Portuga
Ireland rea. Korea.
Rep. Rep.
Saudi Arabia
Slova Rpubc
Poand Poland Cyrus
Spn
Hog Chin
Hungary Czech
pblic
Pod
Iraa tates
bg
d oway wy
srael
Hngary Qtr
v Rp
Ca Cypus Sl Cech
Republic
Hong Hg Kong.
Kong. China
China
Republic
Portugal
Hong Kon. hina
Singapore
Estonia
Estonia
Estonia
Iceland United Arab Emirtes
Korea Rep Slonia
Mlt
Ica Estoni Hong Kong.
China
Malt
ceand Cech Hg n
Ko. Ch Chia
ingapre
oy us
h Republic
SingpKorea. Rep.
New Zea i zh R
Cc
C lc
t ngap
ite b rt
k Dnrk
Slovia Koea.
Rep.
d Poa Po
Sovak Rlic
Fnl
Fnd
na Oma
red
ld Fnl
Icen
Tnda and
Tobago
Jpn
itd A
Emirates
Kre . Rp.
Jpan
Saudi Arabi gry gry
un
n umborg
Luxmbourg
o d
CaUnied Ud St it S n i t
otga
d rc Gmay
Grece Ge
GreeceGrc
Cy ms
C Nory
C Si r mrts
y Cyp
D s u
b F u n Buni Drusalam
Un Stes
bc
C rk rk
c mrk
rui Drusslam
d d
B Drualam
tes
k D mrk
F l n ln w
G G ingo
c e
e
Greec New New Zend Zn
Gce
Gr H Chi
n Kog Chna
goe
Kong. China
Sngpore
Hy Hr Se Sl
Pln
ak vak R Slovak R
Saudi
Arabia
S
Sov
Hn a Tiniand Tobao
ed Arb
Emirates
Nory Norwy
Ic I orwIclnd Hu Kg. Chin
G r e oy
Iclan Ice Kg Chin
n n
r c C Brui Drussalam
p C us un Drula
ui Druslm
Brui Drusalm Buei
BBui Daruslam
Dusal
Drussalam Brun
Drussam
Cda
Czc Reblc
so
Czch Rublic Cech Reblc
ce m r rm
Greec Hg
Trinid T
Gc
e Irael ta
IIs r
Iad
Poa
I pn
lyy
Gr Fi F K
G
Kidom
c
Fn n Fi Uit Sttes
Gmny
Greece Hungary
Hungry
Ic ce l r e d Sts
w Zln
y
Ialy Unitd
Uited
Kingdom Kingdom
p Rp Japan
I Uit States
Israel pan
United Sas
Israe
Grece Hgy
Hr g a n ly Jp Jpan
n an J p
Poug Pa T bburg rg
n New
Zealand
Sn d n ortug mn
Singapore
Uit Unted
Kingdom Kingdom
Saudi Aabia MaltMaa M M
a Na
rl ern
Om
ond N ea
S aland
nds
te
L u ehrans
p rls
td
Sttes
Luxemourg
United Stae
Grece Hong Ko. Chia
Frc rmy
Gemany Hg Kng Chna
on on. n
Cyprus
Uid Arb Emits
Cyps
Bnei rusalm
l
g Kog.
Chin
Hugay
ceand
an cln
Iceland
Israel
Isral Ita m helns
et Szrlan
hrs
thrlands
e d Zl
New Zala
New Ne N
Zland Z eal
w ad wzel
way way
N ln ay
I thens
Zl
p
Isral celan rland rlnd
Isrel
Isel aly y
Nehrlns
Japn
apn an
Italy Lxem pnJp Jpn
ItaItly
Ieln Fil nit Uitd Arb Aab
Emras Es
Om Om T v
T m we wd
al
m nd Tobago
ory Norway
Noway
d
Polad Poa Pa n e
K g n
e e d ad
O U n tzrd
Swzrlan
y n
ma a way rwy
United Kingdom
Prtu
Uni t
Pogal
Q Po n t Tb irts
n m ngdo
i S
d
a weden
ore
ingapore
u
Aabia
Arabia
S di Aabia
Kingdom
United Arab Emirates n
rtu Ze or wd
Zlad
y y
New Zaland
New Zealnd
Pouga
Ptug aud
Unid Stes
Ued ed Ar
ts raes
Saud u bia
ba
DenkIced pan nc
Bruni Brunei Darusslam
Darussalam Grmy CaGreece Geece
Greec Brunei Darussalam
Hungary Hungary
Itay Lxemboug
Nw w Ne
witzelan
Arabia
Norwy
Switzerland
Saudi Arabia vak Replic
nit
Sp Uted
United
Staes States
Switzerland
Switzerland
Sede pai
Swd
Spa audi
Arabia
weden wz
Swtzerland
Zealand Zlawz
United
Kingdom
Qatar Omn
New Zead Malta
Isrel Isrel
Oman Oma Uted
States
Portugal Portugl
Qatar
Sweden
Singpr
Sain
Saud rbi
Portugal Portgl
Sudi
aud
Arbia
Aabia
Japa
Frnce Noray
audi Arabi
Nw Zealand
Brunei Drussalam
Bruei Darussalm
Oman Qr
Qatar Canada
Saudi Arba
United Aab Emirates
Sweden
Sweden
Sweden
Switzeland
United Kingdom
United Arab Emirates
Trinidad and Tobago
Switzerland
Trinidad Trinidad and and Tbgo
obago Swzerland
United Kingdom
Swtzerlnd
Fnlad Brunei
Darl
Canada
Saui Arbia ussalam
Estoni Czech Rpublic
Slovak Republic
Irelnd
Nethlands
Germny
Singapoe
Tinidad d Tobago
Spain Icelad
Denmrk
Singapore
Brunei Darussalam
Hungary Italy Luxembourg
Japan
Singapore
Trinidad and Tobago
Trinida and Tobago
Trinidad and Toago
United States United Arab Emrates
United Arab Emirates
Trinidad and Tbago
United Arab
Emirates Singapore
Slovak Republc
Sweden United
Arab Emirates
Iceland Hog Kong. China
Finland
Poland
Trinidad nd Tobago
Korea. Rep.
Oman
United Arab Emirates Finland
Ireland
Saudi Arabia Saudi Arabia
Slovenia
Saudi Arabia
Kuwat
United Arab Emirates
Hungary
Estonia
United Arab Emirates
pibgrwth Fitted values
-20000 0 20000 40000 60000 80000
10 20 30 40 50
riskfin
Iceland
pib
United Arab Emirates reand Hong Hong Kon
Uni
reland Irl
Ireland Ko naor
terln
Hong Kong. Chin
an Kuw
s Lu
r
Iceland Iceland Icelan Icend
Australia Austraa A Astrl u sra st A tri
Austia Autria
Nhrs
Aust wn w wede
ee
Ntherlad
Astrti
stri sa Asti AustAur
D Kigom wzel
Fn Fi Ausa
Denr
Aust Au
Asri A U U U nd te e Kigdo
Bahrn an Begu
Sw Bgu Bliu Beium m Blgium Bi lgu
Bgium gu
a na aan CCCaa
Caa
Irelnd Ireand
Iln
ua Switzerln
witzerlan
Norway
Irelan
Icelan had Dak
Kuwat Kut
Kuwit
Denmark
Hon Kng
uitw
Swi
D n CAusa l A u ut a s str
Au
Bhi
Ca C og n Kg. K
F Dk
Dk
Drk
emr
Demark
enak Now Ku
Aui Aust
usri
i
us st ust
A
B h i r a Blm m m lu u gum
Drk
and
Cd iu Blg
Cps Cs
D Dk
m n nm Ca Dn ma
ne Fne c Fance
eray
may Geman
Germa my r
ace Frc France Fnc
German
em
Gray
ey witzer
Grmany
Uit gom itze
Gerany
r Greec
Greec rm
Cz m g m Aa
Ru
Cc us
C s r yp Cys
nc cFr
Ger
Grecee
puc
GreeceGrc
Greece
Hng g ng h K
Hon o . ng
ng. n Ko Ch
Iceland Iceland Iceland Iceld ld cad n
ee wee Sdnweden
Kingdom it
Kigdom Unite n Kngdom
nend
Swtzrlad
Siterlnd
Nhe l ingapore
Noway
Noray Norw
Nads
Nr rans tads
reld Kindom
Sigo Sgap
Switerla
inapo
Japa
JnJapn
S Uni
Spai Sp Sp p pn ng Sw
Iread Ko
s C
c ed d c ad en
rl Tri ia
Ho K n
sr
Isl Ise aI a ra r r e srIsl
y a Iy
IlIly t I a
ItalyIalyItlyly
Nterad
Japan
S
y Jap
Kuwait Nth U
i Kuait Sva Sl
Kit
Kuwat J
Ko o rl r
K Rp e
eth U
laI
Ity t aly
l Jp JnJap
or ea Rp. p. p. p
Ne
New New New New Zealand Nw New Nw
Zeald Nw
Kuwait
Zeaand New
Zealnd l
Zalnd
Zealnd
Zealand S
pan nied e e
dom
M a M ep. Neth
thrl the
Zeand Zland O
Portuga Porugal Ptu otul
Saudi Arabia
Sloven
Saii S
tl
Portal
da rd
U Sin K
ve
United
Si S Re ov
elovenia
ed enia a n
S ee wen Sn
we
ede King ingd
Un K U
Baain
Bahrai Bi
Cyrs
Bhain Bahrai Bahin
Cypus
Cypr ru yp
Cch
Czech
ch Cz c Cz C Cz C Repblc
m ic
blic
Cech
Ri
Czech
pubic Czebic c
ln l d
Estona Esta
publc
bic
Greece Gce Geec e
Esr re GreceGeece
a srel Grec
Greec
Hungry a Huy
Estoia
GreeceGcere
H og g i hGe
H Ko h
ItaIy
IsraelIsraelIsraael
Isel EsRpublic
Czh
Repuic Republic
Rpublic
Hugry Hugry ugry
Hungy a Hngy unry
Hugury
a
EtiaEst
Huy Hna
Hgry ny
Hngay Hugary ld
Ireland rd ld
Kor r K K p. Rp.
Rp
Ptu ug rtl Pug
Pg alt
rea Rep Rep.
Korea.
Korea.
Mlta MaltMla Malta ti
Ei Irend Irlnd Ireand
Mt ala
MlMlat Mt
e Nw New Znd Nw
ZelNe Zelnd Nw
Zelnd
Zeld Zeld
Saudi Saudi Ab Arbi
Saudi Saudi i
Araba Aabi
Saudi Saudi Araba Arabia
an
Zeland Toba
Om Oan Oman man
man Oman nm O man
Oman
adi audi Sui d di
AabSaud rbia au
Saudi i ria rai Araba
Saui Arbia
Saui rabi
raia Araba ra
Arabi a a
ugl o
Oman an Oman Omn
Poland Pn S ga Se re
iporeia
oln Spe
ortugal
rtugal
Oma andPln
l
Prtugl
Porugal
United
United
Kingdom
Sk Rc
ova l ov Sn
i a pn pan i Kingdom
Kingdo
. orea. . Korea. Korea. Korea.
Rep. Rep. Rep. . . . Rep. Rep. Rep.
HungyHngaryHugry
PortglPrulPougl
Esta
Po Ptgl
ugry
Huary
Korea. Korea. Rep. Rep.Korea. Rep.
Korea.
Poland Poland PolandPolandPolandoland
Pl n Polan Pnd Pl
Poland Portuga
Slov Slovak Sa Slvk o
v
Slvak Svak
aiSpain
pn Slovak
lovak Slvak publc
Republic
Repblic
Republic
Republic
Slovk Republic
Republic Republic
Republic
Trinida
rinidad
Trnidad
Trinidad Tinda
Trinidd and
ad Trinidd and
and Tobgo Tog ad
obago
Trndad
Toag ad Tbago rinidd
obago Repulic
Republic
rinid and
obago Tiidad and
riia
na
Trinidad
Triniad and
Trinida
and Tobag
and Tobago obago n
an and
and Tobag o
oao Tobago
Tobago Tobago
United Arab Emirates Qatar Qatar Qatar
Qatar Qata Qatar
United Arab Emirates Qatar
Unite Un
United Arab Emirates United
United Arab EmiratesUnited
United Unit
Uni
Un U
United United Arab Arab Emirates
United Arab Emirates
Fitted values
Qatar Qatar
Qatar
Luxembourg Luxembourg
Luxembourg Luxembourg Luxembourg
Luxembourg Luxembourg Luxembourg Luxembourg
Luxembourg
bo
lam
|
|
Congo. Dem. Rep.
|
|
Nicaragua
Bolivia
|
|
Peru
Angola
Nicaragua Nicaragua Nicaragua
Congo. Dem. Rp.
Liberia
Peru
Argentina Brazil
Congo. Dem. Rep. Brazil Brazil
AngolaAngola
Bolivia Congo. Dem. Rep. Argentina Russian Federation
Angola Bulgaria raz
Agentna Arentia Russian Federation
Suname l z Brazil
Zibabe o a
babwe
cag x cJ K K L
lv Brz
Liberi bb b
Peru P Pe NgerSSudNra
L Congo Rep Gn T Ind CRic
dIv Ar
Vietnm
Vietnm
Sudan Sudad Sr Sud ud
udn SArgntinAtAt
et Vietm P
Pe i V g
CRs Tz q
Bli HaitHitiHti Ian. In.
Ir. Ir. l I. El Iq
Islc F El i J
Mym Nig F S Sy o
Rp. Gy Rp. Ur d
Ugd allw
Suri ozq
Ghh Ur
Mzq
ZbZw
.. NigLib Urugu
B VenezuGbon Egyt. Are
Repubic
C. udEE F y C
.
nk Ab ie G it Vez
LibyaLibyLiby
C. D B PP
Lebanon Liberia
Liberi Liberia
Lii Libri
JoJord Jor
Jc R Kazh
MyanmrMymyNicu
MlMll lMli Mli u S
EthD. dI l Repl
Ur l
Iq
ordn Jc ZimSAfr SuUr
ss
ai Zamb Ugd
Vetm Ir. Domiic
Lebano ieria Pap
ozq F p w Pa p w
k gU
Z b Vet
UdUd
ZimbZimbb Lk y T Afk U.
k . UrB
Venz
Con. CCo. . x NA ldh B L S l
Nig hip R
IslC u
HLRel S S . n A g go
Isl Jo .
Leon e y ud
ZZL Tzw Mlayi
A Bk hlhl F BCh
C. M g
IdA q Co c . G p.
Kzk
iberaier C. . .
Eth Ht . c Ic y
Rus Tunis
GG
epuic
Ids
A Al AA AAA
zDlwpc lw
k kP NMq
C Mq Bnl
Is lNmi
Dmc Br Ck
Bul B a Th Ab
AfSTs b Y Lit Ml
C SvD I l P
N
NEc Ethp Bk
Fs h BF Jd Botwa
Cs Id t p Zw
Mw
Id A Vis
GiB otw v w B
Rp. C. Kazk
C. Namt
YeGut
v t Jam
N P Vl l Nb
Islami
Fs BBkBk Nic
zk
C lxc l MG D
Ec
o. zl Lb
y F Fs Bul B Ni
C ThG G dIv m Iran. h
Salvit
HA C. TGEl v
PhHl
H FC t P w Nw
CBk DCPhBn
Y. VzD. G . Lit
C F E H dv G y
Dem Cn. C R
Ct G D g. VuV.
Repc
F PMbq
Botsan
GhG HHs NigeraNig Jr . Uga av
Botswan
. Jo Vz
MalMMl IIII
RomRSyr Syi Arb SLon
A LoAukey S Ab uky L
Ar Tnz Tnz Jam
Avv slCol Ch C CLithn
s Botswn
GBs NThi
CRe. RHs
Iran. Salvdor
Moc az Nab Islamic
ol x
SebexSy
rc MS yt L s
V. lv Bv
l
RmU Bh h lVzl. dIv
zMl
Lbnon Botw
Liberiaiera
EthoIslamc C El Gamb.
Liri . Ct . EtGEA
HIZTu Sk Sh Pan p
IlGEt. D S
Gb
Sudanu nd c
HIGikst C M
Kzk lv k Bu. k
ier Syran
yan ie r Syrn H Ey.
I. dv Rp I. Ind
UrCob
Tu Sy b Se Vi k xx
Botswn
Surnme v
Leoe SyriSudan
LankSi
Vzb
Guns
NigrNicaruNigUg
Alg l gAger Ag Algri Ag
Bs Lt
Madagsc Jo NN G x
Madagscr Philp
Madsr KzP. Cost
Bdh Cl
PhilippiMadc Dm T dg.
nHo Dom I
Tanz n Sout Sene E.
Ir Rpb AfT dv PP
Pkisn Arg k L L Thg
.
Ugd
Vt Ug adRmii
Eg.
Morocc PhRpb MFSu zk
Lan L uda Sier
Arb Fed Fe R R
hlP Ho Il EIsl
Pkst L R U B Tk U
uTs Ym
TnznZb Ye.
dv o Afc c
GuBDm Iran. Repulc
Nger NigeNg Li Eth
Eg. c Cs
Pkist RpAfsy
Tnn Tuns Bl l z z l
N N P SA kAMzq
MlawiMZbiJamc
Mexc
akst public
PhlippRepl S Rpb
Jac KMozq Pw i
in
Zimbaw BRep GtThi Af L Jm
Irq
Mozaq Rss f f
Thld
Zimbw oNmMexndIsl Arb b
Zamb lys Islamic
. Islam
El DoIslmc
ozaozq oroc
Liby
LibyaLiby
B Gu ti K JUg
Ym. V G Rep.
oai M Ec fric
Vnzl. Nic
Zim urk L Repul
Jd
kTunsi Aunis Lk Togo Sir Rpulc
ThInd p p P Bov v b
Dem Domi
k F h b Botwan
Jord c J K
NigerigiNPanm Y Sl
.
DhCo Gy I. cEtBk
D. D . BF F PkiKe
Ky
NcGv vd
I Ey. Zimbb Guy t U Z
n Ct Rp.
Russian
Ec GA rqIqq
J
C. l Rp. lv Malwi
InholviMzq
Africot Lk ry
d P Ec I. Gb HonduH
Bgleh KeK
Nigre i
ls Kz
dTzn CP R P y
akS Leb
MlwKny K Key
Hod
Leb uiJamicJm
Bul
lPnm m AJam
NamZmbiZZ InRI D c
Seng Jm
Ba Arg
Fedra
xc Republ
Fedrti
B RB Venz.
EtoGneB Iq Islmi p.
Snoocco Bu b ClArg
Federtion
Mlw aw s G xM ip
Liberi Gt vE
ZmTzn N
excMc
Sen kPak Is dIv
Republc usian
hilipps PerrMorocc am
RepubcGueRusNc ChBl
bq
VitnLeb TD InBl
Thl u HEK Jam
Iran.
Sen Kaz
Parg Ai c hi SE ihz
l Rth i
MozPap k S TuLi Mc
PTaz Bnl
VieLit Thi G C
EtiEp hilPyP
Malww Mc Domc h V
NiNw dv G Repl
Ec D. m
Isl dIvGh . NigNw
y
DGueBds KzF Isl
UgU C Ch CF
C
Sdv . A b
Dm
C H fc S Thi Lk Pkis
AlgJam b Btsw
Rp. Guy Ke Su
Leb oInBlg BrBz K J
Ky
Nic Bl
Ur Ml Phiy
S Tdv Iq H C Do
C Y. J G SlEcd .
M Ind uSld p dv
Ethpi nds T H
K
Pak Gu
Boliv Con
Cono Dm Dm Rep p. P Mxx
Ur . Ym. Salvdr
Gu Indi . Rpblc
V Vit vd Chia i i Chin
ChiChnCh Chin
Chn
M D Ec P Ind . rIslamc
c Cos Repb RB Venzl.
Ini Guyn Bnh Rpub
Thl Feder
H Ecd t C Gi
y lv . c Ind
i Th Af Rb
ic . . Salv
ic
Nm Mxc Btw
Vez. RB B RB RB RB Gi Vz.
Nmb
Slvdor
Thild BanSuBolivvv
Mly
Bd
Pr Indi Rica Arb . el
Cmulc
Mxc Slvr A
l
Slvd Rusin
P P x Gm B
.
Ec ul tsw New Paa
CmCom xMEyE R.
Cl F Cl g p ig Guin w
Ppu Pkst
Mzq l s
Lith Ml
Bal Thiln Sy Af GnGun
P Gi Nw GNGN ew NgNgr GGue
Gue NgGui
A Sy Af b Mc
GC Pk Indi Ar Islm . Gat .
M U Brzz Tfc
ThChChi Ch
Tuk . Ym
Maly
AlA Repulc
Ar uss
T Botsw
T yr usin
YmdIv C V S
LebL Nam
Ind d FdiAr
BotVez.
H ozq on
Gi w PkBulgPp
Nw Pakt Vnzul.
Tnz Myi Rp.
Islmc A p
Gb Fas Bulg Tky
YeTr v E dIv I
tH . D. H E s
Ira. . . p. Rep Ir.
Rp. Rp. Rp Imc
Leb tH h th
Fdratilc
GdIvi
n
Urugy Gb Ht Ethi Ric
Egypt.
GLIdId G t I .
C. Rp . E ColCI Egt MyFt
Ethopthp CB E t
R tp
y Iq t MziqTTJ
Keny Len Kenyy Afi Thl
Afi Repbc St k I E A
Eyt.
PhilppisPhilipps Gy
My
aiNigNg My pc
Eyt. Ng Ag Sy
Ec R. gpt argy
Phlipps Indo c R.
ArEgy.
Egyp. Domw BvB
Indos e Isl
Egyt
Eypt. y LibyLy
yyy p y
|
0 10000 20000 30000
0 10 20 30 40 50
riskfin
infl
Fitted values
Taux de croissance du PIB - risque financier dans les PHR
PIB réel par tête - risque financier dans les PHR Inflation -
risque financier dans les PMFR
Liberia
Iraq
Lebanon
Sierra Leone
Iraq
Liberia Liberia
Sierra Leone Mozambique
Malwi
Papua New Guinea
Botswana
Sudan Iran. Islamic Rep I. slc
Liberia Jordan
Ht Domn l
Pr BlChna China
Angola Angola Angola
AlAnl
Angoa Togo
Papa Nw Gna
Agn Argtin
Venezuela. RB
Ethiopia n o o Rb Rulc
PP Angola
Mynmar
Arentina Aetn Ati ge
MymrMyM Domia Rbi
gria
l Mli Ci Ch
Uruguy
Too China
G
Vetn VitVia
China
a Mc
R Kzkst
M
Liberia M s u. B
Chl C Btswt
o B in Miq
m Co C R
B tn AeArC z n Cn Cmroo
b i
Cl lc
had
Nambia
r Ethiopia Moq
l pi S P
E hl b vi
Con Coo De R
Cong D e n rn Cmon
g
Bulgri ulgra Blgai
m a Bgr
m Botswana
Argenti
Congo Dem. Rep Cg .
o e Co
genti
Ala Bulgaria
ombi
Cong m ngo. m e. Cog. Dm p.
Co. R
Cs R c
C Ivo st i
v I v d dbl
li
l ulc
Dic u t r v e
e RR A pt. Rp. A .
c p yp . . . . . p ep
gt .
t r b Ab .
p. Rp.
i MyEor
E d E d Slvdo
Gn lay k N d s
d i ni
oc I P N G
Mmb
Mli Mnmar
Myanmar
Kzkhsta zhn
i h nyan Myanmar
Jam
Peu S Z a ol
ola
Jma et i im I Is I
dosa
d
a i ka od Ic
pr rn I Isai
Ismic p. ep. Rep.
G lv Sdor
Cong. Dem. .
Argntina Ceron
Caeoon
Cng. Dem. Rp.
Congo. Dem. Rep.
Congo Dem. Rep.
Cgo. Rp
Dominica Repblic
dr lvd
thpa o o tl
tl
tl o
s i d tl Ir.
Ilmic Rep.
Lby
Libr ibe
Liberi Libe mb u
q
V
aNige
an Lith
Litni
N b
u
Cogo Rep do
vo b Gn
Etho
hip
G Gbon
Gbia h
m. h
m h Gl
H
Gyna Guy
HaitiHait In. Isc e
unes
I Islamc Rp. u n Is. Rp.
li Rp. R.
c Iq
. Ism Rp.
Mlysia
In Irn. Islmic Islmi Rep.
Rep.
Lib Lib Lib Jm amc Jmc
Hiti
Hdrs stn
Jod n e y y K i i
Msi Mysia ayi
M by Liya
Lbya
Lbya
g
Liberia Lb g bn
r Lib hxc x
xMocco
xco xo
xc
P co
co ico Ms
Mi a be
Mw MMalsia
Ira Ismc Rp.
Irn. Islamic Rep.
Ehiopa Etoa Joda
Gn-Bissau
Zmbabwe
IrIrq Iq Libya
Madgscar
Mxco Mongl
li
Mocco
roc Mrcco
ro o
Mo i
oo oro
am Nmi
mb mib mi
kn
p p Nw una
Gne
Nicarga
Nicragu
N ig g
Nigra
igraNigria
m n ii
Ncaragu Ng
alawMalwi
N N apa New p
Gi New Gn
g e Ppa N
Guinea
w Gne
Mawi
Liberia Gbo
Congo. Dem. Rep.
Hai Jordn
Ethiopia
Idonesia Mlai Mongolia
Mongolia
Mlaysia
Mexico
Mexic
Morocco
Morocc
Nigr
Nmibia
Nicragu
Ngei Mzbque Ppua N
New i Gie
Ppua w Guine
p Nw Ginea
u pa New New
Gine Guina
w Pp GNew Gna
Nw Gun Guna
y R Fratio
deration
ls u Rssian
Russin Russian
Russin
Pa Nw Guinea
g y
y y guay
ggu rgy
s
Pe Za Ncargu
PrguyPraguay
s hand Tland
Vezul. l.
Fderation Fdration
Federation Fedration
d Russian
Federation
Federation
Sie o
y
il
eru
omami
b Ri mandn
on
Romnia
Paguay
Nig
Nicaragu
Peru Peru
PhiipinsPhilipines
Mal Zimbabw
Russian Federation
Romania us
Fderation
na ut g
ff ca
k nk nk a
Venezuela.
RB RB
SudanSudan
San
Sudn
Su Sdudan
Syian Arab Republic yi Ab epublic
u da
inme
riame b i Ty
Vi
Tr
Ugnda
V r Ury
Z p. i
h A th ic Afr
fic frica
Thnd ilild nd
e ae
y gy
o
Sudan
S o a
ibwe
o rica Soth
Afric
y uy urinm
bc epic
a rinm
ra pbic
Sn Arb
epubc
puic
rab
eubic
ubic
n rb rb rab
Arab Syrin Ar
public
Tailand
Rpulic Arab
ublic
pubic
Rpublic
epublic
Z Tand
d alnd
guay
R
Thailnd
Sudan Siera
Lene
Sierra
Leone
Sier Loe
Sierra Lone yi Aab
Republi
Sudn Sudan
Surinam
g abweZa
Tn T g Sya
Arab Republic
Syian Arab
Rplic Rssin Federation
Syrian Arab Republic
ibwe
Suriname
go urky
Tgo
g gay ugy uuay
Urguay
Uganda
Z Zmba ambi Vneula. RB
Tukey
amb Trky
Turky
Vezuea. RB
m p. p n. en. men. Rep.
Rep. Rep
Zam baw
Venezuela. RB
Venezuela. RB
ussia Federtion
Romana
Venezela. RB
Thailand
Uruguay
Venzuela.
Venezuela. RB RB
Zambia
Suriname Panama Russian
Feeration
Lithuani
Mada
Liberia Sierra Leone
Sierra Leone Togo Gabon
Angola
Liberia
Guinea-Bissau
Lebanon
Liberia
0 10 20 30 40 50
riskfin
pibgrwth Fitted values
-50 0 50 100
Iraq
Lebanon
Liberia
Liberia
Iraq
-200 0 200 400 600 800
|
|
|
|
|
Israel Israel
|
|
Polnd
Israel PolndPolandPoandPolan Brune
HungayHHa
u ca Huga H H
Iceland
elndccln
PortaotglPg Oa el
Emirtes
H c Hngay Greec
IIs I On Tidad
Iceland ova Rpubi Sa wit
ir
l Kor. srael
Qaa bli C Kuti
Pl Zal T S
Ued Ab
t
Trii T ri c
Tid I Omn
A Ara
Prug Porg Qat
PrtOman Q Qr td r
Ems
Ab Icelnd r GreceGc
Hy b
Nw ln ZeN
MlMltMls l Il b A b
rEmraes b
h k ic and
Switzer
u u Ai
l l B Emi
Cech Dm F Cz C Td Abi
Ab
D G Bu
F Rb GCh e D
h Re
B Du
Po PP l Ch C h D C
Hgy GrG Unit
y T
ri TobKigd
Emir L
de tzerl d d
S R. R.
HunG H R
Saudi Nw N an Switzerla
Tri Ic Ki LmOma
Kin
Unied Uited
Eir
United R
Sta
Z t l
Arab Unte Ema Arab Em E Czc
CypyFiF h E Ch
FcFc k rn c G u
A t Es Sw
F F C l
te I Hg
F Gy k hl
ZlNw Zln M Zl
Zn M lM l Ns
Dk
R
D Gc
Po B Ns
Bhm Th A i l
Bhm. D R G C
Por
SwednSwededn
Aus
Ge T. A Stat
Ete b Gc Gc I
Il D k
Sts Ss Zl
h hl
i lo N R Nthl
KKuwi Trnidd SlvS
Tobag lk Swn t
ida
lsl
a an a pi w
oUd n . C
nit
wi
ol bi u ux
usi sli Ui c J . .
. J
Gh r
ned
c c m z edn
ux c
a as do
United Unied
Unied b s b a
United
wlad
United clclIcl at
U
ov
Bi no wln
l
Sl
Lux
wd p lovk v g p r u
ul w oba pb
Triid p p
yyy R y p .
Jy
gy n an b w r Ta
z
Emrs p gy p Tia Kuat J. . . J
y JJ JJn
Sudi Aab u y Bh di
|
|
United Arab T Tdad id
Tobg Kingdo
Tr i ia Km ts UKt iUg
Bgu
PrtulPug
te ie Kng N Lux
Nl Kingd
Kg ingap
Iy Iy Sigp
BBhri BBhr
lyy
u do . p
g ru
ad ad Spi U
Uited gm Ute gm Ut
gdo ed U
rab Arab
a hrl ui s y NhlNry
Eso Isl y Luxb
Nry mou i
ngape wld
l . H Lx Bu
United United N e Asr m m u B
Bl itl i
F n C y G Jp p
H Ko Sio gap p
gapr
y N y u y y y
Si i ingao
Bs A T t A s
Om Omn Om
QatPortgl
Unts b Ems s U U
Unite b r D
obag pa . . . K. g
C
rnida Kuit p g
Lxb
Singapore e
Singapore
lad I Sud Sa
d Arab rb
gy Bhrin Bhr r gpgpgpo
y Ho J h Ch
ey i Em e
p y g Uit
Tind iEBhBi
Oma y Om u B
Kuwt
Saudi Saud Arabia
Arbi Sudi Ari Be
D
United Aab
Emirates KKwat a
Qatar Saudi Arbia
Kuwait Oman Saud Abia
Brunei Daru
|
10 20 30 40 50
riskfin
infl Fitted values
|
|
|
Gabon Lithuania
Gabon Lithuania
Gabon
Gabon Gabon Lithuania Libya
LibyaLibya LibyaLibya
Lithuai
Gabon nGabon abon Gabon
Gabon Lithuania Russian Federa
Russian Fed
Gabon Gabon n Russian
Federatio
GabonGabonGabnGbon
Gabon Gabon
Argenti Argt
Chile Mico exic Mexic Russian Fe
Lithua
Gabon Chile alysia
Malaysia Malaysi Botswan
Argnina
Botswa
Mexico
Romni ChilhileChileChleCheCil
Lebano Mexco Mexici
exico
MexicoMexicoMexico
Malaysa otsan
Botsan
Libya LbyLbyLibya Lbya
Panama Panam Russin Feder
Venezuela. RB RB RB Bugria Bulgaria Botswana
Tkey e Turke
ugy
Uruguay
Lihuni ussian Fderati
Trky rtin Agenna
Venezuela.
Venezuela. Romani
Bugria Mexco laysia
Malaysia
Tuke Bwa Botswna
Lebnon Rmania
Veezuela.
RB
Lhuaia Mexco
Mexc
Kt
la
Mexico Mexico ene
ArgtiAr Agi Agnt MxoMxo
Cost
Kzahst kanam ul
Ugy Iran. Iran. Iran. Islamic
Islamic Islam
R i Chl
Venezue. B RB
RB RB
ussn Fdertion Costa
ia
Vzula B R
Tuy Cl Lithun
Vezla
Rssan Fan My Chi
MoMxico a
Leba mnia i
alysi
C ic
RB
enezuela RB
|
|
Agn gi Ann tn
Urug Veze. RB Vnzuel. RB
i Mlysa
Mexico MexicMeico Meico M
BowBotwan
Venezuela Agentin a
ezul Veezu. R
Vnzuel. RB RB
Costa Rica
zakhsn
Iran. Iran.
B u Veela.
Arget An Islaic Islamic
Islamic R
Mai Malys
Botswa
Argentina Veezua Vn Romana
R
Bi
enezuel. Leno Leb e bn a Lbbn
bann i
Mlaysi
sa usderto
Russn Fdtion
Lituana Botswan
Federation
Rsin Feeo Uruguay
TrkeTukey gu Uguy
rgay Urugy Uugy y Urguay
Romaia
Romnia
South frcoh Soth A
Sth fi h h o h t Ar Sh Sh Ari Sout Sh Afr
f Souh A St Afi A frAfAfric
Afc Af fAfrc AfiVnzula
Vnula RB RBVeneu RB
Trkey Tr Turky rey
uky k Tuey T
m am m a zlrlBz
Veezuela RB
Kazkstan
Argentina Isamic p. Ilamic ep
c ic Ir. lmc Rep. Il .
ep. Ilmc . Rep. Rep.Iran.
rgentina LbanonLboArgentina
ArgentinaArgentinArgentia Lebao Lebon n
Ira
Rs n s C ota t osta R
ic ca i R Rc Rca Botswna
nia Romania Romania
RomaniaRmani Agti B Ba a Peru
Pru
Malaysia
oania
Lebanon ssa
Ruia F F Clob
heChileChie
Lbaon Uuu
zkhstan
Veuel. B
Turkey Turkey Tuy Ty Tuey
TkyTukey Republic li
n n BwBswana
Lebano ArgentinaArenti Ilamic Rep
tan uli
Thailand
lmbia oobia C
b obob ob Coobia
Iran. Iran. Islamic
Islamic p Rep B ld
dor
Brazl BrazBra Bral i
Baz Brai Malaysia
Malaysia
Age Aeri
eiAlgPamPnam Ai AeAg A g
gAlgrAgeraAgeria Algerialgeria Algeria Alger
rinme
ula B BrBu Svor or Slor El l
vor El Slvdor Svor .
Rep. Rep.
i gri
a
Uruy Uay Urg Urug
Republic
Iran Ilamic R ra
Il a am ca mic ic
mica
Romn Romia Romnia
Rom Rmn o
BulgiBgari B
Thilnd hlnd iln iln
hilnd
Paa Pnm P
Eu Ed c o Ecu
l l E
CbCi Namibia
Cst t Costa R caost
Ri Cs omClo n n Rullc
epulc i
eAgeAggr
PaaPanm
Jami Jac Jamica
Jamaica Jm
ama Ja
Di m Tind
Islamic Ilami R Rp
ep. Kaahstn
T Tua n T ui s ns s
l E E l r rueur
eruPuuPeru
C lb lbC
ly Mi Mya Ml M M
Botw Bo sna Doinan
Thand
EcuaddoEduE Repulic
Republc
Lebanon e inme inm Su
a nme Sne
Ecud Ecudo cdor
Iran . Iran. Iran Islamic
Surinam SurmeSuinam Srnae
Surame urinm mii ib
amiia mib ii
Namib bi Nama
Namibia
Ecudor cuado Ed
Cob
Peru Peru Peru Per Peru Peru Pu
PeruruPer haad Thlad
Thailand
Doc Din R Dc D mnc
pbl Rub
Bos Bown China ina China
CleCh AnoAngol ngol
Tlnd
Thand
Sriam Svador
unaurine R pc
Repuic
dn Jd Kktn
Irq l
Lebanon Sriname SrnameSunme
n hailand
Thailand
Sd va l
Dminia . Ep. yt Egyt
Ar r Arb A e R t A E E p
Et. . . t . EEy.
p. t. r pt gypt. r gyt.
r r . Rep. rrb Arb e. .
. . . e. ep. Aab
. e. ep. Rep. Rep.
II aq J Kakta
Jod
Sdor El El Salor Thailand
ta
Nmbia
NambNa
biNambiNbi l eml
G m tl
Ira Jordn Jord Donic
v vl Bv BvBviBiva
epublic uli
Republic Republic Repub
Domni Rplic Domnic
Repl u Repu Rep Dmn Rpublc
ian rb rb rArSyri
Republic
Republic
Arb Republic
public Ara
ml l
ooo
oco Moocco
P rag aguP Gtel
Reic ep Rubl
uis
TunsaTusauni
Thailandaan
E l E
lv vr o l El Sad
Dice
vBivAgAg An A r
e Ch Chi Ch h Chn Chiai i
hina ChinaChinaChina
Slvd P gy gy
gPguy
ic Dmc
nc
H Hdur G n n s e s es
noes
g Cn Cg. ogo Cgo.
g. Rp Cgo . Cno e. . R C Co
n e C C R . e. o
Rp. .
Gul ml emla
temalGatutm u ute
Guat tel guyPrgu u y
arguy
Iraq
Jdrdan Jdan
ui Tnisia Tunisi
Tunis S n k k
Lnk k k k
rn Syn Syr Syri Sy S
S b Ab b ab Ab Syran
epulic
Republ
Repb eu Republ
Repub Repu Aa
uS S i S A S A eub R yin u
A yr plc yn A blc
eubi li
Ga
Moroccorcco
l A A g
Gt l Pilpi
u H dra ndrs H H d H
us us u s
aq Jr oda n r
Ii
Id India Irq
hlpines
Inns Ides
osia
Iq pns s pns pes
ns Plines
g Bolivia Bolivia Bolivia Bolivia AAl Iia
i his
Nicaragua Mr r
ooMoocco o
r orco oco rocco
Moroco
ipiPi
iles
Ye m R a d
Phliie Plip
Nicaagua Ni Ncaa N
Nica
Ncu N c i N
agu
Phiippn n is hippe
Indonesia
iu m nam
etam it i Vietnam
r M Ym . Rp. Y Y. Rp. R.
Rep
Si L a ka L S S L t
tn i kn kst
icarau P a N w N G u
Nw pa ap Nw Gune un
Guna e Ppa ew i Guinu Guine
Nw Papu i Guinea
Papua Guina
New Guinea e Guinea New
ew Guina unGune Guin
IdG G m e G
Nicarga dddIdIdIi
C o o Croo Croo Cmroon
l
eri NigNgr
r gigeriaii Nigeria igeria
NigeriaNigeria
i oe Ivor 'vor l
G u G I B d ndonsa
d o a a ga na gl l
Bngldesh
HaitHiti BnglBgldsh
i s is k
wwil l hb. Th m. T
hh he The Th
z n i T ai n i z nzi
nni ni lash
Z ZZ ggog ogo ooTooToo
Bgldsh
Sud Sudd SudSS S Ugad
ganda
y y y yyKya y
y
t tt HtHitHiHit
N gNg rer r
Ngr
UgndUganda
N Ng lilMMiMalli MlMi
g g g g l w Malwi Bsh ladsh
eGe une Guina
r
Bls
scr s dc Mlaw
Ethip
Bgh d s BlesBk Bu B F k
B as s F Fso Fs s
G EthipEtp
Mzmbqu
Mzmbiqu
Mozmbique
Sierr Leone
Sierra
Leone
MlwMlwi dscr
grgcr
Mozmbiqu
lwMwili awi
ganda Ugnda Ugan
UgandUggada
UgndaUgand n t
ea b
gandUgandUganda
t
EhiopEthpEtipaEtopi
La ll il
wlwi
Mzmbiqu
BBas h N ier Mzmbiqu
Sierra
Sirra Leon
Siera Serr Sir
ia Leon Sir Leon Sirr
Si Leoe Leoe Leo S S Si r L
Leoe e r Leone o
e ne Len
irNigeNerNgr
EthpEthip
Mozambque
Mozmbique
Ugada
UgandaUgand
Mozambique
Mzambique
EthiopEthp Ethp
Ethopi Etiopi tpi
thp i
Ethopi Ethp biqu
Moambique
Liberia Lb
LibLiberia
Libri Libera Libe Li
iber Librii ibi ibri
Mozmbiqu
zambique
Cong. Cong.
Congzmbique
Cong. Dem. Dm.
g Dm. C o Dm Rp.
CMzambiqu
R. C D. n. R. R.
Dm. D. m R
p Rep
Mzambqu
oaiu
Moaiue
Dm. Cno. Dm. D. D. ConD.
Dem.
Liberiaii Cn. Cno. C.
Congo. Cno. Cn. Cono R.
Dem. Re. R. DeCn. Re. Rp.
Rp. Dm. Congo. Re. Rep. Dm. Rep. Dem. Rep. Rp.
. . . . .
|
|
|
-10000 0 10000 20000 30000
eration tion a deration a on ation ep. Rep.
Rep.
ep.ep. Rep. ic
a
lic
0 10 20 30 40 50
riskfin
pib Fitted values
Taux de croissance du PIB - risque financier dans les
PMFR PIB réel par tête - risque financier dans les PMFR Inflation
- risque financier dans les PHR
-100 0 100 200 300 400
|
|
|
|
Israel
Israel
Kuwait
Oman Kuwait Trinidad a
IsrelBahrain Oman
Oman United Ara Emirat
an Bhrain Kuwait
Nway
Isrel Tidd Trinidad b Tob an
Too
Baain Bhan
Rbli b il ry r
Brnei D
Trinidd and d
Toago bgo
Kuit
G Rb Sl Sk hr Sweden
G Ho H Uite
Arab Em
Iceland rind T Tda nd a
Tb i n Kn Kon C
Ch
G N ZZ
O m Oma a
Kuwi
o Sl tg l u
s Icland l
IlaI d Ilad S
ae
hl
Es Nthrla
h Bhin A li Dk
hs
id
Dmk C O
r r d Fi GGy
N Z L Gr
dd D l l
U Kin
y Stat rls
ri s mb
ur ngy r erG
UiP
otuggPP . .
. . y . . . J R.
|
|
C CCh d
New N ZZ Kii S
Ui
LxLuxb
Bu Ch
m Kom Uit
s
Dr
i h g .
MaM GG Kingd
S e e
nd S erlad l zr tzel
rl
bo wi
t u
bbo
Bri nie Ued
Unite S it United
Uned tt Und Un aes n it s t
Uted t U Uited Kido
U g Kingm
Kgd g m Kom U m
rc r GreeceGe u k ubc
igap wtzerla s a T
ad
d w e wl Swtzer
ry
Fi dd F F Jp
o e p Slnia r g
Siapoe
g n po
PugQar ug rw
wat o. Ka p p ly
K. y Is ly R p yyy
p
T Trid d n
Tobag
c y to E Etoi Ch z b Rubl
z Cz C C Rbic C C ch pc Rc
y y elc
itd
cel gpr
NerlNehrl N
sel JR.
Austri A ma ngdo
Bhm. Bh. T B h s
ths
Slovk hm T
Enu Estoi Czech
Cyy
HungayHgGG y Ic Icy
y
pblc
II nite ra
Emrts
Ntln h
Triiad an ob Bu
R
h a a Bi Bl
Ire Ire rn
United United United rab Arab Arab
Emirates Emiraes Emirates
SpapSpai o in p
R Spi p p p p
gSoSpgpo
KuwaitKuwai lta
Nehds M M hrl
Oman Kit u Kit
Trinidad an
Tobgo Nwy r
Norwy yNrway
HgyHugy Hg H C g.
Pln O m g un
a
OmOma Buni
Tnidad and
Norway Da C R
Trinidad and T
man Omn
Brnei Bru
Iceland Kuat KuaitKui
it uit
Oman Unted Arab
Emirte
Slovak Republic
Qatar Oman
New New Zelnd Zealan
Brunei
|
10 20 30 40 50
riskfin
txint
Fitted values
-200 0 200 400 600 800
|
|
Nicaragua
|
|
|
|
Peru Uruguay
Bulgaria
Rusian Rusn Fderation Federation
Per Iraq
Congo. Rep. Ecadr Ecor
Monga
Brazl
BraziBai Brazil
Brazil Brazil Bl
Cong. Re
Ecuador Ecuadoru
EcadEuadoEcdrEcuador
Ar Ecuador Ecudor A Angola
Libya
Gbon
oo Re
Malawi
BrlBrzilBralBrazi
C Cgo Cno D Gabon Uruguay
BB B i i olivi li
oa ivi
Bolivi Ecudor Bzil
Pe en Re
c
Urugu U Urugay
Uruguy
Mlii li M Mi
lia
Ini dr
R Dn b l Gn
am Ni
R dsca Pa a
Srme b T Th Th
P tm l
Liberia Uugy uguy Uguy Ugy
euea RB
Ne Nir i b
Rpic eli lg
Sr Se L Leon Sia e Vl RB
Lebanon a B s k F C
M Ct
N Lb L i
Ed E G b Gh h h m tsw
C C C R R
Z i i Jmc
Lber D Rpbc li u
Si L Nig
b Li Lib ia donsi Btswn
Srin Ab
epub
Svdr ay y
r PPu ots
l E Sl h t n Idoi
At i M ew
G G
neua RB
Pgy a
Fetion
Ni Islm
la RB
B
|
|
Msy
AllAg era
gCile n.
C Ch hhlhlC CCh C h h
ChChChChia
Bnd n B Rc
pb
Msi
in l Thl hl adTilad ld
hailn Ga
ua
GunGuin
Serra Lne i
ie e g NgrNigria
Libri Liber ibr ib g
u y g P G w e u
A Bv Zo BBotswn os Bw w w Btn
p CloBotw
Nw GnNw
g ai Veeela. RB
ds s d I ia p r
Re. Rp. p. .
n S i k k n Lk
C C
y y Mxcoxco
xo i xco x x
iag p u p w Gi
u S na S f Ac i
E Ept A p p Ecy y p p p Ni i
mb
ue.
Venezuea
B RB
Venezula. RB
Vnla. B
y M y M y ly sMy
RB
NgiNge
M p Bw
Lby
Mlwi go q
o q o
Rp. me. Yem n Rep .
tam Vitm
PaPpu Pp p Nw N
Liberi bLie
Libri rguy gy g
y R
duu Gy Gy
m h Vezua. B
K y ngol t ow wn otswn
Ng Mm
a Ta li pbic
pbic Republic
Fed Fe
q do IdosId r
. Ir. I Ir. Ismc Ii
lmc
Ept. A. . . Et A Ey Et A r .
r
lleriAgi
nzuel enula.
B RB
uml t l
i S o rr Sierra LeoL
Lone rain ssan sin
rtion Fdrati ra
y A Surime urina
Lebnon Lno u
nul.
Eop ns baw Suriua
ui Srinm
Cno. Rp Cg C p Doinic bc R
Myanmar a Ne
Ngg gAlgri gAgAlAgerAlgri
Ag
ga gy gy
yr Syr Syn y a Ab Ar
ab Aab Rbl epbl Rp
Rpuc Rpubic Sy yria
S Ar b y b r r blc
puc Syi pbyri
lic puic b yi Rpb
r ra rb ub Ab bli publ
ulic
a me Zibw
ussin Fdrton si Rssus
Fussian usi
Rusian
ge Na
Gnesu
Tanzania
Tanzaia
Taai il h Td
nzul.
Ng e
Vzula. ua
enzuela. RB Veu
RB
GhGhna
tnamVenam
eme m Rep Rep
b dsc gc Mli
LbyaLbyaLiyLbyLbya
Zmbi ga Malwwi
Cog o . Re Gmb.
Gb. Th Th
uesu
Jc
Gutl u
Unda Uganda
ne. R
Indonesi Iraq m JicIaq
rd J
Et EpEthpiahiiEthiop
bi
ymMymr yar
yMyMyanmr
Phpi Rssian
Fedration
tho b
Nigeria NigPkis kn
k
Lebano Ngr Ngeri
nni omania omania
Feder
w Suriame
ganda
Venezuela
RBnezuela. RB
Agol Gabon
Myanma Lbon Libya
Ge-Bissu
an
Zbi Zambia
Peru Peru Peru
Peru GynGuyan
Zambia Zmbia
Zamia
Dmican pulic
ier Sierr Lone Leon
Sra Lon
Nicragu
ZmbaZmbia Zimbabwe Venezuela.
RB
Bolivia Ginea-sGuieBissu Suriname
Ugad
UgandaUgandUganda Suriname
Venezuela. RB
Sierra Leone Bulgaria
Guyna
Zimbabwe
Angola Angola Suriname
Bulgaria
AnolaAngola Suriname
Liberia
Bolivia Bolivia Nicaragua Nicaragua
Nicaragua
|
0 10 20 30 40 50
riskfin
txint Fitted values
0 50000 100000 150000
10 20 30 40 50
riskfin
PolaPolanP
Poland Polad Kuwait
United United
United
Unite
Un S A S
crdipvé Fitted values
PortugalPortugalPortugalPortug Portugal orua
Portugal
Spain SpainSpain Spain
Spin pain pain Spain
Spain
Portugal
orua
Portugal
Portugal Portugal Portugal
Lxm
Lux
Bl
Bl
Bl A B i i eg
B gim Bl Be A i L B i
ItalyItalyItaly Italy
Italy
Italy Italy
ItalyItaly Italy
Italy
Italy
Italy
Italy
Taux d'intérêt - risque financier dans les
PHR Taux d'intérêt - risque financier dans les PMFR Crédit
domestique - risque financier dans les PHR
Guyana
Sri Lanka
Zambia
Nicaragua
Malaysia
Costa Rica
Liberia Morocco
Sudan Guinea-Bissau Suriname South Africa
Sierr Leone Ghana
Gune-Bssau
ZimbbSuriame
Ethipi n Aleria
Guine
Ziabwe
Gue-Bssu Sdn Gmba TVeneul. RB
GineBissau
Guia-Bissa
Ghan Ag l B Vezuela.
San
lvd S ad Uruguay n
ii i G Guyan
na Ta Vin Rp s
Sa Sra L Lone Gbo
Tazia
U rr Ln
ini Z T oe e Le
m Zaimi Vm epblc
u ld pblc A
Republc ttl s oesi .
ze. R B Vzu.
R RB I rn Ag
E E Sldo vr Ilmic
s
ru u
. b p p Rpulic
Irn t Rp. p d Id
g .
pt. t. b Ar r r . . e.
A p. ep. e. p.
Rp
epblc pb y
Vzuel. RB
u . I .
. g
w N G GGuGne G bbo
tml
S Lk
l Thild d
Nw G Afer Leon
y p d c
Sd S udn SudanSdn Sun y pc
m uis Vel.
RB
Alg mi epulc
m cuo Doinn epulic
g g ruy ul. RB
e s
Gat m Th Eti
uUrgua
Af Suda Sudn
S Gy
GB
Etp Eud
er o y uh Afric
Vuela B RB ezue. RB Zib z
Tn Gaon
Gma. The
Doc Rpubli
unBiB C doire Gbn
mbia key
E SavadG GGb Yemen. Rep.
GuinaBssu
Gune-Bis SnglSeega
urinme Surnme Srim
Surinm
Doinn Rpubi
El Savadr Gy Togo
UuguyUuy Venezuela. RB
Gb
thii Soh Africa
Zibabw
Sierra Leone
Tnzani
Sri Lank Indonesia
Guinea-Bissau
Idonesia
Turkey Algeria Tanzn
Liberia Liberia Argentina Angoa Brazil Angola Nigeria
Congo Re.
Malawi Angola
Congo Dem. Rep.
Congo Dem. Rep.
Mongolia li Mongoli
Mongolia
Bulgaia Libya
Libeia Cog De Re Namibia Cgo
Congo Rep. Rep
Bolivia An Ri
Federtio
Angla Angola
Lib Lebn
Anti
Blivia go Congo Dm p ep
Nicaragua
Ati
Peu
Philipns Congo Dm Rep
Burkina Faso
ong em
beri
Iaq Came
M M Rssi Feertion
Brazil zbque
a Ag Fedration
Art
Liber
Ban Bo Kzkhstan
Malaysia
Lebon Ma
KKzkhstan
Bra dern
r mkhtl
i
u g e h glv wn n
otwn Btw
wn i
Boliva Agntin Antn
rgna
Anola Ag n Bov
wiBliv Ru Rusian
Russn Federtion
h
tBotswana
B tswn
Botswn
Botwna
Fderation
eu Peru nm
p in ppine hies
PPerPe
Ch
lm r o
C h hn China i Ch
Chnahna Cn Chn
China
C ngo. o e R
C liali C k M
C ta Ra p ep.
ep. Rep. Rep.
ppn ilippnes
Brn o
C un tsaBugug
r i e u i
raz Brzil Brzil
olombi
ru oan
p . Rp Cg p.
Re ys R
Fderation
c rn. Islmic
Rep.
Congo Dem. e.
Cogo. Re
Congo Rep.
Cno. Rep.
Agentina
Cameroon Co. Rep. Praguy
Ja c
J ktn
stan
Lia
Libea Liber L
Ng nmar Malaw i
hania Mexico
M exic
oexco
Ma s Kya khstn
Jrd
Libera ebanon
Lberia
Liberi Pu bya by ibb
Ner PargLbya Libya i Libya
Liby
nr
ca
Lia Lbia Mlaw la
y l
ys i
lsi
ly
Malawi
Mla
al Maasa
l Mlys
Ms
Myia
Msa lysi
alya
Mlaysia
Nigeria
Myanmar Ngeia
Romni Mongoa
M P mn omnia
ia rauay
Rs Rssa etn
i o
Federation
x c
M Ma
Jamaica
q xico o Morc o c
co
N Nca ngoa g g oc
g q
Myanma Mzq sa etn
ion
Mombu ob que
e yanm
Myr gy
mibia bi ia m ia
b amiba
Nambia
Nicaragua
Nicaraga
e y
N g g aruay
Libya
Liberia Liberia Colombia
Brzil
Monglia
Mongoa
Morocco
Nicragua
Ne i ga pps pnes
e
Pkian
Federatio
n Ngeria
Rani aa
Nger Nicaragua
Myanmar
Nicaragua
Liberia Bulgara Nicaragua
Zmba Gueml
Indones
South Afric Venezuela. RB
Zambia Hdas
Vetnam Zimbawe Hit
Tukey Sri Lk
Gun Guyan Gha
Gmbi. T Russin Fedetin
Eti Papua New Gun
Dominicn Rpublic
Thilnd
Guine Sriame
El Slvr
ost Ric
Ugnda Sud Ecudo Syran ub
Urguy Ugad Egyt. Arab Rp.
Liberia Iraq
Congo. Dem. Rep.
Brazil Congo. De. Rep.
Liberia
Colombia
Coob
LithuBulgaria
Romnia
Jamaica
Kazakhst
Brazil
Pan
Mngolia
Colombi
Chile
Philippines
Kenya
Paraguay
Myanma
Bangladeh
Nigeri
Nmibia
Iraq
Malaysia
Bolivia Botswana
Algeria ea lic
crdigrwth Fitted values
-2000 -1000 0 1000 2000
0 10 20 30 40 50
riskfin
olivia Bolivia Boliv Age Boliv Argt
BArgntiB BAg lh
Av A A At
Al l Al A A
razl l
Thailand
AA
tB Ai
Al
t
Bt A l
liABtw
lAlABt Bw
At
Bd
A Al Bh
t
Bs
Bw
lrgr
l ld v B v h
dh
A B g
g tswNgN c Ng P Ncaragua P
thll B ul B BulBRZZ
Y.
Y. Yb . Br
Bk k Bk F k
Bk t BGuBs
hGh
EEE
.
CCr
CrC. . p D . .
.
t .
st Ma i Msa Malaysi MayMlsa
Lbnon l C h Ch h
Chhn hin Ch ChinaChna Chna
Chna
Cog.
Cong. I
HitHitiHti I Co. I
Co. D. l Cong. D.
E Iq
EthiopthEh s
GuBssu
DIi y E l D Dm Rp
Cgo
GBs
Co. p Cog.
Dm. Co.
HtHti
D
Rp. . o Cl D Bu
EEthl CR. BI
p y
hhh
R. p
D. y
GuBEti
Iq i GBEt D. EBss
Bss
GiGu
ud o
D. D.
C.
Cot C Gu D.
y Cst
GuiBisu
yGyy . R..
GBsu
C. . R.
G Gi
Fs FCI Cn.
Bu . Th
Fs BuBC. R H Bk . G
H dv E . R
GhGh.
T c G D. GdI
C FF Cob
FBk s Fs
t H BA Gh .
Rp. v I te v
CD. v H .
h D. D h
Cr
Gd s ChEDm Et
h . E
E b.
h CR. .
Fs CEp h h b.
.
Co. D. . G bGTh. G .
Gbi.
F CC dv .
r F Bk
cuT Hi
GECt .
Is t G Gb F Cl
II . . I HH
E Cl lD. I EBlm
C.
G st EGh Th Ht Iv
l EcCo Dm I. T v Ev t
v
Cot IC.
I D I I E. Iv
dIv sl G Id T I Eo
Co.
Is o E T GId
o G D alys ysi
ra Lieri e Liei Lbei
bei be LibJdJ J JJd J
Jd i tmCr CmIl.
Im . E . i b
Sv i
. li I r
sI . IA .
r ic
Mysi ysi sa
sLebanon n Y.
Lbo a L b Lb y y L L b
Lb Zb Y.
Y.
c
IqIqI
JJc Ji Jc
J
Jc c
J
JJiZiZ
Khkt
K K Kh
KKK
K Kht
Kkt t
K Kt
Libeiii
LibLibei
Libe by
Lbi gs
b b scdscsc
gc
id dgsc
MlwMwl
Mlwi
lMli
w
Mcc
Mw
Mlwi
Mlwl
Mlw MlMlw
lwi w
lwiMw r
c
dc
ds Lh h L
Lt
by c K i
Lith LyLiyLby
hst JMli gts
pblc bc .
t
ldr
Botldr . d p
. r. Rp. . Rp c
.
Malayi
lMl MlMliMi
MlMli Ml Mxc
pphpr Leo Lo ru i lp h ir LL
Sr L RomMoroc xPs
hpsPp
igrigr
N r
P S
Myanmar Nicrg
ierr Peru Pu
SiLeon Pr
ie P ier
e r Leoe Peu Loe Leoe ier
MyanmrMymaMcricrgu
NirNcgu
N T T T y Ty y
T
Pk Ncg
MorMooc
s gr Nigr
P Mzmqzbu
NgNigrMozqu
Ln o e ir Lop S ss
ozbi
mq
gerNigeNq
NgeiNiMexoMx
c ol
MozMymrMr
Ng
NgrNir
Russn P erziq
c ol
Ml l l l
Mol l Moli
c xic lMol xcxic
MxcxcoMxo
xcMxo
MxMxc
MiMxxo o co
co
P Nir
NigMq
l w Rus Prks
k q crg gu
Pp
Pki s Ngk Nic
ppn P p N P
ssi
RoPp
P Fert
P P P P
Ng
Roni Lon ll
gl RomiRFeto
p G Mozmbq
P Mozbiq
Mobiq
Fdto
us R Mm w Fdti w
Rmst t P st
Pp w Sl
p p Rss i Moq l
RoPp Sl
NiNl l
GiPu
obq
My
Nw P w PP MPLo w Gp
Gom
Pw P PMoq
NN
Fdto
NFto
PPP
iMMiq
i NiPPGs gy i oP
s Nw s
G gy Nw p
gy
Pgy
Pp Nw i
s kt m
mi Nigr Ng
s Mm
GPp Lo Nw
GinPpu ssian blc
Ar Thilnd
wmw
Zambi
Zambi
ZmbiZmi Zmi Zmi
Zbi
Zi
Zw mmZe
A
Z Rp. Zmbia
St f h
Sth f S S fi th f
fSout Afria A t
Soth Ai
ric f fi fi Afica
Yme. Yeme. Rp Rp. p.
p. . .
Ye. Y.
Rpblic k
Ar Tld
Sudan Sudan Sudan
Sudan uan udn
SudanSudan
yri Sud
SudanuSyri Syri
Syria i Syrn
Su Syrin nS S Syi Arb Arb
Arb S Arb
Arb
k
Tzi
Tnzi
TziTzi
Ln Lk Ar
Tzi
Sudn Arb Syrn
Republic L
Tzni
Tnzaia
Republic ri
Republc
Rpblic
Replic
Sudn
Republic Arb
S L Republic TnzSuime
LnkS
Sd ume
Surimem
ni
TanzaRepublicyri
Srine
Sud
Tanza
Sud
Sim
d zi
zi
inm
Sdud
ri
Tanz
Sri Lka Sd
Tanzi
Sri
Srin
Sri Lak Sri Si S
Ab Lank Arb Arb Syi Ab i
Ab Lk
Srim
zin
Ab in
Arb Sia pblc
Sin
pbic
uii ild
Thailand Arb k
Syrin
i
Si
Ymn. Ym p. p.
p.
Ara Rpblc
Rpblic
Sim
Rpblic
yn d Rpblc
T l r Ara i Arpblic
Sinm
Tid
id
Arb hld
Til
i Guia ussian
Thl han
Zbwe
iae
biZmbia
Fdratpblic nd an
puic
Uganda
UgandaUgand
Ugada
Vietnam
Viengnd
Ugand V
UgndaUgndaUganda
ky Ugy etam g gy
ZmbZambia
tam
Yemen. Vtnm
ryueyry
gandaUgnd
r Tu Uugy
gy Uugy
V.
Ugda Venezula. y
Ugay
Venezl. Ugada key
urky Uganda
Uanda Ugad
Uanda gy Uada
Venzul.
Venzula.
TurkTurkgy
Uada
enzu
RB Turke
gyUrugay Vi
Venzl.
Venzela.
gy Turky RB
Venzela.
Urugay
Urugy RB
Vnzela.
RB RB B nzul.
RB
Venezela.
Urugay
Uruguay RB
Venezuela.
Guina Nw
GiNw
un Nw Guin
Fedrati.
Rusn
Venz. RB B
B
Venzula. B
Venz.
lvdr
Botswa
epic
epc
siui
Repblc
RepFedton
Algeri n
Botwan
Liby Liby Lby
GuinGuine
GuinAlgeria
Botswn
s
Ilic
Fedrtion
Islamic
Botwan
Islamic
Islamic p. . . Rp. Rp. Rep.
Algeri
edation
Fedtion Algria
Fedration
Federation
crdipvé Fitted values
-2 0 2 4 6 8
0 10 20 30 40 50
riskfin
n
0 500 1000 1500
10 20 30 40 50
riskfin
crdigrwth Fitted values
PolaPolandPolnd
Poland United
United United United Unite Arb Saudi
Saudi Arab Arb
Saudi Aab QatQt Unite
Saud Arabi N Emits Arab
Emt
Greece Isl
GreeceGecG
QataQtQ
IsraelIselsl
KuwKi
Emrts
Trinid Abi Pold
SaNew riTiid
Hungy
Emt Arab Trid Nw New
Abi Om Emis
Kuwi
Bahi Hungy
Icelad
BahrTrinidSud Zl
PNw Ut Om UiQtQtr Om N
TiAbi Zl Nw Td Utd d
Iceld
Grc Baha Hungy
EstniEso
Icelnd Hngy
Ko. Ko. Kuwi
Kor. Rep Rp. Rp.
Autrli i
Bahr
GreeGIcelndIclIcMltMltMlaham.
Isral Grec
Baham.
Emir
GreGr
Zeal New
ZealUnitd ad Unid
Arabi Om Unied
Hungy
Bahm. Icl
Zea Uie Ml tts Tbgo
St ln and Zeob Zel
Triid ATb lvk Q ZAl
Aut
Hungay
PolPP HungayHugy
Icelad
CypCyruu Esti
Czeh Grece Hungy
T HTh Hngy G
AusrAus
Qaa
Est
PortPudw
PorSwed Tob ta
PolUSlov Swd
lovk id ta Uilov
TiMal wd Slk Un
lvk S Qi bg
g
A Hungy
Grec Esto
Hngy
As tSpaS
Kuw K. . Rp . K. y
IK . K. R. . I Rp J Iy R. R. J R.
Rp. .
AuAAl At AA
Icel Eti
D Trid Uni Ml
MGrecG
Et G Czch
Et z lov Ml
TrSwed
Bahms. Po
QQ l
MM nd TbSlvk
Isr QSlvk UniIce
Fin Czh t
IsrEmisUt Uk Pl
Ri QKgd Svk lov Om
PodP
IsTrid ln Q
lv PPog
ah
Czec
ThNtBah. Repb
lvi PoSo
Singo Czec
Bahm.
IsrIsI
Bahm.
CaUit
Mlovk RepubIsr
Hungy Isl lovk tts
Swd tts Czc Cad sr
Slovv dI
h.
Hur zh Dk yIcl
Isl zh C GRepubcv
Bhs.
Ir rac Finl
CypOmOm King IsIssSwe
TriUtPol i Bl
Rb
ttGm King Tri
Bahm.
ep ts Pl
Rpblc
Swd IcelHuy
d
Czc
ob Swi Hug
Bah.
Si Triid Ui KingdUQ
Qat
Rub Cs zDk
DHung Cand Ho Irld
Cys
Dnk
Aust SlovN
Si
Ba.
Dk
Icl
Ired h Repui H
Cys
Om
Ch Cypy
Dk y c
BgHo Rpc
IrelT RepbUnt
Slv Su Q Spi
Om Om N U
uw MlSi pPl
Kigd
DkDk
Icl CzBah
FUnit Om Tobg
Rpbl N Tb SwUrH y lg
Ir
IcFinl
Pot M Kigd O d Tb
SDmk
Fc Denmk
Rc
Aust
OmRb
Pot k T
cFinl Bahih
Irl Cy ah HBahm.
l g. C Ba
AsTUS Rpw
Swb
UTb Pol b O d Portg
FacFc
IrlTh Demk
Cyps
As
MM ingdo
Bgm Rc Th H Fc CyBm
K. s
rldIl Ho
C B rc FilDmk h
Fi zech
Dmk
Ic Kigdm n KuN
Irela H Republc Th H
Bah Ko. Finl Ca
Aus
Gy
PortuMl Und ab Zeal
d U SwitzStl
Aus
Swtz
Bah H s
ussig Zl N
Ko. Cyps
OmO
i Ar Swd UitAb
Trd UA i
Cand
wtzK N
Norwy
BlSwtzl
Rlc CyH
LuxJap
iob Singd Trii UAb
KuwaitLuxwzl
Sing
Sd UntZeuw i
Bl Dek
riAb Ab
Kdo y UESio
Jap
C. lg g Blg
T ng. B GUnAb Abi Tb
Nory
NehlFc
Ch Fc . B
Switz
Ems
KuwSb U b . Itly .
Jap
K Sd
Trd
thl
Norwy Kui
Denk
ingSwzl
Emi UiTrid
ACEms
ts g.
Gy
thl
SSwd
ingdo Emis
Ny
Zea
Kog. Aust Repbc Ch
Ast K. Jp JapanJapa
tl
Demk
Trd NorwyNwU rb
Zl
K Norwy
Gry g B
LuxebBelu
AusCh Ca tl
Emrs Ut
Kingdo KwJap Ko. Jap Re.
Rp. JRp. Jpn Rep. Rp.
ingp
Nthl
h Ch Ch BuBu
Chn ChBuni
Dnk
Luxeu
Uit
Arb
Zel
Kuwit
KngTobLuxur
EmKigom n
Arb Emis
Ud ad Switzl
Luxur Em
and Emirte
Kingdm te
Darussm
Emat Une r iAbi
Kingdom
Germny
Emirae
ChDarussl Ch
Germy Switzeld
Kingdm nd
Switzerln
Tobg
Emirate Stae
Darussla
Tobg States
Tobgo
Kingdm Stte
Tobag Tobao
Darussal Kingdom
Tobago Darusslm
Darusalam Darussalam
Kingdom
Italy
Crédit domestique au privé - risque
financier dans les PMFR Taux de croissance du crédit - risque financier
dans les PMFR Taux de croissance du crédit - risque financier dans les
PHR
-300 -200 -100 0 100
10 20 30 40 50
riskfin
Kuwait Kwait Ku
Kuwait
Kuwat Trinida
Trinid
Kuwait
Kuwait
Brun
Kuwait
o
KuwaitKuwait Ho H H K Cn
Triid nd Tobago
Sud i Sudi ra Arbia
Arabia
Kuwait ago
B i r
Sr
Singapore
Brunei
KtKwait Drussala
Kut
Kuit
OmKuwat
an
Kuwit
i
Bhn mn
Estoni FilndFin F i i F Fl OmaO O n
hri Bahrain
B h T hm
A u
h C h zc Ch z Rbc c k k zh blic Rc lc
Rpubc k mk
hm Th
Alri
Bm. . Bhms. Th Th Th
tli stri
usl Ati
Ali usi i stli Aust
AuBhahm. Bs
amas. Bhamas. The Te
Bahrin
Bhms. Th C Cn CCn
CCr yp yCyp Cys
Csr u rs
Cyprus rus
Cyrus n hi n Ch Chin Chhi n
Ch
Dmk
son Estnia t Estn
stonia Estoi nd
FinGem c
Bahas. The
Bhran
re ec GrGe G G
Greec Geec ceGe e
e
Iralsra Hy ng y
cd Hgr l l ced I
Om
Iceln HuHry Hungy
lead
i t s tt g gm
m t t id t nom Ut
Stts d t U ingdom
gom Unit it Ui go Kigo tats
Uite Kigom Kigom
Staes States Kingdom States
Kingdom
Isal
I sl s or Kore R I sss y y
taly . Kor. n K.
Italy n K. p
Korea. Rep K Lx L Rp. . Rep.
Jpan Rep. Rp.
Jp . K. JRe.
Rep.
unugry
r
Hy r y Hgry
Hg g y
r p p p p
b bg bg uxmbur
Kuwit
Luxmbourg
lMltMt lt Mt
tl
terlnds
N Ml t M N s
ens
ew e Z N e
w eala Zed Zd
N Z N N w New Zeland
N w Zelnd e Iceln
Iceland lta t Mt
Zealnd N Zelnd
Nory Nor rwy ry
wy
i Togo Tbago
Oman
Trinidad and Tb
PolandPolandPoland Poland Pa
Poland Omn mn
n Zaland
Saudi Saudi Saud Saudi rabi Arabia
Ab aui Arabia
ortg Saud raa
Pougal Prtug Arabia
p Sp d S v i en pin pi Sok S
n dd S S Se n p Repu ovk p
lovk Slov epu Repc Reic i i
n an li ublic pblic epblic den ed
wld d Sween
nr
Trnidad and
Tobago audi
Arabia
ai Abia
l
Su A laPPP oal
Prtalrtugal
ug Poortul
tuga Plan ad Pgal g
rul tg g
Portugl g
T Sengpo
ingapore
Siapore
Poga Saudi S
ui Arabi Arabia aa
Sigapo
bi
ia Aabia p g d
d
b
Saudi
Arbia
Sweden
Switzerland
itzerland
Switzerland
Triid r Ta rind
ob
Tnd Tad g o
d go
Tiidad Trind
a and obag
Tobago Kingdom
Cyprus
Iceland Saudi Arabi
Iceland Oman
Kuwait
balce Fitted values
i
-50 0 50
0 10 20 30 40 50
riskfin
Angola
i LibyaLibya
Botswana Iraq
Nigeria Libya
Sierra Leone Iraq Nigeria
Gabon Angola
Congo. Rep. Nigeria
Suriname Venezuel. RB
Gabon Botswan
Yemen. Rep
Nigeria Russian Federato
Libya
Papua New Gune
Congo. Congo. p. Rep.
Thian
Papu New Guine
Angola Malaysi li Mlysia Mlaysia
Angola
Syrian Arb Republic Yemen R.
Gbon
Venezua. Venezuela RB RB
Venezuela. RB
li Mys
Ngra Nigeri
Gambi Th
Mlaysia
Veezuel RB Venezuel. RB
Lbya Liby Libya
Nigeria
Panama Botswan
Nigeria
Malaysia
Malaysa Botswna
Congo. Rep
Romnia Ango
Panaa Gmbia e
GabonGabon
Ngeria
Jordan Papua New uinea
Gaon
Gbn Thailand
BotsPapa Ne Gine
Boliv BoliviBolivia
Namibia Botswana
yan Arab Republic Botswana
Suriname
Russian Federatin
Argentina Suriname SurinameSuriame
Agola
Lbya Btwn Botwa Mli
A Yme R
Yem Rus Russin Fdraton Fderation
Bswn
Botswn Bota Fderation
Agoa
Botwa
Romana
Argentina Souh fa
Co dvie
Egypt Arab Rep Egyt Arb Rep
Bswan Gami. Th
Botwaa
Ppu Ppua New
New Gne Gin abon
Iran Isamic Rep.
Jorda
Russian
Federation
uiname
Rusian Russian
Federation Venezuela. RB
Venezuel. RB
Nigeria Mongolia
Jd Bolv sian ussa Fdration
Anol
Agetina lger
Alg rnn A d n Si San Aab Si Ab Rl Ar
ublic Repulic
BwBtsw n
Venezuela. RB
Russi Federation Chinain Cha
Surname Venzuela. RB
Malaysia
Liberi Syrin Arb Rli Pu Nw Guine
Idoes hin
w l tBgdes olivia
Botswana
Bkia Fso
Bulgari
Suinm Gbn Thailnd China
NaN Pi
ra ran slmc
Rp.
Cha iCobi
ChleChil
Nmbia
Baesh gd ad
Argeti A i
rgeninAen d
Argeti tn
t gh sh eh
dh
dsh s
BoswBtswna
oswana Btswana
B B B B i Ab Ar pblic epubc
r
Bun
ron u Su A des China in
Chinahin i
China Chin Federation
Ugd To el R
Ian Ismic Rep
an
Gb Ce dIvoe
Vnezula RB
li laysia
Ppua New
Guinea
Mi
Nig Gmb e
Yeme Rp
Gmba Th
cuador Euadr
N Dmi Di plic
Rl
Egt. Ab R Arb
Rp.
El E Salvado
lvador
Egypt Aab Re I
Ilmic .
ad r
Egyt Ara Rep.
Nambia
rke l Cob
k l Ci C e I r
Bolivi
Bolivia Banlad Botswana
AglA g B B Choli
D n R Rp.
C o
C
' R
b b b c R l
bdIdaInd i d
sli .
E Ep i t Rc C i R
lb b b Cmbi
l hC ulic
ern
hChle
D Bi
d
Bolivia Bolivia Bkna Burkin Fs s B
Buk Buk s Bu Fo
C mer Cmeroon
Ci
.
Co. p
. p
b R R
on li
mi Rpubli eubic
lbl
A gy Rp r b .
Rp. . p.
Eyt. E. Aab Arb Rp. Rep.
thi
El E E
El ad
EhopEhi
Etoa
GineBs m
P
G h Jod
Phipns
Mlaysa
PanmPaam
igeri Veezel
RB
Moga o kt
z RB ibi
Z Zme m
Eio p Gai
Pi G rg Yen
Rp
T m Zwe d gpt
g. r b . . Re. Rep.
E Slvdo
pt. pt. gpt. Arb Arb
Arb Rep. Rep. Rep.
E Venezuela. B
Gn GaGG
Tui mibi
p N u
HatiHtiH Ug U G G kstn
bHai l El
Svdor Slvdor
c g n st R
Co g gr l oiv
Chl il Ango
Angola
Cong Rp.
Coo Rep. t oie
Angl Ct C Ce Ie dIve doire
ir
e i li
vd lvd Slvdr
E or n
Rpublic
El Slvdor
ul p
c cu r vdr
o
Gt u G G
Eur
Ep
h op Ethop
. h T
h
Bkina s Buri
F Cost Ric
Ye Rep.
Cogo. p
Coe 'Ivi
t v
h h G Gm
uG Dominc ublic
Ecador Gmbi. Th n
EthiiEthop Gn Gh ml
ml
uteml
t
Gteml
tm
G Bi
d ns H n ni
i s e
ndonesia
i i
I ran r. s Is
n n i Is R
Jic
Pnm hndhailn
hind
NerPlippne
Nmiba Ym.
Rp.
Lb enu RB
Russa
Federation
Thailand
Zm Uga K by ea
Libya
Romania P i a nzu.
B
Reub
Tuk Ty
Nmb u Rusa F Fd s
i
VV y bc
c oo Mocco
g Same
Suriname
Namibia
PaauaPargy
Papu New Guinea
Sera en c
K P lm Rep.
dos Indonesia
Zamb Gun
Gune u Zm cJ
G Gy
Hodus H Gy
Hn d s
H ns
Ge uin m p
c J c c i
Ja
n t . RB
Venezuela.
RB
k gi
as a yin Arb Republic
P
Ml
Lbr Kzsn
y
zhn c o n rd t t o
uh Afr Afa
Afrc
ere
Sth rica S a
Nambia
Nmib Nmibia
Sudan S Sda Sud S
Nigera co
Mxico
Nami og w Gne
Gie
Ni ir
Moc Mr
S
M y ic exico
Liby ul
A p Nw Guinea
n ri Ab
Arab
Republic Republic
orco Moroo
Morocco
l
il
a d d zkst
gn
Jc nras
Iraq
Jra ic
Gui-Bsu
Zb GuyGy Gstn
ktn
Ke y Ke g K
St Afrca Afic
oo c oc
Meo ico
orocco
m y y u
em
U U mbi
ay u bia
ibi
Malsi
Namiia
Za L y t Rep.
y ny
Li M ac ui
Ltn
dscr
as gr Mysia
Malaysia
gc Mdsc r c Yn.
Rep.
Macr Mw Mw
w ly Mlysia
Ml a M Ma Ml Ms w
Zm Vuel. RB
MeoMexMq oc
Mexico xo
Zb Zmb Z
M
Mal Mal Jamaic
Jamaa dGbo Gmb. T
y Gb Jic
mc amic
Jd Mlysia
Mli Zmbia omqu
a Malawi
Mala rd
LihaGh Hnduras
dan
Lebano
Lbathuani
dcr Lthania
Maaysi
Mali Mali
Mai MliMa Ml
Mol Mooco
Moroco
Mbi
e l n
iger
N Maqu
Veel B
Vtm ombqe
Mozbiqu
M
Liberia Cgo. Rp. Angol Brkina Fas
Zmbi GabZmbi Guinea-Bissu
GuineaBssau Jrdan
Kenya
MaliMali ZambaZambi
Mzambique
Mozambiqe zmbqu
Mzambq Mozambique
Mzbique
Vtm
Vetm
er gN Nr g w nea
i istn
Nr Ng
ig
irNgrNirNe s a n
w New Gue
Guine
ne guay
gy
y uy raguay
Pe Tk
Pil
h gay
Pguy r r uy
u uPguay
aay Peu hailand
k pe s
ies
T Tha S c o public
Republic
P ay Peru
P PP
Peru ag Pay m
a nm
Pa P w
uGui
ru ru ps n
ezl RB
n
sa
ins ps y
R pies
lippes
R m
RSeg Sel neal m san
Yen. Rep.
Nige
Mlw Guyan
Lthu Moolia
Vitnam
Bulgaria Jamaica
oran
Guyana Guyana
Congo. Rep.
Guinea-Bssa
Zamba
Zambia Zmbi
Mzambiqe
zbique
Nicargua
Mozmbique
NcaraguNcrgu
Nicrgu Nicrgu
Pa Papu New
Guinea
Parguay
omania
Thailand
Sg n g e el
gl
th Afc
e
Si S k ka
Srra Leo
r L
ie o
Sra erra e Lee
Lee Ln
e n
L ka La n k ka
k
Sudan
Suan Sy Thiad
y si a s epu
SudanSud S ame
o Soh Afric
Afric
Sot Afrca
Romana
ka a ka
SudanSudan Sudandn
Sy Sn p R aa na
S u Ppu New Guinea
Serra Lon
Sdan S
Sie L rinm
Seneg
Paru
Romania
Sierra Leone
Zambia Surine rme
Surinm
Senegal San epublic
a ezula RB
Thailnd
haand
Thailand
Tanzia nznia
u n Tan Tni
er
Papua New
Guinea
Paagay Rom Sra
Leone
Nigeria Peru
Romania
Senegal
i Lnka
Serr Lone
riname hiln
Thailand
Thailnd
Thailand
Thailand
oo Tgo
gg
Togo
Too og
Tunsa o
Sierra Leon Sierra Leone
Tanznia Sudan
Tana
og g To
ToTo i
Mlawi
Zia Guyan Guyan Guyan
n Kenya
Kenya
Bulgria Burkina Faso Jamaica
Jordan
Mozmbque biu
Mozambique
Mozambique
Mozmbique
Senegal
Nicaragua
Siera Leone
Sierra Leone
Tanzania Tanzania
Tanzania
annTanzania
a
ogo
Mozmbque
Nicargua Nicragua
Nicaragua Lebann
Guinea-Bissu
Guinea-Bissau
Lebnon
Lebanon
Lebanon
Mozambique
Yemen Rep.
Nicaragua
Nicaragua
Nicaragua
Nicaragua Suriname
Mozmbique
Nicaragua Nicaragua Nicaragua
Nicaragua
Tanzania
Congo. Rp.
Ncaagua Nicaragua Yemen. Rep.
Nicaraua
Angola Angola Bulgaria
Congo. Rep.
Liberia Guinea-Bissau
Congo. Rep.
Liberia
Nicaragua Nicaragua Congo Rep.
Gbon
Congo. Rep.
Suriname Guyana
Nicaragu
Guinea onoa
Liberi Libeia Guinea-Bissau Liberia Mongoa
Mongolia
Mongolia
Nicaragua Nicaragua
Guinea-Bissu
Guinea-Bissau Guyana Mongolia
balce Fitted values
Guinea Bissau
Suriname
Libe
ria Guinea-Bissau
Congo. Rep.
Nicaragua
Zimbabwe
Zimbabwe
i Zimbabwe
Zimbabwe
Zimbawe Zimbabwe
Mozaique
LiberiaLiberia Mozaiqu
Zimbabwe
Zimbawe ibae
i Zimbabwe
Zimbawe
Zimbabwe
Zimbabwe
ibbe
Zimbabwe
Boliva Bolivia Boliva Agen Hit
Boliv Cg.
Libri
LLeboeb
Lieri o bi Leb Lb b
L
Sd Sudan ier ud Per
NicPu d caSr
NicLeon
MynmrMyamrMyLeban
HaitiHaitiHitiHti
ArgntinAtA
Argeti Cong.
Co. Cong.
HiLiberaLiberi
Sudan
SudSudnSud y
Liberia b
MalMMMlMl
Bangldesh l D.
SudanNigEthpth
Zam Zm Ug
ZabZ
Per ir ud ir Rol
thBas Sy y inSrm i PlpPl
LibyLby
Guns Dm Rp Do
El Cong. De.
El Iraq Ethp
ieRomi
NicrUgU
ri y i A A b Ab A
Tz
GuinB av
Nig P ud Lk L S
Lier
Slv
Liberl Ml i Lib
Dmic Ecd .
gyp Co. Mads El Dem.
Con.
Ug
ArNic
Mdm
Hitr
Zb U U Zb YJoJ
M c tl
Domc
Ec Egt.
y l R. C rk
Salv EthipE l
Md i ml
Dmc
yyGy
Ind Dy. hhh
gAr
BurkEgyt.
Ethi
Tanz Tz Ab
MBvv
Dm Egy. JoJ
ohn SPak
dMxc
Brki Blh
TzC GuinB Mc
tl
RMdUgUU
Ho
Ind .
LPhilipp
Zm lb d Jic
Gui
Mrc
Ln S Pakst L
Pkst Arb Ethi
Dem. Cost Ethi
NigNii
Ag Guiz
IndT
Syr RepPk S L iS HoCww
Mroc x
Jc
ui epbTz
ZmbSlv r ks igL
PHdl
NAg. p. Co
Cst BrazJm K
J K K K az
cudEcEHHs
Bl
GhG
HA . lg lFi
Repbl Tu
Nic Ra . Egyt
Ye t Zm
Pak Ni
IndHn
AlgAAA
l Guins
Ta VnzRepbl Tu
Bangladeshgl
VS e. zPiBur Domc
Lnk
Arb
IndoFs . Hi
ZZa ozq
NigT ky Tuis A s V. Chilhl .
zq
G Fs Burk . hi
ic .
Z T r Rpbl
x b Malww
bL
L i e L S DC s
.
C G Replc An Eth
zbq
Ind
Sri RomLeo Mbq
lw
Pm
cNigNZb TR.
TyCa xx
Mozq
Ind
Repc
Vzi
Nmbi
ozbq
L Gu
Ht ep. ic Burk lgi Ac
Tz d alw
Pa y c lgAl
Eth Anb
Rp..
S T ig ly
Indi Burk ds
NicN
Guis
T h dv
eb K J K KMlw
Bl
Indi t ep. Fs
Burk g AfricLT JJ
lw
Mzq
P Mozq
Ns
uk Gi Fs E In
.EBoliv C
Bzl
Rp.
o.
ZbZZ
e
Pn g P p
Rus d
Ur eNic lw
M ly
otsw lGy t l
Ini . . Bu
IndId
Zm R U B U
T uR tw
kPPk
i
Mo hilp w s ls
Rpbc
Brzl
Sn
Nigr Sen
Fs Cam Rp Nc
Ml xic
M
Paki
BulBPy
iV
Leb L
AgSVenz
il
p l
tw b F NicAfk
uy Arg k Mq
kt Cam U Y Au
H l dv
dIv D.
ThGmColm
FsMzq k PN
Nc
p
Ni Nicl
Botsw
Gy
Pip
Fs Co. hi GuyaViz '
I
lv
Bw i HGy Rp.
Thi
S SuBVenz b
Etp
Cl
Brazl Cong.
Leb L alww
Nw
Mg Gy t Ec .
Urg
V Ni
Su UU
Afc Rus
PakH dIvS Thi
K o
InIk r T S Ur
iFs D.
S YCi D. Repl l
zi
ParagibIn
d'Ivi
h Ghah s '
dIv ambAr Co.
FJ
Leb Et
M i
Bl F rDGuy El
EthAlgl
P R UrM
R. Bsw b
DGy
lgAl
Ag d'Iv CRp. HV
YmLbP w Fe Bulgzq
o i tH GD.
H In R.
MGu
Tz y yHi
Mg
R AfP Gb E CYe
DmTur
Mx
Botw
Ec q Nic
H li
Lith
Guyan Ini Domiic
A p.
alv
M k
Brzb
Dc
Eth s dIv k YV Y
T z
UgU
p fc Nig S y F
p.
Jd Ky
Ec i C Col
T Nic exc p Fed bPn
JS HondrdThei
GEl
Gam
Lp Rs
Kzk
k v Col
Jm
Ve
dIv Bulg l
Dm
Btsw
ab
Russ . GTh Ts
Lib Maly
Uu .
PaKyT Sv i
rqIqb h ks i i
Afc
lGS R. iv Argti k
p Pa w Rom
Y h
Lith
Ml KK
Mozbq
In .
r Fs p. Bul
Boli
Kz . D Gb Arg z .
JS Fed P R M x
Leb
Ind rk . Vi U
Kzk
Nl Ey.
k
A l l
Jam
V Iv
UrU
In l E z BuEgy.
IndiInI N y f Nw
hp Nw k G Arg
RD. xcxp Se w
l l
Ho Bol BCam c by
Mc
Arg
Ves Hond Tu
SE
tRc
lg d'Iv am .
G G i Mbq
D In BLit
HoJm x l w
Moc
l
Kz
a r g G dIv
i
PhizVt uk Ve.
o Lt
Kz
IdIIII
n. k . UgadU
PhilpBvBl
BMc P
li
D T E. dB
I Repb
VEgyl gPP
Sy is Arab Tunis b Tuis il
ThdIv Eiy Tq
In Ar HCh
Fl. . Argb
KzDBt hiE dv
G RomPargy Afc
Vz
Jo .
i lv
Cs olhlFd y
RpLan Ng
Su y T P
zkK d K ld
BtVit
Yys
J F d T Do l
bl
Mq
Nig p
Svd
Inds
Vz
m
JUri St
Nw Lak
Mxx
Kzk. fw Rss . Ym lgAl
Svd Eg. lv Col
P IndEgyt. i Ho fic
Paki
Lth x Mx M Bh
Jm E Cl .
Gu l
NmR Urgy B
Vnz. U B Vz.
C
Ind
Gu k M
fic
ibyLy
A Syri Repbc
Thl
Rp. Cost
Pr P w x
Lin
Slvr
l
otsw Egyt .
I RAfc Nw Nb
Gi
and
IndAA E
Egyi
Th Guatm
olivv E
Sin
pBgd l
Jm
Prg
N iThiJam
ic B . .
VzUrug
Gutm Sv
ChileChileChileiCCu ex lys x
Mc BosBt
Thilpu Afic w
Gun Nm l
Chi Pakst NAfi Gu
Nfi Nm GNw Fli
rIic Go Chil
Indi Republ .
l
ngngThiln A
alys
Indi Guatm Arb Colomb .
orocc
Tha
Malys Lb
epubc
Thi lBotsw l
My Rpblc Ar
Ango
Thild ub Mly
oIndi Rica Arb .
Cml
Fdrt Gu Nw
Rusin GN uRpblic
Chii . Chia
iChin
B Venzla
.
i Chin
Nig
Bot
Ch e G R A B G R F C
0 10 20 30 40 50
riskfin
m2rserv Fitted values
0 10000 20000 30000 40000 50000
ationoneration ion
Balance courante - risque financier dans les PHR Balance
courante - risque financier dans les PMFR M2/réserves - risque financier
dans
-1.00e+14 -5.00e+13 0 5.00e+13 1.00e+14
0 10 20 30 40 50
riskfin
Iran. Islamic Rep. Iran Irn.
Iran Islamic Rep.
Iran. Islamic Rep. Islamic slmc
Rp. Rep.
Colombia Vietnam
Chie Chil
VietnVetn Colmbia Vietnam
Chile Chile
Colombia
Bolivia Bolivia Bolivi Argent Bolivi Argeti
Bldesh
ArgentinAtAi
I. s
A
Besh
Bh
Bh
AgeAh
BArt
BBvBv BBk
A A BC Al F
Ali
ld
B CF AgAA F Bk
BA B F r Br A B
Bl
Bh Bw s
a Ash
z B w
FFB EIv dIv R Eh E Dc Rp
dIv D. I t H D A E
Ivr vi G p G Rp Iv
BC l B F B EG A B A
H BI G C D S Iv Ec
B H B B A D h
E r H T G p H p l R E H D H p
HH D GGbGB l v vg
B A B B ilil il Cl h
hl
l
Chile
HaiHiti Co Cn. l D. l
Con. Dem. El Eto
E Ethop Ch C
GG
l C Coob
Chh
y
Eh CY Ym YY Y
. Za
Colomb
Haiti Congo
Congo.
Ethoptp
Do Dm Rp Co
vd
Ecvdo
Domc
Co.
Co.
Gl
p
El Dm.
Cog.
Gy
Gum
Hti
ep lv
Guy
Dc
Ctl
Sv R.
Gy
e. C.
lv l
DoGCDoc
c ml thi
Egypt.
c
CocEy.
Gu
Ey. R EtDm
DC. D.
CC. D. CD.
Ey
H EuGutl yt
.
EtH
SvEthpEoheC. C
Hus Ar p. H
Hd A .
CEudEE
C Dc
Hd
A Hdpl
.
R. IA G Rp. GyGyGy
G
C Eth C GHt G
e R Id
D Rp d te E ic
CRpC.
Ethp
C.
C.
G. ot C Cg Co
IIi D .
C gp t
t Dm . . Co
Dm y C
dIvGm
Gt G HE Hd Hd
Clmb Colo v Cw
Cl
Cl g
C Cn n n C
ChCh i Chn
h Ch
h
dh
vvv
h
w CBwa
Cmo
Btwa
tw
Btw
Btwgi Bwn
Bswan
Agera
Btswn
Btswn Botswna Agria
Algeria
Agri
v g
Ivoir . yp
p. . E d . A p. E
pt R. E pt
Id diIdiIIIvp t
m t tm
Svo c
IAA.
Egt plc
Svo
Slvr A.
Svdr
Svdor i . p. p
Rep. p. .
pbic
Ipulic Rp.
Ar Arpublc
Iran. Islamic Rep.
Iran. Islamic Rep.
I In li I Islc ep m
Rp.
Myanmar Per
Nicarg
MyanmrMyyNicrgu
NirPeru
Pu Nicrg
Nicgu
PeMlMlPhlpsPhlpNcnm
ambiaZambaZamb
NcuN
Mgsc
Per
MlMlMlli lli
Ml
MdgsNcMs
Ms
oJmP
Philps
Mgdd Mgc
kst
PhlpsPhlpgMexc
oroc
Mdr
Peu Jd hp
Pst
Moc
Pkst
Jo Pt
Ng
lwMMoocc
hlp l
Pk
Nicrg
Mq
Ncg
Rc
Mzq Nm
Pkt
Ngr
Phlpp
Mzqzmq Rog
ozq
Mx
Ng MwMq
Jd x P RJd
KKey
Mmq
MNg
xxc
Mq
Mzq
Ncg
Kyn
Pp l
NcN
MM MK
n Mzq
b P Nbiq
Mw
Ky
Lo
Mw
Pm
Rin
Mc Ng K N PProco
Mp LRw
rco L p Pp
si w
Mozm
crglw N Mexc kst
ls
y
r y Pkc hipp
P LML
Ng
kis Mozq
ippins Msi Rm Ps
N F kt PPis P Nw G
Pp Md M Mc
Rm F Kz M
LeMozq
Pp n N M Mww
R Jo M Pm
Mq
Li Ra t
N KJ Ky Mc Pm
P dt N R Fein b
N m p t k p P
c J M s G p b
m o p P y g hp
p
Pau q
Kht
q
Kkt p y
Pp
Mxc
Paru
azkh
r
aak
p p p g Pa Fde ra
Pa
p gy
Pa y gy o y
q M ps
ps
ps gy
P xgy w o P w b
xb s n st gy
pps
Pr oNmxc
Mys
q kst i x qu
n PPe
mb
Ginexoo
Pkt
Ms
Nmi Rss
My
roco
Ns
oxo yMooo
Nmls
Guie
Mooco
Gue
Mli
NmMy ssi
Russian
Mysi
Ferton
Nmi
My
Guia Guin
Mlys
rtion
sin
Maaysia
ussia ussin
Fdrtion
Fdration
Fedration
Fderation
Fedration
Se e e Sr Leo
LeoSr Srr Lo LLn
e z
umrVetnmiSudan
Sudan Sudan Sudan Sudan
Sudan
SuanSudan
i yri Sud Syri
udanSuSyri
Syran Syrn Su
LankSi Syin Syi Ar
S Ar Ar anz
Turkey Ab Sri Turke
Ar TTzn
Lnk Arb i
TnzReplc
Lk Suda Ab
SyrTnis
TnzTuis Rplc
Replc
Tuns
Tunsi SdLk
Soth
Rpulc
ank
Tsr Rpc
Suri Si
Tunis
Rpul nis rky
Rp
Tunisi Ara Sur Togo Lnk
oo Afr L
TogoToy Su
S T LS
Tan o Sot zSl
th
ngl ngl gSl
publicyri
Vietnam
hln
Sd Afr Thi ha oh
SAfc Tz ud S Lk ri yr So T S
Sutetm
Tnzn
Sud SToTa
n
a n A o Ts A Sn go
A a Af S o k i
a T u th A T i S Si p
n pc p yn d pbc c t t y
nd pbc c lnd ind Afic pbli Arb
il pub lnd hilnd
S S S S Sg
Ri Ftion
dg
Vietnam
UgndaUgnd
ai Zambia
ZmiZbi i
Zambia Zmb
g ygay
Ty
gd g
Vietnam
Uganda Vit
Uanda
Zimbbwaw
Uggd
gada Ugy
Ugand Ugand
Venzel
Venezu
Venezu
Turky Venl.
TuykeTky Uguay R RB
ry RB
Uruy
zl Vne R Tuy Ug
Tury gy uguay gdd
Urugua rgy
Urg Tukey
Uug
Vene
Tuy Tuy Vz gd Tey
Uy ga R g B V e g y uy
Ud
rugy y y y a gay RB
a. la. g el. B zel.
rb Afric Federation
Thaild
ugy ezul.
RB nezla. RB RB
RB Vnezu.
ruguy
Thailand
Repulic
Thaild
Republic Arb
Thilan
Syan ab Afric
Afrca Afrca
Thailad
Republi
public
Venzuela.
Venzela.
Venzea. RB B RB RB RB RB
RB
Venzuela.
Aa pbic
Republic
RB RB
Venezuela.
Republic
Republic
Republic
Vietnam Vietnam
Vietnam
Zbi
Zi Yeen.
Zibw
Yemen.
Zimbwe
imbabw
iaw
Zab bii
ama
Zaa
ai Zime Rep
Zimbab Zimbabw
Zimbae
Zmbe
Zawe
Zimw Rp Zmw
Zimbwe
Zmbab Zabi
mabe
Yemen.
Vietnam
Iran. Islamic Rep.
Indonesia
Indonesia
tech
Indonesia
Indonesia
Indonesia
Indonesia
Fitted values
Idsi
. Il p. Iran.
Islamic RepIran. Islamic
Rep.
Colombia
Indonesia Indonesia
Indonesia
Indonesia
Indonesia
Indonesia Indonesia Indonesia Indonesia Indonesia
Indonesia Indoesia
Indonesia
Iran. Iran. Islamic Ilamic
Rep. Rep.
i Vietnam
Indonesia
Indonesia
Iran. Islamic Rep.
Iran. Islamic Rep. Iran. Islamic Rep.
Iran. Islamic Rep.
Iran. Islamic Rep.
les PMFR
-50 0 50 100 150 200
10 20 30 40 50
riskfin
Poland Poland
Poland
PolandPoland
Poland
I
Kuwait
United United Unied Uited Unite Arb rb A
Saudi Saud
Sa
Plan Qa
Ar U
m2rserv Fitted values
N rae Tr d r P H Q
b ni
a Qat
Q ta di Sadi
Arabi Arab S Ai Arbi Sudi
u AArabi
me Emis A Es ite Er Ute
Brin Bi hrn Bhri
Bhri
Bhrin Cyprps
Cypr Cc Cc Cec Czch c
Cys Czc Cz y Cz
Rpuic RR b R y Bhr D
D h B D
.
a uwi
Ku
aIel
r cln to re Kua
Rp Kre. Rp. K K p p p
y gry ng Hgy gy
Hgy
ra
HungryHungry
Hunry
Estosti
Hunary
un
Hun gy gy gy Hnay
Hy
Esti En
Esnia
s Hugry
Hry
Ho g g H g g
y l
I K
Kuwait Omn Omn Om
Omn
Mlta MltaMalta Malt l a
Mt Mt Mt N M lt Mlt
tQ Sa va Sk lovak
loak Sve
P d ld P d
lovei p lovelk
p ove l lvni Rbli
Singapore Singor Om Om Om
a Om Sv Pla oa
Polan Pn epuc
Republ
Sigpor a ol
epic Sve
SgorSin
Republc Slov
Slovn Rpublc Oman Oa
Oma Om Om
Trindad
Trad ad n Toba g
go
Tr g
Trinidad
U Trinidad Ue n Ue
Triid
A
United States
United States
Canada
United United Sats States United States
Canada
United United Staes
States
United States
United United State States
United Sttes United
anaCanada
Canada Australia Australia Canada Canada
Canada
Canad anaa
Australia
Trinida and Tobgo
B Austali
Australia
Australi
Slovak Repub Australi Austrl
B Bh h Te T Bahms
ew Nw New Zl Nw
Zealnd l
dad Tobg
cead clan Ic
Hngay
Kor Kore. R Korea
R
New a
eldIaIend
riid o Bah
Zean Zed
Ie Pol Q S wd
h Q B a S B
ada lic
ep d am Aus h a A Ba a a
nds h T N t e
Japan
Japan
Japan
Japan Japan Japan
Japan Japan Japan
Japan
Japan Japan Japan Japan States
anada Canada Canad
Caada Canaa Canaa
United Sates
aan
Japan United United
United Staes States States
ma
e h T The hs Th The Th
li Austrlia
ustrl
alia Austi
Austali
Japan Jp
w Zealand
st s us Ausrlia
CanadCanada
Canada anaa
Canada
Bi Bu Brunei Bruei
runi
h i Bu Daussalam
Dslm
Brunei
Duslm
Brunei
Darusslam Darussalm
nmk nk
a k p wwrussl
Darusalam
u S a i Aora Re
ago b b an
l e d Szd irld d Siz
. . . . g. g. C
hn g. Ch ng ChChn Chn
ChiChin
Jn Jap n . . . .
oe. a Jp . Rp. Rp. .
ep. Rep. Rp. Darussalam Om y y y y y
e N N
ys lc us c Znd Z Dmark
p . e.
ln
w Kuk mrk emrk
Kuwit
Zal
SinpoSngp
i Singpre
poegpoa nd
g Trid TSingp
ud Tni a Trd go o
Trinid nd Tgo d nd nd Tg Tobgo
Tobgo
i ngpoe Saudi
Singpoe
Sudi
a d b ab Arb
Arbi Su
Sweden b rts Arb
Emirats mirates Saudi Arabi
d Eirtes
rl
Swzerland
at mirtes
and erland
Singpor
tzeland
Emirats
d
Switzelnd
ir
Emires
ArabArabi
Arabi
irt
itzerland Emirates Switzerland
Emirates
Emirates
Tobago Tobago
-5.00e,13 0 5.00e+13
|
|
|
Korea. Rep.
Korea. Rep. Korea. Rep.
Korea. Rep. Korea. Rep
Korea. Rep Korea. Rep Korea. Rep Korea. Korea.
Re R
Korea. Rep. Korea. Rep.
Korea. Rep.
Korea. Korea. Rep. Rep.
Korea. Rep.
Korea. Rep. Korea. Rep.
Korea. Rep.
Japan an
Japa
Japan JapnJpn Jp Sd
Arb
Ara
|
|
Iceland
|
Repc Ch B.
GJap
ory oy
A Bu Kuwt
ZealaSwz D G Ch g. B Dk
New Zealand Rplic
Unit
Gec Kuwt Zealan
Hung
Slov and Tbag
Slk
Icl clCypCys
Esi HGC Gc N
Netherls
GGreIclclIc .
AsrTh Th
AsEsHuGCzch
Portug
FiFAuHy
Slovk
HAsAi TrinidRubc and Untd a
Slovi
Gc HEsAl Aui
Bm. Luxmboug
Ic Fi Swiz d
Un Aab
Ice Huy Gec Esi Iy
IyIy ly I
Dmk
Zealand
F HEGcG
Swed ni ts
lovk Units lvk Tri wed Unlk
p lvk Stas p d rid UiPoln
Potugl
FcFGm
Poand Om P
PTrinid lvi
E Fn GCzch E AIIc
CzF E Czh
NethrlasN
Iss Luxmr
IThbBhHCzBm.
s Spai
Fc CFizc C . n I
GrI Porugal Omn
Iy I IsAG. F
CyFrc
Luxmburg
Dk Zeal
Luxbg
HRbIcI Swd
tts
Bh.
ZealaKi
Zealand GC Is Is Il
Is To Em T
S
Bhs.
Zeald
ZeaNehrs
Poug C yFz
Ic z
paiSpp
Swedw
B.
PoalaPPrug
Gm H Ko.
Slvi UnRepubc ts
ovk wd tas Uk ts
Repulic
cl H Gm t
KigdSlvk
lov
Al
Swe
C Hg Hg Gm
ABh.
ebla Stas
Republc
Hy IyII AuA T
BGFC
King
Cd
NtlLuxmRpbc Spai
DGy Tbo Cy Dk
Luxmug
Ir Dk
Kore. Rp.
At
Tobgo
Dk
Luxembg
Ic zRpH
Cys
Kai Zald N N
Netherlans
IrRpc Emir
Ast As h Em
UniArb
rd KZeal
Dk Kingdo Unt r d
ArEmirt
Em Sw
Fh Ic zGy
LuxeNthel
. Dr
Zea MalZeland
Irl
Kingd
PolndPP
CyHDk
PortuglPoug rlI F AsT
ATh Bh.
Portug Dk
Portug Fc
Slve Ir h
Dk Stat
SpaiS King
wi
Tobg UniSlvk
we IFiRpSi
Trind Asi
NthlNethrls
Sw
Nethl CwUTb b Km U
UTgm
Polad Ild
IIlIeIy Iy
Slvlv FFc
Rpubcv
H l T h
AsAs
SlovenKingm
UtPol Om Pold
Pl OmO Omm
Trinai Sz
taes KingTri Cd zh
FDk
Swdn IFGy
SwUnie Cd c C iH
Dk
obag ASwzFiH Dk sT s sAAT s
Ca
ehrls
Kg. Cys Rpc Cy
H Fc K Ch Rpc
HCSwizl
Nethes s
Kigdo Utwizl Pgl
Om Om Omn
Uii
Reblc Ui Reblc pin pin Si Tbo UniSw and
Kingdo Sin and Rplc
Sd
Ab
Lmb Luxmbrg
Lux T b
Dk Prtual
Sd AUTUJpJ Jp . g.
B . Bu C
New MaltaMalNe Kwait
Unit A Tb Ab
A Fc
Slovenia United Fc K.
Ch Ch Bi
Portg GDmk
Bhm. AAi Porugl y Portgl
owyw
Arb Unitd SwdTrinid
Switzerl Kin
GreGc Lux
Kui
Switzld
Luxem
NtrZeaan
Emr
NehlSwzl
Luxe
NorwyNwy
Emira
NthKngo Emis ad Ue
Emrs Bu ethl
Bahi Gm n
Du
Bhm. Auli wtzl
Poland Pola Om Potugl
Oman Porugl Om Porug
Swtzl
New New Nw
New Zel Nw
New Zel Nw
l uxeb
Icelcld Grc Eso
Trinida i D D
C D D
Trinida
Trindad Trindd
UnitUniTrind
ad TridUnitd d
Unit d
UniUnied Sp Uite
Sts Tbg Ses
nd T b Triipi n Tba
vk es SwSwe Tb as
Ui Slvk Kigdo
PolndPortugPrtu
Unitd
GmD BCh C . BCh
Kigdo Du Tob
C Bu Unied
MaltaMaltMt
Ch
HugyGec Cy LxmKuiKr ory owy r
oy
Dk K. CyUDk h .
Hyps
Hungy
ICypy
Ice Greec rec
GreeceGecGHugry Hugry gy
Japan Japan
Japan Japan
Korea. Rep.
Japn
Japan
Korea. Rep.
Japan
Japan
Korea. Rep.
Korea. Rep.
|
10 20 30 40 50
riskfin
tech Fitted values
.
.
.
M2/réserves - risque financier dansles PHR Termes
de l'échange ajustés - risque financier dans les PHR Termes de
l'échange ajustés - risque financier dans les PMFR
| 
