Peningar, bankar og fjármálakerfið
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Peningar, bankar og fjármálakerfið 29. kafli
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Peningar, bankar og fjármálakerfið. 29. kafli. Til hvers eru peningar?. Peningar eru þær eignir, sem fólk notar til að kaupa vörur og þjónustu af öðrum. Sbr. ástralska heimspekinginn, sem sagði: Peningar eru ekki allt, en ef maður á nóg af þeim, getur maður keypt sér allt hitt. - PowerPoint PPT Presentation
Transcript of Peningar, bankar og fjármálakerfið
Chapter 27
Peningar, bankar og fjrmlakerfi29. kafli
1Til hvers eru peningar?Peningar eru r eignir, sem flk notar til a kaupa vrur og jnustu af rumSbr. stralska heimspekinginn, sem sagi: Peningar eru ekki allt, en ef maur ng af eim, getur maur keypt sr allt hitt2rj hlutverk peningaPeningar gegna rem lykilhlutverkum hagkerfinu Gjaldmiill Reiknieining GeymslugagnAfer til a geyma kaupmtt til betri tma31. GjaldmiillGjaldmiill er hver s hlutur, sem er almennt viurkenndur sem greisla viskiptum42. ReiknieiningReiknieining er mlikvarinn, sem menn nota til a skr ver, tekjur, eignir og skuldir til dmis53. GeymslugagnGeymslugagn er hlutur, sem flk getur nota til a geyma kaupmtt fr einum tma til annarsVertryggingKrna ea evra?Hvort vildir heldur fr greitt krnum ea evrum? ;-)
6GreisluhfiGreisluhfi lsir v, hversu auveldlega menn geta skipt eignum snum yfir peningaHagkerfi arfnast peninga lkt og vl arf smurninguPeningalaust hagkerfi er eins og olulaus vl, sem byrjar a hkta og brir san r sr7Tegundir peningaVrumynt er peningar, sem eru eftirsknarverir sjlfum sr Dmi: Gull, silfur, sgarettur Gullftur, silfurfturPapprspeningar eru teknir gildir skv. fyrirmlum almannavaldsins Hafa ekkert gildi sjlfum sr Dmi: Mynt, selar, tkkar8Tegundir peningaPeningar eru selar og mynt hndum almenningsTkkainnstur eru inneignir bankareikningum, sem eigendur reikninganna geta nota sem reiuf me v a skrifa tkkaPeningamagn er nota um peningamagn umfer um hagkerfi9Tegundir peningaPeningar eru selar og mynt hndum almenningsTkkainnstur eru inneignir bankareikningum, sem eigendur reikninganna geta nota sem reiuf me v a skrifa tkkaPeningamagn er skuld bankakerfisins vi almenning10Peningar slandiSkilgreiningMagn umfer gst 2012(makr.)Hva er tali me?M1484Selar og myntFeratkkarTkkareikningar11Peningar slandiSkilgreiningMagn umfer gst 2012(makr.)Hva er tali me?M1484Selar og myntFeratkkarTkkareikningarM2949Allt M1Almennt sparif
Til vimiunar: VLF = 1.279 makr. 12Peningar slandiSkilgreiningMagn umfer gst 2012(makr.)Hva er tali me?M1484Selar og myntFeratkkarTkkareikningarM2949Allt M1Almennt sparif
M31.516Allt M2Bundnir reikningar13Peningar slandiSkilgreiningMagn umfer gst 2012(makr.)Hva er tali me?M1484Selar og myntFeratkkarTkkareikningarM2949Allt M1Almennt sparif
M31.516Allt M2Bundnir reikningarM4Allt M3Verbrfatgfa innlnastofnanaMinnkandi greisluhfi 14Skilgreiningar peningaAlgengasta tegund peninga: Mynt Selar TkkareikningarGreisluhfasti hluti skuldar bankanna vi almenningM115Inniheldur fleiri eignir almennings bnkumVtkara hugtak en M1 og nr yfir M1 og Almennt sparifM2M2 = M1 + almennt sparifSkilgreiningar peninga16Inniheldur enn fleiri eignir almennings bnkumVtkara hugtak en M2 og nr yfir M2 og Bundnir reikningarM3M3 = M2 + bundnir reikningarSkilgreiningar peninga17Inniheldur enn fleiri eignir almennings bnkumVtkara hugtak en M3 og nr yfir M3 og Verbrfatgfa bankaM4M4 = M3 + verbrfatgfa bankaMe bnkum er tt vi viskiptabanka og sparisji, einu nafni innlnastofnanirSkilgreiningar peninga18Grunnf selabankans er skv. skilgreiningu Selar og mynt ogInneign viskiptabanka selabankaSkuld selabanka vi almenningM0M1 = M0 + tkkareikningar inneign banka selabankaSkilgreiningar peninga19Grunnf selabankans er skv. skilgreiningu Selar og mynt ogInneign viskiptabanka selabankaSkuld selabanka vi almenningM0Skilgreiningar peningaM1 = M0 + tkkareikningar inneign banka selabanka20M1, M2 og M3 1995-2012
Heimild: Selabanki slands.21Eignir og skuldir bankanna 2008-2012
Heimild: Selabanki slands.22Peningar gera gagnM/PY (%)19702009Argentna2126Indland2171Ngera937Rssland46Danmrk4490sland3489*Svj4696Sviss100150Bandarkin6288Hlutfall peningamagns og landsframleislu lsir fjrdpt hagkerfisins rosku hagkerfi hafa hrra hlutfall peningamagns og landsframleislu en runarlnd: meiri fjrdpt* 200723Fjrdpt og hagvxtur
r = 0,66JapanSvissJrdanaIndnesaAusturrki87 lndr = rafylgniBotsvana24Verblga og fjrdpt87 lnd
BrasilaNkaragvaArgentnaAusturrkiSvissJapanLeggjum saman myndirnar tvr, og vi blasir fugt samband milli verblgu og hagvaxtar, en a sst ekki me berum augumr = -0,45 /(1+ ) 25179 lnd40 r (1960-2000)Mikil verblga helzt hendur vi litla fjrdpt Fjrdpt VerblgubjgunReynum aftur me strra rtaki (fleiri lndum, lengri tma)Verblga og fjrdpt
Fjrdpt VerblgubjgunFjrdpt = M2/GDPVerblgubjgun = /(1+ ) 26Fjrdpt og hagvxtur haldast hendur179 lnd40 r (1960-2000) Fjrdpt Hagvxtur Fjrdpt og hagvxtur
Hagvxtur mann Fjrdpt 27Hagvxtur stendur fugu sambandi vi verblgu milli landa og sst me berum augum!179 lnd40 r (1960-2000)VerblgubjgunHagvxtur Verblga og hagvxtur
Hagvxtur mann Verblgubjgun28Hva eru peningar?Skuldir bankakerfisins vi almenning .e. vi einkageirann og opinber fyrirtki M = C + T C = selar og mynt, T = tkkareikningar v vari sem skilgreining reikninga er ...Tkkareikningar, almennt sparif, o.s.frv.... eim mun breiari er samsvarandi skilgreining peningamagnsM1, M2, o.s.frv. 29Yfirlit yfir bankakerfi
30Reikningar selabankaEignirSkuldirDGCDBBRCDG = innlend tln til rkisins
DB = innlend tln til viskiptabanka
RC = erlendur gjaldeyrisfori selabanka
C = selar og mynt
B = innstur viskiptabanka selabanka31Reikningar viskiptabankaEignirSkuldirDPDBRBTBDP = innlend tln til einkageirans
RB = erlendur gjaldeyrisfori viskiptabnkum
B = innstur viskiptabanka selabanka
DB = innlend tln fr selabanka til viskiptabanka
T = tkkareikningar og almennt sparif32DG + DP + DB + RB + RC + B = C + T + B + DB Leggjum saman reikninganaDRMSem sagt: M = D + R33Reikningar bankakerfisinsEignirSkuldirDMRD = DG + DB = innlend tln bankakerfisins (hreinar innlendar eignir)
R = RC + RB = erlendur gjaldeyrisfori (hreinar erlendar eignir)
M = peningamagn34nnur sn peningaReikningar bankakerfisins birta okkur ara skilgreiningu peninga:M = D + RM er hr M2 = M1 + almennt sparifGagnleg skilgreiningPeningamagn er summa innlendra tlna bankakerfisins (hreinar innlendar eignir) og erlendrar gjaldeyriseignar bankakerfisins (hreinar erlendar eignir) 35nnur sn peningaM = D + R ir renntPeningamagn er innri strEf R hkkar, hkkar einnig MMikilvgt opnu hagkerfitln bankakerfisins hafa hrif MEf R hkkar, er kannski sta til a draga r D til a hafa hemil MR = M D, svo a R = M - DPeningakenningin um greislujfnu R R = X Z + F ar sem X = tflutningur, Z = innflutningur, og F = fjrmagnsjfnuur36Hlutverk selabankaHelztu markmi selabanka eru Stugt verlag Virkt og ruggt fjrmlakerfiMtun og framkvmd peningastefnuSelatgfa og varzla gjaldeyrisvarasjs Banki bankanna, lnardrottinn ney ,,Lender of last resortBankaeftirlit Ekki lengur, ekki slandiHeyrir n undir srstakt FjrmlaeftirlitHvort tveggja brst37Hlutverk selabankaPeningamagn umfer heitir ru nafni peningaframboMuni tvr af frumreglunum 10:r vxtur peningamagns veldur verblguSamflagi getur urft a velja milli atvinnuleysis og verblgu brStjrn peningamla skiptir mli38Stjrntki selabankaMarkasagerirSala rkisverbrfa minnkar peningamagnKaup rkisverbrfum auka peningamagnBeinar agerirVaxtakvaranirBindiskylda, lausafjrskyldaGengisskrning (kaup og sala gjaldeyris)Fast gengi ea fljtandi?39MarkasagerirPeningamagn er peningamagn umferHelzta verkefni selabanka er a stjrna peningamagninu, rata mealveginnSj hagkerfinu fyrir ngu reiufHafa hemil peningavexti og verblguHelzta afer selabanka til a stra peningamagninu er markasagerirSelabankinn kaupir og selur rkisverbrf40MarkasagerirTil a auka peningamagn kaupir selabankinn rkisverbrf af almenningiTil a minnka peningamagn selur selabankinn almenningi rkisverbrf41Bankar og peningarBankar geta haft hrif upph innstna bankareikningum og um lei peningamagn
42Bankar og peningarVarasjur er innista, sem banki hefur teki vi til varveizlu og ekki lna tBankar geyma hluta innlna varasji vararskyni ea skv. lagaskylduAfgang innlnanna lna eir t43Peningamyndunegar banki lnar f r varasji snum, eykst peningamagni44Innlagnir banka og tln banka hafa hrif peningamagni Innistur banka eru skrar bi sem eignir og skuldir, v a r eru Eign viskiptavinarins bankanumSkuld bankans vi viskiptavininna hlutfall innistna, sem banki arf a geyma varasji, heitir varasjshlutfallVarasjur banka er mist frjls ea bundinnBindiskyldaPeningamyndun45 essi T-reikningur snir banka, sem tekur vi innlgn, geymir hluta hennar varasji, og lnar t afganginn Varasjshlutfalli er segjum 10%EignirSkuldirBnaarbankinnVarasjur 10
tln 90Innista 100Heildareignir 100Heildarskuldir 100Peningamyndun46egar einn banki veitir ln, er lnsf jafnan lagt inn annan bankaetta myndar meiri innistur og leiir til frekari tlna egar banki lnar f r sjum snum, eykst peningamagniPeningamyndun47EignirSkuldir BnaarbankinnVarasjur 10
tln 90Innistur 100Heildareignir100Heildarskuldir100EignirSkuldirtvegsbankinnVarasjur 9
tln81Innistur 90Heildareignir90Heildarskuldir90Peningamagn = 190Peningamyndun48EignirSkuldir BnaarbankinnVarasjur 10
tln 90Innistur 100Heildareignir100Heildarskuldir100EignirSkuldirtvegsbankinnVarasjur 9
tln81Innistur 90Heildareignir90Heildarskuldir90Peningamagn = 190 = (10 + 9)/0,1Peningamyndun49Hversu miki myndast af peningum hagkerfinu??Peningamargfaldarinn50Peningamargfaldarinn er a magn af peningum, sem bankakerfi myndar me hverri krnu, sem geymd er varasjiPeningamargfaldarinn51Peningamargfaldarinn er me rum orum s aukning peningamagns, sem einnar krnu aukning varasjs hefur fr me srPeningamargfaldarinn52Hversu miki myndast af peningum hagkerfinu? Leggjum saman innln:Bnaarbankinn= 100tvegsbankinn= 90 [= 0,9 x 100 kr.]Inaarbankinn= 81 [= 0,9 x 90 kr.]Sparisjur saumakvenna= 72 [= 0,9 x 81 kr.]Heildarframbo peninga= 1.000Peningamargfaldarinn53Peningamargfaldarinn m er andhverfa varasjshlutfallsins h:m = 1/h Ef varasjshlutfalli er 20%, svo a h = 0,2 ... ... er peningamargfaldarinn m = 5Peningamargfaldarinn54tln vera innln, sem vera tln, sem ... Ef innln banka 1 aukast um X kr., ... Hkka innln banka 2 um (1h)X kr., svo a Innln banka 3 hkka um (1h)2X kr., svo a Innln banka 4 hkka um (1h)3X kr. ... ... og annig fram koll af kolliSumma innlnaaukningarinnar S = X + (1h)X+ (1h)2X+ (1h)3X + ...Peningamargfaldarinn55Summa innlnaaukningarinnar S = X + (1h)X+ (1h)2X + (1h)3X + ... Margfldum me 1h bum megin (1h)S = (1h)X+ (1h)2X+ (1h)3X +... Drgum sari jfnuna fr hinni fyrri Margir liir urrkast tPeningamargfaldarinn56Summa innlnaaukningarinnar S = X + (1h)X+ (1h)2X + (1h)3X + ... Margfldum me 1h bum megin (1h)S = (1h)X+ (1h)2X+ (1h)3X + ...Drgum sari jfnuna fr hinni fyrriS (1h)S = X => hS = X S = X/h Ef X = 100 og h = 0,10, er S = 1.000 => Upphafleg innlnsaukning tfaldastPeningamargfaldarinn57 Stjrntki peningastefnunnarMeira um stjrntki selabankaMarkasagerirKaup og sala rkisskuldabrfaBreyting bindiskyldunnarHkkun ea lkkun varasjshlutfallsinsBreyting strivaxtaStrivextir eru eir vextir, sem selabankar taka af lnum til viskiptabankaBorgar sig v ekki fyrir viskiptabanka a lna f vi vxtum undir strivxtumHfum s etta ur58Markasagerir, afturSelabankar eru sagir beita markasagerum, egar eir kaupa rkisverbrf af almenningi ea selja almenningi rkisverbrfegar selabanki kaupir rkisverbrf, eykst peningamagniegar selabanki selur rkisverbrf, minnkar peningamagni
Hfum s etta ur59Breyting bindiskylduBindiskylduhlutfalli er a hlutfall af bankainnstum, sem bnkum er heimilt a lna tHkkun bindiskyldunnar dregur r peningamagniLkkun bindiskyldunnar eykur peningamagnSbr. S = X/hetta er ntt60Breyting strivaxtaStrivextir eru vextirnir, sem selabankar taka af lnum til viskiptabankaHkkun strivaxta dregur r tlnum bankanna og peningamagniLkkun strivaxta eykur tln bankanna og peningamagnetta er ntt61Eitt stjrntki enn: FortlurSjlfstir selabankar geta reynt a beita fortlumRa almenning: tala verblguna niur, tala gengi upp ea niurRa rkisstjrnina: brna hana til ahalds rkisfjrmlum (ea umbta skipulagsmlum atvinnuveganna)etta er ntt62Vandkvi peningastjrnSelabankar geta ekki stjrna peningamagni nkvmlegarj vandaml Selabankar ra ekkiHversu miki f viskiptabankar lna t Hversu miki f flk ks a leggja inn bankareikningaHversu miki af erlendum gjaldeyri streymir inn landi fr tlndum63ViskiptabankarRkisbankar ea einkabankar? Arsemi frekar en atkviRkisbankar Tiltlulega sjaldgfir inrkjum (sbr. zkaland)Algengir runarlndum, en fer fkkandi Rk fyrir rkisbankarekstriEinkabankar vanrkja veikbura og afskekkta viskiptavini, sbr. rkin fyrir rkisflugflgumEinkabnkum httir til samjppunarEinkabankar taka of mikla httuNlegar rannsknir vefengja essi rkRkisbankarekstur, Almannahagur (1990), 30. kafliBankar: r rkiseigu einkaeign, Hagkvmni og rttlti (1993), 19. kafli
64ViskiptabankarRk fyrir einkavingu bankaEinkabankar styrkari en rkisbankarAlmenn rksemd fyrir einkarekstriErlent eignarhald styrkir enn frekartlendingar bja upp reynslu og srekkinguDmi: Austur-Evrpa eftir 1990Samkeppni styrkir einnig vi um erlenda jafnt sem innlenda samkeppniFall Lehman Brothers o.fl. 2008Rothgg?65ViskiptabankarEinfaldur mlikvari hagkvmni bankarekstri: VaxtamunurMunur tlnsvxtum og innlnsvxtumHagkvmt bankakerfi bur lga tlnsvexti og ha innlnsvexti me ltinn vaxtamunhagkvmt bankakerfi bur ha tlnsvexti og lga innlnsvexti me mikinn vaxtamunEinn tilgangur einkavingar er a minnka vaxtamunTil ess arf a tryggja samkeppniAustur-Evrpulndin buu tlendingum a bja bankana hj sr me gum rangriAllir bankar Eistlands eru eigu tlendinga
66Viskiptabankar: Einkaving og vaxtamunurLandHlutur rkis 1999 (%)Hlutur rkis 2003 (%)Vaxtamunur 1999 (%)Vaxtamunur 2006 (%)Lithen44128,24,5*Mexk25012,14,2Plland44245,74,0**Rssland683626,06,3Tkkland1944,24,4sland5,310,4Einkaving Landsbanka og BnaarbankaHeimildir: Aljabankinnog Selabanki slands.* 2004** 200567Bankar kreppu kreppunni miklu (1933-34) var skili milli viskiptabankastarfsemi og fjrfestingarbankastarfsemi bandarskum lgum til a vernda viskiptavini bankannaEftir 1990 var askilnainum afltt fngum a sk bankamannaBankar tku a braska og lna meira en ur, bi Bandarkjunum og Evrpu 68Bankar kreppuVi elilegar kringumstur hefu bankarnir byggt upp varasji til a tryggja lnveitingar snarLnveitingar voru bakaar inn vafninga, sem birtust ekki efnahagsreikningum bankanna, svo a bankarnir urftu ekki a byggja upp samsvarandi varasji og gtu v lna eim mun meira 69Bankar kreppuVafningarnir voru skuldabrf bin til r alls kyns lnumDrullukkurBankarnir fengu matsfyrirtki til a gefa vafningunum har einkunnirBankarnir settu upp dtturfyrirtki, sem gfu t, .e. seldu, hlutabrf fjrfestum, sem tru einkunnum matsfyrirtkjannaKejubrf ea kvejubrf?70Bankar kreppuSan reyndu handhafar brfanna a tryggja sig gegn httunni, sem brfunum flstEnginn gat vita me vissu, hversu httusm brfin voruBankarnir vissu ekki sjlfir, hversu mikla httu eir hfu lagt sig Htt flkjustigMttu samt vita: Undirmlsln
71YfirlitPeningar gegna rem hfuhlutverkum hagkerfinu Greislumiill Reiknieining GeymsluaferVrumynt hefur gildi sjlfri sr Papprspeningar hafa ekkert gildi sjlfum sr, heldur aeins beint 72YfirlitSelabankar vaka yfir peningakerfinu eir stra peningamagni umfer me rennum htti Markasagerir Breytingar bindiskyldu Breytingar strivxtum73Yfirlitegar bankar lna t hluta innstna sparifjreigenda, eykst peningamagn umferar e selabankar geta ekki ri v, hversu miki f viskiptabankar lna t ea hversu miki f flk ks a leggja inn bankareikninga, hafa selabankar ekki fulla stjrn peningamagni74Yfirlitar e selabankar geta ekki heldur ri v, hversu miki af erlendum gjaldeyri streymir til lands fr tlndum, hafa selabankar ekki fulla stjrn peningamagniPeningamagn opnu hagkerfi er v innri strEndir75Chart10-1.5685645316-0.15619332180.6109946099-1.97790472820.3783829667-3.31819114763.9919165917-0.4495994066-2.6634340172-2.9134299918-2.0640881247-0.0485572971-4.2271088293-3.8943292705-0.53524182612.8818761227-0.668409134-2.2708167978-1.3236226479-3.73042037630.0584784474-0.5976124591-1.21616327610.1959260995-2.83478946640.38214127690.1536589157-2.7810501137-3.64044069620.1583523042-2.0258301292-3.7119812583-3.7726747801-2.3349780928-0.70044287941.02271005930.79200717280.4558426033-2.93908286181.3560541914-3.0806766124-2.27688354683.5646487821-4.9377962944-3.24830789671.2014153419-3.6193566845-3.15785933170.9950780361-0.9369011055-1.1817402188-3.0784926734-1.7847848753-2.32242658290.0203098956-1.1433907547-5.6043321157-5.51126219691.0083591976-0.8275352639-1.824862301-2.4498045431-0.6009412347-2.7296630448-1.82336337530.8336644967-3.5583905437-3.4844404531-5.0700776871-2.0110501460.1526119602-0.2500723542-0.4539409527-0.44187964171.7466791992-3.6223320014-0.0607379969-0.1707130746-0.5191757582-0.0340447391-0.0682942021-1.1019626587-2.9549326498-5.1502194104-2.3800431379
Peningamagn 1965-98 (% af VLF)Vxtur VLF mann 1965-98, mia vi upphafstekjur (% ri)
invavGross domestic fixed investment (% of GDP)AfghanistanAlbania33Algeria32American SamoaAndorraAngola16Antigua and Barbuda32Argentina23Armenia21ArubaAustralia24Austria24Azerbaijan30Bahamas, The16Bahrain27Bangladesh20Barbados20Belarus26Belgium20Belize23Benin15BermudaBhutan41Bolivia15Bosnia and HerzegovinaBotswana27Brazil21Brunei8Bulgaria21Burkina Faso21Burundi12Cambodia15Cameroon21Canada22Cape Verde33Cayman IslandsCentral African Republic10Chad7Channel IslandsChile19China31Colombia19Comoros21Congo, Dem. Rep.11Congo, Rep.32Costa Rica21Cote d'Ivoire17Croatia17CubaCyprus26Czech Republic27Denmark23Djibouti13Dominica30Dominican Republic21Ecuador19Egypt, Arab Rep.21El Salvador16Equatorial Guinea56Eritrea24Estonia26Ethiopia14Faeroe IslandsFiji18Finland24France22French PolynesiaGabon34Gambia, The20Georgia10Germany22Ghana12Greece25GreenlandGrenada30GuamGuatemala14Guinea17Guinea-Bissau29Guyana26Haiti11Honduras20Hong Kong, China26Hungary26Iceland24India19Indonesia26Iran, Islamic Rep.21IraqIreland21Isle of ManIsrael23Italy22Jamaica25Japan31Jordan29Kazakhstan22Kenya17Kiribati49Korea, Dem. Rep.Korea, Rep.29Kuwait16Kyrgyz Republic20Lao PDR17Latvia23Lebanon27Lesotho43Liberia11Libya25LiechtensteinLithuania26Luxembourg22Macao, China22Macedonia, FYR17Madagascar11Malawi17Malaysia28Maldives41Mali18Malta26Marshall IslandsMauritania20Mauritius22MayotteMexico20Micronesia, Fed. Sts.35Moldova18MonacoMongolia41Morocco20Mozambique13Myanmar13Namibia19Nepal18Netherlands22Netherlands AntillesNew Caledonia33New Zealand22Nicaragua20Niger11Nigeria20Northern Mariana IslandsNorway27Oman26Pakistan16PalauPanama20Papua New Guinea23Paraguay21Peru21Philippines22Poland20Portugal27Puerto Rico18QatarRomania27Russian Federation23Rwanda13SamoaSao Tome and Principe38Saudi Arabia20Senegal12Seychelles29Sierra Leone7Singapore35Slovak Republic31Slovenia21Solomon IslandsSomalia21South Africa22Spain23Sri Lanka22St. Kitts and Nevis46St. Lucia26St. Vincent and the Grenadines28Sudan11Suriname22Swaziland24Sweden20Switzerland25Syrian Arab Republic21Tajikistan20Tanzania21Thailand29Togo17Tonga23Trinidad and Tobago21Tunisia26Turkey19TurkmenistanUganda12Ukraine23United Arab Emirates28United Kingdom18United States18Uruguay14Uzbekistan24Vanuatu29Venezuela, RB22Vietnam21Virgin Islands (U.S.)West Bank and Gaza34Yemen, Rep.18Yugoslavia, FR (Serbia/Montenegro)Zambia18Zimbabwe17
invGross domestic fixed investment (% of GDP)1965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998Afghanistan0Albania3431333537323132323133Algeria30343332363139424448393433343433323430252626252627292925252732American Samoa0Andorra0Angola1716151211111342631188242016Antigua and Barbuda2119243542392024283646404132383532243335333232Argentina19212122242424242122293131282419201818192023Armenia44281712201618161721Aruba0Australia27262626262626252423242424242325262423232524242524212020212121212124Austria25262524232426282626252425232324242221212221222323232423232424242424Azerbaijan261629384130Bahamas, The111012161719181618171916Bahrain31293341443433302728252122252218131427Bangladesh2223232018191919181919191919192021222220Barbados18212124242623222223192724232223272320161516161719191691313141320Belarus22222534332522252626Belgium22232321212322212123222221212021181716161616161819201919181718171820Belize2325231920171721262726292930242119232423Benin27171291313151213141315161717181715Bermuda0Bhutan3033373936423835373437394550525147464541Bolivia1716151315141310131213141617151616192015Bosnia and Herzegovina0Botswana2121212023324343403125232326293232292424212025283032312825242423211927Brazil192020212324222122232323211817171922232521181819212119202021Brunei37121078Bulgaria2828272726262727272621181613141514111221Burkina Faso181616191917202122192120212320222326282921Burundi67788455679911141514141519181414221517151515151110127812Cambodia911891014182226191515Cameroon16174045412025212119172525211817171417151515161821Canada24252422222222222324242423232323252220202020222223211918181817171922Cape Verde3328222423263440434239394033Cayman Islands0Central African Republic1291178610121213131010111212101214391310Chad223566561155712121214147Channel Islands0Chile1717171817181716152122161618181719141212171719202423202225232425252519China30292926282930293031312626273137363534343531Colombia1617182019212018181917181718181920192220191819222119171821232219171619Comoros2925302734282118171412192017201819202021Congo, Dem. Rep.14810111214141713161511181089109101111131415131367281077811Congo, Rep.3437302623263648603830302920191517202129533459253432Costa Rica1917181718192222222422232223262424201820191920192022202123191917192421Cote d'Ivoire212019171721212022192222263027242422181312121211109998111314161817Croatia14101315141620242417Cuba0Cyprus2021293435343130283127242325282524262321192026Czech Republic2524252525262725272625242828293232302827Denmark28282827282828282827242625252422181818202124232121201918171719192023Djibouti1419171299913Dominica2223274634312837282223314040312825263128312430Dominican Republic1014151616171821212222202022242423192021171924242825222226242221222621Ecuador1112141416172218171823222426242422231715161923212118201920191918192319Egypt, Arab Rep.1615131212121111121625222227302527303027252227343127221916171616182121El Salvador1515151112121316161823202123181414131211121314131314151718191916161616Equatorial Guinea175124226871107618556Eritrea515181929414124Estonia30292924212124272627282926Ethiopia1313121610161519131210914151619191814Faeroe Islands0Fiji181519232318222019161819202123252724211718151614121612121413131218Finland26262523242627282930312827242325252526242423242528272218151515161724France24252524242425252526242423222223222120191919202121212120191818171722French Polynesia0Gabon303147324256614942322733323631414628382621262223212223263234Gambia, The25221918151717162022222221182022171820Georgia24191632467810Germany2323222221212022Ghana99101212981212109576544710910111314161324232121232212Greece27272529302931343527262628293230272525232323212122232221201919192025Greenland0Grenada1192523384239272830313232353528323430353630Guam0Guatemala1312131413131313141516211920191617151010111012131413121616141513151714Guinea1515171718171617171918191917Guinea-Bissau222826282338352435453930314831222223221129Guyana1922252120211818242129342619253029252127303428181928164242273230302926Haiti16161714141314121035391010811Honduras1315181818191715182121202124232519171719171414151820192229282323242820Hong Kong, China3427191616202423222322212426303233312522212224262626272727303131353226Hungary2323252627303130293133323434322926252523222425222219212019202021222326Iceland27283232252530293133322827242425252522222119202019191918161515181924India1515141414141515141516171718181919191919202121212222212221212423232319Indonesia222224252522242425262728272626282830282326Iran, Islamic Rep.1828333330192219172121171513131315222222252428161521Iraq0Ireland21191920232223232424222424273028292622211817161717191717151617181921Isle of Man0Israel2720172125272931333129262223262222232321191820181719242423232424222123Italy22222223242524232526252424232324242321212120202020202019171717171722Jamaica2425263132312825262223171213171418202121221721252827263334333434343125Japan30303233343634343635323130303232312928282727283031323130302928292831Jordan334034333543372927191920232326243034333131272529Kazakhstan3028262317161722Kenya1315191918202322201920202125191819151515141616151516161317161716151417Kiribati621122849595841546569605582635649Korea, Dem. Rep.0Korea, Rep.1521222627252321242727262833343228293029292829303237393736363737352929Kuwait131619171712999612152019121315232521202217141118392017161513141416Kyrgyz Republic3229322316151362123131220Lao PDR67710142629282517Latvia252425262732343534322361114151518192023Lebanon18192529323330272827Lesotho91010101413121519352422304041503441504445486071817975808389864943Liberia151212119911Libya2829272625161824282528252427242130272525Liechtenstein0Lithuania34353228222323232323242426Luxembourg25242120202025252422252222212224222219181620232422242624252223212322Macao, China1717161719181920212530313227201922Macedonia, FYR1717141717171817Madagascar9108878889151412899910131315111111111112121311Malawi201925222231272215151413131214151717171713271410101117Malaysia1718171716192224242727232425263136363632302623242932363638404342432728Maldives242931283139376057605441Mali141414131416161213121416151516161212162121212223232222272323212118Malta2222242831292622192423272522242224262927262428272832302829303229252426Marshall Islands0Mauritania252625251718182022151619182120Mauritius1412131212121414222028272828262322181818192021282631292828312426272322Mayotte0Mexico1718191919201819192021212021232526231818191918191718192019191618202120Micronesia, Fed. Sts.3535Moldova19171616191619202218Monaco0Mongolia63635252565746424634362928252625262641Morocco1112141313151514141525293225242226272423232120202324222223212119212220Mozambique666564512151516161613202319192013Myanmar111112111111101198781317211920211816151513109151513101214141213Namibia2626221715141314151620162022212223211919Nepal131415171516161819182017191718161920222118Netherlands26272728252626242422222022222121201919192020212121212020191919202022Netherlands Antilles0New Caledonia3333New Zealand23242220212322242427292624232121242525252623221920191616182021212022Nicaragua192119161716161519232320231471521171919211413282820162019232429323320Niger25231513101099131311866979111011Nigeria231724322928222124221611101417191815232223201613152020Northern Mariana Islands0Norway28282926242629272930333636313027272728262528282826222120202121212327Oman311391428302631363633302522232726Pakistan2117161514141413111214171917171817171716161717161717171919181717161416Palau0Panama2326261915151719979151823242625272920Papua New Guinea1921212028404126141617171819202327333024182119232625282419141928273023Paraguay1415161515151414161821232425273030242022212424232321222019232322232021Peru2727232020151515202322212120212529302421182020221714141517212423252421Philippines1816181716181818172025262525282728283025171717182123202124242223252122Poland2519202021212223221620181615181921242520Portugal25272924252527302929282729312931343432262424272928282625232324242527Puerto Rico252325242528282823222520161515141411101112111315161616151618Qatar0Romania33313336353434303030303029283020141918202123191827Russian Federation3229232420222121191823Rwanda1010777791091013131314151213141515161616141315141415121516151613Samoa0Sao Tome and Principe3447502948372425323436373939394143404138Saudi Arabia191616161513121481320253031252023283027242424201919202022192017192020Senegal681089101011121312111111121313121312121212131313141414161717192012Seychelles373943323734312221232219232423212127253051363729Sierra Leone33488109118886987Singapore2120202326333738353836363436374144474848423634313232343635343438383735Slovak Republic292927272831283333292737394131Slovenia211819202123242421Solomon Islands0Somalia991111231516162324432325262327242919301521South Africa2423222222242626252529302826262627272624232018192019171615151616161722Spain25252526262624252628262524232222222121191919212324242422202021202123Sri Lanka171514141314151420253127312926242423232222232425272624242522St. Kitts and Nevis56434545454545454546St. Lucia3434332220242525303526252425241921251926St. Vincent and the Grenadines3126303529252225252830272630292426283028303228Sudan1612111111151716131111120011Suriname373223263128201818191614171918181822Swaziland1912201718192219222649412528293232251616222219202526313329331224Sweden25252524232222222221212121192020191919191919192022221917141415151420Switzerland30282727272930313029252122222325252424242425252727272523222221202025Syrian Arab Republic1012111315131417181925313627262823242424242218141615182326262525272721Tajikistan23221520Tanzania181722262726252218161521Thailand1920232324242323222323232625262828272829272628313540423940404141322729Togo2821191815171819181825181611121415131417Tonga23201925282928292724232322212018161523Trinidad and Tobago2621171917213330231620232327272826262626192219131713161414201616272221Tunisia2824242122212020202126293131312831343232282522212231303228272423252526Turkey1111131215151415171916151615151514151725262323242427252425262519Turkmenistan0Uganda12121313121315128117510889810111113151615151517161512Ukraine2523202724242321201923United Arab Emirates313336433627252931292529232422192023232428United Kingdom18181919191919192021202019181918161616171717181921201716151516161618United States19191818181818192019181819212120201918191919181818171516161617171818Uruguay14151814153171571519222123231722201411101011121211121214131212121314Uzbekistan29273232271315182729221924Vanuatu212023293328334129Venezuela, RB1921202224222325251925313740312524241816172021231714182120181615171822Vietnam131110252728282921Virgin Islands (U.S.)0West Bank and Gaza303531393334Yemen, Rep.11141718212121212218Yugoslavia, FR (Serbia/Montenegro)0Zambia293333262738312419171818171513101198713111111131415131318Zimbabwe1211121613151617202122181613131417181817141516161418212224212518181817
enrolavSchool enrollment, secondary (% gross)Afghanistan9Albania53Algeria36American SamoaAndorraAngola12Antigua and BarbudaArgentina56Armenia86ArubaAustralia86Austria92Azerbaijan90Bahamas, The89Bahrain76Bangladesh18Barbados76Belarus96Belgium97Belize43Benin12BermudaBhutan2Bolivia31Bosnia and HerzegovinaBotswana26Brazil33Brunei68Bulgaria80Burkina Faso3Burundi3Cambodia20Cameroon17Canada87Cape Verde14Cayman IslandsCentral African Republic10Chad5Channel IslandsChile55China45Colombia40Comoros14Congo, Dem. Rep.18Congo, Rep.50Costa Rica40Cote d'Ivoire16Croatia79Cuba62Cyprus80Czech Republic94Denmark101Djibouti10DominicaDominican Republic35Ecuador43Egypt, Arab Rep.52El Salvador24Equatorial Guinea15Eritrea18Estonia113Ethiopia9Faeroe IslandsFiji45Finland102France86French Polynesia61Gabon31Gambia, The13Georgia91Germany103Ghana31Greece80GreenlandGrenadaGuam161Guatemala16Guinea12Guinea-Bissau6Guyana71Haiti13Honduras22Hong Kong, China58Hungary72Iceland89India34Indonesia31Iran, Islamic Rep.44Iraq41Ireland90Isle of ManIsrael72Italy72Jamaica58Japan92Jordan48Kazakhstan94Kenya17KiribatiKorea, Dem. Rep.Korea, Rep.72Kuwait70Kyrgyz Republic100Lao PDR16Latvia96Lebanon55Lesotho18Liberia14Libya52LiechtensteinLithuania95Luxembourg64Macao, China66Macedonia, FYR60Madagascar15Malawi6Malaysia48Maldives30Mali7Malta72Marshall IslandsMauritania9Mauritius45MayotteMexico43Micronesia, Fed. Sts.Moldova80MonacoMongolia80Morocco26Mozambique5Myanmar22Namibia52Nepal22Netherlands99Netherlands Antilles110New Caledonia77New Zealand87Nicaragua34Niger4Nigeria19Northern Mariana IslandsNorway94Oman31Pakistan16PalauPanama55Papua New Guinea11Paraguay26Peru53Philippines62Poland76Portugal59Puerto Rico74Qatar66Romania74Russian Federation94Rwanda5Samoa62Sao Tome and PrincipeSaudi Arabia31Senegal12SeychellesSierra Leone13Singapore58Slovak Republic91Slovenia86Solomon Islands18Somalia6South Africa62Spain84Sri Lanka57St. Kitts and NevisSt. LuciaSt. Vincent and the GrenadinesSudan15Suriname45Swaziland35Sweden91Switzerland85Syrian Arab Republic45Tajikistan89Tanzania4Thailand29Togo20TongaTrinidad and Tobago62Tunisia34Turkey37TurkmenistanUganda8Ukraine94United Arab Emirates51United Kingdom88United States91Uruguay67Uzbekistan101Vanuatu17Venezuela, RB33Vietnam41Virgin Islands (U.S.)West Bank and GazaYemen, Rep.13Yugoslavia, FR (Serbia/Montenegro)64Zambia17Zimbabwe26
enrolSchool enrollment, secondary (% gross)1965196619671968196919701971197219731974197519761977197819791980198119821983198419851986198719881989199019911992199319941995199619971998Afghanistan2228888877777101010128888778891314152222229.4375Albania333333353535353548484848486767676160646572727475777841383852.7586206897Algeria777111111111120202020203333333639434751545663626161616262636336.21875American Samoa0Andorra0Angola5558888899999212121151317151414111312121411.5925925926Antigua and Barbuda0Argentina282828444444444454545454545656565759606570697071726973777356.1034482759Armenia8885809085.75Aruba0Australia6262628282828282727272727271717172737679808181828182838413213114314815385.7575757576Austria5252528989898989919191919193939392939395999910010110310410610710610510410392.03125Azerbaijan9595959795919090908785777789.5384615385Bahamas, The88888886869285949194959090888789.4666666667Bahrain5151515151525252525264646470848591979998959610098999998979476.1034482759Bangladesh13131319191919191818181517191919191919191917.7142857143Barbados5252526868686868797979797988888886878892888576.4090909091Belarus989898979798989910010010098939290919293939395.9Belgium757575818181818184848484849191919393969910210210310410310310414214414614696.8709677419Belize383838384243424342414648494942.6428571429Benin33344444999991616161922212118171511121213151516171812Bermuda0Bhutan000111111111123344444562.1304347826Bolivia1818182525252525313131313137373735363739393936363731.16Bosnia and Herzegovina0Botswana3338888815151515151919192121212629313333394352525755636525.6875Brazil1616162626262626262626262634343433343535373738393841434345566233.0967741935Brunei616161616265646564636977777978807768.4705882353Bulgaria54545479797979798989898989858585838387921021027777777574727072787779.84375Burkina Faso111111112222233333345567777883.4482758621Burundi1112222222222333333344455667773.3Cambodia99988888591523293337373632302827292420.0434782609Cameroon555888881313131313181818192021232325262627282928282717.4666666667Canada565656656565656590909090908888889193979810010010010010110210410510410586.9Cape Verde101010101077777888910111213141618202125275513.8461538462Cayman Islands0Central African Republic222444448888814141416161616161312111212109.5555555556Chad11122222333336666678910899104.9230769231Channel Islands0Chile3434343737373737474747474753535354556163697075767472696768707554.8064516129China24242424244646464646464646393636374043454646495255576166697044.5Colombia1717172323232323363636363639393940414143484949495050565860616739.5161290323Comoros333333331313131313222222282725221818181719202114.3703703704Congo, Dem. Rep.5559999917171717172424242423232323232423222122242617.8620689655Congo, Rep.1010101919191919484848484874747479787371757772625453545356555350.064516129Costa Rica24242428282828284343434343484848474644424141404142434546474847484940.2424242424Cote d'Ivoire666999991212121212191919191919192019192121222323232323242516.4242424242Croatia7777777879798078808183857671778378828279.1052631579Cuba2323232626262626494949494981818180777980858790908986827775808162.0967741935Cyprus424242787878787890909093928784808181838793959779.9565217391Czech Republic999999102989392919392939391889092969994.4444444444Denmark83838393939393939595959595105105105105104103104105107108109109109110112115119121101.4193548387Djibouti77777777771212121212121212121212121212111213131410.3793103448Dominica0Dominican Republic12121221212121213636363636424242434953504943363741525435.3333333333Ecuador171717262626262640404040405353535657545858585757555655495043.4482758621Egypt, Arab Rep.26262628282828284040404040515151525457596164646476767575767777757852.4545454545El Salvador1717172222222222191919191924242421242627303027262527293234343724.4193548387Equatorial Guinea7771414141414141414141412332914.6875Eritrea161718192018Estonia127127127125124123121119114109104126102100949496104104112.6315789474Ethiopia2224444466666999101112121314151515141311111112128.875Faeroe Islands0Fiji2020202929292929444444444455555554545353515253525456616444.5357142857Finland7676761021021021021028989898989100100100101102105106106105107110114116121118118116116118101.9375France565656737373737382828282828585858586888990919294959910110211011111111186.03125French Polynesia50505051585761606263656871747861.2Gabon111111151515151530303030303434343435383943424341414344475631.2413793103Gambia, The666888889999911111112141617161615161619192222252513.0967741935Georgia1091091091119589787774767791.2727272727Germany98100106106105104104103.2857142857Ghana13131314141414143636363636414141404242414039403939363631.3333333333Greece494949636363636378787878788181818583878991939393939396939595959580.125Greenland0Grenada0Guam169169169165145155156159156157171161Guatemala8888888812121212121919191918191921222324252626262616.3793103448Guinea55512121212121414141414171717161616141311111010101111121212131412.3636363636Guinea-Bissau2228888844444666810121197676.4166666667Guyana535353646464646472727272727777777469656977788283837976767775737471.25Haiti5558888814141414161820201920212113.3Honduras10101013131313131616161616303030313334343533333222.0833333333Hong Kong, China292929363636363649494949496464646566687071747580828081807357.5517241379Hungary6363636363636363636370707072757574727069707579808494969872.25Iceland7272728080808080828282828286868687878889919494969810010210310310310410988.5India272727242424242426262626263030303133353738383839434445494949494933.96875Indonesia121212161616161620202020202929293135373941464848464444444548525631.46875Iran, Islamic Rep.181818272727272745454545454242424339404245464751535559646972757744.28125Iraq282828242424242435353535355757575954525354524948484745444241.275862069Ireland5151517474747474878787878790909092939596989999999910110311111411511611889.875Isle of Man0Israel4848485757575757666666666673737375777880808384838385888887888871.7741935484Italy474747616161616171717171717272727171717273757779818385869193949572.3125Jamaica51515146464646465959595959676767636361616164636465656558.2962962963Japan828282878787878792929292929393939493929395969797969796969910010392.3870967742Jordan38383833333333334848484848595959585654545252535343454748515355565747.9696969697Kazakhstan9393931031021019896949288848794.1538461538Kenya44499999131313131320202019192121212123232624282726252417.0967741935Kiribati0Korea, Dem. Rep.0Korea, Rep.35353542424242425656565656787878798186899294939291908991959810110271.625Kuwait52525263636363636767676767808080838789919189888685435154586264656569.6060606061Kyrgyz Republic110110110109104102100999590887999.6666666667Lao PDR22244444888882121212122232324252726262522242627272916.4375Latvia999999101102103103103103101100979389878787858495.8947368421Lebanon26262642424242424747474747595959606259566168676670747679818155.3333333333Lesotho4447777713131313131818182020222323242526262525262729313117.78125Liberia555101010101017171717172222221713.7058823529Libya1414142121212121555555555576767676775986959851.8636363636Liechtenstein0Lithuania11411411410598959288838182848695.0769230769Luxembourg333333484848484859595959597171717374767675757072747569727481858864.25Macao, China6165687166.25Macedonia, FYR6161616363636160595858575655575759616359.6315789474Madagascar88810101010101313131313322820191918161716161614.8333333333Malawi22244444444445555566666778991113175.8709677419Malaysia28282834343434344646464646484848494951535356585858565758585659616447.9393939394Maldives444571044495256606930.3333333333Mali44455555777778888777666777889101112137.1212121212Malta262626545454545485858585857575757980818078777881848488878788848472.4375Marshall Islands0Mauritania11122222444441111111213141515161615141414151516169.2258064516Mauritius262626313131313138383838385050505050515049484950535355575960626544.8125Mayotte0Mexico1717172323232323363636363649494953555656565656545353545658616443.0322580645Micronesia, Fed. Sts.0Moldova78787886838077758482818180.25Monaco0Mongolia666666838383838379797979799292929190898991909088888274646359595679.59375Morocco111111131313131317171717172626262830323335373837373536363738393925.875Mozambique333444443333355555667768877775Myanmar15151521212121212222222222222222242424232324242620232525263022.2333333333Namibia39394243445056596362616251.6666666667Nepal555101010101013131313132222221921232425272830323335373838404221.5Netherlands61616175757575758989898989939393959810110211711811811811912012112314013913713299.375Netherlands Antilles11311311311111396109.8333333333New Caledonia6771737374757677798410077.1818181818New Zealand7575757777777777818181818183838383838686858585878889919410110911211411386.5151515152Nicaragua14141417171717172323232323414141393842373437373741474747474950555733.5151515152Niger111111112222255556665566676677774.09375Nigeria5555555588888181818223540413434272724252629313318.7333333333Northern Mariana Islands0Norway64646484848484848888888888949494959797979796959610110310511312511611611993.8125Oman11111121212141821242729323540465157626567676730.52Pakistan12121213131313131515151515141414151516171718181920232615.6296296296Palau0Panama3434343939393939565656565661616161605960616161616363646566686954.9032258065Papua New Guinea44488888121212121212121212121112121212131312131314151410.9032258065Paraguay131313161616161620202020202727272930313231303030313134373941444726.46875Peru252525313131313146464646465959595959616264646567676766666970727352.75Philippines41414146464646465454545454646464636667686467687174737576777878777861.6666666667Poland6969696262626262727272727277777777767678787981818282829294989876.1935483871Portugal4242425656565656555555555537373737434752576557586067789410210611158.9032258065Puerto Rico787878707070707076767676767374.0714285714Qatar3636363636545454545466666670757780827880818281798483828065.7857142857Romania3939394545454545656565656594949491989895949094991019286837978787874.46875Russian Federation969696969697979796959391888794.3571428571Rwanda22233333444443334557666778114.5185185185Samoa69676650486767636262.1111111111Sao Tome and Principe0Saudi Arabia444121212121222222222223030303132353640414242444445485255586130.5625Senegal777999991111111111111111121212131414151616161716161616161612.3333333333Seychelles0Sierra Leone5559999912121212121414141617181918192018181713.1538461538Singapore454545464646464652525252526060605354575962676970706867676772737457.9375Slovak Republic888990949491Slovenia6172818686878889909191919091919286.0625Solomon Islands16161619202021191919141616171717.6666666667Somalia2224444444444999111212985.9523809524South Africa1515155863687074788186919562.2307692308Spain38383856565656567373737373878787899189919910110310410210410711211611812212084Sri Lanka3535354747474747484848484855555556575961636570727374737475767557.0322580645St. Kitts and Nevis0St. Lucia0St. Vincent and the Grenadines0Sudan44477777141414141416161617182020212124242314212114.6071428571Suriname2828284242424242525252525235353544434350535252515255474544.5Swaziland888191919191932323232323838383940404039383940464446535052535434.5625Sweden62626286868686867878787878888888878787869190919190909212112713213714090.90625Switzerland373737606060606097979797979494949495969696969798999910010010210110085.3870967742Syrian Arab Republic282828383838383843434343434646464850545658595857545249484745434345.25Tajikistan102101948283817888.7142857143Tanzania2223333333333333333334445555555563.5757575758Thailand14141417171717172525252525292929293031313129282828303337424854565929.1818181818Togo5557777719191919193333333228242021212422252423242325272719.8125Tonga0Trinidad and Tobago36363643434343434848484848696969737577788385848480787876757462.3333333333Tunisia16161623232323232121212121272727303234363939404444454649535760656434.1212121212Turkey161616262626262630303030303535353636384042434446464749525356575836.75Turkmenistan0Uganda44444444444445555891010131314131312121112127.5483870968Ukraine9494949495959696979796959391919194.3125United Arab Emirates222222222233333333335252525657575555555760636769727780788050.6551724138United Kingdom66666673737373738282828282848484848585848483828283868912713013413312987.65625United States8484848484848484848491919194959796989493959799979790.6Uruguay4444445959595959616161616162626265656871747477788184838282828566.7419354839Uzbekistan1061061061071031019998959494100.8181818182Vanuatu13141617182116.5Venezuela, RB2727273535353535444444444421212121212123363736353535353535354032.8709677419Vietnam39393939394242424344444035323132364147525740.7142857143Virgin Islands (U.S.)0West Bank and Gaza0Yemen, Rep.333233413.2Yugoslavia, FR (Serbia/Montenegro)6565656365656362646263.9Zambia77713131313131515151515161616161618192021212223242526272717.1333333333Zimbabwe6668888888888888152229374245495051505248454547495025.696969697
Sheet13SUMMARY OUTPUTRegression StatisticsMultiple R0.5737815225R Square0.3292252355Adjusted R Square0.3132544078Standard Error1.5732048412Observations87ANOVAdfSSMSFSignificance FRegression2102.039009918251.019504959120.61416234380.000000052Residual84207.8977716912.4749734725Total86309.9367816092CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95,0%Upper 95,0%Intercept6.43830055981.45014383184.4397668830.00002720623.55452979469.3220713253.55452979469.322071325X Variable 1-0.48642006430.1726498687-2.8173787090.0060344544-0.8297533483-0.1430867803-0.8297533483-0.1430867803X Variable 2-0.10500827750.0163967754-6.40420294040.0000000083-0.1376150719-0.0724014832-0.1376150719-0.0724014832
Sheet11growloginitialnatcapArgentina0.49.23799772226.696826371Australia1.79.433151001511.8888646713Austria2.69.20249841082.6420988814Bangladesh1.46.790419186514.0603019806Belgium2.39.31953069020.0031573346Benin0.16.72045440767.6781900212Botswana7.76.21700316376.3024055806Brazil2.28.0552553687.8943853751Burkina Faso0.96.468213443316.9105821387Burundi0.96.034049440319.858418379Cameroon1.36.814414260521.0766837975Canada1.89.446412363411.0685745233Central African Republic-1.27.399640802830.1604566305Chad-0.66.935563344737.1325291845Chile1.98.4275267439.7819326896China6.85.8522292477.2292954215Colombia28.02258881577.1833128922Congo1.46.28172348914.4655021437Costa Rica1.28.27403718618.2053352011Cote DIvoire-0.87.567558089718.0092682809Denmark1.99.4586312283.752806155Dominican Republic2.37.624535073812.4072483882Ecuador1.87.418649769717.0110923064Egypt3.56.91864000194.549943069El Salvador-0.48.42831234892.8458000419Finland2.49.15238928976.6016663659France2.19.2765928272.7346517399Gambia, The0.47.13229344111.8440152796Ghana-0.87.72382435847.2206956475Greece2.48.76373856693.6569791251Guatemala0.77.92286669353.3093855066Guinea-Bissau-0.16.383902227744.2038881196Haiti-0.87.49417554386.6825305899Honduras0.67.55964277679.9403496046India2.76.751277540619.7876902014Indonesia4.76.270481685512.3779853184Ireland38.82218643798.1173822728Italy2.59.10671680461.3203943212Jamaica-0.48.24718768036.7756897446Japan3.58.93341586880.7579078453Jordan-0.48.00128408261.5889017075Kenya1.36.44485586089.4394400864Korea, Republic of6.67.38532637871.7496212371Lesotho3.16.68601787473.3323420911Madagascar-1.87.20741165641.8706127144Malawi0.56.147145939311.7824150784Malaysia4.17.62284667148.6182246529Mali-0.16.544761840741.0409471862Mauritania-0.17.346236898121.5698849796Mauritius3.87.78550917161.2451930582Mexico1.58.42464509915.8854053392Morocco1.87.47843174174.0752593373Mozambique0.56.442061316312.6813127959Namibia0.78.341486123410.0710337823Nepal1.16.713098794917.6975373541Netherlands1.99.39234451581.5237177791New Zealand0.79.455385014718.4727960894Nicaragua-3.38.654875539313.8777325795Niger-2.57.427161395554.2411464265Norway39.197921532410.0163965192Pakistan2.76.53055823285.5518977655Panama0.78.27188430036.4728756422Papua New Guinea0.57.53389391819.324472218Paraguay2.37.618754042611.5387043459Peru-0.38.43721532327.7837271292Philippines0.97.92715066566.1743095574Portugal1.88.33965796162.3125594132Rwanda06.476972362921.7082886596Saudi Arabia0.59.094351171941.9854053764Senegal-0.47.300073890416.7851468008Sierra Leone-1.66.630343885928.0091651967South Africa0.18.99054523895.0425815847Spain2.38.9274378012.8565179858Sri Lanka37.01242362217.4207066645Sweden1.49.43706265485.6079865315Switzerland1.29.80534613550.8684408555Thailand57.00678209696.4858812305Togo-0.67.407936643315.1840460951Trinidad and Tobago2.68.03591115669.4872736157Tunisia2.77.6712508047.9080143402Turkey2.18.10809163065.0186676901United Kingdom1.99.29794769261.8589749751United States1.69.75947239174.1124071563Uruguay1.28.658990537411.6454530636Venezuela-0.88.914335197818.9294842611Zambia-27.185836629437.7701037898Zimbabwe0.57.65504743258.483433079
Fig. 1idnatcapgrowadj3Argentina6.70-1.6Australia11.89-0.2Austria2.640.6Bangladesh14.06-2.0Belgium0.000.4Benin7.68-3.3Botswana6.304.0Brazil7.89-0.4Burkina Faso16.91-2.7Burundi19.86-2.9Cameroon21.08-2.1Canada11.07-0.0Central African Republic30.16-4.2Chad37.13-3.9Chile9.78-0.5China7.232.9Colombia7.18-0.7Congo14.47-2.3Costa Rica8.21-1.3Cote DIvoire18.01-3.7Denmark3.750.1Dominican Republic12.41-0.6Ecuador17.01-1.2Egypt4.550.2El Salvador2.85-2.8Finland6.600.4France2.730.2Gambia, The11.84-2.8Ghana7.22-3.6Greece3.660.2Guatemala3.31-2.0Guinea-Bissau44.20-3.7Haiti6.68-3.8Honduras9.94-2.3India19.79-0.7Indonesia12.381.0Ireland8.120.8Italy1.320.5Jamaica6.78-2.9Japan0.761.4Jordan1.59-3.1Kenya9.44-2.3Korea, Republic of1.753.6Madagascar41.87-4.9Malawi11.78-3.2Malaysia8.621.2Mali41.04-3.6Mauritania21.57-3.2Mauritius1.251.0Mexico5.89-0.9Morocco4.08-1.2Mozambique12.68-3.1Namibia10.07-1.8Nepal17.70-2.3Netherlands1.520.0New Zealand18.47-1.1Nicaragua13.88-5.6Niger54.24-5.5Norway10.021.0Pakistan5.55-0.8Panama6.47-1.8Papua New Guinea19.32-2.4Paraguay11.54-0.6Peru7.78-2.7Philippines6.17-1.8Portugal2.310.8Rwanda21.71-3.6Senegal16.79-3.5Sierra Leone28.01-5.1South Africa5.04-2.0Spain2.860.2Sri Lanka7.42-0.3Sweden5.61-0.5Switzerland0.87-0.4Thailand6.491.7Togo15.18-3.6Trinidad and Tobago9.49-0.1Tunisia7.91-0.2Turkey5.02-0.5United Kingdom1.86-0.0United States4.11-0.1Uruguay11.65-1.1Venezuela18.93-3.0Zambia37.77-5.2Zimbabwe8.48-2.4
Fig. 10000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Share of natural capital in national wealth 1994 (%)Growth of GNP per capita 1965-1998, adjusted for initial income (%)Figure 1. Economic growth and natural capital
Fig. 20000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Share of natural capital in national wealth 1994 (%)Growth of GNP per capita 1965-1998, adjusted for initial income (%)
Fig. 3idnatcapinvestArgentina6.722.8Australia11.923.7Austria2.623.8Bangladesh14.120.0Belgium0.019.5Benin7.715.2Botswana6.326.9Brazil7.920.7Burkina Faso16.921.0Burundi19.911.5Cameroon21.121.5Canada11.121.5Central African Republic30.210.4Chad37.17.5Chile9.819.0China7.230.6Colombia7.219.0Congo14.531.7Costa Rica8.220.6Cote DIvoire18.017.3Denmark3.822.9Dominican Republic12.420.8Ecuador17.019.2Egypt4.520.8El Salvador2.815.5Finland6.624.0France2.721.8Gambia, The11.819.5Ghana7.211.9Greece3.725.4Guatemala3.314.3Guinea-Bissau44.229.2Haiti6.710.9Honduras9.919.8India19.818.6Indonesia12.425.5Ireland8.121.0Italy1.321.6Jamaica6.824.9Japan0.830.8Jordan1.629.4Kenya9.417.4Korea, Republic of1.729.4Madagascar41.910.5Malawi11.817.4Malaysia8.628.4Mali41.017.5Mauritania21.620.4Mauritius1.221.8Mexico5.919.6Morocco4.120.4Mozambique12.712.7Namibia10.119.1Nepal17.717.5Netherlands1.521.8New Zealand18.522.2Nicaragua13.920.0Niger54.211.4Norway10.026.7Pakistan5.616.3Panama6.519.6Papua New Guinea19.323.4Paraguay11.520.8Peru7.821.0Philippines6.221.6Portugal2.327.0Rwanda21.712.6Senegal16.812.4Sierra Leone28.07.4South Africa5.022.2Spain2.923.0Sri Lanka7.422.1Sweden5.619.9Switzerland0.925.2Thailand6.528.7Togo15.217.3Trinidad and Tobago9.521.3Tunisia7.926.1Turkey5.018.6United Kingdom1.918.0United States4.118.3Uruguay11.614.4Venezuela18.921.9Zambia37.817.8Zimbabwe8.517.0
Fig. 30000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Share of natural capital in national wealth 1994 (%)Gross domestic investment 1965-1998 (% of GNP)Figure 3a. Investment and natural capital
Fig. 40000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Share of natural capital in national wealth 1994 (%)Gross domestic investment 1965-98 (% of GNP)
Fig. 5idinvestgrowadj3Argentina22.8-1.6Australia23.7-0.2Austria23.80.6Bangladesh20.0-2.0Belgium19.50.4Benin15.2-3.3Botswana26.94.0Brazil20.7-0.4Burkina Faso21.0-2.7Burundi11.5-2.9Cameroon21.5-2.1Canada21.5-0.0Central African Republic10.4-4.2Chad7.5-3.9Chile19.0-0.5China30.62.9Colombia19.0-0.7Congo31.7-2.3Costa Rica20.6-1.3Cote DIvoire17.3-3.7Denmark22.90.1Dominican Republic20.8-0.6Ecuador19.2-1.2Egypt20.80.2El Salvador15.5-2.8Finland24.00.4France21.80.2Gambia, The19.5-2.8Ghana11.9-3.6Greece25.40.2Guatemala14.3-2.0Guinea-Bissau29.2-3.7Haiti10.9-3.8Honduras19.8-2.3India18.6-0.7Indonesia25.51.0Ireland21.00.8Italy21.60.5Jamaica24.9-2.9Japan30.81.4Jordan29.4-3.1Kenya17.4-2.3Korea, Republic of29.43.6Madagascar10.5-4.9Malawi17.4-3.2Malaysia28.41.2Mali17.5-3.6Mauritania20.4-3.2Mauritius21.81.0Mexico19.6-0.9Morocco20.4-1.2Mozambique12.7-3.1Namibia19.1-1.8Nepal17.5-2.3Netherlands21.80.0New Zealand22.2-1.1Nicaragua20.0-5.6Niger11.4-5.5Norway26.71.0Pakistan16.3-0.8Panama19.6-1.8Papua New Guinea23.4-2.4Paraguay20.8-0.6Peru21.0-2.7Philippines21.6-1.8Portugal27.00.8Rwanda12.6-3.6Senegal12.4-3.5Sierra Leone7.4-5.1South Africa22.2-2.0Spain23.00.2Sri Lanka22.1-0.3Sweden19.9-0.5Switzerland25.2-0.4Thailand28.71.7Togo17.3-3.6Trinidad and Tobago21.3-0.1Tunisia26.1-0.2Turkey18.6-0.5United Kingdom18.0-0.0United States18.3-0.1Uruguay14.4-1.1Venezuela21.9-3.0Zambia17.8-5.2Zimbabwe17.0-2.4
Fig. 50000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Gross domestic investment 1965-1998 (% of GNP)Growth of GNP per capita 1965-1998, adjusted for initial income (%)Figure 3b. Economic growth and investment
App.0000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Gross domestic investment 1965-1998 (% of GNP)Growth of GNP per capita 1965-98, adjusted for initial income (%)
monav2natcapgensavArgentina6.711.1Remove LesothoAustralia11.98.6Austria2.617.9Bangladesh14.12.4Belgium0.015.0Benin7.7-0.1Botswana6.323.1Brazil7.914.0Burkina Faso16.9-2.4Burundi19.9-5.2Cameroon21.19.3Canada11.111.8Central African Republic30.2-1.4Chad37.1-4.9Chile9.82.6China7.216.2Colombia7.28.9Congo14.51.2Costa Rica8.216.0Cote DIvoire18.018.9Denmark3.815.4Dominican Republic12.49.0Ecuador17.03.6Egypt4.5-0.3El Salvador2.83.1Finland6.615.7France2.715.0Gambia, The11.8-5.9Ghana7.21.2Greece3.711.3Guatemala3.33.0Guinea-Bissau44.2-5.2Haiti6.7-5.9Honduras9.913.4India19.88.2Indonesia12.49.9Ireland8.115.8Italy1.314.6Jamaica6.87.0Japan0.822.5Jordan1.6-7.4Kenya9.49.1Korea, Republic of1.720.9Madagascar41.90.5Malawi11.85.0Malaysia8.619.4Mali41.00.3Mauritania21.6-20.6Mauritius1.216.0Mexico5.97.1Morocco4.18.2Mozambique12.7-12.2Namibia10.1-5.4Nepal17.70.2Netherlands1.518.5New Zealand18.517.8Nicaragua13.90.3Niger54.2-0.4Norway10.017.1Pakistan5.60.1Panama6.520.7Papua New Guinea19.3-1.3Paraguay11.511.8Peru7.88.0Philippines6.210.2Portugal2.315.0Rwanda21.7-5.9Senegal16.81.4Sierra Leone28.0-2.9South Africa5.04.0Spain2.913.5Sri Lanka7.49.1Sweden5.615.1Switzerland0.920.3Thailand6.520.1Togo15.210.0Trinidad and Tobago9.5-2.3Tunisia7.911.2Turkey5.010.9United Kingdom1.98.7United States4.17.6Uruguay11.69.1Venezuela18.9-1.7Zambia37.8-2.2Zimbabwe8.511.7
monav20000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Share of natural capital in national wealth 1994 (%)Genuine domestic saving 1970-1998 (% of GDP)Figure 4a. Genuine saving and natural capital
monav3gensavgrowadj3Argentina11.1-1.6Australia8.6-0.2Austria17.90.6Remove LesothoBangladesh2.4-2.0Belgium15.00.4Benin-0.1-3.3Botswana23.14.0Brazil14.0-0.4Burkina Faso-2.4-2.7Burundi-5.2-2.9Cameroon9.3-2.1Canada11.8-0.0Central African Republic-1.4-4.2Chad-4.9-3.9Chile2.6-0.5China16.22.9Colombia8.9-0.7Congo1.2-2.3Costa Rica16.0-1.3Cote DIvoire18.9-3.7Denmark15.40.1Dominican Republic9.0-0.6Ecuador3.6-1.2Egypt-0.30.2El Salvador3.1-2.8Finland15.70.4France15.00.2Gambia, The-5.9-2.8Ghana1.2-3.6Greece11.30.2Guatemala3.0-2.0Guinea-Bissau-5.2-3.7Haiti-5.9-3.8Honduras13.4-2.3India8.2-0.7Indonesia9.91.0Ireland15.80.8Italy14.60.5Jamaica7.0-2.9Japan22.51.4Jordan-7.4-3.1Kenya9.1-2.3Korea, Republic of20.93.6Madagascar0.5-4.9Malawi5.0-3.2Malaysia19.41.2Mali0.3-3.6Mauritania-20.6-3.2Mauritius16.01.0Mexico7.1-0.9Morocco8.2-1.2Mozambique-12.2-3.1Namibia-5.4-1.8Nepal0.2-2.3Netherlands18.50.0New Zealand17.8-1.1Nicaragua0.3-5.6Niger-0.4-5.5Norway17.11.0Pakistan0.1-0.8Panama20.7-1.8Papua New Guinea-1.3-2.4Paraguay11.8-0.6Peru8.0-2.7Philippines10.2-1.8Portugal15.00.8Rwanda-5.9-3.6Senegal1.4-3.5Sierra Leone-2.9-5.1South Africa4.0-2.0Spain13.50.2Sri Lanka9.1-0.3Sweden15.1-0.5Switzerland20.3-0.4Thailand20.11.7Togo10.0-3.6Trinidad and Tobago-2.3-0.1Tunisia11.2-0.2Turkey10.9-0.5United Kingdom8.7-0.0United States7.6-0.1Uruguay9.1-1.1Venezuela-1.7-3.0Zambia-2.2-5.2Zimbabwe11.7-2.4
monav30000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Genuine domestic saving 1970-1998 (% of GDP)Growth of GNP per capita 1965-1998, adjusted for initial income (%)Figure 4b. Economic growth and genuine saving
Fig. 8natcapinvestenrolgensavgrow1998growadjArgentina6.72356110.411728-1.5Australia11.9248691.721795-0.1Austria2.62492182.6231450.6Bangladesh14.1201821.41407-1.7Belgium0.02097152.3236220.4Benin7.71512-00.1857-3.1Botswana6.32726237.757964.3Brazil7.92133142.26460-0.3Burkina Faso16.9213-20.9866-2.4Burundi19.9123-50.9561-2.6Cameroon21.1211791.31395-1.8Canada11.12287121.822814-0.0Central African Republic30.21010-1-1.21098-4.0Chad37.175-5-0.6843-3.7Chile9.8195531.98507-0.4China7.23145166.830513.2Colombia7.21940925861-0.5Congo14.5325011.4846-2.0Costa Rica8.22140161.25812-1.2Cote DIvoire18.0171619-0.81484-3.6Denmark3.823101151.9238550.1Dominican Republic12.4213592.34337-0.4Ecuador17.0194341.83003-1.0Egypt4.52152-03.531460.4El Salvador2.816243-0.44008-2.7Finland6.624102162.4206410.4France2.72286152.1212140.2Gambia, The11.82013-60.41428-2.6Ghana7.212311-0.81735-3.5Greece3.72580112.4139940.2Guatemala3.3141630.73474-1.9Guinea-Bissau44.2296-5-0.1573-3.4Haiti6.71113-6-0.81379-3.6Honduras9.92022130.62338-2.2India19.8193482.72060-0.5Indonesia12.42631104.724071.3Ireland8.12190163179910.9Italy1.32272152.5203650.5Jamaica6.825587-0.43344-2.8Japan0.83192223.5235921.4Jordan1.62948-7-0.42615-2.9Kenya9.4171791.3964-2.0Korea, Republic of1.72972216.6132863.8Lesotho3.34318-553.12194-0.1Madagascar41.911150-1.8741-4.7Malawi11.817650.5551-2.9Malaysia8.62848194.176991.4Mali41.01870-0.1673-3.4Mauritania21.6209-21-0.11500-3.0Mauritius1.22245163.882361.1Mexico5.9204371.57450-0.8Morocco4.1202681.83188-1.0Mozambique12.7135-120.5740-2.8Namibia10.11952-50.75280-1.7Nepal17.7182201.11181-2.1Netherlands1.52299181.9223250.0New Zealand18.52287180.716084-1.1Nicaragua13.920340-3.31896-5.5Niger54.2114-0-2.5729-5.3Norway10.02794173261961.0Pakistan5.6161602.71652-0.6Panama6.52055210.74925-1.7Papua New Guinea19.32311-10.52205-2.3Paraguay11.52126122.34312-0.4Peru7.821538-0.34180-2.6Philippines6.22262100.93725-1.7Portugal2.32076131.87543-0.6Rwanda21.7135-60650-3.3Saudi Arabia42.02031-210.510498-1.5Senegal16.812121-0.41297-3.3Sierra Leone28.0713-3-1.6445-4.8South Africa5.0226240.18296-2.0Spain2.92384132.3159600.2Sri Lanka7.42257932945-0.0Sweden5.62091151.419848-0.4Switzerland0.92585201.226876-0.5Thailand6.5292920555242.0Togo15.2172010-0.61352-3.4Trinidad and Tobago9.52162-22.672080.1Tunisia7.92634112.75169-0.0Turkey5.01937112.16594-0.4United Kingdom1.9188891.920314-0.0United States4.1189181.629240-0.1Uruguay11.6146791.28541-1.0Venezuela18.92233-2-0.85706-2.9Zambia37.81817-2-2678-4.9Zimbabwe8.51726120.52489-2.2
Fig. 7natcapMoney and quasi money (M2) as % of GDPnatcapmgrowadjmArgentina6.70Argentina16Argentina6.7016Argentina-1.5416Australia11.89Australia46Australia11.8946Australia-0.1546Austria2.64Austria71Austria2.6471Austria0.6471Bangladesh14.06Bangladesh20Bangladesh14.0620Bangladesh-1.7420Belgium0.00Belgium64Belgium0.0064Belgium0.3964Benin7.68Benin19Benin7.6819Benin-3.0719Botswana6.30Botswana20Botswana6.3020Botswana4.2920Brazil7.89Brazil17Brazil7.8917Brazil-0.3217Burkina Faso16.91Burkina Faso15Burkina Faso16.9115Burkina Faso-2.3915Burundi19.86Burundi14Burundi19.8614Burundi-2.6014Cameroon21.08Cameroon17Cameroon21.0817Cameroon-1.8217Canada11.07Canada45Canada11.0745Canada-0.0445Central African Republic30.16Central African Republic17Central African Republic30.1617Central African Republic-4.0417Chad37.13Chad11Chad37.1311Chad-3.6611Chile9.78Chile25Chile9.7825Chile-0.4425China7.23China65China7.2365China3.2165Colombia7.18Colombia16Colombia7.1816Colombia-0.5416Congo14.47Congo, Rep.17Congo14.4717Congo, Rep.-1.9817Costa Rica8.21Costa Rica32Costa Rica8.2132Costa Rica-1.2132Cote DIvoire18.01Cote d'Ivoire27Cote DIvoire18.0127Cte d'Ivoire-3.5627Denmark3.75Denmark49Denmark3.7549Denmark0.0649Dominican Republic12.41Dominican Republic21Dominican Republic12.4121Dominican Republic-0.4321Ecuador17.01Ecuador20Ecuador17.0120Ecuador-1.0320Egypt4.55Egypt, Arab Rep.60Egypt4.5560Egypt, Arab Rep.0.4360El Salvador2.85El Salvador29El Salvador2.8529El Salvador-2.7429Finland6.60Finland46Finland6.6046Finland0.4146France2.73France55France2.7355France0.1755Gambia, The11.84Gambia, The22Gambia, The11.8422Gambia, The-2.5722Ghana7.22Ghana17Ghana7.2217Ghana-3.4817Greece3.66Greece42Greece3.6642Greece0.2242Guatemala3.31Guatemala21Guatemala3.3121Guatemala-1.8821Guinea-Bissau44.20Guinea-Bissau14Guinea-Bissau44.2014Guinea-Bissau-3.4314Haiti6.68Haiti24Haiti6.6824Haiti-3.5924Honduras9.94Honduras24Honduras9.9424Honduras-2.1624India19.79India32India19.7932India-0.4532Indonesia12.38Indonesia22Indonesia12.3822Indonesia1.3122Ireland8.12Ireland52Ireland8.1252Ireland0.8552Italy1.32Italy64Italy1.3264Italy0.4964Jamaica6.78Jamaica36Jamaica6.7836Jamaica-2.8336Japan0.76Japan91Japan0.7691Japan1.4191Jordan1.59Jordan79Jordan1.5979Jordan-2.9579Kenya9.44Kenya29Kenya9.4429Kenya-2.0029Korea, Republic of1.75Korea, Rep.31Korea, Republic of1.7531Korea, Rep.3.7531Lesotho3.33Lesotho35Lesotho3.3335Lesotho-0.0935Madagascar41.87Madagascar17Madagascar41.8717Madagascar-4.7317Malawi11.78Malawi19Malawi11.7819Malawi-2.9519Malaysia8.62Malaysia53Malaysia8.6253Malaysia1.3753Mali41.04Mali18Mali41.0418Mali-3.3518Mauritania21.57Mauritania16Mauritania21.5716Mauritania-2.9616Mauritius1.25Mauritius46Mauritius1.2546Mauritius1.1546Mexico5.89Mexico20Mexico5.8920Mexico-0.8420Morocco4.08Morocco42Morocco4.0842Morocco-1.0042Mozambique12.68Mozambique26Mozambique12.6826Mozambique-2.8026Namibia10.07Namibia33Namibia10.0733Namibia-1.6833Nepal17.70Nepal22Nepal17.7022Nepal-2.0722Netherlands1.52Netherlands69Netherlands1.5269Netherlands0.0369New Zealand18.47New Zealand41New Zealand18.4741New Zealand-1.1441Nicaragua13.88Nicaragua25Nicaragua13.8825Nicaragua-5.5325Niger54.24Niger12Niger54.2412Niger-5.3312Norway10.02Norway51Norway10.0251Norway1.0451Pakistan5.55Pakistan40Pakistan5.5540Pakistan-0.5640Panama6.47Panama37Panama6.4737Panama-1.7137Papua New Guinea19.32Papua New Guinea31Papua New Guinea19.3231Papua New Guinea-2.2731Paraguay11.54Paraguay19Paraguay11.5419Paraguay-0.4319Peru7.78Peru17Peru7.7817Peru-2.6317Philippines6.17Philippines28Philippines6.1728Philippines-1.6828Portugal2.31Portugal85Portugal2.3185Poland-0.5885Rwanda21.71Rwanda14Rwanda21.7114Rwanda-3.2914Saudi-Arabia41.99Saudi-Arabia31Saudi-Arabia41.9931Saudi Arabia-1.5131Senegal16.79Senegal22Senegal16.7922Senegal-3.2922Sierra Leone28.01Sierra Leone14Sierra Leone28.0114Sierra Leone-4.8114South Africa5.04South Africa53South Africa5.0453South Africa-1.9753Spain2.86Spain72Spain2.8672Spain0.2072Sri Lanka7.42Sri Lanka26Sri Lanka7.4226Sri Lanka-0.0326Sweden5.61Sweden52Sweden5.6152Sweden-0.4552Switzerland0.87Switzerland108Switzerland0.87108Switzerland-0.47108Thailand6.49Thailand47Thailand6.4947Thailand1.9747Togo15.18Togo27Togo15.1827Togo-3.4327Trinidad and Tobago9.49Trinidad and Tobago35Trinidad and Tobago9.4935Trinidad and Tobago0.0735Tunisia7.91Tunisia40Tunisia7.9140Tunisia-0.0140Turkey5.02Turkey21Turkey5.0221Turkey-0.3921United Kingdom1.86United Kingdom72United Kingdom1.8672United Kingdom-0.0272United States4.11United States63United States4.1163United States-0.0963Uruguay11.65Uruguay32Uruguay11.6532Uruguay-1.0332Venezuela18.93Venezuela, RB25Venezuela18.9325Venezuela, RB-2.9025Zambia37.77Zambia23Zambia37.7723Zambia-4.9423Zimbabwe8.48Zimbabwe21Zimbabwe8.4821Zimbabwe-2.2121
Fig. 715.970588235345.61764705887119.6256418.520.384615384617.205882352914.55882352941417.382352941244.558823529416.735294117611.323529411825.264705882464.809523809515.735294117616.617647058831.526.549.058823529420.882352941220.411764705960.088235294128.6764705882465521.878787878816.617647058841.735294117620.823529411813.623.647058823523.531.735294117621.9090909091526436.294117647190.647058823579.088235294128.53117.117647058818.757575757652.823529411818.1562516.411764705946.382352941219.588235294142.323529411826.071428571433.2522.08823529416941.058823529425.470588235311.794117647151.235294117639.882352941236.882352941231.0419.323529411816.882352941228.26470588248513.558823529421.513.647058823552.6969696977226.205882352952107.735294117646.941176470627.058823529435.205882352939.6470588235217263.470588235331.941176470625.176470588223.419354838720.6956521739
Share of natural capital in national wealth 1994 (%)Money and quasi-money 1965-1998 (% of GDP)Figure 8. Financial Depth and Natural Capital
Fig. 6natcapgrowadjArgentina6.70-1.5Australia11.89-0.1Austria2.640.6Bangladesh14.06-1.7Belgium0.000.4Benin7.68-3.1Botswana6.304.3Brazil7.89-0.3Burkina Faso16.91-2.4Burundi19.86-2.6Cameroon21.08-1.8Canada11.07-0.0Central African Republic30.16-4.0Chad37.13-3.7Chile9.78-0.4China7.233.2Colombia7.18-0.5Congo14.47-2.0Costa Rica8.21-1.2Cote DIvoire18.01-3.6Denmark3.750.1Dominican Republic12.41-0.4Ecuador17.01-1.0Egypt4.550.4El Salvador2.85-2.7Finland6.600.4France2.730.2Gambia, The11.84-2.6Ghana7.22-3.5Greece3.660.2Guatemala3.31-1.9Guinea-Bissau44.20-3.4Haiti6.68-3.6Honduras9.94-2.2India19.79-0.5Indonesia12.381.3Ireland8.120.9Italy1.320.5Jamaica6.78-2.8Japan0.761.4Jordan1.59-2.9Kenya9.44-2.0Korea, Republic of1.753.8Lesotho3.33-0.1Madagascar41.87-4.7Malawi11.78-2.9Malaysia8.621.4Mali41.04-3.4Mauritania21.57-3.0Mauritius1.251.1Mexico5.89-0.8Morocco4.08-1.0Mozambique12.68-2.8Namibia10.07-1.7Nepal17.70-2.1Netherlands1.520.0New Zealand18.47-1.1Nicaragua13.88-5.5Niger54.24-5.3Norway10.021.0Pakistan5.55-0.6Panama6.47-1.7Papua New Guinea19.32-2.3Paraguay11.54-0.4Peru7.78-2.6Philippines6.17-1.7Portugal2.31-0.6Rwanda21.71-3.3Saudi Arabia41.99-1.5Senegal16.79-3.3Sierra Leone28.01-4.8South Africa5.04-2.0Spain2.860.2Sri Lanka7.42-0.0Sweden5.61-0.4Switzerland0.87-0.5Thailand6.492.0Togo15.18-3.4Trinidad and Tobago9.490.1Tunisia7.91-0.0Turkey5.02-0.4United Kingdom1.86-0.0United States4.11-0.1Uruguay11.65-1.0Venezuela18.93-2.9Zambia37.77-4.9Zimbabwe8.48-2.2
Fig. 9natcapmArgentina6.7016Australia11.8946Austria2.6471Bangladesh14.0620Belgium0.0064Benin7.6819Botswana6.3020Brazil7.8917Burkina Faso16.9115Burundi19.8614Cameroon21.0817Canada11.0745Central African Republic30.1617Chad37.1311Chile9.7825China7.2365Colombia7.1816Congo14.4717Costa Rica8.2132Cote DIvoire18.0127Denmark3.7549Dominican Republic12.4121Ecuador17.0120Egypt4.5560El Salvador2.8529Finland6.6046France2.7355Gambia, The11.8422Ghana7.2217Greece3.6642Guatemala3.3121Guinea-Bissau44.2014Haiti6.6824Honduras9.9424India19.7932Indonesia12.3822Ireland8.1252Italy1.3264Jamaica6.7836Japan0.7691Jordan1.5979Kenya9.4429Korea, Republic of1.7531Madagascar41.8717Malawi11.7819Malaysia8.6253Mali41.0418Mauritania21.5716Mauritius1.2546Mexico5.8920Morocco4.0842Mozambique12.6826Namibia10.0733Nepal17.7022Netherlands1.5269New Zealand18.4741Nicaragua13.8825Niger54.2412Norway10.0251Pakistan5.5540Panama6.4737Papua New Guinea19.3231Paraguay11.5419Peru7.7817Philippines6.1728Portugal2.3185Rwanda21.7114Senegal16.7922Sierra Leone28.0114South Africa5.0453Spain2.8672Sri Lanka7.4226Sweden5.6152Switzerland0.87108Thailand6.4947Togo15.1827Trinidad and Tobago9.4935Tunisia7.9140Turkey5.0221United Kingdom1.8672United States4.1163Uruguay11.6532Venezuela18.9325Zambia37.7723Zimbabwe8.4821
Fig. 915.970588235345.61764705887119.6256418.520.384615384617.205882352914.55882352941417.382352941244.558823529416.735294117611.323529411825.264705882464.809523809515.735294117616.617647058831.526.549.058823529420.882352941220.411764705960.088235294128.6764705882465521.878787878816.617647058841.735294117620.823529411813.623.647058823523.531.735294117621.9090909091526436.294117647190.647058823579.088235294128.53117.117647058818.757575757652.823529411818.1562516.411764705946.382352941219.588235294142.323529411826.071428571433.2522.08823529416941.058823529425.470588235311.794117647151.235294117639.882352941236.882352941231.0419.323529411816.882352941228.26470588248513.558823529421.513.647058823552.6969696977226.205882352952107.735294117646.941176470627.058823529435.205882352939.6470588235217263.470588235331.941176470625.176470588223.419354838720.6956521739
Share of natural capital in national wealth 1994 (%)Money and quasi-money 1965-1998 (% of GDP)Figure 6a. Financial depth and natural capital
monavnatcapsavgrossgrowadj3Argentina6.722.4-1.6Australia11.923.0-0.2Austria2.625.80.6Bangladesh14.110.0-2.0Belgium0.020.40.4Benin7.73.6-3.3Botswana6.335.34.0Brazil7.921.4-0.4Burkina Faso16.93.0-2.7Burundi19.91.2-2.9Cameroon21.120.5-2.1Canada11.122.6-0.0Central African Republic30.21.8-4.2Chad37.1-1.2-3.9Chile9.820.2-0.5China7.235.12.9Colombia7.220.1-0.7Congo14.523.5-2.3Costa Rica8.220.8-1.3Cote DIvoire18.021.4-3.7Denmark3.823.30.1Dominican Republic12.415.5-0.6Ecuador17.021.6-1.2Egypt4.613.60.2El Salvador2.99.0-2.8Finland6.625.90.4France2.722.60.2Gambia, The11.84.8-2.8Ghana7.27.9-3.6Greece3.717.10.2Guatemala3.311.3-2.0Guinea-Bissau44.2-1.7-3.7Haiti6.72.8-3.8Honduras9.917.5-2.3India19.819.6-0.7Indonesia12.428.91.0Ireland8.121.40.8Italy1.323.00.5Jamaica6.819.7-2.9Japan0.832.91.4Jordan1.6-4.4-3.1Kenya9.416.5-2.3Korea, Republic of1.828.93.6Madagascar41.93.8-4.9Malawi11.810.6-3.2Malaysia8.633.71.2Mali41.02.8-3.6Mauritania21.64.5-3.2Mauritius1.321.51.0Mexico5.922.7-0.9Morocco4.114.1-1.2Mozambique12.7-9.4-3.1Namibia10.112.0-1.8Nepal17.710.0-2.3Netherlands1.525.10.0New Zealand18.522.5-1.1Nicaragua13.96.2-5.6Niger54.25.6-5.5Norway10.031.31.0Pakistan5.69.4-0.8Panama6.523.0-1.8Papua New Guinea19.317.9-2.4Paraguay11.519.0-0.6Peru7.820.3-2.7Philippines6.220.9-1.8Portugal2.318.80.8Rwanda21.72.0-3.6Senegal16.85.8-3.5Sierra Leone28.07.6-5.1South Africa5.021.3-2.0Spain2.922.30.2Sri Lanka7.413.9-0.3Sweden5.620.9-0.5Switzerland0.926.6-0.4Thailand6.528.01.7Togo15.216.4-3.6Trinidad and Tobago9.528.0-0.1Tunisia7.923.3-0.2Turkey5.016.2-0.5United Kingdom1.917.2-0.0United States4.117.7-0.1Uruguay11.716.4-1.1Venezuela18.929.6-3.0Zambia37.818.9-5.2Zimbabwe8.517.5-2.4
monav0000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Gross domestic saving 1970-1998 (% of GDP)Growth of GNP per capita 1965-1998, adjusted for initial income (%)Figure 5b. Economic growth and gross saving
monav5natcapgrowadj3investgensavhumandeprdeprnatdeprtotnetsavnetinvestdeprtotalgeninvestsavgrossdeprforeigndeprforeign2natcapsavgrossgrowadj3Argentina6.7-1.623111.89.93.213.112.613.111.311.722.40.60.7Argentina6.722.4-1.6Australia11.9-0.22494.714.64.819.48.49.414.79.323.01.00.3Australia11.923.0-0.2Austria2.60.624184.711.80.612.414.012.27.716.325.8-1.8-1.7Austria2.625.80.6Bangladesh14.1-2.02021.56.22.38.63.813.87.112.910.010.010.9Bangladesh14.110.0-2.0Belgium0.00.420155.19.60.710.310.910.45.114.920.4-0.4-0.1Belgium0.020.40.4Benin7.7-3.31503.36.00.96.9-2.59.03.611.43.611.411.4Benin7.73.6-3.3Botswana6.34.027235.014.12.816.921.212.911.915.135.3-8.3-7.9Botswana6.335.34.0Brazil7.9-0.421143.98.82.110.912.612.27.014.021.4-0.40.0Brazil7.921.4-0.4Burkina Faso16.9-2.721-21.95.51.87.3-2.615.55.315.73.018.017.7Burkina Faso16.93.0-2.7Burundi19.9-2.912-52.84.14.78.8-2.97.96.06.01.210.811.0Burundi19.91.2-2.9Cameroon21.1-2.12192.77.26.213.413.213.810.810.220.50.51.2Cameroon21.120.5-2.1Canada11.1-0.022126.311.55.717.211.110.510.911.122.6-0.6-0.9Canada11.122.6-0.0Central African Republic30.2-4.210-13.06.20.16.2-4.33.83.26.81.88.27.8Central African Republic30.21.8-4.2Chad37.1-3.97-51.95.60.05.6-6.71.43.73.3-1.28.28.3Chad37.1-1.2-3.9Chile9.8-0.51933.510.210.921.110.08.817.61.420.2-1.2-1.6Chile9.820.2-0.5China7.22.931161.85.914.920.829.225.119.012.035.1-4.1-4.0China7.235.12.9Colombia7.2-0.71992.18.35.313.611.810.711.57.520.1-1.1-1.5Colombia7.220.1-0.7Congo14.5-2.33215.77.620.428.015.924.422.39.723.58.58.7Congo14.523.5-2.3Costa Rica8.2-1.321165.28.71.09.712.112.34.616.420.80.20.4Costa Rica8.220.8-1.3Cote DIvoire18.0-3.717195.66.91.28.214.510.12.614.421.4-4.4-4.6Cote DIvoire18.021.4-3.7Denmark3.80.123156.713.80.614.49.49.27.815.223.3-0.30.2Denmark3.823.30.1Dominican Republic12.4-0.62191.75.92.38.29.615.16.614.415.55.55.4Dominican Republic12.415.5-0.6Ecuador17.0-1.21943.48.013.621.613.611.018.20.821.6-2.6-3.2Ecuador17.021.6-1.2Egypt4.60.22104.17.310.617.96.313.713.87.213.67.47.2Egypt4.613.60.2El Salvador2.9-2.81632.65.62.78.33.410.45.710.39.07.07.3El Salvador2.99.0-2.8Finland6.60.424165.515.00.515.610.99.010.014.025.9-1.9-2.0Finland6.625.90.4France2.70.222154.912.00.412.410.610.07.614.422.6-0.6-0.6France2.722.60.2Gambia, The11.8-2.820-63.05.97.513.4-1.114.110.49.64.815.215.6Gambia, The11.84.8-2.8Ghana7.2-3.61213.05.53.99.42.46.56.45.67.94.14.6Ghana7.27.9-3.6Greece3.70.225111.86.61.07.610.618.45.719.317.17.98.3Greece3.717.10.2Guatemala3.3-2.01431.77.91.69.43.46.17.86.211.32.73.2Guatemala3.311.3-2.0Guinea-Bissau44.2-3.729-52.95.60.46.0-7.323.43.225.8-1.730.730.8Guinea-Bissau44.2-1.7-3.7Haiti6.7-3.811-61.42.27.69.80.68.88.42.62.88.28.6Haiti6.72.8-3.8Honduras9.9-2.320133.45.81.57.311.714.24.016.017.52.53.0Honduras9.917.5-2.3India19.8-0.71983.28.26.414.711.410.811.57.519.6-0.6-0.5India19.819.6-0.7Indonesia12.41.026101.26.913.320.222.019.119.07.028.9-2.9-3.0Indonesia12.428.91.0Ireland8.10.821165.09.11.210.312.311.95.315.721.4-0.4-0.3Ireland8.121.40.8Italy1.30.522154.311.80.312.111.210.27.814.223.0-1.0-0.8Italy1.323.00.5Jamaica6.8-2.92575.09.08.417.410.616.012.412.619.75.35.6Jamaica6.819.7-2.9Japan0.81.431224.314.10.414.518.816.910.120.932.9-1.9-1.1Japan0.832.91.4Jordan1.6-3.129-74.26.61.17.7-11.022.43.525.5-4.433.432.5Jordan1.6-4.4-3.1Kenya9.4-2.31795.86.16.812.910.410.97.19.916.50.50.9Kenya9.416.5-2.3Korea, Republic of1.83.629212.99.11.710.819.819.97.921.128.90.10.1Korea, Republic of1.828.93.6Madagascar41.9-4.91102.55.40.05.4-1.65.62.98.13.87.28.1Madagascar41.93.8-4.9Malawi11.8-3.21752.85.82.58.34.711.25.611.410.66.46.4Malawi11.810.6-3.2Malaysia8.61.228194.68.610.319.025.119.414.413.633.7-5.7-5.4Malaysia8.633.71.2Mali41.0-3.61803.15.40.05.4-2.712.62.315.72.815.215.7Mali41.02.8-3.6Mauritania21.6-3.220-214.66.822.729.5-2.313.224.9-4.94.515.516.1Mauritania21.64.5-3.2Mauritius1.31.022163.48.40.28.613.013.65.216.821.50.50.8Mauritius1.321.51.0Mexico5.9-0.92073.09.78.918.613.010.315.64.422.7-2.7-2.6Mexico5.922.7-0.9Morocco4.1-1.22084.57.62.910.56.512.46.014.014.15.96.0Morocco4.114.1-1.2Mozambique12.7-3.113-123.64.71.05.6-14.18.32.110.9-9.422.422.9Mozambique12.7-9.4-3.1Namibia10.1-1.819-56.514.36.320.6-2.34.714.05.012.07.010.0Namibia10.112.0-1.8Nepal17.7-2.31802.03.97.811.76.114.19.78.310.08.08.3Nepal17.710.0-2.3Netherlands1.50.022186.110.81.812.614.311.26.615.425.1-3.1-2.6Netherlands1.525.10.0New Zealand18.5-1.122185.18.31.29.614.113.74.417.622.5-0.5-0.4New Zealand18.522.5-1.1Nicaragua13.9-5.62003.28.60.39.0-2.411.45.814.26.213.814.2Nicaragua13.96.2-5.6Niger54.2-5.51102.46.22.08.2-0.64.85.85.25.65.45.2Niger54.25.6-5.5Norway10.01.027175.715.44.219.615.911.614.013.031.3-4.3-4.0Norway10.031.31.0Pakistan5.6-0.81601.67.04.111.12.49.09.66.49.46.66.4Pakistan5.69.4-0.8Panama6.5-1.820214.66.40.36.816.613.62.217.823.0-3.0-3.2Panama6.523.0-1.8Papua New Guinea19.3-2.423-13.88.217.726.09.714.822.20.817.95.11.8Papua New Guinea19.317.9-2.4Paraguay11.5-0.621121.78.60.08.610.412.46.914.119.02.02.1Paraguay11.519.0-0.6Peru7.8-2.72183.08.07.615.612.313.012.68.420.30.70.4Peru7.820.3-2.7Philippines6.2-1.822102.18.54.212.712.313.510.711.320.91.11.3Philippines6.220.9-1.8Portugal2.30.827153.46.80.57.312.020.23.923.118.88.28.1Portugal2.318.80.8Rwanda21.7-3.613-62.75.05.710.8-3.08.08.14.92.011.010.9Rwanda21.72.0-3.6Senegal16.8-3.51213.86.91.38.2-1.15.14.47.65.86.26.6Senegal16.85.8-3.5Sierra Leone28.0-5.17-32.08.23.511.7-0.5-1.29.7-2.77.6-0.60.3Sierra Leone28.07.6-5.1South Africa5.0-2.02245.413.39.022.38.08.716.95.121.30.71.1South Africa5.021.3-2.0Spain2.90.223133.011.00.711.711.312.08.814.222.30.71.2Spain2.922.30.2Sri Lanka7.4-0.32292.44.92.27.18.917.14.717.313.98.18.3Sri Lanka7.413.9-0.3Sweden5.6-0.520156.811.90.512.49.08.15.614.420.9-0.9-0.6Sweden5.620.9-0.5Switzerland0.9-0.425204.310.50.110.616.114.56.318.726.6-1.6-1.3Switzerland0.926.6-0.4Thailand6.51.729202.88.32.510.819.720.78.021.028.01.01.0Thailand6.528.01.7Togo15.2-3.617104.46.14.410.510.310.96.110.916.40.60.9Togo15.216.4-3.6Trinidad and Tobago9.5-0.121-23.69.124.833.818.911.930.3-9.328.0-7.0-7.3Trinidad and Tobago9.528.0-0.1Tunisia7.9-0.226114.98.29.017.215.117.812.313.723.32.72.7Tunisia7.923.3-0.2Turkey5.0-0.519112.05.91.57.310.313.15.313.716.22.82.7Turkey5.016.2-0.5United Kingdom1.9-0.01895.011.12.413.56.26.98.49.617.20.80.6United Kingdom1.917.2-0.0United States4.1-0.11885.010.93.614.56.87.19.58.517.70.30.5United States4.117.7-0.1Uruguay11.7-1.11492.48.80.69.47.65.27.07.016.4-2.4-2.0Uruguay11.716.4-1.1Venezuela18.9-3.022-24.66.928.635.522.615.130.9-8.929.6-7.6-6.9Venezuela18.929.6-3.0Zambia37.8-5.218-23.211.213.024.27.76.821.0-3.018.9-0.9-1.0Zambia37.818.9-5.2Zimbabwe8.5-2.417126.57.54.512.010.09.55.511.517.5-0.5-0.5Zimbabwe8.517.5-2.4
monav522.44827586212325.827586206910.034482758620.41379310343.551724137935.27586206921.37931034482.96551724141.172413793120.482758620722.55172413791.8275862069-1.152923538220.172413793135.103448275920.137931034523.482758620720.827586206921.448275862123.27586206915.482758620721.586206896613.5517241379925.931034482822.62068965524.79310344837.896551724117.137931034511.275862069-1.71264367822.793103448317.482758620719.620689655228.896551724121.41379310342319.655172413832.8965517241-4.404797601216.517241379328.93103448283.827586206910.551724137933.68965517242.79310344834.482758620721.482758620722.72413793114.1379310345-9.4210526316121025.103448275922.48275862076.24137931035.620689655231.2758620699.448275862122.992740471917.896551724118.965517241420.310344827620.862068965518.79310344832.03448275865.79310344837.639080459821.27586206922.344827586213.862068965520.862068965526.620689655228.034482758616.413793103427.965517241423.344827586216.206896551717.241379310317.72413793116.379310344829.551724137918.896551724117.4827586207
Share of natural capital in national wealth 1994 (%)Gross domestic saving 1970-1998 (% of GDP)Figure 5a. Gross saving and natural capital
monav4mgrowadj3Argentina16-1.57Australia46-0.16Austria710.61Bangladesh20-1.98Belgium640.38Benin19-3.32Botswana203.99Brazil17-0.45Burkina Faso15-2.66Burundi14-2.91Cameroon17-2.06Canada45-0.05Central African Republic17-4.23Chad11-3.89Chile25-0.54China652.88Colombia16-0.67Congo, Rep.17-2.27Costa Rica32-1.32Cte d'Ivoire27-3.73Denmark490.06Dominican Republic21-0.60Ecuador20-1.22Egypt, Arab Rep.600.20El Salvador29-2.83Finland460.38France550.15Gambia, The22-2.78Ghana17-3.64Greece420.16Guatemala21-2.03Guinea-Bissau14-3.71Haiti24-3.77Honduras24-2.33India32-0.70Indonesia221.02Ireland520.79Italy640.46Jamaica36-2.94Japan911.36Jordan79-3.08Kenya29-2.28Korea, Rep.313.56Madagascar17-4.94Malawi19-3.25Malaysia531.20Mali18-3.62Mauritania16-3.16Mauritius461.00Mexico20-0.94Morocco42-1.18Mozambique26-3.08Namibia33-1.78Nepal22-2.32Netherlands690.02New Zealand41-1.14Nicaragua25-5.60Niger12-5.51Norway511.01Pakistan40-0.83Panama37-1.82Papua New Guinea31-2.45Paraguay19-0.60Peru17-2.73Philippines28-1.82Portugal850.83Rwanda14-3.56Senegal22-3.48Sierra Leone14-5.07South Africa53-2.01Spain720.15Sri Lanka26-0.25Sweden52-0.45Switzerland108-0.44Thailand471.75Togo27-3.62Trinidad and Tobago35-0.06Tunisia40-0.17Turkey21-0.52United Kingdom72-0.03United States63-0.07Uruguay32-1.10Venezuela, RB25-2.95Zambia23-5.15Zimbabwe21-2.38
monav4-1.5685645316-0.15619332180.6109946099-1.97790472820.3783829667-3.31819114763.9919165917-0.4495994066-2.6634340172-2.9134299918-2.0640881247-0.0485572971-4.2271088293-3.8943292705-0.53524182612.8818761227-0.668409134-2.2708167978-1.3236226479-3.73042037630.0584784474-0.5976124591-1.21616327610.1959260995-2.83478946640.38214127690.1536589157-2.7810501137-3.64044069620.1583523042-2.0258301292-3.7119812583-3.7726747801-2.3349780928-0.70044287941.02271005930.79200717280.4558426033-2.93908286181.3560541914-3.0806766124-2.27688354683.5646487821-4.9377962944-3.24830789671.2014153419-3.6193566845-3.15785933170.9950780361-0.9369011055-1.1817402188-3.0784926734-1.7847848753-2.32242658290.0203098956-1.1433907547-5.6043321157-5.51126219691.0083591976-0.8275352639-1.824862301-2.4498045431-0.6009412347-2.7296630448-1.82336337530.8336644967-3.5583905437-3.4844404531-5.0700776871-2.0110501460.1526119602-0.2500723542-0.4539409527-0.44187964171.7466791992-3.6223320014-0.0607379969-0.1707130746-0.5191757582-0.0340447391-0.0682942021-1.1019626587-2.9549326498-5.1502194104-2.3800431379
Money and quasi-money (% of GDP)Growth of GNP per capita 1965-1998, adjusted for initial income (%)Figure 6b. Economic growth and financial depth
monnatcapMoney and quasi money (M2) as % of GDPnatcapmmgrowadj3Argentina6.70Argentina16Argentina6.7016Argentina16-1.57Australia11.89Australia46Australia11.8946Australia46-0.16Austria2.64Austria71Austria2.6471Austria710.61Bangladesh14.06Bangladesh20Bangladesh14.0620Bangladesh20-1.98Belgium0.00Belgium64Belgium0.0064Belgium640.38Benin7.68Benin19Benin7.6819Benin19-3.32Botswana6.30Botswana20Botswana6.3020Botswana203.99Brazil7.89Brazil17Brazil7.8917Brazil17-0.45Burkina Faso16.91Burkina Faso15Burkina Faso16.9115Burkina Faso15-2.66Burundi19.86Burundi14Burundi19.8614Burundi14-2.91Cameroon21.08Cameroon17Cameroon21.0817Cameroon17-2.06Canada11.07Canada45Canada11.0745Canada45-0.05Central African Republic30.16Central African Republic17Central African Republic30.1617Central African Republic17-4.23Chad37.13Chad11Chad37.1311Chad11-3.89Chile9.78Chile25Chile9.7825Chile25-0.54China7.23China65China7.2365China652.88Colombia7.18Colombia16Colombia7.1816Colombia16-0.67Congo14.47Congo, Rep.17Congo14.4717Congo, Rep.17-2.27Costa Rica8.21Costa Rica32Costa Rica8.2132Costa Rica32-1.32Cote DIvoire18.01Cote d'Ivoire27Cote DIvoire18.0127Cte d'Ivoire27-3.73Denmark3.75Denmark49Denmark3.7549Denmark490.06Dominican Republic12.41Dominican Republic21Dominican Republic12.4121Dominican Republic21-0.60Ecuador17.01Ecuador20Ecuador17.0120Ecuador20-1.22Egypt4.55Egypt, Arab Rep.60Egypt4.5560Egypt, Arab Rep.600.20El Salvador2.85El Salvador29El Salvador2.8529El Salvador29-2.83Finland6.60Finland46Finland6.6046Finland460.38France2.73France55France2.7355France550.15Gambia, The11.84Gambia, The22Gambia, The11.8422Gambia, The22-2.78Ghana7.22Ghana17Ghana7.2217Ghana17-3.64Greece3.66Greece42Greece3.6642Greece420.16Guatemala3.31Guatemala21Guatemala3.3121Guatemala21-2.03Guinea-Bissau44.20Guinea-Bissau14Guinea-Bissau44.2014Guinea-Bissau14-3.71Haiti6.68Haiti24Haiti6.6824Haiti24-3.77Honduras9.94Honduras24Honduras9.9424Honduras24-2.33India19.79India32India19.7932India32-0.70Indonesia12.38Indonesia22Indonesia12.3822Indonesia221.02Ireland8.12Ireland52Ireland8.1252Ireland520.79Italy1.32Italy64Italy1.3264Italy640.46Jamaica6.78Jamaica36Jamaica6.7836Jamaica36-2.94Japan0.76Japan91Japan0.7691Japan911.36Jordan1.59Jordan79Jordan1.5979Jordan79-3.08Kenya9.44Kenya29Kenya9.4429Kenya29-2.28Korea, Republic of1.75Korea, Rep.31Korea, Republic of1.7531Korea, Rep.313.56Madagascar41.87Madagascar17Madagascar41.8717Madagascar17-4.94Malawi11.78Malawi19Malawi11.7819Malawi19-3.25Malaysia8.62Malaysia53Malaysia8.6253Malaysia531.20Mali41.04Mali18Mali41.0418Mali18-3.62Mauritania21.57Mauritania16Mauritania21.5716Mauritania16-3.16Mauritius1.25Mauritius46Mauritius1.2546Mauritius461.00Mexico5.89Mexico20Mexico5.8920Mexico20-0.94Morocco4.08Morocco42Morocco4.0842Morocco42-1.18Mozambique12.68Mozambique26Mozambique12.6826Mozambique26-3.08Namibia10.07Namibia33Namibia10.0733Namibia33-1.78Nepal17.70Nepal22Nepal17.7022Nepal22-2.32Netherlands1.52Netherlands69Netherlands1.5269Netherlands690.02New Zealand18.47New Zealand41New Zealand18.4741New Zealand41-1.14Nicaragua13.88Nicaragua25Nicaragua13.8825Nicaragua25-5.60Niger54.24Niger12Niger54.2412Niger12-5.51Norway10.02Norway51Norway10.0251Norway511.01Pakistan5.55Pakistan40Pakistan5.5540Pakistan40-0.83Panama6.47Panama37Panama6.4737Panama37-1.82Papua New Guinea19.32Papua New Guinea31Papua New Guinea19.3231Papua New Guinea31-2.45Paraguay11.54Paraguay19Paraguay11.5419Paraguay19-0.60Peru7.78Peru17Peru7.7817Peru17-2.73Philippines6.17Philippines28Philippines6.1728Philippines28-1.82Portugal2.31Portugal85Portugal2.3185Portugal850.83Rwanda21.71Rwanda14Rwanda21.7114Rwanda14-3.56Senegal16.79Senegal22Senegal16.7922Senegal22-3.48Sierra Leone28.01Sierra Leone14Sierra Leone28.0114Sierra Leone14-5.07South Africa5.04South Africa53South Africa5.0453South Africa53-2.01Spain2.86Spain72Spain2.8672Spain720.15Sri Lanka7.42Sri Lanka26Sri Lanka7.4226Sri Lanka26-0.25Sweden5.61Sweden52Sweden5.6152Sweden52-0.45Switzerland0.87Switzerland108Switzerland0.87108Switzerland108-0.44Thailand6.49Thailand47Thailand6.4947Thailand471.75Togo15.18Togo27Togo15.1827Togo27-3.62Trinidad and Tobago9.49Trinidad and Tobago35Trinidad and Tobago9.4935Trinidad and Tobago35-0.06Tunisia7.91Tunisia40Tunisia7.9140Tunisia40-0.17Turkey5.02Turkey21Turkey5.0221Turkey21-0.52United Kingdom1.86United Kingdom72United Kingdom1.8672United Kingdom72-0.03United States4.11United States63United States4.1163United States63-0.07Uruguay11.65Uruguay32Uruguay11.6532Uruguay32-1.10Venezuela18.93Venezuela, RB25Venezuela18.9325Venezuela, RB25-2.95Zambia37.77Zambia23Zambia37.7723Zambia23-5.15Zimbabwe8.48Zimbabwe21Zimbabwe8.4821Zimbabwe21-2.38
mon0000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Share of natural capital in national wealth 1994 (%)Money and quasi-money 1965-1998 (% of GDP)Figure 8. Financial depth and natural capital
Sheet20000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Money and quasi-money (% of GDP)Growth of GNP per capita 1965-1998, adjusted for initial income (%)Figure 9. Economic growth and financial depth
Sheet3Money and quasi money (M2) as % of GDPnatcapmoneygrowadjArgentina16Argentina6.7016-1.54Australia46Australia11.8946-0.15Austria71Austria2.64710.64Bangladesh20Bangladesh14.0620-1.74Belgium64Belgium0.00640.39Benin19Benin7.6819-3.07Botswana20Botswana6.30204.29Brazil17Brazil7.8917-0.32Burkina Faso15Burkina Faso16.9115-2.39Burundi14Burundi19.8614-2.60Cameroon17Cameroon21.0817-1.82Canada45Canada11.0745-0.04Central African Republic17Central African Republic30.1617-4.04Chad11Chad37.1311-3.66Chile25Chile9.7825-0.44China65China7.23653.21Colombia16Colombia7.1816-0.54Congo, Rep.17Congo14.4717-1.98Costa Rica32Costa Rica8.2132-1.21Cote d'Ivoire27Cote DIvoire18.0127-3.56Denmark49Denmark3.75490.06Dominican Republic21Dominican Republic12.4121-0.43Ecuador20Ecuador17.0120-1.03Egypt, Arab Rep.60Egypt4.55600.43El Salvador29El Salvador2.8529-2.74Finland46Finland6.60460.41France55France2.73550.17Gambia, The22Gambia, The11.8422-2.57Ghana17Ghana7.2217-3.48Greece42Greece3.66420.22Guatemala21Guatemala3.3121-1.88Guinea-Bissau14Guinea-Bissau44.2014-3.43Haiti24Haiti6.6824-3.59Honduras24Honduras9.9424-2.16India32India19.7932-0.45Indonesia22Indonesia12.38221.31Ireland52Ireland8.12520.85Italy64Italy1.32640.49Jamaica36Jamaica6.7836-2.83Japan91Japan0.76911.41Jordan79Jordan1.5979-2.95Kenya29Kenya9.4429-2.00Korea, Rep.31Korea, Republic of1.75313.75Madagascar17Madagascar41.8717-4.73Malawi19Malawi11.7819-2.95Malaysia53Malaysia8.62531.37Mali18Mali41.0418-3.35Mauritania16Mauritania21.5716-2.96Mauritius46Mauritius1.25461.15Mexico20Mexico5.8920-0.84Morocco42Morocco4.0842-1.00Mozambique26Mozambique12.6826-2.80Namibia33Namibia10.0733-1.68Nepal22Nepal17.7022-2.07Netherlands69Netherlands1.52690.03New Zealand41New Zealand18.4741-1.14Nicaragua25Nicaragua13.8825-5.53Niger12Niger54.2412-5.33Norway51Norway10.02511.04Pakistan40Pakistan5.5540-0.56Panama37Panama6.4737-1.71Papua New Guinea31Papua New Guinea19.3231-2.27Paraguay19Paraguay11.5419-0.43Peru17Peru7.7817-2.63Philippines28Philippines6.1728-1.68Portugal85Portugal2.3185-0.58Rwanda14Rwanda21.7114-3.29Senegal22Senegal16.7922-3.29Sierra Leone14Sierra Leone28.0114-4.81South Africa53South Africa5.0453-1.97Spain72Spain2.86720.20Sri Lanka26Sri Lanka7.4226-0.03Sweden52Sweden5.6152-0.45Switzerland108Switzerland0.87108-0.47Thailand47Thailand6.49471.97Togo27Togo15.1827-3.43Trinidad and Tobago35Trinidad and Tobago9.49350.07Tunisia40Tunisia7.9140-0.01Turkey21Turkey5.0221-0.39United Kingdom72United Kingdom1.8672-0.02United States63United States4.1163-0.09Uruguay32Uruguay11.6532-1.03Venezuela, RB25Venezuela18.9325-2.90Zambia23Zambia37.7723-4.94Zimbabwe21Zimbabwe8.4821-2.21
Sheet30000000000000000000000000000000000000000000000000000000000000000000000000000000000000
Sheet5Money and quasi money (M2) as % of GDPnatcapmoneygrowadjInflation, GDP deflator (annual %)distortmoneyArgentina16Argentina6.7016-1.5Argentina0.5416Australia46Australia11.8946-0.1Australia0.0646Austria71Austria2.64710.6Austria0.0471Bangladesh20Bangladesh14.0620-1.7Bangladesh0.0920Belgi
