The estimates for a sample of 56 large and emerging economies are summarised in Graph A. The stacked shaded areas show the stock of bank credit to non-banks (including governments and adjusted for exchange rate movements), broken down into domestic credit (tan area) and cross-border credit (salmon area). By contrast, the dashed black lines show the same credit total expressed in US dollars on an unadjusted basis. What first strikes the eye is the difference in the importance of cross-border credit across regions. It represented a substantial share of bank credit even in the US and euro area economies
