5
10
15
20
25
30
DNK GBR SWE FIN IRL AUT DEU NLD BEL FRA ITA PRT CRO ESP GRC...20
30
40
50
60
70
DNK FIN GBR SWE IRL DEU AUT NLD BEL FRA PRT ITA CRO ESP...
26862687
2690
2711271227132714
2731
2732
2733
2734
2741
2742 2771
2772
2782...Figure 10: “Placebo” test using return migrants to other countries
YUG
CSK
FRA
...
of Gross NPL
Total Debt-to-GDP
(Percent of GDP)
Dummy NLD PRT BEL FRA ESP ITA GRC...8
Debt-stabilizing primary gap-to-GDP IRL DEU AUT PRT ITA ESP NLD BEL FRA FIN...
