UREGENT

10.2 The importance of public debt markets in the economy (end-2011 data) Country Belgium Denmark Finland France Germany Italy Netherlands Portugal Spain Sweden Switzerland UK Market value of (bank-owned) public corporate debt securities as a percentage of GDP 12.7% 5.7% 15.5% 27.4% 14.7% 21.2% 25.796 26.7% 3.3% 15.7% 8.6% 14.2% Source: International Banking Statistics of the Bank for International Settlements. From the figure above, how would you explain the heterogeneity in the ratio of public corporate debt to GDP across Europe