(1) OTC derivatives include credit default swaps. (2) Data as of June for 2012 . BIS central bankers’ speeches  7  Fig.
3  Gross stocks of foreign financial assets and liabilities in percent of GDP (1) (sum of financial assets and liabilities in per cent of GDP)  500  Industrial countries 400  300  Emerging countries 200  100  0 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007  Source: our calculations based on Lane and Milesi-Ferretti database.