Other countries  Turning to countries other than those defined as developed or emerging market countries, Figure 3 shows that while the evolution of exchange rate regimes between 1991 and 1999 was consistent with the bipolar hypothesis, the evolution of exchange rate regimes for this group of countries since 1999 is not.
It also shows a relationship between higher loan-to-value ratios and banks’ losses from defaults. 9 The evidence highlights that lending at high multiples of income was one of the main causes of  (2004), “Financial Liberalisation and Economic Growth in Ireland”, Central Bank of Ireland Quarterly Bulletin, Autumn 2004.