In Japan's case, the non-performing loans were mostly commercial real estate loans extended by banks and the crisis was basically concentrated in the domestic banking sector. On the other hand, the current crisis is global in nature and covers both capital and banking markets.
The shares are computed on the basis of the cumulative impact of the shock on the variables capturing each risk sharing channel over a five-year horizon. Year-toyear variations in the shares reflect changes in the re-estimated model parameters. The remaining portion represents the portion of the shock to country-specific real GDP growth that remains unsmoothed and is fully reflected in country-specific consumption growth.