... turning points, Ireland has been in decline for seven quarters; Denmark for fi ve; Finland, New Zealand, and Sweden for four; Austria, Germany, Italy, Japan, the Nether-lands, and the United Kingdom ... emerging economies and three ad-vanced regions (United States and Canada, west-ern Europe, and Japan and Australia).56FLs include bank lending, portfolio invest-ment, and direct investment. ... Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom, and United States. Bank linkages exclude Aus-tralia, Denmark, and Norway....