... 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 ... sharp declines in demand (for example, New Zealand exports to east Asia during 1997–98). Robustness to using terms of trade and world GDP has been explored.50This follows standard IMF methodology ... Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Norway, Spain, Sweden, Switzerland, United Kingdom, and United States. Bank linkages exclude Aus-tralia, Denmark, and Norway....