EM corporate debt

13

11

09

07

05

2003

50

40

60

70

Percentage of GDP

14

13

12

11

10

09

08

07

06

05

2003

50

40

60

70

Percentage of GDP

14

13

12

11

10

09

08

07

06

04

05

2003

50

40

60

70

Percentage of GDP

14

13

12

11

10

09

08

07

06

04

05

2003

50

40

60

70

Percentage of GDP