... 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 ... 2003 and includes the Long-Term Capital Management collapse, the dot-com crash, and the collapses of WorldCom, Enron, and Arthur Andersen. The second episode runs from July 2007 onward and ... 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....