... is another source of a currency mismatch. In either of these two examples, a s harp depreciation of the local currency might severely impede the financial position of the debtor. In the first ... services, the quality of the civil service and t he degree of its independence from political pressures, the quality of policy formulation and implementation, and the credibility of the government’s ... associated with the behaviour of real credit. Finally, as discussed above, the quality of the regulatory/institutional indicator is lower than the others because of the high content of subjective...