... 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 ... calculations.1Robust standard errors in parentheses; ***, **, and * denote significance at the 1 percent, 5 percent, and 10 percent level, respectively. Common time trend is obtained from time- fixed coefficients ... 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....