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It appears that investors may have become concerned in recent weeks about the exposure that some banks in advanced economies have to countries in the developing world. We find that Austria and Greece, countries with relatively small banking systems, are the advanced economies with the most exposure (when expressed as a ratio to their total assets) to developing countries However, the banking systems of Austria and Greece are not very large relative to the banking systems of major economies, such as France, Germany, the United States or Japan.

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