Credit to Non-Financial Sector by Financial Corporations. This is the most widely used variable to measure credit to the private sector; however, information on maturity or sectoral distribution of credit is not available in IFS. Hence, our aim was to expand the information content of IFS data using the data collected with ASBA as described earlier. These IFS data are provided in either a standardized format or a non-standardized format.<sup>11</sup> Increasingly, more and more countries are providing data in the standardized format. There is a total of five types of claims of Other Depository Corporations that IFS collects.<sup>12</sup> These are domestic claims to the nonfinancial private sector, domestic claims to other financial corporations, domestic claims to state and local governments, domestic claims to public nonfinancial corporations, and domestic claims to other sectors. The main variable that is used here is the domestic credit to the nonfinancial private sector.<sup>13</sup> Our data differ from IFS data on three important dimensions. First, the IFS domestic credit to the nonfinancial private sector includes not only loans but also purchases of non-equity securities and other accounts receivable. Second, financial corporations include, in addition to deposit money banks, monetary authorities as well as other financial corporations.<sup>14</sup> Third, credit from supervisory data includes credit granted both to residents and nonresidents while IFS focuses on credit to residents. Credit volumes were normalized by GDP using World Economic Outlook (WEO) data from the International Monetary Fund (IMF).

To further complement our data, we used Bankscope data for those countries for which information from supervisory sources was not found, following the procedure described for rest of

> 11 The standardized report form (SRF) for monetary data reporting to the IMF was first introduced in 2004. Form SRF 2SR is for Other Depository Corporations. The main difference between the standardized and the non-standardized format is that the financial institution groupings in the non-standardized format are defined locally and the line items reported for each financial institution grouping are not necessarily comparable for every country.

> 12 The data on domestic credit provided to the private sector are taken from banking institutions (line 22D) of the IMF’s IFS or, when unavailable, from its monetary survey (line 32D).

> 13 Domestic credit to the private sector refers to financial resources provided to the private sector by financial corporations, such as through loans, purchases of non-equity securities, and trade credits and other accounts receivable, which establish a claim for repayment. For some countries, these claims include credit to public enterprises. The financial corporations include monetary authorities and deposit money banks, as well as other financial corporations where data are available (including corporations that do not accept transferable deposits but do incur such liabilities as time and savings deposits). Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies.

> 14 Other financial corporations include those institutions that do not accept transferable deposits but do incur such liabilities as time and savings deposits. Examples of other financial corporations are finance and leasing companies, money lenders, insurance corporations, pension funds, and foreign exchange companies. The data on domestic credit provided to the private sector are taken from the financial corporations survey (line 52D) of the IMF’s IFS or, when unavailable, from its depository survey (line 32D).

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